Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Feb. 27, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | COHU INC | ||
Entity Central Index Key | 0000021535 | ||
Trading Symbol | cohu | ||
Current Fiscal Year End Date | --12-28 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 41,452,753 | ||
Entity Public Float | $ 624 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 28, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $1.00 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 155,194 | $ 164,460 |
Short-term investments | 904 | 560 |
Accounts receivable, net | 127,921 | 149,276 |
Inventories | 130,706 | 139,314 |
Prepaid expenses | 17,483 | 26,206 |
Other current assets | 3,158 | 1,682 |
Assets held for sale | 827 | |
Current assets of discontinued operations (Note 13) | 3,503 | 3,741 |
Total current assets | 439,696 | 485,239 |
Property plant and equipment, net | 70,912 | 74,332 |
Goodwill | 238,669 | 242,127 |
Intangible assets, net | 275,019 | 318,961 |
Other assets | 20,030 | 13,264 |
Operating lease right of use assets | 33,269 | |
Noncurrent assets of discontinued operations (Note 13) | 115 | 79 |
1,077,710 | 1,134,002 | |
Current liabilities: | ||
Short-term borrowings | 3,195 | 3,115 |
Current installments of long-term debt | 3,322 | 3,672 |
Accounts payable | 48,697 | 48,117 |
Accrued compensation and benefits | 23,741 | 29,402 |
Accrued warranty | 5,893 | 7,769 |
Deferred profit | 7,645 | 6,896 |
Income taxes payable | 3,894 | 11,055 |
Other accrued liabilities | 51,899 | 50,045 |
Current liabilities of discontinued operations (Note 13) | 599 | 518 |
Total current liabilities | 148,885 | 160,589 |
Long-term debt | 346,518 | 346,041 |
Deferred income taxes | 31,310 | 38,942 |
Long-term lease liabilities | 28,877 | |
Accrued retirement benefits | 21,930 | 19,740 |
Noncurrent deferred gain on sale of facility | 8,776 | |
Noncurrent income tax liabilities | 8,438 | 9,711 |
Other accrued liabilities | 8,656 | 4,259 |
Noncurrent liabilities of discontinued operations (Note 13) | 24 | |
Stockholders' equity: | ||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | ||
Common stock, $1 par value; 60,000 shares authorized, 41,395 shares issued and outstanding in 2019 and 40,763 shares in 2018 | 41,395 | 40,763 |
Paid-in capital | 433,190 | 419,690 |
Retained earnings | 42,517 | 111,670 |
Accumulated other comprehensive loss | (34,030) | (25,880) |
Total Cohu stockholders' equity | 483,072 | 546,243 |
Noncontrolling interest | (299) | |
Total equity | 483,072 | 545,944 |
$ 1,077,710 | $ 1,134,002 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
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) | 41,395 | 40,763 |
Common stock, shares outstanding (in shares) | 41,395 | 40,763 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | ||
Net sales | $ 583,329 | $ 451,768 | $ 352,704 | |
Cost and expenses: | ||||
Cost of sales (1) | [1] | 353,500 | 292,460 | 209,297 |
Research and development | 86,147 | 56,434 | 40,737 | |
Selling, general and administrative | 142,936 | 96,754 | 60,737 | |
Amortization of purchased intangible assets | 39,590 | 17,197 | 4,208 | |
Restructuring charges (Note 5) | 13,484 | 18,704 | ||
635,657 | 481,549 | 314,979 | ||
Income (loss) from operations | (52,328) | (29,781) | 37,725 | |
Other (expense) income: | ||||
Interest expense | (20,556) | (4,977) | (54) | |
Interest income | 764 | 1,187 | 671 | |
Foreign transaction gain (loss) and other | 43 | 1,659 | (2,977) | |
Income (loss) from continuing operations before taxes | (72,077) | (31,912) | 35,365 | |
Income tax provision (benefit) | (3,082) | 631 | 2,244 | |
Income (loss) from continuing operations | (68,995) | (32,543) | 33,121 | |
Income (loss) from discontinued operations, net of tax | (697) | 119 | (278) | |
Net income (loss) | (69,692) | (32,424) | 32,843 | |
Net income (loss) attributable to noncontrolling interest | 8 | (243) | ||
Net income (loss) attributable to Cohu | $ (69,700) | $ (32,181) | $ 32,843 | |
Weighted average shares used in computing income (loss) per share: | ||||
Basic (in shares) | 41,159 | 31,776 | 27,836 | |
Diluted (in shares) | 41,159 | 31,776 | 28,916 | |
Basic: | ||||
Income (loss) from continuing operations before non-controlling interest (in dollars per share) | $ (1.68) | $ (1.02) | $ 1.19 | |
Income (loss) from discontinued operations (in dollars per share) | [1] | (0.01) | 0 | (0.01) |
Net income (loss) attributable to noncontrolling interest (in dollars per share) | 0 | (0.01) | ||
Net income (loss) attributable to Cohu (in dollars per share) | (1.69) | (1.01) | 1.18 | |
Diluted: | ||||
Income (loss) from continuing operations before non-controlling interest (in dollars per share) | (1.68) | (1.02) | 1.15 | |
Income (loss) from discontinued operations (in dollars per share) | [1] | (0.01) | 0 | (0.01) |
Net income (loss) attributable to noncontrolling interest (in dollars per share) | 0 | (0.01) | ||
Net income (loss) attributable to Cohu (in dollars per share) | $ (1.69) | $ (1.01) | $ 1.14 | |
[1] | Excludes amortization of $30,126, $13,586, and $2,689 for the years ended December 28, 2019, December 29, 2018, and December 30, 2017, respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Cost of sales, Amortization | $ 30,126 | $ 13,586 | $ 2,689 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net income (loss) | $ (69,692) | $ (32,424) | $ 32,843 |
Net income (loss) attributable to noncontrolling interest | 8 | (243) | |
Net income (loss) attributable to Cohu | (69,700) | (32,181) | 32,843 |
Foreign currency translation adjustments, net of tax | (7,522) | (8,905) | 11,345 |
Adjustments related to postretirement benefits | (628) | 805 | (1,248) |
Change in unrealized gain/loss on investments, net of tax | 7 | (2) | |
Other comprehensive income (loss), net of tax | (8,150) | (8,093) | 10,095 |
Other comprehensive income (loss) attributable to noncontrolling interest | (4) | (5) | |
Other comprehensive income (loss) attributable to Cohu | (8,146) | (8,088) | 10,095 |
Comprehensive income (loss) | (77,842) | (40,517) | 42,938 |
Comprehensive income (loss) attributable to noncontrolling interest | 4 | (248) | |
Comprehensive income (loss) attributable to Cohu | $ (77,846) | $ (40,269) | $ 42,938 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance at Dec. 31, 2016 | $ 26,842 | $ 111,950 | $ 124,559 | $ (27,882) | $ 235,469 | ||
Net income (loss) | 32,843 | 32,843 | |||||
Changes in cumulative translation adjustment | 11,345 | 11,345 | |||||
Adjustments related to postretirement benefits, net of tax | (1,248) | (1,248) | |||||
Changes in unrealized gains and losses on investments, net of tax | (2) | (2) | |||||
Cash dividends - $0.24 per share | (6,676) | (6,676) | |||||
Exercise of stock options | 1,164 | 11,617 | 12,781 | ||||
Shares issued under ESPP | 99 | 1,140 | 1,239 | ||||
Shares issued for restricted stock units vested | 595 | (595) | |||||
Repurchase and retirement of stock | (211) | (3,456) | (3,667) | ||||
Share-based compensation expense | 7,007 | 7,007 | |||||
Balance at Dec. 30, 2017 | 28,489 | 127,663 | 150,726 | (17,787) | 289,091 | ||
Net income (loss) | (32,424) | (32,424) | |||||
Changes in cumulative translation adjustment | (8,905) | (8,905) | |||||
Adjustments related to postretirement benefits, net of tax | 805 | 805 | |||||
Changes in unrealized gains and losses on investments, net of tax | 7 | 7 | |||||
Cash dividends - $0.24 per share | (7,689) | (7,689) | |||||
Exercise of stock options | 67 | 613 | 680 | ||||
Shares issued under ESPP | 85 | 1,438 | 1,523 | ||||
Shares issued for restricted stock units vested | 541 | (541) | |||||
Repurchase and retirement of stock | (195) | (11,405) | (11,600) | ||||
Share-based compensation expense | 18,280 | 18,280 | |||||
Cumulative effect of accounting change, a | Adjustments for New Accounting Principle, Early Adoption [Member] | [1] | 1,057 | 1,057 | ||||
Noncontrolling interest | (299) | (299) | |||||
Shares issued for acquisition of Xcerra | 11,776 | 283,642 | 295,418 | ||||
Balance at Dec. 29, 2018 | 40,763 | 419,690 | 111,670 | (25,880) | (299) | 545,944 | |
Net income (loss) | (69,692) | (69,692) | |||||
Changes in cumulative translation adjustment | (7,522) | (4) | (7,526) | ||||
Adjustments related to postretirement benefits, net of tax | (628) | (628) | |||||
Changes in unrealized gains and losses on investments, net of tax | |||||||
Cash dividends - $0.24 per share | (9,866) | (9,866) | |||||
Exercise of stock options | 42 | 367 | 409 | ||||
Shares issued under ESPP | 187 | 2,159 | 2,346 | ||||
Shares issued for restricted stock units vested | 599 | (599) | |||||
Repurchase and retirement of stock | (196) | (2,575) | (2,771) | ||||
Share-based compensation expense | 14,148 | 14,148 | |||||
Cumulative effect of accounting change, a | Adjustments for New Accounting Principle, Early Adoption [Member] | [2] | 10,352 | 10,352 | ||||
Noncontrolling interest | 53 | (53) | |||||
Divestiture of interest in consolidated entity | 356 | 356 | |||||
Balance at Dec. 28, 2019 | $ 41,395 | $ 433,190 | $ 42,517 | $ (34,030) | $ 483,072 | ||
[1] | Cumulative effect of accounting change relates to our adoption of ASU 2014-09. | ||||||
[2] | Cumulative effect of accounting change relates to our adoption of ASU 2016-02. Please refer to Note 1 of the Consolidated Financial Statements for further detail on the adoption of this accounting standard. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
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 $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) attributable to Cohu | $ (69,700) | $ (32,181) | $ 32,843 |
Net income (loss) from noncontrolling interest | 8 | (243) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Loss on impairment and disposal of segments held for sale (Note 13) | 1,138 | 278 | |
Interest capitalized associated with cloud computing implementation | (168) | ||
Gain on divestiture of consolidated entity | (149) | ||
Depreciation and amortization | 58,871 | 26,047 | 9,195 |
Share-based compensation expense including restructuring charges | 14,148 | 18,279 | 7,007 |
Amortization of inventory step-up and inventory related charges | 8,347 | 24,179 | 1,404 |
Amortization of debt discounts and issuance costs | 1,110 | ||
Accrued retiree benefits | 1,017 | (560) | 322 |
Deferred income taxes | (5,385) | (8,207) | (3,791) |
Adjustment to contingent consideration liability | 657 | 1,423 | |
Changes in other assets | (3,044) | (2,961) | 1,501 |
(Gain) loss on disposal of fixed assets | 173 | 293 | (42) |
Changes in other accrued liabilities | 5,348 | 198 | 979 |
Changes in current assets and liabilities, excluding effects from acquisitions and divestitures: | |||
Accounts receivable | 21,150 | 5,785 | (3,259) |
Inventories | 26 | 2,043 | (12,196) |
Accrued compensation, warranty and other liabilities | 2,143 | 3,985 | 937 |
Accounts payable | (3,122) | (7,103) | 4,157 |
Deferred profit | 997 | 37 | (442) |
Other current assets | (5,996) | 148 | 952 |
Income taxes payable | (10,719) | 4,041 | (1,518) |
Operating lease right-of-use assets | 7,159 | ||
Current and long-term operating lease liabilities | (6,083) | ||
Net cash provided by operating activities | 17,269 | 34,437 | 39,750 |
Cash flows from investing activities, excluding effects from acquisitions and divestitures: | |||
Purchases of property, plant and equipment | (18,000) | (4,967) | (6,093) |
Net cash received from sale of land, facility and assets | 1,767 | 1,005 | 104 |
Purchases of short-term investments | (315) | (38,700) | (37,010) |
Sales and maturities of short-term investments | 59,469 | 47,671 | |
Net cash used in investing activities | (16,548) | (322,308) | (7,044) |
Cash flows from financing activities: | |||
Cash dividends paid | (9,827) | (6,949) | (6,577) |
Proceeds from construction loan | 5,477 | ||
Repayments of long-term debt | (3,817) | (2,323) | (1,631) |
Issuance (repurchases) of common stock, net including awards settled in cash | (16) | (8,978) | 10,353 |
Proceeds from Term B Loan | 348,250 | ||
Payment of debt issuance costs | (7,072) | ||
Payment of contingent consideration | (823) | ||
Net cash provided by (used in) financing activities | (8,183) | 322,105 | 2,145 |
Effect of exchange rate changes on cash and cash equivalents | (1,529) | (3,599) | 3,390 |
Net increase (decrease) in cash and cash equivalents | (8,991) | 30,635 | 38,241 |
Cash and cash equivalents at beginning of year | 164,921 | 134,286 | 96,045 |
Cash and cash equivalents at end of year | 155,930 | 164,921 | 134,286 |
Cash held by discontinued operations (Note 13) | (736) | (461) | |
Cash and cash equivalents at end of year from continuing operations | 155,194 | 164,460 | 134,286 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for income taxes | 14,942 | 6,243 | 7,094 |
Cash paid for interest | 14,846 | 4,977 | |
Dividends declared but not yet paid | 2,484 | 2,445 | 1,705 |
Property, plant and equipment purchases included in accounts payable | 1,601 | 599 | 260 |
Inventory capitalized as capital assets | 300 | 857 | 190 |
Xcerra [Member] | |||
Cash flows from investing activities, excluding effects from acquisitions and divestitures: | |||
Payment for purchase of business, net of cash received | (339,115) | ||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | |||
Cash flows from investing activities, excluding effects from acquisitions and divestitures: | |||
Payment for purchase of business, net of cash received | $ (11,716) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation 810, Consolidation 810” On December 28, 2019, 20% no no $0.1 December 28, 2019. All significant consolidated transactions and balances 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 28, 2019, 52 December 29, 2018, December 30, 2017, 52 Principles of Consolidation for Variable Interest Entities 810 10 15 December 28, 2019, one Discontinued Operations not February 2020. December 28, 2019. 13, Income (Loss ) Per Share December 28, 2019, December 29, 2018 December 30, 2017, 422,000, 146,000 77,000 The following table reconciles the denominators used in computing basic and diluted income (loss) per share: (in thousands) 2019 2018 2017 Weighted average common shares outstanding 41,159 31,776 27,836 Effect of dilutive stock options and restricted stock units - - 1,080 41,159 31,776 28,916 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 three three 12 one Fair Value of Financial Instruments Concentration of Credit Risk one Trade accounts receivable are presented net of allowance for doubtful accounts, which were insignificant at December 28, 2019 December 29, 2018. December 28, 2019, may Inventories first first $4.8 2019. $0.7 $10.8 2018. $9.4 2017 $1.1 Inventories by category were as follows (in thousands) December 28, December 29, 2019 2018 Raw materials and purchased parts $ 69,665 $ 60,112 Work in process 46,591 57,953 Finished goods 14,450 21,249 Total inventories $ 130,706 $ 139,314 Assets Held for Sale – first 2020 December 28, 2019. Property, Plant and Equipment thirty forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) December 28, December 29, 2019 2018 Land and land improvements (1) $ 11,659 $ 11,905 Buildings and building improvements (1) 41,474 37,265 Machinery and equipment 61,006 64,791 114,139 113,961 Less accumulated depreciation and amortization (43,227 ) (39,629 ) Property, plant and equipment, net $ 70,912 $ 74,332 ( 1 Includes assets under financing leases acquired with Xcerra totaling $2.6 $2.7 December 28, 2019 December 29, 2018, On December 9, 2019, €1.1 no June 30, 2020. Depreciation expense was $19.3 2019, $8.8 2018 $5.0 2017. 2019 Cloud Computing Implementation Costs 2018 15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 Total unamortized capitalized cloud computing implementation costs totaled $10.3 December 28, 2019 December 29, 2018. We expect to begin amortizing these costs when the ERP system is placed into service in 2020, seven Segment Information 280, Segment Reporting 280” October 1, 2018, four 280 two Goodwill, Purchased Intangible Assets and Other Long-lived Assets may not not We conduct our annual impairment test as of October 1st no October 1, 2019, may December 28, 2019, not 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 not Product Warranty 12 36 Income Taxes not 50 not not no The U.S. Tax Cuts and Jobs Act (“Tax Act”) was enacted on December 22, 2017. 2018. Contingencies and Litigation Adoption of New Revenue Accounting Standard 606, Revenue from Contracts with Customers (“ASC 606” December 31, 2017, first 2018 not December 31, 2017. December 28, 2019 December 29, 2018, 606 December 30, 2017, not 606, $1.1 December 31, 2017, 606 The adoption of ASC 606 no Under ASC 606 may 606. Revenue Recognition not Revenue for established products that have previously satisfied a customer’s acceptance requirements is generally recognized upon shipment. In cases where a prior history of customer acceptance cannot be demonstrated or from sales where customer payment dates are not Certain of our equipment sales have multiple performance obligations. These arrangements involve the delivery or performance of multiple performance obligations, and transfer of control of performance obligations may Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. At December 28, 2019 December 29, 2018, $10.0 $19.1 We generally sell our equipment with a product warranty. The product warranty provides assurance to customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, Guarantees (“ASC 460” not The transaction price reflects our expectations about the consideration we will be entitled to receive from the customer and may not not Our contracts are typically less than one 606 one Accounts receivable represents our unconditional right to receive consideration from our customers. Payments terms do not one not no no On shipments where sales are not December 28, 2019, $16.1 $7.6 one $7.2 December 29, 2018, $10.8 $6.9 one $2.0 December 29, 2018, $1.1 606 first 2018. Net sales by type and segment are as follows (in thousands) Twelve Months Ended Disaggregated Net Sales December 28, 2019 December 29, 2018 December 30, 2017 Systems-Semiconductor Test & Inspection $ 299,473 $ 249,514 $ 197,454 Non-systems-Semiconductor Test & Inspection 241,405 193,737 155,250 Systems-PCB Test 25,928 6,565 - Non-systems-PCB Test 16,523 1,952 - Net sales $ 583,329 $ 451,768 $ 352,704 Advertising Costs not Restructuring Costs one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. Debt Issuance Costs $1.1 December 28, 2019 December 29, 2018, Share-based Compensation Foreign Remeasurement and Currency Translation December 28, 2019, December 29, 2018, $1.7 December 30, 2017, $3.0 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 $34.0 December 28, 2019, $25.9 December 29, 2018, December 28, 2019, December 29, 2018 $7.5 $8.9 14. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 2016 02, Leases (Topic 842 December 30, 2018, We made an accounting policy election to not 12 not Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $30.7 $29.9 December 30, 2018. 840 $10.2 840 $0.5 $0.6 not no Recently Issued Accounting Pronouncements June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2019 04, Codification Improvements to Topic 326, 2019 05, Financial Instruments-Credit Losses (Topic 326 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 2019 11, Codification Improvements to Topic 326, 2016 13, not December 15, 2019, not In August 2018, 2018 14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, not December 15, 2020 not 2018 14 In August 2018, 2018 13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement not December 15, 2019. 3 not 2018 13 In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, Income Taxes 2019 12 December 15, 2020. not 2019 12 |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated as of May 7, 2018, October 1, 2018 ( $794.4 Xcerra is comprised of four Cohu financed the Merger, including all related fees and expenses, with the following: ● $160.5 ● The incurrence of $350.0 ● The issuance of 11,776,149 ● The issuance of 529,995 $0.8 On October 1, 2018, $350.0 0.25% may not October 1, 2025. 3.00%. may Immediately prior to the Effective Time, each Xcerra RSU that was vested was cancelled and the holder received cash and share consideration for the outstanding shares. Each unvested RSU held by employees of Xcerra were assumed by Cohu and converted into an RSU representing the number of whole shares of Cohu common stock based on a conversion formula resulting in the number of assumed RSUs described above. The acquisition method of accounting is based on ASC 805, Business Combinations 805” 820, Fair Value Measurement 820” The acquisition was nontaxable to Cohu and certain of the assets acquired, including goodwill and intangibles, will not ASC 805 805 $25.10 September 28, 2018, ASC 820 820 may not not Under ASC 805, not $0.4 $9.8 December 28, 2019 December 29, 2018, $6.9 December 29, 2018. The table below summarizes the assets acquired and liabilities assumed as of the acquisition date, October 1, 2018, in thousands Fair Value at Measurement Adjusted Acquisition Date Period Adjustments* Fair Value Current assets, including cash received $ 375,990 $ 375,990 Property, plant and equipment 40,729 40,729 Other assets 2,109 (1,058 ) 1,051 Intangible assets 321,160 321,160 Goodwill 179,263 1,134 180,397 Total assets acquired 919,251 919,327 Liabilities assumed (124,821 ) (76 ) (124,897 ) Net assets acquired $ 794,430 $ 794,430 * Measurement period adjustments made as a result of obtaining new facts and circumstances related to certain assets acquired and liabilities assumed as of the date of acquisition. The net impact of the measurement period adjustments were offset against goodwill. We recorded a $19.6 December 28, 2019. The allocation of the intangible assets subject to amortization is as follows ( in thousands Estimated Fair Value Weighted Average Useful Life (years) Developed technology $ 194,600 7.8 Customer relationships 65,890 10.6 In-process research and development 36,360 indefinite Product backlog 6,410 0.8 Trademarks and trade names 16,800 11.0 Favorable leases 1,100 5.5 Total intangible assets $ 321,160 Acquired intangible assets reported above are being amortized using the straight-line method over their estimated useful lives which approximates the pattern of how the economic benefit is expected to be used. This includes amounts allocated to customer relationships because of anticipated high customer retention rates that are common in the semiconductor capital equipment industry. The value assigned to 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 Xcerra’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 Xcerra and 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. In-process research and development (“IPR&D”) represents the estimated fair value assigned to research and development projects acquired in a business combination that have not no The value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of October 1, 2018, The value assigned to trademarks and 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. In our estimate of the fair value of Xcerra’s net assets, Cohu identified leases that appear to be at both favorable and unfavorable rates compared to current market rates. As a result, Cohu has recorded both favorable and unfavorable lease assets, which are being amortized to rent expense over the terms of the related lease. As of December 29, 2018, 2016 2, Leases (Topic 842 |
Note 3 - Goodwill and Purchased
Note 3 - Goodwill and Purchased Intangible Assets | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Changes in the carrying value of our goodwill during the years ended December 28, 2019, December 29, 2018, in thousands Semiconductor Test & Inspection PCB Test Total Goodwill Balance December 30, 2017 $ 65,613 $ - $ 65,613 Additions 157,661 21,602 179,263 Impact of currency exchange (2,466 ) (283 ) (2,749 ) Balance December 29, 2018 220,808 21,319 242,127 Adjustments 2,117 (983 ) 1,134 Impairments (1) (715 ) - (715 ) Impact of currency exchange (3,435 ) (442 ) (3,877 ) Balance December 28, 2019 $ 218,775 $ 19,894 $ 238,669 ( 1 Impairment of goodwill associated with our FSG segment that is presented as discontinued operations. This amount was not Purchased intangible assets, subject to amortization, are as follows (in thousands) December 28, 2019 December 29, 2018 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 227,619 $ 49,805 6.6 $ 214,266 $ 21,197 Customer relationships 72,251 14,824 9.3 73,104 7,378 Trade names 22,612 3,892 9.5 22,701 1,807 Backlog 6,328 6,328 - 6,372 4,696 Favorable leases* - - - 1,100 62 Covenant not-to-compete 322 96 7.0 314 63 $ 329,132 $ 74,945 $ 317,857 $ 35,203 * Favorable leases were reclassified to operating lease right of use assets on December 30, 2018 2016 2. The table above excludes $20.8 $36.3 2019 2018, $15.3 Amortization expense related to purchased intangible assets was approximately $39.6 2019, $17.2 2018 $4.2 2017. December 28, 2019, 2020 $38.4 2021 $34.8 2022 $34.8 2023 $34.8 2024 $34.8 $76.8 |
Note 4 - Borrowings and Credit
Note 4 - Borrowings and Credit Agreements | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Borrowings and Credit Agreements The following table is a summary of our borrowings as of December 28, 2019 December 29, 2018: Fiscal year ended (in thousands) December 28, 2019 December 29, 2018 (1) Bank Term Loan under Credit Agreement $ 346,500 $ 349,125 Bank Term Loans-Kita 3,830 4,576 Bank Term Loan-Xcerra 1,475 1,839 Construction Loan-Rasco 5,476 - Lines of Credit 3,195 3,115 Total debt 360,476 358,655 Less: financing fees and discount (7,441 ) (8,551 ) Less: current portion (6,517 ) (6,676 ) Total long-term debt $ 346,518 $ 343,428 ( 1 Excludes financing lease obligations, which are included in long-term and short-term debt in our consolidated balance sheet, as they were not December 29, 2018. The debt principal payments, excluding financing lease obligations, for the next five (in thousands) 2020 $ 7,679 2021 4,636 2022 4,997 2023 5,001 2024 4,467 Thereafter 333,696 Total $ 360,476 Credit Agreement On October 1, 2018, $350.0 0.25% October 1, 2025. 3.00%. December 28, 2019, $339.1 $2.3 December 28, 2019 $0.9 December 31, 2019. December 28, 2019, $344.8 December 28, 2019 2 2, Kita Term Loans As a result of our acquisition of Kita, we 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% 0.43%, 2034. December 28, 2019, $3.8 $0.4 December 28, 2019. The term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Xcerra Term Loan As a result of our acquisition of Xcerra, we assumed a term loan related to the purchase of Xcerra’s facility in Rosenheim, Germany. The loan is payable over 10 2.35%. December 28, 2019, $1.5 $0.3 December 28, 2019. The term loan is denominated in Euros and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Construction Loans On July 26, 2019, one two €8.6 10 15 August 1, 2019, one €3.4 €5.2 On August 1, 2019, €3.4 first 10 0.8%. September 2019 December 2021. 8 2021. On December 10, 2019, €1.5 second 15 1.05%. December 2019 May 2020. 15 May 2020. December 28, 2019, €3.7 not second first 2020. At December 28, 2019, $5.5 $0.3 December 28, 2019. Lines of Credit As a result of our acquisition of Kita, 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 $8.8 December 28, 2019, $3.2 The revolving lines of credit are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Our wholly owned Ismeca subsidiary has one 2.0 December 28, 2019, December 29, 2018, no |
Note 5 - Restructuring Charges
Note 5 - Restructuring Charges | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 5. Subsequent to the acquisition of Xcerra on October 1st, fourth 2018, 2, 2019. second 2019, As a result of the activities described above, we recognized total pretax charges of $16.2 $37.8 December 28, 2019 December 29, 2018, 420, Exit or Disposal Cost Obligations 420” $6.9 December 29, 2018. December 29, 2018, $8.2 All costs of the Integration Program were, and are expected to be, incurred by our Semiconductor Test & Inspection segment. Charges related to the Integration Program for the years ended December 28, 2019 December 29, 2018, (in thousands) : Twelve Months Ended December 28, 2019 December 29, 2018 Employee severance costs $ 12,170 $ 17,791 Inventory related charges 2,729 19,053 Other restructuring costs 1,314 913 Total $ 16,213 $ 37,757 Costs associated with restructuring activities are presented in our consolidated statements of operations as restructuring charges, except for certain costs associated with inventory charges related to the decision to end manufacturing of certain of Xcerra’s semiconductor test handler products, which are classified within cost of sales. Other restructuring costs include expenses for professional fees associated with employee severance and impairments of fixed assets. The following table summarizes the activity within the restructuring related accounts for the Integration Program during the years ended December 28, 2019 December 29, 2018 (in thousands) Employee Severance Other Exit Costs Total Balance, December 30, 2017 $ - $ - $ - Costs accrued 17,791 913 18,704 Amounts paid or charged (13,750 ) (913 ) (14,663 ) Impact of currency exchange (15 ) - (15 ) Balance, December 29, 2018 4,026 - 4,026 Costs accrued 12,170 1,314 13,484 Amounts paid or charged (14,909 ) (1,314 ) (16,223 ) Impact of currency exchange (51 ) - (51 ) Balance, December 28, 2019 $ 1,236 $ - $ 1,236 At December 28, 2019, 2020. |
Note 6 - Employee Benefit Plans
Note 6 - Employee Benefit Plans | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Defined Contribution Retirement Plans 401 50% 8% 50% 6% 2019 $2.0 2018 $1.1 401 October 1 December 29, 2018. 2017 $0.6 Defined Benefit Retirement Plans 2013, Net periodic benefit cost of the Swiss Plan was as follows: (in thousands) 2019 2018 2017 Service cost $ 920 $ 925 $ 907 Interest cost 267 207 198 Expected return on assets (168 ) (124 ) (119 ) Net periodic costs $ 1,019 $ 1,008 $ 986 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) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ (29,910 ) $ (30,512 ) Service cost (920 ) (925 ) Interest cost (267 ) (207 ) Actuarial gain (loss) (1,456 ) 708 Participant contributions (1,434 ) (816 ) Benefits paid 2,313 1,079 Plan change - 199 Foreign currency exchange adjustment (567 ) 564 Benefit obligation at end of year (32,241 ) (29,910 ) Change in plan assets: Fair value of plan assets at beginning of year 18,088 17,746 Return on assets, net of actuarial loss 281 114 Employer contributions 882 816 Participant contributions 1,434 816 Benefits paid (2,313 ) (1,079 ) Foreign currency exchange adjustment 333 (325 ) Fair value of plan assets at end of year 18,705 18,088 Net liability at end of year $ (13,536 ) $ (11,822 ) At December 28, 2019 December 29, 2018, $4.1 December 28, 2019, $2.7 December 29, 2018. Weighted-average actuarial assumptions used to determine the projected benefit obligation under the Swiss Plan are as follows: 2019 2018 Discount rate 0.2 % 0.9 % Compensation increase 1.1 % 1.8 % Weighted-average assumptions used to determine net periodic benefit cost of the Swiss Plan are as follows: 2019 2018 2017 Discount rate 0.9 % 0.7 % 0.7 % Rate of return on assets 0.9 % 0.7 % 0.7 % Compensation increase 1.8 % 1.8 % 1.5 % During 2020 $0.9 2020 $1.4 2021 $1.3 2022 $1.1 2023 $1.7 2024 $1.3 $7.0 2029. As is customary with Swiss pension plans, the assets of the plan are invested in a collective fund with multiple employers. We have no 62% 17% 10% 11% 3 1 2 3 7, 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 $0.1 2019, 2018, 2017. no The weighted average discount rate used in determining the accumulated post-retirement benefit obligation was 3.0% 2019, 4.1% 2018 3.4% 2017. 7.4% 2020. 0.4% 4.4% 2027 one 2019 $14,000 $12,000 December 28, 2019, $318,000 $270,000 Contributions to the post-retirement health benefit plan are expected to total $0.1 2020. 2020 $0.1 2021 $0.1 2022 $0.1 2023 $0.1 2024 $0.1 $0.7 2029. 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) 2019 2018 Accumulated benefit obligation at beginning of year $ 2,880 $ 3,148 Interest cost 115 105 Actuarial gain (258 ) (216 ) Benefits paid (166 ) (157 ) Accumulated benefit obligation at end of year 2,571 2,880 Plan assets at end of year - - Funded status $ (2,571 ) $ (2,880 ) Deferred Compensation December 28, 2019, $2.0 $1.7 December 29, 2018, $2.0 $1.6 Employee Stock Purchase Plan 1997 2,650,000 May 8, 2019, may 500,000. may 85% three 2019 187,273; 2018 84,678 2017 99,144. December 28, 2019, 911,337 Stock Options December 28, 2019, 2,503,918 2005 2005 May 8, 2019, 2005 2,000,000 may 2005 may not 100% one four one ten During 2019, 2018 2017 no 2019 2018 2017 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 405 $ 10.22 472 $ 10.20 1,641 $ 10.79 Exercised (42 ) $ 9.82 (67 ) $ 10.10 (1,164 ) $ 10.98 Cancelled - $ - - $ - (5 ) $ 20.73 Outstanding, end of year 363 $ 10.27 405 $ 10.22 472 $ 10.20 Options exercisable at year end 363 $ 10.27 405 $ 10.22 469 $ 10.20 The aggregate intrinsic value of options exercised was $0.2 2019, $0.9 2018, $10.1 2017. December 28, 2019, $4.4 Information about stock options outstanding at December 28, 2019 (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 $ 9.44 - $ 10.54 200 3.2 $ 9.50 200 $ 9.50 $ 10.55 - $ 10.58 126 2.2 $ 10.58 126 $ 10.58 $ 10.59 - $ 15.89 37 2.3 $ 13.32 37 $ 13.23 363 2.8 $ 10.27 363 $ 10.27 Restricted Stock Units may one two four not not not December 28, 2019. Restricted stock unit activity under our share-based compensation plans was as follows: 2019 2018 2017 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 1,265 $ 19.48 981 $ 12.50 1,083 $ 10.50 Granted 694 $ 14.32 822 $ 23.70 353 $ 15.95 Released (563 ) $ 19.08 (500 ) $ 13.10 (409 ) $ 10.26 Cancelled (68 ) $ 17.60 (38 ) $ 14.67 (46 ) $ 11.85 Outstanding, end of year 1,328 $ 17.05 1,265 $ 19.48 981 $ 12.50 RSUs granted in 2018 529,995 Equity-Based Performance Stock Units The number of shares of common stock that will ultimately be issued to settle PSUs granted over the last four Year Granted Range of Awards Performance Criteria Period (in years) 2019 25% - 200% 3 2018 25% - 200% 3 2017 25% - 200% 3 2016 25% - 200% 3 PSUs granted in 2019, 2018, 2017 2016 100% 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 of PSUs outstanding at December 28, 2019. PSU activity under our share-based compensation plans was as follows: 2019 2018 2017 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 340 $ 17.89 334 $ 14.31 403 $ 11.04 Granted 167 $ 14.11 89 $ 24.32 185 $ 17.60 Released (36 ) $ 11.35 (41 ) $ 9.92 (186 ) $ 11.35 Cancelled (107 ) $ 11.35 (42 ) $ 10.69 (68 ) $ 11.94 Outstanding, end of year 364 $ 18.72 340 $ 17.89 334 $ 14.31 Share-based Compensation The following weighted average assumptions were used to value share-based awards granted: Employee Stock Purchase Plan 2019 2018 2017 Dividend yield 1.3 % 1.1 % 1.4 % Expected volatility 46.4 % 39.0 % 33.3 % Risk-free interest rate 2.2 % 1.7 % 0.7 % Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $ 5.35 $ 5.90 $ 4.63 Restricted Stock Units 2019 2018 2017 Dividend yield 1.6 % 1.0 % 1.4 % Reported share-based compensation is classified in the Consolidated Financial Statements as follows: (in thousands) 2019 2018 2017 Cost of sales $ 736 $ 546 $ 423 Research and development 2,994 1,717 1,054 Selling, general and administrative 10,418 7,790 5,530 Share-based compensation of continuing operations 14,148 10,053 7,007 Income tax benefit (587 ) (993 ) (530 ) Total share-based compensation, net of tax $ 13,561 $ 9,060 $ 6,477 We account for forfeitures of plan based awards as they occur. Share based compensation for the year ended December 29, 2018, $8.2 December 28, 2019. At December 28, 2019, $18.7 2.2 |
Note 7 - Financial Instruments
Note 7 - Financial Instruments Measured at Fair Value | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 7. 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 28, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Foreign government security $ 904 $ - $ - $ 904 At December 29, 2018 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Foreign government security $ 560 $ - $ - $ 560 ( 1 As of December 28, 2019 December 29, 2018 no Effective maturities of short-term investments at December 28, 2019, Amortized Estimated (in thousands) Cost Fair Value Due after one year through three years $ 904 $ 904 Accounting standards pertaining to fair value measurements establish a three 1, 2, 3, no 1. 65 Table of Contents COHU, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 28, 2019 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 147,523 $ - $ - $ 147,523 Money market funds - 7,671 - 7,671 Foreign government security - 904 - 904 $ 147,523 $ 8,575 $ - $ 156,098 Fair value measurements at December 29, 2018 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 144,696 $ - $ - $ 144,696 Money market funds - 19,764 - 19,764 Foreign government security - 560 - 560 $ 144,696 $ 20,324 $ - $ 165,020 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Significant components of the provision (benefit) for income taxes for continuing operations are as follows: (in thousands) 2019 2018 2017 Current: U.S. Federal $ - $ - $ 12 U.S. State 130 51 18 Foreign 2,173 8,787 6,005 Total current 2,303 8,838 6,035 Deferred: U.S. Federal 98 56 (3,451 ) U.S. State 1 - (481 ) Foreign (5,484 ) (8,263 ) 141 Total deferred (5,385 ) (8,207 ) (3,791 ) $ (3,082 ) $ 631 $ 2,244 Income (loss) before income taxes from continuing operations consisted of the following: (in thousands) 2019 2018 2017 U.S. $ (72,669 ) $ (42,682 ) $ 1,430 Foreign 592 10,770 33,935 Total $ (72,077 ) $ (31,912 ) $ 35,365 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, the Company made reasonable estimates of the effects and recorded provisional amounts in our financial statements as of December 30, 2017 118 not 2018, no 2018 2017 Under GAAP, we are allowed to make an accounting policy election to either (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred or (ii) factor such amounts into a company’s measurement of its deferred taxes. We have elected to account for GILTI as a period cost. One-time transition tax The Tax Act required us to pay U.S. income taxes on accumulated foreign subsidiary earnings not 15.5% 8% may In 2017 one $16.6 2018 2018 29 2018 29” 2018 29 $5.1 no Deferred tax effects The Tax Act reduces the U.S. statutory tax rate from 35% 21% 2017. December 30, 2017 $4.0 20 Beginning in 2018, 100% 10 one 740 30 25 18 Except for working capital requirements in certain foreign jurisdictions, we provide for all taxes, including withholding and other residual taxes, related to unremitted earnings of our foreign subsidiaries. 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) 2019 2018 Deferred tax assets: Inventory, receivable and warranty reserves $ 11,896 $ 12,560 Net operating loss carryforwards 69,096 65,587 Tax credit carryforwards 36,489 34,251 Accrued employee benefits 4,685 5,134 Stock-based compensation 2,372 2,108 Lease liabilities 7,890 - Other 7,885 7,827 Gross deferred tax assets 140,313 127,467 Less valuation allowance (93,498 ) (84,718 ) Total deferred tax assets 46,815 42,749 Deferred tax liabilities: Depreciation and fixed asset related 948 3,156 Intangible assets and other acquisition basis differences 62,325 70,415 Operating lease right-of-use assets 7,504 - Unremitted earnings of foreign subsidiaries 2,462 5,257 Total deferred tax liabilities 73,239 78,828 Net deferred tax liabilities $ (26,424 ) $ (36,079 ) 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 2019. As a result of our cumulative, three 2019 not” 2020 Our valuation allowance on our DTAs at December 28, 2019, December 29, 2018, $93.5 $84.7 not As the realization of DTAs is determined by tax jurisdiction, the deferred tax liabilities recorded by our non-U.S. subsidiaries were not The reconciliation of income tax computed at the U.S. federal statutory tax rate to the provision (benefit) for income taxes for continuing operations is as follows: (in thousands) 2019 2018 2017 Tax provision at U.S. 21% statutory rate (35% in 2017) $ (15,136 ) $ (6,702 ) $ 12,378 Impact of Tax Act, before reduction in valuation allowance - 5,095 12,397 State income taxes, net of federal tax benefit (1,097 ) (663 ) 56 Settlements, adjustments and releases from statute expirations (1,204 ) (783 ) (1,731 ) Federal tax credits (1,458 ) (864 ) (371 ) Stock-based compensation 587 (838 ) (2,801 ) Executive compensation limited by Section 162(m) 190 3,456 246 Change in valuation allowance 11,270 (2,015 ) (13,484 ) Non-deductible transaction related costs - 1,106 331 GILTI 2,480 3,531 - Foreign rate differential 187 (435 ) (4,866 ) Other, net 1,099 (257 ) 89 $ (3,082 ) $ 631 $ 2,244 At December 28, 2019, $246.9 $160.5 $25.1 2020 2039 no December 28, 2019 $11.5 $31.6 2020 2039 no 382 383 not The Company has completed a Section 382 383 December 28, 2019. October 1, 2018, no 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. $2.1 $0.05 2019, $2.4 $0.08 2018 $2.8 $0.10 2017. A reconciliation of our gross unrecognized tax benefits, excluding accrued interest and penalties, is as follows: (in thousands) 2019 2018 2017 Balance at beginning of year $ 34,701 $ 10,321 $ 10,075 Additions for tax positions of current year 1,231 524 200 Additions (reductions) for tax positions of prior years (484 ) 191 58 Reductions due to lapse of the statute of limitations (957 ) (645 ) (1,148 ) Additions related to Xcerra and Kita acquisitions - 24,352 900 Reductions due to settlements (30 ) - - Foreign exchange rate impact 104 (42 ) 236 Balance at end of year $ 34,565 $ 34,701 $ 10,321 If the unrecognized tax benefits at December 28, 2019 $7.0 $8.2 December 29, 2018) December 28, 2019, 2020 $0.4 We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Cohu had approximately $1.3 $1.5 December 28, 2019, December 29, 2018, 0.3 2019, $0.6 2018 0.3 2017. Our U.S. federal and state income tax returns for years after 2015 2014 four ten 2012 2016 2017 2017 2018 2019. |
Note 9 - Segment and Geographic
Note 9 - Segment and Geographic Information | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9. We applied the provisions of ASC Topic 280, Segment Reporting 280” October 1, 2018, four 280 two (in thousands) 2019 2018 2017 Net sales by segment: Semiconductor Test & Inspection $ 540,878 $ 443,276 $ 352,704 PCB Test 42,451 8,492 - Total consolidated net sales for reportable segments $ 583,329 $ 451,768 $ 352,704 Segment profit (loss) before tax: Semiconductor Test & Inspection $ (45,072 ) $ 2,489 $ 42,535 PCB Test 2,635 (5,154 ) - Profit (loss) for reportable segments (42,437 ) (2,665 ) 42,535 Other unallocated amounts: Corporate expenses (9,848 ) (25,457 ) (7,787 ) Interest expense (20,556 ) (4,977 ) (54 ) Interest income 764 1,187 671 Income (loss) from continuing operations before taxes $ (72,077 ) $ (31,912 ) $ 35,365 (in thousands) 2019 2018 2017 Depreciation and amortization by segment deducted in arriving at profit (loss): Semiconductor Test & Inspection $ 56,621 $ 24,634 $ 9,195 PCB Test 2,250 1,413 - Total depreciation and amortization for reportable segments $ 58,871 $ 26,047 $ 9,195 Capital expenditures by segment: Semiconductor Test & Inspection $ 17,831 $ 4,957 $ 6,093 PCB Test 169 10 - Total consolidated capital expenditures $ 18,000 $ 4,967 $ 6,093 (in thousands) 2019 2018 2017 Total assets by segment: Semiconductor Test & Inspection $ 998,756 $ 1,038,053 $ 368,158 PCB Test 56,938 57,762 - Total assets for reportable segments 1,055,694 1,095,815 368,158 Corporate, principally cash and investments 18,398 34,367 52,299 Discontinued operations 3,618 3,820 - Total consolidated assets $ 1,077,710 $ 1,134,002 $ 420,457 During the last three 10% 2019 2018 2017 Intel 11.1 % ** 11.2 % NXP Semiconductors N.V. * ** 15.9 % * Less than 10% **No 10% December 29, 2018. No 10% December 28, 2019 December 29, 2018. Net sales to customers, attributed to countries based on product shipment destination, were as follows: (in thousands) 2019 2018 2017 China $ 118,213 $ 90,255 $ 82,474 Malaysia 61,826 61,793 80,102 United States 71,963 61,177 38,729 Philippines 51,683 46,421 26,268 Taiwan 75,725 25,074 16,517 Rest of the World 203,919 167,048 108,614 Total, net $ 583,329 $ 451,768 $ 352,704 Geographic location of our property, plant and equipment and other long-lived assets was as follows: (in thousands) 2019 2018 Property, plant and equipment: Germany $ 25,234 $ 21,655 United States 16,671 20,417 Japan 9,964 11,905 Malaysia 7,151 10,535 Philippines 8,637 5,842 Rest of the World 3,255 3,978 Total, net $ 70,912 $ 74,332 Goodwill and other intangible assets: Germany $ 228,476 $ 249,605 United States 207,642 228,022 Malaysia 44,140 43,569 Singapore 13,915 15,173 Switzerland 8,190 11,604 Japan 3,872 4,138 Rest of the World 7,453 8,977 Total, net $ 513,688 $ 561,088 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 10. We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms with 12 not Our leases have remaining lease terms ranging from 1 38 one 25 third Supplemental balance sheet information related to leases was as follows: December 28, (in thousands) Classification 2019 Assets Operating lease assets Operating lease right-of-use assets $ 33,269 Finance lease assets Property, plant and equipment, net (1) 2,515 Total lease assets $ 35,784 Liabilities Current Operating Other accrued liabilities $ 5,458 Finance Other accrued liabilities 2,574 Noncurrent Operating Long-term lease liabilities 28,877 Total lease liabilities $ 36,909 Weighted-average remaining lease term (years) Operating leases 7.9 Finance leases 0.5 Weighted-average discount rate Operating leases 6.3 % Finance leases 4.5 % ( 1 Finance lease assets are recorded net of accumulated amortization of $0.1 The components of lease expense were as follows: December 28, (in thousands) 2019 Operating leases (1) $ 8,525 Variable lease expense 2,318 Short-term operating leases 256 Finance leases Amortization of leased assets 102 Interest on lease liabilities 146 Sublease income (133 ) Net lease cost $ 11,214 ( 1 Operating lease cost excludes impairment expense of $0.2 Prior to adoption of ASC ASU 2016 02, Leases $4.8 $3.6 2018 2017. October 1, 2018. Future minimum lease payments at December 28, 2019, Operating Finance (in thousands) leases (1) leases Total 2020 $ 7,383 $ 2,631 $ 10,014 2021 6,090 - 6,090 2022 5,535 - 5,535 2023 4,987 - 4,987 2024 4,692 - 4,692 Thereafter 16,314 - 16,314 Total lease payments 45,001 2,631 47,632 Less: Interest (10,666 ) (57 ) (10,723 ) Present value of lease liabilities $ 34,335 $ 2,574 $ 36,909 ( 1 Excludes sublease income of $0.1 2020 2021 $0.1 not Supplemental cash flow information related to leases was as follows: December 28, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,932 Operating cash flows from finance leases $ 117 Financing cash flows from finance leases $ 34 Leased assets obtained in exchange for new operating lease liabilities $ 40,488 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies From time-to-time we are involved in various legal proceedings, examinations by various tax authorities and claims that have arisen in the ordinary course of our business. The outcome of any litigation is inherently uncertain. While there can be no not |
Note 12 - Guarantees
Note 12 - Guarantees | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 12. Guarantees Accrued Warranty Changes in accrued warranty during the three December 28, 2019, (in thousands) 2019 2018 2017 Beginning balance $ 8,014 $ 4,849 $ 4,350 Warranty accruals 6,714 7,154 6,765 Warranty payments (8,573 ) (8,358 ) (6,316 ) Warranty liability assumed - 4,369 50 Ending balance $ 6,155 $ 8,014 $ 4,849 Accrued warranty amounts expected to be incurred after one $0.3 $0.2 December 28, 2019 December 29, 2018, |
Note 13 - Discontinued Operatio
Note 13 - Discontinued Operations | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 13. Discontinued Operations Fixtures Services Business (“FSG”) On October 1, 2018, fourth 2018, not not October 1, 2018 December 28, 2019 December 29, 2018. In February 2020, $1.1 fourth 2019, not Balance sheet information for our fixtures services business presented as discontinued operations is summarized as follows (in thousands) December 28, December 29, 2019 2018 Assets: Cash $ 736 $ 461 Accounts receivable, net 1,316 1,718 Inventories 1,411 1,388 Other current assets 40 174 Total current assets 3,503 3,741 Property, plant and equipment, net 33 66 Other noncurrent assets 82 13 Total assets $ 3,618 $ 3,820 Liabilities: Other accrued current liabilities $ 599 $ 518 Total current liabilities 599 518 Noncurrent liabilities 24 - Total liabilities $ 623 $ 518 Operating results of our discontinued operations are summarized as follows (in thousands) December 28, December 29, December 30, 2019 2018 2017 Net sales $ 6,136 $ 1,593 $ - Operating income $ 478 $ 157 $ - Loss from impairment of FSG (1,086 ) - - Loss from sale of BMS (1) - - (278 ) Income (loss) before taxes (608 ) 157 (278 ) Income tax provision 89 38 - Income (loss), net of tax $ (697 ) $ 119 $ (278 ) |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. 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 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 Year ended December 29, 2018 Foreign currency translation adjustments $ (8,905 ) $ - $ (8,905 ) Adjustments related to postretirement benefits 865 (60 ) 805 Change in unrealized gain/loss on investments 7 - 7 Other comprehensive income (loss) $ (8,033 ) $ (60 ) $ (8,093 ) Year ended December 28, 2019 Foreign currency translation adjustments $ (7,522 ) $ - $ (7,522 ) Adjustments related to postretirement benefits (856 ) 228 (628 ) Other comprehensive income (loss) $ (8,378 ) $ 228 $ (8,150 ) Components of accumulated other comprehensive loss, net of tax, at the end of each period are as follows: (in thousands) 2019 2018 Accumulated net currency translation adjustments $ (30,198 ) $ (22,676 ) Accumulated net adjustments related to postretirement benefits (3,832 ) (3,204 ) Total accumulated other comprehensive loss $ (34,030 ) $ (25,880 ) |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. Related Party Transactions At December 28, 2019 15.5% 13 February 4, 2020. As part of Xcerra, we gained ownership interests in two not 2019, not |
Note 16 - Quarterly Financial D
Note 16 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 16. Quarterly Financial Data (Unaudited) Quarter First (a) Second (a) Third (a) Fourth (a) Year (in thousands, except per share data) Net sales: 2019 $ 147,809 $ 150,011 $ 143,498 $ 142,011 $ 583,329 2018 $ 95,150 $ 99,817 $ 86,164 $ 170,637 $ 451,768 Cost of sales: 2019 (b) $ 93,394 $ 87,605 $ 84,565 $ 87,936 $ 353,500 2018 (b) $ 54,923 $ 57,677 $ 51,142 $ 128,718 $ 292,460 Income (loss) from continuing operations 2019 $ (22,851 ) $ (19,383 ) $ (10,480 ) $ (16,281 ) $ (68,995 ) 2018 $ 8,122 $ 11,648 $ 4,803 $ (57,116 ) $ (32,543 ) Net income (loss) 2019 $ (22,687 ) $ (19,359 ) $ (10,326 ) $ (17,320 ) $ (69,692 ) 2018 $ 8,122 $ 11,648 $ 4,803 $ (56,997 ) $ (32,424 ) Net income (loss) attributable to Cohu 2019 $ (22,643 ) $ (19,323 ) $ (10,468 ) $ (17,266 ) $ (69,700 ) 2018 $ 8,122 $ 11,648 $ 4,803 $ (56,754 ) $ (32,181 ) Income (loss) per share attributable to Cohu (c): Basic: Income (loss) from continuing operations 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) 2018 $ 0.28 $ 0.40 $ 0.17 $ (1.40 ) $ (1.02 ) Net income (loss) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) 2018 $ 0.28 $ 0.40 $ 0.17 $ (1.40 ) $ (1.01 ) Diluted: Income (loss) from continuing operations 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) 2018 $ 0.28 $ 0.39 $ 0.16 $ (1.40 ) $ (1.02 ) Net income (loss) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) 2018 $ 0.28 $ 0.39 $ 0.16 $ (1.40 ) $ (1.01 ) (a) All quarters presented above were comprised of 13 October 1, 2018. 2, 2019 2018 fourth 2018 $19.1 $14.8 $18.7 first 2019 $6.0 second 2019 $8.5 (b) Cost of sales is shown exclusive of the amortization of purchased intangible assets. (c) The sum of the four may not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CO 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 31, 2017 $ 81 $ 174 (1) $ 6 $ 61 $ 200 Year ended December 30, 2018 $ 200 $ (20 ) (1) $ (109 ) $ 31 $ 40 Year ended December 28, 2019 $ 40 $ 24 (1) $ (28 ) $ 27 $ 9 Reserve for excess and obsolete inventories: Year ended December 31, 2017 $ 21,485 $ (1,165 ) (1) $ 1,148 $ 4,106 $ 17,362 Year ended December 29, 2018 $ 17,362 $ (300 ) (1) $ 10,783 $ 3,907 $ 23,938 Year ended December 28, 2019 $ 23,938 $ 1,285 (1) $ 4,792 $ 9,057 $ 20,958 All amounts presented above have been restated to exclude the impact of our discontinued operations. ( 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 810, Consolidation 810” On December 28, 2019, 20% no no $0.1 December 28, 2019. All significant consolidated transactions and balances 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 28, 2019, 52 December 29, 2018, December 30, 2017, 52 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation for Variable Interest Entities 810 10 15 December 28, 2019, one |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations not February 2020. December 28, 2019. 13, |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss ) Per Share December 28, 2019, December 29, 2018 December 30, 2017, 422,000, 146,000 77,000 The following table reconciles the denominators used in computing basic and diluted income (loss) per share: (in thousands) 2019 2018 2017 Weighted average common shares outstanding 41,159 31,776 27,836 Effect of dilutive stock options and restricted stock units - - 1,080 41,159 31,776 28,916 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 three three 12 one |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk one Trade accounts receivable are presented net of allowance for doubtful accounts, which were insignificant at December 28, 2019 December 29, 2018. December 28, 2019, may |
Inventory, Policy [Policy Text Block] | Inventories first first $4.8 2019. $0.7 $10.8 2018. $9.4 2017 $1.1 Inventories by category were as follows (in thousands) December 28, December 29, 2019 2018 Raw materials and purchased parts $ 69,665 $ 60,112 Work in process 46,591 57,953 Finished goods 14,450 21,249 Total inventories $ 130,706 $ 139,314 |
Assets Held-for-sale [Policy Text Block] | Assets Held for Sale – first 2020 December 28, 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment thirty forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) December 28, December 29, 2019 2018 Land and land improvements (1) $ 11,659 $ 11,905 Buildings and building improvements (1) 41,474 37,265 Machinery and equipment 61,006 64,791 114,139 113,961 Less accumulated depreciation and amortization (43,227 ) (39,629 ) Property, plant and equipment, net $ 70,912 $ 74,332 ( 1 Includes assets under financing leases acquired with Xcerra totaling $2.6 $2.7 December 28, 2019 December 29, 2018, On December 9, 2019, €1.1 no June 30, 2020. Depreciation expense was $19.3 2019, $8.8 2018 $5.0 2017. 2019 |
Internal Use Software, Policy [Policy Text Block] | Cloud Computing Implementation Costs 2018 15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 Total unamortized capitalized cloud computing implementation costs totaled $10.3 December 28, 2019 December 29, 2018. We expect to begin amortizing these costs when the ERP system is placed into service in 2020, seven |
Segment Reporting, Policy [Policy Text Block] | Segment Information 280, Segment Reporting 280” October 1, 2018, four 280 two |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill, Purchased Intangible Assets and Other Long-lived Assets may not not We conduct our annual impairment test as of October 1st no October 1, 2019, may December 28, 2019, not 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 not |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty 12 36 |
Income Tax, Policy [Policy Text Block] | Income Taxes not 50 not not no The U.S. Tax Cuts and Jobs Act (“Tax Act”) was enacted on December 22, 2017. 2018. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies and Litigation |
Adoption of New Accounting Standard [Policy Text Block] | Adoption of New Revenue Accounting Standard 606, Revenue from Contracts with Customers (“ASC 606” December 31, 2017, first 2018 not December 31, 2017. December 28, 2019 December 29, 2018, 606 December 30, 2017, not 606, $1.1 December 31, 2017, 606 The adoption of ASC 606 no Under ASC 606 may 606. |
Revenue [Policy Text Block] | Revenue Recognition not Revenue for established products that have previously satisfied a customer’s acceptance requirements is generally recognized upon shipment. In cases where a prior history of customer acceptance cannot be demonstrated or from sales where customer payment dates are not Certain of our equipment sales have multiple performance obligations. These arrangements involve the delivery or performance of multiple performance obligations, and transfer of control of performance obligations may Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. At December 28, 2019 December 29, 2018, $10.0 $19.1 We generally sell our equipment with a product warranty. The product warranty provides assurance to customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, Guarantees (“ASC 460” not The transaction price reflects our expectations about the consideration we will be entitled to receive from the customer and may not not Our contracts are typically less than one 606 one Accounts receivable represents our unconditional right to receive consideration from our customers. Payments terms do not one not no no On shipments where sales are not December 28, 2019, $16.1 $7.6 one $7.2 December 29, 2018, $10.8 $6.9 one $2.0 December 29, 2018, $1.1 606 first 2018. Net sales by type and segment are as follows (in thousands) Twelve Months Ended Disaggregated Net Sales December 28, 2019 December 29, 2018 December 30, 2017 Systems-Semiconductor Test & Inspection $ 299,473 $ 249,514 $ 197,454 Non-systems-Semiconductor Test & Inspection 241,405 193,737 155,250 Systems-PCB Test 25,928 6,565 - Non-systems-PCB Test 16,523 1,952 - Net sales $ 583,329 $ 451,768 $ 352,704 |
Advertising Cost [Policy Text Block] | Advertising Costs not |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Costs one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. |
Debt, Policy [Policy Text Block] | Debt Issuance Costs $1.1 December 28, 2019 December 29, 2018, |
Share-based Payment Arrangement [Policy Text Block] | Share-based Compensation |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Remeasurement and Currency Translation December 28, 2019, December 29, 2018, $1.7 December 30, 2017, $3.0 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 $34.0 December 28, 2019, $25.9 December 29, 2018, December 28, 2019, December 29, 2018 $7.5 $8.9 14. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 2016 02, Leases (Topic 842 December 30, 2018, We made an accounting policy election to not 12 not Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $30.7 $29.9 December 30, 2018. 840 $10.2 840 $0.5 $0.6 not no Recently Issued Accounting Pronouncements June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2019 04, Codification Improvements to Topic 326, 2019 05, Financial Instruments-Credit Losses (Topic 326 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 2019 11, Codification Improvements to Topic 326, 2016 13, not December 15, 2019, not In August 2018, 2018 14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, not December 15, 2020 not 2018 14 In August 2018, 2018 13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement not December 15, 2019. 3 not 2018 13 In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, Income Taxes 2019 12 December 15, 2020. not 2019 12 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands) 2019 2018 2017 Weighted average common shares outstanding 41,159 31,776 27,836 Effect of dilutive stock options and restricted stock units - - 1,080 41,159 31,776 28,916 |
Schedule of Inventory, Current [Table Text Block] | December 28, December 29, 2019 2018 Raw materials and purchased parts $ 69,665 $ 60,112 Work in process 46,591 57,953 Finished goods 14,450 21,249 Total inventories $ 130,706 $ 139,314 |
Property, Plant and Equipment [Table Text Block] | December 28, December 29, 2019 2018 Land and land improvements (1) $ 11,659 $ 11,905 Buildings and building improvements (1) 41,474 37,265 Machinery and equipment 61,006 64,791 114,139 113,961 Less accumulated depreciation and amortization (43,227 ) (39,629 ) Property, plant and equipment, net $ 70,912 $ 74,332 |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended Disaggregated Net Sales December 28, 2019 December 29, 2018 December 30, 2017 Systems-Semiconductor Test & Inspection $ 299,473 $ 249,514 $ 197,454 Non-systems-Semiconductor Test & Inspection 241,405 193,737 155,250 Systems-PCB Test 25,928 6,565 - Non-systems-PCB Test 16,523 1,952 - Net sales $ 583,329 $ 451,768 $ 352,704 |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions (Tables) - Xcerra [Member] | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair Value at Measurement Adjusted Acquisition Date Period Adjustments* Fair Value Current assets, including cash received $ 375,990 $ 375,990 Property, plant and equipment 40,729 40,729 Other assets 2,109 (1,058 ) 1,051 Intangible assets 321,160 321,160 Goodwill 179,263 1,134 180,397 Total assets acquired 919,251 919,327 Liabilities assumed (124,821 ) (76 ) (124,897 ) Net assets acquired $ 794,430 $ 794,430 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Fair Value Weighted Average Useful Life (years) Developed technology $ 194,600 7.8 Customer relationships 65,890 10.6 In-process research and development 36,360 indefinite Product backlog 6,410 0.8 Trademarks and trade names 16,800 11.0 Favorable leases 1,100 5.5 Total intangible assets $ 321,160 |
Note 3 - Goodwill and Purchas_2
Note 3 - Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Semiconductor Test & Inspection PCB Test Total Goodwill Balance December 30, 2017 $ 65,613 $ - $ 65,613 Additions 157,661 21,602 179,263 Impact of currency exchange (2,466 ) (283 ) (2,749 ) Balance December 29, 2018 220,808 21,319 242,127 Adjustments 2,117 (983 ) 1,134 Impairments (1) (715 ) - (715 ) Impact of currency exchange (3,435 ) (442 ) (3,877 ) Balance December 28, 2019 $ 218,775 $ 19,894 $ 238,669 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | December 28, 2019 December 29, 2018 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 227,619 $ 49,805 6.6 $ 214,266 $ 21,197 Customer relationships 72,251 14,824 9.3 73,104 7,378 Trade names 22,612 3,892 9.5 22,701 1,807 Backlog 6,328 6,328 - 6,372 4,696 Favorable leases* - - - 1,100 62 Covenant not-to-compete 322 96 7.0 314 63 $ 329,132 $ 74,945 $ 317,857 $ 35,203 |
Note 4 - Borrowings and Credi_2
Note 4 - Borrowings and Credit Agreements (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Fiscal year ended (in thousands) December 28, 2019 December 29, 2018 (1) Bank Term Loan under Credit Agreement $ 346,500 $ 349,125 Bank Term Loans-Kita 3,830 4,576 Bank Term Loan-Xcerra 1,475 1,839 Construction Loan-Rasco 5,476 - Lines of Credit 3,195 3,115 Total debt 360,476 358,655 Less: financing fees and discount (7,441 ) (8,551 ) Less: current portion (6,517 ) (6,676 ) Total long-term debt $ 346,518 $ 343,428 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2020 $ 7,679 2021 4,636 2022 4,997 2023 5,001 2024 4,467 Thereafter 333,696 Total $ 360,476 |
Note 5 - Restructuring Charges
Note 5 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Twelve Months Ended December 28, 2019 December 29, 2018 Employee severance costs $ 12,170 $ 17,791 Inventory related charges 2,729 19,053 Other restructuring costs 1,314 913 Total $ 16,213 $ 37,757 Employee Severance Other Exit Costs Total Balance, December 30, 2017 $ - $ - $ - Costs accrued 17,791 913 18,704 Amounts paid or charged (13,750 ) (913 ) (14,663 ) Impact of currency exchange (15 ) - (15 ) Balance, December 29, 2018 4,026 - 4,026 Costs accrued 12,170 1,314 13,484 Amounts paid or charged (14,909 ) (1,314 ) (16,223 ) Impact of currency exchange (51 ) - (51 ) Balance, December 28, 2019 $ 1,236 $ - $ 1,236 |
Note 6 - Employee Benefit Pla_2
Note 6 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (in thousands) 2019 2018 2017 Service cost $ 920 $ 925 $ 907 Interest cost 267 207 198 Expected return on assets (168 ) (124 ) (119 ) Net periodic costs $ 1,019 $ 1,008 $ 986 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ (29,910 ) $ (30,512 ) Service cost (920 ) (925 ) Interest cost (267 ) (207 ) Actuarial gain (loss) (1,456 ) 708 Participant contributions (1,434 ) (816 ) Benefits paid 2,313 1,079 Plan change - 199 Foreign currency exchange adjustment (567 ) 564 Benefit obligation at end of year (32,241 ) (29,910 ) Change in plan assets: Fair value of plan assets at beginning of year 18,088 17,746 Return on assets, net of actuarial loss 281 114 Employer contributions 882 816 Participant contributions 1,434 816 Benefits paid (2,313 ) (1,079 ) Foreign currency exchange adjustment 333 (325 ) Fair value of plan assets at end of year 18,705 18,088 Net liability at end of year $ (13,536 ) $ (11,822 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | 2019 2018 Discount rate 0.2 % 0.9 % Compensation increase 1.1 % 1.8 % 2019 2018 2017 Discount rate 0.9 % 0.7 % 0.7 % Rate of return on assets 0.9 % 0.7 % 0.7 % Compensation increase 1.8 % 1.8 % 1.5 % |
Schedule of Net Funded Status [Table Text Block] | (in thousands) 2019 2018 Accumulated benefit obligation at beginning of year $ 2,880 $ 3,148 Interest cost 115 105 Actuarial gain (258 ) (216 ) Benefits paid (166 ) (157 ) Accumulated benefit obligation at end of year 2,571 2,880 Plan assets at end of year - - Funded status $ (2,571 ) $ (2,880 ) |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2019 2018 2017 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 405 $ 10.22 472 $ 10.20 1,641 $ 10.79 Exercised (42 ) $ 9.82 (67 ) $ 10.10 (1,164 ) $ 10.98 Cancelled - $ - - $ - (5 ) $ 20.73 Outstanding, end of year 363 $ 10.27 405 $ 10.22 472 $ 10.20 Options exercisable at year end 363 $ 10.27 405 $ 10.22 469 $ 10.20 |
Share-based Payment Arrangement, Option, 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 $ 9.44 - $ 10.54 200 3.2 $ 9.50 200 $ 9.50 $ 10.55 - $ 10.58 126 2.2 $ 10.58 126 $ 10.58 $ 10.59 - $ 15.89 37 2.3 $ 13.32 37 $ 13.23 363 2.8 $ 10.27 363 $ 10.27 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2019 2018 2017 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 1,265 $ 19.48 981 $ 12.50 1,083 $ 10.50 Granted 694 $ 14.32 822 $ 23.70 353 $ 15.95 Released (563 ) $ 19.08 (500 ) $ 13.10 (409 ) $ 10.26 Cancelled (68 ) $ 17.60 (38 ) $ 14.67 (46 ) $ 11.85 Outstanding, end of year 1,328 $ 17.05 1,265 $ 19.48 981 $ 12.50 |
Schedule of Share-based Compensation, Equity-based Performance Stock Units [Table Text Block] | Year Granted Range of Awards Performance Criteria Period (in years) 2019 25% - 200% 3 2018 25% - 200% 3 2017 25% - 200% 3 2016 25% - 200% 3 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | 2019 2018 2017 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 340 $ 17.89 334 $ 14.31 403 $ 11.04 Granted 167 $ 14.11 89 $ 24.32 185 $ 17.60 Released (36 ) $ 11.35 (41 ) $ 9.92 (186 ) $ 11.35 Cancelled (107 ) $ 11.35 (42 ) $ 10.69 (68 ) $ 11.94 Outstanding, end of year 364 $ 18.72 340 $ 17.89 334 $ 14.31 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Employee Stock Purchase Plan 2019 2018 2017 Dividend yield 1.3 % 1.1 % 1.4 % Expected volatility 46.4 % 39.0 % 33.3 % Risk-free interest rate 2.2 % 1.7 % 0.7 % Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $ 5.35 $ 5.90 $ 4.63 Restricted Stock Units 2019 2018 2017 Dividend yield 1.6 % 1.0 % 1.4 % |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | (in thousands) 2019 2018 2017 Cost of sales $ 736 $ 546 $ 423 Research and development 2,994 1,717 1,054 Selling, general and administrative 10,418 7,790 5,530 Share-based compensation of continuing operations 14,148 10,053 7,007 Income tax benefit (587 ) (993 ) (530 ) Total share-based compensation, net of tax $ 13,561 $ 9,060 $ 6,477 |
Note 7 - Financial Instrument_2
Note 7 - Financial Instruments Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | At December 28, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Foreign government security $ 904 $ - $ - $ 904 At December 29, 2018 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Foreign government security $ 560 $ - $ - $ 560 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated (in thousands) Cost Fair Value Due after one year through three years $ 904 $ 904 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at December 28, 2019 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 147,523 $ - $ - $ 147,523 Money market funds - 7,671 - 7,671 Foreign government security - 904 - 904 $ 147,523 $ 8,575 $ - $ 156,098 Fair value measurements at December 29, 2018 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 144,696 $ - $ - $ 144,696 Money market funds - 19,764 - 19,764 Foreign government security - 560 - 560 $ 144,696 $ 20,324 $ - $ 165,020 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2019 2018 2017 Current: U.S. Federal $ - $ - $ 12 U.S. State 130 51 18 Foreign 2,173 8,787 6,005 Total current 2,303 8,838 6,035 Deferred: U.S. Federal 98 56 (3,451 ) U.S. State 1 - (481 ) Foreign (5,484 ) (8,263 ) 141 Total deferred (5,385 ) (8,207 ) (3,791 ) $ (3,082 ) $ 631 $ 2,244 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (in thousands) 2019 2018 2017 U.S. $ (72,669 ) $ (42,682 ) $ 1,430 Foreign 592 10,770 33,935 Total $ (72,077 ) $ (31,912 ) $ 35,365 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2019 2018 Deferred tax assets: Inventory, receivable and warranty reserves $ 11,896 $ 12,560 Net operating loss carryforwards 69,096 65,587 Tax credit carryforwards 36,489 34,251 Accrued employee benefits 4,685 5,134 Stock-based compensation 2,372 2,108 Lease liabilities 7,890 - Other 7,885 7,827 Gross deferred tax assets 140,313 127,467 Less valuation allowance (93,498 ) (84,718 ) Total deferred tax assets 46,815 42,749 Deferred tax liabilities: Depreciation and fixed asset related 948 3,156 Intangible assets and other acquisition basis differences 62,325 70,415 Operating lease right-of-use assets 7,504 - Unremitted earnings of foreign subsidiaries 2,462 5,257 Total deferred tax liabilities 73,239 78,828 Net deferred tax liabilities $ (26,424 ) $ (36,079 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2019 2018 2017 Tax provision at U.S. 21% statutory rate (35% in 2017) $ (15,136 ) $ (6,702 ) $ 12,378 Impact of Tax Act, before reduction in valuation allowance - 5,095 12,397 State income taxes, net of federal tax benefit (1,097 ) (663 ) 56 Settlements, adjustments and releases from statute expirations (1,204 ) (783 ) (1,731 ) Federal tax credits (1,458 ) (864 ) (371 ) Stock-based compensation 587 (838 ) (2,801 ) Executive compensation limited by Section 162(m) 190 3,456 246 Change in valuation allowance 11,270 (2,015 ) (13,484 ) Non-deductible transaction related costs - 1,106 331 GILTI 2,480 3,531 - Foreign rate differential 187 (435 ) (4,866 ) Other, net 1,099 (257 ) 89 $ (3,082 ) $ 631 $ 2,244 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (in thousands) 2019 2018 2017 Balance at beginning of year $ 34,701 $ 10,321 $ 10,075 Additions for tax positions of current year 1,231 524 200 Additions (reductions) for tax positions of prior years (484 ) 191 58 Reductions due to lapse of the statute of limitations (957 ) (645 ) (1,148 ) Additions related to Xcerra and Kita acquisitions - 24,352 900 Reductions due to settlements (30 ) - - Foreign exchange rate impact 104 (42 ) 236 Balance at end of year $ 34,565 $ 34,701 $ 10,321 |
Note 9 - Segment and Geograph_2
Note 9 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) 2019 2018 2017 Net sales by segment: Semiconductor Test & Inspection $ 540,878 $ 443,276 $ 352,704 PCB Test 42,451 8,492 - Total consolidated net sales for reportable segments $ 583,329 $ 451,768 $ 352,704 Segment profit (loss) before tax: Semiconductor Test & Inspection $ (45,072 ) $ 2,489 $ 42,535 PCB Test 2,635 (5,154 ) - Profit (loss) for reportable segments (42,437 ) (2,665 ) 42,535 Other unallocated amounts: Corporate expenses (9,848 ) (25,457 ) (7,787 ) Interest expense (20,556 ) (4,977 ) (54 ) Interest income 764 1,187 671 Income (loss) from continuing operations before taxes $ (72,077 ) $ (31,912 ) $ 35,365 (in thousands) 2019 2018 2017 Depreciation and amortization by segment deducted in arriving at profit (loss): Semiconductor Test & Inspection $ 56,621 $ 24,634 $ 9,195 PCB Test 2,250 1,413 - Total depreciation and amortization for reportable segments $ 58,871 $ 26,047 $ 9,195 Capital expenditures by segment: Semiconductor Test & Inspection $ 17,831 $ 4,957 $ 6,093 PCB Test 169 10 - Total consolidated capital expenditures $ 18,000 $ 4,967 $ 6,093 (in thousands) 2019 2018 2017 Total assets by segment: Semiconductor Test & Inspection $ 998,756 $ 1,038,053 $ 368,158 PCB Test 56,938 57,762 - Total assets for reportable segments 1,055,694 1,095,815 368,158 Corporate, principally cash and investments 18,398 34,367 52,299 Discontinued operations 3,618 3,820 - Total consolidated assets $ 1,077,710 $ 1,134,002 $ 420,457 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2019 2018 2017 Intel 11.1 % ** 11.2 % NXP Semiconductors N.V. * ** 15.9 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | (in thousands) 2019 2018 2017 China $ 118,213 $ 90,255 $ 82,474 Malaysia 61,826 61,793 80,102 United States 71,963 61,177 38,729 Philippines 51,683 46,421 26,268 Taiwan 75,725 25,074 16,517 Rest of the World 203,919 167,048 108,614 Total, net $ 583,329 $ 451,768 $ 352,704 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | (in thousands) 2019 2018 Property, plant and equipment: Germany $ 25,234 $ 21,655 United States 16,671 20,417 Japan 9,964 11,905 Malaysia 7,151 10,535 Philippines 8,637 5,842 Rest of the World 3,255 3,978 Total, net $ 70,912 $ 74,332 Goodwill and other intangible assets: Germany $ 228,476 $ 249,605 United States 207,642 228,022 Malaysia 44,140 43,569 Singapore 13,915 15,173 Switzerland 8,190 11,604 Japan 3,872 4,138 Rest of the World 7,453 8,977 Total, net $ 513,688 $ 561,088 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Leases, Balance Sheet Information [Table Text Block] | December 28, (in thousands) Classification 2019 Assets Operating lease assets Operating lease right-of-use assets $ 33,269 Finance lease assets Property, plant and equipment, net (1) 2,515 Total lease assets $ 35,784 Liabilities Current Operating Other accrued liabilities $ 5,458 Finance Other accrued liabilities 2,574 Noncurrent Operating Long-term lease liabilities 28,877 Total lease liabilities $ 36,909 Weighted-average remaining lease term (years) Operating leases 7.9 Finance leases 0.5 Weighted-average discount rate Operating leases 6.3 % Finance leases 4.5 % |
Lease, Cost [Table Text Block] | December 28, (in thousands) 2019 Operating leases (1) $ 8,525 Variable lease expense 2,318 Short-term operating leases 256 Finance leases Amortization of leased assets 102 Interest on lease liabilities 146 Sublease income (133 ) Net lease cost $ 11,214 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) leases (1) leases Total 2020 $ 7,383 $ 2,631 $ 10,014 2021 6,090 - 6,090 2022 5,535 - 5,535 2023 4,987 - 4,987 2024 4,692 - 4,692 Thereafter 16,314 - 16,314 Total lease payments 45,001 2,631 47,632 Less: Interest (10,666 ) (57 ) (10,723 ) Present value of lease liabilities $ 34,335 $ 2,574 $ 36,909 |
Lease, Cash Flow Information [Table Text Block] | December 28, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,932 Operating cash flows from finance leases $ 117 Financing cash flows from finance leases $ 34 Leased assets obtained in exchange for new operating lease liabilities $ 40,488 |
Note 12 - Guarantees (Tables)
Note 12 - Guarantees (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (in thousands) 2019 2018 2017 Beginning balance $ 8,014 $ 4,849 $ 4,350 Warranty accruals 6,714 7,154 6,765 Warranty payments (8,573 ) (8,358 ) (6,316 ) Warranty liability assumed - 4,369 50 Ending balance $ 6,155 $ 8,014 $ 4,849 |
Note 13 - Discontinued Operat_2
Note 13 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 28, December 29, December 30, 2019 2018 2017 Net sales $ 6,136 $ 1,593 $ - Operating income $ 478 $ 157 $ - Loss from impairment of FSG (1,086 ) - - Loss from sale of BMS (1) - - (278 ) Income (loss) before taxes (608 ) 157 (278 ) Income tax provision 89 38 - Income (loss), net of tax $ (697 ) $ 119 $ (278 ) |
Fixtures Services Business FSG [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 28, December 29, 2019 2018 Assets: Cash $ 736 $ 461 Accounts receivable, net 1,316 1,718 Inventories 1,411 1,388 Other current assets 40 174 Total current assets 3,503 3,741 Property, plant and equipment, net 33 66 Other noncurrent assets 82 13 Total assets $ 3,618 $ 3,820 Liabilities: Other accrued current liabilities $ 599 $ 518 Total current liabilities 599 518 Noncurrent liabilities 24 - Total liabilities $ 623 $ 518 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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 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 Year ended December 29, 2018 Foreign currency translation adjustments $ (8,905 ) $ - $ (8,905 ) Adjustments related to postretirement benefits 865 (60 ) 805 Change in unrealized gain/loss on investments 7 - 7 Other comprehensive income (loss) $ (8,033 ) $ (60 ) $ (8,093 ) Year ended December 28, 2019 Foreign currency translation adjustments $ (7,522 ) $ - $ (7,522 ) Adjustments related to postretirement benefits (856 ) 228 (628 ) Other comprehensive income (loss) $ (8,378 ) $ 228 $ (8,150 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | (in thousands) 2019 2018 Accumulated net currency translation adjustments $ (30,198 ) $ (22,676 ) Accumulated net adjustments related to postretirement benefits (3,832 ) (3,204 ) Total accumulated other comprehensive loss $ (34,030 ) $ (25,880 ) |
Note 16 - Quarterly Financial_2
Note 16 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First (a) Second (a) Third (a) Fourth (a) Year (in thousands, except per share data) Net sales: 2019 $ 147,809 $ 150,011 $ 143,498 $ 142,011 $ 583,329 2018 $ 95,150 $ 99,817 $ 86,164 $ 170,637 $ 451,768 Cost of sales: 2019 (b) $ 93,394 $ 87,605 $ 84,565 $ 87,936 $ 353,500 2018 (b) $ 54,923 $ 57,677 $ 51,142 $ 128,718 $ 292,460 Income (loss) from continuing operations 2019 $ (22,851 ) $ (19,383 ) $ (10,480 ) $ (16,281 ) $ (68,995 ) 2018 $ 8,122 $ 11,648 $ 4,803 $ (57,116 ) $ (32,543 ) Net income (loss) 2019 $ (22,687 ) $ (19,359 ) $ (10,326 ) $ (17,320 ) $ (69,692 ) 2018 $ 8,122 $ 11,648 $ 4,803 $ (56,997 ) $ (32,424 ) Net income (loss) attributable to Cohu 2019 $ (22,643 ) $ (19,323 ) $ (10,468 ) $ (17,266 ) $ (69,700 ) 2018 $ 8,122 $ 11,648 $ 4,803 $ (56,754 ) $ (32,181 ) Income (loss) per share attributable to Cohu (c): Basic: Income (loss) from continuing operations 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) 2018 $ 0.28 $ 0.40 $ 0.17 $ (1.40 ) $ (1.02 ) Net income (loss) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) 2018 $ 0.28 $ 0.40 $ 0.17 $ (1.40 ) $ (1.01 ) Diluted: Income (loss) from continuing operations 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) 2018 $ 0.28 $ 0.39 $ 0.16 $ (1.40 ) $ (1.02 ) Net income (loss) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) 2018 $ 0.28 $ 0.39 $ 0.16 $ (1.40 ) $ (1.01 ) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Valuation and Qualifying Accounts Disclosure [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 31, 2017 $ 81 $ 174 (1) $ 6 $ 61 $ 200 Year ended December 30, 2018 $ 200 $ (20 ) (1) $ (109 ) $ 31 $ 40 Year ended December 28, 2019 $ 40 $ 24 (1) $ (28 ) $ 27 $ 9 Reserve for excess and obsolete inventories: Year ended December 31, 2017 $ 21,485 $ (1,165 ) (1) $ 1,148 $ 4,106 $ 17,362 Year ended December 29, 2018 $ 17,362 $ (300 ) (1) $ 10,783 $ 3,907 $ 23,938 Year ended December 28, 2019 $ 23,938 $ 1,285 (1) $ 4,792 $ 9,057 $ 20,958 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands, € in Millions | Oct. 01, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 28, 2019USD ($)shares | Dec. 29, 2018USD ($)shares | Dec. 30, 2017USD ($)shares | Dec. 09, 2019EUR (€) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Number of VIEs Consolidated | 1 | 1 | 1 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 422,000 | 146,000 | 77,000 | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | $ 4,800 | $ 10,800 | $ 1,100 | |||||
Inventory Write-down | $ 19,100 | |||||||
Amount Committed to Acquire Leased Facility | € | € 1.1 | |||||||
Depreciation, Total | 19,300 | 8,800 | 5,000 | |||||
Capitalized Computer Software, Gross | $ 10,300 | |||||||
Number of Operating Segments | 4 | |||||||
Number of Reportable Segments | 2 | |||||||
Goodwill and Intangible Asset Impairment, Total | $ 0 | |||||||
Revenue, Remaining Performance Obligation, Amount | 19,100 | $ 10,000 | 19,100 | |||||
Contract with Customer, Liability, Total | 10,800 | 16,100 | 10,800 | |||||
Contract with Customer, Liability, Current | 6,900 | 7,600 | 6,900 | |||||
Contract with Customer, Liability, Noncurrent | 2,000 | 7,200 | 2,000 | |||||
Amortization of Debt Issuance Costs | 1,100 | 1,100 | ||||||
Foreign Currency Transaction Gain (Loss), Realized | 1,700 | (3,000) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (25,880) | (34,030) | (25,880) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (7,500) | (8,900) | ||||||
Operating Lease, Right-of-Use Asset | 33,269 | |||||||
Assets, Total | 1,134,002 | 1,077,710 | 1,134,002 | $ 420,457 | ||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,100 | |||||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Operating Lease, Right-of-Use Asset | $ 30,700 | |||||||
Operating Lease, Liability, Total | 29,900 | |||||||
Sale Leaseback Transaction, Deferred Gain, Gross | (10,200) | |||||||
Assets, Total | (500) | |||||||
Liabilities, Total | $ (600) | |||||||
Xcerra [Member] | ||||||||
Capital Leased Assets, Gross, Total | $ 2,700 | $ 2,600 | 2,700 | |||||
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 | |||||||
Xcerra [Member] | ||||||||
Inventory Write-down | $ 700 | $ 9,400 | ||||||
ALBS [Member] | ||||||||
Variable Interest Entity, Ownership Percentage Sold | 20.00% | |||||||
Gain (Loss) on Disposition of Business | $ 100 |
Note 1 - Summary of Significa_4
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. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Weighted average common shares outstanding (in shares) | 41,159 | 31,776 | 27,836 |
Effect of dilutive stock options and restricted stock units (in shares) | 1,080 | ||
(in shares) | 41,159 | 31,776 | 28,916 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Raw materials and purchased parts | $ 69,665 | $ 60,112 |
Work in process | 46,591 | 57,953 |
Finished goods | 14,450 | 21,249 |
Total inventories | $ 130,706 | $ 139,314 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | |
Property, plant and equipment | $ 114,139 | $ 113,961 | |
Less accumulated depreciation and amortization | (43,227) | (39,629) | |
Property, plant and equipment, net | 70,912 | 74,332 | |
Land and Land Improvements [Member] | |||
Property, plant and equipment | [1] | 11,659 | 11,905 |
Building and Building Improvements [Member] | |||
Property, plant and equipment | [1] | 41,474 | 37,265 |
Machinery and Equipment [Member] | |||
Property, plant and equipment | $ 61,006 | $ 64,791 | |
[1] | Includes assets under financing leases acquired with Xcerra totaling $2.6 million and $2.7 million as of December 28, 2019 and December 29, 2018, respectively. |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 28, 2019 | [1] | Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | [1] | Dec. 29, 2018 | [1] | Sep. 29, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net sales | $ 142,011 | $ 143,498 | $ 150,011 | $ 147,809 | $ 170,637 | $ 86,164 | $ 99,817 | $ 95,150 | $ 583,329 | $ 451,768 | $ 352,704 | ||||||||
Semiconductor Test and Inspection [Member] | |||||||||||||||||||
Net sales | 540,878 | 443,276 | 352,704 | ||||||||||||||||
Semiconductor Test and Inspection [Member] | Systems [Member] | |||||||||||||||||||
Net sales | 299,473 | 249,514 | 197,454 | ||||||||||||||||
Semiconductor Test and Inspection [Member] | Non-systems [Member] | |||||||||||||||||||
Net sales | 241,405 | 193,737 | 155,250 | ||||||||||||||||
PCB Test [Member] | |||||||||||||||||||
Net sales | 42,451 | 8,492 | |||||||||||||||||
PCB Test [Member] | Systems [Member] | |||||||||||||||||||
Net sales | 25,928 | 6,565 | |||||||||||||||||
PCB Test [Member] | Non-systems [Member] | |||||||||||||||||||
Net sales | $ 16,523 | $ 1,952 | |||||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks. We acquired Xcerra on October 1, 2018. The results of Xcerra have been included in our results of operations from the date of acquisition. See Note 2, “Business Acquisitions” for additional information regarding this transaction. Total operating expenses in 2019 and 2018 include acquisition costs and amounts related to the integration and our announced restructuring plan as follows. The fourth quarter of 2018 includes $19.1 million of inventory write-offs, $14.8 million of amortization of inventory step-up, and $18.7 million of restructuring charges. The first quarter of 2019 includes $6.0 million of amortization of inventory step-up. The second quarter of 2019 includes $8.5 million of restructuring charges. |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisitions (Details Textual) $ / shares in Units, $ in Millions | Oct. 01, 2018USD ($)$ / sharesshares | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) |
Share Price | $ / shares | $ 25.10 | ||
Secured Term Loan Facility [Member] | |||
Debt Instrument, Face Amount | $ 350 | ||
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% | ||
Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Xcerra [Member] | |||
Business Combination, Consideration Transferred, Total | $ 794.4 | ||
Business Combination, Number of Brands Acquired | 4 | ||
Payments to Acquire Businesses, Gross | $ 160.5 | ||
Business Combination, Acquisition Related Costs | $ 0.4 | $ 9.8 | |
Xcerra [Member] | Fair Value Adjustment to Inventory [Member] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 19.6 | ||
Xcerra [Member] | Severance and Other Separation Payments [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | $ 6.9 | ||
Xcerra [Member] | Common Stock [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 11,776,149 | ||
Xcerra [Member] | Cohu RSUs [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 529,995 | ||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned, Attributed to Pre-Merger Services | $ 0.8 |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisitions - Purchase Price Allocation, Xcerra Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | 14 Months Ended | ||||
Dec. 28, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Oct. 01, 2018 | Dec. 30, 2017 | ||
Goodwill | $ 238,669 | $ 238,669 | $ 242,127 | $ 65,613 | ||
Goodwill, measurement period adjustments | 1,134 | |||||
Xcerra [Member] | ||||||
Current assets, including cash received | 375,990 | 375,990 | $ 375,990 | |||
Property, plant and equipment | 40,729 | 40,729 | 40,729 | |||
Other assets | 1,051 | 1,051 | 2,109 | |||
Other assets, measurement period adjustments | [1] | (1,058) | ||||
Intangible assets | 321,160 | 321,160 | 321,160 | |||
Goodwill | 180,397 | 180,397 | 179,263 | |||
Goodwill, measurement period adjustments | [1] | 1,134 | ||||
Total assets acquired | 919,327 | 919,327 | 919,251 | |||
Liabilities assumed | (124,897) | (124,897) | (124,821) | |||
Liabilities assumed, measurement period adjustments | [1] | (76) | ||||
Net assets acquired | $ 794,430 | $ 794,430 | $ 794,430 | |||
[1] | Measurement period adjustments made as a result of obtaining new facts and circumstances related to certain assets acquired and liabilities assumed as of the date of acquisition. The net impact of the measurement period adjustments were offset against goodwill. |
Note 2 - Business Acquisition_4
Note 2 - Business Acquisitions - Preliminary Allocation of Intangible Assets, Xcerra Acquisition (Details) - Xcerra [Member] $ in Thousands | Oct. 01, 2018USD ($) |
Intangible assets, estimated fair value | $ 321,160 |
In-process Technology [Member] | |
Indefinite-lived intangible assets, estimated fair value | 36,360 |
Developed Technology Rights [Member] | |
Finite-lived intangible assets, estimated fair value | $ 194,600 |
Finite-lived intangible assets, average useful life (Year) | 7 years 292 days |
Customer Relationships [Member] | |
Finite-lived intangible assets, estimated fair value | $ 65,890 |
Finite-lived intangible assets, average useful life (Year) | 10 years 219 days |
Order or Production Backlog [Member] | |
Finite-lived intangible assets, estimated fair value | $ 6,410 |
Finite-lived intangible assets, average useful life (Year) | 292 days |
Trademarks and Trade Names [Member] | |
Finite-lived intangible assets, estimated fair value | $ 16,800 |
Finite-lived intangible assets, average useful life (Year) | 11 years |
Off-Market Favorable Lease [Member] | |
Finite-lived intangible assets, estimated fair value | $ 1,100 |
Finite-lived intangible assets, average useful life (Year) | 5 years 182 days |
Note 3 - Goodwill and Purchas_3
Note 3 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Transfer From In-Process Technology to Developed Technology | $ 15,300 | ||
Amortization of Intangible Assets, Total | 39,590 | $ 17,197 | $ 4,208 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 38,400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 34,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 34,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 34,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 34,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 76,800 | ||
In-process Technology [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | $ 20,800 | $ 36,300 |
Note 3 - Goodwill and Purchas_4
Note 3 - Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | ||
Beginning balance | $ 242,127 | $ 65,613 | |
Additions | 179,263 | ||
Impact of currency exchange | (3,877) | (2,749) | |
Adjustments | 1,134 | ||
Impairments (1) | [1] | (715) | |
Ending balance | 238,669 | 242,127 | |
Semiconductor Test and Inspection [Member] | |||
Beginning balance | 220,808 | 65,613 | |
Additions | 157,661 | ||
Impact of currency exchange | (3,435) | (2,466) | |
Adjustments | 2,117 | ||
Impairments (1) | [1] | (715) | |
Ending balance | 218,775 | 220,808 | |
PCB Test [Member] | |||
Beginning balance | 21,319 | ||
Additions | 21,602 | ||
Impact of currency exchange | (442) | (283) | |
Adjustments | (983) | ||
Impairments (1) | [1] | ||
Ending balance | $ 19,894 | $ 21,319 | |
[1] | Impairment of goodwill associated with our FSG segment that is presented as discontinued operations. This amount was not pushed down in the consolidated financial statements and was included within the balance of our Semiconductor Test & Inspection segment. |
Note 3 - Goodwill and Purchas_5
Note 3 - Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | ||
Accumulated Amortization | $ 74,945 | $ 35,203 | |
Gross Carrying Amount, finite-lived and indefinite-lived intangible assets | 329,132 | 317,857 | |
Developed Technology Rights [Member] | |||
Gross Carrying Amount, finite-lived intangible assets | 227,619 | 214,266 | |
Accumulated Amortization | $ 49,805 | 21,197 | |
Remaining Useful Life (Year) | 6 years 219 days | ||
Customer Relationships [Member] | |||
Gross Carrying Amount, finite-lived intangible assets | $ 72,251 | 73,104 | |
Accumulated Amortization | $ 14,824 | 7,378 | |
Remaining Useful Life (Year) | 9 years 109 days | ||
Trade Names [Member] | |||
Gross Carrying Amount, finite-lived intangible assets | $ 22,612 | 22,701 | |
Accumulated Amortization | $ 3,892 | 1,807 | |
Remaining Useful Life (Year) | 9 years 182 days | ||
Order or Production Backlog [Member] | |||
Gross Carrying Amount, finite-lived intangible assets | $ 6,328 | 6,372 | |
Accumulated Amortization | $ 6,328 | 4,696 | |
Remaining Useful Life (Year) | |||
Off-Market Favorable Lease [Member] | |||
Gross Carrying Amount, finite-lived intangible assets | [1] | 1,100 | |
Accumulated Amortization | [1] | 62 | |
Remaining Useful Life (Year) | [1] | ||
Noncompete Agreements [Member] | |||
Gross Carrying Amount, finite-lived intangible assets | $ 322 | 314 | |
Accumulated Amortization | $ 96 | $ 63 | |
Remaining Useful Life (Year) | 7 years | ||
[1] | Favorable leases were reclassified to operating lease right of use assets on December 30, 2018 as a result of our adoption of ASU 2016-2. |
Note 4 - Borrowings and Credi_3
Note 4 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, SFr in Millions | Dec. 31, 2019USD ($) | Dec. 10, 2019EUR (€) | Aug. 01, 2019EUR (€) | Jul. 26, 2019EUR (€) | Oct. 01, 2018USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Dec. 28, 2019EUR (€) | Dec. 28, 2019CHF (SFr) | |
Long-term Debt, Total | $ 360,476 | ||||||||||
Long-term Debt, Current Maturities, Total | 6,517 | $ 6,676 | [1] | ||||||||
Proceeds from Issuance of Long-term Debt, Total | 348,250 | ||||||||||
Long-term Line of Credit, Total | 3,195 | 3,115 | [1] | ||||||||
Ismeca [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2 | ||||||||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||||||||
Number of Available Lines of Credit | 1 | 1 | 1 | ||||||||
Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,800 | ||||||||||
Long-term Line of Credit, Total | 3,200 | ||||||||||
Secured Term Loan Facility [Member] | |||||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||||
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% | ||||||||||
Long-term Debt, Total | 339,100 | ||||||||||
Long-term Debt, Current Maturities, Total | 2,300 | ||||||||||
Long-term Debt, Fair Value | 344,800 | ||||||||||
Secured Term Loan Facility [Member] | Subsequent Event [Member] | |||||||||||
Repayments of Long-term Debt, Current Maturities | $ 900 | ||||||||||
Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||
Kita Term Loans [Member] | |||||||||||
Long-term Debt, Total | 3,800 | ||||||||||
Long-term Debt, Current Maturities, Total | $ 400 | ||||||||||
Kita Term Loans [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05% | 0.05% | 0.05% | ||||||||
Kita Term Loans [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.43% | 0.43% | 0.43% | ||||||||
Xcerra Term Loan [Member] | |||||||||||
Long-term Debt, Total | $ 1,500 | ||||||||||
Long-term Debt, Current Maturities, Total | $ 300 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.35% | 2.35% | 2.35% | ||||||||
Debt Instrument, Term | 10 years | ||||||||||
Loan Facilities [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 8.6 | ||||||||||
Long-term Debt, Total | $ 5,500 | ||||||||||
Long-term Debt, Current Maturities, Total | $ 300 | ||||||||||
First Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.80% | ||||||||||
Debt Instrument, Term | 10 years | 10 years | |||||||||
Debt Instrument, Collateral Amount | € | € 3.4 | ||||||||||
Proceeds from Issuance of Long-term Debt, Total | € | € 3.4 | ||||||||||
Debt Instrument, Principal Payment Terms | 8 years | ||||||||||
Second Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.05% | ||||||||||
Debt Instrument, Term | 15 years | 15 years | |||||||||
Debt Instrument, Collateral Amount | € | € 5.2 | ||||||||||
Proceeds from Issuance of Long-term Debt, Total | € | € 1.5 | ||||||||||
Debt Instrument, Principal Payment Terms | 15 years | ||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | € | € 3.7 | ||||||||||
[1] | Excludes capital lease obligations, which are included in long-term and short-term debt in our consolidated balance sheet, as they were not material at December 29, 2018. |
Note 4 - Borrowings and Credi_4
Note 4 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | |
Lines of Credit | $ 3,195 | $ 3,115 | [1] |
Total debt | 360,476 | 358,655 | [1] |
Less: financing fees and discount | (7,441) | (8,551) | [1] |
Less: current portion | (6,517) | (6,676) | [1] |
Total long-term debt | 346,518 | 343,428 | [1] |
Secured Term Loan Facility [Member] | |||
Long term Debt | 346,500 | 349,125 | [1] |
Less: current portion | (2,300) | ||
Kita Term Loans [Member] | |||
Long term Debt | 3,830 | 4,576 | [1] |
Less: current portion | (400) | ||
Xcerra [Member] | |||
Long term Debt | 1,475 | 1,839 | [1] |
Rasco Construction Loan [Member] | |||
Long term Debt | $ 5,476 | ||
[1] | Excludes capital lease obligations, which are included in long-term and short-term debt in our consolidated balance sheet, as they were not material at December 29, 2018. |
Note 4 - Borrowings and Credi_5
Note 4 - Borrowings and Credit Agreements - Debt Principal Payments for the Next Five Years and Thereafter (Details) $ in Thousands | Dec. 28, 2019USD ($) |
2020 | $ 7,679 |
2021 | 4,636 |
2022 | 4,997 |
2023 | 5,001 |
2024 | 4,467 |
Thereafter | 333,696 |
Total | $ 360,476 |
Note 5 - Restructuring Charge_2
Note 5 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 29, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Restructuring Charges, Total | $ 8,500 | $ 18,700 | $ 13,484 | $ 18,704 | |
Integration Program [Member] | |||||
Restructuring Charges, Total | 16,213 | 37,757 | |||
Integration Program [Member] | Employee Severance [Member] | |||||
Restructuring Charges, Total | $ 12,170 | 17,791 | |||
Integration Program [Member] | Employee Severance [Member] | Executive Officers and Board of Directors of Xcerra [Member] | |||||
Restructuring Charges, Total | 8,200 | ||||
Integration Program [Member] | Severance and Other Separation Payments [Member] | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 6,900 | $ 6,900 |
Note 5 - Restructuring Charge_3
Note 5 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 29, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Restructuring Charges, Total | $ 8,500 | $ 18,700 | $ 13,484 | $ 18,704 | |
Integration Program [Member] | |||||
Restructuring Charges, Total | 16,213 | 37,757 | |||
Employee Severance [Member] | Integration Program [Member] | |||||
Restructuring Charges, Total | 12,170 | 17,791 | |||
Accrued restructuring, beginning balance | 4,026 | ||||
Amounts paid or charged | (14,909) | (13,750) | |||
Impact of currency exchange | (51) | (15) | |||
Amounts paid or charged | (14,909) | (13,750) | |||
Impact of currency exchange | (51) | (15) | |||
Accrued restructuring, ending balance | 4,026 | 1,236 | 4,026 | ||
Other Restructuring [Member] | Integration Program [Member] | |||||
Restructuring Charges, Total | 1,314 | 913 | |||
Accrued restructuring, beginning balance | |||||
Amounts paid or charged | (1,314) | (913) | |||
Impact of currency exchange | |||||
Amounts paid or charged | (1,314) | (913) | |||
Impact of currency exchange | |||||
Accrued restructuring, ending balance | |||||
Employee Severance and Other Exit Costs [Member] | Integration Program [Member] | |||||
Restructuring Charges, Total | 13,484 | 18,704 | |||
Accrued restructuring, beginning balance | 4,026 | ||||
Amounts paid or charged | (16,223) | (14,663) | |||
Impact of currency exchange | (51) | (15) | |||
Amounts paid or charged | (16,223) | (14,663) | |||
Impact of currency exchange | (51) | (15) | |||
Accrued restructuring, ending balance | $ 4,026 | 1,236 | 4,026 | ||
Inventory Charges [Member] | Integration Program [Member] | |||||
Restructuring Charges, Total | $ 2,729 | $ 19,053 |
Note 6 - Employee Benefit Pla_3
Note 6 - Employee Benefit Plans (Details Textual) - USD ($) | May 08, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 8.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,000,000 | $ 1,100,000 | $ 600,000 | |
Deferred Compensation Liability, Current, Total | 2,000,000 | 2,000,000 | ||
Cash Surrender Value of Life Insurance | $ 1,700,000 | $ 1,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 200,000 | $ 900,000 | $ 10,100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 4,400,000 | |||
Share-based Payment Arrangement, Expense | $ 14,148,000 | $ 10,053,000 | $ 7,007,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 694,000 | 822,000 | 353,000 | |
Restricted Stock Units (RSUs) [Member] | Xcerra Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 529,995 | |||
Restricted Stock Units (RSUs) [Member] | Executive Officers and Board of Directors of Xcerra [Member] | ||||
Share-based Payment Arrangement, Expense | $ 8,200,000 | |||
Restricted Stock Units (RSUs) [Member] | Vesting Over One Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Vesting Over Two Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||
Restricted Stock Units (RSUs) [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 2019, 2018, 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% | |||
Unvested Restricted Stock Units [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 18,700,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |||
Employee Stock Purchase Plan [Member] | ||||
Employee Stock Purchase Plan, Shares Reserved for Future Issuance | 2,650,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | |||
Percentage of Fair Value to Determine Price of Common Stock | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 187,273 | 84,678 | 99,144 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 911,337 | |||
Equity Incentive Plan 2005 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,000,000 | |||
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 | 2,503,918 | |||
Equity Incentive Plan 2005 [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Equity Incentive Plan 2005 [Member] | Minimum [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Equity Incentive Plan 2005 [Member] | Maximum [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Postretirement Health Coverage [Member] | ||||
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 | 100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 700,000 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 100,000 | $ 100,000 | $ 100,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 4.10% | 3.40% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 7.40% | |||
Defined Benefit Plan, Health Care Cost Trend Rate, Annual Rate of Change | 0.40% | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.40% | |||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2027 | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 14,000 | |||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 12,000 | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 318,000 | |||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 270,000 | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 100,000 | |||
Swiss Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | (4,100,000) | $ (2,700,000) | ||
Defined Benefit Plan, Expected Future Employee and Employer Contributions, Next Twelve Months | 900,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,400,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,300,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,100,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,700,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,300,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 7,000,000 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 1,019,000 | $ 1,008,000 | $ 986,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.20% | 0.90% | ||
Swiss Plan [Member] | Debt Securities and Cash [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 62.00% | |||
Swiss Plan [Member] | Real Estate Investments [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 17.00% | |||
Swiss Plan [Member] | Alternative Investments [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | |||
Swiss Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 11.00% | |||
Xcerra [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% |
Note 6 - Employee Benefit Pla_4
Note 6 - Employee Benefit Plans - Net Periodic Benefit Cost of Swiss Plan (Details) - Swiss Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Service cost | $ 920 | $ 925 | $ 907 |
Interest cost | 267 | 207 | 198 |
Expected return on assets | (168) | (124) | (119) |
Net periodic costs | $ 1,019 | $ 1,008 | $ 986 |
Note 6 - Employee Benefit Pla_5
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. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Benefit obligation at beginning of year | $ (29,910) | $ (30,512) | |
Service cost | (920) | (925) | $ (907) |
Interest cost | (267) | (207) | (198) |
Actuarial gain (loss) | (1,456) | 708 | |
Participant contributions | (1,434) | (816) | |
Benefits paid | 2,313 | 1,079 | |
Plan change | 199 | ||
Foreign currency exchange adjustment | (567) | 564 | |
Benefit obligation at end of year | (32,241) | (29,910) | (30,512) |
Fair value of plan assets at beginning of year | 18,088 | 17,746 | |
Return on assets, net of actuarial loss | 281 | 114 | |
Employer contributions | 882 | 816 | |
Participant contributions | 1,434 | 816 | |
Benefits paid | (2,313) | (1,079) | |
Foreign currency exchange adjustment | 333 | (325) | |
Fair value of plan assets at end of year | 18,705 | 18,088 | $ 17,746 |
Net liability at end of year | $ (13,536) | $ (11,822) |
Note 6 - Employee Benefit Pla_6
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. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Discount rate | 0.20% | 0.90% | |
Compensation increase | 1.10% | 1.80% | |
Discount rate | 0.90% | 0.70% | 0.70% |
Rate of return on assets | 0.90% | 0.70% | 0.70% |
Compensation increase | 1.80% | 1.80% | 1.50% |
Note 6 - Employee Benefit Pla_7
Note 6 - Employee Benefit Plans - Post-retirement Benefit Obligation to Funded Status and Liability (Details) - Postretirement Health Coverage [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Accumulated benefit obligation at beginning of year | $ 2,880 | $ 3,148 |
Interest cost | 115 | 105 |
Actuarial gain | (258) | (216) |
Benefits paid | (166) | (157) |
Accumulated benefit obligation at end of year | 2,571 | 2,880 |
Plan assets at end of year | ||
Funded status | $ (2,571) | $ (2,880) |
Note 6 - Employee Benefit Pla_8
Note 6 - Employee Benefit Plans - Stock Option Activity Under Share-based Compensation Plans (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Outstanding, beginning of year (in shares) | 405 | 472 | 1,641 |
Outstanding, weighted average exercise price, beginning of year (in dollars per share) | $ 10.22 | $ 10.20 | $ 10.79 |
Exercised (in shares) | (42) | (67) | (1,164) |
Exercised, weighted average exercise price (in dollars per share) | $ 9.82 | $ 10.10 | $ 10.98 |
Cancelled (in shares) | (5) | ||
Cancelled, weighted average exercise price (in dollars per share) | $ 20.73 | ||
Outstanding, end of year (in shares) | 363 | 405 | 472 |
Outstanding, weighted average exercise price, end of year (in dollars per share) | $ 10.27 | $ 10.22 | $ 10.20 |
Options exercisable at year end (in shares) | 363 | 405 | 469 |
Options exercisable at year end, weighted average exercise price (in dollars per share) | $ 10.27 | $ 10.22 | $ 10.20 |
Note 6 - Employee Benefit Pla_9
Note 6 - Employee Benefit Plans - Stock Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Number Outstanding (in shares) | 363 | 405 | 472 | 1,641 |
Options Outstanding, Weighted Average Remaining Life (Year) | 2 years 292 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 10.27 | $ 10.22 | $ 10.20 | $ 10.79 |
Options Exercisable (in shares) | 363 | 405 | 469 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.27 | $ 10.22 | $ 10.20 | |
Range 1 [Member] | ||||
Range of Exercise Prices, Lower (in dollars per share) | 9.44 | |||
Range of Exercise Prices, Upper (in dollars per share) | $ 10.54 | |||
Number Outstanding (in shares) | 200 | |||
Options Outstanding, Weighted Average Remaining Life (Year) | 3 years 73 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 9.50 | |||
Options Exercisable (in shares) | 200 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 9.50 | |||
Range 2 [Member] | ||||
Range of Exercise Prices, Lower (in dollars per share) | 10.55 | |||
Range of Exercise Prices, Upper (in dollars per share) | $ 10.58 | |||
Number Outstanding (in shares) | 126 | |||
Options Outstanding, Weighted Average Remaining Life (Year) | 2 years 73 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 10.58 | |||
Options Exercisable (in shares) | 126 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.58 | |||
Range 3 [Member] | ||||
Range of Exercise Prices, Lower (in dollars per share) | 10.59 | |||
Range of Exercise Prices, Upper (in dollars per share) | $ 15.89 | |||
Number Outstanding (in shares) | 37 | |||
Options Outstanding, Weighted Average Remaining Life (Year) | 2 years 109 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.32 | |||
Options Exercisable (in shares) | 37 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 13.23 |
Note 6 - Employee Benefit Pl_10
Note 6 - Employee 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. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Outstanding, beginning of year, units (in shares) | 1,265 | 981 | 1,083 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 19.48 | $ 12.50 | $ 10.50 |
Granted, units (in shares) | 694 | 822 | 353 |
Granted, wt. avg. (in dollars per share) | $ 14.32 | $ 23.70 | $ 15.95 |
Released, units (in shares) | (563) | (500) | (409) |
Released, wt. avg. (in dollars per share) | $ 19.08 | $ 13.10 | $ 10.26 |
Cancelled, units (in shares) | (68) | (38) | (46) |
Cancelled, wt. avg. (in dollars per share) | $ 17.60 | $ 14.67 | $ 11.85 |
Outstanding, end of year, units (in shares) | 1,328 | 1,265 | 981 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 17.05 | $ 19.48 | $ 12.50 |
Note 6 - Employee Benefit Pl_11
Note 6 - Employee Benefit Plans - Equity-based Performance Stock Units (Details) | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Equity-based Performance Stock Units Granted in 2019 [Member] | ||||
Performance Criteria Period (Year) | 3 years | |||
Equity-based Performance Stock Units Granted in 2019 [Member] | Minimum [Member] | ||||
Range of Award | 25.00% | |||
Equity-based Performance Stock Units Granted in 2019 [Member] | Maximum [Member] | ||||
Range of Award | 200.00% | |||
Equity-based Performance Stock Units Granted in 2018 [Member] | ||||
Performance Criteria Period (Year) | 3 years | |||
Equity-based Performance Stock Units Granted in 2018 [Member] | Minimum [Member] | ||||
Range of Award | 25.00% | |||
Equity-based Performance Stock Units Granted in 2018 [Member] | Maximum [Member] | ||||
Range of Award | 200.00% | |||
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% |
Note 6 - Employee Benefit Pl_12
Note 6 - Employee 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. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Outstanding, beginning of year, units (in shares) | 340 | 334 | 403 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 17.89 | $ 14.31 | $ 11.04 |
Granted, units (in shares) | 167 | 89 | 185 |
Granted, wt. avg. (in dollars per share) | $ 14.11 | $ 24.32 | $ 17.60 |
Released, units (in shares) | (36) | (41) | (186) |
Released, wt. avg. (in dollars per share) | $ 11.35 | $ 9.92 | $ 11.35 |
Cancelled, units (in shares) | (107) | (42) | (68) |
Cancelled, wt. avg. (in dollars per share) | $ 11.35 | $ 10.69 | $ 11.94 |
Outstanding, end of year, units (in shares) | 364 | 340 | 334 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 18.72 | $ 17.89 | $ 14.31 |
Note 6 - Employee Benefit Pl_13
Note 6 - Employee Benefit Plans - Weighted-average Assumptions to Value Share-based Awards Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Restricted Stock Units (RSUs) [Member] | |||
Dividend yield | 1.60% | 1.00% | 1.40% |
Employee Stock Purchase Plan [Member] | |||
Dividend yield | 1.30% | 1.10% | 1.40% |
Expected volatility | 46.40% | 39.00% | 33.30% |
Risk-free interest rate | 2.20% | 1.70% | 0.70% |
Expected term (Year) | 182 days | 182 days | 182 days |
Weighted-average grant date fair value per share (in dollars per share) | $ 5.35 | $ 5.90 | $ 4.63 |
Note 6 - Employee Benefit Pl_14
Note 6 - Employee Benefit Plans - Reported Share-based Compensation in Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based compensation of continuing operations | $ 14,148 | $ 10,053 | $ 7,007 |
Income tax benefit | (587) | (993) | (530) |
Total share-based compensation, net of tax | 13,561 | 9,060 | 6,477 |
Cost of Sales [Member] | |||
Share-based compensation of continuing operations | 736 | 546 | 423 |
Research and Development Expense [Member] | |||
Share-based compensation of continuing operations | 2,994 | 1,717 | 1,054 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation of continuing operations | $ 10,418 | $ 7,790 | $ 5,530 |
Note 7 - Financial Instrument_3
Note 7 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 0 | $ 0 |
Note 7 - Financial Instrument_4
Note 7 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | |
Estimated Fair Value | $ 904 | $ 560 | |
Debt Security, Government, Non-US [Member] | |||
Amortized Cost | 904 | 560 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | [1] | ||
Estimated Fair Value | $ 904 | $ 560 | |
[1] | As of December 28, 2019 and December 29, 2018 we had no investments with loss positions. |
Note 7 - Financial Instrument_5
Note 7 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Due after one year through three years, amortized cost | $ 904 |
Due after one year through three years, fair value | $ 904 |
Note 7 - Financial Instrument_6
Note 7 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
$ 156,098 | $ 165,020 | |
Debt Security, Government, Non-US [Member] | ||
Short-term investments | 904 | 560 |
Cash [Member] | ||
Cash and cash equivalents | 147,523 | 144,696 |
Money Market Funds [Member] | ||
Cash and cash equivalents | 7,671 | 19,764 |
Fair Value, Inputs, Level 1 [Member] | ||
147,523 | 144,696 | |
Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Cash and cash equivalents | 147,523 | 144,696 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | ||
8,575 | 20,324 | |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | 904 | 560 |
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 | 7,671 | 19,764 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [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 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 5,100 | $ 16,600 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (4,000) | ||
Deferred Tax Assets, Valuation Allowance, Total | 93,498 | $ 84,718 | |
Increase (Decrease) of Net Income Due to Impact of Tax Holidays | $ 2,100 | $ 2,400 | $ 2,800 |
Increase (Decrease) of Earning Per Share Due To Impact Of Tax Holidays | $ 0.05 | $ 0.08 | $ 0.10 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 7,000 | $ 8,200 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 400 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 1,300 | 1,500 | |
Unrecognized Tax Benefits, Interest Expense, Net of Accrued Interest Reversed | (300) | $ 600 | $ (300) |
Minimum [Member] | |||
Collection Term Range | 4 years | ||
Maximum [Member] | |||
Collection Term Range | 10 years | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 246,900 | ||
Tax Credit Carryforward, Amount | $ 11,500 | ||
Open Tax Year | 2015 2016 2017 2018 2019 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 160,500 | ||
Tax Credit Carryforward, Amount | $ 31,600 | ||
Open Tax Year | 2014 2015 2016 2017 2018 2019 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 25,100 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Provision (Benefit) for Income Taxes for Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
U.S. Federal | $ 12 | ||
U.S. State | 130 | 51 | 18 |
Foreign | 2,173 | 8,787 | 6,005 |
Total current | 2,303 | 8,838 | 6,035 |
U.S. Federal | 98 | 56 | (3,451) |
U.S. State | 1 | (481) | |
Foreign | (5,484) | (8,263) | 141 |
Total deferred | (5,385) | (8,207) | (3,791) |
$ (3,082) | $ 631 | $ 2,244 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income (Loss) Before Income Taxes From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income (loss) from continuing operations, U.S. | $ (72,669) | $ (42,682) | $ 1,430 |
Income from continuing operations, Foreign | 592 | 10,770 | 33,935 |
Income (loss) from continuing operations before taxes | $ (72,077) | $ (31,912) | $ 35,365 |
Note 8 - Income Taxes - Compo_2
Note 8 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Inventory, receivable and warranty reserves | $ 11,896 | $ 12,560 |
Net operating loss carryforwards | 69,096 | 65,587 |
Tax credit carryforwards | 36,489 | 34,251 |
Accrued employee benefits | 4,685 | 5,134 |
Stock-based compensation | 2,372 | 2,108 |
Lease liabilities | 7,890 | |
Other | 7,885 | 7,827 |
Gross deferred tax assets | 140,313 | 127,467 |
Less valuation allowance | (93,498) | (84,718) |
Total deferred tax assets | 46,815 | 42,749 |
Depreciation and fixed asset related | 948 | 3,156 |
Intangible assets and other acquisition basis differences | 62,325 | 70,415 |
Operating lease right-of-use assets | 7,504 | |
Unremitted earnings of foreign subsidiaries | 2,462 | 5,257 |
Total deferred tax liabilities | 73,239 | 78,828 |
Net deferred tax liabilities | $ (26,424) | $ (36,079) |
Note 8 - Income Taxes - Reconci
Note 8 - 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. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Tax provision at U.S. 21% statutory rate (35% in 2017) | $ (15,136) | $ (6,702) | $ 12,378 |
Impact of Tax Act, before reduction in valuation allowance | 5,095 | 12,397 | |
State income taxes, net of federal tax benefit | (1,097) | (663) | 56 |
Settlements, adjustments and releases from statute expirations | (1,204) | (783) | (1,731) |
Federal tax credits | (1,458) | (864) | (371) |
Stock-based compensation | 587 | (838) | (2,801) |
Executive compensation limited by Section 162(m) | 190 | 3,456 | 246 |
Change in valuation allowance | 11,270 | (2,015) | (13,484) |
Non-deductible transaction related costs | 1,106 | 331 | |
GILTI | 2,480 | 3,531 | |
Foreign rate differential | 187 | (435) | (4,866) |
Other, net | 1,099 | (257) | 89 |
$ (3,082) | $ 631 | $ 2,244 |
Note 8 - Income Taxes - Recon_2
Note 8 - Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
U.S. statutory rate | 21.00% | 21.00% | 35.00% |
Note 8 - Income Taxes - Recon_3
Note 8 - Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Balance at beginning of year | $ 34,701 | $ 10,321 | $ 10,075 |
Additions for tax positions of current year | 1,231 | 524 | 200 |
Additions (reductions) for tax positions of prior years | (484) | ||
Additions (reductions) for tax positions of prior years | 191 | 58 | |
Reductions due to lapse of the statute of limitations | (957) | (645) | (1,148) |
Additions related to Xcerra and Kita acquisitions | 24,352 | 900 | |
Reductions due to settlements | (30) | ||
Foreign exchange rate impact | 104 | 236 | |
Foreign exchange rate impact | (42) | ||
Balance at end of year | $ 34,565 | $ 34,701 | $ 10,321 |
Note 9 - Segment and Geograph_3
Note 9 - Segment and Geographic Information (Details Textual) | 12 Months Ended |
Dec. 28, 2019 | |
Number of Operating Segments | 4 |
Number of Reportable Segments | 2 |
Note 9 - Segment and Geograph_4
Note 9 - Segment and Geographic Information - Summary of Current Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 28, 2019 | Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | [1] | Dec. 29, 2018 | Sep. 29, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |||
Net sales by segment: | |||||||||||||||||||
Net sales | $ 142,011 | [1] | $ 143,498 | $ 150,011 | $ 147,809 | $ 170,637 | [1] | $ 86,164 | $ 99,817 | $ 95,150 | $ 583,329 | $ 451,768 | $ 352,704 | ||||||
Segment profit (loss) before tax: | |||||||||||||||||||
Profit (loss) for reportable segments | (42,437) | (2,665) | 42,535 | ||||||||||||||||
Interest expense | (20,556) | (4,977) | (54) | ||||||||||||||||
Interest income | 764 | 1,187 | 671 | ||||||||||||||||
Income (loss) from continuing operations before taxes | (72,077) | (31,912) | 35,365 | ||||||||||||||||
Depreciation | 19,300 | 8,800 | 5,000 | ||||||||||||||||
Total depreciation and amortization for reportable segments | 58,871 | 26,047 | 9,195 | ||||||||||||||||
Capital expenditures | 18,000 | 4,967 | 6,093 | ||||||||||||||||
Total assets by segment: | |||||||||||||||||||
Total assets for reportable segments | 1,077,710 | 1,134,002 | 1,077,710 | 1,134,002 | 420,457 | ||||||||||||||
Discontinued operations | 3,618 | 3,820 | 3,618 | 3,820 | |||||||||||||||
Corporate, Non-Segment [Member] | |||||||||||||||||||
Segment profit (loss) before tax: | |||||||||||||||||||
Corporate expenses | (9,848) | (25,457) | (7,787) | ||||||||||||||||
Total assets by segment: | |||||||||||||||||||
Total assets for reportable segments | 18,398 | 34,367 | 18,398 | 34,367 | 52,299 | ||||||||||||||
Semiconductor Test and Inspection [Member] | |||||||||||||||||||
Net sales by segment: | |||||||||||||||||||
Net sales | 540,878 | 443,276 | 352,704 | ||||||||||||||||
Segment profit (loss) before tax: | |||||||||||||||||||
Profit (loss) for reportable segments | (45,072) | 2,489 | 42,535 | ||||||||||||||||
Depreciation | 56,621 | 24,634 | 9,195 | ||||||||||||||||
Capital expenditures | 17,831 | 4,957 | 6,093 | ||||||||||||||||
Total assets by segment: | |||||||||||||||||||
Total assets for reportable segments | 998,756 | 1,038,053 | 998,756 | 1,038,053 | 368,158 | ||||||||||||||
PCB Test [Member] | |||||||||||||||||||
Net sales by segment: | |||||||||||||||||||
Net sales | 42,451 | 8,492 | |||||||||||||||||
Segment profit (loss) before tax: | |||||||||||||||||||
Profit (loss) for reportable segments | 2,635 | (5,154) | |||||||||||||||||
Depreciation | 2,250 | 1,413 | |||||||||||||||||
Capital expenditures | 169 | 10 | |||||||||||||||||
Total assets by segment: | |||||||||||||||||||
Total assets for reportable segments | 56,938 | 57,762 | 56,938 | 57,762 | |||||||||||||||
Semiconductor Test and Inspection and PCB Test [Member] | |||||||||||||||||||
Total assets by segment: | |||||||||||||||||||
Total assets for reportable segments | $ 1,055,694 | $ 1,095,815 | $ 1,055,694 | $ 1,095,815 | $ 368,158 | ||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks. We acquired Xcerra on October 1, 2018. The results of Xcerra have been included in our results of operations from the date of acquisition. See Note 2, “Business Acquisitions” for additional information regarding this transaction. Total operating expenses in 2019 and 2018 include acquisition costs and amounts related to the integration and our announced restructuring plan as follows. The fourth quarter of 2018 includes $19.1 million of inventory write-offs, $14.8 million of amortization of inventory step-up, and $18.7 million of restructuring charges. The first quarter of 2019 includes $6.0 million of amortization of inventory step-up. The second quarter of 2019 includes $8.5 million of restructuring charges. |
Note 9 - Segment and Geograph_5
Note 9 - Segment and Geographic Information - Customers Comprising 10% of Consolidated Sales (Details) - Semiconductor Equipment [Member] - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 30, 2017 | ||
Intel [Member] | |||
Net sales percentage | 11.10% | 11.20% | |
NXP Semiconductors N.V. [Member] | |||
Net sales percentage | [1] | 15.90% | |
[1] | Less than 10% of consolidated net sales. |
Note 9 - Segment and Geograph_6
Note 9 - Segment and Geographic Information - Summary of Net Sales to Customers, Attributed to Countries (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 28, 2019 | [1] | Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | [1] | Dec. 29, 2018 | [1] | Sep. 29, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net sales | $ 142,011 | $ 143,498 | $ 150,011 | $ 147,809 | $ 170,637 | $ 86,164 | $ 99,817 | $ 95,150 | $ 583,329 | $ 451,768 | $ 352,704 | ||||||||
CHINA | |||||||||||||||||||
Net sales | 118,213 | 90,255 | 82,474 | ||||||||||||||||
Malaysia [Member] | |||||||||||||||||||
Net sales | 61,826 | 61,793 | 80,102 | ||||||||||||||||
UNITED STATES | |||||||||||||||||||
Net sales | 71,963 | 61,177 | 38,729 | ||||||||||||||||
PHILIPPINES | |||||||||||||||||||
Net sales | 51,683 | 46,421 | 26,268 | ||||||||||||||||
TAIWAN, PROVINCE OF CHINA | |||||||||||||||||||
Net sales | 75,725 | 25,074 | 16,517 | ||||||||||||||||
Rest of the World [Member] | |||||||||||||||||||
Net sales | $ 203,919 | $ 167,048 | $ 108,614 | ||||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks. We acquired Xcerra on October 1, 2018. The results of Xcerra have been included in our results of operations from the date of acquisition. See Note 2, “Business Acquisitions” for additional information regarding this transaction. Total operating expenses in 2019 and 2018 include acquisition costs and amounts related to the integration and our announced restructuring plan as follows. The fourth quarter of 2018 includes $19.1 million of inventory write-offs, $14.8 million of amortization of inventory step-up, and $18.7 million of restructuring charges. The first quarter of 2019 includes $6.0 million of amortization of inventory step-up. The second quarter of 2019 includes $8.5 million of restructuring charges. |
Note 9 - Segment and Geograph_7
Note 9 - Segment and Geographic Information - Summary of Property, Plant and Equipment and Other Long Lived Assets in Geographical Area (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Property plant and equipment, net | $ 70,912 | $ 74,332 |
Goodwill and other intangible assets | 513,688 | 561,088 |
GERMANY | ||
Property plant and equipment, net | 25,234 | 21,655 |
Goodwill and other intangible assets | 228,476 | 249,605 |
UNITED STATES | ||
Property plant and equipment, net | 16,671 | 20,417 |
Goodwill and other intangible assets | 207,642 | 228,022 |
JAPAN | ||
Property plant and equipment, net | 9,964 | 11,905 |
Goodwill and other intangible assets | 3,872 | 4,138 |
Malaysia [Member] | ||
Property plant and equipment, net | 7,151 | 10,535 |
Goodwill and other intangible assets | 44,140 | 43,569 |
PHILIPPINES | ||
Property plant and equipment, net | 8,637 | 5,842 |
Rest of the World [Member] | ||
Property plant and equipment, net | 3,255 | 3,978 |
Goodwill and other intangible assets | 7,453 | 8,977 |
SINGAPORE | ||
Goodwill and other intangible assets | 13,915 | 15,173 |
SWITZERLAND | ||
Goodwill and other intangible assets | $ 8,190 | $ 11,604 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Lessee, Operating Lease, Renewal Term | 25 years | ||
Finance Lease Right-of-use Asset, Accumulated Amortization | $ 0.1 | ||
Operating Lease, Impairment Loss | 0.2 | ||
Operating Leases, Rent Expense, Total | $ 4.8 | $ 3.6 | |
Lessee, Sublease Income, Receivable, Remainder of Fiscal Year | 0.1 | ||
Lessee, Sublease Income, Receivable, Year Two | $ 0.1 | ||
Minimum [Member] | |||
Lessee, Lease, Remaining Term of Contract | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Remaining Term of Contract | 38 years |
Note 10 - Leases - Balance Shee
Note 10 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | |
Operating Lease, Right-of-Use Asset | $ 33,269 | ||
Finance lease assets | [1] | 2,515 | |
Total lease assets | 35,784 | ||
Operating | 28,877 | ||
Total lease liabilities | $ 36,909 | ||
Operating leases (Year) | 7 years 328 days | ||
Finance leases (Year) | 182 days | ||
Operating leases | 6.30% | ||
Finance leases | 4.50% | ||
Other Accrued Liabilities [Member] | |||
Operating | $ 5,458 | ||
Finance | $ 2,574 | ||
[1] | Finance lease assets are recorded net of accumulated amortization of $0.1 million. |
Note 10 - Leases - Lease Expens
Note 10 - Leases - Lease Expense (Details) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019USD ($) | ||
Operating leases (1) | $ 8,525 | [1] |
Variable lease expense | 2,318 | |
Short-term operating leases | 256 | |
Amortization of leased assets | 102 | |
Interest on lease liabilities | 146 | |
Sublease income | (133) | |
Net lease cost | $ 11,214 | |
[1] | Operating lease cost excludes impairment expense of $0.2 million related to the write-down of the Fontana facility right-of-use asset. |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 28, 2019USD ($) | |
2020, operating leases | $ 7,383 | [1] |
2020, finance leases | 2,631 | |
2020, total | 10,014 | |
2021, operating leases | 6,090 | [1] |
2021, finance leases | ||
2021, total | 6,090 | |
2022, operating leases | 5,535 | [1] |
2022, finance leases | ||
2022, total | 5,535 | |
2023, operating leases | 4,987 | [1] |
2023, finance leases | ||
2023, total | 4,987 | |
2024, operating leases | 4,692 | |
2024, finance leases | ||
2024, total | 4,692 | |
Thereafter, operating leases | 16,314 | [1] |
Thereafter, finance leases | ||
Thereafter, total | 16,314 | |
Total lease payments, operating leases | 45,001 | [1] |
Total lease payments, finance leases | 2,631 | |
Total lease payments, total | 47,632 | |
Less: Interest, operating leases | (10,666) | [1] |
Less: Interest, finance leases | (57) | |
Less: Interest, total | (10,723) | |
Present value of lease liabilities, finance leases | 2,574 | |
Present value of lease liabilities, total | 36,909 | |
Other Accrued Liabilities and Long-term Lease Liabilities [Member] | ||
Present value of lease liabilities, operating leases | $ 34,335 | [1] |
[1] | Excludes sublease income of $0.1 million in both 2020 and 2021 and also excludes $0.1 million of legally binding minimum lease payments for lease signed but not yet commenced. |
Note 10 - Leases - Cash Flow In
Note 10 - Leases - Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Operating cash flows from operating leases | $ 6,932 |
Operating cash flows from finance leases | 117 |
Financing cash flows from finance leases | 34 |
Leased assets obtained in exchange for new operating lease liabilities | $ 40,488 |
Note 12 - Guarantees (Details T
Note 12 - Guarantees (Details Textual) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Non-current Other Accrued Liabilities [Member] | ||
Product Warranty Accrual, Noncurrent | $ 0.3 | $ 0.2 |
Note 12 - Guarantees - Changes
Note 12 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Beginning balance | $ 8,014 | $ 4,849 | $ 4,350 |
Warranty accruals | 6,714 | 7,154 | 6,765 |
Warranty payments | (8,573) | (8,358) | (6,316) |
Warranty liability assumed | 4,369 | 50 | |
Ending balance | $ 6,155 | $ 8,014 | $ 4,849 |
Note 13 - Discontinued Operat_3
Note 13 - Discontinued Operations (Details Textual) - Fixtures Services Business FSG [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disposal Group, Including Discontinued Operation, Impairment | $ 1,086 | |||
Subsequent Event [Member] | ||||
Disposal Group, Including Discontinued Operation, Impairment | $ 1,100 |
Note 13 - Discontinued Operat_4
Note 13 - Discontinued Operations - Balance Sheet Information for Fixture Services Business (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Cash | $ 736 | $ 461 | |
Total current assets | 3,503 | 3,741 | |
Discontinued operations | 3,618 | 3,820 | |
Total current liabilities | 599 | 518 | |
Noncurrent liabilities of discontinued operations (Note 13) | 24 | ||
Fixtures Services Business FSG [Member] | Discontinued Operations, Held-for-sale [Member] | |||
Cash | 736 | 461 | |
Accounts receivable, net | 1,316 | 1,718 | |
Inventories | 1,411 | 1,388 | |
Other current assets | 40 | 174 | |
Total current assets | 3,503 | 3,741 | |
Property, plant and equipment, net | 33 | 66 | |
Other noncurrent assets | 82 | 13 | |
Discontinued operations | 3,618 | 3,820 | |
Other accrued current liabilities | 599 | 518 | |
Total current liabilities | 599 | 518 | |
Noncurrent liabilities of discontinued operations (Note 13) | 24 | ||
Total liabilities | $ 623 | $ 518 |
Note 13 - Discontinued Operat_5
Note 13 - Discontinued Operations - Summary of Operating Results (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | ||
Net sales | $ 6,136 | $ 1,593 | ||
Operating income | 478 | 157 | ||
Income (loss) before taxes | (608) | 157 | (278) | |
Income tax provision | 89 | 38 | ||
Income (loss), net of tax | (697) | 119 | (278) | |
Fixtures Services Business FSG [Member] | ||||
Loss from impairment of FSG | (1,086) | |||
Broadcast Microwave Services, Inc. (“BMS”) [Member] | ||||
Loss from sale of BMS | [1] | $ (278) | ||
[1] | Represents the write-off of the contingent consideration receivable from the sale of Broadcast Microwave Services, Inc. |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Foreign currency translation adjustments, before tax | $ (7,522) | $ (8,905) | $ 11,345 |
Foreign currency translation adjustments, tax | |||
Foreign currency translation adjustments, net of tax | (7,522) | (8,905) | 11,345 |
Adjustments related to postretirement benefits, before tax | (856) | 865 | (1,369) |
Adjustments related to postretirement benefits, tax | 228 | (60) | 121 |
Adjustments related to postretirement benefits, net of tax | (628) | 805 | (1,248) |
Change in unrealized gain/loss on investments, before tax | 7 | (2) | |
Change in unrealized gain/loss on investments, tax | |||
Change in unrealized gain/loss on investments, net of tax | 7 | (2) | |
Other comprehensive income (loss), before tax | (8,378) | (8,033) | 9,974 |
Other comprehensive income (loss), tax | 228 | (60) | 121 |
Other comprehensive income (loss), net of tax | $ (8,150) | $ (8,093) | $ 10,095 |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Accumulated net currency translation adjustments | $ (30,198) | $ (22,676) |
Accumulated net adjustments related to postretirement benefits | (3,832) | (3,204) |
Total accumulated other comprehensive loss | $ (34,030) | $ (25,880) |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Details Textual) | 12 Months Ended |
Dec. 28, 2019 | |
Blackrock [Member] | |
Ownership Percentage of the Company | 15.50% |
Note 16 - Quarterly Financial_3
Note 16 - Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Inventory Write-down | $ 19,100 | |||||
Amortization of Inventory, Step-up | $ 6,000 | 14,800 | ||||
Restructuring Charges, Total | $ 8,500 | $ 18,700 | $ 13,484 | $ 18,704 |
Note 16 - Quarterly Financial_4
Note 16 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | [1] | Dec. 29, 2018 | Sep. 29, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |||||
Net sales | $ 142,011 | [1] | $ 143,498 | [1] | $ 150,011 | [1] | $ 147,809 | $ 170,637 | [1] | $ 86,164 | $ 99,817 | $ 95,150 | $ 583,329 | $ 451,768 | $ 352,704 | ||||
Cost of sales: | 87,936 | [1],[2] | 84,565 | [1],[2] | 87,605 | [1],[2] | 93,394 | [2] | 128,718 | [1],[2] | 51,142 | [2] | 57,677 | [2] | 54,923 | [2] | 353,500 | 292,460 | |
Income (loss) from continuing operations | (16,281) | (10,480) | (19,383) | (22,851) | (57,116) | 4,803 | 11,648 | 8,122 | (68,995) | (32,543) | 33,121 | ||||||||
Net income (loss) | (17,320) | (10,326) | [1] | (19,359) | [1] | (22,687) | (56,997) | 4,803 | [2] | 11,648 | 8,122 | (69,692) | (32,424) | 32,843 | |||||
Net income (loss) attributable to Cohu | $ (17,266) | [1] | $ (10,468) | [1] | $ (19,323) | [1] | $ (22,643) | $ (56,754) | $ 4,803 | $ 11,648 | $ 8,122 | $ (69,700) | $ (32,181) | $ 32,843 | |||||
Income (loss) from continuing operations (in dollars per share) | $ (0.39) | [1],[3] | $ (0.25) | [1],[3] | $ (0.47) | [1],[3] | $ (0.56) | [3] | $ (1.40) | [1],[3] | $ 0.17 | [3] | $ 0.40 | [3] | $ 0.28 | [3] | $ (1.68) | $ (1.02) | $ 1.19 |
Net income (loss) (in dollars per share) | (0.42) | [1],[3] | (0.25) | [1],[3] | (0.47) | [1],[3] | (0.55) | [3] | (1.40) | [1],[3] | 0.17 | [3] | 0.40 | [3] | 0.28 | [3] | (1.69) | (1.01) | 1.18 |
Income (loss) from continuing operations before non-controlling interest (in dollars per share) | (0.39) | [1],[3] | (0.25) | [1],[3] | (0.47) | [1],[3] | (0.56) | [3] | (1.40) | [1],[3] | 0.16 | [3] | 0.39 | [3] | 0.28 | [3] | (1.68) | (1.02) | 1.15 |
Net income (loss) (in dollars per share) | $ (0.42) | [1],[3] | $ (0.25) | [1],[3] | $ (0.47) | [1],[3] | $ (0.55) | [3] | $ (1.40) | [1],[3] | $ 0.16 | [3] | $ 0.39 | [3] | $ 0.28 | [3] | $ (1.69) | $ (1.01) | $ 1.14 |
[1] | All quarters presented above were comprised of 13 weeks. We acquired Xcerra on October 1, 2018. The results of Xcerra have been included in our results of operations from the date of acquisition. See Note 2, “Business Acquisitions” for additional information regarding this transaction. Total operating expenses in 2019 and 2018 include acquisition costs and amounts related to the integration and our announced restructuring plan as follows. The fourth quarter of 2018 includes $19.1 million of inventory write-offs, $14.8 million of amortization of inventory step-up, and $18.7 million of restructuring charges. The first quarter of 2019 includes $6.0 million of amortization of inventory step-up. The second quarter of 2019 includes $8.5 million of restructuring charges. | ||||||||||||||||||
[2] | Cost of sales is shown exclusive of the amortization of purchased intangible assets. | ||||||||||||||||||
[3] | The sum of the four quarters may not agree to the year total due to rounding or losses within a quarter and the inclusion or exclusion of common stock equivalents. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance, beginning of year | $ 40 | $ 200 | $ 81 | |
Additions (reductions) not charged to expense | [1] | 24 | (20) | 174 |
Additions (reduction) charged (credited) to expense | (28) | (109) | 6 | |
Deductions/write-offs | 27 | 31 | 61 | |
Balance, end of year | 9 | 40 | 200 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | ||||
Balance, beginning of year | 23,938 | 17,362 | 21,485 | |
Additions (reductions) not charged to expense | [1] | 1,285 | (300) | (1,165) |
Additions (reduction) charged (credited) to expense | 4,792 | 10,783 | 1,148 | |
Deductions/write-offs | 9,057 | 3,907 | 4,106 | |
Balance, end of year | $ 20,958 | $ 23,938 | $ 17,362 | |
[1] | Changes in reserve balances resulting from foreign currency impact and reclassifications from other reserves. |