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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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