v3.25.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
 2025202420252024
Stock options$11.1 $8.1 $19.6 $13.8 
RSUs26.0 19.2 49.4 34.7 
STAP awards— 21.9 (0.8)25.8 
ESPP0.7 0.5 1.4 1.0 
Total share-based compensation expense before tax
$37.8 $49.7 $69.6 $75.3 
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 six months ended June 30, 2025 and 2024:
June 30, 2025June 30, 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 the 2015 Plan during the six-month period ended June 30, 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(270,000)128.73   
Forfeited— —   
Outstanding as of June 30, 20255,655,511 $159.50 3.4$730.9 
Exercisable as of June 30, 20254,339,265 $131.92 2.0$674.5 
Unvested as of June 30, 20251,316,246 $250.40 7.9$56.4 
Schedule of Share-Based Compensation (Benefit) Expense Recognized
Total share-based compensation expense related to stock options was recorded as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Cost of sales$— $— $— $— 
Research and development0.1 0.1 0.2 0.2 
Selling, general, and administrative11.0 8.0 19.4 13.6 
Share-based compensation expense before taxes11.1 8.1 19.6 13.8 
Related income tax benefit(0.2)(0.3)(0.4)(0.5)
Share-based compensation expense, net of taxes$10.9 $7.8 $19.2 $13.3 
Total share-based compensation expense related to RSUs was recorded as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Cost of sales$1.1 $1.1 $2.1 $2.0 
Research and development7.6 5.8 14.3 11.4 
Selling, general, and administrative17.3 12.3 33.0 21.3 
Share-based compensation expense before taxes26.0 19.2 49.4 34.7 
Related income tax benefit(4.3)(3.5)(8.1)(6.8)
Share-based compensation expense, net of taxes$21.7 $15.7 $41.3 $27.9 
Share-based compensation expense (benefit) recognized in connection with STAP awards was as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Cost of sales$— $0.8 $(0.1)$1.0 
Research and development— 2.5 (0.2)3.0 
Selling, general, and administrative— 18.6 (0.5)21.8 
Share-based compensation expense (benefit) before taxes
— 21.9 (0.8)25.8 
Related income tax (benefit) expense
— (2.9)0.2 (3.7)
Share-based compensation expense (benefit), net of taxes
$— $19.0 $(0.6)$22.1 
Schedule of Stock Option Exercise Data
Stock option exercise data is summarized below (dollars in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Number of options exercised138,526 398,149 270,000 725,416 
Cash received$18.1 $52.1 $34.7 $94.3 
Total intrinsic value of options exercised$23.7 $52.3 $52.8 $88.0 
Schedule of Restricted Stock Units Activity
A summary of the activity with respect to, and status of, RSUs during the six-month period ended June 30, 2025 is presented below:
 Number of
RSUs		Weighted
Average
Grant Date
Fair Value
Unvested as of January 1, 20251,219,654 $225.40 
Granted368,117 325.36 
Vested(145,968)213.81 
Forfeited(11,649)250.27 
Unvested as of June 30, 20251,430,154 $252.11