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Stock-based Compensation Expense and Share Repurchase Programs
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024, we recognized the following stock-based compensation expense:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)$162.9 $150.7 $326.3 $337.9 
ESPP share issuances7.1 4.5 12.7 10.3 
Stock options1.2 1.8 1.2 1.8 
Stock-based compensation expense related to inventories
(3.9)(2.8)(6.8)(3.9)
Total stock-based compensation expense included in “Total costs and expenses”
$167.3 $154.2 $333.4 $346.1 
Stock-based compensation expense by line item:
Cost of sales$2.5 $1.8 $5.1 $3.6 
Research and development expenses99.6 97.1 199.7 216.5 
Selling, general and administrative expenses65.2 55.3 128.6 126.0 
Total stock-based compensation expense included in “Total costs and expenses”
167.3 154.2 333.4 346.1 
Income tax effect(36.5)(80.7)(111.7)(159.7)
Total stock-based compensation expense, net of tax
$130.8 $73.5 $221.7 $186.4 
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. During the six months ended June 30, 2025 and 2024, we repurchased 1.8 million and 1.1 million shares of our common stock under the program, respectively, for aggregate repurchases of $811.4 million and $456.2 million, respectively. As of June 30, 2025, we had $569.9 million remaining authorization under this 2023 program.
In May 2025, our Board of Directors approved an additional share repurchase program, pursuant to which we are authorized to repurchase up to $4.0 billion of our common stock. As of June 30, 2025, we had not repurchased any shares of our common stock under this 2025 program.
As of June 30, 2025, we had total remaining authorization of $4.6 billion under our share repurchase programs, which do not have expiration dates and can be discontinued at any time.