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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity |
8. Stockholders’ Equity
Share-Based Compensation Our share-based compensation expense is associated with RSUs, PSUs, and our Employee Stock Purchase Plan, or ESPP. The following table summarizes our share-based compensation expense included in our consolidated statements of operations for the periods shown.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Cost of sales | $ | 3.0 |  |  | $ | 2.0 |  |  | $ | 8.1 |  |  | $ | 6.6 |
Research and development | 10.8 |  |  | 9.8 |  |  | 32.0 |  |  | 31.3 |
Selling, general and administrative | 17.0 |  |  | 15.7 |  |  | 52.4 |  |  | 49.2 |
Total share-based compensation expense | $ | 30.8 |  |  | $ | 27.5 |  |  | $ | 92.5 |  |  | $ | 87.1 |
At September 30, 2022, unrecognized estimated compensation costs related to RSUs, PSUs and ESPP totaled $201.9 million and is expected to be recognized through 2026. Equity Award Activity The total vest date fair value of RSUs and PSUs that vested during the nine months ended September 30, 2022 was $135.2 million and $17.3 million, respectively. Share Repurchase Program and Treasury Shares On July 26, 2022, a duly authorized committee of our Board of Directors authorized and approved a share repurchase program of up to $700.0 million of our outstanding common stock, with a repurchase period ending no later than June 30, 2023 (the “Share Repurchase Program”). Shares of common stock repurchased under the Share Repurchase Program become treasury shares. Repurchases of our common stock under the Share Repurchase Program may be made from time to time, on the open market, in privately negotiated transactions or by other methods, at our discretion, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable federal and state laws and regulations. On August 1, 2022, we entered into an accelerated share repurchase (“ASR”) agreement with JPMorgan Chase Bank, National Association (“JP Morgan”) to repurchase up to$700.0 million of our common stock on an accelerated basis through September 29, 2022. On August 3, 2022, we paid $700.0 million to JP Morgan and received an initial delivery of approximately 3.0 million shares of common stock. The final notional amount under the ASR agreement was $557.7 million or approximately 6.6 million shares of our common stock based on the daily average volume-weighted average price of our common stock during the term of the ASR for the period from August 1, 2022 to August 31, 2022, less a discount. The ASR agreement concluded on September 1, 2022. The ASR was a forward contract indexed to our own common stock. The forward contract met all of the applicable criteria for equity classification, so we did not account for it as a derivative instrument. We have reflected the shares delivered to us by the financial institution as treasury shares as of the dates they were delivered to us in computing weighted average shares outstanding for both basic and diluted net income per share. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. We have not yet determined the ultimate disposition of repurchased shares and consequently we continue to hold them as treasury shares rather than retiring them. Future stock repurchases under the Share Repurchase Program are at the discretion of our management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time.

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