v3.25.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Components of Share-Based Compensation Expense Recognized
The following table reflects the components of share-based compensation expense recognized in our consolidated statements of operations (in millions):
 Three Months Ended
March 31,
 20252024
Stock options$8.5 $5.7 
RSUs23.4 15.5 
STAP awards(0.8)3.9 
ESPP0.7 0.5 
Total share-based compensation expense before tax
$31.8 $25.6 
Schedule of Weighted-Average Assumptions to Measure the Fair Value of Stock Options
The following weighted average assumptions were used in estimating the fair value of stock options granted to employees during the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
Expected term of awards (in years)5.06.5
Expected volatility32.2 %31.6 %
Risk-free interest rate4.1 %4.3 %
Expected dividend yield0.0 %0.0 %
Schedule of Activity and Status of Stock Options
A summary of the activity and status of stock options under our equity incentive plans during the three-month period ended March 31, 2025 is presented below:
 Number of
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (in Years)		Aggregate
Intrinsic
Value (in millions)
Outstanding as of January 1, 20255,571,545 $148.62   
Granted353,966 307.24   
Exercised(131,474)126.91   
Forfeited— —   
Outstanding as of March 31, 20255,794,037 $158.80 3.6$866.5 
Exercisable as of March 31, 20254,476,271 $131.81 2.2$789.9 
Unvested as of March 31, 20251,317,766 $250.48 8.1$76.6 
Schedule of Share-Based Compensation (Benefit) Expense Recognized
Total share-based compensation expense related to stock options is recorded as follows (in millions):
 Three Months Ended
March 31,
 20252024
Cost of sales$— $— 
Research and development0.1 0.1 
Selling, general, and administrative8.4 5.6 
Share-based compensation expense before taxes8.5 5.7 
Related income tax benefit(0.2)(0.2)
Share-based compensation expense, net of taxes$8.3 $5.5 
Total share-based compensation expense related to RSUs is recorded as follows (in millions):
 Three Months Ended
March 31,
 20252024
Cost of sales$1.0 $0.9 
Research and development6.7 5.6 
Selling, general, and administrative15.7 9.0 
Share-based compensation expense before taxes23.4 15.5 
Related income tax benefit(3.8)(3.3)
Share-based compensation expense, net of taxes$19.6 $12.2 
Share-based compensation (benefit) expense recognized in connection with STAP awards is as follows (in millions):
 Three Months Ended
March 31,
 20252024
Cost of sales$(0.1)$0.2 
Research and development(0.2)0.5 
Selling, general, and administrative(0.5)3.2 
Share-based compensation (benefit) expense before taxes
(0.8)3.9 
Related income tax expense (benefit)
0.2 (0.8)
Share-based compensation (benefit) expense, net of taxes
$(0.6)$3.1 
Schedule of Stock Option Exercise Data
Stock option exercise data is summarized below (dollars in millions):
 Three Months Ended
March 31,
 20252024
Number of options exercised131,474 327,267 
Cash received$16.6 $42.2 
Total intrinsic value of options exercised$29.1 $35.7 
Schedule of Restricted Stock Units Activity
A summary of the activity with respect to, and status of, RSUs during the three-month period ended March 31, 2025 is presented below:
 Number of
RSUs		Weighted
Average
Grant Date
Fair Value
Unvested as of January 1, 20251,219,654 $225.40 
Granted364,948 325.72 
Vested(143,012)212.66 
Forfeited(4,113)263.17 
Unvested as of March 31, 20251,437,477 $252.03