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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2017
INCOME TAXES |
Schedule of impacts of the differences between the expected U.S. federal statutory income tax to our income tax expense |
|  | Year Ended December 31, |
(In thousands) |  | 2017 |  | 2016 |  | 2015 |
Expected tax at federal statutory rate |  | $ | 46,997 |  | $ | 20,871 |  | $ | (6,372 | )
State income tax, net of federal benefit |  |  | 4 |  |  | — |  |  | — |
Non-deductible executive compensation |  |  | 987 |  |  | 925 |  |  | 306 |
Other |  |  | (1,506 | ) |  | (122 | ) |  | 170 |
Impact of tax reform rate change |  |  | 124,017 |  |  | — |  |  | — |
Change in valuation allowance |  |  | (170,495 | ) |  | (21,579 | ) |  | 5,896 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense |  | $ | 4 |  | $ | 95 |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of significant components of the Company's deferred tax assets and deferred tax liabilities |
|  | As of December 31, |
(In thousands) |  | 2017 |  | 2016 |
Deferred tax assets |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 257,000 |  | $ | 417,000 |
Deferred revenues |  |  | — |  |  | 1,000 |
Research and development tax credit carryforwards |  |  | 57,000 |  |  | 53,000 |
Other |  |  | 3,000 |  |  | 13,000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax assets before valuation allowance |  |  | 317,000 |  |  | 484,000 |
Valuation allowance |  |  | (303,000 | ) |  | (484,000 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax assets |  |  | 14,000 |  |  | — |
Deferred tax liabilities |  |  |  |  |  |  |
Debt issuance discount and other |  |  | (14,000 | ) |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets |  | $ | — |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summary of changes in unrecognized tax benefits | A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits are as follows (in thousands):
Unrecognized tax benefits as of December 31, 2014 |  | $ | 15,459 |
Gross increase in tax portions for 2015 |  |  | 29 |
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Unrecognized tax benefits as of December 31, 2017, 2016 and 2015 |  | $ | 15,488 |
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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