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Stock-based Compensation Expense and Share Repurchase Programs
 3 Months Ended
Mar. 31, 2025
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 months ended March 31, 2025 and 2024, we recognized the following stock-based compensation expense:
Three Months Ended March 31,
20252024
(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)$163.4 $187.2 
ESPP share issuances5.6 5.8 
Stock-based compensation expense related to inventories
(2.9)(1.1)
Total stock-based compensation expense included in “Total costs and expenses”
$166.1 $191.9 
Stock-based compensation expense by line item:
Cost of sales$2.6 $1.8 
Research and development expenses100.1 119.4 
Selling, general and administrative expenses63.4 70.7 
Total stock-based compensation expense included in “Total costs and expenses”
166.1 191.9 
Income tax effect(75.2)(79.0)
Total stock-based compensation expense, net of tax
$90.9 $112.9 
Share repurchase program
In February 2023, our Board of Directors approved a share repurchase program, pursuant to which we are authorized to repurchase up to $3.0 billion of our common stock. The program does not have an expiration date and can be discontinued at any time. During the three months ended March 31, 2025 and 2024, we repurchased 0.9 million and 0.3 million shares of our common stock under the program, respectively, for aggregate repurchases of $416.9 million and $140.4 million, respectively. As of March 31, 2025, we had $964.4 million remaining authorization under this program.