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Provision For Income Taxes (Tables)

12 Months Ended

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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