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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
			2021						2020						2019
Current expense (benefit):
Federal			$	(1,190)					$	10,889					$	89,471
State			(32)						589						3,103
Foreign			—						23						(66)
			(1,222)						11,501						92,508
Deferred expense (benefit):
Federal			(7,355)						(15,672)						74,627
State			(1,263)						(3,382)						202
			(8,618)						(19,054)						74,829
Total income tax expense (benefit)			$	(9,840)					$	(7,553)					$	167,337

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,
			2021						2020						2019
Tax at federal statutory rate			$	9,932					$	(2,213)					$	167,294
State, net of federal benefit			(408)						(1,456)						2,466
Contingent liabilities			(8,161)						(278)						18
Share-based compensation			(11,919)						(362)						(819)
FDII			(637)						(1,652)						(402)
Research and development credits			(2,692)						(699)						(879)
Change in uncertain tax positions			586						(650)						441
Rate change for changes in federal, foreign or state law			(7,963)						(173)						(210)
Provision to return adjustments			(617)						(4,803)						(184)
Foreign tax differential on income/loss of foreign subsidiaries			(114)						(3,839)						57
Change in valuation allowance			11,410						(121,876)						(1,193)
Sale of Vernalis R&D			—						127,372						—
Other			743						3,076						748
			$	(9,840)					$	(7,553)					$	167,337

Schedule of Deferred Tax Assets and Liabilities

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

			December 31,
			2021						2020
			(in thousands)
Deferred tax assets:
Net operating loss carryforwards			$	64,352					$	64,147
Research credit carryforwards			27,797						19,623
Stock compensation			11,374						11,994
Other			19,668						13,120
			123,191						108,884
Valuation allowance for deferred tax assets			(36,283)						(24,858)
Net deferred tax assets			$	86,908					$	84,026
Deferred tax liabilities:
Identified intangibles			(102,221)						(119,381)
Other			(9,300)						(4,923)
Net deferred tax liabilities			$	(111,521)					$	(124,304)
Deferred income taxes, net			$	(24,613)					$	(40,278)

Schedule of Unrecognized Tax Benefits

A reconciliation of the amount of unrecognized tax benefits at December 31, 2021, 2020 and 2019 is as follows (in thousands):

			December 31,
			2021						2020						2019
Balance at beginning of year			$	31,871					$	28,736					$	30,289
Additions based on tax positions related to the current year			252						3,911						543
Additions for tax positions of prior years			945						179						—
Reductions for tax positions of prior years			(3,072)						(955)						(2,096)
Balance at end of year			$	29,996					$	31,871					$	28,736

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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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