Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Consolidated Income Before Income Taxes
Consolidated earnings before income taxes consists of the following for 2023, 2022, and 2021:
Year Ended
2023 2022 2021
United States $ (19,988) $ (23,996) $ 13,017 
Foreign 122,441  132,617  157,625 
Total earnings before income taxes $ 102,453  $ 108,621  $ 170,642 
Schedule of Income Tax Expense (Benefit) Included in Income From Continuing Operations
Income tax expense (benefit) included in income from continuing operations consists of the following:
Year Ended
2023 2022 2021
Current
Federal $ (42) $ 42  $ (264)
State 469  297  567 
Foreign 40,913  45,869  56,668 
Total Current 41,340  46,208  56,971 
Deferred
Federal (4,031) (9,180) (4,088)
State (59) (331) (40)
Foreign 1,415  2,574  1,294 
Total Deferred (2,675) (6,937) (2,834)
$ 38,665  $ 39,271  $ 54,137 
Schedule of Effective Income Tax Rate
The effective tax rate for 2023, 2022, and 2021 reconciled to the statutory U.S. Federal tax rate is as follows:
Year Ended
2023 2022 2021
Statutory U.S. federal income tax rate 21.0  % 21.0  % 21.0  %
State income taxes, net of federal tax benefit 0.5  0.4  0.4 
Permanent tax differences 0.7  0.3  0.1 
Excess foreign tax credits (16.4) (16.6) (10.9)
Net increase in valuation allowance 13.0  11.9  10.6 
Foreign income tax rate differences 8.7  9.5  1.8 
Foreign withholding taxes 10.6  9.7  7.9 
Uncertain tax position reserve (0.4) 0.5  (0.3)
All other, net —  (0.5) 1.1 
37.7  % 36.2  % 31.7  %
Schedule of Deferred Taxes
The significant categories of deferred taxes are as follows:
December 30,
2023		 December 31,
2022
Deferred tax assets
Inventory $ 5,588  $ 5,872 
Accruals not currently deductible 6,680  8,627 
Equity-based compensation expense 2,580  2,746 
Property and equipment 771  922 
Intangible assets 6,359  6,680 
Foreign currency translation 1,760  1,448 
Capitalized R&D expenses 13,537  9,618 
Tax credit carry forwards 134,205  115,539 
Net operating losses 1,956  1,720 
Other 3,237  3,223 
Gross deferred tax assets 176,673  156,395 
Valuation allowance (137,252) (118,136)
Net deferred tax assets 39,421  38,259 
Deferred tax liabilities
Property and equipment (5,897) (5,723)
Prepaid expenses (1,819) (2,990)
Intangible assets (6,359) (6,680)
Withholding tax on unremitted earnings (11,673) (11,639)
Other (4,941) (5,499)
Gross deferred tax liabilities (30,689) (32,531)
Net deferred taxes $ 8,732  $ 5,728 
The components of net deferred taxes on a jurisdiction basis are as follows:
December 30,
2023		 December 31,
2022
Net deferred tax assets $ 13,284  $ 9,799 
Net deferred tax liabilities (4,552) (4,071)
Net deferred taxes $ 8,732  $ 5,728 
Schedule of Unrecognized Tax Benefits Reconciliation
The following reconciliation provides the changes in unrecognized tax benefits for the years presented:
Year Ended
2023 2022 2021
Beginning balance of unrecognized tax benefits $ 1,450  $ 1,008  $ 1,528 
Increases related to prior year tax positions 30  107  21 
Decreases related to prior year tax positions (363) —  (330)
Increases related to current year tax positions 409  468  424 
Decreases for settlements with taxing authorities (452) (133) (635)
Ending balance of unrecognized tax benefits $ 1,074  $ 1,450  $ 1,008