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Stock-based Compensation Expense and Share Repurchase Programs
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024, we recognized the following stock-based compensation expense:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)$190.8 $184.8 $517.1 $522.7 
ESPP share issuances8.5 3.4 21.2 13.7 
Stock options— — 1.2 1.8 
Stock-based compensation expense related to inventories
(4.4)(3.6)(11.2)(7.5)
Total stock-based compensation expense included in “Total costs and expenses”
$194.9 $184.6 $528.3 $530.7 
Stock-based compensation expense by line item:
Cost of sales$2.8 $1.9 $7.9 $5.5 
Research and development expenses116.0 111.0 315.7 327.5 
Selling, general and administrative expenses76.1 71.7 204.7 197.7 
Total stock-based compensation expense included in “Total costs and expenses”
194.9 184.6 528.3 530.7 
Income tax effect(47.5)(64.6)(159.2)(224.3)
Total stock-based compensation expense, net of tax
$147.4 $120.0 $369.1 $306.4 
Share repurchase program
In February 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”), pursuant to which we were authorized to repurchase up to $3.0 billion of our common stock. As of September 30, 2025, we had repurchased the full amount authorized under the 2023 Share Repurchase Program.
In May 2025, our Board of Directors approved an additional share repurchase program (the “2025 Share Repurchase Program”), pursuant to which we are authorized to repurchase up to $4.0 billion of our common stock. The 2025 Share Repurchase Program does not have an expiration date and can be discontinued at any time.
During the nine months ended September 30, 2025 and 2024, we repurchased 4.5 million and 1.7 million shares of our common stock under our share repurchase programs, respectively, for aggregate repurchases of $1.9 billion and $763.8 million, respectively. As of September 30, 2025, we had remaining authorization of $3.5 billion under the 2025 Share Repurchase Program.