Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Schedule of Consolidated Income Before Income Taxes
Consolidated earnings before income taxes consists of the following for 2024, 2023, and 2022:
Year Ended
2024 2023 2022
United States $ (35,274) $ (19,988) $ (23,996)
Foreign 111,625  122,441  132,617 
Total earnings before income taxes $ 76,351  $ 102,453  $ 108,621 
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
2024 2023 2022
Current
Federal $ —  $ (42) $ 42 
State 330  469  297 
Foreign 40,699  40,913  45,869 
Total Current 41,029  41,340  46,208 
Deferred
Federal (6,803) (4,031) (9,180)
State (100) (59) (331)
Foreign 165  1,415  2,574 
Total Deferred (6,738) (2,675) (6,937)
$ 34,291  $ 38,665  $ 39,271 
Schedule of Effective Income Tax Rate
The effective tax rate for 2024, 2023, and 2022 reconciled to the statutory U.S. Federal tax rate is as follows:
Year Ended
2024 2023 2022
Statutory U.S. federal income tax rate 21.0  % 21.0  % 21.0  %
State income taxes, net of federal tax benefit 0.5  0.5  0.4 
Permanent tax differences 0.9  0.7  0.3 
Excess foreign tax credits (26.3) (16.4) (16.6)
Net increase in valuation allowance 24.4  13.0  11.9 
Foreign income tax rate differences 15.2  8.7  9.5 
Foreign withholding taxes 12.3  10.6  9.7 
Uncertain tax position reserve 0.6  (0.4) 0.5 
Change in U.S. tax laws (2.6) —  — 
All other, net (1.0) —  (0.5)
44.9  % 37.7  % 36.2  %
Schedule of Deferred Taxes
The significant categories of deferred taxes are as follows:
December 28,
2024		 December 30,
2023
Deferred tax assets
Inventory $ 4,749  $ 5,588 
Accruals not currently deductible 6,869  6,680 
Equity-based compensation expense 2,438  2,580 
Depreciation and amortization 777  771 
Intangible assets 6,162  6,359 
Foreign currency translation 2,066  1,760 
Capitalized R&D expenses 16,450  13,537 
Tax credit carry forwards 152,951  134,205 
Net operating losses 2,348  1,956 
Other 5,343  3,237 
Gross deferred tax assets 200,153  176,673 
Valuation allowance (156,669) (137,252)
Net deferred tax assets 43,484  39,421 
Deferred tax liabilities
Depreciation and amortization (6,653) (5,897)
Prepaid expenses (1,992) (1,819)
Intangible assets (6,162) (6,359)
Withholding tax on unremitted earnings (9,899) (11,673)
Other (3,207) (4,941)
Gross deferred tax liabilities (27,913) (30,689)
Net deferred taxes $ 15,571  $ 8,732 
The components of net deferred taxes are as follows:
December 28,
2024		 December 30,
2023
Net deferred tax assets $ 19,644  $ 13,284 
Net deferred tax liabilities (4,073) (4,552)
Net deferred taxes $ 15,571  $ 8,732 
Schedule of Unrecognized Tax Benefits Reconciliation
The following reconciliation provides the changes in unrecognized tax benefits for the years presented:
Year Ended
2024 2023 2022
Beginning balance of unrecognized tax benefits $ 1,074  $ 1,450  $ 1,008 
Increases related to prior year tax positions 43  30  107 
Decreases related to prior year tax positions (69) (363) — 
Increases related to current year tax positions 139  409  468 
Decreases for settlements with taxing authorities —  (452) (133)
Ending balance of unrecognized tax benefits $ 1,187  $ 1,074  $ 1,450