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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Taxes Subject to Taxes

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

			Twelve Months Ended December 31,
(In millions)			2021						2020						2019
United States			$	235.3					$	270.7					$	119.1
Outside of the United States			(61.4)						(45.7)						(14.9)
Total			$	173.9					$	225.0					$	104.2

Schedule of Components of Income Tax Expense (Benefit)

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

			Twelve Months Ended December 31,
(In millions)			2021						2020						2019
Current:
Federal			$	5.7					$	—					$	—
State			8.3						6.1						1.0
Foreign			10.1						2.6						1.9
Total current income taxes			24.1						8.7						2.9
Deferred:
Federal			5.5						(198.8)						—
State			(3.4)						(51.4)						—
Foreign			(7.0)						(27.1)						0.2
Total deferred income taxes			(4.9)						(277.3)						0.2
Total			$	19.2					$	(268.6)					$	3.1

Schedule of Tax Credit Carryforwards

Significant loss and tax credit carryforwards and years of expiration are as follows:

			December 31,												Year of Expiration
(In millions)			2021						2020
Net operating loss:
Federal			$	38.0					$	169.1					2027
California			236.3						236.3						2029
Other states			21.3						36.1						2029
UK			102.4						113.2						Indefinite
Tax credits:
Federal
R&D credits			80.1						73.1						2026
Foreign tax credits			1.5						—						2031
California R&D credits			$	81.4					$	66.2					Indefinite

Schedule of Operating Loss Carryforwards

Significant loss and tax credit carryforwards and years of expiration are as follows:

			December 31,												Year of Expiration
(In millions)			2021						2020
Net operating loss:
Federal			$	38.0					$	169.1					2027
California			236.3						236.3						2029
Other states			21.3						36.1						2029
UK			102.4						113.2						Indefinite
Tax credits:
Federal
R&D credits			80.1						73.1						2026
Foreign tax credits			1.5						—						2031
California R&D credits			$	81.4					$	66.2					Indefinite

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020 are shown below. Significant judgment is required to evaluate the need for a valuation allowance against deferred tax assets. We review all available positive and negative evidence, including projections of pre-tax book income, earnings history, reliability of forecasting, and reversal of temporary differences. A valuation allowance is established when it is more likely than not that some or all of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent upon future earnings in applicable tax jurisdictions.

			December 31,
(In millions)			2021						2020
Deferred tax assets:
Net operating loss carryforwards			$	53.0					$	69.2
Capitalized research and development expenses			49.3						53.6
Tax credits			105.5						101.1
Share-based compensation			13.3						13.0
Fixed and intangible assets			26.4						16.9
Accrued liabilities and reserves			105.5						110.3
Collaborative agreement milestone accrual (1)			21.9						—
Other			0.5						—
Total gross deferred tax assets			375.4						364.1
Less: valuation allowance			(69.9)						(55.5)
Total net deferred tax assets			305.5						308.6
Deferred tax liabilities:
Fixed assets and acquired intangibles assets			(42.5)						(36.3)
Convertible debt discount			(48.1)						(55.9)
Total deferred tax liabilities			(90.6)						(92.2)
Net deferred tax assets (liabilities)			$	214.9					$	216.4

(1) This amount is related to the $87.1 million charge recorded in the fourth quarter of 2021 associated with our Restated Collaboration Agreement with Verily, as discussed in Note 2 to the consolidated financial statements.

Schedule of 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:

			Twelve Months Ended December 31,
(In millions)			2021						2020						2019
U.S. federal statutory tax rate			$	36.5					$	47.3					$	21.9
State income tax, net of federal benefit			5.6						3.2						(2.3)
Permanent items			26.2						13.1						1.0
Research and development credits			(28.9)						(24.4)						(10.8)
Foreign tax credit			(3.7)						—						—
Foreign rate differential			(0.1)						(0.1)						5.6
Stock and officers compensation			(20.4)						(28.7)						(14.7)
Change in statutory tax rates			(10.0)						(4.1)						—
Other			(0.4)						0.1						(1.0)
Change in valuation allowance			14.4						(275.0)						3.4
Income taxes at effective rates			$	19.2					$	(268.6)					$	3.1

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits:

(In millions)
Balance at January 1, 2019			$	25.9
Decreases related to prior year tax positions			(0.9)
Increases related to current year tax positions			4.5
Balance at December 31, 2019			29.5
Decreases related to prior year tax positions			(0.9)
Increases related to current year tax positions			8.0
Balance at December 31, 2020			36.6
Increases related to prior year tax positions			0.4
Increases related to current year tax positions			9.8
Balance at December 31, 2021			$	46.8

Schedule of Years Remaining Subject to Audit by Major Jurisdiction

The years remaining subject to audit, by major jurisdiction, are as follows:

Jurisdiction			Fiscal Year
United States (Federal and state)			1999 - 2021
Germany			2016 - 2021
United Kingdom			2016 - 2021
Canada			2017 - 2021

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