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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of income before income tax, domestic and foreign
Loss before provision for taxes consisted of the following:
Year Ended December 31,
(In thousands)202320222021
Loss before income taxes:
Domestic$(204,128)$(617,240)$(801,536)
Foreign2,382 (15,330)(40,970)
Total loss before income taxes$(201,746)$(632,570)$(842,506)
Schedule of expense (benefit) for income taxes
The expense (benefit) for income taxes consists of:
Year Ended December 31,
(In thousands)202320222021
Current expense (benefit):
Federal$— $— $— 
State2,266 2,170 1,388 
Foreign2,561 1,131 4,898 
Deferred tax expense (benefit):
Federal2,395 (3,292)(222,693)
State(1,829)(8,926)(30,528)
Foreign(2,990)(147)54 
Total income tax expense (benefit)$2,403 $(9,064)$(246,881)
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)20232022
Deferred tax assets:
Operating loss carryforwards$477,420 $553,320 
Tax credit carryforwards104,580 87,579 
Compensation related differences85,007 67,976 
Lease liabilities47,118 51,560 
Capitalized research and development191,468 108,117 
Other temporary differences10,275 19,353 
Tax assets before valuation allowance915,868 887,905 
Less - Valuation allowance(465,832)(419,356)
Total deferred tax assets450,036 468,549 
Deferred tax liabilities
Amortization$(415,064)$(435,991)
Property, plant and equipment(9,465)(4,653)
Lease assets(35,786)(40,674)
Other temporary differences(7,010)(6,944)
Total deferred tax liabilities(467,325)(488,262)
Net deferred tax liabilities$(17,289)$(19,713)
Summary of valuation allowance
Activity associated with the Company's valuation allowance is as follows:
December 31,
(In thousands)202320222021
Balance as of January 1, $(419,356)$(262,238)$(293,397)
Valuation allowances established(44,759)(159,919)(206,574)
Changes to existing valuation allowances(1,242)2,780 (1,500)
Acquisition and purchase accounting(475)21 239,233 
Balance as of December 31,$(465,832)$(419,356)$(262,238)
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,
202320222021
U.S. Federal statutory rate21.0 %21.0 %21.0 %
State taxes3.9 3.9 3.6 
Federal and state tax rate changes1.1 (0.2)(0.3)
Foreign tax rate differential— (0.1)(0.6)
Acquired IPR&D asset expense— — (0.8)
Research and development tax credits7.6 2.3 0.7 
Stock-based compensation expense(4.4)(2.0)1.1 
Non-deductible executive compensation(3.5)(0.4)(0.2)
Transaction costs— — (0.1)
Loss on extinguishment - convertible debt(0.7)— — 
Other adjustments(2.5)1.2 1.2 
Valuation allowance(23.7)(24.4)3.7 
Effective tax rate(1.2)%1.3 %29.3 %
Schedule of unrecognized tax benefits
The following is a tabular reconciliation of the amounts of unrecognized tax benefits:
December 31,
(In thousands)202320222021
January 1,$28,270 $21,780 $16,629 
Increase due to current year tax positions7,447 5,861 5,363 
Increase due to prior year tax positions1,108 629 — 
Decrease due to prior year tax positions(426)— (212)
Settlements— — — 
December 31,$36,399 $28,270 $21,780