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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of (loss) income before income taxes were as follows:
Years Ended December 31,
20222021
(In thousands)
Domestic$(126,810)$175,635 
Foreign(340)(983)
Total$(127,150)$174,652 
Schedule of Effective Income Tax Rate Reconciliation
For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s income tax expense (benefit) at the effective tax rate, a notional 21% tax rate was applied as follows:
Years Ended December 31,
20222021
Statutory federal tax rate - expense (benefit) (21)%21 %
Foreign rate differential— %%
Noncontrolling interests in operating subsidiaries(2)%— %
Nondeductible permanent items— %(1)%
Expired tax attributes%%
Derivative fair value adjustment(2)%%
Valuation allowance%(21)%
Other(1)%%
Effective income tax rate(13)%14 %
Schedule of Components of Income Tax Expense (Benefit)
Acacia’s income tax benefit (expense) for the periods presented consisted of the following:
Years Ended December 31,
20222021
(In thousands)
Current:
Federal$(54)$— 
State(482)(15)
Foreign(606)(8,530)
Total current(1,142)(8,545)
Deferred:
Federal24,789 (54,165)
State259 1,573 
Foreign(28)332 
Total deferred25,020 (52,260)
Change in valuation allowance(7,667)36,518 
Income tax benefit (expense)$16,211 $(24,287)
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
December 31,
20222021
(In thousands)
Deferred tax assets:
Net operating loss and capital loss carryforwards and credits$47,386 $78,428 
Unrealized gain on investments held at fair value35 — 
Compensation expense for share-based awards607 383 
Fixed assets and intangibles— — 
Basis of investments in affiliates— 18 
Accrued liabilities and other1,551 1,495 
Lease liability784 726 
State taxes94 — 
Total deferred tax assets50,457 81,050 
Valuation allowance(48,250)(40,585)
Total deferred tax assets, net of valuation allowance2,207 40,465 
Deferred tax liabilities:
ROU Asset(782)(726)
Fixed assets and intangibles(2,166)(2,572)
Unrealized gain on investments held at fair value— (55,696)
Other— (23)
Total deferred tax liabilities(2,948)(59,017)
Net deferred tax liabilities$(742)$(18,552)
Schedule of Unrecognized Tax Benefits Roll Forward
The following changes occurred in the amount of unrecognized tax benefits:
Years Ended December 31,
20222021
(In thousands)
Beginning balance$887 $731 
Additions for current year tax positions— 27 
Additions included in purchase accounting for prior year positions— 129 
Reductions for prior year tax positions(127)— 
Ending Balance (excluding interest and penalties)760 887 
Interest and penalties— — 
Total$760 $887