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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Benefit

The components of the income tax expense (benefit) for continuing operations are as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
Current expense (benefit):
Federal			$	10,889					$	89,471					$	—
State			589						3,103						424
Foreign			23						(66)						(158)
			11,501						92,508						266
Deferred expense (benefit):
Federal			(15,672)						74,627						29,928
State			(3,382)						202						(185)
			$	(7,553)					$	167,337					$	30,009

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) from continuing operations to the amount computed by applying the statutory federal income tax rate to the net income (loss) from continuing operations is summarized as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
Tax at federal statutory rate			$	(2,213)					$	167,294					$	36,400
State, net of federal benefit			(1,456)						2,466						1,635
Contingent liabilities			(278)						18						948
Share-based compensation			(362)						(819)						(8,131)
FDII			(1,652)						(402)						—
Research and development credits			(699)						(879)						(2,758)
Change in uncertain tax positions			(650)						441						858
Rate change for changes in federal or state law			(173)						(210)						178
Provision to return adjustments			(4,803)						(184)						(150)
Foreign tax differential on income/loss of foreign subsidiaries			(3,839)						57						(14)
Change in valuation allowance			(121,876)						(1,193)						(4,225)
Sale of Vernalis R&D			127,372						—						—
Expired NOLs and credits			—						—						3,054
Change in derivatives			—						—						615
Other			3,076						748						1,599
			$	(7,553)					$	167,337					$	30,009

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) are comprised of the following:

			December 31,
			2020						2019
			(in thousands)
Deferred tax assets:
Net operating loss carryforwards			$	64,147					$	150,727
Research credit carryforwards			19,623						14,843
Stock Compensation			11,994						9,544
Other			13,120						10,602
			108,884						185,716
Valuation allowance for deferred tax assets			(24,858)						(141,338)
Net deferred tax assets			$	84,026					$	44,378
Deferred tax liabilities:
Identified intangibles			(119,381)						(40,768)
Other			(4,923)						(10,939)
Net deferred tax liabilities			$	(124,304)					$	(51,707)
Deferred income taxes, net			$	(40,278)					$	(7,329)

Schedule of Unrecognized Tax Benefits

A reconciliation of the amount of unrecognized tax benefits at December 31, 2020, 2019 and 2018 is as follows (in thousands):

			December 31,
			2020						2019						2018
Balance at beginning of year			$	28,736					$	30,289					$	29,363
Additions based on tax positions related to the current year			3,911						543						1,247
Additions for tax positions of prior years			179						—						336
Reductions for tax positions of prior years			(955)						(2,096)						(657)
Balance at end of year			$	31,871					$	28,736					$	30,289

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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.

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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.

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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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Tabular disclosure of the change in unrecognized tax benefits, excluding amounts pertaining to examined tax returns.

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