INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Current and Deferred Income Tax Expense (Benefit)

The components of current and deferred income tax credit (expense) reflected in the Consolidated Statements of Operations are as follows:


	Fiscal Year
(In thousands)	2023		2022		2021
(Loss) income before income taxes and equity in losses of unconsolidated investees
Domestic	$	(384,890)	$	(307,284)	$	(271,940)
Foreign	111,364		81,401		32,877
	$	(273,526)	$	(225,883)	$	(239,063)

Benefits from (provision for) income taxes:
Current tax (expense) benefits
Domestic	$	(463)	$	134	$	(375)
Foreign	3,525		(23,727)		5,759
	3,062		(23,593)		5,384

Deferred tax (expense) benefit
Domestic	16		—		—
Foreign	(2,452)		(8,598)		(5,587)
	(2,436)		(8,598)		(5,587)

Benefits from (provision for) income taxes	$	626	$	(32,191)	$	(203)

Schedule of Effective Income Tax Rate Reconciliation

The benefits from (provision for) income taxes differs from the amounts obtained by applying the statutory Singapore tax rate of 17% to income before taxes as shown below:


	Fiscal Year
(In thousands)	2023			2022			2021
Statutory rate	17		%	17		%	17		%
Tax benefit at statutory rate	$	46,500		$	38,400		$	40,641
Foreign tax rate differential	(41,357)			(45,985)			(37,390)

Change in valuation allowance	(10,746)			(30,595)			(12,510)
Unrecognized tax benefits	1,332			3,455			7,797
Tax credits carryforward	2,797			—			—
Other	2,100			2,534			1,259
Benefits from (provision for) income taxes	$	626		$	(32,191)		$	(203)

Schedule of Deferred Tax Assets and Liabilities

Long-term deferred tax assets and liabilities are presented in the Consolidated Balance Sheets as follows:


	As of
(In thousands)	December 31, 2023		January 1, 2023
Deferred tax assets:
Net operating loss carryforwards	$	64,596	$	49,183
Tax credits carryforward	2,559		—
Reserves and accruals	17,380		17,643
Lease liabilities	4,724		4,023
Fixed assets	1,538		—
Others	1,744		—
Total deferred tax assets	92,541		70,849
Valuation allowance	(71,827)		(60,501)
Total deferred tax assets, net of valuation allowance	20,714		10,348
Deferred tax liabilities:
Intangible assets and accruals	(585)		—
Reserves and accruals	(20,891)		(2,970)
Right-of-use assets	(4,295)		(3,802)
Fixed asset	(1,581)		(7,715)
Other	(363)		(426)
Total deferred tax liabilities	(27,715)		(14,913)
Net deferred tax liabilities	$	(7,001)	$	(4,565)

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal years 2023, 2022, and 2021 is as follows:


	Fiscal Year
(In thousands)	2023		2022		2021
Balance at beginning of period	$	33,861	$	34,695	$	39,506
Additions for tax positions related to the current year	(10,971)		10,971		1,186

Reduction of tax position relating to settlement with taxing authorities	—		(2,252)		(2,554)
Reductions for tax positions from prior years/statute of limitations expirations	(1,498)		(9,249)		(3,174)
Foreign exchange loss (gain)	249		(304)		(269)
Balance at end of period	$	21,641	$	33,861	$	34,695