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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Benefit | Income tax expense (benefit) consists of the following:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 3.4 |  |  | $ | 3.4 |  |  | $ | (0.5) |
State | 1.5 |  |  | 1.8 |  |  | 1.9 |
Foreign | 1.2 |  |  | 0.2 |  |  | 0.5 |
Total current | 6.1 |  |  | 5.4 |  |  | 1.9 |
Deferred: |  |  |  |  |
Federal | (15.5) |  |  | (51.8) |  |  | (25.8) |
State | (5.5) |  |  | (5.2) |  |  | (4.8) |
Foreign | 3.1 |  |  | 0.1 |  |  | (2.9) |
Change in valuation allowance | 15.6 |  |  | 52.6 |  |  | 3.0 |
Total deferred | (2.3) |  |  | (4.3) |  |  | (30.5) |
Total income tax expense (benefit) | $ | 3.8 |  |  | $ | 1.1 |  |  | $ | (28.6) |
Schedule of Loss Before Income Taxes | Loss before income taxes consists of the following:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
United States | $ | (125.4) |  |  | $ | (263.2) |  |  | $ | (141.3) |
Foreign | 1.9 |  |  | 1.0 |  |  | 0.7 |
Total | $ | (123.5) |  |  | $ | (262.2) |  |  | $ | (140.6) |
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) | 2024 |  | 2023 |  | 2022
Federal income tax benefit at the statutory rate | $ | (25.9) |  |  | 21.0 | % |  | $ | (54.9) |  |  | 21.0 | % |  | $ | (29.5) |  |  | 21.0 | %
State income taxes, net of federal benefit | (2.4) |  |  | 1.9 | % |  | (4.1) |  |  | 1.6 | % |  | (3.3) |  |  | 2.3 | %
Research and development credits | (0.4) |  |  | 0.3 | % |  | (1.6) |  |  | 0.6 | % |  | (3.5) |  |  | 2.5 | %
Uncertain tax positions | 2.8 |  |  | (2.3) | % |  | 3.7 |  |  | (1.4) | % |  | 0.6 |  |  | (0.4) | %
Stock-based incentive awards | 0.8 |  |  | (0.6) | % |  | 1.2 |  |  | (0.5) | % |  | 2.5 |  |  | (1.8) | %
Foreign rate differential | 3.3 |  |  | (2.7) | % |  | (0.4) |  |  | 0.2 | % |  | — |  |  | — | %
Change in valuation allowance | 15.7 |  |  | (12.7) | % |  | 52.6 |  |  | (20.1) | % |  | 2.6 |  |  | (1.8) | %
Non-deductible officer compensation | 3.9 |  |  | (3.2) | % |  | 3.0 |  |  | (1.1) | % |  | 3.5 |  |  | (2.5) | %
Acquisitions and dispositions | 5.1 |  |  | (4.1) | % |  | 0.1 |  |  | — | % |  | (0.1) |  |  | 0.1 | %
Other, net | 0.9 |  |  | (0.7) | % |  | 1.5 |  |  | (0.7) | % |  | (1.4) |  |  | 0.9 | %
Total income tax expense (benefit) | $ | 3.8 |  |  | (3.1) | % |  | $ | 1.1 |  |  | (0.4) | % |  | $ | (28.6) |  |  | 20.3 | %
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) | 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 62.7 |  |  | $ | 77.1 |
Stock compensation expense | 6.6 |  |  | 5.0 |
Research and development credits | 20.6 |  |  | 20.8 |
Lease liability | 24.4 |  |  | 28.0 |
Capitalized research and development costs | 54.3 |  |  | 38.4 |
Accrued expenses and liabilities | 16.5 |  |  | 22.5 |
Other, net | — |  |  | 3.2 |
Total gross deferred tax assets | 185.1 |  |  | 195.0 |
Less valuation allowance | (111.9) |  |  | (95.0) |
Total deferred tax assets | 73.2 |  |  | 100.0 |
Deferred tax liabilities: |  |  |
Intangible assets | 55.5 |  |  | 84.2 |
Lease right-of-use assets | 13.3 |  |  | 15.5 |
Property, plant and equipment | 3.2 |  |  | 1.9 |
Other, net | 0.8 |  |  | — |
Total deferred tax liabilities | 72.8 |  |  | 101.6 |
Net deferred tax asset (liability) | $ | 0.4 |  |  | $ | (1.6) |
Schedule of Net Operating Loss and Research Credit Carryforwards (Tax Effected) | At December 31, 2024, 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:
Carryforwards (in millions) |  | Amount |  | Subject to Sections 382, 383 |  | Expires beginning in year |  | Through
Federal net operating loss |  | $ | 32.2 |  |  | Yes |  | 2033 |  | Indefinite
Federal capital loss |  | 13.8 |  |  | No |  | 2026 |  | 2029
Utah net operating loss |  | 0.9 |  |  | No |  | Indefinite |  | Indefinite
California net operating loss |  | 5.0 |  |  | Yes |  | 2029 |  | 2044
Other state net operating loss |  | 6.3 |  |  | Yes |  | Various |  | Various
Foreign net operating losses (various jurisdictions) |  | 4.3 |  |  | No |  | Various |  | Various
Federal research credit |  | 10.5 |  |  | Yes |  | 2027 |  | 2044
Utah research credit |  | 4.9 |  |  | No |  | 2024 |  | 2038
California research credit |  | 5.2 |  |  | No |  | Indefinite |  | Indefinite
Schedule of Unrecognized Tax Benefits | The Company’s gross unrecognized tax benefits as of the years ended December 31, 2024, 2023, and 2022, and the changes in those balances are as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at the beginning of period | $ | 48.1 |  |  | $ | 43.9 |  |  | $ | 32.1 |
Gross increases - current year tax positions | 1.0 |  |  | 0.8 |  |  | 12.9 |
Gross increases - prior year tax positions | 2.6 |  |  | 3.6 |  |  | 1.6 |
Gross decreases - prior year tax positions | — |  |  | (0.2) |  |  | (2.0) |
Gross decreases - settlements | — |  |  | — |  |  | (0.7) |
Unrecognized tax benefits at end of year | $ | 51.7 |  |  | $ | 48.1 |  |  | $ | 43.9 |
Interest and penalties in year-end balance | $ | 8.8 |  |  | $ | 6.4 |  |  | $ | 4.1 |

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