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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For the years ended December 31, 2023, 2022, and 2021, the Company’s income from continuing operations before provision for income taxes was as follows:

			Year Ended December 31,
			2023						2022						2021
Domestic			$	385.8					$	37.8					$	185.3
Foreign			168.6						154.9						114.0
Income before income taxes			$	554.4					$	192.7					$	299.3

Schedule of Components of the (Provision for) Benefit from Income Taxes

The components of the (provision for) benefit from income taxes in the years ended December 31, 2023, 2022, and 2021, were as follows:

			Year Ended December 31,
			2023						2022						2021
Current:
Federal			$	(37.6)					$	(13.2)					$	(0.4)
State			(14.6)						(15.3)						(0.7)
Foreign			(10.7)						(7.5)						(2.5)
Deferred:
Federal			(23.0)						386.7						2.2
State			2.7						30.0						0.4
Foreign			(17.6)						(20.2)						37.5
(Provision for) benefit from income taxes			$	(100.8)					$	360.5					$	36.5

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes at the statutory federal income tax rate to the benefit from (provision for) income taxes included in the accompanying consolidated statements of operations is as follows:

			Year Ended December 31,
			2023						2022						2021
Provision for income taxes at federal statutory rate			$	(116.4)					$	(40.5)					$	(62.8)
State taxes, net of federal benefit			(14.6)						(4.9)						(5.5)
Foreign rate differential			(20.9)						(34.0)						0.9
Research and other credits			60.9						45.3						38.1
Non-deductible compensation			(7.4)						(3.4)						(6.2)
Permanent differences			(0.8)						(1.8)						(0.8)
Change in valuation allowance			(2.4)						409.9						51.4
Stock-based compensation			2.7						(4.3)						23.5
Other non-deductible items			(1.9)						(5.8)						(2.1)
(Provision for) benefit from income taxes			$	(100.8)					$	360.5					$	36.5

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:

			As of December 31,
			2023						2022
Deferred tax assets:
Net operating loss carryforwards			$	18.9					$	40.8
Research credit carryforwards			217.1						268.9
Stock-based compensation			24.8						24.1
Accruals and reserves			29.0						36.8
Lease liability			72.5						141.8
Convertible senior notes			37.1						47.5
Capitalized research expenditures			233.3						123.9
Other			0.2						0.6
Gross deferred tax assets			632.9						684.4
Valuation allowance			(116.3)						(111.6)
Total deferred tax assets, net of valuation allowance			516.6						572.8
Deferred tax liabilities:
Fixed assets and intangible assets			21.8						14.4
Right-of-use assets			31.4						59.5
Other			3.0						0.2
Total deferred tax liability			56.2						74.1
Net deferred tax assets			$	460.4					$	498.7

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:

			Year Ended December 31,
			2023						2022						2021
Balance of gross unrecognized tax benefits at the beginning of the fiscal year			$	127.2					$	107.3					$	91.4
Gross increases related to prior period tax positions			3.4						—						—
Gross decreases related to prior period tax positions			(0.7)						—						(0.3)
Gross increases related to current period tax positions			21.1						20.3						18.5
Reductions due to lapse in statute of limitations			(1.2)						(0.4)						(1.5)
Reductions due to settlements with taxing authorities			—						—						(0.8)
Balance of gross unrecognized tax benefits at the end of the fiscal year			$	149.8					$	127.2					$	107.3

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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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