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Stock-Based Compensation | 3 Months Ended
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Jan. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The compensation cost recognized in the condensed consolidated statements of income for our stock compensation arrangements was as follows:
| Three Months Ended January 31, |  |
| 2023 |  | 2022 |  |  |  |
| (in thousands)
Cost of products | $ | 16,029 |  |  | $ | 11,207 |  |  |  |  |
Cost of maintenance and service | 7,155 |  |  | 4,583 |  |  |  |  |
Research and development expense | 69,231 |  |  | 49,540 |  |  |  |  |
Sales and marketing expense | 24,907 |  |  | 17,801 |  |  |  |  |
General and administrative expense | 16,905 |  |  | 12,640 |  |  |  |  |
Stock-based compensation expense before taxes | 134,227 |  |  | 95,771 |  |  |  |  |
Income tax benefit | (21,570) |  |  | (15,429) |  |  |  |  |
Stock-based compensation expense after taxes | $ | 112,657 |  |  | $ | 80,342 |  |  |  |  |
During the three months ended January 31, 2023, we recognized stock-based compensation expense relating to restricted stock units (RSUs), granted to senior executives with certain market, performance and service conditions (market-based RSUs). The grant date fair value for the market-based RSUs granted during the three months ended January 31, 2023 was determined using the Monte Carlo simulation model with the following assumptions: expected volatility of 42.86%, risk-free interest rate of 4.63% and an expected term of 0.9 years. There were no market-based RSUs granted during the three months ended January 31, 2022. As of January 31, 2023, we had $917.6 million of total unrecognized stock-based compensation expense relating to options, RSUs and restricted stock awards, which is expected to be recognized over a weighted-average period of 2.1 years. As of January 31, 2023, we had $60.3 million of unrecognized stock-based compensation expense relating to our Employee Stock Purchase Plan, which is expected to be recognized over a period of approximately 2.0 years. The intrinsic values of equity awards exercised during the periods were as follows:
| Three Months Ended January 31, |  |
| 2023 |  | 2022 |  |  |  |
| (in thousands)
Intrinsic value of awards exercised | $ | 54,776 |  |  | $ | 112,925 |  |  |  |  |

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