Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Income Tax Expense (Benefit)

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


	Year Ended December 31,
(in thousands of US dollars)	2021		2020		2019
Current taxes:
United States	$	2	$	1	$	144
Foreign - Korea	5		—		(641)
Foreign - Other	995		291		256
Current taxes	1,002		292		(241)
Deferred taxes:
United States	—		—		—
Foreign - Korea	—		—		—
Foreign - Other	—		—		—
Deferred taxes	—		—		—
Income tax expense (benefit)	$	1,002	$	292	$	(241)

Schedule of Loss Before Income Taxes

The components of loss before income taxes are as follows:


	Year Ended December 31,
(in thousands of US dollars)	2021		2020		2019
United States	$	(296,529)	$	(8,771)	$	(109,109)
Foreign - Korea	(1,226,675)		(455,683)		(589,358)
Foreign - Other	(18,384)		1,589		1,341
Loss before income taxes	$	(1,541,588)	$	(462,865)	$	(697,126)

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

The reconciliation of federal statutory income tax rate to our effective income tax rate was as follows:


	Year Ended December 31,
	2021		2020		2019
Tax calculated at statutory tax rate	21.00	%	21.00	%	21.00	%
Statutory rate difference	2.83	%	3.01	%	(2.40	%)
Change in valuation allowances	(25.83	%)	(24.97	%)	(20.18	%)

Consolidated eliminations	—	%	—	%	1.27	%
Other	1.94	%	0.90	%	0.34	%
Effective tax rate expressed in %	(0.06	%)	(0.06	%)	0.03	%

Schedule of Income Tax Effects of Temporary Differences that Give Rise to Deferred Income Tax Assets and Deferred Income Tax Liabilities

The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:


(in thousands of US dollars)	December 31, 2021		December 31, 2020
Deferred tax assets
Provision and allowances	$	43,156	$	48,162
Depreciation	5,212		—
Accrued expenses	43,223		19,936
Amortization	49,529		69,437
Defined severance benefits	68,421		39,827
Lease liabilities	361,420		257,855
Net operating loss carryforwards	1,019,583		767,740
Tax credits	23,066		15,079
Other	6,795		275
Total deferred tax assets	1,620,405		1,218,311
Less: valuation allowance	(1,284,380)		(975,187)
Total deferred tax assets net of valuation allowance	$	336,025	$	243,124

Deferred tax liabilities
Prepaid expenses	$	(88)	$	(438)
Accrued income	(1,745)		(422)
Depreciation	—		(1,860)
Leasehold improvements	—		(2,973)

Lease asset	(333,965)		(237,131)
Loan payable	(89)		(277)
Other	(138)		(23)
Total deferred liabilities	(336,025)		(243,124)
Net deferred tax assets/(liabilities)	$	—	$	—