Cover Page
Cover Page | 9 Months Ended |
Oct. 03, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Oct. 3, 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 | Q3 |
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 $.002 per share |
Trading Symbol | CGNX |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 176,799,003 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 284,848 | $ 251,073 | $ 793,033 | $ 587,405 |
Cost of revenue | 85,712 | 59,741 | 208,189 | 151,261 |
Gross margin | 199,136 | 191,332 | 584,844 | 436,144 |
Research, development, and engineering expenses | 34,476 | 30,240 | 99,883 | 96,583 |
Selling, general, and administrative expenses | 77,113 | 64,206 | 226,380 | 193,497 |
Restructuring charges (Note 16) | 0 | 251 | 0 | 15,049 |
Intangible asset impairment charges (Note 8) | 0 | 0 | 0 | 19,571 |
Operating income | 87,547 | 96,635 | 258,581 | 111,444 |
Foreign currency gain (loss) | (586) | 2,357 | (2,233) | (310) |
Investment income | 1,748 | 2,490 | 5,025 | 11,010 |
Other income (expense) | (125) | (173) | (420) | (153) |
Income before income tax expense | 88,584 | 101,309 | 260,953 | 121,991 |
Income tax expense | 9,684 | 13,803 | 34,607 | 15,150 |
Net Income | $ 78,900 | $ 87,506 | $ 226,346 | $ 106,841 |
Net income per weighted-average common and common-equivalent share: | ||||
Basic (usd per share) | $ 0.45 | $ 0.50 | $ 1.28 | $ 0.62 |
Diluted (usd per share) | $ 0.44 | $ 0.49 | $ 1.26 | $ 0.61 |
Weighted-average common and common-equivalent shares outstanding: | ||||
Basic (shares) | 176,812 | 173,943 | 176,572 | 172,881 |
Diluted (shares) | 180,342 | 177,138 | 180,109 | 176,038 |
Cash dividends per common share (usd per share) | $ 0.060 | $ 0.055 | $ 0.180 | $ 0.165 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 78,900 | $ 87,506 | $ 226,346 | $ 106,841 |
Available-for-sale investments: | ||||
Net unrealized gain (loss) on available-for-sale investments, net of tax | (521) | (2,308) | (2,617) | 6,282 |
Reclassification of credit loss (recovery) on investments into current operations | 0 | 0 | 0 | 75 |
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations | (19) | (786) | (87) | (3,591) |
Net change related to available-for-sale investments | (540) | (3,094) | (2,704) | 2,766 |
Foreign currency translation adjustments: | ||||
Foreign currency translation adjustments | (2,136) | 2,098 | (5,243) | (3,364) |
Other comprehensive income (loss), net of tax | (2,676) | (996) | (7,947) | (598) |
Total comprehensive income | $ 76,224 | $ 86,510 | $ 218,399 | $ 106,243 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax effect of unrealized gain (loss) on available-for-sale investments | $ (162) | $ 2,855 | $ (808) | $ 1,067 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 203,479 | $ 269,073 |
Current investments, amortized cost of $188,349 and $102,258 in 2021 and 2020, respectively, allowance for credit losses of $0 in 2021 and 2020 | 189,113 | 103,240 |
Accounts receivable, allowance for credit losses of $792 and $831 in 2021 and 2020, respectively | 129,784 | 125,696 |
Unbilled revenue | 7,325 | 5,632 |
Inventories | 81,170 | 60,830 |
Prepaid expenses and other current assets | 61,196 | 37,220 |
Total current assets | 672,067 | 601,691 |
Non-current investments, amortized cost of $591,378 and $390,417 in 2021 and 2020, respectively, allowance for credit losses of $0 in 2021 and 2020 | 592,794 | 395,125 |
Property, plant, and equipment, net | 76,882 | 79,173 |
Operating lease assets | 24,154 | 22,582 |
Goodwill | 241,799 | 244,078 |
Intangible assets, net | 12,782 | 15,555 |
Deferred income taxes | 420,962 | 434,704 |
Other assets | 7,363 | 7,794 |
Total assets | 2,048,803 | 1,800,702 |
Current liabilities: | ||
Accounts payable | 26,797 | 16,270 |
Accrued expenses | 80,337 | 77,264 |
Accrued income taxes | 12,271 | 9,379 |
Deferred revenue and customer deposits | 37,843 | 21,274 |
Operating lease liabilities | 7,889 | 8,110 |
Total current liabilities | 165,137 | 132,297 |
Non-current operating lease liabilities | 18,922 | 18,120 |
Deferred income taxes | 302,019 | 314,952 |
Reserve for income taxes | 14,805 | 14,257 |
Non-current accrued income taxes | 40,963 | 48,915 |
Other liabilities | 13,996 | 9,959 |
Total liabilities | 555,842 | 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: 176,799 and 175,790 shares in 2021 and 2020, respectively | 354 | 352 |
Additional paid-in capital | 900,190 | 807,739 |
Retained earnings | 634,165 | 487,912 |
Accumulated other comprehensive loss, net of tax | (41,748) | (33,801) |
Total shareholders’ equity | 1,492,961 | 1,262,202 |
Total liabilities and shareholders' equity | $ 2,048,803 | $ 1,800,702 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Amortized cost of current investments | $ 188,349 | $ 102,258 |
Allowance for credit losses | 0 | 0 |
Allowance for credit losses, current | 792 | 831 |
Amortized cost of non-current investments | 591,378 | 390,417 |
Allowance for credit losses, non-current | $ 0 | $ 0 |
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 |
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) | 176,799,000 | 175,790,000 |
Common stock, shares outstanding (in shares) | 176,799,000 | 175,790,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2021 | Sep. 27, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 226,346 | $ 106,841 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation expense | 33,353 | 32,076 |
Depreciation of property, plant, and equipment | 12,641 | 16,467 |
Loss on disposal of property, plant, and equipment | 4 | 1,654 |
Amortization of intangible assets | 2,773 | 3,437 |
Intangible asset impairment charges | 0 | 19,571 |
Excess and obsolete inventory charges | 2,120 | 9,386 |
Operating lease asset impairment charges | 0 | 2,534 |
Amortization of discounts or premiums on investments | 3,316 | 765 |
Realized gain on sale of investments | (87) | (3,591) |
Credit loss on investments | 0 | 75 |
Revaluation of contingent consideration | 0 | (114) |
Change in deferred income taxes | 1,411 | 3,194 |
Accounts receivable | (4,295) | (23,878) |
Unbilled revenue | (1,689) | (10,606) |
Inventories | (22,534) | (3,065) |
Prepaid expenses and other current assets | (24,607) | (10,718) |
Accounts payable | 10,576 | 3,587 |
Accrued expenses | 4,416 | 17,028 |
Accrued income taxes | (4,936) | (23,627) |
Deferred revenue and customer deposits | 16,751 | 19,066 |
Other | 3,297 | (632) |
Net cash provided by operating activities | 258,856 | 159,450 |
Cash flows from investing activities: | ||
Purchases of investments | (607,458) | (601,447) |
Maturities and sales of investments | 317,174 | 567,245 |
Purchases of property, plant, and equipment | (10,689) | (9,829) |
Net cash provided by (used in) investing activities | (300,973) | (44,031) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock under stock plans | 59,101 | 91,390 |
Repurchase of common stock | (48,294) | (51,036) |
Payment of dividends | (31,800) | (28,554) |
Payment of contingent consideration | 0 | (1,039) |
Net cash provided by (used in) financing activities | (20,993) | 10,761 |
Effect of foreign exchange rate changes on cash and cash equivalents | (2,484) | 745 |
Net change in cash and cash equivalents | (65,594) | 126,925 |
Cash and cash equivalents at beginning of period | 269,073 | 171,431 |
Cash and cash equivalents at end of period | $ 203,479 | $ 298,356 |
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 | 91,390 | $ 6 | 91,384 | ||
Issuance of common stock under stock plans (in shares) | 3,408 | ||||
Repurchase of common stock | (51,036) | $ (2) | (51,034) | ||
Repurchase of common stock (in shares) | (1,215) | ||||
Stock-based compensation expense | 32,076 | 32,076 | |||
Payment of dividends | (28,554) | (28,554) | |||
Net income | 106,841 | 106,841 | |||
Net unrealized gain (loss) on available-for-sale investments, net of tax | 6,282 | 6,282 | |||
Reclassification of credit loss (recovery) on investments | 75 | 75 | |||
Reclassification of net realized (gain) loss on the sale of available-for-sale investments | (3,591) | (3,591) | |||
Foreign currency translation adjustment | (3,364) | (3,364) | |||
Ending Balance (in shares) at Sep. 27, 2020 | 174,633 | ||||
Ending Balance at Sep. 27, 2020 | 1,505,829 | $ 349 | 762,832 | 780,521 | (37,873) |
Beginning Balance at Jun. 28, 2020 | 1,376,478 | $ 346 | 710,412 | 702,597 | (36,877) |
Beginning Balance (in shares) at Jun. 28, 2020 | 173,047 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net issuance of common stock under stock plans | 43,155 | $ 3 | 43,152 | ||
Issuance of common stock under stock plans (in shares) | 1,586 | ||||
Stock-based compensation expense | 9,268 | 9,268 | |||
Payment of dividends | (9,582) | (9,582) | |||
Net income | 87,506 | 87,506 | |||
Net unrealized gain (loss) on available-for-sale investments, net of tax | (2,308) | (2,308) | |||
Reclassification of net realized (gain) loss on the sale of available-for-sale investments | (786) | (786) | |||
Foreign currency translation adjustment | 2,098 | 2,098 | |||
Ending Balance (in shares) at Sep. 27, 2020 | 174,633 | ||||
Ending Balance at Sep. 27, 2020 | 1,505,829 | $ 349 | 762,832 | 780,521 | (37,873) |
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 | $ 59,101 | $ 3 | 59,098 | ||
Issuance of common stock under stock plans (in shares) | 1,590 | ||||
Repurchase of common stock | (48,294) | $ (1) | (48,293) | ||
Repurchase of common stock (in shares) | (581) | ||||
Stock-based compensation expense | 33,353 | 33,353 | |||
Payment of dividends | (31,800) | (31,800) | |||
Net income | 226,346 | 226,346 | |||
Net unrealized gain (loss) on available-for-sale investments, net of tax | (2,617) | (2,617) | |||
Reclassification of net realized (gain) loss on the sale of available-for-sale investments | (87) | (87) | |||
Foreign currency translation adjustment | $ (5,243) | (5,243) | |||
Ending Balance (in shares) at Oct. 03, 2021 | 176,799 | 176,799 | |||
Ending Balance at Oct. 03, 2021 | $ 1,492,961 | $ 354 | 900,190 | 634,165 | (41,748) |
Beginning Balance at Jul. 04, 2021 | 1,429,454 | $ 353 | 874,883 | 593,290 | (39,072) |
Beginning Balance (in shares) at Jul. 04, 2021 | 176,707 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net issuance of common stock under stock plans | 14,694 | $ 1 | 14,693 | ||
Issuance of common stock under stock plans (in shares) | 415 | ||||
Repurchase of common stock | (27,417) | $ 0 | (27,417) | ||
Repurchase of common stock (in shares) | (323) | ||||
Stock-based compensation expense | 10,614 | 10,614 | |||
Payment of dividends | (10,608) | (10,608) | |||
Net income | 78,900 | 78,900 | |||
Net unrealized gain (loss) on available-for-sale investments, net of tax | (521) | (521) | |||
Reclassification of net realized (gain) loss on the sale of available-for-sale investments | (19) | (19) | |||
Foreign currency translation adjustment | $ (2,136) | (2,136) | |||
Ending Balance (in shares) at Oct. 03, 2021 | 176,799 | 176,799 | |||
Ending Balance at Oct. 03, 2021 | $ 1,492,961 | $ 354 | $ 900,190 | $ 634,165 | $ (41,748) |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share (usd per share) | $ 0.060 | $ 0.055 | $ 0.180 | $ 0.165 |
Tax effect of unrealized gain (loss) on available-for-sale investments | $ (162) | $ 2,855 | $ (808) | $ 1,067 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 03, 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 October 3, 2021, and the results of its operations for the three-month and nine-month periods ended October 3, 2021 and September 27, 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 nine-month periods ended October 3, 2021 are not necessarily indicative of the results to be expected for the full year. |
New Pronouncements
New Pronouncements | 9 Months Ended |
Oct. 03, 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 | 9 Months Ended |
Oct. 03, 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 October 3, 2021 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 3,616 $ — $ — Corporate bonds — 555,992 — Treasury bills — 114,998 — Asset-backed securities — 83,896 — Agency bonds — 18,966 — Municipal bonds — 6,966 — Sovereign bonds — 1,089 — Economic hedge forward contracts — 129 — Liabilities: Economic hedge forward contracts — 88 — 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 October 3, 2021. The undiscounted potential outcomes related to future contingent consideration range from $0 to $2,500,000 based upon certain revenue levels through April of 2022. 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 nine-month period ended October 3, 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 | 9 Months Ended |
Oct. 03, 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): October 3, 2021 December 31, 2020 Cash $ 199,863 $ 266,609 Money market instruments 3,616 2,464 Cash and cash equivalents 203,479 269,073 Treasury bills 87,014 35,403 Corporate bonds 69,844 32,714 Asset-backed securities 23,133 25,160 Municipal bonds 6,320 1,303 Agency bonds 2,802 — Sovereign bonds — 8,660 Current investments 189,113 103,240 Corporate bonds 486,148 203,428 Asset-backed securities 60,763 67,058 Treasury bills 27,984 96,458 Agency bonds 16,164 19,006 Sovereign bonds 1,089 3,440 Municipal bonds 646 5,735 Non-current investments 592,794 395,125 $ 985,386 $ 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; municipal bonds consist of debt securities issued by state and local government entities; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of October 3, 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 $3,481,000 and $1,560,000 as of October 3, 2021 and December 31, 2020, respectively. The following table summarizes the Company’s available-for-sale investments as of October 3, 2021 (in thousands): Amortized Gross Gross Fair Value Current: Treasury bills $ 86,657 $ 357 $ — $ 87,014 Corporate bonds 69,562 290 (8) 69,844 Asset-backed securities 22,990 147 (4) 23,133 Municipal bonds 6,340 3 (23) 6,320 Agency bonds 2,800 2 — 2,802 Non-current: Corporate bonds 485,290 1,631 (773) 486,148 Asset-backed securities 60,418 346 (1) 60,763 Treasury bills 27,821 163 — 27,984 Agency bonds 16,124 40 — 16,164 Sovereign bonds 1,090 — (1) 1,089 Municipal bonds 635 11 — 646 $ 779,727 $ 2,990 $ (810) $ 781,907 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 October 3, 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 $ 216,480 $ (781) $ — $ — $ 216,480 $ (781) Municipal bonds 3,917 (23) — — 3,917 (23) Asset-backed securities 3,732 (5) — — 3,732 (5) Sovereign bonds 1,089 (1) — — 1,089 (1) $ 225,218 $ (810) $ — $ — $ 225,218 $ (810) The Company's allowance for credit losses on debt securities was zero as of October 3, 2021 and December 31, 2020. There was no activity recorded in the allowance for credit losses during the three-month and nine-month periods ended October 3, 2021. The Company recorded no gross credit losses or gross credit recoveries for the three-month period ended September 27, 2020, and gross credit losses of $160,000 and gross credit recoveries of $85,000 for the nine-month period ended September 27, 2020. The Company recorded gross realized gains on the sale of debt securities totaling $19,000 and $87,000 for the three-month and nine-month periods ended October 3, 2021, respectively, and no gross realized losses on the sale of debt securities for the three-month and nine-month periods ended October 3, 2021. The Company recorded gross realized gains on the sale of debt securities totaling $787,000 and $3,613,000 for the three-month and nine-month periods ended September 27, 2020, respectively, and gross realized losses on the sale of debt securities totaling $1,000 and $22,000, respectively, for the three-month and nine-month periods ended September 27, 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 October 3, 2021 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years Total Corporate bonds $ 69,844 $ 192,354 $ 151,615 $ 94,993 $ 47,186 $ 555,992 Treasury bills 87,014 27,984 — — — 114,998 Asset-backed securities 23,133 41,115 6,217 13,431 — 83,896 Agency bonds 2,802 16,164 — — — 18,966 Municipal bonds 6,320 646 — — — 6,966 Sovereign bonds — — — — 1,089 1,089 $ 189,113 $ 278,263 $ 157,832 $ 108,424 $ 48,275 $ 781,907 |
Inventories
Inventories | 9 Months Ended |
Oct. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): October 3, 2021 December 31, 2020 Raw materials $ 32,598 $ 26,800 Work-in-process 2,975 4,780 Finished goods 45,597 29,250 $ 81,170 $ 60,830 The Company recorded provisions for excess and obsolete inventories of $304,000 and $2,120,000 for the three-month and nine-month periods ended October 3, 2021, respectively, and $603,000 and $9,386,000 for the three-month and nine-month periods ended September 27, 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 | 9 Months Ended |
Oct. 03, 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 October 3, 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 October 3, 2021. The total operating lease expense for the three-month and nine-month periods ended October 3, 2021 was $2,068,000 and $6,091,000, respectively. The total operating lease cash payments for the three-month and nine-month periods ended October 3, 2021 were $2,079,000 and $6,154,000, 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 nine-month periods ended October 3, 2021 was $36,000 and $114,000, respectively. The total operating lease expense for the three-month and nine-month periods ended September 27, 2020 was $2,047,000 and $6,100,000, respectively. The total operating lease cash payments for the three-month and nine-month periods ended September 27, 2020 were $2,041,000 and $5,995,000, 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 nine-month periods ended September 27, 2020 was $22,000 and $84,000, respectively. Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2021 $ 2,348 2022 8,221 2023 6,588 2024 3,526 2025 2,033 2026 1,297 Thereafter 5,160 $ 29,173 The discounted present value of the future lease cash payments resulted in a lease liability of $26,811,000 and $26,230,000 as of October 3, 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 October 3, 2021 or December 31, 2020. The weighted-average discount rate was 3.5% and 4.0% for the leases outstanding as of October 3, 2021 and December 31, 2020, respectively. The weighted-average remaining lease term was 5.2 and 5.1 years for the leases outstanding as of October 3, 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, resulting in operating lease asset impairment charges of $2,534,000 in the second quarter of 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 $2,019,000 and $2,877,000 as of October 3, 2021 and December 31, 2020, respectively, and are included in "Operating lease liabilities" on the Consolidated Balance Sheets. |
Goodwill
Goodwill | 9 Months Ended |
Oct. 03, 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 (2,279) Balance as of October 3, 2021 $ 241,799 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 | 9 Months Ended |
Oct. 03, 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 14,548 9,669 Customer relationships 10,578 7,700 2,878 Non-compete agreements 710 478 232 Trademarks 110 107 3 Balance as of October 3, 2021 $ 73,675 $ 60,893 $ 12,782 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 October 3, 2021, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2021 $ 883 2022 3,286 2023 2,594 2024 2,080 2025 1,757 2026 1,452 Thereafter 730 $ 12,782 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 | 9 Months Ended |
Oct. 03, 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 2,528 Fulfillment of warranty obligations (2,517) Balance as of October 3, 2021 $ 5,417 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Oct. 03, 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): October 3, 2021 December 31, 2020 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Euro 38,500 $ 44,687 50,000 $ 61,342 Chinese Renminbi 55,069 8,500 — — Mexican Peso 120,000 5,823 155,000 7,776 Korean Won 6,770,000 5,714 6,925,000 6,377 Japanese Yen 600,000 5,405 600,000 5,808 British Pound 3,115 4,224 1,675 2,287 Hungarian Forint 1,235,000 3,992 1,330,000 4,494 Taiwanese Dollar 45,405 1,637 38,035 1,362 Singapore Dollar 1,800 1,328 1,465 1,110 Canadian Dollar 1,370 1,080 1,285 1,010 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 October 3, 2021 December 31, 2020 Sheet October 3, 2021 December 31, 2020 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 129 $ 265 Accrued expenses $ 88 $ 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 October 3, 2021 December 31, 2020 October 3, 2021 December 31, 2020 Gross amounts of recognized assets $ 129 $ 265 Gross amounts of recognized liabilities $ 88 $ 38 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 129 $ 265 Net amount of liabilities presented $ 88 $ 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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ 1,529 $ (1,521) $ 3,676 $ (9,701) |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Oct. 03, 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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Americas $ 113,758 $ 86,482 $ 330,012 $ 215,696 Europe 65,146 60,189 182,161 144,758 Greater China 65,813 77,292 163,757 135,593 Other Asia 40,131 27,110 117,103 91,358 $ 284,848 $ 251,073 $ 793,033 $ 587,405 The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Standard products and services $ 212,567 $ 174,797 $ 669,215 $ 486,458 Application-specific customer solutions 72,281 76,276 123,818 100,947 $ 284,848 $ 251,073 $ 793,033 $ 587,405 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 $13,308,000 and $6,846,000 as of October 3, 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 nine-month period ended October 3, 2021 (in thousands): Balance as of December 31, 2020 $ 831 Increases to the allowance for credit losses — Write-offs, net of recoveries (39) Foreign exchange rate changes — Balance as of October 3, 2021 $ 792 The following table summarizes the deferred revenue and customer deposits activity for the nine-month period ended October 3, 2021 (in thousands): Balance as of December 31, 2020 $ 21,274 Deferral of revenue billed in the current period, net of recognition 33,888 Recognition of revenue deferred in prior period (17,130) Foreign exchange rate changes (189) Balance as of October 3, 2021 $ 37,843 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 | 9 Months Ended |
Oct. 03, 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 October 3, 2021, the Company had 15,661,000 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 nine-month period ended October 3, 2021: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 8,970 $ 44.73 Granted 549 88.80 Exercised (1,582) 37.70 Forfeited or expired (225) 50.29 Outstanding as of October 3, 2021 7,712 $ 49.15 6.79 $ 252,476 Exercisable as of October 3, 2021 3,290 $ 39.03 5.56 $ 139,215 Options vested or expected to vest as of October 3, 2021 (1) 7,157 $ 48.36 6.70 $ 239,568 (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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Risk-free rate 1.4 % — % 1.3 % 1.6 % Expected dividend yield 0.28 % — % 0.27 % 0.43 % Expected volatility 39 % — % 39 % 37 % Expected term (in years) 7.1 — 6.0 6.0 No stock options were granted during the three-month period ended September 27, 2020. 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 nine-month periods ended October 3, 2021 were $35.64 and $33.78, respectively, and during the nine-month period ended September 27, 2020 was $18.52. There were no stock options granted during the three-month period ended September 27, 2020. The total intrinsic values of stock options exercised for the three-month and nine-month periods ended October 3, 2021 were $21,415,000 and $75,363,000, respectively, and for the three-month and nine-month periods ended September 27, 2020 were $62,787,000 and $116,600,000, respectively. The total fair values of stock options vested for the three-month and nine-month periods ended October 3, 2021 were $1,498,000 and $38,928,000, respectively, and for the three-month and nine-month periods ended September 27, 2020 were $1,331,000 and $39,282,000, respectively. Restricted Stock Units (RSUs) The following table summarizes the Company's RSUs activity for the nine-month period ended October 3, 2021: Shares Weighted-Average Nonvested as of December 31, 2020 554 $ 51.27 Granted 318 87.38 Vested (15) 56.61 Forfeited or expired (43) 56.49 Nonvested as of October 3, 2021 814 $ 65.01 The weighted-average grant-date fair values of RSUs granted during the three-month and nine-month periods ended October 3, 2021 were $86.34 and $87.38, respectively, and during the three-month and nine-month periods ended September 27, 2020 were $67.14 and $51.73, respectively. There were 15,000 RSUs that vested during the nine-month period ended October 3, 2021. There were no RSUs that vested during the three-month period ended October 3, 2021 or the three-month and nine-month periods ended September 27, 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 October 3, 2021, total unrecognized compensation expense related to non-vested equity awards, including stock options and RSUs, was $56,579,000, which is expected to be recognized over a weighted-average period of 1.6 years. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended October 3, 2021 were $10,614,000 and $1,637,000, respectively, and for the nine-month period ended October 3, 2021 were $33,353,000 and $5,101,000, respectively. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended September 27, 2020 were $9,268,000 and $1,524,000, respectively, and for the nine-month period ended September 27, 2020 were $32,076,000 and $5,365,000, respectively. Stock-based compensation expense recognized for the three-month and nine-month periods ended September 27, 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 October 3, 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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Cost of revenue $ 366 $ 324 $ 965 $ 1,041 Research, development, and engineering 3,091 2,815 10,158 10,582 Selling, general, and administrative 7,157 6,129 22,230 20,453 $ 10,614 $ 9,268 $ 33,353 $ 32,076 |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Oct. 03, 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 October 3, 2021, the Company repurchased 3,398,000 shares at a cost of $169,643,000 under this program, including 581,000 shares at a cost of $48,294,000 during the nine-month period ended October 3, 2021, leaving a remaining balance of $30,357,000. 1,215,000 shares at a cost of $51,036,000 were repurchased during the nine-month period ended September 27, 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Income tax expense 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) % (1) % (1) % (1) % Discrete tax benefit related to stock options (4) % (4) % (4) % (9) % Discrete tax expense (benefit) related to tax return filings (3) % — % (1) % 3 % Other 1 % 2 % 1 % 2 % Income tax expense 11 % 14 % 13 % 12 % 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 4% for both the three-month and nine-month periods ended October 3, 2021, and 4% and 9% for the three-month and nine-month periods ended September 27, 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 a favorable impact to the effective tax rate of 3% and 1% for the three-month and nine-month periods ended October 3, 2021, respectively, and an unfavorable impact to the effective tax rate of 3% for the nine-month period ended September 27, 2020. Excluding the impact of these discrete items, the Company’s effective tax rate was 18% of pre-tax income for the three-month and nine-month periods ended October 3, 2021, and 18% of pre-tax income for the same periods in 2020. During the nine-month period ended October 3, 2021, the Company recorded a $495,000 increase in reserves for income taxes, net of deferred tax benefit. Estimated interest and penalties included in these amounts totaled $450,000 for the nine-month period ended October 3, 2021. The Company’s reserve for income taxes, including gross interest and penalties, was $15,833,000 as of October 3, 2021, which included $14,805,000 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. During the three-month period ending October 3, 2021, the Company released $648,000 in reserves related to statute expiration and tax return positions. 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 a favorable impact to the effective tax rate of 5% for both the three-month and nine-month periods ended October 3, 2021, and for the same periods in 2020. |
Weighted-Average Shares
Weighted-Average Shares | 9 Months Ended |
Oct. 03, 2021 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares | Weighted-Average Shares Weighted-average shares were calculated as follows (in thousands): Three-months Ended Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Basic weighted-average common shares outstanding 176,812 173,943 176,572 172,881 Effect of dilutive equity awards 3,530 3,195 3,537 3,157 Weighted-average common and common-equivalent shares outstanding 180,342 177,138 180,109 176,038 |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Oct. 03, 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 nine-month periods ended October 3, 2021. The following table summarizes the restructuring charges incurred in the three-month and nine-month periods ended September 27, 2020 (in thousands): Incurred in the Three-months Ended September 27, 2020 Incurred in the Nine-months Ended September 27, 2020 One-time termination benefits $ (36) $ 10,350 Contract termination costs 104 4,099 Other associated costs 183 600 $ 251 $ 15,049 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 second quarter of 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 nine-month period ended October 3, 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 (1,133) (176) (15) (1,324) Foreign exchange rate changes — (5) — (5) Balance as of October 3, 2021 $ 491 $ 569 $ — $ 1,060 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 03, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn November 4, 2021, the Company’s Board of Directors declared a cash dividend of $0.065 per share. The dividend is payable on December 3, 2021 to all shareholders of record as of the close of business on November 19, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 03, 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) | 9 Months Ended |
Oct. 03, 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 October 3, 2021 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 3,616 $ — $ — Corporate bonds — 555,992 — Treasury bills — 114,998 — Asset-backed securities — 83,896 — Agency bonds — 18,966 — Municipal bonds — 6,966 — Sovereign bonds — 1,089 — Economic hedge forward contracts — 129 — Liabilities: Economic hedge forward contracts — 88 — |
Cash, Cash Equivalents, and I_2
Cash, Cash Equivalents, and Investments (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Components of Cash, Cash Equivalents, and Investments | Cash, cash equivalents, and investments consisted of the following (in thousands): October 3, 2021 December 31, 2020 Cash $ 199,863 $ 266,609 Money market instruments 3,616 2,464 Cash and cash equivalents 203,479 269,073 Treasury bills 87,014 35,403 Corporate bonds 69,844 32,714 Asset-backed securities 23,133 25,160 Municipal bonds 6,320 1,303 Agency bonds 2,802 — Sovereign bonds — 8,660 Current investments 189,113 103,240 Corporate bonds 486,148 203,428 Asset-backed securities 60,763 67,058 Treasury bills 27,984 96,458 Agency bonds 16,164 19,006 Sovereign bonds 1,089 3,440 Municipal bonds 646 5,735 Non-current investments 592,794 395,125 $ 985,386 $ 767,438 |
Summary of Available-for-Sale Investments | The following table summarizes the Company’s available-for-sale investments as of October 3, 2021 (in thousands): Amortized Gross Gross Fair Value Current: Treasury bills $ 86,657 $ 357 $ — $ 87,014 Corporate bonds 69,562 290 (8) 69,844 Asset-backed securities 22,990 147 (4) 23,133 Municipal bonds 6,340 3 (23) 6,320 Agency bonds 2,800 2 — 2,802 Non-current: Corporate bonds 485,290 1,631 (773) 486,148 Asset-backed securities 60,418 346 (1) 60,763 Treasury bills 27,821 163 — 27,984 Agency bonds 16,124 40 — 16,164 Sovereign bonds 1,090 — (1) 1,089 Municipal bonds 635 11 — 646 $ 779,727 $ 2,990 $ (810) $ 781,907 |
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 October 3, 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 $ 216,480 $ (781) $ — $ — $ 216,480 $ (781) Municipal bonds 3,917 (23) — — 3,917 (23) Asset-backed securities 3,732 (5) — — 3,732 (5) Sovereign bonds 1,089 (1) — — 1,089 (1) $ 225,218 $ (810) $ — $ — $ 225,218 $ (810) |
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 October 3, 2021 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years Total Corporate bonds $ 69,844 $ 192,354 $ 151,615 $ 94,993 $ 47,186 $ 555,992 Treasury bills 87,014 27,984 — — — 114,998 Asset-backed securities 23,133 41,115 6,217 13,431 — 83,896 Agency bonds 2,802 16,164 — — — 18,966 Municipal bonds 6,320 646 — — — 6,966 Sovereign bonds — — — — 1,089 1,089 $ 189,113 $ 278,263 $ 157,832 $ 108,424 $ 48,275 $ 781,907 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): October 3, 2021 December 31, 2020 Raw materials $ 32,598 $ 26,800 Work-in-process 2,975 4,780 Finished goods 45,597 29,250 $ 81,170 $ 60,830 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 03, 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 $ 2,348 2022 8,221 2023 6,588 2024 3,526 2025 2,033 2026 1,297 Thereafter 5,160 $ 29,173 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Oct. 03, 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 (2,279) Balance as of October 3, 2021 $ 241,799 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Oct. 03, 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 14,548 9,669 Customer relationships 10,578 7,700 2,878 Non-compete agreements 710 478 232 Trademarks 110 107 3 Balance as of October 3, 2021 $ 73,675 $ 60,893 $ 12,782 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 October 3, 2021, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2021 $ 883 2022 3,286 2023 2,594 2024 2,080 2025 1,757 2026 1,452 Thereafter 730 $ 12,782 |
Warranty Obligations (Tables)
Warranty Obligations (Tables) | 9 Months Ended |
Oct. 03, 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 2,528 Fulfillment of warranty obligations (2,517) Balance as of October 3, 2021 $ 5,417 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding Forward Contracts Table | The Company had the following outstanding forward contracts (in thousands): October 3, 2021 December 31, 2020 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Euro 38,500 $ 44,687 50,000 $ 61,342 Chinese Renminbi 55,069 8,500 — — Mexican Peso 120,000 5,823 155,000 7,776 Korean Won 6,770,000 5,714 6,925,000 6,377 Japanese Yen 600,000 5,405 600,000 5,808 British Pound 3,115 4,224 1,675 2,287 Hungarian Forint 1,235,000 3,992 1,330,000 4,494 Taiwanese Dollar 45,405 1,637 38,035 1,362 Singapore Dollar 1,800 1,328 1,465 1,110 Canadian Dollar 1,370 1,080 1,285 1,010 |
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 October 3, 2021 December 31, 2020 Sheet October 3, 2021 December 31, 2020 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 129 $ 265 Accrued expenses $ 88 $ 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 October 3, 2021 December 31, 2020 October 3, 2021 December 31, 2020 Gross amounts of recognized assets $ 129 $ 265 Gross amounts of recognized liabilities $ 88 $ 38 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 129 $ 265 Net amount of liabilities presented $ 88 $ 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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ 1,529 $ (1,521) $ 3,676 $ (9,701) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Oct. 03, 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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Americas $ 113,758 $ 86,482 $ 330,012 $ 215,696 Europe 65,146 60,189 182,161 144,758 Greater China 65,813 77,292 163,757 135,593 Other Asia 40,131 27,110 117,103 91,358 $ 284,848 $ 251,073 $ 793,033 $ 587,405 |
Revenue from External Customers by Products and Services | The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Standard products and services $ 212,567 $ 174,797 $ 669,215 $ 486,458 Application-specific customer solutions 72,281 76,276 123,818 100,947 $ 284,848 $ 251,073 $ 793,033 $ 587,405 |
Schedule of Allowance for Credit Loss Activity | The following table summarizes the allowance for credit losses activity for the nine-month period ended October 3, 2021 (in thousands): Balance as of December 31, 2020 $ 831 Increases to the allowance for credit losses — Write-offs, net of recoveries (39) Foreign exchange rate changes — Balance as of October 3, 2021 $ 792 |
Deferred Revenue, by Arrangement, Disclosure | The following table summarizes the deferred revenue and customer deposits activity for the nine-month period ended October 3, 2021 (in thousands): Balance as of December 31, 2020 $ 21,274 Deferral of revenue billed in the current period, net of recognition 33,888 Recognition of revenue deferred in prior period (17,130) Foreign exchange rate changes (189) Balance as of October 3, 2021 $ 37,843 |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the nine-month period ended October 3, 2021: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 8,970 $ 44.73 Granted 549 88.80 Exercised (1,582) 37.70 Forfeited or expired (225) 50.29 Outstanding as of October 3, 2021 7,712 $ 49.15 6.79 $ 252,476 Exercisable as of October 3, 2021 3,290 $ 39.03 5.56 $ 139,215 Options vested or expected to vest as of October 3, 2021 (1) 7,157 $ 48.36 6.70 $ 239,568 (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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Risk-free rate 1.4 % — % 1.3 % 1.6 % Expected dividend yield 0.28 % — % 0.27 % 0.43 % Expected volatility 39 % — % 39 % 37 % Expected term (in years) 7.1 — 6.0 6.0 |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's RSUs activity for the nine-month period ended October 3, 2021: Shares Weighted-Average Nonvested as of December 31, 2020 554 $ 51.27 Granted 318 87.38 Vested (15) 56.61 Forfeited or expired (43) 56.49 Nonvested as of October 3, 2021 814 $ 65.01 |
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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Cost of revenue $ 366 $ 324 $ 965 $ 1,041 Research, development, and engineering 3,091 2,815 10,158 10,582 Selling, general, and administrative 7,157 6,129 22,230 20,453 $ 10,614 $ 9,268 $ 33,353 $ 32,076 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Oct. 03, 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 Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Income tax expense 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) % (1) % (1) % (1) % Discrete tax benefit related to stock options (4) % (4) % (4) % (9) % Discrete tax expense (benefit) related to tax return filings (3) % — % (1) % 3 % Other 1 % 2 % 1 % 2 % Income tax expense 11 % 14 % 13 % 12 % |
Weighted-Average Shares (Tables
Weighted-Average Shares (Tables) | 9 Months Ended |
Oct. 03, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Weighted-Average Shares | Weighted-average shares were calculated as follows (in thousands): Three-months Ended Nine-months Ended October 3, 2021 September 27, 2020 October 3, 2021 September 27, 2020 Basic weighted-average common shares outstanding 176,812 173,943 176,572 172,881 Effect of dilutive equity awards 3,530 3,195 3,537 3,157 Weighted-average common and common-equivalent shares outstanding 180,342 177,138 180,109 176,038 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 27, 2020 | Oct. 03, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Schedule of Restructuring Charges | The following table summarizes the restructuring charges incurred in the three-month and nine-month periods ended September 27, 2020 (in thousands): Incurred in the Three-months Ended September 27, 2020 Incurred in the Nine-months Ended September 27, 2020 One-time termination benefits $ (36) $ 10,350 Contract termination costs 104 4,099 Other associated costs 183 600 $ 251 $ 15,049 | |
Schedule of Activity in Restructuring Reserve | The following table summarizes the activity for the nine-month period ended October 3, 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 (1,133) (176) (15) (1,324) Foreign exchange rate changes — (5) — (5) Balance as of October 3, 2021 $ 491 $ 569 $ — $ 1,060 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2020 |
Assets: | ||
Money market instruments | $ 3,616 | $ 2,464 |
Financial assets at fair value | 781,907 | |
Corporate Bonds | ||
Assets: | ||
Financial assets at fair value | 555,992 | |
Treasury Bills | ||
Assets: | ||
Financial assets at fair value | 114,998 | |
Asset-Backed Securities | ||
Assets: | ||
Financial assets at fair value | 83,896 | |
Agency Bonds | ||
Assets: | ||
Financial assets at fair value | 18,966 | |
Sovereign Bonds | ||
Assets: | ||
Financial assets at fair value | 1,089 | |
Municipal Bonds | ||
Assets: | ||
Financial assets at fair value | 6,966 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Money market instruments | 3,616 | |
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 | 0 | |
Economic hedge forward contracts | 129 | |
Liabilities: | ||
Economic hedge forward contracts | 88 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Assets: | ||
Financial assets at fair value | 555,992 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Treasury Bills | ||
Assets: | ||
Financial assets at fair value | 114,998 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Asset-Backed Securities | ||
Assets: | ||
Financial assets at fair value | 83,896 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Agency Bonds | ||
Assets: | ||
Financial assets at fair value | 18,966 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Sovereign Bonds | ||
Assets: | ||
Financial assets at fair value | 1,089 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Municipal Bonds | ||
Assets: | ||
Financial assets at fair value | 6,966 | |
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 | 9 Months Ended | ||||
Oct. 03, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent consideration liability | $ 0 | $ 0 | $ 0 | |||
Operating lease asset impairment charges | $ 2,534,000 | 0 | $ 2,534,000 | |||
Intangible asset impairment charges | 0 | $ 0 | 19,571,000 | 0 | $ 19,571,000 | |
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 | 0 | ||||
Contingent consideration liability, upper range | $ 2,500,000 | $ 2,500,000 |
Cash, Cash Equivalents, and I_3
Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 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 | 0 | $ 160 | |
Gross recoveries | 0 | 85 | |||
Gross realized gains on sale of investments | 19 | 787 | 87 | 3,613 | |
Gross realized losses on sale of investments | 0 | $ 1 | 0 | $ 22 | |
Other Current Assets | |||||
Cash and Cash Equivalents [Line Items] | |||||
Accrued interest receivable | $ 3,481 | $ 3,481 | $ 1,560 |
Cash, Cash Equivalents, and I_4
Cash, Cash Equivalents, and Investments - Components of Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash | $ 199,863 | $ 266,609 |
Money market instruments | 3,616 | 2,464 |
Cash and cash equivalents | 203,479 | 269,073 |
Current investments | 189,113 | 103,240 |
Non-current investments | 592,794 | 395,125 |
Total | 985,386 | 767,438 |
Treasury Bills | ||
Debt Securities, Available-for-sale [Line Items] | ||
Current investments | 87,014 | 35,403 |
Long-term investments | 27,984 | 96,458 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Current investments | 69,844 | 32,714 |
Long-term investments | 486,148 | 203,428 |
Asset-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Current investments | 23,133 | 25,160 |
Long-term investments | 60,763 | 67,058 |
Agency Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Current investments | 2,802 | 0 |
Long-term investments | 16,164 | 19,006 |
Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Current investments | 6,320 | 1,303 |
Long-term investments | 646 | 5,735 |
Sovereign Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Current investments | 0 | 8,660 |
Long-term investments | $ 1,089 | $ 3,440 |
Cash, Cash Equivalents, and I_5
Cash, Cash Equivalents, and Investments - Summary of Available-for-Sale Investments (Details) $ in Thousands | Oct. 03, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | $ 779,727 |
Gross unrealized gains | 2,990 |
Gross unrealized losses | (810) |
Fair value | 781,907 |
Agency Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value | 18,966 |
Agency Bonds | Short-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 2,800 |
Gross unrealized gains | 2 |
Gross unrealized losses | 0 |
Fair value | 2,802 |
Agency Bonds | Long-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 16,124 |
Gross unrealized gains | 40 |
Gross unrealized losses | 0 |
Fair value | 16,164 |
Treasury Bills | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value | 114,998 |
Treasury Bills | Short-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 86,657 |
Gross unrealized gains | 357 |
Gross unrealized losses | 0 |
Fair value | 87,014 |
Treasury Bills | Long-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 27,821 |
Gross unrealized gains | 163 |
Gross unrealized losses | 0 |
Fair value | 27,984 |
Corporate Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value | 555,992 |
Corporate Bonds | Short-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 69,562 |
Gross unrealized gains | 290 |
Gross unrealized losses | (8) |
Fair value | 69,844 |
Corporate Bonds | Long-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 485,290 |
Gross unrealized gains | 1,631 |
Gross unrealized losses | (773) |
Fair value | 486,148 |
Asset-Backed Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value | 83,896 |
Asset-Backed Securities | Short-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 22,990 |
Gross unrealized gains | 147 |
Gross unrealized losses | (4) |
Fair value | 23,133 |
Asset-Backed Securities | Long-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 60,418 |
Gross unrealized gains | 346 |
Gross unrealized losses | (1) |
Fair value | 60,763 |
Sovereign Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value | 1,089 |
Sovereign Bonds | Long-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 1,090 |
Gross unrealized gains | 0 |
Gross unrealized losses | (1) |
Fair value | 1,089 |
Municipal Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value | 6,966 |
Municipal Bonds | Short-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 6,340 |
Gross unrealized gains | 3 |
Gross unrealized losses | (23) |
Fair value | 6,320 |
Municipal Bonds | Long-Term Investments | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 635 |
Gross unrealized gains | 11 |
Gross unrealized losses | 0 |
Fair value | $ 646 |
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 | Oct. 03, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Fair value, less than 12 months | $ 225,218 |
Unrealized losses, less than 12 months | (810) |
Fair value, 12 months or greater | 0 |
Unrealized losses, 12 months or greater | 0 |
Total fair value | 225,218 |
Total Unrealized Losses | (810) |
Corporate Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value, less than 12 months | 216,480 |
Unrealized losses, less than 12 months | (781) |
Fair value, 12 months or greater | 0 |
Unrealized losses, 12 months or greater | 0 |
Total fair value | 216,480 |
Total Unrealized Losses | (781) |
Municipal Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value, less than 12 months | 3,917 |
Unrealized losses, less than 12 months | (23) |
Fair value, 12 months or greater | 0 |
Unrealized losses, 12 months or greater | 0 |
Total fair value | 3,917 |
Total Unrealized Losses | (23) |
Asset-Backed Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value, less than 12 months | 3,732 |
Unrealized losses, less than 12 months | (5) |
Fair value, 12 months or greater | 0 |
Unrealized losses, 12 months or greater | 0 |
Total fair value | 3,732 |
Total Unrealized Losses | (5) |
Sovereign Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Fair value, less than 12 months | 1,089 |
Unrealized losses, less than 12 months | (1) |
Fair value, 12 months or greater | 0 |
Unrealized losses, 12 months or greater | 0 |
Total fair value | 1,089 |
Total Unrealized Losses | $ (1) |
Cash, Cash Equivalents, and I_7
Cash, Cash Equivalents, and Investments - Effective Maturity Dates of Available-for-Sale Investments (Details) $ in Thousands | Oct. 03, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
less than 1 year | $ 189,113 |
1-2 Years | 278,263 |
2-3 Years | 157,832 |
3-4 Years | 108,424 |
4-5 Years | 48,275 |
Fair value | 781,907 |
Corporate Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
less than 1 year | 69,844 |
1-2 Years | 192,354 |
2-3 Years | 151,615 |
3-4 Years | 94,993 |
4-5 Years | 47,186 |
Fair value | 555,992 |
Treasury Bills | |
Debt Securities, Available-for-sale [Line Items] | |
less than 1 year | 87,014 |
1-2 Years | 27,984 |
2-3 Years | 0 |
3-4 Years | 0 |
4-5 Years | 0 |
Fair value | 114,998 |
Asset-Backed Securities | |
Debt Securities, Available-for-sale [Line Items] | |
less than 1 year | 23,133 |
1-2 Years | 41,115 |
2-3 Years | 6,217 |
3-4 Years | 13,431 |
4-5 Years | 0 |
Fair value | 83,896 |
Agency Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
less than 1 year | 2,802 |
1-2 Years | 16,164 |
2-3 Years | 0 |
3-4 Years | 0 |
4-5 Years | 0 |
Fair value | 18,966 |
Sovereign Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
less than 1 year | 0 |
1-2 Years | 0 |
2-3 Years | 0 |
3-4 Years | 0 |
4-5 Years | 1,089 |
Fair value | 1,089 |
Municipal Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
less than 1 year | 6,320 |
1-2 Years | 646 |
2-3 Years | 0 |
3-4 Years | 0 |
4-5 Years | 0 |
Fair value | $ 6,966 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |||||
Raw materials | $ 32,598 | $ 32,598 | $ 26,800 | ||
Work-in-process | 2,975 | 2,975 | 4,780 | ||
Finished goods | 45,597 | 45,597 | 29,250 | ||
Inventories | 81,170 | 81,170 | $ 60,830 | ||
Excess and obsolete inventory charges | $ 304 | $ 603 | $ 2,120 | $ 9,386 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 03, 2021USD ($) | Sep. 27, 2020USD ($) | Jun. 28, 2020USD ($) | Oct. 03, 2021USD ($) | Sep. 27, 2020USD ($) | Dec. 31, 2020USD ($)Employees | |
Lessor, Lease, Description [Line Items] | ||||||
Operating lease, cost | $ 2,068 | $ 2,047 | $ 6,091 | $ 6,100 | ||
Operating lease, payments | 2,079 | 2,041 | 6,154 | 5,995 | ||
Lease, cost | 36 | $ 22 | 114 | 84 | ||
Operating lease liability | $ 26,811 | $ 26,811 | $ 26,230 | |||
Weighted average discount rate | 3.50% | 3.50% | 4.00% | |||
Weighted average remaining lease term | 5 years 2 months 12 days | 5 years 2 months 12 days | 5 years 1 month 6 days | |||
Number of leases offices that were closed | Employees | 11 | |||||
Carrying value operating lease right-of-use assets impaired | $ 0 | |||||
Operating lease asset impairment charges | $ 2,534 | $ 0 | $ 2,534 | |||
Contract termination costs | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Operating lease liability | $ 2,019 | $ 2,019 | $ 2,877 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) $ in Thousands | Oct. 03, 2021USD ($) |
Leases [Abstract] | |
Remainder of fiscal 2021 | $ 2,348 |
2022 | 8,221 |
2023 | 6,588 |
2024 | 3,526 |
2025 | 2,033 |
2026 | 1,297 |
Thereafter | 5,160 |
Total | $ 29,173 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 9 Months Ended |
Oct. 03, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | $ 244,078 |
Foreign exchange rate changes | (2,279) |
Balance as of October 3, 2021 | $ 241,799 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 03, 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 | 60,893 | 58,120 | |
Net Carrying Value | 12,782 | 15,555 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net Carrying Value | 12,782 | 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 | 14,548 | 12,397 | |
Net Carrying Value | 9,669 | 11,820 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net Carrying Value | 9,669 | 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 | 7,700 | 7,160 | |
Net Carrying Value | 2,878 | 3,418 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net Carrying Value | 2,878 | 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 | 478 | 436 | |
Net Carrying Value | 232 | 274 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net Carrying Value | 232 | 274 | |
Trademarks | |||
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks | |||
Gross Carrying Value | 110 | 110 | |
Accumulated Amortization | 107 | 67 | |
Net Carrying Value | 3 | 43 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net Carrying Value | 3 | $ 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 | 12,782 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Remainder of fiscal 2021 | 883 | ||
2022 | 3,286 | ||
2023 | 2,594 | ||
2024 | 2,080 | ||
2025 | 1,757 | ||
2026 | 1,452 | ||
Thereafter | 730 | ||
Net Carrying Value | $ 12,782 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 03, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Oct. 03, 2021 | Sep. 27, 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 | $ 0 | $ 19,571 | $ 0 | $ 19,571 | ||
Accumulated amortization | 60,893 | 60,893 | $ 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 | 14,548 | 14,548 | 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 | 7,700 | 7,700 | 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 | $ 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 | 478 | 478 | 436 | ||||
Trademarks | |||||||
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks | |||||||
Accumulated amortization | $ 107 | $ 107 | $ 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 | 9 Months Ended |
Oct. 03, 2021USD ($) | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Beginning balance | $ 5,406 |
Provisions for warranties issued during the period | 2,528 |
Fulfillment of warranty obligations | (2,517) |
Ending balance | $ 5,417 |
Derivative Instruments (Details
Derivative Instruments (Details) | 9 Months Ended |
Oct. 03, 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 | Oct. 03, 2021EUR (€) | Oct. 03, 2021USD ($) | Oct. 03, 2021CNY (¥) | Oct. 03, 2021MXN ($) | Oct. 03, 2021KRW (₩) | Oct. 03, 2021JPY (¥) | Oct. 03, 2021GBP (£) | Oct. 03, 2021HUF (Ft) | Oct. 03, 2021TWD ($) | Oct. 03, 2021SGD ($) | Oct. 03, 2021CAD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020MXN ($) | Dec. 31, 2020KRW (₩) | Dec. 31, 2020JPY (¥) | Dec. 31, 2020GBP (£) | Dec. 31, 2020HUF (Ft) | Dec. 31, 2020TWD ($) | Dec. 31, 2020SGD ($) | Dec. 31, 2020CAD ($) |
Euro Member Countries, Euro | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | € 38,500 | $ 44,687 | € 50,000 | $ 61,342 | ||||||||||||||||||
China, Yuan Renminbi | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 8,500 | ¥ 55,069 | 0 | ¥ 0 | ||||||||||||||||||
Mexico, Pesos | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 5,823 | $ 120,000 | 7,776 | $ 155,000 | ||||||||||||||||||
Japanese Yen | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 5,405 | ¥ 600,000 | 5,808 | ¥ 600,000 | ||||||||||||||||||
Hungary, Forint | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 3,992 | Ft 1,235,000 | 4,494 | Ft 1,330,000 | ||||||||||||||||||
United Kingdom, Pounds | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 4,224 | £ 3,115 | 2,287 | £ 1,675 | ||||||||||||||||||
Taiwanese Dollar | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 1,637 | $ 45,405 | 1,362 | $ 38,035 | ||||||||||||||||||
Canada, Dollars | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 1,080 | $ 1,370 | 1,010 | $ 1,285 | ||||||||||||||||||
Singapore, Dollars | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | 1,328 | $ 1,800 | 1,110 | $ 1,465 | ||||||||||||||||||
Korean Won | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Outstanding forward contracts | $ 5,714 | ₩ 6,770,000 | $ 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 | Oct. 03, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 129 | $ 265 |
Derivative liability | 88 | 38 |
Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 129 | 265 |
Not Designated as Hedging Instrument | Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ 88 | $ 38 |
Derivative Instruments - Offset
Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross amounts of recognized assets | $ 129 | $ 265 |
Gross amounts offset | 0 | 0 |
Net amount of assets presented | 129 | 265 |
Gross amounts of recognized liabilities | 88 | 38 |
Gross amounts offset | 0 | 0 |
Net amount of liabilities presented | $ 88 | $ 38 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Not Designated as Hedging Instrument | Foreign Currency Gain (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in current operations | $ 1,529 | $ (1,521) | $ 3,676 | $ (9,701) |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 284,848 | $ 251,073 | $ 793,033 | $ 587,405 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 113,758 | 86,482 | 330,012 | 215,696 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 65,146 | 60,189 | 182,161 | 144,758 |
Greater China | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 65,813 | 77,292 | 163,757 | 135,593 |
Other Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 40,131 | $ 27,110 | $ 117,103 | $ 91,358 |
Revenue Recognition - Revenue_2
Revenue Recognition - Revenue Disaggregated by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 284,848 | $ 251,073 | $ 793,033 | $ 587,405 |
Standard products and services | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 212,567 | 174,797 | 669,215 | 486,458 |
Application-specific customer solutions | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 72,281 | $ 76,276 | $ 123,818 | $ 100,947 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Costs to fulfill contract | $ 13,308 | $ 6,846 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Allowance for Credit Loss (Details) $ in Thousands | 9 Months Ended |
Oct. 03, 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 | (39) |
Foreign exchange rate changes | 0 |
Balance as of October 3, 2021 | $ 792 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands | 9 Months Ended |
Oct. 03, 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 | 33,888 |
Recognition of revenue deferred in prior period | (17,130) |
Foreign exchange rate changes | (189) |
Balance as of October 3, 2021 | $ 37,843 |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense (Details) | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021USD ($)group$ / sharesshares | Sep. 27, 2020USD ($)$ / sharesshares | Oct. 03, 2021USD ($)group$ / sharesshares | Sep. 27, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options granted (in shares) | shares | 0 | ||||
Weighted-average grant-date fair values, in dollars per share | $ / shares | $ 35.64 | $ 33.78 | $ 18.52 | ||
Total intrinsic value | $ 21,415,000 | $ 62,787,000 | $ 75,363,000 | $ 116,600,000 | |
Total fair values of stock options vest | $ 1,498,000 | 1,331,000 | $ 38,928,000 | 39,282,000 | |
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 | $ 56,579,000 | $ 56,579,000 | |||
Weighted average period to be recognized | 1 year 7 months 6 days | ||||
Stock-based compensation expense | 10,614,000 | 9,268,000 | $ 33,353,000 | 32,076,000 | |
Tax benefit from compensation expense | 1,637,000 | 1,524,000 | 5,101,000 | $ 5,365,000 | |
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 | 15,661,000 | 15,661,000 | |||
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 | $ 86.34 | $ 67.14 | $ 87.38 | $ 51.73 | |
Vested (in shares) | shares | 0 | 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 | 9 Months Ended |
Oct. 03, 2021USD ($)$ / sharesshares | |
Shares (in thousands) | |
Outstanding, shares | shares | 8,970 |
Granted, shares | shares | 549 |
Exercised, shares | shares | (1,582) |
Forfeited or expired, shares | shares | (225) |
Outstanding, shares | shares | 7,712 |
Exercisable as of reporting date, shares | shares | 3,290 |
Options vested or expected to vest as of reporting date, shares | shares | 7,157 |
Weighted- Average Exercise Price | |
Outstanding, in dollars per share | $ / shares | $ 44.73 |
Granted, in dollars per share | $ / shares | 88.80 |
Exercised, in dollars per share | $ / shares | 37.70 |
Forfeited or expired, in dollars per share | $ / shares | 50.29 |
Outstanding, in dollars per share | $ / shares | 49.15 |
Exercisable as of reporting date, Weighted-Average Exercise Price, in dollars per share | $ / shares | 39.03 |
Vested and expected to vest, outstanding, in dollars per share | $ / shares | $ 48.36 |
Weighted- Average Remaining Contractual Term (in years) | |
Outstanding, in years | 6 years 9 months 14 days |
Exercisable, in years | 5 years 6 months 21 days |
Options vested or expected to vest, in years | 6 years 8 months 12 days |
Aggregate Intrinsic Value (in thousands) | |
Outstanding, in dollars | $ | $ 252,476 |
Exercisable, in dollars | $ | 139,215 |
Options vested or expected to vest, in dollars | $ | $ 239,568 |
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 | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Risk-free rate | 1.40% | 0.00% | 1.30% | 1.60% |
Expected dividend yield | 0.28% | 0.00% | 0.27% | 0.43% |
Expected volatility | 39.00% | 0.00% | 39.00% | 37.00% |
Expected term (in years) | 7 years 1 month 6 days | 0 years | 6 years | 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 | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Shares (in thousands) | ||||
Nonvested as of December 31, 2019 (in shares) | 554,000 | |||
Granted (in shares) | 318,000 | |||
Vested (in shares) | 0 | 0 | 15,000 | 0 |
Forfeited or expired (in shares) | (43,000) | |||
Nonvested as of March 29, 2020 (in shares) | 814,000 | 814,000 | ||
Weighted-Average Grant Date Fair Value | ||||
Nonvested as of December 31, 2019 (in dollars per share) | $ 51.27 | |||
Granted (in dollars per share) | $ 86.34 | $ 67.14 | 87.38 | $ 51.73 |
Vested (in dollars per share) | 56.61 | |||
Forfeited or expired (in dollars per share) | 56.49 | |||
Nonvested as of March 29, 2020 (in dollars per share) | $ 65.01 | $ 65.01 |
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 | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 10,614 | $ 9,268 | $ 33,353 | $ 32,076 |
Cost of Revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 366 | 324 | 965 | 1,041 |
Research, Development, and Engineering Expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 3,091 | 2,815 | 10,158 | 10,582 |
Selling, General, and Administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 7,157 | $ 6,129 | $ 22,230 | $ 20,453 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Oct. 03, 2021 | Sep. 27, 2020 | Mar. 12, 2020 | Oct. 29, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchased during period, value | $ 27,417,000 | $ 48,294,000 | $ 51,036,000 | ||
Remaining authorized repurchase amount | $ 30,357,000 | $ 30,357,000 | |||
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) | 3,398 | ||||
Stock repurchased during period, value | $ 169,643,000 | ||||
Shares repurchased at cost (in shares) | 581 | 1,215 | |||
Shares repurchased at cost | $ 48,294,000 | $ 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 | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense 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%) | (1.00%) | (1.00%) | (1.00%) |
Discrete tax benefit related to stock options | (4.00%) | (4.00%) | (4.00%) | (9.00%) |
Discrete tax expense (benefit) related to tax return filings | (3.00%) | 0.00% | (1.00%) | 3.00% |
Other | 1.00% | 2.00% | 1.00% | 2.00% |
Income tax expense | 11.00% | 14.00% | 13.00% | 12.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||||
Discrete tax benefit related to stock options | 4.00% | 4.00% | 4.00% | 9.00% | |
Discrete tax expense (benefit) related to tax return filings | (3.00%) | 0.00% | (1.00%) | 3.00% | |
Effective tax rate excluding discrete items (as a percent) | 18.00% | 18.00% | 18.00% | 18.00% | |
Decrease in reserves for income taxes, net of deferred tax benefit | $ 495 | ||||
Interest and penalties included in reserve | 450 | ||||
Liability for uncertain tax positions | $ 15,833 | 15,833 | |||
Reserve for income taxes classified as a noncurrent iability | 14,805 | 14,805 | $ 14,257 | ||
Increase to non-current deferred tax liability | $ 1,028 | ||||
Amount of reserves released | $ 648 | ||||
Income tax expense 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% | |
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 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 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 at U.S. federal statutory corporate tax rate | 25.00% | ||||
Domestic Tax Authority | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense 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 | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average common shares outstanding (in shares) | 176,812 | 173,943 | 176,572 | 172,881 |
Effect of dilutive equity awards (in shares) | 3,530 | 3,195 | 3,537 | 3,157 |
Weighted-average common and common-equivalent shares outstanding (in shares) | 180,342 | 177,138 | 180,109 | 176,038 |
Weighted-Average Shares (Detail
Weighted-Average Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
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) | 586,000 | 1,416,000 | 655,000 | 5,540,000 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (shares) | 1,000 | 3,000 | 1,000 | 2,000 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 03, 2021USD ($) | Sep. 27, 2020USD ($) | Jun. 28, 2020Employees | Oct. 03, 2021USD ($) | Sep. 27, 2020USD ($) | May 26, 2020 | |
Restructuring and Related Activities [Abstract] | ||||||
Workforce reduction (as a percent) | 8.00% | |||||
Restructuring charges | $ | $ 0 | $ 251 | $ 0 | $ 15,049 | ||
Number of employees terminated | Employees | 181 |
Restructuring Charges - Activit
Restructuring Charges - Activity in Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2021 | Sep. 27, 2020 | Oct. 03, 2021 | Sep. 27, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 251 | $ 0 | $ 15,049 |
Accrued Expenses | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 2,389 | |||
Cash payments | (1,324) | |||
Foreign exchange rate changes | (5) | |||
Balance at end of period | 1,060 | 1,060 | ||
One-time Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (36) | 10,350 | ||
One-time Termination Benefits | Accrued Expenses | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 1,624 | |||
Cash payments | (1,133) | |||
Foreign exchange rate changes | 0 | |||
Balance at end of period | 491 | 491 | ||
Contract Termination Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 104 | 4,099 | ||
Contract Termination Costs | Accrued Expenses | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 750 | |||
Cash payments | (176) | |||
Foreign exchange rate changes | (5) | |||
Balance at end of period | 569 | 569 | ||
Other Associated Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 183 | $ 600 | ||
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) | Nov. 04, 2021$ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends (in dollars per share) | $ 0.065 |