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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit

Income tax benefit consists of the following:

			Year Ended December 31,						Six-month Transition Period Ended December 31,						Years Ended June 30,
(in millions)			2021						2020						2020						2019
Current:
Federal			$	(1.9)					$	(75.8)					$	26.6					$	(24.2)
State			3.6						(0.6)						4.9						(0.1)
Foreign			0.1						0.2						0.5						0.2
Total current			1.8						(76.2)						32.0						(24.1)
Deferred:
Federal			(33.7)						39.1						(51.5)						17.8
State			5.1						(3.4)						(4.1)						1.7
Foreign			0.1						(0.5)						(3.6)						0.4
Change in valuation allowance			(3.2)						—						3.5						(0.2)
Total deferred			(31.7)						35.2						(55.7)						19.7
Total income tax benefit			$	(29.9)					$	(41.0)					$	(23.7)					$	(4.4)

Schedule of Income (Loss) Before Income Taxes

Income (loss) before income taxes consists of the following:

			Year Ended December 31,						Six-month Transition Period Ended December 31,						Years Ended June 30,
(in millions)			2021						2020						2020						2019
United States			$	(53.8)					$	(101.8)					$	(240.9)					$	(0.6)
Foreign			(3.3)						7.7						17.6						0.6
Total			$	(57.1)					$	(94.1)					$	(223.3)					$	—

Schedule of Differences Between Statutory Federal Income Tax Rate and Income Taxes Reported

The differences between income taxes at the statutory federal income tax rate and income taxes reported in the Consolidated Statements of Operations were as follows:

			Year Ended December 31,												Six-month Transition Period Ended December 31,												Years Ended June 30,
(in millions)			2021												2020												2020												2019
Federal income tax expense at the statutory rate			$	(12.0)					21.0		%				$	(19.8)					21.0		%				$	(46.9)					21.0		%				$	—					21.0		%
State income taxes, net of federal benefit			(1.8)						3.2		%				(1.2)						1.3		%				4.0						(1.8)		%				2.0						6,422.1		%
Research and development credits			2.5						(4.4)		%				(1.3)						1.4		%				(2.8)						1.3		%				(3.7)						(11,880.9)		%
Uncertain tax positions			(3.0)						5.3		%				0.6						(0.7)		%				1.5						(0.7)		%				(4.2)						(13,486.4)		%
Incentive stock option and employee stock purchase plan expense			0.7						(1.2)		%				2.5						(2.7)		%				(0.2)						0.1		%				(3.1)						(9,954.3)		%
Foreign rate differential			0.5						(0.9)		%				(2.1)						2.2		%				0.7						(0.3)		%				0.8						2,568.8		%
Change in valuation allowance			(3.2)						5.6		%				(0.3)						0.3		%				3.5						(1.7)		%				(0.2)						(642.2)		%
CARES Act			2.7						(4.7)		%				(20.7)						22.0		%				—						—		%				—						—		%
Non-deductible meals and entertainment			0.1						(0.2)		%				0.5						(0.5)		%				1.8						(0.8)		%				1.3						4,174.4		%
Non-deductible officer compensation			3.3						(5.8)		%				0.1						(0.1)		%				1.6						(0.7)		%				0.6						1,926.6		%
Asset impairment			—						—		%				—						—		%				12.6						(5.6)		%				—						—		%
Non-deductible legal settlement			2.5						(4.5)		%				—						—		%				—						—		%				1.9						6,101.0		%
Acquisitions, Dispositions, and Contingent Consideration			(23.0)						40.3		%				0.7						(0.7)		%				(0.3)						0.1		%				0.8						2,568.8		%
Method changes or tax elections			—						—		%				—						—		%				—						—		%				(0.9)						(2,890.0)		%
Other, net			0.8						(1.4)		%				—						—		%				0.8						(0.3)		%				0.3						963.4		%
Total income tax benefit			$	(29.9)					52.3		%				$	(41.0)					43.5		%				$	(23.7)					10.6		%				$	(4.4)					-14,107.7		%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities were comprised of the following:

			December 31,
(in millions)			2021						2020
Deferred tax assets:
Net operating loss carryforwards			$	67.2					$	72.2
Deferred revenue			1.2						7.2
Stock compensation expense			4.5						11.5
Research and development credits			17.3						24.9
Lease right-of-use asset			22.4						15.2
Accrued expenses and liabilities			14.2						7.6
Other, net			4.5						6.4
Total gross deferred tax assets			131.3						145.0
Less valuation allowance			(38.5)						(42.0)
Total deferred tax assets			92.8						103.0
Deferred tax liabilities:
Intangible assets			104.9						144.0
Lease liability			20.2						14.6
Property, plant and equipment			3.5						15.7
Total deferred tax liabilities			128.6						174.3
Net deferred tax liability			$	(35.8)					$	(71.3)

Schedule of Net Operating Loss and Research Credit Carryforwards (Tax Effected)

At December 31, 2021, the Company had the following net operating loss and research credit carryforwards (tax effected), with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated (in millions):

Carryforwards						Amount						Subject to sections 382, 383						Expires beginning in year						Through
Federal net operating loss						$	31.2					Yes						2036						2037
Federal capital loss						13.5						No						2026						2026
Utah net operating loss						2.4						No						2022						Indefinite
California net operating loss						3.9						Yes						2027						2042
Other state net operating loss						7.4						Yes						2027						2041
Foreign net operating losses (various jurisdictions)						8.8						No						Various						Various
Federal research credit						6.4						Yes						2027						2042
Utah research credit						6.9						No						2022						2036
California research credit						4.0						No						Indefinite						Indefinite

Schedule of Unrecognized Tax Benefits

The Company’s gross unrecognized tax benefits as of the year ended December 31, 2021, the transition period ended December 31, 2020 and the years ended June 30, 2020 and 2019, and the changes in those balances are as follows: 

			Year Ended December 31,						Six-month Transition Period Ended December 31,						Years Ended June 30,
(in millions)			2021						2020						2020						2019
Unrecognized tax benefits at the beginning of period			$	37.6					$	23.5					$	21.7					$	24.9
Gross increases - current year tax positions			1.4						13.9						1.6						2.2
Gross increases - prior year tax positions			1.1						1.0						0.7						0.5
Gross increases - acquisitions			—						—						—						2.3
Gross decreases - prior year tax positions			(2.8)						(0.1)						—						(0.1)
Gross decreases - settlements			(5.1)						—						—						(2.7)
Gross decreases - statute lapse			(0.1)						(0.7)						(0.5)						(5.4)
Unrecognized tax benefits at end of year			$	32.1					$	37.6					$	23.5					$	21.7
Interest and penalties in year-end balance			$	3.3					$	2.2					$	1.4					$	0.8

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