INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Income Tax Disclosure [Abstract] |
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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) | | 2021 | | 2020 | | 2019 | 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) | |
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Schedule of expense (benefit) for income taxes |
The expense (benefit) for income taxes consists of: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | | 2021 | | 2020 | | 2019 | Current expense (benefit): | | | | | | | Federal | | $ | — | | | $ | (3) | | | $ | — | | State | | 1,388 | | | 802 | | | 314 | | Foreign | | 4,898 | | | 933 | | | (63) | | | | | | | | | Deferred tax expense (benefit): | | | | | | | Federal | | (222,693) | | | (3,050) | | | (173,521) | | State | | (30,528) | | | (4,260) | | | (20,099) | | Foreign | | 54 | | | 120 | | | 15 | | Total income tax expense (benefit) | | $ | (246,881) | | | $ | (5,458) | | | $ | (193,354) | |
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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) | | 2021 | | 2020 | Deferred tax assets: | | | | | Operating loss carryforwards | | $ | 516,344 | | | $ | 369,642 | | Tax credit carryforwards | | 72,959 | | | 64,760 | | Compensation related differences | | 74,127 | | | 48,349 | | Lease liabilities | | 48,201 | | | 31,938 | | Capitalized research and development | | 23,035 | | | — | | Other temporary differences | | 20,087 | | | 6,136 | | Tax assets before valuation allowance | | 754,753 | | | 520,825 | | Less - Valuation allowance | | (262,238) | | | (293,397) | | Total deferred tax assets | | 492,515 | | | 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) | |
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Summary of valuation allowance |
Activity associated with the Company's valuation allowance is as follows: | | | | | | | | | | | | | | | | | | | | | | | December 31, | (In thousands) | | 2021 | | 2020 | | 2019 | 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 accounting | | 239,233 | | | (5,558) | | | 183,730 | | Balance as of December 31, | | $ | (262,238) | | | $ | (293,397) | | | $ | (195,401) | |
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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, | | 2021 | | 2020 | | 2019 | U.S. Federal statutory rate | 21.0 | % | | 21.0 | % | | 21.0 | % | State taxes | 3.6 | | | 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 credits | 0.7 | | | 1.6 | | | 0.7 | | Stock-based compensation expense | 1.1 | | | 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 adjustments | 1.2 | | | (2.2) | | | (0.5) | | Valuation allowance | 3.7 | | | (11.3) | | | 20.2 | | Effective tax rate | 29.3 | % | | 0.6 | % | | 47.5 | % |
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Schedule of unrecognized tax benefits |
The following is a tabular reconciliation of the amounts of unrecognized tax benefits: | | | | | | | | | | | | | | | | | | | | | | | December 31, | (In thousands) | | 2021 | | 2020 | | 2019 | January 1, | | $ | 16,629 | | | $ | 10,276 | | | $ | 1,926 | | Increase due to current year tax positions | | 5,363 | | | 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 | |
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