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Stock-based Compensation Expense and Share Repurchase Programs
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Expense and Share Repurchase Programs Stock-based Compensation Expense and Share Repurchase Programs
Stock-based compensation expense
During the three and six months ended June 30, 2024 and 2023, we recognized the following stock-based compensation expense:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs)$150.7 $113.6 $337.9 $229.5 
ESPP share issuances4.5 3.9 10.3 9.4 
Stock options1.8 2.4 1.8 3.8 
Stock-based compensation expense related to inventories
(2.8)(0.6)(3.9)(1.0)
Total stock-based compensation expense included in “Total costs and expenses”
$154.2 $119.3 $346.1 $241.7 
Stock-based compensation expense by line item:
Cost of sales$1.8 $1.8 $3.6 $3.7 
Research and development expenses97.1 74.5 216.5 150.8 
Selling, general and administrative expenses55.3 43.0 126.0 87.2 
Total stock-based compensation expense included in costs and expenses
154.2 119.3 346.1 241.7 
Income tax effect(80.7)(31.3)(159.7)(71.9)
Total stock-based compensation expense, net of tax
$73.5 $88.0 $186.4 $169.8 
Share repurchase program
In February 2023, our Board of Directors approved a share repurchase program, pursuant to which we are authorized to repurchase up to $3.0 billion of our common stock. The program does not have an expiration date and can be discontinued at any time. During the six months ended June 30, 2024 and 2023, we repurchased 1.1 million and 0.5 million shares of our
common stock under the program, respectively, for aggregate repurchases of $456.2 million and $161.1 million, respectively. As of June 30, 2024, we had $2.1 billion remaining authorization under this program.