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Provision For Income Taxes (Tables) | 12 Months Ended
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Jan. 03, 2025
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,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 201,890 |  |  | $ | 167,954 |  |  | $ | 100,525 |
State | 17,941 |  |  | 15,011 |  |  | 11,903 |
Total current tax expense | $ | 219,831 |  |  | $ | 182,965 |  |  | $ | 112,428 |
Deferred: |  |  |  |  |
Federal | $ | (52,433) |  |  | $ | (123,486) |  |  | $ | (54,223) |
State | (7,025) |  |  | (9,723) |  |  | (6,135) |
Total deferred tax expense | (59,458) |  |  | (133,209) |  |  | (60,358) |
Provision for income taxes | $ | 160,373 |  |  | $ | 49,756 |  |  | $ | 52,070 |
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, 2024, 2023 and 2022, respectively, to our provision for income taxes was as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal income tax provision at statutory rate | $ | 143,144 |  |  | $ | 54,080 |  |  | $ | 49,213 |
State tax expense | 12,240 |  |  | (1,487) |  |  | (2,632) |
Change in valuation allowance | (3,617) |  |  | 5,770 |  |  | 7,162 |
Research credits | (10,997) |  |  | (23,714) |  |  | (14,130) |
Stock-based compensation | 665 |  |  | 1,066 |  |  | (2,864) |
Non-deductible executive compensation | 7,094 |  |  | 7,019 |  |  | 4,549 |
Branded prescription drug fee | 4,633 |  |  | 4,968 |  |  | 3,855 |
Non-deductible warrant purchase | — |  |  | — |  |  | 6,300 |
Other | 7,211 |  |  | 2,054 |  |  | 617 |
Provision for income taxes | $ | 160,373 |  |  | $ | 49,756 |  |  | $ | 52,070 |
Schedule of Deferred Assets and Liabilities | Our deferred tax assets and liabilities were as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss and capital loss carryforwards | $ | 39,877 |  |  | $ | 29,512 |
Tax credit carryforwards | 39,572 |  |  | 39,640 |
Depreciation and amortization | 349,058 |  |  | 313,679 |
Stock-based compensation | 17,791 |  |  | 24,592 |
Lease liabilities | 49,137 |  |  | 49,971 |
Accruals and reserves not currently deductible | 40,858 |  |  | 30,068 |
Other assets | 9,049 |  |  | 10,730 |
Total deferred tax assets | 545,342 |  |  | 498,192 |
Valuation allowance | (86,029) |  |  | (83,001) |
Net deferred tax assets | 459,313 |  |  | 415,191 |
Deferred tax liabilities: |  |  |
Lease right-of-use assets | (39,286) |  |  | (54,046) |
Net deferred taxes | $ | 420,027 |  |  | $ | 361,145 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 115,766 |  |  | $ | 87,706 |  |  | $ | 83,583 |
Change relating to prior year provision | (1,994) |  |  | 631 |  |  | 715 |
Change relating to current year provision | 13,796 |  |  | 32,137 |  |  | 4,129 |
Reductions based on the lapse of the applicable statutes of limitations | (68) |  |  | (4,708) |  |  | (721) |
Ending balance | $ | 127,500 |  |  | $ | 115,766 |  |  | $ | 87,706 |

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