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Provision For Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2023
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,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 167,954 |  |  | $ | 100,525 |  |  | $ | 11,338 |
State | 15,011 |  |  | 11,903 |  |  | 5,224 |
Total current tax expense | $ | 182,965 |  |  | $ | 112,428 |  |  | $ | 16,562 |
Deferred: |  |  |  |  |
Federal | $ | (123,486) |  |  | $ | (54,223) |  |  | $ | 46,416 |
State | (9,723) |  |  | (6,135) |  |  | 113 |
Total deferred tax (benefit) expense | (133,209) |  |  | (60,358) |  |  | 46,529 |
Provision for income taxes | $ | 49,756 |  |  | $ | 52,070 |  |  | $ | 63,091 |
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, 2023, 2022 and 2021, respectively, to our provision for income taxes was as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. federal income tax provision at statutory rate | $ | 54,080 |  |  | $ | 49,213 |  |  | $ | 61,772 |
State tax (benefit) expense | (1,487) |  |  | (2,632) |  |  | 1,336 |
Change in valuation allowance | 5,770 |  |  | 7,162 |  |  | 2,883 |
Research credits | (23,714) |  |  | (14,130) |  |  | (6,263) |
Stock-based compensation | 1,066 |  |  | (2,864) |  |  | (11,831) |
Non-deductible executive compensation | 7,019 |  |  | 4,549 |  |  | 11,182 |
Branded prescription drug fee | 4,968 |  |  | 3,855 |  |  | 2,897 |
Non-deductible warrant purchase | — |  |  | 6,300 |  |  | — |
Other | 2,054 |  |  | 617 |  |  | 1,115 |
Provision for income taxes | $ | 49,756 |  |  | $ | 52,070 |  |  | $ | 63,091 |
Schedule of Deferred Assets and Liabilities | Our deferred tax assets and liabilities were as follows (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 29,512 |  |  | $ | 33,635 |
Tax credit carryforwards | 39,640 |  |  | 40,217 |
Depreciation and amortization | 313,679 |  |  | 176,208 |
Stock-based compensation | 24,592 |  |  | 27,531 |
Lease liabilities | 49,971 |  |  | 46,759 |
Accruals and reserves not currently deductible | 30,068 |  |  | 22,418 |
Other assets | 10,730 |  |  | 14,402 |
Total deferred tax assets | 498,192 |  |  | 361,170 |
Valuation allowance | (83,001) |  |  | (77,230) |
Net deferred tax assets | 415,191 |  |  | 283,940 |
Deferred tax liabilities: |  |  |
Lease right-of-use assets | (54,046) |  |  | (52,830) |
Net deferred taxes | $ | 361,145 |  |  | $ | 231,110 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Beginning balance | $ | 87,706 |  |  | $ | 83,583 |  |  | $ | 80,941 |
Change relating to prior year provision | 631 |  |  | 715 |  |  | 728 |
Change relating to current year provision | 32,137 |  |  | 4,129 |  |  | 2,215 |
Reductions based on the lapse of the applicable statutes of limitations | (4,708) |  |  | (721) |  |  | (301) |
Ending balance | $ | 115,766 |  |  | $ | 87,706 |  |  | $ | 83,583 |

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