Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 24, 2022 | Oct. 18, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000021535 | |
Entity Registrant Name | COHU INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 24, 2022 | |
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, $1.00 par value | |
Trading Symbol | COHU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,629,967 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 232,398 | $ 290,201 | |
Short-term investments | 136,983 | 89,704 | |
Accounts receivable, net | 188,240 | 192,873 | |
Inventories | 165,244 | 161,053 | |
Prepaid expenses | 24,498 | 16,194 | |
Other current assets | 1,968 | 768 | |
Total current assets | 749,331 | 750,793 | |
Property, plant and equipment, net | 61,789 | 63,957 | |
Goodwill | 202,714 | 219,791 | |
Intangible assets, net | 142,777 | 177,320 | |
Other assets | 18,965 | 22,123 | |
Operating lease right of use assets | 22,339 | 25,060 | |
Assets, Total | 1,197,915 | 1,259,044 | |
Current liabilities: | |||
Short-term borrowings | 1,744 | 3,059 | |
Current installments of long-term debt | 4,285 | 11,338 | |
Accounts payable | 69,613 | 85,230 | |
Customer advances | 8,914 | 7,300 | |
Accrued compensation and benefits | 39,835 | 39,835 | |
Deferred profit | 9,803 | 13,208 | |
Accrued warranty | 5,888 | 6,614 | |
Income taxes payable | 15,223 | 6,873 | |
Other accrued liabilities | 15,452 | 19,002 | |
Total current liabilities | 170,757 | 192,459 | |
Long-term debt | 72,977 | 103,393 | |
Deferred income taxes | 23,371 | 25,887 | |
Noncurrent income tax liabilities | 5,009 | 6,138 | |
Accrued retirement benefits | 17,171 | 18,037 | |
Long-term lease liabilities | 19,181 | 22,040 | |
Other accrued liabilities | 7,638 | 8,588 | |
Stockholders’ equity | |||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | 0 | 0 | |
Common stock, $1 par value; 90,000 shares authorized, 49,187 shares issued and outstanding in 2022 and 48,756 shares in 2021 | 49,187 | 48,756 | |
Paid-in capital | 681,658 | 674,777 | |
Treasury stock, at cost; 1,562 shares in 2022 and 207 shares in 2021 | (45,402) | (7,324) | |
Retained earnings | 268,774 | 193,555 | |
Accumulated other comprehensive loss | (72,406) | (27,262) | |
Total stockholders’ equity | 881,811 | 882,502 | |
Liabilities and Equity, Total | $ 1,197,915 | $ 1,259,044 | |
[1]Derived from December 25, 2021 audited financial statements |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 24, 2022 | Dec. 25, 2021 | [1] |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 | |
Common stock, shares issued (in shares) | 49,187,000 | 48,756,000 | |
Common stock, shares outstanding (in shares) | 49,187,000 | 48,756,000 | |
Treasury stock, shares (in shares) | 1,562,000 | 207,000 | |
[1]Derived from December 25, 2021 audited financial statements |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | ||
Net sales | $ 206,687 | $ 225,063 | $ 621,670 | $ 695,354 | |
Cost and expenses: | |||||
Cost of sales (1) | [1] | 108,621 | 129,358 | 331,495 | 392,787 |
Research and development | 23,372 | 22,792 | 69,638 | 69,367 | |
Selling, general and administrative | 32,764 | 30,377 | 96,541 | 95,835 | |
Amortization of purchased intangible assets | 8,206 | 8,879 | 25,082 | 27,168 | |
Restructuring charges | 17 | 31 | 600 | 1,988 | |
Gain on sale of PCB Test business | 0 | (90) | 0 | (75,754) | |
Costs and Expenses, Total | 172,980 | 191,347 | 523,356 | 511,391 | |
Income from operations | 33,707 | 33,716 | 98,314 | 183,963 | |
Other (expense) income: | |||||
Interest expense | (1,028) | (966) | (2,928) | (5,372) | |
Interest income | 1,132 | 53 | 1,551 | 197 | |
Foreign transaction gain (loss) | 1,344 | (28) | 3,979 | (315) | |
Gain (Loss) on Extinguishment of Debt, Total | (80) | (1,650) | (312) | (3,411) | |
Income from operations before taxes | 35,075 | 31,125 | 100,604 | 175,062 | |
Income tax provision | 10,193 | 7,392 | 25,385 | 28,626 | |
Net income | $ 24,882 | $ 23,733 | $ 75,219 | $ 146,436 | |
Basic (in dollars per share) | $ 0.52 | $ 0.49 | $ 1.55 | $ 3.12 | |
Diluted (in dollars per share) | $ 0.51 | $ 0.48 | $ 1.53 | $ 3.04 | |
Weighted average shares used in computing income per share: | |||||
Basic (in shares) | 47,984 | 48,666 | 48,412 | 46,992 | |
Diluted (in shares) | 48,526 | 49,457 | 49,008 | 48,137 | |
[1]Excludes amortization of $6,433 and $6,988 for the three months ended September 24, 2022 and September 25, 2021, respectively, and $19,673 and $21,133 for the nine months ended September 24, 2022 and September 25, 2021, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Net income | $ 24,882 | $ 23,733 | $ 75,219 | $ 146,436 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments | (22,520) | (5,206) | (43,960) | (12,562) |
Adjustments related to postretirement benefits | (129) | 44 | (302) | 15 |
Change in unrealized gain/loss on investments | (372) | (11) | (882) | (25) |
Reclassifications due to sale of PCB Test business | 0 | 0 | 0 | (2,515) |
Other comprehensive loss, net of tax | (23,021) | (5,173) | (45,144) | (15,087) |
Comprehensive income | $ 1,861 | $ 18,560 | $ 30,075 | $ 131,349 |
Condensed Consolidated Statem_3
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] | Treasury Stock [Member] | Total | |
Balance at Dec. 26, 2020 | $ 42,190 | $ 448,194 | $ 26,230 | $ (4,326) | $ 0 | $ 512,288 | |
Net income | 0 | 0 | 146,436 | 0 | 0 | 146,436 | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | (12,562) | 0 | (12,562) | |
Adjustments related to postretirement benefits | 0 | 0 | 0 | 15 | 0 | 15 | |
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | (25) | 0 | (25) | |
Shares issued for restricted stock units vested | 696 | (696) | 0 | 0 | 0 | 0 | |
Repurchase and retirement of stock | (240) | (10,167) | 0 | 0 | 0 | (10,407) | |
Share-based compensation expense | 0 | 11,371 | 0 | 0 | 0 | 11,371 | |
Exercise of stock options | 250 | 2,260 | 0 | 0 | 0 | 2,510 | |
Shares issued under ESPP | 95 | 1,654 | 0 | 0 | 0 | 1,749 | |
Impact of sale of PCB Test business | 0 | 0 | 0 | (2,515) | 0 | (2,515) | |
Sale of common stock, net of issuance costs | 5,693 | 217,426 | 0 | 0 | 0 | 223,119 | |
Balance at Sep. 25, 2021 | 48,684 | 670,042 | 172,666 | (19,413) | 0 | 871,979 | |
Balance at Jun. 26, 2021 | 48,596 | 666,942 | 148,933 | (14,240) | 0 | 850,231 | |
Net income | 0 | 0 | 23,733 | 0 | 0 | 23,733 | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | (5,206) | 0 | (5,206) | |
Adjustments related to postretirement benefits | 0 | 0 | 0 | 44 | 0 | 44 | |
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | (11) | 0 | (11) | |
Shares issued for restricted stock units vested | 76 | (76) | 0 | 0 | 0 | 0 | |
Repurchase and retirement of stock | (24) | (853) | 0 | 0 | 0 | (877) | |
Share-based compensation expense | 0 | 3,714 | 0 | 0 | 0 | 3,714 | |
Exercise of stock options | 36 | 315 | 0 | 0 | 0 | 351 | |
Balance at Sep. 25, 2021 | 48,684 | 670,042 | 172,666 | (19,413) | 0 | 871,979 | |
Balance at Dec. 25, 2021 | 48,756 | 674,777 | 193,555 | (27,262) | (7,324) | 882,502 | [1] |
Net income | 0 | 0 | 75,219 | 0 | 0 | 75,219 | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | (43,960) | 0 | (43,960) | |
Adjustments related to postretirement benefits | 0 | 0 | 0 | (302) | 0 | (302) | |
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | (882) | 0 | (882) | |
Shares issued for restricted stock units vested | 521 | (521) | 0 | 0 | 0 | 0 | |
Repurchase and retirement of stock | (180) | (5,467) | 0 | 0 | 0 | (5,647) | |
Common stock repurchases | 0 | 0 | 0 | 0 | (38,078) | (38,078) | |
Share-based compensation expense | 0 | 11,095 | 0 | 0 | 0 | 11,095 | |
Exercise of stock options | 13 | 105 | 0 | 0 | 0 | 118 | |
Shares issued under ESPP | 77 | 1,669 | 0 | 0 | 0 | 1,746 | |
Balance at Sep. 24, 2022 | 49,187 | 681,658 | 268,774 | (72,406) | (45,402) | 881,811 | |
Balance at Jun. 25, 2022 | 49,152 | 678,495 | 243,892 | (49,385) | (27,702) | 894,452 | |
Net income | 0 | 0 | 24,882 | 0 | 0 | 24,882 | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | (22,520) | 0 | (22,520) | |
Adjustments related to postretirement benefits | 0 | 0 | 0 | (129) | 0 | (129) | |
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | (372) | 0 | (372) | |
Shares issued for restricted stock units vested | 55 | (55) | 0 | 0 | 0 | 0 | |
Repurchase and retirement of stock | (20) | (522) | 0 | 0 | 0 | (542) | |
Common stock repurchases | 0 | 0 | 0 | 0 | (17,700) | (17,700) | |
Share-based compensation expense | 0 | 3,740 | 0 | 0 | 0 | 3,740 | |
Balance at Sep. 24, 2022 | $ 49,187 | $ 681,658 | $ 268,774 | $ (72,406) | $ (45,402) | $ 881,811 | |
[1]Derived from December 25, 2021 audited financial statements |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 75,219 | $ 146,436 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on business divestitures | 0 | (75,754) |
Loss on extinguishment of debt | 312 | 3,411 |
Net amortization (accretion) on investments | (411) | 0 |
Gain from sale of property, plant and equipment | (191) | (54) |
Depreciation and amortization | 34,645 | 37,102 |
Share-based compensation expense | 11,095 | 10,743 |
Non-cash inventory related charges | 4,826 | 2,330 |
Deferred income taxes | 1,979 | 3,801 |
Changes in accrued retiree medical benefits | (650) | (409) |
Changes in other accrued liabilities | (822) | 49 |
Changes in other assets | (4,542) | (941) |
Amortization of cloud-based software implementation costs | 1,434 | 1,157 |
Interest capitalized associated with cloud computing implementation | (122) | (133) |
Amortization of debt discounts and issuance costs | 247 | 542 |
Changes in assets and liabilities: | ||
Customer advances | 2,241 | (3,402) |
Accounts receivable | (5,783) | (65,538) |
Inventories | (12,678) | (27,531) |
Other current assets | (9,955) | (1,932) |
Accounts payable | (14,464) | 18,284 |
Deferred profit | (3,027) | 2,751 |
Income taxes payable | 8,764 | 16,188 |
Accrued compensation, warranty and other liabilities | (2,980) | 3,107 |
Operating lease right-of-use assets | 3,954 | 5,339 |
Current and long-term operating lease liabilities | (3,796) | (5,443) |
Net cash provided by operating activities | 85,295 | 70,103 |
Cash flows from investing activities: | ||
Purchases of short-term investments | (154,446) | (168,918) |
Sales and maturities of short-term investments | 106,525 | 113,567 |
Purchases of property, plant and equipment | (10,700) | (8,924) |
Cash received from sale of property, plant and equipment | 296 | 106 |
Cash received from disposition of business, net of cash paid | 0 | 120,886 |
Net cash provided by (used in) investing activities | (58,325) | 56,717 |
Cash flows from financing activities: | ||
Payments on current and long-term finance lease liabilities | (126) | (142) |
Repurchases of common stock, net | (3,546) | (5,808) |
Proceeds from revolving line of credit and construction loans | 0 | 1,279 |
Proceeds received from issuance of common stock, net of fees | 0 | 223,119 |
Repayments of long-term debt | (36,935) | (205,879) |
Acquisition of treasury stock | (38,078) | 0 |
Net cash provided by (used in) financing activities | (78,685) | 12,569 |
Effect of exchange rate changes on cash and cash equivalents | (6,088) | 38 |
Net increase (decrease) in cash and cash equivalents | (57,803) | 139,427 |
Cash and cash equivalents at beginning of period | 290,201 | 149,358 |
Cash and cash equivalents at end of period | 232,398 | 288,785 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 16,189 | 6,067 |
Inventory capitalized as property, plant and equipment | 1,500 | 1,511 |
Property, plant and equipment purchases included in accounts payable | 640 | 634 |
Cash paid for interest | $ 2,261 | $ 5,381 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 24, 2022 | |
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 31, 2022 53 December 25, 2021, September 24, 2022, ( third 2022” first nine 2022” September 25, 2021, ( third 2021” first nine 2021” three nine September 24, 2022 September 25, 2021 13 39 Our interim results are not September 24, 2022 nine September 24, 2022. December 25, 2021, 2021 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” September 24, 2022 December 25, 2021, September 24, 2022, 19 may Inventories Inventories are stated at the lower of cost, determined on a first first Inventories by category were as follows ( in thousands September 24, December 25, 2022 2021 Raw materials and purchased parts $ 98,440 $ 92,798 Work in process 41,352 40,732 Finished goods 25,452 27,523 Total inventories $ 165,244 $ 161,053 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) September 24, December 25, 2022 2021 Land and land improvements $ 6,439 $ 7,703 Buildings and building improvements 29,479 31,711 Machinery and equipment 100,911 95,542 136,829 134,956 Less accumulated depreciation and amortization (75,040 ) (70,999 ) Property, plant and equipment, net $ 61,789 $ 63,957 Cloud-based Enterprise Resource Planning 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 $13.9 million and $13.5 million at September 24, 2022, December 25, 2021, first 2020 seven three nine September 24, 2022, three nine September 25, 2021, Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” 280 June 24, 2021, Goodwill and Other Intangible Assets We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not first second not We conduct our annual impairment test as of October 1st October 1, 2021 may Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not may not not Product Warranty 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 relative standalone selling price 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, Exit or Disposal Cost Obligations 420” . 420 712, Nonretirement Postemployment Benefits 4, Debt Issuance Costs We capitalize costs related to the issuance of debt. Debt issuance costs directly related to our Term Loan Credit Facility 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 $0.1 million and $0.3 million for the three nine September 24, 2022, three nine September 25, 2021, Foreign Remeasurement and Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. During the three nine September 24, 2022, three nine September 25, 2021, 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 held at our subsidiaries whose functional currency is the local currency. For accounting purposes, our foreign currency forward contracts are not 7, Share-Based Compensation We measure and recognize all share-based compensation under the fair value method. Reported share-based compensation is classified, in our condensed consolidated financial statements, as follows (in thousands) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Cost of sales $ 161 $ 239 $ 478 $ 692 Research and development 755 889 2,333 2,433 Selling, general and administrative 2,824 2,586 8,284 7,618 Total share-based compensation 3,740 3,714 11,095 10,743 Income tax benefit (770 ) (155 ) (3,232 ) (569 ) Total share-based compensation, net $ 2,970 $ 3,559 $ 7,863 $ 10,174 Income Per Share Basic income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted income 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 nine September 24, 2022, three nine September 25, 2021, The following table reconciles the denominators used in computing basic and diluted income per share ( in thousands) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Weighted average common shares 47,984 48,666 48,412 46,992 Effect of dilutive securities 542 791 596 1,145 48,526 49,457 49,008 48,137 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 September 24, 2022, one 606, Revenue from Contracts with Customers 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 Topic 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 On shipments where sales are not September 24, 2022, one December 25, 2021, one Net sales of our reportable segments, by type, are as follows (in thousands): Three Months Ended Nine Months Ended Disaggregated Net Sales September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Systems: Semiconductor Test & Inspection $ 120,672 $ 146,010 $ 369,972 $ 433,830 PCB Test - - - 17,831 Non-systems: Semiconductor Test & Inspection 86,015 79,053 251,698 234,764 PCB Test - - - 8,929 Total net sales $ 206,687 $ 225,063 $ 621,670 $ 695,354 Revenue by geographic area based upon product shipment destination (in thousands Three Months Ended Nine Months Ended Disaggregated Net Sales September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 China $ 31,477 $ 60,205 $ 116,715 $ 171,653 Philippines 38,852 49,382 84,799 119,669 Malaysia 24,060 21,086 73,033 63,481 United States 19,510 15,498 62,826 57,435 Taiwan 11,243 15,006 46,620 74,392 Rest of the World 81,545 63,886 237,677 208,724 Total net sales $ 206,687 $ 225,063 $ 621,670 $ 695,354 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 Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Semiconductor Test & Inspection Customers individually accounting for more than 10% of net sales one two * one Percentage of net sales 13% 32% * 14% PCB Test Customers individually accounting for more than 10% of net sales N/A N/A N/A * Percentage of net sales N/A N/A N/A * * No 10% Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $72.4 million and $27.3 million at September 24, 2022 December 25, 2021, not first nine 2022 2021 not Retiree Medical Benefits We provide post-retirement health benefits to certain retired executives, one no first nine 2022 2021 not Business Divestitures On June 24, 2021, 12, New Accounting Pronouncements There have been no 10 December 25, 2021. |
Note 2 - Goodwill and Purchased
Note 2 - Goodwill and Purchased Intangible Assets | 9 Months Ended |
Sep. 24, 2022 | |
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 25, 2021, nine September 24, 2022, in thousands Semiconductor & Inspection PCB Test Total Balance, December 26, 2020 $ 230,724 $ 21,580 $ 252,304 Sale of PCB Test Business (1) - (21,899 ) (21,899 ) Impact of currency exchange (10,933 ) 319 (10,614 ) Balance, December 25, 2021 219,791 - 219,791 Impact of currency exchange (17,077 ) - (17,077 ) Balance, September 24, 2022 $ 202,714 $ - $ 202,714 ( 1 On June 24, 2021, 12, Purchased intangible assets subject to amortization are as follows ( in thousands September 24, 2022 December 25, 2021 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (years) Amount Amort. Developed technology $ 214,975 $ 117,096 3.8 $ 229,131 $ 104,855 Customer relationships 62,138 28,381 6.8 65,916 26,189 Trade names 19,616 8,580 6.5 20,877 7,714 Covenant not-to-compete 246 141 4.3 308 154 Total intangible assets $ 296,975 $ 154,198 $ 316,232 $ 138,912 Changes in the carrying values of purchased intangible assets presented above are a result of the impact of fluctuation in currency exchange rates. Amortization expense related to intangible assets was approximately $8.2 million in the third 2022 first nine 2022. third 2021 first nine 2021. |
Note 3 - Borrowings and Credit
Note 3 - Borrowings and Credit Agreements | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Borrowings and Credit Agreements The following table is a summary of our borrowings ( in thousands) September 24, December 25, 2022 2021 Bank Term Loan under Credit Agreement $ 67,827 $ 103,130 Bank Term Loans-Kita 2,304 3,070 Construction Loan- Cohu GmbH 7,962 10,045 Lines of Credit 1,744 3,059 Total debt 79,837 119,304 Less: financing fees and discount (831 ) (1,514 ) Less: current portion (1) (6,029 ) (14,397 ) Total long-term debt $ 72,977 $ 103,393 ( 1 On January 28, 2022, December 25, 2021. Credit Agreement On October 1, 2018, October 1, 2025. September 24, 2022, December 25, 2021, September 24, 2022, September 24, 2022 2 Under the terms of the Credit Agreement, the lender may September 24, 2022, no During the first nine 2022, first nine 2021, September 24, 2022. Kita Term Loans We have a series of term loans with Japanese financial institutions primarily related to the expansion of our 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. September 24, 2022, December 25, 2021, September 24, 2022. 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 May 2022, one €9.5 The first €3.4 September 2029. second €5.2 April 2027. January 2034. third €0.9 May 2030. At September 24, 2022, December 25, 2021, September 24, 2022. Lines of Credit As a result of our acquisition of Kita, we assumed a series of revolving credit facilities with various financial institutions in Japan. The credit facilities renew monthly and provide Kita with access to working capital totaling up to 960 million Japanese Yen of which 250 million Japanese Yen is drawn. At September 24, 2022, 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 subsidiary in Switzerland has one September 24, 2022 December 25, 2021 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges | 9 Months Ended |
Sep. 24, 2022 | |
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 $0.6 million and $2.0 million for the first nine September 24, 2022, September 25, 2021, 420. Costs associated with restructuring activities are presented in our condensed consolidated statements of income 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, impairments of fixed assets and building close expenses. The following table summarizes the activity within the restructuring related accounts for the Integration Program during the first nine September 24, 2022 September 25, 2021 (in thousands) Severance and Other Exit Other Payroll Costs Total Balance, December 26, 2020 $ 5,826 $ - $ 5,826 Costs accrued 1,124 864 1,988 Amounts paid or charged (6,410 ) (864 ) (7,274 ) Impact of currency exchange (83 ) - (83 ) Balance, September 25, 2021 $ 457 $ - $ 457 Balance, December 25, 2021 $ 348 $ - $ 348 Costs accrued (15 ) 615 600 Amounts paid or charged (269 ) (615 ) (884 ) Impact of currency exchange (9 ) - (9 ) Balance, September 24, 2022 $ 55 $ - $ 55 At September 24, 2022, |
Note 5 - Financial Instruments
Note 5 - Financial Instruments Measured at Fair Value | 9 Months Ended |
Sep. 24, 2022 | |
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) September 24, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 72,632 $ 6 $ 371 $ 72,267 U.S. treasury securities 32,522 - 422 32,100 Bank certificates of deposit 23,325 9 51 23,283 Foreign government security 783 - - 783 Asset-backed securities 8,624 - 74 8,550 $ 137,886 $ 15 $ 918 $ 136,983 December 25, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 84,060 $ 2 $ 31 $ 84,031 U.S. treasury securities 3,953 - 5 3,948 Bank certificates of deposit 800 - - 800 Foreign government security 925 - - 925 $ 89,738 $ 2 $ 36 $ 89,704 ( 1 As of September 24, 2022, December 25, 2021, ( 2 Corporate debt securities include investments in financial and other corporate institutions. No Effective maturities of short-term investments are as follows (in thousands) September 24, 2022 December 25, 2021 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 112,027 $ 111,625 $ 83,429 $ 83,408 Due after one year through three years 25,859 25,358 6,309 6,296 $ 137,886 $ 136,983 $ 89,738 $ 89,704 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 September 24, 2022 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 152,841 $ - $ - $ 152,841 U.S. treasury securities - 32,100 - 32,100 Corporate debt securities - 80,744 - 80,744 Asset-backed securities - 8,550 - 8,550 Money market funds - 71,080 - 71,080 Bank certificates of deposit - 23,283 - 23,283 Foreign government security - 783 - 783 $ 152,841 $ 216,540 $ - $ 369,381 Fair value measurements at December 25, 2021 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 195,297 $ - $ - $ 195,297 Corporate debt securities - 86,535 - 86,535 U.S. treasury securities - 3,948 - 3,948 Money market funds - 92,400 - 92,400 Bank certificates of deposit - 800 - 800 Foreign government security - 925 - 925 $ 195,297 $ 184,608 $ - $ 379,905 |
Note 6 - Employee Stock Benefit
Note 6 - Employee Stock Benefit Plans | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. Employee Stock Benefit Plans Our 2005 “2005 may not September 24, 2022, 2005 Stock Options Stock options may one four 2005 ten first nine 2022, not September 24, 2022, 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 September 24, 2022. In the first nine 2022, September 24, 2022, 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 0% 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 explicit 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 nine 2022, September 24, 2022, Employee Stock Purchase Plan The Cohu, Inc. 1997 may 6 first nine 2022, |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 9 Months Ended |
Sep. 24, 2022 | |
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 September 24, 2022 fourth 2022. The following table provides information about our foreign currency forward contracts outstanding as of September 24, 2022 (in thousands) Contract Amount Contract Amount Currency Contract Position (Local Currency) (U.S. Dollars) Euro Buy 67,512 $ 65,700 Swiss Franc Buy 29,733 30,400 South Korean Won Buy 3,087,700 2,200 Japanese Yen Buy 85,752 600 $ 98,900 Our foreign currency contracts are classified within Level 2 September 24, 2022 The location and amount of losses related to non-designated derivative instruments in the condensed consolidated statements of income were as follows ( in thousands Three months ended Nine months ended Derivatives not designated Location of gain (loss) Sept. 24, Sept. 25, Sept. 24, Sept. 25, as hedging instruments recognized on derivatives 2022 2021 2022 2021 Foreign exchange forward contracts Foreign transaction loss $ (8,326 ) $ (934 ) $ (12,577 ) (2,283 ) |
Note 8 - Equity
Note 8 - Equity | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Equity Common Stock Issuance On March 8, 2021, 30 March 11, 2021. Share Repurchase Program On October 28, 2021, October 25, 2022, November 2, 2021 no may may 10b5 1 three September 24, 2022, nine September 24, 2022, September 24, 2022, October 25, 2022 ( September 24 October 25) Common Stock On May 4, 2022, May 5, 2022, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes We used the estimated annual effective tax rate (“ETR”) expected to be applicable for the full fiscal year in computing our tax provision. The ETR on income for the three nine September 24, 2022 first three nine September 25, 2021 not We conduct business globally and as a result, Cohu or one In accordance with the disclosure requirements as described in ASC Topic 740, Income Taxes one no three nine September 24, 2022. no three nine September 25, 2021. On August 9, 2022, August 19,2022, 15% 1% may $1 not three nine September 24, 2022. |
Note 10 - Segment and Geographi
Note 10 - Segment and Geographic Information | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. Segment and Geographic Information The summary below presents our reportable segments, Semiconductor Test & Inspection and PCB Test, for the nine September 25, 2021. June 24, 2021, September 24, 2022 three nine September 24, 2022 Financial information by reportable segment is as follows (in thousands) Three Months Ended Nine Months Ended September 25, September 25, Net sales by segment: 2021 2021 Semiconductor Test & Inspection $ 225,063 $ 668,594 PCB Test - 26,760 Total consolidated net sales for reportable segments $ 225,063 $ 695,354 Segment profit before tax: Semiconductor Test & Inspection $ 36,345 $ 113,573 PCB Test - 3,907 Profit for reportable segments 36,345 117,480 Other unallocated amounts: Corporate expenses (2,747 ) (9,586 ) Gain on sale of PCB Test business 90 75,754 Interest expense (966 ) (5,372 ) Interest income 53 197 Loss on extinguishment of debt (1,650 ) (3,411 ) Income from operations before taxes $ 31,125 $ 175,062 For revenues by geography and information on customer concentration, see Note 1, |
Note 11 - Leases
Note 11 - Leases | 9 Months Ended |
Sep. 24, 2022 | |
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 35 years, some of which include one third Supplemental balance sheet information related to leases was as follows: (in thousands) Classification September 24, 2022 December 25, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 22,339 $ 25,060 Finance lease assets Property, plant and equipment, net (1) 316 423 Total lease assets $ 22,655 $ 25,483 Liabilities Current Operating Other accrued liabilities $ 4,615 $ 4,886 Finance Other accrued liabilities 81 167 Noncurrent Operating Long-term lease liabilities 19,155 21,977 Finance Long-term lease liabilities 26 63 Total lease liabilities $ 23,877 $ 27,093 Weighted-average remaining lease term (years) Operating leases 6.5 6.9 Finance leases 1.5 1.8 Weighted-average discount rate Operating leases 6.3 % 6.3 % Finance leases 1.3 % 0.7 % ( 1 Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.1 million as of September 24, 2022 December 25, 2021, The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Operating leases $ 1,654 $ 1,799 $ 5,046 $ 5,866 Variable lease expense 520 508 1,583 1,634 Short-term operating leases 1 1 3 68 Finance leases Amortization of leased assets 11 21 69 66 Interest on lease liabilities - - 1 1 Sublease income (16 ) (21 ) (54 ) (61 ) Net lease cost $ 2,170 $ 2,308 $ 6,648 $ 7,574 Future minimum lease payments at September 24, 2022, Operating Finance (in thousands) leases (1) leases Total 2022 $ 1,615 $ 39 $ 1,654 2023 5,649 47 5,696 2024 5,204 10 5,214 2025 5,018 10 5,028 2026 2,705 3 2,708 Thereafter 9,492 - 9,492 Total lease payments 29,683 109 29,792 Less: Interest (5,913 ) (2 ) (5,915 ) Present value of lease liabilities $ 23,770 $ 107 $ 23,877 ( 1 Excludes sublease income of $0.1 million in 2023. Supplemental cash flow information related to leases was as follows: Nine Months Ended (in thousands) September 24, 2022 September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,946 $ 5,953 Operating cash flows from finance leases $ 1 $ 1 Financing cash flows from finance leases $ 126 $ 142 Leased assets obtained in exchange for new finance lease liabilities $ - $ 54 Leased assets obtained in exchange for new operating lease liabilities $ 1,308 $ 3,669 |
Note 12 - Business Divestitures
Note 12 - Business Divestitures | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 12. Business Divestitures PCB Test Equipment Business On June 24, 2021, no We evaluated the guidance in ASC Topic 205 20, Presentation of Financial Statements Discontinued Operations not not not one |
Note 13 - Contingencies
Note 13 - Contingencies | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Commitments and 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 | 9 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
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 Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Balance at beginning of period $ 7,015 $ 7,541 $ 7,691 $ 6,382 Warranty expense accruals 2,090 4,148 6,733 9,800 Warranty payments (2,605 ) (3,005 ) (7,924 ) (6,553 ) Liability transferred (1) - - - (945 ) Balance at end of period $ 6,500 $ 8,684 $ 6,500 $ 8,684 ( 1 Warranty liability transferred in connection with the sale of our PCB Test business. Accrued warranty amounts expected to be incurred after one September 24, 2022 December 25, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our fiscal years are based on a 52 53 December. December 31, 2022 53 December 25, 2021, September 24, 2022, ( third 2022” first nine 2022” September 25, 2021, ( third 2021” first nine 2021” three nine September 24, 2022 September 25, 2021 13 39 Our interim results are not September 24, 2022 nine September 24, 2022. December 25, 2021, 2021 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” September 24, 2022 December 25, 2021, September 24, 2022, 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 September 24, December 25, 2022 2021 Raw materials and purchased parts $ 98,440 $ 92,798 Work in process 41,352 40,732 Finished goods 25,452 27,523 Total inventories $ 165,244 $ 161,053 |
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) September 24, December 25, 2022 2021 Land and land improvements $ 6,439 $ 7,703 Buildings and building improvements 29,479 31,711 Machinery and equipment 100,911 95,542 136,829 134,956 Less accumulated depreciation and amortization (75,040 ) (70,999 ) Property, plant and equipment, net $ 61,789 $ 63,957 |
Internal Use Software, Policy [Policy Text Block] | Cloud-based Enterprise Resource Planning 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 $13.9 million and $13.5 million at September 24, 2022, December 25, 2021, first 2020 seven three nine September 24, 2022, three nine September 25, 2021, |
Segment Reporting, Policy [Policy Text Block] | Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” 280 June 24, 2021, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not first second not We conduct our annual impairment test as of October 1st October 1, 2021 may Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not may not not |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty 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 relative standalone selling price 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, Exit or Disposal Cost Obligations 420” . 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 directly related to our Term Loan Credit Facility 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 $0.1 million and $0.3 million for the three nine September 24, 2022, three nine September 25, 2021, |
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. During the three nine September 24, 2022, three nine September 25, 2021, 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 held at our subsidiaries whose functional currency is the local currency. For accounting purposes, our foreign currency forward contracts are 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. Reported share-based compensation is classified, in our condensed consolidated financial statements, as follows (in thousands) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Cost of sales $ 161 $ 239 $ 478 $ 692 Research and development 755 889 2,333 2,433 Selling, general and administrative 2,824 2,586 8,284 7,618 Total share-based compensation 3,740 3,714 11,095 10,743 Income tax benefit (770 ) (155 ) (3,232 ) (569 ) Total share-based compensation, net $ 2,970 $ 3,559 $ 7,863 $ 10,174 |
Earnings Per Share, Policy [Policy Text Block] | Income Per Share Basic income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted income 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 nine September 24, 2022, three nine September 25, 2021, The following table reconciles the denominators used in computing basic and diluted income per share ( in thousands) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Weighted average common shares 47,984 48,666 48,412 46,992 Effect of dilutive securities 542 791 596 1,145 48,526 49,457 49,008 48,137 |
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 September 24, 2022, one 606, Revenue from Contracts with Customers 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 Topic 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 On shipments where sales are not September 24, 2022, one December 25, 2021, one Net sales of our reportable segments, by type, are as follows (in thousands): Three Months Ended Nine Months Ended Disaggregated Net Sales September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Systems: Semiconductor Test & Inspection $ 120,672 $ 146,010 $ 369,972 $ 433,830 PCB Test - - - 17,831 Non-systems: Semiconductor Test & Inspection 86,015 79,053 251,698 234,764 PCB Test - - - 8,929 Total net sales $ 206,687 $ 225,063 $ 621,670 $ 695,354 Revenue by geographic area based upon product shipment destination (in thousands Three Months Ended Nine Months Ended Disaggregated Net Sales September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 China $ 31,477 $ 60,205 $ 116,715 $ 171,653 Philippines 38,852 49,382 84,799 119,669 Malaysia 24,060 21,086 73,033 63,481 United States 19,510 15,498 62,826 57,435 Taiwan 11,243 15,006 46,620 74,392 Rest of the World 81,545 63,886 237,677 208,724 Total net sales $ 206,687 $ 225,063 $ 621,670 $ 695,354 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 Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Semiconductor Test & Inspection Customers individually accounting for more than 10% of net sales one two * one Percentage of net sales 13% 32% * 14% PCB Test Customers individually accounting for more than 10% of net sales N/A N/A N/A * Percentage of net sales N/A N/A N/A * * No 10% |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $72.4 million and $27.3 million at September 24, 2022 December 25, 2021, not first nine 2022 2021 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 nine 2022 2021 not |
Discontinued Operations, Policy [Policy Text Block] | Business Divestitures On June 24, 2021, 12, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements There have been no 10 December 25, 2021. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 24, December 25, 2022 2021 Raw materials and purchased parts $ 98,440 $ 92,798 Work in process 41,352 40,732 Finished goods 25,452 27,523 Total inventories $ 165,244 $ 161,053 |
Property, Plant and Equipment [Table Text Block] | September 24, December 25, 2022 2021 Land and land improvements $ 6,439 $ 7,703 Buildings and building improvements 29,479 31,711 Machinery and equipment 100,911 95,542 136,829 134,956 Less accumulated depreciation and amortization (75,040 ) (70,999 ) Property, plant and equipment, net $ 61,789 $ 63,957 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Cost of sales $ 161 $ 239 $ 478 $ 692 Research and development 755 889 2,333 2,433 Selling, general and administrative 2,824 2,586 8,284 7,618 Total share-based compensation 3,740 3,714 11,095 10,743 Income tax benefit (770 ) (155 ) (3,232 ) (569 ) Total share-based compensation, net $ 2,970 $ 3,559 $ 7,863 $ 10,174 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Weighted average common shares 47,984 48,666 48,412 46,992 Effect of dilutive securities 542 791 596 1,145 48,526 49,457 49,008 48,137 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended Disaggregated Net Sales September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Systems: Semiconductor Test & Inspection $ 120,672 $ 146,010 $ 369,972 $ 433,830 PCB Test - - - 17,831 Non-systems: Semiconductor Test & Inspection 86,015 79,053 251,698 234,764 PCB Test - - - 8,929 Total net sales $ 206,687 $ 225,063 $ 621,670 $ 695,354 Three Months Ended Nine Months Ended Disaggregated Net Sales September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 China $ 31,477 $ 60,205 $ 116,715 $ 171,653 Philippines 38,852 49,382 84,799 119,669 Malaysia 24,060 21,086 73,033 63,481 United States 19,510 15,498 62,826 57,435 Taiwan 11,243 15,006 46,620 74,392 Rest of the World 81,545 63,886 237,677 208,724 Total net sales $ 206,687 $ 225,063 $ 621,670 $ 695,354 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Semiconductor Test & Inspection Customers individually accounting for more than 10% of net sales one two * one Percentage of net sales 13% 32% * 14% PCB Test Customers individually accounting for more than 10% of net sales N/A N/A N/A * Percentage of net sales N/A N/A N/A * |
Note 2 - Goodwill and Purchas_2
Note 2 - Goodwill and Purchased Intangible Assets (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Semiconductor & Inspection PCB Test Total Balance, December 26, 2020 $ 230,724 $ 21,580 $ 252,304 Sale of PCB Test Business (1) - (21,899 ) (21,899 ) Impact of currency exchange (10,933 ) 319 (10,614 ) Balance, December 25, 2021 219,791 - 219,791 Impact of currency exchange (17,077 ) - (17,077 ) Balance, September 24, 2022 $ 202,714 $ - $ 202,714 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | September 24, 2022 December 25, 2021 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (years) Amount Amort. Developed technology $ 214,975 $ 117,096 3.8 $ 229,131 $ 104,855 Customer relationships 62,138 28,381 6.8 65,916 26,189 Trade names 19,616 8,580 6.5 20,877 7,714 Covenant not-to-compete 246 141 4.3 308 154 Total intangible assets $ 296,975 $ 154,198 $ 316,232 $ 138,912 |
Note 3 - Borrowings and Credi_2
Note 3 - Borrowings and Credit Agreements (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 24, December 25, 2022 2021 Bank Term Loan under Credit Agreement $ 67,827 $ 103,130 Bank Term Loans-Kita 2,304 3,070 Construction Loan- Cohu GmbH 7,962 10,045 Lines of Credit 1,744 3,059 Total debt 79,837 119,304 Less: financing fees and discount (831 ) (1,514 ) Less: current portion (1) (6,029 ) (14,397 ) Total long-term debt $ 72,977 $ 103,393 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Severance and Other Exit Other Payroll Costs Total Balance, December 26, 2020 $ 5,826 $ - $ 5,826 Costs accrued 1,124 864 1,988 Amounts paid or charged (6,410 ) (864 ) (7,274 ) Impact of currency exchange (83 ) - (83 ) Balance, September 25, 2021 $ 457 $ - $ 457 Balance, December 25, 2021 $ 348 $ - $ 348 Costs accrued (15 ) 615 600 Amounts paid or charged (269 ) (615 ) (884 ) Impact of currency exchange (9 ) - (9 ) Balance, September 24, 2022 $ 55 $ - $ 55 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments Measured at Fair Value (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | September 24, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 72,632 $ 6 $ 371 $ 72,267 U.S. treasury securities 32,522 - 422 32,100 Bank certificates of deposit 23,325 9 51 23,283 Foreign government security 783 - - 783 Asset-backed securities 8,624 - 74 8,550 $ 137,886 $ 15 $ 918 $ 136,983 December 25, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 84,060 $ 2 $ 31 $ 84,031 U.S. treasury securities 3,953 - 5 3,948 Bank certificates of deposit 800 - - 800 Foreign government security 925 - - 925 $ 89,738 $ 2 $ 36 $ 89,704 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 24, 2022 December 25, 2021 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 112,027 $ 111,625 $ 83,429 $ 83,408 Due after one year through three years 25,859 25,358 6,309 6,296 $ 137,886 $ 136,983 $ 89,738 $ 89,704 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at September 24, 2022 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 152,841 $ - $ - $ 152,841 U.S. treasury securities - 32,100 - 32,100 Corporate debt securities - 80,744 - 80,744 Asset-backed securities - 8,550 - 8,550 Money market funds - 71,080 - 71,080 Bank certificates of deposit - 23,283 - 23,283 Foreign government security - 783 - 783 $ 152,841 $ 216,540 $ - $ 369,381 Fair value measurements at December 25, 2021 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 195,297 $ - $ - $ 195,297 Corporate debt securities - 86,535 - 86,535 U.S. treasury securities - 3,948 - 3,948 Money market funds - 92,400 - 92,400 Bank certificates of deposit - 800 - 800 Foreign government security - 925 - 925 $ 195,297 $ 184,608 $ - $ 379,905 |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Contract Amount Contract Amount Currency Contract Position (Local Currency) (U.S. Dollars) Euro Buy 67,512 $ 65,700 Swiss Franc Buy 29,733 30,400 South Korean Won Buy 3,087,700 2,200 Japanese Yen Buy 85,752 600 $ 98,900 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three months ended Nine months ended Derivatives not designated Location of gain (loss) Sept. 24, Sept. 25, Sept. 24, Sept. 25, as hedging instruments recognized on derivatives 2022 2021 2022 2021 Foreign exchange forward contracts Foreign transaction loss $ (8,326 ) $ (934 ) $ (12,577 ) (2,283 ) |
Note 10 - Segment and Geograp_2
Note 10 - Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 25, September 25, Net sales by segment: 2021 2021 Semiconductor Test & Inspection $ 225,063 $ 668,594 PCB Test - 26,760 Total consolidated net sales for reportable segments $ 225,063 $ 695,354 Segment profit before tax: Semiconductor Test & Inspection $ 36,345 $ 113,573 PCB Test - 3,907 Profit for reportable segments 36,345 117,480 Other unallocated amounts: Corporate expenses (2,747 ) (9,586 ) Gain on sale of PCB Test business 90 75,754 Interest expense (966 ) (5,372 ) Interest income 53 197 Loss on extinguishment of debt (1,650 ) (3,411 ) Income from operations before taxes $ 31,125 $ 175,062 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Leases, Balance Sheet Information [Table Text Block] | (in thousands) Classification September 24, 2022 December 25, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 22,339 $ 25,060 Finance lease assets Property, plant and equipment, net (1) 316 423 Total lease assets $ 22,655 $ 25,483 Liabilities Current Operating Other accrued liabilities $ 4,615 $ 4,886 Finance Other accrued liabilities 81 167 Noncurrent Operating Long-term lease liabilities 19,155 21,977 Finance Long-term lease liabilities 26 63 Total lease liabilities $ 23,877 $ 27,093 Weighted-average remaining lease term (years) Operating leases 6.5 6.9 Finance leases 1.5 1.8 Weighted-average discount rate Operating leases 6.3 % 6.3 % Finance leases 1.3 % 0.7 % |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended (in thousands) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Operating leases $ 1,654 $ 1,799 $ 5,046 $ 5,866 Variable lease expense 520 508 1,583 1,634 Short-term operating leases 1 1 3 68 Finance leases Amortization of leased assets 11 21 69 66 Interest on lease liabilities - - 1 1 Sublease income (16 ) (21 ) (54 ) (61 ) Net lease cost $ 2,170 $ 2,308 $ 6,648 $ 7,574 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) leases (1) leases Total 2022 $ 1,615 $ 39 $ 1,654 2023 5,649 47 5,696 2024 5,204 10 5,214 2025 5,018 10 5,028 2026 2,705 3 2,708 Thereafter 9,492 - 9,492 Total lease payments 29,683 109 29,792 Less: Interest (5,913 ) (2 ) (5,915 ) Present value of lease liabilities $ 23,770 $ 107 $ 23,877 |
Lease, Cash Flow Information [Table Text Block] | Nine Months Ended (in thousands) September 24, 2022 September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,946 $ 5,953 Operating cash flows from finance leases $ 1 $ 1 Financing cash flows from finance leases $ 126 $ 142 Leased assets obtained in exchange for new finance lease liabilities $ - $ 54 Leased assets obtained in exchange for new operating lease liabilities $ 1,308 $ 3,669 |
Note 14 - Guarantees (Tables)
Note 14 - Guarantees (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, 2022 2021 2022 2021 Balance at beginning of period $ 7,015 $ 7,541 $ 7,691 $ 6,382 Warranty expense accruals 2,090 4,148 6,733 9,800 Warranty payments (2,605 ) (3,005 ) (7,924 ) (6,553 ) Liability transferred (1) - - - (945 ) Balance at end of period $ 6,500 $ 8,684 $ 6,500 $ 8,684 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | ||||||
Oct. 01, 2021 USD ($) | Jun. 24, 2021 | Sep. 24, 2022 USD ($) shares | Sep. 25, 2021 USD ($) shares | Sep. 24, 2022 USD ($) shares | Sep. 25, 2021 USD ($) shares | Dec. 25, 2021 USD ($) | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 200,000 | $ 200,000 | $ 300,000 | |||||
Capitalized Computer Software, Gross | 13,900,000 | 13,900,000 | 13,500,000 | |||||
Capitalized Computer Software, Amortization | 400,000 | $ 400,000 | $ 1,434,000 | $ 1,157,000 | ||||
Number of Operating Segments | 3 | |||||||
Number of Reportable Segments | 2 | 1 | ||||||
Goodwill and Intangible Asset Impairment, Total | $ 0 | |||||||
Amortization of Debt Issuance Costs | 100,000 | 100,000 | $ 300,000 | 500,000 | ||||
Foreign Currency Transaction Gain (Loss), Realized | $ 1,300,000 | $ (28,000) | $ 4,000,000 | $ (300,000) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 325,000 | 239,000 | 300,000 | 160,000 | ||||
Revenue, Remaining Performance Obligation, Amount | $ 7,300,000 | $ 7,300,000 | ||||||
Provision for Doubtful Accounts | 0 | |||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | 0 | ||||||
Deferred Revenue, Total | 17,200,000 | 17,200,000 | 21,900,000 | |||||
Deferred Profit | 9,803,000 | 9,803,000 | 13,208,000 | [1] | ||||
Deferred Profit Long-term | 5,600,000 | 5,600,000 | 6,100,000 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (72,406,000) | $ (72,406,000) | $ (27,262,000) | [1] | ||||
Computer Software, Intangible Asset [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | 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 25, 2021 audited financial statements |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | |
Raw materials and purchased parts | $ 98,440 | $ 92,798 | |
Work in process | 41,352 | 40,732 | |
Finished goods | 25,452 | 27,523 | |
Total inventories | $ 165,244 | $ 161,053 | [1] |
[1]Derived from December 25, 2021 audited financial statements |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | |
Property, plant and equipment | $ 136,829 | $ 134,956 | |
Less accumulated depreciation and amortization | (75,040) | (70,999) | |
Property, plant and equipment, net | 61,789 | 63,957 | [1] |
Land and Land Improvements [Member] | |||
Property, plant and equipment | 6,439 | 7,703 | |
Building and Building Improvements [Member] | |||
Property, plant and equipment | 29,479 | 31,711 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment | $ 100,911 | $ 95,542 | |
[1]Derived from December 25, 2021 audited financial statements |
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 | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Share-based compensation of continuing operations | $ 3,740 | $ 3,714 | $ 11,095 | $ 10,743 |
Income tax benefit | (770) | (155) | (3,232) | (569) |
Total share-based compensation, net | 2,970 | 3,559 | 7,863 | 10,174 |
Cost of Sales [Member] | ||||
Share-based compensation of continuing operations | 161 | 239 | 478 | 692 |
Research and Development Expense [Member] | ||||
Share-based compensation of continuing operations | 755 | 889 | 2,333 | 2,433 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based compensation of continuing operations | $ 2,824 | $ 2,586 | $ 8,284 | $ 7,618 |
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 | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Weighted average common shares (in shares) | 47,984 | 48,666 | 48,412 | 46,992 |
Effect of dilutive securities (in shares) | 542 | 791 | 596 | 1,145 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 48,526 | 49,457 | 49,008 | 48,137 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Net sales | $ 206,687 | $ 225,063 | $ 621,670 | $ 695,354 |
Semiconductor Test and Inspection [Member] | ||||
Net sales | 225,063 | 668,594 | ||
PCB Test [Member] | ||||
Net sales | 0 | 26,760 | ||
Systems [Member] | Semiconductor Test and Inspection [Member] | ||||
Net sales | 120,672 | 146,010 | 369,972 | 433,830 |
Systems [Member] | PCB Test [Member] | ||||
Net sales | 0 | 0 | 0 | 17,831 |
Non-systems [Member] | Semiconductor Test and Inspection [Member] | ||||
Net sales | 86,015 | 79,053 | 251,698 | 234,764 |
Non-systems [Member] | PCB Test [Member] | ||||
Net sales | 0 | 0 | 0 | 8,929 |
CHINA | ||||
Net sales | 31,477 | 60,205 | 116,715 | 171,653 |
PHILIPPINES | ||||
Net sales | 38,852 | 49,382 | 84,799 | 119,669 |
Malaysia [Member] | ||||
Net sales | 24,060 | 21,086 | 73,033 | 63,481 |
UNITED STATES | ||||
Net sales | 19,510 | 15,498 | 62,826 | 57,435 |
TAIWAN | ||||
Net sales | 11,243 | 15,006 | 46,620 | 74,392 |
Rest of the World [Member] | ||||
Net sales | $ 81,545 | $ 63,886 | $ 237,677 | $ 208,724 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Significant Customer Concentration Information (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] - Semiconductor Test and Inspection [Member] | 3 Months Ended | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 25, 2021 | |
Customers individually accounting for more than 10% of net sales | 1 | 2 | 1 |
One Customer [Member] | |||
Percentage of net sales | 13% | 32% | 14% |
Note 2 - Goodwill and Purchas_3
Note 2 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Amortization of Intangible Assets | $ 8,206 | $ 8,879 | $ 25,082 | $ 27,168 |
Note 2 - Goodwill and Purchas_4
Note 2 - Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 24, 2022 | Dec. 25, 2021 | ||||
Beginning balance | $ 219,791 | [1] | $ 252,304 | ||
Sale of PCB Test Business (1) | [2] | (21,899) | |||
Impact of currency exchange | (17,077) | (10,614) | |||
Ending balance | 202,714 | 219,791 | [1] | ||
Semiconductor Test and Inspection [Member] | |||||
Beginning balance | 219,791 | 230,724 | |||
Sale of PCB Test Business (1) | [2] | 0 | |||
Impact of currency exchange | (17,077) | (10,933) | |||
Ending balance | 202,714 | 219,791 | |||
PCB Test [Member] | |||||
Beginning balance | 0 | 21,580 | |||
Sale of PCB Test Business (1) | [2] | (21,899) | |||
Impact of currency exchange | 0 | 319 | |||
Ending balance | $ 0 | $ 0 | |||
[1]Derived from December 25, 2021 audited financial statements[2]On June 24, 2021, we completed the sale of our PCB Test business. See Note 12, “Business Divestitures” for additional information. |
Note 2 - Goodwill and Purchas_5
Note 2 - Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Dec. 25, 2021 | |
Gross Carrying Amount, finite-lived intangible assets | $ 296,975 | $ 316,232 |
Accumulated Amortization | 154,198 | 138,912 |
Developed Technology Rights [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | 214,975 | 229,131 |
Accumulated Amortization | $ 117,096 | 104,855 |
Remaining Useful Life (Year) | 3 years 9 months 18 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 62,138 | 65,916 |
Accumulated Amortization | $ 28,381 | 26,189 |
Remaining Useful Life (Year) | 6 years 9 months 18 days | |
Trade Names [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 19,616 | 20,877 |
Accumulated Amortization | $ 8,580 | 7,714 |
Remaining Useful Life (Year) | 6 years 6 months | |
Noncompete Agreements [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 246 | 308 |
Accumulated Amortization | $ 141 | $ 154 |
Remaining Useful Life (Year) | 4 years 3 months 18 days |
Note 3 - Borrowings and Credi_3
Note 3 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, ¥ in Millions, SFr in Millions | 3 Months Ended | 9 Months Ended | |||||||||||
Jan. 28, 2022 USD ($) | Oct. 01, 2018 USD ($) | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) | Sep. 24, 2022 EUR (€) | Sep. 24, 2022 JPY (¥) | Sep. 24, 2022 CHF (SFr) | May 31, 2022 EUR (€) | Dec. 25, 2021 USD ($) | Jun. 30, 2020 EUR (€) | ||
Long-Term Debt, Current Maturities, Total | [1] | $ 6,029 | $ 6,029 | $ 14,397 | |||||||||
Repayments of Long-Term Debt, Total | 36,935 | $ 205,879 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | (80) | $ (1,650) | (312) | (3,411) | |||||||||
Long-Term Line of Credit, Total | 1,744 | 1,744 | 3,059 | ||||||||||
Ismeca [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2 | ||||||||||||
Long-Term Line of Credit, Total | $ 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 | ¥ | ¥ 960 | ||||||||||||
Long-Term Line of Credit, Total | $ 1,700 | $ 1,700 | ¥ 250 | ||||||||||
Term Loan B Debt Facility [Member] | |||||||||||||
Extinguishment of Debt, Amount | $ 7,000 | ||||||||||||
Long-Term Debt, Current Maturities, Total | 7,000 | ||||||||||||
Secured Term Loan Facility [Member] | |||||||||||||
Extinguishment of Debt, Amount | 31,800 | 200,000 | |||||||||||
Long-Term Debt, Current Maturities, Total | 3,200 | 3,200 | 10,100 | ||||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||||||
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% | ||||||||||||
Long-Term Debt, Total | 67,000 | 67,000 | 101,600 | ||||||||||
Long-Term Debt, Fair Value | 67,100 | 67,100 | |||||||||||
Repayments of Long-Term Debt, Total | 31,700 | 200,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | (300) | (3,400) | |||||||||||
Extinguishment of Debt Decrease Deferred Financing Costs | 400 | $ 3,400 | |||||||||||
Long-Term Debt, Gross | 67,827 | 67,827 | 103,130 | ||||||||||
Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||||||||
Kita Term Loans [Member] | |||||||||||||
Long-Term Debt, Current Maturities, Total | 200 | 200 | 200 | ||||||||||
Long-Term Debt, Total | 2,300 | 2,300 | 3,100 | ||||||||||
Long-Term Debt, Gross | $ 2,304 | $ 2,304 | 3,070 | ||||||||||
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] | |||||||||||||
Long-Term Debt, Current Maturities, Total | $ 900 | $ 900 | 1,000 | ||||||||||
Debt Instrument, Face Amount | € | € 9.5 | € 10.1 | |||||||||||
Long-Term Debt, Total | $ 8,000 | $ 8,000 | $ 10,000 | ||||||||||
First Facility [Member] | Construction Loans [Member] | |||||||||||||
Debt Instrument, Face Amount | € | € 3.4 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | ||||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||||
Second Facility [Member] | Construction Loans [Member] | |||||||||||||
Debt Instrument, Face Amount | € | € 5.2 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% | ||||||||
Debt Instrument, Term (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 | € | € 0.9 | ||||||||||||
[1]On January 28, 2022, Cohu prepaid $7.0 million of its term loan B debt facility and this $7.0 million has been classified as current installments of long-term debt as of December 25, 2021. |
Note 3 - Borrowings and Credi_4
Note 3 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | |
Lines of Credit | $ 1,744 | $ 3,059 | |
Total debt | 79,837 | 119,304 | |
Less: financing fees and discount | (831) | (1,514) | |
Less: current portion (1) | [1] | (6,029) | (14,397) |
Total long-term debt | 72,977 | 103,393 | |
Secured Term Loan Facility [Member] | |||
Long term Debt | 67,827 | 103,130 | |
Less: current portion (1) | (3,200) | (10,100) | |
Kita Term Loans [Member] | |||
Long term Debt | 2,304 | 3,070 | |
Less: current portion (1) | (200) | (200) | |
Construction Loan [Member] | |||
Long term Debt | $ 7,962 | $ 10,045 | |
[1]On January 28, 2022, Cohu prepaid $7.0 million of its term loan B debt facility and this $7.0 million has been classified as current installments of long-term debt as of December 25, 2021. |
Note 4 - Restructuring Charge_2
Note 4 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Restructuring Charges, Total | $ 17 | $ 31 | $ 600 | $ 1,988 |
Integration Program [Member] | ||||
Restructuring Charges, Total | $ 600 | $ 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 | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Costs accrued | $ 17 | $ 31 | $ 600 | $ 1,988 |
Integration Program [Member] | ||||
Costs accrued | 600 | 2,000 | ||
Integration Program [Member] | Employee Severance [Member] | ||||
Accrued restructuring, beginning balance | 348 | 5,826 | ||
Costs accrued | (15) | 1,124 | ||
Amounts paid or charged | (269) | (6,410) | ||
Impact of currency exchange | (9) | (83) | ||
Accrued restructuring, ending balance | 55 | 457 | 55 | 457 |
Integration Program [Member] | Other Restructuring [Member] | ||||
Accrued restructuring, beginning balance | 0 | 0 | ||
Costs accrued | 615 | 864 | ||
Amounts paid or charged | (615) | (864) | ||
Impact of currency exchange | 0 | 0 | ||
Accrued restructuring, ending balance | 0 | 0 | 0 | 0 |
Integration Program [Member] | Employee Severance and Other Exit Costs [Member] | ||||
Accrued restructuring, beginning balance | 348 | 5,826 | ||
Costs accrued | 600 | 1,988 | ||
Amounts paid or charged | (884) | (7,274) | ||
Impact of currency exchange | (9) | (83) | ||
Accrued restructuring, ending balance | $ 55 | $ 457 | $ 55 | $ 457 |
Note 5 - Financial Instrument_3
Note 5 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions | Sep. 24, 2022 | Dec. 25, 2021 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Amortized Cost | $ 119.3 | $ 57 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Total | $ 118.4 | $ 57 |
Note 5 - Financial Instrument_4
Note 5 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | |
Amortized cost | $ 137,886 | $ 89,738 | |
Gross unrealized gains | 15 | 2 | |
Gross unrealized losses | [1] | 918 | 36 |
Short-term investments | 136,983 | 89,704 | |
Corporate Debt Securities [Member] | |||
Amortized cost | [2] | 72,632 | 84,060 |
Gross unrealized gains | [2] | 6 | 2 |
Gross unrealized losses | [1],[2] | 371 | 31 |
Short-term investments | [2] | 72,267 | 84,031 |
US Treasury Securities [Member] | |||
Amortized cost | 32,522 | 3,953 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | [1] | 422 | 5 |
Short-term investments | 32,100 | 3,948 | |
Certificates of Deposit [Member] | |||
Amortized cost | 23,325 | 800 | |
Gross unrealized gains | 9 | 0 | |
Gross unrealized losses | [1] | 51 | 0 |
Short-term investments | 23,283 | 800 | |
Debt Security, Government, Non-US [Member] | |||
Amortized cost | 783 | 925 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | [1] | 0 | 0 |
Short-term investments | 783 | $ 925 | |
Asset-Backed Securities [Member] | |||
Amortized cost | 8,624 | ||
Gross unrealized gains | 0 | ||
Gross unrealized losses | [1] | 74 | |
Short-term investments | $ 8,550 | ||
[1]As of September 24, 2022, the cost and fair value of investments with loss positions was approximately $119.3 million and $118.4 million, respectively. As of December 25, 2021, the cost and fair value of investments with loss positions was approximately $57.0 million. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if an other-than-temporary decline in fair value had occurred and concluded that these losses were temporary and we have the ability and intent to hold these investments to maturity.[2]Corporate debt securities include investments in financial and other corporate institutions. No single issuer represents a significant portion of the total corporate debt securities portfolio. |
Note 5 - Financial Instrument_5
Note 5 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Due in one year or less | $ 112,027 | $ 83,429 |
Due in one year or less, fair value | 111,625 | 83,408 |
Due after one year through three years | 25,859 | 6,309 |
Due after one year through three years, fair value | 25,358 | 6,296 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total | 137,886 | 89,738 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total | $ 136,983 | $ 89,704 |
Note 5 - Financial Instrument_6
Note 5 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | |
Short-term investments | $ 136,983 | $ 89,704 | |
US Treasury Securities [Member] | |||
Short-term investments | 32,100 | 3,948 | |
Corporate Debt Securities [Member] | |||
Short-term investments | [1] | 72,267 | 84,031 |
Asset-Backed Securities [Member] | |||
Short-term investments | 8,550 | ||
Certificates of Deposit [Member] | |||
Short-term investments | 23,283 | 800 | |
Debt Security, Government, Non-US [Member] | |||
Short-term investments | 783 | 925 | |
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure, Total | 369,381 | 379,905 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Short-term investments | 32,100 | 3,948 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 80,744 | 86,535 | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | |||
Short-term investments | 8,550 | ||
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 23,283 | 800 | |
Fair Value, Recurring [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 783 | 925 | |
Fair Value, Recurring [Member] | Cash [Member] | |||
Cash and cash equivalents | 152,841 | 195,297 | |
Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | 71,080 | 92,400 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure, Total | 152,841 | 195,297 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member] | |||
Short-term investments | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||
Cash and cash equivalents | 152,841 | 195,297 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure, Total | 216,540 | 184,608 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | |||
Short-term investments | 32,100 | 3,948 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 80,744 | 86,535 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | |||
Short-term investments | 8,550 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 23,283 | 800 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 783 | 925 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | 71,080 | 92,400 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure, Total | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member] | |||
Short-term investments | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | $ 0 | $ 0 | |
[1]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 6 - Employee Stock Benef_2
Note 6 - Employee Stock Benefit Plans (Details Textual) $ in Millions | 9 Months Ended |
Sep. 24, 2022 USD ($) shares | |
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) | 12,442 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 422,211 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 465,664 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 28,436 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 985,919 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 25.7 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 1 year 3 months 18 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) | 150,633 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 55,009 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 68,975 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 411,139 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 10.7 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 1 year 4 months 24 days |
Equity Based Performance Stock Units Granted in 2022, 2021, 2020, and 2019 [Member] | Vest on the Third Anniversary of Awards Grant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% |
Minimum [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 0% |
Maximum [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 200% |
Equity Incentive Plan 2005 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 899,307 |
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) | 429,992 |
Percentage of Fair Value to Determine Price of Common Stock | 85% |
Stock Issued During Period, Shares, New Issues (in shares) | 77,361 |
Note 7 - Derivative Financial_3
Note 7 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Sep. 24, 2022 - Not Designated as Hedging Instrument [Member] € in Thousands, ¥ in Thousands, SFr in Thousands, ₩ in Millions, $ in Millions | USD ($) | EUR (€) | JPY (¥) | CHF (SFr) | KRW (₩) |
Euro Foreign Exchange Forward [Member] | Long [Member] | |||||
Contract amount | $ 65.7 | € 67,512 | |||
Swiss Franc Foreign Exchange Forward [Member] | Long [Member] | |||||
Contract amount | 30.4 | SFr 29,733 | |||
South Korean Won Forward Exchange Forward [Member] | Long [Member] | |||||
Contract amount | 2.2 | ₩ 3,087.7 | |||
Japanese Yen Foreign Exchange Forward [Member] | Long [Member] | |||||
Contract amount | 0.6 | ¥ 85,752 | |||
Foreign Exchange Forward [Member] | |||||
Contract amount | $ 98.9 |
Note 7 - Derivative Financial_4
Note 7 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Foreign exchange forward contracts | $ (8,326) | $ (934) | $ (12,577) | $ (2,283) |
Note 8 - Equity (Details Textua
Note 8 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Mar. 11, 2021 | Mar. 11, 2021 | Mar. 08, 2021 | Sep. 24, 2022 | Sep. 24, 2022 | Sep. 25, 2021 | Oct. 25, 2022 | May 04, 2022 | May 03, 2022 | Dec. 25, 2021 | [1] | Oct. 28, 2021 | |
Proceeds from Issuance of Common Stock | $ 0 | $ 223,119 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 70,000 | |||||||||||
Stock Repurchased During Period, Shares (in shares) | 637,700 | 1,355,508 | ||||||||||
Stock Repurchased During Period, Value | $ 17,700 | $ 38,100 | ||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 24,600 | $ 24,600 | ||||||||||
Common Stock, Shares Authorized (in shares) | 90,000,000 | 90,000,000 | 90,000,000 | 60,000,000 | 90,000,000 | |||||||
Subsequent Event [Member] | ||||||||||||
Stock Repurchase Program, Additional Authorized Amount | $ 70,000 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 94,600 | |||||||||||
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 | |||||||||||
[1]Derived from December 25, 2021 audited financial statements |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 29.10% | 23.70% | 25.20% | 16.40% |
Note 10 - Segment and Geograp_3
Note 10 - Segment and Geographic Information (Details Textual) | 9 Months Ended | |
Jun. 24, 2021 | Sep. 24, 2022 | |
Number of Reportable Segments | 2 | 1 |
Note 10 - Segment and Geograp_4
Note 10 - Segment and Geographic Information - Summary of Current Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Net sales | $ 206,687 | $ 225,063 | $ 621,670 | $ 695,354 |
Profit (loss) for reportable segments | 36,345 | 117,480 | ||
Gain (Loss) on Disposition of Business | 0 | 90 | 0 | 75,754 |
Interest expense | (1,028) | (966) | (2,928) | (5,372) |
Interest income | 1,132 | 53 | 1,551 | 197 |
Gain (Loss) on Extinguishment of Debt, Total | (80) | (1,650) | (312) | (3,411) |
Income from operations before taxes | $ 35,075 | 31,125 | $ 100,604 | 175,062 |
Corporate, Non-Segment [Member] | ||||
Corporate expenses | (2,747) | (9,586) | ||
Semiconductor Test and Inspection [Member] | ||||
Net sales | 225,063 | 668,594 | ||
Profit (loss) for reportable segments | 36,345 | 113,573 | ||
PCB Test [Member] | ||||
Net sales | 0 | 26,760 | ||
Profit (loss) for reportable segments | $ 0 | $ 3,907 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 24, 2022 | Dec. 25, 2021 | |
Lessee, Operating Lease, Renewal Term (Year) | 25 years | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 0.2 | $ 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) | 35 years |
Note 11 - Leases - Balance Shee
Note 11 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | ||
Operating lease assets | $ 22,339 | $ 25,060 | [1] | |
Total lease assets | 22,655 | 25,483 | ||
Total lease liabilities | $ 23,877 | $ 27,093 | ||
Operating leases (Year) | 6 years 6 months | 6 years 10 months 24 days | ||
Finance leases (Year) | 1 year 6 months | 1 year 9 months 18 days | ||
Operating leases | 6.30% | 6.30% | ||
Finance leases | 1.30% | 0.70% | ||
Property, Plant and Equipment, Net [Member] | ||||
Finance lease assets | [2] | $ 316 | $ 423 | |
Other Accrued Liabilities [Member] | ||||
Operating, current | 4,615 | 4,886 | ||
Finance, current | 81 | 167 | ||
Long-term Lease Liabilities [Member] | ||||
Operating, noncurrent | 19,155 | 21,977 | ||
Finance, noncurrent | $ 26 | $ 63 | ||
[1]Derived from December 25, 2021 audited financial statements[2]Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.1 million as of September 24, 2022 and December 25, 2021, respectively. |
Note 11 - Leases - Lease Expens
Note 11 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Operating leases | $ 1,654 | $ 1,799 | $ 5,046 | $ 5,866 |
Variable lease expense | 520 | 508 | 1,583 | 1,634 |
Short-term operating leases | 1 | 1 | 3 | 68 |
Amortization of leased assets | 11 | 21 | 69 | 66 |
Interest on lease liabilities | 0 | 0 | 1 | 1 |
Sublease income | (16) | (21) | (54) | (61) |
Net lease cost | $ 2,170 | $ 2,308 | $ 6,648 | $ 7,574 |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 | |
2022, operating leases | [1] | $ 1,615 | |
2022, finance leases | 39 | ||
2022, total | 1,654 | ||
2023, operating leases | [1] | 5,649 | |
2023, finance leases | 47 | ||
2023, total | 5,696 | ||
2024, operating leases | [1] | 5,204 | |
2024, finance leases | 10 | ||
2024, total | 5,214 | ||
2025, operating leases | [1] | 5,018 | |
2025, finance leases | 10 | ||
2025, total | 5,028 | ||
2026, operating leases | [1] | 2,705 | |
2026, finance leases | 3 | ||
2026, total | 2,708 | ||
Thereafter, operating leases | [1] | 9,492 | |
Thereafter, finance leases | 0 | ||
Thereafter, total | 9,492 | ||
Total lease payments, operating leases | [1] | 29,683 | |
Total lease payments, finance leases | 109 | ||
Total lease payments, total | 29,792 | ||
Less: Interest, operating leases | [1] | (5,913) | |
Less: Interest, finance leases | (2) | ||
Less: Interest, total | (5,915) | ||
Present value of lease liabilities, finance leases | 107 | ||
Present value of lease liabilities, total | 23,877 | $ 27,093 | |
Other Accrued Liabilities and Long-term Lease Liabilities [Member] | |||
Present value of lease liabilities, operating leases | [1] | $ 23,770 | |
[1]Excludes sublease income of $0.1 million in 2023. |
Note 11 - Leases - Cash Flow In
Note 11 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Operating cash flows from operating leases | $ 4,946 | $ 5,953 |
Operating cash flows from finance leases | 1 | 1 |
Financing cash flows from finance leases | 126 | 142 |
Leased assets obtained in exchange for new finance lease liabilities | 0 | 54 |
Leased assets obtained in exchange for new operating lease liabilities | $ 1,308 | $ 3,669 |
Note 12 - Business Divestitur_2
Note 12 - Business Divestitures (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 24, 2021 USD ($) | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) | |
Gain (Loss) on Disposition of Business | $ 0 | $ 90 | $ 0 | $ 75,754 | |
Number of Reportable Segments | 2 | 1 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | PCB Test Business [Member] | |||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 125,100 | ||||
Gain (Loss) on Disposition of Business | 70,800 | ||||
Disposal Group, Including Discontinued Operation, Assets, Total | 48,200 | ||||
Disposal Group, Including Discontinued Operation, Goodwill | 21,900 | ||||
Disposal Group, Including Discontinued Operation, Intangible Assets | $ 14,800 |
Note 14 - Guarantees (Details T
Note 14 - Guarantees (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 24, 2022 | Dec. 25, 2021 | |
Non-current Other Accrued Liabilities [Member] | ||
Product Warranty Accrual, Noncurrent | $ 0.6 | $ 1.1 |
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 | 9 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | ||
Balance at beginning of period | $ 7,015 | $ 7,541 | $ 7,691 | $ 6,382 | |
Warranty expense accruals | 2,090 | 4,148 | 6,733 | 9,800 | |
Warranty payments | (2,605) | (3,005) | (7,924) | (6,553) | |
Liability transferred (1) | [1] | 0 | 0 | 0 | (945) |
Balance at end of period | $ 6,500 | $ 8,684 | $ 6,500 | $ 8,684 | |
[1]Warranty liability transferred in connection with the sale of our PCB Test business. |