Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | COGNEX CORPORATION |
Entity Central Index Key | 0000851205 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay Versus Performance As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, S-K) Year Summary Compensation Average summary non-CEO Average non-CEO Value of initial fixed Total Peer group Net Income Operating 2022 $ 7,257,424 ($ 3,658,243 ) $ 2,596,662 $ (2,512,158 ) $ 89.67 $ 100.58 $ 215,525,000 24.4 % 2021 $ 10,534,520 $ 9,476,831 $ 1,019,293 $ 1,022,790 $ 147.25 $ 165.34 $ 279,881,000 30.4 % 2020 $ 3,507,561 $ 10,822,671 $ 3,217,496 $ 6,041,660 $ 151.56 $ 139.59 $ 176,186,000 21.0 % (1) Robert J. Willett was CEO in all of 2020, 2021 and 2022. (2) Mr. Willett’s compensation “actually paid” as presented above is calculated by deducting and adding the following amounts, in each case in accordance with Item 402(v)(2)(C) of Regulation S-K: CEO Compensation “Actually Paid” 2022 2021 2020 Summary Compensation Table total for the covered fiscal year $ 7,257,424 $ 10,534,520 $ 3,507,561 Less $ 6,200,799 $ 6,187,056 $ 3,322,440 Plus Year-end $ 3,294,711 $ 4,781,517 $ 7,043,400 Plus year-end year-end) ($ 6,805,316 ) ($ 363,960 ) $ 4,023,900 Plus year-end ($ 1,204,263 ) $ 711,810 ($ 429,750 ) Total Adjustments ($ 10,915,667 ) ($ 1,057,689 ) $ 7,315,110 (3) In 2020, 2021 and 2022, neither our CEO nor any non-CEO non-CEO (4) In 2020, the non-CEO non-CEO non-CEO (5) Average non-CEO S-K: Average Non-CEO 2022 2021 2020 Summary Compensation Table total for the covered fiscal year $ 2,596,662 $ 1,019,293 $ 3,217,496 Less $ 2,158,091 $ 373,852 $ 2,682,912 Plus Year-end $ 1,382,138 $ 297,237 $ 4,517,875 Plus year-end year-end) ($ 3,519,480 ) ($ 183,252 ) $ 1,098,685 Plus year-end ($ 813,386 ) $ 263,363 ($ 109,485 ) Total Adjustments ($ 5,108,820 ) $ 3,497 $ 2,824,163 (6) Peer group total shareholder return shown in this column reflects the cumulative total shareholder return of the Research Data Group, Inc. Nasdaq Lab Apparatus & Analytical, Optical, Measuring & Controlling Instrument (SIC 3820-3829 US Companies) Index (the “Peer Index”). (7) Operating margin is defined as our operating income as a percentage of revenue. While we consider numerous financial and non-financial | ||
Company Selected Measure Name | Operating margin | ||
Named Executive Officers, Footnote [Text Block] | (4) In 2020, the non-CEO non-CEO non-CEO | ||
Peer Group Issuers, Footnote [Text Block] | (6) Peer group total shareholder return shown in this column reflects the cumulative total shareholder return of the Research Data Group, Inc. Nasdaq Lab Apparatus & Analytical, Optical, Measuring & Controlling Instrument (SIC 3820-3829 US Companies) Index (the “Peer Index”). | ||
PEO Total Compensation Amount | $ 7,257,424 | $ 10,534,520 | $ 3,507,561 |
PEO Actually Paid Compensation Amount | $ (3,658,243) | 9,476,831 | 10,822,671 |
Adjustment To PEO Compensation, Footnote [Text Block] | (2) Mr. Willett’s compensation “actually paid” as presented above is calculated by deducting and adding the following amounts, in each case in accordance with Item 402(v)(2)(C) of Regulation S-K: CEO Compensation “Actually Paid” 2022 2021 2020 Summary Compensation Table total for the covered fiscal year $ 7,257,424 $ 10,534,520 $ 3,507,561 Less $ 6,200,799 $ 6,187,056 $ 3,322,440 Plus Year-end $ 3,294,711 $ 4,781,517 $ 7,043,400 Plus year-end year-end) ($ 6,805,316 ) ($ 363,960 ) $ 4,023,900 Plus year-end ($ 1,204,263 ) $ 711,810 ($ 429,750 ) Total Adjustments ($ 10,915,667 ) ($ 1,057,689 ) $ 7,315,110 | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,596,662 | 1,019,293 | 3,217,496 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ (2,512,158) | 1,022,790 | 6,041,660 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (5) Average non-CEO S-K: Average Non-CEO 2022 2021 2020 Summary Compensation Table total for the covered fiscal year $ 2,596,662 $ 1,019,293 $ 3,217,496 Less $ 2,158,091 $ 373,852 $ 2,682,912 Plus Year-end $ 1,382,138 $ 297,237 $ 4,517,875 Plus year-end year-end) ($ 3,519,480 ) ($ 183,252 ) $ 1,098,685 Plus year-end ($ 813,386 ) $ 263,363 ($ 109,485 ) Total Adjustments ($ 5,108,820 ) $ 3,497 $ 2,824,163 | ||
Tabular List [Table Text Block] | For Mr. Willett, the financial performance measures that the company has determined are most important to link his compensation “actually paid” to the company’s performance are: • revenue; • operating income; • operating margin; and • relative TSR. For our non-CEO • revenue; • operating income; and • operating margin. Further information regarding our executive compensation program is provided above under the heading “Compensation Discussion and Analysis.” | ||
Total Shareholder Return Amount | $ 89.67 | 147.25 | 151.56 |
Peer Group Total Shareholder Return Amount | 100.58 | 165.34 | 139.59 |
Net Income (Loss) | $ 215,525,000 | $ 279,881,000 | $ 176,186,000 |
Company Selected Measure Amount | 0.244 | 0.304 | 0.21 |
PEO Name | Robert J. Willett | ||
PEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (10,915,667) | $ (1,057,689) | $ (7,315,110) |
PEO [Member] | Grant date fair value of awards reported in the Summary Compensation Table for the covered fiscal year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 6,200,799 | 6,187,056 | 3,322,440 |
PEO [Member] | Yearend fair value of awards granted for the covered fiscal year that were outstanding and unvested as of the end of the covered fiscal year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,294,711 | 4,781,517 | 7,043,400 |
PEO [Member] | Change in fair value of awards granted in prior years that were outstanding and unvested as of the end of the covered fiscal year (from prior fiscal yearend to covered fiscal yearend) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (6,805,316) | (363,960) | 4,023,900 |
PEO [Member] | Change in fair value of awards granted in prior years that vested in the covered fiscal year (from prior fiscal yearend to vesting date) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (1,204,263) | 711,810 | (429,750) |
PEO [Member] | Mr. Willetts [Member] | Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | revenue | ||
PEO [Member] | Mr. Willetts [Member] | Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | operating income | ||
PEO [Member] | Mr. Willetts [Member] | Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | operating margin | ||
PEO [Member] | Mr. Willetts [Member] | Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | relative TSR | ||
Non-PEO NEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (5,108,820) | 3,497 | 2,824,163 |
Non-PEO NEO [Member] | Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | revenue | ||
Non-PEO NEO [Member] | Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | operating income | ||
Non-PEO NEO [Member] | Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | operating margin | ||
Non-PEO NEO [Member] | Grant date fair value of awards reported in the Summary Compensation Table for the covered fiscal year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 2,158,091 | 373,852 | 2,682,912 |
Non-PEO NEO [Member] | Yearend fair value of awards granted for the covered fiscal year that were outstanding and unvested as of the end of the covered fiscal year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,382,138 | 297,237 | 4,517,875 |
Non-PEO NEO [Member] | Change in fair value of awards granted in prior years that were outstanding and unvested as of the end of the covered fiscal year (from prior fiscal yearend to covered fiscal yearend) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (3,519,480) | (183,252) | 1,098,685 |
Non-PEO NEO [Member] | Change in fair value of awards granted in prior years that vested in the covered fiscal year (from prior fiscal yearend to vesting date) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (813,386) | $ 263,363 | $ (109,485) |