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Provision For Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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