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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of total income (loss) before taxes from continuing operations are as follows (in thousands):

		Years Ended December 31,
		2020				2019				2018
U.S.		$	140,428			$	(53,346	)		$	16,684
Foreign			(4,519	)			(29,711	)			(9,774	)
Total income (loss) before taxes from continuing operations		$	135,909			$	(83,057	)		$	6,910

Components of Provision for Income Taxes

The provision for (benefit from) income taxes consisted of the following (in thousands):

		Years Ended December 31,
		2020				2019				2018
Current:
U.S. federal		$	15,175			$	68,772			$	290
Foreign			1,523				(42,147	)			22,668
State and local			10,124				94				10
Total current			26,822				26,719				22,968
Deferred:
U.S. federal			(28,154	)			(41,826	)			(10,766	)
Foreign			(1,132	)			(4,145	)			(3,191	)
State and local			(5,423	)			228				(338	)
Total deferred			(34,709	)			(45,743	)			(14,295	)
Provision for (benefit from) income taxes		$	(7,887	)		$	(19,024	)		$	8,673

Component of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

		December 31,
		2020				2019
Deferred tax assets
Net operating losses		$	144,064			$	10,142
Research tax credits			82,378				13,475
Foreign tax credits			106,795				—
Expenses not currently deductible			44,232				14,276
Basis difference in fixed and intangible assets			7,206				3,593
Deferred revenue			20,828				—
Capitalized research expenses			61,296				23,785
Lease liability			17,995				364
Gross deferred tax assets			484,794				65,635
Valuation allowance			(287,895	)			(37,243	)
Net deferred tax assets			196,899				28,392
Deferred tax liabilities
Revenue recognition			(7,733	)			(32,466	)
Operating leases			(17,535	)			(2,665	)
Acquired intangible assets, domestic			(185,662	)			(17,165	)
Acquired intangible assets, foreign			(33	)			(2,171	)
Other			(3,004	)			—
Net deferred tax liabilities		$	(17,068	)		$	(26,075	)

Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:

		Years Ended December 31,
		2020				2019				2018
U.S. federal statutory rate		$	28,541			$	(17,442	)		$	1,451
State, net of federal benefit			(1,530	)			281				59
Stock-based compensation expense			2,471				2,807				3,883
Executive compensation limitation			2,132				411				1,538
Research tax credit			(1,576	)			(2,038	)			248
Foreign withholding tax			9,391				10,328				33,063
Transaction costs			8,216				974				—
Foreign tax rate differential			921				1,907				474
Foreign tax credit			(2,647	)			(7,795	)			(33,554	)
Change in valuation allowance			(47,649	)			(8,238	)			7,721
U.S. tax reform			(1,845	)			(2,970	)			(6,333	)
Unrecognized tax benefits			3,049				2,994				300
Change in estimates			(1,355	)			(1,300	)			(10	)
Foreign exchange			(7,438	)			—				—
Others			1,432				1,057				(167	)
Total		$	(7,887	)		$	(19,024	)		$	8,673

Reconciliation of Unrecognized Tax Benefits

The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands):

		Years Ended December 31,
		2020				2019				2018
Total unrecognized tax benefits at January 1		$	87,294			$	33,552			$	33,506
Increases due to the Mergers			103,443				—				—
Increases for tax positions related to the current year			46,978				54,823				586
Increases for tax positions related to prior years			2,541				178				—
Decreases for tax positions related to prior years			(7,100	)			(1,259	)			(540	)
Total unrecognized tax benefits at December 31		$	233,156			$	87,294			$	33,552

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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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