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

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022, consisted of the following (in thousands):

	2024		2023		2022
Cost of sales
Nonqualified stock options	$	1,229	$	1,647	$	1,606
Research and development
Nonqualified stock options		1,522		1,739		1,789
Selling, general and administrative
Nonqualified stock options		6,206		7,542		7,305
Performance-based restricted stock units		12,517		6,344		3,509
Restricted stock units		4,279		1,771		1,836
Cash-settled performance-based awards		2,720		2,290		1,997
Total selling, general and administrative		25,722		17,947		14,647
Stock-based compensation expense before taxes	$	28,473	$	21,333	$	18,042

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 and 2022:

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

Schedule of Share-based Compensation, Stock Option Activity

The table below presents information related to stock option activity for the years ended December 31, 2024, 2023 and 2022 (in thousands):

	2024		2023		2022
Total intrinsic value of stock options exercised	$	36,431	$	23,300	$	27,110
Cash received from stock option exercises		39,746		14,503		18,952
Excess tax benefit from the exercise of stock options		1,817		3,001		3,423

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, 2024, 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	2,868		56.39
Granted	—		—
Exercised	(824)		48.21
Forfeited/expired	(21)		66.61
Outstanding at December 31	2,023		59.62	3.05	$	75,055
Exercisable	1,411		55.87	2.35		57,639
Ending vested and expected to vest	1,997		59.49	3.02		74,372

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

Changes in PSUs and RSUs for the year ended December 31, 2024, 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	355			71.15	20		83.99
Granted	287			86.79	329		90.54
Vested	(47)			76.51	(20)		83.99
Nonvested balance at December 31	595			82.33	329		90.54

(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%.

Schedule of Share-based Compensation, PSUs and RSUs Granted

The following table summarizes PSUs and RSUs granted during the years ended December 31, 2024, 2023 and 2022 (units and shares in thousands):

	2024		2023		2022
PSUs
Target units granted		144		115		48
Maximum units granted (1)		287		229		97
Maximum potential shares (1)(2)		359		287		121
Weighted average grant date fair value	$	86.79	$	72.26	$	64.54
RSUs
Units granted		329		20		31
Weighted average grant date fair value	$	90.54	$	83.99	$	59.02

(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, 2024, 2023 and 2022:

	2024	2023	2022
Risk-free interest rate	4.4%	3.9% - 4.6%	1.6% - 2.7%
Performance period	2.8 years	2.8 years	2.6 - 2.8 years
Expected dividend yield	—	—	—
Expected price volatility	31.1%	31.4% - 32.6%	38.5% - 46.2%