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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Pre-Tax Loss

The domestic and foreign components of pre-tax loss were as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Domestic

 

$

(320,757

)

 

$

(770,448

)

 

$

(969,922

)

Foreign

 

 

(605,428

)

 

 

(262,819

)

 

 

(283,442

)

Loss before income taxes

 

$

(926,185

)

 

$

(1,033,267

)

 

$

(1,253,364

)

Schedule of Components of Income Tax (Benefit) Expense

The components of our income tax (benefit) expense were as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

 

State

 

 

1,035

 

 

 

113

 

 

 

106

 

Foreign

 

 

23,945

 

 

 

771

 

 

 

2,824

 

Total current income tax (benefit) expense

 

 

24,980

 

 

 

884

 

 

 

2,930

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(1,720

)

 

 

(277

)

 

 

(15

)

State

 

 

(414

)

 

 

(85

)

 

 

(40

)

Foreign

 

 

(4,192

)

 

 

(129

)

 

 

(328

)

Total deferred income tax (benefit) expense

 

 

(6,326

)

 

 

(491

)

 

 

(383

)

Income tax (benefit) expense

 

$

18,654

 

 

$

393

 

 

$

2,547

 

Summary of Reconciliation of Statutory Federal Income Tax Rate

The following is a reconciliation of the statutory federal income tax rate to our effective tax rate:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Tax benefit (expense) computed at the federal statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State tax benefit (expense), net of federal benefit

 

 

8.3

 

 

 

7.6

 

 

 

5.1

 

Change in valuation allowance

 

 

(58.9

)

 

 

(38.5

)

 

 

(28.4

)

Differences between U.S. and foreign tax rates on foreign income

 

 

(1.4

)

 

 

(1.0

)

 

 

(0.9

)

Stock-based compensation benefit (expense)

 

 

17.8

 

 

 

0.8

 

 

 

(1.2

)

U.S. federal research & development credit benefit

 

 

8.4

 

 

 

6.3

 

 

 

5.2

 

U.K. corporate rate increase

 

 

4.3

 

 

 

 

 

 

 

Acquisitions and divestitures

 

 

(0.1

)

 

 

3.4

 

 

 

0.2

 

Other benefits (expenses)

 

 

(1.4

)

 

 

0.4

 

 

 

(1.2

)

Total income tax benefit (expense)

 

 

(2.0

)%

 

 

(0.0)

%

 

 

(0.2

)%

Summary of Significant Components of Net Deferred Tax Balances

The significant components of net deferred tax balances were as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Accrued expenses

 

$

23,719

 

 

$

31,746

 

Intangible assets

 

 

175,397

 

 

 

172,228

 

Stock-based compensation

 

 

41,246

 

 

 

134,489

 

Loss carryforwards

 

 

1,714,870

 

 

 

1,201,569

 

Tax credit carryforwards

 

 

460,302

 

 

 

337,497

 

Lease liability

 

 

80,794

 

 

 

84,154

 

Other(1)

 

 

6,374

 

 

 

5,390

 

Total deferred tax assets

 

$

2,502,702

 

 

$

1,967,073

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Convertible debt

 

 

(138,832

)

 

 

(87,904

)

Right-of-use asset

 

 

(63,122

)

 

 

(63,595

)

Other(1)

 

 

(7,394

)

 

 

(4,325

)

Total deferred tax liabilities

 

$

(209,348

)

 

$

(155,824

)

Total net deferred tax assets before valuation allowance

 

 

2,293,354

 

 

 

1,811,249

 

Valuation allowance

 

 

(2,293,361

)

 

 

(1,811,666

)

Net deferred taxes

 

$

(7

)

 

$

(417

)

 

(1)

“Other” was originally presented net in our Annual Report on Form 10-K for the period ending December 31, 2019, and is now separated into “Other Assets” and “Other Liabilities” for both comparative periods. “Property and Equipment” for the year ended December 31, 2019 was originally presented on a standalone basis in our December 31, 2019 Annual Report, and is now included within “Other Liabilities”.

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits during the years ended December 31, 2020 and 2019:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Beginning balance of unrecognized tax benefits

 

$

286,605

 

 

$

251,808

 

Additions for current year tax positions

 

 

56,226

 

 

 

40,221

 

Additions for prior year tax positions

 

 

3,218

 

 

 

1,977

 

Reductions for prior year tax positions

 

 

(712

)

 

 

(7,425

)

Changes due to lapse of statute of limitations

 

 

(570

)

 

 

 

Changes due to foreign currency translation adjustments

 

 

204

 

 

 

24

 

Ending balance of unrecognized tax benefits (excluding interest and penalties)

 

$

344,971

 

 

$

286,605

 

Interest and penalties associated with unrecognized tax benefits

 

 

357

 

 

 

200

 

Ending balance of unrecognized tax benefits (including interest and penalties)

 

$

345,328

 

 

$

286,805