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Share-Based Compensation/Equity Awards and Purchase Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock Options Activity

The following table summarizes stock option activity:

						Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in millions)
Outstanding, January 1, 2024						89,760						$	410.50
Granted						50,907						$	343.76
Exercised						(8,500)						$	277.77
Forfeited						(30,925)						$	463.19
Outstanding, December 31, 2024						101,242						$	371.99					6.06						$	2.0
Unvested, December 31, 2024						38,692						$	367.21					9.06						$	—
Exercisable, December 31, 2024						62,550						$	374.95					4.21						$	2.0

Stock Options Valuation Assumptions

No stock options were granted during the years ended December 31, 2023 and 2022. The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions for the year ended December 31, 2024:

						Year Ended December 31,
						2024
Expected volatility						32.5%
Risk-free interest rate						4.07%
Expected life (in years)						6.3
Expected dividend						—
Weighted-average fair value of options granted						$	137.14

Resticted Stock Activity

The following tables summarize restricted stock units activity:

						Restricted Stock Units						Weighted- Average Grant-Date Fair Value						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in millions)
Outstanding, January 1, 2024						344,593						$	460.22
Granted						247,367						$	328.56
Vested						(119,848)						$	475.00
Forfeited						(43,690)						$	448.94
Outstanding, December 31, 2024						428,422						$	381.21					1.87						$	140.7

Employee Stock Purchase Plan, Valuation Assumptions

The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions:

			Year Ended December 31,
			2024						2023						2022
Expected volatility			32.4		%				35.4		%				41.3		%
Risk-free interest rate			5.29		%				5.15		%				1.71		%
Expected life (in years)			0.25						0.24						0.25
Expected dividend			—						—						—
Weighted-average fair value
of purchase rights			$	68.78					$	90.11					$	124.26

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Share-based compensation expense is allocated in the consolidated statements of income (loss) as follows (in millions):

						Year ended December 31,
						2024						2023						2022
Cost of goods sold						$	6.5					$	6.1					$	5.4
Selling, general and administrative expense						42.9						43.9						45.6
Research and development expense						12.9						11.3						9.9
Share-based compensation expense						$	62.3					$	61.3					$	60.9

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

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-Name Accounting Standards Codification
-Topic 718
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