Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 01, 2023 | Apr. 27, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000021535 | |
Entity Registrant Name | COHU INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 01, 2023 | |
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, $1.00 par value | |
Trading Symbol | COHU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,533,071 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 226,649 | $ 242,341 | |
Short-term investments | 97,646 | 143,235 | |
Accounts receivable, net | 176,257 | 176,148 | |
Inventories | 176,189 | 170,141 | |
Prepaid expenses | 32,168 | 24,017 | |
Other current assets | 587 | 8,969 | |
Total current assets | 709,496 | 764,851 | |
Property, plant and equipment, net | 67,208 | 65,011 | |
Goodwill | 223,552 | 213,539 | |
Intangible assets, net | 143,946 | 140,104 | |
Other assets | 21,679 | 21,105 | |
Operating lease right of use assets | 21,718 | 22,804 | |
Assets | 1,187,599 | 1,227,414 | |
Current liabilities: | |||
Short-term borrowings | 1,883 | 1,907 | |
Current installments of long-term debt | 4,538 | 4,404 | |
Accounts payable | 54,586 | 51,763 | |
Customer advances | 13,124 | 6,886 | |
Accrued compensation and benefits | 26,627 | 38,348 | |
Deferred profit | 5,738 | 8,022 | |
Accrued warranty | 5,532 | 5,614 | |
Income taxes payable | 17,993 | 26,648 | |
Other accrued liabilities | 15,007 | 17,280 | |
Total current liabilities | 145,028 | 160,872 | |
Long-term debt | 37,719 | 72,664 | |
Deferred income taxes | 23,239 | 21,359 | |
Noncurrent income tax liabilities | 7,183 | 6,486 | |
Accrued retirement benefits | 10,162 | 10,363 | |
Long-term lease liabilities | 18,017 | 19,209 | |
Other accrued liabilities | 7,472 | 7,620 | |
Stockholders’ equity | |||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | 0 | 0 | |
Common stock, $1 par value; 90,000 shares authorized, 49,283 shares issued and outstanding in 2023 and 49,276 shares in 2022 | 49,283 | 49,276 | |
Paid-in capital | 671,204 | 687,218 | |
Treasury stock, at cost; 1,711 shares in 2023 and 1,767 shares in 2022 | (50,786) | (58,043) | |
Retained earnings | 306,087 | 290,402 | |
Accumulated other comprehensive loss | (37,009) | (40,012) | |
Total stockholders’ equity | 938,779 | 928,841 | |
Liabilities and Equity | $ 1,187,599 | $ 1,227,414 | |
[1]Derived from December 31, 2022 audited financial statements |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Apr. 01, 2023 | Dec. 31, 2022 | [1] |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | 90,000 | 90,000 | |
Common stock, shares issued (in shares) | 49,283 | 49,276 | |
Common stock, shares outstanding (in shares) | 49,283 | 49,276 | |
Treasury stock, shares (in shares) | 1,711 | 1,767 | |
[1]Derived from December 31, 2022 audited financial statements |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 01, 2023 | Mar. 26, 2022 | ||
Net sales | $ 179,371 | $ 197,757 | |
Cost and expenses: | |||
Cost of sales (1) | [1] | 93,153 | 106,601 |
Research and development | 22,510 | 23,106 | |
Selling, general and administrative | 34,189 | 31,246 | |
Amortization of purchased intangible assets | 8,754 | 8,535 | |
Restructuring charges | 888 | 576 | |
Costs and Expenses | 159,494 | 170,064 | |
Income from operations | 19,877 | 27,693 | |
Other (expense) income: | |||
Interest expense | (1,128) | (981) | |
Interest income | 2,718 | 111 | |
Foreign transaction gain (loss) | (440) | 1,144 | |
Loss on extinguishment of debt | (369) | (104) | |
Income before taxes | 20,658 | 27,863 | |
Income tax provision | 4,973 | 6,294 | |
Net income | $ 15,685 | $ 21,569 | |
Basic (in dollars per share) | $ 0.33 | $ 0.44 | |
Diluted (in dollars per share) | $ 0.33 | $ 0.44 | |
Weighted average shares used in computing income per share: | |||
Basic (in shares) | 47,343 | 48,778 | |
Diluted (in shares) | 48,171 | 49,569 | |
[1]Excludes amortization of $6,891 and $6,696 for the three months ended April 1, 2023 and March 26, 2022, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Amortization of cost | $ 6,891 | $ 6,696 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Net income | $ 15,685 | $ 21,569 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 2,701 | (8,903) |
Adjustments related to postretirement benefits | 29 | (61) |
Change in unrealized gain/loss on investments | 273 | (348) |
Other comprehensive income (loss), net of tax | 3,003 | (9,312) |
Comprehensive income | $ 18,688 | $ 12,257 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total | |
Balance at Dec. 25, 2021 | $ 48,756 | $ 674,777 | $ 193,555 | $ (27,262) | $ (7,324) | $ 882,502 | |
Net income (loss) | 0 | 0 | 21,569 | 0 | 0 | 21,569 | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | (8,903) | 0 | (8,903) | |
Adjustments related to postretirement benefits | 0 | 0 | 0 | (61) | 0 | (61) | |
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | (348) | 0 | (348) | |
Shares issued for restricted stock units vested | 426 | (426) | 0 | 0 | 0 | 0 | |
Repurchase and retirement of stock | (157) | (4,739) | 0 | 0 | 0 | (4,896) | |
Common stock repurchases | 0 | 0 | 0 | 0 | (6,388) | (6,388) | |
Share-based compensation expense | 0 | 3,422 | 0 | 0 | 0 | 3,422 | |
Balance at Mar. 26, 2022 | 49,025 | 673,034 | 215,124 | (36,574) | (13,712) | 886,897 | |
Balance at Dec. 31, 2022 | 49,276 | 687,218 | 290,402 | (40,012) | (58,043) | 928,841 | [1] |
Net income (loss) | 0 | 0 | 15,685 | 0 | 0 | 15,685 | |
Changes in cumulative translation adjustment | 0 | 0 | 0 | 2,701 | 0 | 2,701 | |
Adjustments related to postretirement benefits | 0 | 0 | 0 | 29 | 0 | 29 | |
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | 273 | 0 | 273 | |
Shares issued for restricted stock units vested | 7 | (18,067) | 0 | 0 | 18,060 | 0 | |
Repurchase and retirement of stock | 0 | (1,861) | 0 | 0 | (7,322) | (9,183) | |
Common stock repurchases | 0 | 0 | 0 | 0 | (3,481) | (3,481) | |
Share-based compensation expense | 0 | 3,914 | 0 | 0 | 0 | 3,914 | |
Balance at Apr. 01, 2023 | $ 49,283 | $ 671,204 | $ 306,087 | $ (37,009) | $ (50,786) | $ 938,779 | |
[1]Derived from December 31, 2022 audited financial statements |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 15,685 | $ 21,569 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of debt | 369 | 104 |
Net accretion on investments | (289) | 0 |
(Gain) loss from sale of property, plant and equipment | 43 | (51) |
Depreciation and amortization | 12,091 | 11,667 |
Share-based compensation expense | 3,914 | 3,422 |
Non-cash inventory related charges | 1,993 | 647 |
Deferred income taxes | 872 | 397 |
Changes in accrued retiree medical benefits | (181) | (10) |
Changes in other accrued liabilities | (128) | (332) |
Changes in other assets | 208 | (128) |
Amortization of cloud-based software implementation costs | 700 | 478 |
Interest capitalized associated with cloud computing implementation | 0 | (26) |
Amortization of debt discounts and issuance costs | 49 | 94 |
Operating lease right-of-use assets | 1,316 | 1,343 |
Changes in assets and liabilities, excluding effects from acquisitions: | ||
Customer advances | 6,192 | 6,101 |
Accounts receivable | 5,364 | (19,873) |
Inventories | (5,164) | (1,123) |
Other current assets | 756 | (5,675) |
Accounts payable | 75 | (361) |
Deferred profit | (2,300) | (2,141) |
Income taxes payable | (8,180) | 2,257 |
Accrued compensation, warranty and other liabilities | (15,545) | (15,059) |
Current and long-term operating lease liabilities | (1,355) | (1,309) |
Net cash provided by operating activities | 16,485 | 1,991 |
Cash flows from investing activities, excluding effects from acquisitions: | ||
Purchases of short-term investments | (16,816) | (45,413) |
Sales and maturities of short-term investments | 62,989 | 43,250 |
Purchases of property, plant and equipment | (5,075) | (2,669) |
Cash received from sale of property, plant and equipment | 120 | 57 |
Payment for purchase of MCT, net of cash received | (26,933) | 0 |
Net cash provided by (used in) investing activities | 14,285 | (4,775) |
Cash flows from financing activities: | ||
Payments on current and long-term finance lease liabilities | (24) | (44) |
Repurchases of common stock, net | (8,578) | (4,082) |
Repayments of long-term debt | (35,290) | (9,056) |
Acquisition of treasury stock | (3,481) | (5,949) |
Net cash used in financing activities | (47,373) | (19,131) |
Effect of exchange rate changes on cash and cash equivalents | 911 | (1,218) |
Net decrease in cash and cash equivalents | (15,692) | (23,133) |
Cash and cash equivalents at beginning of period | 242,341 | 290,201 |
Cash and cash equivalents at end of period | 226,649 | 267,068 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 3,760 | 3,669 |
Inventory capitalized as property, plant and equipment | 317 | 460 |
Property, plant and equipment purchases included in accounts payable | 235 | 1,180 |
Cash paid for interest | $ 1,784 | $ 606 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 01, 2023 | |
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, April 1, 2023, ( first 2023” first three 2023” March 26, 2022, ( first 2022” first three 2022” first 2023 2022 13 Our interim results are not December 31, 2022, 2022 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” April 1, 2023 December 31, 2022, April 1, 2023, may Inventories Inventories are stated at the lower of cost, determined on a first first Inventories by category were as follows ( in thousands April 1, December 31, 2023 2022 Raw materials and purchased parts $ 106,585 $ 106,041 Work in process 40,814 36,024 Finished goods 28,790 28,076 Total inventories $ 176,189 $ 170,141 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) April 1, December 31, 2023 2022 Land and land improvements $ 7,252 $ 7,066 Buildings and building improvements 33,441 31,161 Machinery and equipment 106,262 105,109 146,955 143,336 Less accumulated depreciation and amortization (79,747 ) (78,325 ) Property, plant and equipment, net $ 67,208 $ 65,011 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 $14.0 million and $14.7 million at April 1, 2023, December 31, 2022, fourth 2022 seven three April 1, 2023, March 26, 2022, Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” 280, 280 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 50/50 We conduct our annual impairment test as of October 1st October 1, 2022, 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 During the first 2023, no Product Warranty Product warranty costs are accrued in the period sales are recognized. Our products are generally sold with standard warranty periods, which differ by product, ranging from 12 to 36 months. Parts and labor are typically covered under the terms of the warranty agreement. Our warranty expense accruals are based on historical and estimated costs by product and configuration. From time-to-time we offer customers extended warranties beyond the standard warranty period. In those situations, the revenue relating to the extended warranty is deferred at its estimated fair value and recognized on a straight-line basis over the contract period. Costs associated with our extended warranty contracts are expensed as incurred. Restructuring Costs We record restructuring activities including costs for one 420, 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 that were directly related to our Term Loan B are presented within noncurrent liabilities as a reduction of long-term debt in our condensed consolidated balance sheets. The amortization of such costs is recognized as interest expense using the effective interest method over the term of the respective debt issue. Amortization related to deferred debt issuance costs and original discount costs was $49,000 and $0.1 million for the three April 1, 2023 March 26, 2022, 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 April 1, 2023, three March 26, 2022, Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. Foreign Exchange Derivative Contracts We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. We enter into foreign currency forward contracts with a financial institution to hedge against future movements in foreign exchange rates that affect certain existing U.S. Dollar denominated assets and liabilities 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 the condensed consolidated interim financial statements, as follows (in thousands) Three Months Ended April 1, March 26, 2023 2022 Cost of sales $ 180 $ 145 Research and development 866 752 Selling, general and administrative 2,868 2,525 Total share-based compensation 3,914 3,422 Income tax benefit (2,776 ) (1,626 ) Total share-based compensation, net $ 1,138 $ 1,796 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 April 1, 2023, three March 26, 2022, The following table reconciles the denominators used in computing basic and diluted income per share (in thousands) Three Months Ended April 1, March 26, 2023 2022 Weighted average common shares 47,343 48,778 Effect of dilutive securities 828 791 48,171 49,569 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 April 1, 2023, 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 April 1, 2023, one December 31, 2022, one Net sales by type are as follows (in thousands): Three Months Ended Disaggregated Net Sales April 1, 2023 March 26, 2022 Systems $ 102,984 $ 117,349 Non-systems 76,387 80,408 Total net sales $ 179,371 $ 197,757 Revenue by geographic area based upon product shipment destination (in thousands Three Months Ended Disaggregated Net Sales April 1, 2023 March 26, 2022 Malaysia $ 31,895 $ 20,116 Philippines 31,790 24,385 China 21,110 38,653 United States 18,743 23,763 Taiwan 8,317 19,808 Rest of the World 67,516 71,032 Total net sales $ 179,371 $ 197,757 A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information is as follows: Three Months Ended April 1, March 26, 2023 2022 Customers individually accounting for more than 10% of net sales two one Percentage of net sales 24 % 11 % Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $37.0 million and $40.0 million at April 1, 2023 December 31, 2022, not first three 2023 2022 not Retiree Medical Benefits We provide post-retirement health benefits to certain retired executives, one no first three 2023 2022 not New Accounting Pronouncements There have been no 10 December 31, 2022. |
Note 2 - Business Acquisitions,
Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Business Combination, Goodwill, and Intangible Assets Disclosure [Text Block] | 2. Business Acquisitions, Goodwill and Purchased Intangible Assets MCT On January 30, 2023, January 30, 2023, January 30, 2023, three April 1, 2023, March 26, 2022, 805, Business Combinations 805” We have not may not 12 The table below summarizes the assets acquired and liabilities assumed as of January 30, 2023 ( in thousands Current assets, including cash received $ 9,494 Property, plant and equipment 197 Other assets 356 Intangible assets 12,000 Goodwill 8,798 Total assets acquired 30,845 Liabilities assumed (4,024 ) Net assets acquired $ 26,821 The preliminary allocation of the intangible assets subject to amortization is as follows (in thousands) Estimated Fair Value Weighted Developed technology $ 7,500 7.0 Customer relationships 4,000 10.0 Product backlog 500 0.5 Total intangible assets $ 12,000 Acquired intangible assets reported above are being amortized using the straight-line method over their estimated useful lives which approximates the pattern of how the economic benefit is expected to be used. This includes amounts allocated to customer relationships because of anticipated high customer retention rates that are common in the semiconductor capital equipment industry. The preliminary value assigned to developed technology was determined by using the using the relief from royalty method under the income approach, which included assumptions related to revenue growth rates, royalty rates, and discount rates. Developed technology, which comprises products that have reached technological feasibility, includes the products in MCT’s product line. The revenue estimates used to value the developed technology were based on estimates of relevant market sizes and growth factors, expected trends in technology and the nature and expected timing of new product introductions by MCT and competitors. The estimated after-tax cash flows were based on a hypothetical royalty rate applied to the revenues for the developed technology. The discount rate utilized to discount the net cash flows of the developed technology to present value was based on the risk associated with the respective cash flows taking into consideration the perceived risk of the technology relative to the other acquired assets, the weighted average cost of capital, the internal rate of return, and the weighted average return on assets. The preliminary value assigned to customer relationships was determined by using the multi-period excess earnings method under the income approach. The estimated cash flows were based on revenues from the existing customers net of operating expenses and net of contributory asset charges. The discount rate utilized to discount the net cash flows of the customer relationships to present value was based on the respective cash flows taking into consideration the perceived risks. The preliminary value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of January 30, 2023, MCT’s results of operations have been included starting January 30, 2023. not Goodwill and Intangible Assets Changes in the carrying value of goodwill during the year ended December 31, 2022, three April 1, 2023 in thousands Goodwill Balance, December 25, 2021 $ 219,791 Impact of currency exchange (6,252 ) Balance, December 31, 2022 213,539 Additions 8,798 Impact of currency exchange 1,215 Balance, April 1, 2023 $ 223,552 Purchased intangible assets subject to amortization are as follows ( in thousands April 1, 2023 December 31, 2022 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (in years) Amount Amort. Developed technology $ 225,310 $ 136,127 3.9 $ 224,253 $ 128,938 Customer relationships 76,500 32,490 6.7 64,632 31,015 Trade names 20,548 9,894 6.2 20,461 9,397 Covenant not-to-compete 265 166 3.8 269 161 Total intangible assets $ 322,623 $ 178,677 $ 309,615 $ 169,511 Changes in the carrying values of purchased intangible assets presented above are a result of the impact of fluctuation in currency exchange rates and the acquisition of MCT. Amortization expense related to intangible assets in the first 2023 2022 |
Note 3 - Borrowings and Credit
Note 3 - Borrowings and Credit Agreements | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Borrowings and Credit Agreements The following table is a summary of our borrowings ( in thousands) April 1, December 31, 2023 2022 Bank Term Loan under Credit Agreement $ 31,952 $ 66,952 Bank Term Loans-Kita 2,383 2,466 Construction Loan- Cohu GmbH 8,269 8,414 Lines of Credit 1,883 1,907 Total debt 44,487 79,739 Less: financing fees and discount (347 ) (764 ) Less: current portion (6,421 ) (6,311 ) Total long-term debt $ 37,719 $ 72,664 Credit Agreement On October 1, 2018, October 1, 2025. April 1, 2023, December 31, 2022, April 1, 2023, April 1, 2023 2 Under the terms of the Credit Agreement, the lender may April 1, 2023, no During the first three 2023, first three 2022, April 1, 2023. 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. April 1, 2023, December 31, 2022, April 1, 2023. 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 April 1, 2023, December 31, 2022, April 1, 2023. 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 was drawn as of April 1, 2023. April 1, 2023, 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 April 1, 2023 no may April 1, 2023 December 31, 2022 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. Restructuring Charges MCT Integration Program During the first 2023, 2, 2023. As a result of the activities described above, we recognized total pretax charges of $0.9 million for the three April 1, 2023, 420. The following table summarizes the activity within the restructuring related accounts for the MCT Integration Program during the three April 1, 2023 (in thousands) Severance and Other Exit Other Payroll Costs Total Balance, December 31, 2022 $ - $ - $ - Costs accrued 878 10 888 Amounts paid or charged (707 ) (10 ) (717 ) Balance, April 1, 2023 $ 171 $ - $ 171 Xcerra Integration Program 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 $0.4 million for the three March 26, 2022, 420. three April 1, 2023 not 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. As of December 31, 2022, The following table summarizes the activity within the restructuring related accounts for the Xcerra Integration Program during the three March 26, 2022 (in thousands) Severance and Other Exit Other Payroll Costs Total Balance, December 25, 2021 $ 348 $ - $ 348 Costs accrued (14 ) 590 576 Amounts paid or charged (257 ) (169 ) (426 ) Impact of currency exchange (2 ) - (2 ) Balance, March 26, 2022 $ 75 $ 421 $ 496 At April 1, 2023, |
Note 5 - Financial Instruments
Note 5 - Financial Instruments Measured at Fair Value | 3 Months Ended |
Apr. 01, 2023 | |
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) April 1, 2023 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 36,670 $ 23 $ 149 $ 36,544 Bank certificates of deposit 24,500 11 23 24,488 U.S. treasury securities 23,137 47 286 22,898 Asset-backed securities 12,932 - 64 12,868 Foreign government security 848 - - 848 $ 98,087 $ 81 $ 522 $ 97,646 December 31, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 59,283 $ 30 $ 240 $ 59,073 Bank certificates of deposit 36,500 20 41 36,479 U.S. treasury securities 34,614 1 418 34,197 Asset-backed securities 12,727 10 79 12,658 Foreign government security 828 - - 828 $ 143,952 $ 61 $ 778 $ 143,235 ( 1 As of April 1, 2023, December 31, 2022, ( 2 Corporate debt securities include investments in financial and other corporate institutions. No Effective maturities of short-term investments are as follows (in thousands) April 1, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 66,392 $ 66,139 $ 112,956 $ 112,683 Due after one year through three years 31,695 31,507 30,996 30,552 $ 98,087 $ 97,646 $ 143,952 $ 143,235 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 April 1, 2023 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 166,925 $ - $ - $ 166,925 U.S. treasury securities - 29,886 - 29,886 Corporate debt securities - 39,282 - 39,282 Asset-backed securities - 12,869 - 12,869 Money market funds - 49,998 - 49,998 Bank certificates of deposit - 24,487 - 24,487 Foreign government security - 848 - 848 $ 166,925 $ 157,370 $ - $ 324,295 Fair value measurements at December 31, 2022 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 190,371 $ - $ - $ 190,371 Corporate debt securities - 69,753 - 69,753 Money market funds - 40,290 - 40,290 Bank certificates of deposit - 37,480 - 37,480 U.S. treasury securities - 34,196 - 34,196 Asset-backed securities - 12,658 - 12,658 Foreign government security - 828 - 828 $ 190,371 $ 195,205 $ - $ 385,576 |
Note 6 - Employee Stock Benefit
Note 6 - Employee Stock Benefit Plans | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. Employee Stock Benefit Plans Our 2005 “2005 may not April 1, 2023, 2005 Stock Options Stock options may one four 2005 ten first three 2023, not not April 1, 2023, no 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 April 1, 2023. In the first three 2023, April 1, 2023, 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 2000 third We estimate 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. To the extent applicable performance conditions are satisfied, shares of our common stock are issued on the date the PSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. In the first three 2023, April 1, 2023, Employee Stock Purchase Plan The Cohu, Inc. 1997 may 6 first three 2023, April 1, 2023. |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 second 2023. The following table provides information about our foreign currency forward contracts outstanding as of April 1, 2023 (in thousands) Contract Amount Contract Amount Currency Contract Position (Local Currency) (U.S. Dollars) Euro Buy 116,835 $ 127,000 Swiss Franc Buy 24,621 27,000 Malaysian Ringgit Buy 8,779 2,000 South Korean Won Buy 2,604,000 2,000 Japanese Yen Buy 66,240 500 $ 158,500 Our foreign currency contracts are classified within Level 2 April 1, 2023 The location and amount of gains and losses related to non-designated derivative instruments in the condensed consolidated statements of income were as follows ( in thousands Three months ended Derivatives not designated Location of gain (loss) April 1, March 26, as hedging instruments recognized on derivatives 2023 2022 Foreign exchange forward contracts Foreign transaction gain (loss) $ 1,081 $ (1,410 ) |
Note 8 - Equity
Note 8 - Equity | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 8. Equity Share Repurchase Program On October 28, 2021, October 25, 2022, November 2, 2021 no may may 10b5 1 three April 1, 2023, three March 26, 2022, April 1, 2023, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Apr. 01, 2023 | |
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 April 1, 2023 first 2023 We conduct business globally and as a result, Cohu or one In accordance with the disclosure requirements as described in ASC Topic 740, one no three April 1, 2023 March 26, 2022. |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 10. 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 April 1, 2023 December 31, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 21,718 $ 22,804 Finance lease assets Property, plant and equipment, net (1) 322 323 Total lease assets $ 22,040 $ 23,127 Liabilities Current Operating Other accrued liabilities $ 5,111 $ 4,927 Finance Other accrued liabilities 36 49 Noncurrent Operating Long-term lease liabilities 17,987 19,185 Finance Long-term lease liabilities 30 24 Total lease liabilities $ 23,164 $ 24,185 Weighted-average remaining lease term (years) Operating leases 6.1 6.2 Finance leases 2.1 1.7 Weighted-average discount rate Operating leases 6.2 % 6.2 % Finance leases 2.0 % 2.2 % ( 1 Finance lease assets are recorded net of accumulated amortization of $0.2 million as of April 1, 2023 December 31, 2022. The components of lease expense were as follows: Three Months Ended (in thousands) April 1, 2023 March 26, 2022 Operating leases $ 1,679 $ 1,716 Variable lease expense 559 537 Short-term operating leases 6 1 Finance leases Amortization of leased assets 26 32 Sublease income (10 ) (20 ) Net lease cost $ 2,260 $ 2,266 Future minimum lease payments at April 1, 2023, Operating Finance (in thousands) leases leases Total 2023 $ 4,744 $ 32 $ 4,776 2024 5,909 17 5,926 2025 5,260 16 5,276 2026 2,862 3 2,865 2027 1,783 - 1,783 Thereafter 7,910 - 7,910 Total lease payments 28,468 68 28,536 Less: Interest (5,370 ) (2 ) (5,372 ) Present value of lease liabilities $ 23,098 $ 66 $ 23,164 Supplemental cash flow information related to leases was as follows: Three Months Ended (in thousands) April 1, 2023 March 26, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,675 $ 1,703 Financing cash flows from finance leases $ 24 $ 44 Leased assets obtained in exchange for new operating lease liabilities $ 95 $ 1,169 Financing lease assets acquired in MCT acquisition $ 19 $ - Operating lease assets acquired in MCT acquisition $ 130 $ - |
Note 11 - Contingencies
Note 11 - Contingencies | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Contingencies From time-to-time we are involved in various legal proceedings, examinations by various tax authorities and claims that have arisen in the ordinary course of our business. The outcome of any litigation is inherently uncertain. While there can be no not |
Note 12 - Guarantees
Note 12 - Guarantees | 3 Months Ended |
Apr. 01, 2023 | |
Notes to Financial Statements | |
Guarantees [Text Block] | 12. 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 April 1, March 26, 2023 2022 Balance at beginning of period $ 6,214 $ 7,691 Warranty expense accruals 1,980 2,047 Warranty payments (2,146 ) (2,891 ) Liability acquired 67 - Balance at end of period $ 6,115 $ 6,847 Accrued warranty amounts expected to be incurred after one April 1, 2023 December 31, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 01, 2023 | |
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, April 1, 2023, ( first 2023” first three 2023” March 26, 2022, ( first 2022” first three 2022” first 2023 2022 13 Our interim results are not December 31, 2022, 2022 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” April 1, 2023 December 31, 2022, April 1, 2023, 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 April 1, December 31, 2023 2022 Raw materials and purchased parts $ 106,585 $ 106,041 Work in process 40,814 36,024 Finished goods 28,790 28,076 Total inventories $ 176,189 $ 170,141 |
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) April 1, December 31, 2023 2022 Land and land improvements $ 7,252 $ 7,066 Buildings and building improvements 33,441 31,161 Machinery and equipment 106,262 105,109 146,955 143,336 Less accumulated depreciation and amortization (79,747 ) (78,325 ) Property, plant and equipment, net $ 67,208 $ 65,011 |
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 $14.0 million and $14.7 million at April 1, 2023, December 31, 2022, fourth 2022 seven three April 1, 2023, March 26, 2022, |
Segment Reporting, Policy [Policy Text Block] | Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” 280, 280 |
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 50/50 We conduct our annual impairment test as of October 1st October 1, 2022, 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 During the first 2023, no |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Product warranty costs are accrued in the period sales are recognized. Our products are generally sold with standard warranty periods, which differ by product, ranging from 12 to 36 months. Parts and labor are typically covered under the terms of the warranty agreement. Our warranty expense accruals are based on historical and estimated costs by product and configuration. From time-to-time we offer customers extended warranties beyond the standard warranty period. In those situations, the revenue relating to the extended warranty is deferred at its estimated fair value and recognized on a straight-line basis over the contract period. Costs associated with our extended warranty contracts are expensed as incurred. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Costs We record restructuring activities including costs for one 420, 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 that were directly related to our Term Loan B are presented within noncurrent liabilities as a reduction of long-term debt in our condensed consolidated balance sheets. The amortization of such costs is recognized as interest expense using the effective interest method over the term of the respective debt issue. Amortization related to deferred debt issuance costs and original discount costs was $49,000 and $0.1 million for the three April 1, 2023 March 26, 2022, |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Remeasurement and Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. During the three April 1, 2023, three March 26, 2022, Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. |
Derivatives, Policy [Policy Text Block] | 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 the condensed consolidated interim financial statements, as follows (in thousands) Three Months Ended April 1, March 26, 2023 2022 Cost of sales $ 180 $ 145 Research and development 866 752 Selling, general and administrative 2,868 2,525 Total share-based compensation 3,914 3,422 Income tax benefit (2,776 ) (1,626 ) Total share-based compensation, net $ 1,138 $ 1,796 |
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 April 1, 2023, three March 26, 2022, The following table reconciles the denominators used in computing basic and diluted income per share (in thousands) Three Months Ended April 1, March 26, 2023 2022 Weighted average common shares 47,343 48,778 Effect of dilutive securities 828 791 48,171 49,569 |
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 April 1, 2023, 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 April 1, 2023, one December 31, 2022, one Net sales by type are as follows (in thousands): Three Months Ended Disaggregated Net Sales April 1, 2023 March 26, 2022 Systems $ 102,984 $ 117,349 Non-systems 76,387 80,408 Total net sales $ 179,371 $ 197,757 Revenue by geographic area based upon product shipment destination (in thousands Three Months Ended Disaggregated Net Sales April 1, 2023 March 26, 2022 Malaysia $ 31,895 $ 20,116 Philippines 31,790 24,385 China 21,110 38,653 United States 18,743 23,763 Taiwan 8,317 19,808 Rest of the World 67,516 71,032 Total net sales $ 179,371 $ 197,757 A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information is as follows: Three Months Ended April 1, March 26, 2023 2022 Customers individually accounting for more than 10% of net sales two one Percentage of net sales 24 % 11 % |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $37.0 million and $40.0 million at April 1, 2023 December 31, 2022, not first three 2023 2022 not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Retiree Medical Benefits We provide post-retirement health benefits to certain retired executives, one no first three 2023 2022 not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements There have been no 10 December 31, 2022. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 1, December 31, 2023 2022 Raw materials and purchased parts $ 106,585 $ 106,041 Work in process 40,814 36,024 Finished goods 28,790 28,076 Total inventories $ 176,189 $ 170,141 |
Property, Plant and Equipment [Table Text Block] | April 1, December 31, 2023 2022 Land and land improvements $ 7,252 $ 7,066 Buildings and building improvements 33,441 31,161 Machinery and equipment 106,262 105,109 146,955 143,336 Less accumulated depreciation and amortization (79,747 ) (78,325 ) Property, plant and equipment, net $ 67,208 $ 65,011 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended April 1, March 26, 2023 2022 Cost of sales $ 180 $ 145 Research and development 866 752 Selling, general and administrative 2,868 2,525 Total share-based compensation 3,914 3,422 Income tax benefit (2,776 ) (1,626 ) Total share-based compensation, net $ 1,138 $ 1,796 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 1, March 26, 2023 2022 Weighted average common shares 47,343 48,778 Effect of dilutive securities 828 791 48,171 49,569 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Disaggregated Net Sales April 1, 2023 March 26, 2022 Systems $ 102,984 $ 117,349 Non-systems 76,387 80,408 Total net sales $ 179,371 $ 197,757 Three Months Ended Disaggregated Net Sales April 1, 2023 March 26, 2022 Malaysia $ 31,895 $ 20,116 Philippines 31,790 24,385 China 21,110 38,653 United States 18,743 23,763 Taiwan 8,317 19,808 Rest of the World 67,516 71,032 Total net sales $ 179,371 $ 197,757 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended April 1, March 26, 2023 2022 Customers individually accounting for more than 10% of net sales two one Percentage of net sales 24 % 11 % |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Current assets, including cash received $ 9,494 Property, plant and equipment 197 Other assets 356 Intangible assets 12,000 Goodwill 8,798 Total assets acquired 30,845 Liabilities assumed (4,024 ) Net assets acquired $ 26,821 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Fair Value Weighted Developed technology $ 7,500 7.0 Customer relationships 4,000 10.0 Product backlog 500 0.5 Total intangible assets $ 12,000 |
Schedule of Goodwill [Table Text Block] | Goodwill Balance, December 25, 2021 $ 219,791 Impact of currency exchange (6,252 ) Balance, December 31, 2022 213,539 Additions 8,798 Impact of currency exchange 1,215 Balance, April 1, 2023 $ 223,552 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | April 1, 2023 December 31, 2022 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (in years) Amount Amort. Developed technology $ 225,310 $ 136,127 3.9 $ 224,253 $ 128,938 Customer relationships 76,500 32,490 6.7 64,632 31,015 Trade names 20,548 9,894 6.2 20,461 9,397 Covenant not-to-compete 265 166 3.8 269 161 Total intangible assets $ 322,623 $ 178,677 $ 309,615 $ 169,511 |
Note 3 - Borrowings and Credi_2
Note 3 - Borrowings and Credit Agreements (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | April 1, December 31, 2023 2022 Bank Term Loan under Credit Agreement $ 31,952 $ 66,952 Bank Term Loans-Kita 2,383 2,466 Construction Loan- Cohu GmbH 8,269 8,414 Lines of Credit 1,883 1,907 Total debt 44,487 79,739 Less: financing fees and discount (347 ) (764 ) Less: current portion (6,421 ) (6,311 ) Total long-term debt $ 37,719 $ 72,664 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Severance and Other Exit Other Payroll Costs Total Balance, December 31, 2022 $ - $ - $ - Costs accrued 878 10 888 Amounts paid or charged (707 ) (10 ) (717 ) Balance, April 1, 2023 $ 171 $ - $ 171 Severance and Other Exit Other Payroll Costs Total Balance, December 25, 2021 $ 348 $ - $ 348 Costs accrued (14 ) 590 576 Amounts paid or charged (257 ) (169 ) (426 ) Impact of currency exchange (2 ) - (2 ) Balance, March 26, 2022 $ 75 $ 421 $ 496 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments Measured at Fair Value (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | April 1, 2023 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 36,670 $ 23 $ 149 $ 36,544 Bank certificates of deposit 24,500 11 23 24,488 U.S. treasury securities 23,137 47 286 22,898 Asset-backed securities 12,932 - 64 12,868 Foreign government security 848 - - 848 $ 98,087 $ 81 $ 522 $ 97,646 December 31, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 59,283 $ 30 $ 240 $ 59,073 Bank certificates of deposit 36,500 20 41 36,479 U.S. treasury securities 34,614 1 418 34,197 Asset-backed securities 12,727 10 79 12,658 Foreign government security 828 - - 828 $ 143,952 $ 61 $ 778 $ 143,235 |
Investments Classified by Contractual Maturity Date [Table Text Block] | April 1, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 66,392 $ 66,139 $ 112,956 $ 112,683 Due after one year through three years 31,695 31,507 30,996 30,552 $ 98,087 $ 97,646 $ 143,952 $ 143,235 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at April 1, 2023 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 166,925 $ - $ - $ 166,925 U.S. treasury securities - 29,886 - 29,886 Corporate debt securities - 39,282 - 39,282 Asset-backed securities - 12,869 - 12,869 Money market funds - 49,998 - 49,998 Bank certificates of deposit - 24,487 - 24,487 Foreign government security - 848 - 848 $ 166,925 $ 157,370 $ - $ 324,295 Fair value measurements at December 31, 2022 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 190,371 $ - $ - $ 190,371 Corporate debt securities - 69,753 - 69,753 Money market funds - 40,290 - 40,290 Bank certificates of deposit - 37,480 - 37,480 U.S. treasury securities - 34,196 - 34,196 Asset-backed securities - 12,658 - 12,658 Foreign government security - 828 - 828 $ 190,371 $ 195,205 $ - $ 385,576 |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Contract Amount Contract Amount Currency Contract Position (Local Currency) (U.S. Dollars) Euro Buy 116,835 $ 127,000 Swiss Franc Buy 24,621 27,000 Malaysian Ringgit Buy 8,779 2,000 South Korean Won Buy 2,604,000 2,000 Japanese Yen Buy 66,240 500 $ 158,500 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three months ended Derivatives not designated Location of gain (loss) April 1, March 26, as hedging instruments recognized on derivatives 2023 2022 Foreign exchange forward contracts Foreign transaction gain (loss) $ 1,081 $ (1,410 ) |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Leases, Balance Sheet Information [Table Text Block] | (in thousands) Classification April 1, 2023 December 31, 2022 Assets Operating lease assets Operating lease right-of-use assets $ 21,718 $ 22,804 Finance lease assets Property, plant and equipment, net (1) 322 323 Total lease assets $ 22,040 $ 23,127 Liabilities Current Operating Other accrued liabilities $ 5,111 $ 4,927 Finance Other accrued liabilities 36 49 Noncurrent Operating Long-term lease liabilities 17,987 19,185 Finance Long-term lease liabilities 30 24 Total lease liabilities $ 23,164 $ 24,185 Weighted-average remaining lease term (years) Operating leases 6.1 6.2 Finance leases 2.1 1.7 Weighted-average discount rate Operating leases 6.2 % 6.2 % Finance leases 2.0 % 2.2 % |
Lease, Cost [Table Text Block] | Three Months Ended (in thousands) April 1, 2023 March 26, 2022 Operating leases $ 1,679 $ 1,716 Variable lease expense 559 537 Short-term operating leases 6 1 Finance leases Amortization of leased assets 26 32 Sublease income (10 ) (20 ) Net lease cost $ 2,260 $ 2,266 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) leases leases Total 2023 $ 4,744 $ 32 $ 4,776 2024 5,909 17 5,926 2025 5,260 16 5,276 2026 2,862 3 2,865 2027 1,783 - 1,783 Thereafter 7,910 - 7,910 Total lease payments 28,468 68 28,536 Less: Interest (5,370 ) (2 ) (5,372 ) Present value of lease liabilities $ 23,098 $ 66 $ 23,164 |
Lease, Cash Flow Information [Table Text Block] | Three Months Ended (in thousands) April 1, 2023 March 26, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,675 $ 1,703 Financing cash flows from finance leases $ 24 $ 44 Leased assets obtained in exchange for new operating lease liabilities $ 95 $ 1,169 Financing lease assets acquired in MCT acquisition $ 19 $ - Operating lease assets acquired in MCT acquisition $ 130 $ - |
Note 12 - Guarantees (Tables)
Note 12 - Guarantees (Tables) | 3 Months Ended |
Apr. 01, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended April 1, March 26, 2023 2022 Balance at beginning of period $ 6,214 $ 7,691 Warranty expense accruals 1,980 2,047 Warranty payments (2,146 ) (2,891 ) Liability acquired 67 - Balance at end of period $ 6,115 $ 6,847 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | ||||
Oct. 01, 2022 USD ($) | Apr. 01, 2023 USD ($) shares | Mar. 26, 2022 USD ($) shares | Dec. 31, 2022 USD ($) | ||
Accounts Receivable, Allowance for Credit Loss | $ 200,000 | $ 200,000 | |||
Capitalized Computer Software, Gross | 14,000,000 | 14,700,000 | |||
Capitalized Computer Software, Amortization | $ 700,000 | $ 478,000 | |||
Number of Operating Segments | 3 | ||||
Number of Reportable Segments | 1 | ||||
Goodwill and Intangible Asset Impairment, Total | $ 0 | ||||
Amortization of Debt Issuance Costs | $ 49,000 | 100,000 | |||
Realized Gain (Loss), Foreign Currency Transaction, before Tax | $ (400,000) | $ 1,100,000 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 112,000 | 224,000 | |||
Revenue, Remaining Performance Obligation, Amount | $ 6,600,000 | ||||
Provision for Doubtful Accounts | 0 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | ||||
Contract with Customer, Liability | 12,000,000 | 16,100,000 | |||
Deferred Profit | 5,738,000 | 8,022,000 | [1] | ||
Deferred Profit Long-term | 5,300,000 | 5,500,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (37,009,000) | $ (40,012,000) | [1] | ||
Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||
Minimum [Member] | |||||
Standard Product Warranty Term (Month) | 12 months | ||||
Maximum [Member] | |||||
Standard Product Warranty Term (Month) | 36 months | ||||
Building [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||
Building [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||
Building Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Building Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||||
Machinery, Equipment and Software [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Machinery, Equipment and Software [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||
[1]Derived from December 31, 2022 audited financial statements |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 | |
Raw materials and purchased parts | $ 106,585 | $ 106,041 | |
Work in process | 40,814 | 36,024 | |
Finished goods | 28,790 | 28,076 | |
Total inventories | $ 176,189 | $ 170,141 | [1] |
[1]Derived from December 31, 2022 audited financial statements |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 | |
Property, plant and equipment | $ 146,955 | $ 143,336 | |
Less accumulated depreciation and amortization | (79,747) | (78,325) | |
Property, plant and equipment, net | 67,208 | 65,011 | [1] |
Land and Land Improvements [Member] | |||
Property, plant and equipment | 7,252 | 7,066 | |
Building and Building Improvements [Member] | |||
Property, plant and equipment | 33,441 | 31,161 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment | $ 106,262 | $ 105,109 | |
[1]Derived from December 31, 2022 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 | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Share-based compensation of continuing operations | $ 3,914 | $ 3,422 |
Income tax benefit | (2,776) | (1,626) |
Total share-based compensation, net | 1,138 | 1,796 |
Cost of Sales [Member] | ||
Share-based compensation of continuing operations | 180 | 145 |
Research and Development Expense [Member] | ||
Share-based compensation of continuing operations | 866 | 752 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation of continuing operations | $ 2,868 | $ 2,525 |
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 | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Weighted average common shares (in shares) | 47,343 | 48,778 |
Effect of dilutive securities (in shares) | 828 | 791 |
Weighted Average Number of Shares Outstanding, Diluted | 48,171 | 49,569 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Net sales | $ 179,371 | $ 197,757 |
Malaysia [Member] | ||
Net sales | 31,895 | 20,116 |
PHILIPPINES | ||
Net sales | 31,790 | 24,385 |
CHINA | ||
Net sales | 21,110 | 38,653 |
UNITED STATES | ||
Net sales | 18,743 | 23,763 |
TAIWAN | ||
Net sales | 8,317 | 19,808 |
Rest of the World [Member] | ||
Net sales | 67,516 | 71,032 |
Systems [Member] | ||
Net sales | 102,984 | 117,349 |
Non-systems [Member] | ||
Net sales | $ 76,387 | $ 80,408 |
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 | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Customers individually accounting for more than 10% of net sales | 2 | 1 |
One Customer [Member] | ||
Percentage of net sales | 24% | 11% |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 30, 2023 | Apr. 01, 2023 | Mar. 26, 2022 | |
Amortization of Intangible Assets | $ 8,754 | $ 8,535 | |
MCT Worldwide, LLC [Member] | |||
Payments to Acquire Businesses, Gross | $ 28,000 | ||
Business Combination, Consideration Transferred | $ 26,800 | ||
Business Combination, Acquisition Related Costs | $ 400 | $ 0 |
Note 2 - Business Acquisition_4
Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Jan. 30, 2023 | Dec. 31, 2022 | [1] | Dec. 25, 2021 |
Goodwill | $ 223,552 | $ 213,539 | $ 219,791 | ||
MCT Worldwide, LLC [Member] | |||||
Current assets, including cash received | $ 9,494 | ||||
Property, plant and equipment | 197 | ||||
Other assets | 356 | ||||
Intangible assets | 12,000 | ||||
Goodwill | 8,798 | ||||
Total assets acquired | 30,845 | ||||
Liabilities assumed | (4,024) | ||||
Net assets acquired | $ 26,821 | ||||
[1]Derived from December 31, 2022 audited financial statements |
Note 2 - Business Acquisition_5
Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets - Preliminary Allocation of Intangible Assets (Details) - MCT Worldwide, LLC [Member] $ in Millions | Jan. 30, 2023 USD ($) |
Intangible assets, estimated fair value | $ 12 |
Developed Technology Rights [Member] | |
Finite-lived intangible assets, estimated fair value | $ 7.5 |
Finite-lived intangible assets, average useful life (Year) | 7 years |
Customer Relationships [Member] | |
Finite-lived intangible assets, estimated fair value | $ 4 |
Finite-lived intangible assets, average useful life (Year) | 10 years |
Order or Production Backlog [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.5 |
Finite-lived intangible assets, average useful life (Year) | 6 months |
Note 2 - Business Acquisition_6
Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2023 | Dec. 31, 2022 | |||
Beginning balance | $ 213,539 | [1] | $ 219,791 | |
Impact of currency exchange | 1,215 | (6,252) | ||
Additions | 8,798 | |||
Ending balance | $ 223,552 | $ 213,539 | [1] | |
[1]Derived from December 31, 2022 audited financial statements |
Note 2 - Business Acquisition_7
Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Gross Carrying Amount, finite-lived intangible assets | $ 322,623 | $ 309,615 |
Accumulated Amortization | 178,677 | 169,511 |
Developed Technology Rights [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | 225,310 | 224,253 |
Accumulated Amortization | $ 136,127 | 128,938 |
Remaining Useful Life (Year) | 3 years 10 months 24 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 76,500 | 64,632 |
Accumulated Amortization | $ 32,490 | 31,015 |
Remaining Useful Life (Year) | 6 years 8 months 12 days | |
Trade Names [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 20,548 | 20,461 |
Accumulated Amortization | $ 9,894 | 9,397 |
Remaining Useful Life (Year) | 6 years 2 months 12 days | |
Noncompete Agreements [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 265 | 269 |
Accumulated Amortization | $ 166 | $ 161 |
Remaining Useful Life (Year) | 3 years 9 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 | ||||||||
Oct. 01, 2018 USD ($) | Apr. 01, 2023 USD ($) | Mar. 26, 2022 USD ($) | Apr. 01, 2023 EUR (€) | Apr. 01, 2023 JPY (¥) | Apr. 01, 2023 CHF (SFr) | Dec. 31, 2022 USD ($) | May 31, 2022 EUR (€) | Jun. 30, 2020 EUR (€) | |
Long-Term Debt, Current Maturities | $ 6,421 | $ 6,311 | |||||||
Repayments of Long-Term Debt | 35,290 | $ 9,056 | |||||||
Gain (Loss) on Extinguishment of Debt | (369) | (104) | |||||||
Long-Term Line of Credit, Total | 1,883 | 1,907 | |||||||
Ismeca [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2 | ||||||||
Long-Term Line of Credit, Total | $ 0 | 0 | |||||||
Number of Available Lines of Credit | 1 | 1 | 1 | 1 | |||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 960 | ||||||||
Long-Term Line of Credit, Total | $ 1,900 | ¥ 250 | |||||||
Secured Term Loan Facility [Member] | |||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% | ||||||||
Long-Term Debt | 31,600 | 66,200 | |||||||
Long-Term Debt, Current Maturities | 3,400 | 3,200 | |||||||
Long-Term Debt, Fair Value | 32,000 | ||||||||
Extinguishment of Debt, Amount | 34,100 | 7,000 | |||||||
Repayments of Long-Term Debt | 34,100 | 7,000 | |||||||
Gain (Loss) on Extinguishment of Debt | (400) | (100) | |||||||
Extinguishment of Debt Decrease Deferred Financing Costs | 400 | $ 100 | |||||||
Long-Term Debt, Gross | 31,952 | 66,952 | |||||||
Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||||
Kita Term Loans [Member] | |||||||||
Long-Term Debt | 2,400 | 2,500 | |||||||
Long-Term Debt, Current Maturities | 200 | 200 | |||||||
Long-Term Debt, Gross | $ 2,383 | 2,466 | |||||||
Kita Term Loans [Member] | Minimum [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 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% | |||||
Loan Facilities [Member] | Construction Loans [Member] | |||||||||
Debt Instrument, Face Amount | € | € 9.5 | € 10.1 | |||||||
Long-Term Debt | $ 8,300 | 8,400 | |||||||
Long-Term Debt, Current Maturities | $ 1,000 | $ 1,000 | |||||||
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% | |||||
Debt Instrument, Collateral Amount | € | € 3.4 | ||||||||
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% | |||||
Debt Instrument, Collateral Amount | € | € 5.2 | ||||||||
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% | |||||
Debt Instrument, Collateral Amount | € | € 0.9 | ||||||||
Debt Instrument, Term (Year) | 10 years |
Note 3 - Borrowings and Credi_4
Note 3 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Lines of Credit | $ 1,883 | $ 1,907 |
Total debt | 44,487 | 79,739 |
Less: financing fees and discount | (347) | (764) |
Less: current portion | (6,421) | (6,311) |
Total long-term debt | 37,719 | 72,664 |
Secured Term Loan Facility [Member] | ||
Long term Debt | 31,952 | 66,952 |
Less: current portion | (3,400) | (3,200) |
Kita Term Loans [Member] | ||
Long term Debt | 2,383 | 2,466 |
Less: current portion | (200) | (200) |
Construction Loan [Member] | ||
Long term Debt | $ 8,269 | $ 8,414 |
Note 4 - Restructuring Charge_2
Note 4 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Restructuring Charges | $ 888 | $ 576 |
MCT Integration Program [Member] | ||
Restructuring Charges | $ 900 | |
Xcerra Integration Program [Member] | ||
Restructuring Charges | $ 400 |
Note 4 - Restructuring Charge_3
Note 4 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Costs accrued | $ 888 | $ 576 |
MCT Integration Program [Member] | ||
Costs accrued | 900 | |
Xcerra Integration Program [Member] | ||
Costs accrued | 400 | |
Employee Severance [Member] | MCT Integration Program [Member] | ||
Accrued restructuring, balance | 0 | |
Costs accrued | 878 | |
Amounts paid or charged | (707) | |
Accrued restructuring, balance | 171 | |
Employee Severance [Member] | Xcerra Integration Program [Member] | ||
Accrued restructuring, balance | 348 | |
Costs accrued | (14) | |
Amounts paid or charged | (257) | |
Accrued restructuring, balance | 75 | |
Impact of currency exchange | (2) | |
Other Restructuring [Member] | MCT Integration Program [Member] | ||
Accrued restructuring, balance | 0 | |
Costs accrued | 10 | |
Amounts paid or charged | (10) | |
Accrued restructuring, balance | 0 | |
Other Restructuring [Member] | Xcerra Integration Program [Member] | ||
Accrued restructuring, balance | 0 | |
Costs accrued | 590 | |
Amounts paid or charged | (169) | |
Accrued restructuring, balance | 421 | |
Impact of currency exchange | 0 | |
Employee Severance and Other Exit Costs [Member] | MCT Integration Program [Member] | ||
Accrued restructuring, balance | 0 | |
Costs accrued | 888 | |
Amounts paid or charged | (717) | |
Accrued restructuring, balance | $ 171 | |
Employee Severance and Other Exit Costs [Member] | Xcerra Integration Program [Member] | ||
Accrued restructuring, balance | 348 | |
Costs accrued | 576 | |
Amounts paid or charged | (426) | |
Accrued restructuring, balance | 496 | |
Impact of currency exchange | $ (2) |
Note 5 - Financial Instrument_3
Note 5 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions | Apr. 01, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Amortized Cost | $ 66.3 | $ 86.3 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 65.8 | $ 85.5 |
Note 5 - Financial Instrument_4
Note 5 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 | |
Amortized cost | $ 98,087 | $ 143,952 | |
Gross unrealized gains | 81 | 61 | |
Gross unrealized losses | [1] | 522 | 778 |
Short-term investments | 97,646 | 143,235 | |
Corporate Debt Securities [Member] | |||
Amortized cost | [2] | 36,670 | 59,283 |
Gross unrealized gains | [2] | 23 | 30 |
Gross unrealized losses | [1],[2] | 149 | 240 |
Short-term investments | [2] | 36,544 | 59,073 |
Certificates of Deposit [Member] | |||
Amortized cost | 24,500 | 36,500 | |
Gross unrealized gains | 11 | 20 | |
Gross unrealized losses | [1] | 23 | 41 |
Short-term investments | 24,488 | 36,479 | |
US Treasury Securities [Member] | |||
Amortized cost | 23,137 | 34,614 | |
Gross unrealized gains | 47 | 1 | |
Gross unrealized losses | [1] | 286 | 418 |
Short-term investments | 22,898 | 34,197 | |
Asset-Backed Securities [Member] | |||
Amortized cost | 12,932 | 12,727 | |
Gross unrealized gains | 0 | 10 | |
Gross unrealized losses | [1] | 64 | 79 |
Short-term investments | 12,868 | 12,658 | |
Debt Security, Government, Non-US [Member] | |||
Amortized cost | 848 | 828 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | [1] | 0 | 0 |
Short-term investments | $ 848 | $ 828 | |
[1]As of April 1, 2023, the cost and fair value of investments with loss positions was approximately $66.3 million and $65.8 million, respectively. As of December 31, 2022, the cost and fair value of investments with loss positions was approximately $86.3 million and $85.5 million, respectively. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if a credit loss exists. We have the ability and intent to hold these investments to maturity.[2]Corporate debt securities include investments in financial and other corporate institutions. No single issuer represents a significant portion of the total corporate debt securities portfolio. |
Note 5 - Financial Instrument_5
Note 5 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 |
Due in one year or less, amortized cost | $ 66,392 | $ 112,956 |
Due in one year or less, fair value | 66,139 | 112,683 |
Due after one year through three years, amortized cost | 31,695 | 30,996 |
Due after one year through three years, fair value | 31,507 | 30,552 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total | 98,087 | 143,952 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total | $ 97,646 | $ 143,235 |
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 | Apr. 01, 2023 | Dec. 31, 2022 | |
Short-term investments | $ 97,646 | $ 143,235 | |
US Treasury Securities [Member] | |||
Short-term investments | 22,898 | 34,197 | |
Corporate Debt Securities [Member] | |||
Short-term investments | [1] | 36,544 | 59,073 |
Asset-Backed Securities [Member] | |||
Short-term investments | 12,868 | 12,658 | |
Certificates of Deposit [Member] | |||
Short-term investments | 24,488 | 36,479 | |
Debt Security, Government, Non-US [Member] | |||
Short-term investments | 848 | 828 | |
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure | 324,295 | 385,576 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Short-term investments | 29,886 | 34,196 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 39,282 | 69,753 | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | |||
Short-term investments | 12,869 | 12,658 | |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 24,487 | 37,480 | |
Fair Value, Recurring [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 848 | 828 | |
Fair Value, Recurring [Member] | Cash [Member] | |||
Cash and cash equivalents | 166,925 | 190,371 | |
Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | 49,998 | 40,290 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure | 166,925 | 190,371 | |
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 | 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 | 166,925 | 190,371 | |
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 | 157,370 | 195,205 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | |||
Short-term investments | 29,886 | 34,196 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 39,282 | 69,753 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | |||
Short-term investments | 12,869 | 12,658 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 24,487 | 37,480 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 848 | 828 | |
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 | 49,998 | 40,290 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure | 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 | 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 | 3 Months Ended |
Apr. 01, 2023 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) | 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) | 305,816 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 357,532 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 2,562 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 914,964 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 35.1 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 1 year 8 months 12 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 |
Equity Based Performance Stock Units Granted in 2023, 2022, 2021, and 2020 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 256,073 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 257,845 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 401,452 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 15.4 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year) | 2 years 2 months 12 days |
Equity Based Performance Stock Units Granted in 2023, 2022, 2021, and 2020 [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) | 358,844 |
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) | 346,498 |
Percentage of Fair Value to Determine Price of Common Stock | 85% |
Stock Issued During Period, Shares, New Issues (in shares) | 0 |
Note 7 - Derivative Financial_3
Note 7 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Apr. 01, 2023 - Not Designated as Hedging Instrument [Member] € in Thousands, ¥ in Thousands, SFr in Thousands, RM in Thousands, ₩ in Millions, $ in Millions | USD ($) | EUR (€) | JPY (¥) | CHF (SFr) | MYR (RM) | KRW (₩) |
Euro Foreign Exchange Forward [Member] | Long [Member] | ||||||
Contract amount | $ 127 | € 116,835 | ||||
Swiss Franc Foreign Exchange Forward [Member] | Long [Member] | ||||||
Contract amount | 27 | SFr 24,621 | ||||
Malaysian Ringgit Foreign Exchange Forward [Member] | Long [Member] | ||||||
Contract amount | 2 | RM 8,779 | ||||
South Korean Won Forward Exchange Forward [Member] | Long [Member] | ||||||
Contract amount | 2 | ₩ 2,604 | ||||
Japanese Yen Foreign Exchange Forward [Member] | Long [Member] | ||||||
Contract amount | 0.5 | ¥ 66,240 | ||||
Foreign Exchange Forward [Member] | ||||||
Contract amount | $ 158.5 |
Note 7 - Derivative Financial_4
Note 7 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Foreign exchange forward contracts | $ 1,081 | $ (1,410) |
Note 8 - Equity (Details Textua
Note 8 - Equity (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||
Apr. 01, 2023 | Mar. 26, 2022 | Oct. 25, 2022 | Oct. 28, 2021 | |
Stock Repurchase Program, Authorized Amount | $ 70 | |||
Stock Repurchase Program, Additional Authorized Amount | $ 70 | |||
Stock Repurchased During Period, Shares (in shares) | 99,682 | 213,706 | ||
Stock Repurchased During Period, Value | $ 3.5 | $ 6.4 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 78.5 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended |
Apr. 01, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 24.10% |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2023 | Dec. 31, 2022 | |
Lessee, Operating Lease, Renewal Term (Year) | 25 years | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 0.2 | $ 0.2 |
Minimum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 35 years |
Note 10 - Leases - Balance Shee
Note 10 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 | ||
Operating lease assets | $ 21,718 | $ 22,804 | [1] | |
Total lease assets | 22,040 | 23,127 | ||
Total lease liabilities | $ 23,164 | $ 24,185 | ||
Operating leases (Year) | 6 years 1 month 6 days | 6 years 2 months 12 days | ||
Finance leases (Year) | 2 years 1 month 6 days | 1 year 8 months 12 days | ||
Operating leases | 6.20% | 6.20% | ||
Finance leases | 2% | 2.20% | ||
Property, Plant and Equipment, Net [Member] | ||||
Finance lease assets | [2] | $ 322 | $ 323 | |
Other Accrued Liabilities [Member] | ||||
Operating, current | 5,111 | 4,927 | ||
Finance, current | 36 | 49 | ||
Long-term Lease Liabilities [Member] | ||||
Operating, noncurrent | 17,987 | 19,185 | ||
Finance, noncurrent | $ 30 | $ 24 | ||
[1]Derived from December 31, 2022 audited financial statements[2]Finance lease assets are recorded net of accumulated amortization of $0.2 million as of April 1, 2023 and December 31, 2022. |
Note 10 - Leases - Lease Expens
Note 10 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Operating leases | $ 1,679 | $ 1,716 |
Variable lease expense | 559 | 537 |
Short-term operating leases | 6 | 1 |
Amortization of leased assets | 26 | 32 |
Sublease income | (10) | (20) |
Net lease cost | $ 2,260 | $ 2,266 |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Dec. 31, 2022 | |
2023, operating lease | [1] | $ 4,744 | |
2023, finance lease | 32 | ||
2023, total | 4,776 | ||
2024, operating lease | [1] | 5,909 | |
2024, finance lease | 17 | ||
2024, total | 5,926 | ||
2025, operating lease | [1] | 5,260 | |
2025, finance lease | 16 | ||
2025, total | 5,276 | ||
2026, operating lease | 2,862 | ||
2026, finance lease | 3 | ||
2026, total | 2,865 | ||
2027, operating lease | 1,783 | ||
2027, finance lease | 0 | ||
2027, total | 1,783 | ||
Thereafter, operating leases | [1] | 7,910 | |
Thereafter, finance leases | 0 | ||
Thereafter, total | 7,910 | ||
Total lease payments, operating leases | [1] | 28,468 | |
Total lease payments, finance leases | 68 | ||
Total lease payments, total | 28,536 | ||
Less: Interest, operating leases | [1] | (5,370) | |
Less: Interest, finance leases | (2) | ||
Less: Interest, total | (5,372) | ||
Present value of lease liabilities, finance leases | 66 | ||
Present value of lease liabilities, total | 23,164 | $ 24,185 | |
Other Accrued Liabilities and Long-term Lease Liabilities [Member] | |||
Present value of lease liabilities, operating leases | [1] | $ 23,098 | |
[1]Excludes sublease income of $0.1 million in 2022 and 2023. |
Note 10 - Leases - Cash Flow In
Note 10 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Operating cash flows from operating leases | $ 1,675 | $ 1,703 |
Financing cash flows from finance leases | 24 | 44 |
Leased assets obtained in exchange for new operating lease liabilities | 95 | 1,169 |
MCT Worldwide, LLC [Member] | ||
Financing lease assets acquired in MCT acquisition | 19 | 0 |
Operating lease assets acquired in MCT acquisition | $ 130 | $ 0 |
Note 12 - Guarantees (Details T
Note 12 - Guarantees (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2023 | Dec. 31, 2022 | |
Non-current Other Accrued Liabilities [Member] | ||
Product Warranty Accrual, Noncurrent | $ 0.6 | $ 0.6 |
Minimum [Member] | ||
Standard Product Warranty Term (Month) | 12 months | |
Maximum [Member] | ||
Standard Product Warranty Term (Month) | 36 months |
Note 12 - Guarantees - Changes
Note 12 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2023 | Mar. 26, 2022 | |
Balance at beginning of period | $ 6,214 | $ 7,691 |
Warranty expense accruals | 1,980 | 2,047 |
Warranty payments | (2,146) | (2,891) |
Liability acquired | 67 | 0 |
Balance at end of period | $ 6,115 | $ 6,847 |