XML 44 R33.htm IDEA: XBRL DOCUMENT v3.23.1
Equity Plans and Share Repurchase Program (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts):
 Restricted Stock Units Outstanding
 Number of SharesWeighted-Average Grant Date Fair Value per Share
Balance—December 31, 202210.5 $40.94 
Granted3.6 60.16 
Forfeited(0.1)42.41 
Vested(1.9)34.86 
Balance—March 31, 2023
12.1 $47.59 
Schedule of Share-based Compensation, Shares Withheld for Taxes
The following summarizes the number and value of the shares withheld for employee taxes (in millions):
Three Months Ended
March 31,
2023		March 31,
2022
Shares withheld for taxes0.7 1.1 
Amount withheld for taxes$34.6 $64.8 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the weighted-average assumptions relating to our employee stock options: 
 Three Months Ended
 March 31,
2023		March 31,
2022
Expected term in years4.44.4
Volatility42.0 %41.0 %
Risk-free interest rate4.2 %1.8 %
Dividend rate— %— %
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes the stock option activity and related information for the periods presented below (in millions, except exercise prices and contractual life):
 Options Outstanding
 Number
of Shares		Weighted-
Average
Exercise
Price 		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Balance—December 31, 202213.2 $24.37 3.5$344.8 
Granted1.1 60.21 
Forfeited— 39.42 
Exercised(1.7)12.99 
Balance—March 31, 202312.6 $28.99 
Options vested and expected to vest—March 31, 202312.6 $28.99 3.8$472.0 
Options exercisable—March 31, 20238.3 $19.23 2.9$390.2 
Schedule of Share-based Compensation, Stock Options, Activity, Additional Information
Additional information related to our stock options is summarized below (in millions, except per share amounts):
Three Months Ended
March 31,
2023		March 31,
2022
Weighted-average fair value per share granted $24.24 $22.32 
Intrinsic value of options exercised $72.7 $29.9 
Fair value of options vested$11.7 $10.2 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the weighted-average assumptions relating to our PSUs for the three months ended March 31, 2023:
 Three Months Ended
 March 31,
2023
Expected term in years2.7
Volatility47.5 %
Risk-free interest rate4.6 %
Dividend rate— %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses (in millions):
 Three Months Ended
 March 31,
2023		March 31,
2022
Cost of product revenue$0.4 $0.4 
Cost of service revenue5.1 4.5 
Research and development17.0 15.1 
Sales and marketing26.3 26.7 
General and administrative8.2 7.2 
Total stock-based compensation expense$57.0 $53.9 
Schedule of Employee Service Share based Compensation Allocation of Recognized Period Costs by Award Type
The following table summarizes stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, by award type (in millions):
 Three Months Ended
 March 31,
2023		March 31,
2022
RSUs$49.1 $48.3 
Stock options6.7 5.6 
PSUs$1.2 $— 
Total stock-based compensation expense$57.0 $53.9 
Income Tax Benefit from Stock Option Plans
Total income tax benefit associated with stock-based compensation that is recognized in the condensed consolidated statements of income is as follows (in millions):
Three Months Ended
March 31,
2023		March 31,
2022
Income tax benefit associated with stock-based compensation $12.6 $11.8