Current report filing

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefit (Provision)

Income tax benefit (provision) included in our reported net loss consisted of the following (in thousands):

    

Year Ended December 31,

    

2021

    

2020

    

2019

Current:

  

  

  

Federal

$

$

$

State

 

 

 

Foreign

 

 

 

Total Current

 

 

 

Deferred:

 

  

 

  

 

  

Federal

 

 

 

State

 

 

 

Foreign

 

 

 

Total Deferred

 

 

 

Total income tax benefit (provision)

$

$

$

Schedule of Income before Income Tax, Domestic and Foreign

The sources of loss from operations before income taxes were as follows (in thousands):

Year Ended December 31,

    

2021

    

2020

    

2019

Domestic

$

(111,114)

$

(202,831)

$

(139,654)

Foreign

(3,624)

(7,865)

(12,113)

Total loss before income taxes

$

(114,738)

$

(210,696)

$

(151,767)

Summary of Effective Income Tax Rate Reconciliation

The reconciliation of the federal statutory income tax rate to our effective income tax rate is as follows:

Year Ended December 31,

    

2021

    

2020

    

2019

Income tax benefit (provision) at U.S. statutory rate

$

24,095

$

44,246

$

31,871

Share-based compensation

1,352

Impairment

 

 

 

Change in U.S. tax rate

 

 

 

Change in valuation allowance due to change in U.S. tax rate

 

 

 

U.S. state tax

 

4,333

 

8,563

 

7,529

Change in valuation allowance

 

(29,648)

 

(49,802)

 

(38,953)

Other

 

(132)

 

(3,007)

 

(447)

Total income tax benefit (provision)

$

$

$

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in thousands):

December 31,

    

2021

    

2020

Deferred tax assets:

 

  

 

  

Capitalized engineering costs

$

59,366

$

45,865

Capitalized start-up costs

 

15,012

 

16,361

Compensation and benefits

 

14,740

 

4,475

Property, plant and equipment

 

 

10,569

Lease liability

 

15,514

 

5,977

Net operating loss carryforwards and credits:

 

  

 

  

Federal

 

80,246

 

68,515

State

 

13,406

 

11,449

Foreign

 

5,687

 

5,242

Other, net

 

1,593

 

3,329

Deferred tax assets

 

205,564

 

171,782

Less valuation allowance

 

(201,366)

 

(171,782)

Deferred tax assets, net of valuation allowance

 

4,198

 

Deferred tax liabilities

 

  

 

  

Property and equipment

 

(4,198)

 

Net deferred tax assets

$

$