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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,799 |  |  | $ | 40,822 |  |  | $ | — |
State |  |  | 2,177 |  |  |  | 464 |  |  |  | 7 |
Total current |  |  | 9,976 |  |  |  | 41,286 |  |  |  | 7 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 6,594 |  |  |  | 26,026 |  |  |  | 70,893 |
State |  |  | (2,194 | ) |  |  | (625 | ) |  |  | 5,539 |
Total deferred |  |  | 4,400 |  |  |  | 25,401 |  |  |  | 76,432 |
Total income tax expense, net |  | $ | 14,376 |  |  | $ | 66,687 |  |  | $ | 76,439 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Expected tax at federal statutory rate |  | $ | 40,747 |  |  | $ | 58,928 |  |  | $ | 93,507 |
State income tax, net of federal benefit |  |  | 1,433 |  |  |  | (1,414 | ) |  |  | 848 |
Federal and state research credits |  |  | (1,582 | ) |  |  | (2,453 | ) |  |  | 1,260 |
Section 250 deduction |  |  | (15,274 | ) |  |  | — |  |  |  | — |
Noncontrolling interest |  |  | — |  |  |  | 7,468 |  |  |  | (21,626 | )
Impact of consolidation and deconsolidation of subsidiaries |  |  | — |  |  |  | (8,897 | ) |  |  | — |
Other |  |  | 1,219 |  |  |  | (125 | ) |  |  | 1,129 |
Change in valuation allowance |  |  | (12,167 | ) |  |  | 13,180 |  |  |  | 1,321 |
Total income tax expense, net |  | $ | 14,376 |  |  | $ | 66,687 |  |  | $ | 76,439 |
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) |  | 2023 |  |  | 2022 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 182,013 |  |  | $ | 149,646 |
Research and development tax credit carryforwards |  |  | 21,357 |  |  |  | 21,230 |
Unrealized loss on investment, net |  |  | — |  |  |  | 6,032 |
Deferred royalty obligation, net |  |  | 18,084 |  |  |  | 17,404 |
Other |  |  | 6,467 |  |  |  | 8,527 |
Total deferred tax assets before valuation allowance |  |  | 227,921 |  |  |  | 202,839 |
Valuation allowance |  |  | (169,249 | ) |  |  | (144,808 | )
Total deferred tax assets |  |  | 58,672 |  |  |  | 58,031 |
Deferred tax liabilities |  |  |  |  |  |
Depreciation and amortization |  |  | (39,064 | ) |  |  | (50,587 | )
Unrealized gain on investment, net |  |  | (13,747 | ) |  |  | — |
Inventory fair value adjustment |  |  | (6,424 | ) |  |  | (12,410 | )
Other |  |  | — |  |  |  | (805 | )
Net deferred tax liabilities |  | $ | (563 | ) |  | $ | (5,771 | )
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, 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 |
Net increase in tax portions for 2023 |  |  | 3,119 |
Unrecognized tax benefits as of December 31, 2023 |  | $ | 19,443 |

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