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Income Taxes (Tables) | 12 Months Ended
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Jan. 30, 2022
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 30, 2022 |  | January 31, 2021 |  | January 26, 2020
Domestic | $ | (16,593) |  |  | $ | (26,170) |  |  | $ | (24,530) |
Foreign | 155,662 |  |  | 89,145 |  |  | 69,115 |
Total | $ | 139,069 |  |  | $ | 62,975 |  |  | $ | 44,585 |
Schedule of components of income tax expense | The provision for income taxes consisted of the following:
| Fiscal Year Ended
(in thousands) | January 30, 2022 |  | January 31, 2021 |  | January 26, 2020
Current income tax provision (benefit) |  |  |  |  |
Federal | $ | 1,078 |  |  | $ | 6,716 |  |  | $ | 6,463 |
State | 211 |  |  | (69) |  |  | 100 |
Foreign | 16,374 |  |  | 4,801 |  |  | 11,861 |
Subtotal | 17,663 |  |  | 11,448 |  |  | 18,424 |
Deferred income tax provision (benefit) |  |  |  |  |
Federal | (1,797) |  |  | (7,012) |  |  | 74 |
State | — |  |  | 20 |  |  | (33) |
Foreign | (327) |  |  | (1,019) |  |  | (5,637) |
Subtotal | (2,124) |  |  | (8,011) |  |  | (5,596) |
Provision for income taxes | $ | 15,539 |  |  | $ | 3,437 |  |  | $ | 12,828 |
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 30, 2022 |  | January 31, 2021 |  | January 26, 2020
Federal income tax at statutory rate | $ | 29,194 |  |  | $ | 13,309 |  |  | $ | 9,328 |
State income taxes, net of federal benefit | 272 |  |  | (186) |  |  | 68 |
Foreign taxes differential, including withholding taxes | (6,611) |  |  | (2,688) |  |  | (966) |
Tax credits generated | (9,008) |  |  | (4,361) |  |  | (2,026) |
Changes in valuation allowance | 1,778 |  |  | (438) |  |  | (2,722) |
Gain on intra-entity asset transfer | — |  |  | — |  |  | 6,802 |
Changes in uncertain tax positions | 180 |  |  | 1,841 |  |  | 8,636 |
Equity compensation | (2,698) |  |  | (3,573) |  |  | (6,008) |
GILTI and Subpart F income | 441 |  |  | 270 |  |  | 538 |
Impact of U.S. tax reform | — |  |  | — |  |  | — |
Other | 1,991 |  |  | (737) |  |  | (822) |
Provision for income taxes | $ | 15,539 |  |  | $ | 3,437 |  |  | $ | 12,828 |
Schedule of components of deferred tax assets and liabilities | The components of the net deferred income tax assets and liabilities at January 30, 2022 and January 31, 2021 were as follows:
(in thousands) | January 30, 2022 |  | January 31, 2021
Non-current deferred tax assets: |  |  |
Inventory reserve | $ | 5,734 |  |  | $ | 4,435 |
Bad debt reserve | 26 |  |  | 23 |
Foreign tax credits | 3,304 |  |  | 1,974 |
Research credit carryforward | 13,498 |  |  | 9,700 |
NOL carryforward | 7,839 |  |  | 7,659 |
Payroll and related accruals | 11,743 |  |  | 10,248 |
Share-based compensation | 5,256 |  |  | 5,822 |
Foreign pension deferred | 1,412 |  |  | 2,020 |
Accrued sales reserves | 1,012 |  |  | 464 |
Research and development charges | 7,263 |  |  | 4,005 |
Goodwill and other intangibles | — |  |  | 690 |
Leasing deferred assets | 4,311 |  |  | 3,573 |
Other deferred assets | 2,239 |  |  | 3,253 |
Valuation allowance | (17,506) |  |  | (15,751) |
Total non-current deferred tax assets | 46,131 |  |  | 38,115 |
Non-current deferred tax liabilities: |  |  |
Goodwill and other intangibles | (1,530) |  |  | — |
Property, plant and equipment | (6,990) |  |  | (6,820) |
Repatriation of foreign earnings | (4,709) |  |  | (2,538) |
Leasing deferred liabilities | (4,139) |  |  | (3,415) |
Other non-current deferred tax liabilities | (2,093) |  |  | (835) |
Total non-current deferred tax liabilities | (19,461) |  |  | (13,608) |
Net deferred tax assets | $ | 26,670 |  |  | $ | 24,507 |
Summary of changes in the valuation allowance | Changes in the valuation allowance for the three years ended January 30, 2022 are summarized in the table below:
| Fiscal Year Ended
(in thousands) | January 30, 2022 |  | January 31, 2021 |  | January 26, 2020
Beginning balance | $ | 15,751 |  |  | $ | 16,189 |  |  | $ | 18,912 |
Additions | 2,605 |  |  | 1,208 |  |  | 159 |
Releases | (850) |  |  | (1,646) |  |  | (2,882) |
Ending balance | $ | 17,506 |  |  | $ | 15,751 |  |  | $ | 16,189 |
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 30, 2022 |  | January 31, 2021
Beginning balance | $ | 26,850 |  |  | $ | 25,466 |
Net additions based on tax positions related to the current year | 925 |  |  | 400 |
Additions based on tax positions related to prior years | 464 |  |  | 2,760 |
Reductions as a result of lapsed statutes | (991) |  |  | (261) |
Reductions for settlements with tax authorities | (197) |  |  | (1,515) |
Ending balance | $ | 27,051 |  |  | $ | 26,850 |
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 30, 2022 |  | January 31, 2021
Deferred tax assets - non-current | $ | 16,346 |  |  | $ | 15,770 |
Other long-term liabilities | 9,335 |  |  | 9,731 |
Total accrued taxes | $ | 25,681 |  |  | $ | 25,501 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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