Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Feb. 12, 2024 | Jul. 01, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000855658 | ||
Entity Registrant Name | Lattice Semiconductor Corp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-18032 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 93-0835214 | ||
Entity Address, Address Line One | 5555 NE Moore Court | ||
Entity Address, City or Town | Hillsboro | ||
Entity Address, State or Province | OR | ||
Entity Address, Postal Zip Code | 97124-6421 | ||
City Area Code | 503 | ||
Local Phone Number | 268-8000 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | LSCC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,394,183,650 | ||
Entity Common Stock, Shares Outstanding | 137,550,564 | ||
Auditor Location | San Jose, California | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue | $ 737,154 | $ 660,356 | $ 515,327 |
Cost of revenue | 222,484 | 208,306 | 193,652 |
Gross margin | 514,670 | 452,050 | 321,675 |
Operating expenses: | |||
Research and development | 159,770 | 135,767 | 110,518 |
Selling, general, and administrative | 137,244 | 122,076 | 105,617 |
Amortization of acquired intangible assets | 3,478 | 3,778 | 2,613 |
Restructuring | 1,908 | 2,551 | 940 |
Acquisition related | 0 | 511 | 1,171 |
Total operating expenses | 302,400 | 264,683 | 220,859 |
Income from operations | 212,270 | 187,367 | 100,816 |
Interest income (expense), net | 2,041 | (4,146) | (2,738) |
Other income (expense), net | 545 | (1,109) | (452) |
Income before income taxes | 214,856 | 182,112 | 97,626 |
Income tax (benefit) expense | (44,205) | 3,230 | 1,704 |
Net income | $ 259,061 | $ 178,882 | $ 95,922 |
Net income per share: | |||
Basic (in dollars per share) | $ 1.88 | $ 1.3 | $ 0.7 |
Diluted (in dollars per share) | $ 1.85 | $ 1.27 | $ 0.67 |
Shares used in per share calculations: | |||
Basic (in shares) | 137,694 | 137,321 | 136,619 |
Diluted (in shares) | 139,790 | 140,667 | 142,143 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Net income | $ 259,061 | $ 178,882 | $ 95,922 |
Other comprehensive income (loss): | |||
Translation adjustment | (16) | (1,554) | (75) |
Change in actuarial valuation of defined benefit pension, net of tax | (476) | 591 | 372 |
Comprehensive income | $ 258,569 | $ 177,919 | $ 96,219 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 128,317 | $ 145,722 |
Accounts receivable, net of allowance for credit losses | 104,373 | 94,018 |
Inventories, net | 98,826 | 110,375 |
Prepaid expenses and other current assets | 36,430 | 29,052 |
Total current assets | 367,946 | 379,167 |
Property and equipment, net | 49,546 | 47,614 |
Operating lease right-of-use assets | 14,487 | 17,590 |
Intangible assets, net | 20,974 | 25,070 |
Goodwill | 315,358 | 315,358 |
Deferred income taxes | 57,762 | 1,022 |
Other long-term assets | 14,821 | 12,892 |
Total assets | 840,894 | 798,713 |
Current liabilities: | ||
Accounts payable | 34,487 | 42,036 |
Accrued liabilities | 36,048 | 48,467 |
Accrued payroll obligations | 26,865 | 36,870 |
Total current liabilities | 97,400 | 127,373 |
Long-term debt | 0 | 128,752 |
Long-term operating lease liabilities, net of current portion | 10,739 | 13,618 |
Other long-term liabilities | 40,735 | 41,807 |
Total liabilities | 148,874 | 311,550 |
Contingencies (Note 14) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $.01 par value, 300,000,000 shares authorized; 137,340,000 shares issued and outstanding as of December 30, 2023 and 137,099,000 shares issued and outstanding as of December 31, 2022 | 1,373 | 1,371 |
Additional paid-in capital | 545,586 | 599,300 |
Retained earnings (Accumulated deficit) | 147,967 | (111,094) |
Accumulated other comprehensive loss | (2,906) | (2,414) |
Total stockholders' equity | 692,020 | 487,163 |
Total liabilities and stockholders' equity | $ 840,894 | $ 798,713 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 137,340,000 | 137,099,000 |
Common stock, shares outstanding (in shares) | 137,340,000 | 137,099,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 259,061 | $ 178,882 | $ 95,922 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 34,432 | 29,323 | 24,429 |
Stock-based compensation expense | 70,197 | 55,530 | 46,475 |
Change in deferred income tax provision | (58,614) | (1,420) | (324) |
Amortization of right-of-use assets | 6,764 | 6,512 | 6,587 |
Impairment of operating lease right-of-use asset | 0 | 1,149 | 0 |
Other non-cash adjustments | 253 | 754 | 137 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (10,355) | (14,159) | (12,013) |
Inventories, net | 11,549 | (42,781) | (2,995) |
Prepaid expenses and other assets | (6,001) | (6,276) | 1,918 |
Accounts payable | (7,549) | 7,439 | 7,046 |
Accrued liabilities | (12,664) | 21,409 | (2,907) |
Accrued payroll obligations | (10,005) | 8,903 | 9,692 |
Operating lease liabilities, current and long-term portions | (7,480) | (6,459) | (6,245) |
Net cash provided by (used in) operating activities | 269,588 | 238,806 | 167,722 |
Cash flows from investing activities: | |||
Capital expenditures | (20,098) | (23,338) | (9,835) |
Cash paid for software and intellectual property licenses | (13,152) | (11,594) | (11,862) |
Cash paid for business acquisition, net of cash acquired | 0 | 0 | (68,099) |
Net cash provided by (used in) investing activities | (33,250) | (34,932) | (89,796) |
Cash flows from financing activities: | |||
Restricted stock unit tax withholdings | (52,078) | (54,946) | (54,191) |
Proceeds from issuance of common stock | 8,365 | 7,159 | 8,827 |
Repurchase of common stock | (80,004) | (110,132) | (70,124) |
Proceeds from long-term debt, net of issuance costs | 0 | 148,597 | 0 |
Repayment of long-term debt | (130,000) | (178,750) | (13,125) |
Net cash provided by (used in) financing activities | (253,717) | (188,072) | (128,613) |
Effect of exchange rate change on cash | (26) | (1,650) | (75) |
Net increase (decrease) in cash and cash equivalents | (17,405) | 14,152 | (50,762) |
Beginning cash and cash equivalents | 145,722 | 131,570 | 182,332 |
Ending cash and cash equivalents | 128,317 | 145,722 | 131,570 |
Supplemental disclosure of cash flow information and non-cash investing and financing activities: | |||
Interest paid | 3,240 | 3,973 | 2,313 |
Income taxes paid, net of refunds | 15,754 | 4,621 | 3,304 |
Operating lease payments | 8,344 | 7,419 | 7,639 |
Accrued purchases of plant and equipment | 392 | 1,357 | 1,360 |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ 3,718 | $ 2,134 | $ 8,134 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Jan. 02, 2021 | 136,236,000 | ||||
Balances at Jan. 02, 2021 | $ 1,362 | $ 770,711 | $ (385,898) | $ (1,748) | $ 384,427 |
Net income | 0 | 0 | 95,922 | 0 | 95,922 |
Other comprehensive income (loss) | 0 | 0 | 0 | 297 | 297 |
Total comprehensive income | 96,219 | ||||
Common stock issued in connection with employee equity incentive plans, net of shares withheld for employee taxes (in shares) | 2,270,000 | ||||
Common stock issued in connection with employee equity incentive plans, net of shares withheld for employee taxes | $ 23 | (45,387) | 0 | 0 | (45,364) |
Stock-based compensation expense | $ 0 | 46,475 | 0 | 0 | 46,475 |
Repurchase of common stock (in shares) | (1,267,000) | ||||
Repurchase of common stock | $ (13) | (70,111) | 0 | 0 | (70,124) |
Total comprehensive income | 96,219 | ||||
Balances (in shares) at Jan. 01, 2022 | 137,239,000 | ||||
Balances at Jan. 01, 2022 | $ 1,372 | 701,688 | (289,976) | (1,451) | 411,633 |
Net income | 0 | 0 | 178,882 | 0 | 178,882 |
Other comprehensive income (loss) | 0 | 0 | 0 | (963) | (963) |
Total comprehensive income | 177,919 | ||||
Common stock issued in connection with employee equity incentive plans, net of shares withheld for employee taxes (in shares) | 1,812,000 | ||||
Common stock issued in connection with employee equity incentive plans, net of shares withheld for employee taxes | $ 18 | (47,806) | 0 | 0 | (47,788) |
Stock-based compensation expense | $ 0 | 55,530 | 0 | 0 | 55,530 |
Repurchase of common stock (in shares) | (1,952,000) | ||||
Repurchase of common stock | $ (19) | (110,112) | 0 | 0 | (110,131) |
Total comprehensive income | $ 177,919 | ||||
Balances (in shares) at Dec. 31, 2022 | 137,099,000 | 137,099,000 | |||
Balances at Dec. 31, 2022 | $ 1,371 | 599,300 | (111,094) | (2,414) | $ 487,163 |
Net income | 0 | 0 | 259,061 | 0 | 259,061 |
Other comprehensive income (loss) | 0 | 0 | 0 | (492) | (492) |
Total comprehensive income | 258,569 | ||||
Common stock issued in connection with employee equity incentive plans, net of shares withheld for employee taxes (in shares) | 1,465,000 | ||||
Common stock issued in connection with employee equity incentive plans, net of shares withheld for employee taxes | $ 14 | (43,727) | 0 | 0 | (43,713) |
Stock-based compensation expense | $ 0 | 70,197 | 0 | 0 | 70,197 |
Repurchase of common stock (in shares) | (1,224,000) | ||||
Repurchase of common stock | $ (12) | (80,184) | 0 | 0 | (80,196) |
Total comprehensive income | $ 258,569 | ||||
Balances (in shares) at Dec. 30, 2023 | 137,340,000 | 137,340,000 | |||
Balances at Dec. 30, 2023 | $ 1,373 | $ 545,586 | $ 147,967 | $ (2,906) | $ 692,020 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1 Basis of Presentation and Use of Estimates The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). They include the accounts of Lattice and its subsidiaries after the elimination of all intercompany balances and transactions. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, the actual results that we experience may Certain prior year balances have been reclassified to conform to the current year’s presentation. Fiscal Reporting Periods We report based on a 52 53 December 31. 2023, 2022, 2021 52 December 30, 2023, December 31, 2022, January 1, 2022, Concentrations of Risk Potential exposure to concentrations of risk may nd supply of wafers for our new products Distributors have historically accounted for a significant portion of our total revenue. Certain of our largest distributors each account for more than 10% Year Ended December 30, December 31, January 1, 2023 2022 2022 Arrow 32 % 28 % 27 % Weikeng 21 30 37 Future 13 8 6 Macnica 11 10 7 Other distributors 10 13 10 Revenue attributable to distributors 87 % 89 % 87 % Three 10% December 30, 2023 December 31, 2022 Concentration of credit risk with respect to accounts receivable is mitigated by our credit and collection process including active management of collections, credit limits, routine credit evaluations for essentially all customers, and secure transactions with letters of credit or advance payments where appropriate. We regularly review our allowance for doubtful accounts and the aging of our accounts receivable. We rely on a limited number of foundries for our wafer purchases. We seek to mitigate the concentration of supply risk by establishing, maintaining, and managing multiple foundry relationships; however, certain of our products are sourced from a single foundry and changing from one Cash and Cash Equivalents We consider all investments that are readily convertible into cash and that have original maturities of three Foreign Exchange and Translation of Foreign Currencies While our revenues and the majority of our expenses are denominated in U.S. dollars, we also have international subsidiaries and branch operations that conduct some transactions in currencies that differ from the functional currency of that entity. Gains or losses from foreign exchange rate fluctuations on balances denominated in currencies that differ from the functional currencies are reflected in Other income (expense), net. We translate accounts denominated in foreign currencies in accordance with ASC 830, Foreign Currency Matters Revenue Recognition Under the terms of ASC 606, "Revenue from Contracts with Customers" Our Licensing and services revenue is comprised of revenue from our IP core licensing activity, patent monetization activities, design services, and royalty and adopter fee revenue from our standards activities. These activities are complementary to our product sales and help us to monetize our IP associated with our technology and standards. We consider licensing arrangements with our customers and agreements with the standards consortia of which we are a member to be the contract. For each contract, we consider the promise to deliver a license that grants the customer the right to use the IP, as well as any professional services provided under the contract, as distinct performance obligations. We recognize license revenue at the point in time that control of the license transfers to the customer, which is generally upon delivery, or as usage occurs. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of consideration we expect to receive from the customer based on an analysis of historical rebate claims over a period of time considered adequate to account for current pricing and business trends. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not We generally provide an assurance warranty that our products will substantially conform to the published specifications for twelve may twelve not 340, one twelve Inventories and Cost of Revenue Inventories are stated at the lower of actual cost (determined using the first first Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, generally three five one three three Business Combinations Business combinations are accounted for using the acquisition method of accounting, under which we allocate the purchase price paid for a company to identifiable assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Goodwill is measured as the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed. Determining the fair value of identifiable tangible and intangible assets acquired and liabilities assumed requires management to make assumptions, estimates, and judgments that are based on all available information, including comparable market data and information obtained from our management and the management of the acquired companies. The estimation of the fair values of the intangible assets requires significant judgment and the use of valuation techniques including primarily the income approach. Consideration is given to all relevant factors that might affect the fair value such as estimates of future revenues and costs, present value factors, and the estimated useful lives of intangible assets. We expense acquisition-related costs in the period incurred. Impairment of Long-Lived Assets Long-lived assets, which consist primarily of property and equipment, amortizable intangible assets, and right-of-use assets, are carried on our financial statements based on their cost less accumulated depreciation or amortization. We monitor the carrying value of our long-lived assets for potential impairment and test the recoverability of such assets whenever events or changes in circumstances indicate that their carrying amounts may not third may Valuation of Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not not fourth may not not not no Leases We account for leases under the terms of ASC 842, Leases 12 not Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date of the lease based on the present value of lease payments over the lease term. As most of our leases do not The exercise of lease renewal options is at our sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and lease payment obligation, respectively. For our leases that contain variable lease payments, residual value guarantees, or restrictive covenants, we have concluded that these inputs are not Research and Development Research and development expenses include costs for compensation and benefits, engineering wafers, depreciation and amortization, licenses and masks, and outside engineering services. These expenditures are for the design of new products, intellectual property cores, processes, packaging, and software solutions. Research and development costs are generally expensed as incurred, with certain licensed technology agreements capitalized as intangible assets and amortized to Research and development expense over their estimated useful lives. Restructuring Expenses associated with exit or disposal activities are recognized when incurred under ASC 420, Exit or Disposal Cost Obligations 712, Compensation - Nonretirement Postemployment Benefits. 360, Property, Plant, and Equipment Accounting for Income Taxes We are required to estimate our provision for income taxes and amounts ultimately payable or recoverable in numerous tax jurisdictions around the world. These estimates involve significant judgment and interpretations of regulations and are inherently complex. Resolution of income tax treatments in individual jurisdictions may not not In assessing the ability to realize deferred tax assets, we evaluate both positive and negative evidence that may not Our income tax calculations are based on application of the respective U.S. federal, state or foreign tax law . not not 50% Stock-Based Compensation We estimate the fair value of share-based awards consistent with the provisions of ASC 718, Compensation - Stock Compensation Market-Based and Performance-Based Awards — Grants" Note 10 Our current practice is to issue new shares to satisfy option exercises. For RSUs, we issue new shares when awards vest and Segment Information As of December 30, 2023, |
Note 2 - Net Income Per Share
Note 2 - Net Income Per Share | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2 Our calculation of the diluted share count includes the number of shares from our equity awards with market conditions or performance conditions that would be issuable under the terms of such awards at the end of the reporting period. For equity awards with a market condition, the number of shares included in the diluted share count as of the end of each period presented is determined by measuring the achievement of the market condition as of the end of the respective reporting periods. For equity awards with a performance condition, the number of shares that qualified for vesting as of the end of each period presented are included in the diluted share count when the condition for their issuance was satisfied by the end of the respective reporting periods. See " Note 10 A summary of basic and diluted Net income per share is presented in the following table: Year Ended December 30, December 31, January 1, (In thousands, except per share data) 2023 2022 2022 Net income $ 259,061 $ 178,882 $ 95,922 Shares used in basic Net income per share 137,694 137,321 136,619 Dilutive effect of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition 2,096 3,346 5,524 Shares used in diluted Net income per share 139,790 140,667 142,143 Basic Net income per share $ 1.88 $ 1.30 $ 0.70 Diluted Net income per share $ 1.85 $ 1.27 $ 0.67 The computation of diluted Net income per share excludes the effects of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition that are antidilutive, aggregating to approximately the following number of shares: Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition excluded as they are antidilutive 376 472 638 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3 Disaggregation of Revenue The following tables provide information about revenue from contracts with customers disaggregated by channel and by geographical market, based on ship-to location of the customer: Year Ended Revenue by Channel December 30, December 31, January 1, (In thousands) 2023 2022 2022 Distributors $ 644,181 87 % $ 591,229 89 % $ 449,650 87 % Direct 92,973 13 % 69,127 11 % 65,677 13 % Total revenue $ 737,154 100 % $ 660,356 100 % $ 515,327 100 % Revenue by Geographical Market (In thousands) China 239,192 32 % 296,917 45 % 281,237 55 % Japan 110,403 15 % 90,902 14 % 47,915 9 % Other Asia 94,170 13 % 77,085 12 % 55,416 10 % Asia 443,765 60 % 464,904 71 % 384,568 74 % Americas 145,839 20 % 100,260 15 % 80,870 16 % Europe 147,550 20 % 95,192 14 % 49,889 10 % Total revenue $ 737,154 100 % $ 660,356 100 % $ 515,327 100 % Contract Balances Our contract assets relate to our rights to consideration for licenses and royalties due to us as a member of the HDMI Founders consortium. The balance results primarily from the amount of estimated revenue related to HDMI that we have recognized to date, but which has not The following table summarizes activity during the periods presented: (In thousands) Contract assets as of January 1, 2022 $ 5,672 Revenues recorded during the period 15,848 Transferred to Accounts receivable or collected (14,173 ) Contract assets as of December 31, 2022 $ 7,347 Revenues recorded during the period 12,941 Transferred to Accounts receivable or collected (9,094 ) Contract assets as of December 30, 2023 $ 11,194 Contract liabilities are included in Accrued liabilities on our Consolidated Balance Sheets. The following table summarizes activity during the periods presented: (In thousands) Contract liabilities as of January 1, 2022 $ 4,768 Prepaid customer deposit 12,811 Accruals for estimated future stock rotation and scrap returns 6,142 Less: Release of accruals for recognized stock rotation and scrap returns (6,055 ) Contract liabilities as of December 31, 2022 $ 17,666 Less: Product shipments from prepaid customer deposit (12,946 ) Accruals for estimated future stock rotation and scrap returns 9,867 Less: Release of accruals for recognized stock rotation and scrap returns (9,283 ) Contract liabilities as of December 30, 2023 $ 5,304 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 4 Accounts Receivable Accounts receivable do not December 30, December 31, (In thousands) 2023 2022 Accounts receivable $ 104,373 $ 94,018 Less: Allowance for credit losses — — Accounts receivable, net of allowance for credit losses $ 104,373 $ 94,018 We had no 2023, 2022, 2021. Inventories December 30, December 31, (In thousands) 2023 2022 Work in progress $ 65,396 $ 58,269 Finished goods 33,430 52,106 Total inventories, net $ 98,826 $ 110,375 Accrued Liabilities Included in Accrued liabilities in the Consolidated Balance Sheets are the following balances: December 30, December 31, (In thousands) 2023 2022 Liability for non-cancelable contracts $ 11,418 $ 10,498 Contract liabilities 5,304 17,666 Current portion of operating lease liabilities 5,571 6,454 Foreign, VAT, and other taxes payable 6,758 4,268 Other accrued liabilities 6,997 9,581 Total accrued liabilities $ 36,048 $ 48,467 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 December 30, December 31, (In thousands) 2023 2022 Production equipment and software $ 159,950 $ 149,787 Leasehold improvements 13,519 12,416 Office furniture and equipment 1,933 1,760 175,402 163,963 Accumulated depreciation and amortization (125,856 ) (116,349 ) Total property and equipment, net $ 49,546 $ 47,614 For fiscal years 2023 2022 2021 Property and Equipment – Geographic Information Our Property and equipment, net by country at the end of each period was as follows: December 30, December 31, (In thousands) 2023 2022 United States $ 29,467 $ 29,118 Taiwan 10,222 10,732 Philippines 4,602 3,596 China 2,778 2,229 Other 2,477 1,939 Total foreign property and equipment, net 20,079 18,496 Total property and equipment, net $ 49,546 $ 47,614 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6 In connection with our previous acquisitions, we have recorded identifiable intangible assets related to existing technology, customer relationships, trade names, and trademarks, based on guidance for determining fair value under the provisions of ASC 820, Fair Value Measurements third No 2023 2022, 2021. The following tables summarize the details of our Intangible assets, net as of December 30, 2023 December 31, 2022 December 30, 2023 (In thousands) Weighted Average Amortization Period (in years) Gross Accumulated Amortization Intangible assets, net Existing technology 5.1 $ 124,487 $ (115,085 ) $ 9,402 Customer relationships 6.1 32,734 (25,909 ) 6,825 Trade name / trademarks 10.0 1,500 (319 ) 1,181 Licensed technology 6.2 7,127 (3,561 ) 3,566 Total identified intangible assets $ 165,848 $ (144,874 ) $ 20,974 December 31, 2022 (In thousands) Weighted Average Amortization Period (in years) Gross Accumulated Amortization Intangible assets, net Existing technology 5.1 $ 124,487 $ (113,157 ) $ 11,330 Customer relationships 6.1 32,734 (24,509 ) 8,225 Trade name / trademarks 10.0 1,500 (169 ) 1,331 Licensed technology 6.3 6,671 (2,487 ) 4,184 Total identified intangible assets $ 165,392 $ (140,322 ) $ 25,070 We recorded amortization expense related to intangible assets on the Consolidated Statements of Operations as presented in the following table: Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Research and development $ 1,074 $ 1,054 $ 901 Amortization of acquired intangible assets 3,478 3,778 2,613 $ 4,552 $ 4,832 $ 3,514 The annual expected amortization expense of acquired intangible assets is as follows: Fiscal year (In thousands) 2024 $ 4,417 2025 4,370 2026 4,362 2027 4,268 2028 3,125 Thereafter 432 Total $ 20,974 Goodwill Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and intangible assets. The goodwill balance at December 30, 2023 2023 2022, 2021. |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7 On September 1, 2022, “2022 five not We drew down an initial $150 million revolving loan at closing, which we used along with $1.9 million of cash to (i) repay the $150.5 million term loan, revolving loan, and accrued interest obligations outstanding under our previous credit agreement (the “2019 2022 At our option, the revolving loans accrue interest at a per annum rate based on ranges determined by our consolidated total leverage ratio of either (i) the base rate (as defined in the 2022 1, 3 6 three three With the amendment of our 2019 2022 2022. twelve twelve The revolving loans under the 2022 may September 1, 2027. 2023, 2022 The fair value of our long-term debt approximates the carrying value, which is reflected in our Consolidated Balance Sheets as follows: December 30, December 31, (In thousands) 2023 2022 Principal amount $ - $ 130,000 Unamortized original issuance discount and debt costs — (1,248 ) Long-term debt, net of unamortized debt issue costs $ - $ 128,752 Interest expense related to our long-term debt is included in Interest expense on our Consolidated Statements of Operations as follows: Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Contractual interest $ 2,701 $ 4,500 $ 2,304 Amortization of original issuance discount and debt costs 266 310 362 Total interest expense related to long-term debt $ 2,967 $ 4,810 $ 2,666 |
Note 8 - Restructuring
Note 8 - Restructuring | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 8 In third 2023, “Q3 2023 2023. December 30, 2023. Q3 2023 2024. In September 2022, Q2 2019 April 2019. Q2 2019 Q2 2019 2023, 2022, 2021. December 30, 2023. Q2 2019 In June 2017, "June 2017 gure our use of certain leased properties. June 2017 2023, 2022 2022 approximately $0.7 million in fiscal 2021. December 30, 2023. All actions planned under the June 2017 These costs, and adjustments on previous plans, are recorded to Restructuring on our Consolidated Statements of Operations. The restructuring accrual balance is presented in Accrued liabilities and in Other long-term liabilities on our Consolidated Balance Sheets. The following table displays the activity related to our restructuring plans: (In thousands) Severance & Related (1) Lease Termination & Fixed Assets Other (2) Total Accrued Restructuring at January 2, 2021 $ 246 $ 8,233 $ 664 $ 9,143 Restructuring 250 690 — 940 Costs paid or otherwise settled (245 ) (1,793 ) (664 ) (2,702 ) Accrued Restructuring at January 1, 2022 $ 251 $ 7,130 $ — $ 7,381 Restructuring 303 1,608 640 2,551 Costs paid or otherwise settled (154 ) (2,846 ) — (3,000 ) Accrued Restructuring at December 31, 2022 $ 400 $ 5,892 $ 640 $ 6,932 Restructuring 1,848 56 4 1,908 Costs paid or otherwise settled (758 ) (1,440 ) (24 ) (2,222 ) Accrued Restructuring at December 30, 2023 $ 1,490 $ 4,508 $ 620 $ 6,618 ( 1 Includes employee relocation costs and outplacement costs ( 2 Includes termination fees on the cancellation of certain contracts |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9 We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center, all of which are leased under operating leases that expire at various times through 2029. December 30, 2023. 2023 2022, 2021. The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during fiscal 2023 Operating lease right-of-use assets (In thousands) Balance as of December 31, 2022 $ 17,590 Right-of-use assets obtained for new lease contracts during the period 3,718 Amortization of right-of-use assets during the period (6,764 ) Adjustments for present value and foreign currency effects (57 ) Balance as of December 30, 2023 $ 14,487 Operating lease liabilities (In thousands) Balance as of December 31, 2022 $ 20,072 Lease liabilities incurred for new lease contracts during the period 3,718 Accretion of lease liabilities 1,003 Operating cash used for payments on lease liabilities (8,344 ) Adjustments for present value and foreign currency effects (139 ) Balance as of December 30, 2023 16,310 Less: Current portion of operating lease liabilities (included in Accrued liabilities) (5,571 ) Long-term operating lease liabilities, net of current portion $ 10,739 Lease obligations for facilities restructured prior to the adoption of Topic 842 December 30, 2023 Maturities of operating lease liabilities as of December 30, 2023 Fiscal year (In thousands) 2024 $ 6,502 2025 5,049 2026 3,412 2027 1,750 2028 1,235 Thereafter 201 Total lease payments 18,149 Less: amount representing interest (1,839 ) Total lease liabilities $ 16,310 |
Note 10 - Stock-Based Compensat
Note 10 - Stock-Based Compensation Plans | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 Employee and Director Stock Options, Restricted Stock, and ESPP Plans As of December 30, 2023, two "2023 2023 "2013 2013 ) and the "2011 422 four not ten We also maintain the 2012 "2012 may The purchase price of the shares is the lower of 85% of the fair market value of the stock at the beginning of each six 2012 December 30, 2023 , a total of 0.9 million shares of our common stock were available for future purchases under the 2012 At December 30, 2023 , a total of 11.7 million shares of our common stock were available for future grants under the 2023 2011 2023 . Shares subject to stock option grants that expire or are canceled, without delivery of such shares, generally become available for re-issuance under equity incentive plans. Stock-Based Compensation Expense Total stock-based compensation expense included in our Consolidated Statements of Operations is presented in the following table: Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Cost of revenue $ 4,506 $ 3,674 $ 3,049 Research and development 27,782 19,645 14,563 Selling, general, and administrative 37,909 32,211 28,863 Total stock-based compensation $ 70,197 $ 55,530 $ 46,475 The income tax benefit related to total stock-based compensation expense was $7.6 million for fiscal 2023, 2023 not 2023 ESPP and Stock Options The fair values of the shares expected to be issued under the employee stock purchase plan and of each option award on the date of grant were estimated using the Black-Scholes valuation model and the assumptions noted in the following table. No 2023, 2022, 2021. zero no not not The following table summarizes the assumptions used in the valuation of ESPP compensation for the periods presented: Year Ended December 30, December 31, January 1, 2023 2022 2022 Employee Stock Purchase Plan Weighted average expected volatility 48.2% 60.3% 39.9% Weighted average risk-free interest rate 5.37% 3.74% 0.07% Expected term (in months) 6 6 6 The weighted average fair values for the ESPP, calculated using the Black-Scholes option pricing model with the noted assumptions for the ESPP, were $24.38, $15.25, and $13.04 for fiscal years 2023 2022 2021 At December 30, 2023, d stock-based compensation expense related to the ESPP $2.2 million, $1.5 million, and $1.2 million 2023 2022 2021 e recorded no expense in fiscal 2023 2022 , and $1.0 million in 2021 The following table summarizes our stock option activity and related information for the year ended December 30, 2023: (Shares and aggregate intrinsic value in thousands) Shares Weighted average exercise price Weighted average remaining contractual term (years) Aggregate Intrinsic Value Balance, December 31, 2022 918 $ 6.70 Granted — — Exercised (487 ) 6.66 Forfeited or expired (3 ) 5.84 Balance, December 30, 2023 428 $ 6.75 Vested and expected to vest at December 30, 2023 428 $ 6.75 1.16 $ 26,626 Exercisable, December 30, 2023 428 $ 6.75 1.16 $ 26,626 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company's closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on that day. This amount changes based on the fair market value of the Company's stock. Total intrinsic value of options exercised for fiscal 2023 2022 2021 Time-Based Restricted Stock Unit Awards The following table summarizes the activity for our time-based RSUs for the year ended December 30, 2023: (Shares in thousands) Shares Weighted average grant date fair value Balance, December 31, 2022 1,821 $ 50.18 Granted 995 84.80 Vested (880 ) 41.63 Forfeited or expired (55 ) 56.69 Balance, December 30, 2023 1,881 $ 72.31 At December 30, 2023, $121.3 million 2023 2022 2021 d stock-based compensation expense related to time-based RSUs $30.1 million, Market-Based and Performance-Based Awards In 2021 through 2023 , we granted awards of RSUs with either a market condition or a performance condition to certain executives. Market-Based and Performance-Based Awards — Grants In the first third 2023, first 2022 2021, three 2023 3000 third third 2022 2021 the TSR condition is measured relative to the Russell 2000 on the third The awards may 75th is achieved, with 100% of the units vesting at the 55th zero 25th 25th 75th In the first 2021, one fourth 2024. 13 nd the entire award cannot be fully earned until five second third December 31, 2022 December 30, 2023. Market-Based and Performance-Based Awards — Vesting During fiscal 2023, 75th 2023, first 2021 January 1, 2022, 13 During fiscal 2022, 75th 2022, fifth sixth four two four During fiscal 2021, 75th 2021, second third 33.3% four two four January 1, 2022, four two four fourth 40% Market-Based and Performance-Based Awards — Compensation Expense For our awards with a market condition or a performance condition, we incurred stock-based compensation expense of approximately $26.4 million, $24.0 million, and $22.1 million in fiscal years 2023 , 2022 , and 2021 , respectively, December 30, 2023, $27.3 million The following table summarizes the assumptions used at the grant date in the valuation of RSUs with a market or performance condition: Year Ended December 30, December 31, January 1, 2023 2022 2022 Executive RSUs with a market condition or performance condition Weighted average expected volatility 50.97% to 54.31% 51.44% 50.37% to 52.11% Weighted average risk-free interest rate 4.28% to 4.59% 1.67% 0.22% to 0.77% Expected term (years) 3 3 3 to 5 The following table summarizes the activity for our awards with a market condition or performance condition: (Shares in thousands) Shares Weighted average grant date fair value Balance, December 31, 2022 985 $ 60.15 Granted 172 146.69 Effect of vesting multiplier 334 Vested (639 ) 40.22 Balance, December 30, 2023 852 $ 84.73 |
Note 11 - Common Stock Repurcha
Note 11 - Common Stock Repurchase Program | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 11 On August 8, 2022, "2023 2023 December 30, 2023. fourth 2023, 2023 2023 fourth 2023. 2023. On November 30, 2023, "2024 2024 December 28, 2024. 2024 fourth 2023. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12 We are subject to federal and state income tax as well as income tax in the various foreign jurisdictions in which we operate. The domestic and foreign components of Income before income taxes were as follows: Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Domestic $ 55,069 $ 30,362 $ 24,003 Foreign 159,787 151,750 73,623 Income before taxes $ 214,856 $ 182,112 $ 97,626 The components of Income tax (benefit) expense are as follows: Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Current: Federal $ 10,331 $ 748 $ 445 State 1,059 265 45 Foreign 3,019 3,637 1,538 14,409 4,650 2,028 Deferred: Federal (56,323 ) — — State — — — Foreign (2,291 ) (1,420 ) (324 ) (58,614 ) (1,420 ) (324 ) Income tax (benefit) expense $ (44,205 ) $ 3,230 $ 1,704 Income tax (benefit) expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences: Year Ended December 30, December 31, January 1, 2023 2022 2022 % % % Statutory federal rate 21 21 21 Adjustments for tax effects of: State taxes, net (1) (2) (4) Federal tax credits (4) (1) (3) Excess tax benefit from stock-based compensation (2) — (8) Foreign rate differential (15) (16) (14) U.S. tax on foreign operations 9 33 3 Capital loss expiration — 1 3 Valuation allowance (29) (33) 8 Change in uncertain tax benefit accrual — (2) (5) Other — 1 1 Effective income tax rate (21) 2 2 We updated our evaluation of the valuation allowance position in the United States through December 30, 2023. three not fourth 2023, We continue to maintain a full valuation allowance against our state deferred tax assets due to insufficient income sources. We will continue to evaluate both positive and negative evidence in future periods to determine if we will realize the deferred tax assets. We do not not The components of our net deferred tax assets and liabilities are as follows: (In thousands) December 30, 2023 December 31, 2022 Deferred tax assets: Intangible assets $ 4,274 $ 6,264 Net operating loss carry forwards 13,829 15,362 Tax credit carry forwards 87,955 103,092 Accrued liabilities and reserves 23,249 12,932 Stock-based and deferred compensation 5,199 3,769 Other 5,162 5,031 Total deferred tax assets 139,668 146,450 Less: valuation allowance (79,100 ) (140,533 ) Net deferred tax assets 60,568 5,917 Deferred tax liabilities: Fixed assets 1,475 2,058 Unremitted earnings 620 2,498 Other 6,889 8,134 Total deferred tax liabilities 8,984 12,690 Net deferred taxes $ 51,584 $ (6,773 ) Reported as: Deferred tax assets $ 57,762 $ 1,022 Deferred tax liabilities (included in Other long-term liabilities) (6,178 ) (7,795 ) Net deferred taxes $ 51,584 $ (6,773 ) The following table displays the activity related to changes in our valuation allowance for deferred tax assets: Fiscal Years Ended Balance at beginning Charged (Credit) to costs and Charged (credit) to other Balance at end of (In thousands) of period expenses accounts period December 30, 2023 $ 140,533 $ (61,433 ) $ — $ 79,100 December 31, 2022 $ 200,438 $ (59,905 ) $ — $ 140,533 January 1, 2022 $ 192,478 $ 7,960 $ — $ 200,438 At December 30, 2023, 2027 2028. 2024 2041. 2033 2043, not Future utilization of federal and state net operating losses and tax credit carry forwards may 50% three may Foreign earnings may December 30, 2023, not At December 30, 2023 December 31, 2022, December 30, 2023 December 31, 2022, not The following table summarizes the changes to unrecognized tax benefits for the fiscal years presented: (In thousands) Balance at January 2, 2021 $ 55,737 Additions based on tax positions related to the current year 1,156 Additions based on tax positions of prior years 1,130 Additions due to acquisition 977 Settlements (51 ) Reduction as a result of lapse of applicable statute of limitations (2,718 ) Balance at January 1, 2022 56,231 Additions based on tax positions related to the current year 1,594 Additions based on tax positions of prior years 2,798 Settlements (148 ) Reduction as a result of lapse of applicable statute of limitations (1,586 ) Balance at December 31, 2022 58,889 Additions based on tax positions related to the current year 2,247 Additions based on tax positions of prior years 1,128 Reductions for tax positions of prior years (156 ) Reduction as a result of lapse of applicable statute of limitations (696 ) Balance at December 30, 2023 $ 61,412 Our liability for uncertain tax positions (including penalties and interest) was $21.9 million and $21.6 million at December 30, 20 23 December 31, 2022 , respectively, and is recorded as a component of Other long-term liabilities on our Consolidated Balance Sheets. At December 30, 2023, twelve The years that remain subject to examination ar e 2017 2019 2017 may |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 13 Qualified Investment Plan In 1990, 401 may not 2023 2022 2021 Cash Incentive Plans For 2023 2022 2021 not first 2023 2022 2021 |
Note 14 - Contingencies
Note 14 - Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 14 Legal Proceedings On or about December 19, 2018, 2008. January 2019, May 24, 2023, second January 18, 2024, January 30, 2024 February 15, 2024. February 13, 2024, 50 50 February 15, 2023, not From time to time, we are exposed to certain additional asserted and unasserted potential claims. We review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, we then accrue a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to pending claims and litigation and may |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 30, 2023 shares | |
ecd_TradingArrByIndTable | |
Material Terms of Trading Arrangement [Text Block] | 9B. Rule 10b5 1 On November 29, 2023 adopted 10b5 1 10b5 1 may may February 27, 2025 completed On November 29, 2023 10b5 1 10b5 1 may may March 4, 2025 On November 29, 2023 10b5 1 10b5 1 may January 9, 2026 On November 29, 2023 10b5 1 10b5 1 may may December 3, 2024 |
Stephen Douglass [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Securities Aggregate Available Amount (in shares) | 8,275 |
Trading Arrangement Adoption Date | November 29, 2023 |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Trading Arrangement Termination Date | February 27, 2025 |
Rule 10b5-1 Arrangement Terminated [Flag] | true |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Tracy Feanny [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Securities Aggregate Available Amount (in shares) | 11,984 |
Trading Arrangement Adoption Date | November 29, 2023 |
Trading Arrangement Termination Date | March 4, 2025 |
Mark Jensen [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Securities Aggregate Available Amount (in shares) | 10,855 |
Trading Arrangement Adoption Date | November 29, 2023 |
Trading Arrangement Termination Date | January 9, 2026 |
Sherri Luther [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Securities Aggregate Available Amount (in shares) | 42,141 |
Trading Arrangement Adoption Date | November 29, 2023 |
Trading Arrangement Termination Date | December 3, 2024 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). They include the accounts of Lattice and its subsidiaries after the elimination of all intercompany balances and transactions. |
Use of Estimates, Policy [Policy Text Block] | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, the actual results that we experience may Certain prior year balances have been reclassified to conform to the current year’s presentation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Reporting Periods We report based on a 52 53 December 31. 2023, 2022, 2021 52 December 30, 2023, December 31, 2022, January 1, 2022, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Potential exposure to concentrations of risk may nd supply of wafers for our new products Distributors have historically accounted for a significant portion of our total revenue. Certain of our largest distributors each account for more than 10% Year Ended December 30, December 31, January 1, 2023 2022 2022 Arrow 32 % 28 % 27 % Weikeng 21 30 37 Future 13 8 6 Macnica 11 10 7 Other distributors 10 13 10 Revenue attributable to distributors 87 % 89 % 87 % Three 10% December 30, 2023 December 31, 2022 Concentration of credit risk with respect to accounts receivable is mitigated by our credit and collection process including active management of collections, credit limits, routine credit evaluations for essentially all customers, and secure transactions with letters of credit or advance payments where appropriate. We regularly review our allowance for doubtful accounts and the aging of our accounts receivable. We rely on a limited number of foundries for our wafer purchases. We seek to mitigate the concentration of supply risk by establishing, maintaining, and managing multiple foundry relationships; however, certain of our products are sourced from a single foundry and changing from one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all investments that are readily convertible into cash and that have original maturities of three |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange and Translation of Foreign Currencies While our revenues and the majority of our expenses are denominated in U.S. dollars, we also have international subsidiaries and branch operations that conduct some transactions in currencies that differ from the functional currency of that entity. Gains or losses from foreign exchange rate fluctuations on balances denominated in currencies that differ from the functional currencies are reflected in Other income (expense), net. We translate accounts denominated in foreign currencies in accordance with ASC 830, Foreign Currency Matters |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Under the terms of ASC 606, "Revenue from Contracts with Customers" Our Licensing and services revenue is comprised of revenue from our IP core licensing activity, patent monetization activities, design services, and royalty and adopter fee revenue from our standards activities. These activities are complementary to our product sales and help us to monetize our IP associated with our technology and standards. We consider licensing arrangements with our customers and agreements with the standards consortia of which we are a member to be the contract. For each contract, we consider the promise to deliver a license that grants the customer the right to use the IP, as well as any professional services provided under the contract, as distinct performance obligations. We recognize license revenue at the point in time that control of the license transfers to the customer, which is generally upon delivery, or as usage occurs. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of consideration we expect to receive from the customer based on an analysis of historical rebate claims over a period of time considered adequate to account for current pricing and business trends. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not We generally provide an assurance warranty that our products will substantially conform to the published specifications for twelve may twelve not 340, one twelve |
Inventory, Policy [Policy Text Block] | Inventories and Cost of Revenue Inventories are stated at the lower of actual cost (determined using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, generally three five one three three |
Business Combinations Policy [Policy Text Block] | Business Combinations Business combinations are accounted for using the acquisition method of accounting, under which we allocate the purchase price paid for a company to identifiable assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Goodwill is measured as the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed. Determining the fair value of identifiable tangible and intangible assets acquired and liabilities assumed requires management to make assumptions, estimates, and judgments that are based on all available information, including comparable market data and information obtained from our management and the management of the acquired companies. The estimation of the fair values of the intangible assets requires significant judgment and the use of valuation techniques including primarily the income approach. Consideration is given to all relevant factors that might affect the fair value such as estimates of future revenues and costs, present value factors, and the estimated useful lives of intangible assets. We expense acquisition-related costs in the period incurred. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets, which consist primarily of property and equipment, amortizable intangible assets, and right-of-use assets, are carried on our financial statements based on their cost less accumulated depreciation or amortization. We monitor the carrying value of our long-lived assets for potential impairment and test the recoverability of such assets whenever events or changes in circumstances indicate that their carrying amounts may not third may |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Valuation of Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not not fourth may not not not no |
Lessee, Leases [Policy Text Block] | Leases We account for leases under the terms of ASC 842, Leases 12 not Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date of the lease based on the present value of lease payments over the lease term. As most of our leases do not The exercise of lease renewal options is at our sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term and lease payment obligation, respectively. For our leases that contain variable lease payments, residual value guarantees, or restrictive covenants, we have concluded that these inputs are not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development expenses include costs for compensation and benefits, engineering wafers, depreciation and amortization, licenses and masks, and outside engineering services. These expenditures are for the design of new products, intellectual property cores, processes, packaging, and software solutions. Research and development costs are generally expensed as incurred, with certain licensed technology agreements capitalized as intangible assets and amortized to Research and development expense over their estimated useful lives. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Expenses associated with exit or disposal activities are recognized when incurred under ASC 420, Exit or Disposal Cost Obligations 712, Compensation - Nonretirement Postemployment Benefits. 360, Property, Plant, and Equipment |
Income Tax, Policy [Policy Text Block] | Accounting for Income Taxes We are required to estimate our provision for income taxes and amounts ultimately payable or recoverable in numerous tax jurisdictions around the world. These estimates involve significant judgment and interpretations of regulations and are inherently complex. Resolution of income tax treatments in individual jurisdictions may not not In assessing the ability to realize deferred tax assets, we evaluate both positive and negative evidence that may not Our income tax calculations are based on application of the respective U.S. federal, state or foreign tax law . not not 50% |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We estimate the fair value of share-based awards consistent with the provisions of ASC 718, Compensation - Stock Compensation Market-Based and Performance-Based Awards — Grants" Note 10 Our current practice is to issue new shares to satisfy option exercises. For RSUs, we issue new shares when awards vest and |
Segment Reporting, Policy [Policy Text Block] | Segment Information As of December 30, 2023, |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended December 30, December 31, January 1, 2023 2022 2022 Arrow 32 % 28 % 27 % Weikeng 21 30 37 Future 13 8 6 Macnica 11 10 7 Other distributors 10 13 10 Revenue attributable to distributors 87 % 89 % 87 % |
Note 2 - Net Income Per Share (
Note 2 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 30, December 31, January 1, (In thousands, except per share data) 2023 2022 2022 Net income $ 259,061 $ 178,882 $ 95,922 Shares used in basic Net income per share 137,694 137,321 136,619 Dilutive effect of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition 2,096 3,346 5,524 Shares used in diluted Net income per share 139,790 140,667 142,143 Basic Net income per share $ 1.88 $ 1.30 $ 0.70 Diluted Net income per share $ 1.85 $ 1.27 $ 0.67 Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition excluded as they are antidilutive 376 472 638 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended Revenue by Channel December 30, December 31, January 1, (In thousands) 2023 2022 2022 Distributors $ 644,181 87 % $ 591,229 89 % $ 449,650 87 % Direct 92,973 13 % 69,127 11 % 65,677 13 % Total revenue $ 737,154 100 % $ 660,356 100 % $ 515,327 100 % Revenue by Geographical Market (In thousands) China 239,192 32 % 296,917 45 % 281,237 55 % Japan 110,403 15 % 90,902 14 % 47,915 9 % Other Asia 94,170 13 % 77,085 12 % 55,416 10 % Asia 443,765 60 % 464,904 71 % 384,568 74 % Americas 145,839 20 % 100,260 15 % 80,870 16 % Europe 147,550 20 % 95,192 14 % 49,889 10 % Total revenue $ 737,154 100 % $ 660,356 100 % $ 515,327 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (In thousands) Contract assets as of January 1, 2022 $ 5,672 Revenues recorded during the period 15,848 Transferred to Accounts receivable or collected (14,173 ) Contract assets as of December 31, 2022 $ 7,347 Revenues recorded during the period 12,941 Transferred to Accounts receivable or collected (9,094 ) Contract assets as of December 30, 2023 $ 11,194 (In thousands) Contract liabilities as of January 1, 2022 $ 4,768 Prepaid customer deposit 12,811 Accruals for estimated future stock rotation and scrap returns 6,142 Less: Release of accruals for recognized stock rotation and scrap returns (6,055 ) Contract liabilities as of December 31, 2022 $ 17,666 Less: Product shipments from prepaid customer deposit (12,946 ) Accruals for estimated future stock rotation and scrap returns 9,867 Less: Release of accruals for recognized stock rotation and scrap returns (9,283 ) Contract liabilities as of December 30, 2023 $ 5,304 |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 30, December 31, (In thousands) 2023 2022 Accounts receivable $ 104,373 $ 94,018 Less: Allowance for credit losses — — Accounts receivable, net of allowance for credit losses $ 104,373 $ 94,018 |
Schedule of Inventory, Current [Table Text Block] | December 30, December 31, (In thousands) 2023 2022 Work in progress $ 65,396 $ 58,269 Finished goods 33,430 52,106 Total inventories, net $ 98,826 $ 110,375 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 30, December 31, (In thousands) 2023 2022 Liability for non-cancelable contracts $ 11,418 $ 10,498 Contract liabilities 5,304 17,666 Current portion of operating lease liabilities 5,571 6,454 Foreign, VAT, and other taxes payable 6,758 4,268 Other accrued liabilities 6,997 9,581 Total accrued liabilities $ 36,048 $ 48,467 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 30, December 31, (In thousands) 2023 2022 Production equipment and software $ 159,950 $ 149,787 Leasehold improvements 13,519 12,416 Office furniture and equipment 1,933 1,760 175,402 163,963 Accumulated depreciation and amortization (125,856 ) (116,349 ) Total property and equipment, net $ 49,546 $ 47,614 December 30, December 31, (In thousands) 2023 2022 United States $ 29,467 $ 29,118 Taiwan 10,222 10,732 Philippines 4,602 3,596 China 2,778 2,229 Other 2,477 1,939 Total foreign property and equipment, net 20,079 18,496 Total property and equipment, net $ 49,546 $ 47,614 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 30, 2023 (In thousands) Weighted Average Amortization Period (in years) Gross Accumulated Amortization Intangible assets, net Existing technology 5.1 $ 124,487 $ (115,085 ) $ 9,402 Customer relationships 6.1 32,734 (25,909 ) 6,825 Trade name / trademarks 10.0 1,500 (319 ) 1,181 Licensed technology 6.2 7,127 (3,561 ) 3,566 Total identified intangible assets $ 165,848 $ (144,874 ) $ 20,974 December 31, 2022 (In thousands) Weighted Average Amortization Period (in years) Gross Accumulated Amortization Intangible assets, net Existing technology 5.1 $ 124,487 $ (113,157 ) $ 11,330 Customer relationships 6.1 32,734 (24,509 ) 8,225 Trade name / trademarks 10.0 1,500 (169 ) 1,331 Licensed technology 6.3 6,671 (2,487 ) 4,184 Total identified intangible assets $ 165,392 $ (140,322 ) $ 25,070 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Research and development $ 1,074 $ 1,054 $ 901 Amortization of acquired intangible assets 3,478 3,778 2,613 $ 4,552 $ 4,832 $ 3,514 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal year (In thousands) 2024 $ 4,417 2025 4,370 2026 4,362 2027 4,268 2028 3,125 Thereafter 432 Total $ 20,974 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 30, December 31, (In thousands) 2023 2022 Principal amount $ - $ 130,000 Unamortized original issuance discount and debt costs — (1,248 ) Long-term debt, net of unamortized debt issue costs $ - $ 128,752 |
Interest Income and Interest Expense Disclosure [Table Text Block] | Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Contractual interest $ 2,701 $ 4,500 $ 2,304 Amortization of original issuance discount and debt costs 266 310 362 Total interest expense related to long-term debt $ 2,967 $ 4,810 $ 2,666 |
Note 8 - Restructuring (Tables)
Note 8 - Restructuring (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In thousands) Severance & Related (1) Lease Termination & Fixed Assets Other (2) Total Accrued Restructuring at January 2, 2021 $ 246 $ 8,233 $ 664 $ 9,143 Restructuring 250 690 — 940 Costs paid or otherwise settled (245 ) (1,793 ) (664 ) (2,702 ) Accrued Restructuring at January 1, 2022 $ 251 $ 7,130 $ — $ 7,381 Restructuring 303 1,608 640 2,551 Costs paid or otherwise settled (154 ) (2,846 ) — (3,000 ) Accrued Restructuring at December 31, 2022 $ 400 $ 5,892 $ 640 $ 6,932 Restructuring 1,848 56 4 1,908 Costs paid or otherwise settled (758 ) (1,440 ) (24 ) (2,222 ) Accrued Restructuring at December 30, 2023 $ 1,490 $ 4,508 $ 620 $ 6,618 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease Right-of-Use Assets and Liabilities [Table Text Block] | Operating lease right-of-use assets (In thousands) Balance as of December 31, 2022 $ 17,590 Right-of-use assets obtained for new lease contracts during the period 3,718 Amortization of right-of-use assets during the period (6,764 ) Adjustments for present value and foreign currency effects (57 ) Balance as of December 30, 2023 $ 14,487 Operating lease liabilities (In thousands) Balance as of December 31, 2022 $ 20,072 Lease liabilities incurred for new lease contracts during the period 3,718 Accretion of lease liabilities 1,003 Operating cash used for payments on lease liabilities (8,344 ) Adjustments for present value and foreign currency effects (139 ) Balance as of December 30, 2023 16,310 Less: Current portion of operating lease liabilities (included in Accrued liabilities) (5,571 ) Long-term operating lease liabilities, net of current portion $ 10,739 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal year (In thousands) 2024 $ 6,502 2025 5,049 2026 3,412 2027 1,750 2028 1,235 Thereafter 201 Total lease payments 18,149 Less: amount representing interest (1,839 ) Total lease liabilities $ 16,310 |
Note 10 - Stock-Based Compens_2
Note 10 - Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Cost of revenue $ 4,506 $ 3,674 $ 3,049 Research and development 27,782 19,645 14,563 Selling, general, and administrative 37,909 32,211 28,863 Total stock-based compensation $ 70,197 $ 55,530 $ 46,475 |
Schedule of Share-based Payment Award, Stock Options and Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year Ended December 30, December 31, January 1, 2023 2022 2022 Employee Stock Purchase Plan Weighted average expected volatility 48.2% 60.3% 39.9% Weighted average risk-free interest rate 5.37% 3.74% 0.07% Expected term (in months) 6 6 6 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | (Shares and aggregate intrinsic value in thousands) Shares Weighted average exercise price Weighted average remaining contractual term (years) Aggregate Intrinsic Value Balance, December 31, 2022 918 $ 6.70 Granted — — Exercised (487 ) 6.66 Forfeited or expired (3 ) 5.84 Balance, December 30, 2023 428 $ 6.75 Vested and expected to vest at December 30, 2023 428 $ 6.75 1.16 $ 26,626 Exercisable, December 30, 2023 428 $ 6.75 1.16 $ 26,626 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | (Shares in thousands) Shares Weighted average grant date fair value Balance, December 31, 2022 1,821 $ 50.18 Granted 995 84.80 Vested (880 ) 41.63 Forfeited or expired (55 ) 56.69 Balance, December 30, 2023 1,881 $ 72.31 |
Schedule of Share-based Payment Award, Restricted Stock Units, Valuation Assumptions [Table Text Block] | Year Ended December 30, December 31, January 1, 2023 2022 2022 Executive RSUs with a market condition or performance condition Weighted average expected volatility 50.97% to 54.31% 51.44% 50.37% to 52.11% Weighted average risk-free interest rate 4.28% to 4.59% 1.67% 0.22% to 0.77% Expected term (years) 3 3 3 to 5 |
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | (Shares in thousands) Shares Weighted average grant date fair value Balance, December 31, 2022 985 $ 60.15 Granted 172 146.69 Effect of vesting multiplier 334 Vested (639 ) 40.22 Balance, December 30, 2023 852 $ 84.73 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Domestic $ 55,069 $ 30,362 $ 24,003 Foreign 159,787 151,750 73,623 Income before taxes $ 214,856 $ 182,112 $ 97,626 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 30, December 31, January 1, (In thousands) 2023 2022 2022 Current: Federal $ 10,331 $ 748 $ 445 State 1,059 265 45 Foreign 3,019 3,637 1,538 14,409 4,650 2,028 Deferred: Federal (56,323 ) — — State — — — Foreign (2,291 ) (1,420 ) (324 ) (58,614 ) (1,420 ) (324 ) Income tax (benefit) expense $ (44,205 ) $ 3,230 $ 1,704 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 30, December 31, January 1, 2023 2022 2022 % % % Statutory federal rate 21 21 21 Adjustments for tax effects of: State taxes, net (1) (2) (4) Federal tax credits (4) (1) (3) Excess tax benefit from stock-based compensation (2) — (8) Foreign rate differential (15) (16) (14) U.S. tax on foreign operations 9 33 3 Capital loss expiration — 1 3 Valuation allowance (29) (33) 8 Change in uncertain tax benefit accrual — (2) (5) Other — 1 1 Effective income tax rate (21) 2 2 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) December 30, 2023 December 31, 2022 Deferred tax assets: Intangible assets $ 4,274 $ 6,264 Net operating loss carry forwards 13,829 15,362 Tax credit carry forwards 87,955 103,092 Accrued liabilities and reserves 23,249 12,932 Stock-based and deferred compensation 5,199 3,769 Other 5,162 5,031 Total deferred tax assets 139,668 146,450 Less: valuation allowance (79,100 ) (140,533 ) Net deferred tax assets 60,568 5,917 Deferred tax liabilities: Fixed assets 1,475 2,058 Unremitted earnings 620 2,498 Other 6,889 8,134 Total deferred tax liabilities 8,984 12,690 Net deferred taxes $ 51,584 $ (6,773 ) Reported as: Deferred tax assets $ 57,762 $ 1,022 Deferred tax liabilities (included in Other long-term liabilities) (6,178 ) (7,795 ) Net deferred taxes $ 51,584 $ (6,773 ) |
Summary of Valuation Allowance [Table Text Block] | Fiscal Years Ended Balance at beginning Charged (Credit) to costs and Charged (credit) to other Balance at end of (In thousands) of period expenses accounts period December 30, 2023 $ 140,533 $ (61,433 ) $ — $ 79,100 December 31, 2022 $ 200,438 $ (59,905 ) $ — $ 140,533 January 1, 2022 $ 192,478 $ 7,960 $ — $ 200,438 |
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | (In thousands) Balance at January 2, 2021 $ 55,737 Additions based on tax positions related to the current year 1,156 Additions based on tax positions of prior years 1,130 Additions due to acquisition 977 Settlements (51 ) Reduction as a result of lapse of applicable statute of limitations (2,718 ) Balance at January 1, 2022 56,231 Additions based on tax positions related to the current year 1,594 Additions based on tax positions of prior years 2,798 Settlements (148 ) Reduction as a result of lapse of applicable statute of limitations (1,586 ) Balance at December 31, 2022 58,889 Additions based on tax positions related to the current year 2,247 Additions based on tax positions of prior years 1,128 Reductions for tax positions of prior years (156 ) Reduction as a result of lapse of applicable statute of limitations (696 ) Balance at December 30, 2023 $ 61,412 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Number of Operating Segments | 1 | ||
Production Equipment and Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Production Equipment and Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Tools, Dies and Molds [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||
Tools, Dies and Molds [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Accounts Receivable [Member] | Arrow Electronics Inc [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 29% | 27% | |
Accounts Receivable [Member] | Weikeng Group [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 36% | 47% | |
Accounts Receivable [Member] | Future Group [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 18% | 9% | |
Revenue Benchmark [Member] | Sell-through Distributors Concentration Risk [Member] | |||
Number of Distributors | 3 | ||
Revenue Benchmark [Member] | Arrow Electronics Inc [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 32% | 28% | 27% |
Revenue Benchmark [Member] | Weikeng Group [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 21% | 30% | 37% |
Revenue Benchmark [Member] | Future Group [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 13% | 8% | 6% |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and Significant Accounting Policies - Concentration of Risk By Risk (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Arrow Electronics Inc [Member] | |||
Revenue Percentage | 32% | 28% | 27% |
Weikeng Group [Member] | |||
Revenue Percentage | 21% | 30% | 37% |
Future Group [Member] | |||
Revenue Percentage | 13% | 8% | 6% |
Macnica Group [Member] | |||
Revenue Percentage | 11% | 10% | 7% |
Other [Member] | |||
Revenue Percentage | 10% | 13% | 10% |
Distributors [Member] | |||
Revenue Percentage | 87% | 89% | 87% |
Note 2 - Net Income Per Share -
Note 2 - Net Income Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Net income | $ 259,061 | $ 178,882 | $ 95,922 |
Shares used in basic Net income per share (in shares) | 137,694 | 137,321 | 136,619 |
Dilutive effect of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition (in shares) | 2,096 | 3,346 | 5,524 |
Shares used in diluted Net income per share (in shares) | 139,790 | 140,667 | 142,143 |
Basic (in dollars per share) | $ 1.88 | $ 1.3 | $ 0.7 |
Diluted (in dollars per share) | $ 1.85 | $ 1.27 | $ 0.67 |
Stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition excluded as they are antidilutive (in shares) | 376 | 472 | 638 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenue | $ 737,154 | $ 660,356 | $ 660,356 | $ 515,327 |
Percentage of revenue | 100% | 100% | 100% | |
CHINA | ||||
Revenue | $ 239,192 | $ 296,917 | $ 281,237 | |
Percentage of revenue | 32% | 45% | 55% | |
JAPAN | ||||
Revenue | $ 110,403 | $ 90,902 | $ 47,915 | |
Percentage of revenue | 15% | 14% | 9% | |
Other Asia [Member] | ||||
Revenue | $ 94,170 | $ 77,085 | $ 55,416 | |
Percentage of revenue | 13% | 12% | 10% | |
Asia [Member] | ||||
Revenue | $ 443,765 | $ 464,904 | $ 384,568 | |
Percentage of revenue | 60% | 71% | 74% | |
Americas [Member] | ||||
Revenue | $ 145,839 | $ 100,260 | $ 80,870 | |
Percentage of revenue | 20% | 15% | 16% | |
Europe [Member] | ||||
Revenue | $ 147,550 | $ 95,192 | $ 49,889 | |
Percentage of revenue | 20% | 14% | 10% | |
Product [Member] | Sales Channel, Through Intermediary [Member] | ||||
Revenue | $ 644,181 | $ 591,229 | $ 449,650 | |
Percentage of revenue | 87% | 89% | 87% | |
Product [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Revenue | $ 92,973 | $ 69,127 | $ 65,677 | |
Percentage of revenue | 13% | 11% | 13% |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Contract Balance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Contract assets as of January 1, 2022 | $ 7,347 | $ 5,672 |
Revenues recorded during the period | 12,941 | 15,848 |
Transferred to Accounts receivable or collected | (9,094) | (14,173) |
Contract assets, balance | 11,194 | 7,347 |
Contract liabilities as of January 1, 2022 | 17,666 | 4,768 |
Prepaid customer deposit | 12,946 | 12,811 |
Accruals for estimated future stock rotation and scrap returns | 9,867 | 6,142 |
Less: Release of accruals for recognized stock rotation and scrap returns | (9,283) | (6,055) |
Less: Product shipments from prepaid customer deposit | (12,946) | (12,811) |
Contract liabilities, balance | $ 5,304 | $ 17,666 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 104,373 | $ 94,018 |
Less: Allowance for credit losses | 0 | 0 |
Accounts receivable, net of allowance for credit losses | $ 104,373 | $ 94,018 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Work in progress | $ 65,396 | $ 58,269 |
Finished goods | 33,430 | 52,106 |
Total inventories, net | $ 98,826 | $ 110,375 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Liability for non-cancelable contracts | $ 11,418 | $ 10,498 |
Contract liabilities | 5,304 | 17,666 |
Foreign, VAT, and other taxes payable | 6,758 | 4,268 |
Other accrued liabilities | 6,997 | 9,581 |
Total accrued liabilities | 36,048 | 48,467 |
Accrued Liabilities [Member] | ||
Current portion of operating lease liabilities | $ 5,571 | $ 6,454 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Depreciation | $ 17.3 | $ 13.8 | $ 12 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Property and Equipment | $ 175,402 | $ 163,963 |
Accumulated depreciation and amortization | (125,856) | (116,349) |
Total property and equipment, net | 49,546 | 47,614 |
Property, Plant and Equipment, Net | 49,546 | 47,614 |
UNITED STATES | ||
Total property and equipment, net | 29,467 | 29,118 |
Property, Plant and Equipment, Net | 29,467 | 29,118 |
TAIWAN | ||
Total property and equipment, net | 10,222 | 10,732 |
Property, Plant and Equipment, Net | 10,222 | 10,732 |
PHILIPPINES | ||
Total property and equipment, net | 4,602 | 3,596 |
Property, Plant and Equipment, Net | 4,602 | 3,596 |
CHINA | ||
Total property and equipment, net | 2,778 | 2,229 |
Property, Plant and Equipment, Net | 2,778 | 2,229 |
Other [Member] | ||
Total property and equipment, net | 2,477 | 1,939 |
Property, Plant and Equipment, Net | 2,477 | 1,939 |
Foreign Countries [Member] | ||
Total property and equipment, net | 20,079 | 18,496 |
Property, Plant and Equipment, Net | 20,079 | 18,496 |
Production Equipment and Software [Member] | ||
Property and Equipment | 159,950 | 149,787 |
Leasehold Improvements [Member] | ||
Property and Equipment | 13,519 | 12,416 |
Office Equipment [Member] | ||
Property and Equipment | $ 1,933 | $ 1,760 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Goodwill | $ 315,358 | $ 315,358 | |
Impairment of Intangible Assets, Finite-Lived | $ 0 | $ 0 | $ 0 |
Note 6 - Intangible Assets - Fi
Note 6 - Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 30, 2022 | |
Intangible Assets, gross | $ 165,848 | $ 165,392 |
Accumulated Amortization | (144,874) | (140,322) |
Intangible Assets, net | $ 20,974 | $ 25,070 |
Existing Technology [Member] | ||
Weighted Average Amortization (Year) | 5 years 1 month 6 days | 5 years 1 month 6 days |
Intangible Assets, gross | $ 124,487 | $ 124,487 |
Accumulated Amortization | (115,085) | (113,157) |
Intangible Assets, net | $ 9,402 | $ 11,330 |
Customer Relationships [Member] | ||
Weighted Average Amortization (Year) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Intangible Assets, gross | $ 32,734 | $ 32,734 |
Accumulated Amortization | (25,909) | (24,509) |
Intangible Assets, net | $ 6,825 | $ 8,225 |
Trademarks and Trade Names [Member] | ||
Weighted Average Amortization (Year) | 10 years | 10 years |
Intangible Assets, gross | $ 1,500 | $ 1,500 |
Accumulated Amortization | (319) | (169) |
Intangible Assets, net | $ 1,181 | $ 1,331 |
Licensed Technology [Member] | ||
Weighted Average Amortization (Year) | 6 years 2 months 12 days | 6 years 3 months 18 days |
Intangible Assets, gross | $ 7,127 | $ 6,671 |
Accumulated Amortization | (3,561) | (2,487) |
Intangible Assets, net | $ 3,566 | $ 4,184 |
Note 6 - Intangible Assets - Am
Note 6 - Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Amortization of intangible assets | $ 4,552 | $ 4,832 | $ 3,514 |
Research and Development Expense [Member] | |||
Amortization of intangible assets | 1,074 | 1,054 | 901 |
Amortization of Acquired Intangible Assets [Member] | |||
Amortization of intangible assets | $ 3,478 | $ 3,778 | $ 2,613 |
Note 6 - Intangible Assets - _2
Note 6 - Intangible Assets - Finite Lived Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 30, 2022 |
2024 | $ 4,417 | |
2025 | 4,370 | |
2026 | 4,362 | |
2027 | 4,268 | |
2028 | 3,125 | |
Thereafter | 432 | |
Total | $ 20,974 | $ 25,070 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Sep. 01, 2022 | May 17, 2019 | May 17, 2018 | Dec. 30, 2023 | Jan. 01, 2022 | |
The 2022 Credit Agreement [Member[ | Other (Expense) Income, Net [Member] | |||||
Amortization of Debt Issuance Costs and Discounts, Total | $ 0.7 | ||||
The 2022 Credit Agreement [Member[ | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 350 | ||||
Proceeds from Lines of Credit, Total | 150 | ||||
Debt Instrument, Fee Amount | 1.4 | ||||
Debt Issuance Costs, Gross | 0.9 | ||||
Repayment of Long-term Debt, Discretionary | $ 130 | ||||
Credit Agreement, May 17, 2019 [Member] | Term Loan [Member] | |||||
Repayments of Fees and Accrued Interest | 1.9 | ||||
Extinguishment of Debt and Accrued Interest, Amount | $ 150.5 | ||||
Credit Agreement, May 17, 2019 [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||||
Credit Agreement, May 17, 2019 [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Credit Agreement, May 17, 2019 [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Term Secured Overnight Financing Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Credit Agreement, May 17, 2019 [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Credit Agreement, May 17, 2019 [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Term Secured Overnight Financing Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2% |
Note 7 - Long-term Debt - Fair
Note 7 - Long-term Debt - Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2022 |
Principal amount | $ 0 | $ 130,000 | |
Unamortized original issuance discount and debt costs | 0 | (1,248) | |
Long-term debt, net of unamortized debt issue costs | $ 0 | $ 128,752 | $ 128,752 |
Note 7 - Long-term Debt - Inter
Note 7 - Long-term Debt - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Contractual interest | $ 2,701 | $ 4,500 | $ 2,304 |
Amortization of original issuance discount and debt costs | 266 | 310 | 362 |
Total interest expense related to long-term debt | $ 2,967 | $ 4,810 | $ 2,666 |
Note 8 - Restructuring (Details
Note 8 - Restructuring (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 79 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 30, 2023 | |
Restructuring Charges | $ 1,908 | $ 2,551 | $ 940 | ||
Operating Lease, Impairment Loss | 0 | 1,149 | $ 0 | ||
Q3 2023 Plan [Member] | |||||
Restructuring and Related Cost, Incurred Cost | 2,000 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 2,000 | $ 2,000 | |||
Q2 2019 Sales Plan [Member] | |||||
Restructuring and Related Cost, Incurred Cost | 1,000 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 3,100 | 3,100 | |||
Restructuring Charges | 0 | $ 0 | |||
Q1 2020 Plan [Member] | |||||
Restructuring and Related Cost, Incurred Cost | 100 | ||||
June 2017 Plan [Member] | |||||
Restructuring and Related Cost, Incurred Cost | $ 700 | 1,600 | $ 23,300 | ||
June 2017 Plan [Member] | San Jose [Member] | |||||
Operating Lease, Impairment Loss | $ 1,100 |
Note 8 - Restructuring - Activi
Note 8 - Restructuring - Activity Related to Restructuring Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Restructuring | $ 1,908 | $ 2,551 | $ 940 |
Employee Severance [Member] | |||
Accrued Restructuring | 400 | 251 | 246 |
Restructuring | 1,848 | 303 | 250 |
Costs paid or otherwise settled | (758) | (154) | (245) |
Accrued Restructuring | 1,490 | 400 | 251 |
Lease Termination and Fixed Assets [Member] | |||
Accrued Restructuring | 5,892 | 7,130 | 8,233 |
Restructuring | 56 | 1,608 | 690 |
Costs paid or otherwise settled | (1,440) | (2,846) | (1,793) |
Accrued Restructuring | 4,508 | 5,892 | 7,130 |
Software Contracts and Engineering Tools [Member] | |||
Accrued Restructuring | 640 | 0 | 664 |
Restructuring | 4 | 640 | 0 |
Costs paid or otherwise settled | (24) | 0 | (664) |
Accrued Restructuring | 620 | 640 | 0 |
Other Restructuring [Member] | |||
Accrued Restructuring | 6,932 | 7,381 | 9,143 |
Restructuring | 1,908 | 2,551 | 940 |
Costs paid or otherwise settled | (2,222) | (3,000) | (2,702) |
Accrued Restructuring | $ 6,618 | $ 6,932 | $ 7,381 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 3 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.80% | ||
Operating Lease, Cost | $ 7.8 | $ 7.6 | $ 7.9 |
Operating Lease Liability for Previously Restructured Facilities | $ 4.5 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | ||
Lessee, Operating Lease, Option to Extend, Period (Year) | 5 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Option to Extend, Period (Year) | 5 years | ||
Lessee, Operating Lease, Option to Terminate Period (Year) | 1 year |
Note 9 - Leases - Lease Balance
Note 9 - Leases - Lease Balance Classifications Within the Consolidated Balance Sheets and Lease Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Balance | $ 17,590 | ||
Right-of-use assets obtained for new lease contracts during the period | 3,718 | ||
Amortization of right-of-use assets during the period | (6,764) | $ (6,512) | $ (6,587) |
Adjustments for present value and foreign currency effects | (57) | ||
Balance | 14,487 | 17,590 | |
Balance | 20,072 | ||
Lease liabilities incurred for new lease contracts during the period | 3,718 | ||
Accretion of lease liabilities | 1,003 | ||
Operating cash used for payments on lease liabilities | (8,344) | (7,419) | $ (7,639) |
Adjustments for present value and foreign currency effects | (139) | ||
Balance | 16,310 | 20,072 | |
Long-term operating lease liabilities, net of current portion | 10,739 | $ 13,618 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Less: Current portion of operating lease liabilities (included in Accrued liabilities) | $ (5,571) |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
2024 | $ 6,502 | |
2025 | 5,049 | |
2026 | 3,412 | |
2027 | 1,750 | |
2028 | 1,235 | |
Thereafter | 201 | |
Total lease payments | 18,149 | |
Less: amount representing interest | (1,839) | |
Total lease liabilities | $ 16,310 | $ 20,072 |
Note 10 - Stock-Based Compens_3
Note 10 - Stock-Based Compensation Plans (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Jan. 01, 2022 USD ($) $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 7,600 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 24,380,000 | $ 15,250,000 | $ 13,040,000 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 0 | ||
Share-Based Payment Arrangement, Expense | 70,197 | $ 55,530 | $ 46,475 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 37,300 | 24,300 | 44,700 |
Awards Vested or Exercised [Member] | |||
Share-Based Payment Arrangement, Exercise and Vesting of Awards, Tax Benefit | 10,400 | ||
Awards with Market Condition or Performance Condition [Member] | |||
Share-Based Payment Arrangement, Expense | 2,200 | 1,500 | 1,200 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Expense | $ 0 | 1,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 84.8 | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 27,300 | ||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 121,300 | ||
Share-Based Payment Arrangement, Expense | $ 41,500 | $ 30,100 | $ 21,700 |
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 75% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 75% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 100% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 55% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 25% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 250% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Minimum [Member] | TSR Relative To PHLX Semiconductor Sector Index, 75th Percentile [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 250% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Minimum [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 25% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 200% | 200% | |
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Maximum [Member] | TSR Relative To PHLX Semiconductor Sector Index, 75th Percentile [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 200% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Maximum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 250% | 250% | |
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Maximum [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 75% | ||
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40% | ||
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Six [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 70% | ||
Performance Shares [Member] | Executive Officer [Member] | |||
Share-Based Payment Arrangement, Expense | $ 26,400 | $ 24,000 | $ 22,100 |
Performance Shares [Member] | Executive Officer [Member] | Minimum [Member] | TSR Relative To PHLX Semiconductor Sector Index, 75th Percentile [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 116.30% | ||
Performance Shares [Member] | Executive Officer [Member] | Maximum [Member] | TSR Relative To PHLX Semiconductor Sector Index, 75th Percentile [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 200% | ||
Performance Shares Granted in 2018 [Member] | Executive Officer [Member] | Minimum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Based on Market Conditions | 200% | 200% | |
The 2013 Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 0 | ||
The2012 ESPP [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 900 | ||
Share-based Compensation Arrangement By Share-based Payment Award, Maximum, Annual Contribution Per Employee, Percent | 10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85% | ||
The 2011 Non-Employee Director Equity Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 11,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Share Ratio | 2,011 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Total stock-based compensation | $ 70,197 | $ 55,530 | $ 46,475 |
Cost of Sales [Member] | |||
Total stock-based compensation | 4,506 | 3,674 | 3,049 |
Research and Development Expense [Member] | |||
Total stock-based compensation | 27,782 | 19,645 | 14,563 |
Selling, General and Administrative Expenses [Member] | |||
Total stock-based compensation | $ 37,909 | $ 32,211 | $ 28,863 |
Note 10 - Stock-Based Compens_5
Note 10 - Stock-Based Compensation Plans - Share-based Payment Award Stock Options Valuation Assumptions (Details) - Employee Stock Purchase Plan [Member] | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Weighted average expected volatility | 48.20% | 60.30% | 39.90% |
Weighted average risk-free interest rate | 5.37% | 3.74% | 0.07% |
Expected term (years) (Year) | 6 years | 6 years | 6 years |
Note 10 - Stock-Based Compens_6
Note 10 - Stock-Based Compensation Plans - Schedule of Share Based Compensation Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) $ / shares shares | |
Balance (in shares) | shares | 918 |
Balance (in dollars per share) | $ / shares | $ 6.7 |
Granted (in shares) | shares | 0 |
Granted (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (487) |
Exercised (in dollars per share) | $ / shares | $ 6.66 |
Forfeited or expired (in shares) | shares | (3) |
Forfeited or expired (in dollars per share) | $ / shares | $ 5.84 |
Balance (in shares) | shares | 428 |
Balance (in dollars per share) | $ / shares | $ 6.75 |
Vested and expected to vest (in shares) | shares | 428 |
Vested and expected to vest (in dollars per share) | $ / shares | $ 6.75 |
Vested and expected to vest (Year) | 1 year 1 month 28 days |
Vested and expected to vest | $ | $ 26,626 |
Exercisable (in shares) | shares | 428 |
Exercisable (in dollars per share) | $ / shares | $ 6.75 |
Exercisable (Year) | 1 year 1 month 28 days |
Exercisable, December 30, 2023 | $ | $ 26,626 |
Note 10 - Stock-Based Compens_7
Note 10 - Stock-Based Compensation Plans - Schedule of Nonvested Restricted Stock Units Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24,380,000 | $ 15,250,000 | $ 13,040,000 |
Restricted Stock Units (RSUs) [Member] | |||
Balance (in shares) | 1,821 | ||
Balance (in dollars per share) | $ 50.18 | ||
Granted (in shares) | 995 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 84.8 | ||
Vested (in shares) | (880) | ||
Vested (in dollars per share) | $ 41.63 | ||
Forfeited or expired (in shares) | (55) | ||
Forfeited or expired (in dollars per share) | $ 56.69 | ||
Balance (in shares) | 1,881 | 1,821 | |
Balance (in dollars per share) | $ 72.31 | $ 50.18 |
Note 10 - Stock-Based Compens_8
Note 10 - Stock-Based Compensation Plans - Assumptions Used at Grant Date In the Valuation of RUSs (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Weighted average expected volatility | 51.44% | ||
Weighted average risk-free interest rate | 1.67% | ||
Expected term (years) (Year) | 3 years | 3 years | |
Minimum [Member] | |||
Weighted average expected volatility | 50.97% | 50.37% | |
Weighted average risk-free interest rate | 4.28% | 0.22% | |
Expected term (years) (Year) | 3 years | ||
Maximum [Member] | |||
Weighted average expected volatility | 54.31% | 52.11% | |
Weighted average risk-free interest rate | 4.59% | 0.77% | |
Expected term (years) (Year) | 5 years |
Note 10 - Stock-based Compens_9
Note 10 - Stock-based Compensation - Share Based Compensation Performance Shares Award Market Condition or Performance Condition (Details) - Performance Shares [Member] shares in Thousands | 12 Months Ended |
Dec. 30, 2023 $ / shares shares | |
Balance, Shares (in shares) | shares | 985 |
Balance, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 60,150 |
Granted, Shares (in shares) | shares | 172 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 146,690 |
Effect of vesting multiplier, Shares (in shares) | shares | 334 |
Effect of vesting multiplier (in dollars per share) | $ / shares | |
Vested, Shares (in shares) | shares | (639) |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 40,220 |
Balance, Shares (in shares) | shares | 852 |
Balance, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 84,730 |
Note 11 - Common Stock Repurc_2
Note 11 - Common Stock Repurchase Program (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2023 | Dec. 30, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Aug. 08, 2022 | |
Stock Repurchased and Retired During Period, Value | $ 80,196 | $ 110,131 | $ 70,124 | |||
Repurchase Program 2023 [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 150,000 | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | 872,994 | 1,224,443,000,000 | ||||
Stock Repurchased and Retired During Period, Value | $ 50,200 | $ 80,200 | ||||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 57.49 | $ 65,500,000 | ||||
Repurchase Program 2024 [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 250,000 | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 |
Deferred Tax Assets, Gross | $ 139,668 | $ 146,450 | ||
Deferred Tax Assets, Valuation Allowance, Total | 79,100 | 140,533 | ||
Undistributed Earnings of Foreign Subsidiaries | 3,000 | |||
Unrecognized Tax Benefits | 61,412 | 58,889 | $ 56,231 | $ 55,737 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 58,700 | 56,300 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 11,300 | 10,600 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 300 | |||
Significant Change in Unrecognized Tax Benefits Is Reasonably Possible, Amount of Associated Income, Tax Penalties and Interest Accrued | 100 | |||
Other Noncurrent Liabilities [Member] | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 21,900 | $ 21,600 | ||
Domestic Tax Authority [Member] | ||||
Deferred Tax Assets, Gross | 56,900 | |||
Operating Loss Carryforwards | 8,000 | |||
Tax Credit Carryforward, Amount | 45,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 134,500 | |||
Tax Credit Carryforward, Amount | 78,900 | |||
Foreign Tax Authority [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Before Income Tax Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Domestic | $ 55,069 | $ 30,362 | $ 24,003 |
Foreign | 159,787 | 151,750 | 73,623 |
Income before income taxes | $ 214,856 | $ 182,112 | $ 97,626 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Federal | $ 10,331 | $ 748 | $ 445 |
State | 1,059 | 265 | 45 |
Foreign | 3,019 | 3,637 | 1,538 |
Current Income Tax Expense (Benefit) | 14,409 | 4,650 | 2,028 |
Federal | (56,323) | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | (2,291) | (1,420) | (324) |
Deferred Income Tax Expense (Benefit) | (58,614) | (1,420) | (324) |
Income tax (benefit) expense | $ (44,205) | $ 3,230 | $ 1,704 |
Note 12 - Income Taxes - Effect
Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statutory federal rate | 21% | 21% | 21% |
State taxes, net | (1.00%) | (2.00%) | (4.00%) |
Federal tax credits | (4.00%) | (1.00%) | (3.00%) |
Excess tax benefit from stock-based compensation | (2.00%) | (8.00%) | |
Foreign rate differential | (15.00%) | (16.00%) | (14.00%) |
U.S. tax on foreign operations | 9% | 33% | 3% |
Capital loss expiration | 1% | 3% | |
Valuation allowance | (29.00%) | (33.00%) | 8% |
Change in uncertain tax benefit accrual | (2.00%) | (5.00%) | |
Other | 1% | 1% | |
Effective income tax rate | (21.00%) | 2% | 2% |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Intangible assets | $ 4,274 | $ 6,264 |
Net operating loss carry forwards | 13,829 | 15,362 |
Tax credit carry forwards | 87,955 | 103,092 |
Accrued liabilities and reserves | 23,249 | 12,932 |
Stock-based and deferred compensation | 5,199 | 3,769 |
Other | 5,162 | 5,031 |
Total deferred tax assets | 139,668 | 146,450 |
Less: valuation allowance | (79,100) | (140,533) |
Net deferred tax assets | 60,568 | 5,917 |
Fixed assets | 1,475 | 2,058 |
Unremitted earnings | 620 | 2,498 |
Other | 6,889 | 8,134 |
Total deferred tax liabilities | 8,984 | 12,690 |
Net deferred taxes | 51,584 | 6,773 |
Net deferred taxes | (51,584) | (6,773) |
Deferred tax assets | 60,568 | 5,917 |
Deferred tax liabilities (included in Other long-term liabilities) | (8,984) | (12,690) |
Net deferred taxes | 51,584 | 6,773 |
Net deferred taxes | (51,584) | (6,773) |
Other Noncurrent Assets [Member] | ||
Net deferred tax assets | 57,762 | 1,022 |
Deferred tax assets | 57,762 | 1,022 |
Other Noncurrent Liabilities [Member] | ||
Total deferred tax liabilities | 6,178 | 7,795 |
Deferred tax liabilities (included in Other long-term liabilities) | $ (6,178) | $ (7,795) |
Note 12 - Income Taxes - Valuat
Note 12 - Income Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Balance | $ 140,533 | $ 200,438 | $ 192,478 |
Charged (Credit) to costs and expenses | (61,433) | (59,905) | 7,960 |
Charged (credit) to other accounts | 0 | 0 | 0 |
Balance | 79,100 | 140,533 | 200,438 |
Charged (credit) to other accounts | $ 0 | $ 0 | $ 0 |
Note 12 - Income Taxes - Unreco
Note 12 - Income Taxes - Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Balance | $ 58,889 | $ 56,231 | $ 55,737 |
Additions based on tax positions related to the current year | 2,247 | 1,594 | 1,156 |
Additions based on tax positions of prior years | 1,128 | 2,798 | 1,130 |
Additions due to acquisition | 977 | ||
Settlements | (148) | (51) | |
Reduction as a result of lapse of applicable statute of limitations | (696) | (1,586) | (2,718) |
Reductions for tax positions of prior years | (156) | ||
Balance | $ 61,412 | $ 58,889 | $ 56,231 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3.1 | $ 2.8 | $ 2.6 |
Labor And Related Expense, Incentive Compensation | $ 15 | $ 25.2 | $ 18 |
Note 14 - Contingencies (Detail
Note 14 - Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Action in Oregon in Connection with Sale of Certain Products [Member] | |
Loss Contingency, Damages Sought, Value | $ 180 |