Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Company's Income Before Expense (Benefit) for Income Taxes

The Company’s income before expense (benefit) for income taxes by jurisdiction for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands):

	For the Years Ended December 31,
	2022			2021		2020
Ireland	$	1,081,966		$	177,063	$	94,527
United States		(129,482	)		35,711		(13,716	)
Other foreign		(425,548	)		250,053		320,834
Income before expense (benefit) for income taxes	$	526,936		$	462,827	$	401,645

Components of Expense (Benefit) for Income Taxes

The components of the expense (benefit) for income taxes were as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands):

	For the Years Ended December 31,
	2022			2021			2020
Current expense (benefit) provision
Ireland	$	27,926		$	(5,368	)	$	14,413
U.S. – Federal and State		18,195			44,382			18,418
Other foreign		(96,694	)		(12,976	)		(4,321	)
Total current expense (benefit) provision		(50,573	)		26,038			28,510
Deferred benefit provision
Ireland		106,804			22,801			(15,844	)
U.S. – Federal and State		(50,354	)		(120,532	)		(824	)
Other foreign		(423	)		29			7
Total deferred expense (benefit) provision		56,027			(97,702	)		(16,661	)
Total expense (benefit) for income taxes	$	5,454		$	(71,664	)	$	11,849

Reconciliation Between Irish Statutory Rate and U.S Federal Statutory Income Tax Rate

A reconciliation between the Irish statutory income tax rate to the Company’s effective tax rate for 2022, 2021 and 2020 is as follows (in thousands):

	For the Years Ended December 31,
	2022			2021			2020
Irish income tax at statutory rate (12.5%)	$	65,867		$	57,853		$	50,206
Foreign tax rate differential		(54,685	)		(58,519	)		(52,300	)
Share-based compensation		(53,129	)		(71,151	)		(23,793	)
Change in valuation allowances		(18,945	)		1,667			4,183
U.S. federal and state tax credits		(12,461	)		(11,551	)		(13,809	)
Non-deductible in-process research and development costs		—			—			9,475
Write-off of U.S. deferred tax asset related to interest expense due to Anti-Hybrid Rules		—			—			15,250
Intercompany transfer and license of IP assets		—			18,700			5,193
U.S. state income taxes		650			(6,798	)		724
Uncertain tax positions		2,431			(5,150	)		1,593
Other non-deductible expenses		4,423			4,880			1,440
Goodwill impairment		11,796			—			—
Change in U.S. state effective tax rate		27,533			(49,388	)		(1,737	)
Disqualified compensation expense		31,389			47,050			14,601
Other, net		585			743			823
Expense (benefit) for income taxes	$	5,454		$	(71,664	)	$	11,849
Effective income tax rate		1.0	%	(15.4)%				3.0	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities, are as follows (in thousands):

	As of December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	34,299		$	75,431
Accruals and reserves		80,849			37,175
Accrued compensation		43,567			60,827
Intercompany interest		39,977			34,777
U.S. federal and state credits		23,585			47,312
Other		4,105			6,790
Total deferred tax assets		226,382			262,312
Valuation allowance		(18,726	)		(37,672	)
Deferred tax assets, net of valuation allowance	$	207,656		$	224,640
Deferred tax liabilities:
Intangible assets	$	90,533		$	67,321
Property, plant and equipment		19,901			8,614
Interest rate swap		6,708			—
Debt discount		717			1,062
Total deferred tax liabilities		117,859			76,997
Net deferred income tax asset	$	(89,797	)	$	(147,643	)

Reconciliation of Beginning and Ending Amounts of Valuation Allowance

A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands):

Valuation allowances at December 31, 2019	$	(29,268	)
Increase for 2020 activity		(8,841	)
Release of valuation allowances		4,124
Valuation allowances at December 31, 2020	$	(33,985	)
Increase for 2021 activity		(5,181	)
Release of valuation allowances		1,494
Valuation allowances at December 31, 2021	$	(37,672	)
Increase for 2022 activity		(95	)
Release of valuation allowances		19,041
Valuation allowances at December 31, 2022	$	(18,726	)

Changes in Uncertain Income Tax Positions

The changes in the Company’s uncertain income tax positions for the years ended December 31, 2022, 2021 and 2020, excluding interest and penalties, consisted of the following (in thousands):

	For the Years Ended December 31,
	2022			2021			2020
Beginning balance – uncertain tax positions	$	28,447		$	29,431		$	27,428
Tax positions in the year:
Additions		3,893			3,838			3,837
Acquired uncertain tax positions		—			4,220			—
Tax positions related to prior years:
Additions		—			—			—
Settlements and lapses		(1,931	)		(9,042	)		(1,834	)
Ending balance – uncertain tax positions	$	30,409		$	28,447		$	29,431