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Income Taxes (Tables)

12 Months Ended

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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