XML 62 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Employee Stock Purchase Plan, Stock Options and Warrants (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-based Payment Arrangement [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The stock-based compensation expense before income tax expense for the years ended December 31, 2022, 2021 and 2020, consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonqualified stock options | ​ | $ | 1,606 | ​ | $ | 1,476 | ​ | $ | 1,357
Research and development | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonqualified stock options | ​ | ​ | 1,789 | ​ | ​ | 1,343 | ​ | ​ | 1,157
Selling, general and administrative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonqualified stock options | ​ | ​ | 7,305 | ​ | ​ | 6,678 | ​ | ​ | 7,332
Performance-based restricted stock units | ​ | ​ | 3,509 | ​ | ​ | 3,525 | ​ | ​ | 2,829
Restricted stock units | ​ | ​ | 1,836 | ​ | ​ | 1,557 | ​ | ​ | 758
Cash-settled performance-based share-based awards ("Liability Awards") | ​ | ​ | 1,997 | ​ | ​ | 1,511 | ​ | ​ | 906
Total selling, general and administrative | ​ | ​ | 14,647 | ​ | ​ | 13,271 | ​ | ​ | 11,825
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation expense before taxes | ​ | $ | 18,042 | ​ | $ | 16,090 | ​ | $ | 14,339
​
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | In applying the Black-Scholes methodology to the option grants, the fair value of our stock-based awards granted was estimated using the following assumptions for the years ended December 31, 2022, 2021 and 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 |  | 2021 |  | 2020
Risk-free interest rate |  | 1.4% - 4.3% | ​ | 0.5% - 1.1% | ​ | 0.3% - 1.7%
Expected option term |  | 4.0 years | ​ | 4.0 years | ​ | 4.0 - 5.0 years
Expected dividend yield |  | — | ​ | — | ​ | —
Expected price volatility |  | 46.2% - 47.5% | ​ | 46.1% - 46.7% | ​ | 38.7% - 45.1%
​
Schedule of Share-based Compensation, Stock Option Activity | The table below presents information related to stock option activity for the years ended December 31, 2022, 2021 and 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Total intrinsic value of stock options exercised | ​ | $ | 27,110 | ​ | $ | 36,086 | ​ | $ | 11,733
Cash received from stock option exercises | ​ |  | 18,952 | ​ |  | 20,194 | ​ |  | 5,481
Excess tax benefit from the exercise of stock options | ​ |  | 3,423 | ​ |  | 5,571 | ​ |  | 1,815
​
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | Changes in stock options for the year ended December 31, 2022, consisted of the following (shares and intrinsic value in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Weighted Average | ​ | Remaining Contractual | ​ | Intrinsic
​ |  | of Shares |  | Exercise Price |  | Term (in years) |  | Value
Beginning balance |  | 3,640 | ​ | $ | 44.70 |  |  |  | ​ |
Granted |  | 251 | ​ |  | 63.69 |  |  |  | ​ |
Exercised |  | (703) | ​ |  | 28.58 |  |  |  | ​ |
Forfeited/expired |  | (111) | ​ |  | 53.16 |  |  |  | ​ |
Outstanding at December 31 |  | 3,077 | ​ |  | 49.62 |  | 3.51 | ​ | $ | 64,634
Exercisable |  | 1,792 | ​ |  | 43.50 |  | 2.61 | ​ |  | 48,595
Ending vested and expected to vest |  | 3,013 | ​ |  | 49.37 |  | 3.47 | ​ |  | 64,026
​
Schedule of Share-based Compensation, PSUs and RSUs, Activity | Changes in PSUs and RSUs for the year ended December 31, 2022, consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | PSUs | ​ | RSUs
​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​ | Weighted Average
​ | ​ | Stock Units | ​ | Grant Date | ​ | Stock Units | ​ | Grant Date
​ |  | (In Thousands) | (1) | Fair Value |  | (In Thousands) |  | Fair Value
Beginning nonvested balance |  | 163 | ​ | $ | 53.71 |  | 26 | ​ | $ | 61.77
Granted |  | 97 | ​ |  | 64.54 |  | 31 |  |  | 59.02
rTSR adjustment | ​ | 8 | (2) | ​ | 65.03 | ​ | — | ​ | ​ | —
Vested |  | (44) | ​ |  | 65.03 |  | (26) |  |  | 61.77
Forfeited |  | (45) | ​ |  | 60.81 |  | — |  |  | —
Nonvested balance at December 31 |  | 179 | ​ |  | 65.20 |  | 31 | ​ |  | 59.02
| (1) | Based on the maximum payout, excluding the impact of the rTSR multiplier. The actual number of shares which vest is determined based on the satisfaction of performance conditions and the application of an rTSR multiplier between 75% and 125%.
| (2) | Represents the application of an rTSR multiplier of 125% to awards vested in 2022 based on the performance of our common stock and the terms of the awards.
​
Schedule of Share-based Compensation, PSUs and RSUs Granted | The following table summarizes PSUs and RSUs granted during the years ended December 31, 2022, 2021, and 2020 (units and shares in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
PSUs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Target units granted | ​ | ​ | 48 | ​ | ​ | 52 | ​ | ​ | 61 | ​
Maximum units granted (1) | ​ | ​ | 97 | ​ | ​ | 103 | ​ | ​ | 102 | (3)
Maximum potential shares (1)(2) | ​ | ​ | 121 | ​ | ​ | 129 | ​ | ​ | 127 | (3)
Weighted average grant date fair value | ​ | $ | 64.54 | ​ | $ | 61.39 | ​ | $ | 43.63 | ​
RSUs |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Units granted | ​ | ​ | 31 | ​ | ​ | 26 | ​ | ​ | 34 | ​
Weighted average grant date fair value | ​ | $ | 59.02 | ​ | $ | 61.77 | ​ | $ | 42.98 | ​
| (1) | Based on the maximum payout, excluding the impact of the rTSR multiplier.
| (2) | Includes the impact of the maximum potential rTSR multiplier of 125%.
| (3) | Includes the impact of the 2020 amendment which reduced the maximum FCF multiplier for one-year awards from 200% to 100%.
​
Schedule of Share-based Payment Award, PSUs, Valuation Assumptions | The fair value of each PSU was estimated as of the grant date using the following assumptions for awards granted in the years ended December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021
Risk-free interest rate |  | 1.6% - 2.7% |  | 0.1% - 0.3%
Performance period |  | 2.6 - 2.8 years |  | 1.8 - 2.8 years
Expected dividend yield |  | — |  | —
Expected price volatility |  | 38.5% - 42.6% |  | 43.7% - 49.3%
​

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of performance shares, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
Name: | mmsi_ScheduleOfShareBasedPaymentAwardPerformanceSharesValuationAssumptionsTableTextBlock
Namespace Prefix: | mmsi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for equity instruments other than options that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | mmsi_ShareBasedPaymentArrangementEquityInstrumentsOtherThanOptionsActivityTableTextBlock
Namespace Prefix: | mmsi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for performance shares 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. + References No definition available. + Details
Name: | mmsi_ShareBasedPaymentArrangementPerformanceSharesAndRestrictedStockUnitActivityTableTextBlock
Namespace Prefix: | mmsi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAndExercisableTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration