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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
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 28, 2024 |  | December 30, 2023 |  | December 31, 2022
United States | $ | 66,953 |  |  | $ | (10,681) |  |  | $ | 30,047 |
Foreign | 12,459 |  |  | 99,948 |  |  | 27,823 |
| $ | 79,412 |  |  | $ | 89,267 |  |  | $ | 57,870 |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands):
| Fiscal Year Ended
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Current provision: |  |  |  |  |
Federal | $ | 15,688 |  |  | $ | 8,970 |  |  | $ | 4,330 |
State | 1,703 |  |  | 835 |  |  | 520 |
Foreign | 5,762 |  |  | 9,175 |  |  | 8,625 |
| 23,153 |  |  | 18,980 |  |  | 13,475 |
Deferred provision (benefit): |  |  |  |  |
Federal | (11,446) |  |  | (10,810) |  |  | (5,886) |
State | (1,806) |  |  | (330) |  |  | 118 |
Foreign | (103) |  |  | (960) |  |  | (575) |
| (13,355) |  |  | (12,100) |  |  | (6,343) |
Total provision for income taxes | $ | 9,798 |  |  | $ | 6,880 |  |  | $ | 7,132 |
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 from income taxes (in thousands):
| Fiscal Year Ended
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
U.S. statutory federal tax rate | $ | 16,676 |  |  | $ | 18,746 |  |  | $ | 12,153 |
State taxes and credits, net of federal benefit | 589 |  |  | (87) |  |  | 16 |
Amortization of stock-based compensation | (2,833) |  |  | 1,424 |  |  | (2,772) |
Tax credits | (12,890) |  |  | (13,368) |  |  | (8,264) |
Foreign taxes at rates different than the U.S. | 1,312 |  |  | 9,046 |  |  | 2,404 |
Other permanent differences | 2,532 |  |  | 1,010 |  |  | 1,964 |
Reversal of book gain on China Sale | (3,476) |  |  | — |  |  | — |
Foreign gain exclusion(1) | — |  |  | (21,567) |  |  | — |
Global intangible low-taxed income | 3,768 |  |  | 7,885 |  |  | 7 |
Foreign derived intangible income | (3,774) |  |  | (2,986) |  |  | (5,160) |
Foreign tax on the divestiture of the China operations | 2,395 |  |  | — |  |  | — |
Change in valuation allowance | 2,074 |  |  | 2,569 |  |  | 2,597 |
Tax contingencies, net of reversals | 3,661 |  |  | 4,259 |  |  | 3,124 |
Other | (236) |  |  | (51) |  |  | 1,063 |
Total | $ | 9,798 |  |  | $ | 6,880 |  |  | $ | 7,132 |
(1) The rate reconciliation includes an exclusion of a portion of the gain on the sale of the FRT business under German tax law.
Schedule of Deferred Tax Assets and Liabilities | Significant deferred tax assets and liabilities consisted of the following (in thousands):
| As of |
| December 28, 2024 |  | December 30, 2023 |
Tax credits | $ | 31,196 |  |  | $ | 29,074 |  |
Inventory reserve | 12,818 |  |  | 14,626 |  |
Other reserves and accruals | 10,600 |  |  | 9,580 |  |
Non-statutory stock options | 2,213 |  |  | 2,771 |  |
Lease liability | 4,857 |  |  | 6,175 |  |
Research and development expenditures capitalization | 65,520 |  |  | 51,698 |  |
Net operating loss carryforwards | 17,295 |  |  | 17,484 |  |
Gross deferred tax assets | 144,499 |  |  | 131,408 |  |
Valuation allowance | (47,938) |  |  | (45,864) |  |
Total deferred tax assets | 96,561 |  |  | 85,544 |  |
Right-of-use assets | (4,104) |  |  | (5,445) |  |
Acquired intangibles and fixed assets | (445) |  |  | (863) |  |
Unrealized investment gains | — |  |  | (103) |  |
Tax on undistributed earnings | — |  |  | (169) |  |
Total deferred tax liabilities | (4,549) |  |  | (6,580) |  |
Net deferred tax assets | $ | 92,012 |  |  | $ | 78,964 |  |
Summary of Tax Credit Carryforwards | Tax credits and carryforwards available to us at December 28, 2024 consisted of the following (in thousands):
|  | Amount |  | Expiration Date(s)
Federal research and development tax credit |  | $ | 12,107 |  |  | 2042-2044
Foreign tax credit carryforwards |  | 752 |  |  | 2025-2027
California research credits |  | 61,491 |  |  | Indefinite
State net operating loss carryforwards |  | 238,852 |  |  | 2028-Indefinite
Singapore net operating loss carryforwards |  | 3,936 |  |  | Indefinite
Schedule of Unrecognized Tax Benefits | The following table reflects changes in the unrecognized tax benefits (in thousands):
| Fiscal Year Ended
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Unrecognized tax benefit, beginning balance | $ | 45,574 |  |  | $ | 40,098 |  |  | $ | 35,745 |
Additions based on tax positions related to the current year | 3,813 |  |  | 4,726 |  |  | 3,868 |
Additions based on tax positions from prior years | — |  |  | 858 |  |  | 795 |
Reductions for tax positions of prior years | (990) |  |  | — |  |  | — |
Reductions due to lapse of the applicable statute of limitations | (33) |  |  | (108) |  |  | (310) |
Unrecognized tax benefit, ending balance | $ | 48,364 |  |  | $ | 45,574 |  |  | $ | 40,098 |
Interest and penalties recognized as a component of provision for income taxes | $ | 205 |  |  | $ | 34 |  |  | $ | 30 |
Interest and penalties accrued at period end | 269 |  |  | 63 |  |  | 85 |

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