Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income (loss) Before Provision (benefit) for Income Taxes

The components of income (loss) before provision (benefit) for income taxes consists of the following:

	Year Ended December 31,
(in thousands)	2023		2022		2021
U.S.	$	410,326	$	29,012	$	(76,389)
International	617		(2,293)		1,351
Income (loss) before income taxes	$	410,943	$	26,719	$	(75,038)

Schedule of Provision (benefit) for Income Taxes

The Company’s provision (benefit) for income taxes consists of the following:

	Year Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal	$	110,108	$	42,532	$	—
State	29,806		4,302		(8,166)
International	—		(166)		(30)
	139,914		46,668		(8,196)
Deferred
Federal	(45,252)		(39,920)		1,048
State	(10,739)		(8,315)		3,058
International	359		219		331
	(55,632)		(48,016)		4,437
Income tax expense (benefit)	$	84,282	$	(1,348)	$	(3,759)

Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the Actual Income Taxes

The reconciliation of income taxes at the U.S. federal statutory rate to the income tax expense (benefit) is as follows:

	Year Ended December 31,
(in thousands)	2023		2022		2021
U.S. statutory rate	$	86,298	$	5,611	$	(15,758)
Permanent items	1,042		2,309		1,764
Sale of RELISTOR licensed intangible asset associated with net sales royalties	(10,817)		—		—
Section 162(m)	307		247		1,028
Uncertain tax positions	(5,045)		(12,629)		(8,952)
Tax credits	(2,118)		(4,085)		(990)
State and local taxes	18,726		67		656
Impact on deferred taxes of change in tax rate	(330)		4,169		3,049
Changes in fair value of contingent assets and liabilities	(1,948)		5,422		15,015
Foreign tax rate differential	128		68		23
Valuation allowance	(4)		(30)		(400)
Stock compensation	(3,941)		(4,612)		(1,164)
Change in indemnification deferred tax asset	1,240		2,343		1,786
Other	744		(228)		184
Income tax expense (benefit)	$	84,282	$	(1,348)	$	(3,759)

Schedule of Components of Deferred Incomes Tax Assets (Liabilities)

The components of deferred income tax assets (liabilities) are as follows:

	December 31,
(in thousands)	2023		2022
Deferred Tax Assets
Federal benefit of state taxes payable	$	263	$	1,739
Reserves, accruals and other	18,923		31,532
Inventory obsolescence	—		919
Capitalized research and development	17,142		79,946
Stock compensation	9,266		—
Intangible assets	25,214		—
Net operating loss carryforwards	80,184		88,014
Lease liability	14,365		—
Deferred tax assets	165,357		202,150
Deferred Tax Liabilities
Reserves, accruals and other	—		(5,354)
Right-of-use asset	(11,543)		—
Intangible assets	—		(80,770)
Amortization of intangibles other than goodwill	—		(385)
Depreciation	—		(1,469)
Deferred tax liability	(11,543)		(87,978)
Less: valuation allowance	(3,616)		(3,525)
	$	150,198	$	110,647
Recorded in the accompanying consolidated balance sheets as:
Noncurrent deferred tax assets, net	$	150,198	$	110,647

Schedule of Reconciliation of the Company's Changes in Uncertain Tax Positions

A reconciliation of the Company’s changes in uncertain tax positions for 2023 and 2022 is as follows:

(in thousands)	Amount
Balance of uncertain tax positions as of January 1, 2021	$	5,292
Additions related to current year tax positions	—
Reductions related to prior year tax positions	(188)
Settlements	(1,446)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2021	3,658
Additions related to current year tax positions	—
Reductions related to prior year tax positions	(1,180)
Settlements	(306)
Lapse of statute of limitations	(692)
Balance of uncertain tax positions as of December 31, 2022	1,480
Additions related to current year tax positions	3,749
Reductions related to prior year tax positions	(688)
Settlements	(442)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2023	$	4,099