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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
			2022						2021						2020
Current expense (benefit):
Federal			$	10,097					$	460					$	10,820
State			193						(22)						541
Foreign			452						—						23
			10,742						438						11,384
Deferred expense (benefit):
Federal			(3,656)						(2,901)						(13,456)
State			34,144						(1,685)						(3,234)
			30,488						(4,586)						(16,690)
Total income tax expense (benefit)			$	41,230					$	(4,148)					$	(5,306)

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,
			2022						2021						2020
Tax at federal statutory rate			$	7,562					$	15,163					$	272
State, net of federal benefit			264						(82)						(1,231)
FDII			(2,395)						(637)						(1,652)
Rate change for changes in federal, foreign or state law			(535)						(7,963)						(164)
Change in uncertain tax positions			(158)						480						(673)
Sale of Vernalis R&D			—						—						127,372
Contingent liabilities			15						(7,993)						(266)
Foreign tax differential on income/loss of foreign subsidiaries			103						(114)						(3,839)
Research and development credits			256						(1,628)						(168)
Debt repurchases			626						—						—
Subpart F income			853						1,392						25
Share-based compensation			1,279						(12,080)						(623)
Provision to return adjustments			2,232						(1,347)						(5,920)
Officer compensation			5,869						3,239						2,410
Change in valuation allowance			24,799						11,245						(121,864)
Other			460						(3,823)						1,015
			$	41,230					$	(4,148)					$	(5,306)

Schedule of Deferred Tax Assets and Liabilities

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

			December 31,
			2022						2021
			(in thousands)
Deferred tax assets:
Net operating loss carryforwards			$	53,960					$	63,471
Research credit carryforwards			26,309						26,908
Stock compensation			11,158						9,743
Other			19,542						12,989
			110,969						113,111
Valuation allowance for deferred tax assets			(57,472)						(35,931)
Net deferred tax assets			$	53,497					$	77,180
Deferred tax liabilities:
Identified intangibles			(64,696)						(66,848)
Other			(10,886)						(5,459)
Net deferred tax liabilities			$	(75,582)					$	(72,307)
Deferred income taxes, net			$	(22,085)					$	4,873

Schedule of Unrecognized Tax Benefits

A reconciliation of the amount of unrecognized tax benefits at December 31, 2022, 2021 and 2020 is as follows (in thousands):

			December 31,
			2022						2021						2020
Balance at beginning of year			$	29,550					$	31,619					$	28,647
Additions based on tax positions related to the current year			58						252						3,911
Additions for tax positions of prior years			—						751						15
Reductions for tax positions of prior years			(512)						(3,072)						(954)
Balance at end of year			$	29,096					$	29,550					$	31,619

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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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-Name Accounting Standards Codification
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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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