Annual report pursuant to Section 13 and 15(d)

Note D - Income Taxes (Tables)

v3.20.4
Note D - Income Taxes (Tables)
12 Months Ended
Jan. 02, 2021
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
   

Year Ended

 
   

2020

   

2019

   

2018

 
                         

U.S.

  $ 18,838     $ 111     $ 1,475  

Foreign

    159,110       150,385       190,035  
                         

Total earnings before income taxes

  $ 177,948     $ 150,496     $ 191,510  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

Year Ended

 
   

2020

   

2019

   

2018

 
                   

Current

                       

Federal

  $ 306     $ -     $ -  

State

    303       303       337  

Foreign

    55,147       53,281       64,342  
                   

Total Current

    55,756       53,584       64,679  
                   

Deferred

                       

Federal

    1,317       (3,120 )     (613 )

State

    (47 )     (42 )     24  

Foreign

    (3,742 )     (452 )     1,196  
                   

Total Deferred

    (2,472 )     (3,614 )     607  
                   
    $ 53,284     $ 49,970     $ 65,286  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Year Ended

 
   

2020

   

2019

   

2018

 
                         

Statutory U.S. federal income tax rate

    21.0

%

    21.0

%

    21.0

%

State income taxes, net of federal tax benefit

    0.3       0.3       0.3  

Permanent tax differences

    0.2       -       0.4  

Excess foreign tax credits

    (9.9 )     (13.0 )     (14.7 )

Net increase in valuation allowance

    8.2       11.7       15.8  

Foreign income tax rate differences

    1.7       4.3       4.2  

Foreign withholding taxes

    7.7       8.6       8.1  

Uncertain tax position reserve

    0.8       0.4       -  

All other, net

    (0.1 )     (0.1 )     (1.0 )
                         
      29.9

%

    33.2

%

    34.1

%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

January 2,

   

December 28,

 
    2021     2019  

Deferred tax assets

               

Inventory

  $ 3,150     $ 3,281  

Accruals not currently deductible

    12,748       4,315  

Equity-based compensation expense

    2,982       5,811  

Property and equipment

    1,129       1,088  

Intangible assets

    7,691       7,454  

Foreign currency translation

    -       537  

Tax credit carry forwards

    76,929       60,697  

Net operating losses

    2,071       1,551  

Other

    4,061       4,358  
             

Gross deferred tax assets

    110,761       89,092  

Valuation allowance

    (81,401 )     (64,285 )
             

Net deferred tax assets

    29,360       24,807  
             

Deferred tax liabilities

               

Property and equipment

    (4,900 )     (5,006 )
Foreign currency translation     (1,691 )     -  

Prepaid expenses

    (4,043 )     (1,722 )

Intangible assets

    (7,691 )     (7,454 )

Withholding tax on unremitted earnings

    (14,589 )     (12,914 )

Other

    (3,815 )     (4,903 )
             

Gross deferred tax liabilities

    (36,729 )     (31,999 )
             

Net deferred taxes

  $ (7,369 )   $ (7,192 )
   

January 2,

   

December 28,

 
    2021     2019  
             

Net deferred tax assets

  $ 4,640     $ 3,090  

Net deferred tax liabilities

    (12,009 )     (10,282 )
             

Net deferred taxes

  $ (7,369 )   $ (7,192 )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   

Year Ended

 
   

2020

   

2019

   

2018

 
                         

Beginning balance of unrecognized tax benefits

  $ 560     $ 282     $ -  

Increases related to prior year tax positions

    775       278       282  

Increases related to current year tax positions

    753       -       -  

Decreases for settlements with taxing authorities

    (560 )     -       -  
                         

Ending balance of unrecognized tax benefits

  $ 1,528     $ 560     $ 282