Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Feb. 16, 2018 | Jun. 23, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | COHU INC | ||
Entity Central Index Key | 21,535 | ||
Trading Symbol | cohu | ||
Current Fiscal Year End Date | --12-30 | ||
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) | 28,539,627 | ||
Entity Public Float | $ 283 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 134,286 | $ 96,045 |
Short-term investments | 21,329 | 31,990 |
Accounts receivable, net | 71,125 | 63,019 |
Inventories: | ||
Raw materials and purchased parts | 27,918 | 23,037 |
Work in process | 25,130 | 17,599 |
Finished goods | 9,037 | 4,866 |
62,085 | 45,502 | |
Other current assets | 8,613 | 8,593 |
Total current assets | 297,438 | 245,149 |
Property plant and equipment, net | 34,172 | 18,234 |
Goodwill | 65,613 | 58,849 |
Intangible assets, net | 16,748 | 17,835 |
Other assets | 6,486 | 5,445 |
420,457 | 345,512 | |
Current liabilities: | ||
Short-term borrowings | 3,108 | |
Current installments of long-term debt | 1,280 | |
Accounts payable | 37,556 | 31,444 |
Accrued compensation and benefits | 20,178 | 14,770 |
Accrued warranty | 4,280 | 3,737 |
Deferred profit | 6,608 | 6,886 |
Income taxes payable | 2,159 | 1,920 |
Other accrued liabilities | 10,098 | 9,932 |
Total current liabilities | 85,267 | 68,689 |
Accrued retirement benefits | 18,544 | 15,673 |
Noncurrent deferred gain on sale of facility | 10,233 | 11,689 |
Deferred income taxes | 2,921 | 5,852 |
Noncurrent income tax liabilities | 6,270 | 6,375 |
Long-term debt | 4,575 | |
Other accrued liabilities | 3,556 | 1,765 |
Stockholders' equity: | ||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | ||
Common stock, $1 par value; 60,000 shares authorized, 28,489 shares issued and outstanding in 2017 and 26,842 shares in 2016 | 28,489 | 26,842 |
Paid-in capital | 127,663 | 111,950 |
Retained earnings | 150,726 | 124,559 |
Accumulated other comprehensive loss | (17,787) | (27,882) |
Total stockholders' equity | 289,091 | 235,469 |
$ 420,457 | $ 345,512 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
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 | 60,000 |
Common stock, shares issued (in shares) | 28,489 | 26,842 |
Common stock, shares outstanding (in shares) | 28,489 | 26,842 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |||
Net sales | $ 352,704 | $ 282,084 | [1] | $ 269,654 | |
Cost and expenses: | |||||
Cost of sales | 211,986 | 187,256 | 180,616 | ||
Research and development | 40,737 | 34,841 | 33,107 | ||
Selling, general and administrative | 65,233 | 54,322 | 51,170 | ||
Gain on sale of facility | (3,198) | ||||
317,956 | 276,419 | 261,695 | |||
Income from operations | 34,748 | 5,665 | 7,959 | ||
Interest income | 617 | 342 | 44 | ||
Income from continuing operations before taxes | 35,365 | 6,007 | 8,003 | ||
Income tax provision | 2,244 | 2,747 | 2,211 | ||
Income from continuing operations | 33,121 | 3,260 | [2] | 5,792 | |
Loss from discontinued operations, net of tax | (278) | (221) | (5,542) | ||
Net income | $ 32,843 | $ 3,039 | [2] | $ 250 | |
Basic: | |||||
Income from continuing operations (in dollars per share) | $ 1.19 | [3] | $ 0.12 | [2],[3] | $ 0.22 |
Loss from discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.21) | ||
Net income (in dollars per share) | 1.18 | [3] | 0.11 | [2],[3] | 0.01 |
Diluted: | |||||
Income from continuing operations (in dollars per share) | 1.15 | [3] | 0.12 | [2],[3] | 0.22 |
Loss from discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.21) | ||
Net income (in dollars per share) | $ 1.14 | [3] | $ 0.11 | [2],[3] | $ 0.01 |
Weighted average shares used in computing income (loss) per share: | |||||
Basic (in shares) | 27,836 | 26,659 | 26,057 | ||
Diluted (in shares) | 28,916 | 27,480 | 26,788 | ||
[1] | All quarters presented above were comprised of 13 weeks, except for the fourth quarter ended December 31, 2016 which was comprised of 14 weeks. | ||||
[2] | As a result of the adoption of ASU 2016-09, in the fourth quarter of 2016, certain amounts in the first three quarters have been restated as if the new accounting guidance was adopted starting with the first day of our 2016 fiscal year. The impact of these restatements was not significant. | ||||
[3] | 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. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | ||
Net income | $ 32,843 | $ 3,039 | [1] | $ 250 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments, net of tax | 11,345 | (5,789) | (11,000) | |
Adjustments related to postretirement benefits | (1,248) | (316) | (58) | |
Change in unrealized gain/loss on investments, net of tax | (2) | (5) | ||
Other comprehensive income (loss), net of tax | 10,095 | (6,110) | (11,058) | |
Comprehensive income (loss) | $ 42,938 | $ (3,071) | $ (10,808) | |
[1] | As a result of the adoption of ASU 2016-09, in the fourth quarter of 2016, certain amounts in the first three quarters have been restated as if the new accounting guidance was adopted starting with the first day of our 2016 fiscal year. The impact of these restatements was not significant. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |||
Balance at Dec. 27, 2014 | $ 25,692,000 | $ 97,938,000 | $ 134,152,000 | $ (10,714,000) | $ 247,068,000 | |||
Net income | 250,000 | 250,000 | ||||||
Changes in cumulative translation adjustment | (11,000,000) | (11,000,000) | ||||||
Adjustments related to postretirement benefits, net of tax | (58,000) | (58,000) | ||||||
Cash dividends - $0.24 per share | (6,249,000) | (6,249,000) | ||||||
Exercise of stock options | 175,000 | 1,335,000 | 1,510,000 | |||||
Shares issued under ESPP | 123,000 | 977,000 | 1,100,000 | |||||
Shares issued for restricted stock units vested | 377,000 | (377,000) | ||||||
Repurchase and retirement of stock | (127,000) | (1,250,000) | (1,377,000) | |||||
Share-based compensation expense | 6,893,000 | 6,893,000 | ||||||
Changes in unrealized gains and losses on investments, net of tax | ||||||||
Balance at Dec. 26, 2015 | 26,240,000 | 105,516,000 | 128,153,000 | (21,772,000) | 238,137,000 | |||
Cumulative effect of accounting change (a) | Adjustments for New Accounting Principle, Early Adoption [Member] | 249,000 | [1] | (249,000) | [1] | 200,000 | |||
Net income | 3,039,000 | 3,039,000 | [2] | |||||
Changes in cumulative translation adjustment | (5,789,000) | (5,789,000) | ||||||
Adjustments related to postretirement benefits, net of tax | (316,000) | (316,000) | ||||||
Cash dividends - $0.24 per share | (6,384,000) | (6,384,000) | ||||||
Exercise of stock options | 101,000 | 694,000 | 795,000 | |||||
Shares issued under ESPP | 111,000 | 959,000 | 1,070,000 | |||||
Shares issued for restricted stock units vested | 581,000 | (581,000) | ||||||
Repurchase and retirement of stock | (191,000) | (2,030,000) | (2,221,000) | |||||
Share-based compensation expense | 7,143,000 | 7,143,000 | ||||||
Changes in unrealized gains and losses on investments, net of tax | (5,000) | (5,000) | ||||||
Balance at Dec. 31, 2016 | 26,842,000 | 111,950,000 | 124,559,000 | (27,882,000) | 235,469,000 | |||
Cumulative effect of accounting change (a) | Adjustments for New Accounting Principle, Early Adoption [Member] | (200,000) | |||||||
Net income | 32,843,000 | 32,843,000 | ||||||
Changes in cumulative translation adjustment | 11,345,000 | 11,345,000 | ||||||
Adjustments related to postretirement benefits, net of tax | (1,248,000) | (1,248,000) | ||||||
Cash dividends - $0.24 per share | (6,676,000) | (6,676,000) | ||||||
Exercise of stock options | 1,164,000 | 11,617,000 | 12,781,000 | |||||
Shares issued under ESPP | 99,000 | 1,140,000 | 1,239,000 | |||||
Shares issued for restricted stock units vested | 595,000 | (595,000) | ||||||
Repurchase and retirement of stock | (211,000) | (3,456,000) | (3,667,000) | |||||
Share-based compensation expense | 7,007,000 | 7,007,000 | ||||||
Changes in unrealized gains and losses on investments, net of tax | (2,000) | (2,000) | ||||||
Balance at Dec. 30, 2017 | $ 28,489,000 | $ 127,663,000 | $ 150,726,000 | $ (17,787,000) | $ 289,091,000 | |||
[1] | Cumulative effect of accounting change relates to our adoption of ASU 2016-09. Please refer to Note 1 of the Consolidated Financial Statements for further detail on the adoption of this accounting standard. | |||||||
[2] | As a result of the adoption of ASU 2016-09, in the fourth quarter of 2016, certain amounts in the first three quarters have been restated as if the new accounting guidance was adopted starting with the first day of our 2016 fiscal year. The impact of these restatements was not significant. |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Retained Earnings [Member] | |||
Cash dividend, per share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | ||
Cash flows from operating activities: | ||||
Net income | $ 32,843 | $ 3,039 | [1] | $ 250 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Loss on disposal of microwave equipment segment | 278 | 221 | 3,573 | |
Gain on sale of facility | (3,198) | |||
Operating cash flows of discontinued operations | (1,039) | |||
Depreciation and amortization | 9,195 | 10,412 | 11,273 | |
Share-based compensation expense | 7,007 | 7,143 | 6,755 | |
Amortization of inventory step-up | 1,404 | |||
Accrued retiree benefits | 322 | 672 | 2,185 | |
Deferred income taxes | (3,791) | (1,065) | 222 | |
Adjustment to contingent consideration liability | 1,423 | |||
Changes in other assets | 1,501 | 415 | (326) | |
(Gain) loss on disposal and impairment of fixed assets | (42) | 31 | 311 | |
Changes in accrued liabilities | 979 | 162 | 127 | |
Changes in current assets and liabilities, excluding effects from acquisitions and divestitures: | ||||
Accounts receivable | (3,259) | (4,617) | 8,970 | |
Inventories | (12,196) | 4,608 | (5,743) | |
Accrued compensation, warranty and other liabilities | 937 | (1,544) | (3,740) | |
Accounts payable | 4,157 | 5,678 | 3,376 | |
Deferred profit | (442) | 3,309 | (3,108) | |
Other current assets | 952 | (1,959) | 2,420 | |
Income taxes payable | (1,518) | (1,957) | (828) | |
Net cash provided by operating activities | 39,750 | 24,548 | 21,480 | |
Cash flows from investing activities, excluding effects from acquisitions and divestitures: | ||||
Sales and maturities of short-term investments | 47,671 | 20,230 | 155 | |
Purchases of short-term investments | (37,010) | (50,568) | (656) | |
Payment for purchase of Kita, net of cash received | (11,716) | |||
Purchases of property, plant and equipment | (6,093) | (3,452) | (6,586) | |
Net cash received from disposition of business segment | 4,881 | |||
Net cash received from sale of facility and assets | 104 | 874 | 33,314 | |
Investing cash flows of discontinued operations | (74) | |||
Net cash provided by (used in) investing activities | (7,044) | (32,916) | 31,034 | |
Cash flows from financing activities: | ||||
Cash dividends paid | (6,577) | (6,351) | (6,215) | |
Repayments of long-term debt | (1,631) | |||
Issuance (repurchases) of common stock, net | 10,353 | (356) | 1,233 | |
Net cash provided by (used in) financing activities | 2,145 | (6,707) | (4,982) | |
Effect of exchange rate changes on cash and cash equivalents | 3,390 | (4,250) | (3,047) | |
Net increase (decrease) in cash and cash equivalents | 38,241 | (19,325) | 44,485 | |
Cash and cash equivalents at beginning of year | 96,045 | 115,370 | 70,885 | |
Cash and cash equivalents at end of year | 134,286 | 96,045 | 115,370 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid (refunded) during the year for income taxes | 7,094 | 6,808 | (253) | |
Dividends declared but not yet paid | 1,705 | 1,606 | 1,573 | |
Fixed asset additions included in accounts payable | 260 | 445 | ||
Inventory capitalized as capital assets | 190 | 201 | 315 | |
Capitalized facility under build-to-suit lease | $ 682 | |||
[1] | As a result of the adoption of ASU 2016-09, in the fourth quarter of 2016, certain amounts in the first three quarters have been restated as if the new accounting guidance was adopted starting with the first day of our 2016 fiscal year. The impact of these restatements was not significant. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 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. Our Consolidated Financial Statements include the accounts of Cohu and our wholly owned subsidiaries. All 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 53 December. December 30, 2017, 52 December 31, 2016, December 26, 2015, 53 52 Discontinued Operations – On June 10, 2015, 11, ” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. Income (Loss ) Per Share For the years ended December 30, 2017, December 31, 2016, December 26, 2015, 77,000, 697,000 875,000 The following table reconciles the denominators used in computing basic and diluted income (loss) per share : (in thousands) 2017 2016 2015 Weighted average common shares outstanding 27,836 26,659 26,057 Effect of dilutive stock options and restricted stock units 1,080 821 731 28,916 27,480 26,788 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. Cash, Cash Equivalents and Short-term Investments – Highly liquid investments with insignificant interest rate risk and original maturities of three three 12 one Fair Value of Financial Instruments – The carrying amounts of our financial instruments, including cash and cash equivalents, 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 Trade accounts receivable are presented net of allowance for doubtful accounts of $0.2 million at December 30, 2017, $0.1 December 31, 2016. December 30, 2017, may Inventories – Inventories are stated at the lower of cost, determined on a first first $1.1 2017 2016 $2.4 2015. 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 forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) : December 30, December 31, 2017 2016 Land and land improvements $ 8,017 $ 4,079 Buildings and building improvements 13,779 7,967 Machinery and equipment 45,333 35,157 67,129 47,203 Less accumulated depreciation and amortization (32,957 ) (28,969 ) Property, plant and equipment, net $ 34,172 $ 18,234 Depreciation expense was $5.0 million in 2017, $3.5 2016 $4.2 2015. Segment Information – We applied the provisions of ASC Topic 280, Segment Reporting 280” 280, 280 one 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 first second We conduct our annual impairment test as of October 1st no October 1, 2017 may December 30, 2017, not may 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 may not ’s carrying amount is not 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 36 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 50 not not no The U.S. Tax Cuts and Jobs Act (“Tax Act” ) was enacted on December 22, 2017. December 30, 2017 No. 118 118” may may 2018. 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 20% 80% not Certain of our equipment sales are accounted for as multiple-element arrangements. A multiple-element arrangement is a transaction which may may 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 On shipments where sales are not ’s payments are recorded as customer advances. At December 30, 2017, $10.4 $7.4 one $0.8 December 30, 2017, December 31, 2016, $9.3 $6.9 On December 31, 2017, first 2018, ASU No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 For additional information on the impact this new standard will have on our revenue recognition in the future see recently issued accounting pronouncements below. Advertising Costs – Advertising costs are expensed as incurred and were not 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) 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 Remeasurement and 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. During the year ended December 30, 2017, $3.0 December 31, 2016, December 26, 2015, $2.6 $1.4 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. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders ’ equity. Accumulated Other Comprehensive Loss $17.8 December 30, 2017, $27.9 December 31, 2016, December 30, 2017, December 31, 2016. $11.3 2017. $5.8 10. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements – In March 2016, No. 2016 09, Compensation - Stock Compensation (Topic 718 2016 09 2016 09 December 15, 2016, 2016 09 fourth 2016. $0.2 December 27, 2015, first 2016. December 31, 2016. not In July 2015, 2015 11, Accounting for Inventory 2015 11 2015 11 ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. ASU 2015 11 December 15, 2016. 2015 11 January 1, 2017. 2015 11 not Recently Issued Accounting Pronouncements – In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017, not In January 2017, No. 2017 04, Simplifying the Test for Goodwill Impairment 2 not December 15, 2019. not In January 2017, No. 2017 01, Clarifying the Definition of a Business. December 15, 2017. not In November 2016, No. 2016 18, Restricted Cash. December 15, 2017. not In August 2016, No. 2016 15, Classification of Certain Cash Receipts and Cash Payments. eight December 15, 2017. not In February 2016, No. 2016 02, 842 December 15, 2018. In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 (ASU 2014 09 August 2015, No. 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09 one March 2016, No. 2016 08, Revenue from Contracts with Customers (Topic 606 (ASU 2016 08 first 2018. December 31, 2017, first 2018 two We plan on adopting the standard using the modified retrospective method. We have completed our analysis on the impact this guidance will have on our consolidated financial statements and are still in the process of evaluating the impact on our disclosures. Based on our review of our customer agreements, our revenue will continue to be recognized at a point in time, generally upon shipment of products to customers, consistent with our current revenue recognition model. In certain instances, when customer payment terms provide that a minority portion of the equipment purchase price be paid only upon customer acceptance, recognition of revenue may December 31, 2017, $1.3 million of revenue that was not 2017, not recognized net of $0.2 |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Business Acquisitions On January 4, 2017, the acquisition of all the outstanding stock of Kita Manufacturing Co., LTD. and Kita USA, Inc. (together “Kita”) (the “Acquisition”). Kita, headquartered in Osaka, Japan, and with operations in Attleboro, Massachusetts and Kyoto, Japan, designs, manufactures and sells spring probe contacts used in final test contactors, probe cards, PCB test boards and connectors sold to customers worldwide. The acquisition of Kita was a strategic transaction to expand our total available market, extend our market leadership and broaden our product offerings. In connection with the Acquisition, during the years ended December 30, 2017, December 31, 2016, $0.4 $1.8 The Acquisition has been accounted for in conformity with FASB ASC 805, 805” in thousands ): Cash paid to Kita shareholders $ 15,000 Fair value of contingent consideration 823 Total purchase price $ 15,823 The contingent consideration represents the estimated fair value of future payments totaling up to $3.0 million that we would be required to make as a result of Kita achieving annual revenue and EBITDA targets in 2017 2018 December 30, 2017, 3 4 three The 2017 $1.5 million will be made in early 2018. The following table presents the fair value of contingent consideration from the date of acquisition through December 30, 2017 ( in thousands ): Fair Value of Mark-to-Market Consideration Settlement of Adjustments Impact of Fair Value of Recognized at Contingent Charged to Currency Consideration at Acquisition Date Consideration Expense Exchange December 30, 2017 $ 823 $ - $ 1,423 $ 7 $ 2,253 The Acquisition was nontaxable to Cohu and certain of the assets acquired, including goodwill and intangibles, will not The table below summarizes the assets acquired and liabilities assumed as of January 4, 2017 ( in thousands ): Current assets, including cash received $ 10,491 Property, plant and equipment 12,751 Other assets 2,397 Intangible assets subject to amortization 2,100 Goodwill 2,654 Total assets acquired 30,393 Liabilities assumed (14,570 ) Net assets acquired $ 15,823 The allocation of the intangible assets subject to amortization is as follows (in thousands) : Estimated Useful Life Fair Value (in years) Developed technology $ 700 8 Customer relationships 600 4 Covenant not-to-compete 300 10 Product backlog 100 1 Trade names 400 5 Total intangible assets $ 2,100 Acquired intangible assets reported above are being amortized using the straight-line method over their estimated useful lives. The value assigned to the developed technology was determined by using the multi-period excess earnings method under the income approach. Developed technology, which comprises products that have reached technological feasibility, includes the products in Kita ’s product line. The revenue estimates used to value the developed technology were based on estimates of relevant market sizes and growth factors, expected trends in technology and the nature and expected timing of new product introductions by Kita and its competitors. The estimated cash flows were based on revenues for the developed technology net of operating expenses and net of contributory asset charges. The discount rate utilized to discount the net cash flows of the developed technology to present value was based on the risk associated with the respective cash flows taking into consideration the perceived risk of the technology relative to the other acquired assets, the weighted average cost of capital, the internal rate of return, and the weighted average return on assets. The value assigned to customer relationships was determined by using the with and without method under the income approach, which analyzes the difference in discounted cash flows generated with the customer relationships in place compared to the discounted cash flows generated without the customer relationships in place. The value assigned to the covenant not The value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of the acquisition date, using the income approach to discount back to present value the cash flows attributable to the backlog. The value assigned to trade names was estimated using the relief-from-royalty method of the income approach. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of this intangible asset. Pro forma Information Kita ’s results of operations were included in, but not January 4, 2017, twelve December 30, 2017, $19.2 twelve December 31, 2016, $16.6 |
Note 3 - Goodwill and Purchased
Note 3 - Goodwill and Purchased Intangible Assets | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill and Purchased Intangible Assets Changes in the carrying value of our goodwill during the years ended December 30, 2017, December 31, 2016, ( in thousands : Total Goodwill Balance December 26, 2015 $ 60,264 Impact of currency exchange (1,415 ) Balance December 31, 2016 58,849 Additions 2,654 Impact of currency exchange 4,110 Balance December 30, 2017 $ 65,613 Purchased intangible assets, subject to amortization, are as follows (in thousands) : December 30, 2017 December 31, 2016 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 20,780 $ 12,623 3.3 $ 19,194 $ 9,597 Customer relationships 7,934 4,838 3.0 6,996 3,644 Trade names 6,185 972 12.2 5,354 468 Covenant not-to-compete 313 31 9.0 - - $ 35,212 $ 18,464 $ 31,544 $ 13,709 Changes in the carrying values of purchased intangible assets presented above are a result of the impact of fluctuation in currency exchange rates. Amortization expense related to purchased intangible assets was approximately $4.2 million in 2017, $6.9 2016 $7.0 2015. December 30, 2017, 2018 $4.2 2019 $4.2 2020 $4.1 2021 $0.7 2022 $0.7 $2.8 |
Note 4 - Financial Instruments
Note 4 - Financial Instruments Measured at Fair Value | 12 Months Ended |
Dec. 30, 2017 | |
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 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 not Investments that we have classified as short-term, by security type, are as follows (in thousands) : At December 30, 2017 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 12,784 $ 1 $ 6 $ 12,779 U.S. treasury securities 7,935 - 4 7,931 Foreign government security 619 - - 619 $ 21,338 $ 1 $ 10 $ 21,329 At December 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Foreign government security $ 623 $ - $ - $ 623 Corporate debt securities (2) 22,513 1 6 22,508 Government-sponsored 8,109 - 1 8,108 Bank certificates of deposit 750 1 - 751 $ 31,995 $ 2 $ 7 $ 31,990 ( 1 As of December 30, 2017, $13.2 million. As of December 31, 2016, $26.6 ( 2 Corporate debt securities include investments in financial and other corporate institutions. No Effective maturities of short-term investments at December 30, 2017, Amortized Estimated (in thousands) Cost Fair Value Due in one year or less $ 21,338 $ 21,329 Accounting standards pertaining to fair value measurements establish a three 1, 2, 3, no 1. 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 December 30, 2017 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 100,850 $ - $ - $ 100,850 Money market funds - 22,205 - 22,205 Corporate debt securities - 22,014 - 22,014 U.S. treasury securities - 8,431 - 8,431 Government-sponsored enterprise securities - 1,496 - 1,496 Foreign government security - 619 - 619 $ 100,850 $ 54,765 $ - $ 155,615 Fair value measurements at December 31, 2016 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 70,279 $ - $ - $ 70,279 Money market funds - 24,166 - 24,166 Corporate debt securities - 24,108 - 24,108 Government-sponsored enterprise securities - 8,108 - 8,108 Foreign government security - 623 - 623 Bank certificates of deposit - 751 - 751 $ 70,279 $ 57,756 $ - $ 128,035 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. Income Taxes Significant components of the provision (benefit) for income taxes for continuing operations are as follows : (in thousands) 2017 2016 2015 Current: U.S. Federal $ 12 $ 11 $ 5 U.S. State 18 8 28 Foreign 6,005 3,793 1,956 Total current 6,035 3,812 1,989 Deferred: U.S. Federal (3,451 ) 91 89 U.S. State (481 ) 47 49 Foreign 141 (1,203 ) 84 Total deferred (3,791 ) (1,065 ) 222 $ 2,244 $ 2,747 $ 2,211 Income (loss) before income taxes from continuing operations consisted of the following : (in thousands) 2017 2016 2015 U.S. $ 1,430 $ (13,420 ) $ (5,214 ) Foreign 33,935 19,427 13,217 Total $ 35,365 $ 6,007 $ 8,003 The Tax Act was enacted on December 22, 2017, 2018, 35% 21% 2017 one not January 1, 2018, 2018 Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we have made reasonable estimates of the effects and recorded provisional amounts in our financial statements as of December 30, 2017. may may 2018 118. Provisional amounts for the following income tax effects of the Tax Act have been recorded as of December 30, 2017, 2018. One-time transition tax The Tax Act requires us to pay U.S. income taxes on accumulated foreign subsidiary earnings not 15.5% 8% may one $16.6 not Deferred tax effects The Tax Act reduces the U.S. statutory tax rate from 35% 21% 2017. December 30, 2017 $4.0 20 not December 30, 2017 Beginning in 2018, 100% 10 one n the hands of U.S. corporate shareholders, companies must still apply the guidance of ASC 740 30 25 18 As we complete our analysis of the Tax Act and incorporate additional guidance that may may not December 30, 2017. 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) 2017 2016 Deferred tax assets: Inventory, receivable and warranty reserves $ 3,417 $ 5,868 Net operating loss carryforwards 7,467 11,681 Tax credit carryforwards 14,724 13,715 Accrued employee benefits 4,796 5,002 Deferred profit and gain on facility sale 3,617 5,412 Stock-based compensation 1,897 4,189 Acquisition basis differences 1,606 1,334 Other 208 103 Gross deferred tax assets 37,732 47,304 Less valuation allowance (31,491 ) (44,731 ) Total deferred tax assets 6,241 2,573 Deferred tax liabilities: Depreciation and fixed asset related 120 53 Acquisition basis differences 5,518 7,423 Unremitted earnings of foreign subsidiaries 2,002 - Other 437 662 Total deferred tax liabilities 8,077 8,138 Net deferred tax liabilities $ (1,836 ) $ (5,565 ) 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” four 1 2 3 4 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 three 2017. As a result of our cumulative, three 2017 December 30, 2017, not” 2018 Our valuation allowance on our DTAs at December 30, 2017, December 31, 2016, $31.5 million and $44.7 not As the realization of DTAs is determined by tax jurisdiction, the deferred tax liabilities recorded as part of the 2008 2013 2017 not The reconciliation of income tax computed at the U.S. federal statutory tax rate to the provision for income taxes for continuing operations is as follows: (in thousands) 2017 2016 2015 Tax provision at U.S. 35% statutory rate $ 12,378 $ 2,102 $ 2,801 Impact of Tax Act, before reduction in valuation allowance 12,397 - - State income taxes, net of federal tax benefit 56 168 (152 ) Settlements, adjustments and releases from statute expirations (1,731 ) (312 ) (104 ) Federal tax credits (371 ) (183 ) (221 ) Stock-based compensation (2,801 ) 168 156 Change in valuation allowance (13,484 ) 2,430 2,181 Non-deductible transaction related costs 577 463 - Foreign income taxed at different rates (4,866 ) (2,378 ) (2,601 ) Other, net 89 289 151 $ 2,244 $ 2,747 $ 2,211 Our effective tax rate for each of the years presented was impacted by earnings realized in foreign jurisdictions with statutory tax rates lower than the U.S. federal statutory tax rate. Included in 2017 $2.0 2018, $0.2 million, $0.2 $0.4 2017, 2016 2015, At December 30, 2017, $31.2 million and $19.0 2018 2036 no December 30, 2017 $7.6 $14.1 2018 2037 no 382 383 not We have certain tax holidays with respect to our operations in Malaysia and the Philippines. These holidays require compliance with certain conditions and expire at various dates through 2027. $2.8 $0.10 2017, $1.0 million, or $0.04 2016 $0.8 $0.03 2015. A reconciliation of our gross unrecognized tax benefits, excluding accrued interest and penalties, is as follows: (in thousands) 2017 2016 2015 Balance at beginning of year $ 10,075 $ 10,444 $ 10,841 Gross additions for tax positions of current year 200 125 215 Gross additions for tax positions of prior years 958 58 248 Reductions due to lapse of the statute of limitations (1,148 ) (446 ) (243 ) Foreign exchange rate impact 236 (106 ) (617 ) Balance at end of year $ 10,321 $ 10,075 $ 10,444 The gross additions for tax positions of prior years is primarily related to the Kita acquisition. If the unrecognized tax benefits at December 30, 2017 $4.3 million ( $5.2 December 31, 2016) December 30, 2017, 2018 $0.6 We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Cohu had approximately $1.1 million and $1.2 December 30, 2017, December 31, 2016, 0.3 2017, not 2016 $0.1 2015. Our U.S. federal and state income tax returns for years after 2013 2012, four ten |
Note 6 - Employee Benefit Plans
Note 6 - Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Employee Benefit Plans Defined Contribution Retirement Plans – We maintain a defined contribution 401 50% 6% 2017 2016 $0.6 2015 $0.7 Defined Benefit Retirement Plans – As a result of the acquisition of Ismeca effective December 31, 2012, Net periodic benefit cost of the Swiss Plan was as follows : (in thousands) 2017 2016 2015 Service cost $ 907 $ 868 $ 856 Interest cost 198 245 311 Expected return on assets (119 ) (147 ) (193 ) Settlements - - 235 Net periodic costs $ 986 $ 966 $ 1,209 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) 2017 2016 Change in projected benefit obligation: Benefit obligation at beginning of year $ (27,499 ) $ (25,483 ) Service cost (907 ) (868 ) Interest cost (198 ) (245 ) Actuarial loss (628 ) (796 ) Participant contributions (789 ) (719 ) Benefits paid 743 (214 ) Foreign currency exchange adjustment (1,234 ) 826 Benefit obligation at end of year (30,512 ) (27,499 ) Change in plan assets: Fair value of plan assets at beginning of year 16,077 14,716 Return on assets, net of actuarial loss 112 189 Employer contributions 789 719 Participant contributions 789 719 Benefits paid (743 ) 214 Foreign currency exchange adjustment 722 (480 ) Fair value of plan assets at end of year 17,746 16,077 Net liability at end of year $ (12,766 ) $ (11,422 ) At December 30, 2017, December 31, 2016, ’s net liability is included in noncurrent accrued retirement benefits. Amounts recognized in accumulated other comprehensive income net of tax related to the Swiss Plan consisted of an unrecognized net actuarial loss totaling $3.1 December 30, 2017, $2.4 December 31, 2016. Weighted-average actuarial assumptions used to determine the projected benefit obligation under the Swiss Plan are as follows : 2017 2016 Discount rate 0.7% 0.7% Compensation increase 1.8% 1.5% Weighted-average assumptions used to determine net periodic benefit cost of the Swiss Plan are as follows : 2017 2016 2015 Discount rate 0.7% 1.0% 1.3% Rate of return on Assets 0.7% 1.0% 1.3% Compensation increase 1.5% 1.8% 1.8% During 2018 $0.8 2018 $0.8 2019 $0.9 2020 $0.9 2021 $1.1 2022 $0.9 $6.0 2027. As is customary with Swiss pension plans, the assets of the plan are invested in a collective fund with multiple employers. We have no 68% 15% 9% 8% 3 1 2 3 ’s annual financial statements. See Note 4, three We maintain other 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 for all periods presented. Retiree Medical Benefits – We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost was $0.1 2017, 2016, 2015. no The weighted average discount rate used in determining the accumulated post-retirement benefit obligation was 3.4% 2017, 3.9% 2016 4.2% 2015. 9.2% 2018. 0.5% 4.5% 2027 one 2017 $13,000 $11,000 December 30, 2017, $419,000 $354,000 Contributions to the post-retirement health benefit plan are expected to total $0.1 2018. 2018 $0.1 2019 $0.1 2020 $0.1 2021 $0.1 2022 $0.2 $0.9 2027. 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) 2017 2016 Accumulated benefit obligation at beginning of year $ 2,490 $ 2,649 Interest cost 95 109 Actuarial (gain) loss 677 (185 ) Benefits paid (114 ) (83 ) Accumulated benefit obligation at end of year 3,148 2,490 Plan assets at end of year - - Funded status $ (3,148 ) $ (2,490 ) 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 30, 2017, $2.3 $2.2 December 31, 2016, $2.4 $2.2 Employee Stock Purchase Plan – The Cohu, Inc. 1997 2,650,000 may 85% three 2017 99,144; 2016 110,579 2015 122,528. December 30, 2017, 601,340 Stock Options – At December 30, 2017, 1,503,078 2005 2005 2005 may not 100% one four one ten Stock option activity under our share-based compensation plans was as follows: 2017 2016 2015 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Shares Ex. Price Shares Ex. Price Shares Ex. Price Outstanding, beginning of year 1,641 $ 10.79 1,965 $ 11.25 2,435 $ 11.67 Granted - N/A - N/A 10 $ 10.98 Exercised (1,164 ) $ 10.98 (101 ) $ 7.89 (175 ) $ 8.65 Cancelled (5 ) $ 20.73 (223 ) $ 16.19 (305 ) $ 16.07 Outstanding, end of year 472 $ 10.20 1,641 $ 10.79 1,965 $ 11.25 Options exercisable at year end 469 $ 10.20 1,537 $ 10.85 1,673 $ 11.47 The aggregate intrinsic value of options exercised was $10.1 million in 2017, $0.5 2016, $0.7 2015. December 30, 2017, $5.5 Information about stock options outstanding at December 30, 2017 (options in thousands) : Options Outstanding Options Exercisable Approximate Wt. Avg. Range of Number Remaining Wt. Avg. Number Wt. Avg. Exercise Prices Outstanding Life (Years) Ex. Price Exercisable Ex. Price $7.32 - $9.44 248 4.7 $ 9.16 248 $ 9.16 $9.45 - $10.54 26 4.8 $ 10.41 26 $ 10.41 $10.55 - $17.67 198 4.2 $ 11.48 195 $ 11.49 472 4.5 $ 10.20 469 $ 10.20 Restricted Stock Units – Under our equity incentive plans, restricted stock units may one two four not not not December 30, 2017. Restricted stock unit activity under our share-based compensation plans was as follows : 2017 2016 2015 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 1,083 $ 10.50 1,078 $ 9.93 1,026 $ 9.54 Granted 353 $ 15.95 471 $ 11.25 482 $ 10.54 Released (409 ) $ 10.26 (409 ) $ 9.90 (339 ) $ 9.63 Cancelled (46 ) $ 11.85 (57 ) $ 10.25 (91 ) $ 9.82 Outstanding, end of year 981 $ 12.50 1,083 $ 10.50 1,078 $ 9.93 Equity-Based Performance Stock Units – 2017, 2016 2015 2014 one two four Year Grante d Range of Award s Performance Criteria Period (in years) 201 7 25% - 200% 3 201 6 25% - 200% 3 201 5 25% - 200% 2 201 4 0% - 150% 2 PSUs granted in 2017 2016 100% third 2015 2014 50% second third We estimated the fair value of the PSUs using a Monte Carlo simulation model on the date of grant. Compensation expense is recognized 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 PSUs outstanding at December 30, 2017. PSU activity under our share-based compensation plans was as follows : 2017 2016 2015 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 403 $ 11.04 376 $ 10.80 334 $ 10.49 Granted 185 $ 17.60 222 $ 11.38 156 $ 10.69 Released (186 ) $ 11.35 (172 ) $ 11.27 (38 ) $ 9.52 Cancelled (68 ) $ 11.94 (23 ) $ 8.75 (76 ) $ 9.86 Outstanding, end of year 334 $ 14.31 403 $ 11.04 376 $ 10.80 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. The following weighted average assumptions were used to value share-based awards granted: Employee Stock Purchase Plan 2017 2016 2015 Dividend yield 1.4% 2.0% 2.2% Expected volatility 33.3% 31.2% 35.3% Risk-free interest rate 0.7% 0.3% 0.1% Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $4.63 $2.82 $2.71 Employee Stock Options 2017 (1) 2016 (1) 2015 Dividend yield N/A N/A 2.1% Expected volatility N/A N/A 39.1% Risk-free interest rate N/A N/A 1.6% Expected term (years) N/A N/A 5.9 Weighted-average grant date fair value per share N/A N/A $3.46 Restricted Stock Units 2017 2016 2015 Dividend yield 1.4% 2.0% 2.1% ( 1 no 2017 2016. Reported share-based compensation is classified in the Consolidated Financial Statements as follows : (in thousands) 2017 2016 2015 Cost of sales $ 423 $ 398 $ 566 Research and development 1,054 1,292 1,092 Selling, general and administrative 5,530 5,453 5,097 Share-based compensation of continuing operations 7,007 7,143 6,755 Discontinued operations - - 138 Income tax benefit (530 ) (269 ) (249 ) Total share-based compensation, net of tax $ 6,477 $ 6,874 $ 6,644 We elected to early adopt ASU 2016 09 fourth 2016, December 30, 2017, December 31, 2016, $0.2 million increase to paid-in capital and a decrease to retained earnings as of December 27, 2015. December 26, 2015, At December 30, 2017, $0.1 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 0.2 At December 30, 2017, $10.1 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 2.3 |
Note 7 - Segment and Geographic
Note 7 - Segment and Geographic Information | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. Segment and Geographic Information We applied the provisions of ASC 280, 280, s, which are Digital Test Handlers (DTH), Analog Test Handlers (ATH) and Integrated Test Solutions (ITS), qualify for aggregation under ASC 280 one During the last three 10% 2017 2016 2015 Intel 11.2 % 17.2 % 18.0 % NXP Semiconductors N.V. (1) 15.9 % 13.7 % 11.4 % ( 1 The merger of NXP Semiconductors N.V. and Freescale Semiconductor, Ltd. was completed on December 7, 2015. Net sales to customers, attributed to countries based on product shipment destination, were as follows: (in thousands) 2017 2016 2015 China $ 82,474 $ 60,291 $ 52,589 Malaysia 80,102 85,956 60,776 United States 38,729 35,204 50,704 Rest of the World 151,399 100,633 105,585 Total, net $ 352,704 $ 282,084 $ 269,654 Geographic location of our property, plant and equipment and other long-lived assets was as follows : (in thousands) 2017 2016 Property, plant and equipment: Japan $ 12,137 $ - Germany 7,485 6,674 Philippines 5,808 4,167 Malaysia 4,622 4,067 United States 3,064 2,398 Rest of the World 1,056 928 Total, net $ 34,172 $ 18,234 Goodwill and other intangible assets: Germany $ 30,546 $ 26,892 United States 17,242 17,242 Switzerland 15,450 18,264 Malaysia 7,078 6,775 Singapore 6,558 6,558 Japan 4,491 - Rest of the World 996 953 Total, net $ 82,361 $ 76,684 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies We lease certain of our facilities and equipment under non-cancelable operating leases. Rental expense was $3.6 2017, $4.4 2016, $1.8 2015. 2017 2016 December 4, 2015. 13, Future minimum lease payments at December 30, 2017 (in thousands) 2018 2019 2020 2021 2022 Thereafter Total Non-cancelable operating leases $ 3,280 $ 2,930 $ 2,664 $ 2,636 $ 2,687 $ 7,264 $ 21,461 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 not |
Note 9 - Guarantees
Note 9 - Guarantees | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 9. Guarantees Accrued Warranty Changes in accrued warranty during the three December 30, 2017, : (in thousands) 2017 2016 2015 Beginning balance $ 4,350 $ 4,886 $ 5,848 Warranty accruals 6,765 6,088 6,747 Warranty payments (6,316 ) (6,624 ) (7,709 ) Warranty liability assumed 50 - - Ending balance $ 4,849 $ 4,350 $ 4,886 Accrued warranty amounts expected to be incurred after one $0.6 million at both December 30, 2017, December 31, 2016. Revolving Lines of Credit and Term Loans As a result of the Acquisition, we assumed a series of revolving credit facilities with various financial institutions in Japan. The credit facilities renew monthly and provide Kita with access to working capital totaling up to $6.2 million. At December 30, 2017, $3.1 We also assumed term loans from a series of Japanese financial institutions primarily related to the expansion of Kita ’s facility in Osaka, Japan. The loans are collateralized by the facility and land, carry interest rates ranging from 0.05% 0.45%, 2034. December 30, 2017, $5.9 $1.3 December 30, 2017. The revolving lines of credit and term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. At December 30, 2017, ’s revolving credit facilities and term loans total $9.0 December 30, 2017, $1.3 2018, $1.2 2019, $1.0 2020, $1.1 2021, $0.8 2022 $3.6 Our wholly owned Ismeca subsidiary has one 2.0 million Swiss Francs. At December 30, 2017, December 31, 2016, no |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Accumulated Other Comprehensive Loss Components of other comprehensive loss, on an after-tax basis, were as follows : (in thousands) Before Tax amount Tax (Expense) Benefit Net of Tax Amount Year ended December 26, 2015 Foreign currency translation adjustments $ (11,000 ) $ - $ (11,000 ) Adjustments related to postretirement benefits (24 ) (34 ) (58 ) Other comprehensive income (loss) $ (11,024 ) $ (34 ) $ (11,058 ) Year ended December 31, 2016 Foreign currency translation adjustments $ (5,789 ) $ - $ (5,789 ) Adjustments related to postretirement benefits (429 ) 113 (316 ) Change in unrealized gain/loss on investments (5 ) - (5 ) Other comprehensive income (loss) $ (6,223 ) $ 113 $ (6,110 ) Year ended December 30, 2017 Foreign currency translation adjustments $ 11,345 $ - $ 11,345 Adjustments related to postretirement benefits (1,369 ) 121 (1,248 ) Change in unrealized gain/loss on investments (2 ) - (2 ) Other comprehensive income (loss) $ 9,974 $ 121 $ 10,095 Components of accumulated other comprehensive loss, net of tax, at the end of each period are as follows: (in thousands) 2017 2016 Accumulated net currency translation adjustments $ (13,771 ) $ (25,116 ) Accumulated net adjustments related to postretirement benefits (4,009 ) (2,761 ) Accumulated net unrealized gain/loss on investments (7 ) (5 ) Total accumulated other comprehensive loss $ (17,787 ) $ (27,882 ) |
Note 11 - Discontinued Operatio
Note 11 - Discontinued Operations | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 11. Discontinued Operations In 2015, $4.9 million in cash and up to $2.5 no As part of the divestiture of BMS we recorded a contingent consideration receivable that was been classified as Level 3 4, three 2016 2017 2017, Operating results of our discontinued BMS operation are summarized as follows ( in thousands ) December 30, December 31, December 26, 2017 2016 2015 Net sales $ - $ - $ 6,965 Loss from operations $ - $ - $ (1,963 ) Loss from sale (278 ) (221 ) (3,573 ) Loss before taxes (278 ) (221 ) (5,536 ) Income tax provision - - 6 Loss, net of tax $ (278 ) $ (221 ) $ (5,542 ) |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. Related Party Transactions At December 30, 2017 13.1% 13 January 23, 2018. |
Note 13 - Sale-leaseback of Pow
Note 13 - Sale-leaseback of Poway Facility | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Sale Leaseback Transactions [Text Block] | 13. Sale-leaseback of Poway Facility On December 4, 2015, $34.1 $33.3 million which resulted in a total gain of $18.5 ten 2025, $1.6 3% 43% two five We accounted for this transaction in accordance with ASC subtopic 840 40, Sale-leaseback transactions $3.2 December 26, 2015. $15.3 not 10 December 30, 2017, December 31, 2016, $1.5 $2.0 |
Note 14 - Quarterly Financial D
Note 14 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 14. Quarterly Financial Data (Unaudited) Quarter First (a) Second (a) Third (a) Fourth (a) (c) Year (in thousands, except per share data) Net sales: 2017 $ 81,097 $ 93,866 $ 93,651 $ 84,090 $ 352,704 2016 $ 65,778 $ 76,353 $ 69,259 $ 70,694 $ 282,084 Gross profit: 2017 $ 32,256 $ 37,130 $ 36,909 $ 34,423 $ 140,718 2016 (b) $ 19,282 $ 26,739 $ 23,280 $ 25,527 $ 94,828 Income (loss) from continuing operations 2017 $ 6,763 $ 10,708 $ 8,755 $ 6,895 $ 33,121 2016 (b) $ (1,691 ) $ 2,517 $ 128 $ 2,306 $ 3,260 Net income (loss) 2017 $ 6,763 $ 10,430 $ 8,755 $ 6,895 $ 32,843 2016 (b) $ (1,691 ) $ 2,462 $ 179 $ 2,089 $ 3,039 Income (loss) per share (d): Basic: Income (loss) from continuing operations 2017 $ 0.25 $ 0.39 $ 0.31 $ 0.24 $ 1.19 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.09 $ 0.12 Net income (loss) 2017 $ 0.25 $ 0.38 $ 0.31 $ 0.24 $ 1.18 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.08 $ 0.11 Diluted: Income (loss) from continuing operations 2017 $ 0.24 $ 0.37 $ 0.30 $ 0.23 $ 1.15 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.08 $ 0.12 Net income (loss) 2017 $ 0.24 $ 0.36 $ 0.30 $ 0.23 $ 1.14 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.08 $ 0.11 (a) All quarters presented above were comprised of 13 fourth December 31, 2016, 14 (b) As a result of the adoption of ASU 2016 09, fourth 2016, first three first 2016 not (c) The fourth 2017 December 2017. (d) The sum of the four may not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Additions Additions (Reductions) (Reductions) Balance at Not Charged Balance Beginning Charged (Credited) Deductions/ at End Description of Year to Expense to Expense Write-offs of Year Allowance for doubtful accounts: Year ended December 26, 2015 $ 179 $ 1 (1) $ 19 $ 128 $ 71 Year ended December 31, 2016 $ 71 $ (4 ) (1) $ 13 $ (1 ) $ 81 Year ended December 30, 2017 $ 81 $ 204 (3) $ 6 $ 61 $ 230 Reserve for excess and obsolete inventories: Year ended December 26, 2015 $ 27,851 $ (648 ) (1) $ 2,409 $ 2,959 $ 26,653 Year ended December 31, 2016 $ 26,653 $ 1,789 (2) $ 1,125 $ 8,082 $ 21,485 Year ended December 30, 2017 $ 21,485 $ 2,661 (3) $ 1,148 $ 4,106 $ 21,188 All amounts presented above have been restated to exclude the impact of our discontinued operations. ( 1 ( 2 ( 3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation – Cohu, Inc. (“Cohu”, “we”, “our” and “us”), through our wholly owned subsidiaries, is a provider of semiconductor test equipment. Our Consolidated Financial Statements include the accounts of Cohu and our wholly owned subsidiaries. All 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 53 December. December 30, 2017, 52 December 31, 2016, December 26, 2015, 53 52 |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations – On June 10, 2015, 11, ” for additional information. Unless otherwise indicated, all amounts herein relate to continuing operations. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss ) Per Share For the years ended December 30, 2017, December 31, 2016, December 26, 2015, 77,000, 697,000 875,000 The following table reconciles the denominators used in computing basic and diluted income (loss) per share : (in thousands) 2017 2016 2015 Weighted average common shares outstanding 27,836 26,659 26,057 Effect of dilutive stock options and restricted stock units 1,080 821 731 28,916 27,480 26,788 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Short-term Investments – Highly liquid investments with insignificant interest rate risk and original maturities of three three 12 one |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments – The carrying amounts of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximate fair value due to the short maturities of these financial instruments. |
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 Trade accounts receivable are presented net of allowance for doubtful accounts of $0.2 million at December 30, 2017, $0.1 December 31, 2016. December 30, 2017, may |
Inventory, Policy [Policy Text Block] | Inventories – Inventories are stated at the lower of cost, determined on a first first $1.1 2017 2016 $2.4 2015. |
Property, Plant and Equipment, Policy [Policy Text Block] | 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 forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) : December 30, December 31, 2017 2016 Land and land improvements $ 8,017 $ 4,079 Buildings and building improvements 13,779 7,967 Machinery and equipment 45,333 35,157 67,129 47,203 Less accumulated depreciation and amortization (32,957 ) (28,969 ) Property, plant and equipment, net $ 34,172 $ 18,234 Depreciation expense was $5.0 million in 2017, $3.5 2016 $4.2 2015. |
Segment Reporting, Policy [Policy Text Block] | Segment Information – We applied the provisions of ASC Topic 280, Segment Reporting 280” 280, 280 one |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 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 first second We conduct our annual impairment test as of October 1st no October 1, 2017 may December 30, 2017, not may 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 may not ’s carrying amount is not |
Standard Product Warranty, Policy [Policy Text Block] | 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 36 |
Income Tax, Policy [Policy Text Block] | 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 50 not not no The U.S. Tax Cuts and Jobs Act (“Tax Act” ) was enacted on December 22, 2017. December 30, 2017 No. 118 118” may may 2018. |
Commitments and Contingencies, Policy [Policy Text Block] | 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, 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 20% 80% not Certain of our equipment sales are accounted for as multiple-element arrangements. A multiple-element arrangement is a transaction which may may 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 On shipments where sales are not ’s payments are recorded as customer advances. At December 30, 2017, $10.4 $7.4 one $0.8 December 30, 2017, December 31, 2016, $9.3 $6.9 On December 31, 2017, first 2018, ASU No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 For additional information on the impact this new standard will have on our revenue recognition in the future see recently issued accounting pronouncements below. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs – Advertising costs are expensed as incurred and were not |
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) 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 Transactions and Translations Policy [Policy Text Block] | Foreign Remeasurement and 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. During the year ended December 30, 2017, $3.0 December 31, 2016, December 26, 2015, $2.6 $1.4 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. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders ’ equity. |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss $17.8 December 30, 2017, $27.9 December 31, 2016, December 30, 2017, December 31, 2016. $11.3 2017. $5.8 10. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements – In March 2016, No. 2016 09, Compensation - Stock Compensation (Topic 718 2016 09 2016 09 December 15, 2016, 2016 09 fourth 2016. $0.2 December 27, 2015, first 2016. December 31, 2016. not In July 2015, 2015 11, Accounting for Inventory 2015 11 2015 11 ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. ASU 2015 11 December 15, 2016. 2015 11 January 1, 2017. 2015 11 not Recently Issued Accounting Pronouncements – In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017, not In January 2017, No. 2017 04, Simplifying the Test for Goodwill Impairment 2 not December 15, 2019. not In January 2017, No. 2017 01, Clarifying the Definition of a Business. December 15, 2017. not In November 2016, No. 2016 18, Restricted Cash. December 15, 2017. not In August 2016, No. 2016 15, Classification of Certain Cash Receipts and Cash Payments. eight December 15, 2017. not In February 2016, No. 2016 02, 842 December 15, 2018. In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 (ASU 2014 09 August 2015, No. 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09 one March 2016, No. 2016 08, Revenue from Contracts with Customers (Topic 606 (ASU 2016 08 first 2018. December 31, 2017, first 2018 two We plan on adopting the standard using the modified retrospective method. We have completed our analysis on the impact this guidance will have on our consolidated financial statements and are still in the process of evaluating the impact on our disclosures. Based on our review of our customer agreements, our revenue will continue to be recognized at a point in time, generally upon shipment of products to customers, consistent with our current revenue recognition model. In certain instances, when customer payment terms provide that a minority portion of the equipment purchase price be paid only upon customer acceptance, recognition of revenue may December 31, 2017, $1.3 million of revenue that was not 2017, not recognized net of $0.2 |
Note 1 - Summary of Significa25
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands) 2017 2016 2015 Weighted average common shares outstanding 27,836 26,659 26,057 Effect of dilutive stock options and restricted stock units 1,080 821 731 28,916 27,480 26,788 |
Property, Plant and Equipment [Table Text Block] | December 30, December 31, 2017 2016 Land and land improvements $ 8,017 $ 4,079 Buildings and building improvements 13,779 7,967 Machinery and equipment 45,333 35,157 67,129 47,203 Less accumulated depreciation and amortization (32,957 ) (28,969 ) Property, plant and equipment, net $ 34,172 $ 18,234 |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash paid to Kita shareholders $ 15,000 Fair value of contingent consideration 823 Total purchase price $ 15,823 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Fair Value of Mark-to-Market Consideration Settlement of Adjustments Impact of Fair Value of Recognized at Contingent Charged to Currency Consideration at Acquisition Date Consideration Expense Exchange December 30, 2017 $ 823 $ - $ 1,423 $ 7 $ 2,253 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Current assets, including cash received $ 10,491 Property, plant and equipment 12,751 Other assets 2,397 Intangible assets subject to amortization 2,100 Goodwill 2,654 Total assets acquired 30,393 Liabilities assumed (14,570 ) Net assets acquired $ 15,823 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Useful Life Fair Value (in years) Developed technology $ 700 8 Customer relationships 600 4 Covenant not-to-compete 300 10 Product backlog 100 1 Trade names 400 5 Total intangible assets $ 2,100 |
Note 3 - Goodwill and Purchas27
Note 3 - Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Total Goodwill Balance December 26, 2015 $ 60,264 Impact of currency exchange (1,415 ) Balance December 31, 2016 58,849 Additions 2,654 Impact of currency exchange 4,110 Balance December 30, 2017 $ 65,613 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 30, 2017 December 31, 2016 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 20,780 $ 12,623 3.3 $ 19,194 $ 9,597 Customer relationships 7,934 4,838 3.0 6,996 3,644 Trade names 6,185 972 12.2 5,354 468 Covenant not-to-compete 313 31 9.0 - - $ 35,212 $ 18,464 $ 31,544 $ 13,709 |
Note 4 - Financial Instrument28
Note 4 - Financial Instruments Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | At December 30, 2017 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 12,784 $ 1 $ 6 $ 12,779 U.S. treasury securities 7,935 - 4 7,931 Foreign government security 619 - - 619 $ 21,338 $ 1 $ 10 $ 21,329 At December 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Foreign government security $ 623 $ - $ - $ 623 Corporate debt securities (2) 22,513 1 6 22,508 Government-sponsored 8,109 - 1 8,108 Bank certificates of deposit 750 1 - 751 $ 31,995 $ 2 $ 7 $ 31,990 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated (in thousands) Cost Fair Value Due in one year or less $ 21,338 $ 21,329 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at December 30, 2017 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 100,850 $ - $ - $ 100,850 Money market funds - 22,205 - 22,205 Corporate debt securities - 22,014 - 22,014 U.S. treasury securities - 8,431 - 8,431 Government-sponsored enterprise securities - 1,496 - 1,496 Foreign government security - 619 - 619 $ 100,850 $ 54,765 $ - $ 155,615 Fair value measurements at December 31, 2016 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 70,279 $ - $ - $ 70,279 Money market funds - 24,166 - 24,166 Corporate debt securities - 24,108 - 24,108 Government-sponsored enterprise securities - 8,108 - 8,108 Foreign government security - 623 - 623 Bank certificates of deposit - 751 - 751 $ 70,279 $ 57,756 $ - $ 128,035 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2017 2016 2015 Current: U.S. Federal $ 12 $ 11 $ 5 U.S. State 18 8 28 Foreign 6,005 3,793 1,956 Total current 6,035 3,812 1,989 Deferred: U.S. Federal (3,451 ) 91 89 U.S. State (481 ) 47 49 Foreign 141 (1,203 ) 84 Total deferred (3,791 ) (1,065 ) 222 $ 2,244 $ 2,747 $ 2,211 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (in thousands) 2017 2016 2015 U.S. $ 1,430 $ (13,420 ) $ (5,214 ) Foreign 33,935 19,427 13,217 Total $ 35,365 $ 6,007 $ 8,003 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2017 2016 Deferred tax assets: Inventory, receivable and warranty reserves $ 3,417 $ 5,868 Net operating loss carryforwards 7,467 11,681 Tax credit carryforwards 14,724 13,715 Accrued employee benefits 4,796 5,002 Deferred profit and gain on facility sale 3,617 5,412 Stock-based compensation 1,897 4,189 Acquisition basis differences 1,606 1,334 Other 208 103 Gross deferred tax assets 37,732 47,304 Less valuation allowance (31,491 ) (44,731 ) Total deferred tax assets 6,241 2,573 Deferred tax liabilities: Depreciation and fixed asset related 120 53 Acquisition basis differences 5,518 7,423 Unremitted earnings of foreign subsidiaries 2,002 - Other 437 662 Total deferred tax liabilities 8,077 8,138 Net deferred tax liabilities $ (1,836 ) $ (5,565 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2017 2016 2015 Tax provision at U.S. 35% statutory rate $ 12,378 $ 2,102 $ 2,801 Impact of Tax Act, before reduction in valuation allowance 12,397 - - State income taxes, net of federal tax benefit 56 168 (152 ) Settlements, adjustments and releases from statute expirations (1,731 ) (312 ) (104 ) Federal tax credits (371 ) (183 ) (221 ) Stock-based compensation (2,801 ) 168 156 Change in valuation allowance (13,484 ) 2,430 2,181 Non-deductible transaction related costs 577 463 - Foreign income taxed at different rates (4,866 ) (2,378 ) (2,601 ) Other, net 89 289 151 $ 2,244 $ 2,747 $ 2,211 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (in thousands) 2017 2016 2015 Balance at beginning of year $ 10,075 $ 10,444 $ 10,841 Gross additions for tax positions of current year 200 125 215 Gross additions for tax positions of prior years 958 58 248 Reductions due to lapse of the statute of limitations (1,148 ) (446 ) (243 ) Foreign exchange rate impact 236 (106 ) (617 ) Balance at end of year $ 10,321 $ 10,075 $ 10,444 |
Note 6 - Employee Benefit Pla30
Note 6 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (in thousands) 2017 2016 2015 Service cost $ 907 $ 868 $ 856 Interest cost 198 245 311 Expected return on assets (119 ) (147 ) (193 ) Settlements - - 235 Net periodic costs $ 986 $ 966 $ 1,209 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (in thousands) 2017 2016 Change in projected benefit obligation: Benefit obligation at beginning of year $ (27,499 ) $ (25,483 ) Service cost (907 ) (868 ) Interest cost (198 ) (245 ) Actuarial loss (628 ) (796 ) Participant contributions (789 ) (719 ) Benefits paid 743 (214 ) Foreign currency exchange adjustment (1,234 ) 826 Benefit obligation at end of year (30,512 ) (27,499 ) Change in plan assets: Fair value of plan assets at beginning of year 16,077 14,716 Return on assets, net of actuarial loss 112 189 Employer contributions 789 719 Participant contributions 789 719 Benefits paid (743 ) 214 Foreign currency exchange adjustment 722 (480 ) Fair value of plan assets at end of year 17,746 16,077 Net liability at end of year $ (12,766 ) $ (11,422 ) |
Schedule of Assumptions Used [Table Text Block] | 2017 2016 Discount rate 0.7% 0.7% Compensation increase 1.8% 1.5% 2017 2016 2015 Discount rate 0.7% 1.0% 1.3% Rate of return on Assets 0.7% 1.0% 1.3% Compensation increase 1.5% 1.8% 1.8% |
Schedule of Net Funded Status [Table Text Block] | (in thousands) 2017 2016 Accumulated benefit obligation at beginning of year $ 2,490 $ 2,649 Interest cost 95 109 Actuarial (gain) loss 677 (185 ) Benefits paid (114 ) (83 ) Accumulated benefit obligation at end of year 3,148 2,490 Plan assets at end of year - - Funded status $ (3,148 ) $ (2,490 ) |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 2017 2016 2015 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Shares Ex. Price Shares Ex. Price Shares Ex. Price Outstanding, beginning of year 1,641 $ 10.79 1,965 $ 11.25 2,435 $ 11.67 Granted - N/A - N/A 10 $ 10.98 Exercised (1,164 ) $ 10.98 (101 ) $ 7.89 (175 ) $ 8.65 Cancelled (5 ) $ 20.73 (223 ) $ 16.19 (305 ) $ 16.07 Outstanding, end of year 472 $ 10.20 1,641 $ 10.79 1,965 $ 11.25 Options exercisable at year end 469 $ 10.20 1,537 $ 10.85 1,673 $ 11.47 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Approximate Wt. Avg. Range of Number Remaining Wt. Avg. Number Wt. Avg. Exercise Prices Outstanding Life (Years) Ex. Price Exercisable Ex. Price $7.32 - $9.44 248 4.7 $ 9.16 248 $ 9.16 $9.45 - $10.54 26 4.8 $ 10.41 26 $ 10.41 $10.55 - $17.67 198 4.2 $ 11.48 195 $ 11.49 472 4.5 $ 10.20 469 $ 10.20 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | 2017 2016 2015 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 1,083 $ 10.50 1,078 $ 9.93 1,026 $ 9.54 Granted 353 $ 15.95 471 $ 11.25 482 $ 10.54 Released (409 ) $ 10.26 (409 ) $ 9.90 (339 ) $ 9.63 Cancelled (46 ) $ 11.85 (57 ) $ 10.25 (91 ) $ 9.82 Outstanding, end of year 981 $ 12.50 1,083 $ 10.50 1,078 $ 9.93 |
Schedule of Share-based Compensation, Equity-based Performance Stock Units [Table Text Block] | Year Grante d Range of Award s Performance Criteria Period (in years) 201 7 25% - 200% 3 201 6 25% - 200% 3 201 5 25% - 200% 2 201 4 0% - 150% 2 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | 2017 2016 2015 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 403 $ 11.04 376 $ 10.80 334 $ 10.49 Granted 185 $ 17.60 222 $ 11.38 156 $ 10.69 Released (186 ) $ 11.35 (172 ) $ 11.27 (38 ) $ 9.52 Cancelled (68 ) $ 11.94 (23 ) $ 8.75 (76 ) $ 9.86 Outstanding, end of year 334 $ 14.31 403 $ 11.04 376 $ 10.80 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Employee Stock Purchase Plan 2017 2016 2015 Dividend yield 1.4% 2.0% 2.2% Expected volatility 33.3% 31.2% 35.3% Risk-free interest rate 0.7% 0.3% 0.1% Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $4.63 $2.82 $2.71 Employee Stock Options 2017 (1) 2016 (1) 2015 Dividend yield N/A N/A 2.1% Expected volatility N/A N/A 39.1% Risk-free interest rate N/A N/A 1.6% Expected term (years) N/A N/A 5.9 Weighted-average grant date fair value per share N/A N/A $3.46 Restricted Stock Units 2017 2016 2015 Dividend yield 1.4% 2.0% 2.1% |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | (in thousands) 2017 2016 2015 Cost of sales $ 423 $ 398 $ 566 Research and development 1,054 1,292 1,092 Selling, general and administrative 5,530 5,453 5,097 Share-based compensation of continuing operations 7,007 7,143 6,755 Discontinued operations - - 138 Income tax benefit (530 ) (269 ) (249 ) Total share-based compensation, net of tax $ 6,477 $ 6,874 $ 6,644 |
Note 7 - Segment and Geograph31
Note 7 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2017 2016 2015 Intel 11.2 % 17.2 % 18.0 % NXP Semiconductors N.V. (1) 15.9 % 13.7 % 11.4 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | (in thousands) 2017 2016 2015 China $ 82,474 $ 60,291 $ 52,589 Malaysia 80,102 85,956 60,776 United States 38,729 35,204 50,704 Rest of the World 151,399 100,633 105,585 Total, net $ 352,704 $ 282,084 $ 269,654 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | (in thousands) 2017 2016 Property, plant and equipment: Japan $ 12,137 $ - Germany 7,485 6,674 Philippines 5,808 4,167 Malaysia 4,622 4,067 United States 3,064 2,398 Rest of the World 1,056 928 Total, net $ 34,172 $ 18,234 Goodwill and other intangible assets: Germany $ 30,546 $ 26,892 United States 17,242 17,242 Switzerland 15,450 18,264 Malaysia 7,078 6,775 Singapore 6,558 6,558 Japan 4,491 - Rest of the World 996 953 Total, net $ 82,361 $ 76,684 |
Note 8 - Commitments and Cont32
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | (in thousands) 2018 2019 2020 2021 2022 Thereafter Total Non-cancelable operating leases $ 3,280 $ 2,930 $ 2,664 $ 2,636 $ 2,687 $ 7,264 $ 21,461 |
Note 9 - Guarantees (Tables)
Note 9 - Guarantees (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (in thousands) 2017 2016 2015 Beginning balance $ 4,350 $ 4,886 $ 5,848 Warranty accruals 6,765 6,088 6,747 Warranty payments (6,316 ) (6,624 ) (7,709 ) Warranty liability assumed 50 - - Ending balance $ 4,849 $ 4,350 $ 4,886 |
Note 10 - Accumulated Other C34
Note 10 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Before Tax amount Tax (Expense) Benefit Net of Tax Amount Year ended December 26, 2015 Foreign currency translation adjustments $ (11,000 ) $ - $ (11,000 ) Adjustments related to postretirement benefits (24 ) (34 ) (58 ) Other comprehensive income (loss) $ (11,024 ) $ (34 ) $ (11,058 ) Year ended December 31, 2016 Foreign currency translation adjustments $ (5,789 ) $ - $ (5,789 ) Adjustments related to postretirement benefits (429 ) 113 (316 ) Change in unrealized gain/loss on investments (5 ) - (5 ) Other comprehensive income (loss) $ (6,223 ) $ 113 $ (6,110 ) Year ended December 30, 2017 Foreign currency translation adjustments $ 11,345 $ - $ 11,345 Adjustments related to postretirement benefits (1,369 ) 121 (1,248 ) Change in unrealized gain/loss on investments (2 ) - (2 ) Other comprehensive income (loss) $ 9,974 $ 121 $ 10,095 |
Condensed Statement of Comprehensive Income [Table Text Block] | (in thousands) 2017 2016 Accumulated net currency translation adjustments $ (13,771 ) $ (25,116 ) Accumulated net adjustments related to postretirement benefits (4,009 ) (2,761 ) Accumulated net unrealized gain/loss on investments (7 ) (5 ) Total accumulated other comprehensive loss $ (17,787 ) $ (27,882 ) |
Note 11 - Discontinued Operat35
Note 11 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 30, December 31, December 26, 2017 2016 2015 Net sales $ - $ - $ 6,965 Loss from operations $ - $ - $ (1,963 ) Loss from sale (278 ) (221 ) (3,573 ) Loss before taxes (278 ) (221 ) (5,536 ) Income tax provision - - 6 Loss, net of tax $ (278 ) $ (221 ) $ (5,542 ) |
Note 14 - Quarterly Financial36
Note 14 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First (a) Second (a) Third (a) Fourth (a) (c) Year (in thousands, except per share data) Net sales: 2017 $ 81,097 $ 93,866 $ 93,651 $ 84,090 $ 352,704 2016 $ 65,778 $ 76,353 $ 69,259 $ 70,694 $ 282,084 Gross profit: 2017 $ 32,256 $ 37,130 $ 36,909 $ 34,423 $ 140,718 2016 (b) $ 19,282 $ 26,739 $ 23,280 $ 25,527 $ 94,828 Income (loss) from continuing operations 2017 $ 6,763 $ 10,708 $ 8,755 $ 6,895 $ 33,121 2016 (b) $ (1,691 ) $ 2,517 $ 128 $ 2,306 $ 3,260 Net income (loss) 2017 $ 6,763 $ 10,430 $ 8,755 $ 6,895 $ 32,843 2016 (b) $ (1,691 ) $ 2,462 $ 179 $ 2,089 $ 3,039 Income (loss) per share (d): Basic: Income (loss) from continuing operations 2017 $ 0.25 $ 0.39 $ 0.31 $ 0.24 $ 1.19 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.09 $ 0.12 Net income (loss) 2017 $ 0.25 $ 0.38 $ 0.31 $ 0.24 $ 1.18 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.08 $ 0.11 Diluted: Income (loss) from continuing operations 2017 $ 0.24 $ 0.37 $ 0.30 $ 0.23 $ 1.15 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.08 $ 0.12 Net income (loss) 2017 $ 0.24 $ 0.36 $ 0.30 $ 0.23 $ 1.14 2016 (b) $ (0.06 ) $ 0.09 $ 0.01 $ 0.08 $ 0.11 |
Schedule II - Valuation and Q37
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Additions Additions (Reductions) (Reductions) Balance at Not Charged Balance Beginning Charged (Credited) Deductions/ at End Description of Year to Expense to Expense Write-offs of Year Allowance for doubtful accounts: Year ended December 26, 2015 $ 179 $ 1 (1) $ 19 $ 128 $ 71 Year ended December 31, 2016 $ 71 $ (4 ) (1) $ 13 $ (1 ) $ 81 Year ended December 30, 2017 $ 81 $ 204 (3) $ 6 $ 61 $ 230 Reserve for excess and obsolete inventories: Year ended December 26, 2015 $ 27,851 $ (648 ) (1) $ 2,409 $ 2,959 $ 26,653 Year ended December 31, 2016 $ 26,653 $ 1,789 (2) $ 1,125 $ 8,082 $ 21,485 Year ended December 30, 2017 $ 21,485 $ 2,661 (3) $ 1,148 $ 4,106 $ 21,188 |
Note 1 - Summary of Significa38
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Oct. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 77,000 | 697,000 | 875,000 | |||
Allowance for Doubtful Accounts Receivable, Current | $ 200,000 | $ 100,000 | ||||
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 1,100,000 | 1,100,000 | $ 2,400,000 | |||
Depreciation | $ 5,000,000 | 3,500,000 | 4,200,000 | |||
Number of Operating Segments | 1 | |||||
Goodwill and Intangible Asset Impairment | $ 0 | |||||
Percentage of Revenue Recognized upon Customer Acceptance | 20.00% | |||||
Percentage of Revenue Recognized upon Shipment and Passage of Title | 80.00% | |||||
Deferred Revenue | $ 10,400,000 | 9,300,000 | ||||
Deferred Profit | 7,400,000 | |||||
Other Deferred Credits, Current | 6,608,000 | 6,886,000 | ||||
Foreign Currency Transaction Gain (Loss), Realized | 3,000,000 | 2,600,000 | 1,400,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (17,787,000) | (27,882,000) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 11,300,000 | (5,800,000) | ||||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 200,000 | |||||
Adjustments for New Accounting Principle, Early Adoption [Member] | Retained Earnings [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (200,000) | $ (249,000) | [1] | |||
Accounting Standards Update 2014-09 [Member] | Scenario, Forecast [Member] | ||||||
Cumulative Effect on Retained Earnings, before Tax | $ 1,300,000 | |||||
Cumulative Effect on Retained Earnings, Tax | $ 200,000 | |||||
Non-current Other Accrued Liabilities [Member] | ||||||
Deferred Profit Recognized After Year One | $ 800,000 | |||||
Minimum [Member] | ||||||
Standard Product Warranty Term | 1 year | |||||
Maximum [Member] | ||||||
Standard Product Warranty Term | 3 years | |||||
Building [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||
Building [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||
Building Improvements [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Building Improvements [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Machinery, Equipment and Software [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Machinery, Equipment and Software [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
[1] | Cumulative effect of accounting change relates to our adoption of ASU 2016-09. Please refer to Note 1 of the Consolidated Financial Statements for further detail on the adoption of this accounting standard. |
Note 1 - Summary of Significa39
Note 1 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Weighted average common shares outstanding (in shares) | 27,836 | 26,659 | 26,057 |
Effect of dilutive stock options and restricted stock units (in shares) | 1,080 | 821 | 731 |
(in shares) | 28,916 | 27,480 | 26,788 |
Note 1 - Summary of Significa40
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Property, plant and equipment | $ 67,129 | $ 47,203 |
Less accumulated depreciation and amortization | (32,957) | (28,969) |
Property, plant and equipment, net | 34,172 | 18,234 |
Land and Land Improvements [Member] | ||
Property, plant and equipment | 8,017 | 4,079 |
Building and Building Improvements [Member] | ||
Property, plant and equipment | 13,779 | 7,967 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | $ 45,333 | $ 35,157 |
Note 2 - Business Acquisition41
Note 2 - Business Acquisitions (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 28, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | [1] | Jul. 01, 2017 | [1] | Apr. 01, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 24, 2016 | [1] | Jun. 25, 2016 | [1] | Mar. 26, 2016 | [1] | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |||
Revenue, Net | $ 84,090 | [1],[2] | $ 93,651 | $ 93,866 | $ 81,097 | $ 70,694 | $ 69,259 | $ 76,353 | $ 65,778 | $ 352,704 | $ 282,084 | [1] | $ 269,654 | ||||||||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | |||||||||||||||||||||
Revenue, Net | 19,200 | 16,600 | |||||||||||||||||||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | |||||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,000 | 3,000 | |||||||||||||||||||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Payment for Contingent Consideration Liability | $ 1,500 | ||||||||||||||||||||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||||||||||
Business Combination, Acquisition Related Costs | $ 400 | $ 1,800 | |||||||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks, except for the fourth quarter ended December 31, 2016 which was comprised of 14 weeks. | ||||||||||||||||||||
[2] | The fourth quarter of 2017 includes impact of Tax Act enacted in December 2017. |
Note 2 - Business Acquisition42
Note 2 - Business Acquisitions - Total Purchase Price (Details) - Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] $ in Thousands | Jan. 04, 2017USD ($) |
Cash paid to Kita shareholders | $ 15,000 |
Fair value of contingent consideration | 823 |
Total purchase price | $ 15,823 |
Note 2 - Business Acquisition43
Note 2 - Business Acquisitions - Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Adjustment to contingent consideration liability | $ 1,423 | |||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Balance for contingent consideration | $ 823 | |||
Settlement of contingent consideration | ||||
Adjustment to contingent consideration liability | 1,423 | |||
Impact of currency exchange | 7 | |||
Balance for contingent consideration | $ 2,253 | $ 2,253 |
Note 2 - Business Acquisition44
Note 2 - Business Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Jan. 04, 2017 | Dec. 31, 2016 | Dec. 26, 2015 |
Goodwill | $ 65,613 | $ 58,849 | $ 60,264 | |
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Current assets, including cash received | $ 10,491 | |||
Property, plant and equipment | 12,751 | |||
Other assets | 2,397 | |||
Intangible assets subject to amortization | 2,100 | |||
Goodwill | 2,654 | |||
Total assets acquired | 30,393 | |||
Liabilities assumed | (14,570) | |||
Net assets acquired | $ 15,823 |
Note 2 - Business Acquisition45
Note 2 - Business Acquisitions - Preliminary Allocation of Intangible Assets (Details) - Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] $ in Millions | Jan. 04, 2017USD ($) |
Finite-lived intangible assets, estimated fair value | $ 2.1 |
Developed Technology Rights [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.7 |
Finite-lived intangible assets, average useful life (Year) | 8 years |
Customer Relationships [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.6 |
Finite-lived intangible assets, average useful life (Year) | 4 years |
Noncompete Agreements [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.3 |
Finite-lived intangible assets, average useful life (Year) | 10 years |
Order or Production Backlog [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.1 |
Finite-lived intangible assets, average useful life (Year) | 1 year |
Trade Names [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.4 |
Finite-lived intangible assets, average useful life (Year) | 5 years |
Note 3 - Goodwill and Purchas46
Note 3 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Amortization of Intangible Assets | $ 4.2 | $ 6.9 | $ 7 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 2.8 |
Note 3 - Goodwill and Purchas47
Note 3 - Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 58,849 | $ 60,264 |
Impact of currency exchange | 4,110 | (1,415) |
Additions | 2,654 | |
Ending balance | $ 65,613 | $ 58,849 |
Note 3 - Goodwill and Other Pur
Note 3 - Goodwill and Other Purchased Intangible Assets - Purchased Intangible Assets, Subject to Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Gross Carrying Amount | $ 35,212 | $ 31,544 |
Accumulated Amortization | 18,464 | 13,709 |
Developed Technology Rights [Member] | ||
Gross Carrying Amount | 20,780 | 19,194 |
Accumulated Amortization | $ 12,623 | 9,597 |
Remaining Useful Life (Year) | 3 years 109 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount | $ 7,934 | 6,996 |
Accumulated Amortization | $ 4,838 | 3,644 |
Remaining Useful Life (Year) | 3 years | |
Trade Names [Member] | ||
Gross Carrying Amount | $ 6,185 | 5,354 |
Accumulated Amortization | $ 972 | 468 |
Remaining Useful Life (Year) | 12 years 73 days | |
Noncompete Agreements [Member] | ||
Gross Carrying Amount | $ 313 | |
Accumulated Amortization | $ 31 | |
Remaining Useful Life (Year) | 9 years |
Note 4 - Financial Instrument49
Note 4 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 13.2 | $ 26.6 |
Note 4 - Financial Instrument50
Note 4 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 | ||
Amortized Cost | $ 21,338 | $ 31,995 | ||
Gross Unrealized Gains | 1 | 2 | ||
Gross Unrealized Losses | 10 | [1] | 7 | |
Short-term investments | 21,329 | 31,990 | ||
Corporate Debt Securities [Member] | ||||
Amortized Cost | [2] | 12,784 | 22,513 | |
Gross Unrealized Gains | [2] | 1 | 1 | |
Gross Unrealized Losses | [2] | 6 | [1] | 6 |
Short-term investments | [2] | 12,779 | 22,508 | |
Foreign Government Debt Securities [Member] | ||||
Amortized Cost | 619 | 623 | ||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | [1] | |||
Short-term investments | 619 | 623 | ||
US Treasury Securities [Member] | ||||
Amortized Cost | 7,935 | |||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | [1] | 4 | ||
Short-term investments | $ 7,931 | |||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Amortized Cost | 8,109 | |||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | 1 | |||
Short-term investments | 8,108 | |||
Certificates of Deposit [Member] | ||||
Amortized Cost | 750 | |||
Gross Unrealized Gains | 1 | |||
Gross Unrealized Losses | ||||
Short-term investments | $ 751 | |||
[1] | As of December 30, 2017, the cost and fair value of investments with loss positions were approximately $13.2 million. As of December 31, 2016, the cost and fair value of investments with loss positions were approximately $26.6 million. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if an other-than-temporary decline in fair value had occurred and concluded that these losses were temporary and we have the ability and intent to hold these investments to maturity. | |||
[2] | Corporate debt securities include investments in financial and other corporate institutions. No single issuer represents a significant portion of the total corporate debt securities portfolio. |
Note 4 - Financial Instrument51
Note 4 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) $ in Thousands | Dec. 30, 2017USD ($) |
Due in one year or less, amortized cost | $ 21,338 |
Due in one year or less, estimated fair value | $ 21,329 |
Note 4 - Financial Instrument52
Note 4 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
$ 155,615 | $ 128,035 | |
Corporate Debt Securities [Member] | ||
Short-term investments | 22,014 | 24,108 |
US Treasury Securities [Member] | ||
Short-term investments | 8,431 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 1,496 | 8,108 |
Foreign Government Debt Securities [Member] | ||
Short-term investments | 619 | 623 |
Certificates of Deposit [Member] | ||
Short-term investments | 751 | |
Cash [Member] | ||
Cash and cash equivalents | 100,850 | 70,279 |
Money Market Funds [Member] | ||
Cash and cash equivalents | 22,205 | 24,166 |
Fair Value, Inputs, Level 1 [Member] | ||
100,850 | 70,279 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Cash and cash equivalents | 100,850 | 70,279 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | ||
54,765 | 57,756 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 22,014 | 24,108 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 8,431 | |
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 1,496 | 8,108 |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Short-term investments | 619 | 623 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 751 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 22,205 | 24,166 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 16,600 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (4,000) | |||
Deferred Tax Assets, Valuation Allowance | 31,491 | $ 44,731 | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Portion Held for Repatriation, Amount | 2,000 | |||
Income Tax Credits and Adjustments | 200 | 200 | $ 400 | |
Increase (Decrease) of Net Income Due to Impact of Tax Holidays | $ 2,800 | $ 1,000 | $ 800 | |
Increase (Decrease) of Earning Per Share Due To Impact Of Tax Holidays | $ 0.10 | $ 0.04 | $ 0.03 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 4,300 | $ 5,200 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 600 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,100 | $ 1,200 | ||
Unrecognized Tax Benefits, Interest Expense, Net of Accrued Interest Reversed | $ (300) | $ 100 | ||
Minimum [Member] | ||||
Collection Term Range | 4 years | |||
Maximum [Member] | ||||
Collection Term Range | 10 years | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 31,200 | |||
Tax Credit Carryforward, Amount | $ 7,600 | |||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||||
Open Tax Year | 2,013 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | $ 19,000 | |||
Tax Credit Carryforward, Amount | $ 14,100 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Open Tax Year | 2,012 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 5 - Income Taxes - Compone
Note 5 - Income Taxes - Components of Provision (Benefit) for Income Taxes for Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
U.S. Federal | $ 12 | $ 11 | $ 5 |
U.S. State | 18 | 8 | 28 |
Foreign | 6,005 | 3,793 | 1,956 |
Total current | 6,035 | 3,812 | 1,989 |
U.S. Federal | (3,451) | 91 | 89 |
U.S. State | (481) | 47 | 49 |
Foreign | 141 | (1,203) | 84 |
Total deferred | (3,791) | (1,065) | 222 |
$ 2,244 | $ 2,747 | $ 2,211 |
Note 5 - Income Taxes - Income
Note 5 - Income Taxes - Income (Loss) Before Income Taxes From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Income from continuing operations, U.S. | $ 1,430 | $ (13,420) | $ (5,214) |
Income from continuing operations, Foreign | 33,935 | 19,427 | 13,217 |
Income from continuing operations before taxes | $ 35,365 | $ 6,007 | $ 8,003 |
Note 5 - Income Taxes - Compo56
Note 5 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Inventory, receivable and warranty reserves | $ 3,417 | $ 5,868 |
Net operating loss carryforwards | 7,467 | 11,681 |
Tax credit carryforwards | 14,724 | 13,715 |
Accrued employee benefits | 4,796 | 5,002 |
Deferred profit and gain on facility sale | 3,617 | 5,412 |
Stock-based compensation | 1,897 | 4,189 |
Acquisition basis differences | 1,606 | 1,334 |
Other | 208 | 103 |
Gross deferred tax assets | 37,732 | 47,304 |
Less valuation allowance | (31,491) | (44,731) |
Total deferred tax assets | 6,241 | 2,573 |
Depreciation and fixed asset related | 120 | 53 |
Acquisition basis differences | 5,518 | 7,423 |
Unremitted earnings of foreign subsidiaries | 2,002 | |
Other | 437 | 662 |
Total deferred tax liabilities | 8,077 | 8,138 |
Net deferred tax liabilities | $ (1,836) | $ (5,565) |
Note 5 - Income Taxes - Reconci
Note 5 - Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Tax provision at U.S. 35% statutory rate | $ 12,378 | $ 2,102 | $ 2,801 |
Impact of Tax Act, before reduction in valuation allowance | 12,397 | ||
State income taxes, net of federal tax benefit | 56 | 168 | (152) |
Settlements, adjustments and releases from statute expirations | (1,731) | (312) | (104) |
Federal tax credits | (371) | (183) | (221) |
Stock-based compensation | (2,801) | 168 | 156 |
Change in valuation allowance | (13,484) | 2,430 | 2,181 |
Non-deductible transaction related costs | 577 | 463 | |
Foreign income taxed at different rates | (4,866) | (2,378) | (2,601) |
Other, net | 89 | 289 | 151 |
$ 2,244 | $ 2,747 | $ 2,211 |
Note 5 - Income Taxes - Recon58
Note 5 - Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Note 5 - Income Taxes - Recon59
Note 5 - Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Balance at beginning of year | $ 10,075 | $ 10,444 | $ 10,841 |
Gross additions for tax positions of current year | 200 | 125 | 215 |
Gross additions for tax positions of prior years | 958 | 58 | 248 |
Reductions due to lapse of the statute of limitations | (1,148) | (446) | (243) |
Foreign exchange rate impact | 236 | ||
Foreign exchange rate impact | (106) | (617) | |
Balance at end of year | $ 10,321 | $ 10,075 | $ 10,444 |
Note 6 - Employee Benefit Pla60
Note 6 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 600,000 | $ 600,000 | $ 700,000 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 986,000 | 966,000 | 1,209,000 | |
Deferred Compensation Liability, Current | 2,300,000 | 2,400,000 | ||
Cash Surrender Value of Life Insurance | 2,200,000 | 2,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 10,100,000 | $ 500,000 | $ 700,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 5,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | 10,000 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 200,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 73 days | |||
Restricted Stock [Member] | Vesting Over One Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock [Member] | Vesting Over Two Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||
Restricted Stock [Member] | Vesting Over Four Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Equity-based Performance Stock Units Granted in 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award, Performance Criteria Period | 2 years | |||
Equity-based Performance Stock Units Granted in 2017 and 2016 [Member] | Vest on the Third Anniversary of Awards Grant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | 100.00% | ||
Equity-based Performance Stock Units Granted in 2015 and 2014 [Member] | Vest on the Second and Third Anniversary of Awards Grant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | ||
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 10,100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | |||
Employee Stock Purchase Plan [Member] | ||||
Employee Stock Purchase Plan, Shares Reserved for Future Issuance | 2,650,000 | |||
Percentage of Fair Value to Determine Price of Common Stock | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 99,144 | 110,579 | 122,528 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 601,340 | |||
Equity Incentive Plan 2005 [Member] | ||||
Percentage of Fair Value to Determine Price of Common Stock | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,503,078 | |||
Equity Incentive Plan 2005 [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Equity Incentive Plan 2005 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Postretirement Health Coverage [Member] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 200,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 900,000 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 100,000 | $ 100,000 | $ 100,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.40% | 3.90% | 4.20% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 9.20% | |||
Defined Benefit Plan, Health Care Cost Trend Rate, Annual Rate of Change | 0.50% | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | |||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2,027 | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 13,000 | |||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 11,000 | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 419,000 | |||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 354,000 | |||
Swiss Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | (3,100,000) | $ (2,400,000) | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 800,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 800,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 900,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 900,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 900,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 6,000,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.70% | 0.70% | ||
Swiss Plan [Member] | Debt Securities and Cash [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 68.00% | |||
Swiss Plan [Member] | Real Estate Investments [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | |||
Swiss Plan [Member] | Alternative Investments [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 9.00% | |||
Swiss Plan [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% |
Note 6 - Employee Benefit Pla61
Note 6 - Employee Benefit Plans - Net Periodic Benefit Cost of Swiss Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Net periodic costs | $ 986 | $ 966 | $ 1,209 |
Swiss Plan [Member] | |||
Service cost | 907 | 868 | 856 |
Interest cost | 198 | 245 | 311 |
Expected return on assets | (119) | (147) | (193) |
Settlements | $ 235 |
Note 6 - Employee Benefit Pla62
Note 6 - Employee Benefit Plans - Benefit Obligation, Fair Value of Plan Assets, Funded Status and Liability of Swiss Plan (Details) - Swiss Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Benefit obligation at beginning of year | $ (27,499) | $ (25,483) | |
Service cost | (907) | (868) | $ (856) |
Interest cost | (198) | (245) | (311) |
Actuarial loss | (628) | (796) | |
Participant contributions | (789) | (719) | |
Benefits paid | 743 | (214) | |
Foreign currency exchange adjustment | (1,234) | 826 | |
Benefit obligation at end of year | (30,512) | (27,499) | (25,483) |
Fair value of plan assets at beginning of year | 16,077 | 14,716 | |
Return on assets, net of actuarial loss | 112 | 189 | |
Employer contributions | 789 | 719 | |
Participant contributions | 789 | 719 | |
Benefits paid | (743) | 214 | |
Foreign currency exchange adjustment | 722 | (480) | |
Fair value of plan assets at end of year | 17,746 | 16,077 | $ 14,716 |
Net liability at end of year | $ (12,766) | $ (11,422) |
Note 6 - Employee Benefit Pla63
Note 6 - Employee Benefit Plans - Weighted-average Actuarial Assumptions to Determine Benefit Obligation and Net Periodic Benefit Cost (Details) - Swiss Plan [Member] | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Discount rate | 0.70% | 0.70% | |
Compensation increase | 1.80% | 1.50% | |
Discount rate | 0.70% | 1.00% | 1.30% |
Rate of return on Assets | 0.70% | 1.00% | 1.30% |
Compensation increase | 1.50% | 1.80% | 1.80% |
Note 6 - Employee Stock Benefit
Note 6 - Employee Stock Benefit Plans - Post-retirement Benefit Obligation to Funded Status and Liability (Details) - Postretirement Health Coverage [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Accumulated benefit obligation at beginning of year | $ 2,490 | $ 2,649 |
Interest cost | 95 | 109 |
Actuarial (gain) loss | 677 | (185) |
Benefits paid | (114) | (83) |
Accumulated benefit obligation at end of year | 3,148 | 2,490 |
Plan assets at end of year | ||
Funded status | $ (3,148) | $ (2,490) |
Note 6 - Employee Stock Benef65
Note 6 - Employee Stock Benefit Plans - Stock Option Activity Under Share-based Compensation Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Outstanding, beginning of year (in shares) | 1,641,000 | 1,965,000 | 2,435,000 |
Outstanding, beginning of year (in dollars per share) | $ 10.79 | $ 11.25 | $ 11.67 |
Granted (in shares) | 0 | 0 | 10,000 |
Granted (in dollars per share) | $ 10.98 | ||
Exercised (in shares) | (1,164,000) | (101,000) | (175,000) |
Exercised (in dollars per share) | $ 10.98 | $ 7.89 | $ 8.65 |
Cancelled (in shares) | (5,000) | (223,000) | (305,000) |
Cancelled (in dollars per share) | $ 20.73 | $ 16.19 | $ 16.07 |
Outstanding, end of year (in shares) | 472,000 | 1,641,000 | 1,965,000 |
Outstanding, end of year (in dollars per share) | $ 10.20 | $ 10.79 | $ 11.25 |
Options exercisable at year end (in shares) | 469,000 | 1,537,000 | 1,673,000 |
Options exercisable at year end (in dollars per share) | $ 10.20 | $ 10.85 | $ 11.47 |
Note 6 - Employee Stock Benef66
Note 6 - Employee Stock Benefit Plans - Stock Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Number Outstanding (in shares) | 472 | 1,641 | 1,965 | 2,435 |
Options Outstanding, Weighted Average Remaining Life (Year) | 4 years 182 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 10.20 | $ 10.79 | $ 11.25 | $ 11.67 |
Options Exercisable (in shares) | 469 | 1,537 | 1,673 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.20 | $ 10.85 | $ 11.47 | |
Range 1 [Member] | ||||
Range of Exercise Prices, Lower (in dollars per share) | 7.32 | |||
Range of Exercise Prices, Upper (in dollars per share) | $ 9.44 | |||
Number Outstanding (in shares) | 248 | |||
Options Outstanding, Weighted Average Remaining Life (Year) | 4 years 255 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 9.16 | |||
Options Exercisable (in shares) | 248 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 9.16 | |||
Range 2 [Member] | ||||
Range of Exercise Prices, Lower (in dollars per share) | 9.45 | |||
Range of Exercise Prices, Upper (in dollars per share) | $ 10.54 | |||
Number Outstanding (in shares) | 26 | |||
Options Outstanding, Weighted Average Remaining Life (Year) | 4 years 292 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 10.41 | |||
Options Exercisable (in shares) | 26 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.41 | |||
Range 3 [Member] | ||||
Range of Exercise Prices, Lower (in dollars per share) | 10.55 | |||
Range of Exercise Prices, Upper (in dollars per share) | $ 17.67 | |||
Number Outstanding (in shares) | 198 | |||
Options Outstanding, Weighted Average Remaining Life (Year) | 4 years 73 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 11.48 | |||
Options Exercisable (in shares) | 195 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 11.49 |
Note 6 - Employee Stock Benef67
Note 6 - Employee Stock Benefit Plans - Restricted Stock Unit Activity Under Share-based Compensation Plans (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Outstanding, beginning of year, units (in shares) | 1,083 | 1,078 | 1,026 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 10.50 | $ 9.93 | $ 9.54 |
Granted, units (in shares) | 353 | 471 | 482 |
Granted, wt. avg. (in dollars per share) | $ 15.95 | $ 11.25 | $ 10.54 |
Released, units (in shares) | (409) | (409) | (339) |
Released, wt. avg. (in dollars per share) | $ 10.26 | $ 9.90 | $ 9.63 |
Cancelled, units (in shares) | (46) | (57) | (91) |
Cancelled, wt. avg. (in dollars per share) | $ 11.85 | $ 10.25 | $ 9.82 |
Outstanding, end of year, units (in shares) | 981 | 1,083 | 1,078 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 12.50 | $ 10.50 | $ 9.93 |
Note 6 - Employee Stock Benef68
Note 6 - Employee Stock Benefit Plans - Equity-based Performance Stock Units (Details) | 12 Months Ended |
Dec. 30, 2017 | |
Equity-based Performance Stock Units Granted in 2017 [Member] | |
Performance Criteria Period (Year) | 3 years |
Equity-based Performance Stock Units Granted in 2017 [Member] | Minimum [Member] | |
Range of Award | 25.00% |
Equity-based Performance Stock Units Granted in 2017 [Member] | Maximum [Member] | |
Range of Award | 200.00% |
Equity-based Performance Stock Units Granted in 2016 [Member] | |
Performance Criteria Period (Year) | 3 years |
Equity-based Performance Stock Units Granted in 2016 [Member] | Minimum [Member] | |
Range of Award | 25.00% |
Equity-based Performance Stock Units Granted in 2016 [Member] | Maximum [Member] | |
Range of Award | 200.00% |
Equity-based Performance Stock Units Granted in 2015 [Member] | |
Performance Criteria Period (Year) | 2 years |
Equity-based Performance Stock Units Granted in 2015 [Member] | Minimum [Member] | |
Range of Award | 25.00% |
Equity-based Performance Stock Units Granted in 2015 [Member] | Maximum [Member] | |
Range of Award | 200.00% |
Equity-based Performance Stock Units Granted in 2014 [Member] | |
Performance Criteria Period (Year) | 2 years |
Equity-based Performance Stock Units Granted in 2014 [Member] | Minimum [Member] | |
Range of Award | 0.00% |
Equity-based Performance Stock Units Granted in 2014 [Member] | Maximum [Member] | |
Range of Award | 150.00% |
Note 6 - Employee Stock Benef69
Note 6 - Employee Stock Benefit Plans - Performance Based Stock Unit Activity Under Share-based Compensation Plans (Details) - Equity Based Performance Stock Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Outstanding, beginning of year, units (in shares) | 403 | 376 | 334 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 11.04 | $ 10.80 | $ 10.49 |
Granted, units (in shares) | 185 | 222 | 156 |
Granted, wt. avg. (in dollars per share) | $ 17.60 | $ 11.38 | $ 10.69 |
Released, units (in shares) | (186) | (172) | (38) |
Released, wt. avg. (in dollars per share) | $ 11.35 | $ 11.27 | $ 9.52 |
Cancelled, units (in shares) | (68) | (23) | (76) |
Cancelled, wt. avg. (in dollars per share) | $ 11.94 | $ 8.75 | $ 9.86 |
Outstanding, end of year, units (in shares) | 334 | 403 | 376 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 14.31 | $ 11.04 | $ 10.80 |
Note 6 - Employee Stock Benef70
Note 6 - Employee Stock Benefit Plans - Weighted-average Assumptions to Value Share-based Awards Granted (Details) - $ / shares | 12 Months Ended | ||||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |||
Employee Stock Option [Member] | |||||
Dividend yield | [1] | [1] | 2.10% | ||
Expected volatility | [1] | [1] | 39.10% | ||
Risk-free interest rate | [1] | [1] | 1.60% | ||
Expected term (years) (Year) | [1] | [1] | 5 years 328 days | ||
Weighted-average grant date fair value per share (in dollars per share) | [1] | [1] | $ 3.46 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Dividend yield | 1.40% | 2.00% | 2.10% | ||
Employee Stock Purchase Plan [Member] | |||||
Dividend yield | 1.40% | 2.00% | 2.20% | ||
Expected volatility | 33.30% | 31.20% | 35.30% | ||
Risk-free interest rate | 0.70% | 0.30% | 0.10% | ||
Expected term (years) (Year) | 182 days | 182 days | 182 days | ||
Weighted-average grant date fair value per share (in dollars per share) | $ 4.63 | $ 2.82 | $ 2.71 | ||
[1] | There were no employee stock options granted in 2017 and 2016. |
Note 6 - Employee Stock Benef71
Note 6 - Employee Stock Benefit Plans - Reported Share-based Compensation in Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Share-based compensation of continuing operations | $ 7,007 | $ 7,143 | $ 6,755 |
Discontinued operations | 138 | ||
Income tax benefit | (530) | (269) | (249) |
Total share-based compensation, net of tax | 6,477 | 6,874 | 6,644 |
Cost of Sales [Member] | |||
Share-based compensation of continuing operations | 423 | 398 | 566 |
Research and Development Expense [Member] | |||
Share-based compensation of continuing operations | 1,054 | 1,292 | 1,092 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation of continuing operations | $ 5,530 | $ 5,453 | $ 5,097 |
Note 7 - Segment and Geograph72
Note 7 - Segment and Geographic Information (Details Textual) | 12 Months Ended |
Dec. 30, 2017 | |
Number of Operating Segments | 1 |
Note 7 - Segment and Geograph73
Note 7 - Segment and Geographic Information - Customers Comprising 10% of Consolidated Sales (Details) - Semiconductor Equipment [Member] - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | ||
Intel [Member] | ||||
Net sales percentage | 11.20% | 17.20% | 18.00% | |
NXP Semiconductors N.V. [Member] | ||||
Net sales percentage | [1] | 15.90% | 13.70% | 11.40% |
[1] | The merger of NXP Semiconductors N.V. and Freescale Semiconductor, Ltd. was completed on December 7, 2015. Sales to these customers have been combined for all periods presented. |
Note 7 - Segment and Geograph74
Note 7 - Segment and Geographic Information - Summary of Net Sales to Customers, Attributed to Countries (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 30, 2017 | [1],[2] | Sep. 30, 2017 | [1] | Jul. 01, 2017 | [1] | Apr. 01, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 24, 2016 | [1] | Jun. 25, 2016 | [1] | Mar. 26, 2016 | [1] | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | ||
Net sales | $ 84,090 | $ 93,651 | $ 93,866 | $ 81,097 | $ 70,694 | $ 69,259 | $ 76,353 | $ 65,778 | $ 352,704 | $ 282,084 | [1] | $ 269,654 | ||||||||
CHINA | ||||||||||||||||||||
Net sales | 82,474 | 60,291 | 52,589 | |||||||||||||||||
Malaysia [Member] | ||||||||||||||||||||
Net sales | 80,102 | 85,956 | 60,776 | |||||||||||||||||
UNITED STATES | ||||||||||||||||||||
Net sales | 38,729 | 35,204 | 50,704 | |||||||||||||||||
Rest of the World [Member] | ||||||||||||||||||||
Net sales | $ 151,399 | $ 100,633 | $ 105,585 | |||||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks, except for the fourth quarter ended December 31, 2016 which was comprised of 14 weeks. | |||||||||||||||||||
[2] | The fourth quarter of 2017 includes impact of Tax Act enacted in December 2017. |
Note 7 - Segment and Geograph75
Note 7 - Segment and Geographic Information - Summary of Property, Plant and Equipment and Other Long Lived Assets in Geographical Area (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Property plant and equipment, net | $ 34,172 | $ 18,234 |
Goodwill and other intangible assets | 82,361 | 76,684 |
JAPAN | ||
Property plant and equipment, net | 12,137 | |
Goodwill and other intangible assets | 4,491 | |
GERMANY | ||
Property plant and equipment, net | 7,485 | 6,674 |
Goodwill and other intangible assets | 30,546 | 26,892 |
PHILIPPINES | ||
Property plant and equipment, net | 5,808 | 4,167 |
Malaysia [Member] | ||
Property plant and equipment, net | 4,622 | 4,067 |
Goodwill and other intangible assets | 7,078 | 6,775 |
UNITED STATES | ||
Property plant and equipment, net | 3,064 | 2,398 |
Goodwill and other intangible assets | 17,242 | 17,242 |
Rest of the World [Member] | ||
Property plant and equipment, net | 1,056 | 928 |
Goodwill and other intangible assets | 996 | 953 |
SWITZERLAND | ||
Goodwill and other intangible assets | 15,450 | 18,264 |
SINGAPORE | ||
Goodwill and other intangible assets | $ 6,558 | $ 6,558 |
Note 8 - Commitments and Cont76
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Operating Leases, Rent Expense | $ 3.6 | $ 4.4 | $ 1.8 |
Note 8 - Commitments and Cont77
Note 8 - Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 30, 2017USD ($) |
2,018 | $ 3,280 |
2,019 | 2,930 |
2,020 | 2,664 |
2,021 | 2,636 |
2,022 | 2,687 |
Thereafter | 7,264 |
Total | $ 21,461 |
Note 9 - Guarantees (Details Te
Note 9 - Guarantees (Details Textual) SFr in Thousands, $ in Thousands | Dec. 30, 2017USD ($) | Dec. 30, 2017CHF (SFr) | Dec. 31, 2016USD ($) | Dec. 31, 2016CHF (SFr) |
Loans Payable to Bank, Current | $ 1,280 | |||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Long-term Debt | 9,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,300 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,200 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,100 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 800 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 3,600 | |||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | Long-term Borrowings Assumed in Business Acquisition [Member] | ||||
Loans Payable to Bank | 5,900 | |||
Loans Payable to Bank, Current | $ 1,300 | |||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | Long-term Borrowings Assumed in Business Acquisition [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05% | 0.05% | ||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | Long-term Borrowings Assumed in Business Acquisition [Member] | Maximum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.45% | 0.45% | ||
Revolving Credit Facility [Member] | Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,200 | |||
Long-term Line of Credit | 3,100 | |||
Line of Credit Available to Ismeca Subsidiary [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2,000 | |||
Long-term Line of Credit | SFr | SFr 0 | SFr 0 | ||
Non-current Other Accrued Liabilities [Member] | ||||
Product Warranty Accrual, Noncurrent | $ 600 | $ 600 |
Note 9 - Guarantees - Changes i
Note 9 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Beginning balance | $ 4,350 | $ 4,886 | $ 5,848 |
Warranty accruals | 6,765 | 6,088 | 6,747 |
Warranty payments | (6,316) | (6,624) | (7,709) |
Warranty liability assumed | 50 | ||
Ending balance | $ 4,849 | $ 4,350 | $ 4,886 |
Note 10 - Accumulated Other C80
Note 10 - Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Foreign currency translation adjustments, before tax | $ 11,345 | $ (5,789) | $ (11,000) |
Foreign currency translation adjustments, tax | |||
Foreign currency translation adjustments, net of tax | 11,345 | (5,789) | (11,000) |
Adjustments related to postretirement benefits, before tax | (1,369) | (429) | (24) |
Adjustments related to postretirement benefits, tax | 121 | 113 | (34) |
Adjustments related to postretirement benefits, net of tax | (1,248) | (316) | (58) |
Other comprehensive income (loss), before tax | 9,974 | (6,223) | (11,024) |
Other comprehensive income (loss), tax | 121 | 113 | (34) |
Other comprehensive income (loss), net of tax | 10,095 | (6,110) | (11,058) |
Change in unrealized gain/loss on investments, before tax | (2) | (5) | |
Change in unrealized gain/loss on investments, tax | |||
Change in unrealized gain/loss on investments, net of tax | $ (2) | $ (5) |
Note 10 - Accumulated Other C81
Note 10 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Accumulated net currency translation adjustments | $ (13,771) | $ (25,116) |
Accumulated net adjustments related to postretirement benefits | (4,009) | (2,761) |
Accumulated net unrealized gain/loss on investments | (7) | (5) |
Total accumulated other comprehensive loss | $ (17,787) | $ (27,882) |
Note 11 - Discontinued Operat82
Note 11 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Proceeds from Divestiture of Businesses | $ 4,881 | ||
Broadcast Microwave Services, Inc. (“BMS”) [Member] | |||
Proceeds from Divestiture of Businesses | 4,900 | ||
Disposal Group, Including Discontinued Operation, Contingent Consideration | $ 2,500 |
Note 11 - Discontinued Operat83
Note 11 - Discontinued Operations - Summary of Operating Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |
Loss, net of tax | $ (278) | $ (221) | $ (5,542) |
Broadcast Microwave Services, Inc. (“BMS”) [Member] | |||
Net sales | 6,965 | ||
Loss from operations | (1,963) | ||
Loss from sale | (278) | (221) | (3,573) |
Loss before taxes | (278) | (221) | (5,536) |
Income tax provision | 6 | ||
Loss, net of tax | $ (278) | $ (221) | $ (5,542) |
Note 12 - Related Party Trans84
Note 12 - Related Party Transactions (Details Textual) | 12 Months Ended |
Dec. 30, 2017 | |
Blackrock [Member] | |
Ownership Percentage of the Company | 13.10% |
Note 13 - Sale-leaseback of P85
Note 13 - Sale-leaseback of Poway Facility (Details Textual) $ in Thousands | Dec. 04, 2015USD ($) | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 26, 2015USD ($) |
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 104 | $ 874 | $ 33,314 | |
Sale Leaseback Transaction, Current Period Gain Recognized | 3,198 | |||
Sale-leaseback of Poway Facility [Member] | ||||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 34,100 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | 33,300 | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 18,500 | |||
Lessee, Operating Lease, Term of Contract | 10 years | |||
Sale Leaseback Transaction, Current Period Gain Recognized | $ 1,500 | $ 2,000 | $ 3,200 | |
Sale Leaseback Transaction, Deferred Gain, Net | $ 15,300 | |||
Sale Leaseback Transaction, Deferred Gain, Amortization Period | 10 years | |||
Sale-leaseback of Poway Facility [Member] | Lease 1 [Member] | ||||
Sale Leaseback Transaction, Annual Rental Payments | $ 1,600 | |||
Lessee Leasing Arrangements, Operating Leases, Adjustments and Pro Rata Share of Property Operating Costs | 3.00% | |||
Percentage of Facility to be Consolidated | 43.00% | |||
Lessee Leasing Arrangements, Operating Leases, Number of Renewal Options | 2 | |||
Lessee, Operating Lease, Renewal Term | 5 years |
Note 14 - Quarterly Financial86
Note 14 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 30, 2017 | [1],[2] | Sep. 30, 2017 | [1] | Jul. 01, 2017 | [1] | Apr. 01, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 24, 2016 | [1] | Jun. 25, 2016 | [1] | Mar. 26, 2016 | [1] | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | |||
Revenue, Net | $ 84,090 | $ 93,651 | $ 93,866 | $ 81,097 | $ 70,694 | $ 69,259 | $ 76,353 | $ 65,778 | $ 352,704 | $ 282,084 | [1] | $ 269,654 | |||||||||
Gross profit | 34,423 | 36,909 | 37,130 | 32,256 | 25,527 | [3] | 23,280 | [3] | 26,739 | [3] | 19,282 | [3] | 140,718 | 94,828 | [3] | ||||||
Income (loss) from continuing operations | 6,895 | 8,755 | 10,708 | 6,763 | 2,306 | [3] | 128 | [3] | 2,517 | [3] | (1,691) | [3] | 33,121 | 3,260 | [3] | 5,792 | |||||
Net income (loss) | $ 6,895 | $ 8,755 | $ 10,430 | $ 6,763 | $ 2,089 | [3] | $ 179 | [3] | $ 2,462 | [3] | $ (1,691) | [3] | $ 32,843 | $ 3,039 | [3] | $ 250 | |||||
Income from continuing operations (in dollars per share) | $ 0.24 | [4] | $ 0.31 | [4] | $ 0.39 | [4] | $ 0.25 | [4] | $ 0.09 | [3],[4] | $ 0.01 | [3],[4] | $ 0.09 | [3],[4] | $ (0.06) | [3],[4] | $ 1.19 | [4] | $ 0.12 | [3],[4] | $ 0.22 |
Net income (in dollars per share) | 0.24 | [4] | 0.31 | [4] | 0.38 | [4] | 0.25 | [4] | 0.08 | [3],[4] | 0.01 | [3],[4] | 0.09 | [3],[4] | (0.06) | [3],[4] | 1.18 | [4] | 0.11 | [3],[4] | 0.01 |
Income (loss) from continuing operations (in dollars per share) | 0.23 | [4] | 0.30 | [4] | 0.37 | [4] | 0.24 | [4] | 0.08 | [3],[4] | 0.01 | [3],[4] | 0.09 | [3],[4] | (0.06) | [3],[4] | 1.15 | [4] | 0.12 | [3],[4] | 0.22 |
Net income (loss) (in dollars per share) | $ 0.23 | [4] | $ 0.30 | [4] | $ 0.36 | [4] | $ 0.24 | [4] | $ 0.08 | [3],[4] | $ 0.01 | [3],[4] | $ 0.09 | [3],[4] | $ (0.06) | [3],[4] | $ 1.14 | [4] | $ 0.11 | [3],[4] | $ 0.01 |
[1] | All quarters presented above were comprised of 13 weeks, except for the fourth quarter ended December 31, 2016 which was comprised of 14 weeks. | ||||||||||||||||||||
[2] | The fourth quarter of 2017 includes impact of Tax Act enacted in December 2017. | ||||||||||||||||||||
[3] | As a result of the adoption of ASU 2016-09, in the fourth quarter of 2016, certain amounts in the first three quarters have been restated as if the new accounting guidance was adopted starting with the first day of our 2016 fiscal year. The impact of these restatements was not significant. | ||||||||||||||||||||
[4] | 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 Q87
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | ||||
Allowance for Doubtful Accounts [Member] | ||||||
us-gaap_ValuationAllowanceAbstract | ||||||
Balance, beginning of year | $ 81 | $ 71 | $ 179 | |||
Additions (reductions) not charged to expense | 204 | [1] | (4) | [2] | 1 | [2] |
Additions (reduction) charged (credited) to expense | 6 | 13 | 19 | |||
Deductions/write-offs | 61 | (1) | 128 | |||
Balance, end of year | 230 | 81 | 71 | |||
Inventory Valuation Reserve [Member] | ||||||
us-gaap_ValuationAllowanceAbstract | ||||||
Balance, beginning of year | 21,485 | 26,653 | 27,851 | |||
Additions (reductions) not charged to expense | 2,661 | [1] | 1,789 | [3] | (648) | [2] |
Additions (reduction) charged (credited) to expense | 1,148 | 1,125 | 2,409 | |||
Deductions/write-offs | 4,106 | 8,082 | 2,959 | |||
Balance, end of year | $ 21,188 | $ 21,485 | $ 26,653 | |||
[1] | Changes in reserve balances resulting from foreign currency impact, reclassifications and acquisition of Kita. | |||||
[2] | Changes in reserve balances resulting from foreign currency impact. | |||||
[3] | Changes in reserve balances resulting from foreign currency impact and reclassifications from other reserves. |