Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 29, 2019 | Jul. 24, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 29, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | INTEVAC INC | |
Entity Central Index Key | 0001001902 | |
Current Fiscal Year End Date | --12-28 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | IVAC | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 0-26946 | |
Entity Tax Identification Number | 943125814 | |
Entity Address, Address Line One | 3560 Bassett Street | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | California | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 408 | |
Local Phone Number | 986-9888 | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 22,999,856 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 23,531 | $ 18,715 |
Short-term investments | 13,311 | 16,076 |
Trade and other accounts receivable, net of allowances of $0 at both June 29, 2019 and at December 29, 2018 | 18,317 | 27,717 |
Inventories | 32,590 | 30,597 |
Prepaid expenses and other current assets | 1,997 | 2,528 |
Total current assets | 89,746 | 95,633 |
Long-term investments | 2,437 | 4,372 |
Restricted cash | 1,255 | 1,169 |
Property, plant and equipment, net | 11,055 | 11,198 |
Operating lease right-of-use-assets | 10,503 | |
Intangible assets, net of accumulated amortization of $7,806 at June 29, 2019 and $7,498 at December 29, 2018 | 581 | 889 |
Deferred income taxes and other long-term assets | 8,302 | 8,809 |
Total assets | 123,879 | 122,070 |
Current liabilities: | ||
Current operating lease liabilities | 2,486 | |
Accounts payable | 5,708 | 6,053 |
Accrued payroll and related liabilities | 5,221 | 4,689 |
Other accrued liabilities | 4,100 | 4,952 |
Customer advances | 7,916 | 14,314 |
Total current liabilities | 25,431 | 30,008 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 9,925 | |
Other long-term liabilities | 176 | 2,438 |
Total noncurrent liabilities | 10,101 | 2,438 |
Stockholders' equity: | ||
Common stock, $0.001 par value | 23 | 23 |
Additional paid-in capital | 185,466 | 183,204 |
Treasury stock, 4,974 shares at June 29, 2019 and 4,965 shares at December 29, 2018 | (29,089) | (29,047) |
Accumulated other comprehensive income | 455 | 378 |
Accumulated deficit | (68,508) | (64,934) |
Total stockholders' equity | 88,347 | 89,624 |
Total liabilities and stockholders' equity | $ 123,879 | $ 122,070 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Statement Of Financial Position [Abstract] | ||
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Net of amortization of intangible assets | $ 7,806 | $ 7,498 |
Common stock, par value | $ 0.001 | $ 0.001 |
Treasury stock, shares | 4,974 | 4,965 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Net revenues: | ||||
Total net revenues | $ 22,314 | $ 26,098 | $ 47,141 | $ 44,072 |
Cost of net revenues: | ||||
Total cost of net revenues | 13,957 | 16,337 | 31,544 | 29,436 |
Gross profit | 8,357 | 9,761 | 15,597 | 14,636 |
Operating expenses: | ||||
Research and development | 3,431 | 4,984 | 7,417 | 9,151 |
Selling, general and administrative | 5,854 | 4,712 | 11,105 | 10,541 |
Total operating expenses | 9,285 | 9,696 | 18,522 | 19,692 |
Income (loss) from operations | (928) | 65 | (2,925) | (5,056) |
Interest income and other income (expense), net | 163 | 133 | 322 | 278 |
Income (loss) before income taxes | (765) | 198 | (2,603) | (4,778) |
Provision for income taxes | 417 | 365 | 971 | 525 |
Net loss | $ (1,182) | $ (167) | $ (3,574) | $ (5,303) |
Net loss per share: | ||||
Basic and Diluted | $ (0.05) | $ (0.01) | $ (0.16) | $ (0.24) |
Weighted average common shares outstanding: | ||||
Basic and Diluted | 22,991 | 22,461 | 22,923 | 22,284 |
Systems and Components | ||||
Net revenues: | ||||
Total net revenues | $ 17,237 | $ 23,335 | $ 38,874 | $ 38,807 |
Cost of net revenues: | ||||
Total cost of net revenues | 10,462 | 13,868 | 25,560 | 24,596 |
Technology Development | ||||
Net revenues: | ||||
Total net revenues | 5,077 | 2,763 | 8,267 | 5,265 |
Cost of net revenues: | ||||
Total cost of net revenues | $ 3,495 | $ 2,469 | $ 5,984 | $ 4,840 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (1,182) | $ (167) | $ (3,574) | $ (5,303) |
Other comprehensive income (loss), before tax: | ||||
Change in unrealized net loss on available-for-sale investments | 32 | 22 | 77 | (6) |
Foreign currency translation gains (losses) | (61) | (144) | (40) | |
Other comprehensive income (loss), before tax | (29) | (122) | 77 | (46) |
Other comprehensive income (loss), net of tax | (29) | (122) | 77 | (46) |
Comprehensive loss | $ (1,211) | $ (289) | $ (3,497) | $ (5,349) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net loss | $ (3,574) | $ (5,303) |
Adjustments to reconcile the net loss to net cash and cash equivalents generated by (used in) operating activities: | ||
Depreciation and amortization | 1,920 | 2,557 |
Net amortization of investment premiums and discounts | (34) | (42) |
Equity-based compensation | 1,509 | 1,602 |
Straight-line rent adjustment and amortization of lease incentives | (158) | (67) |
Change in the fair value of acquisition-related contingent consideration | 7 | 8 |
Deferred income taxes | 517 | |
Loss on disposal of fixed assets | 45 | 442 |
Changes in operating assets and liabilities | 776 | (3,531) |
Total adjustments | 4,582 | 969 |
Net cash and cash equivalents provided by (used in) operating activities | 1,008 | (4,334) |
Investing activities | ||
Purchases of investments | (10,150) | (17,743) |
Proceeds from sales and maturities of investments | 14,961 | 15,978 |
Purchases of leasehold improvements and equipment | (1,398) | (1,375) |
Net cash and cash equivalents provided by (used in) investing activities | 3,413 | (3,140) |
Financing activities | ||
Net proceeds from issuance of common stock | 1,021 | 2,118 |
Common stock repurchases | (42) | |
Taxes paid related to net share settlement | (268) | (814) |
Payment of acquisition-related contingent consideration | (230) | |
Net cash and cash equivalents provided by financing activities | 481 | 1,304 |
Effect of exchange rate changes on cash and cash equivalents | (40) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 4,902 | (6,210) |
Cash, cash equivalents and restricted cash at beginning of period | 19,884 | 20,941 |
Cash, cash equivalents and restricted cash at end of period | $ 24,786 | $ 14,731 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Intevac, Inc. (together with its subsidiaries “Intevac,” the “Company” or “we”) is a provider of vacuum deposition equipment for a wide variety of thin-film applications, and a leading provider of digital night-vision technologies and products to the defense industry. The Company leverages its core capabilities in high-volume manufacturing of small substrates to provide process manufacturing equipment solutions to the hard disk drive (“HDD”), display cover panel (“DCP”), and photovoltaic (“PV”) solar cell industries. Intevac also provides sensors, cameras and systems for government applications such as night vision. Intevac’s customers include manufacturers of hard disk media, DCPs and solar cells as well as the U.S. government and its agencies, allies and contractors. Intevac reports two segments: Equipment (“TFE”) and Photonics. In the opinion of management, except for the changes below, the unaudited interim condensed consolidated financial statements of Intevac included herein have been prepared on a basis consistent with the December 29 The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncement | 6 Months Ended |
Jun. 29, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncement | 2. Recent Accounting Pronouncement Adoption of New Accounting Standard We adopted ASU No. 2016-02, Leases (Topic 842), as of December 30, 2018, using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at the beginning of the period of adoption. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification, and we elected the hindsight practical expedient to determine the lease term for existing leases. We determined that most renewal options would not be reasonably certain in determining the expected lease term. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Adoption of the new standard resulted in the recording of net lease assets of $11.6 The effect of the changes made to our consolidated December 30, 2018 balance sheet for the adoption of the new lease standard was as follows (in thousands): Balance at December 29, 2018 Adjustments Due to ASC 842 Balance at December 30, 2018 Prepaid expenses and other current assets $ 2,528 $ (221 ) 1 $ 2,307 Total current assets $ 95,633 $ (221 ) 1 $ 95,412 Operating lease right-of-use assets $ — $ 11,635 1,2,3 $ 11,635 Total assets $ 122,070 $ 11,414 1,2,3 $ 133,484 Current operating lease liabilities $ — $ 2,581 5 $ 2,581 Accounts payable $ 6,053 $ (4 ) 4 $ 6,049 Other accrued liabilities $ 4,952 $ (13 ) 3 $ 4,939 Total current liabilities $ 30,008 $ 2,564 3,4,5 $ 32,572 Noncurrent operating lease liabilities $ — $ 11,120 5 $ 11,120 Other long-term liabilities $ 2,438 $ (2,270 ) 3 $ 168 Total non-current liabilities $ 2,438 $ 8,850 3,4,5 $ 11,288 Total liabilities and stockholders' equity $ 122,070 $ 11,414 4,5 $ 133,484 1 Represents prepaid rent reclassified to operating lease right-of-use assets. 2 Represents capitalization of operating lease right-of-use assets and reclassification of straight-line rent accrual, and tenant incentives. 3 Represents reclassification of straight-line rent accrual to operating lease right-of-use assets. 4 Represents accrued rent reclassified to operating lease right-of-use assets. 5 Represents recognition of operating lease liabilities. |
Revenue
Revenue | 6 Months Ended |
Jun. 29, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three and six months ended June 29 30 Major Products and Service Lines TFE Three Months Ended June 29, 2019 Three Months Ended June 30, 2018 (In thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 12,423 $ — $ 18 $ 12,441 $ 19,221 $ — $ 1 $ 19,222 Field service 821 2 — 823 1,625 — 1 1,626 Total TFE net revenues $ 13,244 $ 2 $ 18 $ 13,264 $ 20,846 $ — $ 2 $ 20,848 Six Months Ended June 29, 2019 Six Months Ended June 30, 2018 (In thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 23,473 $ — $ 6,391 $ 29,864 $ 29,614 $ 1 $ 3 $ 29,618 Field service 2,343 2 — 2,345 3,980 — 39 4,019 Total TFE net revenues $ 25,816 $ 2 $ 6,391 $ 32,209 $ 33,594 $ 1 $ 42 $ 33,637 Three Months Ended Six Months Ended Photonics June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Products: Military products $ 2,981 $ 2,145 $ 4,794 $ 4,399 Commercial products 182 54 500 54 Repair and other services 810 288 1,371 717 Total Photonics product net revenues 3,973 2,487 6,665 5,170 Technology development: Cost Plus Fixed Fee (“CPFF”) 1,992 2,220 3,488 4,010 Firm Fixed Price (“FFP”) 3,085 540 4,777 1,232 Time and materials — 3 2 23 Total technology development net revenues 5,077 2,763 8,267 5,265 Total Photonics net revenues $ 9,050 $ 5,250 $ 14,932 $ 10,435 Primary Geographical Markets Three Months Ended Three Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 356 $ 8,811 $ 9,167 $ 1,351 $ 4,998 $ 6,349 Asia 12,908 — 12,908 19,497 31 19,528 Europe — 239 239 — 187 187 Rest of World — — — — 34 34 Total net revenues $ 13,264 $ 9,050 $ 22,314 $ 20,848 $ 5,250 $ 26,098 Six Months Ended Six Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 517 $ 14,527 $ 15,044 $ 3,262 $ 9,760 $ 13,022 Asia 31,692 — 31,692 30,375 31 30,406 Europe — 405 405 — 480 480 Rest of World — — — — 164 164 Total net revenues $ 32,209 $ 14,932 $ 47,141 $ 33,637 $ 10,435 $ 44,072 Timing of Revenue Recognition Three Months Ended Three Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 13,264 $ 810 $ 14,074 $ 20,848 $ 288 $ 21,136 Products and services transferred over time — 8,240 8,240 — 4,962 4,962 $ 13,264 $ 9,050 $ 22,314 $ 20,848 $ 5,250 $ 26,098 Six Months Ended Six Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 32,209 $ 1,371 $ 33,580 $ 33,637 $ 717 $ 34,354 Products and services transferred over time — 13,561 13,561 — 9,718 9,718 $ 32,209 $ 14,932 $ 47,141 $ 33,637 $ 10,435 $ 44,072 The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage, and our contract liabilities, which we classify as deferred revenue and customer advances, for the six months ended June 29 June 29, 2019 December 29, 2018 Six Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ 564 $ 514 $ 50 Contract liabilities: Deferred revenue $ 1,163 $ 633 $ 530 Customer advances 7,916 14,314 (6,398 ) $ 9,079 $ 14,947 $ (5,868 ) Photonics: Contract assets: Accounts receivable, unbilled $ 3,085 $ 1,493 $ 1,592 Retainage 81 157 (76 ) $ 3,166 $ 1,650 $ 1,516 Contract liabilities: Deferred revenue $ 528 $ 1,101 $ (573 ) Accounts receivable, unbilled in our TFE segment represents a contract asset for revenue that has been recognized in advance of billing the customer. For our system and certain upgrade sales, our TFE customers generally pay in three installments, with a portion of the system price billed upon receipt of an order, a portion of the price billed upon shipment, and the balance of the price due upon completion of installation and acceptance of the system at the customer’s factory. Accounts receivable, unbilled in our TFE segment generally represents the balance of the system price that is due upon completion of installation and acceptance, less the amount that has been deferred as revenue for the performance of the installation tasks. During the six months ended June 29 29 29 Customer advances in our TFE segment generally represent a contract liability for amounts billed to the customer prior to transferring goods. The Company has elected to use the practical expedient of disregarding the effect of the time value of money in a significant financing component when its payment terms are less than one year. These contract advances are liquidated when revenue is recognized. Deferred revenue in our TFE segment generally represents a contract liability for amounts billed to a customer for completed systems at the customer site that are undergoing installation and acceptance testing where transfer of control has not yet occurred, as Intevac does not yet have a demonstrated history of meeting the acceptance criteria upon the customer’s receipt of product. During the six months ended June 29 Accounts receivable, unbilled in our Photonics segment represents a contract asset for revenue that has been recognized in advance of billing the customer, which is common for contracts in the defense industry. In our Photonics segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. Our contracts with the U.S. government may also contain retainage provisions. Retainage represents a contract asset for the portion of the contract price earned by us for work performed, but held for payment by the U.S. government as a form of security until satisfactory completion of the contract. The retainage is billable upon completion of the contract performance and approval of final indirect expense rates by the government. During the six months ended June 29 Deferred revenue in our Photonics segment includes $528,000 deferred for the impact of the allocation and the timing of the recognition of revenue for a military product agreement with a tiered pricing structure. During the six months ended June 29 On June 29 29 |
Inventories
Inventories | 6 Months Ended |
Jun. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: June 29, 2019 December 29, 2018 (In thousands) Raw materials $ 18,062 $ 16,354 Work-in-progress 8,681 9,134 Finished goods 5,847 5,109 $ 32,590 $ 30,597 Finished goods inventory at June 29 29 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 29, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 5. Equity-Based Compensation At June 29 The ESPP provides that eligible employees may purchase Intevac’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the entry date of the applicable offering period or at the end of each applicable purchase interval. Offering periods are generally two years in length, and consist of a series of six-month purchase intervals. Eligible employees may join the ESPP at the beginning of any six-month purchase interval. Under the terms of the ESPP, employees can choose to have up to 15% of their base earnings withheld to purchase Intevac common stock. Equity-based Compensation Expense The effect of recording equity-based compensation for the three and six months ended June Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Equity-based compensation by type of award: Stock options $ 191 $ 216 $ 398 $ 350 RSUs 352 230 642 636 Employee stock purchase plan 210 339 469 616 Total equity-based compensation $ 753 $ 785 $ 1,509 $ 1,602 Stock Options and ESPP The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards and actual employee stock option exercise behavior. Intevac accounts for forfeitures as they occur, rather than estimating expected forfeitures. Option activity as of June 29, 2019 and changes during the six months ended June 29, 2019 were as follows: Shares Weighted-Average Exercise Price Options outstanding at December 29, 2018 2,070,749 $ 6.76 Options granted 340,750 $ 5.44 Options cancelled and forfeited (127,918 ) $ 7.54 Options exercised (72,122 ) $ 4.22 Options outstanding at June 29, 2019 2,211,459 $ 6.59 Options exercisable at June 29, 2019 1,390,622 $ 6.68 Intevac issued 181,431 shares under the ESPP during the six months ended June 29, 2019. Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Stock Options: Weighted-average fair value of grants per share $ 2.05 $ 1.87 $ 2.06 $ 1.99 Expected volatility 43.19 % 44.50 % 43.20 % 43.80 % Risk free interest rate 1.86 % 2.58 % 1.88 % 2.58 % Expected term of options (in years) 4.6 4.5 4.6 4.5 Dividend yield None None None None Six Months Ended June 29, 2019 June 30, 2018 ESPP Purchase Rights: Weighted-average fair value of grants per share $ 1.89 $ 2.36 Expected volatility 50.00 % 46.60 % Risk free interest rate 2.53 % 1.82 % Expected term of purchase rights (in years) 1.0 1.25 Dividend yield None None The computation of the expected volatility assumptions used in the Black-Scholes calculations for new stock option grants and ESPP purchase rights is based on the historical volatility of Intevac’s stock price, measured over a period equal to the expected term of the stock option grant or purchase right. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the equity-based awards and vesting schedules. The expected term of purchase rights represents the period of time remaining in the current offering period. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. Performance stock options (“PSOs”) vest upon the achievement of certain market conditions (our stock performance) during a set performance period (typically 4 years) subject to the grantee’s continued service with Intevac through the date the applicable market condition is achieved. The fair value is based on the values calculated under the Monte Carlo simulation model on the grant date. Compensation cost is not adjusted in future periods for subsequent changes in the expected outcome of market related conditions. The compensation expense is recognized over the derived service period. We granted 37,500 of such stock options to the chief executive officer in the three and six months ended June 29 Intevac estimated the weighted-average fair value of PSO’s using the following weighted-average assumptions: Three Months Ended June 29, 2019 Weighted-average fair value of grants per share $ 1.75 Expected volatility 43.43 % Risk free interest rate 1.96 % Expected term (in years) 4.60 Dividend yield None RSUs RSU activity as of June 29, 2019 and changes during the six months ended June 29, 2019 were as follows Shares Weighted-Average Grant Date Fair Value Non-vested RSUs at December 29, 2018 462,409 $ 6.92 Granted 250,078 $ 5.64 Vested (117,802 ) $ 7.32 Cancelled and forfeited (11,391 ) $ 6.59 Non-vested RSUs at June 29, 2019 583,294 $ 6.30 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one basis. Time-based RSUs typically are scheduled to vest over four years. Vesting of time-based RSUs is subject to the grantee’s continued service with Intevac. The compensation expense related to these awards is determined using the fair market value of Intevac common stock on the date of the grant, and the compensation expense is recognized over the vesting period. |
Purchased Intangible Assets
Purchased Intangible Assets | 6 Months Ended |
Jun. 29, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Purchased Intangible Assets | 6. Purchased Intangible Assets Details of finite-lived intangible assets by segment as of June 29 June 29, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) TFE $ 7,172 $ (6,648 ) $ 524 Photonics 1,215 (1,158 ) 57 $ 8,387 $ (7,806 ) $ 581 Total amortization expense of finite-lived intangibles for the three and six months ended June 29 As of June 29 (In thousands) 2019 $ 307 2020 274 $ 581 |
Acquisition-Related Contingent
Acquisition-Related Contingent Consideration | 6 Months Ended |
Jun. 29, 2019 | |
Business Combinations [Abstract] | |
Acquisition-Related Contingent Consideration | 7. Acquisition-Related Contingent Consideration In connection with the acquisition of Solar Implant Technologies, Inc. (“SIT”), Intevac also agreed to pay to the selling shareholders in cash a revenue earnout on Intevac’s net revenue from commercial sales of certain products over a specified period up to an aggregate of $9.0 The fair value measurement of contingent consideration is based on significant inputs not observable in the market and thus represents a Level for the three and six months ended June 29, 2019 and June 30, 2018 Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Opening balance $ 132 $ 361 $ 223 $ 362 Changes in fair value — 9 7 8 Cash payments made (132 ) — (230 ) — Closing balance $ — $ 370 $ — $ 370 The contingent consideration liability of $223,000 at December 29, 2018 |
Warranty
Warranty | 6 Months Ended |
Jun. 29, 2019 | |
Guarantees [Abstract] | |
Warranty | 8. Warranty For HDD manufacturing, DCP manufacturing and solar cell manufacturing systems, the warranty typically ranges between 12 and 24 months from customer acceptance. During this warranty period any defective non-consumable parts are replaced and installed at no charge to the customer. Intevac uses estimated repair or replacement costs along with its historical warranty experience to determine its warranty obligation. The provision for the estimated future costs of warranty is based upon historical cost and product performance experience. Intevac exercises judgment in determining the underlying estimates. On the condensed consolidated balance sheets, the short-term portion of the warranty provision is included in other accrued liabilities, while the long-term portion is included in other long-term liabilities. The expense associated with product warranties issued or adjusted is included in cost of net revenues on the condensed consolidated statements of operations. The following table displays the activity in the warranty provision account for the three and six months ended June Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Opening balance $ 1,297 $ 866 $ 997 $ 994 Expenditures incurred under warranties (257 ) (182 ) (424 ) (418 ) Accruals for product warranties issued during the reporting period 78 174 402 278 Adjustments to previously existing warranty accruals (170 ) 53 (27 ) 57 Closing balance $ 948 $ 911 $ 948 $ 911 The following table displays the balance sheet classification of the warranty provision account at June 29, 2019 and at December 29, 2018. June 29, 2019 December 29, 2018 (In thousands) Other accrued liabilities $ 782 $ 839 Other long-term liabilities 166 158 Total warranty provision $ 948 $ 997 |
Guarantees
Guarantees | 6 Months Ended |
Jun. 29, 2019 | |
Guarantees [Abstract] | |
Guarantees | 9. Guarantees Officer and Director Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, Intevac has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was, serving at Intevac’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments Intevac could be required to make under these indemnification obligations is unlimited; however, Intevac has a director and officer insurance policy that mitigates Intevac’s exposure and enables Intevac to recover a portion of any future amounts paid. As a result of Intevac’s insurance policy coverage, Intevac believes the estimated fair value of these indemnification obligations is not material. Other Indemnifications As is customary in Intevac’s industry, many of Intevac’s contracts provide remedies to certain third parties such as defense, settlement, or payment of judgments for intellectual property claims related to the use of its products. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. Letters of Credit As of June 29, 2019 |
Leases
Leases | 6 Months Ended |
Jun. 29, 2019 | |
Leases [Abstract] | |
Leases | 10. Leases Intevac leases certain manufacturing facilities, warehouses, office space, and equipment under non-cancelable operating leases that expire at various times up to March 2024 and has options to renew most leases, with rentals to be negotiated. Certain of Intevac’s leases contain provisions for rental adjustments. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date we take possession of the property. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured. The exercise of lease renewal options is at our sole discretion. The lease term is used to determine whether a lease is financing or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of leasehold improvements is limited by the expected lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The following table reflects our lease assets and our lease liabilities at June 29, 30 June 29, 2019 December 30, 2018 (In thousands) Assets: Operating lease right-of-use assets $ 10,503 $ 11,635 Liabilities: Current operating lease liabilities $ 2,486 $ 2,581 Noncurrent operating lease liabilities 9,925 11,120 $ 12,411 $ 13,701 Lease Costs: The components of lease costs were as follows: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Operating lease cost $ 782 $ 756 $ 1,564 $ 1,515 Short-term lease cost 19 21 38 42 Total lease cost $ 801 $ 777 $ 1,602 $ 1,557 As of June (In thousands) 2019 $ 1,687 2020 2,993 2021 2,989 2022 3,074 2023 3,161 2024 529 Total lease payments 14,433 Less: Interest 2,022 Present value of lease liabilities $ 12,411 Lease Term and Discount Rate: June 29, 2019 Weighted-average remaining lease term (in years) 4.6 Weighted-average discount rate 6.50 % Other information: Supplemental cash flow information related to leases was as follows: Six Months Ended June 29, 2019 Operating cash outflows from operating leases $ 1,760 Right-of-use assets obtained in exchange for new operating lease liabilities $ — |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 6 Months Ended |
Jun. 29, 2019 | |
Investments All Other Investments [Abstract] | |
Cash, Cash Equivalents and Investments | 11. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: June 29, 2019 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 13,034 $ — $ — $ 13,034 Money market funds 8,186 — — 8,186 U.S. treasury and agency securities 2,310 1 — 2,311 Total cash and cash equivalents $ 23,530 $ 1 $ — $ 23,531 Short-term investments: Certificates of deposit $ 2,000 $ 4 $ — $ 2,004 Commercial paper 2,029 3 — 2,032 Corporate bonds and medium-term notes 6,676 26 1 6,701 Municipal bonds 500 — — 500 U.S. treasury and agency securities 2,074 1 1 2,074 Total short-term investments $ 13,279 $ 34 $ 2 $ 13,311 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 1,920 17 — 1,937 Total long-term investments $ 2,420 $ 17 $ — $ 2,437 Total cash, cash equivalents, and investments $ 39,229 $ 52 $ 2 $ 39,279 December 29, 2018 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 13,334 $ — $ — $ 13,334 Money market funds 3,335 — — 3,335 U.S. treasury and agency securities 2,046 — — 2,046 Total cash and cash equivalents $ 18,715 $ — $ — $ 18,715 Short-term investments: Certificates of deposit $ 5,299 $ 1 $ 1 $ 5,299 Commercial paper 2,242 — 1 2,241 Corporate bonds and medium-term notes 4,759 — 13 4,746 Municipal bonds 500 — 2 498 U.S. treasury and agency securities 3,297 — 5 3,292 Total short-term investments $ 16,097 $ 1 $ 22 $ 16,076 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 2,879 4 4 2,879 U.S. treasury and agency securities 999 — 6 993 Total long-term investments $ 4,378 $ 4 $ 10 $ 4,372 Total cash, cash equivalents, and investments $ 39,190 $ 5 $ 32 $ 39,163 The contractual maturities of available-for-sale securities at June 29 Amortized Cost Fair Value (In thousands) Due in one year or less $ 23,775 $ 23,808 Due after one through five years 2,420 2,437 $ 26,195 $ 26,245 The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of June June 29, 2019 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Corporate bonds and medium-term notes $ — $ — $ 499 $ 1 U.S. treasury and agency securities — — 999 1 $ — $ — $ 1,498 $ 2 All prices for the fixed maturity securities including U.S. treasury and agency securities, certificates of deposit, commercial paper, corporate bonds, asset backed securities and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received to sell a security in an orderly transaction. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs. The following table represents the fair value hierarchy of Intevac’s available-for-sale securities measured at fair value on a recurring basis as of June Fair Value Measurements at June 29, 2019 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale securities Money market funds $ 8,186 $ 8,186 $ — U.S. treasury and agency securities 4,385 4,385 — Certificates of deposit 2,504 — 2,504 Commercial paper 2,032 — 2,032 Corporate bonds and medium-term notes 8,638 — 8,638 Municipal bonds 500 — 500 Total recurring fair value measurements $ 26,245 $ 12,571 $ 13,674 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 29, 2019 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | 12. Derivative Instruments The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement of certain monetary assets and liabilities denominated in foreign currencies and to offset certain operational exposures from the impact of changes in foreign currency exchange rates. These derivatives are carried at fair value with changes recorded in interest income and other, net in the condensed consolidated statements of operations. Changes in the fair value of these derivatives are largely offset by re-measurement of the underlying assets and liabilities. Cash flows from such derivatives are classified as operating activities. The derivatives have maturities of approximately 30 days. The following table summarizes the Company's outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of June 29, 2019 and December 29, 2018. Notional Amounts Derivative Liabilities Derivative Instrument June 29, 2019 December 29, 2018 June 29, 2019 December 29, 2018 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 890 $ 1,764 * $ 3 * $ 8 Total Hedges $ 890 $ 1,764 $ 3 $ 8 * Other accrued liabilities |
Equity
Equity | 6 Months Ended |
Jun. 29, 2019 | |
Equity [Abstract] | |
Equity | 13. Equity Stock Repurchase Program On November 21, 2013, Intevac's Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. On August 15, 2018, Intevac's Board of Directors approved a $10.0 million increase to the original stock repurchase program for an aggregate authorized amount of up to $40.0 million. At June 29, 2019 June 29, 2019 Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands, except per share amounts) Shares of common stock repurchased 9 — 9 — Cost of stock repurchased $ 42 $ — $ 42 $ — Average price paid per share $ 4.69 $ — $ 4.69 $ — Intevac records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital. If Intevac reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings. Condensed Consolidated Statement of Changes in Equity The changes in stockholders’ equity June 29, 2019 (in thousands): Three Months Ended June 29, 2019 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at March 30, 2019 $ 184,976 $ (29,047 ) $ 484 $ (67,326 ) $ 89,087 Shares withheld for net share settlement of RSUs (240 ) — — — (240 ) Equity-based compensation expense 753 — — — 753 Net loss — — — (1,182 ) (1,182 ) Other comprehensive loss — — (29 ) — (29 ) Common stock repurchases — (42 ) — — (42 ) Balance at June 29, 2019 $ 185,489 $ (29,089 ) $ 455 $ (68,508 ) $ 88,347 Six Months Ended June 29, 2019 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at December 29, 2018 $ 183,227 $ (29,047 ) $ 378 $ (64,934 ) $ 89,624 Common stock issued under employee plans 1,021 — — — 1,021 Shares withheld for net share settlement of RSUs (268 ) — — — (268 ) Equity-based compensation expense 1,509 — — — 1,509 Net loss — — — (3,574 ) (3,574 ) Other comprehensive income — — 77 — 77 Common stock repurchases — (42 ) — — (42 ) Balance at June 29, 2019 $ 185,489 $ (29,089 ) $ 455 $ (68,508 ) $ 88,347 Three Months Ended June 30, 2018 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at March 31, 2018 $ 180,092 $ (28,489 ) $ 566 $ (73,651 ) $ 78,518 Common stock issued under employee plans 53 — — — 53 Shares withheld for net share settlement of RSUs (481 ) — — — (481 ) Equity-based compensation expense 785 — — — 785 Net loss — — — (167 ) (167 ) Other comprehensive loss — — (122 ) — (122 ) Balance at June 30, 2018 $ 180,449 $ (28,489 ) $ 444 $ (73,818 ) $ 78,586 Six Months Ended June 30, 2018 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at December 30, 2017 $ 177,543 $ (28,489 ) $ 490 $ (66,881 ) $ 82,663 Cumulative effect of accounting change — — — (1,634 ) (1,634 ) Common stock issued under employee plans 2,118 — — — 2,118 Shares withheld for net share settlement of RSUs (814 ) — — — (814 ) Equity-based compensation expense 1,602 — — — 1,602 Net loss — — — (5,303 ) (5,303 ) Other comprehensive loss — — (46 ) — (46 ) Balance at June 30, 2018 $ 180,449 $ (28,489 ) $ 444 $ (73,818 ) $ 78,586 Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income June 29, 2019 Three Months Ended Six Months Ended June 29, 2019 Foreign currency Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized holding losses on available- for-sale investments Total (In thousands) Beginning balance $ 466 $ 18 $ 484 $ 405 $ (27 ) $ 378 Other comprehensive income (loss) before reclassification (61 ) 32 (29 ) — 77 77 Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) (61 ) 32 (29 ) — 77 77 Ending balance $ 405 $ 50 $ 455 $ 405 $ 50 $ 455 Three Months Ended Six Months Ended June 30, 2018 Foreign currency Unrealized holding losses on available- for-sale investments Total Foreign currency Unrealized holding losses on available- for-sale investments Total (In thousands) Beginning balance $ 639 $ (73 ) $ 566 $ 535 $ (45 ) $ 490 Other comprehensive income (loss) before reclassification (144 ) 22 (122 ) (40 ) (6 ) (46 ) Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) (144 ) 22 (122 ) (40 ) (6 ) (46 ) Ending balance $ 495 $ (51 ) $ 444 $ 495 $ (51 ) $ 444 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 29, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands, except per share amounts) Net loss $ (1,182 ) $ (167 ) $ (3,574 ) $ (5,303 ) Weighted-average shares – basic 22,991 22,461 22,923 22,284 Effect of dilutive potential common shares — — — — Weighted-average shares – diluted 22,991 22,461 22,923 22,284 Net loss per share – basic $ (0.05 ) $ (0.01 ) $ (0.16 ) $ (0.24 ) Net loss per share –diluted $ (0.05 ) $ (0.01 ) $ (0.16 ) $ (0.24 ) As the Company is in a net loss position, all of the Company’s equity instruments are considered antidilutive. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 29, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. Segment Reporting Intevac’s two reportable segments are TFE and Photonics. Intevac’s chief operating decision-maker has been identified as the President and CEO, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Segment information is presented based upon Intevac’s management organization structure as of June 29, 2019 Each reportable segment is separately managed and has separate financial results that are reviewed by Intevac’s chief operating decision-maker. Each reportable segment contains closely related products that are unique to the particular segment. Segment operating profit is determined based upon internal performance measures used by the chief operating decision-maker. Intevac derives the segment results from its internal management reporting system. The accounting policies Intevac uses to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics, including orders, net revenues and operating income. Management uses these results to evaluate the performance of, and to assign resources to, each of the reportable segments. Intevac manages certain operating expenses separately at the corporate level. Intevac allocates certain of these corporate expenses to the segments in an amount equal to 3% of net revenues. Segment operating income excludes interest income/expense and other financial charges and income taxes according to how a particular reportable segment’s management is measured. Management does not consider impairment charges, gains and losses on divestitures and sales of intellectual property, and unallocated costs in measuring the performance of the reportable segments. The TFE segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the hard drive, solar cell and DCP industries, as well as other adjacent thin-film markets. The Photonics segment develops compact, cost-effective, high-sensitivity digital-optical products for the capture and display of low-light images. Intevac provides sensors, cameras and systems for government applications such as night vision. Information for each reportable segment for the three and six months ended June 29, 2019 and June 30, 2018 is as follows: Net Revenues Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) TFE $ 13,264 $ 20,848 $ 32,209 $ 33,637 Photonics 9,050 5,250 14,932 10,435 Total segment net revenues $ 22,314 $ 26,098 $ 47,141 $ 44,072 Operating Income (Loss) Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) TFE $ (1,291 ) $ 1,220 $ (1,892 ) $ (1,289 ) Photonics 1,487 (444 ) 846 (1,654 ) Total income (loss) from segment operations 196 776 (1,046 ) (2,943 ) Unallocated costs (1,124 ) (711 ) (1,879 ) (2,113 ) Income (loss) from operations (928 ) 65 (2,925 ) (5,056 ) Interest income and other income (expense), net 163 133 322 278 Income (loss) before income taxes $ (765 ) $ 198 $ (2,603 ) $ (4,778 ) Total assets for each reportable segment as of June , 2019 December 29, 2018 Assets June 29, 2019 December 29, 2018 (In thousands) TFE $ 51,137 $ 53,867 Photonics 19,435 16,721 Total segment assets 70,572 70,588 Cash, cash equivalents and investments 39,279 39,163 Restricted cash 1,255 1,169 Deferred income taxes 7,396 7,913 Other current assets 1,223 1,341 Common property, plant and equipment 1,171 1,017 Common operating lease right-of-use assets 2,094 — Other assets 889 879 Consolidated total assets $ 123,879 $ 122,070 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Intevac recorded income tax provisions of $417,000 and $971,000 for the three and six months ended June 29, 2019, respectively and $365,000 and $525,000 for the three and six months ended June 30, 2018, respectively. The income tax provisions for the three and six months are based upon estimates of annual income (loss), annual permanent differences and statutory tax rates in the various jurisdictions in which Intevac operates. For the three and six month periods ended June 29, 2019 Intevac recorded income tax provisions on earnings of its international subsidiaries of $201,000 and $563,000, respectively and recorded $213,000 and $404,000, respectively for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as discrete items. For the three and six month periods ended June 30, 2018 Intevac recorded $312,000 and $457,000, respectively for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as discrete items. For all periods presented Intevac utilized net operating loss carry-forwards to offset the impact of the global intangible low-taxed income (“GILTI”). Intevac’s tax rate differs from the applicable statutory rates due primarily to establishment of a valuation allowance, the utilization of deferred and current credits and the effect of permanent differences and adjustments of prior permanent differences. Intevac’s future effective income tax rate depends on various factors, including the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carry-forwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Management carefully monitors these factors and timely adjusts the effective income tax rate. The Inland Revenue Authority of Singapore (“IRAS”) is currently conducting a review of the 2009 and 2010 fiscal year tax returns of the Company’s wholly-owned subsidiary, Intevac Asia Pte. Ltd. IRAS has challenged the Company’s tax position with respect to certain aspects of the Company’s transfer pricing. Under Singapore tax law, the Company must pay all contested taxes and the related interest to have the right to defend its position. The contested tax deposits of $732,000 at June 29, 2019 December 29, 2018 |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 29, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | 17. Restructuring Charges During the first quarter of fiscal 2018, Intevac substantially completed implementation of the 2018 cost reduction plan (the “Reduction Plan”), which was intended to reduce expenses and reduce its workforce by 6 percent. The cost of implementing the Reduction Plan was reported under cost of net revenues and operating expenses in the condensed consolidated statements of operations. Substantially all cash outlays in connection with the Reduction Plan occurred in the first quarter of fiscal 2018. Implementation of the Reduction Plan reduced salary, wages and other employee-related expenses by approximately $1.8 million on an annual basis. The changes in restructuring reserves associated with the Reduction Plan Six Months Ended June 30, 2018 Severance and other employee- related costs (In thousands) Beginning balance $ — Provision for restructuring reserves 95 Cash payments made (95 ) Ending balance $ — |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Jun. 29, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 18. Related Party Transaction A Board member of the Company also serves as the Chief Executive Officer of a supplier. The Company made inventory purchases in the amount of $24,000 and $175,000, respectively, for the three and six months ended June 29, 2019 and $42,000 and $123,000, respectively, for the three and six months ended June 30, 2018 from this supplier. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 29, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 19. Contingencies From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncement (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Effect of Changes in Financial Statements Due to Adoption of New Lease Standard | The effect of the changes made to our consolidated December 30, 2018 balance sheet for the adoption of the new lease standard was as follows (in thousands): Balance at December 29, 2018 Adjustments Due to ASC 842 Balance at December 30, 2018 Prepaid expenses and other current assets $ 2,528 $ (221 ) 1 $ 2,307 Total current assets $ 95,633 $ (221 ) 1 $ 95,412 Operating lease right-of-use assets $ — $ 11,635 1,2,3 $ 11,635 Total assets $ 122,070 $ 11,414 1,2,3 $ 133,484 Current operating lease liabilities $ — $ 2,581 5 $ 2,581 Accounts payable $ 6,053 $ (4 ) 4 $ 6,049 Other accrued liabilities $ 4,952 $ (13 ) 3 $ 4,939 Total current liabilities $ 30,008 $ 2,564 3,4,5 $ 32,572 Noncurrent operating lease liabilities $ — $ 11,120 5 $ 11,120 Other long-term liabilities $ 2,438 $ (2,270 ) 3 $ 168 Total non-current liabilities $ 2,438 $ 8,850 3,4,5 $ 11,288 Total liabilities and stockholders' equity $ 122,070 $ 11,414 4,5 $ 133,484 1 Represents prepaid rent reclassified to operating lease right-of-use assets. 2 Represents capitalization of operating lease right-of-use assets and reclassification of straight-line rent accrual, and tenant incentives. 3 Represents reclassification of straight-line rent accrual to operating lease right-of-use assets. 4 Represents accrued rent reclassified to operating lease right-of-use assets. 5 Represents recognition of operating lease liabilities. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers | The following tables represent a disaggregation of revenue from contracts with customers for the three and six months ended June 29 30 Major Products and Service Lines TFE Three Months Ended June 29, 2019 Three Months Ended June 30, 2018 (In thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 12,423 $ — $ 18 $ 12,441 $ 19,221 $ — $ 1 $ 19,222 Field service 821 2 — 823 1,625 — 1 1,626 Total TFE net revenues $ 13,244 $ 2 $ 18 $ 13,264 $ 20,846 $ — $ 2 $ 20,848 Six Months Ended June 29, 2019 Six Months Ended June 30, 2018 (In thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 23,473 $ — $ 6,391 $ 29,864 $ 29,614 $ 1 $ 3 $ 29,618 Field service 2,343 2 — 2,345 3,980 — 39 4,019 Total TFE net revenues $ 25,816 $ 2 $ 6,391 $ 32,209 $ 33,594 $ 1 $ 42 $ 33,637 Three Months Ended Six Months Ended Photonics June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Products: Military products $ 2,981 $ 2,145 $ 4,794 $ 4,399 Commercial products 182 54 500 54 Repair and other services 810 288 1,371 717 Total Photonics product net revenues 3,973 2,487 6,665 5,170 Technology development: Cost Plus Fixed Fee (“CPFF”) 1,992 2,220 3,488 4,010 Firm Fixed Price (“FFP”) 3,085 540 4,777 1,232 Time and materials — 3 2 23 Total technology development net revenues 5,077 2,763 8,267 5,265 Total Photonics net revenues $ 9,050 $ 5,250 $ 14,932 $ 10,435 Primary Geographical Markets Three Months Ended Three Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 356 $ 8,811 $ 9,167 $ 1,351 $ 4,998 $ 6,349 Asia 12,908 — 12,908 19,497 31 19,528 Europe — 239 239 — 187 187 Rest of World — — — — 34 34 Total net revenues $ 13,264 $ 9,050 $ 22,314 $ 20,848 $ 5,250 $ 26,098 Six Months Ended Six Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total United States $ 517 $ 14,527 $ 15,044 $ 3,262 $ 9,760 $ 13,022 Asia 31,692 — 31,692 30,375 31 30,406 Europe — 405 405 — 480 480 Rest of World — — — — 164 164 Total net revenues $ 32,209 $ 14,932 $ 47,141 $ 33,637 $ 10,435 $ 44,072 Timing of Revenue Recognition Three Months Ended Three Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 13,264 $ 810 $ 14,074 $ 20,848 $ 288 $ 21,136 Products and services transferred over time — 8,240 8,240 — 4,962 4,962 $ 13,264 $ 9,050 $ 22,314 $ 20,848 $ 5,250 $ 26,098 Six Months Ended Six Months Ended June 29, 2019 June 30, 2018 (In thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 32,209 $ 1,371 $ 33,580 $ 33,637 $ 717 $ 34,354 Products and services transferred over time — 13,561 13,561 — 9,718 9,718 $ 32,209 $ 14,932 $ 47,141 $ 33,637 $ 10,435 $ 44,072 |
Changes in Contract Assets and Contract Liabilities | The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage, and our contract liabilities, which we classify as deferred revenue and customer advances, for the six months ended June 29 June 29, 2019 December 29, 2018 Six Months Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ 564 $ 514 $ 50 Contract liabilities: Deferred revenue $ 1,163 $ 633 $ 530 Customer advances 7,916 14,314 (6,398 ) $ 9,079 $ 14,947 $ (5,868 ) Photonics: Contract assets: Accounts receivable, unbilled $ 3,085 $ 1,493 $ 1,592 Retainage 81 157 (76 ) $ 3,166 $ 1,650 $ 1,516 Contract liabilities: Deferred revenue $ 528 $ 1,101 $ (573 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: June 29, 2019 December 29, 2018 (In thousands) Raw materials $ 18,062 $ 16,354 Work-in-progress 8,681 9,134 Finished goods 5,847 5,109 $ 32,590 $ 30,597 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Effect of Recording Equity-Based Compensation | The effect of recording equity-based compensation for the three and six months ended June Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Equity-based compensation by type of award: Stock options $ 191 $ 216 $ 398 $ 350 RSUs 352 230 642 636 Employee stock purchase plan 210 339 469 616 Total equity-based compensation $ 753 $ 785 $ 1,509 $ 1,602 |
Summary of Stock Option Activity | Option activity as of June 29, 2019 and changes during the six months ended June 29, 2019 were as follows: Shares Weighted-Average Exercise Price Options outstanding at December 29, 2018 2,070,749 $ 6.76 Options granted 340,750 $ 5.44 Options cancelled and forfeited (127,918 ) $ 7.54 Options exercised (72,122 ) $ 4.22 Options outstanding at June 29, 2019 2,211,459 $ 6.59 Options exercisable at June 29, 2019 1,390,622 $ 6.68 |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of stock options and ESPP purchase rights using the following weighted-average assumptions: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Stock Options: Weighted-average fair value of grants per share $ 2.05 $ 1.87 $ 2.06 $ 1.99 Expected volatility 43.19 % 44.50 % 43.20 % 43.80 % Risk free interest rate 1.86 % 2.58 % 1.88 % 2.58 % Expected term of options (in years) 4.6 4.5 4.6 4.5 Dividend yield None None None None Six Months Ended June 29, 2019 June 30, 2018 ESPP Purchase Rights: Weighted-average fair value of grants per share $ 1.89 $ 2.36 Expected volatility 50.00 % 46.60 % Risk free interest rate 2.53 % 1.82 % Expected term of purchase rights (in years) 1.0 1.25 Dividend yield None None |
Summary of Restricted Stock Units Activity | RSU activity as of June 29, 2019 and changes during the six months ended June 29, 2019 were as follows Shares Weighted-Average Grant Date Fair Value Non-vested RSUs at December 29, 2018 462,409 $ 6.92 Granted 250,078 $ 5.64 Vested (117,802 ) $ 7.32 Cancelled and forfeited (11,391 ) $ 6.59 Non-vested RSUs at June 29, 2019 583,294 $ 6.30 |
Performance Stock Options (PSO's) | |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of PSO’s using the following weighted-average assumptions: Three Months Ended June 29, 2019 Weighted-average fair value of grants per share $ 1.75 Expected volatility 43.43 % Risk free interest rate 1.96 % Expected term (in years) 4.60 Dividend yield None |
Purchased Intangible Assets (Ta
Purchased Intangible Assets (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Information Regarding Other Acquisition Related Intangible Assets | Details of finite-lived intangible assets by segment as of June 29 June 29, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) TFE $ 7,172 $ (6,648 ) $ 524 Photonics 1,215 (1,158 ) 57 $ 8,387 $ (7,806 ) $ 581 |
Estimated Future Amortization Expense Related to Finite-Lived Purchased Intangible Assets | As of June 29 (In thousands) 2019 $ 307 2020 274 $ 581 |
Acquisition-Related Contingen_2
Acquisition-Related Contingent Consideration (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Business Combinations [Abstract] | |
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability | The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for the three and six months ended June 29, 2019 and June 30, 2018 Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Opening balance $ 132 $ 361 $ 223 $ 362 Changes in fair value — 9 7 8 Cash payments made (132 ) — (230 ) — Closing balance $ — $ 370 $ — $ 370 |
Warranty (Tables)
Warranty (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for the three and six months ended June Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Opening balance $ 1,297 $ 866 $ 997 $ 994 Expenditures incurred under warranties (257 ) (182 ) (424 ) (418 ) Accruals for product warranties issued during the reporting period 78 174 402 278 Adjustments to previously existing warranty accruals (170 ) 53 (27 ) 57 Closing balance $ 948 $ 911 $ 948 $ 911 The following table displays the balance sheet classification of the warranty provision account at June 29, 2019 and at December 29, 2018. June 29, 2019 December 29, 2018 (In thousands) Other accrued liabilities $ 782 $ 839 Other long-term liabilities 166 158 Total warranty provision $ 948 $ 997 |
Leases (Table)
Leases (Table) | 6 Months Ended |
Jun. 29, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Lease Liabilities | The following table reflects our lease assets and our lease liabilities at June 29, 30 June 29, 2019 December 30, 2018 (In thousands) Assets: Operating lease right-of-use assets $ 10,503 $ 11,635 Liabilities: Current operating lease liabilities $ 2,486 $ 2,581 Noncurrent operating lease liabilities 9,925 11,120 $ 12,411 $ 13,701 |
Lease Costs | The components of lease costs were as follows: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) Operating lease cost $ 782 $ 756 $ 1,564 $ 1,515 Short-term lease cost 19 21 38 42 Total lease cost $ 801 $ 777 $ 1,602 $ 1,557 |
Schedule of Maturity of Operating Lease Liabilities | As of June (In thousands) 2019 $ 1,687 2020 2,993 2021 2,989 2022 3,074 2023 3,161 2024 529 Total lease payments 14,433 Less: Interest 2,022 Present value of lease liabilities $ 12,411 |
Schedule of Lease Term and Discount Rate | June 29, 2019 Weighted-average remaining lease term (in years) 4.6 Weighted-average discount rate 6.50 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Six Months Ended June 29, 2019 Operating cash outflows from operating leases $ 1,760 Right-of-use assets obtained in exchange for new operating lease liabilities $ — |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Investments All Other Investments [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments | Cash and cash equivalents, short-term investments and long-term investments consist of: June 29, 2019 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 13,034 $ — $ — $ 13,034 Money market funds 8,186 — — 8,186 U.S. treasury and agency securities 2,310 1 — 2,311 Total cash and cash equivalents $ 23,530 $ 1 $ — $ 23,531 Short-term investments: Certificates of deposit $ 2,000 $ 4 $ — $ 2,004 Commercial paper 2,029 3 — 2,032 Corporate bonds and medium-term notes 6,676 26 1 6,701 Municipal bonds 500 — — 500 U.S. treasury and agency securities 2,074 1 1 2,074 Total short-term investments $ 13,279 $ 34 $ 2 $ 13,311 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 1,920 17 — 1,937 Total long-term investments $ 2,420 $ 17 $ — $ 2,437 Total cash, cash equivalents, and investments $ 39,229 $ 52 $ 2 $ 39,279 December 29, 2018 Amortized Cost Unrealized Holding Gains Unrealized Holding Losses Fair Value (In thousands) Cash and cash equivalents: Cash $ 13,334 $ — $ — $ 13,334 Money market funds 3,335 — — 3,335 U.S. treasury and agency securities 2,046 — — 2,046 Total cash and cash equivalents $ 18,715 $ — $ — $ 18,715 Short-term investments: Certificates of deposit $ 5,299 $ 1 $ 1 $ 5,299 Commercial paper 2,242 — 1 2,241 Corporate bonds and medium-term notes 4,759 — 13 4,746 Municipal bonds 500 — 2 498 U.S. treasury and agency securities 3,297 — 5 3,292 Total short-term investments $ 16,097 $ 1 $ 22 $ 16,076 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 2,879 4 4 2,879 U.S. treasury and agency securities 999 — 6 993 Total long-term investments $ 4,378 $ 4 $ 10 $ 4,372 Total cash, cash equivalents, and investments $ 39,190 $ 5 $ 32 $ 39,163 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of available-for-sale securities at June 29 Amortized Cost Fair Value (In thousands) Due in one year or less $ 23,775 $ 23,808 Due after one through five years 2,420 2,437 $ 26,195 $ 26,245 |
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired | The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of June June 29, 2019 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Corporate bonds and medium-term notes $ — $ — $ 499 $ 1 U.S. treasury and agency securities — — 999 1 $ — $ — $ 1,498 $ 2 |
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis | The following table represents the fair value hierarchy of Intevac’s available-for-sale securities measured at fair value on a recurring basis as of June Fair Value Measurements at June 29, 2019 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Available-for-sale securities Money market funds $ 8,186 $ 8,186 $ — U.S. treasury and agency securities 4,385 4,385 — Certificates of deposit 2,504 — 2,504 Commercial paper 2,032 — 2,032 Corporate bonds and medium-term notes 8,638 — 8,638 Municipal bonds 500 — 500 Total recurring fair value measurements $ 26,245 $ 12,571 $ 13,674 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Derivative Instrument Detail [Abstract] | |
Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets | The following table summarizes the Company's outstanding derivative instruments on a gross basis as recorded in its condensed consolidated balance sheets as of June 29, 2019 and December 29, 2018. Notional Amounts Derivative Liabilities Derivative Instrument June 29, 2019 December 29, 2018 June 29, 2019 December 29, 2018 Balance Sheet Line Fair Value Balance Sheet Line Fair Value (In thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 890 $ 1,764 * $ 3 * $ 8 Total Hedges $ 890 $ 1,764 $ 3 $ 8 * Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Equity [Abstract] | |
Schedule of Stock Repurchases | Stock repurchases during the three and six months ended June 29, 2019 Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands, except per share amounts) Shares of common stock repurchased 9 — 9 — Cost of stock repurchased $ 42 $ — $ 42 $ — Average price paid per share $ 4.69 $ — $ 4.69 $ — |
Schedule of Changes in Stockholders' Equity | The changes in stockholders’ equity June 29, 2019 (in thousands): Three Months Ended June 29, 2019 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at March 30, 2019 $ 184,976 $ (29,047 ) $ 484 $ (67,326 ) $ 89,087 Shares withheld for net share settlement of RSUs (240 ) — — — (240 ) Equity-based compensation expense 753 — — — 753 Net loss — — — (1,182 ) (1,182 ) Other comprehensive loss — — (29 ) — (29 ) Common stock repurchases — (42 ) — — (42 ) Balance at June 29, 2019 $ 185,489 $ (29,089 ) $ 455 $ (68,508 ) $ 88,347 Six Months Ended June 29, 2019 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at December 29, 2018 $ 183,227 $ (29,047 ) $ 378 $ (64,934 ) $ 89,624 Common stock issued under employee plans 1,021 — — — 1,021 Shares withheld for net share settlement of RSUs (268 ) — — — (268 ) Equity-based compensation expense 1,509 — — — 1,509 Net loss — — — (3,574 ) (3,574 ) Other comprehensive income — — 77 — 77 Common stock repurchases — (42 ) — — (42 ) Balance at June 29, 2019 $ 185,489 $ (29,089 ) $ 455 $ (68,508 ) $ 88,347 Three Months Ended June 30, 2018 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at March 31, 2018 $ 180,092 $ (28,489 ) $ 566 $ (73,651 ) $ 78,518 Common stock issued under employee plans 53 — — — 53 Shares withheld for net share settlement of RSUs (481 ) — — — (481 ) Equity-based compensation expense 785 — — — 785 Net loss — — — (167 ) (167 ) Other comprehensive loss — — (122 ) — (122 ) Balance at June 30, 2018 $ 180,449 $ (28,489 ) $ 444 $ (73,818 ) $ 78,586 Six Months Ended June 30, 2018 Common Stock and Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income Accumulated Deficit Total Stockholders’ Equity Balance at December 30, 2017 $ 177,543 $ (28,489 ) $ 490 $ (66,881 ) $ 82,663 Cumulative effect of accounting change — — — (1,634 ) (1,634 ) Common stock issued under employee plans 2,118 — — — 2,118 Shares withheld for net share settlement of RSUs (814 ) — — — (814 ) Equity-based compensation expense 1,602 — — — 1,602 Net loss — — — (5,303 ) (5,303 ) Other comprehensive loss — — (46 ) — (46 ) Balance at June 30, 2018 $ 180,449 $ (28,489 ) $ 444 $ (73,818 ) $ 78,586 |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income June 29, 2019 Three Months Ended Six Months Ended June 29, 2019 Foreign currency Unrealized holding gains (losses) on available- for-sale investments Total Foreign currency Unrealized holding losses on available- for-sale investments Total (In thousands) Beginning balance $ 466 $ 18 $ 484 $ 405 $ (27 ) $ 378 Other comprehensive income (loss) before reclassification (61 ) 32 (29 ) — 77 77 Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) (61 ) 32 (29 ) — 77 77 Ending balance $ 405 $ 50 $ 455 $ 405 $ 50 $ 455 Three Months Ended Six Months Ended June 30, 2018 Foreign currency Unrealized holding losses on available- for-sale investments Total Foreign currency Unrealized holding losses on available- for-sale investments Total (In thousands) Beginning balance $ 639 $ (73 ) $ 566 $ 535 $ (45 ) $ 490 Other comprehensive income (loss) before reclassification (144 ) 22 (122 ) (40 ) (6 ) (46 ) Amounts reclassified from other comprehensive income — — — — — — Net current-period other comprehensive income (loss) (144 ) 22 (122 ) (40 ) (6 ) (46 ) Ending balance $ 495 $ (51 ) $ 444 $ 495 $ (51 ) $ 444 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net loss Per Share | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands, except per share amounts) Net loss $ (1,182 ) $ (167 ) $ (3,574 ) $ (5,303 ) Weighted-average shares – basic 22,991 22,461 22,923 22,284 Effect of dilutive potential common shares — — — — Weighted-average shares – diluted 22,991 22,461 22,923 22,284 Net loss per share – basic $ (0.05 ) $ (0.01 ) $ (0.16 ) $ (0.24 ) Net loss per share –diluted $ (0.05 ) $ (0.01 ) $ (0.16 ) $ (0.24 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Segment Reporting [Abstract] | |
Information for Each Reportable Segment | Information for each reportable segment for the three and six months ended June 29, 2019 and June 30, 2018 is as follows: Net Revenues Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) TFE $ 13,264 $ 20,848 $ 32,209 $ 33,637 Photonics 9,050 5,250 14,932 10,435 Total segment net revenues $ 22,314 $ 26,098 $ 47,141 $ 44,072 Operating Income (Loss) Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (In thousands) TFE $ (1,291 ) $ 1,220 $ (1,892 ) $ (1,289 ) Photonics 1,487 (444 ) 846 (1,654 ) Total income (loss) from segment operations 196 776 (1,046 ) (2,943 ) Unallocated costs (1,124 ) (711 ) (1,879 ) (2,113 ) Income (loss) from operations (928 ) 65 (2,925 ) (5,056 ) Interest income and other income (expense), net 163 133 322 278 Income (loss) before income taxes $ (765 ) $ 198 $ (2,603 ) $ (4,778 ) |
Segment Assets | Total assets for each reportable segment as of June , 2019 December 29, 2018 Assets June 29, 2019 December 29, 2018 (In thousands) TFE $ 51,137 $ 53,867 Photonics 19,435 16,721 Total segment assets 70,572 70,588 Cash, cash equivalents and investments 39,279 39,163 Restricted cash 1,255 1,169 Deferred income taxes 7,396 7,913 Other current assets 1,223 1,341 Common property, plant and equipment 1,171 1,017 Common operating lease right-of-use assets 2,094 — Other assets 889 879 Consolidated total assets $ 123,879 $ 122,070 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Restructuring And Related Activities [Abstract] | |
Changes in Restructuring Reserves | The changes in restructuring reserves associated with the Reduction Plan Six Months Ended June 30, 2018 Severance and other employee- related costs (In thousands) Beginning balance $ — Provision for restructuring reserves 95 Cash payments made (95 ) Ending balance $ — |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncement - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 30, 2018 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||
Net lease assets | $ 10,503 | $ 11,635 |
Lease liabilities | $ 12,411 | $ 13,701 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncement - Effect of Changes in Balance Sheet Due to Adoption of New Revenue Standard (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid expenses and other current assets | $ 1,997 | $ 2,528 | |
Total current assets | 89,746 | 95,633 | |
Operating lease right-of-use assets | 10,503 | $ 11,635 | |
Total assets | 123,879 | 122,070 | |
Current operating lease liabilities | 2,486 | 2,581 | |
Accounts payable | 5,708 | 6,053 | |
Other accrued liabilities | 4,100 | 4,952 | |
Total current liabilities | 25,431 | 30,008 | |
Noncurrent operating lease liabilities | 9,925 | 11,120 | |
Other long-term liabilities | 176 | 2,438 | |
Total non-current liabilities | 10,101 | 2,438 | |
Total liabilities and stockholders' equity | $ 123,879 | 122,070 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid expenses and other current assets | 2,307 | ||
Total current assets | 95,412 | ||
Operating lease right-of-use assets | 11,635 | ||
Total assets | 133,484 | ||
Current operating lease liabilities | 2,581 | ||
Accounts payable | 6,049 | ||
Other accrued liabilities | 4,939 | ||
Total current liabilities | 32,572 | ||
Noncurrent operating lease liabilities | 11,120 | ||
Other long-term liabilities | 168 | ||
Total non-current liabilities | 11,288 | ||
Total liabilities and stockholders' equity | 133,484 | ||
Accounting Standards Update 2016-02 | Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid expenses and other current assets | 2,528 | ||
Total current assets | 95,633 | ||
Total assets | 122,070 | ||
Accounts payable | 6,053 | ||
Other accrued liabilities | 4,952 | ||
Total current liabilities | 30,008 | ||
Other long-term liabilities | 2,438 | ||
Total non-current liabilities | 2,438 | ||
Total liabilities and stockholders' equity | $ 122,070 | ||
Accounting Standards Update 2016-02 | Restatement Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid expenses and other current assets | (221) | ||
Total current assets | (221) | ||
Operating lease right-of-use assets | 11,635 | ||
Total assets | 11,414 | ||
Current operating lease liabilities | 2,581 | ||
Accounts payable | (4) | ||
Other accrued liabilities | (13) | ||
Total current liabilities | 2,564 | ||
Noncurrent operating lease liabilities | 11,120 | ||
Other long-term liabilities | (2,270) | ||
Total non-current liabilities | 8,850 | ||
Total liabilities and stockholders' equity | $ 11,414 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 22,314 | $ 26,098 | $ 47,141 | $ 44,072 |
TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 13,264 | 20,848 | 32,209 | 33,637 |
TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 12,441 | 19,222 | 29,864 | 29,618 |
TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 823 | 1,626 | 2,345 | 4,019 |
Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 9,050 | 5,250 | 14,932 | 10,435 |
HDD | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 13,244 | 20,846 | 25,816 | 33,594 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 12,423 | 19,221 | 23,473 | 29,614 |
HDD | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 821 | 1,625 | 2,343 | 3,980 |
DCP | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 2 | 2 | 1 | |
DCP | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1 | |||
DCP | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 2 | 2 | ||
PV | TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 18 | 2 | 6,391 | 42 |
PV | TFE | Systems, Upgrades and Spare Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 18 | 1 | 6,391 | 3 |
PV | TFE | Field Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1 | 39 | ||
Military Products | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 2,981 | 2,145 | 4,794 | 4,399 |
Commercial Products | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 182 | 54 | 500 | 54 |
Repair and Other Services | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 810 | 288 | 1,371 | 717 |
Product | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3,973 | 2,487 | 6,665 | 5,170 |
CPFF | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 1,992 | 2,220 | 3,488 | 4,010 |
FFP | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3,085 | 540 | 4,777 | 1,232 |
Times and Materials | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 3 | 2 | 23 | |
Technology Development | Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 5,077 | $ 2,763 | $ 8,267 | $ 5,265 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 22,314 | $ 26,098 | $ 47,141 | $ 44,072 |
Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 14,074 | 21,136 | 33,580 | 34,354 |
Products and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,240 | 4,962 | 13,561 | 9,718 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 9,167 | 6,349 | 15,044 | 13,022 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 12,908 | 19,528 | 31,692 | 30,406 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 239 | 187 | 405 | 480 |
Rest of World | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 34 | 164 | ||
TFE | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 13,264 | 20,848 | 32,209 | 33,637 |
TFE | Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 13,264 | 20,848 | 32,209 | 33,637 |
TFE | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 356 | 1,351 | 517 | 3,262 |
TFE | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 12,908 | 19,497 | 31,692 | 30,375 |
Photonics | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 9,050 | 5,250 | 14,932 | 10,435 |
Photonics | Products Transferred at a Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 810 | 288 | 1,371 | 717 |
Photonics | Products and Services Transferred Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,240 | 4,962 | 13,561 | 9,718 |
Photonics | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 8,811 | 4,998 | 14,527 | 9,760 |
Photonics | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | 31 | 31 | ||
Photonics | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 239 | 187 | $ 405 | 480 |
Photonics | Rest of World | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 34 | $ 164 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) | 6 Months Ended | |
Jun. 29, 2019 | Dec. 29, 2018 | |
TFE | ||
Contract liabilities: | ||
Contract liabilities | $ 9,079,000 | $ 14,947,000 |
Change in contract liabilities | (5,868,000) | |
TFE | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 564,000 | 514,000 |
Change in contract assets | 50,000 | |
TFE | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 1,163,000 | 633,000 |
Change in contract liabilities | 530,000 | |
TFE | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 7,916,000 | 14,314,000 |
Change in contract liabilities | (6,398,000) | |
Photonics | ||
Contract assets: | ||
Contract assets | 3,166,000 | 1,650,000 |
Change in contract assets | 1,516,000 | |
Photonics | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 3,085,000 | 1,493,000 |
Change in contract assets | 1,592,000 | |
Photonics | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 528,000 | 1,101,000 |
Change in contract liabilities | (573,000) | |
Photonics | Retainage | ||
Contract assets: | ||
Contract assets | 81,000 | $ 157,000 |
Change in contract assets | $ (76,000) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 6 Months Ended | |
Jun. 29, 2019USD ($)Installment | Dec. 29, 2018USD ($) | |
Revenue From Contract With Customers [Line Items] | ||
Revenue remaining performance obligation | $ 93,700,000 | |
Revenue performance obligation, description of timing | We expect to recognize approximately 53% of our remaining performance obligations as revenue in 2019, and the balance in 2020 | |
TFE | ||
Revenue From Contract With Customers [Line Items] | ||
Contract liabilities | $ 9,079,000 | $ 14,947,000 |
Revenue remaining performance obligation | 50,300,000 | |
TFE | Customer Advances | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 9,800,000 | |
Contract liabilities | 7,916,000 | 14,314,000 |
TFE | Deferred Revenue | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 324,000 | |
Contract liabilities | $ 1,163,000 | 633,000 |
TFE | Accounts Receivable, Unbilled | ||
Revenue From Contract With Customers [Line Items] | ||
Number of installments | Installment | 3 | |
Change in contract assets | $ 50,000 | |
Photonics | ||
Revenue From Contract With Customers [Line Items] | ||
Change in contract assets | 1,516,000 | |
Revenue remaining performance obligation | 43,400,000 | |
Photonics | Deferred Revenue | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer liability revenue recognized | 573,000 | |
Contract liabilities | 528,000 | $ 1,101,000 |
Photonics | Accounts Receivable, Unbilled | ||
Revenue From Contract With Customers [Line Items] | ||
Change in contract assets | $ 1,592,000 |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-06-30 | Jun. 29, 2019 |
Revenue From Contract With Customers [Line Items] | |
Revenue, remaining performance obligation, percentage | 53.00% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 6 months |
Inventories - Inventories State
Inventories - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 18,062 | $ 16,354 |
Work-in-progress | 8,681 | 9,134 |
Finished goods | 5,847 | 5,109 |
Inventories | $ 32,590 | $ 30,597 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019 | Jun. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase of common stock through payroll deductions | 85.00% | |
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 15.00% | |
Offering periods | 2 years | |
Purchase intervals of a series | 6 months | |
Stock issued under Employee Stock Purchase Plans | 181,431 | |
Options granted under performance stock options | 340,750 | |
Chief Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted under performance stock options | 37,500 | 37,500 |
Performance stock option vesting period | 1 year 1 month 6 days |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 753 | $ 785 | $ 1,509 | $ 1,602 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 191 | 216 | 398 | 350 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 352 | 230 | 642 | 636 |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 210 | $ 339 | $ 469 | $ 616 |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) - $ / shares | 6 Months Ended |
Jun. 29, 2019 | |
Shares | |
Options outstanding at December 29, 2018 | 2,070,749 |
Options granted | 340,750 |
Options cancelled and forfeited | (127,918) |
Options exercised | (72,122) |
Options outstanding at June 29, 2019 | 2,211,459 |
Options exercisable at June 29, 2019 | 1,390,622 |
Weighted-Average Exercise Price | |
Options outstanding at December 29, 2018 | $ 6.76 |
Options granted | 5.44 |
Options cancelled and forfeited | 7.54 |
Options exercised | 4.22 |
Options outstanding at June 29, 2019 | 6.59 |
Options exercisable at June 29, 2019 | $ 6.68 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value of grants per share | $ 2.05 | $ 1.87 | $ 2.06 | $ 1.99 |
Expected volatility | 43.19% | 44.50% | 43.20% | 43.80% |
Risk free interest rate | 1.86% | 2.58% | 1.88% | 2.58% |
Expected term of options (in years) | 4 years 7 months 6 days | 4 years 6 months | 4 years 7 months 6 days | 4 years 6 months |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Stock Purchase Rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value of grants per share | $ 1.89 | $ 2.36 | ||
Expected volatility | 50.00% | 46.60% | ||
Risk free interest rate | 2.53% | 1.82% | ||
Expected term of options (in years) | 1 year | 1 year 3 months | ||
Dividend yield | 0.00% | 0.00% |
Equity-Based Compensation - W_2
Equity-Based Compensation - Weighted-Average Fair Value of Performance Stock Options Using Weighted-Average Assumptions (Detail) - Performance Stock Options (PSO's) | 3 Months Ended |
Jun. 29, 2019$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of grants per share | $ 1.75 |
Expected volatility | 43.43% |
Risk free interest rate | 1.96% |
Expected term (in years) | 0 years |
Dividend yield | 0.00% |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 29, 2019$ / sharesshares | |
Shares | |
Non-vested RSUs at December 29, 2018 | shares | 462,409 |
Granted | shares | 250,078 |
Vested | shares | (117,802) |
Cancelled and forfeited | shares | (11,391) |
Non-vested RSUs at June 29, 2019 | shares | 583,294 |
Weighted Average Grant Date Fair Value | |
Non-vested RSUs at December 29, 2018 | $ / shares | $ 6.92 |
Granted | $ / shares | 5.64 |
Vested | $ / shares | 7.32 |
Cancelled and forfeited | $ / shares | 6.59 |
Non-vested RSUs at June 29, 2019 | $ / shares | $ 6.30 |
Purchased Intangible Assets - D
Purchased Intangible Assets - Details of Finite-lived Intangible Assets by Segment (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | $ 8,387 | |
Accumulated Amortization | (7,806) | $ (7,498) |
Finite Lived, Net Carrying Amount | 581 | $ 889 |
TFE | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 7,172 | |
Accumulated Amortization | (6,648) | |
Finite Lived, Net Carrying Amount | 524 | |
Photonics | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived, Gross Carrying Amount | 1,215 | |
Accumulated Amortization | (1,158) | |
Finite Lived, Net Carrying Amount | $ 57 |
Purchased Intangible Assets - A
Purchased Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019 | Jun. 29, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Total amortization expense of finite-lived intangibles | $ 154,000 | $ 307,000 |
Purchased Intangible Assets - F
Purchased Intangible Assets - Future Amortization Expense (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2019 | $ 307 | |
2020 | 274 | |
Finite Lived, Net Carrying Amount | $ 581 | $ 889 |
Acquisition-Related Contingen_3
Acquisition-Related Contingent Consideration - Additional Information (Detail) - USD ($) | Dec. 29, 2018 | Nov. 19, 2010 |
Business Acquisition [Line Items] | ||
contingent consideration liability | $ 223,000 | |
Solar Implant Technologies | Revenue Earnout | ||
Business Acquisition [Line Items] | ||
Maximum amount of cash potentially earned in contingent compensation arrangements | $ 9,000,000 |
Acquisition-Related Contingen_4
Acquisition-Related Contingent Consideration - Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Restructuring And Related Activities [Abstract] | ||||
Opening balance | $ 132 | $ 361 | $ 223 | $ 362 |
Changes in fair value | 9 | 7 | 8 | |
Cash payments made | $ (132) | $ (230) | ||
Closing balance | $ 370 | $ 370 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 6 Months Ended |
Jun. 29, 2019 | |
Guarantees [Abstract] | |
Minimum product warranty range | 12 months |
Maximum product warranty range | 24 months |
Warranty - Activity in Warranty
Warranty - Activity in Warranty Provision Account (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Guarantees [Abstract] | ||||
Opening balance | $ 1,297 | $ 866 | $ 997 | $ 994 |
Expenditures incurred under warranties | (257) | (182) | (424) | (418) |
Accruals for product warranties issued during the reporting period | 78 | 174 | 402 | 278 |
Adjustments to previously existing warranty accruals | (170) | 53 | (27) | 57 |
Closing balance | $ 948 | $ 911 | $ 948 | $ 911 |
Warranty - Balance Sheet Classi
Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 |
Guarantees [Abstract] | ||||||
Other accrued liabilities | $ 782 | $ 839 | ||||
Other long-term liabilities | 166 | 158 | ||||
Total warranty provision | $ 948 | $ 1,297 | $ 997 | $ 911 | $ 866 | $ 994 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) $ in Millions | Jun. 29, 2019USD ($) |
Guarantees [Abstract] | |
Letters of credit and bank guarantees outstanding, amount | $ 1.3 |
Letters of credit and bank guarantees collateralized by restricted cash | $ 1.3 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 30, 2018 |
Assets: | ||
Operating lease right-of-use assets | $ 10,503 | $ 11,635 |
Liabilities: | ||
Current operating lease liabilities | 2,486 | 2,581 |
Noncurrent operating lease liabilities | 9,925 | 11,120 |
Operating Lease, Liability | $ 12,411 | $ 13,701 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease cost | $ 782 | $ 756 | $ 1,564 | $ 1,515 |
Short-term lease cost | 19 | 21 | 38 | 42 |
Total lease cost | $ 801 | $ 777 | $ 1,602 | $ 1,557 |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 30, 2018 |
Leases [Abstract] | ||
2019 | $ 1,687 | |
2020 | 2,993 | |
2021 | 2,989 | |
2022 | 3,074 | |
2023 | 3,161 | |
2024 | 529 | |
Total lease payments | 14,433 | |
Less: Interest | 2,022 | |
Present value of lease liabilities | $ 12,411 | $ 13,701 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Term and Discount Rate (Detail) | Jun. 29, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 4 years 7 months 6 days |
Weighted-average discount rate | 6.50% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Leases [Abstract] | |
Operating cash outflows from operating leases | $ 1,760 |
Cash, Cash Equivalents and In_3
Cash, Cash Equivalents and Investments - Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 39,229 | $ 39,190 |
Unrealized Holding Gains | 52 | 5 |
Unrealized Holding Losses | 2 | 32 |
Fair Value | 39,279 | 39,163 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 23,530 | 18,715 |
Unrealized Holding Gains | 1 | |
Fair Value | 23,531 | 18,715 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,034 | 13,334 |
Fair Value | 13,034 | 13,334 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,186 | 3,335 |
Fair Value | 8,186 | 3,335 |
Cash and Cash Equivalents | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,310 | 2,046 |
Unrealized Holding Gains | 1 | |
Fair Value | 2,311 | 2,046 |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,279 | 16,097 |
Unrealized Holding Gains | 34 | 1 |
Unrealized Holding Losses | 2 | 22 |
Fair Value | 13,311 | 16,076 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,000 | 5,299 |
Unrealized Holding Gains | 4 | 1 |
Unrealized Holding Losses | 1 | |
Fair Value | 2,004 | 5,299 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,029 | 2,242 |
Unrealized Holding Gains | 3 | |
Unrealized Holding Losses | 1 | |
Fair Value | 2,032 | 2,241 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,676 | 4,759 |
Unrealized Holding Gains | 26 | |
Unrealized Holding Losses | 1 | 13 |
Fair Value | 6,701 | 4,746 |
Short-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,074 | 3,297 |
Unrealized Holding Gains | 1 | |
Unrealized Holding Losses | 1 | 5 |
Fair Value | 2,074 | 3,292 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Unrealized Holding Losses | 2 | |
Fair Value | 500 | 498 |
Other Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,420 | 4,378 |
Unrealized Holding Gains | 17 | 4 |
Unrealized Holding Losses | 10 | |
Fair Value | 2,437 | 4,372 |
Other Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Fair Value | 500 | 500 |
Other Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,920 | 2,879 |
Unrealized Holding Gains | 17 | 4 |
Unrealized Holding Losses | 4 | |
Fair Value | $ 1,937 | 2,879 |
Other Long-term Investments | U.S. treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 999 | |
Unrealized Holding Losses | 6 | |
Fair Value | $ 993 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Jun. 29, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 23,775 |
Amortized Cost, Due after one through five years | 2,420 |
Amortized Cost | 26,195 |
Fair Value, Due in one year or less | 23,808 |
Fair Value, Due after one through five years | 2,437 |
Fair Value | $ 26,245 |
Cash, Cash Equivalents and In_5
Cash, Cash Equivalents and Investments - Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands | Jun. 29, 2019USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Greater than 12 Months, Fair Value | $ 1,498 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 2 |
Corporate bonds and medium-term notes | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 499 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | 1 |
U.S. treasury and agency securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Greater than 12 Months, Fair Value | 999 |
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses | $ 1 |
Cash, Cash Equivalents and In_6
Cash, Cash Equivalents and Investments - Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Jun. 29, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 26,245 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 26,245 |
Fair Value, Measurements, Recurring | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,186 |
Fair Value, Measurements, Recurring | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,504 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,032 |
Fair Value, Measurements, Recurring | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 4,385 |
Fair Value, Measurements, Recurring | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,638 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 500 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 12,571 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,186 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 4,385 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 13,674 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,504 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,032 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 8,638 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 500 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 29, 2019 | |
Derivative Instrument Detail [Abstract] | |
Maturity of foreign currency derivative | 30 days |
Derivative Instruments - Summar
Derivative Instruments - Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) - Undesignated Hedges - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | $ 890 | $ 1,764 | |
Derivative Liabilities | 3 | 8 | |
Forward Foreign Currency Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 890 | 1,764 | |
Derivative Liabilities | [1] | $ 3 | $ 8 |
[1] | Other accrued liabilities |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Jun. 29, 2019 | Nov. 21, 2013 |
Equity [Abstract] | |||
Stock repurchase authorized amount | $ 40 | $ 30 | |
Increase in stock repurchase program | $ 10 | ||
Stock repurchase remained available for future stock repurchase | $ 10.9 |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchases (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019 | Jun. 29, 2019 | |
Equity [Abstract] | ||
Shares of common stock repurchased | 9 | 9 |
Cost of stock repurchased | $ 42 | $ 42 |
Average price paid per share | $ 4.69 | $ 4.69 |
Equity - Schedule of Changes in
Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Class of Stock [Line Items] | ||||
Beginning balance | $ 89,087 | $ 78,518 | $ 89,624 | $ 82,663 |
Cumulative effect of accounting change | (1,634) | (1,634) | ||
Common stock issued under employee plans | 53 | 1,021 | 2,118 | |
Shares withheld for net share settlement of RSUs | (240) | (481) | (268) | (814) |
Equity-based compensation expense | 753 | 785 | 1,509 | 1,602 |
Net loss | (1,182) | (167) | (3,574) | (5,303) |
Other comprehensive income (loss) | (29) | (122) | 77 | (46) |
Common stock repurchases | (42) | (42) | ||
Ending balance | 88,347 | 78,586 | 88,347 | 78,586 |
Common Stock and Additional Paid-in Capital | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 184,976 | 180,092 | 183,227 | 177,543 |
Common stock issued under employee plans | 53 | 1,021 | 2,118 | |
Shares withheld for net share settlement of RSUs | (240) | (481) | (268) | (814) |
Equity-based compensation expense | 753 | 785 | 1,509 | 1,602 |
Ending balance | 185,489 | 180,449 | 185,489 | 180,449 |
Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (29,047) | (28,489) | (29,047) | (28,489) |
Common stock repurchases | (42) | (42) | ||
Ending balance | (29,089) | (28,489) | (29,089) | (28,489) |
Accumulated Other Comprehensive Income | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 484 | 566 | 378 | 490 |
Other comprehensive income (loss) | (29) | (122) | 77 | (46) |
Ending balance | 455 | 444 | 455 | 444 |
Accumulated Deficit | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (67,326) | (73,651) | (64,934) | (66,881) |
Cumulative effect of accounting change | (1,634) | (1,634) | ||
Net loss | (1,182) | (167) | (3,574) | (5,303) |
Ending balance | $ (68,508) | $ (73,818) | $ (68,508) | $ (73,818) |
Equity - Changes in Accumulated
Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 89,087 | $ 78,518 | $ 89,624 | $ 82,663 |
Net current-period other comprehensive income (loss) | (29) | (122) | 77 | (46) |
Ending balance | 88,347 | 78,586 | 88,347 | 78,586 |
Foreign currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 466 | 639 | 405 | 535 |
Other comprehensive income (loss) before reclassification | (61) | (144) | (40) | |
Net current-period other comprehensive income (loss) | (61) | (144) | (40) | |
Ending balance | 405 | 495 | 405 | 495 |
Unrealized holding gains (losses) on available- for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 18 | (73) | (27) | (45) |
Other comprehensive income (loss) before reclassification | 32 | 22 | 77 | (6) |
Net current-period other comprehensive income (loss) | 32 | 22 | 77 | (6) |
Ending balance | 50 | (51) | 50 | (51) |
Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 484 | 566 | 378 | 490 |
Other comprehensive income (loss) before reclassification | (29) | (122) | 77 | (46) |
Net current-period other comprehensive income (loss) | (29) | (122) | 77 | (46) |
Ending balance | $ 455 | $ 444 | $ 455 | $ 444 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (1,182) | $ (167) | $ (3,574) | $ (5,303) |
Weighted-average shares – basic | 22,991 | 22,461 | 22,923 | 22,284 |
Weighted-average shares – diluted | 22,991 | 22,461 | 22,923 | 22,284 |
Net loss per share – basic | $ (0.05) | $ (0.01) | $ (0.16) | $ (0.24) |
Net loss per share –diluted | $ (0.05) | $ (0.01) | $ (0.16) | $ (0.24) |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 29, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Allocation of corporate expenses to the segments | 3.00% |
Segment Reporting - Information
Segment Reporting - Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total segment net revenues | $ 22,314 | $ 26,098 | $ 47,141 | $ 44,072 |
Income (loss) from operations | (928) | 65 | (2,925) | (5,056) |
Interest income and other income (expense), net | 163 | 133 | 322 | 278 |
Income (loss) before income taxes | (765) | 198 | (2,603) | (4,778) |
TFE | ||||
Segment Reporting Information [Line Items] | ||||
Total segment net revenues | 13,264 | 20,848 | 32,209 | 33,637 |
Photonics | ||||
Segment Reporting Information [Line Items] | ||||
Total segment net revenues | 9,050 | 5,250 | 14,932 | 10,435 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | 196 | 776 | (1,046) | (2,943) |
Operating Segments | TFE | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (1,291) | 1,220 | (1,892) | (1,289) |
Operating Segments | Photonics | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | 1,487 | (444) | 846 | (1,654) |
Unallocated Amount to Segment | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated costs | $ (1,124) | $ (711) | $ (1,879) | $ (2,113) |
Segment Reporting - Assets for
Segment Reporting - Assets for Each Reportable Segment (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 123,879 | $ 122,070 |
Cash, cash equivalents and investments | 39,279 | 39,163 |
Restricted cash | 1,255 | 1,169 |
Deferred income taxes | 7,396 | 7,913 |
Other current assets | 1,223 | 1,341 |
Common property, plant and equipment | 1,171 | 1,017 |
Common operating lease right-of-use assets | 2,094 | |
Other assets | 889 | 879 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 70,572 | 70,588 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 51,137 | 53,867 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 19,435 | $ 16,721 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Income Taxes [Line Items] | |||||
Provision for income taxes | $ 417 | $ 365 | $ 971 | $ 525 | |
Income tax provision on earnings of subsidiaries | 201 | 563 | |||
Inland Revenue, Singapore (IRAS) | |||||
Income Taxes [Line Items] | |||||
Deposit for contested taxes and related interest | 732 | 732 | $ 723 | ||
Foreign Tax Authority | Singapore | |||||
Income Taxes [Line Items] | |||||
Income tax charge (benefit) | $ 213 | $ 312 | $ 404 | $ 457 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Restructuring And Related Activities [Abstract] | |
Percentage of reduction of global workforce | 6.00% |
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 1.8 |
Restructuring Charges - Changes
Restructuring Charges - Changes in Restructuring Reserves (Detail) - Severance and Other Employee Related Costs $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Provision for restructuring reserves | $ 95 |
Cash payments made | $ (95) |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Related Party Transactions [Abstract] | ||||
Related party transaction, purchases from related party | $ 24,000 | $ 42,000 | $ 175,000 | $ 123,000 |