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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019:

 

In thousands

 

 

2021

 

 

2020

 

 

2019

 

Beginning uncertain tax benefits

 

$

24,034

 

 

$

26,743

 

 

$

6,815

 

Prior year—increases

 

 

16

 

 

 

2,428

 

 

 

295

 

Prior year—decreases

 

 

(2,248

)

 

 

(5,391

)

 

 

 

Current year—increases

 

 

238

 

 

 

254

 

 

 

19,633

 

Ending uncertain tax benefits

 

$

22,040

 

 

$

24,034

 

 

$

26,743

 

Jurisdictions the Company Remains Subject to Tax Examinations

The Company files income tax returns in the United States, Ireland and United Kingdom, or UK. The Company remains subject to tax examinations in the following jurisdictions as of December 31, 2021:

 

Jurisdiction

 

Tax Years

United States—Federal

2018-2021

United States—State

2012-2021

Ireland

2017-2021

United Kingdom

2020-2021

Components of Income (Loss) from Operations Before Taxes

The components of income (loss) from operations before taxes were as follows for the years ended December 31, 2021, 2020 and 2019:

 

In thousands

 

2021

 

 

2020

 

 

2019

 

United States

 

$

10,222

 

 

$

14,915

 

 

$

10,269

 

Ireland and United Kingdom

 

 

(4,368

)

 

 

(32,170

)

 

 

(32,750

)

Other

 

 

 

5,437

 

 

 

 

 

 

 

Total Income / (Loss) Before Taxes

 

 

$

11,291

 

 

$

(17,255

)

 

$

(22,481

)

 

Benefit from Income Taxes

The provision for income taxes shown in the accompanying consolidated statements of operations consists of the following for fiscal 2021, 2020 and 2019:

 

In thousands

 

2021

 

 

2020

 

 

2019

 

Current:

 

 

 

 

 

 

 

 

 

United States—Federal

 

$

2,690

 

 

$

45

 

 

$

 

United States—State

 

 

716

 

 

 

700

 

 

 

164

 

Foreign

 

 

 

156

 

 

 

 

 

 

 

Total current

 

$

3,562

 

 

$

745

 

 

$

164

 

Deferred:

 

 

 

 

 

 

 

 

 

United States—Federal

 

 

5,222

 

 

 

1,972

 

 

 

1,777

 

United States—State

 

 

(3,057

)

 

 

1,956

 

 

 

(914

)

Ireland and United Kingdom

 

 

(1,619

)

 

 

(26,793

)

 

 

1,278

 

Change in valuation allowance

 

 

(546

)

 

 

22,865

 

 

 

(2,141

)

Total deferred

 

$

 

 

$

 

 

$

 

Provision for income taxes

 

$

3,562

 

 

$

745

 

 

$

164

 

 

Difference between Benefit from Income Taxes and Amount Computed by Applying Statutory Income Tax Rate to Income Before Taxes

The provision for income taxes differs from the amount computed by applying the statutory income tax rate to income before taxes due to the following for fiscal 2021, 2020 and 2019:

 

In thousands

 

2021

 

 

2020

 

 

2019

 

Benefits from taxes at statutory rate

$

2,823

 

 

$

(4,314

)

 

$

(5,620

)

Rate differential

 

(4,416

)

 

 

128

 

 

 

3,009

 

Change in valuation reserves

 

(546

)

 

 

22,865

 

 

 

(2,141

)

Nondeductible employee compensation

 

5,249

 

 

 

6,122

 

 

 

5,472

 

Stock option/RSU windfall (shortfall)

 

81

 

 

 

(3,262

)

 

 

(14,342

)

ISO disqualifying disposition windfall

 

(219

)

 

 

(253

)

 

 

(2,849

)

Research and development credits

 

(1,170

)

 

 

(6,225

)

 

 

(1,607

)

Tax return to provision adjustments

 

(8,372

)

 

 

(138

)

 

 

(3,222

)

Net Operating Loss Carryback

 

 

 

 

(2,465

)

 

 

 

Cumulative translation adjustment

 

4,109

 

 

 

(10,852

)

 

 

2,025

 

Permanent and other

 

863

 

 

 

(4,283

)

 

 

(443

)

Tax reserves

 

5,160

 

 

 

3,422

 

 

 

18,799

 

Corscianto liquidation

 

 

 

 

 

 

 

 

 

1,727

 

Long-term debt from royalty-bearing instrument

 

 

 

 

 

 

 

(644

)

Provision for income taxes

$

3,562

 

 

$

745

 

 

$

164

 

Income Tax Effect of Each Type of Temporary Difference Comprising Net Deferred Tax Asset

The income tax effect of each type of temporary difference comprising the net deferred tax asset as of December 31, 2021 and 2020 is as follows:

 

In thousands

 

December 31, 2021

 

 

December 31, 2020

 

Deferred tax assets:

 

 

 

 

 

 

Net operating losses

 

$

127,378

 

 

$

125,859

 

Stock-based compensation

 

 

8,563

 

 

 

7,565

 

Tax credits

 

 

15,803

 

 

 

14,690

 

Lease Liability

 

 

2,348

 

 

 

2,219

 

Other reserves and accrued liabilities

 

 

11,257

 

 

 

14,702

 

Gross deferred tax assets

 

 

165,349

 

 

 

165,035

 

Less: valuation allowance

 

 

(160,295

)

 

 

(160,841

)

Total deferred tax assets

 

 

5,054

 

 

 

4,194

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation and amortization

 

 

(3,404

)

 

 

(2,399

)

Lease Asset

 

 

 

(1,639

)

 

 

(1,784

)

Other liabilities

 

 

 

(11

)

 

 

(11

)

Total deferred tax liabilities

 

 

(5,054

)

 

 

(4,194

)

Net deferred tax assets

 

$

 

 

$

 

 

Valuation Allowance

The following table reflects the activity in the valuation allowance for the years ended December 31, 2021 and 2020:

 

In thousands

 

2021

 

 

2020

 

Beginning valuation allowance

$

160,841

 

 

$

137,976

 

Increase as reflected in income tax expense

 

2,899

 

 

 

12,453

 

Cumulative translation adjustment

 

(3,445

)

 

 

10,412

 

Ending valuation allowance

$

160,295

 

 

$

160,841