STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
The components and classification of stock-based compensation expense were as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Stock options | $ | — | | | $ | — | | | $ | 43 | | RSUs and PRSUs | 21,023 | | | 16,185 | | | 9,120 | | | | | | | | | | | | | | | | | | | | | | | | | | Total stock-based compensation expense | $ | 21,023 | | | $ | 16,185 | | | $ | 9,163 | | | | | | | | Cost of sales | $ | 3,240 | | | $ | 3,365 | | | $ | 1,658 | | SG&A | 15,234 | | | 11,579 | | | 6,942 | | RD&E | 1,099 | | | 969 | | | 563 | | Restructuring and other charges | 1,450 | | | 272 | | | — | | | | | | | | Total stock-based compensation expense | $ | 21,023 | | | $ | 16,185 | | | $ | 9,163 | | | | | | | | Income tax benefit recognized for stock-based compensation arrangements | $ | 2,908 | | | $ | 4,188 | | | $ | 3,169 | |
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Schedule of Share-based Compensation, Stock Options, Activity |
The following table summarizes stock option activity during the year ended December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Stock Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in millions) | Outstanding at December 31, 2021 | 247,640 | | | $ | 38.03 | | | | | | | | | | | | | | Exercised | (7,018) | | | 21.35 | | | | | | | | | | | | | | Outstanding at December 31, 2022 | 240,622 | | | $ | 38.51 | | | 3.2 | | $ | 7.2 | | Vested and exercisable at December 31, 2022 | 240,622 | | | $ | 38.51 | | | 3.2 | | $ | 7.2 | | | | | | | | | |
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Schedule Of Stock Option Exercise Information |
The following table provides certain information relating to the exercise of stock options during 2022, 2021 and 2020 (in thousands): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Intrinsic value | $ | 370 | | | $ | 2,370 | | | $ | 4,773 | | Cash received | 150 | | | 743 | | | 3,263 | | Actual tax benefit for the tax deductions from the exercise of options | 89 | | | 569 | | | 1,145 | |
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
The following table summarizes RSU activity during the year ended December 31, 2022: | | | | | | | | | | | | | Time-Vested Activity | | Weighted Average Grant Date Fair Value | Nonvested at December 31, 2021 | 248,131 | | | $ | 81.14 | | Granted | 221,352 | | | 75.87 | | Vested | (142,927) | | | 80.50 | | Forfeited | (34,627) | | | 80.14 | | Nonvested at December 31, 2022 | 291,929 | | | $ | 77.58 | | The following table summarizes PRSU activity during the year ended December 31, 2022: | | | | | | | | | | | | | Performance- Vested Activity | | Weighted Average Grant Date Fair Value | Nonvested at December 31, 2021 | 198,869 | | | $ | 92.07 | | Granted | 131,393 | | | 90.84 | | | | | | Forfeited | (66,356) | | | 96.70 | | Nonvested at December 31, 2022 | 263,906 | | | $ | 90.29 | |
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Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions |
The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Weighted average fair value | $ | 97.58 | | | $ | 85.16 | | | $ | 107.27 | | Risk-free interest rate | 1.58 | % | | 0.19 | % | | 1.29 | % | Expected volatility | 42 | % | | 41 | % | | 30 | % | Expected life (in years) | 3.9 | | 3.0 | | 2.9 | Expected dividend yield | — | % | | — | % | | — | % |
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