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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
INCOME TAXES |
Schedule of components of the income tax expense | Income tax expense consists of the following:
|  | Year Ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current |  |  |  |  |  |  |  |  |
State |  | $ | 7 |  |  | $ | 11 |  |  | $ | 26 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 70,893 |  |  |  | 60,408 |  |  |  | 41,567 |
State |  |  | 5,539 |  |  |  | 12 |  |  |  | 309 |
|  |  | 76,432 |  |  |  | 60,420 |  |  |  | 41,876 |
Total income tax expense, net |  | $ | 76,439 |  |  | $ | 60,431 |  |  | $ | 41,902 |
Schedule of differences between expected U.S. federal statutory income tax to income tax expense | The impacts of the differences between the expected U.S. federal statutory income tax to our income tax expense are as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Expected tax at federal statutory rate |  | $ | 93,507 |  |  | $ | 74,392 |  |  | $ | 48,908 |
State income tax, net of federal benefit |  |  | 848 |  |  |  | (26 | ) |  |  | 325 |
Federal and state research credits |  |  | 1,260 |  |  |  | — |  |  |  | — |
Noncontrolling interest |  |  | (21,626 | ) |  |  | (14,577 | ) |  |  | (7,078 | )
Other |  |  | 1,129 |  |  |  | 839 |  |  |  | 326 |
Change in valuation allowance |  |  | 1,321 |  |  |  | (197 | ) |  |  | (579 | )
Income tax expense (benefit), net |  | $ | 76,439 |  |  | $ | 60,431 |  |  | $ | 41,902 |
Schedule of deferred tax assets and deferred tax liabilities | Significant components of our deferred tax assets and deferred tax liabilities are as follows:
|  | As of December 31, |
(In thousands) |  | 2021 |  |  | 2020 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 64,813 |  |  | $ | 121,839 |
Research and development tax credit carryforwards |  |  | 53,467 |  |  |  | 55,211 |
Other |  |  | 743 |  |  |  | 1,100 |
Total deferred tax assets before valuation allowance |  |  | 119,023 |  |  |  | 178,150 |
Valuation allowance |  |  | (64,744 | ) |  |  | (63,423 | )
Total deferred tax assets |  |  | 54,279 |  |  |  | 114,727 |
Deferred tax liabilities |  |  |  |  |  |
Debt issuance discount and other |  |  | (9,158 | ) |  |  | (10,596 | )
Unrealized gain on investment, net |  |  | (27,794 | ) |  |  | (10,372 | )
Net deferred tax assets |  | $ | 17,327 |  |  | $ | 93,759 |
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, 2018 |  | $ | 15,413 |
Gross decrease in tax portions for 2019 |  |  | (71 | )
Unrecognized tax benefits as of December 31, 2019 |  |  | 15,342 |
Net decrease in tax portions for 2020 |  |  | (157 | )
Unrecognized tax benefits as of December 31, 2020 |  |  | 15,185 |
Net decrease in tax portions for 2021 |  |  | (313 | )
Unrecognized tax benefits as of December 31, 2021 |  | $ | 14,872 |

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