Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 02, 2021 | Feb. 12, 2021 | Jun. 27, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Interactive Data Current | Yes | ||
Document Period End Date | Jan. 2, 2021 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Registrant Name | INTEVAC, INC. | ||
Entity Central Index Key | 0001001902 | ||
Current Fiscal Year End Date | --01-02 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | IVAC | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 0-26946 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-3125814 | ||
Entity Address, Address Line One | 3560 Bassett Street | ||
Entity Address, City or Town | Santa Clara | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95054 | ||
City Area Code | 408 | ||
Local Phone Number | 986-9888 | ||
Entity Small Business | true | ||
Title of 12(b) Security | Common Stock | ||
Entity Common Stock, Shares Outstanding | 24,089,621 | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 124,191,554 | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 29,341 | $ 19,767 |
Short-term investments | 14,839 | 16,720 |
Trade and other accounts receivable, net of allowances of $0 at both January 2, 2021 and December 28, 2019 | 28,646 | 28,619 |
Inventories | 21,689 | 24,907 |
Prepaid expenses and other current assets | 1,893 | 1,504 |
Total current assets | 96,408 | 91,517 |
Property, plant and equipment, net | 11,004 | 11,598 |
Operating lease right-of-use assets | 8,165 | 10,279 |
Long-term investments | 5,388 | 5,537 |
Restricted cash | 787 | 787 |
Deferred income taxes and other long-term assets | 5,486 | 6,604 |
Total assets | 127,238 | 126,322 |
Current liabilities: | ||
Current operating lease liabilities | 2,853 | 2,524 |
Accounts payable | 4,259 | 4,199 |
Accrued payroll and related liabilities | 7,679 | 6,488 |
Other accrued liabilities | 3,598 | 3,593 |
Customer advances | 33 | 4,007 |
Total current liabilities | 18,422 | 20,811 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 6,803 | 9,532 |
Other long-term liabilities | 457 | 186 |
Total noncurrent liabilities | 7,260 | 9,718 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Undesignated preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued and outstanding | ||
Common stock, $0.001 par value : Authorized shares — 50,000 issued and outstanding shares — 23,874 and 23,346 at January 2, 2021 and December 28, 2019, respectively | 24 | 23 |
Additional paid-in capital | 193,173 | 188,290 |
Treasury stock, 5,087 shares at January 2, 2021 and 4,989 shares at December 28, 2019 | (29,551) | (29,158) |
Accumulated other comprehensive income | 640 | 424 |
Accumulated deficit | (62,730) | (63,786) |
Total stockholders' equity | 101,556 | 95,793 |
Total liabilities and stockholders' equity | $ 127,238 | $ 126,322 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Statement of Financial Position [Abstract] | ||
Net of allowances of trade, note and other accounts receivable | $ 0 | $ 0 |
Undesignated preferred stock, par value | $ 0.001 | $ 0.001 |
Undesignated preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Undesignated preferred stock, shares issued | 0 | 0 |
Undesignated preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 23,874,000 | 23,346,000 |
Common stock, shares outstanding | 23,874,000 | 23,346,000 |
Treasury stock, shares | 5,087,000 | 4,989,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Net revenues: | ||
Total net revenues | $ 97,824 | $ 108,885 |
Cost of net revenues: | ||
Total cost of net revenues | 57,279 | 68,017 |
Gross profit | 40,545 | 40,868 |
Operating expenses: | ||
Research and development | 14,093 | 14,309 |
Selling, general and administrative | 23,897 | 22,634 |
Total operating expenses | 37,990 | 36,943 |
Operating income | 2,555 | 3,925 |
Interest income | 284 | 574 |
Other income (expense), net | (72) | 8 |
Income before provision for income taxes | 2,767 | 4,507 |
Provision for income taxes | 1,711 | 3,359 |
Net loss | $ 1,056 | $ 1,148 |
Net loss per share: | ||
Basic | $ 0.04 | $ 0.05 |
Diluted | $ 0.04 | $ 0.05 |
Weighted average shares outstanding: | ||
Basic | 23,669 | 23,063 |
Diluted | 24,151 | 23,340 |
Systems and components | ||
Net revenues: | ||
Total net revenues | $ 74,879 | $ 89,228 |
Cost of net revenues: | ||
Total cost of net revenues | 42,231 | 55,678 |
Technology development | ||
Net revenues: | ||
Total net revenues | 22,945 | 19,657 |
Cost of net revenues: | ||
Total cost of net revenues | $ 15,048 | $ 12,339 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 1,056 | $ 1,148 |
Other comprehensive income (loss), before tax | ||
Change in unrealized net loss on available-for-sale investments | (5) | 70 |
Foreign currency translation gains and (losses) | 221 | (24) |
Other comprehensive income, before tax | 216 | 46 |
Income tax expense related to items in other comprehensive income | 0 | |
Other comprehensive income, net of tax | 216 | 46 |
Comprehensive income | $ 1,272 | $ 1,194 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Dec. 29, 2018 | $ 89,624 | $ 23 | $ 183,204 | $ (29,047) | $ 378 | $ (64,934) |
Beginning Balance (in shares) at Dec. 29, 2018 | 22,700,000 | 4,965,000 | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 175,000 | |||||
Exercise of stock options | $ 799 | 799 | ||||
Settlement of RSUs (in shares) | 199,000 | |||||
Employee stock purchase plan (in shares) | 370,000 | 370,000 | ||||
Employee stock purchase plan | $ 1,466 | 1,466 | ||||
Shares withheld in connection with net share settlement of RSUs (in shares) | (74,000) | |||||
Shares withheld in connection with net share settlement of RSUs | (404) | (404) | ||||
Equity-based compensation expense | 3,225 | 3,225 | ||||
Net income | 1,148 | 1,148 | ||||
Other comprehensive income (loss) | 46 | 46 | ||||
Common stock repurchases | $ (111) | $ (111) | ||||
Common Stock Repurchases (in shares) | 24,000 | (24,000) | 24,000 | |||
Ending balance at Dec. 28, 2019 | $ 95,793 | $ 23 | 188,290 | $ (29,158) | 424 | (63,786) |
Ending Balance (in shares) at Dec. 28, 2019 | 23,346,000 | 4,989,000 | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 67,172 | 67,000 | ||||
Exercise of stock options | $ 326 | 326 | ||||
Settlement of RSUs (in shares) | 244,000 | |||||
Employee stock purchase plan (in shares) | 392,000 | 392,000 | ||||
Employee stock purchase plan | $ 1,571 | $ 1 | 1,570 | |||
Shares withheld in connection with net share settlement of RSUs (in shares) | (77,000) | |||||
Shares withheld in connection with net share settlement of RSUs | (402) | (402) | ||||
Equity-based compensation expense | 3,389 | 3,389 | ||||
Net income | 1,056 | 1,056 | ||||
Other comprehensive income (loss) | 216 | 216 | ||||
Common stock repurchases | $ (393) | $ (393) | ||||
Common Stock Repurchases (in shares) | 98,000 | (98,000) | 98,000 | |||
Ending balance at Jan. 02, 2021 | $ 101,556 | $ 24 | $ 193,173 | $ (29,551) | $ 640 | $ (62,730) |
Ending Balance (in shares) at Jan. 02, 2021 | 23,874,000 | 5,087,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Operating activities | ||
Net income | $ 1,056,000 | $ 1,148,000 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation and amortization | 3,206,000 | 2,976,000 |
Net amortization (accretion) of investment premiums and discounts | 12,000 | (75,000) |
Amortization of intangible assets | 274,000 | 615,000 |
Equity-based compensation | 3,389,000 | 3,225,000 |
Straight-line rent adjustment and amortization of lease incentives | (286,000) | (289,000) |
Deferred income taxes | 917,000 | 1,661,000 |
Change in the fair value of acquisition-related contingent consideration | 7,000 | |
Loss on disposal of equipment | 120,000 | |
Changes in assets and liabilities: | ||
Accounts receivable | (27,000) | (902,000) |
Inventories | 3,218,000 | 6,301,000 |
Prepaid expenses and other assets | (462,000) | 1,621,000 |
Accounts payable | 60,000 | (1,850,000) |
Accrued payroll and other accrued liabilities | 1,467,000 | 694,000 |
Customer advances | (3,974,000) | (10,307,000) |
Total adjustments | 7,794,000 | 3,797,000 |
Net cash and cash equivalents provided by operating activities | 8,850,000 | 4,945,000 |
Investing activities | ||
Purchase of investments | (23,342,000) | (23,306,000) |
Proceeds from sales and maturities of investments | 25,355,000 | 21,642,000 |
Purchase of leasehold improvements and equipment | (2,612,000) | (4,107,000) |
Net cash and cash equivalents used in investing activities | (599,000) | (5,771,000) |
Financing activities | ||
Proceeds from issuance of common stock | 1,897,000 | 2,265,000 |
Common stock repurchases | (393,000) | (111,000) |
Taxes paid related to net share settlement | (402,000) | (404,000) |
Payment of acquisition-related contingent consideration | (230,000) | |
Net cash and cash equivalents provided by financing activities | 1,102,000 | 1,520,000 |
Effect of exchange rate changes on cash | 221,000 | (24,000) |
Net increase in cash, cash equivalents and restricted cash | 9,574,000 | 670,000 |
Cash, cash equivalents and restricted cash at beginning of period | 20,554,000 | 19,884,000 |
Cash, cash equivalents and restricted cash at end of period | 30,128,000 | 20,554,000 |
Cash paid (received) for: | ||
Income taxes | 850,000 | 1,016,000 |
Income tax refund | $ (157,000) | $ (157,000) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 02, 2021 | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries (Intevac, the Company or we) after elimination of inter-company balances and transactions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Fiscal Year End Date Intevac operates under a 52-53 Cash, Cash Equivalents and Investments Intevac considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Available-for-sale available-for-sale Restricted Cash Restricted cash of $600,000 as of January 2, 2021 secures a standby letter of credit obligation associated with a lease obligation and the restriction on the cash will be removed when the letter of credit expires. In addition, Intevac pledged $187,000 as collateral for various guarantees with its bank. Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management — Intevac re-measurement non-functional Fair Value Measurement—Definition and Hierarchy Intevac reports certain financial assets and liabilities at fair value. Intevac defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 Level 2 Level 3 Trade Accounts Receivables and Doubtful Accounts Intevac evaluates the collectibility of trade accounts receivable on an ongoing basis and provides reserves against potential losses when appropriate. Management analyzes historical bad debts, customer concentrations, customer creditworthiness, changes in customer payment tendencies and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Customer accounts are written off against the allowance when the amount is deemed uncollectible. Inventories Inventories are generally stated at the lower of cost or net realizable value, with cost determined on an average cost basis. Property, Plant and Equipment Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: computers and software, 3 years; machinery and equipment, 5 years; furniture, 7 years; vehicles, 4 years; and leasehold improvements, remaining lease term. Contingent Consideration and Purchased Intangible Assets Contingent consideration related to a business combination is recorded at the acquisition date at the estimated fair value of the contingent payments. The acquisition date fair value is measured based on the consideration expected to be transferred (probability-weighted), discounted back to present value. The discount rate used is determined at the time of the acquisition in accordance with accepted valuation methods. The fair value of the acquisition-related contingent consideration is remeasured at the estimated fair value at each reporting period with the change in fair value recognized as income or expense in the consolidated statements of income. Purchased intangible assets other than goodwill were amortized over their useful lives unless these lives were determined to be indefinite. Purchased intangible assets were carried at cost, less accumulated amortization. Amortization was computed over the estimated useful lives of the respective assets, generally one Impairment of Long-Lived Assets Long-lived assets and certain identifiable finite-lived intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value. No impairment charges were recognized in fiscal 2020 and 2019. Income Taxes Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. In determining whether to establish or maintain a valuation allowance against a deferred tax asset, the Company reviews available evidence to determine whether it is more likely than not that all or a portion of the Company’s net deferred tax assets will be realized in future periods. Consideration is given to various positive and negative factors that could affect the realization of the net deferred tax assets. In making such a determination, the Company considers, among other things, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning On a quarterly basis, Intevac provides for income taxes based upon an annual effective income tax rate. The effective tax rate is highly dependent upon the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carryforwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Intevac carefully monitors the changes in many factors and adjust its effective income tax rate on a timely basis. If actual results differ from the estimates, this could have a material effect on Intevac’s business, financial condition and results of operations. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with Intevac’s expectations could have a material effect on Intevac’s business, financial condition and results of operations. Intevac recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in the accompanying consolidated statements of income. Revenue Recognition In our TFE segment, a majority of our equipment sales revenue, which includes systems, technology upgrades, service and spare parts is recognized when products are shipped from our manufacturing facilities. In our TFE segment, we recognize revenue for equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Intevac recognizes revenue in certain circumstances before delivery has occurred (commonly referred to as bill and hold transactions). In such circumstances, among other things, risk of ownership has passed to the customer, the customer has made a written fixed commitment to purchase the finished goods, the customer has requested the finished goods be held for future delivery as scheduled and designated by them, and no additional performance obligations exist by Intevac. For these transactions, the finished goods are segregated from inventory and normal billing and credit terms granted. Our contracts with customers may include multiple performance obligations. For such arrangements, under the revenue standard we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost plus margin. Under the revenue standard, the expected costs associated with our base warranties are recognized as expense when the equipment is sold. In our Photonics segment, we recognize revenue for CPFF and FFP government contracts over time under the cost-to-cost non-U.S. controls the work in process as evidenced either by contractual termination clauses or by our rights to payment for work performed to date to deliver products or services that do not have an alternative use to the Company. Under the revenue standard, the cost-to-cost The majority of our contracts in our Photonics segment have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development and production). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. In our Photonics segment, we recognize revenue for homogenous manufactured military products sold to the U.S. government and its contractors over time under the units-of-delivery units-of-delivery The nature of our contracts in our Photonics segment gives rise to several types of variable consideration including tiered pricing. Allocation of contract revenues among Photonics military products, and the timing of the recognition of those revenues, is impacted by agreements with tiered pricing or variable rate structures. We include variable consideration in the estimated transaction price when there is a basis to reasonably estimate the amount of the consideration. These estimates are based on historical experience, anticipated performance and our best judgment at the time. Because of our certainty in estimating these amounts, they are included in the transaction price of our contracts and the associated remaining performance obligations. Accounting for CPFF and FFP contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For these contracts, we estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up Government Grants and Credits The Company generally records grants from governmental agencies related to income as a reduction in operating expense. Grants are recognized when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Reimbursements of eligible expenditures pursuant to government assistance programs are recorded as reductions of operating costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not material for all periods presented. Foreign Currency Translation The functional currency of Intevac’s foreign subsidiaries in Singapore and Hong Kong and the Taiwan branch is the U.S. dollar. The functional currency of Intevac’s foreign subsidiaries in China, Malaysia and Korea is the local currency of the country in which the respective subsidiary operates. Assets and liabilities recorded in foreign currencies are translated at year-end Comprehensive Income The changes in accumulated other comprehensive income by component, were as follows for the years ended January 2, 2021 and December 28, 2019: Foreign Unrealized holding available-for-sale Total (in thousands) Balance at December 29, 2018 $ 405 $ (27 ) $ 378 Other comprehensive income (loss) before reclassification (24 ) 70 46 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) (24 ) 70 46 Balance at December 28, 2019 $ 381 $ 43 $ 424 Other comprehensive income (loss) before reclassification 221 (5 ) 216 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 221 (5 ) 216 Balance at January 2, 2021 $ 602 $ 38 $ 640 Employee Stock Plans Intevac has equity-based compensation plans that provide for the grant to employees of equity-based awards, including incentive or non-statutory non-statutory non-employee Recent Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) 2021-01, Reference Rate Reform (Topic 848): Scope 2020-04 2020-04. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC Topic 740) In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Revenue
Revenue | 12 Months Ended |
Jan. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue The following tables represent a disaggregation of revenue from contracts with customers for fiscal 2020 and 2019 along with the reportable segment for each category. Major Products and Service Lines TFE 2020 2019 (in thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 45,620 $ — $ 426 $ 46,046 $ 52,759 $ — $ 15,653 $ 68,412 Field service 6,080 — 2 6,082 5,210 2 54 5,266 Total TFE net revenues $ 51,700 $ — $ 428 $ 52,128 $ 57,969 $ 2 $ 15,707 $ 73,678 Photonics 2020 2019 (in thousands) Products: Military products $ 20,409 $ 12,480 Commercial products 395 640 Repair and other services 1,947 2,430 Total Photonics product net revenues 22,751 15,550 Technology development: FFP 19,648 12,521 CPFF 3,297 7,134 Time and materials — 2 Total technology development net revenues 22,945 19,657 Total Photonics net revenues $ 45,696 $ 35,207 Primary Geography Markets 2020 2019 (in thousands) TFE Photonics Total TFE Photonics Total United States $ 6,450 $ 45,363 $ 51,813 $ 1,306 $ 34,664 $ 35,970 Asia 45,611 — 45,611 72,372 — 72,372 Europe 67 333 400 — 543 543 Total net revenues $ 52,128 $ 45,696 $ 97,824 $ 73,678 $ 35,207 $ 108,885 Timing of Revenue Recognition 2020 2019 (in thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 52,128 $ 1,947 $ 54,075 $ 73,678 $ 2,430 $ 76,108 Products and services transferred over time — 43,749 43,749 — 32,777 32,777 Total net revenues $52,128 $ 45,696 $ 97,824 $ 73,678 $ 35,207 $ 108,885 The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage and our contract liabilities which we classify as deferred revenue and customer advances for fiscal 2020: January 2, December 28, Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ 369 $ 760 $ (391 ) Contract liabilities: Deferred revenue $ 482 $ 320 $ 162 Customer advances 33 4,007 (3,974 ) $ 515 $ 4,327 $ (3,812 ) Photonics: Contract assets: Accounts receivable, unbilled $ 5,439 $ 3,210 $ 2,229 Retainage 126 99 27 $ 5,565 $ 3,309 $ 2,256 Contract liabilities: Deferred revenue $ 779 $ — $ 779 Accounts receivable, unbilled in our TFE segment represents a contract asset for revenue that has been recognized in advance of billing the customer. For our system and certain upgrade sales, our TFE customers generally pay in three installments, with a portion of the system price billed upon receipt of an order, a portion of the price billed upon shipment, and the balance of the price due upon completion of installation and acceptance of the system at the customer’s factory. Accounts receivable, unbilled in our TFE segment generally represents the balance of the system price that is due upon completion of installation and acceptance less the amount that has been deferred as revenue for the performance of the installation tasks. During fiscal 2020, contract assets in our TFE segment decreased by $391,000 primarily due to the final billing on two systems that were pending acceptance as of December 28, 2019 that completed installation and were accepted by the customer, offset by the accrual of revenue for an additional two systems delivered during fiscal 2020, one of which was pending acceptance as of January 2, 2021. Accounts receivable, unbilled in our Photonics segment represents a contract asset for revenue that has been recognized in advance of billing the customer, which is common for contracts in the defense industry. In our Photonics segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. Our contracts with the U.S. government may also contain retainage provisions. Retainage represents a contract asset for the portion of the contract price earned by us for work performed, but held for payment by the U.S. government as a form of security until satisfactory completion of the contract. The retainage is billable upon completion of the contract performance and approval of final indirect expense rates by the government. During fiscal 2020, contract assets in our Photonics segment increased by $2.3 million primarily due to the revenue recognized on FFP contracts in advance of billing and the accrual of revenue incurred costs under CPFF contracts, offset in part by the completion of certain CPFF contracts and the final settlement of retainage amounts under certain CPFF contracts. Deferred revenue in our Photonics segment generally represents a contract liability for amounts billed to the customer upon achievement of contractual milestones. These amounts are liquidated when revenue is recognized. On January 2, 2021 we had $ 46.9 million of remaining performance obligations, which we also refer to as backlog. Backlog at January 2, 2021 consisted of $5.6 million of TFE backlog and $41.3 million of Photonics backlog. We expect to recognize approximately 61% of our remaining performance obligations as revenue in 2021, 26% in 2022, 12% in 2023 and 1% in 2024. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Jan. 02, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 3. Equity-Based Compensation Intevac accounts for share-based awards in accordance with the provisions of the accounting guidance which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, consultants and directors based upon the grant-date fair value of those awards. The estimated fair value of Intevac’s equity-based awards is amortized over the awards’ service periods using the graded vesting attribution method. Descriptions of Plans Equity Incentive Plans At January 2, 2021, Intevac had equity-based awards outstanding under the 2020 Equity Incentive Plan, the 2012 Equity Incentive Plan and the 2004 Equity Incentive Plan (the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved all of these plans. The Plans are a broad-based, long-term retention program intended to attract and retain qualified management and employees, and align stockholder and employee interests. The Plans permit the grant of incentive or non-statutory 2003 Employee Stock Purchase Plan The ESPP provides that eligible employees may purchase Intevac’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the entry date of the applicable offering period or at the end of each applicable purchase interval. Offering periods are generally two years in length, and consist of a series of six-month six-month The effect of recording equity-based compensation for fiscal 2020 and 2019 was as follows (in thousands): 2020 2019 Equity-based compensation by type of award: Stock options $504 $819 RSUs 1,936 1,657 Employee stock purchase plan 949 749 Total equity-based compensation $ 3,389 $ 3,225 Equity-based compensation expense is based on awards which vest. Intevac accounts for forfeitures as they occur, rather than estimating expected forfeitures. Stock Options The exercise price of each stock option equals the market price of Intevac’s stock on the date of grant. Most options are scheduled to vest over three 2020 2019 Stock Options: Weighted-average fair value of grants per share $ 1.82 $ 2.06 Expected volatility 46.06 % 43.23 % Risk free interest rate 0.44% 1.86% Expected term of options (in years) 4.39 4.60 Dividend yield None None The computation of the expected volatility assumption used in the Black-Scholes calculations for new grants is based on historical volatility of Intevac’s stock price. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected life of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards and vesting schedules. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. Performance stock options (“PSOs”) vest upon the achievement of certain market conditions (our stock performance) during a set performance period (typically 4 years) subject to the grantee’s continued service with Intevac through the date the applicable market condition is achieved. The fair value is based on the values calculated under the Monte Carlo simulation model on the grant date. Compensation cost is not adjusted in future periods for subsequent changes in the expected outcome of market related conditions. The compensation expense is recognized over the derived service period. We granted of such stock options to the chief executive officer in 2019. These PSOs have a derived service period of years. Intevac estimated the weighted-average fair value of PSOs using the following weighted-average assumptions: 2019 Weighted-average fair value of grants per share $ 1.75 Expected volatility 43.43 % Risk free interest rate 1.96% Expected term (in years) 4.60 Dividend yield None A summary of the stock option activity is as follows: Shares Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Options outstanding at December 28, 2019 2,096,610 $ 6.63 3.75 $ 2,048,964 Options granted 6,000 $ 4.88 Options cancelled and forfeited (220,971 ) $ 6.88 Options exercised (67,172 ) $ 4.85 Options outstanding at January 2, 2021 1,814,467 $ 6.66 3.08 $ 2,520,722 Options exercisable at January 2, 2021 1,372,871 $ 6.77 2.52 $ 1,798,938 The total intrinsic value of options exercised during fiscal years 2020 and 2019 was $110,000 and $249,000, respectively. At January 2, 2021, Intevac had $312,000 of total unrecognized compensation expense related to stock option plans that will be recognized over the weighted-average period of 1.03 years. RSUs A summary of the RSU activity is as follows: Shares Weighted Weighted Average Aggregate Non-vested 553,355 $ 6.15 1.30 $ 3,713,012 Granted 668,413 $ 4.87 Vested (243,312 ) $ 6.38 Cancelled (76,822 ) $ 4.26 Non-vested 901,634 $ 5.30 1.50 $ 6,500,781 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one three In May 2020, we granted 109,465 performance-based restricted stock units (“PRSUs”) to members of our senior management. The PRSUs were issued collectively in four separate tranches with individual one-year Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: 2020 Weighted-average fair value of grants per share $ 3.16 Expected volatility 46.7 % Risk-free interest rate 0.25 % Dividend yield None ESPP The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2020 2019 Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.20 $ 1.73 Expected volatility 51.49 % 45.81 % Risk free interest rate 0.14 % 2.28 % Expected term of purchase rights (in years) 1.24 0.91 Dividend yield None None The expected life of purchase rights is the period of time remaining in the current offering period. The ESPP activity during fiscal 2020 and 2019 is as follows: 2020 2019 (in thousands, except per share amounts) Shares purchased 392 370 Weighted-average purchase price per share $ 4.01 $ 3.96 Aggregate intrinsic value of purchase rights exercised $ 765 $ 513 As of January 2, 2021, Intevac had $1.2 million of total unrecognized compensation expense related to purchase rights that will be recognized over the weighted-average period of 1.11 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 02, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 4. Earnings Per Share Intevac calculates basic earnings per share (“EPS”) using net income and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock pursuant to the exercise of employee stock options and vesting of RSUs. The following table sets forth the computation of basic and diluted net income per share: 2020 2019 (in thousands, except per share amounts) Net income $ 1,056 $ 1,148 Weighted-average shares – basic 23,669 23,063 Effect of dilutive potential common shares 482 277 Weighted-average shares – diluted 24,151 23,340 Net income per share –basic $ 0.04 $ 0.05 Net income per share –diluted $ 0.04 $ 0.05 The potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income per share for the periods presented as their effect would have been antidilutive: 2020 2019 (in thousands) Stock options to purchase common stock 935 1,235 RSUs 5 5 Employee stock purchase plan 103 3 |
Concentrations
Concentrations | 12 Months Ended |
Jan. 02, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 5. Concentrations Credit Risk and Significant Customers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash equivalents, short- and long-term investments, restricted cash, and accounts receivable. Intevac generally invests its excess cash in money market funds, certificates of deposit, commercial paper, obligations of the U.S. government and its agencies, corporate debt securities, asset backed securities and municipal bonds. The Company has adopted an investment policy and established guidelines relating to credit quality, diversification and maturities of its investments in order to preserve principal and maintain liquidity. All investment securities in Intevac’s portfolio have an investment grade credit rating. Intevac’s accounts receivable tend to be concentrated in a limited number of customers. The following customers accounted for at least 10 percent of Intevac’s accounts receivable at January 2, 2021 and December 28, 2019. 2020 2019 Seagate Technology 45 % 60 % U.S. Government 26 % 25 % HGST 14 % * * Less than 10% Intevac’s largest customers tend to change from period to period. Historically, a significant portion of Intevac’s revenues in any particular period have been attributable to sales to a limited number of customers. Intevac performs credit evaluations of its customers’ financial condition and generally requires deposits on system orders but does not generally require collateral or other security to support customer receivables. The following customers accounted for at least 10 percent of Intevac’s consolidated net revenues in fiscal 2020 and/or 2019. 2020 2019 Seagate Technology 42 % 49 % U.S. Government 29 % 20 % Elbit Systems of America 12 % * Jolywood (Hongkong) Industrial Holdings Co., Limited * 14 % * Less than 10% Products Disk manufacturing products contributed a significant portion of Intevac’s revenues in fiscal 2020 and 2019. Intevac expects that the ability to maintain or expand its current levels of revenues in the future will depend upon continuing market demand for its products; its success in enhancing its existing systems and developing and manufacturing competitive disk manufacturing equipment, such as the 200 Lean; its success in utilizing Intevac’s expertise in complex manufacturing equipment to develop and sell new manufacturing equipment products for PV, DCP and advanced semiconductor packaging and Intevac’s success in developing military products based on its low-light |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Jan. 02, 2021 | |
Balance Sheet Details | 6. Balance Sheet Details Balance sheet details were as follows as of January 2, 2021 and December 28, 2019: Trade and Other Accounts Receivable, Net January 2, December 28, 2021 2019 (in thousands) Trade receivables and other $ 22,712 $ 24,472 Unbilled costs and accrued profits 5,934 4,069 Income tax receivable — 78 Less: allowance for doubtful accounts — — $ 28,646 $ 28,619 Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: January 2, December 28, 2021 2019 (in thousands) Raw materials $ 9,999 $ 15,286 Work-in-progress 4,832 4,748 Finished goods 6,858 4,873 $ 21,689 $ 24,907 Finished goods inventory at January 2, 2021 and December 28, 2019 included one VERTEX SPECTRA system for DCP under evaluation at a customer’s factory and one MATRIX PVD system for advanced semiconductor packaging under evaluation at a customer’s factory. Property, Plant and Equipment January 2, December 28, (in thousands) Leasehold improvements $ 16,323 $ 15,037 Machinery and equipment 46,846 46,674 63,169 61,711 Less accumulated depreciation and amortization 52,165 50,113 Total property, plant and equipment, net $ 11,004 $ 11,598 Deferred Income Taxes and Other Long-Term Assets January 2, December 28, (in thousands) Deferred income taxes $ 5,335 $ 6,252 Prepaid expenses 151 — Purchased intangible assets, net — 274 Income tax receivable — 78 $ 5,486 $ 6,604 Accounts Payable Included in accounts payable is $84,000 and $512,000 of book overdraft at January 2, 2021 and December 28, 2019, respectively. Other Accrued Liabilities January 2, December 28, (in thousands) Deferred revenue $ 1,261 $ 320 Other taxes payable 935 1,155 Accrued product warranties 405 846 Income taxes payable 263 403 Other 734 869 Total other accrued liabilities $ 3,598 $ 3,593 Other Long-Term Liabilities January 2, December 28, (in thousands) Employer payroll taxes $ 382 $ — Accrued product warranties 75 176 Accrued income taxes — 10 Total other long-term liabilities $ 457 $ 186 |
Purchased Intangible Assets, Ne
Purchased Intangible Assets, Net | 12 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Purchased Intangible Assets, Net | 7. Purchased Intangible Assets, Net As of January 2, 2021, all acquisition-related intangible assets had reached the end of their useful lives and did not have any remaining carrying value. The carrying value of acquisition-related intangible assets subject to amortization, excluding fully amortized intangible assets, as of December 28, 2019 is set forth in the following table: December 28, 2019 Gross Carrying Accumulated Net Carrying (in thousands) Customer relationships $ 560 $ 524 $ 36 Purchased technology 4,000 3,762 238 Total amortizable intangible assets $ 4,560 $ 4,286 $ 274 Total amortization expense of purchased intangibles was $274,000 for fiscal 2020 and was $615,000 for fiscal 2019. |
Contingent Consideration
Contingent Consideration | 12 Months Ended |
Jan. 02, 2021 | |
Business Combinations [Abstract] | |
Contingent Consideration | 8. Contingent Consideration In connection with the acquisition of SIT, Intevac agreed to pay to the selling shareholders in cash a revenue earnout on Intevac’s net revenues from commercial sales of certain products over a specified period up to an aggregate of $9.0 million. The earnout period terminated on June 30, 2019. There is no remaining contingent consideration obligation associated with the earnout agreement at January 2, 2021. The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for fiscal 2019: 2019 (in thousands) Beginning balance $ 223 Changes in fair value 7 Cash payments made (230 ) Ending balance $ — |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jan. 02, 2021 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | |
Financial Instruments | 9. Financial Instruments Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: January 2, 2021 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 24,729 $ — $ — $ 24,729 Money market funds 3,612 — — 3,612 Certificates of deposit 1,000 — — 1,000 Total cash and cash equivalents $ 29,341 $ — $ — $ 29,341 Short-term investments: Certificates of deposit $ 6,450 $ 2 $ — $ 6,452 Commercial paper 500 — — 500 Corporate bonds and medium-term notes 2,929 6 — 2,935 Municipal bonds 400 — — 400 U.S. treasury securities 4,527 25 — 4,552 Total short-term investments $ 14,806 $ 33 $ — $ 14,839 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 3,474 4 — 3,478 U.S. treasury securities 1,409 1 — 1,410 Total long-term investments $ 5,383 $ 5 $ — $ 5,388 Total cash, cash equivalents, and investments $ 49,530 $ 38 $ — $ 49,568 December 28, 2019 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 16,512 $ — $ — $ 16,512 Money market funds 3,255 — — 3,255 Total cash and cash equivalents $ 19,767 $ — $ — $ 19,767 Short-term investments: Certificates of deposit $ 3,000 $ 1 $ — $ 3,001 Commercial paper 1,891 2 — 1,893 Corporate bonds and medium-term notes 6,383 25 — 6,408 U.S. treasury securities 5,417 1 — 5,418 Total short-term investments $ 16,691 $ 29 $ — $ 16,720 Long-term investments: Certificates of deposit $ 499 $ 1 $ — $ 500 Corporate bonds and medium-term notes 2,530 12 — 2,542 U.S. treasury securities 2,494 1 — 2,495 Total long-term investments $ 5,523 $ 14 $ — $ 5,537 Total cash, cash equivalents, and investments $ 41,981 $ 43 $ — $ 42,024 The contractual maturities of available-for-sale Amortized Cost Fair Value (in thousands) Due in one year or less $ 19,418 $ 19,451 Due after one through five years 5,383 5,388 $ 24,801 $ 24,839 All prices for the fixed maturity securities including U.S. treasury and agency securities, certificates of deposit, commercial paper, corporate bonds, and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received to sell a security in an orderly transaction. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs. The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at January 2, 2021 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 3,612 $ 3,612 $ — U.S. treasury securities 5,962 5,962 — Certificates of deposit 7,952 — 7,952 Commercial paper 500 — 500 Corporate bonds and medium-term notes 6,413 — 6,413 Municipal bonds 400 — 400 Total recurring fair value measurements $ 24,839 $ 9,574 $ 15,265 Derivatives The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement re-measurement The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of January 2, 2021 and December 28, 2019: Notional Amounts Derivative Liabilities Derivative Instrument January 2, December 28, January 2, December 28, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 983 1,035 * $ 3 * $ 4 Total Hedges $ 983 1,035 $ 3 $ 4 * Other accrued liabilities |
Equity
Equity | 12 Months Ended |
Jan. 02, 2021 | |
Equity [Abstract] | |
Equity | 10. Equity Stock Repurchase Program On November 21, 2013, Intevac’s Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. On August 15, 2018, Intevac’s Board of Directors approved a $10.0 million increase to the original stock repurchase program authorizing up to $40.0 million. Under this authorization, Intevac purchases shares of its common stock under a systematic stock repurchase program and may also make supplemental stock repurchases from time to time, depending on market conditions, stock price and other factors. At January 2, 2021, $10.4 million remains available for future stock repurchases under the repurchase program. The following table summarizes Intevac’s stock repurchases for fiscal 2020 and 2019: 2020 2019 (in thousands, except per share amounts) Shares of common stock repurchased 98 24 Cost of stock repurchased $ 393 $ 111 Average price paid per share $ 3.97 $ 4.67 Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The provision for income taxes on income from operations for fiscal 2020 and 2019 consists of the following (in thousands): 2020 2019 Federal: Current $ (915 ) $ — Deferred — — (915 ) — State: Current 4 4 Deferred — — 4 4 Foreign: Current 1,705 1,694 Deferred 917 1,661 2,622 3,355 Total $ 1,711 $ 3,359 Income (loss) before income taxes for fiscal 2020 and 2019 consisted of the following (in thousands): 2020 2019 U.S $ (3,293 ) $ (4,875 ) Foreign 6,060 9,382 $ 2,767 $ 4,507 Effective tax rate 61.8 % 74.5 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of deferred tax assets are as follows (in thousands): January 2, December 28, Deferred tax assets: Vacation, warranty and other accruals $ 651 $ 635 Depreciation and amortization — 89 Intangible amortization 551 804 Purchased technology 14 — Inventory valuation 1,101 1,288 Equity-based compensation 1,494 1,593 Net operating loss, research and other tax credit carryforwards 55,322 54,818 Other 30 43 59,163 59,270 Valuation allowance for deferred tax assets (52,088 ) (52,099 ) Total deferred tax assets 7,075 7,171 Deferred tax liabilities: Depreciation and amortization (341 ) — Purchased technology — (45 ) Unbilled revenue (1,399 ) (874 ) Total deferred tax liabilities (1,740 ) (919 ) Net deferred tax assets $ 5,335 $ 6,252 As reported on the balance sheet: Non-current $ 5,335 $ 6,252 Intevac accounts for income taxes in accordance with accounting standards for such taxes, which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the financial reporting and tax bases of recorded assets and liabilities. Accounting standards also require that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of or all of the deferred tax asset will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In fiscal 2014, a valuation allowance of $9.4 million was established to record the portion of the Singapore deferred tax asset that more likely than not will not be realized. The Company concluded that, as of December 29, 2018, it is more likely than not that the Company will generate sufficient taxable income in Singapore to realize its deferred tax assets and reversed the valuation allowance during the fourth quarter of 2018. This reversal resulted in the recognition of a non-cash In fiscal 2012, a valuation allowance of $23.4 million was established to record the portion of the U.S. federal deferred tax asset that more likely than not will not be realized. For fiscal 2020 a valuation allowance decrease of $416,000 and for fiscal 2019 a valuation allowance decrease of $689,000, respectively, were recorded for the U.S. federal deferred tax asset. A valuation allowance is recorded against the entire state deferred tax asset which consists of state income tax temporary differences and deferred research and other tax credits that are not realizable in the foreseeable future. As of January 2, 2021, our federal, foreign and state net operating loss carryforwards for income tax purposes were approximately $71.0 million, $30.3 million and $70.8 million, respectively. The federal and state net operating loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue Code and applicable state tax laws. If not utilized, the federal net operating loss carryforwards and the state net operating loss carryforwards will begin to expire in 2029 and 2028, respectively. The foreign net operating loss carryforwards do not expire. As of January 2, 2021, our federal and state tax credit carryforwards for income tax purposes were approximately $19.1 million and $16.8 million, respectively. If not utilized, the federal tax credit carryforwards will begin to expire in 2021 and the state tax credits carry forward indefinitely. We account for Global Intangible Low-Taxed The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The CARES Act includes several significant provisions for corporations, including the usage of net operating losses and payroll benefits. Several foreign (non-U.S.) non-U.S. Under the CARES Act, we elected to defer payment, on an interest-free basis, of the employer portion of social security payroll taxes incurred from March 27, 2020 to December 31, 2020. One-half In Singapore, Intevac receives government assistance under the Job Support Scheme (“JSS”). The purpose of the JSS is to provide wage support to employers to help them retain their local employees. During fiscal 2020, the Company received $567,000 in JSS grants, of which $328,000 is reported as a reduction of cost of net revenues, $90,000 is reported as a reduction of R&D expenses and $149,000 is reported as a reduction of selling, general and administrative expenses on the consolidated statement of income. The difference between the tax provision at the statutory federal income tax rate and the tax provision for fiscal 2020 and 2019 was as follows (in thousands): 2020 2019 Income tax at the federal statutory rate $ 581 $ 947 State income taxes, net of federal benefit 4 4 Change in valuation allowance: U.S (416 ) (689 ) Foreign — — Effect of foreign operations taxed at various rates (235 ) (397 ) Research tax credits (1,306 ) (1,710 ) Effect of tax rate changes, permanent differences and adjustments of prior deferrals 2,504 3,685 Unrecognized tax benefits 579 1,519 Total $ 1,711 $ 3,359 Intevac has not provided for foreign withholding taxes on approximately $1.7 million of undistributed earnings from non-U.S. The total amount of gross unrecognized tax benefits was $7.3 million as of January 2, 2021, none of which would affect Intevac’s effective tax rate if realized. The aggregate changes in the balance of gross unrecognized tax benefits were as follows for fiscal 2020 and 2019: 2020 2019 Beginning balance $ 7,683 $ 6,164 Additions based on tax positions related to the current year 589 1,519 Settlements — — Lapse of statute of limitations (945 ) — Ending balance $ 7,327 $ 7,683 The Company does not anticipate any changes in the amount of unrecognized tax benefits in the next twelve months. It is Intevac’s policy to include interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. During fiscal 2020 and 2019, Intevac recognized a net tax expense (benefit) for interest of ($2,000) and $0, respectively. As of January 2, 2021 Intevac did not have any accrued interest related to unrecognized tax benefits. Intevac did not accrue any penalties related to these unrecognized tax benefits because Intevac has other tax attributes which would offset any potential taxes due. Intevac is subject to income taxes in the U.S. federal jurisdiction, and various state and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Intevac has certain tax attributes that are subject to adjustment back to 1999. Intevac is subject to potential income tax return examination by tax authorities for tax years after 2009 in the following material jurisdictions: U.S. (Federal and California) and Singapore. Intevac has certain tax attributes that are subject to adjustment back to 1999. The Inland Revenue Authority of Singapore (“IRAS”) conducted a review of the fiscal 2009 through 2010 tax returns of the Company’s wholly-owned subsidiary, Intevac Asia Pte. Ltd. IRAS challenged the Company’s tax position with respect to certain deductions. The Company paid all contested taxes and the related interest to have the right to defend its position under Singapore tax law. During 2019, the Company received an unfavorable decision on its appeal to the Singapore Income Tax Board of Review. The Company appealed the decision to the Singapore High Court. In October 2020, the Company received an unfavorable decision on its appeal to the Singapore High Court. Management decided not to pursue additional appeals and the matter is fully settled. Presently, there are no other active income tax examinations in the jurisdictions where Intevac operates. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 02, 2021 | |
Employee Benefit Plans | 12. Employee Benefit Plans Employee Savings and Retirement Plan In 1991, Intevac established a defined contribution retirement plan with 401(k) plan features. The plan covers all United States employees eighteen years and older. Employees may make contributions by a percentage reduction in their salaries, not to exceed the statutorily prescribed annual limit. Intevac made cash contributions of $358,000 for fiscal 2020 and $334,000 for fiscal 2019. Employees may choose among several investment options for their contributions and their share of Intevac’s contributions, and they are able to move funds between investment options at any time. Intevac’s common stock is not one of the investment options. Administrative expenses relating to the plan are insignificant. Employee Bonus Plans Intevac has various employee bonus plans. A profit-sharing plan provides for the distribution of a percentage of pre-tax |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Leases Intevac leases certain manufacturing facilities, warehouses, office space, and equipment under non-cancelable The following table reflects our lease assets and our lease liabilities at January 2, 2021 and December 28, 2019. January 2, 2021 December 28, 2019 (in thousands) Assets: Operating lease right-of-use $ 8,165 $ 10,279 Liabilities: Current operating lease liabilities $ 2,853 $ 2,524 Noncurrent operating lease liabilities 6,803 9,532 $ 9,656 $ 12,056 Lease Costs: The components of lease costs were as follows: 2020 2019 (in thousands) Operating lease cost $ 2,942 $ 3,112 Short-term lease cost 93 78 Total lease cost $ 3,035 $ 3,190 As of January 2, 2021 the maturity of operating lease liabilities was as follows: (In thousands) 2021 $ 3,388 2022 3,474 2023 3,289 2024 541 Total lease payments 10,692 Less: Interest (1,036 ) Present value of lease liabilities $ 9,656 Lease Term and Discount Rate: January 2, 2021 December 28, 2019 Weighted-average remaining lease term (in years) 3.09 4.08 Weighted-average discount rate 6.39 % 6.37 % Other information: Supplemental cash flow information related to leases was as follows (in thousands): 2020 2019 (in thousands) Operating cash outflows from operating leases $ 3,332 $ 3,484 Right-of-use $ 128 $ 934 Guarantees Officer and Director Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, Intevac has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was, serving at Intevac’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments Intevac could be required to make under these indemnification obligations is unlimited; however, Intevac has a director and officer insurance policy that mitigates Intevac’s exposure and enables Intevac to recover a portion of any future amounts paid. As a result of Intevac’s insurance policy coverage, Intevac believes the estimated fair value of these indemnification obligations is not material. Other Indemnifications As is customary in Intevac’s industry, many of Intevac’s contracts provide remedies to certain third parties such as defense, settlement, or payment of judgments for intellectual property claims related to the use of its products. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. Letters of Credit As of January 2, 2021, we had letters of credit and bank guarantees outstanding totaling $787,000, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with its bank. These letters of credit and bank guarantees are collateralized by $787,000 of restricted cash. Warranty Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is per contract terms and for its HDD, PV and DCP manufacturing systems the warranty typically ranges between 12 and 24 months from customer acceptance. For systems sold through a distributor, Intevac offers a 3-month non-consumable On the consolidated balance sheets, the short-term portion of the warranty provision is included in other accrued liabilities, while the long-term portion is included in other long-term liabilities. The expense associated with product warranties issued or adjusted is included in cost of net revenues on the consolidated statements of income. The following table displays the activity in the warranty provision account for fiscal 2020 and 2019: 2020 2019 (in thousands) Beginning balance $ 1,022 $ 997 Expenditures incurred under warranties (512 ) (625 ) Accruals for product warranties 280 955 Adjustments to previously existing warranty accruals (310 ) (305 ) Ending balance $ 480 $ 1,022 Legal Matters From time to time, Intevac receives notification from third parties, including customers and suppliers, seeking indemnification, litigation support, payment of money or other actions in connection with claims made against them. In addition, from time to time, Intevac receives notification from third parties claiming that Intevac may be or is infringing their intellectual property or other rights. Intevac also is subject to various other legal proceedings and claims, both asserted and unasserted, that arise in the ordinary course of business. Although the outcome of these claims and proceedings cannot be predicted with certainty, Intevac does not believe that any of these other existing proceedings or claims will have a material adverse effect on its consolidated financial condition or results of operations. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 14. Segment and Geographic Information Intevac’stwo reportable segments are: TFE and Photonics. Intevac’s chief operating decision-maker has been identified as the President and CEO, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Segment information is presented based upon Intevac’s management organization structure as of January 2, 2021 and the distinctive nature of each segment. Future changes to this internal financial structure may result in changes to the reportable segments disclosed. Each reportable segment is separately managed and has separate financial results that are reviewed by Intevac’s chief operating decision-maker. Each reportable segment contains closely related products that are unique to the particular segment. Segment operating profit is determined based upon internal performance measures used by the chief operating decision-maker. Intevac derives the segment results from its internal management reporting system. The accounting policies Intevac uses to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics, including orders, net revenues and operating income. Management uses these results to evaluate the performance of, and to assign resources to, each of the reportable segments. Intevac manages certain operating expenses separately at the corporate level. Intevac allocates certain of these corporate expenses to the segments in an amount equal to 3% of net revenues. Segment operating income excludes interest income/expense and other financial charges and income taxes according to how a particular reportable segment’s management is measured. Management does not consider impairment charges, gains and losses on divestitures and sales of intellectual property, and unallocated costs in measuring the performance of the reportable segments. The TFE segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the hard drive, solar cell and DCP industries, as well as other adjacent thin-film markets. The Photonics segment develops compact, cost-effective, high-sensitivity digital-optical products for the capture and display of low-light Information for each reportable segment for fiscal 2020 and 2019 is as follows: Net Revenues 2020 2019 (in thousands) TFE $ 52,128 $ 73,678 Photonics 45,696 35,207 Total segment net revenues $ 97,824 $ 108,885 Operating Profit (Loss) 2020 2019 (in thousands) TFE $ (1,978 ) $ 1,747 Photonics 10,064 6,434 Total segment operating profit 8,086 8,181 Unallocated costs (5,531 ) (4,256 ) Operating income 2,555 3,925 Interest income 284 574 Other income (expense), net (72 ) 8 Income before provision for income taxes $ 2,767 $ 4,507 Depreciation and Amortization 2020 2019 (in thousands) TFE $ 1,817 $ 1,909 Photonics 1,159 1,310 Total segment depreciation and amortization 2,976 3,219 Unallocated costs 504 372 Total consolidated depreciation and amortization $ 3,480 $ 3,591 Capital Additions 2020 2019 (in thousands) TFE $ 1,336 $ 2,611 Photonics 636 832 Total segment capital additions 1,972 3,443 Unallocated 640 664 Total consolidated capital additions $ 2,612 $ 4,107 Segment Assets 2020 2019 (in thousands) TFE $ 44,335 $ 51,153 Photonics 22,923 22,071 Total segment assets 67,258 73,224 Cash and investments 49,568 42,024 Restricted cash 787 787 Deferred income taxes 5,335 6,252 Other current assets 1,093 752 Common property, plant and equipment 1,443 1,307 Common operating lease right-of-use 1,603 1,898 Other assets 151 78 Consolidated total assets $ 127,238 $ 126,322 Net property, plant and equipment by geographic region at January 2, 2021 and December 28, 2019 was as follows: January 2, December 28, (in thousands) United States $ 10,678 $ 11,420 Asia 326 178 Net property, plant & equipment $ 11,004 $ 11,598 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Jan. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 15. Restructuring Charges During the third quarter of fiscal 2020, Intevac substantially completed implementation of the 2020 cost reduction plan (the “2020 Plan”), which reduced expenses and reduced its workforce by 1 percent. The cost of implementing the 2020 Plan was reported under cost of net revenues and operating expenses in the consolidated statements of income. Substantially all cash outlays in connection with the 2020 Plan occurred in the third quarter of fiscal 2020. Implementation of the 2020 Plan reduced salary, wages and other employee-related expenses by approximately $864,000 on an annual basis. As of January 2, 2021, activities related to the 2020 Plan were complete. The changes in restructuring reserves for severance and other employee-related costs associated with the cost reduction plan for fiscal 2020, are as follows. 2020 (in thousands) Balance at the beginning of the year $ — Provision for restructuring charges 103 Cash payments made (103 ) Balance at the end of the year $ — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 02, 2021 | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries (Intevac, the Company or we) after elimination of inter-company balances and transactions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. |
Fiscal Year End Date | Fiscal Year End Date Intevac operates under a 52-53 |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments Intevac considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Available-for-sale available-for-sale |
Restricted Cash | Restricted Cash Restricted cash of $600,000 as of January 2, 2021 secures a standby letter of credit obligation associated with a lease obligation and the restriction on the cash will be removed when the letter of credit expires. In addition, Intevac pledged $187,000 as collateral for various guarantees with its bank. |
Derivative Instruments and Hedging Arrangements | Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management — Intevac re-measurement non-functional |
Fair Value Measurement-Definition and Hierarchy | Fair Value Measurement—Definition and Hierarchy Intevac reports certain financial assets and liabilities at fair value. Intevac defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Level 1 Level 2 Level 3 |
Trade Accounts Receivables and Doubtful Accounts | Trade Accounts Receivables and Doubtful Accounts Intevac evaluates the collectibility of trade accounts receivable on an ongoing basis and provides reserves against potential losses when appropriate. Management analyzes historical bad debts, customer concentrations, customer creditworthiness, changes in customer payment tendencies and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Customer accounts are written off against the allowance when the amount is deemed uncollectible. |
Inventories | Inventories Inventories are generally stated at the lower of cost or net realizable value, with cost determined on an average cost basis. |
Property, Plant and Equipment | Property, Plant and Equipment Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: computers and software, 3 years; machinery and equipment, 5 years; furniture, 7 years; vehicles, 4 years; and leasehold improvements, remaining lease term. |
Contingent Consideration and Purchased Intangible Assets | Contingent Consideration and Purchased Intangible Assets Contingent consideration related to a business combination is recorded at the acquisition date at the estimated fair value of the contingent payments. The acquisition date fair value is measured based on the consideration expected to be transferred (probability-weighted), discounted back to present value. The discount rate used is determined at the time of the acquisition in accordance with accepted valuation methods. The fair value of the acquisition-related contingent consideration is remeasured at the estimated fair value at each reporting period with the change in fair value recognized as income or expense in the consolidated statements of income. Purchased intangible assets other than goodwill were amortized over their useful lives unless these lives were determined to be indefinite. Purchased intangible assets were carried at cost, less accumulated amortization. Amortization was computed over the estimated useful lives of the respective assets, generally one |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets and certain identifiable finite-lived intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value. No impairment charges were recognized in fiscal 2020 and 2019. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. In determining whether to establish or maintain a valuation allowance against a deferred tax asset, the Company reviews available evidence to determine whether it is more likely than not that all or a portion of the Company’s net deferred tax assets will be realized in future periods. Consideration is given to various positive and negative factors that could affect the realization of the net deferred tax assets. In making such a determination, the Company considers, among other things, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning On a quarterly basis, Intevac provides for income taxes based upon an annual effective income tax rate. The effective tax rate is highly dependent upon the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carryforwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Intevac carefully monitors the changes in many factors and adjust its effective income tax rate on a timely basis. If actual results differ from the estimates, this could have a material effect on Intevac’s business, financial condition and results of operations. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with Intevac’s expectations could have a material effect on Intevac’s business, financial condition and results of operations. Intevac recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. |
Sales and Value Added Taxes | Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in the accompanying consolidated statements of income. |
Revenue Recognition | Revenue Recognition In our TFE segment, a majority of our equipment sales revenue, which includes systems, technology upgrades, service and spare parts is recognized when products are shipped from our manufacturing facilities. In our TFE segment, we recognize revenue for equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. Intevac recognizes revenue in certain circumstances before delivery has occurred (commonly referred to as bill and hold transactions). In such circumstances, among other things, risk of ownership has passed to the customer, the customer has made a written fixed commitment to purchase the finished goods, the customer has requested the finished goods be held for future delivery as scheduled and designated by them, and no additional performance obligations exist by Intevac. For these transactions, the finished goods are segregated from inventory and normal billing and credit terms granted. Our contracts with customers may include multiple performance obligations. For such arrangements, under the revenue standard we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost plus margin. Under the revenue standard, the expected costs associated with our base warranties are recognized as expense when the equipment is sold. In our Photonics segment, we recognize revenue for CPFF and FFP government contracts over time under the cost-to-cost non-U.S. controls the work in process as evidenced either by contractual termination clauses or by our rights to payment for work performed to date to deliver products or services that do not have an alternative use to the Company. Under the revenue standard, the cost-to-cost The majority of our contracts in our Photonics segment have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development and production). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. In our Photonics segment, we recognize revenue for homogenous manufactured military products sold to the U.S. government and its contractors over time under the units-of-delivery units-of-delivery The nature of our contracts in our Photonics segment gives rise to several types of variable consideration including tiered pricing. Allocation of contract revenues among Photonics military products, and the timing of the recognition of those revenues, is impacted by agreements with tiered pricing or variable rate structures. We include variable consideration in the estimated transaction price when there is a basis to reasonably estimate the amount of the consideration. These estimates are based on historical experience, anticipated performance and our best judgment at the time. Because of our certainty in estimating these amounts, they are included in the transaction price of our contracts and the associated remaining performance obligations. Accounting for CPFF and FFP contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For these contracts, we estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up |
Government Grants And Credits | Government Grants and Credits The Company generally records grants from governmental agencies related to income as a reduction in operating expense. Grants are recognized when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Reimbursements of eligible expenditures pursuant to government assistance programs are recorded as reductions of operating costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs were not material for all periods presented. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of Intevac’s foreign subsidiaries in Singapore and Hong Kong and the Taiwan branch is the U.S. dollar. The functional currency of Intevac’s foreign subsidiaries in China, Malaysia and Korea is the local currency of the country in which the respective subsidiary operates. Assets and liabilities recorded in foreign currencies are translated at year-end |
Comprehensive Income | Comprehensive Income The changes in accumulated other comprehensive income by component, were as follows for the years ended January 2, 2021 and December 28, 2019: Foreign Unrealized holding available-for-sale Total (in thousands) Balance at December 29, 2018 $ 405 $ (27 ) $ 378 Other comprehensive income (loss) before reclassification (24 ) 70 46 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) (24 ) 70 46 Balance at December 28, 2019 $ 381 $ 43 $ 424 Other comprehensive income (loss) before reclassification 221 (5 ) 216 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 221 (5 ) 216 Balance at January 2, 2021 $ 602 $ 38 $ 640 |
Employee Stock Plans | Employee Stock Plans Intevac has equity-based compensation plans that provide for the grant to employees of equity-based awards, including incentive or non-statutory non-statutory non-employee |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) 2021-01, Reference Rate Reform (Topic 848): Scope 2020-04 2020-04. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC Topic 740) In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income by component, were as follows for the years ended January 2, 2021 and December 28, 2019: Foreign Unrealized holding available-for-sale Total (in thousands) Balance at December 29, 2018 $ 405 $ (27 ) $ 378 Other comprehensive income (loss) before reclassification (24 ) 70 46 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) (24 ) 70 46 Balance at December 28, 2019 $ 381 $ 43 $ 424 Other comprehensive income (loss) before reclassification 221 (5 ) 216 Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 221 (5 ) 216 Balance at January 2, 2021 $ 602 $ 38 $ 640 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers | The following tables represent a disaggregation of revenue from contracts with customers for fiscal 2020 and 2019 along with the reportable segment for each category. Major Products and Service Lines TFE 2020 2019 (in thousands) HDD DCP PV Total HDD DCP PV Total Systems, upgrades and spare parts $ 45,620 $ — $ 426 $ 46,046 $ 52,759 $ — $ 15,653 $ 68,412 Field service 6,080 — 2 6,082 5,210 2 54 5,266 Total TFE net revenues $ 51,700 $ — $ 428 $ 52,128 $ 57,969 $ 2 $ 15,707 $ 73,678 Photonics 2020 2019 (in thousands) Products: Military products $ 20,409 $ 12,480 Commercial products 395 640 Repair and other services 1,947 2,430 Total Photonics product net revenues 22,751 15,550 Technology development: FFP 19,648 12,521 CPFF 3,297 7,134 Time and materials — 2 Total technology development net revenues 22,945 19,657 Total Photonics net revenues $ 45,696 $ 35,207 Primary Geography Markets 2020 2019 (in thousands) TFE Photonics Total TFE Photonics Total United States $ 6,450 $ 45,363 $ 51,813 $ 1,306 $ 34,664 $ 35,970 Asia 45,611 — 45,611 72,372 — 72,372 Europe 67 333 400 — 543 543 Total net revenues $ 52,128 $ 45,696 $ 97,824 $ 73,678 $ 35,207 $ 108,885 Timing of Revenue Recognition 2020 2019 (in thousands) TFE Photonics Total TFE Photonics Total Products transferred at a point in time $ 52,128 $ 1,947 $ 54,075 $ 73,678 $ 2,430 $ 76,108 Products and services transferred over time — 43,749 43,749 — 32,777 32,777 Total net revenues $52,128 $ 45,696 $ 97,824 $ 73,678 $ 35,207 $ 108,885 |
Changes in Contract Assets and Contract Liabilities | The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled or retainage and our contract liabilities which we classify as deferred revenue and customer advances for fiscal 2020: January 2, December 28, Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ 369 $ 760 $ (391 ) Contract liabilities: Deferred revenue $ 482 $ 320 $ 162 Customer advances 33 4,007 (3,974 ) $ 515 $ 4,327 $ (3,812 ) Photonics: Contract assets: Accounts receivable, unbilled $ 5,439 $ 3,210 $ 2,229 Retainage 126 99 27 $ 5,565 $ 3,309 $ 2,256 Contract liabilities: Deferred revenue $ 779 $ — $ 779 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Effect of Recording Equity-Based Compensation | The effect of recording equity-based compensation for fiscal 2020 and 2019 was as follows (in thousands): 2020 2019 Equity-based compensation by type of award: Stock options $504 $819 RSUs 1,936 1,657 Employee stock purchase plan 949 749 Total equity-based compensation $ 3,389 $ 3,225 |
Summary of Stock Option Activity | A summary of the stock option activity is as follows: Shares Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Options outstanding at December 28, 2019 2,096,610 $ 6.63 3.75 $ 2,048,964 Options granted 6,000 $ 4.88 Options cancelled and forfeited (220,971 ) $ 6.88 Options exercised (67,172 ) $ 4.85 Options outstanding at January 2, 2021 1,814,467 $ 6.66 3.08 $ 2,520,722 Options exercisable at January 2, 2021 1,372,871 $ 6.77 2.52 $ 1,798,938 |
Employee Stock Options Weighted-Average Assumptions | The weighted-average assumptions used in the model are outlined in the following table: 2020 2019 Stock Options: Weighted-average fair value of grants per share $ 1.82 $ 2.06 Expected volatility 46.06 % 43.23 % Risk free interest rate 0.44% 1.86% Expected term of options (in years) 4.39 4.60 Dividend yield None None |
Summary of Restricted Stock Units Activity | A summary of the RSU activity is as follows: Shares Weighted Weighted Average Aggregate Non-vested 553,355 $ 6.15 1.30 $ 3,713,012 Granted 668,413 $ 4.87 Vested (243,312 ) $ 6.38 Cancelled (76,822 ) $ 4.26 Non-vested 901,634 $ 5.30 1.50 $ 6,500,781 |
Employee Stock Purchase Rights Weighted-Average Assumptions | The fair value of the employee stock purchase right is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2020 2019 Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.20 $ 1.73 Expected volatility 51.49 % 45.81 % Risk free interest rate 0.14 % 2.28 % Expected term of purchase rights (in years) 1.24 0.91 Dividend yield None None |
Employee Stock Purchase Plan Activity | The ESPP activity during fiscal 2020 and 2019 is as follows: 2020 2019 (in thousands, except per share amounts) Shares purchased 392 370 Weighted-average purchase price per share $ 4.01 $ 3.96 Aggregate intrinsic value of purchase rights exercised $ 765 $ 513 |
Performance Stock Options (PSO's) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of PSOs using the following weighted-average assumptions: 2019 Weighted-average fair value of grants per share $ 1.75 Expected volatility 43.43 % Risk free interest rate 1.96% Expected term (in years) 4.60 Dividend yield None |
Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Stock Options Weighted-Average Assumptions | Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: 2020 Weighted-average fair value of grants per share $ 3.16 Expected volatility 46.7 % Risk-free interest rate 0.25 % Dividend yield None |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Text Block [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share: 2020 2019 (in thousands, except per share amounts) Net income $ 1,056 $ 1,148 Weighted-average shares – basic 23,669 23,063 Effect of dilutive potential common shares 482 277 Weighted-average shares – diluted 24,151 23,340 Net income per share –basic $ 0.04 $ 0.05 Net income per share –diluted $ 0.04 $ 0.05 |
Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share | The potentially dilutive securities were excluded (as common stock equivalents) from the computation of diluted net income per share for the periods presented as their effect would have been antidilutive: 2020 2019 (in thousands) Stock options to purchase common stock 935 1,235 RSUs 5 5 Employee stock purchase plan 103 3 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Accounts Receivable | |
Customers that Accounted for at Least Ten percent of Accounts Receivable/Consolidated Net Revenues | The following customers accounted for at least 10 percent of Intevac’s accounts receivable at January 2, 2021 and December 28, 2019. 2020 2019 Seagate Technology 45 % 60 % U.S. Government 26 % 25 % HGST 14 % * * Less than 10% |
Sales Revenue Net | |
Customers that Accounted for at Least Ten percent of Accounts Receivable/Consolidated Net Revenues | The following customers accounted for at least 10 percent of Intevac’s consolidated net revenues in fiscal 2020 and/or 2019. 2020 2019 Seagate Technology 42 % 49 % U.S. Government 29 % 20 % Elbit Systems of America 12 % * Jolywood (Hongkong) Industrial Holdings Co., Limited * 14 % * Less than 10% |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Trade and Other Accounts Receivable, Net | Trade and Other Accounts Receivable, Net January 2, December 28, 2021 2019 (in thousands) Trade receivables and other $ 22,712 $ 24,472 Unbilled costs and accrued profits 5,934 4,069 Income tax receivable — 78 Less: allowance for doubtful accounts — — $ 28,646 $ 28,619 |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: January 2, December 28, 2021 2019 (in thousands) Raw materials $ 9,999 $ 15,286 Work-in-progress 4,832 4,748 Finished goods 6,858 4,873 $ 21,689 $ 24,907 |
Property, Plant and Equipment | Property, Plant and Equipment January 2, December 28, (in thousands) Leasehold improvements $ 16,323 $ 15,037 Machinery and equipment 46,846 46,674 63,169 61,711 Less accumulated depreciation and amortization 52,165 50,113 Total property, plant and equipment, net $ 11,004 $ 11,598 |
Deferred Income Taxes and Other Long-Term Assets | Deferred Income Taxes and Other Long-Term Assets January 2, December 28, (in thousands) Deferred income taxes $ 5,335 $ 6,252 Prepaid expenses 151 — Purchased intangible assets, net — 274 Income tax receivable — 78 $ 5,486 $ 6,604 |
Other Accrued Liabilities | Other Accrued Liabilities January 2, December 28, (in thousands) Deferred revenue $ 1,261 $ 320 Other taxes payable 935 1,155 Accrued product warranties 405 846 Income taxes payable 263 403 Other 734 869 Total other accrued liabilities $ 3,598 $ 3,593 |
Other Long-Term Liabilities | Other Long-Term Liabilities January 2, December 28, (in thousands) Employer payroll taxes $ 382 $ — Accrued product warranties 75 176 Accrued income taxes — 10 Total other long-term liabilities $ 457 $ 186 |
Purchased Intangible Assets, _2
Purchased Intangible Assets, Net (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Information Regarding Other Acquisition Related Intangible Assets | The carrying value of acquisition-related intangible assets subject to amortization, excluding fully amortized intangible assets, as of December 28, 2019 is set forth in the following table: December 28, 2019 Gross Carrying Accumulated Net Carrying (in thousands) Customer relationships $ 560 $ 524 $ 36 Purchased technology 4,000 3,762 238 Total amortizable intangible assets $ 4,560 $ 4,286 $ 274 |
Contingent Consideration (Table
Contingent Consideration (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Business Combinations [Abstract] | |
Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability | The following table represents a reconciliation of the change in the fair value measurement of the contingent consideration liability for fiscal 2019: 2019 (in thousands) Beginning balance $ 223 Changes in fair value 7 Cash payments made (230 ) Ending balance $ — |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments | Cash and cash equivalents, short-term investments and long-term investments consist of: January 2, 2021 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 24,729 $ — $ — $ 24,729 Money market funds 3,612 — — 3,612 Certificates of deposit 1,000 — — 1,000 Total cash and cash equivalents $ 29,341 $ — $ — $ 29,341 Short-term investments: Certificates of deposit $ 6,450 $ 2 $ — $ 6,452 Commercial paper 500 — — 500 Corporate bonds and medium-term notes 2,929 6 — 2,935 Municipal bonds 400 — — 400 U.S. treasury securities 4,527 25 — 4,552 Total short-term investments $ 14,806 $ 33 $ — $ 14,839 Long-term investments: Certificates of deposit $ 500 $ — $ — $ 500 Corporate bonds and medium-term notes 3,474 4 — 3,478 U.S. treasury securities 1,409 1 — 1,410 Total long-term investments $ 5,383 $ 5 $ — $ 5,388 Total cash, cash equivalents, and investments $ 49,530 $ 38 $ — $ 49,568 December 28, 2019 Amortized Cost Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 16,512 $ — $ — $ 16,512 Money market funds 3,255 — — 3,255 Total cash and cash equivalents $ 19,767 $ — $ — $ 19,767 Short-term investments: Certificates of deposit $ 3,000 $ 1 $ — $ 3,001 Commercial paper 1,891 2 — 1,893 Corporate bonds and medium-term notes 6,383 25 — 6,408 U.S. treasury securities 5,417 1 — 5,418 Total short-term investments $ 16,691 $ 29 $ — $ 16,720 Long-term investments: Certificates of deposit $ 499 $ 1 $ — $ 500 Corporate bonds and medium-term notes 2,530 12 — 2,542 U.S. treasury securities 2,494 1 — 2,495 Total long-term investments $ 5,523 $ 14 $ — $ 5,537 Total cash, cash equivalents, and investments $ 41,981 $ 43 $ — $ 42,024 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of available-for-sale Amortized Cost Fair Value (in thousands) Due in one year or less $ 19,418 $ 19,451 Due after one through five years 5,383 5,388 $ 24,801 $ 24,839 |
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis | The following table represents the fair value hierarchy of Intevac’s available-for-sale Fair Value Measurements at January 2, 2021 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Available-for-sale Money market funds $ 3,612 $ 3,612 $ — U.S. treasury securities 5,962 5,962 — Certificates of deposit 7,952 — 7,952 Commercial paper 500 — 500 Corporate bonds and medium-term notes 6,413 — 6,413 Municipal bonds 400 — 400 Total recurring fair value measurements $ 24,839 $ 9,574 $ 15,265 |
Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets | The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of January 2, 2021 and December 28, 2019: Notional Amounts Derivative Liabilities Derivative Instrument January 2, December 28, January 2, December 28, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 983 1,035 * $ 3 * $ 4 Total Hedges $ 983 1,035 $ 3 $ 4 * Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Equity [Abstract] | |
Schedule of Stock Repurchases | The following table summarizes Intevac’s stock repurchases for fiscal 2020 and 2019: 2020 2019 (in thousands, except per share amounts) Shares of common stock repurchased 98 24 Cost of stock repurchased $ 393 $ 111 Average price paid per share $ 3.97 $ 4.67 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Provision for Income Taxes | The provision for income taxes on income from operations for fiscal 2020 and 2019 consists of the following (in thousands): 2020 2019 Federal: Current $ (915 ) $ — Deferred — — (915 ) — State: Current 4 4 Deferred — — 4 4 Foreign: Current 1,705 1,694 Deferred 917 1,661 2,622 3,355 Total $ 1,711 $ 3,359 |
Income (Loss) Before Income Taxes | Income (loss) before income taxes for fiscal 2020 and 2019 consisted of the following (in thousands): 2020 2019 U.S $ (3,293 ) $ (4,875 ) Foreign 6,060 9,382 $ 2,767 $ 4,507 Effective tax rate 61.8 % 74.5 % |
Significant Components of Deferred Tax Assets | Significant components of deferred tax assets are as follows (in thousands): January 2, December 28, Deferred tax assets: Vacation, warranty and other accruals $ 651 $ 635 Depreciation and amortization — 89 Intangible amortization 551 804 Purchased technology 14 — Inventory valuation 1,101 1,288 Equity-based compensation 1,494 1,593 Net operating loss, research and other tax credit carryforwards 55,322 54,818 Other 30 43 59,163 59,270 Valuation allowance for deferred tax assets (52,088 ) (52,099 ) Total deferred tax assets 7,075 7,171 Deferred tax liabilities: Depreciation and amortization (341 ) — Purchased technology — (45 ) Unbilled revenue (1,399 ) (874 ) Total deferred tax liabilities (1,740 ) (919 ) Net deferred tax assets $ 5,335 $ 6,252 As reported on the balance sheet: Non-current $ 5,335 $ 6,252 |
Difference Between Tax Provision at Statutory Federal Income Tax Rate and Tax Provision | The difference between the tax provision at the statutory federal income tax rate and the tax provision for fiscal 2020 and 2019 was as follows (in thousands): 2020 2019 Income tax at the federal statutory rate $ 581 $ 947 State income taxes, net of federal benefit 4 4 Change in valuation allowance: U.S (416 ) (689 ) Foreign — — Effect of foreign operations taxed at various rates (235 ) (397 ) Research tax credits (1,306 ) (1,710 ) Effect of tax rate changes, permanent differences and adjustments of prior deferrals 2,504 3,685 Unrecognized tax benefits 579 1,519 Total $ 1,711 $ 3,359 |
Aggregate Changes in Balance of Gross Unrecognized Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows for fiscal 2020 and 2019: 2020 2019 Beginning balance $ 7,683 $ 6,164 Additions based on tax positions related to the current year 589 1,519 Settlements — — Lapse of statute of limitations (945 ) — Ending balance $ 7,327 $ 7,683 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease Assets and Lease Liabilities | The following table reflects our lease assets and our lease liabilities at January 2, 2021 and December 28, 2019. January 2, 2021 December 28, 2019 (in thousands) Assets: Operating lease right-of-use $ 8,165 $ 10,279 Liabilities: Current operating lease liabilities $ 2,853 $ 2,524 Noncurrent operating lease liabilities 6,803 9,532 $ 9,656 $ 12,056 |
Lease Costs | The components of lease costs were as follows: 2020 2019 (in thousands) Operating lease cost $ 2,942 $ 3,112 Short-term lease cost 93 78 Total lease cost $ 3,035 $ 3,190 |
Schedule of Maturity of Operating Lease Liabilities | As of January 2, 2021 the maturity of operating lease liabilities was as follows: (In thousands) 2021 $ 3,388 2022 3,474 2023 3,289 2024 541 Total lease payments 10,692 Less: Interest (1,036 ) Present value of lease liabilities $ 9,656 |
Schedule of Lease Term and Discount Rate | January 2, 2021 December 28, 2019 Weighted-average remaining lease term (in years) 3.09 4.08 Weighted-average discount rate 6.39 % 6.37 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): 2020 2019 (in thousands) Operating cash outflows from operating leases $ 3,332 $ 3,484 Right-of-use $ 128 $ 934 |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for fiscal 2020 and 2019: 2020 2019 (in thousands) Beginning balance $ 1,022 $ 997 Expenditures incurred under warranties (512 ) (625 ) Accruals for product warranties 280 955 Adjustments to previously existing warranty accruals (310 ) (305 ) Ending balance $ 480 $ 1,022 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Information for Each Reportable Segment | Information for each reportable segment for fiscal 2020 and 2019 is as follows: Net Revenues 2020 2019 (in thousands) TFE $ 52,128 $ 73,678 Photonics 45,696 35,207 Total segment net revenues $ 97,824 $ 108,885 Operating Profit (Loss) 2020 2019 (in thousands) TFE $ (1,978 ) $ 1,747 Photonics 10,064 6,434 Total segment operating profit 8,086 8,181 Unallocated costs (5,531 ) (4,256 ) Operating income 2,555 3,925 Interest income 284 574 Other income (expense), net (72 ) 8 Income before provision for income taxes $ 2,767 $ 4,507 Depreciation and Amortization 2020 2019 (in thousands) TFE $ 1,817 $ 1,909 Photonics 1,159 1,310 Total segment depreciation and amortization 2,976 3,219 Unallocated costs 504 372 Total consolidated depreciation and amortization $ 3,480 $ 3,591 Capital Additions 2020 2019 (in thousands) TFE $ 1,336 $ 2,611 Photonics 636 832 Total segment capital additions 1,972 3,443 Unallocated 640 664 Total consolidated capital additions $ 2,612 $ 4,107 |
Segment Assets | Segment Assets 2020 2019 (in thousands) TFE $ 44,335 $ 51,153 Photonics 22,923 22,071 Total segment assets 67,258 73,224 Cash and investments 49,568 42,024 Restricted cash 787 787 Deferred income taxes 5,335 6,252 Other current assets 1,093 752 Common property, plant and equipment 1,443 1,307 Common operating lease right-of-use 1,603 1,898 Other assets 151 78 Consolidated total assets $ 127,238 $ 126,322 |
Net Property, Plant and Equipment by Geographic Region | Net property, plant and equipment by geographic region at January 2, 2021 and December 28, 2019 was as follows: January 2, December 28, (in thousands) United States $ 10,678 $ 11,420 Asia 326 178 Net property, plant & equipment $ 11,004 $ 11,598 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Jan. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Reserves | The changes in restructuring reserves for severance and other employee-related costs associated with the cost reduction plan for fiscal 2020, are as follows. 2020 (in thousands) Balance at the beginning of the year $ — Provision for restructuring charges 103 Cash payments made (103 ) Balance at the end of the year $ — |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 787,000 | $ 787,000 |
Net income (losses) from foreign currency transactions | (139,000) | $ (85,000) |
Proceeds From Government Grants | 567,000 | |
Cost of Sales [Member] | Grant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Proceeds From Government Grants | 328,000 | |
Research and Development Expense [Member] | Grant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Proceeds From Government Grants | 90,000 | |
Selling, General and Administrative Expenses [Member] | Grant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Proceeds From Government Grants | $ 149,000 | |
Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful life | 1 year | |
Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful life | 13 years | |
Computers and Software | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 3 years | |
Machinery and Equipment | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 5 years | |
Furniture and Fixtures | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 7 years | |
Vehicles | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of asset | 4 years | |
Leasehold Improvements | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Lease and leasehold improvements estimated useful lives | remaining lease term | |
Pledged as Collateral for Standby Letter of Credit | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 600,000 | |
Collateral for Various Guarantees | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 187,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income by Component (Detail)- - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 95,793 | $ 89,624 |
Other comprehensive income (loss) before reclassification | 216 | 46 |
Other comprehensive income, net of tax | 216 | 46 |
Ending balance | 101,556 | 95,793 |
Foreign currency | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 381 | 405 |
Other comprehensive income (loss) before reclassification | 221 | (24) |
Other comprehensive income, net of tax | 221 | (24) |
Ending balance | 602 | 381 |
Unrealized holding gains (losses) on available- for-sale investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 43 | (27) |
Other comprehensive income (loss) before reclassification | (5) | 70 |
Other comprehensive income, net of tax | (5) | 70 |
Ending balance | 38 | 43 |
Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 424 | 378 |
Ending balance | $ 640 | $ 424 |
Revenue -Disaggregation of Reve
Revenue -Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 97,824 | $ 108,885 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 52,128 | 73,678 |
TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 46,046 | 68,412 |
TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,082 | 5,266 |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 45,696 | 35,207 |
HDD | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 51,700 | 57,969 |
HDD | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 45,620 | 52,759 |
HDD | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,080 | 5,210 |
DCP | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
DCP | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 0 | |
DCP | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 0 | 2 |
PV | TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 428 | 15,707 |
PV | TFE | Systems, Upgrades and Spare Parts | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 426 | 15,653 |
PV | TFE | Field Service | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 2 | 54 |
Military Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 20,409 | 12,480 |
Commercial Products | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 395 | 640 |
Repair and Other Services | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,947 | 2,430 |
Product | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 22,751 | 15,550 |
FFP | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 19,648 | 12,521 |
CPFF | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,297 | 7,134 |
Times and Materials | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 0 | 2 |
Technology Development | Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 22,945 | $ 19,657 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 97,824 | $ 108,885 |
Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 54,075 | 76,108 |
Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 43,749 | 32,777 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 51,813 | 35,970 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 45,611 | 72,372 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 400 | 543 |
TFE | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 52,128 | 73,678 |
TFE | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 52,128 | 73,678 |
TFE | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,450 | 1,306 |
TFE | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 45,611 | 72,372 |
TFE | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 67 | |
Photonics | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 45,696 | 35,207 |
Photonics | Products Transferred at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,947 | 2,430 |
Photonics | Products and Services Transferred Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 43,749 | 32,777 |
Photonics | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 45,363 | 34,664 |
Photonics | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | ||
Photonics | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 333 | $ 543 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
TFE | ||
Contract liabilities: | ||
Contract liabilities | $ 515,000 | $ 4,327,000 |
Contract liabilities: | ||
Change in contract liabilities | (3,812,000) | |
TFE | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 369,000 | 760,000 |
Contract assets: | ||
Change in contract assets | (391,000) | |
TFE | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 482,000 | 320,000 |
Contract liabilities: | ||
Change in contract liabilities | 162,000 | |
TFE | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 33,000 | 4,007,000 |
Contract liabilities: | ||
Change in contract liabilities | (3,974,000) | |
Photonics | ||
Contract assets: | ||
Contract assets | 5,565,000 | 3,309,000 |
Contract assets: | ||
Change in contract assets | 2,256,000 | |
Photonics | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 5,439,000 | 3,210,000 |
Contract assets: | ||
Change in contract assets | 2,229,000 | |
Photonics | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 779,000 | |
Contract liabilities: | ||
Change in contract liabilities | 779,000 | |
Photonics | Retainage | ||
Contract assets: | ||
Contract assets | 126,000 | $ 99,000 |
Contract assets: | ||
Change in contract assets | $ 27,000 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended |
Jan. 02, 2021USD ($)Installment | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 46,900,000 |
TFE | |
Revenue From Contract With Customers [Line Items] | |
Revenue remaining performance obligation | $ 5,600,000 |
TFE | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Number of installments | Installment | 3 |
Change in contract assets | $ (391,000) |
TFE | Customer Advances | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 4,000,000 |
TFE | Deferred Revenue | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 203,000 |
Photonics | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | 2,256,000 |
Revenue remaining performance obligation | 41,300,000 |
Photonics | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | $ 2,229,000 |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) | Jan. 02, 2024 | Jan. 02, 2023 | Jan. 02, 2022 | Jan. 02, 2021 |
Revenue From Contract With Customers [Line Items] | ||||
Revenue, remaining performance obligation, percentage | 61.00% | |||
Scenario Forecast | ||||
Revenue From Contract With Customers [Line Items] | ||||
Revenue, remaining performance obligation, percentage | 1.00% | 12.00% | 26.00% |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2020 | May 31, 2020 | Jan. 02, 2021 | Dec. 28, 2019 | Aug. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of option price related to fair market value | 100.00% | ||||
Common stock shares authorized for further issuance | 5,000,000 | ||||
2012 plan options expiration date | May 13, 2030 | ||||
Purchase of common stock through payroll deductions | 85.00% | ||||
Offering periods | 2 years | ||||
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP | 50.00% | 15.00% | |||
Purchase intervals of a series | 6 months | ||||
Total intrinsic value of options exercised | $ 110,000 | $ 249,000 | |||
Total unrecognized compensation expense | $ 312,000 | ||||
RSU conversion ratio | 100.00% | ||||
Options granted under performance stock options | 6,000 | ||||
Employee stock obligation amount | $ 25,000 | ||||
Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted under performance stock options | 37,500 | ||||
Performance stock option vesting period | 1 year 1 month 6 days | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options, expiration period | 10 years | ||||
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available under issuance of ESPP | 663,000 | ||||
Total unrecognized compensation expense | $ 1,200,000 | ||||
Unrecognized compensation expenses recognition period | 1 year 1 month 9 days | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expenses recognition period | 1 year 10 days | ||||
Stock Options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, vesting period | 3 years | ||||
Stock Options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, vesting period | 4 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expenses recognition period | 1 year 6 months | ||||
Unrecognized compensation expense | $ 2,500,000 | ||||
Granted | 109,465 | 668,413 | |||
Restricted Stock Units (RSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, vesting period | 3 years | ||||
Restricted Stock Units (RSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, vesting period | 4 years |
Equity-Based Compensation - Eff
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 3,389 | $ 3,225 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 504 | 819 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 1,936 | 1,657 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 949 | $ 749 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - $ / shares | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 1.82 | $ 2.06 |
Expected volatility | 46.06% | 43.23% |
Risk free interest rate | 0.44% | 1.86% |
Expected term of options (in years) | 4 years 4 months 20 days | 4 years 7 months 6 days |
Dividend yield | 0.00% | 0.00% |
Stock Purchase Rights | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 2.20 | $ 1.73 |
Expected volatility | 51.49% | 45.81% |
Risk free interest rate | 0.14% | 2.28% |
Expected term of options (in years) | 1 year 2 months 26 days | 10 months 28 days |
Dividend yield | 0.00% | 0.00% |
Equity-Based Compensation - W_2
Equity-Based Compensation - Weighted-Average Fair Value of Performance Stock Options Using Weighted-Average Assumptions (Detail) - $ / shares | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Performance Stock Options (PSO's) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 1.75 | |
Expected volatility | 43.43% | |
Risk free interest rate | 1.96% | |
Expected term (in years) | 4 years 7 months 6 days | |
Dividend yield | 0.00% | |
Performance Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 3.16 | |
Expected volatility | 46.70% | |
Risk free interest rate | 0.25% | |
Dividend yield | 0.00% |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) - USD ($) | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Shares | ||
Options outstanding at December 28, 2019 | 2,096,610 | |
Options granted | 6,000 | |
Options cancelled and forfeited | (220,971) | |
Options exercised | (67,172) | |
Options outstanding at January 2, 2021 | 1,814,467 | 2,096,610 |
Options Options outstanding at January 2, 2021at December 28, 2019 | 1,372,871 | |
Weighted-Average Exercise Price | ||
Options outstanding at December 28, 2019 | $ 6.63 | |
Options granted | 4.88 | |
Options cancelled and forfeited | 6.88 | |
Options exercised | 4.85 | |
Options outstanding at January 2, 2021 | 6.66 | $ 6.63 |
Options exercisable at January 2, 2021 | $ 6.77 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding at December 29, 2019 | 3 years 29 days | 3 years 9 months |
Options exercisable at January 2, 2021 | 2 years 6 months 7 days | |
Aggregate Intrinsic Value | ||
Options outstanding at December 28, 2019 | $ 2,520,722 | $ 2,048,964 |
Options exercisable at January 2, 2021 | $ 1,798,938 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) - USD ($) | 1 Months Ended | 12 Months Ended |
May 31, 2020 | Jan. 02, 2021 | |
Shares | ||
Non-vested RSUs at December 28, 2019 | 553,355 | |
Granted | 109,465 | 668,413 |
Vested | (243,312) | |
Cancelled | (76,822) | |
Non-vested RSUs at January 2, 2021 | 901,634 | |
Weighted Average Grant Date Fair Value | ||
Non-vested RSUs at December 28, 2019 | $ 6.15 | |
Granted | 4.87 | |
Vested | 6.38 | |
Cancelled | 4.26 | |
Non-vested RSUs at January 2, 2021 | $ 5.30 | |
Weighted Average Remaining Contractual Term | ||
Non-vested RSUs at December 28, 2019 | 1 year 3 months 18 days | |
Non-vested RSUs at January 2, 2021 | 1 year 6 months | |
Aggregate Intrinsic Value | ||
Non-vested RSUs at December 28, 2019 | $ 3,713,012 | |
Non-vested RSUs at January 2, 2021 | $ 6,500,781 |
Equity-Based Compensation - Emp
Equity-Based Compensation - Employee Stock Purchase Plan Activities (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Employee Stock Purchase Plan [Line Items] | ||
Shares purchased | 392 | 370 |
Weighted-average purchase price per share | $ 4.01 | $ 3.96 |
Aggregate intrinsic value of purchase rights exercised | $ 765 | $ 513 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Net income | $ 1,056 | $ 1,148 |
Weighted-average shares - basic | 23,669 | 23,063 |
Effect of dilutive potential common shares | 482 | 277 |
Weighted-average shares – diluted | 24,151 | 23,340 |
Net income per share—basic | $ 0.04 | $ 0.05 |
Net income per share—diluted | $ 0.04 | $ 0.05 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Detail) - shares shares in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income per share | 935 | 1,235 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income per share | 5 | 5 |
Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net income per share | 103 | 3 |
Concentrations - Customers That
Concentrations - Customers That Accounted for at Least ten percent of Consolidated Net Revenue (Detail) - Sales Revenue Net - Customer Concentration Risk | 12 Months Ended | |||
Jan. 02, 2021 | Dec. 28, 2019 | |||
Seagate Technology | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 42.00% | 49.00% | ||
U.S. Government | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 29.00% | 20.00% | ||
JolywoodHongkongIndustrialHoldings CoLimited [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | [1] | 14.00% | ||
Elbit Systems of America | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 12.00% | [1] | ||
[1] | Less than 10% |
Concentrations - Customers Th_2
Concentrations - Customers That Accounted for at Least Ten percent of Accounts Receivable (Detail) - Accounts Receivable - Credit Concentration Risk | 12 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | ||
Seagate Technology | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 45.00% | 60.00% | |
HGST | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.00% | [1] | |
USGovernment [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 26.00% | 25.00% | |
[1] | Less than 10% |
Balance Sheet Details - Trade a
Balance Sheet Details - Trade and Other Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables and other | $ 22,712 | $ 24,472 |
Unbilled costs and accrued profits | 5,934 | 4,069 |
Income tax receivable | 78 | |
Trade and other accounts receivable, net of allowances of $0 at both January 2, 2021 and December 28, 2019 | $ 28,646 | $ 28,619 |
Balance Sheet Details - Invent
Balance Sheet Details - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 9,999 | $ 15,286 |
Work-in-progress | 4,832 | 4,748 |
Finished goods | 6,858 | 4,873 |
Inventories | $ 21,689 | $ 24,907 |
Balance Sheet Details - Propert
Balance Sheet Details - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 63,169 | $ 61,711 |
Less accumulated depreciation and amortization | 52,165 | 50,113 |
Total property, plant and equipment, net | 11,004 | 11,598 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | 16,323 | 15,037 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 46,846 | $ 46,674 |
Balance Sheet Details - Deferre
Balance Sheet Details - Deferred Income Taxes and Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Deferred income taxes | $ 5,335 | $ 6,252 |
Prepaid expenses | 151 | |
Purchased intangible assets, net | 274 | |
Income tax receivable | 78 | |
Deferred income taxes and other long-term assets | $ 5,486 | $ 6,604 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Detail) - USD ($) | Jan. 02, 2021 | Dec. 28, 2019 |
Balance Sheet Details [Line Items] | ||
Accounts payable, book overdraft | $ 84,000 | $ 512,000 |
Balance Sheet Details - Other A
Balance Sheet Details - Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Accrued Liabilities [Line Items] | ||
Deferred revenue | $ 1,261 | $ 320 |
Other taxes payable | 935 | 1,155 |
Accrued product warranties | 405 | 846 |
Income taxes payable | 263 | 403 |
Other | 734 | 869 |
Total other accrued liabilities | $ 3,598 | $ 3,593 |
Balance Sheet Details - Other L
Balance Sheet Details - Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Other Long Term Liabilities [Line Items] | ||
Employer payroll taxes | $ 382 | |
Accrued product warranties | 75 | $ 176 |
Accrued income taxes | 10 | |
Total other long-term liabilities | $ 457 | $ 186 |
Purchased Intangible Assets, _3
Purchased Intangible Assets, Net - Information Regarding Other Acquisition Related Intangible Assets (Detail) $ in Thousands | Dec. 28, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived, Gross Carrying Amount | $ 4,560 |
Accumulated Amortization | 4,286 |
Finite Lived, Net Carrying Amount | 274 |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived, Gross Carrying Amount | 560 |
Accumulated Amortization | 524 |
Finite Lived, Net Carrying Amount | 36 |
Purchased technology | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived, Gross Carrying Amount | 4,000 |
Accumulated Amortization | 3,762 |
Finite Lived, Net Carrying Amount | $ 238 |
Purchased Intangible Assets - A
Purchased Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Business Combination Segment Allocation [Line Items] | ||
Total amortization expense of finite-lived intangibles | $ 274,000 | $ 615,000 |
Contingent Consideration - Addi
Contingent Consideration - Additional Information (Detail) - USD ($) | Jan. 02, 2021 | Nov. 19, 2010 |
Business Acquisition [Line Items] | ||
Contingent consideration liability | $ 0 | |
Solar Implant Technologies | Revenue Earnout | ||
Business Acquisition [Line Items] | ||
Maximum amount of cash potentially earned in contingent compensation arrangements | $ 9,000,000 |
Contingent Consideration - Reco
Contingent Consideration - Reconciliation of Change in Fair Value Measurement of Contingent Consideration Liability (Detail) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Business Combinations [Abstract] | |
Beginning balance | $ 223 |
Changes in fair value | 7 |
Cash payments made | $ (230) |
Financial Instruments - Cash, C
Financial Instruments - Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 49,530 | $ 41,981 |
Unrealized Holding Gains | 38 | 43 |
Fair Value | 49,568 | 42,024 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 29,341 | 19,767 |
Fair Value | 29,341 | 19,767 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 24,729 | 16,512 |
Fair Value | 24,729 | 16,512 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,612 | 3,255 |
Fair Value | 3,612 | 3,255 |
Cash and Cash Equivalents | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,000 | |
Fair Value | 1,000 | |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,806 | 16,691 |
Unrealized Holding Gains | 33 | 29 |
Fair Value | 14,839 | 16,720 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,929 | 6,383 |
Unrealized Holding Gains | 6 | 25 |
Fair Value | 2,935 | 6,408 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 400 | |
Fair Value | 400 | |
Short-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,527 | 5,417 |
Unrealized Holding Gains | 25 | 1 |
Fair Value | 4,552 | 5,418 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,450 | 3,000 |
Unrealized Holding Gains | 2 | 1 |
Fair Value | 6,452 | 3,001 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 1,891 |
Unrealized Holding Gains | 2 | |
Fair Value | 500 | 1,893 |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,383 | 5,523 |
Unrealized Holding Gains | 5 | 14 |
Fair Value | 5,388 | 5,537 |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,474 | 2,530 |
Unrealized Holding Gains | 4 | 12 |
Fair Value | 3,478 | 2,542 |
Long-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,409 | 2,494 |
Unrealized Holding Gains | 1 | 1 |
Fair Value | 1,410 | 2,495 |
Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 499 |
Unrealized Holding Gains | 1 | |
Fair Value | $ 500 | $ 500 |
Financial Instruments - Contrac
Financial Instruments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Jan. 02, 2021USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 19,418 |
Amortized Cost, Due after one through five years | 5,383 |
Amortized Cost | 24,801 |
Fair Value, Due in one year or less | 19,451 |
Fair Value, Due after one through five years | 5,388 |
Fair Value | $ 24,839 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Jan. 02, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 24,839 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 24,839 |
Fair Value, Measurements, Recurring | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 3,612 |
Fair Value, Measurements, Recurring | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 7,952 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 500 |
Fair Value, Measurements, Recurring | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,962 |
Fair Value, Measurements, Recurring | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 6,413 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 400 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 9,574 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money market funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 3,612 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. treasury and agency securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,962 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 15,265 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Certificates of deposit | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 7,952 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 500 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate bonds and medium-term notes | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 6,413 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 400 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Jan. 02, 2021 | |
Derivative Instrument Detail [Abstract] | |
Maturity of foreign currency derivative | 30 days |
Financial Instruments - Summary
Financial Instruments - Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets (Detail) - Undesignated Hedges - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 983 | $ 1,035 |
Derivative Liabilities | 3 | 4 |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 983 | 1,035 |
Derivative Liabilities | $ 3 | $ 4 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Jan. 02, 2021 | Nov. 21, 2013 |
Equity [Abstract] | |||
Stock repurchase authorized amount | $ 40 | $ 30 | |
Increase in stock repurchase program | $ 10 | ||
Stock repurchase remained available for future stock repurchase | $ 10.4 |
Equity - Schedule of Stock Repu
Equity - Schedule of Stock Repurchases (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Equity [Abstract] | ||
Shares of common stock repurchased | 98 | 24 |
Cost of stock repurchased | $ 393 | $ 111 |
Average price paid per share | $ 3.97 | $ 4.67 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Federal: | ||
Current | $ (915) | |
Deferred | 0 | $ 0 |
Federal Income Tax Expense (Benefit), Operations, Total | (915) | |
State: | ||
Current | 4 | 4 |
Deferred | 0 | 0 |
State and Local Income Tax Expense (Benefit), Operations, Total | 4 | 4 |
Foreign: | ||
Current | 1,705 | 1,694 |
Deferred | 917 | 1,661 |
Foreign Income Tax Expense (Benefit), Operations, Total | 2,622 | 3,355 |
Total | $ 1,711 | $ 3,359 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ||
U.S | $ (3,293) | $ (4,875) |
Foreign | 6,060 | 9,382 |
Income before provision for income taxes | $ 2,767 | $ 4,507 |
Effective tax rate | 61.80% | 74.50% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Deferred tax assets: | ||
Vacation, warranty and other accruals | $ 651 | $ 635 |
Depreciation and amortization | 89 | |
Intangible amortization | 551 | 804 |
Purchased technology | 14 | |
Inventory valuation | 1,101 | 1,288 |
Equity-based compensation | 1,494 | 1,593 |
Net operating loss, research and other tax credit carryforwards | 55,322 | 54,818 |
Other | 30 | 43 |
Deferred tax assets, gross, total | 59,163 | 59,270 |
Valuation allowance for deferred tax assets | (52,088) | (52,099) |
Total deferred tax assets | 7,075 | 7,171 |
Deferred tax liabilities: | ||
Depreciation and amortization | (341) | |
Purchased technology | (45) | |
Unbilled revenue | (1,399) | (874) |
Total deferred tax liabilities | (1,740) | (919) |
Net deferred tax assets | 5,335 | 6,252 |
As reported on the balance sheet: | ||
Non-current deferred tax assets | $ 5,335 | $ 6,252 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | |||||
Jan. 02, 2021USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($)Subsidiary | Jan. 03, 2015USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2020USD ($) | |
Income Taxes [Line Items] | ||||||
Non-cash income tax benefit | $ 1,711,000 | $ 3,359,000 | ||||
Number of subsidiaries | Subsidiary | 7 | |||||
Undistributed earnings from non-U.S. operations | 1.7 | |||||
Unrecognized tax benefits | 7,327,000 | 7,683,000 | $ 6,164,000 | |||
Unrecognized net tax expense (benefit) for interest | (2,000) | 0 | ||||
Accrued interest related to unrealized tax benefits | 0 | |||||
Deferred payroll tax liability | $ 764,000 | |||||
Proceeds from Income Tax Refunds | 157,000 | 157,000 | ||||
Proceeds From Government Grants | 567,000 | |||||
Grant [Member] | Cost of Sales [Member] | ||||||
Income Taxes [Line Items] | ||||||
Proceeds From Government Grants | 328,000 | |||||
Grant [Member] | Research and Development Expense [Member] | ||||||
Income Taxes [Line Items] | ||||||
Proceeds From Government Grants | 90,000 | |||||
Grant [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Income Taxes [Line Items] | ||||||
Proceeds From Government Grants | 149,000 | |||||
Singapore | ||||||
Income Taxes [Line Items] | ||||||
Income tax benefit from valuation allowance | $ 9,400,000 | |||||
Non-cash income tax benefit | $ 7,900,000 | |||||
Internal Revenue Service (IRS) | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | $ 71,000,000 | |||||
Net operating loss carryforwards, expiration year | 2029 | |||||
Tax credit carryforwards | $ 19,100,000 | |||||
Tax credit carryforwards, expiration year | 2021 | |||||
United States | ||||||
Income Taxes [Line Items] | ||||||
Income tax benefit from valuation allowance | $ 416,000 | $ 689,000 | $ 23,400,000 | |||
Foreign Tax Authority | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | 30,300,000 | |||||
State and Local Jurisdiction | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | $ 70,800,000 | |||||
Net operating loss carryforwards, expiration year | 2028 | |||||
Tax credit carryforwards | $ 16,800,000 |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Tax Provision at Statutory Federal Income Tax Rate and Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Reconciliation Of Income Taxes [Line Items] | ||
Income tax at the federal statutory rate | $ 581 | $ 947 |
State income taxes, net of federal benefit | 4 | 4 |
Research tax credits | (1,306) | (1,710) |
Effect of foreign operations taxed at various rates | (235) | (397) |
Effect of tax rate changes, permanent differences and adjustments of prior deferrals | 2,504 | 3,685 |
Unrecognized tax benefits | 579 | 1,519 |
Total | 1,711 | 3,359 |
United States | ||
Reconciliation Of Income Taxes [Line Items] | ||
Change in valuation allowance | (416) | $ (689) |
Foreign Tax Authority | ||
Reconciliation Of Income Taxes [Line Items] | ||
Change in valuation allowance |
Income Taxes - Aggregate Change
Income Taxes - Aggregate Changes in Balance of Gross Unrecognized Tax benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Income Tax Contingency [Line Items] | ||
Beginning balance | $ 7,683 | $ 6,164 |
Additions based on tax positions related to the current year | 589 | 1,519 |
Settlements | ||
Lapse of statute of limitations | (945) | |
Ending balance | $ 7,327 | $ 7,683 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution retirement plan, employee eligibility age | 18 years | |
Cash contributions | $ 358,000 | $ 334,000 |
Defined bonus plan, charges to expenses | $ 3,300,000 | $ 2,800,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Jan. 02, 2021USD ($) | |
Commitments and Contingencies [Line Items] | |
Letters of credit and bank guarantees outstanding, amount | $ 787,000 |
Letters of credit and bank guarantees collateralized by restricted cash | $ 787,000 |
Minimum product warranty range | 12 months |
Maximum product warranty range | 24 months |
Product warranty offer on sale | 3 months |
Maximum | |
Commitments and Contingencies [Line Items] | |
Operating lease expiration date | 2024-03 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Assets: | ||
Operating lease right-of-use assets | $ 8,165 | $ 10,279 |
Liabilities: | ||
Current operating lease liabilities | 2,853 | 2,524 |
Noncurrent operating lease liabilities | 6,803 | 9,532 |
Operating Lease, Liability | $ 9,656 | $ 12,056 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 2,942 | $ 3,112 |
Short-term lease cost | 93 | 78 |
Total lease cost | $ 3,035 | $ 3,190 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 3,388 | |
2022 | 3,474 | |
2023 | 3,289 | |
2024 | 541 | |
Total lease payments | 10,692 | |
Less: Interest | (1,036) | |
Present value of lease liabilities | $ 9,656 | $ 12,056 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Lease Term and Discount Rate (Detail) | Jan. 02, 2021 | Dec. 28, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted-average remaining lease term (in years) | 3 years 1 month 2 days | 4 years 29 days |
Weighted-average discount rate | 6.39% | 6.37% |
Commitments and Contingencies_6
Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating cash outflows from operating leases | $ 3,332 | $ 3,484 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 128 | $ 934 |
Commitments and Contingencies_7
Commitments and Contingencies - Activity in Warranty Provisions Account (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Beginning balance | $ 1,022 | $ 997 |
Expenditures incurred under warranties | (512) | (625) |
Accruals for product warranties | 280 | 955 |
Adjustments to previously existing warranty accruals | (310) | (305) |
Ending balance | $ 480 | $ 1,022 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Detail) | 12 Months Ended |
Jan. 02, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Allocation of corporate expenses to the segments | 3.00% |
Segment and Geographic Inform_4
Segment and Geographic Information - Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | ||
Total segment net revenues | $ 97,824 | $ 108,885 |
Operating income | 2,555 | 3,925 |
Interest income | 284 | 574 |
Other income (expense), net | (72) | 8 |
Income before provision for income taxes | 2,767 | 4,507 |
TFE | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 52,128 | 73,678 |
Photonics | ||
Segment Reporting Information [Line Items] | ||
Total segment net revenues | 45,696 | 35,207 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating income | 8,086 | 8,181 |
Operating Segments | TFE | ||
Segment Reporting Information [Line Items] | ||
Operating income | (1,978) | 1,747 |
Operating Segments | Photonics | ||
Segment Reporting Information [Line Items] | ||
Operating income | 10,064 | 6,434 |
Unallocated Amount to Segment | ||
Segment Reporting Information [Line Items] | ||
Unallocated costs | $ (5,531) | $ (4,256) |
Segment and Geographic Inform_5
Segment and Geographic Information - Depreciation and Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 3,480 | $ 3,591 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 2,976 | 3,219 |
Operating Segments | TFE | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 1,817 | 1,909 |
Operating Segments | Photonics | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 1,159 | 1,310 |
Unallocated Amount to Segment | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 504 | $ 372 |
Segment and Geographic Inform_6
Segment and Geographic Information - Capital Additions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | $ 2,612 | $ 4,107 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | 1,972 | 3,443 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | 1,336 | 2,611 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | 636 | 832 |
Unallocated Amount to Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital additions | $ 640 | $ 664 |
Segment and Geographic Inform_7
Segment and Geographic Information - Assets for Each Reportable Segment (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 127,238 | $ 126,322 |
Cash and investments | 49,568 | 42,024 |
Restricted cash | 787 | 787 |
Deferred income taxes | 5,335 | 6,252 |
Other current assets | 1,093 | 752 |
Common property, plant and equipment | 1,443 | 1,307 |
Common operating lease right-of-use assets | 1,603 | 1,898 |
Other assets | 151 | 78 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 67,258 | 73,224 |
Operating Segments | TFE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 44,335 | 51,153 |
Operating Segments | Photonics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 22,923 | $ 22,071 |
Segment and Geographic Inform_8
Segment and Geographic Information - Net Property, Plant and Equipment by Geographic Region (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Dec. 28, 2019 |
Segment Reporting Information [Line Items] | ||
Net property, plant & equipment | $ 11,004 | $ 11,598 |
United States | ||
Segment Reporting Information [Line Items] | ||
Net property, plant & equipment | 10,678 | 11,420 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Net property, plant & equipment | $ 326 | $ 178 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Sep. 26, 2020USD ($) | |
Restructuring and Related Activities [Abstract] | |
Percentage of reduction of global workforce | 1.00% |
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 864 |
Restructuring Charges - Changes
Restructuring Charges - Changes in Restructuring Reserves (Detail) - Severance and Other Employee Related Costs $ in Thousands | 12 Months Ended |
Jan. 02, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Provision for restructuring reserves | $ 103 |
Cash payments made | $ (103) |