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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)			2024						2023						2022
United States			$	659.8					$	732.4					$	463.5
Outside of the United States			49.2						(22.0)						(72.7)
Total			$	709.0					$	710.4					$	390.8

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)			2024						2023						2022
Current:
Federal			$	157.4					$	149.1					$	32.6
State			16.5						18.1						26.1
Foreign			2.7						56.7						12.5
Total current income taxes			176.6						223.9						71.2
Deferred:
Federal			(55.2)						(93.7)						(4.3)
State			(2.0)						14.6						(17.6)
Foreign			13.4						24.1						0.3
Total deferred income taxes			(43.8)						(55.0)						(21.6)
Total			$	132.8					$	168.9					$	49.6

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)			2024						2023
Net operating loss:
Federal			$	12.1					$	20.4					2028
California			162.0						167.7						2035
Other states			5.8						7.8						2028
UK			—						—						Indefinite
Other foreign			—						6.0						2027
Tax credits:
Federal
R&D credits			—						—
Foreign tax credits			0.1						0.1						2032
California R&D credits			124.9						111.9						Indefinite
California AMT Credits			$	0.5					$	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)			2024						2023
Net operating loss:
Federal			$	12.1					$	20.4					2028
California			162.0						167.7						2035
Other states			5.8						7.8						2028
UK			—						—						Indefinite
Other foreign			—						6.0						2027
Tax credits:
Federal
R&D credits			—						—
Foreign tax credits			0.1						0.1						2032
California R&D credits			124.9						111.9						Indefinite
California AMT Credits			$	0.5					$	0.5					Indefinite

Schedule of Deferred Tax Assets and Liabilities

			December 31,
(In millions)			2024						2023
Deferred tax assets:
Net operating loss carryforwards			$	14.4					$	18.1
Capitalized research and development expenses			265.0						233.4
Tax credits			79.2						71.4
Share-based compensation			22.5						27.0
Fixed and intangible assets			263.6						279.8
Accrued liabilities and reserves			87.4						91.0
Convertible debt			16.0						20.6
Total gross deferred tax assets			748.1						741.3
Less: valuation allowance			(221.9)						(264.3)
Total net deferred tax assets			526.2						477.0
Deferred tax liabilities:
Fixed assets and acquired intangibles assets			(59.3)						(60.4)
Other			(0.3)						—
Total deferred tax liabilities			(59.6)						(60.4)
Net deferred tax assets (liabilities)			$	466.6					$	416.6

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)			2024						2023						2022
U.S. federal statutory tax rate			$	148.9					$	149.2					$	82.1
State income tax, net of federal benefit			10.2						7.8						5.4
Permanent items			10.5						(2.7)						0.6
Research and development credits			(24.6)						(28.3)						(23.3)
Foreign tax credit			(1.2)						—						—
Foreign rate differential			1.6						15.8						27.7
Stock and officers compensation			3.8						5.6						(1.2)
Collaboration agreement milestone share-based payment			(32.2)						(72.1)						(52.9)
Change in statutory tax rates			51.5						19.4						1.0
Intellectual property transfer			—						63.9						—
Other			6.7						0.3						1.3
Change in valuation allowance			(42.4)						10.0						8.9
Income taxes at effective rates			$	132.8					$	168.9					$	49.6

Schedule of Unrecognized Tax Benefits

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

(In millions)
Balance at January 1, 2022			$	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
Increases related to prior year tax positions			0.1
Increases related to current year tax positions			6.7
Balance at December 31, 2024			$	66.2

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 - 2024
United Kingdom			2021 - 2024
Malaysia			2021 - 2024
Ireland			2023 - 2024

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