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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of the impact of stock-based compensation expense

The following presents the impact of stock-based compensation expense on our consolidated statements of income (in millions):

		2024				2023				2022
Stock options		$	1.9			$	1.6			$	1.5
Restricted stock units			18.6				16.0				14.1
Employee Stock Purchase Plan			1.2				0.8				0.1
Total stock-based compensation		$	21.7			$	18.4			$	15.7
		2024				2023				2022
Cost of product revenue		$	1.9			$	1.4			$	1.1
Selling, general and administrative			17.1				15.1				13.3
Research and development			2.7				1.9				1.3
Total stock-based compensation		$	21.7			$	18.4			$	15.7

Schedule of stock option activity

Stock option activity for the year ended December 31, 2024, is as follows:

		Number of Options				Weighted- Average Price Per Share				Weighted - Average Remaining Contractual Term (in Years)				Aggregate Intrinsic Value (in millions) (b)
Outstanding at December 31, 2023			967,560			$	37.78				3.7			$	35.5
Granted			128,099				66.40
Exercised (c)			(208,700	)			22.22
Forfeited/Expired			266				—
Outstanding at December 31, 2024			887,225			$	45.58				3.7			$	16.0
Exercisable at December 31, 2024			643,705			$	36.93				2.8			$	16.0
Exercisable and expected to vest at    December 31, 2024 (a)			886,693			$	45.58				3.7			$	16.0

(a)Represents the number of vested options at December 31, 2024, plus the number of unvested options at December 31, 2024, that are ultimately expected to vest based on our estimated forfeiture rate.

(b)The aggregate intrinsic value is calculated as the positive difference between the exercise price of the underlying options and the quoted price of our common stock on December 31, 2024.

(c)The total intrinsic value of options exercised was $12.0 million, $9.4 million and $10.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Schedule of Unvested restricted stock unit activity

Restricted stock unit activity is presented below:

		Shares Subject to Restriction				Weighted- Average Grant Date Fair Value Per Share
Outstanding at December 31, 2023			702,047			$	64.68
Granted			453,762				63.61
Vested (a)			(271,477	)			62.21
Forfeited			(31,094	)			65.59
Outstanding at December 31, 2024			853,238			$	64.91

The total fair value of restricted stock vested for the years ended December 31, 2024, 2023 and 2022 was $16.9 million, $17.8 million and $17.7 million, respectively.

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.

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