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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule of components of the loss before income taxes

Year Ended December 31, 

(In thousands)

    

2020

    

2019

    

2018

Income (loss) before provision for income taxes:

  

  

Cayman Islands

$

37,567

$

11,779

$

14,838

United States

(46,500)

(99,225)

(69,695)

Ireland

(277,105)

(154,217)

(171,134)

United Kingdom

(499)

(14)

(94)

Total

$

(286,537)

$

(241,677)

$

(226,085)

Schedule of the components of the provision for income taxes

Year Ended December 31, 

(In thousands)

    

2020

    

2019

    

2018

Provision for income tax benefit (expense):

Current:

Cayman Islands

$

$

$

United States

8,545

5,210

10,563

Ireland

(13)

United Kingdom

(12)

12

(2)

Subtotal

8,520

5,222

10,561

Deferred

Total

$

8,520

$

5,222

$

10,561

Effective tax rate

2.97

%  

2.16

%  

4.67

%

Schedule of the differences between the Irish statutory income tax rate and the Company's effective tax rates

Year Ended December 31, 

    

2020

    

2019

    

2018

Provision at statutory income tax rate

25.00

%  

25.00

%  

25.00

%

Foreign rate differential

(11.49)

 

(6.96)

 

(7.51)

Share-based compensation

0.75

(1.17)

0.28

Non-deductible executive compensation

(0.63)

(0.51)

(0.72)

Uncertain tax positions

(1.26)

(0.63)

(4.00)

Research and development tax credit carryforwards

1.83

2.50

1.79

Foreign exchange loss

8.52

Intangible asset

10.01

Change in valuation allowance

(20.56)

 

(14.90)

 

(18.82)

Other

(0.68)

 

(1.17)

 

0.13

Effective tax rate

2.97

%  

2.16

%  

4.67

%

Significant components of the Company's deferred tax assets and liabilities

December 31, 

(In thousands)

    

2020

    

2019

Deferred tax assets:

Net operating loss carryforwards

 

$

82,821

$

58,161

Capital loss carryforwards

 

19,409

 

19,409

Research and development tax credit carryforwards

 

24,075

 

15,723

Fixed assets and intangibles

310,187

285,341

Share-based compensation

15,087

15,480

Accruals

8,145

8,245

Operating lease liabilities

11,662

11,358

Other

 

346

 

7

Subtotal

471,732

413,724

Valuation allowance

 

(462,711)

 

(403,836)

Total deferred tax assets

9,021

9,888

Deferred tax liabilities:

Operating lease assets

(8,680)

(9,429)

Prepaid assets

(341)

(459)

Total deferred tax liabilities

(9,021)

(9,888)

Net deferred tax assets (liabilities)

$

$

Reconciliation of unrecognized tax benefits

(In thousands)

    

Unrecognized tax benefits as of December 31, 2018

$

52,404

Gross decrease in tax positions for prior years

(2,010)

Gross increase in tax positions for current year

8,369

Unrecognized tax benefits as of December 31, 2019

58,763

Gross decrease in tax positions for prior years

(8,059)

Gross increase in tax positions for current year

12,743

Unrecognized tax benefits as of December 31, 2020

$

63,447