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Stock-based Compensation Expense and Share Repurchase Programs
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Expense and Share Repurchase Programs Stock-based Compensation Expense and Share Repurchase Programs
Stock-based compensation expense
During the three and nine months ended September 30, 2022 and 2021, we recognized the following stock-based compensation expense:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)$130.3 $89.5 $351.5 $279.1 
Stock options3.1 7.9 14.9 29.6 
ESPP share issuances1.9 6.3 13.0 17.9 
Stock-based compensation expense related to inventories
0.3 (0.7)0.4 (3.8)
Total stock-based compensation expense included in “Total costs and expenses”
$135.6 $103.0 $379.8 $322.8 
Stock-based compensation expense by line item:
Cost of sales$2.4 $1.6 $7.0 $4.6 
Research and development expenses80.0 61.0 229.9 196.4 
Selling, general and administrative expenses53.2 40.4 142.9 121.8 
Total stock-based compensation expense included in costs and expenses
135.6 103.0 379.8 322.8 
Income tax effect(38.8)(21.6)(101.3)(73.7)
Total stock-based compensation expense, net of tax
$96.8 $81.4 $278.5 $249.1 
Share repurchase programs
In November 2020, our Board of Directors approved a share repurchase program (the “2020 Share Repurchase Program”), pursuant to which we repurchased $500.0 million of our common stock in 2020 and the first quarter of 2021. During the three months ended March 31, 2021, we repurchased 2.0 million shares of our common stock under the 2020 Share Repurchase Program for an aggregate of $424.9 million.
In June 2021, our Board of Directors approved a share repurchase program (the “2021 Share Repurchase Program”), pursuant to which we are authorized to repurchase up to $1.5 billion of our common stock by December 31, 2022. During the nine months ended September 30, 2022, we did not repurchase any shares of our common stock under the 2021 Share Repurchase Program. As of September 30, 2022, a total of $499.7 million remained authorized for repurchases of common stock under the 2021 Share Repurchase Program.