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Income Taxes (Tables)

12 Months Ended

Jan. 02, 2021

Income Tax Disclosure [Abstract]

Components of Income Before Provision for Income Taxes

The components of income before provision for income taxes are as follows (in thousands):

			Year Ended January 2, 2021						Year Ended December 28, 2019						Year Ended December 29, 2018
United States			$	214,816					$	181,664					$	173,848
Foreign			48,920						52,502						39,928
Total			$	263,736					$	234,166					$	213,776

Current and Deferred Provision (Benefit) for Income Taxes

The following table presents the current and deferred provision (benefit) for income taxes (in thousands):

			Year Ended January 2, 2021						Year Ended December 28, 2019						Year Ended December 29, 2018
Current:
Federal			$	13,901					$	30,218					$	20,418
State			6,444						5,273						3,075
Foreign			8,073						8,424						5,014
Subtotal			$	28,418					$	43,915					$	28,507
Deferred:
Federal			$	1,354					$	(3,732)					$	(6,678)
State			(6,191)						(1,985)						(1,258)
Foreign			(127)						(248)						(338)
Subtotal			(4,964)						(5,965)						(8,274)
Total			$	23,454					$	37,950					$	20,233

Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate

The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows:

			Year Ended January 2, 2021						Year Ended December 28, 2019						Year Ended December 29, 2018
Statutory regular federal income tax rate			21.0		%				21.0		%				21.0		%
State provision, net of federal benefit			0.1						1.1						0.7
Nondeductible executive compensation			1.8						2.1						1.9
Research and development tax credits			(2.2)						(1.1)						(1.4)
Foreign income taxed at different rates			(1.0)						(1.7)						(2.0)
U.S. tax on foreign income, net			1.0						0.1						0.7
Impact of 2017 Tax Act			—						—						0.1
Withholding taxes on undistributed foreign earnings, net			—						—						(0.6)
Excess stock-based compensation			(10.4)						(6.0)						(9.4)
Derecognition of uncertain tax position			(2.2)						—						(1.5)
Other			0.8						0.7						—
Total			8.9		%				16.2		%				9.5		%

Components of Deferred Tax Assets

The components of the deferred tax assets are as follows (in thousands):

			January 2, 2021						December 28, 2019
Deferred tax assets:
Deferred revenue			$	19,769					$	13,948
Net operating losses			19,140						724
Accrued liabilities			16,534						13,273
Tax credits			9,398						6,438
Stock-based compensation			8,385						7,926
Operating lease assets			5,782						4,174
Other			—						867
Total			79,008						47,350
Valuation allowance			(15,660)						—
Total deferred tax assets			$	63,348					$	47,350
Deferred tax liabilities:
Property and equipment			$	(12,818)					$	(6,604)
Acquired intangibles			(5,465)						—
Operating lease liabilities			(5,429)						(3,845)
Withholding taxes on undistributed foreign earnings			(3,108)						(2,829)
State taxes and other			(2,302)						(1,152)
Other			(1,110)						—
Total deferred tax liabilities			(30,232)						(14,430)
Net deferred tax assets			$	33,116					$	32,920

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

			Year Ended January 2, 2021						Year Ended December 28, 2019
Unrecognized tax benefits (gross), beginning of period			$	17,009					$	15,412
Increase from tax positions in prior period			471						81
Increase from tax positions in current period			6,565						2,636
Lapse of statute of limitations			(6,040)						(1,120)
Unrecognized tax benefits (gross), end of period			$	18,005					$	17,009

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