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SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of RSU Activity

RSU activity under all stock plans for the three months ended March 31, 2025, was as follows (in millions, except per share amounts):

			Shares						Weighted-Average Grant-Date Fair Value
Unvested balance as of December 31, 2024			5.2						$	314.39
RSUs granted			1.5						$	580.31
RSUs vested			(1.6)						$	295.53
RSUs forfeited			(0.1)						$	334.82
Unvested balance as of March 31, 2025			5.0						$	401.13

Summary of Stock Option Activity Under All Stock Plans

Stock option activity under all stock plans for the three months ended March 31, 2025, was as follows (in millions, except per share amounts):

						Stock Options Outstanding
						Number Outstanding						Weighted-Average Exercise Price Per Share
Balance as of December 31, 2024						7.1						$	192.90
Options granted						—						$	—
Options exercised						(0.5)						$	127.00
Options forfeited or expired						—						$	239.02
Balance as of March 31, 2025						6.6						$	197.44

Share-Based Payment Arrangement, Performance Shares, Activity

PSU activity for the three months ended March 31, 2025, was as follows (in millions, except per share amounts):

						Shares						Weighted-Average Grant Date Fair Value Per Share
Unvested balance as of December 31, 2024						0.3						$	306.94
Granted						0.1						$	580.93
Vested						(0.1)						$	299.32
Performance change						—						$	267.23
Forfeited						—						$	—
Unvested balance as of March 31, 2025						0.3						$	367.92

Summary of Share-Based Compensation Expense

The following table summarizes share-based compensation expense (in millions):

									Three Months Ended March 31,
															2025						2024
Cost of revenue – product (before capitalization)															$	30.9					$	22.8
Amounts capitalized into inventory															(28.5)						(21.4)
Amounts recognized in income for amounts previously capitalized in inventory															27.8						21.3
Cost of revenue – product															$	30.2					$	22.7
Cost of revenue – service															8.2						7.0
Total cost of revenue															38.4						29.7
Selling, general and administrative															82.3						68.2
Research and development															69.0						57.7
Share-based compensation expense before income taxes															189.7						155.6
Income tax benefit															37.0						32.4
Share-based compensation expense after income taxes															$	152.7					$	123.2

Schedule of Estimated Fair Value of the Option Using Black-Scholes Option Pricing Model, Weighted Average Assumptions

:

									Three Months Ended March 31,
															2025						2024
ESPP
Risk-free interest rate															4.2%						4.6%
Expected term (in years)															1.2						1.2
Expected volatility															30%						32%
Fair value at grant date															$170.50						$115.48

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

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