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Equity Plans and Share Repurchase Program (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts):
 Restricted Stock Units Outstanding
 Number of SharesWeighted-Average Grant Date Fair Value per Share
Balance—December 31, 2024
8.4 $64.70 
Granted2.0 110.02 
Forfeited(0.3)70.79 
Vested(1.4)58.23 
Balance—March 31, 2025
8.7 $75.85 
Schedule of Share-based Compensation, Shares Withheld for Taxes
The following summarizes the number and value of the shares withheld for employee taxes (in millions):
Three Months Ended
March 31,
2025
March 31,
2024
Shares withheld for taxes0.5 0.6 
Amount withheld for taxes$53.8 $42.9 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the weighted-average assumptions relating to our employee stock options: 
 Three Months Ended
 March 31,
2025
March 31,
2024
Expected term in years4.54.5
Volatility41.6 %42.9 %
Risk-free interest rate4.2 %4.3 %
Dividend rate— %— %
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes the stock option activity and related information for the periods presented below (in millions, except exercise prices and contractual life):
 Options Outstanding
 Number
of Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Balance—December 31, 2024
8.7 $37.81 3.1$493.8 
Granted0.5 110.02 
Forfeited— 65.88 
Exercised(1.1)17.56 
Balance—March 31, 2025
8.1 $45.46 
Options vested and expected to vest—March 31, 2025
8.1 $45.46 3.4$418.1 
Options exercisable—March 31, 2025
6.0 $34.98 2.6$368.2 
Schedule of Share-based Compensation, Stock Options, Activity, Additional Information
Additional information related to our stock options is summarized below (in millions, except per share amounts):
Three Months Ended
March 31,
2025
March 31,
2024
Weighted-average fair value per share granted $44.34 $26.92 
Intrinsic value of options exercised $102.3 $51.8 
Fair value of options vested$9.5 $12.1 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the weighted-average assumptions relating to our PSUs:
 Three Months Ended
 March 31,
2025
March 31,
2024
Expected term in years2.72.7
Volatility41.5 %45.5 %
Risk-free interest rate4.2 %4.5 %
Dividend rate— %— %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses (in millions):
 Three Months Ended
 March 31,
2025
March 31,
2024
Cost of product revenue$0.5 $0.5 
Cost of service revenue6.5 6.2 
Research and development23.0 19.8 
Sales and marketing26.5 26.7 
General and administrative10.4 9.8 
Total stock-based compensation expense$66.9 $63.0 
Schedule of Employee Service Share based Compensation Allocation of Recognized Period Costs by Award Type
The following table summarizes stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, by award type (in millions):
 Three Months Ended
 March 31,
2025
March 31,
2024
RSUs$56.3 $52.0 
Stock options6.6 7.3 
PSUs4.0 3.7 
Total stock-based compensation expense$66.9 $63.0 
Income Tax Benefit from Stock Option Plans
Total income tax benefit associated with stock-based compensation that is recognized in the condensed consolidated statements of income is (in millions):
Three Months Ended
March 31,
2025
March 31,
2024
Income tax benefit associated with stock-based compensation $14.7 $13.9