Income Taxes (Tables)
|
12 Months Ended |
Jan. 02, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income before Income Tax, Domestic and Foreign |
For financial reporting purposes, income before income taxes includes the following components:
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|
|
For the year ended
|
|
|
|
|
January 2, 2021
|
|
|
December 28, 2019
|
|
|
December 29, 2018
|
|
|
United States
|
|
$
|
30,619
|
|
|
$
|
51,007
|
|
|
$
|
44,693
|
|
|
Foreign
|
|
|
(6,572
|
)
|
|
|
24,300
|
|
|
|
11,702
|
|
|
Total
|
|
$
|
24,047
|
|
|
$
|
75,307
|
|
|
$
|
56,395
|
|
|
| Schedule of Components of Income Tax Provision (Benefit) |
The components of the income tax provision (benefit) are as follows:
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For the year ended
|
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|
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January 2, 2021
|
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December 28, 2019
|
|
|
December 29, 2018
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|
|
Current tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$
|
3,251
|
|
|
$
|
7,380
|
|
|
$
|
4,229
|
|
|
State and local
|
|
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1,166
|
|
|
|
(388
|
)
|
|
|
2,522
|
|
|
Foreign
|
|
|
7,430
|
|
|
|
9,107
|
|
|
|
3,707
|
|
|
Total current
|
|
|
11,847
|
|
|
|
16,099
|
|
|
|
10,458
|
|
|
Deferred tax expense (benefit):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
3,190
|
|
|
|
665
|
|
|
|
380
|
|
|
State and local
|
|
|
(326
|
)
|
|
|
58
|
|
|
|
110
|
|
|
Foreign
|
|
|
(4,882
|
)
|
|
|
(1,783
|
)
|
|
|
(1,283
|
)
|
|
Total deferred
|
|
|
(2,018
|
)
|
|
|
(1,060
|
)
|
|
|
(793
|
)
|
|
Total income tax provision
|
|
$
|
9,829
|
|
|
$
|
15,039
|
|
|
$
|
9,665
|
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The reconciliation between the effective income tax rate and the U.S. federal statutory rate is as follows:
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|
For the year ended
|
|
|
|
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January 2, 2021
|
|
|
December 28, 2019
|
|
|
December 29, 2018
|
|
|
U.S. federal taxes at statutory rate
|
|
$
|
5,057
|
|
|
$
|
15,815
|
|
|
$
|
11,843
|
|
|
Increase (decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
986(c) FX gain/(loss)
|
|
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—
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|
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(281
|
)
|
|
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—
|
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|
Foreign withholding tax
|
|
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326
|
|
|
|
—
|
|
|
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—
|
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Capitalized transaction costs
|
|
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387
|
|
|
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—
|
|
|
|
—
|
|
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Foreign income taxed at different rate
|
|
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1,363
|
|
|
|
1,446
|
|
|
|
1,292
|
|
|
FDII deduction
|
|
|
(1,265
|
)
|
|
|
(1,790
|
)
|
|
|
(2,195
|
)
|
|
Changes in estimates related to prior years including foreign
|
|
|
(2,530
|
)
|
|
|
—
|
|
|
|
(2,049
|
)
|
|
Goodwill impairment
|
|
|
6,693
|
|
|
|
—
|
|
|
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—
|
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State and local taxes, net
|
|
|
595
|
|
|
|
(73
|
)
|
|
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1,462
|
|
|
Current year tax credits
|
|
|
(674
|
)
|
|
|
(663
|
)
|
|
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(633
|
)
|
|
Foreign deferred other true up
|
|
|
—
|
|
|
|
—
|
|
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(810
|
)
|
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Change in reserve
|
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(453
|
)
|
|
|
957
|
|
|
|
578
|
|
|
Foreign patent box benefit
|
|
|
—
|
|
|
|
(1,213
|
)
|
|
|
(937
|
)
|
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Increase in valuation allowance
|
|
|
—
|
|
|
|
116
|
|
|
|
526
|
|
|
Other
|
|
|
330
|
|
|
|
725
|
|
|
|
588
|
|
|
Income tax provision
|
|
$
|
9,829
|
|
|
$
|
15,039
|
|
|
$
|
9,665
|
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of January 2, 2021, and December 28, 2019, are presented below:
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January 2, 2021
|
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|
December 28, 2019
|
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|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
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Foreign tax benefit of U.S. reserves
|
|
$
|
5,086
|
|
|
$
|
3,691
|
|
|
Net operating losses
|
|
|
6,159
|
|
|
|
510
|
|
|
Inventory
|
|
|
2,495
|
|
|
|
1,824
|
|
|
Intangible assets and goodwill
|
|
|
675
|
|
|
|
2,518
|
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|
Accrued expenses and other
|
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5,485
|
|
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2,883
|
|
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Other comprehensive income
|
|
|
—
|
|
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3,887
|
|
|
Total deferred tax assets
|
|
|
19,900
|
|
|
|
15,313
|
|
|
Less: Valuation allowance
|
|
|
(428
|
)
|
|
|
(428
|
)
|
|
Net deferred tax assets
|
|
|
19,472
|
|
|
|
14,885
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
(7,493
|
)
|
|
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(6,495
|
)
|
|
Intangible assets and goodwill
|
|
|
(82,126
|
)
|
|
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(51,834
|
)
|
|
Other deferred tax liabilities
|
|
|
(1,564
|
)
|
|
|
(43
|
)
|
|
Other comprehensive income
|
|
|
(508
|
)
|
|
|
—
|
|
|
Total deferred tax liabilities
|
|
|
(91,691
|
)
|
|
|
(58,372
|
)
|
|
Net deferred tax liabilities
|
|
$
|
(72,219
|
)
|
|
$
|
(43,487
|
)
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward |
76
The following is a roll-forward of the Company’s unrecognized tax benefits:
|
Unrecognized tax benefits - December 30, 2017
|
|
$
|
4,542
|
|
|
Increases from positions taken during prior periods
|
|
|
372
|
|
|
Increases from positions taken during current period
|
|
|
2,036
|
|
|
Settled positions
|
|
|
—
|
|
|
Lapse of statute of limitations
|
|
|
(837
|
)
|
|
Unrecognized tax benefits - December 29, 2018
|
|
$
|
6,113
|
|
|
Increases from positions taken during prior periods
|
|
|
1,121
|
|
|
Increases from positions taken during current period
|
|
|
817
|
|
|
Settled positions
|
|
|
—
|
|
|
Lapse of statute of limitations
|
|
|
—
|
|
|
Unrecognized tax benefits - December 28, 2019
|
|
$
|
8,051
|
|
|
Increases from positions taken during prior periods
|
|
|
656
|
|
|
Increases from positions taken during current period
|
|
|
459
|
|
|
Current year acquisitions
|
|
|
3,170
|
|
|
Settled positions
|
|
|
(947
|
)
|
|
Lapse of statute of limitations
|
|
|
—
|
|
|
Unrecognized tax benefits - January 2, 2021
|
|
$
|
11,389
|
|
|