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Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of income (loss) inclusive of equity-method earnings and before income taxes

Income (loss), inclusive of equity-method earnings (loss) and before income taxes, includes the following components (in thousands):

			Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
Domestic			$	(33,032)					$	(14,539)					$	32,088
Foreign			(121,781)						(12,034)						97,764
			$	(154,813)					$	(26,573)					$	129,852

Schedule of provision (benefit) for income taxes

The provision (benefit) for income taxes consists of the following (in thousands):

			Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
Current:
Domestic			$	(252)					$	3,291					$	52,834
Foreign			6,978						15,599						3,856
Total Current			6,726						18,890						56,690
Deferred:
Domestic			29,745						(9,036)						(17,728)
Foreign			(274)						(1,911)						(512)
Total Deferred			29,471						(10,947)						(18,240)
Provision for income taxes			$	36,197					$	7,943					$	38,450

Schedule of reconciliation of federal statutory tax rate to effective tax rate

The reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows:

			Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
Federal statutory rate			21.0		%				21.0		%				21.0		%
Foreign tax rate benefit			(9.2)						(33.2)						(6.2)
Current period valuation allowance			(18.9)						—						—
Change in prior period valuation allowance			(12.9)						(1.5)						(0.3)
GILTI and Subpart F income, net of foreign tax credits			(4.3)						(24.2)						16.5
(Nondeductible) nontaxable foreign items			(3.1)						(26.0)						4.5
(Nondeductible) nontaxable domestic items			(0.9)						(3.6)						0.7
Nondeductible officer compensation			(0.8)						1.3						2.0
Return to provision adjustments			(0.3)						16.5						(2.0)
State tax expense			—						(1.5)						1.2
Base erosion and anti-abuse tax			—						(7.4)						—
Other tax effects of equity compensation			0.1						1.1						(0.3)
Foreign withholding taxes			0.3						(2.2)						0.4
Excess tax benefit of stock-based compensation			0.6						4.0						(1.1)
Release of prior year unrecognized tax benefits			1.2						—						(0.4)
Research and development tax credits			4.2						26.9						(5.5)
Other			(0.4)						(1.1)						(0.9)
Effective tax rate			(23.4)		%				(29.9)		%				29.6		%

Schedule of significant components of deferred taxes

Significant components of the Company’s deferred taxes as of December 28, 2024 and December 30, 2023 were as follows (in thousands):

			December 28, 2024						December 30, 2023
Deferred tax assets:
Capitalized research and development			$	28,613					$	27,402
Tax credit carryforwards			23,100						13,303
Net operating loss carryforwards			17,484						6,911
Intangible assets			6,447						7,188
Leases			6,388						6,584
Deferred income on shipments to distributors			2,153						6,465
Accrued liabilities			2,063						2,859
Other			6,130						3,072
			92,378						73,784
Less: Valuation allowance			(60,760)						(10,530)
			31,618						63,254
Deferred tax liabilities:
Intangible assets			13,718						13,916
Fixed assets			6,812						8,353
Leases			6,053						6,238
Prepaid expenses and other			3,555						4,534
Stock-based compensation			1,001						—
			31,139						33,041
Net deferred tax assets (liabilities)			$	479					$	30,213

Schedule of valuation allowance

The following table summarizes the activity related to the valuation allowance for deferred tax assets (in thousands):

			Balance at Beginning of Period						Additions Charged to Expenses						Deductions						Balance at End of  Period
Year ended December 28, 2024			$	10,530					$	50,230					—						$	60,760
Year ended December 30, 2023			$	9,409					$	1,121					$	—					$	10,530
Year ended December 31, 2022			$	9,529					$	792					$	(912)					$	9,409

Schedule of activity related to gross unrecognized tax benefits

The following table summarizes the activity related to gross unrecognized tax benefits (in thousands):

			Year Ended
			December 28, 2024						December 30, 2023						December 31, 2022
Beginning balance			$	4,868					$	4,109					$	3,677
Additions based on tax positions related to current year			970						737						872
Additions based on tax positions related to prior years			—						22						—
Reductions based on tax positions related to prior years			(5)						—						(6)
Reductions for tax positions as a result of a lapse of the applicable statute of limitations			(1,406)						—						(434)
Ending balance			$	4,427					$	4,868					$	4,109

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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