INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
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Schedule of income before income tax, domestic and foreign |
Loss before provision for taxes consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | | 2023 | | 2022 | | 2021 | Loss before income taxes: | | | | | | | Domestic | | $ | (204,128) | | | $ | (617,240) | | | $ | (801,536) | | Foreign | | 2,382 | | | (15,330) | | | (40,970) | | Total loss before income taxes | | $ | (201,746) | | | $ | (632,570) | | | $ | (842,506) | |
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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) | | 2023 | | 2022 | | 2021 | Current expense (benefit): | | | | | | | Federal | | $ | — | | | $ | — | | | $ | — | | State | | 2,266 | | | 2,170 | | | 1,388 | | Foreign | | 2,561 | | | 1,131 | | | 4,898 | | | | | | | | | Deferred tax expense (benefit): | | | | | | | Federal | | 2,395 | | | (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) | |
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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) | | 2023 | | 2022 | Deferred tax assets: | | | | | Operating loss carryforwards | | $ | 477,420 | | | $ | 553,320 | | Tax credit carryforwards | | 104,580 | | | 87,579 | | Compensation related differences | | 85,007 | | | 67,976 | | Lease liabilities | | 47,118 | | | 51,560 | | Capitalized research and development | | 191,468 | | | 108,117 | | Other temporary differences | | 10,275 | | | 19,353 | | Tax assets before valuation allowance | | 915,868 | | | 887,905 | | Less - Valuation allowance | | (465,832) | | | (419,356) | | Total deferred tax assets | | 450,036 | | | 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) | |
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Summary of valuation allowance |
Activity associated with the Company's valuation allowance is as follows: | | | | | | | | | | | | | | | | | | | | | | | December 31, | (In thousands) | | 2023 | | 2022 | | 2021 | 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) | |
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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, | | 2023 | | 2022 | | 2021 | U.S. Federal statutory rate | 21.0 | % | | 21.0 | % | | 21.0 | % | State taxes | 3.9 | | | 3.9 | | | 3.6 | | Federal and state tax rate changes | 1.1 | | | (0.2) | | | (0.3) | | Foreign tax rate differential | — | | | (0.1) | | | (0.6) | | Acquired IPR&D asset expense | — | | | — | | | (0.8) | | Research and development tax credits | 7.6 | | | 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 | % |
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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) | | 2023 | | 2022 | | 2021 | January 1, | | $ | 28,270 | | | $ | 21,780 | | | $ | 16,629 | | Increase due to current year tax positions | | 7,447 | | | 5,861 | | | 5,363 | | Increase due to prior year tax positions | | 1,108 | | | 629 | | | — | | Decrease due to prior year tax positions | | (426) | | | — | | | (212) | | Settlements | | — | | | — | | | — | | December 31, | | $ | 36,399 | | | $ | 28,270 | | | $ | 21,780 | |
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