Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Feb. 18, 2015 | Jun. 27, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 27-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | COHU | ||
Entity Registrant Name | COHU INC | ||
Entity Central Index Key | 21535 | ||
Current Fiscal Year End Date | -15 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,702,989 | ||
Entity Public Float | $147,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $70,885 | $51,668 |
Short-term investments | 1,155 | 1,200 |
Accounts receivable, net | 73,646 | 58,164 |
Inventories: | ||
Raw materials and purchased parts | 26,734 | 27,668 |
Work in process | 21,738 | 16,941 |
Finished goods | 7,073 | 10,800 |
Total inventories | 55,545 | 55,409 |
Deferred income taxes | 4,406 | 5,516 |
Other current assets | 9,180 | 8,619 |
Current assets of discontinued video camera segment | 6,272 | |
Total current assets | 214,817 | 186,848 |
Property, plant and equipment, at cost: | ||
Land and land improvements | 11,762 | 12,285 |
Buildings and building improvements | 31,123 | 31,731 |
Machinery and equipment | 42,352 | 42,105 |
Property plant and equipment, gross | 85,237 | 86,121 |
Less accumulated depreciation and amortization | -53,383 | -50,325 |
Net property, plant and equipment | 31,854 | 35,796 |
Goodwill | 63,132 | 71,313 |
Intangible assets, net | 33,087 | 45,315 |
Other assets | 5,928 | 5,720 |
Noncurrent assets of discontinued video camera segment | 431 | |
Total consolidated assets | 348,818 | 345,423 |
Current liabilities: | ||
Accounts payable | 25,964 | 25,292 |
Accrued compensation and benefits | 19,643 | 14,271 |
Accrued warranty | 6,184 | 5,155 |
Deferred profit | 7,445 | 6,066 |
Income taxes payable | 3,133 | 805 |
Other accrued liabilities | 7,184 | 7,675 |
Current liabilities of discontinued video camera segment | 1,747 | |
Total current liabilities | 69,553 | 61,011 |
Accrued retirement benefits | 13,815 | 10,841 |
Noncurrent income tax liabilities | 7,321 | 7,463 |
Deferred income taxes | 11,061 | 12,948 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | ||
Common stock, $1 par value; 60,000 shares authorized, 25,692 shares issued and outstanding in 2014 and 25,080 shares in 2013 | 25,692 | 25,080 |
Paid-in capital | 97,938 | 89,883 |
Retained earnings | 134,152 | 131,546 |
Accumulated other comprehensive income (loss) | -10,714 | 6,651 |
Total stockholders' equity | 247,068 | 253,160 |
Total liabilities and stockholders' equity | $348,818 | $345,423 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 25,692,000 | 25,080,000 |
Common stock, shares outstanding | 25,692,000 | 25,080,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Statement [Abstract] | |||
Net sales | $333,323 | $231,574 | $206,312 |
Cost and expenses: | |||
Cost of sales | 221,088 | 168,186 | 144,590 |
Research and development | 40,601 | 46,452 | 33,564 |
Selling, general and administrative | 57,536 | 54,053 | 42,121 |
Impairment of goodwill and other assets (Note 3) | 5,000 | ||
Total cost and expenses | 324,225 | 268,691 | 220,275 |
Income (loss) from operations | 9,098 | -37,117 | -13,963 |
Interest and other from continuing operations, net | 30 | 54 | 967 |
Income (loss) from continuing operations before taxes | 9,128 | -37,063 | -12,996 |
Income tax provision (benefit) | 3,293 | -2,803 | -874 |
Income (loss) from continuing operations | 5,835 | -34,260 | -12,122 |
Income (loss) from discontinued operations, net of tax | 2,873 | 842 | -121 |
Net income (loss) | $8,708 | ($33,418) | ($12,243) |
Basic: | |||
Income (loss) from continuing operations | $0.23 | ($1.37) | ($0.50) |
Income from discontinued operations, net of tax | $0.11 | $0.03 | $0 |
Net income (loss) | $0.34 | ($1.34) | ($0.50) |
Diluted: | |||
Income (loss) from continuing operations | $0.22 | ($1.37) | ($0.50) |
Income from discontinued operations, net of tax | $0.11 | $0.03 | $0 |
Net income (loss) | $0.33 | ($1.34) | ($0.50) |
Weighted average shares used in computing income (loss) per share: | |||
Basic | 25,393 | 24,859 | 24,459 |
Diluted | 26,006 | 24,859 | 24,459 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $8,708 | ($33,418) | ($12,243) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | -14,107 | 3,270 | 1,689 |
Adjustments related to postretirement benefits, net of tax | -3,258 | 1,604 | 122 |
Change in unrealized gain/loss on investments | -6 | -16 | |
Other comprehensive income (loss), net of tax | -17,365 | 4,868 | 1,795 |
Comprehensive loss | ($8,657) | ($28,550) | ($10,448) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock $1 Par Value [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
Beginning balance at Dec. 31, 2011 | $291,031 | $24,330 | $77,658 | $189,055 | ($12) |
Net income (loss) | -12,243 | -12,243 | |||
Changes in cumulative translation adjustment | 1,689 | 1,689 | |||
Adjustments related to postretirement benefits, net of tax | 122 | 122 | |||
Changes in unrealized gains and losses on investments, net of tax | -16 | -16 | |||
Cash dividends - $0.24 per share | -5,875 | -5,875 | |||
Exercise of stock options | 609 | 73 | 536 | ||
Shares issued under employee stock purchase plan | 1,252 | 152 | 1,100 | ||
Shares issued for restricted stock units vested | 108 | -108 | |||
Repurchase and retirement of stock | -291 | -31 | -260 | ||
Share-based compensation expense | 4,621 | 4,621 | |||
Ending balance at Dec. 29, 2012 | 280,899 | 24,632 | 83,547 | 170,937 | 1,783 |
Net income (loss) | -33,418 | -33,418 | |||
Changes in cumulative translation adjustment | 3,270 | 3,270 | |||
Adjustments related to postretirement benefits, net of tax | 1,604 | 1,604 | |||
Changes in unrealized gains and losses on investments, net of tax | -6 | -6 | |||
Cash dividends - $0.24 per share | -5,973 | -5,973 | |||
Exercise of stock options | 886 | 117 | 769 | ||
Shares issued under employee stock purchase plan | 1,251 | 163 | 1,088 | ||
Shares issued for restricted stock units vested | 249 | -249 | |||
Repurchase and retirement of stock | -821 | -81 | -740 | ||
Share-based compensation expense | 5,468 | 5,468 | |||
Ending balance at Dec. 28, 2013 | 253,160 | 25,080 | 89,883 | 131,546 | 6,651 |
Net income (loss) | 8,708 | 8,708 | |||
Changes in cumulative translation adjustment | -14,107 | -14,107 | |||
Adjustments related to postretirement benefits, net of tax | -3,258 | -3,258 | |||
Cash dividends - $0.24 per share | -6,102 | -6,102 | |||
Exercise of stock options | 2,001 | 237 | 1,764 | ||
Shares issued under employee stock purchase plan | 1,140 | 139 | 1,001 | ||
Shares issued for restricted stock units vested | 353 | -353 | |||
Repurchase and retirement of stock | -1,250 | -117 | -1,133 | ||
Share-based compensation expense | 6,776 | 6,776 | |||
Ending balance at Dec. 27, 2014 | $247,068 | $25,692 | $97,938 | $134,152 | ($10,714) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividend, per share | $0.24 | $0.24 | $0.24 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $8,708 | ($33,418) | ($12,243) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on disposal of video camera segment | -4,434 | ||
Impairment of goodwill and other assets (Note 3) | 5,000 | ||
Operating cash flows of discontinued operations | -694 | 2,316 | 1,686 |
Depreciation and amortization | 13,528 | 13,328 | 9,215 |
Share-based compensation expense | 6,585 | 5,346 | 4,499 |
Gain on sale of facility | -677 | ||
Deferred income taxes | -487 | -2,132 | 581 |
Accrued retiree benefits | 659 | 130 | -91 |
Changes in current assets and liabilities, excluding effects from acquisitions, divestitures and impairments: | |||
Accounts receivable | -15,484 | -2,357 | 3,215 |
Accrued compensation, warranty and other liabilities | 6,121 | -1,583 | -6,476 |
Inventories | -1,850 | 11,884 | 19,697 |
Deferred profit | 1,379 | 3,833 | -682 |
Other current and non-current assets | -1,083 | -569 | 945 |
Income taxes payable, including excess stock option exercise benefits | 1,410 | 156 | -1,662 |
Accounts payable | 320 | 6,483 | -4,838 |
Net cash provided by operating activities | 19,678 | 3,417 | 13,169 |
Cash flows from investing activities, excluding effects from acquisitions, divestitures and impairments: | |||
Cash received from sale of video camera segment, net | 10,258 | ||
Sales and maturities of short-term investments | 1,045 | 6,221 | 84,780 |
Purchases of short-term investments | -1,000 | -40,461 | |
Purchases of property, plant and equipment | -1,660 | -3,874 | -3,240 |
Payment for purchase of Ismeca, net of cash received | -53,463 | ||
Payment for purchase of Duma Video, Inc. | -900 | ||
Cash received from facility sale | 1,080 | ||
Other assets | -176 | -66 | |
Investing cash flows of discontinued operations | -6 | -34 | -27 |
Net cash provided by (used in) investing activities | 8,637 | -51,326 | 41,166 |
Cash flows from financing activities: | |||
Cash dividends paid | -6,067 | -4,468 | -7,333 |
Issuance of stock, net | 1,891 | 1,316 | 1,570 |
Net cash used in financing activities | -4,176 | -3,152 | -5,763 |
Effect of exchange rate changes on cash and cash equivalents | -4,922 | -79 | 974 |
Net increase (decrease) in cash and cash equivalents | 19,217 | -51,140 | 49,546 |
Cash and cash equivalents at beginning of year | 51,668 | 102,808 | 53,262 |
Cash and cash equivalents at end of year | 70,885 | 51,668 | 102,808 |
Supplemental disclosure of cash flow information: | |||
Cash paid (refunded) during the year for income taxes | 971 | -900 | 711 |
Inventory capitalized as capital assets | 1,301 | 657 | 567 |
Dividends declared but not yet paid | $1,539 | $1,504 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | 1 | Summary of Significant Accounting Policies | |||||||||||
Basis of Presentation – Cohu, Inc. (“Cohu”, “we”, “our” and “us”), through our wholly owned subsidiaries, is a provider of semiconductor test equipment and microwave communications systems. Our consolidated financial statements include the accounts of Cohu and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. | |||||||||||||
Our fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. Our fiscal years ended on December 27, 2014, December 28, 2013 and December 29, 2012 each consisted of 52 weeks. | |||||||||||||
Risks and Uncertainties – We are subject to a number of risks and uncertainties that may significantly impact our future operating results. These risks and uncertainties are discussed under Part I, Item 1A. “Risk Factors” included in this Annual Report on Form 10-K. Understanding these risks and uncertainties is integral to the review of our consolidated financial statements. | |||||||||||||
Discontinued Operations – On June 6, 2014 we completed the sale of substantially all of the assets of our video camera segment, Cohu Electronics, and its operating results are being presented as discontinued operations and all prior period amounts have been reclassified accordingly. See Note 2, “Disposal of Video Camera Segment” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. | |||||||||||||
Income (Loss) Per Share – Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the year ended December 27, 2014 approximately 1,771,000 shares of our common stock were excluded from the computation. | |||||||||||||
The following table reconciles the denominators used in computing basic and diluted income (loss) per share: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Weighted average common shares outstanding | 25,393 | 24,859 | 24,459 | ||||||||||
Effect of dilutive stock options and restricted stock units | 613 | — | — | ||||||||||
26,006 | 24,859 | 24,459 | |||||||||||
Cash, Cash Equivalents and Short-term Investments – Highly liquid investments with insignificant interest rate risk and original maturities of three months or less are classified as cash and cash equivalents. Investments with maturities greater than three months are classified as short-term investments. All of our short-term investments are classified as available-for-sale and are reported at fair value, with any unrealized gains and losses, net of tax, recorded in the statement of comprehensive income (loss). We manage our cash equivalents and short-term investments as a single portfolio of highly marketable securities. We have the ability and intent, if necessary, to liquidate any of our investments in order to meet the liquidity needs of our current operations during the next 12 months. Accordingly, investments with contractual maturities greater than one year from December 27, 2014 have been classified as current assets in the accompanying consolidated balance sheets. | |||||||||||||
Fair Value of Financial Instruments – The carrying amounts of our financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses, approximate fair value due to the short maturities of these financial instruments. | |||||||||||||
Concentration of Credit Risk – Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one issuer. | |||||||||||||
Trade accounts receivable are presented net of allowance for doubtful accounts of $0.3 million at December 27, 2014 and $0.5 million at December 28, 2013. Our customers include semiconductor manufacturers and semiconductor test subcontractors and other customers located throughout many areas of the world. While we believe that our allowance for doubtful accounts is adequate and represents our best estimate of potential loss exposure at December 27, 2014, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding collectability. | |||||||||||||
Inventories – Inventories are stated at the lower of cost, determined on a current average or first-in, first-out basis, or market. Cost includes labor, material and overhead costs. Determining market value of inventories involves numerous estimates and judgments including projecting average selling prices and sales volumes for future periods and costs to complete and dispose of inventory. As a result of these analyses, we record a charge to cost of sales in advance of the period when the inventory is sold when market values are below our costs. Charges to cost of sales for excess and obsolete inventories aggregated $3.9 million, $7.8 million, and $8.6 million in 2014, 2013 and 2012, respectively. | |||||||||||||
Property, Plant and Equipment – Depreciation and amortization of property, plant and equipment is calculated principally on the straight-line method based on estimated useful lives of thirty to forty years for buildings, five to fifteen years for building improvements and three to ten years for machinery, equipment and software. | |||||||||||||
Goodwill, Purchased Intangible Assets and Other Long-lived Assets – We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. We test goodwill for impairment by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimated the fair values of our reporting units primarily using the income approach valuation methodology that includes the discounted cash flow method, taking into consideration the market approach and certain market multiples as a validation of the values derived using the discounted cash flow methodology. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on customer forecasts, industry trade organization data and general economic conditions. | |||||||||||||
We conduct our annual goodwill impairment test as of October 1st of each year. As of October 1, 2014, we concluded there was no impairment as the estimated fair values of our semiconductor equipment and microwave communications reporting units exceeded their carrying values by approximately 35% and 17%, respectively. Subsequent to our annual goodwill impairment test, in the fourth quarter of 2014, we determined an interim analysis was required and as of December 27, 2014 concluded that the fair market value of our microwave communications reporting unit goodwill was lower than its carrying value. As a result, we recorded a non-cash, pre-tax impairment charge of $5.0 million, comprised of $3.1 million of goodwill, and $1.9 million other assets in the fourth quarter of 2014. Additional information is included in Note 3, “Microwave Communications Equipment Segment Impairment and Restructuring”. | |||||||||||||
Long-lived assets, other than goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. We measure the impairment loss based on the difference between the assets carrying amount and estimated fair value. | |||||||||||||
Product Warranty – Product warranty costs are accrued in the period sales are recognized. Our products are generally sold with standard warranty periods, which differ by product, ranging from 12- to 36-months. Parts and labor are typically covered under the terms of the warranty agreement. Our warranty expense accruals are based on historical and estimated costs by product and configuration. From time-to-time we offer customers extended warranties beyond the standard warranty period. In those situations the revenue relating to the extended warranty is deferred at its estimated fair value and recognized on a straight-line basis over the contract period. Costs associated with our extended warranty contracts are expensed as incurred. | |||||||||||||
Income Taxes – We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized and recorded, net of federal and state tax benefits, in income tax expense. | |||||||||||||
Contingencies and Litigation – We assess the probability of adverse judgments in connection with current and threatened litigation. We would accrue the cost of an adverse judgment if, in our estimation, the adverse outcome is probable and we can reasonably estimate the ultimate cost. | |||||||||||||
Revenue Recognition – Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when there is persuasive evidence of an arrangement, title and risk of loss have passed, delivery has occurred or the services have been rendered, the sales price is fixed or determinable and collection of the related receivable is reasonably assured. Title and risk of loss generally pass to our customers upon shipment. In circumstances where either title or risk of loss pass upon destination or acceptance, we defer revenue recognition until such events occur. | |||||||||||||
Revenue for established products that have previously satisfied a customer’s acceptance requirements and provide for full payment tied to shipment is generally recognized upon shipment and passage of title. In certain instances, customer payment terms may provide that a minority portion (e.g. 20%) of the equipment purchase price be paid only upon customer acceptance. In those situations, the majority portion (e.g. 80%) of revenue where payment is tied to shipment and the entire product cost of sale are recognized upon shipment and passage of title and the minority portion of the purchase price related to customer acceptance is deferred and recognized upon receipt of customer acceptance. In cases where a prior history of customer acceptance cannot be demonstrated or from sales where customer payment dates are not determinable and in the case of new products, revenue is deferred until customer acceptance has been received. Our post-shipment obligations typically include installation and standard warranties. The estimated fair value of installation related revenue is recognized in the period the installation is performed. Service revenue is recognized ratably over the period of the related contract. Spares and kit revenue is generally recognized upon shipment. | |||||||||||||
Certain of our equipment sales are accounted for as multiple-element arrangements. A multiple-element arrangement is a transaction which may involve the delivery or performance of multiple products, services, or rights to use assets, and performance may occur at different points in time or over different periods of time. For arrangements containing multiple elements, the revenue relating to the undelivered elements is deferred using the relative selling price method utilizing estimated sales prices until delivery of the deferred elements. We limit the amount of revenue recognition for delivered elements to the amount that is not contingent on the future delivery of products or services, future performance obligations or subject to customer-specified return or adjustment. | |||||||||||||
On shipments where sales are not recognized, gross profit is generally recorded as deferred profit in our consolidated balance sheet representing the difference between the receivable recorded and the inventory shipped. In certain instances where customer payments are received prior to product shipment, the customer’s payments are recorded as customer advances in our consolidated balance sheet. At December 27, 2014, we had total deferred revenue of approximately $11.3 million and deferred profit of $7.4 million. At December 28, 2013, we had total deferred revenue of approximately $7.4 million and deferred profit of $6.1 million. | |||||||||||||
Advertising Costs – Advertising costs are expensed as incurred and were not material for all periods presented. | |||||||||||||
Share-based Compensation – We measure and recognize all share-based compensation under the fair value method. Our estimate of share-based compensation expense requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), future forfeitures and related tax effects. The assumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. Although we believe the assumptions and estimates we have made are reasonable and appropriate, changes in assumptions could materially impact our reported financial results. | |||||||||||||
Foreign Currency Translation – Assets and liabilities of those subsidiaries that use the U.S. dollar as their functional currency are translated using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are translated using historical exchange rates. Revenues and costs are translated using average exchange rates for the period, except for costs related to those balance sheet items that are translated using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. During 2014 strengthening of the U.S. dollar, against primarily the Swiss Franc and Euro resulted in approximately $2.0 million of gains being recognized in our consolidated statement of operations. Gains and losses were not significant in any of the other periods presented. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. | |||||||||||||
Comprehensive Income (Loss) – Our accumulated other comprehensive loss totaled approximately $10.7 million at December 27, 2014 and at December 28, 2013 our other comprehensive income totaled approximately $6.7 million and was attributed to, net of income taxes where applicable; foreign currency adjustments resulting from the translation of certain accounts into U.S. dollars, unrealized losses and gains on investments and adjustments to accumulated postretirement benefit obligations. The U.S. dollar strengthened relative to many foreign currencies as of December 27, 2014 compared to December 28, 2013. Consequently, accumulated comprehensive income decreased by $14.1 million as a result of the foreign currency translation as of December 27, 2014. Additional information related to accumulated other comprehensive income, on an after-tax basis is included in Note 12. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
Recently Adopted Accounting Pronouncements – In July 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment to previous income tax guidance clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||
In March 2013, the FASB issued guidance on a parent company’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The amendments will be effective for fiscal years and interim periods starting after December 15, 2013 with early adoption permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||
In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals of components of an entity, which amends the existing definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. The guidance redefines a discontinued operation as a component or group of components of an entity that has been disposed of by sale or other than by sale or is classified as held for sale and represents a strategic shift that has a major effect on an entity’s operations and financial results. The guidance is effective prospectively for disposals or components classified as held for sale in periods on or after December 15, 2014 with early adoption permitted. Cohu elected to implement this new guidance in the second quarter of fiscal 2014 and the adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||
Recently Issued Accounting Pronouncements – In May 2014, the FASB issued new guidance on revenue from contracts with customers. The amended guidance outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” Entities have the option of using either a full retrospective or modified approach to adopt the guidance. This guidance is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. Early adoption is not permitted. We are still evaluating the impact this new guidance might have on our consolidated financial position, results of operations or cash flows. | |||||||||||||
In August 2014, the FASB issued new guidance on going concern, which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. This guidance is effective for annual and interim periods beginning after December 15, 2016 with early adoption permitted. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. |
Disposal_of_Video_Camera_Segme
Disposal of Video Camera Segment (Cohu Electronics) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal of Video Camera Segment (Cohu Electronics) | 2 | Disposal of Video Camera Segment (Cohu Electronics) | |||||||||||
On June 6, 2014, we completed the sale of substantially all the assets of our video camera segment. Our decision to sell resulted from management’s determination that this industry segment was no longer a strategic fit within our organization. The sales price was $9.5 million in cash and included up to $0.5 million in contingent consideration and a working capital adjustment. In connection with the sale we incurred $0.8 million of divestiture-related costs that would not have been incurred otherwise. These costs, which are netted against the gain on disposal presented below consist of legal advisory services, success based compensation arrangements and certain other items that are incremental to normal operating charges and were expensed as incurred. | |||||||||||||
Balance sheet information of our discontinued video camera segment is summarized as follows (in thousands): | |||||||||||||
December 27, | December 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Accounts receivable, net | $ | — | $ | 2,597 | |||||||||
Inventories | — | 3,568 | |||||||||||
Other current assets | — | 107 | |||||||||||
Total current assets | — | 6,272 | |||||||||||
Property, plant and equipment, net | — | 431 | |||||||||||
Total assets | $ | — | $ | 6,703 | |||||||||
Liabilities: | |||||||||||||
Accounts payable | $ | — | $ | 730 | |||||||||
Other accrued current liabilities | — | 1,017 | |||||||||||
Total liabilities | $ | — | $ | 1,747 | |||||||||
Operating results of our discontinued video camera segment is summarized as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 5,460 | $ | 15,726 | $ | 14,850 | |||||||
Operating income (loss) before income taxes | $ | (242) | $ | 1,317 | $ | (121 | ) | ||||||
Gain on disposal of video camera segment | 4,434 | — | — | ||||||||||
Income tax provision (benefit) | 1,319 | 475 | — | ||||||||||
Income from discontinued operations, net of taxes | $ | 2,873 | $ | 842 | $ | (121 | ) | ||||||
In the fourth quarter of fiscal 2014 we revised the fair value contingent consideration to be earned pursuant to the definitive agreement by $0.3 million as a result of the achievement of certain milestones. This adjustment in the fair value of the contingent consideration has been included in the gain on disposal of video camera segment presented above. |
Microwave_Communications_Equip
Microwave Communications Equipment Segment Impairment and Restructuring | 12 Months Ended | ||||
Dec. 27, 2014 | |||||
Restructuring and Related Activities [Abstract] | |||||
Microwave Communications Equipment Segment Impairment and Restructuring | 3 | Microwave Communications Equipment Segment Impairment and Restructuring | |||
Impairment of Goodwill and Other Assets | |||||
We are required to assess goodwill impairment using the methodology prescribed by Accounting Standards Codification No. 350, Intangible–Goodwill and Other (“ASC 350”), which requires that we evaluate goodwill for impairment annually. We conduct our annual impairment test as of October 1st of each year and as of October 1, 2014 we previously determined there was no impairment as the estimated fair values of our semiconductor equipment and microwave communications reporting units exceeded their carrying values by approximately 35% and 17%, respectively. In addition to the annual goodwill impairment test, an interim test for impairment is required to be completed when an event occurs or circumstances change between annual tests that would more likely than not reduce the fair value of the reporting unit below its carrying value. | |||||
ASC 350 requires a two-step impairment test to identify and measure any goodwill impairment loss. The first step is used to identify potential impairment and compares the fair value of a reporting unit with its carrying (book) value, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step of the test is not necessary. The second step of the impairment test is used to measure the amount of the impairment loss and compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | |||||
Subsequent to the preparation of our annual impairment test, as a result of changes to the estimated market value of our microwave communications equipment reporting unit that occurred during the fourth quarter, we determined it was necessary to evaluate the recoverability of the carrying value of this segment as of December 27, 2014. For this analysis we utilized the market approach as the primary valuation method. The market approach is one of the three methodologies (along with the income approach and asset approach) that are used to estimate enterprise and equity value. The market approach employs analysis using comparable transactions in determining the value of the entity. Both public and private companies, if publicly available information exists, are considered in the market approach. Two information points commonly available – company valuation and transaction value – are used for their respective methodologies. The three main methods utilized under the market approach are: The Guideline Public Company Method, The Guideline Transactions Method and The Backsolve Method. | |||||
Utilizing the results of the market approach analysis, we determined that the carrying value of our microwave communications equipment reporting unit exceeded its current fair market value and, as a result, we recorded a non-cash, pre-tax impairment charge of $5.0 million as of December 27, 2014. The asset impairments we recorded were comprised of $3.1 million of goodwill and $1.9 million of other assets. | |||||
Geographic Consolidation | |||||
In 2014 BMS substantially completed a geographic consolidation restructuring plan to relocate the manufacturing, engineering and administrative function of its German operation to its headquarters facility in Poway, California. In 2014 BMS recorded charges to operations totaling $0.5 million for severance and one-time termination benefits. These charges are included in cost of sales $0.1 million, research and development $0.2 million and selling, general and administrative expense $0.2 million. We anticipate that the remaining amounts accrued at December 27, 2014 will be settled in the first quarter of fiscal 2015. | |||||
The following table reconciles amounts accrued and paid under the consolidation plan (in thousands): | |||||
Severance and | |||||
Other Payroll | |||||
Balance, December 28, 2013 | $ | — | |||
Costs accrued | 524 | ||||
Amounts paid or charged | (249 | ) | |||
Impact of currency exchange | (44 | ) | |||
Balance, December 27, 2014 | $ | 231 | |||
Strategic_Technology_Transacti
Strategic Technology Transactions, Goodwill and Purchased Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Strategic Technology Transactions, Goodwill and Purchased Intangible Assets | 4 | Strategic Technology Transactions, Goodwill and Purchased Intangible Assets | |||||||||||||||||
Acquisition of Ismeca | |||||||||||||||||||
On December 31, 2012, we acquired all of the outstanding share capital of Ismeca Semiconductor Holding SA (“Ismeca”). Ismeca, headquartered in La Chaux-de-Fonds, Switzerland, and with major operations in Malacca, Malaysia and Suzhou, China, designs, manufactures and sells turret-based test handling and back-end finishing equipment for integrated circuits, light emitting diodes (LEDs) and discrete components. The acquisition of Ismeca was a strategic transaction to expand our semiconductor total available market, extend our market leadership, expand our customer base, and broaden our product and technology offerings. | |||||||||||||||||||
The purchase price of this acquisition was approximately $90.8 million, and was funded primarily by cash reserves ($57.1 million) and certain liabilities assumed ($33.7 million). Total consideration was allocated to the assets acquired and liabilities assumed based on their estimated respective fair values as of the completion of the acquisition. Amounts allocated to intangible assets are being amortized on a straight-line basis over their useful lives as noted below. The acquisition was nontaxable and certain of the assets acquired, including goodwill and intangibles, will generally not be deductible for tax purposes. Goodwill associated with the acquisition was primarily attributable to the opportunities from the addition of Ismeca’s products and was assigned to our semiconductor equipment segment. | |||||||||||||||||||
Changes in the carrying value of goodwill by reportable segment during the years ended December 27, 2014 and December 28, 2013 were as follows (in thousands): | |||||||||||||||||||
Semiconductor | Microwave | Total | |||||||||||||||||
Equipment | Communications | Goodwill | |||||||||||||||||
Balance, December 29, 2012 | $ | 55,520 | $ | 3,236 | $ | 58,756 | |||||||||||||
Additions net of adjustments | 10,930 | — | 10,930 | ||||||||||||||||
Impact of currency exchange | 1,533 | 94 | 1,627 | ||||||||||||||||
Balance, December 28, 2013 | 67,983 | 3,330 | 71,313 | ||||||||||||||||
Impact of currency exchange | (4,851 | ) | (275 | ) | (5,126 | ) | |||||||||||||
Impairment of goodwill - (See Note 3) | — | (3,055 | ) | (3,055 | ) | ||||||||||||||
Balance, December 27, 2014 | $ | 63,132 | $ | — | $ | 63,132 | |||||||||||||
Purchased intangible assets, subject to amortization are as follows (in thousands): | |||||||||||||||||||
27-Dec-14 | 28-Dec-13 | ||||||||||||||||||
Gross Carrying | Accumulated | Remaining | Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Useful Life | Amount | Amortization | |||||||||||||||
Rasco technology | $ | 29,845 | $ | 22,616 | 2.0 years | $ | 33,689 | $ | 21,319 | ||||||||||
Ismeca technology | 27,014 | 6,879 | 6.0 years | 29,915 | 3,809 | ||||||||||||||
Duma technology | 864 | 864 | 0.0 years | 864 | 408 | ||||||||||||||
$ | 57,723 | $ | 30,359 | $ | 64,468 | $ | 25,536 | ||||||||||||
In connection with the impairment of our microwave communications equipment reporting unit we wrote off the remaining $0.2 million net book value of Duma technology as of December 27, 2014, this impairment is included in the accumulated amortization in the table above. The amounts included in the table above at December 27, 2014, exclude approximately $2.1 million and $3.6 million, related to the trade names of Rasco and Ismeca, respectively, and at December 28, 2013 exclude approximately $2.4 million and $4.0 million, respectively. | |||||||||||||||||||
These trade names have an indefinite life and are not being amortized. Changes in the carrying values of purchased intangible assets are a result of the impact of fluctuation in currency exchange rates. | |||||||||||||||||||
Amortization expense related to purchased intangible assets was approximately $8.1 million in both 2014 and 2013 and $4.1 million in 2012. As of December 27, 2014, we expect amortization expense in future periods to be as follows: 2015 - $7.2 million; 2016 - $6.8 million; 2017 - $3.3 million; 2018 - $3.3 million 2019 - $3.3 million; and thereafter $3.4 million. |
Cash_Cash_Equivalents_and_Shor
Cash, Cash Equivalents and Short-term Investments | 12 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash, Cash Equivalents and Short-term Investments | 5 | Cash, Cash Equivalents and Short-term Investments | |||||||||||||||
Our cash, cash equivalents, and short-term investments consisted primarily of cash and other investment grade securities. We do not hold investment securities for trading purposes. All short-term investments are classified as available-for-sale and recorded at fair value. Investment securities are exposed to market risk due to changes in interest rates and credit risk and we monitor credit risk and attempt to mitigate exposure by making high-quality investments and through investment diversification. | |||||||||||||||||
Gains and losses on investments are calculated using the specific-identification method and are recognized during the period in which the investment is sold or when an investment experiences an other-than-temporary decline in value. Factors that could indicate an impairment exists include, but are not limited to: earnings performance, changes in credit rating or adverse changes in the regulatory or economic environment of the asset. Gross realized gains and losses on sales of short-term investments are included in interest income. Realized gains and losses for the periods presented were not significant. | |||||||||||||||||
Investments that we have classified as short-term, by security type, are as follows (in thousands): | |||||||||||||||||
At December 27, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 155 | $ | — | $ | — | $ | 155 | |||||||||
Bank certificates of deposit | 1,000 | — | — | 1,000 | |||||||||||||
$ | 1,155 | $ | — | $ | — | $ | 1,155 | ||||||||||
At December 28, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 1,200 | $ | — | $ | — | $ | 1,200 | |||||||||
Effective maturities of short-term investments at December 27, 2014, were as follows: | |||||||||||||||||
(in thousands) | Amortized | Estimated | |||||||||||||||
Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 1,155 | $ | 1,155 | |||||||||||||
Our municipal securities include variable rate demand notes which can be put (sold at par) typically on a daily basis with settlement periods ranging from the same day to one week and have varying contractual maturities through 2034. These securities can be used for short-term liquidity needs and are held for limited periods of time. At December 27, 2014 these securities had amortized cost and fair value of $0.2 million and are included in “Due in one year or less” in the table above. | |||||||||||||||||
Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. When available, we use quoted market prices to determine the fair value of our investments, and they are included in Level 1. When quoted market prices are unobservable, we use quotes from independent pricing vendors based on recent trading activity and other relevant information. | |||||||||||||||||
The following table summarizes, by major security type, our assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | |||||||||||||||||
Fair value measurements at December 27, 2014 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 66,467 | $ | — | $ | — | $ | 66,467 | |||||||||
Municipal securities | — | 155 | — | 155 | |||||||||||||
Money market funds | — | 4,418 | — | 4,418 | |||||||||||||
Bank certificates of deposit | — | 1,000 | — | 1,000 | |||||||||||||
$ | 66,467 | $ | 5,573 | $ | — | $ | 72,040 | ||||||||||
Fair value measurements at December 28, 2013 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 44,165 | $ | — | $ | — | $ | 44,165 | |||||||||
Municipal securities | — | 1,200 | — | 1,200 | |||||||||||||
Money market funds | — | 7,503 | — | 7,503 | |||||||||||||
$ | 44,165 | $ | 8,703 | $ | — | $ | 52,868 | ||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||
Employee Benefit Plans | 6 | Employee Benefit Plans | |||||||||||||||||||||||
Defined Contribution Retirement Plans – We have a voluntary defined contribution retirement 401(k) plan whereby we match employee contributions. In 2012 and 2013 we provided a matching contribution at 1.5% and made contributions to the plan of approximately $0.4 million in both periods. In 2014 we increased our matching contribution to 3% and made contributions to the plan of approximately $0.8 million. | |||||||||||||||||||||||||
Defined Benefit Retirement Plans – We maintain defined benefit plans for employees located outside the U.S. for which the majority of the obligations and net periodic benefit cost were determined to be immaterial at both December 27, 2014 and December 28, 2013. As a result of the acquisition of Ismeca effective December 31, 2012, we took over the Ismeca Europe Semiconductor BVG Pension Plan in Switzerland (“the Swiss Plan”) and the following discussion relates to the Swiss Plan for the years ended December 27, 2014 and December 28, 2013. | |||||||||||||||||||||||||
Net periodic benefit cost of the Swiss Plan was as follows: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Service cost | $ | 749 | $ | 841 | |||||||||||||||||||||
Interest cost | 491 | 398 | |||||||||||||||||||||||
Expected return on assets | (343 | ) | (267 | ) | |||||||||||||||||||||
Net periodic costs | $ | 897 | $ | 972 | |||||||||||||||||||||
The following table sets forth the projected benefit obligation, the fair value of plan assets, the funded status and the liability we have recorded in our consolidated balance sheet related to the Swiss Plan: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | (23,850 | ) | $ | (23,541 | ) | |||||||||||||||||||
Service cost | (749 | ) | (841 | ) | |||||||||||||||||||||
Interest cost | (491 | ) | (398 | ) | |||||||||||||||||||||
Actuarial gain (loss) | (3,649 | ) | 1,538 | ||||||||||||||||||||||
Participant contributions | (728 | ) | (751 | ) | |||||||||||||||||||||
Benefits paid | 998 | 704 | |||||||||||||||||||||||
Foreign currency exchange adjustment | 2,442 | (561 | ) | ||||||||||||||||||||||
Benefit obligation at end of year | (26,027 | ) | (23,850 | ) | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 16,083 | 15,236 | |||||||||||||||||||||||
Return on assets, net of actuarial loss | 652 | (338 | ) | ||||||||||||||||||||||
Employer contributions | 728 | 751 | |||||||||||||||||||||||
Participant contributions | 728 | 751 | |||||||||||||||||||||||
Benefits paid | (998 | ) | (704 | ) | |||||||||||||||||||||
Foreign currency exchange adjustment | (1,590 | ) | 387 | ||||||||||||||||||||||
Fair value of plan assets at end of year | 15,603 | 16,083 | |||||||||||||||||||||||
Net liability at December 27, 2014 | $ | (10,424 | ) | $ | (7,767 | ) | |||||||||||||||||||
At December 27, 2014 and December 28, 2013, the Swiss Plan was underfunded and the related net liability is included in noncurrent accrued retirement benefits. Amounts recognized in accumulated other comprehensive income at December 27, 2014 related to the Swiss Plan consisted of an unrecognized net actuarial loss totaling $2.4 million compared to a net gain totaling $1.0 million at December 28, 2013. | |||||||||||||||||||||||||
Weighted-average actuarial assumptions used to determine the benefit obligation under the Swiss Plan are as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Discount rate | 1.3 | % | 2.3 | % | |||||||||||||||||||||
Compensation increase | 1.8 | % | 2 | % | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost of the Swiss Plan are as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Discount rate | 2.3 | % | 1.8 | % | |||||||||||||||||||||
Rate of return on Assets | 2.3 | % | 1.8 | % | |||||||||||||||||||||
Compensation increase | 2 | % | 2 | % | |||||||||||||||||||||
During 2015 employer and employee respective contributions to the Swiss Plan are expected to total $0.7 million. Estimated benefit payments are expected to be as follows: 2015 - $0.7 million; 2016 - $0.7 million; 2017 - $0.7 million; 2018 - $0.7 million; 2019 - $0.8 million; and $5.5 million thereafter through 2024. | |||||||||||||||||||||||||
As is customary with Swiss pension plans, the assets of the plan are invested in a collective fund with multiple employers. We have no investment authority over the assets of the plan that are held and invested by a Swiss insurance company. Investment holdings are made with respect to Swiss laws and target allocations for plan assets are 76% debt securities, 11% real estate investments, 9% alternative investments, 3% cash and 1% equity securities. All assets of the plan fall within Level 2 of the fair value hierarchy. See Note 5 for a description of the levels of inputs used to determine fair value measurement. | |||||||||||||||||||||||||
Retiree Medical Benefits – We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit income was $0.1 million in 2014 compared to a net periodic benefit cost of $0.1 million and $0.3 million in 2013 and 2012, respectively. We fund benefits as costs are incurred and as a result there are no plan assets. | |||||||||||||||||||||||||
The weighted average discount rate used in determining the accumulated post-retirement benefit obligation was 3.8% in 2014, 4.6% in 2013 and 3.7% in 2012. Annual rates of increase of the cost of health benefits were assumed to be 8.0% in 2015. These rates were then assumed to decrease 0.5% per year to 5.0% in 2021 and remain level thereafter. A one percent increase (decrease) in health care cost trend rates would increase (decrease) the 2014 net periodic benefit cost by approximately $14,000 ($11,000) and the accumulated post-retirement benefit obligation as of December 27, 2014, by approximately $363,000 ($297,000). | |||||||||||||||||||||||||
The following table sets forth the post-retirement benefit obligation, funded status and the liability we have recorded in our consolidated balance sheets: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Accumulated benefit obligation at beginning of year | $ | 2,021 | $ | 2,366 | |||||||||||||||||||||
Service cost | 13 | 15 | |||||||||||||||||||||||
Interest cost | 91 | 86 | |||||||||||||||||||||||
Actuarial (gain) loss | 370 | (386 | ) | ||||||||||||||||||||||
Benefits paid | (67 | ) | (60 | ) | |||||||||||||||||||||
Accumulated benefit obligation at end of year | 2,428 | 2,021 | |||||||||||||||||||||||
Plan assets at end of year | — | — | |||||||||||||||||||||||
Funded status | $ | (2,428 | ) | $ | (2,021 | ) | |||||||||||||||||||
Deferred Compensation – The Cohu, Inc. Deferred Compensation Plan allows certain of our officers to defer a portion of their current compensation. We have purchased life insurance policies on the participants with Cohu as the named beneficiary. Participant contributions, distributions and investment earnings and losses are accumulated in a separate account for each participant. At December 27, 2014 and December 28, 2013, the payroll liability to participants, included in accrued compensation and benefits in the consolidated balance sheet, was approximately $2.6 million and $2.4 million and the cash surrender value of the related life insurance policies included in other current assets was approximately $2.3 million and $2.1 million, respectively. | |||||||||||||||||||||||||
Employee Stock Purchase Plan – The Cohu, Inc. 1997 Employee Stock Purchase Plan (“the Plan”) provides for the issuance of a maximum of 1,900,000 shares of our common stock. Under the Plan, eligible employees may purchase shares of common stock through payroll deductions. The price paid for the common stock is equal to 85% of the fair market value of our common stock on specified dates. In 2014, 2013, and 2012, 138,831, 163,120 and 151,812 shares, respectively, were issued under the Plan. At December 27, 2014, there were 183,591 shares reserved for issuance under the Plan. | |||||||||||||||||||||||||
Stock Options – Under our equity incentive plans, stock options may be granted to employees, consultants and outside directors to purchase a fixed number of shares of our common stock at prices not less than 100% of the fair market value at the date of grant. Options generally vest and become exercisable after one year or in four annual increments beginning one year after the grant date and expire ten years from the grant date. At December 27, 2014, 992,666 shares were available for future equity grants under the Cohu, Inc. 2005 Equity Incentive Plan. We have historically issued new shares of Cohu common stock upon share option exercise. | |||||||||||||||||||||||||
Stock option activity under our share-based compensation plans was as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands, except per share data) | Shares | Wt. Avg. | Shares | Wt. Avg. | Shares | Wt. Avg. | |||||||||||||||||||
Ex. Price | Ex. Price | Ex. Price | |||||||||||||||||||||||
Outstanding, beginning of year | 3,086 | $ | 11.93 | 3,113 | $ | 12.62 | 3,112 | $ | 13.01 | ||||||||||||||||
Granted | 10 | $ | 12.58 | 470 | $ | 9.83 | 437 | $ | 10.5 | ||||||||||||||||
Exercised | (237 | ) | $ | 8.43 | (117 | ) | $ | 7.55 | (73 | ) | $ | 8.26 | |||||||||||||
Cancelled | (424 | ) | $ | 15.37 | (380 | ) | $ | 16.37 | (363 | ) | $ | 14.29 | |||||||||||||
Outstanding, end of year | 2,435 | $ | 11.67 | 3,086 | $ | 11.93 | 3,113 | $ | 12.62 | ||||||||||||||||
Options exercisable at year end | 1,901 | $ | 12.08 | 2,195 | $ | 12.46 | 2,209 | $ | 13.52 | ||||||||||||||||
The aggregate intrinsic value of options exercised during 2014, 2013 and 2012 was approximately $0.7 million, $0.4 million, and $0.2 million, respectively. At December 27, 2014, the aggregate intrinsic value of options outstanding, vested and expected to vest were each approximately $4.4 million and the aggregate intrinsic value of options exercisable was approximately $3.4 million. | |||||||||||||||||||||||||
Information about stock options outstanding at December 27, 2014 is as follows (options in thousands): | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Number | Approximate | Wt. Avg. | Number | Wt. Avg. | ||||||||||||||||||||
Exercise Prices | Outstanding | Wt. Avg. | Ex. Price | Exercisable | Ex. Price | ||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Life (Years) | |||||||||||||||||||||||||
$7.32 - $10.98 | 1,402 | 6.2 | $ | 8.86 | 898 | $ | 8.22 | ||||||||||||||||||
$10.99 - $16.49 | 814 | 4.2 | $ | 14.95 | 784 | $ | 14.98 | ||||||||||||||||||
$16.50 - $24.74 | 214 | 0.7 | $ | 17.31 | 214 | $ | 17.31 | ||||||||||||||||||
$24.75 - $37.13 | 5 | 0.6 | $ | 25.7 | 5 | $ | 25.7 | ||||||||||||||||||
2,435 | 5 | $ | 11.67 | 1,901 | $ | 12.08 | |||||||||||||||||||
Restricted Stock Units – Under our equity incentive plans, restricted stock units may be granted to employees, consultants and outside directors. Restricted stock units vest over either a one-year or a four-year period from the date of grant. Prior to vesting, restricted stock units do not have dividend equivalent rights, do not have voting rights and the shares underlying the restricted stock units are not considered issued and outstanding. Shares of our common stock will be issued on the date the restricted stock units vest. | |||||||||||||||||||||||||
Restricted stock unit activity under our share-based compensation plans was as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands, except per share data) | Units | Wt. Avg. | Units | Wt. Avg. | Units | Wt. Avg. | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Outstanding, beginning of year | 887 | $ | 9.46 | 615 | $ | 10.54 | 299 | $ | 12.98 | ||||||||||||||||
Granted | 497 | $ | 10.07 | 531 | $ | 8.8 | 462 | $ | 9.57 | ||||||||||||||||
Released | (315 | ) | $ | 10.16 | (223 | ) | $ | 10.86 | (108 | ) | $ | 13.27 | |||||||||||||
Cancelled | (43 | ) | $ | 9.41 | (36 | ) | $ | 9.86 | (38 | ) | $ | 13.92 | |||||||||||||
Outstanding, end of year | 1,026 | $ | 9.54 | 887 | $ | 9.46 | 615 | $ | 10.54 | ||||||||||||||||
Equity-Based Performance Stock Units – In March 2012, we began granting equity-based performance units covering shares of our common stock to certain employees. The number of shares of stock ultimately issued will depend upon the extent to which certain financial performance goals set by our Board of Directors are met during the one-year award measurement period. Based upon the level of achievement of performance goals the number of shares we ultimately issue can range from 0% up to 150% of the number of shares under each grant which vest over 3 years from the date of initial grant. On March 25, 2014, we awarded equity-based performance stock units to senior executives with vesting that is contingent on the level of achievement of certain performance goals, market return and continued service (“market-based PSUs”). The market-based PSUs issued in 2014 are subject to a one-year performance period after which the number of market-based PSUs earned will be determined and will then be subject to certain adjustments resulting from performance of Cohu’s Relative Total Shareholder Return (“TSR”) to a selected peer group over a two year measurement period following the date of grant with the total adjustment ranging from 75% to 125% of the target amount based on the percentage by which our TSR exceeds or falls below the selected peer group. Market-based PSUs earned will vest at the rate of 50% on the second and third anniversary of their grant. We estimated the fair value of market-based PSUs using a Monte Carlo simulation model on the date of grant. Compensation expense is recognized ratably over the measurement period. We record a provision for equity-based performance units outstanding based on our current assessment of achievement of the performance goals. New shares of our common stock will be issued on the date the equity-based performance units vest. | |||||||||||||||||||||||||
Performance based stock unit activity under our share-based compensation plans was as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands, except per share data) | Units | Wt. Avg. | Units | Wt. Avg. | Units | Wt. Avg. | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Outstanding, beginning of year | 238 | $ | 9.32 | 122 | $ | 9.89 | — | $ | — | ||||||||||||||||
Granted | 208 | $ | 11.34 | 158 | $ | 9.03 | 129 | $ | 9.89 | ||||||||||||||||
Released | (38 | ) | $ | 9.52 | (26 | ) | $ | 9.89 | — | $ | — | ||||||||||||||
Cancelled | (74 | ) | $ | 9.59 | (16 | ) | $ | 9.89 | (7 | ) | $ | 9.89 | |||||||||||||
Outstanding, end of year | 334 | $ | 10.49 | 238 | $ | 9.32 | 122 | $ | 9.89 | ||||||||||||||||
Share-based Compensation – We estimate the fair value of each share-based award on the grant date using the Black-Scholes and the Monte Carlo simulation valuation models. Option valuation models require the input of highly subjective assumptions and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions for the Black-Scholes model include the risk-free rate of interest, expected dividend yield, expected volatility, and the expected life of the award. The risk-free rate of interest is based on the U.S. Treasury rates appropriate for the expected term of the award as of the grant date. Expected dividends are based, primarily, on historical factors related to our common stock. Expected volatility is based on historic, weekly stock price observations of our common stock during the period immediately preceding the share-based award grant that is equal in length to the award’s expected term. We believe that historical volatility is the best estimate of future volatility. Expected life of the award is based on historical option exercise data. The Monte Carlo simulation model incorporates assumptions for the risk-free interest rate, Cohu and the selected peer group price volatility, the correlation between Cohu and the selected index, and dividend yields. | |||||||||||||||||||||||||
Share-based compensation expense related to restricted stock unit awards is calculated based on the market price of our common stock on the date of grant, reduced by the present value of dividends expected to be paid on our common stock prior to vesting of the restricted stock unit. Estimated forfeitures are required to be included as a part of the grant date expense estimate. We used historical data to estimate expected employee behaviors related to option exercises and forfeitures. | |||||||||||||||||||||||||
The following weighted average assumptions were used to value share-based awards granted: | |||||||||||||||||||||||||
Employee Stock Purchase Plan | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.4 | % | 2.6 | % | 2.4 | % | |||||||||||||||||||
Expected volatility | 35.3 | % | 38.4 | % | 43.6 | % | |||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||||||
Expected term of options | 0.5 years | 0.5 years | 0.5 years | ||||||||||||||||||||||
Weighted-average grant date fair value per share | $ | 2.52 | $ | 2.32 | $ | 2.78 | |||||||||||||||||||
Employee Stock Options | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.0 | % | 2.6 | % | 2.1 | % | |||||||||||||||||||
Expected volatility | 42.5 | % | 44.9 | % | 46.3 | % | |||||||||||||||||||
Risk-free interest rate | 1.9 | % | 1.1 | % | 1.2 | % | |||||||||||||||||||
Expected term of options | 5.9 years | 6.4 years | 6.3 years | ||||||||||||||||||||||
Weighted-average grant date fair value per share | $ | 4.39 | $ | 3.37 | $ | 3.87 | |||||||||||||||||||
Restricted Stock Units | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.2 | % | 2.5 | % | 2.3 | % | |||||||||||||||||||
Performance Stock Units | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.2 | % | 2.5 | % | 2.3 | % | |||||||||||||||||||
Reported share-based compensation is classified in the consolidated financial statements as follows: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Cost of sales | $ | 491 | $ | 390 | $ | 417 | |||||||||||||||||||
Research and development | 1,901 | 1,677 | 1,347 | ||||||||||||||||||||||
Selling, general and administrative | 4,193 | 3,279 | 2,735 | ||||||||||||||||||||||
Total share-based compensation | 6,585 | 5,346 | 4,499 | ||||||||||||||||||||||
Income tax benefit | (204 | ) | — | — | |||||||||||||||||||||
Total share-based compensation, net of tax | $ | 6,381 | $ | 5,346 | $ | 4,499 | |||||||||||||||||||
At December 27, 2014, excluding a reduction for forfeitures, we had approximately $1.5 million of pre-tax unrecognized compensation cost related to unvested stock options which is expected to be recognized over a weighted-average period of approximately 1.0 years. | |||||||||||||||||||||||||
At December 27, 2014, excluding a reduction for forfeitures, we had approximately $9.6 million of pre-tax unrecognized compensation cost related to unvested restricted stock units and performance stock units which is expected to be recognized over a weighted-average period of approximately 1.6 years. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 7 | Income Taxes | |||||||||||
Significant components of the provision (benefit) for income taxes for continuing operations are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
U.S. Federal | $ | (307 | ) | $ | (1,538 | ) | $ | (1,898 | ) | ||||
U.S. State | 40 | 42 | (388 | ) | |||||||||
Foreign | 4,047 | 825 | 831 | ||||||||||
Total current | 3,780 | (671 | ) | (1,455 | ) | ||||||||
Deferred: | |||||||||||||
U.S. Federal | (1,207 | ) | 286 | 1,890 | |||||||||
U.S. State | (17 | ) | 26 | 186 | |||||||||
Foreign | 737 | (2,444 | ) | (1,495 | ) | ||||||||
Total deferred | (487 | ) | (2,132 | ) | 581 | ||||||||
$ | 3,293 | $ | (2,803 | ) | $ | (874 | ) | ||||||
Income (loss) before income taxes from continuing operations consisted of the following: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
U.S. | $ | (3,898 | ) | $ | (29,219 | ) | $ | (10,066 | ) | ||||
Foreign | 13,026 | (7,844 | ) | (2,930 | ) | ||||||||
Total | $ | 9,128 | $ | (37,063 | ) | $ | (12,996 | ) | |||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of our deferred tax assets and liabilities were as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Inventory, receivable and warranty reserves | $ | 9,585 | $ | 13,290 | |||||||||
Net operating loss carryforwards | 8,266 | 9,070 | |||||||||||
Tax credit carryforwards | 11,905 | 11,258 | |||||||||||
Accrued employee benefits | 5,232 | 3,709 | |||||||||||
Deferred profit | 1,091 | 839 | |||||||||||
Stock-based compensation | 4,352 | 3,972 | |||||||||||
Acquisition basis differences | 2,133 | 2,105 | |||||||||||
Depreciation and fixed asset related | 1,001 | 831 | |||||||||||
Other | 608 | 121 | |||||||||||
Gross deferred tax assets | 44,173 | 45,195 | |||||||||||
Less valuation allowance | (37,023 | ) | (36,064 | ) | |||||||||
Total deferred tax assets | 7,150 | 9,131 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and fixed asset related | 2,823 | 2,909 | |||||||||||
Acquisition basis differences | 10,600 | 13,193 | |||||||||||
Other | 643 | 461 | |||||||||||
Total deferred tax liabilities | 14,066 | 16,563 | |||||||||||
Net deferred tax liabilities | $ | (6,916 | ) | $ | (7,432 | ) | |||||||
Companies are required to assess whether a valuation allowance should be recorded against their deferred tax assets (“DTAs”) based on the consideration of all available evidence, using a “more likely than not” realization standard. The four sources of taxable income that must be considered in determining whether DTAs will be realized are, (1) future reversals of existing taxable temporary differences (i.e. offset of gross deferred tax assets against gross deferred tax liabilities); (2) taxable income in prior carryback years, if carryback is permitted under the tax law; (3) tax planning strategies and (4) future taxable income exclusive of reversing temporary differences and carryforwards. | |||||||||||||
In assessing whether a valuation allowance is required, significant weight is to be given to evidence that can be objectively verified. We have evaluated our DTAs each reporting period, including an assessment of our cumulative income or loss over the prior three-year period and future periods, to determine if a valuation allowance was required. A significant negative factor in our assessment was Cohu’s three-year cumulative U.S. loss history at the end of various fiscal periods including 2014. | |||||||||||||
As a result of our cumulative, three-year U.S. GAAP pretax loss from continuing operations of approximately $43.2 million at the end of 2014, and our U.S. loss in 2014, we were unable to conclude at December 27, 2014 that it was “more likely than not” that our U.S. DTAs would be realized. We will evaluate the realizability of our DTAs at the end of each quarterly reporting period in 2015 and should circumstances change it is possible the remaining valuation allowance, or a portion thereof, will be reversed in a future period. | |||||||||||||
Our valuation allowance on our DTAs at December 27, 2014 and December 28, 2013 was approximately $37.0 million and $36.1 million, respectively. The remaining gross DTAs for which a valuation allowance was not recorded are realizable primarily through future reversals of existing taxable temporary differences. As the realization of DTAs is determined by tax jurisdiction, the significant deferred tax liabilities recorded as part of the 2008 acquisition of Rasco, a German corporation, and the fiscal 2013 acquisition of Ismeca, a Swiss Corporation, were not a source of taxable income in assessing the realization of our DTAs in the U.S. | |||||||||||||
The reconciliation of income tax computed at the U.S. federal statutory tax rate to the provision (benefit) for income taxes for continuing operations is as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Tax provision (credit) at U.S. 35% statutory rate | $ | 3,194 | $ | (12,972 | ) | $ | (4,548 | ) | |||||
State income taxes, net of federal tax benefit | 119 | (1,112 | ) | (645 | ) | ||||||||
Settlements, adjustments and releases from statute expirations | (103 | ) | (846 | ) | 366 | ||||||||
Change in effective tax rate for deferred balances | — | — | 346 | ||||||||||
Federal tax credits | (244 | ) | (1,340 | ) | — | ||||||||
Stock-based compensation on which no tax benefit provided | 160 | 168 | 177 | ||||||||||
Change in valuation allowance | 1,072 | 11,283 | 2,572 | ||||||||||
Foreign income taxed at different rates | (2,055 | ) | 1,526 | (227 | ) | ||||||||
Non-deductible goodwill impairment charge and transaction costs | 1,069 | — | 700 | ||||||||||
Other, net | 81 | 490 | 385 | ||||||||||
$ | 3,293 | $ | (2,803 | ) | $ | (874 | ) | ||||||
State income taxes, net of federal benefit, have been reduced by research tax credits totaling approximately $0.5 million, $0.7 million and $0.6 million in 2014, 2013 and 2012, respectively. | |||||||||||||
At December 27, 2014, we had federal, state and foreign net operating loss carryforwards of approximately $15.8 million, $21.8 million and $11.8 million, respectively, that expire in various tax years beginning in 2015 through 2034 or have no expiration date. We also have federal and state tax credit carryforwards at December 27, 2014 of approximately $6.3 million and $13.2 million, respectively, some of which expire in various tax years beginning in 2015 through 2034 or have no expiration date. The federal and state loss and credit carryforwards are subject to annual limitations under Sections 382 and 383 of the Internal Revenue Code and applicable state tax law. Approximately $5.1 million of U.S. federal net operating loss carryforwards acquired in the Ismeca acquisition are expected to expire unutilized as a result of the annual limitations imposed by Section 382. As a result we have has reduced our deferred tax assets and valuation allowance related to these net operating loss carryforwards. | |||||||||||||
The American Taxpayer Relief Act of 2012, which reinstated the United States federal research and development tax credit retroactively from January 1, 2012 through December 31, 2013, was not enacted into law until the first quarter of 2013. Therefore, the tax benefit from the credits for 2012 and 2013 are reflected in our 2013 income tax provision. | |||||||||||||
U.S. income taxes have not been provided on approximately $32.0 million of accumulated undistributed earnings of certain foreign subsidiaries, as we currently intend to indefinitely reinvest these earnings in operations outside the U.S. It is not practicable to estimate the amount of tax that might be payable if some or all of such earnings were to be remitted. We have certain tax holidays or incentives with respect to our operations in Malaysia, Singapore and the Philippines. These holidays or incentives require compliance with certain conditions and expire at various dates through 2023. The impact of these holidays on net income was not significant in fiscal years 2014, 2013 and 2012. | |||||||||||||
A reconciliation of our gross unrecognized tax benefits, excluding accrued interest and penalties, is as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 10,483 | $ | 6,080 | $ | 5,381 | |||||||
Gross additions for tax positions of current year | 761 | 933 | 776 | ||||||||||
Gross additions for tax positions of prior years | 365 | 3,700 | 195 | ||||||||||
Reductions due to lapse of the statute of limitations | (587 | ) | — | (272 | ) | ||||||||
Foreign exchange rate impact | (181 | ) | (230 | ) | — | ||||||||
Balance at end of year | $ | 10,841 | $ | 10,483 | $ | 6,080 | |||||||
The 2013 gross additions for tax positions of prior years are primarily composed of additions from the Ismeca acquisition. | |||||||||||||
If the unrecognized tax benefits at December 27, 2014 are ultimately recognized, approximately $6.2 million ($6.2 million at December 28, 2013) would result in a reduction in our income tax expense and effective tax rate. | |||||||||||||
We are unable to estimate the range of any reasonably possible increase or decrease in our gross | |||||||||||||
unrecognized tax benefits over the next 12 months. However, we do not expect any such outcome will result in a material change to our financial condition or results of operations. | |||||||||||||
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Cohu had approximately $1.4 million accrued for the payment of interest and penalties at December 27, 2014 and $1.5 million at December 28, 2013. Interest expense, net of accrued interest reversed, was not significant in 2014 and in 2013 and 2012 was approximately $(0.1) million and $0.1 million, respectively. | |||||||||||||
Our U.S. federal and state income tax returns for years after 2010 and 2009, respectively, remain open to examination, subject to the statute of limitations. Net operating loss and credit carryforwards arising prior to these years are also open to examination if and when utilized. The statute of limitations for the assessment and collection of income taxes related to our foreign tax returns varies by country. In the foreign countries where we have significant operations these time periods generally range from four to ten years after the year for which the tax return is due or the tax is assessed. |
Segment_and_Related_Informatio
Segment and Related Information | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment and Related Information | 8 | Segment and Related Information | |||||||||||
Our reportable segments are business units that offer different products and are managed separately because each business requires different technology and marketing strategies. As discussed in Note 2, in June 2014, we sold substantially all the assets of Cohu Electronics, which comprised our video camera segment and have presented financial information for this segment as discontinued operations. Subsequent to this transaction Cohu’s remaining reportable segments are semiconductor and microwave communications equipment. | |||||||||||||
The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. We allocate resources and evaluate the performance of segments based on profit or loss from operations, excluding interest, corporate expenses and unusual gains or losses. Intersegment sales were not significant for any period. | |||||||||||||
Financial information by industry segment is presented below: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales by segment: | |||||||||||||
Semiconductor equipment | $ | 316,629 | $ | 214,511 | $ | 179,449 | |||||||
Microwave communications | 16,694 | 17,063 | 26,863 | ||||||||||
Total consolidated net sales and net sales for reportable segments | $ | 333,323 | $ | 231,574 | $ | 206,312 | |||||||
Segment profit (loss): | |||||||||||||
Semiconductor equipment | $ | 26,658 | $ | (24,998 | ) | $ | (5,331 | ) | |||||
Microwave communications (1) | (10,030 | ) | (6,142 | ) | (847 | ) | |||||||
Profit (loss) for reportable segments | 16,628 | (31,140 | ) | (6,178 | ) | ||||||||
Other unallocated amounts: | |||||||||||||
Corporate expenses | (7,530 | ) | (5,977 | ) | (7,785 | ) | |||||||
Interest and other from continuing operations, net | 30 | 54 | 967 | ||||||||||
Income (loss) from continuing operations before taxes | $ | 9,128 | $ | (37,063 | ) | $ | (12,996 | ) | |||||
-1 | The loss of our microwave communications equipment segment for the year ended December 27, 2014 includes a $5.0 million impairment charge for goodwill and other assets see Note 3 for additional information. | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Depreciation and amortization by segment deducted in arriving at profit (loss): | |||||||||||||
Semiconductor equipment | $ | 4,805 | $ | 4,723 | $ | 4,506 | |||||||
Microwave communications | 633 | 523 | 652 | ||||||||||
5,438 | 5,246 | 5,158 | |||||||||||
Intangible amortization | 8,090 | 8,082 | 4,057 | ||||||||||
Total depreciation and amortization for reportable segments | $ | 13,528 | $ | 13,328 | $ | 9,215 | |||||||
Capital expenditures by segment: | |||||||||||||
Semiconductor equipment | $ | 1,457 | $ | 3,607 | $ | 2,759 | |||||||
Microwave communications | 203 | 267 | 481 | ||||||||||
Total consolidated capital expenditures | $ | 1,660 | $ | 3,874 | $ | 3,240 | |||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Total assets by segment: | |||||||||||||
Semiconductor equipment | $ | 320,102 | $ | 297,175 | $ | 281,173 | |||||||
Microwave communications | 12,935 | 22,156 | 22,635 | ||||||||||
Total assets for reportable segments | 333,037 | 319,331 | 303,808 | ||||||||||
Corporate, principally cash and investments and deferred taxes | 15,781 | 19,389 | 23,203 | ||||||||||
Discontinued operations | — | 6,703 | 7,862 | ||||||||||
Total consolidated assets | $ | 348,818 | $ | 345,423 | $ | 334,873 | |||||||
The customer from the semiconductor equipment segment comprising 10% or greater of our consolidated net sales is summarized as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Intel | 15 | % | 17 | % | 42 | % | |||||||
Net sales to customers, attributed to countries based on product shipment destination, were as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
United States | $ | 78,243 | $ | 45,773 | $ | 45,749 | |||||||
Malaysia | 73,861 | 51,652 | 40,326 | ||||||||||
China | 51,410 | 37,621 | 31,970 | ||||||||||
Philippines | 28,670 | 26,563 | 22,507 | ||||||||||
Costa Rica | 9,714 | 5,127 | 22,934 | ||||||||||
Rest of the World | 91,425 | 64,838 | 42,826 | ||||||||||
Total | $ | 333,323 | $ | 231,574 | $ | 206,312 | |||||||
Geographic location of our property, plant and equipment and other long-lived assets was as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Property, plant and equipment: | |||||||||||||
United States | $ | 18,986 | $ | 21,464 | |||||||||
Germany | 7,484 | 8,973 | |||||||||||
Philippines | 2,721 | 3,278 | |||||||||||
Rest of the World | 2,663 | 2,081 | |||||||||||
Total, net | $ | 31,854 | $ | 35,796 | |||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Goodwill and other intangible assets: | |||||||||||||
Germany | $ | 38,527 | $ | 51,032 | |||||||||
Switzerland | 25,921 | 32,513 | |||||||||||
United States | 17,241 | 17,698 | |||||||||||
Malaysia | 6,988 | 7,738 | |||||||||||
Singapore | 6,558 | 6,558 | |||||||||||
Rest of the World | 984 | 1,089 | |||||||||||
Total, net | $ | 96,219 | $ | 116,628 | |||||||||
Stockholder_Rights_Plan
Stockholder Rights Plan | 12 Months Ended | |
Dec. 27, 2014 | ||
Text Block [Abstract] | ||
Stockholder Rights Plan | 9 | Stockholder Rights Plan |
In November, 1996, we adopted a Stockholder Rights Plan (“Rights Plan”) and declared a dividend distribution of one Preferred Stock Purchase Right (“Right”) for each share of common stock, payable to holders of record on December 3, 1996. Under the Rights Plan, each stockholder received one Right for each share of common stock owned. Each Right entitled the holder to buy one one-hundredth (1/100) of a share of Cohu’s Series A Preferred Stock for $90. As a result of the two-for-one stock split in September, 1999, each share of common stock was associated with one-half of a Right entitling the holder to purchase one two-hundredth (1/200) of a share of Series A Preferred Stock for $45. In November, 2006, we amended and restated our existing Rights Plan to extend its term to November 9, 2016 and make certain other changes. Pursuant to the amendment, to reflect the increase in the price of our common stock since the adoption of the Rights Plan, the exercise price of each Right was increased to $190. Consequently, each one-half of a Right entitles the holder to purchase one two-hundredth (1/200) of a share of Series A Preferred Stock for $95. The Rights are not presently exercisable and will only become exercisable following the occurrence of certain specified events. If these specified events occur, each Right will be adjusted to entitle its holder to receive, upon exercise, common stock having a value equal to two times the exercise price of the Right, or each Right will be adjusted to entitle its holder to receive common stock of the acquiring company having a value equal to two times the exercise price of the Right, depending on the circumstances. The Rights expire on November 9, 2016, and we may redeem them for $0.001 per Right. The Rights do not have voting or dividend rights and, until they become exercisable, have no dilutive effect on our earnings per share. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Commitments and Contingencies | 10 | Commitments and Contingencies | |||||||||||||||||||||||||||
We lease certain of our facilities and equipment under non-cancelable operating leases. Rental expense was $1.9 million in 2014, $1.7 million in 2013 and $1.1 million 2012. Future minimum lease payments at December 27, 2014 are as follows: | |||||||||||||||||||||||||||||
(in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Non-cancelable operating leases | $ | 1,270 | $ | 1,111 | $ | 958 | $ | 676 | $ | 385 | $ | 1,155 | $ | 5,555 | |||||||||||||||
From time-to-time we are involved in various legal proceedings, examinations by various tax authorities and claims that have arisen in the ordinary course of our businesses. The outcome of any litigation is inherently uncertain. While there can be no assurance, we do not believe at the present time that the resolution of the matters described above will have a material adverse effect on our assets, financial position or results of operations. |
Guarantees
Guarantees | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Guarantees | 11 | Guarantees | |||||||||||
Changes in accrued warranty during the three-year period ended December 27, 2014 were as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 5,155 | $ | 4,602 | $ | 6,704 | |||||||
Warranty accruals | 6,513 | 5,403 | 4,162 | ||||||||||
Warranty payments | (5,484 | ) | (6,683 | ) | (6,264 | ) | |||||||
Warranty liability assumed | — | 1,833 | — | ||||||||||
Ending balance | $ | 6,184 | $ | 5,155 | $ | 4,602 | |||||||
During the ordinary course of business, we provide standby letters of credit instruments to certain parties as required. At December 27, 2014, the maximum potential amount of future payments that we could be required to make under these standby letters of credit was approximately $0.4 million. We have not recorded any liability in connection with these arrangements beyond that required to appropriately account for the underlying transaction being guaranteed. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid under these arrangements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | 12 | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Components of other comprehensive income (loss), on an after-tax basis, were as follows: | |||||||||||||
(in thousands) | Before Tax | Tax | Net-of-Tax | ||||||||||
amount | (Expense) | Amount | |||||||||||
Benefit | |||||||||||||
Year Ended December 29, 2012 | |||||||||||||
Foreign currency translation adjustments | $ | 1,689 | $ | — | $ | 1,689 | |||||||
Adjustments related to postretirement benefits | 362 | (240 | ) | 122 | |||||||||
Change in unrealized gain/loss on investments | (16 | ) | — | (16 | ) | ||||||||
Other comprehensive income | $ | 2,035 | $ | (240 | ) | $ | 1,795 | ||||||
Year Ended December 28, 2013 | |||||||||||||
Foreign currency translation adjustments | $ | 3,270 | $ | — | $ | 3,270 | |||||||
Adjustments related to postretirement benefits | 1,889 | (285 | ) | 1,604 | |||||||||
Change in unrealized gain/loss on investments | (14 | ) | 8 | (6 | ) | ||||||||
Other comprehensive income | $ | 5,145 | $ | (277 | ) | $ | 4,868 | ||||||
Year Ended December 27, 2014 | |||||||||||||
Foreign currency translation adjustments | $ | (14,107 | ) | $ | — | $ | (14,107 | ) | |||||
Adjustments related to postretirement benefits | (3,809 | ) | 551 | (3,258 | ) | ||||||||
Other comprehensive income | $ | (17,916 | ) | $ | 551 | $ | (17,365 | ) | |||||
Components of accumulated other comprehensive income (loss), net of tax, at the end of each period are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Accumulated net currency translation adjustments | $ | (8,327 | ) | $ | 5,780 | ||||||||
Accumulated net adjustments related to postretirement benefits | (2,387 | ) | 871 | ||||||||||
Total accumulated other comprehensive income | $ | (10,714 | ) | $ | 6,651 | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 27, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | 13 | Related Party Transactions |
William E. Bendush, a member of the Cohu Board of Directors since December 8, 2011, is a member of the Board of Directors of Microsemi Corporation (“MSC”), a customer of our semiconductor equipment segment. During 2014, 2013 and 2012, total sales to MSC were approximately $1.1 million, $1.8 million and $1.1 million, respectively. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | 14 | Quarterly Financial Data (Unaudited) | |||||||||||||||||||||||
Quarter | First (a) | Second (a) | Third (a) | Fourth (a) | Year | ||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||
Net sales: | 2014 | $ | 64,864 | $ | 77,850 | $ | 94,441 | $ | 96,168 | $ | 333,323 | ||||||||||||||
2013 | $ | 52,227 | $ | 62,235 | $ | 55,977 | $ | 61,135 | $ | 231,574 | |||||||||||||||
Gross profit: | 2014 | $ | 22,200 | $ | 25,484 | $ | 33,176 | $ | 31,375 | $ | 112,235 | ||||||||||||||
2013 | $ | 13,942 | $ | 19,515 | $ | 12,684 | $ | 17,247 | $ | 63,388 | |||||||||||||||
Income (loss) from continuing operations | 2014 | $ | (3,354 | ) | $ | 931 | $ | 6,921 | $ | 1,337 | $ | 5,835 | |||||||||||||
2013 | $ | (12,235 | ) | $ | (4,334 | ) | $ | (11,113 | ) | $ | (6,578 | ) | $ | (34,260 | ) | ||||||||||
Net income (loss) | 2014 | $ | (3,348 | ) | $ | 4,163 | $ | 7,519 | $ | 374 | $ | 8,708 | |||||||||||||
2013 | $ | (12,103 | ) | $ | (4,045 | ) | $ | (10,820 | ) | $ | (6,450 | ) | $ | (33,418 | ) | ||||||||||
Income (loss) per share (b): | |||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Income (loss) from continuing operations | 2014 | $ | (0.13 | ) | $ | 0.04 | $ | 0.28 | $ | 0.05 | $ | 0.23 | |||||||||||||
2013 | $ | (0.50 | ) | $ | (0.17 | ) | $ | (0.44 | ) | $ | (0.27 | ) | $ | (1.37 | ) | ||||||||||
Net income (loss) | 2014 | $ | (0.13 | ) | $ | 0.16 | $ | 0.3 | $ | 0.01 | $ | 0.34 | |||||||||||||
2013 | $ | (0.49 | ) | $ | (0.16 | ) | $ | (0.43 | ) | $ | (0.26 | ) | $ | (1.34 | ) | ||||||||||
Diluted: | |||||||||||||||||||||||||
Income (loss) from continuing operations | 2014 | $ | (0.13 | ) | $ | 0.04 | $ | 0.27 | $ | 0.05 | $ | 0.22 | |||||||||||||
2013 | $ | (0.50 | ) | $ | (0.17 | ) | $ | (0.44 | ) | $ | (0.27 | ) | $ | (1.37 | ) | ||||||||||
Net income (loss) | 2014 | $ | (0.13 | ) | $ | 0.16 | $ | 0.29 | $ | 0.01 | $ | 0.33 | |||||||||||||
2013 | $ | (0.49 | ) | $ | (0.16 | ) | $ | (0.43 | ) | $ | (0.26 | ) | $ | (1.34 | ) | ||||||||||
(a) | All quarters presented above were comprised of 13 weeks. | ||||||||||||||||||||||||
(b) | The sum of the four quarters may not agree to the year total due to rounding within a quarter and the inclusion or exclusion of common stock equivalents. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | COHU, INC. | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Description | Balance at | Additions | Additions | Deductions/ | Balance | ||||||||||||||||
Beginning | Not | (Reductions) | Write-offs | at End of | |||||||||||||||||
of Year | Charged | Charged | Year | ||||||||||||||||||
to Expense | (Credited) to | ||||||||||||||||||||
Expense | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
Year ended December 29, 2012 | $ | 463 | $ | 1 | (1) | $ | (82 | ) | $ | 94 | $ | 288 | |||||||||
Year ended December 28, 2013 | $ | 288 | $ | 354 | (2) | $ | 134 | $ | 233 | $ | 543 | ||||||||||
Year ended December 27, 2014 | $ | 543 | $ | (5 | )(1) | $ | (228 | ) | $ | 27 | $ | 283 | |||||||||
Reserve for excess and obsolete inventories: | |||||||||||||||||||||
Year ended December 29, 2012 | $ | 24,552 | $ | 610 | (1) | $ | 8,621 | $ | 6,628 | $ | 27,155 | ||||||||||
Year ended December 28, 2013 | $ | 27,155 | $ | 7,422 | (3) | $ | 7,760 | $ | 4,542 | $ | 37,795 | ||||||||||
Year ended December 27, 2014 | $ | 37,795 | $ | (821 | )(1) | $ | 3,876 | $ | 11,005 | $ | 29,845 | ||||||||||
In June 2014, we sold our video camera segment, Cohu Electronics and all amounts presented above have been restated to exclude the impact of this segment as it is being presented as discontinued operations. | |||||||||||||||||||||
-1 | Changes in reserve balances resulting from foreign currency impact. | ||||||||||||||||||||
-2 | Includes $0.4 million resulting from Ismeca Acquisition on December 31, 2012 and foreign currency impact. | ||||||||||||||||||||
-3 | Includes $6.8 million resulting from Ismeca Acquisition on December 31, 2012, foreign currency impact and reclass from other reserves. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 27, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – Cohu, Inc. (“Cohu”, “we”, “our” and “us”), through our wholly owned subsidiaries, is a provider of semiconductor test equipment and microwave communications systems. Our consolidated financial statements include the accounts of Cohu and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. |
Our fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. Our fiscal years ended on December 27, 2014, December 28, 2013 and December 29, 2012 each consisted of 52 weeks. | |
Risks and Uncertainties | Risks and Uncertainties – We are subject to a number of risks and uncertainties that may significantly impact our future operating results. These risks and uncertainties are discussed under Part I, Item 1A. “Risk Factors” included in this Annual Report on Form 10-K. Understanding these risks and uncertainties is integral to the review of our consolidated financial statements. |
Discontinued Operations | Discontinued Operations – On June 6, 2014 we completed the sale of substantially all of the assets of our video camera segment, Cohu Electronics, and its operating results are being presented as discontinued operations and all prior period amounts have been reclassified accordingly. See Note 2, “Disposal of Video Camera Segment” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. |
Income (Loss) Per Share | Income (Loss) Per Share – Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the year ended December 27, 2014 approximately 1,771,000 shares of our common stock were excluded from the computation. |
Cash, Cash Equivalents and Short-term Investments | Cash, Cash Equivalents and Short-term Investments – Highly liquid investments with insignificant interest rate risk and original maturities of three months or less are classified as cash and cash equivalents. Investments with maturities greater than three months are classified as short-term investments. All of our short-term investments are classified as available-for-sale and are reported at fair value, with any unrealized gains and losses, net of tax, recorded in the statement of comprehensive income (loss). We manage our cash equivalents and short-term investments as a single portfolio of highly marketable securities. We have the ability and intent, if necessary, to liquidate any of our investments in order to meet the liquidity needs of our current operations during the next 12 months. Accordingly, investments with contractual maturities greater than one year from December 27, 2014 have been classified as current assets in the accompanying consolidated balance sheets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments – The carrying amounts of our financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses, approximate fair value due to the short maturities of these financial instruments. |
Concentration of Credit Risk | Concentration of Credit Risk – Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one issuer. |
Trade accounts receivable are presented net of allowance for doubtful accounts of $0.3 million at December 27, 2014 and $0.5 million at December 28, 2013. Our customers include semiconductor manufacturers and semiconductor test subcontractors and other customers located throughout many areas of the world. While we believe that our allowance for doubtful accounts is adequate and represents our best estimate of potential loss exposure at December 27, 2014, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding collectability. | |
Inventories | Inventories – Inventories are stated at the lower of cost, determined on a current average or first-in, first-out basis, or market. Cost includes labor, material and overhead costs. Determining market value of inventories involves numerous estimates and judgments including projecting average selling prices and sales volumes for future periods and costs to complete and dispose of inventory. As a result of these analyses, we record a charge to cost of sales in advance of the period when the inventory is sold when market values are below our costs. Charges to cost of sales for excess and obsolete inventories aggregated $3.9 million, $7.8 million, and $8.6 million in 2014, 2013 and 2012, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment – Depreciation and amortization of property, plant and equipment is calculated principally on the straight-line method based on estimated useful lives of thirty to forty years for buildings, five to fifteen years for building improvements and three to ten years for machinery, equipment and software. |
Goodwill, Purchased Intangible Assets and Other Long-lived Assets | Goodwill, Purchased Intangible Assets and Other Long-lived Assets – We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. We test goodwill for impairment by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimated the fair values of our reporting units primarily using the income approach valuation methodology that includes the discounted cash flow method, taking into consideration the market approach and certain market multiples as a validation of the values derived using the discounted cash flow methodology. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on customer forecasts, industry trade organization data and general economic conditions. |
We conduct our annual goodwill impairment test as of October 1st of each year. As of October 1, 2014, we concluded there was no impairment as the estimated fair values of our semiconductor equipment and microwave communications reporting units exceeded their carrying values by approximately 35% and 17%, respectively. Subsequent to our annual goodwill impairment test, in the fourth quarter of 2014, we determined an interim analysis was required and as of December 27, 2014 concluded that the fair market value of our microwave communications reporting unit goodwill was lower than its carrying value. As a result, we recorded a non-cash, pre-tax impairment charge of $5.0 million, comprised of $3.1 million of goodwill, and $1.9 million other assets in the fourth quarter of 2014. Additional information is included in Note 3, “Microwave Communications Equipment Segment Impairment and Restructuring”. | |
Long-lived assets, other than goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. We measure the impairment loss based on the difference between the assets carrying amount and estimated fair value. | |
Product Warranty | Product Warranty – Product warranty costs are accrued in the period sales are recognized. Our products are generally sold with standard warranty periods, which differ by product, ranging from 12- to 36-months. Parts and labor are typically covered under the terms of the warranty agreement. Our warranty expense accruals are based on historical and estimated costs by product and configuration. From time-to-time we offer customers extended warranties beyond the standard warranty period. In those situations the revenue relating to the extended warranty is deferred at its estimated fair value and recognized on a straight-line basis over the contract period. Costs associated with our extended warranty contracts are expensed as incurred. |
Income Taxes | Income Taxes – We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized and recorded, net of federal and state tax benefits, in income tax expense. |
Contingencies and Litigation | Contingencies and Litigation – We assess the probability of adverse judgments in connection with current and threatened litigation. We would accrue the cost of an adverse judgment if, in our estimation, the adverse outcome is probable and we can reasonably estimate the ultimate cost. |
Revenue Recognition | Revenue Recognition – Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when there is persuasive evidence of an arrangement, title and risk of loss have passed, delivery has occurred or the services have been rendered, the sales price is fixed or determinable and collection of the related receivable is reasonably assured. Title and risk of loss generally pass to our customers upon shipment. In circumstances where either title or risk of loss pass upon destination or acceptance, we defer revenue recognition until such events occur. |
Revenue for established products that have previously satisfied a customer’s acceptance requirements and provide for full payment tied to shipment is generally recognized upon shipment and passage of title. In certain instances, customer payment terms may provide that a minority portion (e.g. 20%) of the equipment purchase price be paid only upon customer acceptance. In those situations, the majority portion (e.g. 80%) of revenue where payment is tied to shipment and the entire product cost of sale are recognized upon shipment and passage of title and the minority portion of the purchase price related to customer acceptance is deferred and recognized upon receipt of customer acceptance. In cases where a prior history of customer acceptance cannot be demonstrated or from sales where customer payment dates are not determinable and in the case of new products, revenue is deferred until customer acceptance has been received. Our post-shipment obligations typically include installation and standard warranties. The estimated fair value of installation related revenue is recognized in the period the installation is performed. Service revenue is recognized ratably over the period of the related contract. Spares and kit revenue is generally recognized upon shipment. | |
Certain of our equipment sales are accounted for as multiple-element arrangements. A multiple-element arrangement is a transaction which may involve the delivery or performance of multiple products, services, or rights to use assets, and performance may occur at different points in time or over different periods of time. For arrangements containing multiple elements, the revenue relating to the undelivered elements is deferred using the relative selling price method utilizing estimated sales prices until delivery of the deferred elements. We limit the amount of revenue recognition for delivered elements to the amount that is not contingent on the future delivery of products or services, future performance obligations or subject to customer-specified return or adjustment. | |
On shipments where sales are not recognized, gross profit is generally recorded as deferred profit in our consolidated balance sheet representing the difference between the receivable recorded and the inventory shipped. In certain instances where customer payments are received prior to product shipment, the customer’s payments are recorded as customer advances in our consolidated balance sheet. At December 27, 2014, we had total deferred revenue of approximately $11.3 million and deferred profit of $7.4 million. At December 28, 2013, we had total deferred revenue of approximately $7.4 million and deferred profit of $6.1 million. | |
Advertising Costs | Advertising Costs – Advertising costs are expensed as incurred and were not material for all periods presented. |
Share-based Compensation | Share-based Compensation – We measure and recognize all share-based compensation under the fair value method. Our estimate of share-based compensation expense requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), future forfeitures and related tax effects. The assumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. Although we believe the assumptions and estimates we have made are reasonable and appropriate, changes in assumptions could materially impact our reported financial results. |
Foreign Currency Translation | Foreign Currency Translation – Assets and liabilities of those subsidiaries that use the U.S. dollar as their functional currency are translated using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are translated using historical exchange rates. Revenues and costs are translated using average exchange rates for the period, except for costs related to those balance sheet items that are translated using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. During 2014 strengthening of the U.S. dollar, against primarily the Swiss Franc and Euro resulted in approximately $2.0 million of gains being recognized in our consolidated statement of operations. Gains and losses were not significant in any of the other periods presented. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) – Our accumulated other comprehensive loss totaled approximately $10.7 million at December 27, 2014 and at December 28, 2013 our other comprehensive income totaled approximately $6.7 million and was attributed to, net of income taxes where applicable; foreign currency adjustments resulting from the translation of certain accounts into U.S. dollars, unrealized losses and gains on investments and adjustments to accumulated postretirement benefit obligations. The U.S. dollar strengthened relative to many foreign currencies as of December 27, 2014 compared to December 28, 2013. Consequently, accumulated comprehensive income decreased by $14.1 million as a result of the foreign currency translation as of December 27, 2014. Additional information related to accumulated other comprehensive income, on an after-tax basis is included in Note 12. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Recently Adopted Accounting Pronouncements – In July 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment to previous income tax guidance clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |
In March 2013, the FASB issued guidance on a parent company’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The amendments will be effective for fiscal years and interim periods starting after December 15, 2013 with early adoption permitted. The adoption of this new guidance in the first quarter of fiscal 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |
In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals of components of an entity, which amends the existing definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. The guidance redefines a discontinued operation as a component or group of components of an entity that has been disposed of by sale or other than by sale or is classified as held for sale and represents a strategic shift that has a major effect on an entity’s operations and financial results. The guidance is effective prospectively for disposals or components classified as held for sale in periods on or after December 15, 2014 with early adoption permitted. Cohu elected to implement this new guidance in the second quarter of fiscal 2014 and the adoption did not have a material impact on our consolidated financial position, results of operations or cash flows. | |
Recently Issued Accounting Pronouncements – In May 2014, the FASB issued new guidance on revenue from contracts with customers. The amended guidance outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” Entities have the option of using either a full retrospective or modified approach to adopt the guidance. This guidance is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. Early adoption is not permitted. We are still evaluating the impact this new guidance might have on our consolidated financial position, results of operations or cash flows. | |
In August 2014, the FASB issued new guidance on going concern, which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. This guidance is effective for annual and interim periods beginning after December 15, 2016 with early adoption permitted. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. | |
Segment and Related Information | Our reportable segments are business units that offer different products and are managed separately because each business requires different technology and marketing strategies. As discussed in Note 2, in June 2014, we sold substantially all the assets of Cohu Electronics, which comprised our video camera segment and have presented financial information for this segment as discontinued operations. Subsequent to this transaction Cohu’s remaining reportable segments are semiconductor and microwave communications equipment. |
The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. We allocate resources and evaluate the performance of segments based on profit or loss from operations, excluding interest, corporate expenses and unusual gains or losses. Intersegment sales were not significant for any period. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Computation of Basic and Diluted Income (Loss) Per Share | The following table reconciles the denominators used in computing basic and diluted income (loss) per share: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Weighted average common shares outstanding | 25,393 | 24,859 | 24,459 | ||||||||||
Effect of dilutive stock options and restricted stock units | 613 | — | — | ||||||||||
26,006 | 24,859 | 24,459 |
Disposal_of_Video_Camera_Segme1
Disposal of Video Camera Segment (Cohu Electronics) (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Summary of Balance Sheet Information and Operating Results of Discontinued Video Camera Segment | Balance sheet information of our discontinued video camera segment is summarized as follows (in thousands): | ||||||||||||
December 27, | December 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Accounts receivable, net | $ | — | $ | 2,597 | |||||||||
Inventories | — | 3,568 | |||||||||||
Other current assets | — | 107 | |||||||||||
Total current assets | — | 6,272 | |||||||||||
Property, plant and equipment, net | — | 431 | |||||||||||
Total assets | $ | — | $ | 6,703 | |||||||||
Liabilities: | |||||||||||||
Accounts payable | $ | — | $ | 730 | |||||||||
Other accrued current liabilities | — | 1,017 | |||||||||||
Total liabilities | $ | — | $ | 1,747 | |||||||||
Operating results of our discontinued video camera segment is summarized as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 5,460 | $ | 15,726 | $ | 14,850 | |||||||
Operating income (loss) before income taxes | $ | (242) | $ | 1,317 | $ | (121 | ) | ||||||
Gain on disposal of video camera segment | 4,434 | — | — | ||||||||||
Income tax provision (benefit) | 1,319 | 475 | — | ||||||||||
Income from discontinued operations, net of taxes | $ | 2,873 | $ | 842 | $ | (121 | ) | ||||||
Microwave_Communications_Equip1
Microwave Communications Equipment Segment Impairment and Restructuring (Tables) | 12 Months Ended | ||||
Dec. 27, 2014 | |||||
Restructuring and Related Activities [Abstract] | |||||
Summary of Reconciliation of Amounts Accrued and Paid Under Consolidation Plan | The following table reconciles amounts accrued and paid under the consolidation plan (in thousands): | ||||
Severance and | |||||
Other Payroll | |||||
Balance, December 28, 2013 | $ | — | |||
Costs accrued | 524 | ||||
Amounts paid or charged | (249 | ) | |||
Impact of currency exchange | (44 | ) | |||
Balance, December 27, 2014 | $ | 231 | |||
Strategic_Technology_Transacti1
Strategic Technology Transactions, Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Changes in Carrying Value of Goodwill by Reportable Segment | Changes in the carrying value of goodwill by reportable segment during the years ended December 27, 2014 and December 28, 2013 were as follows (in thousands): | ||||||||||||||||||
Semiconductor | Microwave | Total | |||||||||||||||||
Equipment | Communications | Goodwill | |||||||||||||||||
Balance, December 29, 2012 | $ | 55,520 | $ | 3,236 | $ | 58,756 | |||||||||||||
Additions net of adjustments | 10,930 | — | 10,930 | ||||||||||||||||
Impact of currency exchange | 1,533 | 94 | 1,627 | ||||||||||||||||
Balance, December 28, 2013 | 67,983 | 3,330 | 71,313 | ||||||||||||||||
Impact of currency exchange | (4,851 | ) | (275 | ) | (5,126 | ) | |||||||||||||
Impairment of goodwill - (See Note 3) | — | (3,055 | ) | (3,055 | ) | ||||||||||||||
Balance, December 27, 2014 | $ | 63,132 | $ | — | $ | 63,132 | |||||||||||||
Purchased Intangible Assets, Subject to Amortization | Purchased intangible assets, subject to amortization are as follows (in thousands): | ||||||||||||||||||
27-Dec-14 | 28-Dec-13 | ||||||||||||||||||
Gross Carrying | Accumulated | Remaining | Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Useful Life | Amount | Amortization | |||||||||||||||
Rasco technology | $ | 29,845 | $ | 22,616 | 2.0 years | $ | 33,689 | $ | 21,319 | ||||||||||
Ismeca technology | 27,014 | 6,879 | 6.0 years | 29,915 | 3,809 | ||||||||||||||
Duma technology | 864 | 864 | 0.0 years | 864 | 408 | ||||||||||||||
$ | 57,723 | $ | 30,359 | $ | 64,468 | $ | 25,536 | ||||||||||||
Cash_Cash_Equivalents_and_Shor1
Cash, Cash Equivalents and Short-term Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Short-Term Investments by Security Type | Investments that we have classified as short-term, by security type, are as follows (in thousands): | ||||||||||||||||
At December 27, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 155 | $ | — | $ | — | $ | 155 | |||||||||
Bank certificates of deposit | 1,000 | — | — | 1,000 | |||||||||||||
$ | 1,155 | $ | — | $ | — | $ | 1,155 | ||||||||||
At December 28, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
Municipal securities | $ | 1,200 | $ | — | $ | — | $ | 1,200 | |||||||||
Effective Maturities of Short-Term Investments | Effective maturities of short-term investments at December 27, 2014, were as follows: | ||||||||||||||||
(in thousands) | Amortized | Estimated | |||||||||||||||
Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 1,155 | $ | 1,155 | |||||||||||||
Assets Measured at Fair Value on Recurring Basis | The following table summarizes, by major security type, our assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | ||||||||||||||||
Fair value measurements at December 27, 2014 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 66,467 | $ | — | $ | — | $ | 66,467 | |||||||||
Municipal securities | — | 155 | — | 155 | |||||||||||||
Money market funds | — | 4,418 | — | 4,418 | |||||||||||||
Bank certificates of deposit | — | 1,000 | — | 1,000 | |||||||||||||
$ | 66,467 | $ | 5,573 | $ | — | $ | 72,040 | ||||||||||
Fair value measurements at December 28, 2013 using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total estimated | ||||||||||||||
fair value | |||||||||||||||||
Cash | $ | 44,165 | $ | — | $ | — | $ | 44,165 | |||||||||
Municipal securities | — | 1,200 | — | 1,200 | |||||||||||||
Money market funds | — | 7,503 | — | 7,503 | |||||||||||||
$ | 44,165 | $ | 8,703 | $ | — | $ | 52,868 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost of Swiss Plan | Net periodic benefit cost of the Swiss Plan was as follows: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Service cost | $ | 749 | $ | 841 | |||||||||||||||||||||
Interest cost | 491 | 398 | |||||||||||||||||||||||
Expected return on assets | (343 | ) | (267 | ) | |||||||||||||||||||||
Net periodic costs | $ | 897 | $ | 972 | |||||||||||||||||||||
Schedule of Benefit Obligation, Fair Value of Plan Assets, Funded Status and Liability of Swiss Plan | The following table sets forth the projected benefit obligation, the fair value of plan assets, the funded status and the liability we have recorded in our consolidated balance sheet related to the Swiss Plan: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | (23,850 | ) | $ | (23,541 | ) | |||||||||||||||||||
Service cost | (749 | ) | (841 | ) | |||||||||||||||||||||
Interest cost | (491 | ) | (398 | ) | |||||||||||||||||||||
Actuarial gain (loss) | (3,649 | ) | 1,538 | ||||||||||||||||||||||
Participant contributions | (728 | ) | (751 | ) | |||||||||||||||||||||
Benefits paid | 998 | 704 | |||||||||||||||||||||||
Foreign currency exchange adjustment | 2,442 | (561 | ) | ||||||||||||||||||||||
Benefit obligation at end of year | (26,027 | ) | (23,850 | ) | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 16,083 | 15,236 | |||||||||||||||||||||||
Return on assets, net of actuarial loss | 652 | (338 | ) | ||||||||||||||||||||||
Employer contributions | 728 | 751 | |||||||||||||||||||||||
Participant contributions | 728 | 751 | |||||||||||||||||||||||
Benefits paid | (998 | ) | (704 | ) | |||||||||||||||||||||
Foreign currency exchange adjustment | (1,590 | ) | 387 | ||||||||||||||||||||||
Fair value of plan assets at end of year | 15,603 | 16,083 | |||||||||||||||||||||||
Net liability at December 27, 2014 | $ | (10,424 | ) | $ | (7,767 | ) | |||||||||||||||||||
Schedule of Weighted-Average Actuarial Assumptions to Determine Benefit Obligation and Net Periodic Benefit Cost | Weighted-average actuarial assumptions used to determine the benefit obligation under the Swiss Plan are as follows: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Discount rate | 1.3 | % | 2.3 | % | |||||||||||||||||||||
Compensation increase | 1.8 | % | 2 | % | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost of the Swiss Plan are as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Discount rate | 2.3 | % | 1.8 | % | |||||||||||||||||||||
Rate of return on Assets | 2.3 | % | 1.8 | % | |||||||||||||||||||||
Compensation increase | 2 | % | 2 | % | |||||||||||||||||||||
Schedule of Post-Retirement Benefit Obligation to Funded Status and Liability | The following table sets forth the post-retirement benefit obligation, funded status and the liability we have recorded in our consolidated balance sheets: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Accumulated benefit obligation at beginning of year | $ | 2,021 | $ | 2,366 | |||||||||||||||||||||
Service cost | 13 | 15 | |||||||||||||||||||||||
Interest cost | 91 | 86 | |||||||||||||||||||||||
Actuarial (gain) loss | 370 | (386 | ) | ||||||||||||||||||||||
Benefits paid | (67 | ) | (60 | ) | |||||||||||||||||||||
Accumulated benefit obligation at end of year | 2,428 | 2,021 | |||||||||||||||||||||||
Plan assets at end of year | — | — | |||||||||||||||||||||||
Funded status | $ | (2,428 | ) | $ | (2,021 | ) | |||||||||||||||||||
Schedule of Stock Option Activity under Share-Based Compensation Plans | Stock option activity under our share-based compensation plans was as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands, except per share data) | Shares | Wt. Avg. | Shares | Wt. Avg. | Shares | Wt. Avg. | |||||||||||||||||||
Ex. Price | Ex. Price | Ex. Price | |||||||||||||||||||||||
Outstanding, beginning of year | 3,086 | $ | 11.93 | 3,113 | $ | 12.62 | 3,112 | $ | 13.01 | ||||||||||||||||
Granted | 10 | $ | 12.58 | 470 | $ | 9.83 | 437 | $ | 10.5 | ||||||||||||||||
Exercised | (237 | ) | $ | 8.43 | (117 | ) | $ | 7.55 | (73 | ) | $ | 8.26 | |||||||||||||
Cancelled | (424 | ) | $ | 15.37 | (380 | ) | $ | 16.37 | (363 | ) | $ | 14.29 | |||||||||||||
Outstanding, end of year | 2,435 | $ | 11.67 | 3,086 | $ | 11.93 | 3,113 | $ | 12.62 | ||||||||||||||||
Options exercisable at year end | 1,901 | $ | 12.08 | 2,195 | $ | 12.46 | 2,209 | $ | 13.52 | ||||||||||||||||
Schedule of Stock Options Outstanding and Exercisable | Information about stock options outstanding at December 27, 2014 is as follows (options in thousands): | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Number | Approximate | Wt. Avg. | Number | Wt. Avg. | ||||||||||||||||||||
Exercise Prices | Outstanding | Wt. Avg. | Ex. Price | Exercisable | Ex. Price | ||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Life (Years) | |||||||||||||||||||||||||
$7.32 - $10.98 | 1,402 | 6.2 | $ | 8.86 | 898 | $ | 8.22 | ||||||||||||||||||
$10.99 - $16.49 | 814 | 4.2 | $ | 14.95 | 784 | $ | 14.98 | ||||||||||||||||||
$16.50 - $24.74 | 214 | 0.7 | $ | 17.31 | 214 | $ | 17.31 | ||||||||||||||||||
$24.75 - $37.13 | 5 | 0.6 | $ | 25.7 | 5 | $ | 25.7 | ||||||||||||||||||
2,435 | 5 | $ | 11.67 | 1,901 | $ | 12.08 | |||||||||||||||||||
Schedule of Restricted Stock Unit Activity under Share-Based Compensation Plans | Restricted stock unit activity under our share-based compensation plans was as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands, except per share data) | Units | Wt. Avg. | Units | Wt. Avg. | Units | Wt. Avg. | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Outstanding, beginning of year | 887 | $ | 9.46 | 615 | $ | 10.54 | 299 | $ | 12.98 | ||||||||||||||||
Granted | 497 | $ | 10.07 | 531 | $ | 8.8 | 462 | $ | 9.57 | ||||||||||||||||
Released | (315 | ) | $ | 10.16 | (223 | ) | $ | 10.86 | (108 | ) | $ | 13.27 | |||||||||||||
Cancelled | (43 | ) | $ | 9.41 | (36 | ) | $ | 9.86 | (38 | ) | $ | 13.92 | |||||||||||||
Outstanding, end of year | 1,026 | $ | 9.54 | 887 | $ | 9.46 | 615 | $ | 10.54 | ||||||||||||||||
Schedule of Performance Based Stock Unit Activity under Share-Based Compensation Plans | Performance based stock unit activity under our share-based compensation plans was as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands, except per share data) | Units | Wt. Avg. | Units | Wt. Avg. | Units | Wt. Avg. | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Outstanding, beginning of year | 238 | $ | 9.32 | 122 | $ | 9.89 | — | $ | — | ||||||||||||||||
Granted | 208 | $ | 11.34 | 158 | $ | 9.03 | 129 | $ | 9.89 | ||||||||||||||||
Released | (38 | ) | $ | 9.52 | (26 | ) | $ | 9.89 | — | $ | — | ||||||||||||||
Cancelled | (74 | ) | $ | 9.59 | (16 | ) | $ | 9.89 | (7 | ) | $ | 9.89 | |||||||||||||
Outstanding, end of year | 334 | $ | 10.49 | 238 | $ | 9.32 | 122 | $ | 9.89 | ||||||||||||||||
Schedule of Weighted Average Assumptions to Value Share-Based Awards Granted | The following weighted average assumptions were used to value share-based awards granted: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.4 | % | 2.6 | % | 2.4 | % | |||||||||||||||||||
Expected volatility | 35.3 | % | 38.4 | % | 43.6 | % | |||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||||||
Expected term of options | 0.5 years | 0.5 years | 0.5 years | ||||||||||||||||||||||
Weighted-average grant date fair value per share | $ | 2.52 | $ | 2.32 | $ | 2.78 | |||||||||||||||||||
Employee Stock Options | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.0 | % | 2.6 | % | 2.1 | % | |||||||||||||||||||
Expected volatility | 42.5 | % | 44.9 | % | 46.3 | % | |||||||||||||||||||
Risk-free interest rate | 1.9 | % | 1.1 | % | 1.2 | % | |||||||||||||||||||
Expected term of options | 5.9 years | 6.4 years | 6.3 years | ||||||||||||||||||||||
Weighted-average grant date fair value per share | $ | 4.39 | $ | 3.37 | $ | 3.87 | |||||||||||||||||||
Restricted Stock Units | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.2 | % | 2.5 | % | 2.3 | % | |||||||||||||||||||
Performance Stock Units | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Dividend yield | 2.2 | % | 2.5 | % | 2.3 | % | |||||||||||||||||||
Schedule of Reported Share-Based Compensation in Consolidated Financial Statements | Reported share-based compensation is classified in the consolidated financial statements as follows: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Cost of sales | $ | 491 | $ | 390 | $ | 417 | |||||||||||||||||||
Research and development | 1,901 | 1,677 | 1,347 | ||||||||||||||||||||||
Selling, general and administrative | 4,193 | 3,279 | 2,735 | ||||||||||||||||||||||
Total share-based compensation | 6,585 | 5,346 | 4,499 | ||||||||||||||||||||||
Income tax benefit | (204 | ) | — | — | |||||||||||||||||||||
Total share-based compensation, net of tax | $ | 6,381 | $ | 5,346 | $ | 4,499 | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Significant Components of Provision (Benefit) for Income Taxes for Continuing Operations | Significant components of the provision (benefit) for income taxes for continuing operations are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
U.S. Federal | $ | (307 | ) | $ | (1,538 | ) | $ | (1,898 | ) | ||||
U.S. State | 40 | 42 | (388 | ) | |||||||||
Foreign | 4,047 | 825 | 831 | ||||||||||
Total current | 3,780 | (671 | ) | (1,455 | ) | ||||||||
Deferred: | |||||||||||||
U.S. Federal | (1,207 | ) | 286 | 1,890 | |||||||||
U.S. State | (17 | ) | 26 | 186 | |||||||||
Foreign | 737 | (2,444 | ) | (1,495 | ) | ||||||||
Total deferred | (487 | ) | (2,132 | ) | 581 | ||||||||
$ | 3,293 | $ | (2,803 | ) | $ | (874 | ) | ||||||
Income (Loss) Before Income Taxes from Continuing Operations | Income (loss) before income taxes from continuing operations consisted of the following: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
U.S. | $ | (3,898 | ) | $ | (29,219 | ) | $ | (10,066 | ) | ||||
Foreign | 13,026 | (7,844 | ) | (2,930 | ) | ||||||||
Total | $ | 9,128 | $ | (37,063 | ) | $ | (12,996 | ) | |||||
Significant Components of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of our deferred tax assets and liabilities were as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Inventory, receivable and warranty reserves | $ | 9,585 | $ | 13,290 | |||||||||
Net operating loss carryforwards | 8,266 | 9,070 | |||||||||||
Tax credit carryforwards | 11,905 | 11,258 | |||||||||||
Accrued employee benefits | 5,232 | 3,709 | |||||||||||
Deferred profit | 1,091 | 839 | |||||||||||
Stock-based compensation | 4,352 | 3,972 | |||||||||||
Acquisition basis differences | 2,133 | 2,105 | |||||||||||
Depreciation and fixed asset related | 1,001 | 831 | |||||||||||
Other | 608 | 121 | |||||||||||
Gross deferred tax assets | 44,173 | 45,195 | |||||||||||
Less valuation allowance | (37,023 | ) | (36,064 | ) | |||||||||
Total deferred tax assets | 7,150 | 9,131 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and fixed asset related | 2,823 | 2,909 | |||||||||||
Acquisition basis differences | 10,600 | 13,193 | |||||||||||
Other | 643 | 461 | |||||||||||
Total deferred tax liabilities | 14,066 | 16,563 | |||||||||||
Net deferred tax liabilities | $ | (6,916 | ) | $ | (7,432 | ) | |||||||
Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) for Income Taxes for Continuing Operations | The reconciliation of income tax computed at the U.S. federal statutory tax rate to the provision (benefit) for income taxes for continuing operations is as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Tax provision (credit) at U.S. 35% statutory rate | $ | 3,194 | $ | (12,972 | ) | $ | (4,548 | ) | |||||
State income taxes, net of federal tax benefit | 119 | (1,112 | ) | (645 | ) | ||||||||
Settlements, adjustments and releases from statute expirations | (103 | ) | (846 | ) | 366 | ||||||||
Change in effective tax rate for deferred balances | — | — | 346 | ||||||||||
Federal tax credits | (244 | ) | (1,340 | ) | — | ||||||||
Stock-based compensation on which no tax benefit provided | 160 | 168 | 177 | ||||||||||
Change in valuation allowance | 1,072 | 11,283 | 2,572 | ||||||||||
Foreign income taxed at different rates | (2,055 | ) | 1,526 | (227 | ) | ||||||||
Non-deductible goodwill impairment charge and transaction costs | 1,069 | — | 700 | ||||||||||
Other, net | 81 | 490 | 385 | ||||||||||
$ | 3,293 | $ | (2,803 | ) | $ | (874 | ) | ||||||
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of our gross unrecognized tax benefits, excluding accrued interest and penalties, is as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 10,483 | $ | 6,080 | $ | 5,381 | |||||||
Gross additions for tax positions of current year | 761 | 933 | 776 | ||||||||||
Gross additions for tax positions of prior years | 365 | 3,700 | 195 | ||||||||||
Reductions due to lapse of the statute of limitations | (587 | ) | — | (272 | ) | ||||||||
Foreign exchange rate impact | (181 | ) | (230 | ) | — | ||||||||
Balance at end of year | $ | 10,841 | $ | 10,483 | $ | 6,080 | |||||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Financial Information by Industry Segment | Financial information by industry segment is presented below: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales by segment: | |||||||||||||
Semiconductor equipment | $ | 316,629 | $ | 214,511 | $ | 179,449 | |||||||
Microwave communications | 16,694 | 17,063 | 26,863 | ||||||||||
Total consolidated net sales and net sales for reportable segments | $ | 333,323 | $ | 231,574 | $ | 206,312 | |||||||
Segment profit (loss): | |||||||||||||
Semiconductor equipment | $ | 26,658 | $ | (24,998 | ) | $ | (5,331 | ) | |||||
Microwave communications (1) | (10,030 | ) | (6,142 | ) | (847 | ) | |||||||
Profit (loss) for reportable segments | 16,628 | (31,140 | ) | (6,178 | ) | ||||||||
Other unallocated amounts: | |||||||||||||
Corporate expenses | (7,530 | ) | (5,977 | ) | (7,785 | ) | |||||||
Interest and other from continuing operations, net | 30 | 54 | 967 | ||||||||||
Income (loss) from continuing operations before taxes | $ | 9,128 | $ | (37,063 | ) | $ | (12,996 | ) | |||||
-1 | The loss of our microwave communications equipment segment for the year ended December 27, 2014 includes a $5.0 million impairment charge for goodwill and other assets see Note 3 for additional information. | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Depreciation and amortization by segment deducted in arriving at profit (loss): | |||||||||||||
Semiconductor equipment | $ | 4,805 | $ | 4,723 | $ | 4,506 | |||||||
Microwave communications | 633 | 523 | 652 | ||||||||||
5,438 | 5,246 | 5,158 | |||||||||||
Intangible amortization | 8,090 | 8,082 | 4,057 | ||||||||||
Total depreciation and amortization for reportable segments | $ | 13,528 | $ | 13,328 | $ | 9,215 | |||||||
Capital expenditures by segment: | |||||||||||||
Semiconductor equipment | $ | 1,457 | $ | 3,607 | $ | 2,759 | |||||||
Microwave communications | 203 | 267 | 481 | ||||||||||
Total consolidated capital expenditures | $ | 1,660 | $ | 3,874 | $ | 3,240 | |||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Total assets by segment: | |||||||||||||
Semiconductor equipment | $ | 320,102 | $ | 297,175 | $ | 281,173 | |||||||
Microwave communications | 12,935 | 22,156 | 22,635 | ||||||||||
Total assets for reportable segments | 333,037 | 319,331 | 303,808 | ||||||||||
Corporate, principally cash and investments and deferred taxes | 15,781 | 19,389 | 23,203 | ||||||||||
Discontinued operations | — | 6,703 | 7,862 | ||||||||||
Total consolidated assets | $ | 348,818 | $ | 345,423 | $ | 334,873 | |||||||
Customers Comprising 10% of Consolidated Sales | The customer from the semiconductor equipment segment comprising 10% or greater of our consolidated net sales is summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Intel | 15 | % | 17 | % | 42 | % | |||||||
Summary of Net Sales to Customers, Attributed to Countries | Net sales to customers, attributed to countries based on product shipment destination, were as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
United States | $ | 78,243 | $ | 45,773 | $ | 45,749 | |||||||
Malaysia | 73,861 | 51,652 | 40,326 | ||||||||||
China | 51,410 | 37,621 | 31,970 | ||||||||||
Philippines | 28,670 | 26,563 | 22,507 | ||||||||||
Costa Rica | 9,714 | 5,127 | 22,934 | ||||||||||
Rest of the World | 91,425 | 64,838 | 42,826 | ||||||||||
Total | $ | 333,323 | $ | 231,574 | $ | 206,312 | |||||||
Summary of Property, Plant and Equipment and Other Long Lived Assets in Geographical Area | Geographic location of our property, plant and equipment and other long-lived assets was as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Property, plant and equipment: | |||||||||||||
United States | $ | 18,986 | $ | 21,464 | |||||||||
Germany | 7,484 | 8,973 | |||||||||||
Philippines | 2,721 | 3,278 | |||||||||||
Rest of the World | 2,663 | 2,081 | |||||||||||
Total, net | $ | 31,854 | $ | 35,796 | |||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Goodwill and other intangible assets: | |||||||||||||
Germany | $ | 38,527 | $ | 51,032 | |||||||||
Switzerland | 25,921 | 32,513 | |||||||||||
United States | 17,241 | 17,698 | |||||||||||
Malaysia | 6,988 | 7,738 | |||||||||||
Singapore | 6,558 | 6,558 | |||||||||||
Rest of the World | 984 | 1,089 | |||||||||||
Total, net | $ | 96,219 | $ | 116,628 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Future Minimum Lease Payments | Future minimum lease payments at December 27, 2014 are as follows: | ||||||||||||||||||||||||||||
(in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Non-cancelable operating leases | $ | 1,270 | $ | 1,111 | $ | 958 | $ | 676 | $ | 385 | $ | 1,155 | $ | 5,555 |
Guarantees_Tables
Guarantees (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Changes in Accrued Warranty | Changes in accrued warranty during the three-year period ended December 27, 2014 were as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 5,155 | $ | 4,602 | $ | 6,704 | |||||||
Warranty accruals | 6,513 | 5,403 | 4,162 | ||||||||||
Warranty payments | (5,484 | ) | (6,683 | ) | (6,264 | ) | |||||||
Warranty liability assumed | — | 1,833 | — | ||||||||||
Ending balance | $ | 6,184 | $ | 5,155 | $ | 4,602 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Components of Other Comprehensive Income (Loss) | Components of other comprehensive income (loss), on an after-tax basis, were as follows: | ||||||||||||
(in thousands) | Before Tax | Tax | Net-of-Tax | ||||||||||
amount | (Expense) | Amount | |||||||||||
Benefit | |||||||||||||
Year Ended December 29, 2012 | |||||||||||||
Foreign currency translation adjustments | $ | 1,689 | $ | — | $ | 1,689 | |||||||
Adjustments related to postretirement benefits | 362 | (240 | ) | 122 | |||||||||
Change in unrealized gain/loss on investments | (16 | ) | — | (16 | ) | ||||||||
Other comprehensive income | $ | 2,035 | $ | (240 | ) | $ | 1,795 | ||||||
Year Ended December 28, 2013 | |||||||||||||
Foreign currency translation adjustments | $ | 3,270 | $ | — | $ | 3,270 | |||||||
Adjustments related to postretirement benefits | 1,889 | (285 | ) | 1,604 | |||||||||
Change in unrealized gain/loss on investments | (14 | ) | 8 | (6 | ) | ||||||||
Other comprehensive income | $ | 5,145 | $ | (277 | ) | $ | 4,868 | ||||||
Year Ended December 27, 2014 | |||||||||||||
Foreign currency translation adjustments | $ | (14,107 | ) | $ | — | $ | (14,107 | ) | |||||
Adjustments related to postretirement benefits | (3,809 | ) | 551 | (3,258 | ) | ||||||||
Other comprehensive income | $ | (17,916 | ) | $ | 551 | $ | (17,365 | ) | |||||
Components of Accumulated Other Comprehensive Income, Net of Tax | Components of accumulated other comprehensive income (loss), net of tax, at the end of each period are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Accumulated net currency translation adjustments | $ | (8,327 | ) | $ | 5,780 | ||||||||
Accumulated net adjustments related to postretirement benefits | (2,387 | ) | 871 | ||||||||||
Total accumulated other comprehensive income | $ | (10,714 | ) | $ | 6,651 | ||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Summary of Quarterly Financial Data | Quarter | First (a) | Second (a) | Third (a) | Fourth (a) | Year | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||
Net sales: | 2014 | $ | 64,864 | $ | 77,850 | $ | 94,441 | $ | 96,168 | $ | 333,323 | ||||||||||||||
2013 | $ | 52,227 | $ | 62,235 | $ | 55,977 | $ | 61,135 | $ | 231,574 | |||||||||||||||
Gross profit: | 2014 | $ | 22,200 | $ | 25,484 | $ | 33,176 | $ | 31,375 | $ | 112,235 | ||||||||||||||
2013 | $ | 13,942 | $ | 19,515 | $ | 12,684 | $ | 17,247 | $ | 63,388 | |||||||||||||||
Income (loss) from continuing operations | 2014 | $ | (3,354 | ) | $ | 931 | $ | 6,921 | $ | 1,337 | $ | 5,835 | |||||||||||||
2013 | $ | (12,235 | ) | $ | (4,334 | ) | $ | (11,113 | ) | $ | (6,578 | ) | $ | (34,260 | ) | ||||||||||
Net income (loss) | 2014 | $ | (3,348 | ) | $ | 4,163 | $ | 7,519 | $ | 374 | $ | 8,708 | |||||||||||||
2013 | $ | (12,103 | ) | $ | (4,045 | ) | $ | (10,820 | ) | $ | (6,450 | ) | $ | (33,418 | ) | ||||||||||
Income (loss) per share (b): | |||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Income (loss) from continuing operations | 2014 | $ | (0.13 | ) | $ | 0.04 | $ | 0.28 | $ | 0.05 | $ | 0.23 | |||||||||||||
2013 | $ | (0.50 | ) | $ | (0.17 | ) | $ | (0.44 | ) | $ | (0.27 | ) | $ | (1.37 | ) | ||||||||||
Net income (loss) | 2014 | $ | (0.13 | ) | $ | 0.16 | $ | 0.3 | $ | 0.01 | $ | 0.34 | |||||||||||||
2013 | $ | (0.49 | ) | $ | (0.16 | ) | $ | (0.43 | ) | $ | (0.26 | ) | $ | (1.34 | ) | ||||||||||
Diluted: | |||||||||||||||||||||||||
Income (loss) from continuing operations | 2014 | $ | (0.13 | ) | $ | 0.04 | $ | 0.27 | $ | 0.05 | $ | 0.22 | |||||||||||||
2013 | $ | (0.50 | ) | $ | (0.17 | ) | $ | (0.44 | ) | $ | (0.27 | ) | $ | (1.37 | ) | ||||||||||
Net income (loss) | 2014 | $ | (0.13 | ) | $ | 0.16 | $ | 0.29 | $ | 0.01 | $ | 0.33 | |||||||||||||
2013 | $ | (0.49 | ) | $ | (0.16 | ) | $ | (0.43 | ) | $ | (0.26 | ) | $ | (1.34 | ) | ||||||||||
(a) | All quarters presented above were comprised of 13 weeks. | ||||||||||||||||||||||||
(b) | The sum of the four quarters may not agree to the year total due to rounding within a quarter and the inclusion or exclusion of common stock equivalents. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 01, 2014 | Dec. 27, 2014 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Significant Accounting Policies [Line Items] | |||||
Number of common stock shares excluded from computation of diluted income per share | 1,771,000 | ||||
Net of allowance for doubtful accounts | $300,000 | $300,000 | $500,000 | ||
Goodwill impairment | 0 | 5,000,000 | |||
Impairment of goodwill | 3,055,000 | ||||
Product warrant period | 12- to 36-months | ||||
Largest amount of tax benefit likely of being realize upon settlement | 50.00% | ||||
Minority portion of purchase price payable upon customer acceptance | 20.00% | ||||
Majority portion of revenue recognized upon shipment and transfer of title | 80.00% | ||||
Deferred revenue | 11,300,000 | 11,300,000 | 7,400,000 | ||
Deferred profit | 7,445,000 | 7,445,000 | 6,066,000 | ||
Foreign currency gains | 2,000,000 | ||||
Accumulated other comprehensive income (loss) | -10,714,000 | -10,714,000 | 6,651,000 | ||
Decrease in accumulated other comprehensive income | 14,100,000 | 14,100,000 | |||
Semiconductor Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percent of fair value exceeding carrying value | 35.00% | ||||
Microwave Communications Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | 5,000,000 | 5,000,000 | |||
Percent of fair value exceeding carrying value | 17.00% | ||||
Impairment of goodwill | 3,055,000 | 3,055,000 | |||
Impairment of other assets | 1,900,000 | ||||
Minimum [Member] | Buildings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment estimated useful lives | 30 years | ||||
Minimum [Member] | Building Improvements [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment estimated useful lives | 5 years | ||||
Minimum [Member] | Machinery, Equipment and Software [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment estimated useful lives | 3 years | ||||
Maximum [Member] | Buildings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment estimated useful lives | 40 years | ||||
Maximum [Member] | Building Improvements [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment estimated useful lives | 15 years | ||||
Maximum [Member] | Machinery, Equipment and Software [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment estimated useful lives | 10 years | ||||
Reserve for Excess and Obsolete Inventories [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Charges to cost of sales | $3,900,000 | $7,800,000 | $8,600,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding | 25,393 | 24,859 | 24,459 |
Effect of dilutive stock options and restricted stock units | 613 | ||
Weighted average diluted shares used in computing income (loss) per share | 26,006 | 24,859 | 24,459 |
Disposal_of_Video_Camera_Segme2
Disposal of Video Camera Segment (Cohu Electronics) - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
Jun. 06, 2014 | Dec. 27, 2014 | Dec. 27, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash received from sale of video camera segment | $9,500,000 | $10,258,000 | |
Divestiture-related costs | 800,000 | ||
Fair value adjustment of contingent consideration | 300,000 | ||
Maximum [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contingent consideration from sale of video camera segment | $500,000 |
Disposal_of_Video_Camera_Segme3
Disposal of Video Camera Segment (Cohu Electronics) - Summary of Balance Sheet Information of Discontinued Video Camera Segment (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Accounts receivable, net | $2,597 | |
Inventories | 3,568 | |
Other current assets | 107 | |
Total current assets | 6,272 | |
Property, plant and equipment, net | 431 | |
Total assets | 6,703 | 7,862 |
Liabilities: | ||
Accounts payable | 730 | |
Other accrued current liabilities | 1,017 | |
Total liabilities | $1,747 |
Disposal_of_Video_Camera_Segme4
Disposal of Video Camera Segment (Cohu Electronics) - Summary of Operating Results of Discontinued Video Camera Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Net sales | $5,460 | $15,726 | $14,850 |
Operating income (loss) before income taxes | -242 | 1,317 | -121 |
Gain on disposal of video camera segment | 4,434 | ||
Income tax provision (benefit) | 1,319 | 475 | |
Income from discontinued operations, net of taxes | $2,873 | $842 | ($121) |
Microwave_Communications_Equip2
Microwave Communications Equipment Segment Impairment and Restructuring - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended |
Oct. 01, 2014 | Dec. 27, 2014 | Dec. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Goodwill impairment | $0 | $5,000,000 | |
Impairment of goodwill | 3,055,000 | ||
Broadcast Microwave Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and one time termination benefits | 500,000 | ||
Broadcast Microwave Services [Member] | Cost of Sales [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and one time termination benefits | 100,000 | ||
Broadcast Microwave Services [Member] | Selling, General and Administrative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and one time termination benefits | 200,000 | ||
Broadcast Microwave Services [Member] | Research and Development [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and one time termination benefits | 200,000 | ||
Semiconductor Equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Percent of fair value exceeding carrying value | 35.00% | ||
Microwave Communications Equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Goodwill impairment | 5,000,000 | 5,000,000 | |
Percent of fair value exceeding carrying value | 17.00% | ||
Impairment of goodwill | 3,055,000 | 3,055,000 | |
Impairment of other assets | $1,900,000 |
Microwave_Communications_Equip3
Microwave Communications Equipment Segment Impairment and Restructuring - Summary of Reconciliation of Amounts Accrued and Paid Under Consolidation Plan (Detail) (Severance and Other Payroll [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2014 |
Severance and Other Payroll [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $0 |
Costs accrued | 524 |
Amounts paid or charged | -249 |
Impact of currency exchange | -44 |
Ending balance | $231 |
Strategic_Technology_Transacti2
Strategic Technology Transactions, Goodwill and Purchased Intangible Assets - Additional Information (Detail) (USD $) | 0 Months Ended | ||
Dec. 31, 2012 | Dec. 27, 2014 | Dec. 28, 2013 | |
Business Acquisition [Line Items] | |||
Accumulated Amortization | $30,359,000 | $25,536,000 | |
Duma Technology [Member] | |||
Business Acquisition [Line Items] | |||
Accumulated Amortization | 864,000 | 408,000 | |
Microwave Communications Equipment [Member] | Duma Technology [Member] | |||
Business Acquisition [Line Items] | |||
Accumulated Amortization | 200,000 | ||
Ismeca [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price of acquisition | 90,800,000 | ||
Purchase price of acquisition, cash reserves | 57,100,000 | ||
Purchase price of acquisition, liabilities assumed | 33,700,000 | ||
Amounts excluded related to trade names | 3,600,000 | 4,000,000 | |
Rasco Technology [Member] | |||
Business Acquisition [Line Items] | |||
Amounts excluded related to trade names | $2,100,000 | $2,400,000 |
Strategic_Technology_Transacti3
Strategic Technology Transactions, Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 27, 2014 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | |||
Goodwill | $71,313 | $58,756 | |
Additions net of adjustments | 10,930 | ||
Impact of currency exchange | -5,126 | 1,627 | |
Impairment of goodwill - (See Note 3) | -3,055 | ||
Goodwill | 63,132 | 63,132 | 71,313 |
Semiconductor Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 67,983 | 55,520 | |
Additions net of adjustments | 10,930 | ||
Impact of currency exchange | -4,851 | 1,533 | |
Goodwill | 63,132 | 63,132 | 67,983 |
Microwave Communications Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 3,330 | 3,236 | |
Impact of currency exchange | -275 | 94 | |
Impairment of goodwill - (See Note 3) | -3,055 | -3,055 | |
Goodwill | $3,330 |
Strategic_Technology_Transacti4
Strategic Technology Transactions, Goodwill and Purchased Intangible Assets - Purchased Intangible Assets, Subject to Amortization (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $57,723 | $64,468 |
Accumulated Amortization | 30,359 | 25,536 |
Rasco Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 29,845 | 33,689 |
Accumulated Amortization | 22,616 | 21,319 |
Remaining Useful Life | 2 years | |
Ismeca Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,014 | 29,915 |
Accumulated Amortization | 6,879 | 3,809 |
Remaining Useful Life | 6 years | |
Duma Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 864 | 864 |
Accumulated Amortization | $864 | $408 |
Remaining Useful Life | 0 years |
Strategic_Technology_Transacti5
Strategic Technology Transactions, Goodwill and Purchased Intangible Assets - Additional Information 1 (Detail) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to purchased intangible assets | $8,090,000 | $8,082,000 | $4,057,000 |
Amortization of future expenses, 2015 | 7,200,000 | ||
Amortization of future expenses, 2016 | 6,800,000 | ||
Amortization of future expenses, 2017 | 3,300,000 | ||
Amortization of future expenses, 2018 | 3,300,000 | ||
Amortization of future expenses, 2019 | 3,300,000 | ||
Amortization of future expenses, Thereafter | $3,400,000 |
Cash_Cash_Equivalents_and_Shor2
Cash, Cash Equivalents and Short-term Investments - Short-Term Investments by Security Type (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $1,155 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 1,155 | 1,200 |
Bank Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 1,000 | |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 155 | 1,200 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $155 | $1,200 |
Cash_Cash_Equivalents_and_Shor3
Cash, Cash Equivalents and Short-term Investments - Effective Maturities of Short-Term Investments (Detail) (USD $) | Dec. 27, 2014 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $1,155 |
Due in one year or less, Estimated Fair Value | $1,155 |
Cash_Cash_Equivalents_and_Shor4
Cash, Cash Equivalents and Short-term Investments - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |
Variable rate demand notes maturity year | 2034 |
Securities amortized cost, Due in one year or less | $1,155 |
Securities fair value, Due in one year or less | 1,155 |
Variable Rate Demand Notes [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities amortized cost, Due in one year or less | 200 |
Securities fair value, Due in one year or less | $200 |
Cash_Cash_Equivalents_and_Shor5
Cash, Cash Equivalents and Short-term Investments - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | $72,040 | $52,868 |
Bank Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 1,000 | |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 155 | 1,200 |
Cash [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 66,467 | 44,165 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 4,418 | 7,503 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 66,467 | 44,165 |
Level 1 [Member] | Cash [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 66,467 | 44,165 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 5,573 | 8,703 |
Level 2 [Member] | Bank Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 1,000 | |
Level 2 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 155 | 1,200 |
Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | $4,418 | $7,503 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contribution, percent | 3.00% | 1.50% | 1.50% |
Employer contributions to plan | $800,000 | $400,000 | $400,000 |
Employer contributions to Swiss Plan during fiscal 2015 | 700,000 | ||
Employee contributions to Swiss Plan during fiscal 2015 | 700,000 | ||
Estimated benefit payments, 2015 | 700,000 | ||
Estimated benefit payments, 2016 | 700,000 | ||
Estimated benefit payments, 2017 | 700,000 | ||
Estimated benefit payments, 2018 | 700,000 | ||
Estimated benefit payments, 2019 | 800,000 | ||
Estimated benefit payments, thereafter through 2024 | 5,500,000 | ||
Plan assets | 0 | ||
Weighted average discount rate of accumulated post-retirement benefit obligation | 3.80% | 4.60% | 3.70% |
Assumed annual rates of increase of cost of health benefits | 8.00% | ||
Assumed annual rates of decrease for cost of health benefits | 0.50% | ||
Defined benefit plan cost of health benefit, trend rate | 5.00% | ||
Defined benefit plan cost of health benefit, year that rate reaches ultimate rate | 2021 | ||
Result of one percent increase in net periodic benefit cost | 14,000 | ||
Result of one percent decrease in net periodic benefit cost | -11,000 | ||
Result of one percent increase in accumulated post-retirement benefit obligation | 363,000 | ||
Result of one percent decrease in accumulated post-retirement benefit obligation | -297,000 | ||
Percentage increase (decrease) in health care cost trend rates | 1.00% | ||
Payroll liability in accrued compensation and benefits | 2,600,000 | 2,300,000 | |
Cash surrender value of the related life insurance policies | 2,400,000 | 2,100,000 | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets, Percentage | 76 | ||
Real Estate Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets, Percentage | 11 | ||
Alternative Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets, Percentage | 9 | ||
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets, Percentage | 3 | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for plan assets, Percentage | 1 | ||
Swiss Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts recognized in accumulated other comprehensive income related to the Swiss Plan unrecognized net actuarial gain (loss) | -2,400,000 | 1,000,000 | |
Net periodic benefit cost | 897,000 | 972,000 | |
Weighted average discount rate of accumulated post-retirement benefit obligation | 1.30% | 2.30% | |
Post-retirement Health benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $100,000 | $100,000 | $300,000 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost of Swiss Plan (Detail) (Swiss Plan [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net Periodic Benefit Cost, Total | $897 | $972 |
Net Periodic Benefit Costs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 749 | 841 |
Interest cost | 491 | 398 |
Expected return on assets | ($343) | ($267) |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans - Schedule of Benefit Obligation, Fair Value of Plan Assets, Funded Status and Liability of Swiss Plan (Detail) (USD $) | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | |
Change in plan assets: | ||
Fair value of plan assets at end of year | $0 | |
Swiss Plan [Member] | ||
Change in plan assets: | ||
Funded status | -10,424,000 | -7,767,000 |
Swiss Plan [Member] | Projected Benefit Obligation [Member] | ||
Change in projected benefit obligation: | ||
Benefit obligation at beginning of year | -23,850,000 | -23,541,000 |
Service cost | -749,000 | -841,000 |
Interest cost | -491,000 | -398,000 |
Actuarial gain (loss) | -3,649,000 | 1,538,000 |
Participant contributions | -728,000 | -751,000 |
Benefits paid | 998,000 | 704,000 |
Foreign currency exchange adjustment | 2,442,000 | -561,000 |
Benefit obligation at end of year | -26,027,000 | -23,850,000 |
Change in plan assets: | ||
Participant contributions | -728,000 | -751,000 |
Benefits paid | -998,000 | -704,000 |
Foreign currency exchange adjustment | 2,442,000 | -561,000 |
Swiss Plan [Member] | Change in Plan Assets [Member] | ||
Change in projected benefit obligation: | ||
Participant contributions | 728,000 | 751,000 |
Benefits paid | 998,000 | 704,000 |
Foreign currency exchange adjustment | -1,590,000 | 387,000 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 16,083,000 | 15,236,000 |
Return on assets, net of actuarial loss | 652,000 | -338,000 |
Employer contributions | 728,000 | 751,000 |
Participant contributions | 728,000 | 751,000 |
Benefits paid | -998,000 | -704,000 |
Foreign currency exchange adjustment | -1,590,000 | 387,000 |
Fair value of plan assets at end of year | $15,603,000 | $16,083,000 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans - Schedule of Weighted-Average Actuarial Assumptions to Determine Benefit Obligation and Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.80% | 4.60% | 3.70% |
Swiss Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.30% | 2.30% | |
Compensation increase | 1.80% | 2.00% | |
Discount rate | 2.30% | 1.80% | |
Rate of return on Assets | 2.30% | 1.80% | |
Compensation increase | 2.00% | 2.00% |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans - Schedule of Post-Retirement Benefit Obligation to Funded Status and Liability (Detail) (USD $) | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at end of year | $0 | |
Defined Benefit Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation at beginning of year | 2,021,000 | 2,366,000 |
Service cost | 13,000 | 15,000 |
Interest cost | 91,000 | 86,000 |
Actuarial (gain) loss | 370,000 | -386,000 |
Benefits paid | -67,000 | -60,000 |
Accumulated benefit obligation at end of year | 2,428,000 | 2,021,000 |
Plan assets at end of year | 0 | 0 |
Funded status | ($2,428,000) | ($2,021,000) |
Employee_Benefit_Plans_Additio1
Employee Benefit Plans - Additional Information 1 (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised | $0.70 | $0.40 | $0.20 |
Aggregate intrinsic value of options outstanding | 4.4 | ||
Aggregate intrinsic value of options exercisable | 3.4 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of fair value of common stock, common stock price | 85.00% | ||
Shares issued under Employee Stock Purchase Plan | 138,831 | 163,120 | 151,812 |
Shares available for equity grants | 183,591 | ||
Employee Stock Purchase Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares for issuance under Employee Stock Purchase Plan | 1,900,000 | ||
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for equity grants | 992,666 | ||
Description of fair value to determine the price of common stock | Under our equity incentive plans, stock options may be granted to employees, consultants and outside directors to purchase a fixed number of shares of our common stock at prices not less than 100% of the fair market value at the date of grant. | ||
Range of period in which vested stock expire | 10 years | ||
Employee Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period in which restricted stock unit vest | 4 years | ||
Employee Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period in which restricted stock unit vest | 1 year | ||
Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period in which restricted stock unit vest | 4 years | ||
Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period in which restricted stock unit vest | 1 year | ||
Equity-Based Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period in which restricted stock unit vest | 3 years | ||
Award measurement period | 1 year | ||
Equity-Based Performance Stock Units [Member] | Senior Executives [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Rate of shares vest | 50.00% | ||
Equity-Based Performance Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock granted on achievement of performance goals | 150.00% | ||
Equity-Based Performance Stock Units [Member] | Maximum [Member] | Senior Executives [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shareholders return adjustment range | 125.00% | ||
Equity-Based Performance Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock granted on achievement of performance goals | 0.00% | ||
Equity-Based Performance Stock Units [Member] | Minimum [Member] | Senior Executives [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shareholders return adjustment range | 75.00% | ||
Unvested Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax unrecognized compensation cost of unvested stock options | 1.5 | ||
Unvested stock options expected to be recognized weighted-average period | 1 year | ||
Unvested Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock options expected to be recognized weighted-average period | 1 year 7 months 6 days | ||
Pre-tax unrecognized compensation cost of unvested restricted stock units | $9.60 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans - Schedule of Stock Option Activity under Share-Based Compensation Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Outstanding, beginning of year, Shares | 3,086 | 3,113 | 3,112 |
Granted, Shares | 10 | 470 | 437 |
Exercised, Shares | -237 | -117 | -73 |
Cancelled, Shares | -424 | -380 | -363 |
Outstanding, end of year, Shares | 2,435 | 3,086 | 3,113 |
Options exercisable at year end, Shares | 1,901 | 2,195 | 2,209 |
Outstanding, beginning of year, Wt. Avg. Ex. Price | $11.93 | $12.62 | $13.01 |
Granted, Wt. Avg. Ex. Price | $12.58 | $9.83 | $10.50 |
Exercised, Wt. Avg. Ex. Price | $8.43 | $7.55 | $8.26 |
Cancelled, Wt. Avg. Ex. Price | $15.37 | $16.37 | $14.29 |
Outstanding, end of year, Wt. Avg. Ex. Price | $11.67 | $11.93 | $12.62 |
Options exercisable at year end, Wt. Avg. Ex. Price | $12.08 | $12.46 | $13.52 |
Employee_Benefit_Plans_Schedul5
Employee Benefit Plans - Schedule of Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Number Outstanding | 2,435 | 3,086 | 3,113 | 3,112 |
Options Outstanding Approximate Wt. Avg. Remaining Life (Years) | 5 years | |||
Options Outstanding, Wt. Avg. Ex. Price | $11.67 | $11.93 | $12.62 | $13.01 |
Options Exercisable, Number Exercisable | 1,901 | 2,195 | 2,209 | |
Options Exercisable, Wt. Avg. Ex. Price | $12.08 | $12.46 | $13.52 | |
Range of Exercise Prices $ 7.32 - $10.98 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, minimum | $7.32 | |||
Range of Exercise Prices, maximum | $10.98 | |||
Options Outstanding, Number Outstanding | 1,402 | |||
Options Outstanding Approximate Wt. Avg. Remaining Life (Years) | 6 years 2 months 12 days | |||
Options Outstanding, Wt. Avg. Ex. Price | $8.86 | |||
Options Exercisable, Number Exercisable | 898 | |||
Options Exercisable, Wt. Avg. Ex. Price | $8.22 | |||
Range of Exercise Prices $10.99 - $16.49 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, minimum | $10.99 | |||
Range of Exercise Prices, maximum | $16.49 | |||
Options Outstanding, Number Outstanding | 814 | |||
Options Outstanding Approximate Wt. Avg. Remaining Life (Years) | 4 years 2 months 12 days | |||
Options Outstanding, Wt. Avg. Ex. Price | $14.95 | |||
Options Exercisable, Number Exercisable | 784 | |||
Options Exercisable, Wt. Avg. Ex. Price | $14.98 | |||
Range of Exercise Prices $16.5 - $24.74 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, minimum | $16.50 | |||
Range of Exercise Prices, maximum | $24.74 | |||
Options Outstanding, Number Outstanding | 214 | |||
Options Outstanding Approximate Wt. Avg. Remaining Life (Years) | 8 months 12 days | |||
Options Outstanding, Wt. Avg. Ex. Price | $17.31 | |||
Options Exercisable, Number Exercisable | 214 | |||
Options Exercisable, Wt. Avg. Ex. Price | $17.31 | |||
Range of Exercise Prices $24.75 - $37.13 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Exercise Prices, minimum | $24.75 | |||
Range of Exercise Prices, maximum | $37.13 | |||
Options Outstanding, Number Outstanding | 5 | |||
Options Outstanding Approximate Wt. Avg. Remaining Life (Years) | 7 months 6 days | |||
Options Outstanding, Wt. Avg. Ex. Price | $25.70 | |||
Options Exercisable, Number Exercisable | 5 | |||
Options Exercisable, Wt. Avg. Ex. Price | $25.70 |
Employee_Benefit_Plans_Schedul6
Employee Benefit Plans - Schedule of Restricted Stock Unit Activity under Share-Based Compensation Plans (Detail) (Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning of year, Units | 887 | 615 | 299 |
Granted, Units | 497 | 531 | 462 |
Released, Units | -315 | -223 | -108 |
Cancelled, Units | -43 | -36 | -38 |
Outstanding, end of year, Units | 1,026 | 887 | 615 |
Outstanding, beginning of year, Wt. Avg. Fair Value | $9.46 | $10.54 | $12.98 |
Granted, Wt. Avg. Fair Value | $10.07 | $8.80 | $9.57 |
Released, Wt. Avg. Fair Value | $10.16 | $10.86 | $13.27 |
Cancelled, Wt. Avg. Fair Value | $9.41 | $9.86 | $13.92 |
Outstanding, end of year, Wt. Avg. Fair Value | $9.54 | $9.46 | $10.54 |
Employee_Benefit_Plans_Schedul7
Employee Benefit Plans - Schedule of Performance Based Stock Unit Activity Under Share-Based Compensation Plans (Detail) (Equity-Based Performance Stock Units [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Equity-Based Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning of year, Units | 238 | 122 | |
Granted, Units | 208 | 158 | 129 |
Vested, Units | -38 | -26 | |
Cancelled, Units | -74 | -16 | -7 |
Outstanding, end of year, Units | 334 | 238 | 122 |
Outstanding, beginning of year, Wt. Avg. Fair Value | $9.32 | $9.89 | |
Granted, Wt. Avg. Fair Value | $11.34 | $9.03 | $9.89 |
Vested, Wt. Avg. Fair Value | $9.52 | $9.89 | |
Cancelled, Wt. Avg. Fair Value | $9.59 | $9.89 | $9.89 |
Outstanding, end of year, Wt. Avg. Fair Value | $10.49 | $9.32 | $9.89 |
Employee_Benefit_Plans_Schedul8
Employee Benefit Plans - Schedule of Weighted Average Assumptions to Value Share-Based Awards Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.40% | 2.60% | 2.40% |
Expected volatility | 35.30% | 38.40% | 43.60% |
Risk-free interest rate | 0.10% | 0.10% | 0.10% |
Expected term of options | 6 months | 6 months | 6 months |
Weighted-average grant date fair value per share | $2.52 | $2.32 | $2.78 |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.00% | 2.60% | 2.10% |
Expected volatility | 42.50% | 44.90% | 46.30% |
Risk-free interest rate | 1.90% | 1.10% | 1.20% |
Expected term of options | 5 years 10 months 24 days | 6 years 4 months 24 days | 6 years 3 months 18 days |
Weighted-average grant date fair value per share | $4.39 | $3.37 | $3.87 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.20% | 2.50% | 2.30% |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.20% | 2.50% | 2.30% |
Employee_Benefit_Plans_Schedul9
Employee Benefit Plans - Schedule of Reported Share-Based Compensation in Consolidated Financial Statements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $6,585 | $5,346 | $4,499 |
Income tax benefit | -204 | 0 | 0 |
Total share-based compensation, net of tax | 6,381 | 5,346 | 4,499 |
Cost of Sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 491 | 390 | 417 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 1,901 | 1,677 | 1,347 |
Selling, General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $4,193 | $3,279 | $2,735 |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Provision (Benefit) for Income Taxes for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Current: | |||
U.S. Federal | ($307) | ($1,538) | ($1,898) |
U.S. State | 40 | 42 | -388 |
Foreign | 4,047 | 825 | 831 |
Total current | 3,780 | -671 | -1,455 |
Deferred: | |||
U.S. Federal | -1,207 | 286 | 1,890 |
U.S. State | -17 | 26 | 186 |
Foreign | 737 | -2,444 | -1,495 |
Total deferred | -487 | -2,132 | 581 |
Income tax provision (benefit) | $3,293 | ($2,803) | ($874) |
Income_Taxes_Income_Loss_Befor
Income Taxes - Income (Loss) Before Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. | ($3,898) | ($29,219) | ($10,066) |
Foreign | 13,026 | -7,844 | -2,930 |
Income (loss) from continuing operations before taxes | $9,128 | ($37,063) | ($12,996) |
Income_Taxes_Significant_Compo1
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Inventory, receivable and warranty reserves | $9,585 | $13,290 |
Net operating loss carryforwards | 8,266 | 9,070 |
Tax credit carryforwards | 11,905 | 11,258 |
Accrued employee benefits | 5,232 | 3,709 |
Deferred profit | 1,091 | 839 |
Stock-based compensation | 4,352 | 3,972 |
Acquisition basis differences | 2,133 | 2,105 |
Depreciation and fixed asset related | 1,001 | 831 |
Other | 608 | 121 |
Gross deferred tax assets | 44,173 | 45,195 |
Less valuation allowance | -37,023 | -36,064 |
Total deferred tax assets | 7,150 | 9,131 |
Deferred tax liabilities: | ||
Depreciation and fixed asset related | 2,823 | 2,909 |
Acquisition basis differences | 10,600 | 13,193 |
Other | 643 | 461 |
Total deferred tax liabilities | 14,066 | 16,563 |
Net deferred tax liabilities | ($6,916) | ($7,432) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Schedule Of Income Taxes [Line Items] | |||
Cumulative U.S. GAAP pretax loss from continuing operations | $43,200,000 | ||
Valuation allowance | 37,023,000 | 36,064,000 | |
State income taxes reduced by research tax credits | 500,000 | 700,000 | 600,000 |
Net operating loss carryforwards, state | 21,800,000 | ||
Net operating loss carryforwards, federal | 15,800,000 | ||
Net operating loss carryforwards, foreign | 11,800,000 | ||
Tax credit carryforwards, federal | 6,300,000 | ||
Tax credit carryforwards, state | 13,200,000 | ||
Accumulated undistributed earnings not provided of U.S. income taxes | 32,000,000 | ||
Tax holidays expiration date | These holidays or incentives require compliance with certain conditions and expire at various dates through 2023. | ||
Unrecognized tax benefits if recognized would reduce income tax expense and effective rate | 6,200,000 | 6,200,000 | |
Accrued payment of interest and penalties | 1,400,000 | 1,500,000 | |
Interest expense recognized | -100,000 | 100,000 | |
Earliest tax year [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration year | 2015 | ||
Latest tax year [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration year | 2034 | ||
Internal Revenue Service [Member] | Ismeca [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforwards, federal | $5,100,000 | ||
Minimum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Tax credit carryforwards, expiration date | 31-Dec-15 | ||
Time period for assessment and collection of income taxes | 4 years | ||
Maximum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Tax credit carryforwards, expiration date | 31-Dec-34 | ||
Time period for assessment and collection of income taxes | 10 years |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) for Income Taxes for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Tax provision (credit) at U.S. 35% statutory rate | $3,194 | ($12,972) | ($4,548) |
State income taxes, net of federal tax benefit | 119 | -1,112 | -645 |
Settlements, adjustments and releases from statute expirations | -103 | -846 | 366 |
Change in effective tax rate for deferred balances | 346 | ||
Federal tax credits | -244 | -1,340 | |
Stock-based compensation on which no tax benefit provided | 160 | 168 | 177 |
Change in valuation allowance | 1,072 | 11,283 | 2,572 |
Foreign income taxed at different rates | -2,055 | 1,526 | -227 |
Non-deductible goodwill impairment charge and transaction costs | 1,069 | 700 | |
Other, net | 81 | 490 | 385 |
Income tax provision (benefit) | $3,293 | ($2,803) | ($874) |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) for Income Taxes for Continuing Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Tax benefit on stock-based compensation | $204 | $0 | $0 |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $10,483 | $6,080 | $5,381 |
Gross additions for tax positions of current year | 761 | 933 | 776 |
Gross additions for tax positions of prior years | 365 | 3,700 | 195 |
Reductions due to lapse of the statute of limitations | -587 | -272 | |
Foreign exchange rate impact | -181 | -230 | |
Balance at end of year | $10,841 | $10,483 | $6,080 |
Segment_and_Related_Informatio2
Segment and Related Information - Financial Information by Industry Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Net sales by segment: | |||||||||||
Total consolidated net sales and net sales for reportable segments | $96,168 | $94,441 | $77,850 | $64,864 | $61,135 | $55,977 | $62,235 | $52,227 | $333,323 | $231,574 | $206,312 |
Segment profit (loss): | |||||||||||
Profit (loss) for reportable segments | 16,628 | -31,140 | -6,178 | ||||||||
Other unallocated amounts: | |||||||||||
Corporate expenses | -7,530 | -5,977 | -7,785 | ||||||||
Interest and other from continuing operations, net | 30 | 54 | 967 | ||||||||
Income (loss) from continuing operations before taxes | 9,128 | -37,063 | -12,996 | ||||||||
Depreciation and amortization by segment deducted in arriving at profit (loss): | |||||||||||
Total Depreciation expense | 5,438 | 5,246 | 5,158 | ||||||||
Intangible amortization | 8,090 | 8,082 | 4,057 | ||||||||
Total depreciation and amortization for reportable segments | 13,528 | 13,328 | 9,215 | ||||||||
Capital expenditures by segment: | |||||||||||
Total consolidated capital expenditures | 1,660 | 3,874 | 3,240 | ||||||||
Total assets by segment: | |||||||||||
Total consolidated assets | 348,818 | 345,423 | 348,818 | 345,423 | 334,873 | ||||||
Discontinued operations | 6,703 | 6,703 | 7,862 | ||||||||
Operating Segments [Member] | |||||||||||
Total assets by segment: | |||||||||||
Total consolidated assets | 333,037 | 319,331 | 333,037 | 319,331 | 303,808 | ||||||
Corporate, Non-Segment [Member] | |||||||||||
Total assets by segment: | |||||||||||
Corporate, principally cash and investments and deferred taxes | 15,781 | 19,389 | 15,781 | 19,389 | 23,203 | ||||||
Semiconductor Equipment [Member] | |||||||||||
Net sales by segment: | |||||||||||
Total consolidated net sales and net sales for reportable segments | 316,629 | 214,511 | 179,449 | ||||||||
Segment profit (loss): | |||||||||||
Profit (loss) for reportable segments | 26,658 | -24,998 | -5,331 | ||||||||
Depreciation and amortization by segment deducted in arriving at profit (loss): | |||||||||||
Total Depreciation expense | 4,805 | 4,723 | 4,506 | ||||||||
Capital expenditures by segment: | |||||||||||
Total consolidated capital expenditures | 1,457 | 3,607 | 2,759 | ||||||||
Semiconductor Equipment [Member] | Operating Segments [Member] | |||||||||||
Total assets by segment: | |||||||||||
Total consolidated assets | 320,102 | 297,175 | 320,102 | 297,175 | 281,173 | ||||||
Microwave Communications Equipment [Member] | |||||||||||
Net sales by segment: | |||||||||||
Total consolidated net sales and net sales for reportable segments | 16,694 | 17,063 | 26,863 | ||||||||
Segment profit (loss): | |||||||||||
Profit (loss) for reportable segments | -10,030 | -6,142 | -847 | ||||||||
Depreciation and amortization by segment deducted in arriving at profit (loss): | |||||||||||
Total Depreciation expense | 633 | 523 | 652 | ||||||||
Capital expenditures by segment: | |||||||||||
Total consolidated capital expenditures | 203 | 267 | 481 | ||||||||
Microwave Communications Equipment [Member] | Operating Segments [Member] | |||||||||||
Total assets by segment: | |||||||||||
Total consolidated assets | $12,935 | $22,156 | $12,935 | $22,156 | $22,635 |
Segment_and_Related_Informatio3
Segment and Related Information - Financial Information by Industry Segment (Parenthetical) (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 01, 2014 | Dec. 27, 2014 | Dec. 27, 2014 |
Segment Reporting Information [Line Items] | |||
Impairment of asset | $0 | $5,000 | |
Microwave Communications Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment of asset | $5,000 | $5,000 |
Segment_and_Related_Informatio4
Segment and Related Information - Additional Information (Detail) (Semiconductor Equipment [Member], Consolidated Net Sales [Member], Customer Concentration Risk [Member]) | 12 Months Ended |
Dec. 27, 2014 | |
Semiconductor Equipment [Member] | Consolidated Net Sales [Member] | Customer Concentration Risk [Member] | |
Segment Reporting Information [Line Items] | |
Net sales percentage | 10.00% |
Segment_and_Related_Informatio5
Segment and Related Information - Customers Comprising 10% of Consolidated Sales (Detail) (Semiconductor Equipment [Member], Consolidated Net Sales [Member], Customer Concentration Risk [Member], Intel [Member]) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Semiconductor Equipment [Member] | Consolidated Net Sales [Member] | Customer Concentration Risk [Member] | Intel [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage | 15.00% | 17.00% | 42.00% |
Segment_and_Related_Informatio6
Segment and Related Information - Summary of Net Sales to Customers, Attributed to Countries (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $96,168 | $94,441 | $77,850 | $64,864 | $61,135 | $55,977 | $62,235 | $52,227 | $333,323 | $231,574 | $206,312 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 78,243 | 45,773 | 45,749 | ||||||||
Malaysia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 73,861 | 51,652 | 40,326 | ||||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 51,410 | 37,621 | 31,970 | ||||||||
Philippines [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 28,670 | 26,563 | 22,507 | ||||||||
Costa Rica [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 9,714 | 5,127 | 22,934 | ||||||||
Rest of the World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $91,425 | $64,838 | $42,826 |
Segment_and_Related_Informatio7
Segment and Related Information - Summary of Property, Plant and Equipment and Other Long Lived Assets in Geographical Area (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment: | ||
Net property, plant and equipment | $31,854 | $35,796 |
Goodwill and other intangible assets: | ||
Goodwill and other intangible assets, net | 96,219 | 116,628 |
United States [Member] | ||
Property, plant and equipment: | ||
Net property, plant and equipment | 18,986 | 21,464 |
Goodwill and other intangible assets: | ||
Goodwill and other intangible assets, net | 17,241 | 17,698 |
Germany [Member] | ||
Property, plant and equipment: | ||
Net property, plant and equipment | 7,484 | 8,973 |
Goodwill and other intangible assets: | ||
Goodwill and other intangible assets, net | 38,527 | 51,032 |
Philippines [Member] | ||
Property, plant and equipment: | ||
Net property, plant and equipment | 2,721 | 3,278 |
Rest of the World [Member] | ||
Property, plant and equipment: | ||
Net property, plant and equipment | 2,663 | 2,081 |
Goodwill and other intangible assets: | ||
Goodwill and other intangible assets, net | 984 | 1,089 |
Switzerland [Member] | ||
Goodwill and other intangible assets: | ||
Goodwill and other intangible assets, net | 25,921 | 32,513 |
Malaysia [Member] | ||
Goodwill and other intangible assets: | ||
Goodwill and other intangible assets, net | 6,988 | 7,738 |
Singapore [Member] | ||
Goodwill and other intangible assets: | ||
Goodwill and other intangible assets, net | $6,558 | $6,558 |
Stockholder_Rights_Plan_Additi
Stockholder Rights Plan - Additional Information (Detail) | 1 Months Ended | ||
Nov. 30, 2006 | Sep. 30, 1999 | Nov. 30, 1996 | |
Class of Stock [Line Items] | |||
Dividends payable, date of record | 3-Dec-96 | ||
Effect of stock split | Each one-half of a Right entitles the holder to purchase one two-hundredth (1/200) of a share of Series A Preferred Stock for $95. | As a result of the two-for-one stock split in September, 1999, each share of common stock was associated with one-half of a Right entitling the holder to purchase one two-hundredth (1/200) of a share of Series A Preferred Stock for $45 | Each Right entitled the holder to buy one one-hundredth (1/100) of a share of Cohu's Series A Preferred Stock for $90 |
Stockholder Rights Plan, expiration date | 9-Nov-16 | ||
Stockholder Rights Plan, redemption price per Right | 0.001 | ||
Stock split ratio | 2 | ||
(1/100th) [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock purchase price upon exercise of Rights | 190 | 90 | |
(1/200th) [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock purchase price upon exercise of Rights | 95 | 45 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental expense | $1.90 | $1.70 | $1.10 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Detail) (Non-Cancelable Operating Leases [Member], USD $) | Dec. 27, 2014 |
In Thousands, unless otherwise specified | |
Non-Cancelable Operating Leases [Member] | |
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items] | |
2015 | $1,270 |
2016 | 1,111 |
2017 | 958 |
2018 | 676 |
2019 | 385 |
Thereafter | 1,155 |
Total | $5,555 |
Guarantees_Changes_in_Accrued_
Guarantees - Changes in Accrued Warranty (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Product Warranties Disclosures [Abstract] | |||
Beginning balance | $5,155 | $4,602 | $6,704 |
Warranty accruals | 6,513 | 5,403 | 4,162 |
Warranty payments | -5,484 | -6,683 | -6,264 |
Warranty liability assumed | 1,833 | ||
Ending balance | $6,184 | $5,155 | $4,602 |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | Dec. 27, 2014 |
Guarantees [Abstract] | |
Maximum potential amount of future payments under standby letters of credit | $400,000 |
Liability under standby letters of credit | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, Before Tax | ($14,107) | $3,270 | $1,689 |
Adjustments related to postretirement benefits, Before Tax | -3,809 | 1,889 | 362 |
Change in unrealized gain/loss on investments, Before Tax | -14 | -16 | |
Other comprehensive income, Before Tax | -17,916 | 5,145 | 2,035 |
Foreign currency translation adjustments, Tax (Expense) or Benefit | 0 | 0 | 0 |
Adjustments related to postretirement benefits, Tax (Expense) or Benefit | 551 | -285 | -240 |
Change in unrealized gain/loss on investments, Tax (Expense) or Benefit | 8 | ||
Other comprehensive income, Tax (Expense) or Benefit | 551 | -277 | -240 |
Foreign currency translation adjustments, Net-of-Tax | -14,107 | 3,270 | 1,689 |
Adjustments related to postretirement benefits, Net-of-Tax | -3,258 | 1,604 | 122 |
Change in unrealized gain/loss on investments, Net-of-Tax | -6 | -16 | |
Other comprehensive income, Net-of-Tax | ($17,365) | $4,868 | $1,795 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income, Net of Tax (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Comprehensive Income [Abstract] | ||
Accumulated net currency translation adjustments | ($8,327) | $5,780 |
Accumulated net adjustments related to postretirement benefits | -2,387 | 871 |
Total accumulated other comprehensive income | ($10,714) | $6,651 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (MSC [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
MSC [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | $1.10 | $1.80 | $1.10 |
Quarterly_Financial_Data_Summa
Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $96,168 | $94,441 | $77,850 | $64,864 | $61,135 | $55,977 | $62,235 | $52,227 | $333,323 | $231,574 | $206,312 |
Gross profit | 31,375 | 33,176 | 25,484 | 22,200 | 17,247 | 12,684 | 19,515 | 13,942 | 112,235 | 63,388 | |
Income (loss) from continuing operations | 1,337 | 6,921 | 931 | -3,354 | -6,578 | -11,113 | -4,334 | -12,235 | 5,835 | -34,260 | -12,122 |
Net income (loss) | $374 | $7,519 | $4,163 | ($3,348) | ($6,450) | ($10,820) | ($4,045) | ($12,103) | $8,708 | ($33,418) | ($12,243) |
Basic: | |||||||||||
Income (loss) from continuing operations | $0.05 | $0.28 | $0.04 | ($0.13) | ($0.27) | ($0.44) | ($0.17) | ($0.50) | $0.23 | ($1.37) | ($0.50) |
Net income (loss) | $0.01 | $0.30 | $0.16 | ($0.13) | ($0.26) | ($0.43) | ($0.16) | ($0.49) | $0.34 | ($1.34) | ($0.50) |
Diluted: | |||||||||||
Income (loss) from continuing operations | $0.05 | $0.27 | $0.04 | ($0.13) | ($0.27) | ($0.44) | ($0.17) | ($0.50) | $0.22 | ($1.37) | ($0.50) |
Net income (loss) | $0.01 | $0.29 | $0.16 | ($0.13) | ($0.26) | ($0.43) | $0.43 | ($0.49) | $0.33 | ($1.34) | ($0.50) |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $543 | $288 | $463 |
Additions Not Charged to Expense | -5 | 354 | 1 |
Additions (Reductions) Charged (Credited) to Expense | -228 | 134 | -82 |
Deductions/Write-offs | 27 | 233 | 94 |
Balance at End of Year | 283 | 543 | 288 |
Reserve for Excess and Obsolete Inventories [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 37,795 | 27,155 | 24,552 |
Additions Not Charged to Expense | -821 | 7,422 | 610 |
Additions (Reductions) Charged (Credited) to Expense | 3,876 | 7,760 | 8,621 |
Deductions/Write-offs | 11,005 | 4,542 | 6,628 |
Balance at End of Year | $29,845 | $37,795 | $27,155 |
Schedule_II_Valuation_and_Qual2
Schedule II Valuation and Qualifying Accounts (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Allowance for Doubtful Accounts [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Amount included from Ismeca Acquisition and foreign currency impact | $0.40 |
Reserve for Excess and Obsolete Inventories [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Amount included from Ismeca Acquisition and foreign currency impact | $6.80 |