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Stock-Based Compensation | 3 Months Ended
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Jan. 31, 2025
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 is as follows:
| Three Months Ended January 31, |  |
| 2025 |  | 2024 |  |  |  |
| (in thousands)
Cost of products | $ | 20,477 |  |  | $ | 16,261 |  |  |  |  |
Cost of maintenance and service | 8,991 |  |  | 9,176 |  |  |  |  |
Research and development expense | 102,696 |  |  | 91,137 |  |  |  |  |
Sales and marketing expense | 34,950 |  |  | 30,573 |  |  |  |  |
General and administrative expense | 19,349 |  |  | 18,358 |  |  |  |  |
Stock-based compensation expense from continuing operations before taxes | 186,463 |  |  | 165,505 |  |  |  |  |
Stock-based compensation expense from discontinued operations before taxes | — |  |  | 15,147 |  |  |  |  |
Total stock-based compensation expense before taxes | 186,463 |  |  | 180,652 |  |  |  |  |
Income tax benefit | (30,655) |  |  | (29,410) |  |  |  |  |
Stock-based compensation expense after taxes | $ | 155,808 |  |  | $ | 151,242 |  |  |  |  |
During the three months ended January 31, 2025 and 2024, 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 of the market-based RSUs and the assumptions used in the Monte Carlo simulation model to determine the grant date fair value during the periods are as follows:
|  |  | Three Months Ended January 31,
|  |  |  |  | 2025 |  | 2024
Expected life (in years) |  |  |  |  | 2.79 years |  | 2.89 years
Risk-free interest rate |  |  |  |  | 4.39% |  | 4.41%
Volatility |  |  |  |  | 34.72% |  | 34.03%
Grant date fair value |  |  |  |  | $464.17 |  | $600.29
As of January 31, 2025, we had $1.6 billion 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 2.4 years. As of January 31, 2025, we had $88.7 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 are as follows:
| Three Months Ended January 31, |  |
| 2025 |  | 2024 |  |  |  |
| (in thousands)
Intrinsic value of awards exercised | $ | 20,359 |  |  | $ | 27,855 |  |  |  |  |

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