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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of components of the income tax expense | Income tax expense consists of the following:
|  | Year Ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 40,822 |  |  | $ | — |  |  | $ | — |
State |  |  | 464 |  |  |  | 7 |  |  |  | 11 |
Total current |  |  | 41,286 |  |  |  | 7 |  |  |  | 11 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 26,026 |  |  |  | 70,893 |  |  |  | 60,408 |
State |  |  | (625 | ) |  |  | 5,539 |  |  |  | 12 |
Total deferred |  |  | 25,401 |  |  |  | 76,432 |  |  |  | 60,420 |
Total income tax expense, net |  | $ | 66,687 |  |  | $ | 76,439 |  |  | $ | 60,431 |
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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Expected tax at federal statutory rate |  | $ | 58,928 |  |  | $ | 93,507 |  |  | $ | 74,392 |
State income tax, net of federal benefit |  |  | (1,414 | ) |  |  | 848 |  |  |  | (26 | )
Federal and state research credits |  |  | (2,453 | ) |  |  | 1,260 |  |  |  | — |
Noncontrolling interest |  |  | 7,468 |  |  |  | (21,626 | ) |  |  | (14,577 | )
Impact of consolidation and deconsolidation of subsidiaries |  |  | (8,897 | ) |  |  | — |  |  |  | — |
Other |  |  | (125 | ) |  |  | 1,129 |  |  |  | 839 |
Change in valuation allowance |  |  | 13,180 |  |  |  | 1,321 |  |  |  | (197 | )
Income tax expense (benefit), net |  | $ | 66,687 |  |  | $ | 76,439 |  |  | $ | 60,431 |
Schedule of deferred tax assets and deferred tax liabilities | Significant components of our deferred tax assets and deferred tax liabilities are as follows:
|  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 149,646 |  |  | $ | 64,813 |
Research and development tax credit carryforwards |  |  | 21,230 |  |  |  | 53,467 |
Unrealized loss on investment, net |  |  | 6,032 |  |  |  | — |
Deferred royalty obligation, net |  |  | 17,404 |  |  |  | — |
Other |  |  | 8,527 |  |  |  | 743 |
Total deferred tax assets before valuation allowance |  |  | 202,839 |  |  |  | 119,023 |
Valuation allowance |  |  | (144,808 | ) |  |  | (64,744 | )
Total deferred tax assets |  |  | 58,031 |  |  |  | 54,279 |
Deferred tax liabilities |  |  |  |  |  |
Depreciation and amortization |  |  | (50,587 | ) |  |  | (9,158 | )
Unrealized gain on investment, net |  |  | — |  |  |  | (27,794 | )
Inventory fair value adjustment |  |  | (12,410 | ) |  |  | — |
Other |  |  | (805 | ) |  |  | — |
Net deferred tax assets (liabilities) |  | $ | (5,771 | ) |  | $ | 17,327 |
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) |  | Amount |
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 |
Net increase in tax portions for 2022 |  |  | 1,452 |
Unrecognized tax benefits as of December 31, 2022 |  | $ | 16,324 |

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