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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Taxes

The U.S. and foreign components of income before income taxes were as follows:

			Years Ended December 31,
(in millions)			2024						2023						2022
U.S.			$	253.9					$	199.5					$	11.8
Foreign			46.3						15.1						(2.0)
Income before income taxes			$	300.2					$	214.6					$	9.8

Schedule of Income Tax (Benefit) Provision

The provision for income taxes consists of the following: 

			Years Ended December 31,
(in millions)			2024						2023						2022
Current:
Federal			$	5.8					$	—					$	—
State			6.4						3.7						1.3
Foreign			6.6						4.1						4.8
Total current tax expense			18.8						7.8						6.1
Deferred:
Federal			(111.1)						0.1						—
State			(18.6)						—						—
Foreign			(7.2)						0.4						(0.9)
Total deferred tax (benefit) expense			(136.9)						0.5						(0.9)
Income tax (benefit) expense			$	(118.1)					$	8.3					$	5.2

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,
			2024						2023						2022
U.S. federal statutory rate			21.0		%				21.0		%				21.0		%
Foreign tax rate differential			1.1						0.6						13.2
State taxes, net of federal benefit			2.3						2.4						(5.0)
Federal and state R&D credits			(4.4)						(5.9)						(49.4)
Stock-based compensation			0.5						(3.2)						(94.8)
Non-deductible officers’ compensation			0.6						1.3						52.4
Permanent items			1.1						0.7						6.3
Foreign income taxed in the U.S.			0.9						0.7						14.5
Change in valuation allowance			(59.8)						(10.8)						124.4
Tax rate changes			—						0.5						(30.9)
Change to prior year R&D credit			(2.8)						(2.8)						—
Other			0.2						(0.6)						1.7
Effective tax rate			(39.3)		%				3.9		%				53.4		%

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

			Years Ended December 31,
(in millions)			2024						2023
Unrecognized tax benefits at beginning of year			$	5.0					$	—
Additions related to current period tax positions			2.7						2.6
Additions related to prior period tax positions			5.1						2.4
Unrecognized tax benefits at end of year			$	12.8					$	5.0

Schedule of Company's Deferred Tax Assets (Liabilities)

The components of the net deferred tax asset were as follows:

			As of December 31,
(in millions)			2024						2023
Deferred tax assets:
Net operating loss carryforwards			$	23.4					$	91.4
Tax credits			56.6						54.1
Capitalized research and development expenditures			78.8						53.3
Accrued expenses			34.4						25.1
Amortization of debt discount			4.2						7.8
Inventory capitalization			8.2						6.5
Intangible assets			6.4						8.0
Incentive compensation			14.7						13.5
Stock-based compensation			10.2						8.0
Other			7.1						5.4
Total deferred tax assets			244.0						273.1
Deferred tax liabilities:
Prepaid assets			(9.3)						(7.7)
Property, plant and equipment			(47.4)						(38.1)
Capitalized contract acquisition costs			(13.1)						(10.4)
Unrealized gains on cash flow hedges			(1.2)						(5.1)
Other			(7.4)						(7.7)
Total deferred tax liabilities			(78.4)						(69.0)
Net deferred tax asset before valuation allowance			165.6						204.1
Valuation allowance			(23.9)						(202.9)
Net deferred tax asset			$	141.7					$	1.2

Schedule of Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2024, the Company’s net operating loss carryforwards were as follows:

(in millions)			Expiration Period						Net Operating Loss Carryforwards
U.S. federal			2029						$	54.9
State			2025 - 2042						$	203.1
Foreign			Indefinite						$	1.7

As of December 31, 2024, the Company’s tax credit carryforwards were as follows:

(in millions)			Expiration Period						Tax Credit Carryforwards
U.S. federal			2025 - 2044						$	44.3
State			2025 - 2044						$	30.7

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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.

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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.

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