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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of and Provision for Income Taxes | The U.S. and non-U.S. components of income (loss) from continuing operations before income taxes and our income tax expense (benefit) from continuing operations (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 (1) |  | 2019 (1)
Income (loss) from continuing operations before income taxes: |  |  |  |  |  |
UK and Non-U.S. |  | $ | 22,094 |  |  | $ | (262,501) |  |  | $ | 26,104 |
U.S. |  | (146,566) |  |  | (85,521) |  |  | (214,482) |
|  | $ | (124,472) |  |  | $ | (348,022) |  |  | $ | (188,378) |
Total income tax expense (benefit) from continuing operations consisted of the following: |  |  |  |  |  |
Current: |  |  |  |  |  |
UK and Non-U.S. |  | $ | 4,296 |  |  | $ | 2,899 |  |  | $ | 1,112 |
U.S. |  | 4,050 |  |  | (41,010) |  |  | (4,988) |
|  | 8,346 |  |  | (38,111) |  |  | (3,876) |
Deferred: |  |  |  |  |  |
UK and Non-U.S. |  | 2,852 |  |  | 37,151 |  |  | (7,628) |
U.S. |  | — |  |  | — |  |  | (18,870) |
|  | 2,852 |  |  | 37,151 |  |  | (26,498) |
Total income tax expense (benefit) from continuing operations |  | $ | 11,198 |  |  | $ | (960) |  |  | $ | (30,374) |
(1)Income (loss) from continuing operations before income taxes and deferred income tax expense for UK and Non-U.S. for the years ended December 31, 2020 and 2019 have been revised. For further details refer to “Note 1. Nature of Operations.”
Schedule of Effective Income Tax Rate Reconciliation | The following table is a reconciliation of the statutory income tax rate to our effective income tax rate expressed as a percentage of income from continuing operations before income taxes:
|  | Year Ended December 31,
|  | 2021 |  | 2020 (1) |  | 2019 (1)
Statutory tax rate at UK Rate |  | 19.0 | % |  | 19.0 | % |  | 19.0 | %
Deferred tax valuation allowance |  | (47.7) |  |  | (34.9) |  |  | (17.3) |
Foreign tax rate differential |  | 7.1 |  |  | 6.6 |  |  | 6.4 |
U.S. state and local tax expense, net of federal benefit |  | (0.3) |  |  | 1.5 |  |  | 6.1 |
Effect of changes in tax rate |  | 18.9 |  |  | 2.2 |  |  | (3.1) |
Write-off/impairment of investments |  | (1.8) |  |  | 1.8 |  |  | (2.7) |
Reserve for uncertain tax positions |  | — |  |  | 0.8 |  |  | 2.5 |
Research and development tax credits |  | 0.3 |  |  | 0.9 |  |  | 2.2 |
UK CFC tax |  | — |  |  | — |  |  | 2.1 |
U.S. tax on non-U.S. operations |  | — |  |  | — |  |  | (1.6) |
Base erosion anti-abuse tax |  | (3.1) |  |  | (0.7) |  |  | 1.5 |
Exempt income |  | — |  |  | — |  |  | 1.2 |
Foreign tax withholding and credits |  | (0.2) |  |  | (0.2) |  |  | — |
CARES Act rate differential |  | — |  |  | 2.8 |  |  | — |
Disallowable professional fees |  | (1.5) |  |  | — |  |  | — |
Other, net |  | 0.3 |  |  | 0.5 |  |  | (0.2) |
Effective tax rate |  | (9.0) | % |  | 0.3 | % |  | 16.1 | %
(1)Reconciliation amounts for the years ended December 31, 2020 and 2019 have been revised. For further details refer to “Note 1. Nature of Operations.”
Schedule of Significant Components of Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows (in thousands):
|  | 2021 |  | 2020 (1)
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 152,491 |  |  | $ | 133,504 |
Tax credit carryforwards |  | 40,931 |  |  | 37,629 |
Interest expense carryforward |  | 65,141 |  |  | 43,155 |
Accruals and reserves |  | 36,796 |  |  | 25,589 |
Deferred compensation |  | 13,262 |  |  | 11,868 |
Inventories |  | 8,844 |  |  | 8,454 |
Other |  | 19,119 |  |  | 17,522 |
Gross deferred tax assets |  | 336,584 |  |  | 277,721 |
Valuation allowance |  | (244,978) |  |  | (186,425) |
Net deferred tax assets |  | 91,606 |  |  | 91,296 |
Deferred tax liabilities: |  |  |  |
Property, equipment & intangible assets |  | (70,573) |  |  | (54,326) |
Gain on sale of intellectual property |  | (26,564) |  |  | (41,069) |
Investments |  | — |  |  | — |
Other |  | — |  |  | — |
Gross deferred tax liabilities: |  | (97,137) |  |  | (95,395) |
Net deferred tax liabilities |  | $ | (5,531) |  |  | $ | (4,099) |
Reported on the consolidated balance sheet as (after valuation allowance and jurisdictional netting): |  |  |  |
Net deferred tax assets |  | $ | 2,197 |  |  | $ | 2,990 |
Net deferred tax liabilities |  | (7,728) |  |  | (7,089) |
Net deferred tax liabilities |  | $ | (5,531) |  |  | $ | (4,099) |
(1)Deferred tax assets for inventories, the valuation allowance and net deferred tax liabilities as of December 31, 2020 have been revised. For further details refer to “Note 1. Nature of Operations.”
Summary of Operating Loss Carryforwards | Net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2021, which can be used to reduce our income tax payable in future years (in thousands):
Region |  | Gross Amount |  | Tax Benefit |  | Amount with No Expiration |  | Amount with Expiration |  | Carryforward Period
Europe NOL |  | $ | 395,393 |  |  | $ | 94,681 |  |  | $ | 94,621 |  |  | $ | 60 |  |  | 2026 | - | 2026
U.S. Federal NOL |  | 169,127 |  |  | 35,517 |  |  | 4,456 |  |  | 31,061 |  |  | 2023 | - | 2038
U.S. State NOL |  | 275,780 |  |  | 15,434 |  |  | 2,673 |  |  | 12,761 |  |  | 2022 | - | 2041
S. America & other regions NOL |  | 18,054 |  |  | 6,066 |  |  | 6,035 |  |  | 31 |  |  | 2029 | - | 2037
Far East NOL |  | 3,150 |  |  | 795 |  |  | 152 |  |  | 643 |  |  | 2025 | - | 2031
U.S. foreign tax credits |  | — |  |  | 15,850 |  |  | — |  |  | 15,850 |  |  | 2025 | - | 2029
U.S. tax credits |  | — |  |  | 16,623 |  |  | — |  |  | 16,623 |  |  | 2022 | - | 2041
U.S. State research & development tax credits |  | — |  |  | 6,499 |  |  | 1,068 |  |  | 5,431 |  |  | 2030 | - | 2041
Other non-U.S. tax credits |  | — |  |  | 1,959 |  |  | 824 |  |  | 1,135 |  |  | 2022 | - | 2034
|  | $ | 861,504 |  |  | $ | 193,424 |  |  | $ | 109,829 |  |  | $ | 83,595 |  |  |  |  |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a roll-forward of our total gross unrecognized tax benefit (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Balance at beginning of year |  | $ | 3,433 |  |  | $ | 15,995 |  |  | $ | 22,883 |
Increases: |  |  |  |  |  |
Tax positions related to current year |  | — |  |  | — |  |  | 176 |
Decreases: |  |  |  |  |  |
Tax positions related to prior years for settlement with tax authorities |  | (1,434) |  |  | (13,989) |  |  | (2,104) |
Tax positions related to prior years for lapses of statute of limitations |  | — |  |  | — |  |  | (4,632) |
Impact of foreign currency exchange rates |  | (258) |  |  | 1,427 |  |  | (328) |
Balance at end of year |  | $ | 1,741 |  |  | $ | 3,433 |  |  | $ | 15,995 |
Schedule of Income Tax Examinations by Jurisdiction | The major jurisdictions where we are subject to income tax examinations are as follows:
Jurisdiction |  | Earliest Year Open
U.S. - federal and state |  | 2015
Italy |  | 2015
Germany |  | 2019
England and Wales |  | 2020
Canada |  | 2017

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