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v3.22.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes |
Schedule of Income (loss) from continuing operations, inclusive of equity-method earnings and before income taxes | Income (loss) from continuing operations, inclusive of equity-method earnings and before income taxes, includes the following components (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31, | ​ | January 1, | ​ | January 2,
​ |  | 2022 |  | 2022 | ​ | 2021
Domestic |  | $ | 32,088 |  | $ | (15,384) |  | $ | (55,988)
Foreign | ​ | ​ | 97,764 | ​ |  | (29,063) | ​ |  | (74,099)
​ | ​ | $ | 129,852 | ​ | $ | (44,447) | ​ | $ | (130,087)
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31, | ​ | January 1, | ​ | January 2,
​ |  | 2022 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Domestic | ​ | $ | 52,834 | ​ | $ | (12,630) | ​ | $ | (9,740)
Foreign | ​ | ​ | 3,856 | ​ |  | 9,447 | ​ |  | 1,656
Total Current | ​ | ​ | 56,690 | ​ |  | (3,183) | ​ |  | (8,084)
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ | ​ | (17,728) | ​ |  | 17,873 | ​ |  | (4,031)
Foreign | ​ | ​ | (512) | ​ |  | (1,263) | ​ |  | (2,487)
Total Deferred | ​ | ​ | (18,240) | ​ |  | 16,610 | ​ |  | (6,518)
Provision (benefit) for income taxes | ​ | $ | 38,450 | ​ | $ | 13,427 | ​ | $ | (14,602)
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 |
​ | ​ | December 31, | ​ | January 1, | ​ | January 2, |
​ |  | 2022 |  | 2022 |  | 2021 |
Federal statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
Foreign tax rate benefit |  | (6.2) | ​ | (16.4) | ​ | (11.1) | ​
Research and development tax credits |  | (5.3) | ​ | 0.1 | ​ | 4.2 | ​
Return to provision adjustments | ​ | (2.0) | ​ | 0.8 | ​ | — | ​
Excess tax benefit of stock-based compensation | ​ | (1.1) | ​ | 3.7 | ​ | 0.4 | ​
Change in prior period valuation allowance | ​ | (0.3) | ​ | (10.5) | ​ | (0.3) | ​
Net operating loss not benefited | ​ | — | ​ | (6.0) | ​ | — | ​
Nondeductible (nontaxable) domestic items | ​ | 0.7 | ​ | (2.8) | ​ | (1.4) | ​
State tax expense | ​ | 1.2 | ​ | (0.8) | ​ | (0.1) | ​
Nondeductible officer compensation |  | 2.0 | ​ | (10.3) | ​ | (1.7) | ​
Nondeductible (nontaxable) foreign items | ​ | 4.4 | ​ | (7.2) | ​ | (0.2) | ​
GILTI and Subpart F income | ​ | 16.5 | ​ | (2.4) | ​ | 0.6 | ​
Other |  | (1.3) | ​ | 0.6 | ​ | (0.2) | ​
Effective tax rate |  | 29.6 | % | (30.2) | % | 11.2 | %
Schedule of significant components of deferred taxes | Significant components of the Company’s deferred taxes as of December 31, 2022 and January 1, 2022 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | January 1,
​ |  | 2022 |  | 2022
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Capitalized research and development | ​ | $ | 15,188 | ​ | $ | 981
Tax credit carryforwards | ​ | ​ | 13,334 | ​ | ​ | 12,247
Intangible assets | ​ | ​ | 7,938 | ​ | ​ | 8,687
Accrued liabilities | ​ |  | 6,809 | ​ |  | 6,078
Deferred income on shipments to distributors | ​ |  | 6,726 | ​ |  | 4,588
Leases | ​ | ​ | 5,517 | ​ | ​ | 6,033
Net operating loss carryforwards | ​ | ​ | 4,965 | ​ | ​ | 5,803
Other | ​ | ​ | 7,118 | ​ | ​ | 3,199
​ | ​ |  | 67,595 | ​ |  | 47,616
Less: Valuation allowance | ​ |  | (9,409) | ​ |  | (9,529)
​ | ​ |  | 58,186 | ​ |  | 38,087
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ | ​ | 13,789 | ​ | ​ | 14,479
Fixed assets | ​ | ​ | 8,518 | ​ | ​ | 8,692
Prepaid expenses and other | ​ |  | 5,460 | ​ |  | 6,049
Leases | ​ | ​ | 5,189 | ​ | ​ | 5,664
Unrealized gain on equity-method investment | ​ | ​ | 4,120 | ​ | ​ | 3,342
Debt | ​ | ​ | 177 | ​ | ​ | 16,399
​ | ​ |  | 37,253 | ​ |  | 54,625
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets (liabilities) | ​ | $ | 20,933 | ​ | $ | (16,538)
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 December 31, 2022 | ​ | $ | 9,529 |  | $ | 792 |  | $ | (912) |  | $ | 9,409
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended January 1, 2022 | ​ | $ | 5,311 |  | $ | 5,370 |  | $ | (1,152) |  | $ | 9,529
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended January 2, 2021 | ​ | $ | 4,486 |  | $ | 847 |  | $ | (22) |  | $ | 5,311
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
​ | ​ | December 31, | ​ | January 1, | ​ | January 2,
​ |  | 2022 |  | 2022 |  | 2021
Beginning balance | ​ | $ | 3,677 | ​ | $ | 2,853 | ​ | $ | 2,276
Additions based on tax positions related to current year | ​ |  | 872 |  | ​ | 830 | ​ |  | 577
Reductions based on tax positions related to prior years | ​ | ​ | (6) | ​ | ​ | (6) | ​ | ​ | —
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | ​ | ​ | (434) | ​ | ​ | — | ​ | ​ | —
Ending balance | ​ | $ | 4,109 | ​ | $ | 3,677 | ​ | $ | 2,853

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