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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of income tax expense for continuing operations

Components of income tax expense (benefit) for continuing operations were as follows:

			Year Ended December 31,
(in millions)			2021						2020						2019
Current:
Federal			$	—					$	—					$	—
State			6.3						10.1						9.5
Total current taxes			6.3						10.1						9.5
Deferred:
Federal			5.9						(287.5)						—
State			(0.4)						(23.2)						—
Total deferred taxes			5.5						(310.7)						—
Provision for (benefit from) income taxes			$	11.8					$	(300.6)					$	9.5

Provision for income taxes on earnings subject to income taxes differs from statutory federal rate

The provision for (benefit from) income taxes on earnings subject to income taxes differs from the statutory federal rate due to the following:

			Year Ended December 31,
(in millions)			2021						2020						2019
Federal income taxes at 21%			$	21.3					$	22.4					$	9.8
State income tax, net of federal benefit			6.2						5.5						4.0
Non-deductible expenses			0.2						0.6						0.8
Branded prescription drug fee			4.8						4.9						3.7
Share-based compensation expense			(11.3)						(6.7)						(12.8)
Officer compensation			7.0						3.7						3.1
Change in tax rate			0.2						3.3						(4.1)
Expired tax attributes			0.6						1.1						1.2
Research credits			(22.0)						(39.0)						(10.4)
Change in valuation allowance			5.0						(296.3)						13.9
Other			(0.2)						(0.1)						0.3
Provision for (benefit from) income taxes			$	11.8					$	(300.6)					$	9.5

Components of deferred tax assets

Significant components of our deferred tax assets as of December 31, 2021 and 2020 are listed below.

			December 31,
(in millions)			2021						2020
Deferred tax assets:
Net operating losses			$	90.3					$	111.4
Research and development credits			129.7						109.6
Capitalized research and development			17.9						24.7
Share-based compensation expense			38.9						29.8
Operating lease assets			29.3						25.2
Intangible assets			86.1						86.7
Other			21.6						23.9
Total deferred tax assets			413.8						411.3
Deferred tax liabilities:
Convertible senior notes			(9.9)						(13.8)
Operating lease liabilities			(23.3)						(19.9)
Other			(10.7)						(8.4)
Total deferred tax liabilities			(43.9)						(42.1)
Net of deferred tax assets and liabilities			369.9						369.2
Valuation allowance			(54.8)						(49.8)
Net deferred tax assets			$	315.1					$	319.4

Activity related to unrecognized tax benefits

A summary of activity related to unrecognized tax benefits follows:

			Year Ended December 31,
(in millions)			2021						2020						2019
Balance at January 1			$	60.8					$	63.9					$	54.8
Increase (decrease) related to prior year tax positions			0.6						(5.7)						0.3
Increase related to current year tax positions			4.9						3.9						9.5
Settlements related to prior year tax positions			—						(0.2)						—
Expiration of the statute of limitations for the assessment of taxes			(1.7)						(1.1)						(0.7)
Balance at December 31			$	64.6					$	60.8					$	63.9

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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 components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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