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Income Taxes (Tables)

12 Months Ended

Dec. 29, 2025

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes from Continuing Operations

The components of income before income taxes from continuing operations were as follows:

		For the Year Ended
		December 29, 2025				December 30, 2024				January 1, 2024
		(In thousands)
United States		$	62,677			$	(36,745	)		$	(105,101	)
Foreign			147,660				120,694				105,398
Income before income taxes		$	210,337			$	83,949			$	297

Components of Income Tax Provision from Continuing Operations

The components of income tax provision from continuing operations were as follows:

		For the Year Ended
		December 29, 2025				December 30, 2024				January 1, 2024
		(In thousands)
Current (provision) benefit:
Federal		$	(3,235	)		$	(2,984	)		$	445
State			(2,900	)			(2,958	)			(1,592	)
Foreign			(22,964	)			(22,934	)			(29,094	)
Total current			(29,099	)			(28,876	)			(30,241	)
Deferred (provision) benefit:
Federal			(1,664	)			340				1,321
State			(216	)			85				271
Foreign			(1,910	)			801				9,634
Total deferred			(3,790	)			1,226				11,226
Total income tax (provision) benefit:
Federal			(4,899	)			(2,644	)			1,766
State			(3,116	)			(2,873	)			(1,321	)
Foreign			(24,874	)			(22,133	)			(19,460	)
Income tax provision		$	(32,889	)		$	(27,650	)		$	(19,015	)

Reconciliation of Provision for Income Taxes at Statutory Federal Income Tax Rate Compared to Provision for Income Taxes

The reconciliation of the provision for income taxes at the statutory federal income tax rate compared to the Company’s provision for income taxes was as follows:

		For the Year Ended December 29, 2025
		Amount				Rate
		(In thousands, except rates)
U.S. federal statutory income tax		$	(44,171	)			21.0	%
Domestic federal tax effects:
Tax credits
Research credits			4,696				(2.2	)
Foreign tax credits			11,681				(5.6	)
Nontaxable and nondeductible items
IRC section 162(m) limitation			(4,355	)			2.1
Other			421				(0.2	)
Cross-border tax laws
Global intangible low-taxed income			(30,760	)			14.6
Foreign derived intangible income			16,916				(8.0	)
Excess tax benefits on share-based payments			5,355				(2.5	)
Change in valuation allowance			5,983				(2.8	)
Domestic state and local income taxes, net of federal effect			(3,116	)			1.5
Foreign tax effects:
China
Super research and development expenditure			3,482				(1.7	)
Tax settlement			(3,221	)			1.5
Other			681				(0.3	)
Hong Kong
Statutory income tax rate differential			4,123				(2.0	)
Other			(450	)			0.2
Other foreign jurisdictions			1,177				(0.6	)
Worldwide changes in unrecognized tax benefits			(1,331	)			0.6
Total income tax provision		$	(32,889	)			15.6	%

		For the Year Ended
		December 30, 2024				January 1, 2024
	(In thousands)
Statutory federal income tax provision		$	(17,629	)		$	(62	)
State income taxes, net of federal benefit and state tax credits			(672	)			(1,875	)
IRC section 162(m) limitation			(1,467	)			(2,121	)
Stock options			453				(651	)
Global intangible low-taxed income			(7,435	)			(12,639	)
Foreign tax credits			10,131				14,916
Permanently reinvested earnings assertion			(2,634	)			(3,934	)
Foreign tax differential on foreign earnings and other permanent items			6,928				3,788
Change in valuation allowance			(13,650	)			(13,460	)
Uncertain tax positions			—				957
Federal research and development credits			6,052				4,665
Goodwill impairment			(6,846	)			(9,261	)
Other			(881	)			662
Income tax provision		$	(27,650	)		$	(19,015	)

Significant Components of Net Deferred Income Tax Assets and Liabilities

The significant components of the net deferred income tax assets (liabilities) were as follows:

		As of
		December 29, 2025				December 30, 2024
		(In thousands)
Deferred income tax assets:
Net operating loss carryforwards		$	28,843			$	29,974
Reserves and accruals			59,071				57,453
Interest expense limitation			—				41
Tax credit carryforwards			30,334				33,559
Stock-based compensation			8,038				6,591
Property, plant, and equipment			3,515				3,748
Intangible and capitalized research expenditure amortization			1,909				7,601
Operating lease liabilities			22,913				—
Other deferred income tax assets			1,822				880
			156,445				139,847
Less: Valuation allowance			(85,963	)			(95,373	)
			70,482				44,474
Deferred income tax liabilities:
Debt discount and issuance cost			(1,123	)			(1,582	)
Repatriation of foreign earnings			(6,196	)			(4,961	)
Property, plant, and equipment basis differences			(85,275	)			(74,632	)
Goodwill and intangible amortization			(1,458	)			(1,358	)
Unrealized gain on cash flow hedge			(527	)			(1,895	)
Operating lease right-of-use assets			(19,342	)			—
Other deferred income tax liabilities			(329	)			(465	)
Net deferred income tax liabilities (included in other    long-term liabilities and deposits and other non-current assets)		$	(43,768	)		$	(40,419	)

Summary of Activity in Valuation Allowance

A summary of the activity in the Company’s valuation allowance was as follows:

		For the Year Ended
		December 29, 2025				December 30, 2024				January 1, 2024
		(In thousands)
Balance at beginning of year		$	95,373			$	81,779			$	67,173
(Reduction) addition charged to expense			(2,937	)			13,743				13,811
Addition related to acquisition			—				—				1,187
Reduction related to tax law changes			(5,983	)			—				—
Reduction related to other comprehensive income			(530	)			—				—
Other addition (reduction) charged to expense			40				(149	)			(392	)
Balance at end of year		$	85,963			$	95,373			$	81,779

Summary of HNTE and R&D Benefit and Effect on Earnings per Share

The HNTE and R&D benefit and effect on earnings per share were as follows:

		For the Year Ended
		December 29, 2025				December 30, 2024				January 1, 2024
		(In thousands, except per share data)
HNTE and R&D benefit		$	5,792			$	5,187			$	6,056
Basic shares			102,598				101,781				102,744
Diluted shares			105,453				104,098				102,744
Increase on earnings per share:
Basic		$	0.06			$	0.05			$	0.06
Diluted			0.05				0.05				0.06

Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits, exclusive of accrued interest and penalties, was as follows:

		For the Year Ended
		December 29, 2025				December 30, 2024				January 1, 2024
		(In thousands)
Balance at beginning of year		$	10,639			$	10,363			$	9,778
Additions based on tax positions related to the current year			1,125				1,220				934
Additions for tax positions of prior years			977				—				13
Reductions for tax positions of prior years			—				(3	)			—
Lapse of statute of limitations			(337	)			(941	)			(362	)
Balance at end of year		$	12,404			$	10,639			$	10,363

Summary of Income Taxes Paid Net of Refunds

A summary of the Company's income taxes paid, net of refunds was as follows:

		For the Year Ended December 29, 2025
		(In thousands)
U.S. federal		$	3,460
U.S. state and local			4,258
Foreign:
China			4,209
Hong Kong			23,668
Other			1,842
Total foreign			29,719
Total income taxes paid, net of refunds		$	37,437

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