Income Taxes (Tables)

12 Months Ended

Jan. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of regional income before income taxes

The Company's regional income before income taxes and equity in net gains (losses) of equity method investments was as follows:

	Fiscal Year Ended
(in thousands)	January 28, 2024		January 29, 2023		January 30, 2022
Domestic	$	(306,039)	$	(59,961)	$	(16,593)
Foreign	(735,516)		138,428		155,662
Total	$	(1,041,555)	$	78,467	$	139,069

Schedule of components of income tax expense

The provision for income taxes consisted of the following:

	Fiscal Year Ended
(in thousands)	January 28, 2024		January 29, 2023		January 30, 2022
Current income tax provision (benefit)
Federal	$	1,758	$	8,291	$	1,078
State	1		17		211
Foreign	8,750		24,231		16,374
Subtotal	10,509		32,539		17,663
Deferred income tax provision (benefit)
Federal	50,938		(23,730)		(1,797)
State	51		(28)		—
Foreign	(10,979)		8,563		(327)
Subtotal	40,010		(15,195)		(2,124)
Provision for income taxes	$	50,519	$	17,344	$	15,539

Schedule of income tax reconciliation

The provision for income taxes reconciles to the amount computed by applying the statutory federal rate to income before taxes as follows:

	Fiscal Year Ended
(in thousands)	January 28, 2024		January 29, 2023		January 30, 2022
Federal income tax at statutory rate	$	(218,726)	$	16,478	$	29,194
State income taxes, net of federal benefit	(9,989)		(4,134)		272
Foreign taxes differential, including withholding taxes	(36,408)		(11,636)		(6,611)
Tax credits generated	(6,054)		(6,922)		(9,008)
Changes in valuation allowance	149,209		6,500		1,778
Gain on intra-entity asset transfer of intangible assets	—		(8,735)		—
Changes in uncertain tax positions	1,877		826		180
Equity compensation	2,929		430		(2,698)
GILTI and Subpart F income	—		7,385		441
Transaction costs	—		13,729		—
Goodwill impairment	193,699		—		—
Nondeductible officers compensation	741		1,326		3,052
Other	(26,759)		2,097		(1,061)
Provision for income taxes	$	50,519	$	17,344	$	15,539

Schedule of components of deferred tax assets and liabilities

The components of the net deferred income tax assets and liabilities at January 28, 2024 and January 29, 2023 were as follows:

(in thousands)	January 28, 2024		January 29, 2023
Non-current deferred tax assets:
Inventory reserve	$	8,091	$	6,127
Bad debt reserve	447		20
Foreign tax credits	1,737		3,294
Research credit carryforward	78,593		61,699
NOL carryforward	107,030		95,955
Payroll and related accruals	8,253		10,433
Share-based compensation	2,904		4,014
Foreign pension deferred	632		474
Accrued sales reserves	3,498		684
Research and development charges	20,274		14,835
Leasing deferred assets	7,001		3,932
OID interest	12,812		19,421
Other reserves	1,176		8,255
Section 163(J) Limitation	17,696		3,711
Other deferred assets	4,181		554
Intangibles	72,946		5,296
Valuation allowance	(304,355)		(156,850)
Total non-current deferred tax assets	42,916		81,854
Non-current deferred tax liabilities:
Property, plant and equipment	(7,937)		(7,952)
Goodwill and other intangibles	(7,406)		(6,273)
Leasing deferred liabilities	(5,866)		(3,780)
Other non-current deferred tax liabilities	(4,523)		(5,130)
Total non-current deferred tax liabilities	(25,732)		(23,135)
Net deferred tax assets	$	17,184	$	58,719

Summary of changes in the valuation allowance

Changes in the valuation allowance for the three years ended January 28, 2024 are summarized in the table below:

	Fiscal Year Ended
(in thousands)	January 28, 2024		January 29, 2023		January 30, 2022
Beginning balance	$	156,850	$	17,506	$	15,751
Assumed valuation allowance from Sierra Wireless Acquisition	—		116,528		—
Additions	147,505		22,816		2,605
Releases	—		—		(850)
Ending balance	$	304,355	$	156,850	$	17,506

Schedule of gross unrecognized tax benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (before federal impact of state items) is as follows:

	Fiscal Year Ended
(in thousands)	January 28, 2024		January 29, 2023
Beginning balance	$	31,471	$	27,051
Assumed uncertain tax positions related to Sierra Wireless Acquisition	—		3,578
Net additions based on tax positions related to the current year	1,016		700
Additions based on tax positions related to prior years	5,227		533
Reductions as a result of lapsed statutes	(834)		—
Reductions for settlements with tax authorities	(332)		(391)
Ending balance	$	36,548	$	31,471

Schedule of liability for uncertain tax positions

The liability for UTP is reflected on the Balance Sheets as follows:

	Fiscal Year Ended
(in thousands)	January 28, 2024		January 29, 2023
Deferred tax assets - non-current	$	20,519	$	17,446
Other long-term liabilities	14,632		12,641
Total uncertain tax positions	$	35,151	$	30,087