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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of income before income tax, domestic and foreign
Income (loss) before provision for taxes consisted of the following:
Year Ended December 31,
(In thousands)202120202019
Income (loss) before income taxes:
Domestic$(801,536)$(423,025)$(405,425)
Foreign(40,970)(406,038)(1,019)
Total income (loss) before income taxes$(842,506)$(829,063)$(406,444)
Schedule of expense (benefit) for income taxes
The expense (benefit) for income taxes consists of:
Year Ended December 31,
(In thousands)202120202019
Current expense (benefit):
Federal$— $(3)$— 
State1,388 802 314 
Foreign4,898 933 (63)
Deferred tax expense (benefit):
Federal(222,693)(3,050)(173,521)
State(30,528)(4,260)(20,099)
Foreign54 120 15 
Total income tax expense (benefit)$(246,881)$(5,458)$(193,354)
Schedule of components of the net deferred tax asset
The components of the net deferred tax asset with the approximate income tax effect of each type of carryforward, credit and temporary differences are as follows:
December 31,
(In thousands)20212020
Deferred tax assets:
Operating loss carryforwards$516,344 $369,642 
Tax credit carryforwards72,959 64,760 
Compensation related differences74,127 48,349 
Lease liabilities48,201 31,938 
Capitalized research and development23,035 — 
Other temporary differences20,087 6,136 
Tax assets before valuation allowance754,753 520,825 
Less - Valuation allowance(262,238)(293,397)
Total deferred tax assets492,515 227,428 
Deferred tax liabilities
Amortization$(464,748)$(197,847)
Property, plant and equipment(4,756)(4,580)
Lease assets(45,781)(30,312)
Other temporary differences(6,012)(3,995)
Total deferred tax liabilities(521,297)(236,734)
Net deferred tax liabilities$(28,782)$(9,306)
Summary of valuation allowance
Activity associated with the Company's valuation allowance is as follows:
December 31,
(In thousands)202120202019
Balance as of January 1, $(293,397)$(195,401)$(265,587)
Valuation allowances established(206,574)(94,589)(113,522)
Changes to existing valuation allowances(1,500)2,151 (22)
Acquisition and purchase accounting239,233 (5,558)183,730 
Balance as of December 31,$(262,238)$(293,397)$(195,401)
Schedule of differences between the effective income tax rate and the statutory tax rate
The effective tax rate differs from the statutory tax rate due to the following:
December 31,
202120202019
U.S. Federal statutory rate21.0 %21.0 %21.0 %
State taxes3.6 1.7 3.4 
Federal and state tax rate changes(0.3)— 0.1 
Foreign tax rate differential(0.6)(1.0)0.4 
Acquired IPR&D asset expense(0.8)(9.4)— 
Research and development tax credits0.7 1.6 0.7 
Stock-based compensation expense1.1 1.1 14.6 
Non-deductible executive compensation(0.2)(0.8)(2.7)
Transaction costs(0.1)(0.1)(0.5)
Loss on extinguishment - convertible notes— — (9.2)
Other adjustments1.2 (2.2)(0.5)
Valuation allowance3.7 (11.3)20.2 
Effective tax rate29.3 %0.6 %47.5 %
Schedule of unrecognized tax benefits
The following is a tabular reconciliation of the amounts of unrecognized tax benefits:
December 31,
(In thousands)202120202019
January 1,$16,629 $10,276 $1,926 
Increase due to current year tax positions5,363 3,600 2,142 
Increase due to prior year tax positions— 2,753 6,208 
Decrease due to prior year tax positions(212)— — 
Settlements— — — 
December 31,$21,780 $16,629 $10,276