XML 46 R32.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Before the Provision for Income Taxes from Continuing Domestic and Foreign Operations

The following table presents income before the provision for income taxes from continuing domestic and foreign operations.

			Year Ended December 31,
(in millions)			2022						2021						2020
Domestic			$	218.0					$	101.4					$	106.7
Foreign			(4.1)						—						—
Income before provision for income taxes			$	213.9					$	101.4					$	106.7

Components of the Provision for (Benefit from) Income Taxes for Continuing Operations

The following table presents the components of the provision for (benefit from) income taxes for continuing operations.

			Year Ended December 31,
(in millions)			2022						2021						2020
Current:
Federal			$	17.1					$	—					$	—
State			20.3						6.3						10.1
Total current taxes			37.4						6.3						10.1
Deferred:
Federal			27.5						5.9						(287.5)
State			(5.5)						(0.4)						(23.2)
Total deferred taxes			22.0						5.5						(310.7)
Provision for (benefit from) income taxes			$	59.4					$	11.8					$	(300.6)

Provision for (benefit from) 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)			2022						2021						2020
Federal income taxes at 21%			$	44.9					$	21.3					$	22.4
State income tax, net of federal benefit			11.8						6.2						5.5
Branded prescription drug fee			6.5						4.8						4.9
Loss on extinguishment of convertible senior notes			12.0						—						—
Stock-based compensation expense			(2.5)						(11.3)						(6.7)
Officer compensation			9.2						7.0						3.7
Change in tax rate			(1.3)						0.2						3.3
Expired tax attributes			—						0.6						1.1
Research credits			(29.9)						(22.0)						(39.0)
Change in valuation allowance			7.4						5.0						(296.3)
Other			1.3						—						0.5
Provision for (benefit from) income taxes			$	59.4					$	11.8					$	(300.6)

Components of deferred tax assets

The following table presents the significant components of our deferred tax assets.

			December 31,
(in millions)			2022						2021
Deferred tax assets:
Net operating losses			$	27.4					$	90.3
Research and development credits			108.9						129.7
Capitalized research and development			91.1						17.9
Stock-based compensation expense			45.9						38.9
Operating lease assets			26.8						29.3
Intangible assets			80.7						86.1
Other			24.9						21.6
Total deferred tax assets			405.7						413.8
Deferred tax liabilities:
Convertible senior notes			—						(9.9)
Operating lease liabilities			(21.0)						(23.3)
Other			(11.8)						(10.7)
Total deferred tax liabilities			(32.8)						(43.9)
Net of deferred tax assets and liabilities			372.9						369.9
Valuation allowance			(67.0)						(54.8)
Net deferred tax assets			$	305.9					$	315.1

Activity related to unrecognized tax benefits

The following table presents a summary of activity related to unrecognized tax benefits.

			Year Ended December 31,
(in millions)			2022						2021						2020
Balance at January 1			$	64.6					$	60.8					$	63.9
Increase (decrease) related to prior year tax positions			4.7						0.6						(5.7)
Increase related to current year tax positions			15.2						4.9						3.9
Settlements related to prior year tax positions			—						—						(0.2)
Expiration of the statute of limitations for the assessment of taxes			—						(1.7)						(1.1)
Balance at December 31			$	84.5					$	64.6					$	60.8

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration