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Stock-based Compensation Expense and Share Repurchase Programs
 6 Months Ended
Jun. 30, 2023
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 six months ended June 30, 2023 and 2022, we recognized the following stock-based compensation expense:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)$113.6 $103.0 $229.5 $221.2 
Stock options2.4 6.3 3.8 11.8 
ESPP share issuances3.9 4.3 9.4 11.1 
Stock-based compensation expense related to inventories
(0.6)0.3 (1.0)0.1 
Total stock-based compensation expense included in “Total costs and expenses”
$119.3 $113.9 $241.7 $244.2 
Stock-based compensation expense by line item:
Cost of sales$1.8 $2.4 $3.7 $4.6 
Research and development expenses74.5 69.5 150.8 149.9 
Selling, general and administrative expenses43.0 42.0 87.2 89.7 
Total stock-based compensation expense included in costs and expenses
119.3 113.9 241.7 244.2 
Income tax effect(31.3)(26.5)(71.9)(62.5)
Total stock-based compensation expense, net of tax
$88.0 $87.4 $169.8 $181.7 
Share repurchase program
In February 2023, our Board of Directors approved a share repurchase program (our “Share Repurchase Program”), pursuant to which we are authorized to repurchase up to $3.0 billion of our common stock. Our Share Repurchase Program does not have an expiration date and can be discontinued at any time. During the six months ended June 30, 2023, we repurchased 538,505 shares of our common stock under our Share Repurchase Program for an aggregate of $161.1 million. As of June 30, 2023, a total of $2.8 billion remained authorized for future repurchases.