Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
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,
2020 2019 2018
Current:
Federal $ —  $ —  $ — 
State —  —  — 
Foreign —  —  190 
Total Current —  —  190 
Deferred:
Federal —  —  — 
State —  —  — 
Foreign —  —  — 
Total Deferred —  —  — 
Total income tax benefit (provision) $ —  $ —  $ 190 
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,
2020 2019 2018
Domestic $ (202,831) $ (139,654) $ (115,137)
Foreign (7,865) (12,113) (10,798)
Total loss before income taxes $ (210,696) $ (151,767) $ (125,935)
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,
2020 2019 2018
Income tax benefit (provision) at U.S. statutory rate $ 44,246  $ 31,871  $ 26,446 
Share-based compensation —  —  — 
Impairment —  —  — 
Change in U.S. tax rate —  —  — 
Change in valuation allowance due to change in U.S. tax rate —  —  — 
U.S. state tax 8,563  7,529  7,955 
Change in valuation allowance (49,802) (38,953) (32,086)
Other (3,007) (447) (2,125)
Total income tax benefit (provision) $ —  $ —  $ 190 
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
2020 2019
Deferred tax assets:
Capitalized engineering costs $ 45,865  $ 27,705 
Capitalized start-up costs 16,361  17,747 
Compensation and benefits 4,475  3,478 
Property, plant and equipment 10,569  — 
Lease liability 5,977  — 
Net operating loss carryforwards and credits:
Federal 68,515  60,469 
State 11,449  9,700 
Foreign 5,242  4,087 
Other, net 3,329  6,247 
Deferred tax assets 171,782  129,433 
Less valuation allowance (171,782) (121,980)
Deferred tax assets, net of valuation allowance —  7,453 
Deferred tax liabilities
Property and equipment —  (7,453)
Net deferred tax assets $ —  $ —