XML 58 R32.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax expense

For the year ended December 31, 2022, income tax expense totaled $20.9 million, and consisted of the following:

			Year Ended December 31,
			2022						2021						2020
Current:
U.S.:
Federal			$	8.2					$	—					$	—
State and local			12.7						—						—
Total current			20.9						—						—
Deferred:
U.S.:
Federal			—						—						—
State and local			—						—						—
Total deferred			—						—						—
Income tax expense			$	20.9					$	—					$	—

Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2022, 2021 and 2020 were as follows:

			Year ended December 31,
			2022						2021						2020
Federal statutory rate			21.0		%				21.0		%				21.0		%
Return to provision			3.6		%				1.1		%				—		%
Federal research tax credit			3.4		%				2.7		%				4.1		%
Other			(0.1		%)				—		%				—		%
Uncertain tax positions			(1.2		%)				—		%				—		%
Stock compensation			(1.4)		%				(2.7)		%				(1.7)		%
State taxes			(1.6)		%				16.3		%				(0.1)		%
Change in valuation allowance			(31.7)		%				(38.4)		%				(23.3)		%
			(8.0		%)				0.0		%				0.0		%

Summary of deferred income tax benefits and liabilities

Temporary differences and carryforwards that give rise to a significant portion of the deferred income tax benefits and liabilities were as follows as of December 31, 2022 and 2021:

			December 31,
(dollars in millions)			2022						2021
Deferred income tax assets:
Deferred revenue			$	143.0					$	10.0
Capitalized research and development			56.3						—
Stock compensation			25.9						15.4
Tax credits			10.4						18.8
Loss carryforwards			3.8						97.0
Other			7.7						3.3
Total deferred income tax assets			247.1						144.5
Deferred income tax liabilities:
Property, equipment and leasehold improvements			(2.6)						(3.6)
Other			(1.0)						(1.4)
Total deferred income tax liabilities			(3.6)						(5.0)
Less valuation allowance			(243.5)						(139.5)
Net deferred income tax liability			$	—					$	—

Summary of unrecognized tax benefits

Changes in the Company's gross unrecognized tax benefits were as follows:

			Year ended December 31,
(dollars in millions)			2022						2021						2020
Beginning of period balance - gross			$	—					$	—					$	—
Increases for tax positions taken during the current period			4.1						—						—
Decreases for tax positions taken during a prior period			—						—						—
End of period balance - gross			$	4.1					$	—					$	—

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ 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 the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

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