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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
(In millions) |  |  | As Adjusted |  | As Adjusted
United States | $ | 463.5 |  |  | $ | 318.2 |  |  | $ | 343.6 |
Outside of the United States | (72.7) |  |  | (61.4) |  |  | (45.7) |
Total | $ | 390.8 |  |  | $ | 256.8 |  |  | $ | 297.9 |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for income taxes are as follows:
| Twelve Months Ended December 31,
| 2022 |  | 2021 |  | 2020
(In millions) |  |  | As Adjusted |  | As Adjusted
Current: |  |  |  |  |
Federal | $ | 32.6 |  |  | $ | 5.7 |  |  | $ | — |
State | 26.1 |  |  | 8.3 |  |  | 6.1 |
Foreign | 12.5 |  |  | 10.1 |  |  | 2.6 |
Total current income taxes | 71.2 |  |  | 24.1 |  |  | 8.7 |
Deferred: |  |  |  |  |
Federal | (4.3) |  |  | 23.0 |  |  | (182.9) |
State | (17.6) |  |  | (0.2) |  |  | (50.5) |
Foreign | 0.3 |  |  | (7.0) |  |  | (27.1) |
Total deferred income taxes | (21.6) |  |  | 15.8 |  |  | (260.5) |
Total | $ | 49.6 |  |  | $ | 39.9 |  |  | $ | (251.8) |
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) | 2022 |  | 2021 |
Net operating loss: |  |  |  |  |
Federal | $ | 28.7 |  |  | $ | 38.0 |  |  | 2028
California | 185.0 |  |  | 236.3 |  |  | 2031
Other states | 8.5 |  |  | 21.3 |  |  | 2029
UK | 90.5 |  |  | 102.4 |  |  | Indefinite
Other foreign | 9.7 |  |  | — |  |  | 2033
Tax credits: |  |  |  |  |
Federal |  |  |  |  |
R&D credits | — |  |  | 80.1 |  |  |
Foreign tax credits | — |  |  | 1.5 |  |  |
California R&D credits | $ | 96.4 |  |  | $ | 81.4 |  |  | 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) | 2022 |  | 2021 |
Net operating loss: |  |  |  |  |
Federal | $ | 28.7 |  |  | $ | 38.0 |  |  | 2028
California | 185.0 |  |  | 236.3 |  |  | 2031
Other states | 8.5 |  |  | 21.3 |  |  | 2029
UK | 90.5 |  |  | 102.4 |  |  | Indefinite
Other foreign | 9.7 |  |  | — |  |  | 2033
Tax credits: |  |  |  |  |
Federal |  |  |  |  |
R&D credits | — |  |  | 80.1 |  |  |
Foreign tax credits | — |  |  | 1.5 |  |  |
California R&D credits | $ | 96.4 |  |  | $ | 81.4 |  |  | Indefinite
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities as of December 31, 2022 and 2021 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,
| 2022 |  | 2021
(In millions) |  |  | As Adjusted
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 46.4 |  |  | $ | 53.0 |
Capitalized research and development expenses | 211.9 |  |  | 49.3 |
Tax credits | 61.1 |  |  | 105.5 |
Share-based compensation | 16.8 |  |  | 13.3 |
Fixed and intangible assets | 34.4 |  |  | 26.4 |
Accrued liabilities and reserves | 105.3 |  |  | 105.5 |
Collaborative agreement milestone accrual (1) | — |  |  | 21.9 |
Convertible debt | 9.3 |  |  | 21.6 |
Other | — |  |  | 0.5 |
Total gross deferred tax assets | 485.2 |  |  | 397.0 |
Less: valuation allowance | (78.7) |  |  | (69.9) |
Total net deferred tax assets | 406.5 |  |  | 327.1 |
Deferred tax liabilities: |  |  |
Fixed assets and acquired intangibles assets | (69.9) |  |  | (42.5) |
Other | (0.3) |  |  | — |
Total deferred tax liabilities | (70.2) |  |  | (42.5) |
Net deferred tax assets (liabilities) | $ | 336.3 |  |  | $ | 284.6 |
(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 “Development and Other Agreements” 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,
| 2022 |  | 2021 |  | 2020
(In millions) |  |  | As Adjusted |  | As Adjusted
U.S. federal statutory tax rate | $ | 82.1 |  |  | $ | 53.9 |  |  | $ | 62.6 |
State income tax, net of federal benefit | 5.4 |  |  | 8.9 |  |  | 5.3 |
Permanent items | 0.6 |  |  | 5.2 |  |  | 2.6 |
Research and development credits | (23.3) |  |  | (28.9) |  |  | (24.4) |
Foreign tax credit | — |  |  | (3.7) |  |  | — |
Foreign rate differential | 27.7 |  |  | 20.9 |  |  | 9.8 |
Stock and officers compensation | (1.2) |  |  | (20.4) |  |  | (28.7) |
Collaboration agreement milestone share-based payment | (52.9) |  |  | — |  |  | — |
Change in statutory tax rates | 1.0 |  |  | (10.0) |  |  | (4.1) |
Other | 1.3 |  |  | (0.4) |  |  | 0.1 |
Change in valuation allowance | 8.9 |  |  | 14.4 |  |  | (275.0) |
Income taxes at effective rates | $ | 49.6 |  |  | $ | 39.9 |  |  | $ | (251.8) |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits:
(In millions) |
Balance at January 1, 2020 | $ | 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 |
Decreases related to prior year tax positions | (0.9) |
Increases related to current year tax positions | 6.1 |
Balance at December 31, 2022 | $ | 52.0 |
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 - 2022
Germany | 2019 - 2022
United Kingdom | 2019 - 2022
Canada | 2018 - 2022

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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