Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 27, 2021 | Apr. 23, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000021535 | |
Entity Registrant Name | COHU INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-25 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 27, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-04298 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-1934119 | |
Entity Address, Address Line One | 12367 Crosthwaite Circle | |
Entity Address, City or Town | Poway | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92064-6817 | |
City Area Code | 858 | |
Local Phone Number | 848-8100 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | COHU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,430,429 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 143,119 | $ 149,358 | |
Short-term investments | 147,926 | 20,669 | |
Accounts receivable, net | 196,755 | 151,919 | |
Inventories | 160,871 | 142,500 | |
Prepaid expenses | 23,807 | 18,773 | |
Other current assets | 3,240 | 1,827 | |
Total current assets | 675,718 | 485,046 | |
Property, plant and equipment, net | 65,776 | 66,916 | |
Goodwill | 246,735 | 252,304 | |
Intangible assets, net | 221,378 | 233,685 | |
Other assets | 19,231 | 23,192 | |
Operating lease right of use assets | 29,917 | 29,203 | |
Assets, Total | 1,258,755 | 1,090,346 | |
Current liabilities: | |||
Short-term borrowings | 5,018 | 5,314 | |
Current installments of long-term debt | 3,833 | 3,075 | |
Accounts payable | 97,712 | 67,923 | |
Customer advances | 15,010 | 14,410 | |
Accrued compensation and benefits | 32,924 | 34,862 | |
Deferred profit | 12,955 | 8,671 | |
Accrued warranty | 6,570 | 6,066 | |
Income taxes payable | 7,586 | 3,857 | |
Other accrued liabilities | 26,425 | 30,275 | |
Total current liabilities | 208,033 | 174,453 | |
Long-term debt | 211,182 | 311,551 | |
Deferred income taxes | 25,518 | 28,816 | |
Noncurrent income tax liabilities | 7,866 | 6,888 | |
Accrued retirement benefits | 21,474 | 21,663 | |
Long-term lease liabilities | 26,251 | 25,787 | |
Other accrued liabilities | 8,957 | 8,900 | |
Stockholders’ equity | |||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | 0 | 0 | |
Common stock, $1 par value; 60,000 shares authorized, 48,411 shares issued and outstanding in 2021 and 42,190 shares in 2020 | 48,411 | 42,190 | |
Paid-in capital | 661,984 | 448,194 | |
Retained earnings | 53,837 | 26,230 | |
Accumulated other comprehensive loss | (14,758) | (4,326) | |
Total stockholders’ equity | 749,474 | 512,288 | |
Liabilities and Equity, Total | $ 1,258,755 | $ 1,090,346 | |
[1] | Derived from December 26, 2020 audited financial statements |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 27, 2021 | Dec. 26, 2020 | [1] |
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) | 48,411 | 42,190 | |
Common stock, shares outstanding (in shares) | 48,411 | 42,190 | |
[1] | Derived from December 26, 2020 audited financial statements |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | ||
Net sales | $ 225,488 | $ 138,921 | |
Cost and expenses: | |||
Cost of sales (1) | [1] | 123,283 | 82,837 |
Research and development | 23,152 | 22,468 | |
Selling, general and administrative | 32,739 | 33,352 | |
Amortization of purchased intangible assets | 9,244 | 9,538 | |
Restructuring charges | 1,340 | 403 | |
Impairment charges | 0 | 3,949 | |
Costs and Expenses, Total | 189,758 | 152,547 | |
Income (loss) from operations | 35,730 | (13,626) | |
Other (expense) income: | |||
Interest expense | (2,575) | (4,427) | |
Interest income | 50 | 147 | |
Foreign transaction loss | (262) | (404) | |
Loss on extinguishment of debt | (1,761) | 0 | |
Income (loss) from continuing operations before taxes | 31,182 | (18,310) | |
Income tax provision (benefit) | 3,575 | (992) | |
Income (loss) from continuing operations | 27,607 | (17,318) | |
Income from discontinued operations | 0 | 42 | |
Net income (loss) | $ 27,607 | $ (17,276) | |
Basic: | |||
Income (loss) from continuing operations (in dollars per share) | $ 0.63 | $ (0.42) | |
Income from discontinued operations (in dollars per share) | 0 | 0 | |
Net income (loss) (in dollars per share) | 0.63 | (0.42) | |
Diluted: | |||
Income (loss) from continuing operations (in dollars per share) | 0.61 | (0.42) | |
Income from discontinued operations (in dollars per share) | 0 | 0 | |
Net income (loss) (in dollars per share) | $ 0.61 | $ (0.42) | |
Weighted average shares used in computing income (loss) per share: | |||
Basic (in shares) | 43,756 | 41,502 | |
Diluted (in shares) | 45,482 | 41,502 | |
Cash dividend, per share (in dollars per share) | $ 0 | $ 0.06 | |
[1] | Excludes amortization of $7,101 and $7,266 for the three months ended March 27, 2021 and March 28, 2020, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Amortization of cost | $ 7,101 | $ 7,266 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Net income (loss) | $ 27,607 | $ (17,276) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustments | (10,246) | (929) |
Adjustments related to postretirement benefits | (180) | 0 |
Change in unrealized gain/loss on investments | (6) | 0 |
Other comprehensive loss, net of tax | (10,432) | (929) |
Comprehensive income (loss) | $ 17,175 | $ (18,205) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 28, 2019 | $ 41,395 | $ 433,190 | $ 42,517 | $ (34,030) | $ 483,072 | |
Net income (loss) | 0 | 0 | (17,276) | 0 | (17,276) | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | (929) | (929) | |
Cash dividends | 0 | 0 | (2,486) | 0 | (2,486) | |
Exercise of stock options | 22 | 267 | 0 | 0 | 289 | |
Shares issued for restricted stock units vested | 403 | (403) | 0 | 0 | 0 | |
Repurchase and retirement of stock | (134) | (1,263) | 0 | 0 | (1,397) | |
Share-based compensation expense | 0 | 3,611 | 0 | 0 | 3,611 | |
Adjustments related to postretirement benefits | 0 | |||||
Changes in unrealized gains and losses on investments, net of tax | 0 | |||||
Balance at Mar. 28, 2020 | 41,686 | 435,402 | 22,755 | (34,959) | 464,884 | |
Balance at Dec. 26, 2020 | 42,190 | 448,194 | 26,230 | (4,326) | 512,288 | [1] |
Net income (loss) | 0 | 0 | 27,607 | 0 | 27,607 | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | (10,246) | (10,246) | |
Exercise of stock options | 192 | 1,730 | 0 | 0 | 1,922 | |
Shares issued for restricted stock units vested | 526 | (526) | 0 | 0 | 0 | |
Repurchase and retirement of stock | (190) | (8,363) | 0 | 0 | (8,553) | |
Share-based compensation expense | 0 | 3,523 | 0 | 0 | 3,523 | |
Adjustments related to postretirement benefits | 0 | 0 | 0 | (180) | (180) | |
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | (6) | (6) | |
Sale of common stock, net of issuance costs | 5,693 | 217,426 | 0 | 0 | 223,119 | |
Balance at Mar. 27, 2021 | $ 48,411 | $ 661,984 | $ 53,837 | $ (14,758) | $ 749,474 | |
[1] | Derived from December 26, 2020 audited financial statements |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Cash dividend, per share (in dollars per share) | $ 0 | $ 0.06 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 27,607 | $ (17,276) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Gain on disposal of discontinued operation | 0 | (35) |
Loss on extinguishment of debt | 1,761 | 0 |
Impairment charges related to indefinite lived intangibles | 0 | 3,949 |
(Gain) loss from sale of property, plant and equipment | (65) | 88 |
Depreciation and amortization | 12,567 | 12,956 |
Share-based compensation expense | 3,523 | 3,611 |
Non-cash inventory related charges | 1,110 | 1,603 |
Deferred income taxes | 280 | (2,706) |
Changes in accrued retiree medical benefits | (81) | 254 |
Changes in other accrued liabilities | (78) | (106) |
Changes in other assets | 62 | 605 |
Amortization of cloud-based software implementation costs | 370 | 205 |
Interest capitalized associated with cloud computing implementation | (43) | (45) |
Amortization of debt discounts and issuance costs | 250 | 290 |
Changes in assets and liabilities: | ||
Customer advances | 882 | 14,434 |
Accounts receivable | (47,241) | 17,078 |
Inventories | (20,804) | (6,067) |
Other current assets | (6,629) | (5,888) |
Accounts payable | 28,486 | 55 |
Deferred profit | 4,383 | 1,619 |
Income taxes payable | 5,131 | 7,454 |
Accrued compensation, warranty and other liabilities | (5,457) | (14,313) |
Operating lease right-of-use assets | 1,556 | 1,843 |
Current and long-term operating lease liabilities | (1,427) | (1,795) |
Net cash provided by operating activities | 6,143 | 17,813 |
Cash flows from investing activities: | ||
Net cash received from sale of fixtures services business | 0 | 2,975 |
Cash received from sale of property, plant and equipment | 98 | 74 |
Purchases of short-term investments | (129,736) | 0 |
Sales and maturities of short-term investments | 2,481 | 0 |
Purchases of property, plant and equipment | (2,700) | (1,584) |
Net cash provided by (used in) investing activities | (129,857) | 1,465 |
Cash flows from financing activities: | ||
Cash dividends paid | 0 | (2,483) |
Issuance (repurchases) of common stock, net | (5,421) | 253 |
Proceeds from revolving line of credit and construction loans | 818 | 1,117 |
Proceeds received from issuance of common stock, net of fees | 223,118 | 0 |
Repayments of long-term debt | (101,922) | (1,133) |
Net cash provided by (used in) financing activities | 116,593 | (2,246) |
Effect of exchange rate changes on cash and cash equivalents | 882 | (1,488) |
Net increase (decrease) in cash and cash equivalents | (6,239) | 15,544 |
Cash and cash equivalents at beginning of period | 149,358 | 155,930 |
Cash and cash equivalents at end of period | 143,119 | 171,474 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 279 | 690 |
Inventory capitalized as property, plant and equipment | 455 | 238 |
Dividends declared but not yet paid | 0 | 2,488 |
Property, plant and equipment purchases included in accounts payable | 862 | 3,370 |
Capitalized cloud computing service costs included in accounts payable | 757 | 1,552 |
Cash paid for interest | $ 2,532 | $ 7,308 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Basis of Presentation Our fiscal years are based on a 52 53 December. December 26, 2020, March 27, 2021, ( first 2021” first three 2021” March 28, 2020, ( first 2020” first three 2020” first 2021 2020 13 Our interim results are not December 26, 2020, 2020 10 All significant consolidated transactions and balances have been eliminated in consolidation. 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 Our trade accounts receivable are presented net of allowance for credit losses, which is determined in accordance with the guidance provided by Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments-Credit Losses, 326” March 27, 2021 December 26, 2020 March 27, 2021, 19 may Inventories Inventories are stated at the lower of cost, determined on a first first Inventories by category were as follows ( in thousands March 27, December 26, 2021 2020 Raw materials and purchased parts $ 90,890 $ 83,755 Work in process 54,247 44,315 Finished goods 15,734 14,430 Total inventories $ 160,871 $ 142,500 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 27, December 26, 2021 2020 Land and land improvements $ 7,934 $ 8,141 Buildings and building improvements 40,247 41,153 Machinery and equipment 64,599 65,342 112,780 114,636 Less accumulated depreciation and amortization (47,004 ) (47,720 ) Property, plant and equipment, net $ 65,776 $ 66,916 Cloud Computing Implementation Costs We have capitalized certain costs associated with the implementation of our new cloud-based Enterprise Resource Planning (“ERP”) system in accordance with ASC Topic 350, Intangibles Goodwill and Other, 350” Unamortized capitalized cloud computing implementation costs totaled $12.7 million and $13.5 million at March 27, 2021 December 26, 2020, first 2021. first 2020 seven three March 27, 2021 March 28, 2020, 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 October 1, 2020, may During the first 2020, 19 March 28, 2020 no three March 28, 2020, 19 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 During the first 2021, 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 to 36 months. Parts and labor are typically covered under the terms of the warranty agreement. Our warranty expense accruals are based on historical and estimated costs by product and configuration. From time-to-time we offer customers extended warranties beyond the standard warranty period. In those situations, the revenue relating to the extended warranty is deferred at its estimated fair value and recognized on a straight-line basis over the contract period. Costs associated with our extended warranty contracts are expensed as incurred. Restructuring Costs We record restructuring activities including costs for one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. 4, Debt Issuance Costs We capitalize costs related to the issuance of debt. Debt issuance costs that were directly related to our Term Loan B are presented within noncurrent liabilities as a reduction of long-term debt in our condensed 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 million for both the three March 27, 2021 March 28, 2020. 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 27, 2021, three March 28, 2020, 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. Foreign Exchange Derivative Contracts We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. We enter into foreign currency forward contracts with a financial institution to hedge against future movements in foreign exchange rates that affect certain existing U.S. Dollar denominated assets and liabilities at our subsidiaries whose functional currency is the local currency. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with foreign currency transaction gains or losses. We do not not 7, 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 27, March 28, 2021 2020 Cost of sales $ 262 $ 212 Research and development 781 833 Selling, general and administrative 2,480 2,566 Total share-based compensation 3,523 3,611 Income tax benefit (234 ) (172 ) Total share-based compensation, net $ 3,289 $ 3,439 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 27, 2021, three March 28, 2020, The following table reconciles the denominators used in computing basic and diluted income (loss) per share (in thousands) Three Months Ended March 27, March 28, 2021 2020 Weighted average common shares 43,756 41,502 Effect of dilutive securities 1,726 - 45,482 41,502 For the three March 28, 2020 Leases 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 27, 2021, 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 27, 2021, one December 26, 2020, one Net sales of our reportable segments, by type, are as follows (in thousands): Three Months Ended Disaggregated Net Sales March 27, 2021 March 28, 2020 Systems: Semiconductor Test & Inspection $ 138,159 $ 70,539 PCB Test 8,620 6,840 Non-systems: Semiconductor Test & Inspection 74,247 57,474 PCB Test 4,462 4,068 Total net sales $ 225,488 $ 138,921 Revenue by geographic area based upon product shipment destination (in thousands Three Months Ended Disaggregated Net Sales March 27, 2021 March 28, 2020 China $ 54,265 $ 30,811 Philippines 33,754 10,022 Taiwan 32,196 13,881 Malaysia 23,259 15,174 United States 20,059 19,078 Rest of the World 61,955 49,955 Total net sales $ 225,488 $ 138,921 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 27, March 28, 2021 2020 Semiconductor Test & Inspection Customers individually accounting for more than 10% of net sales * two Percentage of net sales * 26% 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 $14.8 million and $4.3 million at March 27, 2021 December 26, 2020, not first three 2021 2020 not Retiree Medical Benefits We provide post-retirement health benefits to certain retired executives, one no first three 2021 2020 not Discontinued Operations Management determined that the fixtures services business, that was acquired as part of Xcerra, did not February 2020. 12, New Accounting Pronouncements There have been no 10 December 26, 2020. |
Note 2 - Goodwill and Purchased
Note 2 - Goodwill and Purchased Intangible Assets | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 2. Goodwill and Purchased Intangible Assets Goodwill and Intangible Assets Changes in the carrying value of goodwill during the year ended December 26, 2020, three March 27, 2021, in thousands Semiconductor Test & Inspection PCB Test Total Balance, December 28, 2019 $ 218,775 $ 19,894 $ 238,669 Impact of currency exchange 11,949 1,686 13,635 Balance, December 26, 2020 230,724 21,580 252,304 Impact of currency exchange (5,109 ) (460 ) (5,569 ) Balance, March 27, 2021 $ 225,615 $ 21,120 $ 246,735 Purchased intangible assets, subject to amortization are as follows ( in thousands March 27, 2021 December 26, 2020 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (years) Amount Amort. Developed technology $ 238,892 $ 88,305 5.3 $ 239,250 $ 83,246 Customer relationships 73,691 23,803 8.2 74,933 22,751 Trade names 23,245 6,662 8.5 23,756 6,279 Covenant not-to-compete 321 137 5.8 340 136 Total intangible assets $ 336,149 $ 118,907 $ 338,279 $ 112,412 The table above excludes $4.1 million and $7.8 million of in-process technology, at March 27, 2021 December 26, 2020, first 2021, Amortization expense related to intangible assets in the first 2021 2020 |
Note 3 - Borrowings and Credit
Note 3 - Borrowings and Credit Agreements | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Borrowings and Credit Agreements The following table is a summary of our borrowings as of March 27, 2021 December 26, 2020 ( in thousands) March 27, December 26, 2021 2020 Bank Term Loan under Credit Agreement $ 204,880 $ 306,630 Bank Term Loans-Kita 3,395 3,662 Construction Loan- Cohu GmbH 10,298 9,902 Lines of Credit 5,018 5,314 Total debt 223,591 325,508 Less: financing fees and discount (3,558 ) (5,568 ) Less: current portion (8,851 ) (8,389 ) Total long-term debt $ 211,182 $ 311,551 Credit Agreement On October 1, 2018, October 1, 2025. March 27, 2021, December 26, 2020, March 27, 2021, March 27, 2021 2 Under the terms of the Credit Agreement, the lender may March 27, 2021, no During the first 2021, March 27, 2021. Kita Term Loans Our wholly owned Kita subsidiary has outstanding 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% to 0.43%, and expire at various dates through 2034. March 27, 2021, December 26, 2020, March 27, 2021. The term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Construction Loans In July 2019 June 2020, one € 10.1 one In August 2019, € 3.4 first September 2019 December 2021. December 2021. As of March 2021, € 5.2 second April 2027. December 2019 May 2020. May 2020. As of March 27, 2021, € 0.4 third May 2030. March 2021 May 2021. 10 May 2021. At March 27, 2021 December 26, 2020, March 27, 2021. Lines of Credit Our wholly owned Kita subsidiary has outstanding 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 million. At March 27, 2021, 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 March 27, 2021 December 26, 2020 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. Restructuring Charges Subsequent to the acquisition of Xcerra on October 1, 2018, fourth 2018, 2019. In the second 2019, fourth 2020 As a result of the activities described above, we recognized total pretax charges of $1.7 million and $2.0 million for the three March 27, 2021 March 28, 2020, 420, Exit or Disposal Cost Obligations 420” Costs associated with restructuring activities are presented in our condensed 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 three March 27, 2021 March 28, 2020 (in thousands) Severance and Other Exit Other Payroll Costs Total Balance, December 28, 2019 $ 1,236 $ - $ 1,236 Costs accrued 234 169 403 Amounts paid or charged (1,218 ) (169 ) (1,387 ) Impact of currency exchange (33 ) - (33 ) Balance, March 28, 2020 $ 219 $ - $ 219 Balance, December 26, 2020 $ 5,826 $ - $ 5,826 Costs accrued 952 388 1,340 Amounts paid or charged (2,444 ) (388 ) (2,832 ) Impact of currency exchange (140 ) - (140 ) Balance, March 27, 2021 $ 4,194 $ - $ 4,194 At March 27, 2021, |
Note 5 - Financial Instruments
Note 5 - Financial Instruments Measured at Fair Value | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 5. 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 We assess whether unrealized loss positions on available-for-sale debt securities are due to credit-related factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in earnings through an allowance account. Unrealized gains and losses that are not not not Investments that we have classified as short-term, by security type, are as follows (in thousands) March 27, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 136,400 $ 16 $ 11 $ 136,405 U.S. Treasury securities 7,811 - - 7,811 Government-sponsored enterprise securities 1,999 1 - 2,000 Bank certificates of deposit 750 - - 750 Foreign government security 960 - - 960 $ 147,920 $ 17 $ 11 $ 147,926 December 26, 2020 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 14,943 $ 2 $ 1 $ 14,944 U.S. treasury securities 2,012 - - 2,012 Government-sponsored enterprise securities 1,998 - - 1,998 Bank certificates of deposit 750 - - 750 Foreign government security 965 - - 965 $ 20,668 $ 2 $ 1 $ 20,669 ( 1 As of March 27, 2021 December 26, 2020, ( 2 Corporate debt securities include investments in financial and other corporate institutions. No Effective maturities of short-term investments are as follows (in thousands) March 27, 2021 December 26, 2020 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 146,960 $ 146,966 $ 20,668 $ 20,669 Due after one year through three years 960 960 - - $ 147,920 $ 147,926 $ 20,668 $ 20,669 Accounting standards pertaining to fair value measurements establish a three 1, 2, 3, no 1. 2. The following table summarizes, by major security type, our financial instruments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands) Fair value measurements at March 27, 2021 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 115,626 $ - $ - $ 115,626 U.S. Treasury securities - 7,811 - 7,811 Corporate debt securities - 136,405 - 136,405 Government-sponsored enterprise securities - 2,000 - 2,000 Money market funds - 27,493 - 27,493 Bank certificates of deposit - 750 - 750 Foreign government security - 960 - 960 $ 115,626 $ 175,419 $ - $ 291,045 Fair value measurements at December 26, 2020 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 128,874 $ - $ - $ 128,874 Corporate debt securities - 15,694 - 15,694 U.S. treasury securities - 2,012 - 2,012 Government-sponsored enterprise securities - 1,998 - 1,998 Money market funds - 19,734 - 19,734 Bank certificates of deposit - 750 - 750 Foreign government security - 965 - 965 $ 128,874 $ 41,153 $ - $ 170,027 |
Note 6 - Employee Stock Benefit
Note 6 - Employee Stock Benefit Plans | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Employee Stock Benefit Plans Our 2005 “2005 may not March 27, 2021, 2005 Stock Options Stock options may one four 2005 ten three 2021 not At March 27, 2021, Restricted Stock Units We grant restricted stock units (“RSUs”) to certain employees, consultants and directors. RSUs vest in annual increments that range from one four not not not March 27, 2021. In the first three 2021 March 27, 2021, Performance Stock Units We also grant performance stock units (“PSUs”) to senior executives as a part of our long-term equity compensation program. The number of shares of common stock that will ultimately be issued to settle PSUs granted ranges from 25% to 200% of the number granted and is determined based on certain performance criteria over a three third We estimated the fair value of the PSUs using a Monte Carlo simulation model on the date of grant. Compensation expense is recognized ratably over the derived service period. New shares of our common stock will be issued on the date the PSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. In the first three 2021, March 27, 2021, Employee Stock Purchase Plan The Cohu, Inc. 1997 may 6 first three 2021, |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instruments Foreign Exchange Derivative Contracts We operate and sell our products in various global markets and, as a result, we are exposed to changes in foreign currency exchange rates. In the fourth 2020, We do not not The fair value of our foreign exchange derivative contracts was determined based on current foreign currency exchange rates and forward points. All our foreign exchange derivative contracts outstanding at March 27, 2021 second 2021. The following table provides information about our foreign currency forward contracts outstanding as of March 27, 2021 (in thousands) Contract Amount Contract Amount Currency Contract Position (Local Currency) (U.S. Dollars) Swiss Franc Buy 10,315 $ 11,000 Japanese Yen Buy 294,354 2,700 Euro Buy 13,275 15,650 Malaysian Ringgit Buy 14,514 3,500 $ 32,850 Our foreign currency contracts are classified within Level 2 March 27, 2021 The location and amount of gains (losses) related to non-designated derivative instruments in the condensed consolidated statements of operations were as follows ( in thousands Derivatives Not Designated Location of Gain (Loss) Three months ended as Hedging Instruments Recognized on Derivatives March 27, 2021 March 28, 2020 Foreign exchange forward contracts Foreign transaction gain (loss) $ (1,515 ) n/a |
Note 8 - Equity
Note 8 - Equity | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Equity On March 8, 2021, 30 March 11, 2021. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes For the three March 27, 2021, three March 27, 2021 three March 28, 2020, not three March 28, 2020 We conduct business globally and as a result, Cohu or one In accordance with the disclosure requirements as described in ASC Topic 740, one three March 27, 2021 March 28, 2020. In response to the COVID- 19 March 2020. 2017 2017 may 2018 2020 five not 2017 80% 2018, 2019 2020. may 50% 30% 2017 January 1, 2019 2020. 2020 2017 In addition, the CARES Act raises the corporate charitable deduction limit to 25% 15 100% not three March 28, 2020, March 28, 2020. |
Note 10 - Segment and Geographi
Note 10 - Segment and Geographic Information | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. Segment and Geographic Information The summary below presents our current segments, Semiconductor Test & Inspection and PCB Test, for the three March 27, 2021 March 28, 2020. Financial information by reportable segment is as follows (in thousands) Three Months Ended March 27, March 28, 2021 2020 Net sales by segment: Semiconductor Test & Inspection $ 212,406 $ 128,013 PCB Test 13,082 10,908 Total consolidated net sales for reportable segments $ 225,488 $ 138,921 Segment profit (loss) before tax: Semiconductor Test & Inspection $ 36,627 $ (11,573 ) PCB Test 2,429 994 Profit (loss) for reportable segments 39,056 (10,579 ) Other unallocated amounts: Corporate expenses (3,588 ) (3,451 ) Interest expense (2,575 ) (4,427 ) Interest income 50 147 Loss on extinguishment of debt (1,761 ) - Income (loss) from continuing operations before taxes $ 31,182 $ (18,310 ) The following table summarizes our total assets by reportable business segment (in thousands) March 27, December 26, 2021 2020 Semiconductor Test & Inspection $ 1,012,182 $ 968,028 PCB Test 66,979 66,826 Total assets for reportable segments 1,079,161 1,034,854 Corporate, principally cash and investments 179,594 55,492 Total consolidated assets $ 1,258,755 $ 1,090,346 For revenues by geography and information on customer concentration, see Note 1, |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 11. Leases We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms of 12 not Our leases have remaining lease terms of 1 year to 37 years, some of which include one We sublease certain leased assets to third (in thousands) Classification March 27, 2021 December 26, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 29,917 $ 29,203 Finance lease assets Property, plant and equipment, net (1) 502 486 Total lease assets $ 30,419 $ 29,689 Liabilities Current Operating Other accrued liabilities $ 5,490 $ 5,287 Finance Other accrued liabilities 182 179 Noncurrent Operating Long-term lease liabilities 26,041 25,565 Finance Long-term lease liabilities 210 222 Total lease liabilities $ 31,923 $ 31,253 Weighted-average remaining lease term (years) Operating leases 7.1 7.3 Finance leases 2.4 2.3 Weighted-average discount rate Operating leases 6.2 % 6.3 % Finance leases 0.6 % 0.0 % ( 1 Finance lease assets are recorded net of accumulated amortization of $0.1 million as of March 27, 2021 December 26, 2020. The components of lease expense were as follows: Three Months Ended (in thousands) March 27, 2021 March 28, 2020 Operating leases $ 2,040 $ 2,151 Variable lease expense 552 532 Short-term operating leases 33 19 Finance leases Amortization of leased assets 21 20 Interest on lease liabilities - 28 Sublease income (19 ) (32 ) Net lease cost $ 2,627 $ 2,718 Future minimum lease payments at March 27, 2021, Operating Finance (in thousands) leases (1) leases Total 2021 $ 5,435 $ 138 $ 5,573 2022 6,742 184 6,926 2023 5,771 51 5,822 2024 5,139 11 5,150 2025 4,820 11 4,831 Thereafter 12,181 2 12,183 Total lease payments 40,088 397 40,485 Less: Interest (8,557 ) (5 ) (8,562 ) Present value of lease liabilities $ 31,531 $ 392 $ 31,923 ( 1 Excludes sublease income of $0.1 million in 2021. Supplemental cash flow information related to leases was as follows: Three Months Ended (in thousands) March 27, 2021 March 28, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,943 $ 2,133 Operating cash flows from finance leases $ - $ 28 Financing cash flows from finance leases $ 45 $ 9 Leased assets obtained in exchange for new finance lease liabilities $ 54 $ 373 Leased assets obtained in exchange for new operating lease liabilities $ 2,350 $ 1,062 |
Note 12 - Discontinued Operatio
Note 12 - Discontinued Operations | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 12. Discontinued Operations On October 1, 2018, fourth 2018, not not October 1, 2018 In February 2020, three March 28, 2020. Operating results of our discontinued segment are summarized as follows (in thousands) Three Months Ended March 28, 2020 Net sales $ 432 Operating income before income taxes $ 11 Gain on sale of Fixtures business 35 Income before taxes 46 Income tax provision 4 Income, net of tax $ 42 |
Note 13 - Contingencies
Note 13 - Contingencies | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 13. 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 14 - Guarantees
Note 14 - Guarantees | 3 Months Ended |
Mar. 27, 2021 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 14. Guarantees Product Warranty Our products are generally sold with warranty periods that range from 12 to 36 months following sale or acceptance. The product warranty promises customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, not Changes in accrued warranty were as follows ( in thousands Three Months Ended March 27, March 28, 2021 2020 Balance at beginning of period $ 6,382 $ 6,155 Warranty expense accruals 2,409 1,891 Warranty payments (1,653 ) (1,778 ) Balance at end of period $ 7,138 $ 6,268 Accrued warranty amounts expected to be incurred after one March 27, 2021 December 26, 2020, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 27, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our fiscal years are based on a 52 53 December. December 26, 2020, March 27, 2021, ( first 2021” first three 2021” March 28, 2020, ( first 2020” first three 2020” first 2021 2020 13 Our interim results are not December 26, 2020, 2020 10 All significant consolidated transactions and balances have been eliminated in consolidation. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one Our trade accounts receivable are presented net of allowance for credit losses, which is determined in accordance with the guidance provided by Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments-Credit Losses, 326” March 27, 2021 December 26, 2020 March 27, 2021, 19 may |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost, determined on a first first Inventories by category were as follows ( in thousands March 27, December 26, 2021 2020 Raw materials and purchased parts $ 90,890 $ 83,755 Work in process 54,247 44,315 Finished goods 15,734 14,430 Total inventories $ 160,871 $ 142,500 |
Property, Plant and Equipment, Policy [Policy Text Block] | 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 27, December 26, 2021 2020 Land and land improvements $ 7,934 $ 8,141 Buildings and building improvements 40,247 41,153 Machinery and equipment 64,599 65,342 112,780 114,636 Less accumulated depreciation and amortization (47,004 ) (47,720 ) Property, plant and equipment, net $ 65,776 $ 66,916 |
Internal Use Software, Policy [Policy Text Block] | Cloud Computing Implementation Costs We have capitalized certain costs associated with the implementation of our new cloud-based Enterprise Resource Planning (“ERP”) system in accordance with ASC Topic 350, Intangibles Goodwill and Other, 350” Unamortized capitalized cloud computing implementation costs totaled $12.7 million and $13.5 million at March 27, 2021 December 26, 2020, first 2021. first 2020 seven three March 27, 2021 March 28, 2020, |
Segment Reporting, Policy [Policy Text Block] | Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” four 280 two |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 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 October 1, 2020, may During the first 2020, 19 March 28, 2020 no three March 28, 2020, 19 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 During the first 2021, no |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Product warranty costs are accrued in the period sales are recognized. Our products are generally sold with standard warranty periods, which differ by product, ranging from 12 to 36 months. Parts and labor are typically covered under the terms of the warranty agreement. Our warranty expense accruals are based on historical and estimated costs by product and configuration. From time-to-time we offer customers extended warranties beyond the standard warranty period. In those situations, the revenue relating to the extended warranty is deferred at its estimated fair value and recognized on a straight-line basis over the contract period. Costs associated with our extended warranty contracts are expensed as incurred. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Costs We record restructuring activities including costs for one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. 4, |
Debt, Policy [Policy Text Block] | Debt Issuance Costs We capitalize costs related to the issuance of debt. Debt issuance costs that were directly related to our Term Loan B are presented within noncurrent liabilities as a reduction of long-term debt in our condensed 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 million for both the three March 27, 2021 March 28, 2020. |
Derivatives, Policy [Policy Text Block] | Foreign Remeasurement and Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. 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 27, 2021, three March 28, 2020, 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. Foreign Exchange Derivative Contracts We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. We enter into foreign currency forward contracts with a financial institution to hedge against future movements in foreign exchange rates that affect certain existing U.S. Dollar denominated assets and liabilities at our subsidiaries whose functional currency is the local currency. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with foreign currency transaction gains or losses. We do not not 7, |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation We measure and recognize all share-based compensation under the fair value method. Our estimate of share-based compensation expense requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options) and related tax effects. The assumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. Although we believe the assumptions and estimates we have made are reasonable and appropriate, changes in assumptions could materially impact our reported financial results. Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands) Three Months Ended March 27, March 28, 2021 2020 Cost of sales $ 262 $ 212 Research and development 781 833 Selling, general and administrative 2,480 2,566 Total share-based compensation 3,523 3,611 Income tax benefit (234 ) (172 ) Total share-based compensation, net $ 3,289 $ 3,439 |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income 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 27, 2021, three March 28, 2020, The following table reconciles the denominators used in computing basic and diluted income (loss) per share (in thousands) Three Months Ended March 27, March 28, 2021 2020 Weighted average common shares 43,756 41,502 Effect of dilutive securities 1,726 - 45,482 41,502 For the three March 28, 2020 |
Lessee, Leases [Policy Text Block] | Leases 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 [Policy Text Block] | Revenue Recognition Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when 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 27, 2021, 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 27, 2021, one December 26, 2020, one Net sales of our reportable segments, by type, are as follows (in thousands): Three Months Ended Disaggregated Net Sales March 27, 2021 March 28, 2020 Systems: Semiconductor Test & Inspection $ 138,159 $ 70,539 PCB Test 8,620 6,840 Non-systems: Semiconductor Test & Inspection 74,247 57,474 PCB Test 4,462 4,068 Total net sales $ 225,488 $ 138,921 Revenue by geographic area based upon product shipment destination (in thousands Three Months Ended Disaggregated Net Sales March 27, 2021 March 28, 2020 China $ 54,265 $ 30,811 Philippines 33,754 10,022 Taiwan 32,196 13,881 Malaysia 23,259 15,174 United States 20,059 19,078 Rest of the World 61,955 49,955 Total net sales $ 225,488 $ 138,921 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 27, March 28, 2021 2020 Semiconductor Test & Inspection Customers individually accounting for more than 10% of net sales * two Percentage of net sales * 26% PCB Test Customers individually accounting for more than 10% of net sales * * Percentage of net sales * * * No 10% |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $14.8 million and $4.3 million at March 27, 2021 December 26, 2020, not first three 2021 2020 not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Retiree Medical Benefits We provide post-retirement health benefits to certain retired executives, one no first three 2021 2020 not |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations Management determined that the fixtures services business, that was acquired as part of Xcerra, did not February 2020. 12, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements There have been no 10 December 26, 2020. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 27, December 26, 2021 2020 Raw materials and purchased parts $ 90,890 $ 83,755 Work in process 54,247 44,315 Finished goods 15,734 14,430 Total inventories $ 160,871 $ 142,500 |
Property, Plant and Equipment [Table Text Block] | March 27, December 26, 2021 2020 Land and land improvements $ 7,934 $ 8,141 Buildings and building improvements 40,247 41,153 Machinery and equipment 64,599 65,342 112,780 114,636 Less accumulated depreciation and amortization (47,004 ) (47,720 ) Property, plant and equipment, net $ 65,776 $ 66,916 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 27, March 28, 2021 2020 Cost of sales $ 262 $ 212 Research and development 781 833 Selling, general and administrative 2,480 2,566 Total share-based compensation 3,523 3,611 Income tax benefit (234 ) (172 ) Total share-based compensation, net $ 3,289 $ 3,439 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 27, March 28, 2021 2020 Weighted average common shares 43,756 41,502 Effect of dilutive securities 1,726 - 45,482 41,502 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Disaggregated Net Sales March 27, 2021 March 28, 2020 Systems: Semiconductor Test & Inspection $ 138,159 $ 70,539 PCB Test 8,620 6,840 Non-systems: Semiconductor Test & Inspection 74,247 57,474 PCB Test 4,462 4,068 Total net sales $ 225,488 $ 138,921 Three Months Ended Disaggregated Net Sales March 27, 2021 March 28, 2020 China $ 54,265 $ 30,811 Philippines 33,754 10,022 Taiwan 32,196 13,881 Malaysia 23,259 15,174 United States 20,059 19,078 Rest of the World 61,955 49,955 Total net sales $ 225,488 $ 138,921 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 27, March 28, 2021 2020 Semiconductor Test & Inspection Customers individually accounting for more than 10% of net sales * two Percentage of net sales * 26% PCB Test Customers individually accounting for more than 10% of net sales * * Percentage of net sales * * |
Note 2 - Goodwill and Purchas_2
Note 2 - Goodwill and Purchased Intangible Assets (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Semiconductor Test & Inspection PCB Test Total Balance, December 28, 2019 $ 218,775 $ 19,894 $ 238,669 Impact of currency exchange 11,949 1,686 13,635 Balance, December 26, 2020 230,724 21,580 252,304 Impact of currency exchange (5,109 ) (460 ) (5,569 ) Balance, March 27, 2021 $ 225,615 $ 21,120 $ 246,735 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | March 27, 2021 December 26, 2020 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (years) Amount Amort. Developed technology $ 238,892 $ 88,305 5.3 $ 239,250 $ 83,246 Customer relationships 73,691 23,803 8.2 74,933 22,751 Trade names 23,245 6,662 8.5 23,756 6,279 Covenant not-to-compete 321 137 5.8 340 136 Total intangible assets $ 336,149 $ 118,907 $ 338,279 $ 112,412 |
Note 3 - Borrowings and Credi_2
Note 3 - Borrowings and Credit Agreements (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 27, December 26, 2021 2020 Bank Term Loan under Credit Agreement $ 204,880 $ 306,630 Bank Term Loans-Kita 3,395 3,662 Construction Loan- Cohu GmbH 10,298 9,902 Lines of Credit 5,018 5,314 Total debt 223,591 325,508 Less: financing fees and discount (3,558 ) (5,568 ) Less: current portion (8,851 ) (8,389 ) Total long-term debt $ 211,182 $ 311,551 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Severance and Other Exit Other Payroll Costs Total Balance, December 28, 2019 $ 1,236 $ - $ 1,236 Costs accrued 234 169 403 Amounts paid or charged (1,218 ) (169 ) (1,387 ) Impact of currency exchange (33 ) - (33 ) Balance, March 28, 2020 $ 219 $ - $ 219 Balance, December 26, 2020 $ 5,826 $ - $ 5,826 Costs accrued 952 388 1,340 Amounts paid or charged (2,444 ) (388 ) (2,832 ) Impact of currency exchange (140 ) - (140 ) Balance, March 27, 2021 $ 4,194 $ - $ 4,194 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 27, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 136,400 $ 16 $ 11 $ 136,405 U.S. Treasury securities 7,811 - - 7,811 Government-sponsored enterprise securities 1,999 1 - 2,000 Bank certificates of deposit 750 - - 750 Foreign government security 960 - - 960 $ 147,920 $ 17 $ 11 $ 147,926 December 26, 2020 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 14,943 $ 2 $ 1 $ 14,944 U.S. treasury securities 2,012 - - 2,012 Government-sponsored enterprise securities 1,998 - - 1,998 Bank certificates of deposit 750 - - 750 Foreign government security 965 - - 965 $ 20,668 $ 2 $ 1 $ 20,669 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 27, 2021 December 26, 2020 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 146,960 $ 146,966 $ 20,668 $ 20,669 Due after one year through three years 960 960 - - $ 147,920 $ 147,926 $ 20,668 $ 20,669 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at March 27, 2021 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 115,626 $ - $ - $ 115,626 U.S. Treasury securities - 7,811 - 7,811 Corporate debt securities - 136,405 - 136,405 Government-sponsored enterprise securities - 2,000 - 2,000 Money market funds - 27,493 - 27,493 Bank certificates of deposit - 750 - 750 Foreign government security - 960 - 960 $ 115,626 $ 175,419 $ - $ 291,045 Fair value measurements at December 26, 2020 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 128,874 $ - $ - $ 128,874 Corporate debt securities - 15,694 - 15,694 U.S. treasury securities - 2,012 - 2,012 Government-sponsored enterprise securities - 1,998 - 1,998 Money market funds - 19,734 - 19,734 Bank certificates of deposit - 750 - 750 Foreign government security - 965 - 965 $ 128,874 $ 41,153 $ - $ 170,027 |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Contract Amount Contract Amount Currency Contract Position (Local Currency) (U.S. Dollars) Swiss Franc Buy 10,315 $ 11,000 Japanese Yen Buy 294,354 2,700 Euro Buy 13,275 15,650 Malaysian Ringgit Buy 14,514 3,500 $ 32,850 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives Not Designated Location of Gain (Loss) Three months ended as Hedging Instruments Recognized on Derivatives March 27, 2021 March 28, 2020 Foreign exchange forward contracts Foreign transaction gain (loss) $ (1,515 ) n/a |
Note 10 - Segment and Geograp_2
Note 10 - Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 27, March 28, 2021 2020 Net sales by segment: Semiconductor Test & Inspection $ 212,406 $ 128,013 PCB Test 13,082 10,908 Total consolidated net sales for reportable segments $ 225,488 $ 138,921 Segment profit (loss) before tax: Semiconductor Test & Inspection $ 36,627 $ (11,573 ) PCB Test 2,429 994 Profit (loss) for reportable segments 39,056 (10,579 ) Other unallocated amounts: Corporate expenses (3,588 ) (3,451 ) Interest expense (2,575 ) (4,427 ) Interest income 50 147 Loss on extinguishment of debt (1,761 ) - Income (loss) from continuing operations before taxes $ 31,182 $ (18,310 ) March 27, December 26, 2021 2020 Semiconductor Test & Inspection $ 1,012,182 $ 968,028 PCB Test 66,979 66,826 Total assets for reportable segments 1,079,161 1,034,854 Corporate, principally cash and investments 179,594 55,492 Total consolidated assets $ 1,258,755 $ 1,090,346 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Leases, Balance Sheet Information [Table Text Block] | (in thousands) Classification March 27, 2021 December 26, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 29,917 $ 29,203 Finance lease assets Property, plant and equipment, net (1) 502 486 Total lease assets $ 30,419 $ 29,689 Liabilities Current Operating Other accrued liabilities $ 5,490 $ 5,287 Finance Other accrued liabilities 182 179 Noncurrent Operating Long-term lease liabilities 26,041 25,565 Finance Long-term lease liabilities 210 222 Total lease liabilities $ 31,923 $ 31,253 Weighted-average remaining lease term (years) Operating leases 7.1 7.3 Finance leases 2.4 2.3 Weighted-average discount rate Operating leases 6.2 % 6.3 % Finance leases 0.6 % 0.0 % |
Lease, Cost [Table Text Block] | Three Months Ended (in thousands) March 27, 2021 March 28, 2020 Operating leases $ 2,040 $ 2,151 Variable lease expense 552 532 Short-term operating leases 33 19 Finance leases Amortization of leased assets 21 20 Interest on lease liabilities - 28 Sublease income (19 ) (32 ) Net lease cost $ 2,627 $ 2,718 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) leases (1) leases Total 2021 $ 5,435 $ 138 $ 5,573 2022 6,742 184 6,926 2023 5,771 51 5,822 2024 5,139 11 5,150 2025 4,820 11 4,831 Thereafter 12,181 2 12,183 Total lease payments 40,088 397 40,485 Less: Interest (8,557 ) (5 ) (8,562 ) Present value of lease liabilities $ 31,531 $ 392 $ 31,923 |
Lease, Cash Flow Information [Table Text Block] | Three Months Ended (in thousands) March 27, 2021 March 28, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,943 $ 2,133 Operating cash flows from finance leases $ - $ 28 Financing cash flows from finance leases $ 45 $ 9 Leased assets obtained in exchange for new finance lease liabilities $ 54 $ 373 Leased assets obtained in exchange for new operating lease liabilities $ 2,350 $ 1,062 |
Note 12 - Discontinued Operat_2
Note 12 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended March 28, 2020 Net sales $ 432 Operating income before income taxes $ 11 Gain on sale of Fixtures business 35 Income before taxes 46 Income tax provision 4 Income, net of tax $ 42 |
Note 14 - Guarantees (Tables)
Note 14 - Guarantees (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 27, March 28, 2021 2020 Balance at beginning of period $ 6,382 $ 6,155 Warranty expense accruals 2,409 1,891 Warranty payments (1,653 ) (1,778 ) Balance at end of period $ 7,138 $ 6,268 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Oct. 01, 2020USD ($) | Mar. 27, 2021USD ($)shares | Mar. 28, 2020USD ($)shares | Dec. 26, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 400 | $ 100 | |||
Capitalized Computer Software, Gross | 12,700 | 13,500 | |||
Capitalized Computer Software, Amortization | $ 370 | $ 205 | |||
Number of Operating Segments | 4 | ||||
Number of Reportable Segments | 2 | ||||
Goodwill and Intangible Asset Impairment, Total | $ 0 | 3,900 | |||
Amortization of Debt Issuance Costs | $ 300 | 300 | |||
Foreign Currency Transaction Gain (Loss), Realized | $ (300) | $ (400) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 0 | 58,000 | |||
Revenue, Remaining Performance Obligation, Amount | $ 8,200 | ||||
Deferred Revenue, Total | 25,400 | 17,100 | |||
Deferred Profit | 12,955 | 8,671 | [1] | ||
Deferred Profit Long-term | 6,500 | 6,700 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (14,758) | $ (4,326) | [1] | ||
Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||
Minimum [Member] | |||||
Standard Product Warranty Term (Month) | 12 months | ||||
Maximum [Member] | |||||
Standard Product Warranty Term (Month) | 36 months | ||||
Building [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||
Building [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||
Building Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Building Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||||
Machinery, Equipment and Software [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Machinery, Equipment and Software [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||
[1] | Derived from December 26, 2020 audited financial statements |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 | |
Raw materials and purchased parts | $ 90,890 | $ 83,755 | |
Work in process | 54,247 | 44,315 | |
Finished goods | 15,734 | 14,430 | |
Total inventories | $ 160,871 | $ 142,500 | [1] |
[1] | Derived from December 26, 2020 audited financial statements |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 | ||
Property, plant and equipment | $ 112,780 | $ 114,636 | ||
Less accumulated depreciation and amortization | (47,004) | (47,720) | ||
Property, plant and equipment, net | 65,776 | 66,916 | [1] | |
Land and Land Improvements [Member] | ||||
Property, plant and equipment | [2] | 7,934 | 8,141 | |
Building and Building Improvements [Member] | ||||
Property, plant and equipment | [2] | 40,247 | 41,153 | |
Machinery and Equipment [Member] | ||||
Property, plant and equipment | $ 64,599 | $ 65,342 | ||
[1] | Derived from December 26, 2020 audited financial statements | |||
[2] | Includes assets under financing leases acquired with Xcerra totaling $2.6 million as of December 28, 2019. |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Reported Share-based Compensation in Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Share-based compensation of continuing operations | $ 3,523 | $ 3,611 |
Income tax benefit | (234) | (172) |
Total share-based compensation, net | 3,289 | 3,439 |
Cost of Sales [Member] | ||
Share-based compensation of continuing operations | 262 | 212 |
Research and Development Expense [Member] | ||
Share-based compensation of continuing operations | 781 | 833 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation of continuing operations | $ 2,480 | $ 2,566 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Weighted average common shares (in shares) | 43,756 | 41,502 |
Effect of dilutive securities (in shares) | 1,726 | 0 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 45,482 | 41,502 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Net sales | $ 225,488 | $ 138,921 |
Semiconductor Test and Inspection [Member] | ||
Net sales | 212,406 | 128,013 |
PCB Test [Member] | ||
Net sales | 13,082 | 10,908 |
Systems [Member] | Semiconductor Test and Inspection [Member] | ||
Net sales | 138,159 | 70,539 |
Systems [Member] | PCB Test [Member] | ||
Net sales | 8,620 | 6,840 |
Non-systems [Member] | Semiconductor Test and Inspection [Member] | ||
Net sales | 74,247 | 57,474 |
Non-systems [Member] | PCB Test [Member] | ||
Net sales | 4,462 | 4,068 |
CHINA | ||
Net sales | 54,265 | 30,811 |
PHILIPPINES | ||
Net sales | 33,754 | 10,022 |
TAIWAN, PROVINCE OF CHINA | ||
Net sales | 32,196 | 13,881 |
Malaysia [Member] | ||
Net sales | 23,259 | 15,174 |
UNITED STATES | ||
Net sales | 20,059 | 19,078 |
Rest of the World [Member] | ||
Net sales | $ 61,955 | $ 49,955 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Customer Concentration (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - Semiconductor Test and Inspection [Member] | 3 Months Ended |
Mar. 28, 2020 | |
Customers individually accounting for more than 10% of net sales | 2 |
One Customer [Member] | |
Percentage of net sales | 26.00% |
Note 2 - Goodwill and Purchas_3
Note 2 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Dec. 26, 2020 | |
Transfer From In-Process Technology to Developed Technology | $ 3,700 | ||
Amortization of Intangible Assets, Total | 9,244 | $ 9,538 | |
In-process Technology [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | $ 4,100 | $ 7,800 |
Note 2 - Goodwill and Purchas_4
Note 2 - Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 27, 2021 | Dec. 26, 2020 | |||
Beginning balance | $ 252,304 | [1] | $ 238,669 | |
Impact of currency exchange | (5,569) | 13,635 | ||
Ending balance | 246,735 | 252,304 | [1] | |
Semiconductor Test and Inspection [Member] | ||||
Beginning balance | 230,724 | 218,775 | ||
Impact of currency exchange | (5,109) | 11,949 | ||
Ending balance | 225,615 | 230,724 | ||
PCB Test [Member] | ||||
Beginning balance | 21,580 | 19,894 | ||
Impact of currency exchange | (460) | 1,686 | ||
Ending balance | $ 21,120 | $ 21,580 | ||
[1] | Derived from December 26, 2020 audited financial statements |
Note 2 - Goodwill and Purchas_5
Note 2 - Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Dec. 26, 2020 | |
Gross Carrying Amount, finite-lived intangible assets | $ 336,149 | $ 338,279 |
Accumulated Amortization | 118,907 | 112,412 |
Developed Technology Rights [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | 238,892 | 239,250 |
Accumulated Amortization | $ 88,305 | 83,246 |
Remaining Useful Life (Year) | 5 years 3 months 18 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 73,691 | 74,933 |
Accumulated Amortization | $ 23,803 | 22,751 |
Remaining Useful Life (Year) | 8 years 2 months 12 days | |
Trade Names [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 23,245 | 23,756 |
Accumulated Amortization | $ 6,662 | 6,279 |
Remaining Useful Life (Year) | 8 years 6 months | |
Noncompete Agreements [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 321 | 340 |
Accumulated Amortization | $ 137 | $ 136 |
Remaining Useful Life (Year) | 5 years 9 months 18 days |
Note 3 - Borrowings and Credi_3
Note 3 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, SFr in Millions | Mar. 27, 2021USD ($) | Oct. 01, 2018USD ($) | Mar. 27, 2021USD ($) | Jun. 30, 2020EUR (€) | Aug. 31, 2019EUR (€) | Jul. 31, 2019 | Mar. 27, 2021USD ($) | Mar. 28, 2020USD ($) | Mar. 27, 2021EUR (€) | Mar. 27, 2021CHF (SFr) | Dec. 26, 2020USD ($) |
Long-term Debt, Current Maturities, Total | $ 8,851 | $ 8,851 | $ 8,851 | $ 8,389 | |||||||
Long-term Debt, Fair Value | 204,100 | 204,100 | 204,100 | ||||||||
Repayments of Long-term Debt, Total | 101,922 | $ 1,133 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | (1,761) | $ 0 | |||||||||
Long-term Line of Credit, Total | 5,018 | 5,018 | 5,018 | 5,314 | |||||||
Ismeca [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2 | ||||||||||
Long-term Line of Credit, Total | $ 0 | $ 0 | $ 0 | 0 | |||||||
Number of Available Lines of Credit | 1 | 1 | 1 | 1 | 1 | ||||||
Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,800 | $ 8,800 | $ 8,800 | ||||||||
Long-term Line of Credit, Total | 5,000 | 5,000 | 5,000 | ||||||||
Secured Term Loan Facility [Member] | |||||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||||
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% | ||||||||||
Long-term Debt, Total | 201,300 | 201,300 | 201,300 | 301,100 | |||||||
Long-term Debt, Current Maturities, Total | 2,700 | 2,700 | 2,700 | 2,400 | |||||||
Extinguishment of Debt, Amount | 100,000 | ||||||||||
Repayments of Long-term Debt, Total | 100,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt, Total | (1,800) | ||||||||||
Extinguishment of Debt Decrease Deferred Financing Costs | 1,800 | ||||||||||
Long-term Debt, Gross | 204,880 | 204,880 | 204,880 | 306,630 | |||||||
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 | 3,400 | 3,400 | 3,400 | 3,600 | |||||||
Long-term Debt, Current Maturities, Total | 300 | 300 | 300 | 300 | |||||||
Long-term Debt, Gross | $ 3,395 | $ 3,395 | $ 3,395 | 3,662 | |||||||
Kita Term Loans [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | ||||||
Kita Term Loans [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% | ||||||
Loan Facilities [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 10.1 | ||||||||||
Long-term Debt, Total | $ 10,300 | $ 10,300 | $ 10,300 | 9,900 | |||||||
Long-term Debt, Current Maturities, Total | $ 800 | $ 800 | $ 800 | $ 400 | |||||||
First Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.80% | ||||||||||
Debt Instrument, Term (Year) | 10 years | 10 years | |||||||||
Debt Instrument, Collateral Amount | € | € 3.4 | ||||||||||
Debt Instrument, Principal Payment Terms (Year) | 8 years | ||||||||||
Second Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% | ||||||
Debt Instrument, Term (Year) | 15 years | 15 years | |||||||||
Debt Instrument, Collateral Amount | € | € 5.2 | ||||||||||
Debt Instrument, Principal Payment Terms (Year) | 15 years | ||||||||||
Third Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | ||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||
Debt Instrument, Collateral Amount | € | € 0.4 |
Note 3 - Borrowings and Credi_4
Note 3 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 |
Lines of Credit | $ 5,018 | $ 5,314 |
Total debt | 223,591 | 325,508 |
Less: financing fees and discount | (3,558) | (5,568) |
Less: current portion | (8,851) | (8,389) |
Total long-term debt | 211,182 | 311,551 |
Secured Term Loan Facility [Member] | ||
Long term Debt | 204,880 | 306,630 |
Less: current portion | (2,700) | (2,400) |
Kita Term Loans [Member] | ||
Long term Debt | 3,395 | 3,662 |
Less: current portion | (300) | (300) |
Construction Loan [Member] | ||
Long term Debt | $ 10,298 | $ 9,902 |
Note 4 - Restructuring Charge_2
Note 4 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Restructuring Charges, Total | $ 1,340 | $ 403 |
Integration Program [Member] | ||
Restructuring Charges, Total | $ 1,700 | $ 2,000 |
Note 4 - Restructuring Charge_3
Note 4 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Costs accrued | $ 1,340 | $ 403 |
Integration Program [Member] | ||
Costs accrued | 1,700 | 2,000 |
Integration Program [Member] | Employee Severance [Member] | ||
Accrued restructuring, beginning balance | 5,826 | 1,236 |
Costs accrued | 952 | 234 |
Amounts paid or charged | (2,444) | (1,218) |
Impact of currency exchange | (140) | (33) |
Accrued restructuring, ending balance | 4,194 | 219 |
Integration Program [Member] | Other Restructuring [Member] | ||
Accrued restructuring, beginning balance | 0 | 0 |
Costs accrued | 388 | 169 |
Amounts paid or charged | (388) | (169) |
Impact of currency exchange | 0 | 0 |
Accrued restructuring, ending balance | 0 | 0 |
Integration Program [Member] | Employee Severance and Other Exit Costs [Member] | ||
Accrued restructuring, beginning balance | 5,826 | 1,236 |
Costs accrued | 1,340 | 403 |
Amounts paid or charged | (2,832) | (1,387) |
Impact of currency exchange | (140) | (33) |
Accrued restructuring, ending balance | $ 4,194 | $ 219 |
Note 5 - Financial Instrument_3
Note 5 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 61.6 | $ 8.7 |
Note 5 - Financial Instrument_4
Note 5 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 | ||
Amortized Cost | $ 147,920 | $ 20,668 | ||
Gross Unrealized Gains | 17 | 2 | ||
Gross Unrealized Losses | [1] | 11 | 1 | |
Estimated Fair Value | 147,926 | 20,669 | [2] | |
Corporate Debt Securities [Member] | ||||
Amortized Cost | [3] | 136,400 | 14,943 | |
Gross Unrealized Gains | [3] | 16 | 2 | |
Gross Unrealized Losses | [1],[3] | 11 | 1 | |
Estimated Fair Value | [3] | 136,405 | 14,944 | |
US Treasury Securities [Member] | ||||
Amortized Cost | 7,811 | 2,012 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | [1] | 0 | 0 | |
Estimated Fair Value | 7,811 | 2,012 | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Amortized Cost | 1,999 | 1,998 | ||
Gross Unrealized Gains | 1 | 0 | ||
Gross Unrealized Losses | [1] | 0 | 0 | |
Estimated Fair Value | 2,000 | 1,998 | ||
Certificates of Deposit [Member] | ||||
Amortized Cost | 750 | 750 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | [1] | 0 | 0 | |
Estimated Fair Value | 750 | 750 | ||
Debt Security, Government, Non-US [Member] | ||||
Amortized Cost | 960 | 965 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | [1] | 0 | 0 | |
Estimated Fair Value | $ 960 | $ 965 | ||
[1] | As of March 27, 2021 and December 26, 2020, the cost and fair value of investments with loss positions were approximately $61.6 million and $8.7 million, respectively. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if an other-than-temporary decline in fair value had occurred and concluded that these losses were temporary and we have the ability and intent to hold these investments to maturity. | |||
[2] | Derived from December 26, 2020 audited financial statements | |||
[3] | Corporate debt securities include investments in financial and other corporate institutions. No single issuer represents a significant portion of the total corporate debt securities portfolio. |
Note 5 - Financial Instrument_5
Note 5 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 |
Due in one year or less, amortized cost | $ 146,960 | $ 20,668 |
Due in one year or less, fair value | 146,966 | 20,669 |
Due after one year through three years, amortized cost | 960 | 0 |
Due after one year through three years, fair value | 960 | 0 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total | 147,920 | 20,668 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total | $ 147,926 | $ 20,669 |
Note 5 - Financial Instrument_6
Note 5 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 |
Assets, Fair Value Disclosure | $ 291,045 | $ 170,027 |
US Treasury Securities [Member] | ||
Short-term investments | 7,811 | 2,012 |
Corporate Debt Securities [Member] | ||
Short-term investments | 136,405 | 15,694 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 2,000 | 1,998 |
Certificates of Deposit [Member] | ||
Short-term investments | 750 | 750 |
Debt Security, Government, Non-US [Member] | ||
Short-term investments | 960 | 965 |
Cash [Member] | ||
Cash and cash equivalents | 115,626 | 128,874 |
Money Market Funds [Member] | ||
Cash and cash equivalents | 27,493 | 19,734 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure | 115,626 | 128,874 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Cash and cash equivalents | 115,626 | 128,874 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure | 175,419 | 41,153 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 7,811 | 2,012 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 136,405 | 15,694 |
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 2,000 | 1,998 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 750 | 750 |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | 960 | 965 |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 27,493 | 19,734 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Note 6 - Employee Stock Benef_2
Note 6 - Employee Stock Benefit Plans (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 27, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 192,432 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 70,203 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | $ 10.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 2.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 2 years |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 204,449 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 409,690 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 4,406 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,205,125 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 49.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 1 year 7 months 6 days |
Restricted Stock Units (RSUs) [Member] | Vesting Over One Year Period [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Restricted Stock Units (RSUs) [Member] | Vesting Over Four Year Period [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 92,719 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 116,219 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 3,182 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 398,753 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 16.3 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days |
Equity Based Performance Stock Units Granted in 2020, 2019, 2018, and 2017 [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% |
Minimum [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 25.00% |
Maximum [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 200.00% |
Equity Incentive Plan 2005 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,390,895 |
Equity Incentive Plan 2005 [Member] | Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 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 (Year) | 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 (Year) | 4 years |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 668,704 |
Percentage of Fair Value to Determine Price of Common Stock | 85.00% |
Stock Issued During Period, Shares, New Issues (in shares) | 0 |
Note 7 - Derivative Financial_3
Note 7 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Mar. 27, 2021 - Not Designated as Hedging Instrument [Member] € in Thousands, ¥ in Thousands, SFr in Thousands, RM in Thousands, $ in Thousands | USD ($) | EUR (€) | CHF (SFr) | JPY (¥) | MYR (RM) |
Swiss Franc Foreign Exchange Forward [Member] | Long [Member] | |||||
Contract amount | $ 11,000 | SFr 10,315 | |||
Japanese Yen Foreign Exchange Forward [Member] | Long [Member] | |||||
Contract amount | 2,700 | ¥ 294,354 | |||
Euro Foreign Exchange Forward [Member] | Long [Member] | |||||
Contract amount | 15,650 | € 13,275 | |||
Malaysian Ringgit Foreign Exchange Forward [Member] | Long [Member] | |||||
Contract amount | 3,500 | RM 14,514 | |||
Foreign Exchange Forward [Member] | |||||
Contract amount | $ 32,850 |
Note 7 - Derivative Financial_4
Note 7 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) $ in Thousands | 3 Months Ended |
Mar. 27, 2021USD ($) | |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |
Foreign exchange forward contracts | $ (1,515) |
Note 8 - Equity (Details Textua
Note 8 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 11, 2021 | Mar. 11, 2021 | Mar. 08, 2021 | Mar. 27, 2021 | Mar. 28, 2020 |
Proceeds from Issuance of Common Stock | $ 223,118 | $ 0 | |||
Underwritten Public Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,950,000 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 41 | ||||
Proceeds from Issuance of Common Stock | $ 223,100 | ||||
Over-Allotment Option [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 742,500 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 11.50% | 5.40% |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ 0 | $ 0 |
Note 10 - Segment and Geograp_3
Note 10 - Segment and Geographic Information - Summary of Current Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 27, 2021 | Mar. 28, 2020 | Dec. 26, 2020 | ||
Net sales | $ 225,488 | $ 138,921 | ||
Profit (loss) for reportable segments | 39,056 | (10,579) | ||
Interest expense | (2,575) | (4,427) | ||
Interest income | 50 | 147 | ||
Gain (Loss) on Extinguishment of Debt, Total | (1,761) | 0 | ||
Income (loss) from continuing operations before taxes | 31,182 | (18,310) | ||
Total assets for reportable segments | 1,258,755 | $ 1,090,346 | [1] | |
Corporate, Non-Segment [Member] | ||||
Corporate expenses | (3,588) | (3,451) | ||
Total assets for reportable segments | 179,594 | 55,492 | ||
Semiconductor Test and Inspection [Member] | ||||
Net sales | 212,406 | 128,013 | ||
Profit (loss) for reportable segments | 36,627 | (11,573) | ||
Total assets for reportable segments | 1,012,182 | 968,028 | ||
PCB Test [Member] | ||||
Net sales | 13,082 | 10,908 | ||
Profit (loss) for reportable segments | 2,429 | $ 994 | ||
Total assets for reportable segments | 66,979 | 66,826 | ||
Semiconductor Test and Inspection and PCB Test [Member] | ||||
Total assets for reportable segments | $ 1,079,161 | $ 1,034,854 | ||
[1] | Derived from December 26, 2020 audited financial statements |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Dec. 26, 2020 | |
Lessee, Operating Lease, Renewal Term (Year) | 25 years | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 0.1 | $ 0.1 |
Lessor, Operating Lease, Payment to be Received, Year One | $ 0.1 | |
Minimum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 37 years |
Note 11 - Leases - Balance Shee
Note 11 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 | ||
Operating lease assets | $ 29,917 | $ 29,203 | [1] | |
Finance lease assets | [2] | 502 | 486 | |
Total lease assets | 30,419 | 29,689 | ||
Total lease liabilities | $ 31,923 | $ 31,253 | ||
Operating leases (Year) | 7 years 1 month 6 days | 7 years 3 months 18 days | ||
Finance leases (Year) | 2 years 4 months 24 days | 2 years 3 months 18 days | ||
Operating leases | 6.20% | 6.30% | ||
Finance leases | 0.60% | 0.00% | ||
Other Accrued Liabilities [Member] | ||||
Operating, current | $ 5,490 | $ 5,287 | ||
Finance, current | 182 | 179 | ||
Long-term Lease Liabilities [Member] | ||||
Operating, noncurrent | 26,041 | 25,565 | ||
Finance, noncurrent | $ 210 | $ 222 | ||
[1] | Derived from December 26, 2020 audited financial statements | |||
[2] | Finance lease assets are recorded net of accumulated amortization of $0.1 million as of March 27, 2021 and December 26, 2020. |
Note 11 - Leases - Lease Expens
Note 11 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | ||
Operating leases | [1] | $ 2,040 | $ 2,151 |
Variable lease expense | 552 | 532 | |
Short-term operating leases | 33 | 19 | |
Amortization of leased assets | 21 | 20 | |
Interest on lease liabilities | 0 | 28 | |
Sublease income | (19) | (32) | |
Net lease cost | $ 2,627 | $ 2,718 | |
[1] | Operating lease cost excludes impairment expense of $0.2 million related to the write-down of the Fontana facility right-of-use asset recognized in 2019. |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 27, 2021 | Dec. 26, 2020 | |
2021, operating leases | [1] | $ 5,435 | |
2021, finance leases | 138 | ||
2021, total | 5,573 | ||
2022, operating leases | [1] | 6,742 | |
2022, finance leases | 184 | ||
2022, total | 6,926 | ||
2023, operating leases | [1] | 5,771 | |
2023, finance leases | 51 | ||
2023, total | 5,822 | ||
2024, operating leases | [1] | 5,139 | |
2024, finance leases | 11 | ||
2024, total | 5,150 | ||
2025, operating leases | [1] | 4,820 | |
2025, finance leases | 11 | ||
2025, total | 4,831 | ||
Thereafter, operating leases | [1] | 12,181 | |
Thereafter, finance leases | 2 | ||
Thereafter, total | 12,183 | ||
Total lease payments, operating leases | [1] | 40,088 | |
Total lease payments, finance leases | 397 | ||
Total lease payments, total | 40,485 | ||
Less: Interest, operating leases | [1] | (8,557) | |
Less: Interest, finance leases | (5) | ||
Less: Interest, total | (8,562) | ||
Present value of lease liabilities, finance leases | 392 | ||
Present value of lease liabilities, total | 31,923 | $ 31,253 | |
Other Accrued Liabilities and Long-term Lease Liabilities [Member] | |||
Present value of lease liabilities, operating leases | [1] | $ 31,531 | |
[1] | Excludes sublease income of $0.1 million in 2021. |
Note 11 - Leases - Cash Flow In
Note 11 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Operating cash flows from operating leases | $ 1,943 | $ 2,133 |
Operating cash flows from finance leases | 0 | 28 |
Financing cash flows from finance leases | 45 | 9 |
Leased assets obtained in exchange for new finance lease liabilities | 54 | 373 |
Leased assets obtained in exchange for new operating lease liabilities | $ 2,350 | $ 1,062 |
Note 12 - Discontinued Operat_3
Note 12 - Discontinued Operations - Summary of Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Net sales | $ 432 | |
Operating income before income taxes | 11 | |
Gain on sale of Fixtures business | $ 0 | 35 |
Income before taxes | 46 | |
Income tax provision | 4 | |
Income, net of tax | $ 0 | $ 42 |
Note 14 - Guarantees (Details T
Note 14 - Guarantees (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Dec. 26, 2020 | |
Non-current Other Accrued Liabilities [Member] | ||
Product Warranty Accrual, Noncurrent | $ 0.6 | $ 0.3 |
Minimum [Member] | ||
Standard Product Warranty Term (Month) | 12 months | |
Maximum [Member] | ||
Standard Product Warranty Term (Month) | 36 months |
Note 14 - Guarantees - Changes
Note 14 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Balance at beginning of period | $ 6,382 | $ 6,155 |
Warranty expense accruals | 2,409 | 1,891 |
Warranty payments | (1,653) | (1,778) |
Balance at end of period | $ 7,138 | $ 6,268 |