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Income Taxes (Tables)

12 Months Ended

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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