INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of components of the income tax expense

Income tax expense consists of the following:

	Year Ended December 31,
(In thousands)	2021		2020		2019
Current
State	$	7	$	11	$	26
Deferred
Federal		70,893		60,408		41,567
State		5,539		12		309
		76,432		60,420		41,876
Total income tax expense, net	$	76,439	$	60,431	$	41,902

Schedule of differences between expected U.S. federal statutory income tax to income tax expense

The impacts of the differences between the expected U.S. federal statutory income tax to our income tax expense are as follows:

	Year Ended December 31,
(In thousands)	2021			2020			2019
Expected tax at federal statutory rate	$	93,507		$	74,392		$	48,908
State income tax, net of federal benefit		848			(26	)		325
Federal and state research credits		1,260			—			—
Noncontrolling interest		(21,626	)		(14,577	)		(7,078	)
Other		1,129			839			326
Change in valuation allowance		1,321			(197	)		(579	)
Income tax expense (benefit), net	$	76,439		$	60,431		$	41,902

Schedule of deferred tax assets and deferred tax liabilities

Significant components of our deferred tax assets and deferred tax liabilities are as follows:

	As of December 31,
(In thousands)	2021			2020
Deferred tax assets
Net operating loss carryforwards	$	64,813		$	121,839
Research and development tax credit carryforwards		53,467			55,211
Other		743			1,100
Total deferred tax assets before valuation allowance		119,023			178,150
Valuation allowance		(64,744	)		(63,423	)
Total deferred tax assets		54,279			114,727
Deferred tax liabilities
Debt issuance discount and other		(9,158	)		(10,596	)
Unrealized gain on investment, net		(27,794	)		(10,372	)
Net deferred tax assets	$	17,327		$	93,759

Summary of changes in unrecognized tax benefits

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits are as follows:

(In thousands)
Unrecognized tax benefits as of December 31, 2018	$	15,413
Gross decrease in tax portions for 2019		(71	)
Unrecognized tax benefits as of December 31, 2019		15,342
Net decrease in tax portions for 2020		(157	)
Unrecognized tax benefits as of December 31, 2020		15,185
Net decrease in tax portions for 2021		(313	)
Unrecognized tax benefits as of December 31, 2021	$	14,872