Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Stock options | $ | 12.8 | | | $ | 11.1 | | | $ | 24.3 | | | $ | 19.6 | | RSUs | 29.7 | | | 26.0 | | | 51.2 | | | 49.4 | | STAP awards | — | | | — | | | — | | | (0.8) | | ESPP | 0.9 | | | 0.7 | | | 1.8 | | | 1.4 | | Total share-based compensation expense before tax | $ | 43.4 | | | $ | 37.8 | | | $ | 77.3 | | | $ | 69.6 | | | | | | | | | |
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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 six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | June 30, 2026 | | June 30, 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 Prior Plan and the 2026 Plan during the six-month period ended June 30, 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 | (1,390,672) | | | 139.97 | | | | | | Forfeited | (565) | | | 267.47 | | | | | | Outstanding as of June 30, 2026 | 3,535,049 | | | $ | 206.72 | | | 4.0 | | $ | 1,184.6 | | Exercisable as of June 30, 2026 | 2,348,347 | | | $ | 143.57 | | | 2.4 | | $ | 935.2 | | Unvested as of June 30, 2026 | 1,186,702 | | | $ | 331.68 | | | 6.9 | | $ | 249.4 | | | | | | | | | |
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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 June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Cost of sales | $ | — | | | $ | — | | | $ | — | | | $ | — | | Research and development | 0.1 | | | 0.1 | | | 0.2 | | | 0.2 | | Selling, general, and administrative | 12.7 | | | 11.0 | | | 24.1 | | | 19.4 | | | Share-based compensation expense before taxes | 12.8 | | | 11.1 | | | 24.3 | | | 19.6 | | Related income tax benefit | (0.3) | | | (0.2) | | | (0.5) | | | (0.4) | | | Share-based compensation expense, net of taxes | $ | 12.5 | | | $ | 10.9 | | | $ | 23.8 | | | $ | 19.2 | |
Total share-based compensation expense related to RSUs was recorded as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Cost of sales | $ | 1.1 | | | $ | 1.1 | | | $ | 2.1 | | | $ | 2.1 | | Research and development | 10.3 | | | 7.6 | | | 15.2 | | | 14.3 | | Selling, general, and administrative | 18.3 | | | 17.3 | | | 33.9 | | | 33.0 | | | Share-based compensation expense before taxes | 29.7 | | | 26.0 | | | 51.2 | | | 49.4 | | Related income tax benefit | (4.8) | | | (4.3) | | | (8.3) | | | (8.1) | | | Share-based compensation expense, net of taxes | $ | 24.9 | | | $ | 21.7 | | | $ | 42.9 | | | $ | 41.3 | |
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| 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, | | 2026 | | 2025 | | 2026 | | 2025 | Number of options exercised | 895,525 | | | 138,526 | | | 1,390,672 | | | 270,000 | | Cash received | $ | 126.3 | | | $ | 18.1 | | | $ | 194.6 | | | $ | 34.7 | | Total intrinsic value of options exercised | $ | 378.5 | | | $ | 23.7 | | | $ | 561.4 | | | $ | 52.8 | |
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| 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, 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 | 303,513 | | | 521.14 | | Vested | (279,842) | | | 235.19 | | Forfeited | (21,296) | | | 279.83 | | Unvested as of June 30, 2026 | 1,419,246 | | | $ | 313.31 | |
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