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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 23,438 |  |  | $ | 7,799 |  |  | $ | 40,822 |
State |  |  | 3,175 |  |  |  | 2,177 |  |  |  | 464 |
Total current |  |  | 26,613 |  |  |  | 9,976 |  |  |  | 41,286 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | (12,606 | ) |  |  | 6,594 |  |  |  | 26,026 |
State |  |  | (11 | ) |  |  | (2,194 | ) |  |  | (625 | )
Total deferred |  |  | (12,617 | ) |  |  | 4,400 |  |  |  | 25,401 |
Total income tax expense, net |  | $ | 13,996 |  |  | $ | 14,376 |  |  | $ | 66,687 |
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Expected tax at federal statutory rate |  | $ | 7,846 |  |  | $ | 40,747 |  |  | $ | 58,928 |
State income tax expense (benefit), net of federal benefit |  |  | 1,864 |  |  |  | 1,433 |  |  |  | (1,414 | )
Federal and state research credits |  |  | (90 | ) |  |  | (1,582 | ) |  |  | (2,453 | )
Foreign derived intangible income deduction |  |  | (11,767 | ) |  |  | (15,274 | ) |  |  | — |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 7,468 |
Impact of consolidation and deconsolidation of subsidiaries |  |  | — |  |  |  | — |  |  |  | (8,897 | )
Other |  |  | (2,243 | ) |  |  | 1,219 |  |  |  | (125 | )
Change in valuation allowance |  |  | 18,386 |  |  |  | (12,167 | ) |  |  | 13,180 |
Total income tax expense, net |  | $ | 13,996 |  |  | $ | 14,376 |  |  | $ | 66,687 |
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) |  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 176,989 |  |  | $ | 182,013 |
Research and development tax credit carryforwards |  |  | 21,359 |  |  |  | 21,357 |
Unrealized loss on investment, net |  |  | 11,481 |  |  |  | — |
Deferred royalty obligation, net |  |  | 17,452 |  |  |  | 18,084 |
Other |  |  | 6,832 |  |  |  | 6,467 |
Total deferred tax assets before valuation allowance |  |  | 234,113 |  |  |  | 227,921 |
Valuation allowance |  |  | (187,635 | ) |  |  | (169,249 | )
Total deferred tax assets |  |  | 46,478 |  |  |  | 58,672 |
Deferred tax liabilities |  |  |  |  |  |
Depreciation and amortization |  |  | (31,626 | ) |  |  | (39,064 | )
Unrealized gain on investment, net |  |  | — |  |  |  | (13,747 | )
Inventory fair value adjustment |  |  | (2,798 | ) |  |  | (6,424 | )
Net deferred tax assets (liabilities) |  | $ | 12,054 |  |  | $ | (563 | )
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, 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 |
Net increase in tax portions for 2024 |  |  | 41,851 |
Unrecognized tax benefits as of December 31, 2024 |  | $ | 61,294 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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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/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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