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Provision For Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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