Company: PACB
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001299130-25-000061
Chunk: 540

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 1A
Chunk 540
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 in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and we will determine whether the factors underlying the sustainability assertion have changed and the amount of the recognized tax benefit is still appropriate.We account for Global Intangible Low-taxed Income as a period cost.During the years ended December 31, 2024, 2023, and 2022 income/(loss) before taxes from U.S. operations were ($311.0) million, ($318.9) million, and ($315.7) million, respectively, and income/(loss) before taxes from foreign operations was $1.5 million, $0.7 million, and $1.8 million, respectively.Income Tax Provision (Benefit)Income tax provision (benefit) consists of the following:Years ended December 31,(in thousands)202420232022Total current$521 $— $— Deferred:Federal(8)(9,956)— State(197)(1,468)— Foreign— — — Total deferred(205)(11,424)— Income tax provision (benefit)$316 $(11,424)$— Income tax provision (benefit) related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows:Years ended December 31,202420232022Statutory tax rate 21.0 %21.0 %21.0 %State tax rate, net of federal benefit1.9 3.0 4.4 Change in valuation allowance (10.8)(20.0)(25.1)Tax credits1.5 2.0 2.2 Share-based compensation(3.7)(2.1)(2.2)Merger Expenses— (0.1)— Goodwill impairment(9.8)— — Other(0.2)(0.2)(0.4)Total(0.1)%3.6 %(0.1)%

Fiscal 2024 Form 10-K116

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts