XML 31 R15.htm IDEA: XBRL DOCUMENT v3.23.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
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
March 31,
(In millions)20232022
Cost of sales$3.3 $2.3 
Research and development11.1 10.3 
Selling, general and administrative20.8 16.5 
Total share-based compensation expense$35.2 $29.1 
At March 31, 2023, unrecognized estimated compensation costs related to RSUs, PSUs and ESPP totaled $312.8 million and are expected to be recognized through 2027.
Equity Award Activity
The total vest date fair value of RSUs and PSUs that vested during the three months ended March 31, 2023 was $119.3 million and $9.9 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. As of March 31, 2023, approximately $142.3 million remained available for repurchase pursuant to our share repurchase program.
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.