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Income Taxes (Tables)

12 Months Ended

Dec. 26, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes were as follows (in thousands):

			Fiscal Year Ended
			December 26, 2020						December 28, 2019						December 29, 2018
United States			$	72,950					$	41,115					$	20,877
Foreign			12,225						9,948						13,050
			$	85,175					$	51,063					$	33,927

Schedule of Components of Provision for Income Taxes

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

			Fiscal Year Ended
			December 26, 2020						December 28, 2019						December 29, 2018
Current provision:
Federal			$	1,799					$	179					$	79
State			1,194						2,302						388
Foreign			4,278						4,202						4,687
			7,271						6,683						5,154
Deferred provision (benefit):
Federal			1,472						8,128						(72,295)
State			(267)						(1,898)						(2,056)
Foreign			(1,824)						(1,196)						(912)
			(619)						5,034						(75,263)
Total provision (benefit) for income taxes			$	6,652					$	11,717					$	(70,109)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the difference between income taxes computed by applying the federal statutory rate of 21% and the provision (benefit) from income taxes (in thousands):

			Fiscal Year Ended
			December 26, 2020						December 28, 2019						December 29, 2018
U.S. statutory federal tax rate			$	17,887					$	10,723					$	7,125
State taxes, net of federal benefit			663						441						778
Stock-based compensation			(4,962)						(911)						(453)
Research and development credits			(6,576)						(6,436)						(3,213)
Foreign taxes at rates different than the U.S.			415						1,454						1,287
Other permanent differences			400						(148)						152
Global intangible low-taxed income			—						1,369						1,828
Foreign Derived Intangible Income			(3,668)						—						—
Change in valuation allowance			1,862						2,567						(75,803)
Other			631						2,658						(1,810)
Total			$	6,652					$	11,717					$	(70,109)

Schedule of Deferred Tax Assets and Liabilities

Significant deferred tax assets and liabilities consisted of the following (in thousands):

			As of
			December 26, 2020						December 28, 2019
Tax credits			$	42,927					$	44,696
Inventory reserve			13,401						12,350
Other reserves and accruals			9,470						5,852
Non-statutory stock options			2,794						2,982
Depreciation and amortization			20,961						27,758
Net operating loss carryforwards			18,421						21,410
Gross deferred tax assets			107,974						115,048
Valuation allowance			(38,466)						(36,604)
Total deferred tax assets			69,508						78,444
Acquired intangibles and fixed assets			(8,395)						(13,997)
Unrealized investment gains			(106)						(106)
Tax on undistributed earnings			(110)						(75)
Total deferred tax liabilities			(8,611)						(14,178)
Net deferred tax assets			$	60,897					$	64,266

Summary of Tax Credit Carryforwards

Tax credits and carryforwards available to us at December 26, 2020 consisted of the following (in thousands):

						Amount						Latest Expiration Date
Federal research and development tax credit						$	36,579					2023-2040
Foreign tax credit carryforwards						1,059						2021-2027
California research credits						42,615						Indefinite
State net operating loss carryforwards						247,990						2022-Indefinite
Singapore net operating loss carryforwards						7,046						Indefinite

Schedule of Unrecognized Tax Benefits

The following table reflects changes in the unrecognized tax benefits (in thousands):

			Fiscal Year Ended
			December 26, 2020						December 28, 2019						December 29, 2018
Unrecognized tax benefit, beginning balance			$	28,800					$	25,224					$	18,296
Additions based on tax positions related to the current year			3,072						3,679						1,677
Additions based on tax positions from prior years			702						—						5,332
Reductions for tax positions of prior years			—						(5)						(7)
Reductions due to lapse of the applicable statute of limitations			(77)						(98)						(74)
Unrecognized tax benefit, ending balance			$	32,497					$	28,800					$	25,224
Interest and penalties recognized as a component of Provision (benefit) for income taxes			$	50					$	59					$	71
Interest and penalties accrued at period end			204						212						230

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