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Income Taxes (Tables) | 12 Months Ended
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Jan. 02, 2021
Income Taxes |
Schedule of income before income taxes | Income before income taxes includes the following components (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | January 2, | ​ | December 28, | ​ | December 29,
​ |  | 2021 |  | 2019 | ​ | 2018
Domestic |  | $ | (19,491) |  | $ | 2,025 |  | $ | 19,777
Foreign | ​ | ​ | 34,792 | ​ |  | 47,624 | ​ |  | 52,384
​ | ​ | $ | 15,301 | ​ | $ | 49,649 | ​ | $ | 72,161
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | January 2, | ​ | December 28, | ​ | December 29,
​ |  | 2021 |  | 2019 |  | 2018
Current: |  |  |  |  |  |
Domestic | ​ | $ | 1,485 | ​ | $ | (779) | ​ | $ | (8,843)
Foreign | ​ | ​ | 7,803 | ​ |  | 8,157 | ​ |  | 5,888
Total Current | ​ | ​ | 9,288 | ​ |  | 7,378 | ​ |  | (2,955)
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ | ​ | (4,031) | ​ |  | 33,624 | ​ |  | (8,978)
Foreign | ​ | ​ | (2,487) | ​ |  | (10,618) | ​ |  | 503
Total Deferred | ​ | ​ | (6,518) | ​ |  | 23,006 | ​ |  | (8,475)
Provision (benefit) for income taxes | ​ | $ | 2,770 | ​ | $ | 30,384 | ​ | $ | (11,430)
Schedule of reconciliation of federal statutory tax rate to effective tax rate | The reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended |
​ | ​ | January 2, | ​ | December 28, | ​ | December 29, |
​ |  | 2021 |  | 2019 |  | 2018 |
Federal statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
Foreign tax rate benefit |  | (19.2) | ​ | (14.9) | ​ | (14.8) | ​
Research and development tax credits |  | (50.9) | ​ | (15.2) | ​ | (9.8) | ​
GILTI and Subpart F income | ​ | 35.7 | ​ | 4.9 | ​ | 4.1 | ​
Nondeductible (nontaxable) foreign items | ​ | (1.5) | ​ | 5.4 | ​ | 4.4 | ​
State tax expense | ​ | 2.6 | ​ | 1.0 | ​ | 1.5 | ​
Release of prior year unrecognized tax benefits |  | — | ​ | (0.4) | ​ | (2.7) | ​
Nondeductible officer compensation |  | 15.7 | ​ | 4.3 | ​ | 2.4 | ​
Change in cost-sharing treatment of stock-based compensation | ​ | — | ​ | 54.8 | ​ | (2.2) | ​
Excess tax benefit of stock-based compensation | ​ | (4.0) | ​ | (2.2) | ​ | (5.9) | ​
Change in prior period valuation allowance | ​ | 2.5 | ​ | 1.3 | ​ | (2.5) | ​
One-time impacts of tax reform |  | — | ​ | (0.5) | ​ | (11.5) | ​
Nondeductible (nontaxable) domestic items | ​ | 14.8 | ​ | 2.8 | ​ | 1.5 | ​
Other |  | 1.4 | ​ | (1.1) | ​ | (1.3) | ​
Effective Tax Rate |  | 18.1 | % | 61.2 | % | (15.8) | %
​
Schedule of significant components of deferred taxes | Significant components of the Company’s deferred taxes as of January 2, 2021 and December 28, 2019 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | January 2, |  | December 28,
​ |  | 2021 |  | 2019
Deferred tax assets: |  | ​ | ​ | ​ | ​ | ​
Net operating loss carryforwards |  | $ | 6,839 | ​ | $ | 7,912
Tax credit carryforwards | ​ | ​ | 22,421 | ​ | ​ | 14,755
Stock-based compensation |  |  | 2,683 | ​ |  | 2,619
Intangible assets | ​ | ​ | 9,802 | ​ | ​ | 7,135
Fixed assets | ​ | ​ | 261 | ​ | ​ | 289
Capitalized research and development |  |  | 1,237 | ​ |  | 1,735
Deferred income on shipments to distributors |  |  | 3,099 | ​ |  | 4,018
Leases | ​ | ​ | 6,335 | ​ | ​ | 3,446
Accrued liabilities and other |  |  | 7,652 | ​ |  | 7,374
​ |  |  | 60,329 | ​ |  | 49,283
Less: Valuation allowance |  |  | (5,311) | ​ |  | (4,486)
​ |  |  | 55,018 | ​ |  | 44,797
Deferred tax liabilities: |  | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ | ​ | 16,758 | ​ | ​ | 16,621
Fixed assets | ​ | ​ | 8,473 | ​ | ​ | 4,969
Leases | ​ | ​ | 5,999 | ​ | ​ | 3,166
Debt | ​ | ​ | 21,674 | ​ | ​ | 5,741
Prepaid expenses and other |  |  | 4,919 | ​ |  | 2,424
​ |  |  | 57,823 | ​ |  | 32,921
Net deferred tax assets (liabilities) |  | $ | (2,805) | ​ | $ | 11,876
Schedule of valuation allowance | The following table summarizes the activity related to the valuation allowance for deferred tax assets (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Additions | ​ |  | ​ | ​ |  | ​
​ | ​ | Beginning of | ​ | Charged to | ​ | ​ | ​ | ​ | Balance at
​ |  | Period |  | Expenses |  | Deductions |  | End of Period
Year ended January 2, 2021 | ​ | $ | 4,486 |  | $ | 847 |  | $ | (22) |  | $ | 5,311
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 28, 2019 | ​ | $ | 4,975 |  | $ | 1,044 |  | $ | (1,533) |  | $ | 4,486
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 29, 2018 | ​ | $ | 6,518 | ​ | $ | 435 | ​ | $ | (1,978) | ​ | $ | 4,975
Schedule of activity related to gross unrecognized tax benefits | The following table summarizes the activity related to gross unrecognized tax benefits (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | January 2, | ​ | December 28, | ​ | December 29,
​ |  | 2021 |  | 2019 |  | 2018
Beginning balance | ​ | $ | 2,276 | ​ | $ | 2,036 | ​ | $ | 3,187
Additions based on tax positions related to current year | ​ |  | 577 | ​ |  | 436 | ​ |  | 630
Additions based on tax positions related to prior years | ​ |  | — | ​ |  | — | ​ |  | 115
Reductions based on tax positions related to prior years | ​ | ​ | — | ​ | ​ | (196) | ​ | ​ | —
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,896)
Ending balance | ​ | $ | 2,853 | ​ | $ | 2,276 | ​ | $ | 2,036

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