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Income Taxes (Tables)

12 Months Ended

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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