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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | For the years ended December 31, 2024, 2023, and 2022, the Company’s income from continuing operations before provision for income taxes was as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 280.4 |  |  | $ | 385.8 |  |  | $ | 37.8 |
Foreign | 229.4 |  |  | 168.6 |  |  | 154.9 |
Income before income taxes | $ | 509.8 |  |  | $ | 554.4 |  |  | $ | 192.7 |
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, 2024, 2023, and 2022, were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (21.7) |  |  | $ | (37.6) |  |  | $ | (13.2) |
State | (11.2) |  |  | (14.6) |  |  | (15.3) |
Foreign | (30.9) |  |  | (10.7) |  |  | (7.5) |
Deferred: |  |  |  |  |
Federal | 2.6 |  |  | (23.0) |  |  | 386.7 |
State | 4.5 |  |  | 2.7 |  |  | 30.0 |
Foreign | (0.8) |  |  | (17.6) |  |  | (20.2) |
(Provision for) benefit from income taxes | $ | (57.5) |  |  | $ | (100.8) |  |  | $ | 360.5 |
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,
| 2024 |  | 2023 |  | 2022
Provision for income taxes at federal statutory rate | $ | (107.1) |  |  | $ | (116.4) |  |  | $ | (40.5) |
State taxes, net of federal benefit | (10.5) |  |  | (14.6) |  |  | (4.9) |
Foreign rate differential | 2.3 |  |  | (20.9) |  |  | (34.0) |
Research and other credits | 53.2 |  |  | 60.9 |  |  | 45.3 |
Non-deductible compensation | (4.7) |  |  | (7.4) |  |  | (3.4) |
Permanent differences | (1.4) |  |  | (0.8) |  |  | (1.8) |
Change in valuation allowance | (5.4) |  |  | (2.4) |  |  | 409.9 |
Stock-based compensation | 8.8 |  | 2.7 |  |  | (4.3) |
Changes in Unrecognized Tax Benefits | 7.3 |  |  | (1.9) |  |  | (5.8) |
(Provision for) benefit from income taxes | $ | (57.5) |  |  | $ | (100.8) |  |  | $ | 360.5 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:
| As of December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 20.7 |  |  | $ | 18.9 |
Research credit carryforwards | 194.9 |  |  | 217.1 |
Stock-based compensation | 25.7 |  |  | 24.8 |
Accruals and reserves | 25.9 |  |  | 29.0 |
Lease liability | 60.4 |  |  | 72.5 |
Convertible senior notes | 26.5 |  |  | 37.1 |
Capitalized research expenditures | 289.3 |  |  | 233.3 |
Other | 0.6 |  |  | 0.2 |
Gross deferred tax assets | 644.0 |  |  | 632.9 |
Valuation allowance | (122.8) |  |  | (116.3) |
Total deferred tax assets, net of valuation allowance | 521.2 |  |  | 516.6 |
Deferred tax liabilities: |  |  |
Fixed assets and intangible assets | 25.9 |  |  | 21.8 |
Right-of-use assets | 24.7 |  |  | 31.4 |
Other | 3.9 |  |  | 3.0 |
Total deferred tax liability | 54.5 |  |  | 56.2 |
Net deferred tax assets | $ | 466.7 |  |  | $ | 460.4 |
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,
| 2024 |  | 2023 |  | 2022
Balance of gross unrecognized tax benefits at the beginning of the fiscal year | $ | 149.8 |  |  | $ | 127.2 |  |  | $ | 107.3 |
Gross increases related to prior period tax positions | 0.3 |  |  | 3.4 |  |  | — |
Gross decreases related to prior period tax positions | (0.2) |  |  | (0.7) |  |  | — |
Gross increases related to current period tax positions | 20.7 |  |  | 21.1 |  |  | 20.3 |
Reductions due to lapse in statute of limitations | — |  |  | (1.2) |  |  | (0.4) |
Reductions due to settlements with taxing authorities | (7.9) |  |  | — |  |  | — |
Balance of gross unrecognized tax benefits at the end of the fiscal year | $ | 162.7 |  |  | $ | 149.8 |  |  | $ | 127.2 |

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