Company: PCRX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001396814-25-000041
Chunk: 71

Company: Pacira BioSciences, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 71
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$6,322 Additions for current year positions553 Reduction for prior year positions(164)Balance at December 31, 20236,711 Additions for prior year positions1,189 Additions for current year positions1,472 Balance at December 31, 2024$9,372 The UTBs as of December 31, 2024, 2023 and 2022 would, if subsequently recognized, favorably impact the effective income tax rate.The Company regularly assesses the likelihood of additional tax assessments by jurisdiction and, if necessary, adjusts its reserve for UTBs based on new information or developments. Of the UTB balance at December 31, 2024, $4.3 million was recorded as a reduction to the Company’s deferred tax assets. The remaining $5.1 million of the UTB balance at December 31, 2024 was recorded to long-term income taxes payable within other liabilities on the consolidated balance sheet and relates to both the utilization of tax credits and filing positions. Any potential deficiency would not result in a tax liability, therefore, no interest or penalties were recognized in income tax expense for the years ended December 31, 2024, 2023 and 2022 for positions recorded to the Company’s deferred tax assets and long-term income taxes payable. The Company is currently subject to audit by the U.S. Internal Revenue Service, or IRS, for the years 2019 through 2024, and state tax jurisdictions for the years 2018 through 2024. However, the IRS or states may still examine and adjust an NOL arising from a closed year to the extent it is utilized in a year that remains subject to audit. The Company’s previously filed income tax returns are not presently under audit by the IRS. The Company is under a state audit for the years 2020 through 2021.

As of December 31, 2024, $0.7 million of current federal income taxes payable were recorded to other accrued operating expenses within the accrued expenses line item of the consolidated balance sheets. 

NOTE 16—EMPLOYEE BENEFIT PLANS

401(k) Salary Savings PlanThe Company’s 401(k) Salary Savings Plan, or 401(k) Plan, is a deferred salary arrangement under section 401(k) of the IRC. Under the 401(k) Plan, participating U.S. employees may defer a portion of their pre-tax earnings which are eligible for a discretionary percentage match