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v3.26.1

Income Taxes (Tables) | 12 Months Ended
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Jan. 25, 2026
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 25, 2026 |  | January 26, 2025 |  | January 28, 2024
Domestic | $ | (45,923) |  |  | $ | (183,751) |  |  | $ | (306,039) |
Foreign | 24,743 |  |  | 390 |  |  | (735,516) |
Total | $ | (21,180) |  |  | $ | (183,361) |  |  | $ | (1,041,555) |
Schedule of components of income tax expense | The provision for income taxes consisted of the following:
| Fiscal Year Ended
(in thousands) | January 25, 2026 |  | January 26, 2025 |  | January 28, 2024
Current income tax (benefit) provision |  |  |  |  |
Federal | $ | (613) |  |  | $ | (10,416) |  |  | $ | 1,758 |
State | 485 |  |  | 1,513 |  |  | 1 |
Foreign | 14,111 |  |  | 9,949 |  |  | 8,750 |
Subtotal | 13,983 |  |  | 1,046 |  |  | 10,509 |
Deferred income tax (benefit) provision |  |  |  |  |
Federal | — |  |  | — |  |  | 50,938 |
State | — |  |  | — |  |  | 51 |
Foreign | 5,849 |  |  | (23,058) |  |  | (10,979) |
Subtotal | 5,849 |  |  | (23,058) |  |  | 40,010 |
Provision for income taxes | $ | 19,832 |  |  | $ | (22,012) |  |  | $ | 50,519 |
Schedule of income tax reconciliation |
| Fiscal Year Ended |  |  |  |  |  |  |  |
(in thousands) | January 25, 2026 |  |  |  |
U.S. Federal statutory rate | $ | (4,448) |  |  | 21.0% |  |  |  |  |  |  |  |
State and local taxes, net of federal income tax effect |  |  |  |  |  |  |  |  |  |  |
New York | (245) |  |  | 1.2% |  |  |  |  |  |  |  |
Other | (78) |  |  | 0.4% |  |  |  |  |  |  |  |
Foreign tax effects |  |  |  |  |  |  |  |  |  |  |
Switzerland |  |  |  |  |  |  |  |  |  |  |
Tax rate differential | (3,582) |  |  | 16.9% |  |  |  |  |  |  |  |
Shared-based compensation | (2,652) |  |  | 12.5% |  |  |  |  |  |  |  |
Rate change on deferreds | (2,425) |  |  | 11.4% |  |  |  |  |  |  |  |
Other adjustments | 274 |  |  | (1.3)% |  |  |  |  |  |  |  |
Canada |  |  |  |  |  |  |  |  |  |  |
Tax rate differential | (2,639) |  |  | 12.5% |  |  |  |  |  |  |  |
Impact of audit settlements | 409 |  |  | (1.9)% |  |  |  |  |  |  |  |
Research and development credits | (6,335) |  |  | 29.9% |  |  |  |  |  |  |  |
Goodwill impairment | 8,968 |  |  | (42.3)% |  |  |  |  |  |  |  |
Valuation allowance | 16,117 |  |  | (76.1)% |  |  |  |  |  |  |  |
Other adjustments | 688 |  |  | (3.2)% |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |  |  |  |
Research and development credits | (495) |  |  | 2.3% |  |  |  |  |  |  |  |
Other adjustments | (925) |  |  | 4.4% |  |  |  |  |  |  |  |
France |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | 2,121 |  |  | (10.0)% |  |  |  |  |  |  |  |
Impact of audit settlements | 1,280 |  |  | (6.0)% |  |  |  |  |  |  |  |
Other adjustments | 85 |  |  | (0.4)% |  |  |  |  |  |  |  |
Australia |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | 2,280 |  |  | (10.8)% |  |  |  |  |  |  |  |
Other adjustments | 459 |  |  | (2.2)% |  |  |  |  |  |  |  |
Other foreign jurisdictions |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment | 904 |  |  | (4.3)% |  |  |  |  |  |  |  |
Other adjustments | 231 |  |  | (1.1)% |  |  |  |  |  |  |  |
Effects of Cross-Border tax laws |  |  |  |  |  |  |  |  |  |  |
Global intangible low-taxes income (GILTI) | 5,808 |  |  | (27.4)% |  |  |  |  |  |  |  |
Foreign derived intangible income (subpart F) | 160 |  |  | (0.8)% |  |  |  |  |  |  |  |
Section 78 gross up | 2,540 |  |  | (12.0)% |  |  |  |  |  |  |  |
Foreign tax credit | (6,750) |  |  | 31.9% |  |  |  |  |  |  |  |
Tax credits |  |  |  |  |  |  |  |  |  |  |
Research and development credit | 327 |  |  | (1.5)% |  |  |  |  |  |  |  |
Valuation allowance | (8,790) |  |  | 41.5% |  |  |  |  |  |  |  |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |  |  |
Debt Extinguishment | 5,430 |  |  | (25.6)% |  |  |  |  |  |  |  |
Share-based compensation | (1,864) |  |  | 8.8% |  |  |  |  |  |  |  |
Disallowed executive compensation | 3,278 |  |  | (15.5)% |  |  |  |  |  |  |  |
Goodwill impairment | 6,517 |  |  | (30.8)% |  |  |  |  |  |  |  |
Other Adjustments |  |  |  |  |  |  |  |  |  |  |
Return to provision adjustments | 3,230 |  |  | (15.3)% |  |  |  |  |  |  |  |
Other adjustments | (46) |  |  | 0.2% |  |  |  |  |  |  |  |
Effective tax rate | $ | 19,832 |  |  | (93.6)% |  |  |  |  |  |  |  |
The following table presents the required disclosures prior to the Company's adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the actual global effective income tax rate for the fiscal years ended January 26, 2025 and January 28, 2024:
| Fiscal Year Ended
(in thousands) | January 26, 2025 |  | January 28, 2024
Federal income tax at statutory rate | $ | (38,506) |  |  | $ | (218,726) |
State income taxes, net of federal benefit | 1,173 |  |  | (9,989) |
Foreign taxes differential, including withholding taxes | (1,027) |  |  | (36,408) |
Tax credits generated | (9,436) |  |  | (6,054) |
Changes in valuation allowance | 23,847 |  |  | 149,209 |
Gain on intra-entity asset transfer of intangible assets | 11,430 |  |  | — |
Changes in uncertain tax positions | (9,856) |  |  | 1,877 |
True-up on impairment losses | (26,903) |  |  | — |
Equity compensation | 1,825 |  |  | 2,929 |
Nondeductible loss on debt extinguishment | 30,384 |  |  | — |
Rate change on deferreds | (10,382) |  |  | (2,667) |
GILTI and Subpart F income | 7,227 |  |  | — |
Goodwill impairment | 2,019 |  |  | 193,699 |
Nondeductible officers compensation | 1,650 |  |  | 741 |
Other | (5,457) |  |  | (24,092) |
Provision for income taxes | $ | (22,012) |  |  | $ | 50,519 |
Schedule of components of deferred tax assets and liabilities | The components of the net deferred income tax assets and liabilities at January 25, 2026 and January 26, 2025 were as follows:
(in thousands) | January 25, 2026 |  | January 26, 2025
Non-current deferred tax assets: |  |  |
Deferred revenue | $ | 2,645 |  |  | 2,351 |
Inventory reserve | 7,951 |  |  | $ | 7,501 |
Bad debt reserve | 731 |  |  | 405 |
Foreign tax credits | 767 |  |  | 1,790 |
Research credit carryforward | 89,563 |  |  | 91,214 |
NOL carryforward | 134,089 |  |  | 128,595 |
Payroll and related accruals | 10,503 |  |  | 7,989 |
Share-based compensation | 5,685 |  |  | 4,608 |
Foreign pension deferred | 315 |  |  | 793 |
Accrued sales reserves | 3,471 |  |  | 4,332 |
Research and development charges | 22,134 |  |  | 20,374 |
Leasing deferred assets | 6,244 |  |  | 5,930 |
OID interest | 2,052 |  |  | 9,692 |
Other reserves | 1,129 |  |  | 1,463 |
Section 163(J) Limitation | 37,556 |  |  | 34,072 |
Other deferred assets | 4,261 |  |  | 3,558 |
Intangibles | 61,060 |  |  | 67,397 |
Valuation allowance | (336,266) |  |  | (328,203) |
Total non-current deferred tax assets | 53,890 |  |  | 63,861 |
Non-current deferred tax liabilities: |  |  |
Property, plant and equipment | (4,788) |  |  | (7,135) |
Goodwill and other intangibles | (8,242) |  |  | (7,700) |
Leasing deferred liabilities | (5,532) |  |  | (5,334) |
Other non-current deferred tax liabilities | (1,241) |  |  | (3,318) |
Total non-current deferred tax liabilities | (19,803) |  |  | (23,487) |
Net deferred tax assets | $ | 34,087 |  |  | $ | 40,374 |
Summary of changes in the valuation allowance | Changes in the valuation allowance for the three years ended January 25, 2026 are summarized in the table below:
| Fiscal Year Ended
(in thousands) | January 25, 2026 |  | January 26, 2025 |  | January 28, 2024
Beginning balance | $ | 328,203 |  |  | $ | 304,355 |  |  | $ | 156,850 |
Additions | 20,537 |  |  | 35,071 |  |  | 147,505 |
Releases | (12,474) |  |  | (11,223) |  |  | — |
Ending balance | $ | 336,266 |  |  | $ | 328,203 |  |  | $ | 304,355 |
Schedule of unrecognized tax benefits roll forward | 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 25, 2026 |  | January 26, 2025
Beginning balance | $ | 20,966 |  |  | $ | 36,548 |
Net additions based on tax positions related to the current year | 1,868 |  |  | 1,356 |
Additions based on tax positions related to prior years | 438 |  |  | 646 |
Reductions as a result of lapsed statutes | (2,119) |  |  | (17,584) |
Reductions for settlements with tax authorities | (639) |  |  | — |
Ending balance | $ | 20,514 |  |  | $ | 20,966 |
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 25, 2026 |  | January 26, 2025
Deferred tax assets - non-current | $ | 13,943 |  |  | $ | 14,255 |
Other long-term liabilities | 4,625 |  |  | 4,775 |
Total uncertain tax positions | $ | 18,568 |  |  | $ | 19,030 |
Schedule of income taxes paid | A reconciliation of the income taxes paid (net of refunds received) is as follows:
(in thousands) | January 25, 2026
Federal taxes | $ | (997) |
State taxes | 439 |
Foreign taxes: |
Australia | 5,546 |
France | (1,199) |
Hong Kong | 457 |
India | 1,065 |
Japan | 242 |
Mexico | 317 |
Sweden | 1,176 |
Switzerland | 359 |
UK | (3,806) |
Other Foreign | 477 |
Total cash taxes paid | $ | 4,076 |

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