Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Components of Income Tax Benefit (Provision)

The benefit (provision) for incomes taxes consists of the following:


	For the years ended December 31,
(In thousands)	2021		2020		2019
Current
Federal	$	—	$	(234)	$	—
State	(2,536)		351		(89)
Foreign	(2,794)		(2,094)		(2,647)
	(5,330)		(1,977)		(2,736)
Deferred
Federal	(10,901)		(254)		333
State	1,280		933		125
Foreign	(538)		(16,319)		(4,782)
	(10,159)		(15,640)		(4,324)
Total, net	$	(15,489)	$	(17,617)	$	(7,060)

Components of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31, 2021 and 2020 are comprised of the following:


(In thousands)	December 31, 2021		December 31, 2020
Deferred income tax assets:
Federal net operating loss	$	76,646	$	90,032
State net operating loss	56,583		54,074
Foreign net operating loss	17,106		17,452
Research and development expense	290		301
Tax credits	22,938		22,999
Stock options	30,324		26,683
Accruals	10,692		14,779
Equity investments	15,735		13,619
Bad debts	265		310
Lease liability	1,091		861
Foreign credits	9,829		9,819
Available-for-sale securities	2,582		2,473
Operating lease asset	14,554		9,842
Other	6,493		6,393
Deferred income tax assets	265,128		269,637
Deferred income tax liabilities:
Intangible assets	(80,230)		(73,122)
Convertible debt	(6,286)		(10,462)
Operating lease liability	(14,554)		(9,842)
Investment in subsidiaries	(42,140)		—
Fixed assets	(2,592)		(2,736)
Other	(1,638)		(2,082)
Deferred income tax liabilities	(147,440)		(98,244)
Net deferred income tax assets (liabilities)	117,688		171,393
Valuation allowance	(260,397)		(303,326)
Net deferred income tax liabilities	$	(142,709)	$	(131,933)

Note: Net deferred income tax liability balance includes $4.3 million recorded to Other Assets and $1.5 million recorded to Assets Held for Sale on the Consolidated Balance Sheet.

Change in Gross Unrecognized Income

The following summarizes the changes in our gross unrecognized income tax benefits.


	For the years ended December 31,
(In thousands)	2021		2020		2019
Unrecognized tax benefits at beginning of period	$	13,954	$	17,160	$	17,513

Gross increases – tax positions in current period	166		441		884
Gross decreases – tax positions in prior period	(575)		(244)		(298)
Gross decreases – settlements with taxing authorities	(1,952)		(2,770)		—
Lapse of Statute of Limitations	(96)		(633)		(939)

Unrecognized tax benefits at end of period	$	11,497	$	13,954	$	17,160

Schedule of Difference in Federal and Effective Tax Rate

The significant elements contributing to the difference between the federal statutory tax rate and the effective tax rate are as follows:


	For the years ended December 31,
	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	(7.9)	%	17.4	%	2.8	%
Foreign income tax	21.6	%	53.7	%	(6.6)	%
Income Tax Refunds	6.1	%	(0.6)	%	—	%
Research and development tax credits	2.3	%	(1.0)	%	0.3	%

Valuation allowance	235.4	%	227.7	%	(17.9)	%
Rate change effect	(40.5)	%	11.4	%	0.4	%
Non-deductible items	(67.0)	%	5.2	%	(1.7)	%
Unrecognized tax benefits	11.3	%	(5.0)	%	—	%
Impairments	—	%	—	%	(1.6)	%
IPR&D benefit	—	%	(309.6)	%	—	%
Stock options excess tax benefit	(3.8)	%	10.6	%	0.4	%
Imputed interest	(6.3)	%	2.5	%	0.5	%
Investment in subsidiaries	(287.6)	%	—	%	—	%
Other	9.7	%	3.2	%	0.1	%
Total	(105.7)	%	36.5	%	(2.3)	%

Reconciliation Losses Before Tax, US and Foreign Jurisdictions

The following table reconciles our income (loss) before income taxes between U.S. and foreign jurisdictions:


	For the years ended December 31,
(In thousands)	2021		2020		2019
Pre-tax income (loss):
U.S.	$	(2,965)	$	81,734	$	(236,544)
Foreign	(11,690)		(33,531)		(71,321)
Total	$	(14,655)	$	48,203	$	(307,865)