| Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Basis of Presentation Our fiscal years are based on a 52 53 December. December 28, 2019, March 28, 2020, ( first 2020” first three 2020” March 30, 2019, ( first 2019” first three 2019” first 2020 2019 13 Our interim results are not December 28, 2019, 2019 10 On December 28, 2019, 20% no no All significant consolidated transactions and balances have been eliminated in consolidation. Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no Concentration of Credit Risk Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one We adopted Accounting Standards Update (“ASU”) 2016 13 , Financial Instruments-Credit Losses (Topic 326 December 29, 2019, first 2020. not 326 March 28, 2020 December 28, 2019. March 28, 2020, may Inventories Inventories are stated at the lower of cost, determined on a first first Inventories by category were as follows ( in thousands March 28, December 28, 2020 2019 Raw materials and purchased parts $ 73,222 $ 69,665 Work in process 44,381 46,591 Finished goods 17,256 14,450 Total inventories $ 134,859 $ 130,706 Assets Held for Sale As part of our previously announced strategic restructuring program we are implementing certain facility consolidation actions. We expect to complete the sales of our facilities located in Penang, Malaysia in the second 2020 third 2020. March 28, 2020. 4, Property, Plant and Equipment Depreciation and amortization of property, plant and equipment, both owned and under financing lease, is calculated principally on the straight-line method based on estimated useful lives of thirty forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) March 28, December 28, 2020 2019 Land and land improvements $ 8,650 $ 11,659 Buildings and building improvements 40,593 41,474 Machinery and equipment 59,029 61,006 108,272 114,139 Less accumulated depreciation and amortization (43,584 ) (43,227 ) Property, plant and equipment, net $ 64,688 $ 70,912 Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” four 280 two Goodwill and Indefinite-Lived Intangibles, Other Intangible Assets and Long-lived Assets We evaluate goodwill and other indefinite-lived intangible assets, which are solely comprised of in-process research and development (“IPR&D”), for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not first second not We conduct our annual impairment test as of October 1st no October 1, 2019, may not not 19 During the first 2020, 19 March 28, 2020 no 19 $3.9 The forecasts utilized in the interim impairment test were based on known facts and circumstances. We evaluate and consider recent events and uncertain items, as well as related potential implications, as part of our annual and interim assessments and incorporate them into the analyses as appropriate. These facts and circumstances are subject to change and may 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 March 28, 2020 no Product Warranty Product warranty costs are accrued in the period sales are recognized. Our products are generally sold with standard warranty periods, which differ by product, ranging from 12 36 Restructuring Costs We record restructuring activities including costs for one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. Debt Issuance Costs We capitalize costs related to the issuance of debt. Debt issuance costs that were directly related to our Term B Loan are presented within noncurrent liabilities as a reduction of long-term debt in our consolidated balance sheets. The amortization of such costs is recognized as interest expense using the effective interest method over the term of the respective debt issue. Amortization related to deferred debt issuance costs and original discount costs was $0.3 three March 28, 2020 March 30, 2019. Foreign Remeasurement and Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. During the three March 28, 2020, $0.4 three March 30, 2019, $0.2 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. Share-Based Compensation We measure and recognize all share-based compensation under the fair value method. Our estimate of share-based compensation expense requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options) and related tax effects. The assumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. Although we believe the assumptions and estimates we have made are reasonable and appropriate, changes in assumptions could materially impact our reported financial results. Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands) Three Months Ended March 28, March 30, 2020 2019 Cost of sales $ 212 $ 125 Research and development 833 638 Selling, general and administrative 2,566 2,930 Total share-based compensation 3,611 3,693 Income tax benefit (172 ) (280 ) Total share-based compensation, net $ 3,439 $ 3,413 Income (Loss) Per Share Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the three March 28, 2020, 58,000 three March 30, 2019, 393,000 The following table reconciles the denominators used in computing basic and diluted income (loss) per share (in thousands) Three Months Ended March 28, March 30, 2020 2019 Weighted average common shares 41,502 40,872 Effect of dilutive securities - - 41,502 40,872 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. Leases We adopted ASU 2016 02, 842 December 30, 2018, 840 $10.2 840 $0.5 $0.6 We determine if a contract contains a lease at inception. Operating leases are included in operating lease right of use (“ROU”) assets, current other accrued liabilities, and long-term lease liabilities on our condensed consolidated balance sheets. Finance leases are included in property, plant and equipment, other current accrued liabilities, and long-term lease liabilities on our condensed consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the adoption date or the commencement date for leases entered into after the adoption date. As most of our leases do not The operating lease ROU asset also includes any lease payments made, lease incentives, favorable and unfavorable lease terms recognized in business acquisitions and excludes initial direct costs incurred and variable lease payments. Variable lease payments include estimated payments that are subject to reconciliations throughout the lease term, increases or decreases in the contractual rent payments as a result of changes in indices or interest rates and tax payments that are based on prevailing rates. Our lease terms may Leases with an initial term of 12 not We sublease certain leased assets to third None Revenue Recognition Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when the obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our systems, non-system products or services. In circumstances where control is 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 March 28, 2020, $9.6 one 606, not one 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 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 customer. Payments terms do not one not no no On shipments where sales are not March 28, 2020, $18.0 $9.3 one $7.1 December 28, 2019, $16.1 $7.6 one $7.2 Net sales of our reportable segments, by type, are as follows (in thousands): Three Months Ended Disaggregated Net Sales March 28, 2020 March 30, 2019 Systems: Semiconductor Test & Inspection $ 70,539 $ 79,940 PCB Test 6,840 6,972 Non-systems: Semiconductor Test & Inspection 57,474 56,753 PCB Test 4,068 4,144 Total net sales $ 138,921 $ 147,809 Revenue by geographic area based upon product shipment destination ( in thousands Three Months Ended Disaggregated Net Sales March 28, 2020 March 30, 2019 China $ 30,811 $ 23,551 United States 19,078 17,101 Malaysia 15,174 17,714 Taiwan 13,881 14,970 Philippines 10,022 14,541 Rest of the World 49,955 59,932 Total net sales $ 138,921 $ 147,809 A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information, by reportable segment, is as follows: Three Months Ended March 28, March 30, 2020 2019 Semiconductor Test & Inspection Customers individually accounting for more than 10% of net sales two one Percentage of net sales 26 % 11 % PCB Test Customers individually accounting for more than 10% of net sales * * Percentage of net sales * * * No 10% Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $35.0 $34.0 March 28, 2020 December 28, 2019, not first three 2020 2019 not Retiree Medical Benefits We provide post-retirement health benefits to certain retired executives, one no first three 2020 2019 not Discontinued Operations Management determined that the fixtures services business, that was acquired as part of Xcerra, did not February 2020. December 28, 2019. 10, Recently Adopted Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2019 04, 326, 2019 05, 326 2019 10, 326 815 842 2019 11, 326, 2016 13, not 2016 13 not In August 2018, 2018 13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement not December 15, 2019. 3 2018 13 not In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes not December 29, 2019. not Recently Issued Accounting Pronouncements In August 2018, 2018 14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans not December 15, 2020 not 2018 14 All other newly issued accounting pronouncements not not |
