XML 51 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)			2023						2022						2021
United States			$	732.4					$	463.5					$	318.2
Outside of the United States			(22.0)						(72.7)						(61.4)
Total			$	710.4					$	390.8					$	256.8

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)			2023						2022						2021
Current:
Federal			$	149.1					$	32.6					$	5.7
State			18.1						26.1						8.3
Foreign			56.7						12.5						10.1
Total current income taxes			223.9						71.2						24.1
Deferred:
Federal			(93.7)						(4.3)						23.0
State			14.6						(17.6)						(0.2)
Foreign			24.1						0.3						(7.0)
Total deferred income taxes			(55.0)						(21.6)						15.8
Total			$	168.9					$	49.6					$	39.9

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)			2023						2022
Net operating loss:
Federal			$	20.4					$	28.7					2028
California			167.7						185.0						2032
Other states			7.8						8.5						2028
UK			—						90.5						Indefinite
Other foreign			6.0						9.7						2027
Tax credits:
Federal
R&D credits			—						—
Foreign tax credits			0.1						—
California R&D credits			111.9						96.4						Indefinite
California AMT Credits			$	0.5					$	—					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)			2023						2022
Net operating loss:
Federal			$	20.4					$	28.7					2028
California			167.7						185.0						2032
Other states			7.8						8.5						2028
UK			—						90.5						Indefinite
Other foreign			6.0						9.7						2027
Tax credits:
Federal
R&D credits			—						—
Foreign tax credits			0.1						—
California R&D credits			111.9						96.4						Indefinite
California AMT Credits			$	0.5					$	—					Indefinite

Schedule of Deferred Tax Assets and Liabilities

			December 31,
(In millions)			2023						2022
Deferred tax assets:
Net operating loss carryforwards			$	18.1					$	46.4
Capitalized research and development expenses			233.4						211.9
Tax credits			71.4						61.1
Share-based compensation			27.0						16.8
Fixed and intangible assets			279.8						34.4
Accrued liabilities and reserves			91.0						105.3
Convertible debt			20.6						9.3
Total gross deferred tax assets			741.3						485.2
Less: valuation allowance			(264.3)						(78.7)
Total net deferred tax assets			477.0						406.5
Deferred tax liabilities:
Fixed assets and acquired intangibles assets			(60.4)						(69.9)
Other			—						(0.3)
Total deferred tax liabilities			(60.4)						(70.2)
Net deferred tax assets (liabilities)			$	416.6					$	336.3

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)			2023						2022						2021
U.S. federal statutory tax rate			$	149.2					$	82.1					$	53.9
State income tax, net of federal benefit			7.8						5.4						8.9
Permanent items			(2.7)						0.6						5.2
Research and development credits			(28.3)						(23.3)						(28.9)
Foreign tax credit			—						—						(3.7)
Foreign rate differential			15.8						27.7						20.9
Stock and officers compensation			5.6						(1.2)						(20.4)
Collaboration agreement milestone share-based payment			(72.1)						(52.9)						—
Change in statutory tax rates			19.4						1.0						(10.0)
Intellectual property transfer			63.9						—						—
Other			0.3						1.3						(0.4)
Change in valuation allowance			10.0						8.9						14.4
Income taxes at effective rates			$	168.9					$	49.6					$	39.9

Schedule of Unrecognized Tax Benefits

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

(In millions)
Balance at January 1, 2021			$	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
Increases related to prior year tax positions			0.8
Increases related to current year tax positions			6.6
Balance at December 31, 2023			$	59.4

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 - 2023
Germany			2019 - 2023
United Kingdom			2020 - 2023
Canada			2019 - 2023
Malaysia			2021 - 2023

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration