Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 25, 2016 | Jul. 12, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | COHU INC | |
Entity Central Index Key | 21,535 | |
Trading Symbol | cohu | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 26,677,219 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 25, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 25, 2016 | Dec. 26, 2015 | |
Current assets: | |||
Cash and cash equivalents | $ 108,713,000 | $ 115,370,000 | [1] |
Estimated Fair Value | 9,215,000 | 1,652,000 | [1] |
Accounts receivable, net | 62,705,000 | 59,832,000 | [1] |
Inventories: | |||
Raw materials and purchased parts | 24,873,000 | 24,423,000 | [1] |
Work in process | 20,694,000 | 20,124,000 | [1] |
Finished goods | 5,248,000 | 6,801,000 | [1] |
Total inventory, net | 50,815,000 | 51,348,000 | [1] |
Other current assets | 8,137,000 | 6,261,000 | [1] |
Total current assets | 239,585,000 | 234,463,000 | [1] |
Property, plant and equipment, at cost: | |||
Land and land improvements | 4,280,000 | 4,607,000 | [1] |
Buildings and building improvements | 8,099,000 | 8,971,000 | [1] |
Machinery and equipment | 34,123,000 | 31,888,000 | [1] |
Total Property, plant and equipment | 46,502,000 | 45,466,000 | [1] |
Less accumulated depreciation and amortization | (27,837,000) | (26,466,000) | [1] |
Net property, plant and equipment | 18,665,000 | 19,000,000 | [1] |
Goodwill | 60,753,000 | 60,264,000 | [1] |
Intangible assets, net | 22,085,000 | 25,297,000 | [1] |
Other assets | 6,408,000 | 6,322,000 | [1] |
Total assets | 347,496,000 | 345,346,000 | [1] |
Current liabilities: | |||
Accounts payable | 28,455,000 | 27,290,000 | [1] |
Accrued compensation and benefits | 14,735,000 | 15,628,000 | [1] |
Accrued warranty | 4,113,000 | 3,785,000 | [1] |
Deferred profit | 6,876,000 | 3,730,000 | |
Income taxes payable | 1,418,000 | 4,195,000 | [1] |
Other accrued liabilities | 8,933,000 | 8,563,000 | [1] |
Total current liabilities | 64,530,000 | 63,191,000 | [1] |
Accrued retirement benefits | 15,872,000 | 15,397,000 | [1] |
Noncurrent deferred gain on sale of facility | 12,417,000 | 13,142,000 | [1] |
Deferred income taxes | 6,208,000 | 6,954,000 | [1] |
Noncurrent income tax liabilities | 6,832,000 | 6,761,000 | [1] |
Other accrued liabilities | 1,800,000 | 1,764,000 | [1] |
Commitments and contingencies | [1] | ||
Stockholders' equity: | |||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | 0 | 0 | [1] |
Common stock, $1 par value; 60,000 shares authorized, 26,677 shares issued and outstanding in 2016 and 26,240 shares in 2015 | 26,677,000 | 26,240,000 | [1] |
Paid-in capital | 107,127,000 | 105,516,000 | [1] |
Retained earnings | 125,673,000 | 128,153,000 | [1] |
Accumulated other comprehensive loss | (19,640,000) | (21,772,000) | |
Total stockholders' equity | 239,837,000 | 238,137,000 | [1] |
Total liabilities and stockholder's equity | $ 347,496,000 | $ 345,346,000 | [1] |
[1] | Derived from December 26, 2015 audited financial statements |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 25, 2016 | Dec. 26, 2015 | [1] |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | |
Common stock, shares issued (in shares) | 26,677,000 | 26,240,000 | |
Common stock, shares outstanding (in shares) | 26,677,000 | 26,240,000 | |
[1] | Derived from December 26, 2015 audited financial statements |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Net sales | $ 76,353 | $ 75,211 | $ 142,131 | $ 138,658 |
Cost and expenses: | ||||
Cost of sales | 49,669 | 49,509 | 96,006 | 92,811 |
Research and development | 8,305 | 7,731 | 16,108 | 16,296 |
Selling, general and administrative | 15,015 | 13,811 | 28,385 | 26,083 |
Cost and expenses | 72,989 | 71,051 | 140,499 | 135,190 |
Income from operations | 3,364 | 4,160 | 1,632 | 3,468 |
Interest and other, net | 59 | 4 | 102 | 10 |
Income from continuing operations before taxes | 3,423 | 4,164 | 1,734 | 3,478 |
Income tax provision | 761 | 277 | 983 | 1,311 |
Income from continuing operations | 2,662 | 3,887 | 751 | 2,167 |
Loss from discontinued operations | (55) | (3,959) | (55) | (4,979) |
Net income (loss) | $ 2,607 | $ (72) | $ 696 | $ (2,812) |
Basic: | ||||
Income from continuing operations (in dollars per share) | $ 0.10 | $ 0.15 | $ 0.03 | $ 0.08 |
Loss from discontinued operations (in dollars per share) | 0 | (0.15) | 0 | (0.19) |
Net income (loss) (in dollars per share) | 0.10 | 0 | 0.03 | (0.11) |
Diluted: | ||||
Income from continuing operations (in dollars per share) | 0.10 | 0.15 | 0.03 | 0.08 |
Loss from discontinued operations (in dollars per share) | 0 | (0.15) | 0 | (0.19) |
Net income (loss) (in dollars per share) | $ 0.10 | $ 0 | $ 0.03 | $ (0.11) |
Weighted average shares used in computing loss per share: | ||||
Weighted average common shares (in shares) | 26,711 | 26,059 | 26,514 | 25,905 |
Diluted (in shares) | 27,358 | 26,722 | 27,350 | 26,620 |
Cash dividends declared per share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Net income (loss) | $ 2,607 | $ (72) | $ 696 | $ (2,812) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (342) | 2,810 | 2,163 | (5,533) |
Adjustments related to postretirement benefits | (15) | (77) | (33) | (132) |
Change in unrealized gain/loss on investments | 1 | 2 | ||
Other comprehensive income (loss), net of tax | (356) | 2,733 | 2,132 | (5,665) |
Comprehensive income (loss) | $ 2,251 | $ 2,661 | $ 2,828 | $ (8,477) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ 696 | $ (2,812) | |
Reconciliation of net income (loss) to net cash provided by operating activities operating activities: | |||
Loss on disposal of assets | 38 | ||
Loss on disposal of microwave communications equipment business | 55 | 3,010 | |
Operating cash flows of discontinued operations | (1,039) | ||
Depreciation and amortization | 5,365 | 5,776 | |
Share-based compensation expense | 3,608 | 3,444 | |
Deferred income taxes | (740) | (1,149) | |
Asset impairment charge | 279 | ||
Changes in other accrued liabilities | 271 | 1,068 | |
Changes in other assets | (30) | (158) | |
Changes in current assets and liabilities, excluding effects from divestitures: | |||
Accounts receivable | (2,811) | 1,069 | |
Inventories | 1,045 | (5,682) | |
Other current assets | (1,362) | 908 | |
Accounts payable | 514 | 3,565 | |
Deferred profit | 3,130 | 787 | |
Income taxes payable | (2,647) | 1,093 | |
Accrued compensation, warranty and other liabilities | (1,170) | (6,409) | |
Net cash provided by operating activities | 5,962 | 3,750 | |
Cash flows from investing activities, excluding effects from divestitures: | |||
Purchases of short-term investments | (14,554) | (453) | |
Sales and maturities of short-term investments | 6,991 | 155 | |
Purchases of property, plant and equipment | (1,767) | (2,199) | |
Cash received from sale of facility | 813 | ||
Cash received from sale of microwave communications equipment business | 5,339 | ||
Investing cash flows of discontinued operations | (74) | ||
Net cash provided by (used in) investing activities | (8,517) | 2,768 | |
Cash flows from financing activities: | |||
Cash dividends paid | (3,148) | (3,082) | |
Issuance (repurchases) of common stock, net | (1,560) | 104 | |
Net cash used in financing activities | (4,708) | (2,978) | |
Effect of exchange rate changes on cash and cash equivalents | 606 | (1,837) | |
Net increase (decrease) in cash and cash equivalents | (6,657) | 1,703 | |
Cash and cash equivalents at beginning of period | 115,370 | [1] | 70,885 |
Cash and cash equivalents at end of period | 108,713 | 72,588 | |
Supplemental disclosure of cash flow information: | |||
Cash paid (refunded) for income taxes | 5,161 | (534) | |
Inventory capitalized as property, plant and equipment | 142 | 172 | |
Dividends declared but not yet paid | $ 1,601 | $ 1,566 | |
[1] | Derived from December 26, 2015 audited financial statements |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Basis of Presentation Our fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. The condensed consolidated balance sheet at December 26, 2015 has been derived from our audited financial statements at that date. The interim condensed consolidated financial statements as of June 25, 2016 (also referred to as “the second quarter of fiscal 2016” and “the first six months of fiscal 2016”) and June 27, 2015 (also referred to as “the second quarter of fiscal 2015” and “the first six months of fiscal 2015”) are unaudited. However, in management’s opinion, these financial statements reflect all adjustments (consisting only of normal, recurring items) necessary to provide a fair presentation of our financial position, results of operations and cash flows for the periods presented. The three- and six-month periods ended June 25, 2016 and June 27, 2015 were each comprised of 13 and 26 weeks, respectively. Our interim results are not necessarily indicative of the results that should be expected for the full year. For a better understanding of Cohu, Inc. and our financial statements, we recommend reading these interim condensed consolidated financial statements in conjunction with our audited financial statements for the year ended December 26, 2015, which are included in our 2015 Annual Report on Form 10-K, filed with the U. S. Securities and Exchange Commission (“SEC”). In the following notes to our interim condensed consolidated financial statements, Cohu, Inc. is referred to as “Cohu”, “we”, “our” and “us”. Discontinued Operations On June 10, 2015 we sold our microwave communications equipment segment, Broadcast Microwave Services, Inc. (“BMS”). The operating results of BMS are being presented as discontinued operations and all prior period amounts have been reclassified accordingly. See Note 2, “Discontinued Operations” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. 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 $0.1 million at both June 25, 2016 and December 26, 2015. Our customers include semiconductor manufacturers and semiconductor test subcontractors throughout many areas of the world. While we believe that our allowance for doubtful accounts is adequate and represents our best estimate at June 25, 2016, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding collectability. Segment Information We applied the provisions of ASC Topic 280, Segment Reporting Goodwill, Other Intangible Assets and Long-lived Assets We evaluate goodwill for impairment annually on October 1 st As of October 1, 2015, the results of our qualitative assessment indicated there was no impairment. 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. Foreign Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured 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 re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured 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 the three and six months ended June 25, 2016, we recognized foreign exchange losses of $0.3 million and $0.8 million in our consolidated statements of operations, respectively. During the three and six months ended June 27, 2015, we recognized approximately $0.6 million and $0.4 million of foreign exchange losses in our consolidated statements of operations, respectively. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. 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. Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands) : Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Cost of sales $ 170 $ 198 $ 104 $ 313 Research and development 294 254 710 585 Selling, general and administrative 1,187 1,294 2,794 2,546 Total share-based compensation 1,651 1,746 3,608 3,444 Income tax benefit (73 ) (67 ) (113 ) (111 ) Total share-based compensation, net $ 1,578 $ 1,679 $ 3,495 $ 3,333 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 (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance 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 (loss) 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 three and six months ended June 25, 2016, options to issue approximately 773,000 and 775,000 shares of common stock were excluded from the computation, respectively. For the three and six months ended June 27, 2015, options to issue approximately 843,000 and 940,000 shares of common stock were excluded from the computation, respectively. The following table reconciles the denominators used in computing basic and diluted income (loss) per share ( in thousands) : Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Weighted average common shares 26,711 26,059 26,514 25,905 Effect of dilutive share-based compensation awards 647 663 836 715 27,358 26,722 27,350 26,620 Cohu has utilized the “control number” concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. 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. up to 20%) of the equipment purchase price be paid only upon customer acceptance. In those situations, the majority portion (e.g. 80%) of revenue where the contingent 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 or upon completion of the services if they are short-term in nature. 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. At June 25, 2016, we had deferred revenue totaling approximately $9.9 million and deferred profit of $6.9 million. At December 26, 2015, we had deferred revenue totaling approximately $5.0 million and deferred profit of $3.7 million. The periodic increase is primarily a result of deferrals of revenue associated with product shipments made to our customers in accordance with our revenue recognition policy. A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information is as follows: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 Customers individually accounting for more than 10% of net sales one three two three Percentage of net sales 21.7 % 40.9 % 32.0 % 38.5 % Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $19.6 million and $21.8 million at June 25, 2016 and December 26, 2015, respectively, and was attributed to all non-owner changes in stockholders’ equity and consists of, on an after-tax basis where applicable, foreign currency adjustments resulting from the translation of certain of our subsidiary accounts where the functional currency is not the U.S. Dollar and adjustments related to postretirement benefits. Reclassification adjustments from accumulated other comprehensive income during the first six months of fiscal 2016 and 2015 were not significant. Retiree Medical Benefits We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost incurred during the first six months of fiscal 2016 and 2015 was not significant. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements – Recently Issued Accounting Pronouncements affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The updated guidance is effective for annual periods beginning after December 15, 2016, including interim periods within those fiscal years. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to record most leases on their balance sheets. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Expense related to leases determined to be operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. The standard is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new guidance must be adopted using a modified retrospective transition, and provides for certain practical expedients. We are currently evaluating the impact of this new standard on our financial reporting, but recognizing the lease liabilities and related right-of-use assets will impact our balance sheet. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Liabilities”, which amends the guidance on the classification and measurement of financial instruments. The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments in unconsolidated entities that are not accounted for under the equity method will generally be measured at fair value through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance is effective for interim and annual periods beginning after December 15, 2017. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory”. ASU 2015-11 simplifies the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, in scope inventory should be measured at the lower of cost and net realizable value. The standard is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of the new standard on our consolidated financial statements and our timing for adoption. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This standard sets forth management’s responsibility to evaluate, each reporting period, whether there is substantial doubt about an entity’s ability to continue as a going concern, and if so, to provide related footnote disclosures. The standard is effective for interim and annual periods beginning after December 15, 2016. The Company does not believe that the adoption of this guidance will have any material impact on its financial position or results of operations. 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. In April 2015, the FASB agreed to propose a one-year deferral of the revenue recognition standard's effective date for all entities, which would change the effectiveness to annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently evaluating the impact of the new guidance on our financial statements and have not yet determined which transition method we will utilize upon adoption or the potential impact of this new guidance on our consolidated financial statements. |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. Discontinued Operations In June 2015, we sold all of the outstanding stock of BMS for $4.9 million in cash and up to $2.5 million of contingent cash consideration. Our decision to sell this non-core business resulted from management’s determination that it was no longer a strategic fit within our organization. As part of the divestiture of BMS at June 27, 2015, we recorded a long-term contingent consideration receivable that has been classified as Level 3 in the fair value hierarchy. See Note 4, “Financial Instruments Measured at Fair Value” for additional information on the three-tier fair value hierarchy. The contingent consideration represents the estimated fair value of future payments we are due based on BMS achieving annual revenue targets in certain years as specified in the sale agreement. The periodic fair value of the contingent consideration is determined through the use of the Monte Carlo simulation model. We adjusted the value of the contingent consideration receivable to $0.4 million at June 25, 2016 , based on updated revenue forecasts received from BMS. The change in the fair value was recognized in discontinued operations below. In connection with the disposal of BMS we incurred divestiture-related costs in the first quarter of 2015 that would not have been incurred otherwise. These costs consist of legal and investment banking advisory services, success based compensation arrangements and certain other items that are incremental to normal operating charges and were expensed as incurred. These costs are included in the loss from sale amount presented below. Operating results of our discontinued segment are summarized as follows (in thousands) Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Net sales $ - $ 2,344 $ - $ 6,965 Operating loss before income taxes - (1,049 ) - (1,963 ) Loss from sale of BMS (55 ) (2,910 ) (55 ) (3,010 ) Loss before taxes (55 ) (3,959 ) (55 ) (4,973 ) Income tax provision - - - 6 Loss, net of tax $ (55 ) $ (3,959 ) $ (55 ) $ (4,979 ) |
Note 3 - Goodwill and Purchased
Note 3 - Goodwill and Purchased Intangible Assets | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill and Other Purchased Intangible Assets Changes in the carrying value of goodwill during the year ended December 26, 2015 and the six-month period ended June 25, 2016 were as follows ( in thousands Goodwill Balance, December 27, 2014 $ 63,132 Impact of currency exchange (2,868 ) Balance, December 26, 2015 60,264 Impact of currency exchange 489 Balance, June 25, 2016 $ 60,753 Purchased intangible assets, subject to amortization are as follows ( in thousands : June 25, 2016 December 26, 2015 Gross Carrying Amount Accumulated Amortization Remaining Useful Life (years) Gross Carrying Amount Accumulated Amortization Rasco technology $ 27,246 $ 25,756 0.4 $ 26,904 $ 23,776 Ismeca technology 27,457 12,185 4.6 27,043 10,329 Trade names 5,628 305 14.2 5,547 92 $ 60,331 $ 38,246 $ 59,494 $ 34,197 Amortization expense related to intangible assets was approximately $1.8 million in the second quarter of fiscal 2016 and $3.6 million in the first six months of fiscal 2016. Amortization expense related to intangible assets was approximately $1.7 million in the second quarter of fiscal 2015 and $3.5 million in the first six months of fiscal 2015. Changes in the carrying values of these intangible assets are a result of the impact of fluctuations in currency exchange rates. |
Note 4 - Financial Instruments
Note 4 - Financial Instruments Measured at Fair Value | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 4. Financial Instruments Measured at Fair Value 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 ) June 25, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate debt securities $ 7,647 $ - $ - $ 7,647 Foreign government security 655 - - 655 Bank certificates of deposit 913 - - 913 $ 9,215 $ - $ - $ 9,215 December 26, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign government security $ 650 $ - $ - $ 650 Bank certificates of deposit 1,002 - - 1,002 $ 1,652 $ - $ - $ 1,652 Effective maturities of short-term investments are as follows (in thousands) : June 25, 2016 December 26, 2015 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 9,215 $ 9,215 $ 1,450 $ 1,450 Due after one year through three years - - 202 202 $ 9,215 $ 9,215 $ 1,652 $ 1,652 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, and they are included in Level 2. The following table summarizes, by major security type, our financial instruments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands) : Fair value measurements at June 25, 2016 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 65,878 $ - $ - $ 65,878 Corporate debt securities - 15,045 - 15,795 Money market funds - 35,437 - 35,437 Bank certificates of deposit - 913 - 163 Foreign government security - 655 - 655 $ 65,878 $ 52,050 $ - $ 117,928 Fair value measurements at December 26, 2015 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 73,746 $ - $ - $ 73,746 Foreign government security - 650 - 650 Money market funds - 41,624 - 41,624 Bank certificates of deposit - 1,002 - 1,002 $ 73,746 $ 43,276 $ - $ 117,022 |
Note 5 - Employee Stock Benefit
Note 5 - Employee Stock Benefit Plans | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Employee Stock Benefit Plans Our 2005 Equity Incentive Plan (the “2005 Plan”) is a broad-based, long-term retention program intended to attract, motivate, and retain talented employees as well as align stockholder and employee interests. Awards that may be granted under the program include, but are not limited to, non-qualified and incentive stock options, restricted stock units, and performance stock units. We settle employee stock option exercises, employee stock purchase plan purchases, and the vesting of restricted stock units, and performance stock units with newly issued common shares. At June 25, 2016, there were 1,612,788 shares available for future equity grants under the 2005 Equity Incentive Plan. Stock Options Stock options may be granted to employees, consultants and directors to purchase a fixed number of shares of our common stock. The exercise prices of options granted are at least equal to the fair market value of our common stock on the dates of grant and options vest and become exercisable in annual increments that range from one to four years from the date of grant. Stock options granted under the 2015 Plan have a maximum contractual term of ten years. In the first six months of fiscal 2016 we did not grant any stock options and we issued 3,500 shares of our common stock on the exercise of options that were granted previously. At June 25, 2016, we had 1,954,551 stock options outstanding. These options had a weighted-average exercise price of $11.24 per share, an aggregate intrinsic value of approximately $2.5 million and the weighted average remaining contractual term was approximately 4.0 years. At June 25, 2016, we had 1,832,291 stock options outstanding that were exercisable. These options had a weighted-average exercise price of $11.33 per share, an aggregate intrinsic value of $2.3 million and the weighted average remaining contractual term was approximately 3.8 years. Restricted Stock Units We grant restricted stock units (“RSUs”) to certain employees, consultants and outside directors. RSUs vest in annual increments that range from one to four years from the date of grant. Prior to vesting, RSUs 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. New shares of our common stock will be issued on the date the RSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of RSUs outstanding at June 25, 2016. In the first six months of fiscal 2016 we awarded 465,608 RSUs and we issued 389,975 shares of our common stock on vesting of previously granted awards. At June 25, 2016, we had 1,138,305 restricted stock units outstanding with an aggregate intrinsic value of approximately $12.4 million and the weighted average remaining vesting period was approximately 2.6 years. Performance Stock Units We also grant performance stock units (“PSUs”) to senior executives as a part of our long-term equity compensation program. The number of shares of common stock that will ultimately be issued to settle PSUs granted in 2016 ranges from 25% to 200% and is determined based on certain performance criteria over a three-year measurement period. For PSUs granted in 2015, the number of shares of common stock issued to settle PSUs granted is determined based on a two-year measurement period. The performance criteria for the PSUs are based on a combination of the Company’s annualized Total Shareholder Return (“TSR”) for the performance period and the relative performance of the Company’s TSR compared with the annualized TSR of certain peer companies for the performance period. PSUs granted in 2016 vest 100% on the third anniversary of their grant and PSUs granted in 2015 vest 50% on the second and third anniversary of their grant, respectively. We estimated the fair value of the PSUs using a Monte Carlo simulation model on the date of grant. Compensation expense is recognized ratably over the derived service period. New shares of our common stock will be issued on the date the PSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number outstanding at June 25, 2016. In the first six months of fiscal 2016 , we awarded 216,699 PSUs and we issued 172,053 shares of our common stock on vesting of previously granted awards. A t June 25, 2016, we had 398,121 PSUs outstanding with an aggregate intrinsic value of approximately$4.3 million and the weighted average remaining vesting period was approximately 1.7 years. Employee Stock Purchase Plan (ESPP) The Cohu, Inc. 1997 Employee Stock Purchase Plan (“the Plan”) provides for the issuance of shares of our common stock. Under the Plan, eligible employees may purchase shares of Cohu common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of Cohu common stock at the beginning or end of each 6-month purchase period, subject to certain limits. During the second quarter of fiscal 2016, 56,288 shares of our common stock were sold to our employees under the Plan leaving 754,775 shares available for future issuance. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. Income Taxes Ordinarily, interim tax provisions are calculated using the estimated effective tax rate (“ETR”) expected to be applicable for the full fiscal year. However, when a reliable estimate of the annual ETR cannot be made, the actual ETR for the year-to-date period may be the best estimate of the annual ETR. For the three and six months ended June 25, 2016 and June 27, 2015, we used the actual year-to-date ETR in computing our tax provision, as a reliable estimate of the annual ETR cannot be made, since relatively small changes in our projected income produce a significant variation in our ETR. The actual year-to-date ETR on income from continuing operations for the three months ended June 25, 2016 and June 27, 2015 , was 22.2% and 6.7%, respectively. The actual year-to-date ETR on income from continuing operations for the six months ended June 25, 2016 and June 27, 2015 , was 56.7% and 37.7%, respectively. The tax provision on income from continuing operations in 2016 and 2015 differs from the U.S. federal statutory rate primarily due to the lack of a benefit on our domestic losses as a result of our valuation allowance on deferred tax assets, foreign income taxed at lower rates, changes in our deferred tax asset valuation allowance, state taxes and interest related to unrecognized tax benefits. As of June 25, 2016, $73.5 million of our cash and cash equivalents and short term-investments was held by our foreign subsidiaries. If these funds are needed for our operations in the U.S., we may be required to accrue and pay U.S. taxes if we repatriate these funds. We currently intend to repatriate approximately $16 million from our Singapore subsidiary in 2016 due to the reduction in business activity of that operation. This repatriation is not expected to result in incremental U.S. taxes due to previously taxed income, loss carryforwards and full valuation allowance against our domestic deferred tax assets. Our intent is to continue to indefinitely reinvest the remaining funds in our foreign operations and we have no current plans that would require us to repatriate these funds to the U.S. Other than foreign currency exchange rate changes, there was no material change to our unrecognized tax benefits and related accrued interest and penalties during the three- and six-month periods ended June 25, 2016 and June 27, 2015. |
Note 7 - Contingencies
Note 7 - Contingencies | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 7. Contingencies 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 business. 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. |
Note 8 - Guarantees and Other O
Note 8 - Guarantees and Other Obligations | 6 Months Ended |
Jun. 25, 2016 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 8. Guarantees and Other Obligations Product Warranty Our products are generally sold with warranty periods that range from 12 to 36 months following sale or acceptance. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical and projected experience by product and configuration. Changes in accrued warranty were as follows ( in thousands : Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Balance at beginning of period $ 5,218 $ 5,351 $ 4,886 $ 5,848 Warranty expense accruals 1,446 1,928 3,266 3,195 Warranty payments (1,546 ) (2,067 ) (3,034 ) (3,831 ) Balance at end of period $ 5,118 $ 5,212 $ 5,118 $ 5,212 Accrued warranty amounts expected to be incurred after one year are included in noncurrent other accrued liabilities in the condensed consolidated balance sheet. These amounts total $1.0 million at June 25, 2016 and $1.1 million at December 26, 2015. Standby Letters of Credit During the ordinary course of business, we provide standby letters of credit instruments to certain parties as required. As of June 25, 2016, no amounts were outstanding under standby lines of credit. Lines of Credit One of our wholly owned subsidiaries has two available lines of credit which provide it with borrowings of up to a total of 2.5 million Swiss Francs. At June 25, 2016 and December 26, 2015, no amounts were outstanding under the lines of credit. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 25, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. The condensed consolidated balance sheet at December 26, 2015 has been derived from our audited financial statements at that date. The interim condensed consolidated financial statements as of June 25, 2016 (also referred to as “the second quarter of fiscal 2016” and “the first six months of fiscal 2016”) and June 27, 2015 (also referred to as “the second quarter of fiscal 2015” and “the first six months of fiscal 2015”) are unaudited. However, in management’s opinion, these financial statements reflect all adjustments (consisting only of normal, recurring items) necessary to provide a fair presentation of our financial position, results of operations and cash flows for the periods presented. The three- and six-month periods ended June 25, 2016 and June 27, 2015 were each comprised of 13 and 26 weeks, respectively. Our interim results are not necessarily indicative of the results that should be expected for the full year. For a better understanding of Cohu, Inc. and our financial statements, we recommend reading these interim condensed consolidated financial statements in conjunction with our audited financial statements for the year ended December 26, 2015, which are included in our 2015 Annual Report on Form 10-K, filed with the U. S. Securities and Exchange Commission (“SEC”). In the following notes to our interim condensed consolidated financial statements, Cohu, Inc. is referred to as “Cohu”, “we”, “our” and “us”. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations On June 10, 2015 we sold our microwave communications equipment segment, Broadcast Microwave Services, Inc. (“BMS”). The operating results of BMS are being presented as discontinued operations and all prior period amounts have been reclassified accordingly. See Note 2, “Discontinued Operations” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 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 $0.1 million at both June 25, 2016 and December 26, 2015. Our customers include semiconductor manufacturers and semiconductor test subcontractors throughout many areas of the world. While we believe that our allowance for doubtful accounts is adequate and represents our best estimate at June 25, 2016, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding collectability. |
Segment Reporting, Policy [Policy Text Block] | Segment Information We applied the provisions of ASC Topic 280, Segment Reporting |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill, Other Intangible Assets and Long-lived Assets We evaluate goodwill for impairment annually on October 1 st As of October 1, 2015, the results of our qualitative assessment indicated there was no impairment. 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. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured 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 re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured 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 the three and six months ended June 25, 2016, we recognized foreign exchange losses of $0.3 million and $0.8 million in our consolidated statements of operations, respectively. During the three and six months ended June 27, 2015, we recognized approximately $0.6 million and $0.4 million of foreign exchange losses in our consolidated statements of operations, respectively. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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. Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands) : Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Cost of sales $ 170 $ 198 $ 104 $ 313 Research and development 294 254 710 585 Selling, general and administrative 1,187 1,294 2,794 2,546 Total share-based compensation 1,651 1,746 3,608 3,444 Income tax benefit (73 ) (67 ) (113 ) (111 ) Total share-based compensation, net $ 1,578 $ 1,679 $ 3,495 $ 3,333 |
Earnings Per Share, Policy [Policy Text Block] | 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 (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance 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 (loss) 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 three and six months ended June 25, 2016, options to issue approximately 773,000 and 775,000 shares of common stock were excluded from the computation, respectively. For the three and six months ended June 27, 2015, options to issue approximately 843,000 and 940,000 shares of common stock were excluded from the computation, respectively. The following table reconciles the denominators used in computing basic and diluted income (loss) per share ( in thousands) : Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Weighted average common shares 26,711 26,059 26,514 25,905 Effect of dilutive share-based compensation awards 647 663 836 715 27,358 26,722 27,350 26,620 Cohu has utilized the “control number” concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. |
Revenue Recognition, Policy [Policy Text Block] | 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. up to 20%) of the equipment purchase price be paid only upon customer acceptance. In those situations, the majority portion (e.g. 80%) of revenue where the contingent 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 or upon completion of the services if they are short-term in nature. 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. At June 25, 2016, we had deferred revenue totaling approximately $9.9 million and deferred profit of $6.9 million. At December 26, 2015, we had deferred revenue totaling approximately $5.0 million and deferred profit of $3.7 million. The periodic increase is primarily a result of deferrals of revenue associated with product shipments made to our customers in accordance with our revenue recognition policy. A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information is as follows: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 Customers individually accounting for more than 10% of net sales one three two three Percentage of net sales 21.7 % 40.9 % 32.0 % 38.5 % |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $19.6 million and $21.8 million at June 25, 2016 and December 26, 2015, respectively, and was attributed to all non-owner changes in stockholders’ equity and consists of, on an after-tax basis where applicable, foreign currency adjustments resulting from the translation of certain of our subsidiary accounts where the functional currency is not the U.S. Dollar and adjustments related to postretirement benefits. Reclassification adjustments from accumulated other comprehensive income during the first six months of fiscal 2016 and 2015 were not significant. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Retiree Medical Benefits We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost incurred during the first six months of fiscal 2016 and 2015 was not significant. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements – Recently Issued Accounting Pronouncements affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The updated guidance is effective for annual periods beginning after December 15, 2016, including interim periods within those fiscal years. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to record most leases on their balance sheets. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Expense related to leases determined to be operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. The standard is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new guidance must be adopted using a modified retrospective transition, and provides for certain practical expedients. We are currently evaluating the impact of this new standard on our financial reporting, but recognizing the lease liabilities and related right-of-use assets will impact our balance sheet. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Liabilities”, which amends the guidance on the classification and measurement of financial instruments. The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments in unconsolidated entities that are not accounted for under the equity method will generally be measured at fair value through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance is effective for interim and annual periods beginning after December 15, 2017. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory”. ASU 2015-11 simplifies the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, in scope inventory should be measured at the lower of cost and net realizable value. The standard is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of the new standard on our consolidated financial statements and our timing for adoption. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This standard sets forth management’s responsibility to evaluate, each reporting period, whether there is substantial doubt about an entity’s ability to continue as a going concern, and if so, to provide related footnote disclosures. The standard is effective for interim and annual periods beginning after December 15, 2016. The Company does not believe that the adoption of this guidance will have any material impact on its financial position or results of operations. 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. In April 2015, the FASB agreed to propose a one-year deferral of the revenue recognition standard's effective date for all entities, which would change the effectiveness to annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently evaluating the impact of the new guidance on our financial statements and have not yet determined which transition method we will utilize upon adoption or the potential impact of this new guidance on our consolidated financial statements. |
Note 1 - Summary of Significa16
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Cost of sales $ 170 $ 198 $ 104 $ 313 Research and development 294 254 710 585 Selling, general and administrative 1,187 1,294 2,794 2,546 Total share-based compensation 1,651 1,746 3,608 3,444 Income tax benefit (73 ) (67 ) (113 ) (111 ) Total share-based compensation, net $ 1,578 $ 1,679 $ 3,495 $ 3,333 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Weighted average common shares 26,711 26,059 26,514 25,905 Effect of dilutive share-based compensation awards 647 663 836 715 27,358 26,722 27,350 26,620 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 Customers individually accounting for more than 10% of net sales one three two three Percentage of net sales 21.7 % 40.9 % 32.0 % 38.5 % |
Note 2 - Discontinued Operati17
Note 2 - Discontinued Operations (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Net sales $ - $ 2,344 $ - $ 6,965 Operating loss before income taxes - (1,049 ) - (1,963 ) Loss from sale of BMS (55 ) (2,910 ) (55 ) (3,010 ) Loss before taxes (55 ) (3,959 ) (55 ) (4,973 ) Income tax provision - - - 6 Loss, net of tax $ (55 ) $ (3,959 ) $ (55 ) $ (4,979 ) |
Note 3 - Goodwill and Purchas18
Note 3 - Goodwill and Purchased Intangible Assets (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill Balance, December 27, 2014 $ 63,132 Impact of currency exchange (2,868 ) Balance, December 26, 2015 60,264 Impact of currency exchange 489 Balance, June 25, 2016 $ 60,753 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 25, 2016 December 26, 2015 Gross Carrying Amount Accumulated Amortization Remaining Useful Life (years) Gross Carrying Amount Accumulated Amortization Rasco technology $ 27,246 $ 25,756 0.4 $ 26,904 $ 23,776 Ismeca technology 27,457 12,185 4.6 27,043 10,329 Trade names 5,628 305 14.2 5,547 92 $ 60,331 $ 38,246 $ 59,494 $ 34,197 |
Note 4 - Financial Instrument19
Note 4 - Financial Instruments Measured at Fair Value (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 25, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate debt securities $ 7,647 $ - $ - $ 7,647 Foreign government security 655 - - 655 Bank certificates of deposit 913 - - 913 $ 9,215 $ - $ - $ 9,215 December 26, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Foreign government security $ 650 $ - $ - $ 650 Bank certificates of deposit 1,002 - - 1,002 $ 1,652 $ - $ - $ 1,652 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 25, 2016 December 26, 2015 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 9,215 $ 9,215 $ 1,450 $ 1,450 Due after one year through three years - - 202 202 $ 9,215 $ 9,215 $ 1,652 $ 1,652 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at June 25, 2016 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 65,878 $ - $ - $ 65,878 Corporate debt securities - 15,045 - 15,795 Money market funds - 35,437 - 35,437 Bank certificates of deposit - 913 - 163 Foreign government security - 655 - 655 $ 65,878 $ 52,050 $ - $ 117,928 Fair value measurements at December 26, 2015 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 73,746 $ - $ - $ 73,746 Foreign government security - 650 - 650 Money market funds - 41,624 - 41,624 Bank certificates of deposit - 1,002 - 1,002 $ 73,746 $ 43,276 $ - $ 117,022 |
Note 8 - Guarantees and Other20
Note 8 - Guarantees and Other Obligations (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Six Months Ended June 25, 2016 June 27, 2015 June 25, 2016 June 27, 2015 Balance at beginning of period $ 5,218 $ 5,351 $ 4,886 $ 5,848 Warranty expense accruals 1,446 1,928 3,266 3,195 Warranty payments (1,546 ) (2,067 ) (3,034 ) (3,831 ) Balance at end of period $ 5,118 $ 5,212 $ 5,118 $ 5,212 |
Note 1 - Summary of Significa21
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Oct. 01, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Dec. 26, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 100,000 | $ 100,000 | $ 100,000 | |||
Number of Operating Segments | 1 | |||||
Goodwill and Intangible Asset Impairment | $ 0 | |||||
Foreign Currency Transaction Gain (Loss), Realized | $ 300,000 | $ 600,000 | $ 800,000 | $ 400,000 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 773,000 | 843,000 | 775,000 | 940,000 | ||
Percentage of Revenue Recognized upon Customer Acceptance | 20.00% | |||||
Percentage of Revenue Recognized upon Shipment and Passage of Title | 80.00% | |||||
Deferred Revenue | $ 9,900,000 | $ 9,900,000 | 5,000,000 | |||
Deferred Profit | 6,876,000 | 6,876,000 | 3,730,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (19,640,000) | $ (19,640,000) | $ (21,772,000) |
Note 1 - Reported Share-based C
Note 1 - Reported Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Cost of Sales [Member] | ||||
Allocated share-based compensation | $ 170 | $ 198 | $ 104 | $ 313 |
Research and Development Expense [Member] | ||||
Allocated share-based compensation | 294 | 254 | 710 | 585 |
Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation | 1,187 | 1,294 | 2,794 | 2,546 |
Allocated share-based compensation | 1,651 | 1,746 | 3,608 | 3,444 |
Income tax benefit | (73) | (67) | (113) | (111) |
Total share-based compensation, net | $ 1,578 | $ 1,679 | $ 3,495 | $ 3,333 |
Note 1 - Computation of Basic a
Note 1 - Computation of Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Weighted average common shares (in shares) | 26,711 | 26,059 | 26,514 | 25,905 |
Effect of dilutive share-based compensation awards (in shares) | 647 | 663 | 836 | 715 |
(in shares) | 27,358 | 26,722 | 27,350 | 26,620 |
Note 1 - Customer Concentration
Note 1 - Customer Concentration (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
One Customer [Member] | ||||
Percentage of net sales | 21.70% | |||
Three Customers [Member] | ||||
Percentage of net sales | 40.90% | 38.50% | ||
Two Customers [Member] | ||||
Percentage of net sales | 32.00% | |||
Customers individually accounting for more than 10% of net sales | 1 | 3 | 2 | 3 |
Note 2 - Discontinued Operati25
Note 2 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Broadcast Microwave Services, Inc. (“BMS”) [Member] | |||
Proceeds from Divestiture of Businesses | $ 4,900 | ||
Disposal Group, Including Discontinued Operation, Contingent Consideration | $ 2,500 | $ 2,500 | |
Proceeds from Divestiture of Businesses | $ 5,339 | ||
Contingent Consideration Receivable, Fair Value | $ 400 |
Note 2 - Summary of Operating R
Note 2 - Summary of Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Broadcast Microwave Services, Inc. (“BMS”) [Member] | ||||
Net sales | $ 2,344 | $ 6,965 | ||
Operating loss before income taxes | (1,049) | (1,963) | ||
Loss from sale of BMS | (55) | (2,910) | (55) | (3,010) |
Loss before taxes | (55) | (3,959) | (55) | (4,973) |
Income tax provision | 6 | |||
Loss, net of tax | (55) | (3,959) | (55) | (4,979) |
Loss, net of tax | $ (55) | $ (3,959) | $ (55) | $ (4,979) |
Note 3 - Goodwill and Purchas27
Note 3 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Amortization of Intangible Assets | $ 1.8 | $ 1.7 | $ 3.6 | $ 3.5 |
Note 3 - Changes in Carrying Va
Note 3 - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 25, 2016 | Dec. 26, 2015 | |||
Balance | $ 60,264 | [1] | $ 63,132 | |
Impact of currency exchange | 489 | (2,868) | ||
Balance | $ 60,753 | $ 60,264 | [1] | |
[1] | Derived from December 26, 2015 audited financial statements |
Note 3 - Purchased Intangible A
Note 3 - Purchased Intangible Assets, Subject to Amortization (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 25, 2016 | Dec. 26, 2015 | |
Rasco Technology [Member] | ||
Gross Carrying Amount | $ 27,246 | $ 26,904 |
Accumulated Amortization | $ 25,756 | 23,776 |
Remaining Useful Life | 146 days | |
Ismeca Technology [Member] | ||
Gross Carrying Amount | $ 27,457 | 27,043 |
Accumulated Amortization | $ 12,185 | 10,329 |
Remaining Useful Life | 4 years 219 days | |
Trade Names [Member] | ||
Gross Carrying Amount | $ 5,628 | 5,547 |
Accumulated Amortization | $ 305 | 92 |
Remaining Useful Life | 14 years 73 days | |
Gross Carrying Amount | $ 60,331 | 59,494 |
Accumulated Amortization | $ 38,246 | $ 34,197 |
Note 4 - Short-term Investments
Note 4 - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 | |
Corporate Debt Securities [Member] | |||
Amortized Cost | $ 7,647 | ||
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Estimated Fair Value | 7,647 | ||
Foreign Government Debt Securities [Member] | |||
Amortized Cost | 655 | $ 650 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Estimated Fair Value | 655 | 650 | |
Certificates of Deposit [Member] | |||
Amortized Cost | 913 | 1,002 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Estimated Fair Value | 913 | 1,002 | |
Amortized Cost | 9,215 | 1,652 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Estimated Fair Value | $ 9,215 | $ 1,652 | [1] |
[1] | Derived from December 26, 2015 audited financial statements |
Note 4 - Effective Maturities o
Note 4 - Effective Maturities of Short-term Investments (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Due in one year or less, amortized cost | $ 9,215 | $ 1,450 |
Due in one year or less, estimated fair value | 9,215 | 1,450 |
Due after one year through three years, amortized cost | 202 | |
Due after one year through three years, estimated fair value | 202 | |
9,215 | 1,652 | |
$ 9,215 | $ 1,652 |
Note 4 - Assets Measured at Fai
Note 4 - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Assets fair value, recurring | $ 65,878 | $ 73,746 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 1 [Member] | ||
Assets fair value, recurring | 65,878 | 73,746 |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Assets fair value, recurring | 15,045 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Assets fair value, recurring | 655 | 650 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets fair value, recurring | 35,437 | 41,624 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Assets fair value, recurring | 913 | 1,002 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets fair value, recurring | 52,050 | 43,276 |
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Assets fair value, recurring | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets fair value, recurring | ||
Cash [Member] | ||
Assets fair value, recurring | 65,878 | 73,746 |
Corporate Debt Securities [Member] | ||
Assets fair value, recurring | 15,795 | |
Foreign Government Debt Securities [Member] | ||
Assets fair value, recurring | 655 | 650 |
Money Market Funds [Member] | ||
Assets fair value, recurring | 35,437 | 41,624 |
Certificates of Deposit [Member] | ||
Assets fair value, recurring | 163 | 1,002 |
Assets fair value, recurring | $ 117,928 | $ 117,022 |
Note 5 - Employee Stock Benef33
Note 5 - Employee Stock Benefit Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 25, 2016 | Jun. 25, 2016 | Dec. 26, 2015 | Dec. 29, 2012 | |
Share-based Compensation Award, Tranche Two [Member] | Equity Based Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Share-based Compensation Award, Tranche One [Member] | Equity Based Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | 50.00% | ||
Equity Based Performance Stock Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 25.00% | |||
Equity Based Performance Stock Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 200.00% | |||
Equity Based Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 216,699 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 172,053 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 398,121 | 398,121 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 4.3 | $ 4.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 255 days | |||
Employee Stock Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 465,608 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 389,975 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,138,305 | 1,138,305 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 12.4 | $ 12.4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 219 days | |||
Equity Incentive Plan 2005 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,612,788 | 1,612,788 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 754,775 | 754,775 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 56,288 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 3,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,954,551 | 1,954,551 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 11.24 | $ 11.24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2.5 | $ 2.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,832,291 | 1,832,291 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 11.33 | $ 11.33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 2.3 | $ 2.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 292 days |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Dec. 31, 2016 | |
Foreign Subsidiaries [Member] | Held Outside of United States [Member] | |||||
Cash, Cash Equivalents, and Short-term Investments | $ 73.5 | $ 73.5 | |||
Scenario, Forecast [Member] | SINGAPORE | |||||
Foreign Earnings Repatriated | $ 16 | ||||
Effective Income Tax Rate Reconciliation, Percent | 22.20% | 6.70% | 56.70% | 37.70% |
Note 8 - Guarantees and Other35
Note 8 - Guarantees and Other Obligations (Details Textual) SFr in Millions | 3 Months Ended | ||
Jun. 25, 2016CHF (SFr) | Jun. 25, 2016USD ($) | Dec. 26, 2015USD ($) | |
Minimum [Member] | |||
Standard Product Warranty Term | 1 year | ||
Maximum [Member] | |||
Standard Product Warranty Term | 3 years | ||
Non-current Other Accrued Liabilities [Member] | |||
Product Warranty Accrual, Noncurrent | $ 1,000,000 | $ 1,100,000 | |
Number of Line of Credit | 2 | 2 | |
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2.5 | ||
Long-term Line of Credit | $ 0 | $ 0 |
Note 8 - Changes in Accrued War
Note 8 - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Balance at beginning of period | $ 5,218 | $ 5,351 | $ 4,886 | $ 5,848 |
Warranty expense accruals | 1,446 | 1,928 | 3,266 | 3,195 |
Warranty payments | (1,546) | (2,067) | (3,034) | (3,831) |
Balance at end of period | $ 5,118 | $ 5,212 | $ 5,118 | $ 5,212 |