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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of income tax expense for continuing operations | Components of income tax expense for continuing operations were as follows:
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | (0.1) |
State | 10.1 |  |  | 9.5 |  |  | 0.8 |
Total current taxes | 10.1 |  |  | 9.5 |  |  | 0.7 |
Deferred: |  |  |  |  |
Federal | (287.5) |  |  | — |  |  | — |
State | (23.2) |  |  | — |  |  | — |
Total deferred taxes | (310.7) |  |  | — |  |  | — |
(Benefit from) provision for income taxes | $ | (300.6) |  |  | $ | 9.5 |  |  | $ | 0.7 |
Provision for income taxes on earnings subject to income taxes differs from statutory federal rate | The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate due to the following:
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
Federal income taxes at 21% for 2020, 2019, 2018 | $ | 22.4 |  |  | $ | 9.8 |  |  | $ | 4.6 |
State income tax, net of federal benefit | 5.5 |  |  | 4.0 |  |  | 0.4 |
Non-deductible expenses | 0.6 |  |  | 0.8 |  |  | 0.4 |
Branded prescription drug fee | 4.9 |  |  | 3.7 |  |  | — |
Share-based compensation expense | (6.7) |  |  | (12.8) |  |  | (9.8) |
Officer compensation | 3.7 |  |  | 3.1 |  |  | 0.9 |
Change in tax rate | 3.3 |  |  | (4.1) |  |  | (0.2) |
Expired tax attributes | 1.1 |  |  | 1.2 |  |  | 13.9 |
Research credits | (39.0) |  |  | (10.4) |  |  | (13.5) |
Change in valuation allowance | (296.3) |  |  | 13.9 |  |  | 4.3 |
Other | (0.1) |  |  | 0.3 |  |  | (0.3) |
(Benefit from) provision for income taxes | $ | (300.6) |  |  | $ | 9.5 |  |  | $ | 0.7 |
Components of deferred tax assets | Significant components of our deferred tax assets as of December 31, 2020 and 2019 are listed below.
| December 31,
(in millions) | 2020 |  | 2019
Deferred tax assets: |  |  |
Net operating losses | $ | 111.4 |  |  | $ | 181.3 |
Research and development credits | 109.6 |  |  | 71.9 |
Capitalized research and development | 24.7 |  |  | 28.0 |
Share-based compensation expense | 29.8 |  |  | 22.9 |
Operating lease assets | 25.2 |  |  | 23.3 |
Intangible assets | 86.7 |  |  | 49.3 |
Other | 23.9 |  |  | 18.5 |
Total deferred tax assets | 411.3 |  |  | 395.2 |
Deferred tax liabilities: |  |  |
Convertible senior notes | (13.8) |  |  | (24.1) |
Operating lease liabilities | (19.9) |  |  | (18.2) |
Other | (8.4) |  |  | (6.9) |
Total deferred tax liabilities | (42.1) |  |  | (49.2) |
Net of deferred tax assets and liabilities | 369.2 |  |  | 346.0 |
Valuation allowance | (49.8) |  |  | (346.0) |
Net deferred tax assets | $ | 319.4 |  |  | $ | — |
Activity related to unrecognized tax benefits | A summary of activity related to unrecognized tax benefits follows:
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
Balance at January 1 | $ | 63.9 |  |  | $ | 54.8 |  |  | $ | 37.4 |
(Decrease) increase related to prior year tax positions | (5.7) |  |  | 0.3 |  |  | 6.1 |
Increase related to current year tax positions | 3.9 |  |  | 9.5 |  |  | 11.7 |
Settlements related to prior year tax positions | (0.2) |  |  | — |  |  | — |
Expiration of the statute of limitations for the assessment of taxes | (1.1) |  |  | (0.7) |  |  | (0.4) |
Balance at December 31 | $ | 60.8 |  |  | $ | 63.9 |  |  | $ | 54.8 |

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