Company: PACB
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001299130-25-000061
Chunk: 814

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 3
Chunk 814
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 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 of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets for federal and state income taxes are as follows:December 31,(in thousands)20242023Deferred tax assets:Net operating loss carryforwards$434,122 $435,488 Research and development credits 91,416 83,