Employee Stock Purchase Plan, Stock Options and Warrants (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
Cost of sales
Nonqualified stock options	$	1,647	$	1,606	$	1,476
Research and development
Nonqualified stock options		1,739		1,789		1,343
Selling, general and administrative
Nonqualified stock options		7,542		7,305		6,678
Performance-based restricted stock units		6,344		3,509		3,525
Restricted stock units		1,771		1,836		1,557
Cash-settled performance-based share-based awards ("Liability Awards")		2,290		1,997		1,511
Total selling, general and administrative		17,947		14,647		13,271
Stock-based compensation expense before taxes	$	21,333	$	18,042	$	16,090

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, 2023, 2022 and 2021:

	2023	2022	2021
Risk-free interest rate	3.6% - 4.8%	1.4% - 4.3%	0.5% - 1.1%
Expected option term	4.0 years	4.0 years	4.0 years
Expected dividend yield	—	—	—
Expected price volatility	39.6% - 47.1%	46.2% - 47.5%	46.1% - 46.7%

Schedule of Share-based Compensation, Stock Option Activity

The table below presents information related to stock option activity for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	2023		2022		2021
Total intrinsic value of stock options exercised	$	23,300	$	27,110	$	36,086
Cash received from stock option exercises		14,503		18,952		20,194
Excess tax benefit from the exercise of stock options		3,001		3,423		5,571

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, 2023, 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	3,077	$	49.62
Granted	444		72.36
Exercised	(606)		33.48
Forfeited/expired	(47)		60.08
Outstanding at December 31	2,868		56.39	3.44	$	56,333
Exercisable	1,714		50.73	2.40		43,234
Ending vested and expected to vest	2,868		56.39	3.44		56,333

Schedule of Share-based Compensation, PSUs and RSUs, Activity

Changes in PSUs and RSUs for the year ended December 31, 2023, 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	179		$	63.90	31	$	59.02
Granted	229			72.26	20		83.99
rTSR adjustment	8	(2)		70.58	—		—
Vested	(61)			70.58	(31)		59.02
Forfeited	—			—	—		—
Nonvested balance at December 31	355			71.15	20		83.99

(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 certain awards vested in 2023 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, 2023, 2022, and 2021 (units and shares in thousands):

	2023		2022		2021
PSUs
Target units granted		115		48		52
Maximum units granted (1)		229		97		103
Maximum potential shares (1)(2)		287		121		129
Weighted average grant date fair value	$	72.26	$	64.54	$	61.39
RSUs
Units granted		20		31		26
Weighted average grant date fair value	$	83.99	$	59.02	$	61.77

(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%.

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, 2023, 2022 and 2021:

	2023	2022	2021
Risk-free interest rate	3.9% - 4.6%	1.6% - 2.7%	0.1% - 0.3%
Performance period	2.8 years	2.6 - 2.8 years	1.8 - 2.8 years
Expected dividend yield	—	—	—
Expected price volatility	31.4% - 32.6%	38.5% - 46.2%	43.7% - 49.3%