Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense consisted of the following:
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Year Ended December 31, |
| (in thousands) |
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2023 |
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2022 |
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2021 |
| Cost of sales |
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$ |
311 |
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$ |
312 |
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$ |
313 |
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| SG&A expenses |
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22,740 |
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20,709 |
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18,813 |
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| Pre-tax stock-based compensation expense |
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23,051 |
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21,021 |
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19,126 |
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| Income tax benefits |
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(5,365) |
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(4,867) |
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(4,465) |
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| Total stock-based compensation expense, net of tax |
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$ |
17,686 |
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$ |
16,154 |
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$ |
14,661 |
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| Schedule of Weighted Average Assumptions |
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
| Expected option term |
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4.39 years |
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4.36 years |
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4.35 years |
| Expected stock price volatility |
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27.37% |
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25.38% |
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24.88% |
| Risk-free interest rate |
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4.03% |
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1.72% |
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0.54% |
| Expected annual dividend yield |
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1.36% |
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1.26% |
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1.09% |
| Weighted average grant date fair value per stock option granted |
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$22.61 |
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$18.33 |
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$17.95 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity under the Plan:
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Number of
Options |
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Weighted
Average
Exercise
Price |
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value (1)
(in thousands)
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Options outstanding as of December 31, 2020 |
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1,919,163 |
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$ |
74.45 |
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7.19 |
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$ |
29,489 |
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| Granted |
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687,772 |
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95.90 |
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| Forfeited or expired |
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(213,444) |
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89.96 |
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| Exercised |
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(459,957) |
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62.58 |
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Options outstanding as of December 31, 2021 |
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1,933,534 |
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83.19 |
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7.26 |
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29,889 |
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| Granted |
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561,295 |
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89.25 |
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| Forfeited or expired |
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(223,813) |
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91.09 |
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| Exercised |
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(116,109) |
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56.75 |
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Options outstanding as of December 31, 2022 |
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2,154,907 |
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85.37 |
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7.02 |
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13,929 |
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| Granted |
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500,219 |
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88.39 |
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| Forfeited or expired |
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(246,104) |
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90.60 |
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| Exercised |
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(129,008) |
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57.00 |
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Options outstanding as of December 31, 2023 |
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2,280,014 |
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$ |
87.08 |
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6.72 |
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$ |
10,051 |
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Options vested and expected to vest as of December 31, 2023 |
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2,208,014 |
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$ |
87.01 |
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6.66 |
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$ |
9,979 |
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Options exercisable as of December 31, 2023 |
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1,250,833 |
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$ |
84.88 |
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5.48 |
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$ |
9,038 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity under the Plan:
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Number of
Restricted Stock Units
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Weighted Average
Grant Date Fair Value Per Unit
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Restricted stock units outstanding as of December 31, 2020 |
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425,275 |
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$ |
80.37 |
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| Granted |
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176,804 |
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96.07 |
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Vested(1)
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(164,088) |
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75.61 |
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| Forfeited |
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(68,399) |
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86.38 |
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Restricted stock units outstanding as of December 31, 2021 |
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369,592 |
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88.88 |
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| Granted |
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247,860 |
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85.27 |
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Vested(1)
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(141,674) |
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87.64 |
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| Forfeited |
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(64,925) |
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89.29 |
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Restricted stock units outstanding as of December 31, 2022 |
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410,853 |
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87.07 |
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| Granted |
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289,172 |
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82.49 |
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Vested(1)
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(158,616) |
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86.38 |
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| Forfeited |
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(62,394) |
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85.11 |
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Restricted stock units outstanding as of December 31, 2023 |
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479,015 |
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$ |
84.79 |
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