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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit

Income tax expense (benefit) consists of the following:

			Years Ended December 31,
(in millions)			2023						2022						2021
Current:
Federal			$	3.4					$	(0.5)					$	(1.9)
State			1.8						1.9						3.6
Foreign			0.2						0.5						0.1
Total current			5.4						1.9						1.8
Deferred:
Federal			(51.8)						(25.8)						(33.7)
State			(5.2)						(4.8)						5.1
Foreign			0.1						(2.9)						0.1
Change in valuation allowance			52.6						3.0						(3.2)
Total deferred			(4.3)						(30.5)						(31.7)
Total income tax expense (benefit)			$	1.1					$	(28.6)					$	(29.9)

Schedule of Loss Before Income Taxes

Loss before income taxes consists of the following:

			Years Ended December 31,
(in millions)			2023						2022						2021
United States			$	(263.2)					$	(141.3)					$	(53.8)
Foreign			1.0						0.7						(3.3)
Total			$	(262.2)					$	(140.6)					$	(57.1)

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:

			Years Ended December 31,
(in millions)			2023												2022												2021
Federal income tax expense at the statutory rate			$	(54.9)					21.0		%				$	(29.5)					21.0		%				$	(12.0)					21.0		%
State income taxes, net of federal benefit			(4.1)						1.6		%				(3.3)						2.3		%				(1.8)						3.2		%
Research and development credits			(1.6)						0.6		%				(3.5)						2.5		%				2.5						(4.4)		%
Uncertain tax positions			3.7						(1.4)		%				0.6						(0.4)		%				(3.0)						5.3		%
Incentive stock option and employee stock purchase plan expense			1.2						(0.5)		%				2.5						(1.8)		%				0.7						(1.2)		%
Foreign rate differential			(0.4)						0.2		%				—						—		%				0.5						(0.9)		%
Change in valuation allowance			52.6						(20.1)		%				2.6						(1.8)		%				(3.2)						5.6		%
CARES Act			—						—		%				—						—		%				2.7						(4.7)		%
Non-deductible meals and entertainment			—						—		%				—						—		%				0.1						(0.2)		%
Non-deductible officer compensation			3.0						(1.1)		%				3.5						(2.5)		%				3.3						(5.8)		%
Non-deductible legal settlement			—						—		%				—						—		%				2.5						(4.5)		%
Acquisitions, dispositions, and contingent consideration			0.1						—		%				(0.1)						0.1		%				(23.0)						40.3		%
Other, net			1.5						(0.7)		%				(1.4)						0.9		%				0.8						(1.4)		%
Total income tax expense (benefit)			$	1.1					-0.4		%				$	(28.6)					20.3		%				$	(29.9)					52.3		%

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)			2023						2022
Deferred tax assets:
Net operating loss carryforwards			$	77.1					$	66.6
Stock compensation expense			5.0						3.6
Research and development credits			20.8						19.9
Lease liability			28.0						35.2
Section 174 capitalized costs			38.4						21.2
Accrued expenses and liabilities			22.5						10.8
Other, net			3.2						3.6
Total gross deferred tax assets			195.0						160.9
Less valuation allowance			(95.0)						(42.4)
Total deferred tax assets			100.0						118.5
Deferred tax liabilities:
Intangible assets			84.2						93.8
Lease right-of-use assets			15.5						25.4
Property, plant and equipment			1.9						2.8
Total deferred tax liabilities			101.6						122.0
Net deferred tax liability			$	(1.6)					$	(3.5)

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

At December 31, 2023, 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

$

38.5

Yes

2033

Indefinite

Federal capital loss

13.8

No

2026

2028

Utah net operating loss

0.8

No

2024

Indefinite

California net operating loss

4.4

Yes

2029

2043

Other state net operating loss

8.6

Yes

Various

Various

Foreign net operating losses (various jurisdictions)

10.8

No

Various

Various

Federal research credit

10.5

Yes

2027

2043

Utah research credit

5.4

No

2024

2037

California research credit

4.8

No

Indefinite

Indefinite

Schedule of Unrecognized Tax Benefits

The Company’s gross unrecognized tax benefits as of the years ended December 31, 2023, 2022, and 2021 and the changes in those balances are as follows: 

			Years Ended December 31,
(in millions)			2023						2022						2021
Unrecognized tax benefits at the beginning of period			$	43.9					$	32.1					$	37.6
Gross increases - current year tax positions			0.8						12.9						1.4
Gross increases - prior year tax positions			3.6						1.6						1.1
Gross decreases - prior year tax positions			(0.2)						(2.0)						(2.8)
Gross decreases - settlements			—						(0.7)						(5.1)
Gross decreases - statute lapse			—						—						(0.1)
Unrecognized tax benefits at end of year			$	48.1					$	43.9					$	32.1
Interest and penalties in year-end balance			$	6.4					$	4.1					$	3.3

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