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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before the Provision for Income Taxes from Continuing Domestic and Foreign Operations | The following table presents income from continuing operations before provision for income taxes for domestic and international operations.
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
U.S. | $ | 409.2 |  |  | $ | 218.0 |  |  | $ | 101.4 |
Foreign | (77.1) |  |  | (4.1) |  |  | — |
Income before provision for income taxes | $ | 332.1 |  |  | $ | 213.9 |  |  | $ | 101.4 |
Components of the Provision for Income Tax Expense (Benefit) for Continuing Operations | The following table presents the components of income tax expense (benefit) for continuing operations.
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 115.0 |  |  | $ | 17.1 |  |  | $ | — |
State | 28.1 |  |  | 20.3 |  |  | 6.3 |
Current income taxes | 143.1 |  |  | 37.4 |  |  | 6.3 |
Deferred: |  |  |  |  |
Federal | (45.2) |  |  | 27.5 |  |  | 5.9 |
State | (15.5) |  |  | (5.5) |  |  | (0.4) |
Deferred income taxes | (60.7) |  |  | 22.0 |  |  | 5.5 |
Provision for income taxes | $ | 82.4 |  |  | $ | 59.4 |  |  | $ | 11.8 |
Schedule of 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) | 2023 |  | 2022 |  | 2021
Federal income taxes at 21% | $ | 69.7 |  |  | $ | 44.9 |  |  | $ | 21.3 |
State income tax, net of federal benefit | 17.5 |  |  | 11.8 |  |  | 6.2 |
Branded prescription drug fee | 8.7 |  |  | 6.5 |  |  | 4.8 |
Loss on extinguishment of convertible senior notes | — |  |  | 12.0 |  |  | — |
Stock-based compensation expense | (3.9) |  |  | (2.5) |  |  | (11.3) |
Officer compensation | 9.6 |  |  | 9.2 |  |  | 7.0 |
Change in tax rate | (2.1) |  |  | (1.3) |  |  | 0.2 |
Expired tax attributes | — |  |  | — |  |  | 0.6 |
Research credits | (42.2) |  |  | (29.9) |  |  | (22.0) |
Change in valuation allowance | 22.0 |  |  | 7.4 |  |  | 5.0 |
Other | 3.1 |  |  | 1.3 |  |  | — |
Provision for income taxes | $ | 82.4 |  |  | $ | 59.4 |  |  | $ | 11.8 |
Schedule of Components of Deferred Tax Assets | The following table presents the significant components of our deferred tax assets.
| December 31,
(in millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating losses | $ | 36.4 |  |  | $ | 27.4 |
Research and development credits | 55.3 |  |  | 108.9 |
Capitalized research and development | 178.7 |  |  | 91.1 |
Stock-based compensation expense | 52.7 |  |  | 45.9 |
Operating lease assets | 72.0 |  |  | 26.8 |
Intangible assets | 110.0 |  |  | 80.7 |
Other | 25.0 |  |  | 24.9 |
Total deferred tax assets | 530.1 |  |  | 405.7 |
Deferred tax liabilities: |  |  |
Operating lease liabilities | (66.3) |  |  | (21.0) |
Other | (12.3) |  |  | (11.8) |
Total deferred tax liabilities | (78.6) |  |  | (32.8) |
Net of deferred tax assets and liabilities | 451.5 |  |  | 372.9 |
Valuation allowance | (88.9) |  |  | (67.0) |
Net deferred tax assets | $ | 362.6 |  |  | $ | 305.9 |
Schedule of 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) | 2023 |  | 2022 |  | 2021
Balance at January 1 | $ | 84.5 |  |  | $ | 64.6 |  |  | $ | 60.8 |
Increase related to prior year tax positions | 3.4 |  |  | 4.7 |  |  | 0.6 |
Increase related to current year tax positions | 36.7 |  |  | 15.2 |  |  | 4.9 |
Decrease related to prior year tax positions | (3.6) |  |  | — |  |  | — |
Expiration of the statute of limitations for the assessment of taxes | — |  |  | — |  |  | (1.7) |
Balance at December 31 | $ | 121.0 |  |  | $ | 84.5 |  |  | $ | 64.6 |

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