v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Income before Income Tax, Domestic and Foreign

Income (Loss) before income taxes subject to taxes in the following jurisdictions is as follows:

	December 31,
	2017				2016				2015
United States	$	12.4			$	(44.4	)		$	(57.8	)
Outside of the United States	(61.0		)		(20.5		)		0.3
Total	$	(48.6	)		$	(64.9	)		$	(57.5	)

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for income taxes are as follows:

	December 31,
	2017				2016				2015
Current:
Federal	$	—			$	—			$	—
State	0.1				0.1				0.1
Foreign	1.5				0.8				—
Total current income taxes	1.6				0.9				0.1
Deferred:
Federal	—				(0.1		)		—
State	—				—				—
Foreign	—				(0.1		)		—
Total deferred income taxes	—				(0.2		)		—
Total	$	1.6			$	0.7			$	0.1

Deferred Tax Assets and Liabilities

	December 31,
	2017				2016
Deferred tax assets:
Net operating loss carryforwards	$	188.7			$	101.9
Capitalized research and development expenses	8.4				14.3
Tax credits	47.8				30.7
Share-based compensation	13.8				24.9
Fixed and intangible assets	0.4				—
Accrued liabilities and reserves	20.9				26.0
Total gross deferred tax assets	280.0				197.8
Less: valuation allowance	(263.5		)		(193.4		)
Deferred tax liability:
Fixed assets and acquired intangibles assets	(0.1		)		(4.3		)
Convertible debt discount	(15.9		)		—
Unrealized exchange gain	(0.4		)		—
Net deferred tax asset (liability)	$	0.1			$	0.1

Reconciliation Between Effective Tax Rate and Statutory Rate

The reconciliation between our effective tax rate on income (loss) from continuing operations and the statutory rate is as follows:

	December 31,
	2017				2016				2015
Income taxes at statutory rates	$	(17.0	)		$	(22.7	)		$	(20.1	)
State income tax, net of federal benefit	(0.7		)		1.2				(1.0		)
Permanent items	0.7				0.8				0.3
Research and development credits	(13.3		)		(11.7		)		(10.0		)
Foreign rate differential	5.4				4.5				—
Stock and officers compensation	(10.4		)		4.0				3.1
Rate change	(0.1		)		(0.1		)		0.2
Unrecognized tax benefits	(15.4		)		27.7				—
Impact of Tax Cuts and Jobs Act of 2017	105.7				—				—
Other	(2.2		)		—				0.2
Change in valuation allowance	(51.1		)		(3.0		)		27.4
Income taxes at effective rates	$	1.6			$	0.7			$	0.1

Summary of Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits (in millions):

Balance at January 1, 2015	$	7.6
Increases related to prior year tax positions	2.6
Increase related to current year tax positions	5.4
Balance at December 31, 2015	15.6
Decreases related to prior year tax positions	(8.4		)
Increases related to current year tax positions	32.6
Balance at December 31, 2016	39.8
Decreases related to prior year tax positions	(14.9		)
Increases related to current year tax positions	3.3
Decrease related to Tax Cuts and Jobs Act of 2017	(5.4		)
Balance at December 31, 2017	$	22.8

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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