INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES

Schedule of components of the income tax benefit (expense)

Income tax benefit (expense) consists of the following:

	Year Ended December 31,
(In thousands)	2020		2019		2018
Current
State	$	(11)	$	(26)	$	19
Deferred
Federal		(60,408)		(41,567)		190,195
State		(12)		(309)		5,859
		(60,420)		(41,876)		196,054
Total income tax benefit (expense), net	$	(60,431)	$	(41,902)	$	196,073

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)	2020		2019		2018
Expected tax at federal statutory rate	$	74,392	$	48,908	$	44,154
State income tax, net of federal benefit		(26)		325		(5,878)
Non-deductible executive compensation		—		—		747
Noncontrolling interest		(14,577)		(7,078)		(2,367)
Other		839		326		310
Change in valuation allowance		(197)		(579)		(233,039)
Income tax expense (benefit), net	$	60,431	$	41,902	$	(196,073)

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)	2020		2019
Deferred tax assets
Net operating loss carryforwards	$	121,839	$	172,359
Research and development tax credit carryforwards		55,211		55,966
Other		1,100		1,412
Total deferred tax assets before valuation allowance		178,150		229,737
Valuation allowance		(63,423)		(63,620)
Total deferred tax assets		114,727		166,117
Deferred tax liabilities
Debt issuance discount and other		(10,596)		(11,946)
Unrealized Gain on Investment		(10,372)		—
Net deferred tax assets	$	93,759	$	154,171

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, 2017	$	15,488
Gross decrease in tax portions for 2018		(75)
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