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Stock-based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense by Line Item
During the three years ended December 31, 2024, we recognized the following stock-based compensation expense:
Year ended December 31,
202420232022
(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)$689.1 $563.7 $456.1 
ESPP share issuances18.2 15.8 16.7 
Stock options1.8 4.0 17.6 
Stock-based compensation expense related to inventories(10.6)(2.3)0.9 
Total stock-based compensation expense included in “Total costs and expenses”
$698.5 $581.2 $491.3 
Stock-based compensation expense by line item:
Cost of sales$7.5 $7.5 $9.4 
Research and development expenses425.8 354.9 297.9 
Selling, general and administrative expenses265.2 218.8 184.0 
Total stock-based compensation expense included in “Total costs and expenses”
698.5 581.2 491.3 
Income tax effect(251.6)(167.5)(144.1)
Total stock-based compensation expense, net of tax$446.9 $413.7 $347.2 
Schedule of Unrecognized Stock-Based Compensation Expense
The following table sets forth our unrecognized stock-based compensation expense as of December 31, 2024, by type of award and the weighted-average period we expect to recognize the expense:
As of December 31, 2024
Unrecognized Expense
Weighted-average Recognition Period
(in millions)(in years)
Type of award:
Restricted stock units (including PSUs)$716.6 1.93
ESPP share issuances11.9 0.62
Total unrecognized stock-based compensation expense$728.5 
Schedule of Assumptions Used to Estimate the Grant Date Fair Value Employee Stock Purchase Plan The following table reflects the weighted-average assumptions used in our Black-Scholes option pricing model:
Year ended December 31,
202420232022
Expected stock price volatility29.37%28.52%33.55%
Risk-free interest rate4.63%5.13%4.05%
Expected term (in years)0.730.710.71
Expected annual dividends———