Cognex (CGNX) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jul. 04, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 4, 2021
Document Transition Report	false
Entity File Number	001-34218
Entity Registrant Name	COGNEX CORP
Entity Central Index Key	0000851205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2713778
Entity Address, Address Line One	One Vision Drive
Entity Address, City or Town	Natick
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01760
City Area Code	508
Local Phone Number	650-3000
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
Title of 12(b) Security	Common Stock, par value $.002 per share
Trading Symbol	CGNX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	176,707,164

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Income Statement [Abstract]
Revenue	$ 269,158	$ 169,097	$ 508,185	$ 336,332
Cost of revenue	68,432	50,320	122,477	91,520
Gross margin	200,726	118,777	385,708	244,812
Research, development, and engineering expenses	31,302	30,397	65,407	66,343
Selling, general, and administrative expenses	76,843	60,153	149,267	129,291
Operating income (loss)	92,581	(6,142)	171,034	14,809
Foreign currency gain (loss)	(639)	336	(1,647)	(2,667)
Investment income	1,723	3,291	3,277	8,520
Other income (expense)	(127)	203	(295)	20
Income (loss) before income tax expense (benefit)	93,538	(2,312)	172,369	20,682
Income tax expense (benefit)	15,940	(1,170)	24,923	1,347
Net Income	$ 77,598	$ (1,142)	$ 147,446	$ 19,335
Net income (loss) per weighted-average common and common-equivalent share:
Basic (usd per share)	$ 0.44	$ (0.01)	$ 0.84	$ 0.11
Diluted (usd per share)	$ 0.43	$ (0.01)	$ 0.82	$ 0.11
Weighted-average common and common-equivalent shares outstanding:
Basic (shares)	176,626	172,283	176,454	172,345
Diluted (shares)	179,991	172,283	179,982	175,499
Cash dividends per common share (usd per share)	$ 0.060	$ 0.055	$ 0.120	$ 0.110
Restructuring charges (Note 16)	$ 0	$ 14,798	$ 0	$ 14,798
Intangible asset impairment charges (Note 8)	$ 0	$ 19,571	$ 0	$ 19,571

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 77,598	$ (1,142)	$ 147,446	$ 19,335
Available-for-sale investments:
Net unrealized gain (loss) on available-for-sale investments, net of tax	(138)	12,451	(2,096)	8,590
Reclassification of credit loss (recovery) on investments into current operations	0	(85)	0	75
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations	(68)	(955)	(68)	(2,805)
Net change related to available-for-sale investments	(206)	11,411	(2,164)	5,860
Foreign currency translation adjustments:
Foreign currency translation adjustments	(337)	1,903	(3,107)	(5,462)
Other comprehensive income (loss), net of tax	(543)	13,314	(5,271)	398
Total comprehensive income	$ 77,055	$ 12,172	$ 142,175	$ 19,733

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Tax effect of unrealized gain (loss) on available-for-sale investments	$ (61)	$ (836)	$ (646)	$ (1,788)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 217,037	$ 269,073
Current investments, amortized cost of $189,818 and $102,258 in 2021 and 2020, respectively, allowance for credit losses of $0 in 2021 and 2020	190,747	103,240
Accounts receivable, allowance for credit losses of $803 and $831 in 2021 and 2020, respectively	149,157	125,696
Unbilled revenue	1,788	5,632
Inventories	68,503	60,830
Prepaid expenses and other current assets	65,646	37,220
Total current assets	692,878	601,691
Non-current investments, amortized cost of $542,015 and $390,417 in 2021 and 2020, respectively, allowance for credit losses of $0 in 2021 and 2020	543,965	395,125
Property, plant, and equipment, net	76,972	79,173
Operating lease assets	21,277	22,582
Goodwill	242,906	244,078
Intangible assets, net	13,702	15,555
Deferred income taxes	425,618	434,704
Other assets	7,603	7,794
Total assets	2,024,921	1,800,702
Current liabilities:
Accounts payable	32,304	16,270
Accrued expenses	76,653	77,264
Accrued income taxes	11,644	9,379
Deferred revenue and customer deposits	76,445	21,274
Operating lease liabilities	7,888	8,110
Total current liabilities	204,934	132,297
Non-current operating lease liabilities	16,362	18,120
Deferred income taxes	306,355	314,952
Reserve for income taxes	15,227	14,257
Non-current accrued income taxes	40,963	48,915
Other liabilities	11,626	9,959
Total liabilities	595,467	538,500
Shareholders’ equity:
Preferred stock, $.01 par value – Authorized: 400 shares in 2021 and 2020, respectively, no shares issued and outstanding	0	0
Common stock, $.002 par value – Authorized: 300,000 shares in 2021 and 2020, respectively, issued and outstanding: 176,707 and 175,790 shares in 2021 and 2020, respectively	353	352
Additional paid-in capital	874,883	807,739
Retained earnings	593,290	487,912
Accumulated other comprehensive loss, net of tax	(39,072)	(33,801)
Total shareholders’ equity	1,429,454	1,262,202
Total liabilities and shareholders' equity	$ 2,024,921	$ 1,800,702

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Amortized cost of current investments	$ 189,818	$ 102,258
Allowance for credit losses	0	0
Allowance for credit losses, current	803	831
Amortized cost of non-current investments	542,015	390,417
Allowance for credit losses, non-current	$ 0	$ 0
Common stock par value (in dollars per share)	$ 0.002	$ 0.002
Common stock shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	176,707,000	175,790,000
Common stock, shares outstanding (in shares)	176,707,000	175,790,000
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	400,000	400,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Cash flows from operating activities:
Net income	$ 147,446	$ 19,335
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	22,739	22,808
Depreciation of property, plant, and equipment	8,510	11,162
Loss on disposal of property, plant, and equipment	4	1,214
Amortization of intangible assets	1,853	2,582
Intangible asset impairment charges	0	19,571
Excess and obsolete inventory charges	1,816	8,783
Operating lease asset impairment charges	0	2,534
Amortization of discounts or premiums on investments	1,840	328
Realized gain on sale of investments	(68)	(2,805)
Credit loss on investments	0	75
Revaluation of contingent consideration	0	(114)
Change in deferred income taxes	973	1,395
Accounts receivable	(23,488)	(8,957)
Unbilled revenue	3,844	3,804
Inventories	(9,521)	(1,664)
Prepaid expenses and other current assets	(28,830)	(25,461)
Accounts payable	16,058	143
Accrued expenses	206	15,806
Accrued income taxes	(5,588)	(25,411)
Deferred revenue and customer deposits	55,220	32,586
Other	1,711	(1,534)
Net cash provided by operating activities	194,725	76,180
Cash flows from investing activities:
Purchases of investments	(511,625)	(317,540)
Maturities and sales of investments	270,696	387,765
Purchases of property, plant, and equipment	(6,550)	(6,985)
Net cash provided by (used in) investing activities	(247,479)	63,240
Cash flows from financing activities:
Net proceeds from issuance of common stock under stock plans	44,407	48,235
Repurchase of common stock	(20,877)	(51,036)
Payment of dividends	(21,192)	(18,972)
Payment of contingent consideration	0	(1,039)
Net cash provided by (used in) financing activities	2,338	(22,812)
Effect of foreign exchange rate changes on cash and cash equivalents	(1,620)	(2,018)
Net change in cash and cash equivalents	(52,036)	114,590
Cash and cash equivalents at beginning of period	269,073	171,431
Cash and cash equivalents at end of period	$ 217,037	$ 286,021

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2019	$ 1,355,710	$ 345	$ 639,372	$ 753,268	$ (37,275)
Beginning Balance (in shares) at Dec. 31, 2019		172,440
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans	48,235	$ 3	48,232
Issuance of common stock under stock plans (in shares)		1,822
Repurchase of common stock	(51,036)	$ (2)		(51,034)
Repurchase of common stock (in shares)		(1,215)
Stock-based compensation expense	$ 22,808		22,808
Cash dividends per common share (usd per share)	$ 0.110
Payment of dividends	$ (18,972)			(18,972)
Net income	19,335			19,335
Net unrealized gain (loss) on available-for-sale investments, net of tax	8,590				8,590
Reclassification of credit loss (recovery) on investments	75				75
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	(2,805)				(2,805)
Foreign currency translation adjustment	(5,462)				(5,462)
Ending Balance (in shares) at Jun. 28, 2020		173,047
Ending Balance at Jun. 28, 2020	1,376,478	$ 346	710,412	702,597	(36,877)
Beginning Balance at Mar. 29, 2020	1,327,493	$ 344	664,132	713,208	(50,191)
Beginning Balance (in shares) at Mar. 29, 2020		171,688
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans	38,264	$ 2	38,262
Issuance of common stock under stock plans (in shares)		1,359
Stock-based compensation expense	$ 8,018		8,018
Cash dividends per common share (usd per share)	$ 0.055
Payment of dividends	$ (9,469)			(9,469)
Net income	(1,142)			(1,142)
Net unrealized gain (loss) on available-for-sale investments, net of tax	12,451				12,451
Reclassification of credit loss (recovery) on investments	(85)				(85)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	(955)				(955)
Foreign currency translation adjustment	1,903				1,903
Ending Balance (in shares) at Jun. 28, 2020		173,047
Ending Balance at Jun. 28, 2020	1,376,478	$ 346	710,412	702,597	(36,877)
Beginning Balance at Dec. 31, 2020	$ 1,262,202	$ 352	807,739	487,912	(33,801)
Beginning Balance (in shares) at Dec. 31, 2020	175,790	175,790
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans	$ 44,407	$ 2	44,405
Issuance of common stock under stock plans (in shares)		1,175
Repurchase of common stock	(20,877)	$ (1)		(20,876)
Repurchase of common stock (in shares)		(258)
Stock-based compensation expense	$ 22,739		22,739
Cash dividends per common share (usd per share)	$ 0.120
Payment of dividends	$ (21,192)			(21,192)
Net income	147,446			147,446
Net unrealized gain (loss) on available-for-sale investments, net of tax	(2,096)				(2,096)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	(68)				(68)
Foreign currency translation adjustment	$ (3,107)				(3,107)
Ending Balance (in shares) at Jul. 04, 2021	176,707	176,707
Ending Balance at Jul. 04, 2021	$ 1,429,454	$ 353	874,883	593,290	(39,072)
Beginning Balance at Apr. 04, 2021	1,357,001	$ 353	854,491	540,686	(38,529)
Beginning Balance (in shares) at Apr. 04, 2021		176,608
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans	9,663	$ 1	9,662
Issuance of common stock under stock plans (in shares)		277
Repurchase of common stock	(14,398)	$ (1)		(14,397)
Repurchase of common stock (in shares)		(178)
Stock-based compensation expense	$ 10,730		10,730
Cash dividends per common share (usd per share)	$ 0.060
Payment of dividends	$ (10,597)			(10,597)
Net income	77,598			77,598
Net unrealized gain (loss) on available-for-sale investments, net of tax	(138)				(138)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	(68)				(68)
Foreign currency translation adjustment	$ (337)				(337)
Ending Balance (in shares) at Jul. 04, 2021	176,707	176,707
Ending Balance at Jul. 04, 2021	$ 1,429,454	$ 353	$ 874,883	$ 593,290	$ (39,072)

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (usd per share)	$ 0.060	$ 0.055	$ 0.120	$ 0.110
Tax effect of unrealized gain (loss) on available-for-sale investments	$ (61)	$ (836)	$ (646)	$ (1,788)

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles (GAAP). Reference should be made to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for a full description of other significant accounting policies. In the opinion of the management of Cognex Corporation (the "Company"), the accompanying consolidated unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments, excess and obsolete inventory charges (Note 5), intangible asset impairment charges (Note 8), restructuring charges (Note 16) and financial statement reclassifications necessary to present fairly the Company’s financial position as of July 4, 2021, and the results of its operations for the three-month and six-month periods ended July 4, 2021 and June 28, 2020, and changes in shareholders’ equity, comprehensive income, and cash flows for the periods presented. The results disclosed in the Consolidated Statements of Operations for the three-month and six-month periods ended July 4, 2021 are not necessarily indicative of the results to be expected for the full year.

New Pronouncements

New Pronouncements	6 Months Ended
	Jul. 04, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Pronouncements	New Pronouncements Accounting Standards Update (ASU) 2019-12, "Simplifying the Accounting for Income Taxes" The amendments in this ASU eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. They also clarify and simplify other aspects of the accounting for income taxes. The Company adopted ASU 2019-12 on January 1, 2021. Upon adoption, ASU 2019-12 did not have a material impact on the Company's consolidated financial statements and disclosures. Accounting Standards Update (ASU) 2020-08, "Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs" The amendments in this ASU clarify that for each reporting period, for callable debt with multiple call dates and call prices that may change at each call date, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess is amortized to the next call date. The Company adopted ASU 2020-08 on January 1, 2021. Upon adoption, ASU 2020-08 did not have a material impact on the Company's consolidated financial statements and disclosures. Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" and (ASU) 2021-01, "Reference Rate Reform (Topic 848): Scope" The amendments in these ASUs apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Together, the ASUs provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in these ASUs are effective for all entities as of March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 or ASU 2021-01 to have a material impact on the Company's consolidated financial statements and disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 04, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of July 4, 2021 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 200 $ — Corporate bonds — 482,236 — Treasury bills — 130,961 — Asset-backed securities — 90,265 — Agency bonds — 18,960 — Municipal bonds — 6,997 — Sovereign bonds — 5,293 — Economic hedge forward contracts — 47 — Liabilities: Economic hedge forward contracts — 585 — The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1. The Company’s debt securities and forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial assets and liabilities, and in doing so, considers valuations provided by a large, third-party pricing service. For debt securities, this service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks. The Company's contingent consideration liabilities are reported at fair value based upon probability-adjusted present values of the consideration expected to be paid using significant inputs that are not observable in the market, and are therefore classified as Level 3. Key assumptions used in these estimates include probability assessments with respect to the likelihood of achieving certain revenue milestones. The fair values of these contingent consideration liabilities were calculated using discount rates consistent with the level of risk of achievement, and are remeasured each reporting period. The fair value of the contingent consideration liability related to the Company's acquisition of GVi Ventures, Inc. in 2017 was written down to zero in 2019 resulting from a lower level of revenue in the Americas' automotive industry, and the balance remains at zero as of July 4, 2021. The undiscounted potential outcomes related to future contingent consideration range from $0 to $2,500,000 based upon certain revenue levels over the next year. Non-financial Assets that are Measured at Fair Value on a Non-recurring Basis Non-financial assets, such as property, plant and equipment, operating lease assets, goodwill, and intangible assets, are required to be measured at fair value only when an impairment loss is recognized. The Company evaluates these long-lived assets for impairment whenever events or changes in circumstances, referred to as "triggering events," indicate the carrying value may not be recoverable. The adverse impact of the COVID-19 pandemic on our business in 2020 triggered a review of long-lived assets for potential impairment as of May 26, 2020, which resulted in operating lease asset impairment charges of $2,534,000 (refer to Notes 6 and 16) that were included in "Restructuring charges" on the Consolidated Statements of Operations, and intangible asset impairment charges of $19,571,000 (refer to Note 8) in the second quarter of 2020. These fair value measurements were based upon the present values of future cash flows using significant inputs that were not observable in the market, and were therefore classified as Level 3. No triggering event occurred in the six-month period ended July 4, 2021 that would indicate a potential impairment of long-lived assets. However, the Company continues to monitor global economic conditions, as events or changes in circumstances could result in an impairment of long-lived assets in a future period.

Cash, Cash Equivalents, and Inv

Cash, Cash Equivalents, and Investments	6 Months Ended
	Jul. 04, 2021
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Investments	Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands): July 4, 2021 December 31, 2020 Cash $ 216,837 $ 266,609 Money market instruments 200 2,464 Cash and cash equivalents 217,037 269,073 Treasury bills 92,939 35,403 Corporate bonds 66,452 32,714 Asset-backed securities 24,756 25,160 Sovereign bonds 4,196 8,660 Municipal bonds 2,404 1,303 Current investments 190,747 103,240 Corporate bonds 415,784 203,428 Asset-backed securities 65,509 67,058 Treasury bills 38,022 96,458 Agency bonds 18,960 19,006 Municipal bonds 4,593 5,735 Sovereign bonds 1,097 3,440 Non-current investments 543,965 395,125 $ 951,749 $ 767,438 Cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of ninety days or less at the time of acquisition. Cash equivalents consist primarily of government and institutional money market funds; treasury bills consist of debt securities issued by the U.S. government; corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; and agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing. All of the Company's securities as of July 4, 2021 and December 31, 2020 were denominated in U.S. Dollars. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $2,992,000 and $1,560,000 as of July 4, 2021 and December 31, 2020, respectively. The following table summarizes the Company’s available-for-sale investments as of July 4, 2021 (in thousands): Amortized Gross Gross Fair Value Current: Treasury bills $ 92,502 $ 437 $ — $ 92,939 Corporate bonds 66,164 291 (3) 66,452 Asset-backed securities 24,562 197 (3) 24,756 Sovereign bonds 4,189 7 — 4,196 Municipal bonds 2,401 3 — 2,404 Non-current: Corporate bonds 414,453 1,874 (543) 415,784 Asset-backed securities 65,276 315 (82) 65,509 Treasury bills 37,677 345 — 38,022 Agency bonds 18,921 39 — 18,960 Municipal bonds 4,592 12 (11) 4,593 Sovereign bonds 1,096 1 — 1,097 $ 731,833 $ 3,521 $ (642) $ 734,712 The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of July 4, 2021 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 179,565 $ (546) $ — $ — $ 179,565 $ (546) Asset-backed securities 13,088 (85) — — 13,088 (85) Municipal bonds 3,946 (11) — — 3,946 (11) $ 196,599 $ (642) $ — $ — $ 196,599 $ (642) The Company's allowance for credit losses on debt securities was zero as of July 4, 2021 and December 31, 2020. There was no activity recorded in the allowance for credit losses during the three-month and six-month periods ended July 4, 2021. The Company recorded gross credit losses and gross credit recoveries totaling $0 and $85,000, respectively, for the three-month period ended June 28, 2020, and $160,000 and $85,000, respectively, for the six-month period ended June 28, 2020. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $68,000 and $0, respectively, for both the three-month and six-month periods ended July 4, 2021. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $962,000 and $7,000, respectively, for the three-month period ended June 28, 2020, and $2,826,000 and $21,000, respectively, for the six-month period ended June 28, 2020. These gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, are recorded in shareholders’ equity as accumulated other comprehensive loss. The following table presents the effective maturity dates of the Company’s available-for-sale investments as of July 4, 2021 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 66,452 $ 161,596 $ 139,870 $ 77,234 $ 30,143 $ 6,941 $ 482,236 Treasury bills 92,939 37,917 105 — — — 130,961 Asset-backed securities 24,756 30,896 20,090 9,510 — 5,013 90,265 Agency bonds — 18,960 — — — — 18,960 Municipal bonds 2,404 4,593 — — — — 6,997 Sovereign bonds 4,196 — — — 1,097 — 5,293 $ 190,747 $ 253,962 $ 160,065 $ 86,744 $ 31,240 $ 11,954 $ 734,712

Inventories

Inventories	6 Months Ended
	Jul. 04, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): July 4, 2021 December 31, 2020 Raw materials $ 22,229 $ 26,800 Work-in-process 3,996 4,780 Finished goods 42,278 29,250 $ 68,503 $ 60,830 The Company recorded provisions for excess and obsolete inventories of $1,111,000 and $1,816,000 for the three-month and six-month periods ended July 4, 2021, respectively, and $7,718,000 and $8,783,000 for the three-month and six-month periods ended June 28, 2020, respectively, which reduced the carrying value of the inventories to their net realizable value. Estimates in 2020 took into account the global economic conditions resulting from the COVID-19 pandemic.

Leases

Leases	6 Months Ended
	Jul. 04, 2021
Leases [Abstract]
Leases	Leases The Company's leases are primarily leased properties across different worldwide locations where the Company conducts its operations. All of these leases are classified as operating leases. Certain leases may contain options to extend or terminate the lease at the Company's sole discretion. There were no options to extend or terminate that were included in the determination of the lease term for the leases outstanding as of July 4, 2021. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for outstanding leases as of July 4, 2021. The total operating lease expense for the three-month and six-month periods ended July 4, 2021 was $2,021,000 and $4,023,000, respectively. The total operating lease cash payments for the three-month and six-month periods ended July 4, 2021 were $2,014,000 and $4,075,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month and six-month periods ended July 4, 2021 was $38,000 and $78,000, respectively. The total operating lease expense for the three-month and six-month periods ended June 28, 2020 was $2,147,000 and $4,053,000, respectively. The total operating lease cash payments for the three-month and six-month periods ended June 28, 2020 were $2,091,000 and $3,954,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month and six-month periods ended June 28, 2020 was $23,000 and $62,000, respectively. Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2021 $ 4,598 2022 7,302 2023 5,531 2024 2,500 2025 1,580 2026 1,018 Thereafter 3,838 $ 26,367 The discounted present value of the future lease cash payments resulted in a lease liability of $24,250,000 and $26,230,000 as of July 4, 2021 and December 31, 2020, respectively. The Company did not have any leases that had not yet commenced but that created significant rights and obligations as of July 4, 2021 or December 31, 2020. The weighted-average discount rate was 3.8% and 4.0% for the leases outstanding as of July 4, 2021 and December 31, 2020, respectively. The weighted-average remaining lease term was 4.8 and 5.1 years for the leases outstanding as of July 4, 2021 and December 31, 2020, respectively. Management closed eleven leased offices in 2020, prior to the end of their lease terms, as a part of the Company's restructuring plan (refer to Note 16). The carrying value of the lease assets associated with the majority of these offices was reduced to zero as of June 28, 2020, resulting in operating lease asset impairment charges of $2,534,000 for the three-month period ended June 28, 2020 that are included in "Restructuring charges" on the Consolidated Statements of Operations. Management is currently negotiating early contract terminations for the remaining lease liability obligations associated with these abandoned offices, which obligations totaled $2,264,000 and $2,877,000 as of July 4, 2021 and December 31, 2020, respectively, and are included in "Operating lease liabilities" on the Consolidated Balance Sheets.

Goodwill

Goodwill	6 Months Ended
	Jul. 04, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying value of goodwill were as follows (in thousands): Balance as of December 31, 2020 $ 244,078 Foreign exchange rate changes (1,172) Balance as of July 4, 2021 $ 242,906 The adverse impact of the COVID-19 pandemic on our business in 2020 triggered a review of long-lived assets, including goodwill, for potential impairment during the second quarter of 2020. Based on this assessment, management concluded that events and circumstances did not indicate the fair value of the reporting unit was less than its carrying value. Factors that management considered in this qualitative assessment included macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management or strategy, changes in the composition or carrying amount of net assets, and market capitalization.

Intangible Assets

Intangible Assets	6 Months Ended
	Jul. 04, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Amortized intangible assets consisted of the following (in thousands): Gross Accumulated Net Distribution networks $ 38,060 $ 38,060 $ — Completed technologies 24,217 13,835 10,382 Customer relationships 10,578 7,520 3,058 Non-compete agreements 710 464 246 Trademarks 110 94 16 Balance as of July 4, 2021 $ 73,675 $ 59,973 $ 13,702 Gross Accumulated Net Distribution networks $ 38,060 $ 38,060 $ — Completed technologies 24,217 12,397 11,820 Customer relationships 10,578 7,160 3,418 Non-compete agreements 710 436 274 Trademarks 110 67 43 Balance as of December 31, 2020 $ 73,675 $ 58,120 $ 15,555 As of July 4, 2021, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2021 $ 1,803 2022 3,286 2023 2,594 2024 2,080 2025 1,757 2026 1,452 Thereafter 730 $ 13,702 The adverse impact of the COVID-19 pandemic on our business in 2020 triggered a review of long-lived assets, including intangible assets, for potential impairment during the second quarter of 2020. Based on this assessment, management concluded that certain of the Company's finite-lived intangible assets failed the recoverability test, and recorded impairment charges for these assets equal to the amount by which their carrying value exceeded their fair value. The Company also measured the fair value and recorded an impairment charge for its indefinite-lived intangible asset related to in-process technologies. The fair values were established, with the assistance of an outside valuation advisor, using the income approach based on a discounted cash flow model that estimated future revenue streams and expenses attributable to those revenue streams provided by management.

Warranty Obligations

Warranty Obligations	6 Months Ended
	Jul. 04, 2021
Product Warranties Disclosures [Abstract]
Warranty Obligations	Warranty Obligations The Company records the estimated cost of fulfilling product warranties at the time of sale based upon historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or changes in circumstances impacting product quality become known that would not have been taken into account using historical data. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers and third-party contract manufacturers, the Company’s warranty obligation is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. An adverse change in any of these factors may result in the need for additional warranty provisions. Warranty obligations are included in “Accrued expenses” on the Consolidated Balance Sheets. The changes in the warranty obligation were as follows (in thousands): Balance as of December 31, 2020 $ 5,406 Provisions for warranties issued during the period 1,693 Fulfillment of warranty obligations (1,235) Balance as of July 4, 2021 $ 5,864

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jul. 04, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsThe Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities of up to 95 days to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment. The Company had the following outstanding forward contracts (in thousands): July 4, 2021 December 31, 2020 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Chinese Renminbi 490,000 $ 75,228 — $ — Euro 35,000 41,457 50,000 61,342 Korean Won 21,000,000 18,483 6,925,000 6,377 Mexican Peso 130,000 6,519 155,000 7,776 Japanese Yen 600,000 5,391 600,000 5,808 Hungarian Forint 1,235,000 4,149 1,330,000 4,494 British Pound 2,820 3,881 1,675 2,287 Taiwanese Dollar 42,150 1,511 38,035 1,362 Canadian Dollar 1,435 1,160 1,285 1,010 Singapore Dollar 1,550 1,149 1,465 1,110 Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet July 4, 2021 December 31, 2020 Sheet July 4, 2021 December 31, 2020 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 47 $ 265 Accrued expenses $ 585 $ 38 The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands): Asset Derivatives Liability Derivatives July 4, 2021 December 31, 2020 July 4, 2021 December 31, 2020 Gross amounts of recognized assets $ 47 $ 265 Gross amounts of recognized liabilities $ 585 $ 38 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 47 $ 265 Net amount of liabilities presented $ 585 $ 38 Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands): Location in Financial Statements Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ (746) $ 60 $ 2,148 $ (8,180)

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Americas $ 108,418 $ 68,966 $ 216,254 $ 129,214 Europe 59,967 35,987 117,015 84,569 Greater China 59,706 31,898 97,944 58,301 Other Asia 41,067 32,246 76,972 64,248 $ 269,158 $ 169,097 $ 508,185 $ 336,332 The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Standard products and services $ 234,322 $ 158,807 $ 456,648 $ 311,662 Application-specific customer solutions 34,836 10,290 51,537 24,670 $ 269,158 $ 169,097 $ 508,185 $ 336,332 Costs to Fulfill a Contract Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $25,328,000 and $6,846,000 as of July 4, 2021 and December 31, 2020, respectively. Accounts Receivable, Contract Assets, and Contract Liabilities Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition. The following table summarizes the allowance for credit losses activity for the six-month period ended July 4, 2021 (in thousands): Balance as of December 31, 2020 $ 831 Increases to the allowance for credit losses — Write-offs, net of recoveries (28) Foreign exchange rate changes — Balance as of July 4, 2021 $ 803 The following table summarizes the deferred revenue and customer deposits activity for the six-month period ended July 4, 2021 (in thousands): Balance as of December 31, 2020 $ 21,274 Deferral of revenue billed in the current period, net of recognition 69,372 Recognition of revenue deferred in prior period (14,155) Foreign exchange rate changes (46) Balance as of July 4, 2021 $ 76,445 As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as our contracts have an original expected duration of less than one year.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	6 Months Ended
	Jul. 04, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Stock Plans The Company’s stock-based awards that result in compensation expense consist of stock options and restricted stock units ("RSUs"). As of July 4, 2021, the Company had 15,692,000 shares available for grant under its stock plans. Stock options are granted with an exercise price equal to the market value of the Company’s common stock at the grant date and generally vest over four Stock Options The following table summarizes the Company’s stock option activity for the six-month period ended July 4, 2021: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 8,970 $ 44.73 Granted 469 89.19 Exercised (1,167) 38.51 Forfeited or expired (171) 50.95 Outstanding as of July 4, 2021 8,101 $ 48.07 6.91 $ 298,370 Exercisable as of July 4, 2021 3,652 $ 38.46 5.72 $ 168,497 Options vested or expected to vest as of July 4, 2021 (1) 7,474 $ 47.27 6.81 $ 281,063 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options. The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Risk-free rate 1.5 % 1.6 % 1.3 % 1.6 % Expected dividend yield 0.31 % 0.43 % 0.27 % 0.43 % Expected volatility 39 % 37 % 39 % 37 % Expected term (in years) 7.1 6.0 5.8 6.0 Risk-free rate The risk-free rate was based upon a treasury instrument whose term was consistent with the contractual term of the option. Expected dividend yield Generally, the current dividend yield is calculated by annualizing the cash dividend declared by the Company’s Board of Directors and dividing that result by the closing stock price on the grant date. Expected volatility The expected volatility was based upon a combination of historical volatility of the Company’s common stock over the contractual term of the option and implied volatility for traded options of the Company’s stock. Expected term The expected term was derived from the binomial lattice model from the impact of events that trigger exercises over time. The weighted-average grant-date fair values of stock options granted during the three-month and six-month periods ended July 4, 2021 were $32.07 and $33.47, respectively, and during the three-month and six-month periods ended June 28, 2020 were $19.13 and $18.52, respectively. The total intrinsic values of stock options exercised for the three-month and six-month periods ended July 4, 2021 were $11,621,000 and $53,948,000, respectively, and for the three-month and six-month periods ended June 28, 2020 were $39,359,000 and $53,814,000, respectively. The total fair values of stock options vested for the three-month and six-month periods ended July 4, 2021 were $1,830,000 and $37,430,000, respectively, and for the three-month and six-month periods ended June 28, 2020 were $1,287,000 and $37,951,000, respectively. Restricted Stock Units (RSUs) The following table summarizes the Company's RSUs activity for the six-month period ended July 4, 2021: Shares Weighted-Average Nonvested as of December 31, 2020 554 $ 51.27 Granted 296 87.46 Vested (15) 56.61 Forfeited or expired (27) 54.60 Nonvested as of July 4, 2021 808 $ 64.31 The weighted-average grant-date fair values of RSUs granted during the three-month and six-month periods ended July 4, 2021 were $75.98 and $87.46, respectively, and during the three-month and six-month periods ended June 28, 2020 were $56.97 and $51.53, respectively. There were 13,000 and 15,000 RSUs that vested during the three-month and six-month periods ended July 4, 2021, respectively. There were no RSUs that vested during the three-month and six-month periods ended June 28, 2020. Stock-Based Compensation Expense The Company segments its employee population into two groups: one consisting of senior management and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 8% to all stock-based awards for senior management and a rate of 12% for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. This resulted in a decrease to compensation expense of $255,000 in 2021 and an increase to compensation expense of $1,787,000 in 2020. As of July 4, 2021, total unrecognized compensation expense related to non-vested equity awards, including stock options and RSUs, was $63,625,000, which is expected to be recognized over a weighted-average period of 1.8 years. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended July 4, 2021 were $10,730,000 and $1,651,000, respectively, and for the six-month period ended July 4, 2021 were $22,739,000 and $3,464,000, respectively. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended June 28, 2020 were $8,018,000 and $1,277,000, respectively, and for the six-month period ended June 28, 2020 were $22,808,000 and $3,841,000, respectively. Stock-based compensation expense recognized for the three-month and six-month periods ended June 28, 2020 included credits of $1,401,000 relating to grants cancelled as a result of the Company's workforce reduction in the second quarter of 2020. No compensation expense was capitalized as of July 4, 2021 or December 31, 2020. The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Cost of revenue $ 351 $ 363 $ 599 $ 717 Research, development, and engineering 3,064 2,401 7,067 7,767 Selling, general, and administrative 7,315 5,254 15,073 14,324 $ 10,730 $ 8,018 $ 22,739 $ 22,808

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase ProgramIn October 2018, the Company's Board of Directors authorized the repurchase of $200,000,000 of the Company's common stock. As of July 4, 2021, the Company repurchased 3,075,000 shares at a cost of $142,225,000 under this program, including 258,000 shares at a cost of $20,877,000 during the six-month period ended July 4, 2021, leaving a remaining balance of $57,775,000. 1,215,000 shares at a cost of $51,036,000 were repurchased during the six-month period ended June 28, 2020 under this October 2018 program. On March 12, 2020, the Company's Board of Directors authorized the repurchase of an additional $200,000,000 of the Company's common stock. Purchases under this March 2020 program will commence upon completion of the October 2018 program. The Company may repurchase shares under this program in future periods depending on a variety of factors, including, among other things, the impact of dilution from employee stock awards, stock price, share availability, and cash requirements. The Company is authorized to make repurchases of its common stock through open market purchases, pursuant to Rule 10b5-1 trading plans, or in privately negotiated transactions.

Taxes

Taxes	6 Months Ended
	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Taxes A reconciliation of the United States federal statutory corporate tax rate to the Company’s income tax expense, or effective tax rate, was as follows: Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Income tax expense (benefit) at U.S. federal statutory corporate tax rate 21 % (21) % 21 % 21 % State income taxes, net of federal benefit 2 % (1) % 2 % 1 % Foreign tax rate differential (5) % 5 % (5) % (5) % Tax credit (1) % 2 % (1) % (2) % Discrete tax benefit related to stock options (2) % (191) % (4) % (29) % Discrete tax expense related to tax return filings 1 % 141 % — % 17 % Tax rate adjustment — % 18 % — % — % Other 1 % (4) % 1 % 4 % Income tax expense (benefit) 17 % (51) % 14 % 7 % The Company recorded discrete tax benefits arising from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes from stock option exercises that resulted in a favorable impact to the effective tax rate of 2% and 4% for the three-month and six-month periods ended July 4, 2021, respectively, and 191% and 29% for the three-month and six-month periods ended June 28, 2020, respectively. In addition to stock option exercises, other discrete adjustments recorded included the final true-up of the prior year's tax accrual upon filing the related tax return that resulted in an unfavorable impact to the effective tax rate of 1% for the three-month period ended July 4, 2021 and no impact for the six-month period ended July 4, 2021, and an unfavorable impact to the effective tax rate of 141% and 17% for the same periods in 2020. Excluding the impact of these discrete items, the Company’s effective tax rate was an expense of 18% of pre-tax income for both the three-month and six-month periods ended July 4, 2021, compared to a benefit of 1% of pre-tax loss and an expense of 19% of pre-tax income for the same periods in 2020. The decrease in the effective tax rate for the six-month period, excluding the impact of discrete items, was due to a lower percentage of the Company's pre-tax income being earned and taxed in higher tax jurisdictions. There was an adjustment in the three-month period in 2020 to bring the year-to-date effective tax rate to 19%. During the six-month period ended July 4, 2021, the Company recorded a $935,000 increase in reserves for income taxes, net of deferred tax benefit. Estimated interest and penalties included in these amounts totaled $370,000 for the six-month period ended July 4, 2021. The Company’s reserve for income taxes, including gross interest and penalties, was $16,255,000 as of July 4, 2021, which included $15,227,000 classified as a non-current liability and $1,028,000 recorded as a reduction to non-current deferred tax assets. If the Company’s tax positions were sustained or the statutes of limitations related to certain positions expired, these reserves would be released and income tax expense would be reduced in a future period. As a result of the expiration of certain statutes of limitations, there is a potential that a portion of these reserves could be released, which would decrease income tax expense by approximately $450,000 to $500,000 over the next twelve months. The Company has defined its major tax jurisdictions as the United States, Ireland, China, and Korea, and within the United States, Massachusetts. The statutory tax rate is 12.5% in Ireland, 25% in China, and 25% in Korea compared to the U.S. federal statutory corporate tax rate of 21%. These differences resulted in an impact to the effective tax rate of 5% for both the three-month and six-month periods ended July 4, 2021, and an impact of 5% for the same periods in 2020.

Weighted-Average Shares

Weighted-Average Shares	6 Months Ended
	Jul. 04, 2021
Earnings Per Share [Abstract]
Weighted-Average Shares	Weighted-Average Shares Weighted-average shares were calculated as follows (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Basic weighted-average common shares outstanding 176,626 172,283 176,454 172,345 Effect of dilutive equity awards 3,365 — 3,528 3,154 Weighted-average common and common-equivalent shares outstanding 179,991 172,283 179,982 175,499 Stock options to purchase 701,000 and 591,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month and six-month periods ended July 4, 2021, respectively, and 5,801,000 and 6,328,000 for the same periods in 2020, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. Restricted stock units totaling 500 and 1,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month and six-month periods ended July 4, 2021, respectively, and 27,000 and 14,000 for the same periods in 2020, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. Additionally, because the Company recorded a cumulative net loss during the three-month period ended June 28, 2020, potential common stock equivalents of 3,120,000 were not included in the calculation of diluted net loss per share for this period.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jul. 04, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges On May 26, 2020, the Company's Board of Directors approved a restructuring plan intended to reduce the Company's operating costs, optimize its business model, and address the impact of the COVID-19 pandemic. The restructuring plan included a global workforce reduction of approximately 8% and office closures. As of December 31, 2020, the majority of these actions were completed and no additional charges are expected to be incurred in future periods in relation to this restructuring plan. There were no restructuring charges recognized during the three-month or six-month periods ended July 4, 2021. The following table summarizes the restructuring charges incurred in the three-month period ended June 28, 2020 (in thousands): Incurred in the Three-months Ended June 28, 2020 One-time termination benefits $ 10,386 Contract termination costs 3,995 Other associated costs 417 $ 14,798 One-time termination benefits included severance, health insurance, and outplacement services for 181 employees who were either terminated during the second quarter of 2020, or were notified during the second quarter of 2020 that they would be terminated at a future date. For employees not required to render service beyond a minimum retention period, the one-time termination benefits were recognized in the three-month period ended June 28, 2020. Otherwise, these benefits, including retention bonuses for selected employees, were recognized over the service period, which was completed by December 31, 2020. Contract termination costs included operating lease asset impairment charges for offices closed prior to the end of the contractual lease term. These costs also included the write-off of leasehold improvements and other equipment related to these abandoned offices that had no alternative use, as well as other associated operating costs, such as utilities, that the Company is obligated to pay for the remainder of the lease term. These contract termination costs were primarily recognized in the second quarter of 2020 when the Company ceased using the property for economic benefit. Other associated costs primarily included legal fees related to the employee termination actions, which were recognized when the services were performed. The following table summarizes the activity for the six-month period ended July 4, 2021 in the Company’s restructuring reserve which is included in “Accrued expenses” on the Consolidated Balance Sheets (in thousands): One-time Termination Benefits Contract Termination Costs Other Associated Costs Total Balance as of December 31, 2020 $ 1,624 $ 750 $ 15 $ 2,389 Cash payments (1,117) (131) (15) (1,263) Foreign exchange rate changes — (3) — (3) Balance as of July 4, 2021 $ 507 $ 616 $ — $ 1,123

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 04, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn August 5, 2021, the Company’s Board of Directors declared a cash dividend of $0.060 per share. The dividend is payable on September 3, 2021 to all shareholders of record as of the close of business on August 20, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
New Pronouncements	New Pronouncements Accounting Standards Update (ASU) 2019-12, "Simplifying the Accounting for Income Taxes" The amendments in this ASU eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. They also clarify and simplify other aspects of the accounting for income taxes. The Company adopted ASU 2019-12 on January 1, 2021. Upon adoption, ASU 2019-12 did not have a material impact on the Company's consolidated financial statements and disclosures. Accounting Standards Update (ASU) 2020-08, "Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs" The amendments in this ASU clarify that for each reporting period, for callable debt with multiple call dates and call prices that may change at each call date, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess is amortized to the next call date. The Company adopted ASU 2020-08 on January 1, 2021. Upon adoption, ASU 2020-08 did not have a material impact on the Company's consolidated financial statements and disclosures. Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" and (ASU) 2021-01, "Reference Rate Reform (Topic 848): Scope" The amendments in these ASUs apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Together, the ASUs provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in these ASUs are effective for all entities as of March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 or ASU 2021-01 to have a material impact on the Company's consolidated financial statements and disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 04, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of July 4, 2021 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 200 $ — Corporate bonds — 482,236 — Treasury bills — 130,961 — Asset-backed securities — 90,265 — Agency bonds — 18,960 — Municipal bonds — 6,997 — Sovereign bonds — 5,293 — Economic hedge forward contracts — 47 — Liabilities: Economic hedge forward contracts — 585 —

Cash, Cash Equivalents, and I_2

Cash, Cash Equivalents, and Investments (Tables)	6 Months Ended
	Jul. 04, 2021
Cash and Cash Equivalents [Abstract]
Components of Cash, Cash Equivalents, and Investments	Cash, cash equivalents, and investments consisted of the following (in thousands): July 4, 2021 December 31, 2020 Cash $ 216,837 $ 266,609 Money market instruments 200 2,464 Cash and cash equivalents 217,037 269,073 Treasury bills 92,939 35,403 Corporate bonds 66,452 32,714 Asset-backed securities 24,756 25,160 Sovereign bonds 4,196 8,660 Municipal bonds 2,404 1,303 Current investments 190,747 103,240 Corporate bonds 415,784 203,428 Asset-backed securities 65,509 67,058 Treasury bills 38,022 96,458 Agency bonds 18,960 19,006 Municipal bonds 4,593 5,735 Sovereign bonds 1,097 3,440 Non-current investments 543,965 395,125 $ 951,749 $ 767,438
Summary of Available-for-Sale Investments	The following table summarizes the Company’s available-for-sale investments as of July 4, 2021 (in thousands): Amortized Gross Gross Fair Value Current: Treasury bills $ 92,502 $ 437 $ — $ 92,939 Corporate bonds 66,164 291 (3) 66,452 Asset-backed securities 24,562 197 (3) 24,756 Sovereign bonds 4,189 7 — 4,196 Municipal bonds 2,401 3 — 2,404 Non-current: Corporate bonds 414,453 1,874 (543) 415,784 Asset-backed securities 65,276 315 (82) 65,509 Treasury bills 37,677 345 — 38,022 Agency bonds 18,921 39 — 18,960 Municipal bonds 4,592 12 (11) 4,593 Sovereign bonds 1,096 1 — 1,097 $ 731,833 $ 3,521 $ (642) $ 734,712
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments	The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of July 4, 2021 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 179,565 $ (546) $ — $ — $ 179,565 $ (546) Asset-backed securities 13,088 (85) — — 13,088 (85) Municipal bonds 3,946 (11) — — 3,946 (11) $ 196,599 $ (642) $ — $ — $ 196,599 $ (642)
Effective Maturity Dates of Available-for-Sale Investments	The following table presents the effective maturity dates of the Company’s available-for-sale investments as of July 4, 2021 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 66,452 $ 161,596 $ 139,870 $ 77,234 $ 30,143 $ 6,941 $ 482,236 Treasury bills 92,939 37,917 105 — — — 130,961 Asset-backed securities 24,756 30,896 20,090 9,510 — 5,013 90,265 Agency bonds — 18,960 — — — — 18,960 Municipal bonds 2,404 4,593 — — — — 6,997 Sovereign bonds 4,196 — — — 1,097 — 5,293 $ 190,747 $ 253,962 $ 160,065 $ 86,744 $ 31,240 $ 11,954 $ 734,712

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 04, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): July 4, 2021 December 31, 2020 Raw materials $ 22,229 $ 26,800 Work-in-process 3,996 4,780 Finished goods 42,278 29,250 $ 68,503 $ 60,830

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 04, 2021
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2021 $ 4,598 2022 7,302 2023 5,531 2024 2,500 2025 1,580 2026 1,018 Thereafter 3,838 $ 26,367

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jul. 04, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying value of goodwill were as follows (in thousands): Balance as of December 31, 2020 $ 244,078 Foreign exchange rate changes (1,172) Balance as of July 4, 2021 $ 242,906

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jul. 04, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Amortized intangible assets consisted of the following (in thousands): Gross Accumulated Net Distribution networks $ 38,060 $ 38,060 $ — Completed technologies 24,217 13,835 10,382 Customer relationships 10,578 7,520 3,058 Non-compete agreements 710 464 246 Trademarks 110 94 16 Balance as of July 4, 2021 $ 73,675 $ 59,973 $ 13,702 Gross Accumulated Net Distribution networks $ 38,060 $ 38,060 $ — Completed technologies 24,217 12,397 11,820 Customer relationships 10,578 7,160 3,418 Non-compete agreements 710 436 274 Trademarks 110 67 43 Balance as of December 31, 2020 $ 73,675 $ 58,120 $ 15,555
Schedule of Intangible Assets, Future Amortization Expense	As of July 4, 2021, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2021 $ 1,803 2022 3,286 2023 2,594 2024 2,080 2025 1,757 2026 1,452 Thereafter 730 $ 13,702

Warranty Obligations (Tables)

Warranty Obligations (Tables)	6 Months Ended
	Jul. 04, 2021
Product Warranties Disclosures [Abstract]
Changes in Warranty Obligations	The changes in the warranty obligation were as follows (in thousands): Balance as of December 31, 2020 $ 5,406 Provisions for warranties issued during the period 1,693 Fulfillment of warranty obligations (1,235) Balance as of July 4, 2021 $ 5,864

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jul. 04, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Forward Contracts Table	The Company had the following outstanding forward contracts (in thousands): July 4, 2021 December 31, 2020 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Chinese Renminbi 490,000 $ 75,228 — $ — Euro 35,000 41,457 50,000 61,342 Korean Won 21,000,000 18,483 6,925,000 6,377 Mexican Peso 130,000 6,519 155,000 7,776 Japanese Yen 600,000 5,391 600,000 5,808 Hungarian Forint 1,235,000 4,149 1,330,000 4,494 British Pound 2,820 3,881 1,675 2,287 Taiwanese Dollar 42,150 1,511 38,035 1,362 Canadian Dollar 1,435 1,160 1,285 1,010 Singapore Dollar 1,550 1,149 1,465 1,110
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet July 4, 2021 December 31, 2020 Sheet July 4, 2021 December 31, 2020 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 47 $ 265 Accrued expenses $ 585 $ 38
Offsetting Assets	The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands): Asset Derivatives Liability Derivatives July 4, 2021 December 31, 2020 July 4, 2021 December 31, 2020 Gross amounts of recognized assets $ 47 $ 265 Gross amounts of recognized liabilities $ 585 $ 38 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 47 $ 265 Net amount of liabilities presented $ 585 $ 38
Derivative Instruments, Gain (Loss)	Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands): Location in Financial Statements Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ (746) $ 60 $ 2,148 $ (8,180)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Americas $ 108,418 $ 68,966 $ 216,254 $ 129,214 Europe 59,967 35,987 117,015 84,569 Greater China 59,706 31,898 97,944 58,301 Other Asia 41,067 32,246 76,972 64,248 $ 269,158 $ 169,097 $ 508,185 $ 336,332
Revenue from External Customers by Products and Services	The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Standard products and services $ 234,322 $ 158,807 $ 456,648 $ 311,662 Application-specific customer solutions 34,836 10,290 51,537 24,670 $ 269,158 $ 169,097 $ 508,185 $ 336,332
Schedule of Allowance for Credit Loss Activity	The following table summarizes the allowance for credit losses activity for the six-month period ended July 4, 2021 (in thousands): Balance as of December 31, 2020 $ 831 Increases to the allowance for credit losses — Write-offs, net of recoveries (28) Foreign exchange rate changes — Balance as of July 4, 2021 $ 803
Deferred Revenue, by Arrangement, Disclosure	The following table summarizes the deferred revenue and customer deposits activity for the six-month period ended July 4, 2021 (in thousands): Balance as of December 31, 2020 $ 21,274 Deferral of revenue billed in the current period, net of recognition 69,372 Recognition of revenue deferred in prior period (14,155) Foreign exchange rate changes (46) Balance as of July 4, 2021 $ 76,445

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jul. 04, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the six-month period ended July 4, 2021: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 8,970 $ 44.73 Granted 469 89.19 Exercised (1,167) 38.51 Forfeited or expired (171) 50.95 Outstanding as of July 4, 2021 8,101 $ 48.07 6.91 $ 298,370 Exercisable as of July 4, 2021 3,652 $ 38.46 5.72 $ 168,497 Options vested or expected to vest as of July 4, 2021 (1) 7,474 $ 47.27 6.81 $ 281,063 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted	The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Risk-free rate 1.5 % 1.6 % 1.3 % 1.6 % Expected dividend yield 0.31 % 0.43 % 0.27 % 0.43 % Expected volatility 39 % 37 % 39 % 37 % Expected term (in years) 7.1 6.0 5.8 6.0
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the Company's RSUs activity for the six-month period ended July 4, 2021: Shares Weighted-Average Nonvested as of December 31, 2020 554 $ 51.27 Granted 296 87.46 Vested (15) 56.61 Forfeited or expired (27) 54.60 Nonvested as of July 4, 2021 808 $ 64.31
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Cost of revenue $ 351 $ 363 $ 599 $ 717 Research, development, and engineering 3,064 2,401 7,067 7,767 Selling, general, and administrative 7,315 5,254 15,073 14,324 $ 10,730 $ 8,018 $ 22,739 $ 22,808

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Reconciliation of United States Federal Statutory Corporate Tax Rate to Company's Effective Tax Rate, or Income Tax Provision	A reconciliation of the United States federal statutory corporate tax rate to the Company’s income tax expense, or effective tax rate, was as follows: Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Income tax expense (benefit) at U.S. federal statutory corporate tax rate 21 % (21) % 21 % 21 % State income taxes, net of federal benefit 2 % (1) % 2 % 1 % Foreign tax rate differential (5) % 5 % (5) % (5) % Tax credit (1) % 2 % (1) % (2) % Discrete tax benefit related to stock options (2) % (191) % (4) % (29) % Discrete tax expense related to tax return filings 1 % 141 % — % 17 % Tax rate adjustment — % 18 % — % — % Other 1 % (4) % 1 % 4 % Income tax expense (benefit) 17 % (51) % 14 % 7 %

Weighted-Average Shares (Tables

Weighted-Average Shares (Tables)	6 Months Ended
	Jul. 04, 2021
Earnings Per Share [Abstract]
Calculation of Weighted-Average Shares	Weighted-average shares were calculated as follows (in thousands): Three-months Ended Six-months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Basic weighted-average common shares outstanding 176,626 172,283 176,454 172,345 Effect of dilutive equity awards 3,365 — 3,528 3,154 Weighted-average common and common-equivalent shares outstanding 179,991 172,283 179,982 175,499

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended	6 Months Ended
	Jun. 28, 2020	Jul. 04, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table summarizes the restructuring charges incurred in the three-month period ended June 28, 2020 (in thousands): Incurred in the Three-months Ended June 28, 2020 One-time termination benefits $ 10,386 Contract termination costs 3,995 Other associated costs 417 $ 14,798
Schedule of Activity in Restructuring Reserve		The following table summarizes the activity for the six-month period ended July 4, 2021 in the Company’s restructuring reserve which is included in “Accrued expenses” on the Consolidated Balance Sheets (in thousands): One-time Termination Benefits Contract Termination Costs Other Associated Costs Total Balance as of December 31, 2020 $ 1,624 $ 750 $ 15 $ 2,389 Cash payments (1,117) (131) (15) (1,263) Foreign exchange rate changes — (3) — (3) Balance as of July 4, 2021 $ 507 $ 616 $ — $ 1,123

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Assets:
Money market instruments	$ 200	$ 2,464
Financial assets at fair value	734,712
Corporate Bonds
Assets:
Financial assets at fair value	482,236
Treasury Bills
Assets:
Financial assets at fair value	130,961
Asset-Backed Securities
Assets:
Financial assets at fair value	90,265
Agency Bonds
Assets:
Financial assets at fair value	18,960
Sovereign Bonds
Assets:
Financial assets at fair value	5,293
Municipal Bonds
Assets:
Financial assets at fair value	6,997
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring
Assets:
Money market instruments	200
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Corporate Bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Treasury Bills
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Asset-Backed Securities
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Agency Bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Sovereign Bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Municipal Bonds
Assets:
Financial assets at fair value	0
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets:
Money market instruments
Economic hedge forward contracts	47
Liabilities:
Economic hedge forward contracts	585
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate Bonds
Assets:
Financial assets at fair value	482,236
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Treasury Bills
Assets:
Financial assets at fair value	130,961
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Asset-Backed Securities
Assets:
Financial assets at fair value	90,265
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Agency Bonds
Assets:
Financial assets at fair value	18,960
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Sovereign Bonds
Assets:
Financial assets at fair value	5,293
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Municipal Bonds
Assets:
Financial assets at fair value	6,997
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets:
Money market instruments	0
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate Bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Treasury Bills
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Asset-Backed Securities
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Agency Bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Sovereign Bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Municipal Bonds
Assets:
Financial assets at fair value	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability		$ 0		$ 0
Operating lease asset impairment charges	$ 2,534,000	0	$ 2,534,000
Restructuring Charges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating lease asset impairment charges	$ 2,534,000
GVi Ventures, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability, lower range		0
Contingent consideration liability, upper range		$ 2,500,000

Cash, Cash Equivalents, and I_3

Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, allowance for credit loss	$ 0		$ 0		$ 0
Credit loss on investments	0	$ 0		$ 160
Gross recoveries		85		85
Gross realized gains on sale of investments	68	962	68	2,826
Gross realized losses on sale of investments	0	$ 7	0	$ 21
Other Current Assets
Cash and Cash Equivalents [Line Items]
Accrued interest receivable	$ 2,992		$ 2,992		$ 1,560

Cash, Cash Equivalents, and I_4

Cash, Cash Equivalents, and Investments - Components of Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cash	$ 216,837	$ 266,609
Money market instruments	200	2,464
Cash and cash equivalents	217,037	269,073
Current investments	190,747	103,240
Non-current investments	543,965	395,125
Total	951,749	767,438
Treasury Bills
Debt Securities, Available-for-sale [Line Items]
Current investments	92,939	35,403
Long-term investments	38,022	96,458
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Current investments	66,452	32,714
Long-term investments	415,784	203,428
Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Current investments	24,756	25,160
Long-term investments	65,509	67,058
Agency Bonds
Debt Securities, Available-for-sale [Line Items]
Long-term investments	18,960	19,006
Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Current investments	2,404	1,303
Long-term investments	4,593	5,735
Sovereign Bonds
Debt Securities, Available-for-sale [Line Items]
Current investments	4,196	8,660
Long-term investments	$ 1,097	$ 3,440

Cash, Cash Equivalents, and I_5

Cash, Cash Equivalents, and Investments - Summary of Available-for-Sale Investments (Details) $ in Thousands	Jul. 04, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 731,833
Gross unrealized gains	3,521
Gross unrealized losses	(642)
Fair value	734,712
Agency Bonds
Debt Securities, Available-for-sale [Line Items]
Fair value	18,960
Agency Bonds | Long-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	18,921
Gross unrealized gains	39
Gross unrealized losses	0
Fair value	18,960
Treasury Bills
Debt Securities, Available-for-sale [Line Items]
Fair value	130,961
Treasury Bills | Short-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	92,502
Gross unrealized gains	437
Gross unrealized losses	0
Fair value	92,939
Treasury Bills | Long-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	37,677
Gross unrealized gains	345
Gross unrealized losses	0
Fair value	38,022
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Fair value	482,236
Corporate Bonds | Short-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	66,164
Gross unrealized gains	291
Gross unrealized losses	(3)
Fair value	66,452
Corporate Bonds | Long-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	414,453
Gross unrealized gains	1,874
Gross unrealized losses	(543)
Fair value	415,784
Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fair value	90,265
Asset-Backed Securities | Short-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	24,562
Gross unrealized gains	197
Gross unrealized losses	(3)
Fair value	24,756
Asset-Backed Securities | Long-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	65,276
Gross unrealized gains	315
Gross unrealized losses	(82)
Fair value	65,509
Sovereign Bonds
Debt Securities, Available-for-sale [Line Items]
Fair value	5,293
Sovereign Bonds | Short-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	4,189
Gross unrealized gains	7
Gross unrealized losses	0
Fair value	4,196
Sovereign Bonds | Long-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	1,096
Gross unrealized gains	1
Gross unrealized losses	0
Fair value	1,097
Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Fair value	6,997
Municipal Bonds | Short-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	2,401
Gross unrealized gains	3
Gross unrealized losses	0
Fair value	2,404
Municipal Bonds | Long-Term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized cost	4,592
Gross unrealized gains	12
Gross unrealized losses	(11)
Fair value	$ 4,593

Cash, Cash Equivalents, and I_6

Cash, Cash Equivalents, and Investments - Gross Unrealized Losses and Fair Values for Available-for-Sale Investments (Details) $ in Thousands	Jul. 04, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 196,599
Unrealized losses, less than 12 months	(642)
Fair value, 12 months or greater	0
Unrealized losses, 12 months or greater	0
Total fair value	196,599
Total Unrealized Losses	(642)
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	179,565
Unrealized losses, less than 12 months	(546)
Fair value, 12 months or greater	0
Unrealized losses, 12 months or greater	0
Total fair value	179,565
Total Unrealized Losses	(546)
Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	3,946
Unrealized losses, less than 12 months	(11)
Fair value, 12 months or greater	0
Unrealized losses, 12 months or greater	0
Total fair value	3,946
Total Unrealized Losses	(11)
Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	13,088
Unrealized losses, less than 12 months	(85)
Fair value, 12 months or greater	0
Unrealized losses, 12 months or greater	0
Total fair value	13,088
Total Unrealized Losses	$ (85)

Cash, Cash Equivalents, and I_7

Cash, Cash Equivalents, and Investments - Effective Maturity Dates of Available-for-Sale Investments (Details) $ in Thousands	Jul. 04, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
less than 1 year	$ 190,747
1-2 Years	253,962
2-3 Years	160,065
3-4 Years	86,744
4-5 Years	31,240
5-8 Years	11,954
Fair value	734,712
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
less than 1 year	66,452
1-2 Years	161,596
2-3 Years	139,870
3-4 Years	77,234
4-5 Years	30,143
5-8 Years	6,941
Fair value	482,236
Treasury Bills
Debt Securities, Available-for-sale [Line Items]
less than 1 year	92,939
1-2 Years	37,917
2-3 Years	105
3-4 Years	0
4-5 Years	0
5-8 Years	0
Fair value	130,961
Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
less than 1 year	24,756
1-2 Years	30,896
2-3 Years	20,090
3-4 Years	9,510
4-5 Years	0
5-8 Years	5,013
Fair value	90,265
Agency Bonds
Debt Securities, Available-for-sale [Line Items]
less than 1 year	0
1-2 Years	18,960
2-3 Years	0
3-4 Years	0
4-5 Years	0
5-8 Years	0
Fair value	18,960
Sovereign Bonds
Debt Securities, Available-for-sale [Line Items]
less than 1 year	4,196
1-2 Years	0
2-3 Years	0
3-4 Years	0
4-5 Years	1,097
5-8 Years	0
Fair value	5,293
Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
less than 1 year	2,404
1-2 Years	4,593
2-3 Years	0
3-4 Years	0
4-5 Years	0
5-8 Years	0
Fair value	$ 6,997

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 22,229		$ 22,229		$ 26,800
Work-in-process	3,996		3,996		4,780
Finished goods	42,278		42,278		29,250
Inventories	68,503		68,503		$ 60,830
Excess and obsolete inventory charges	$ 1,111	$ 7,718	$ 1,816	$ 8,783

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Operating lease, cost	$ 2,021	$ 2,147	$ 4,023	$ 4,053
Operating lease, payments	2,014	2,091	4,075	3,954
Lease, cost	38	23	78	62
Operating lease liability	$ 24,250		$ 24,250		$ 26,230
Weighted average discount rate	3.80%		3.80%		4.00%
Weighted average remaining lease term	4 years 9 months 18 days		4 years 9 months 18 days		5 years 1 month 6 days
Carrying value operating lease right-of-use assets impaired		$ 0		$ 0
Contract termination costs
Lessor, Lease, Description [Line Items]
Operating lease liability	$ 2,264		$ 2,264		$ 2,877

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) $ in Thousands	Jul. 04, 2021USD ($)
Leases [Abstract]
Remainder of fiscal 2021	$ 4,598
2022	7,302
2023	5,531
2024	2,500
2025	1,580
2026	1,018
Thereafter	3,838
Total	$ 26,367

Goodwill (Details)

Goodwill (Details) $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2020	$ 244,078
Foreign exchange rate changes	(1,172)
Balance as of July 4, 2021	$ 242,906

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020	May 26, 2020
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	$ 73,675	$ 73,675
Accumulated Amortization	59,973	58,120
Net Carrying Value	13,702	15,555
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	13,702	15,555
Distribution networks
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	38,060	38,060
Accumulated Amortization	38,060	38,060
Net Carrying Value	0	0
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	0	0
Completed technologies
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	24,217	24,217
Accumulated Amortization	13,835	12,397
Net Carrying Value	10,382	11,820
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	10,382	11,820
Customer relationships
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	10,578	10,578
Accumulated Amortization	7,520	7,160
Net Carrying Value	3,058	3,418
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	3,058	3,418
Customer relationships | EnShape GmbH
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Accumulated Amortization			$ 228
Non-compete agreements
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	710	710
Accumulated Amortization	464	436
Net Carrying Value	246	274
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	246	274
Trademarks
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	110	110
Accumulated Amortization	94	67
Net Carrying Value	16	43
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	16	$ 43
Indefinite-lived intangible asset excluding in-process technologies
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Net Carrying Value	13,702
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of fiscal 2021	1,803
2022	3,286
2023	2,594
2024	2,080
2025	1,757
2026	1,452
Thereafter	730
Net Carrying Value	$ 13,702

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020	May 26, 2020
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Intangible asset impairment charges	$ 0	$ 19,571	$ 0	$ 19,571
Accumulated amortization	59,973		59,973		$ 58,120
Distribution networks
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Accumulated amortization	38,060		38,060		38,060
Completed technologies
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Accumulated amortization	13,835		13,835		12,397
Completed technologies | Sualab
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Intangible asset impairment charges		10,070
Customer relationships
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Accumulated amortization	7,520		7,520		7,160
Customer relationships | EnShape GmbH
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Intangible asset impairment charges		219
Intangible assets acquired		0		$ 0		$ 447
Accumulated amortization						$ 228
Customer relationships | Sualab
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Intangible asset impairment charges		3,382
Non-compete agreements
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Accumulated amortization	464		464		436
Trademarks
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Accumulated amortization	$ 94		$ 94		$ 67
In-process technologies | Sualab
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Intangible asset impairment charges		$ 5,900

Warranty Obligations - Changes

Warranty Obligations - Changes in Warranty Obligations (Detail) $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 5,406
Provisions for warranties issued during the period	1,693
Fulfillment of warranty obligations	(1,235)
Ending balance	$ 5,864

Derivative Instruments (Details

Derivative Instruments (Details)	6 Months Ended
	Jul. 04, 2021
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Remaining maturity of foreign currency derivatives (up to)	95 days

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Forward Contracts Table (Details) - Not Designated as Hedging Instrument € in Thousands, ₩ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands

Jul. 04, 2021CNY (¥)

Jul. 04, 2021USD ($)

Jul. 04, 2021EUR (€)

Jul. 04, 2021KRW (₩)

Jul. 04, 2021MXN ($)

Jul. 04, 2021JPY (¥)

Jul. 04, 2021HUF (Ft)

Jul. 04, 2021GBP (£)

Jul. 04, 2021TWD ($)

Jul. 04, 2021CAD ($)

Jul. 04, 2021SGD ($)

Dec. 31, 2020CNY (¥)

Dec. 31, 2020USD ($)

Dec. 31, 2020EUR (€)

Dec. 31, 2020KRW (₩)

Dec. 31, 2020MXN ($)

Dec. 31, 2020JPY (¥)

Dec. 31, 2020HUF (Ft)

Dec. 31, 2020GBP (£)

Dec. 31, 2020TWD ($)

Dec. 31, 2020CAD ($)

Dec. 31, 2020SGD ($)

Euro Member Countries, Euro

Derivative [Line Items]

Outstanding forward contracts

$ 41,457

€ 35,000

$ 61,342

€ 50,000

China, Yuan Renminbi

Derivative [Line Items]

Outstanding forward contracts

¥ 490,000

75,228

¥ 0

0

Mexico, Pesos

Derivative [Line Items]

Outstanding forward contracts

6,519

$ 130,000

7,776

$ 155,000

Japanese Yen

Derivative [Line Items]

Outstanding forward contracts

5,391

¥ 600,000

5,808

¥ 600,000

Hungary, Forint

Derivative [Line Items]

Outstanding forward contracts

4,149

Ft 1,235,000

4,494

Ft 1,330,000

United Kingdom, Pounds

Derivative [Line Items]

Outstanding forward contracts

3,881

£ 2,820

2,287

£ 1,675

Taiwanese Dollar

Derivative [Line Items]

Outstanding forward contracts

1,511

$ 42,150

1,362

$ 38,035

Canada, Dollars

Derivative [Line Items]

Outstanding forward contracts

1,160

$ 1,435

1,010

$ 1,285

Singapore, Dollars

Derivative [Line Items]

Outstanding forward contracts

1,149

$ 1,550

1,110

$ 1,465

Korean Won

Derivative [Line Items]

Outstanding forward contracts

$ 18,483

₩ 21,000,000

$ 6,377

₩ 6,925,000

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative asset	$ 47	$ 265
Derivative liability	585	38
Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset	47	265
Not Designated as Hedging Instrument | Accrued Expenses
Derivatives, Fair Value [Line Items]
Derivative liability	$ 585	$ 38

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross amounts of recognized assets	$ 47	$ 265
Gross amounts offset	0	0
Net amount of assets presented	47	265
Gross amounts of recognized liabilities	585	38
Gross amounts offset	0	0
Net amount of liabilities presented	$ 585	$ 38

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Not Designated as Hedging Instrument | Foreign Currency Gain (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in current operations	$ (746)	$ 60	$ 2,148	$ (8,180)

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 269,158	$ 169,097	$ 508,185	$ 336,332
Americas
Disaggregation of Revenue [Line Items]
Revenue	108,418	68,966	216,254	129,214
Europe
Disaggregation of Revenue [Line Items]
Revenue	59,967	35,987	117,015	84,569
Greater China
Disaggregation of Revenue [Line Items]
Revenue	59,706	31,898	97,944	58,301
Other Asia
Disaggregation of Revenue [Line Items]
Revenue	$ 41,067	$ 32,246	$ 76,972	$ 64,248

Revenue Recognition - Revenue_2

Revenue Recognition - Revenue Disaggregated by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue from External Customer [Line Items]
Revenue	$ 269,158	$ 169,097	$ 508,185	$ 336,332
Standard products and services
Revenue from External Customer [Line Items]
Revenue	234,322	158,807	456,648	311,662
Application-specific customer solutions
Revenue from External Customer [Line Items]
Revenue	$ 34,836	$ 10,290	$ 51,537	$ 24,670

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Costs to fulfill contract	$ 25,328	$ 6,846

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Allowance for Credit Loss (Details) $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of December 31, 2020	$ 831
Increases to the allowance for credit losses	0
Write-offs, net of recoveries	(28)
Foreign exchange rate changes	0
Balance as of July 4, 2021	$ 803

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)
Movement in Deferred Revenue [Roll Forward]
Balance as of December 31, 2020	$ 21,274
Deferral of revenue billed in the current period, net of recognition	69,372
Recognition of revenue deferred in prior period	(14,155)
Foreign exchange rate changes	(46)
Balance as of July 4, 2021	$ 76,445

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details)	3 Months Ended		6 Months Ended
	Jul. 04, 2021USD ($)group$ / sharesshares	Jun. 28, 2020USD ($)$ / sharesshares	Jul. 04, 2021USD ($)group$ / sharesshares	Jun. 28, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair values, in dollars per share | $ / shares	$ 32.07	$ 19.13	$ 33.47	$ 18.52
Total intrinsic value	$ 11,621,000	$ 39,359,000	$ 53,948,000	$ 53,814,000
Total fair values of stock options vest	$ 1,830,000	1,287,000	$ 37,430,000	37,951,000
Groups within the employee population | group	2		2
Estimated annual forfeiture rate for unvested options for senior management	8.00%		8.00%
Estimated annual forfeiture rate for unvested options for all other employees	12.00%		12.00%
Increase (decrease) to compensation expense			$ 255,000	1,787,000
Unrecognized compensation expense	$ 63,625,000		$ 63,625,000
Weighted average period to be recognized			1 year 9 months 18 days
Stock-based compensation expense	10,730,000	8,018,000	$ 22,739,000	22,808,000
Tax benefit from compensation expense	1,651,000	1,277,000	3,464,000	$ 3,841,000
Credits relating to grants cancelled		$ 1,401,000
Recognized period costs capitalized	$ 0		$ 0		$ 0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock option plans (in shares) | shares	15,692,000		15,692,000
Expiration period from grant day			10 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans			3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) | $ / shares	$ 75.98	$ 56.97	$ 87.46	$ 51.53
Vested (in shares) | shares	13,000	0	15,000	0
Minimum | General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans			4 years
Maximum | General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans			5 years

Stock-Based Compensation Expe_4

Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 04, 2021USD ($)$ / sharesshares
Shares (in thousands)
Outstanding, shares | shares	8,970
Granted, shares | shares	469
Exercised, shares | shares	(1,167)
Forfeited or expired, shares | shares	(171)
Outstanding, shares | shares	8,101
Exercisable as of reporting date, shares | shares	3,652
Options vested or expected to vest as of reporting date, shares | shares	7,474
Weighted- Average Exercise Price
Outstanding, in dollars per share | $ / shares	$ 44.73
Granted, in dollars per share | $ / shares	89.19
Exercised, in dollars per share | $ / shares	38.51
Forfeited or expired, in dollars per share | $ / shares	50.95
Outstanding, in dollars per share | $ / shares	48.07
Exercisable as of reporting date, Weighted-Average Exercise Price, in dollars per share | $ / shares	38.46
Vested and expected to vest, outstanding, in dollars per share | $ / shares	$ 47.27
Weighted- Average Remaining Contractual Term (in years)
Outstanding, in years	6 years 10 months 28 days
Exercisable, in years	5 years 8 months 19 days
Options vested or expected to vest, in years	6 years 9 months 21 days
Aggregate Intrinsic Value (in thousands)
Outstanding, in dollars | $	$ 298,370
Exercisable, in dollars | $	168,497
Options vested or expected to vest, in dollars | $	$ 281,063

Stock-Based Compensation Expe_5

Stock-Based Compensation Expense - Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted (Details)	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Share-based Payment Arrangement [Abstract]
Risk-free rate	1.50%	1.60%	1.30%	1.60%
Expected dividend yield	0.31%	0.43%	0.27%	0.43%
Expected volatility	39.00%	37.00%	39.00%	37.00%
Expected term (in years)	7 years 1 month 6 days	6 years	5 years 9 months 18 days	6 years

Stock-Based Compensation Expe_6

Stock-Based Compensation Expense Stock-Based Compensation Expense - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Shares (in thousands)
Nonvested as of December 31, 2019 (in shares)			554,000
Granted (in shares)			296,000
Vested (in shares)	13,000	0	15,000	0
Forfeited or expired (in shares)			(27,000)
Nonvested as of March 29, 2020 (in shares)	808,000		808,000
Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2019 (in dollars per share)			$ 51.27
Granted (in dollars per share)	$ 75.98	$ 56.97	87.46	$ 51.53
Vested (in dollars per share)			56.61
Forfeited or expired (in dollars per share)			54.60
Nonvested as of March 29, 2020 (in dollars per share)	$ 64.31		$ 64.31

Stock-Based Compensation Expe_7

Stock-Based Compensation Expense - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,730	$ 8,018	$ 22,739	$ 22,808
Cost of Revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	351	363	599	717
Research, Development, and Engineering Expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,064	2,401	7,067	7,767
Selling, General, and Administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,315	$ 5,254	$ 15,073	$ 14,324

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) shares in Thousands	3 Months Ended	6 Months Ended
	Jul. 04, 2021	Jul. 04, 2021	Jun. 28, 2020	Mar. 12, 2020	Oct. 29, 2018
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period, value	$ 14,398,000	$ 20,877,000	$ 51,036,000
Remaining authorized repurchase amount	$ 57,775,000	$ 57,775,000
Repurchase Program October 2018
Equity, Class of Treasury Stock [Line Items]
Authorized common stock to be repurchased					$ 200,000,000
Repurchase of common stock (in shares)		3,075
Stock repurchased during period, value		$ 142,225,000
Shares repurchased at cost (in shares)		258	1,215
Shares repurchased at cost		$ 20,877,000	$ 51,036,000
Repurchase Program March 2020
Equity, Class of Treasury Stock [Line Items]
Authorized common stock to be repurchased				$ 200,000,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of United States Federal Statutory Corporate Tax Rate to Company's Effective Tax Rate, or Income Tax Provision (Details)	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at U.S. federal statutory corporate tax rate	21.00%	(21.00%)	21.00%	21.00%
State income taxes, net of federal benefit	2.00%	(1.00%)	2.00%	1.00%
Foreign tax rate differential	(5.00%)	5.00%	(5.00%)	(5.00%)
Tax credit	(1.00%)	2.00%	(1.00%)	(2.00%)
Discrete tax benefit related to stock options	(2.00%)	(191.00%)	(4.00%)	(29.00%)
Tax rate adjustment	0.00%	18.00%	0.00%	0.00%
Other	1.00%	(4.00%)	1.00%	4.00%
Income tax expense (benefit)	17.00%	(51.00%)	14.00%	7.00%
Discrete tax expense related to tax return filings	1.00%	141.00%	0.00%	17.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Dec. 31, 2020
Income Tax Contingency [Line Items]
Discrete tax benefit related to stock options	2.00%	191.00%	4.00%	29.00%
Discrete tax expense related to tax return filings	1.00%	141.00%	0.00%	17.00%
Effective tax rate excluding discrete items (as a percent)	18.00%	1.00%	18.00%	19.00%
Decrease in reserves for income taxes, net of deferred tax benefit			$ 935
Interest and penalties included in reserve			$ 370
Income tax expense (benefit) at U.S. federal statutory corporate tax rate	21.00%	(21.00%)	21.00%	21.00%
Decrease in effective tax rate	5.00%	(5.00%)	5.00%	5.00%
Liability for uncertain tax positions	$ 16,255		$ 16,255
Reserve for income taxes classified as a noncurrent iability	15,227		15,227		$ 14,257
Increase to non-current deferred tax liability			1,028
Minimum Decrease In Income Tax Expense Due To Release In Reserves	450		450
Maxiumum Decrease In Income Tax Expense Due To Release In Reserves	$ 500		$ 500
Tax years open to examination by Internal Revenue Service			2017 through 2020
Tax years open to examination by various taxing authorities for other entities			2016 through 2020
Foreign Tax Authority | Revenue Commissioners, Ireland
Income Tax Contingency [Line Items]
Income tax expense (benefit) at U.S. federal statutory corporate tax rate	12.50%
Foreign Tax Authority | State Administration of Taxation, China
Income Tax Contingency [Line Items]
Income tax expense (benefit) at U.S. federal statutory corporate tax rate	25.00%
Foreign Tax Authority | KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF
Income Tax Contingency [Line Items]
Income tax expense (benefit) at U.S. federal statutory corporate tax rate	25.00%
Domestic Tax Authority
Income Tax Contingency [Line Items]
Income tax expense (benefit) at U.S. federal statutory corporate tax rate	21.00%

Weighted-Average Shares - Calcu

Weighted-Average Shares - Calculation of Weighted-Average Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	176,626	172,283	176,454	172,345
Effect of dilutive equity awards (in shares)	3,365	0	3,528	3,154
Weighted-average common and common-equivalent shares outstanding (in shares)	179,991	172,283	179,982	175,499

Weighted-Average Shares (Detail

Weighted-Average Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock equivalents excluded from calculation of diluted net loss per share (shares)		3,120,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	701,000	5,801,000	591,000	6,328,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	500	27,000	1,000	14,000

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	May 26, 2020
Restructuring and Related Activities [Abstract]
Workforce reduction (as a percent)					8.00%
Restructuring charges	$ 0	$ 14,798	$ 0	$ 14,798

Restructuring Charges - Activit

Restructuring Charges - Activity in Restructuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 14,798	$ 0	$ 14,798
Accrued Expenses
Restructuring Reserve [Roll Forward]
Balance at beginning of period			2,389
Cash payments			(1,263)
Foreign exchange rate changes			(3)
Balance at end of period	1,123		1,123
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges		10,386
One-time Termination Benefits | Accrued Expenses
Restructuring Reserve [Roll Forward]
Balance at beginning of period			1,624
Cash payments			(1,117)
Foreign exchange rate changes			0
Balance at end of period	507		507
Contract Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		3,995
Contract Termination Costs | Accrued Expenses
Restructuring Reserve [Roll Forward]
Balance at beginning of period			750
Cash payments			(131)
Foreign exchange rate changes			(3)
Balance at end of period	616		616
Other Associated Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 417
Other Associated Costs | Accrued Expenses
Restructuring Reserve [Roll Forward]
Balance at beginning of period			15
Cash payments			(15)
Foreign exchange rate changes			0
Balance at end of period	$ 0		$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 05, 2021USD ($)
Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.060