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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) before Income Taxes | The U.S. and foreign components of income before income taxes were as follows:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
U.S. | $ | 199.5 |  |  | $ | 11.8 |  |  | $ | 25.3 |
Foreign | 15.1 |  |  | (2.0) |  |  | (4.8) |
Income before income taxes | $ | 214.6 |  |  | $ | 9.8 |  |  | $ | 20.5 |
Schedule of Income Tax Expense | Income tax expense consists of the following:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
U.S. State | $ | 3.7 |  |  | $ | 1.3 |  |  | $ | 0.5 |
Foreign | 4.1 |  |  | 4.8 |  |  | 2.0 |
Total current tax expense | 7.8 |  |  | 6.1 |  |  | 2.5 |
Deferred: |  |  |  |  |
U.S. Federal | 0.1 |  |  | — |  |  | — |
Foreign | 0.4 |  |  | (0.9) |  |  | 1.2 |
Total deferred tax expense (benefit) | 0.5 |  |  | (0.9) |  |  | 1.2 |
Total income tax expense | $ | 8.3 |  |  | $ | 5.2 |  |  | $ | 3.7 |
Schedule of Reconciliations of the Federal Statutory Rate | Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate are as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign rate differential | 0.6 |  |  | 13.2 |  |  | 4.8 |
State taxes, net of federal benefit | 2.4 |  |  | (5.0) |  |  | (9.5) |
Federal and state R&D credits | (5.9) |  |  | (49.4) |  |  | (26.2) |
Stock-based compensation | (3.2) |  |  | (94.8) |  |  | (117.0) |
Extinguishment of debt | — |  |  | — |  |  | (57.5) |
Capital loss carryforward expirations | — |  |  | — |  |  | 52.1 |
Non-deductible officers’ compensation | 1.3 |  |  | 52.4 |  |  | 45.7 |
Permanent items | 0.7 |  |  | 6.3 |  |  | 1.9 |
Foreign income taxed in the U.S. | 0.7 |  |  | 14.5 |  |  | — |
Change in valuation allowance | (10.8) |  |  | 124.4 |  |  | 97.9 |
Tax rate changes | 0.5 |  |  | (30.9) |  |  | — |
Change to prior year R&D credit | (2.8) |  |  | — |  |  | — |
Intercompany transfer of intellectual property | — |  |  | — |  |  | 4.6 |
Other | (0.6) |  |  | 1.7 |  |  | 0.4 |
Effective tax rate | 3.9 | % |  | 53.4 | % |  | 18.2 | %
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
(in millions) |
Unrecognized tax benefits at December 31, 2022 | $ | — |
Additions related to current period tax positions | 2.6 |
Additions related to prior period tax positions | 2.4 |
Unrecognized tax benefits at December 31, 2023 | $ | 5.0 |
Schedule of Company's Deferred Tax Assets (Liabilities) | The components of the net deferred tax asset at the end of each year consist of the following:
| As of December 31,
(in millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 91.4 |  |  | $ | 143.5 |
Tax credits | 54.1 |  |  | 33.6 |
Capitalized research and development expenditures | 53.3 |  |  | 30.4 |
Warranty | 2.2 |  |  | 14.6 |
Accrued expenses | 22.9 |  |  | 10.2 |
Amortization of debt discount | 7.8 |  |  | 11.0 |
Inventory capitalization | 6.5 |  |  | 4.1 |
Intangible assets | 8.0 |  |  | 12.9 |
Interest limitation carryforwards | — |  |  | 1.7 |
Incentive compensation | 13.5 |  |  | 9.4 |
Stock-based compensation | 8.0 |  |  | 6.4 |
Other | 5.4 |  |  | 4.5 |
Total deferred tax assets | 273.1 |  |  | 282.3 |
Deferred tax liabilities: |  |  |
Prepaid assets | (7.7) |  |  | (5.3) |
Property, plant and equipment | (38.1) |  |  | (31.5) |
Capitalized contract acquisition costs | (10.4) |  |  | (10.4) |
Unrealized gains on cash flow hedges | (5.1) |  |  | (8.8) |
Other | (7.7) |  |  | (1.9) |
Total deferred tax liabilities | (69.0) |  |  | (57.9) |
Net deferred tax asset before valuation allowance | 204.1 |  |  | 224.4 |
Valuation allowance | (202.9) |  |  | (222.8) |
Net deferred tax asset | $ | 1.2 |  |  | $ | 1.6 |
Schedule of Net Operating Loss and Tax Credit Carryforwards | As of December 31, 2023, the Company’s net operating loss carryforwards were as follows:
(in millions) | Expiration Period |  | Net Operating Loss Carryforwards
U.S. federal | Indefinite |  | $ | 192.0 |
U.S. federal | 2032 - 2037 |  | $ | 150.2 |
State | 2024 - 2042 |  | $ | 238.3 |
Foreign | Indefinite |  | $ | 23.2 |
As of December 31, 2023, the Company’s tax credit carryforwards were as follows:
(in millions) | Expiration Period |  | Tax Credit Carryforwards
U.S. federal | 2024 - 2043 |  | $ | 40.1 |
State | 2024 - 2043 |  | $ | 23.6 |

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