XML 55 R41.htm IDEA: XBRL DOCUMENT
v3.22.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes were as follows:
| Years Ended December 31,
| 2021 |  | 2020
| (In thousands)
Domestic | $ | 175,635 |  |  | $ | 108,072 |
Foreign | (983) |  |  | — |
Total | $ | 174,652 |  |  | $ | 108,072 |
Schedule of Effective Income Tax Rate Reconciliation | For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s income tax expense (benefit) at the effective tax rate, a notional 21% tax rate was applied as follows:
| Years Ended December 31,
| 2021 |  | 2020
Statutory federal tax rate - expense (benefit) | 21 | % |  | 21 | %
Foreign rate differential | 5 | % |  | (1) | %
Nondeductible permanent items | (1) | % |  | — | %
Expired tax attributes | 4 | % |  | — | %
Derivative fair value adjustment | 5 | % |  | 11 | %
Valuation allowance | (21) | % |  | (33) | %
Other | 1 | % |  | 1 | %
Effective income tax rate | 14 | % |  | (1) | %
Schedule of Components of Income Tax Expense (Benefit) | Acacia’s income tax (expense) benefit for the periods presented consisted of the following:
| Years Ended December 31,
| 2021 |  | 2020
| (In thousands)
Current: |  |  |
State | $ | (15) |  |  | $ | (66) |
Foreign | (8,530) |  |  | 1,225 |
Total current | (8,545) |  |  | 1,159 |
Deferred: |  |  |
Federal | (54,165) |  |  | — |
State | 1,573 |  |  | — |
Foreign | 332 |  |  | — |
Total deferred | (52,260) |  |  | — |
Change in valuation allowance | 36,518 |  |  | — |
Income tax (expense) benefit | $ | (24,287) |  |  | $ | 1,159 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
| December 31,
| 2021 |  | 2020
| (In thousands)
Deferred tax assets: |  |  |
Net operating loss and capital loss carryforwards and credits | $ | 78,428 |  |  | $ | 113,561 |
Compensation expense for share-based awards | 383 |  |  | 497 |
Fixed assets and intangibles | — |  |  | 677 |
Basis of investments in affiliates | 18 |  |  | 254 |
Accrued liabilities and other | 1,495 |  |  | 432 |
Lease liability | 726 |  |  | 330 |
State taxes | — |  |  | 15 |
Total deferred tax assets | 81,050 |  |  | 115,766 |
Valuation allowance | (40,585) |  |  | (76,969) |
Total deferred tax assets, net of valuation allowance | 40,465 |  |  | 38,797 |
Deferred tax liabilities: |  |  |
ROU Asset | (726) |  |  | (330) |
Fixed assets and intangibles | (2,572) |  |  | — |
Unrealized gain on investments held at fair value | (55,696) |  |  | (38,374) |
Other | (23) |  |  | (93) |
Total deferred tax liabilities | (59,017) |  |  | (38,797) |
Net deferred tax liabilities | $ | (18,552) |  |  | $ | — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following changes occurred in the amount of unrecognized tax benefits:
| Years Ended December 31,
| 2021 |  | 2020
| (In thousands)
Beginning balance | $ | 731 |  |  | $ | 731 |
Additions for current year tax positions | 27 |  |  | — |
Additions included in purchase accounting for prior year positions | 129 |  |  | — |
Reductions for prior year tax positions | — |  |  | — |
Ending Balance (excluding interest and penalties) | 887 |  |  | 731 |
Interest and penalties | — |  |  | — |
Total | $ | 887 |  |  | $ | 731 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration