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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income before income tax, domestic and foreign | Loss before provision for taxes consisted of the following:
|  | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Loss before income taxes: |  |  |  |  |  |
Domestic |  | $ | (204,128) |  |  | $ | (617,240) |  |  | $ | (801,536) |
Foreign |  | 2,382 |  |  | (15,330) |  |  | (40,970) |
Total loss before income taxes |  | $ | (201,746) |  |  | $ | (632,570) |  |  | $ | (842,506) |
Schedule of expense (benefit) for income taxes | The expense (benefit) for income taxes consists of:
|  | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Current expense (benefit): |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  | 2,266 |  |  | 2,170 |  |  | 1,388 |
Foreign |  | 2,561 |  |  | 1,131 |  |  | 4,898 |
Deferred tax expense (benefit): |  |  |  |  |  |
Federal |  | 2,395 |  |  | (3,292) |  |  | (222,693) |
State |  | (1,829) |  |  | (8,926) |  |  | (30,528) |
Foreign |  | (2,990) |  |  | (147) |  |  | 54 |
Total income tax expense (benefit) |  | $ | 2,403 |  |  | $ | (9,064) |  |  | $ | (246,881) |
Schedule of components of the net deferred tax asset | The components of the net deferred tax asset with the approximate income tax effect of each type of carryforward, credit and temporary differences are as follows:
|  | December 31,
(In thousands) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Operating loss carryforwards |  | $ | 477,420 |  |  | $ | 553,320 |
Tax credit carryforwards |  | 104,580 |  |  | 87,579 |
Compensation related differences |  | 85,007 |  |  | 67,976 |
Lease liabilities |  | 47,118 |  |  | 51,560 |
Capitalized research and development |  | 191,468 |  |  | 108,117 |
Other temporary differences |  | 10,275 |  |  | 19,353 |
Tax assets before valuation allowance |  | 915,868 |  |  | 887,905 |
Less - Valuation allowance |  | (465,832) |  |  | (419,356) |
Total deferred tax assets |  | 450,036 |  |  | 468,549 |
Deferred tax liabilities |  |  |  |
Amortization |  | $ | (415,064) |  |  | $ | (435,991) |
Property, plant and equipment |  | (9,465) |  |  | (4,653) |
Lease assets |  | (35,786) |  |  | (40,674) |
Other temporary differences |  | (7,010) |  |  | (6,944) |
Total deferred tax liabilities |  | (467,325) |  |  | (488,262) |
Net deferred tax liabilities |  | $ | (17,289) |  |  | $ | (19,713) |
Summary of valuation allowance | Activity associated with the Company's valuation allowance is as follows:
|  | December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Balance as of January 1, |  | $ | (419,356) |  |  | $ | (262,238) |  |  | $ | (293,397) |
Valuation allowances established |  | (44,759) |  |  | (159,919) |  |  | (206,574) |
Changes to existing valuation allowances |  | (1,242) |  |  | 2,780 |  |  | (1,500) |
Acquisition and purchase accounting |  | (475) |  |  | 21 |  |  | 239,233 |
Balance as of December 31, |  | $ | (465,832) |  |  | $ | (419,356) |  |  | $ | (262,238) |
Schedule of differences between the effective income tax rate and the statutory tax rate | The effective tax rate differs from the statutory tax rate due to the following:
| December 31,
| 2023 |  | 2022 |  | 2021
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes | 3.9 |  |  | 3.9 |  |  | 3.6 |
Federal and state tax rate changes | 1.1 |  |  | (0.2) |  |  | (0.3) |
Foreign tax rate differential | — |  |  | (0.1) |  |  | (0.6) |
Acquired IPR&D asset expense | — |  |  | — |  |  | (0.8) |
Research and development tax credits | 7.6 |  |  | 2.3 |  |  | 0.7 |
Stock-based compensation expense | (4.4) |  |  | (2.0) |  |  | 1.1 |
Non-deductible executive compensation | (3.5) |  |  | (0.4) |  |  | (0.2) |
Transaction costs | — |  |  | — |  |  | (0.1) |
Loss on extinguishment - convertible debt | (0.7) |  |  | — |  |  | — |
Other adjustments | (2.5) |  |  | 1.2 |  |  | 1.2 |
Valuation allowance | (23.7) |  |  | (24.4) |  |  | 3.7 |
Effective tax rate | (1.2) | % |  | 1.3 | % |  | 29.3 | %
Schedule of unrecognized tax benefits | The following is a tabular reconciliation of the amounts of unrecognized tax benefits:
|  | December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
January 1, |  | $ | 28,270 |  |  | $ | 21,780 |  |  | $ | 16,629 |
Increase due to current year tax positions |  | 7,447 |  |  | 5,861 |  |  | 5,363 |
Increase due to prior year tax positions |  | 1,108 |  |  | 629 |  |  | — |
Decrease due to prior year tax positions |  | (426) |  |  | — |  |  | (212) |
Settlements |  | — |  |  | — |  |  | — |
December 31, |  | $ | 36,399 |  |  | $ | 28,270 |  |  | $ | 21,780 |

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