INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Income Tax Expense (Benefit)

The components of ”Loss before income taxes” in the Consolidated Statement s of Operations for the years ended December 31, 2019, 2020 and 2021 are as follows (in millions):


	Years Ended December 31,
	2019		2020		2021
Loss before income taxes
United States	$	(427)	$	(1,021)	$	(4,590)
Foreign	1		3		(98)
Total loss before income taxes	$	(426)	$	(1,018)	$	(4,688)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to its components at the United States statutory rate for the years ended December 31, 2019, 2020 and 2021 is shown below (in millions):


	Years Ended December 31,
	2019		2020		2021
Federal income tax at statutory rate	$	(90)	$	(214)	$	(984)
State income taxes	(20)		(52)		(236)
Permanent items	1		4		8
Nondeductible charitable contributions	—		—		172
Nondeductible loss on convertible debt	—		—		118
Nondeductible interest	8		—		—
Tax credits	(11)		(31)		(63)
Other	—		—		(3)
Valuation allowance	105		293		988
Tax credit limitation	7		—		—
Provision for income taxes	$	—	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2020 and 2021 are as follows (in millions):


	December 31, 2020		December 31, 2021
Deferred tax assets:
Net operating loss and tax credit carryforwards	$	453	$	1,218
Inventory	—		142



Lease liabilities	26		71
Stock-based compensation	—		118

Other	18		50
Total deferred tax assets	497		1,599
Less: valuation allowances	(470)		(1,458)
Total net deferred tax assets	27		141
Deferred tax liabilities:
Property, plant, and equipment	(6)		(78)
Operating lease assets	(21)		(62)
Total deferred tax liabilities	(27)		(140)
Net deferred tax assets	$	—	$	1