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Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2019
Stock Options  
Share-Based Compensation  
Schedule of components of share-based compensation expense (benefit) recognized

The following table reflects the components of share-based compensation expense (benefit) recognized in our consolidated statements of operations (in millions):

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2019

    

2018

    

2019

    

2018

Stock options

$

18.4

$

16.6

$

52.2

$

44.8

Restricted stock units

 

3.8

 

2.4

 

9.8

 

5.3

STAP awards

 

1.4

 

32.2

 

(47.0)

 

(80.1)

Employee stock purchase plan

 

0.3

 

0.2

 

0.9

 

0.8

Total share-based compensation expense (benefit) before tax

$

23.9

$

51.4

$

15.9

$

(29.2)

Summary of weighted-average assumptions to measure the fair value of stock options

    

September 30, 

    

September 30, 

 

2019

 

2018

Expected volatility

 

33.8

%  

36.2

%

Risk-free interest rate

 

2.4

%  

2.7

%

Expected term of awards (in years)  

 

5.8

6.3

Expected dividend yield

 

0.0

%  

0.0

%

Schedule of activity and status of stock options

Weighted

 

Weighted-

 

Average

 

Aggregate

 

Average

 

Remaining

Intrinsic 

Number of

Exercise

Contractual

Value 

    

Options

    

Price

    

Term (Years)

    

(in millions)

Outstanding at January 1, 2019

 

6,299,803

$

120.78

Granted

 

2,081,047

 

124.87

Exercised

 

(191,508)

 

51.53

Forfeited/canceled

 

(95,016)

 

131.04

Outstanding at September 30, 2019

 

8,094,326

$

123.35

 

6.5

$

8.4

Exercisable at September 30, 2019

 

3,915,462

$

119.40

 

5.4

$

8.2

Unvested at September 30, 2019

 

4,178,864

$

127.05

 

7.6

$

0.2

Schedule of share-based compensation expense (benefit) recognized

Total share-based compensation expense relating to stock options is recorded as follows (in millions):

Three Months Ended

Nine Months Ended

 

September 30, 

 

September 30, 

    

2019

    

2018

    

2019

    

2018

Cost of product sales

$

0.3

 

$

0.2

$

0.7

 

$

0.7

Research and development

 

0.9

 

0.9

 

2.7

 

2.8

Selling, general and administrative

 

17.2

 

15.5

 

48.8

 

41.3

Share-based compensation expense before taxes

 

18.4

 

16.6

 

52.2

 

44.8

Related income tax benefit

 

(4.2)

 

(3.8)

 

(11.8)

 

(10.3)

Share-based compensation expense, net of taxes

$

14.2

 

$

12.8

$

40.4

 

$

34.5

Summary of stock option exercise data

Stock option exercise data is summarized below (dollars in millions):

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

Number of options exercised

 

 

4,857

 

191,508

 

287,760

Cash received

$

$

0.6

$

9.9

$

15.5

Total intrinsic value of options exercised

$

$

0.1

$

11.5

$

17.0

Restricted Stock Units  
Share-Based Compensation  
Schedule of restricted stock units activity

    

    

    

Weighted

    

 

 

Weighted-

 

Average

 

Aggregate

 

Number of

 

Average

 

Remaining

 

Intrinsic 

Restricted

 

Grant

 

Contractual

 

Value

Stock Units

Price

 

Term (Years)

(in millions)

Unvested at January 1, 2019

 

186,255

$

112.48

 

  

 

  

Granted

 

222,614

 

113.03

 

  

 

  

Vested

 

(69,761)

 

111.81

 

  

 

  

Forfeited/canceled

 

(18,445)

 

118.24

 

  

 

  

Unvested at September 30, 2019

 

320,663

$

112.68

 

9.2

$

25.6

Schedule of share-based compensation expense (benefit) recognized

Total share-based compensation expense relating to restricted stock units is recorded as follows (in millions):

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2019

    

2018

    

2019

    

2018

Cost of product sales

 

$

0.3

$

0.1

 

$

0.8

$

0.3

Research and development

 

1.3

 

0.5

 

3.2

 

1.1

Selling, general and administrative

 

2.2

 

1.8

 

5.8

 

3.9

Share-based compensation expense before taxes

 

3.8

 

2.4

 

9.8

 

5.3

Related income tax benefit

 

(0.8)

 

(0.5)

 

(2.2)

 

(1.2)

Share-based compensation expense, net of taxes

$

3.0

$

1.9

$

7.6

$

4.1

STAP awards  
Share-Based Compensation  
Schedule of share-based compensation expense (benefit) recognized

Share-based compensation expense (benefit) recognized in connection with STAP awards is as follows (in millions):

Three Months Ended

Nine Months Ended

 

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

Cost of product sales

$

0.1

$

2.0

$

(1.9)

$

(4.0)

Research and development

 

0.4

 

6.8

 

(9.9)

 

(15.2)

Selling, general and administrative

 

0.9

 

23.4

 

(35.2)

 

(60.9)

Share-based compensation expense (benefit) before taxes

1.4

32.2

(47.0)

(80.1)

Related income tax (benefit) expense

 

(0.2)

 

(7.4)

 

10.7

 

18.3

Share-based compensation expense (benefit), net of taxes

$

1.2

$

24.8

$

(36.3)

$

(61.8)

Schedule of weighted-average assumptions to measure the fair value of outstanding STAP awards

    

September 30, 

    

September 30, 

 

 

2019

 

2018

Expected volatility

 

29.3

%  

33.4

%

Risk-free interest rate

 

1.6

%  

2.5

%

Expected term of awards (in years)

 

2.1

 

0.9

Expected dividend yield

 

%  

%

Summary of the activity and status of STAP awards

    

    

    

Weighted

    

 

 

 

Average

 

 

Weighted

 

Remaining

 

Aggregate

 

Average

 

Contractual

 

Intrinsic

Number of

Exercise

 

Term

Value

Awards

Price

 

(in Years)

(in millions)

Outstanding at January 1, 2019

 

2,867,979

$

107.85

 

  

 

  

Granted

 

 

 

  

 

  

Exercised

 

(138,773)

 

59.36

 

  

 

  

Forfeited/canceled

 

(80,182)

 

159.91

 

  

 

  

Outstanding at September 30, 2019

 

2,649,024

$

108.82

 

4.3

$

22.4

Exercisable at September 30, 2019

 

2,639,024

$

109.03

 

4.3

$

22.1

Unvested at September 30, 2019

 

10,000

$

52.57

 

3.2

$

0.3