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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Components of Share-Based Compensation Expense Recognized | The following table reflects the components of share-based compensation expense recognized in our consolidated statements of operations (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Stock options |  |  |  |  | $ | 11.5 |  |  | $ | 8.5 |
RSUs |  |  |  |  | 21.5 |  |  | 23.4 |
STAP awards |  |  |  |  | — |  |  | (0.8) |
ESPP |  |  |  |  | 0.9 |  |  | 0.7 |
Total share-based compensation expense before tax |  |  |  |  | $ | 33.9 |  |  | $ | 31.8 |
Schedule of Weighted-Average Assumptions to Measure the Fair Value of Stock Options | The following weighted average assumptions were used in estimating the fair value of stock options granted to employees during the three months ended March 31, 2026 and 2025:
| March 31, 2026 |  | March 31, 2025
Expected term of awards (in years) | 5.0 |  | 5.0
Expected volatility | 32.5 | % |  | 32.2 | %
Risk-free interest rate | 3.9 | % |  | 4.1 | %
Expected dividend yield | 0.0 | % |  | 0.0 | %
Schedule of Activity and Status of Stock Options | A summary of the activity and status of stock options under the 2015 Plan during the three-month period ended March 31, 2026 is presented below:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 2026 | 4,636,330 |  |  | $ | 166.11 |  |  |  |  |
Granted | 289,956 |  |  | 536.12 |  |  |  |  |
Exercised | (495,147) |  |  | 138.00 |  |  |  |  |
Forfeited | (365) |  |  | 120.26 |  |  |  |  |
Outstanding as of March 31, 2026 | 4,430,774 |  |  | $ | 193.46 |  |  | 3.6 |  | $ | 1,770.2 |
Exercisable as of March 31, 2026 | 3,243,872 |  |  | $ | 142.88 |  |  | 2.2 |  | $ | 1,460.1 |
Unvested as of March 31, 2026 | 1,186,902 |  |  | $ | 331.72 |  |  | 7.2 |  | $ | 310.1 |
Schedule of Share-Based Compensation (Benefit) Expense Recognized | Total share-based compensation expense related to stock options was recorded as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Cost of sales |  |  |  |  | $ | — |  |  | $ | — |
Research and development |  |  |  |  | 0.1 |  |  | 0.1 |
Selling, general, and administrative |  |  |  |  | 11.4 |  |  | 8.4 |
Share-based compensation expense before taxes |  |  |  |  | 11.5 |  |  | 8.5 |
Related income tax benefit |  |  |  |  | (0.2) |  |  | (0.2) |
Share-based compensation expense, net of taxes |  |  |  |  | $ | 11.3 |  |  | $ | 8.3 |
Total share-based compensation expense related to RSUs was recorded as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Cost of sales |  |  |  |  | $ | 1.0 |  |  | $ | 1.0 |
Research and development |  |  |  |  | 4.9 |  |  | 6.7 |
Selling, general, and administrative |  |  |  |  | 15.6 |  |  | 15.7 |
Share-based compensation expense before taxes |  |  |  |  | 21.5 |  |  | 23.4 |
Related income tax benefit |  |  |  |  | (3.5) |  |  | (3.8) |
Share-based compensation expense, net of taxes |  |  |  |  | $ | 18.0 |  |  | $ | 19.6 |
Schedule of Stock Option Exercise Data | Stock option exercise data is summarized below (dollars in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Number of options exercised |  |  |  |  | 495,147 |  |  | 131,474 |
Cash received |  |  |  |  | $ | 68.3 |  |  | $ | 16.6 |
Total intrinsic value of options exercised |  |  |  |  | $ | 182.9 |  |  | $ | 29.1 |
Schedule of Restricted Stock Units Activity | A summary of the activity with respect to, and status of, RSUs during the three-month period ended March 31, 2026 is presented below:
| Number of RSUs |  | Weighted Average Grant Date Fair Value
Unvested as of January 1, 2026 | 1,416,871 |  |  | $ | 252.86 |
Granted | 295,640 |  |  | 520.38 |
Vested | (274,965) |  |  | 234.77 |
Forfeited | (16,515) |  |  | 248.71 |
Unvested as of March 31, 2026 | 1,421,031 |  |  | $ | 312.06 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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