Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of income tax expense (benefit)

The income tax expense (benefit) consisted of the following (in thousands):

	Years Ended December 31,
	2015		2014		2013
Current:
Federal	$	—	$	—	$	—
State		2,058		—		—
Total current	$	2,058	$	—	$	—
Deferred:
Federal	$	9,819	$	(142,884)	$	—
State		(4,812)		(10,275)		—
Total deferred	$	5,007	$	(153,159)	$	—
Total income tax expense (benefit)	$	7,065	$	(153,159)	$	—

Schedule of reconciliation of the statutory U.S. federal income tax rate to the entity's effective income tax rate

The reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate was as follows:

	Years Ended December 31,
	2015		2014		2013
Statutory U.S. federal tax rate	35.0	%	(34.0)	%	(34.0)	%
State taxes, net of federal benefit	0.1		(7.9)		2.4
Equity-based compensation expense	0.4		10.6		9.4
Contingent consideration	4.7		3.1		—
Transaction costs	3.9		9.7		—
Other permanent items, net	3.2		3.2		5.3
Tax credits	(1.7)		(3.0)		0.5
Valuation allowance	(28.0)		(864.9)		16.4
Other, net	0.1		—		—
Effective tax rate	17.7	%	(883.2)	%	(0.0)	%

Schedule of components of the entity's deferred tax assets and liabilities

The components of our deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2015		2014
Assets
Net operating loss carryforwards	$	172,944	$	188,873
Tax credit carryforwards		6,262		24,574
Deferred revenue		626		17,216
Equity-based compensation expense		5,464		3,436
Capitalized research & development		25,216		32,359
Intangibles		—		272
Debt instruments		—		731
Reserves		8,900		7,782
Property, plant and equipment		—		61
Other		10,894		5,014
Liabilities
Property, plant and equipment depreciation		(2,844)		—
Intangible assets and inventory		(400,357)		(290,491)
Debt instruments		(1,213)		—
Other		(3,178)		(1,795)
		(177,286)		(11,968)
Valuation allowance		(11,859)		(33,557)
Net deferred taxes	$	(189,145)	$	(45,525)