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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Domestic and Foreign Components of Income (Loss) Before Income Taxes The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):
Year Ended December 31,
202220212020
Domestic$(347,968)$417,356 $369,016 
Foreign(217,349)(259,894)(153,049)
Income (loss) before income taxes$(565,317)$157,462 $215,967 
Components of Provision for Income Taxes The components of the provision for income taxes were as follows (in thousands):
Year Ended December 31,
202220212020
Current:
Federal$14,352 $201 $— 
State17,504 3,186 4,016 
Foreign25,425 5,684 6,862 
Total current provision for income taxes57,281 9,071 10,878 
Deferred:
Federal(59,909)(1,463)(970)
State(7,677)(524)(231)
Foreign(2,007)(8,448)(6,815)
Total deferred provision for income taxes(69,593)(10,435)(8,016)
Total provision (benefit) for income taxes$(12,312)$(1,364)$2,862 
Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate The following is a reconciliation of the statutory federal income tax rate to the Company's effective tax rate:
December 31,
202220212020
Tax at federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit(1.1)0.6 0.3 
Foreign rate differential(2.0)10.4 4.0 
Other non-deductible expenses(1.4)4.5 2.7 
Credits27.0 (83.9)(34.6)
Other items0.6 1.6 2.2 
Change in valuation allowance(46.7)290.4 153.9 
Share-based compensation 7.5 (275.0)(155.4)
Change in uncertain tax positions(1.5)5.0 2.3 
Loss inclusions of US foreign subsidiaries2.1 0.9 — 
Non-deductible executive compensation(0.3)5.9 3.6 
Non-deductible acquisition related costs(3.0)5.9 1.3 
Intercompany transactions— 3.8 — 
Cancellation of debt income— 8.0 — 
Total2.2 %(0.9)%1.3 %
Tax Effects of Temporary Differences and Related Deferred Tax Assets and Liabilities The tax effects of temporary differences and related deferred tax assets and liabilities were as follows (in thousands):
December 31,
20222021
Deferred tax assets:
Capitalized costs & research and development capitalization$474,766 $12,409 
Accrued expenses129,695 62,707 
Net operating loss carryforwards1,172,880 1,276,561 
Tax credit carryforwards501,185 378,682 
Share-based compensation72,128 50,431 
Deferred interest— 34,475 
Other6,199 7,740 
Operating lease liability109,176 111,099 
Cryptocurrency investment30,273 17,600 
Deferred consideration11,665 11,266 
Convertible notes52,915 70,316 
Safeguarding liability related to bitcoin held for other parties110,150 272,287 
Total deferred tax assets2,671,032 2,305,573 
Valuation allowance(2,100,383)(1,887,111)
Total deferred tax assets, net of valuation allowance570,649 418,462 
Deferred tax liabilities:
Property, equipment and intangible assets(451,349)(31,775)
Indefinite-lived intangibles(1,309)(867)
Unrealized gain on investments(29,554)(4,712)
Operating lease right-of-use asset(96,894)(108,747)
Safeguarding asset related to bitcoin held for other parties(110,150)(272,287)
Total deferred tax liabilities(689,256)(418,388)
Net deferred tax assets (liabilities)$(118,607)$74 
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit unrecognized tax benefit was as follows (in thousands):
Year Ended December 31,
202220212020
Unrecognized tax benefit, beginning of the period$448,392 $295,182 $217,574 
Gross increases and decreases related to prior period tax positions5,431 6,552 (2,615)
Gross increases and decreases related to current period tax positions30,988 124,238 77,235 
Reductions related to lapse of statute of limitations(2,950)— (49)
Gross increases related to acquisitions24,651 22,420 3,037 
Unrecognized tax benefit, end of the period$506,512 $448,392 $295,182