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Provision For Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Our income before income taxes is derived solely from within the U.S. Our provision for income taxes was as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 11,338 |  |  | $ | — |  |  | $ | — |
State | 5,224 |  |  | 3,791 |  |  | 6,095 |
Total current tax expense | $ | 16,562 |  |  | $ | 3,791 |  |  | $ | 6,095 |
Deferred: |  |  |  |  |
Federal | $ | 46,416 |  |  | $ | 14,886 |  |  | $ | 71,580 |
State | 113 |  |  | 379 |  |  | (578) |
Total deferred tax expense | 46,529 |  |  | 15,265 |  |  | 71,002 |
Provision for income taxes | $ | 63,091 |  |  | $ | 19,056 |  |  | $ | 77,097 |
Schedule of Reconciliation of Income Taxes At The Statutory Federal Income Tax Rate to Net Income Taxes | The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21% for each of the years ended December 31, 2021, 2020 and 2019, respectively, to our provision for income taxes was as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
U.S. federal income tax provision at statutory rate | $ | 61,772 |  |  | $ | 27,476 |  |  | $ | 83,603 |
State tax (benefit) expense | 1,336 |  |  | (2,232) |  |  | 1,148 |
Change in valuation allowance | 2,883 |  |  | 5,525 |  |  | 3,208 |
Research credits | (6,263) |  |  | (11,356) |  |  | (8,299) |
Stock-based compensation | (11,831) |  |  | (20,399) |  |  | (9,177) |
Non-deductible executive compensation | 11,182 |  |  | 18,067 |  |  | 4,228 |
Branded prescription drug fee | 2,897 |  |  | 2,537 |  |  | 1,099 |
Other | 1,115 |  |  | (562) |  |  | 1,287 |
Provision for income taxes | $ | 63,091 |  |  | $ | 19,056 |  |  | $ | 77,097 |
Schedule of Deferred Assets and Liabilities | Our deferred tax assets and liabilities were as follows (in thousands):
| December 31,
| 2021 |  | 2020
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 17,993 |  |  | $ | 37,454 |
Tax credit carryforwards | 101,460 |  |  | 126,625 |
Depreciation and amortization | 7,764 |  |  | 18,414 |
Stock-based compensation | 23,162 |  |  | 19,818 |
Lease liabilities | 12,385 |  |  | 11,908 |
Accruals and reserves not currently deductible | 19,531 |  |  | 12,207 |
Deferred revenue | 8,040 |  |  | 7,637 |
Other assets | 1,303 |  |  | — |
Total deferred tax assets | 191,638 |  |  | 234,063 |
Valuation allowance | (70,068) |  |  | (67,185) |
Net deferred tax assets | 121,570 |  |  | 166,878 |
Deferred tax liabilities: |  |  |
Lease right-of-use assets | (9,907) |  |  | (9,510) |
Other liabilities | — |  |  | (657) |
Total deferred tax liabilities | (9,907) |  |  | (10,167) |
Net deferred taxes | $ | 111,663 |  |  | $ | 156,711 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Beginning balance | $ | 80,941 |  |  | $ | 79,078 |  |  | $ | 76,060 |
Change relating to prior year provision | 728 |  |  | 591 |  |  | 589 |
Change relating to current year provision | 2,215 |  |  | 3,305 |  |  | 2,429 |
Reductions based on the lapse of the applicable statutes of limitations | (301) |  |  | (2,033) |  |  | — |
Ending balance | $ | 83,583 |  |  | $ | 80,941 |  |  | $ | 79,078 |

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