XML 55 R38.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes Summarized By Region | Total income (loss) before income taxes summarized by region was as follows (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
United States |  | $ | 348,828 |  |  | $ | 248,918 |  |  | $ | 248,071 |
Foreign |  | (499) |  |  | — |  |  | 447 |
Net income before income taxes |  | $ | 348,329 |  |  | $ | 248,918 |  |  | $ | 248,518 |
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of our net deferred tax assets (liabilities) were as follows (in thousands).
|  | December 31,
|  | 2023 |  | 2022
Deferred tax assets |  |  |  |
Net operating loss carryforwards |  | $ | 32,753 |  |  | $ | 32,887 |
Deferred revenue |  | 31 |  |  | 837 |
Research and development and orphan drug credits |  | 38,192 |  |  | 96,133 |
Share-based compensation |  | 5,024 |  |  | 6,353 |
ASC 842 lease liability |  | 7,258 |  |  | 2,480 |
Capitalized research expense |  | 19,543 |  |  | 10,168 |
Transaction related expense |  | — |  |  | 2,354 |
Inventory related reserves |  | 13,561 |  |  | 18,395 |
Other, net |  | 6,715 |  |  | 3,054 |
Total deferred tax assets |  | 123,077 |  |  | 172,661 |
Valuation allowance for deferred tax assets |  | (2,588) |  |  | (707) |
Deferred tax assets, net of valuation allowance |  | 120,489 |  |  | 171,954 |
Deferred tax liabilities |  |  |  |
Non-deductible book amortization |  | (103,492) |  |  | (115,578) |
Depreciation |  | (3,522) |  |  | (2,559) |
ASC 842 right of use asset |  | (8,259) |  |  | (9,061) |
Other, net |  | (830) |  |  | (330) |
Total deferred tax liabilities |  | (116,103) |  |  | (127,528) |
Net deferred tax asset |  | $ | 4,386 |  |  | $ | 44,426 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) was comprised of the following components (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Current - federal |  | $ | 24,963 |  |  | $ | 6,157 |  |  | $ | (9) |
Current - state |  | 5,717 |  |  | 2,525 |  |  | 1,251 |
Deferred - federal |  | 34,037 |  |  | 44,757 |  |  | (117,925) |
Deferred - state |  | 2,018 |  |  | (6,650) |  |  | (37,509) |
Total income tax expense (benefit) |  | $ | 66,735 |  |  | $ | 46,789 |  |  | $ | (154,192) |
Schedule of Reconciliation of Provision for Income Taxes to Federal Income Tax Rate | The provision for income taxes on earnings subject to income taxes differs from the statutory federal income tax rate due to the following:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Federal income tax expense |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State income tax expense, net of federal income tax impact |  | 2.76 | % |  | 0.82 | % |  | 2.67 | %
Decrease in valuation allowance |  | — | % |  | (0.39) | % |  | (84.92) | %
Foreign income subject to tax at other than federal statutory rate |  | 0.03 | % |  | — | % |  | 0.02 | %
Share-based compensation |  | (0.21) | % |  | (0.66) | % |  | (2.50) | %
Executive compensation limitation |  | 0.90 | % |  | 2.61 | % |  | 2.32 | %
Non-deductible expenses and other |  | 0.80 | % |  | (0.40) | % |  | 0.54 | %
Foreign-derived intangible income |  | (3.44) | % |  | (5.06) | % |  | (1.18) | %
Transaction costs |  | — | % |  | 0.88 | % |  | — | %
Research and development credits, net |  | (2.71) | % |  | — | % |  | — | %
Effective income tax rate |  | 19.13 | % |  | 18.80 | % |  | (62.05) | %
Summary of Change in Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Gross unrecognized tax benefits, beginning of period |  | $ | 19,482 |  |  | $ | 17,692 |  |  | $ | 19,167 |
Increases in tax positions for prior years |  | 1,645 |  |  | — |  |  | 21 |
Decreases in tax positions for prior years and lapse in statute of limitations |  | — |  |  | (1,148) |  |  | (1,496) |
Increases in tax positions related to business acquisition |  | — |  |  | 2,151 |  |  | — |
Increases in tax positions for current year |  | 791 |  |  | 787 |  |  | — |
Gross unrecognized tax benefits, end of period |  | $ | 21,918 |  |  | $ | 19,482 |  |  | $ | 17,692 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 + Details
Name: | us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration