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Stockholders' Equity | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of sales | $ | 3.9 |  |  | $ | 2.8 |  |  | $ | 7.2 |  |  | $ | 5.1 |
Research and development | 11.8 |  |  | 10.9 |  |  | 22.9 |  |  | 21.2 |
Selling, general and administrative | 24.0 |  |  | 18.9 |  |  | 44.8 |  |  | 35.4 |
Total share-based compensation expense | $ | 39.7 |  |  | $ | 32.6 |  |  | $ | 74.9 |  |  | $ | 61.7 |
At June 30, 2023, unrecognized estimated compensation costs related to RSUs, PSUs and ESPP totaled $272.5 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 six months ended June 30, 2023 was $127.3 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 Exchange Act, and other applicable federal and state laws and regulations. We repurchased approximately $557.7 million of our outstanding common stock throughout the duration of the Share Repurchase Program. The Share Repurchase Program and the remaining authorization of approximately $142.3 million expired on June 30, 2023. There were no share repurchases under the Share Repurchase Program in 2023. In May 2023, we used a portion of the proceeds of the 2028 Notes to repurchase 1.6 million shares of our common stock for $188.7 million for an average per share price of $118.12, via privately negotiated transactions, independent of the 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. Authorization of future stock repurchase programs is subject to the final determination of our Board of Directors.

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