Share-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| 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, | | | | | | 2026 | | 2025 | Stock options | | | | | $ | 11.5 | | | $ | 8.5 | | RSUs | | | | | 21.5 | | | 23.4 | | STAP awards | | | | | — | | | (0.8) | | ESPP | | | | | 0.9 | | | 0.7 | | Total share-based compensation expense before tax | | | | | $ | 33.9 | | | $ | 31.8 | | | | | | | | | |
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| 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, 2026 and 2025: | | | | | | | | | | | | | March 31, 2026 | | March 31, 2025 | Expected term of awards (in years) | 5.0 | | 5.0 | Expected volatility | 32.5 | % | | 32.2 | % | Risk-free interest rate | 3.9 | % | | 4.1 | % | Expected dividend yield | 0.0 | % | | 0.0 | % |
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| Schedule of Activity and Status of Stock Options |
A summary of the activity and status of stock options under the 2015 Plan during the three-month period ended March 31, 2026 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, 2026 | 4,636,330 | | | $ | 166.11 | | | | | | Granted | 289,956 | | | 536.12 | | | | | | Exercised | (495,147) | | | 138.00 | | | | | | Forfeited | (365) | | | 120.26 | | | | | | Outstanding as of March 31, 2026 | 4,430,774 | | | $ | 193.46 | | | 3.6 | | $ | 1,770.2 | | Exercisable as of March 31, 2026 | 3,243,872 | | | $ | 142.88 | | | 2.2 | | $ | 1,460.1 | | Unvested as of March 31, 2026 | 1,186,902 | | | $ | 331.72 | | | 7.2 | | $ | 310.1 | | | | | | | | | |
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| 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 March 31, | | | | | | 2026 | | 2025 | Cost of sales | | | | | $ | — | | | $ | — | | Research and development | | | | | 0.1 | | | 0.1 | | Selling, general, and administrative | | | | | 11.4 | | | 8.4 | | | Share-based compensation expense before taxes | | | | | 11.5 | | | 8.5 | | Related income tax benefit | | | | | (0.2) | | | (0.2) | | | Share-based compensation expense, net of taxes | | | | | $ | 11.3 | | | $ | 8.3 | |
Total share-based compensation expense related to RSUs was recorded as follows (in millions): | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | | 2026 | | 2025 | Cost of sales | | | | | $ | 1.0 | | | $ | 1.0 | | Research and development | | | | | 4.9 | | | 6.7 | | Selling, general, and administrative | | | | | 15.6 | | | 15.7 | | | Share-based compensation expense before taxes | | | | | 21.5 | | | 23.4 | | Related income tax benefit | | | | | (3.5) | | | (3.8) | | | Share-based compensation expense, net of taxes | | | | | $ | 18.0 | | | $ | 19.6 | |
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| Schedule of Stock Option Exercise Data |
Stock option exercise data is summarized below (dollars in millions): | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | | 2026 | | 2025 | Number of options exercised | | | | | 495,147 | | | 131,474 | | Cash received | | | | | $ | 68.3 | | | $ | 16.6 | | Total intrinsic value of options exercised | | | | | $ | 182.9 | | | $ | 29.1 | |
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| 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, 2026 is presented below: | | | | | | | | | | | | | Number of RSUs | | Weighted Average Grant Date Fair Value | Unvested as of January 1, 2026 | 1,416,871 | | | $ | 252.86 | | Granted | 295,640 | | | 520.38 | | Vested | (274,965) | | | 234.77 | | Forfeited | (16,515) | | | 248.71 | | Unvested as of March 31, 2026 | 1,421,031 | | | $ | 312.06 | |
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