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INCOME TAXES (Tables)

12 Months Ended

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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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.

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