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Provision For Income Taxes (Tables)

12 Months Ended

Dec. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Our income before income taxes is derived solely from within the U.S. Our provision for income taxes was as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
Current:
Federal			$	100,525					$	11,338					$	—
State			11,903						5,224						3,791
Total current tax expense			$	112,428					$	16,562					$	3,791
Deferred:
Federal			$	(54,223)					$	46,416					$	14,886
State			(6,135)						113						379
Total deferred tax expense			(60,358)						46,529						15,265
Provision for income taxes			$	52,070					$	63,091					$	19,056

Schedule of Reconciliation of Income Taxes At The Statutory Federal Income Tax Rate to Net Income Taxes

The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21% for each of the years ended December 31, 2022, 2021 and 2020, respectively, to our provision for income taxes was as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
U.S. federal income tax provision at statutory rate			$	49,213					$	61,772					$	27,476
State tax (benefit) expense			(2,632)						1,336						(2,232)
Change in valuation allowance			7,162						2,883						5,525
Research credits			(14,130)						(6,263)						(11,356)
Stock-based compensation			(2,864)						(11,831)						(20,399)
Non-deductible executive compensation			4,549						11,182						18,067
Branded prescription drug fee			3,855						2,897						2,537
Non-deductible warrant purchase			6,300						—						—
Other			617						1,115						(562)
Provision for income taxes			$	52,070					$	63,091					$	19,056

Schedule of Deferred Assets and Liabilities

Our deferred tax assets and liabilities were as follows (in thousands):

			December 31,
			2022						2021
Deferred tax assets:
Net operating loss carryforwards			$	33,635					$	17,993
Tax credit carryforwards			40,217						101,460
Depreciation and amortization			176,208						7,764
Stock-based compensation			27,531						23,162
Lease liabilities			46,759						12,385
Accruals and reserves not currently deductible			22,418						19,531
Deferred revenue			7,656						8,040
Other assets			6,746						1,303
Total deferred tax assets			361,170						191,638
Valuation allowance			(77,230)						(70,068)
Net deferred tax assets			283,940						121,570
Deferred tax liabilities:
Lease right-of-use assets			(52,830)						(9,907)
Net deferred taxes			$	231,110					$	111,663

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits (in thousands):

			Year Ended December 31,
			2022						2021						2020
Beginning balance			$	83,583					$	80,941					$	79,078
Change relating to prior year provision			715						728						591
Change relating to current year provision			4,129						2,215						3,305
Reductions based on the lapse of the applicable statutes of limitations			(721)						(301)						(2,033)
Ending balance			$	87,706					$	83,583					$	80,941

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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