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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Reserved and Shares Available for Grant As of December 31, 2023, shares reserved and available for issuance under the equity compensation plans were as follows:
Shares reservedShares available for grant
2004 Purchase Plan5,392,206 2,345,263 
2020 Equity Incentive Plan3,941,429 2,426,412 
Schedule of Restricted Stock Unit activity RSU activity is summarized as follows:
Number of Shares OutstandingWeighted Average Grant Date Fair Value per ShareWeighted Average Remaining Contractual Life (Years)
Aggregate Intrinsic Value (1) (Dollars in Thousands)
RSUs outstanding, December 31, 20201,337,634 $499.60 
RSUs granted776,628 679.59 
RSUs released, vested(633,466)505.40 
Special distribution shares released(34)297.03 
RSUs canceled(123,168)561.34 
RSUs outstanding, December 31, 20211,357,594 594.27 
RSUs granted912,249 661.43 
RSUs released, vested(668,733)576.62 
RSUs canceled(155,418)624.98 
RSUs outstanding, December 31, 20221,445,692 641.51 
RSUs granted990,667 699.07 
RSUs released, vested(680,738)644.90 
Special distribution shares released(34)297.03 
RSUs canceled(203,990)640.68 
RSUs outstanding, December 31, 20231,551,597 $676.89 1.28$1,249,640 
(1)The intrinsic value is calculated based on the market value of the stock as of December 31, 2023.
Schedule of Disclosures for 2004 Purchase Plan
We provide the following disclosures for the 2004 Purchase Plan as of December 31 (dollars, except shares):
202320222021
Weighted-average purchase price per share$572.59 $568.29 $467.59 
Weighted average grant-date fair value per award for shares purchased$206.83 $202.61 $138.80 
Number of shares purchased151,875 143,515 166,023 
Schedule of Assumptions in Computation of Fair Value
We use the Black-Scholes option-pricing model to determine the fair value of shares under the 2004 Purchase Plan with the following assumptions during the years ended December 31:
202320222021
Range of dividend yield
1.69% - 1.78%
1.48 - 1.55%
1.58 - 1.77%
Range of risk-free interest rate
4.57% - 5.30%
0.72 - 3.06%
0.01 - 0.21%
Range of expected volatility
26.02% - 34.93%
25.73 - 37.20%
25.54 - 41.24%
Weighted-average expected volatility30.48 %30.34 %34.08 %
Weighted average expected life (in years)1.061.061.18
Schedule of Allocated share-based Compensation
The following table presents, by operating expense, our stock-based compensation expense recognized in our consolidated statement of operations for the years ended December 31 (in thousands):
202320222021
Cost of revenues$49,013 $45,028 $38,438 
Sales and marketing84,583 82,794 79,144 
General and administrative273,940 276,161 246,192 
Total$407,536 $403,983 $363,774 
Schedule of share-based Compensation by Plan
Our stock-based compensation expense recognized in the consolidated statement of operations was comprised of the following types of equity awards for the years ended December 31 (in thousands):
202320222021
RSUs$387,011 $359,952 $330,077 
RSAs1,752 9,793 10,067 
Employee stock purchase plan18,773 34,238 23,630 
Total$407,536 $403,983 $363,774