XML 57 R42.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

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

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ 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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

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