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Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Option Activity Stock option activity for the years ended December 31, 2022, 2021 and 2020 is summarized as follows:
 202220212020
(Shares in thousands)Number of
shares		Weighted
average
exercise
price		Number of
shares		Weighted
average
exercise
price		Number of
shares		Weighted
average
exercise
price
Options outstanding, beginning of year657 $55.32 1,082 $33.38 1,575 $21.39 
Granted146 128.44 167 98.11 216 55.72 
Assumed in CMC acquisition1,178 55.80 — — — — 
Exercised(141)40.00 (592)27.32 (709)13.60 
Cancelled or forfeited(1)61.42 — — — — 
Options outstanding, end of year1,839 $62.59 657 $55.32 1,082 $33.38 
Options exercisable, end of year1,386 $54.53 111 $34.54 426 $24.99 
Summary of Options Outstanding Options outstanding under the Company’s stock plans at December 31, 2022 are summarized as follows:
(Shares in thousands)Options outstandingOptions exercisable
Range of exercise pricesNumber
outstanding		Weighted
average
remaining life
in years		Weighted-
average
exercise
price		Number
exercisable		Weighted
average
exercise
price
$— to $31.10
343 1.9 years$24.89 343 $24.89 
$31.11 to $43.47
222 3.4 years34.05 149 34.40 
$43.48 to $55.72
260 3.7 years53.83 151 52.47 
$55.73 to $80.00
663 4.5 years70.29 663 70.29 
$80.01 to $128.44
351 5.6 years109.43 80 92.50 
1,839 4.0 years$62.59 1,386 $54.53 
Weighted Average Assumptions Used In Valuation And Resulting Weighted Average Fair Value Per Option Granted The fair value of each stock option grant was estimated at the date of grant using a Black-Scholes option pricing model. The following table presents the weighted-average assumptions used in the valuation and the resulting weighted-average fair value per option granted for the years ended December 31, 2022, 2021 and 2020:
Employee stock options:202220212020
Volatility40.9 %38.0 %31.9 %
Risk-free interest rate1.5 %0.4 %1.4 %
Dividend yield0.3 %0.3 %0.6 %
Expected life (years)4.24.64.3
Weighted average fair value per option$43.47 $30.69 $14.83 
Summary of Restricted Stock Activity Restricted stock units are awards of common stock made under the Stock Plans that are subject to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The value of such restricted stock units is determined using the market price on the grant date. Compensation expense for restricted stock units is generally recognized using the straight-line single-option method. A summary of the Company’s restricted stock unit activity for the years ended December 31, 2022, 2021 and 2020 is presented in the following table:
202220212020
(Shares in thousands)
Number
of
shares		Weighted
average
grant date
fair value		Number
of
shares		Weighted
average
grant date
fair value		Number
of
shares		Weighted
average
grant date
fair value
Unvested, beginning of year897 $62.69 1,083 $41.31 1,254 $27.48 
Granted366 117.82 293 101.04 437 57.46 
Assumed in CMC acquisition155 92.96 — — — — 
Vested(523)64.77 (439)35.58 (564)23.48 
Forfeited(51)85.16 (40)57.39 (44)35.86 
Unvested, end of year844 90.37 897 62.69 1,083 41.31 
Summary of Allocation of Share Based Compensation Expense The following table summarizes the allocation of share-based compensation expense related to employee stock options, restricted stock awards, performance-based restricted stock awards and grants under the employee stock purchase plan for the years ended December 31, 2022, 2021 and 2020:
(In thousands)202220212020
Cost of sales$5,780 $3,844 $1,463 
Engineering, research and development expenses4,596 3,504 2,359 
Selling, general and administrative expenses56,201 22,536 19,098 
Share-based compensation expense$66,577 $29,884 $22,920 
Tax benefit13,977 5,488 4,129 
Share-based compensation expense, net of tax$52,600 $24,396 $18,791