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EMPLOYEE STOCK PURCHASE PLAN, STOCK OPTIONS AND WARRANTS (Tables)
12 Months Ended
Dec. 31, 2025
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, 2025, 2024 and 2023, consisted of the following (in thousands):

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Cost of sales

Nonqualified stock options

$

941

$

1,229

$

1,647

Restricted stock units

1,295

Total cost of sales

2,236

1,229

1,647

Research and development

Nonqualified stock options

1,070

1,522

1,739

Restricted stock units

1,536

Total research and development

2,606

1,522

1,739

Selling, general and administrative

Nonqualified stock options

4,512

6,206

7,542

Performance-based restricted stock units

23,965

12,517

6,344

Restricted stock units

8,687

4,279

1,771

Cash-settled performance-based awards

1,260

2,720

2,290

Cash-settled restricted stock units

194

Total selling, general and administrative

38,618

25,722

17,947

Stock-based compensation expense before taxes

$

43,460

$

28,473

$

21,333

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 year ended December 31, 2023:

  ​ ​ ​

2023

Risk-free interest rate

3.6% - 4.8%

Expected option term

4.0 years

Expected dividend yield

Expected price volatility

39.6% - 47.1%

Schedule of Share-based Compensation, Stock Option Activity

The table below presents information related to stock option activity for the years ended December 31, 2025, 2024 and 2023 (in thousands):

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Total intrinsic value of stock options exercised

$

28,444

$

36,431

$

23,300

Cash received from stock option exercises

 

26,838

 

39,746

 

14,503

Excess tax benefit from the exercise of stock options

 

3,364

 

1,817

 

3,001

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, 2025, 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

 

2,023

 

59.62

 

  ​

 

  ​

Granted

 

 

 

  ​

 

  ​

Exercised

 

(691)

 

54.59

 

  ​

 

  ​

Forfeited/expired

 

(26)

 

69.34

 

  ​

 

  ​

Outstanding at December 31

 

1,306

 

62.08

 

2.42

$

34,034

Exercisable

 

1,046

 

59.99

 

2.12

 

29,447

Ending vested and expected to vest

 

1,298

 

62.03

 

2.41

 

33,899

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

Changes in PSUs and RSUs for the year ended December 31, 2025, 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

 

595

 

82.33

 

329

 

90.54

Granted

 

288

 

112.34

 

165

 

 

98.11

rTSR adjustment

20

(2)

73.94

Vested

 

(98)

 

73.94

 

(95)

 

 

89.10

Forfeited

 

(56)

 

84.63

 

(21)

 

 

90.70

Nonvested balance at December 31

 

749

 

94.52

 

378

 

94.21

(1)Based on the maximum payout, excluding the impact of the rTSR multiplier. The actual number of shares which vest is determined based on 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 awards vested in 2025 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, 2025, 2024 and 2023 (units and shares in thousands):

 

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

PSUs

Target units granted

144

144

115

Maximum units granted (1)

288

287

229

Maximum potential shares (1)(2)

359

359

287

Weighted average grant date fair value

$

112.34

$

86.79

$

72.26

RSUs

 

Units granted

165

329

20

Weighted average grant date fair value

$

98.11

$

90.54

$

83.99

(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, 2025, 2024 and 2023:

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Risk-free interest rate

3.6% - 4.0%

4.4%

3.9% - 4.6%

Performance period

2.2 - 2.8 years

2.8 years

2.8 years

Expected dividend yield

Expected price volatility

28.0% - 29.0%

31.1%

31.4% - 32.6%