Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 01, 2022 | Feb. 14, 2022 | Jul. 03, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Interactive Data Current | Yes | ||
Document Period End Date | Jan. 1, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
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 | --01-01 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | 24,849,818 | ||
Security Exchange Name | NASDAQ | ||
Entity Public Float | $ 155,279,012 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | San Jose | ||
Auditor Firm ID | 207 | ||
Auditor Location | California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 102,728 | $ 29,341 |
Short-term investments | 10,221 | 14,839 |
Trade and other accounts receivable, net of allowances of $0 at both January 1, 2022 and January 2, 2021 | 14,261 | 28,646 |
Inventories | 5,791 | 21,689 |
Prepaid expenses and other current assets | 1,827 | 1,893 |
Total current assets | 134,828 | 96,408 |
Property, plant and equipment, net | 4,759 | 11,004 |
Operating lease right-of-use assets | 4,520 | 8,165 |
Long-term investments | 7,427 | 5,388 |
Restricted cash | 786 | 787 |
Deferred income taxes and other long-term assets | 5,449 | 5,486 |
Total assets | 157,769 | 127,238 |
Current liabilities: | ||
Current operating lease liabilities | 3,119 | 2,853 |
Accounts payable | 5,320 | 4,259 |
Accrued payroll and related liabilities | 5,505 | 7,679 |
Other accrued liabilities | 3,665 | 3,598 |
Customer advances | 2,107 | 33 |
Total current liabilities | 19,716 | 18,422 |
Noncurrent liabilities: | ||
Noncurrent operating lease liabilities | 3,675 | 6,803 |
Other long-term liabilities | 363 | 457 |
Total noncurrent liabilities | 4,038 | 7,260 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Undesignated preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued and outstanding | 0 | |
Common stock, $0.001 par value: Authorized shares — 50,000 issued and outstanding shares — 24,636 and 23,874 at January 1, 2022 and January 2, 2021, respectively | 25 | 24 |
Additional paid-in capital | 199,073 | 193,173 |
Treasury stock, 5,087 shares at both January 1, 2022 and January 2, 2021 | (29,551) | (29,551) |
Accumulated other comprehensive income | 578 | 640 |
Accumulated deficit | (36,110) | (62,730) |
Total stockholders' equity | 134,015 | 101,556 |
Total liabilities and stockholders' equity | $ 157,769 | $ 127,238 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
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 | 10,000 |
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 | 50,000 |
Common stock, shares issued | 24,636 | 23,874 |
Common stock, shares outstanding | 24,636 | 23,874 |
Treasury stock, shares | 5,087 | 5,087 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 |
Net revenues: | ||
Total net revenues | $ 52,128 | $ 38,524 |
Cost of net revenues: | ||
Total cost of net revenues | 29,711 | 31,457 |
Gross profit | 22,417 | 7,067 |
Operating expenses: | ||
Research and development | 13,205 | 12,176 |
Selling, general and administrative | 18,092 | 17,367 |
Total operating expenses | 31,297 | 29,543 |
Operating loss | (8,880) | (22,476) |
Interest income | 284 | 29 |
Other income (expense), net | (128) | (35) |
Loss from continuing operations before provision for income taxes | (8,724) | (22,482) |
Provision for income taxes | 1,711 | 575 |
Net loss from continuing operations | (10,435) | (23,057) |
Income from discontinued operations: | ||
Income (loss) from Photonics division, net of tax | 11,491 | (4,664) |
Gain on sale of Photonics division, net of tax | 0 | 54,341 |
Total income from discontinued operations, net of tax | 11,491 | 49,677 |
Net income | $ 1,056 | $ 26,620 |
Net income (loss) per share: | ||
Basic and diluted—continuing operations | $ (0.44) | $ (0.95) |
Basic and diluted—discontinued operations | 0.49 | 2.04 |
Basic and diluted—net income | $ 0.04 | $ 1.09 |
Weighted average shares outstanding: | ||
Basic and diluted | 23,669 | 24,348 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 26,620 | $ 1,056 |
Other comprehensive income (loss), before tax | ||
Change in unrealized net gain on available-for-sale investments | (68) | (5) |
Foreign currency translation gains | 6 | 221 |
Other comprehensive income (loss), before tax | (62) | 216 |
Income tax expense related to items in other comprehensive income (loss) | 0 | 0 |
Other comprehensive income (loss), net of tax | (62) | 216 |
Comprehensive income | $ 26,558 | $ 1,272 |
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. 28, 2019 | $ 95,793 | $ 23 | $ 188,290 | $ (29,158) | $ 424 | $ (63,786) |
Beginning Balance (in shares) at Dec. 28, 2019 | 23,346,000 | 4,989,000 | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 67,000 | |||||
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 | ||||
Beginning balance at Dec. 28, 2020 | 424 | |||||
Shares issued in connection with: | ||||||
Net income | 1,056 | |||||
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 | ||||
Shares issued in connection with: | ||||||
Exercise of stock options (in shares) | 76,619 | 76,000 | ||||
Exercise of stock options | $ 440 | 440 | ||||
Settlement of RSUs (in shares) | 383,000 | |||||
Employee stock purchase plan (in shares) | 435,000 | 435,000 | ||||
Employee stock purchase plan | $ 2,192 | $ 1 | 2,191 | |||
Shares withheld in connection with net share settlement of RSUs (in shares) | (132,000) | |||||
Shares withheld in connection with net share settlement of RSUs | (734) | (734) | ||||
Equity-based compensation expense | 4,003 | 4,003 | ||||
Net income | 26,620 | 26,620 | ||||
Other comprehensive income (loss) | (62) | (62) | ||||
Common stock repurchases | $ 0 | |||||
Common Stock Repurchases (in shares) | 0 | |||||
Ending balance at Jan. 01, 2022 | $ 134,015 | $ 25 | $ 199,073 | $ (29,551) | $ 578 | $ (36,110) |
Ending Balance (in shares) at Jan. 01, 2022 | 24,636,000 | 5,087,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Operating activities | ||
Net income | $ 26,620,000 | $ 1,056,000 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation and amortization | 3,456,000 | 3,206,000 |
Net amortization (accretion) of investment premiums and discounts | 109,000 | 12,000 |
Amortization of intangible assets | 0 | 274,000 |
Gain on sale of Photonics division | (54,341,000) | |
Asset impairment charges | 1,246,000 | |
Equity-based compensation | 4,003,000 | 3,389,000 |
Straight-line rent adjustment and amortization of lease incentives | (463,000) | (286,000) |
Deferred income taxes | 25,000 | 917,000 |
Changes in assets and liabilities: | ||
Accounts receivable | 10,850,000 | (27,000) |
Inventories | 9,597,000 | 3,218,000 |
Prepaid expenses and other assets | 6,000 | (462,000) |
Accounts payable | (932,000) | 60,000 |
Accrued payroll and other accrued liabilities | (1,972,000) | 1,467,000 |
Customer advances | 2,074,000 | (3,974,000) |
Total adjustments | (26,342,000) | 7,794,000 |
Net cash and cash equivalents provided by operating activities | 278,000 | 8,850,000 |
Investing activities | ||
Purchase of investments | (17,148,000) | (23,342,000) |
Proceeds from sales and maturities of investments | 19,550,000 | 25,355,000 |
Proceeds from sale of Photonics division | 70,000,000 | |
Purchase of leasehold improvements and equipment | (1,198,000) | (2,612,000) |
Net cash and cash equivalents provided by (used in) investing activities | 71,204,000 | (599,000) |
Financing activities | ||
Proceeds from issuance of common stock | 2,632,000 | 1,897,000 |
Common stock repurchases | 0 | (393,000) |
Taxes paid related to net share settlement | (734,000) | (402,000) |
Net cash and cash equivalents provided by financing activities | 1,898,000 | 1,102,000 |
Effect of exchange rate changes on cash | 6,000 | 221,000 |
Net increase in cash, cash equivalents and restricted cash | 73,386,000 | 9,574,000 |
Cash, cash equivalents and restricted cash at beginning of period | 30,128,000 | 20,554,000 |
Cash, cash equivalents and restricted cash at end of period | 103,514,000 | 30,128,000 |
Cash paid (received) for: | ||
Income taxes | 559,000 | 850,000 |
Income tax refund | $ (18,000) | $ (157,000) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 01, 2022 | |
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 Reportable Segment During fiscal 2021, we sold the business of one of our reporting segments, Photonics. Therefore, we have one reportable segment remaining. See Note 2 for additional disclosure related to discontinued operations. The remaining segment, Thin Film Equipment (“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, display cover panel (“DCP”) and advanced semiconductor packaging (“ASP”) industries, as well as other adjacent thin-film markets. Reclassification of Prior Periods On December 30, 2021, the Company completed the sale of its Photonics business to EOTECH, LLC, a Michigan limited liability company (“EOTECH”), in exchange for (i) $70.0 million in cash consideration (as may be increased or decreased by certain closing net working capital adjustments), (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business. Due to the sale of the Photonics business during the fourth quarter of 2021, we have classified the results of the Photonics business as discontinued operations in our consolidated statements of income for all periods presented. All amounts included in the Notes to Consolidated Financial Statements relate to continuing operations unless otherwise noted. 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 1, 2022 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 $186,000 as collateral for various guarantees with its bank. Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management 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. 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. Income Taxes Intevac accounts for income taxes by recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. 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 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 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. 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. 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 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 (Loss) The changes in accumulated other comprehensive income (loss) by component, were as follows for the years ended January 1, 2022 and January 2, 2021: Foreign Unrealized holding available-for-sale Total (in thousands) 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 Other comprehensive income (loss) before reclassification 6 (68 ) (62 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 6 (68 ) (62 ) Balance at January 1, 2022 $ 608 $ (30 ) $ 578 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 November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, Disclosures by Business Entities about Government Assistance In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) 2021-01, Reference Rate Reform (Topic 848): Scope 2020-04 2020-04. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). |
Divestiture and Discontinued Op
Divestiture and Discontinued Operations | 12 Months Ended |
Jan. 01, 2022 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Divestiture and Discontinued Operations | 2. Divestiture and Discontinued Operations Sale of Photonics On December 30, 2021, the Company entered into an asset purchase agreement (the “Purchase Agreement”) with EOTECH, governing the sale of the Company’s Photonics business to EOTECH in exchange for (i) $70.0 million in cash consideration (as may be increased or decreased by certain closing net working capital adjustments), (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business as specified in the Purchase Agreement. The transaction closed on December 30, 2021. Under the Purchase Agreement, EOTECH has also agreed to pay to the Company, if earned, earnout payments of up to an aggregate of $30.0 million based on achievement of fiscal year 2023, 2024 and 2025 Photonics segment revenue targets for the Integrated Visual Augmentation System (“IVAS”) program as specified in the Purchase Agreement. At any time prior to December 31, 2024, EOTECH may elect to pay to the Company $14.0 million, which would terminate EOTECH’s obligations with respect to any remaining earnout payments. The cash proceeds do not include any estimated future payments from the revenue earnout as the Company has elected to record the proceeds when the consideration is deemed realizable. The Company believes this disposition will allow it to benefit from a streamlined business model, simplified operating structure, and enhanced management focus. In connection with the Photonics sale, the Company and EOTECH have entered into a Transition Service Agreement (“TSA”) and a Lease Assignment Agreement. The TSA outlines the information technology, people, and facility support the parties will provide to each other for a period anticipated to be up to six months after the closing of the sale. The Lease Assignment Agreement assigns the lease obligation for two buildings in the company’s California campus to EOTECH. As part of the assignment, the Company has agreed to subsidize a portion of the EOTECH’s lease payments through the remainder of the lease term which expires in March 2024. The following table summarizes the components of the gain on sale of the Photonics segment (in thousands): Cash proceeds $ 70,000 Working capital adjustment (74 ) 69,926 Assets sold: Accounts receivable 3,535 Inventories 6,301 Other current assets 72 Property, plant and equipment 3,987 Total assets sold 13,895 Liabilities divested: Accounts payable 888 Other accrued expenses 594 Total liabilities divested 1,482 Transaction and other costs (3,172 ) Gain on sale $ 54,341 Discontinued operations Based on its magnitude and because the Company exited certain markets, the sale of the Photonics segment represents a significant strategic shift that has a material effect on the Company’s operations and financial results, and the Company has separately reported the results of its Photonics segment as discontinued operations in the consolidated statements of income for the years ended January 1, 2022 and January 2, 2021. The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the Photonics segment that have been eliminated from continuing operations. Previously reported expenses for the Photonics segment have been recast to exclude certain allocated expenses that are not directly attributable to the Photonics segment. The key components from discontinued operations related to the Photonics segment are as follows (in thousands): Year Ended, January 1, January 2, (In thousands, except per share amounts) Net revenues: Systems and components $ 15,932 $ 22,751 Technology development 11,735 22,945 Total net revenues 27,667 45,696 Cost of net revenues: Systems and components 12,252 12,520 Technology development 8,885 15,048 Total cost of net revenues 21,137 27,568 Gross profit 6,530 18,128 Year Ended, January 1, January 2, (In thousands, except per share amounts) Operating expenses: Research and development 2,653 888 Selling, general and administrative 5,937 5,805 Asset impairment and restructuring charges 2,604 — Total operating expenses 11,194 6,693 Operating income (loss)—discontinued operations (4,664 ) 11,435 Other income (expense)—discontinued operations — 56 Income (loss) discontinued operations before provision for (benefit from) income taxes (4,664 ) 11,491 Gain on disposal of discontinued operations before income taxes 54,341 — Total income from discontinued operations, before tax 49,677 11,491 Provision for (benefit from) income taxes — — Net income from discontinued operations net of tax $ 49,677 $ 11,491 The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. The following table presents cash flow and non-cash 2021 2020 (in thousands) Depreciation and amortization $ 1,366 $ 1,123 Amortization of intangible assets $ — $ 36 Asset impairment charges $ 1,246 $ — Equity-based compensation $ 1,167 $ 959 Purchase of leasehold improvements and equipment $ 429 $ 636 Revenue recognition The Photonics segment recognized revenues for cost plus fixed fee (“CPFF”) and firm fixed price (“FFP”) government contracts over time under the cost-to-cost non-U.S. cost-to-cost The majority of the contracts in the Photonics segment had 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 the 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, the contract’s transaction price was allocated to each performance obligation using the 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 the expected costs of satisfying a performance obligation is forecasted and then an appropriate margin is added for that distinct good or service. In the Photonics segment, revenue for homogenous manufactured military products sold to the U.S. government and its contractors was recognized over time under the units-of-delivery units-of-delivery The nature of the contracts in the Photonics segment gave 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, was impacted by agreements with tiered pricing or variable rate structures. Variable consideration was included in the estimated transaction price when there was a basis to reasonably estimate the amount of the consideration. These estimates were based on historical experience, anticipated performance and our best judgment at the time. Because of the certainty in estimating these amounts, they were 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, the profit on a contract was estimated 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 were based on various assumptions to project the outcome of future events. These assumptions included 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 the contracts, the contract-related estimates were reviewed and updated regularly. Adjustments in estimated profit on contracts were recognized under the cumulative catch-up Impairment of Long-Lived Assets In the fourth fiscal quarter of 2021, as a result of and in consideration of the Photonics sale, the assignment of leased space to EOTECH and the agreement to subsidize EOTECH for spaces that will no longer be utilized, the Company evaluated its lease right-of-use |
Revenue
Revenue | 12 Months Ended |
Jan. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue The following tables represent a disaggregation of revenue from contracts with customers for fiscal 2021 and 2020. Major Products and Service Lines 2021 2020 (in thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 28,300 $ 3 $ 258 $ 3,850 $ 32,411 $ 45,620 $ 426 $ 46,046 Field service 6,031 14 68 — 6,113 6,080 2 6,082 Total TFE net revenues $ 34,331 $ 17 $ 326 $ 3,850 $ 38,524 $ 51,700 $ 428 $ 52,128 Primary Geography Markets 2021 2020 (in thousands) United States $ 3,670 $ 6,450 Asia 31,004 45,611 Europe 3,850 67 Total net revenues $ 38,524 $ 52,128 Timing of Revenue Recognition 2021 2020 (in thousands) Products transferred at a point in time $38,524 $52,128 Products and services transferred over time — — Total net revenues $ 38,524 $ 52,128 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 1, January 2, Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ 99 $ 369 $ (270 ) Contract liabilities: Deferred revenue $ 65 $ 482 $ (417 ) Customer advances 2,107 33 2,074 $ 2,172 $ 515 $ 1,657 Photonics (included in discontinued operations): Contract assets: Accounts receivable, unbilled $ — $ 5,439 $ (5,439 ) Retainage — 126 (126 ) $ — $ 5,565 $ (5,565 ) 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 Customer advances in our TFE segment generally represent amounts billed to the customer prior to transferring goods which represents a contract liability. The Company has elected to use the practical expedient to disregard the effect of the time value of money in a significant financing component when its payment terms are less than one year. These contract advances are liquidated when revenue is recognized. Deferred revenue in our TFE segment generally represents amounts billed to a customer for completed systems at the customer site that are undergoing installation and acceptance testing where transfer of control has not yet occurred as Intevac does not yet have a demonstrated history of meeting the acceptance criteria upon the customer’s receipt of product and represents a contract liability. During fiscal 2021, we recognized revenue in our TFE segment of $33,000 and $427,000 that was included in customer advances and deferred revenue, respectively, at the beginning of the period. On January 1, 2022, we had $24.7 million of remaining performance obligations, which we also refer to as backlog and expect to recognize as revenue in 2022. On December 30, 2021, we sold assets comprising our Photonics business and we have separately reported the results of our Photonics segment as discontinued operations in our consolidated statements of income for the years ended January 1, 2022 and January 2, 2021, respectively. Accounts receivable, unbilled in our Photonics segment represented a contract asset for revenue that had been recognized in advance of billing the customer, which is common for contracts in the defense industry. In the Photonics segment, amounts were billed as work progressed in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly) or upon achievement of contractual milestones. Generally, billing occurred subsequent to revenue recognition, resulting in contract assets. These contracts with the U.S. government also contained retainage provisions. Retainage represents a contract asset for the portion of the contract price earned 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 was billable upon completion of the contract performance and approval of final indirect expense rates by the government. During fiscal 2021, contract assets in the Photonics segment decreased by $5.6 million primarily due to invoicing upon the achievement of contractual milestones, offset in part to the revenue recognized reported in discontinued operations on FFP contracts in advance of billing and the accrual of revenue reported in discontinued operations incurred costs under CPFF contracts. Deferred revenue in the Photonics segment generally represented a contract liability for amounts billed to the customer upon achievement of contractual milestones. These amounts are liquidated when revenue was recognized. During fiscal 2021, the Photonics segment recognized revenue of $779,000 reported in discontinued operations that was included in deferred revenue at the beginning of the period. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Jan. 01, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 4. 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 1, 2022, Intevac had equity-based awards outstanding under the 2020 Equity Incentive Plan and the 2012 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 On January 19, 2022, the Board of Directors adopted the 2022 Inducement Equity Incentive Plan (the “Inducement Plan”) and, subject to the adjustment provisions of the Inducement Plan, reserved 1,200,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Plan. The Inducement Plan provides for the grant of equity-based awards, including nonstatutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the Company’s 2020 Equity Incentive Plan. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In accordance with that rule, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of non-employment with 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 2021 and 2020 was as follows (in thousands): 2021 2020 Equity-based compensation by type of award: Stock options $198 $504 RSUs 2,819 1,936 Employee stock purchase plan 986 949 Total equity-based compensation * $ 4,003 $ 3,389 *Included in the table above, equity based compensation reported in discontinued operations of $1.2 million and $1.0 million for fiscal years 2021 and 2020, respectively. 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 2021 2020 Stock Options: Weighted-average fair value of grants per share — $ 1.82 Expected volatility — 46.06 % Risk free interest rate — 0.44% Expected term of options (in years) — 4.39 Dividend yield — 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. A summary of the stock option activity is as follows: Shares Weighted Exercise Weighted Average Aggregate Intrinsic Value Options outstanding at January 2, 2021 1,814,467 $ 6.66 3.08 $ 2,520,722 Options cancelled and forfeited (280,261 ) $ 7.44 Options exercised (76,619 ) $ 5.74 Options outstanding at January 1, 2022 1,457,587 $ 6.55 2.31 $ 7,622 Options exercisable at January 1, 2022 1,267,664 $ 6.74 2.08 $ 3,513 The total intrinsic value of options exercised during fiscal years 2021 and 2020 was $101,000 and $110,000, respectively. At January 1, 2022, Intevac had $78,000 of total unrecognized compensation expense related to stock option plans that will be recognized over the weighted-average period of 0.72 years. RSUs A summary of the RSU activity is as follows: Shares Weighted Weighted Average Aggregate Non-vested 901,634 $ 5.30 1.50 $ 6,500,781 Granted 606,705 $ 6.03 Vested (382,747 ) $ 5.71 Cancelled (92,156 ) $ 4.79 Non-vested 1,033,436 $ 5.59 1.39 $ 4,867,484 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one three In May 2021, we granted 126,320 performance-based restricted stock units (“PRSUs”) to members of our senior management. The number of PRSUs that will vest is determined by our common stock achieving a certain Total Shareholder Return (“TSR”) for the Company, relative to the TSR of a specified peer group over a measurement period of two years from the time of grant. The fair value of each PRSU award was estimated on the date of grant using a Monte Carlo simulation. PRSU activity is included in the above RSU table. At the end of the performance measurement period, the Compensation Committee of the Board of Directors (the “Compensation Committee”) will determine the achievement against the performance objectives. Depending on the Company’s TSR relative to the peer group TSR, the actual number of shares that will be vested for each PRSU grant can range from zero to 200% of the initial grant. Intevac estimated the weighted-average fair value of PRSUs using the following weighted-average assumptions: 2021 Weighted-average fair value of grants per share $ 7.65 Expected volatility 56.26 % Risk-free interest rate 0.15 % Dividend yield None In May 2020, we granted 109,465 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: 2021 2020 Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.59 $ 2.20 Expected volatility 60.88 % 51.49 % Risk free interest rate 0.08 % 0.14 % Expected term of purchase rights (in years) 0.91 1.24 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 2021 and 2020 is as follows: 2021 2020 (in thousands, except per share amounts) Shares purchased 435 392 Weighted-average purchase price per share $ 5.05 $ 4.01 Aggregate intrinsic value of purchase rights exercised $ 671 $ 765 As of January 1, 2022, Intevac had $215,000 of total unrecognized compensation expense related to purchase rights that will be recognized over the weighted-average period of 0.5 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 01, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 5. Earnings Per Share Intevac calculates basic earnings per share (“EPS”) using net income (loss) 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 (loss) per share: 2021 2020 (in thousands, except per share amounts) Net loss from continuing operations $ (23,057 ) $ (10,435 ) Net income from discontinued operations, net of tax 49,677 11,491 Net income $ 26,620 $ 1,056 Weighted-average shares – basic 24,348 23,669 Effect of dilutive potential common shares — — Weighted-average shares – diluted 24,348 23,669 Basic and diluted net income (loss) per share: Continuing operations $ (0.95 ) $ (0.44 ) Discontinued operations $ 2.04 $ 0.49 Net income per share $ 1.09 $ 0.04 As the Company is in a net loss position from continuing operations, all of the Company’s equity instruments are considered antidilutive. |
Concentrations
Concentrations | 12 Months Ended |
Jan. 01, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 6. 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 1, 2022 and January 2, 2021. 2021 2020 Seagate Technology 47 % 45 % Western Digital Corporation 30 % 16 % Amkor Technology, Inc. 22 % * U.S. Government (included in discontinued operations). — 26 % * 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 2021 and/or 2020. 2021 2020 Seagate Technology 60 % 79 % Western Digital Corporation 25 % 18 % Amkor Technology, Inc. 10 % * * Less than 10% Products Disk manufacturing products contributed a significant portion of Intevac’s revenues in fiscal 2021 and 2020. 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 ASP. |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Jan. 01, 2022 | |
Balance Sheet Details | 7. Balance Sheet Details Balance sheet details were as follows as of January 1, 2022 and January 2, 2021: Trade and Other Accounts Receivable, Net January 1, January 2, (in thousands) Trade receivables and other $ 14,162 $ 22,712 Unbilled costs and accrued profits 99 5,934 Less: allowance for doubtful accounts — — $ 14,261 $ 28,646 Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: January 1, January 2, (in thousands) Raw materials $ 5,323 $ 9,999 Work-in-progress 468 4,832 Finished goods — 6,858 $ 5,791 $ 21,689 Property, Plant and Equipment, Net January 1, January 2, (in thousands) Leasehold improvements $ 9,847 $ 16,323 Machinery and equipment 23,818 46,846 33,665 63,169 Less accumulated depreciation and amortization 28,906 52,165 Total property, plant and equipment, net $ 4,759 $ 11,004 Net property, plant and equipment by geographic region at January 1, 2022 and January 2, 2021 was as follows: January 1, January 2, (in thousands) United States $ 4,385 $ 10,678 Asia 374 326 Net property, plant & equipment $ 4,759 $ 11,004 Deferred Income Taxes and Other Long-Term Assets January 1, January 2, (in thousands) Deferred income taxes $ 5,310 $ 5,335 Prepaid expenses 139 151 $ 5,449 $ 5,486 Accounts Payable Included in accounts payable is $109,000 and $84,000 of book overdraft at January 1, 2022 and January 2, 2021, respectively. Other Accrued Liabilities January 1, January 2, (in thousands) Other taxes payable $ 1,318 $ 935 Litigation settlement 1,000 — Income taxes payable 370 263 Restructuring 347 — Accrued product warranties 301 405 Other 264 734 Deferred revenue 65 1,261 Total other accrued liabilities $ 3,665 $ 3,598 Other Long-Term Liabilities January 1, January 2, (in thousands) Restructuring $ 318 $ — Accrued product warranties 45 75 Employer payroll taxes — 382 Total other long-term liabilities $ 363 $ 457 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jan. 01, 2022 | |
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract] | |
Financial Instruments | 8. Financial Instruments Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: January 1, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 102,494 $ — $ — $ 102,494 Money market funds 234 — — 234 Total cash and cash equivalents $ 102,728 $ — $ — $ 102,728 Short-term investments: Certificates of deposit $ 4,300 $ — $ — $ 4,300 Commercial paper 400 — — 400 Corporate bonds and medium-term notes 2,916 — 3 2,913 Municipal bonds 700 — — 700 U.S. treasury securities 1,910 — 2 1,908 Total short-term investments $ 10,226 $ — $ 5 $ 10,221 Long-term investments: Asset backed securities $ 2,040 $ — $ 3 $ 2,037 Certificates of deposit 500 — 3 497 Corporate bonds and medium-term notes 1,521 — 6 1,515 Municipal bonds 145 — 1 144 U.S. treasury securities 3,246 — 12 3,234 Total long-term investments $ 7,452 $ — $ 25 $ 7,427 Total cash, cash equivalents, and investments $ 120,406 $ — $ 30 $ 120,376 January 2, 2021 Amortized Unrealized Unrealized Fair (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 The contractual maturities of investment securities at January 1, 2022 are presented in the following table. Amortized Cost Fair Value (in thousands) Due in one year or less $ 10,460 $ 10,455 Due after one through five years 7,452 7,427 $ 17,912 $ 17,882 The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of January 1, 2022. January 1, 2022 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Asset backed securities $ 2,037 $ 3 $ — $ — Certificates of deposit 1,497 3 — — Corporate bonds and medium-term notes 3,424 9 — — Municipal bond 464 1 — — U.S. treasury securities 4,642 14 — — $ 12,064 $ 30 $ — $ — All prices for the fixed maturity securities including U.S. treasury and agency securities, asset backed 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 investment securities measured at fair value on a recurring basis as of January 1, 2022. Fair Value Measurements at January 1, 2022 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Money market funds $ 234 $ 234 $ — U.S. treasury securities 5,142 5,142 — Asset backed securities 2,037 — 2,037 Certificates of deposit 4,797 — 4,797 Commercial paper 400 — 400 Corporate bonds and medium-term notes 4,428 — 4,428 Municipal bonds 844 — 844 Total recurring fair value measurements $ 17,882 $ 5,376 $ 12,506 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 1, 2022 and January 2, 2021: Notional Amounts Derivative Derivative Liabilities Derivative Instrument January 1, January 2, January 1, January 2, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 815 983 a $ 1 b $ 3 Total Hedges $ 815 983 $ 1 $ 3 a Other current assets b Other accrued liabilities |
Equity
Equity | 12 Months Ended |
Jan. 01, 2022 | |
Equity [Abstract] | |
Equity | 9. 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 1, 2022, $10.4 million remains available for future stock repurchases under the repurchase program. The following table summarizes Intevac’s stock repurchases for fiscal 2021 and 2020: 2021 2020 (in thousands, except per share amounts) Shares of common stock repurchased — 98 Cost of stock repurchased $ — $ 393 Average price paid per share $ — $ 3.97 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. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The provision for income taxes on income from operations for fiscal 2021 and 2020 consists of the following (in thousands): 2021 2020 Federal: Current $ — $ (915 ) Deferred — — — (915 ) State: Current 4 4 Deferred — — 4 4 Foreign: Current 546 1,705 Deferred 25 917 571 2,622 Total $ 575 $ 1,711 Income taxes on discontinued operations $ — $ — Income taxes on continuing operations $ 575 $ 1,711 Income (loss) before income taxes for fiscal 2021 and 2020 consisted of the following (in thousands): 2021 2020 U.S $ (22,694 ) $ (14,784 ) Foreign 212 6,060 $ (22,482 ) $ (8,724 ) Effective tax rate (2.6 %) (19.6 %) As a result of the adoption of ASU 2019-12 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 1, January 2, Deferred tax assets: Vacation, warranty and other accruals $ 627 $ 651 Intangible amortization 282 551 Purchased technology 17 14 Inventory valuation 1,653 1,101 Equity-based compensation 1,343 1,494 Lease liability 1,659 — Net operating loss, research and other tax credit carryforwards 53,684 55,322 Other 22 30 59,287 59,163 Valuation allowance for deferred tax assets (52,703 ) (52,088 ) Total deferred tax assets 6,584 7,075 January 1, January 2, Deferred tax liabilities: Depreciation and amortization (201 ) (341 ) ROU asset (1,073 ) — Unbilled revenue — (1,399 ) Total deferred tax liabilities (1,274 ) (1,740 ) Net deferred tax assets $ 5,310 $ 5,335 As reported on the consolidated balance sheets: Non-current $ 5,310 $ 5,335 Intevac accounts for income taxes in accordance with ASC 740, Income Taxes 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 assets 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 assets 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 2021 a valuation allowance increase of $1.1 million and for fiscal 2020 a valuation allowance decrease of $416,000 were recorded for the U.S. federal deferred tax assets. A valuation allowance is recorded against the entire state deferred tax assets, 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 1, 2022, our federal, foreign and state net operating loss carryforwards for income tax purposes were approximately $29.4 million, $30.2 million and $70.2 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 2030 and 2028, respectively. The foreign net operating loss carryforwards do not expire. As of January 1, 2022, our federal and state tax credit carryforwards for income tax purposes were approximately $20.5 million and $16.0 million, respectively. If not utilized, the federal tax credit carryforwards will begin to expire in 2022 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 2021, the Company received $83,000 in JSS grants, of which $56,000 is reported as a reduction of cost of net revenues, $10,000 is reported as a reduction of R&D expenses and $17,000 is reported as a reduction of selling, general and administrative expenses on the consolidated statements of income. 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 2021 and 2020 on continuing operations was as follows (in thousands): 2021 2020 Income tax at the federal statutory rate $ (4,721 ) $ (1,832 ) State income taxes, net of federal benefit 4 4 Change in valuation allowance: U.S 94 40 Foreign — — Effect of foreign operations taxed at various rates 48 (235 ) Research tax credits (1,135 ) (1,306 ) Effect of tax rate changes, permanent differences and adjustments of prior deferrals 6,285 4,461 Unrecognized tax benefits — 579 Total income tax expense on continuing operations $ 575 $ 1,711 Intevac has not provided for foreign withholding taxes on approximately $1.6 million of undistributed earnings from non-U.S. The total amount of gross unrecognized tax benefits was $718,000 as of January 1, 2022, 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 2021 and 2020 2021 2020 Beginning balance $ 7,327 $ 7,683 Additions based on tax positions related to the current year 24 589 Decreases for tax positions of prior years (6,622 ) — Lapse of statute of limitations (11 ) (945 ) Ending balance $ 718 $ 7,327 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 operations. During fiscal 2021 and 2020, Intevac recognized a net tax expense (benefit) of $0 and ($2,000), respectively. As of January 1, 2022 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. As of January 1, 2022, all of the tax years remained open to examination by the federal and state taxing authorities, for three 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. 01, 2022 | |
Employee Benefit Plans | 11. 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 $188,000 for fiscal 2021 and $201,000 for fiscal 2020. 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. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Leases Intevac leases certain manufacturing facilities, warehouses, office space, and equipment under non-cancelable The Company and EOTECH have entered into a Lease Assignment Agreement that assigns a portion of the Company’s lease obligation regarding its Santa Clara, California campus to EOTECH. The Company is contingently liable should EOTECH default on future lease obligations through the lease termination date of March 2024. The aggregate amount of the future lease obligations under this arrangement is $3.4 million as of January 1, 2022. As the Company is not being released as the primary obligor under the original lease, the lease assignment has been accounted for as a sublease. In consideration of EOTECH’s assumption of the above-mentioned lease obligations, which assumed lease obligations pertain in part to excess space beyond that required for EOTECH’s currently anticipated operation of the Photonics business, the Company agreed to pay to EOTECH the amount of $2.1 million (the “Unused Space Amount”), which Unused Space Amount is payable in (i) one initial installment of $308,000 on January 10, 2022 and (ii) seven (7) equal quarterly installments of $259,000. The following table reflects our lease assets and our lease liabilities at January 1, 2022 and January 2, 2021. January 1, 2022 January 2, 2021 (in thousands) Assets: Operating lease ROU assets $ 4,520 $ 8,165 Liabilities: Current operating lease liabilities $ 3,119 $ 2,853 Noncurrent operating lease liabilities 3,675 6,803 $ 6,794 $ 9,656 Lease Costs: The components of lease costs were as follows: 2021 2020 (in thousands) Operating lease cost $ 2,944 $ 2,942 Short-term lease cost 98 93 Total lease cost $ 3,042 $ 3,035 As of January 1, 2022 the maturity of operating lease liabilities was as follows: Continuing Discontinued Total (in thousands) 2022 $ 1,805 $ 1,661 $ 3,466 2023 1,577 1,710 3,287 2024 256 286 542 Total lease payments $ 3,638 $ 3,657 7,295 Less: Interest (242 ) (259 ) (501 ) Present value of lease liabilities $ 3,396 $ 3,398 6,794 The operating lease liabilities in discontinued operations represent the lease obligations that were assigned to EOTECH but which will be accounted for as a sublease as the Company has not been relieved of its primary obligations with the landlord. Lease Term and Discount Rate: January 1, 2022 January 2, 2021 Weighted-average remaining lease term (in years) 2.11 3.09 Weighted-average discount rate 6.40 % 6.39 % Other information: Supplemental cash flow information related to leases was as follows (in thousands): 2021 2020 (in thousands) Operating cash outflows from operating leases $ 3,382 $ 3,332 ROU asset impairment expense (reported in discontinued operations) $ 1,246 $ — ROU assets obtained in exchange for new operating lease liabilities $ — $ 128 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 1, 2022, we had letters of credit and bank guarantees outstanding totaling $786,000, 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 $786,000 of restricted cash. Warranty Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is subject to contract terms and, for its HDD manufacturing, DCP manufacturing, solar cell manufacturing and ASP manufacturing systems, the warranty typically ranges between 12 and 24 months from customer acceptance. During this warranty period any defective 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 2021 and 2020: 2021 2020 (in thousands) Beginning balance $ 480 $ 1,022 Expenditures incurred under warranties (622 ) (493 ) Expenditures incurred under warranties included in discontinued operations (89 ) (19 ) Accruals for product warranties 502 237 Accruals for product warranties included in discontinued operations 122 43 Adjustments to previously existing warranty accruals 31 (306 ) Adjustments to previously existing warranty accruals included in discontinued operations (31 ) (4 ) Sale of Photonics division (47 ) — Ending balance $ 346 $ 480 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. In July 2020, Robin Quiusky, a former contract employee who worked for us via a staffing agency, filed an action against us under the Private Attorneys General Act (“PAGA”) in California state court (Quiusky v. Intevac, Inc., et al) alleging that the Company failed to provide rest and meal breaks, pay overtime and reimburse business expenses for non-exempt |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Jan. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 13. Restructuring Charges During the fourth quarter of fiscal 2021, the Company recorded asset impairment and restructuring charges associated with the sale of the Photonics division including (i) $693,000 in severance and other employee-related costs related to the termination of the Photonics general manager; (ii) $1.2 million in asset impairment charges on the Company’s ROU asset and (iii) $665,000 in accruals for common area charges associated with an unused space commitment to EOTECH. In consideration of EOTECH’s assumption of certain lease obligations related to the Company’s Santa Clara, California campus, which assumed lease obligations pertain in part to excess space beyond that required EOTECH’s currently anticipated operation of the Photonics division, the Company agreed to pay EOTECH the amount of $2.1 million, which is payable in (i) one initial installment of $308,000 on January 10, 2022 and (ii) seven equal quarterly installments of $259,000. The Company recorded an asset impairment charge against its ROU asset in the amount of $1.2 million associated with the excess space noted above. The Company recorded a liability to EOTECH in the amount of $665,000, the amount related to common area charges which are not included in the base rental payments or the lease liability on the Company’s consolidated balance sheet. During the third quarter of fiscal 2021, Intevac substantially completed implementation of the 2021 cost reduction plan (the “2021 Cost Reduction Plan”), which was intended to reduce expenses and reduce its workforce by 5.2 percent. The cost of implementing the 2021 Cost Reduction 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 Cost Reduction Plan occurred in the first nine months of fiscal 2021. Implementation of the 2021 Cost Reduction Plan is expected to reduce salary, wages and other employee-related expenses by approximately $2.0 million on an annual basis. During the third quarter of fiscal 2020, Intevac substantially completed implementation of the 2020 cost reduction plan (the “2020 Cost Reduction Plan”), which was intended to reduce expenses and reduce its workforce by 1.0 percent. The cost of implementing the 2020 Cost Reduction 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 Cost Reduction Plan occurred in the third quarter of fiscal 2020. Implementation of the 2020 Cost Reduction reduced salary, wages and other employee-related expenses by approximately $864,000 on an annual basis. As of January 1, 2022, activities related to the 2021 Plan and the 2020 Plan were complete. The following table summarizes the significant activities within, and components of, the restructuring liabilities. Employee Other Total (in thousands) Balance at December 28, 2019 $ — $ — $ — Provision for restructuring charges under the 2020 Cost Reduction Plan 103 — 103 Cash payments made (103 ) — (103 ) Balance at January 2, 2021 $ — $ — $ — Provision for restructuring charges under the 2021 Cost Reduction Plan 319 — 319 Cash payments made (319 ) — (319 ) Provision for restructuring charges associated with Photonics sale (a) 693 1,911 2,604 Cash payments made (96 ) — (96 ) Non-cash (239 )(b) (1,246 )(c) (1,485 ) Balance at January 1, 2022 $ 358 (d) $ 665 $ 1,023 (a) Included in income from discontinued operations (See note 2). (b) Acceleration of equity awards. (c) Impairment of ROU asset. (d) Liability for employee termination costs is included in accrued payroll and related liabilities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 01, 2022 | |
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 |
Reportable Segment | Reportable Segment During fiscal 2021, we sold the business of one of our reporting segments, Photonics. Therefore, we have one reportable segment remaining. See Note 2 for additional disclosure related to discontinued operations. The remaining segment, Thin Film Equipment (“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, display cover panel (“DCP”) and advanced semiconductor packaging (“ASP”) industries, as well as other adjacent thin-film markets. |
Reclassification of Prior Periods | Reclassification of Prior Periods On December 30, 2021, the Company completed the sale of its Photonics business to EOTECH, LLC, a Michigan limited liability company (“EOTECH”), in exchange for (i) $70.0 million in cash consideration (as may be increased or decreased by certain closing net working capital adjustments), (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business. Due to the sale of the Photonics business during the fourth quarter of 2021, we have classified the results of the Photonics business as discontinued operations in our consolidated statements of income for all periods presented. All amounts included in the Notes to Consolidated Financial Statements relate to continuing operations unless otherwise noted. |
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 1, 2022 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 $186,000 as collateral for various guarantees with its bank. |
Derivative Instruments and Hedging Arrangements | Derivative Instruments and Hedging Arrangements Foreign Exchange Exposure Management 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. 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 | 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. |
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. |
Income Taxes | Income Taxes Intevac accounts for income taxes by recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. 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 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 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. 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. |
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 |
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 (Loss) The changes in accumulated other comprehensive income (loss) by component, were as follows for the years ended January 1, 2022 and January 2, 2021: Foreign Unrealized holding available-for-sale Total (in thousands) 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 Other comprehensive income (loss) before reclassification 6 (68 ) (62 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 6 (68 ) (62 ) Balance at January 1, 2022 $ 608 $ (30 ) $ 578 |
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 November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, Disclosures by Business Entities about Government Assistance In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) 2021-01, Reference Rate Reform (Topic 848): Scope 2020-04 2020-04. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Changes in Accumulated Other Comprehensive Income by Component | The changes in accumulated other comprehensive income (loss) by component, were as follows for the years ended January 1, 2022 and January 2, 2021: Foreign Unrealized holding available-for-sale Total (in thousands) 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 Other comprehensive income (loss) before reclassification 6 (68 ) (62 ) Amounts reclassified from other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 6 (68 ) (62 ) Balance at January 1, 2022 $ 608 $ (30 ) $ 578 |
Divestiture and Discontinued _2
Divestiture and Discontinued Operations (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |
Summary of gain on sale of photonics segment | The following table summarizes the components of the gain on sale of the Photonics segment (in thousands): Cash proceeds $ 70,000 Working capital adjustment (74 ) 69,926 Assets sold: Accounts receivable 3,535 Inventories 6,301 Other current assets 72 Property, plant and equipment 3,987 Total assets sold 13,895 Liabilities divested: Accounts payable 888 Other accrued expenses 594 Total liabilities divested 1,482 Transaction and other costs (3,172 ) Gain on sale $ 54,341 |
Summary of components discontinued operations related photonics segment | The key components from discontinued operations related to the Photonics segment are as follows (in thousands): Year Ended, January 1, January 2, (In thousands, except per share amounts) Net revenues: Systems and components $ 15,932 $ 22,751 Technology development 11,735 22,945 Total net revenues 27,667 45,696 Cost of net revenues: Systems and components 12,252 12,520 Technology development 8,885 15,048 Total cost of net revenues 21,137 27,568 Gross profit 6,530 18,128 Year Ended, January 1, January 2, (In thousands, except per share amounts) Operating expenses: Research and development 2,653 888 Selling, general and administrative 5,937 5,805 Asset impairment and restructuring charges 2,604 — Total operating expenses 11,194 6,693 Operating income (loss)—discontinued operations (4,664 ) 11,435 Other income (expense)—discontinued operations — 56 Income (loss) discontinued operations before provision for (benefit from) income taxes (4,664 ) 11,491 Gain on disposal of discontinued operations before income taxes 54,341 — Total income from discontinued operations, before tax 49,677 11,491 Provision for (benefit from) income taxes — — Net income from discontinued operations net of tax $ 49,677 $ 11,491 |
Summary of cash flow and noncash information related to discontinued operations | The following table presents cash flow and non-cash 2021 2020 (in thousands) Depreciation and amortization $ 1,366 $ 1,123 Amortization of intangible assets $ — $ 36 Asset impairment charges $ 1,246 $ — Equity-based compensation $ 1,167 $ 959 Purchase of leasehold improvements and equipment $ 429 $ 636 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
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 2021 and 2020. Major Products and Service Lines 2021 2020 (in thousands) HDD DCP PV ASP Total HDD PV Total Systems, upgrades and spare parts $ 28,300 $ 3 $ 258 $ 3,850 $ 32,411 $ 45,620 $ 426 $ 46,046 Field service 6,031 14 68 — 6,113 6,080 2 6,082 Total TFE net revenues $ 34,331 $ 17 $ 326 $ 3,850 $ 38,524 $ 51,700 $ 428 $ 52,128 Primary Geography Markets 2021 2020 (in thousands) United States $ 3,670 $ 6,450 Asia 31,004 45,611 Europe 3,850 67 Total net revenues $ 38,524 $ 52,128 Timing of Revenue Recognition 2021 2020 (in thousands) Products transferred at a point in time $38,524 $52,128 Products and services transferred over time — — Total net revenues $ 38,524 $ 52,128 |
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 1, January 2, Change (In thousands) TFE: Contract assets: Accounts receivable, unbilled $ 99 $ 369 $ (270 ) Contract liabilities: Deferred revenue $ 65 $ 482 $ (417 ) Customer advances 2,107 33 2,074 $ 2,172 $ 515 $ 1,657 Photonics (included in discontinued operations): Contract assets: Accounts receivable, unbilled $ — $ 5,439 $ (5,439 ) Retainage — 126 (126 ) $ — $ 5,565 $ (5,565 ) Contract liabilities: Deferred revenue $ — $ 779 $ (779 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
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 2021 and 2020 was as follows (in thousands): 2021 2020 Equity-based compensation by type of award: Stock options $198 $504 RSUs 2,819 1,936 Employee stock purchase plan 986 949 Total equity-based compensation * $ 4,003 $ 3,389 |
Summary of Stock Option Activity | A summary of the stock option activity is as follows: Shares Weighted Exercise Weighted Average Aggregate Intrinsic Value Options outstanding at January 2, 2021 1,814,467 $ 6.66 3.08 $ 2,520,722 Options cancelled and forfeited (280,261 ) $ 7.44 Options exercised (76,619 ) $ 5.74 Options outstanding at January 1, 2022 1,457,587 $ 6.55 2.31 $ 7,622 Options exercisable at January 1, 2022 1,267,664 $ 6.74 2.08 $ 3,513 |
Employee Stock Options Weighted-Average Assumptions | The weighted-average assumptions used in the model are outlined in the following table: 2021 2020 Stock Options: Weighted-average fair value of grants per share — $ 1.82 Expected volatility — 46.06 % Risk free interest rate — 0.44% Expected term of options (in years) — 4.39 Dividend yield — None |
Summary of Restricted Stock Units Activity | A summary of the RSU activity is as follows: Shares Weighted Weighted Average Aggregate Non-vested 901,634 $ 5.30 1.50 $ 6,500,781 Granted 606,705 $ 6.03 Vested (382,747 ) $ 5.71 Cancelled (92,156 ) $ 4.79 Non-vested 1,033,436 $ 5.59 1.39 $ 4,867,484 |
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: 2021 2020 Stock Purchase Rights: Weighted-average fair value of grants per share $ 2.59 $ 2.20 Expected volatility 60.88 % 51.49 % Risk free interest rate 0.08 % 0.14 % Expected term of purchase rights (in years) 0.91 1.24 Dividend yield None None |
Employee Stock Purchase Plan Activity | The ESPP activity during fiscal 2021 and 2020 is as follows: 2021 2020 (in thousands, except per share amounts) Shares purchased 435 392 Weighted-average purchase price per share $ 5.05 $ 4.01 Aggregate intrinsic value of purchase rights exercised $ 671 $ 765 As of January 1, 2022, Intevac had $215,000 of total unrecognized compensation expense related to purchase rights that will be recognized over the weighted-average period of 0.5 years. |
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: 2021 Weighted-average fair value of grants per share $ 7.65 Expected volatility 56.26 % Risk-free interest rate 0.15 % Dividend yield None 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. 01, 2022 | |
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 (loss) per share: 2021 2020 (in thousands, except per share amounts) Net loss from continuing operations $ (23,057 ) $ (10,435 ) Net income from discontinued operations, net of tax 49,677 11,491 Net income $ 26,620 $ 1,056 Weighted-average shares – basic 24,348 23,669 Effect of dilutive potential common shares — — Weighted-average shares – diluted 24,348 23,669 Basic and diluted net income (loss) per share: Continuing operations $ (0.95 ) $ (0.44 ) Discontinued operations $ 2.04 $ 0.49 Net income per share $ 1.09 $ 0.04 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Accounts Receivable | |
Customers that Accounted for at Least Ten percent of Accounts Receivable/Consolidated Net Revenues | 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 1, 2022 and January 2, 2021. 2021 2020 Seagate Technology 47 % 45 % Western Digital Corporation 30 % 16 % Amkor Technology, Inc. 22 % * U.S. Government (included in discontinued operations). — 26 % * 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 2021 and/or 2020. 2021 2020 Seagate Technology 60 % 79 % Western Digital Corporation 25 % 18 % Amkor Technology, Inc. 10 % * * Less than 10% |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Trade and Other Accounts Receivable, Net | Trade and Other Accounts Receivable, Net January 1, January 2, (in thousands) Trade receivables and other $ 14,162 $ 22,712 Unbilled costs and accrued profits 99 5,934 Less: allowance for doubtful accounts — — $ 14,261 $ 28,646 |
Summary of Inventories | Inventories are stated at the lower of average cost or net realizable value and consist of the following: January 1, January 2, (in thousands) Raw materials $ 5,323 $ 9,999 Work-in-progress 468 4,832 Finished goods — 6,858 $ 5,791 $ 21,689 |
Property, Plant and Equipment | Property, Plant and Equipment, Net January 1, January 2, (in thousands) Leasehold improvements $ 9,847 $ 16,323 Machinery and equipment 23,818 46,846 33,665 63,169 Less accumulated depreciation and amortization 28,906 52,165 Total property, plant and equipment, net $ 4,759 $ 11,004 |
Net Property, Plant And Equipment By Geographic Region | Net property, plant and equipment by geographic region at January 1, 2022 and January 2, 2021 was as follows: January 1, January 2, (in thousands) United States $ 4,385 $ 10,678 Asia 374 326 Net property, plant & equipment $ 4,759 $ 11,004 |
Deferred Income Taxes and Other Long-Term Assets | Deferred Income Taxes and Other Long-Term Assets January 1, January 2, (in thousands) Deferred income taxes $ 5,310 $ 5,335 Prepaid expenses 139 151 $ 5,449 $ 5,486 |
Other Accrued Liabilities | Other Accrued Liabilities January 1, January 2, (in thousands) Other taxes payable $ 1,318 $ 935 Litigation settlement 1,000 — Income taxes payable 370 263 Restructuring 347 — Accrued product warranties 301 405 Other 264 734 Deferred revenue 65 1,261 Total other accrued liabilities $ 3,665 $ 3,598 |
Other Long-Term Liabilities | Other Long-Term Liabilities January 1, January 2, (in thousands) Restructuring $ 318 $ — Accrued product warranties 45 75 Employer payroll taxes — 382 Total other long-term liabilities $ 363 $ 457 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
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 1, 2022 Amortized Unrealized Unrealized Fair Value (in thousands) Cash and cash equivalents: Cash $ 102,494 $ — $ — $ 102,494 Money market funds 234 — — 234 Total cash and cash equivalents $ 102,728 $ — $ — $ 102,728 Short-term investments: Certificates of deposit $ 4,300 $ — $ — $ 4,300 Commercial paper 400 — — 400 Corporate bonds and medium-term notes 2,916 — 3 2,913 Municipal bonds 700 — — 700 U.S. treasury securities 1,910 — 2 1,908 Total short-term investments $ 10,226 $ — $ 5 $ 10,221 Long-term investments: Asset backed securities $ 2,040 $ — $ 3 $ 2,037 Certificates of deposit 500 — 3 497 Corporate bonds and medium-term notes 1,521 — 6 1,515 Municipal bonds 145 — 1 144 U.S. treasury securities 3,246 — 12 3,234 Total long-term investments $ 7,452 $ — $ 25 $ 7,427 Total cash, cash equivalents, and investments $ 120,406 $ — $ 30 $ 120,376 January 2, 2021 Amortized Unrealized Unrealized Fair (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 |
Contractual Maturities of Available-for-Sale Securities | The contractual maturities of investment securities at January 1, 2022 are presented in the following table. Amortized Cost Fair Value (in thousands) Due in one year or less $ 10,460 $ 10,455 Due after one through five years 7,452 7,427 $ 17,912 $ 17,882 |
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired | The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of January 1, 2022. January 1, 2022 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Asset backed securities $ 2,037 $ 3 $ — $ — Certificates of deposit 1,497 3 — — Corporate bonds and medium-term notes 3,424 9 — — Municipal bond 464 1 — — U.S. treasury securities 4,642 14 — — $ 12,064 $ 30 $ — $ — |
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 investment securities measured at fair value on a recurring basis as of January 1, 2022. Fair Value Measurements at January 1, 2022 Total Level 1 Level 2 (in thousands) Recurring fair value measurements: Money market funds $ 234 $ 234 $ — U.S. treasury securities 5,142 5,142 — Asset backed securities 2,037 — 2,037 Certificates of deposit 4,797 — 4,797 Commercial paper 400 — 400 Corporate bonds and medium-term notes 4,428 — 4,428 Municipal bonds 844 — 844 Total recurring fair value measurements $ 17,882 $ 5,376 $ 12,506 |
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 1, 2022 and January 2, 2021: Notional Amounts Derivative Derivative Liabilities Derivative Instrument January 1, January 2, January 1, January 2, Balance Sheet Line Fair Value Balance Sheet Line Fair Value (in thousands) Undesignated Hedges: Forward Foreign Currency Contracts $ 815 983 a $ 1 b $ 3 Total Hedges $ 815 983 $ 1 $ 3 a Other current assets b Other accrued liabilities |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Equity [Abstract] | |
Schedule of Stock Repurchases | The following table summarizes Intevac’s stock repurchases for fiscal 2021 and 2020: 2021 2020 (in thousands, except per share amounts) Shares of common stock repurchased — 98 Cost of stock repurchased $ — $ 393 Average price paid per share $ — $ 3.97 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Provision for Income Taxes | The provision for income taxes on income from operations for fiscal 2021 and 2020 consists of the following (in thousands): 2021 2020 Federal: Current $ — $ (915 ) Deferred — — — (915 ) State: Current 4 4 Deferred — — 4 4 Foreign: Current 546 1,705 Deferred 25 917 571 2,622 Total $ 575 $ 1,711 Income taxes on discontinued operations $ — $ — Income taxes on continuing operations $ 575 $ 1,711 |
Income (Loss) Before Income Taxes | Income (loss) before income taxes for fiscal 2021 and 2020 consisted of the following (in thousands): 2021 2020 U.S $ (22,694 ) $ (14,784 ) Foreign 212 6,060 $ (22,482 ) $ (8,724 ) Effective tax rate (2.6 %) (19.6 %) |
Significant Components of Deferred Tax Assets | Significant components of deferred tax assets are as follows (in thousands): January 1, January 2, Deferred tax assets: Vacation, warranty and other accruals $ 627 $ 651 Intangible amortization 282 551 Purchased technology 17 14 Inventory valuation 1,653 1,101 Equity-based compensation 1,343 1,494 Lease liability 1,659 — Net operating loss, research and other tax credit carryforwards 53,684 55,322 Other 22 30 59,287 59,163 Valuation allowance for deferred tax assets (52,703 ) (52,088 ) Total deferred tax assets 6,584 7,075 January 1, January 2, Deferred tax liabilities: Depreciation and amortization (201 ) (341 ) ROU asset (1,073 ) — Unbilled revenue — (1,399 ) Total deferred tax liabilities (1,274 ) (1,740 ) Net deferred tax assets $ 5,310 $ 5,335 As reported on the consolidated balance sheets: Non-current $ 5,310 $ 5,335 |
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 2021 and 2020 on continuing operations was as follows (in thousands): 2021 2020 Income tax at the federal statutory rate $ (4,721 ) $ (1,832 ) State income taxes, net of federal benefit 4 4 Change in valuation allowance: U.S 94 40 Foreign — — Effect of foreign operations taxed at various rates 48 (235 ) Research tax credits (1,135 ) (1,306 ) Effect of tax rate changes, permanent differences and adjustments of prior deferrals 6,285 4,461 Unrecognized tax benefits — 579 Total income tax expense on continuing operations $ 575 $ 1,711 |
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 2021 and 2020 2021 2020 Beginning balance $ 7,327 $ 7,683 Additions based on tax positions related to the current year 24 589 Decreases for tax positions of prior years (6,622 ) — Lapse of statute of limitations (11 ) (945 ) Ending balance $ 718 $ 7,327 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
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 1, 2022 and January 2, 2021. January 1, 2022 January 2, 2021 (in thousands) Assets: Operating lease ROU assets $ 4,520 $ 8,165 Liabilities: Current operating lease liabilities $ 3,119 $ 2,853 Noncurrent operating lease liabilities 3,675 6,803 $ 6,794 $ 9,656 |
Lease Costs | The components of lease costs were as follows: 2021 2020 (in thousands) Operating lease cost $ 2,944 $ 2,942 Short-term lease cost 98 93 Total lease cost $ 3,042 $ 3,035 |
Schedule of Maturity of Operating Lease Liabilities | As of January 1, 2022 the maturity of operating lease liabilities was as follows: Continuing Discontinued Total (in thousands) 2022 $ 1,805 $ 1,661 $ 3,466 2023 1,577 1,710 3,287 2024 256 286 542 Total lease payments $ 3,638 $ 3,657 7,295 Less: Interest (242 ) (259 ) (501 ) Present value of lease liabilities $ 3,396 $ 3,398 6,794 |
Schedule of Lease Term and Discount Rate | January 1, 2022 January 2, 2021 Weighted-average remaining lease term (in years) 2.11 3.09 Weighted-average discount rate 6.40 % 6.39 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): 2021 2020 (in thousands) Operating cash outflows from operating leases $ 3,382 $ 3,332 ROU asset impairment expense (reported in discontinued operations) $ 1,246 $ — ROU assets obtained in exchange for new operating lease liabilities $ — $ 128 |
Schedule of Product Warranty Liability | The following table displays the activity in the warranty provision account for fiscal 2021 and 2020: 2021 2020 (in thousands) Beginning balance $ 480 $ 1,022 Expenditures incurred under warranties (622 ) (493 ) Expenditures incurred under warranties included in discontinued operations (89 ) (19 ) Accruals for product warranties 502 237 Accruals for product warranties included in discontinued operations 122 43 Adjustments to previously existing warranty accruals 31 (306 ) Adjustments to previously existing warranty accruals included in discontinued operations (31 ) (4 ) Sale of Photonics division (47 ) — Ending balance $ 346 $ 480 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Reserves | The following table summarizes the significant activities within, and components of, the restructuring liabilities. Employee Other Total (in thousands) Balance at December 28, 2019 $ — $ — $ — Provision for restructuring charges under the 2020 Cost Reduction Plan 103 — 103 Cash payments made (103 ) — (103 ) Balance at January 2, 2021 $ — $ — $ — Provision for restructuring charges under the 2021 Cost Reduction Plan 319 — 319 Cash payments made (319 ) — (319 ) Provision for restructuring charges associated with Photonics sale (a) 693 1,911 2,604 Cash payments made (96 ) — (96 ) Non-cash (239 )(b) (1,246 )(c) (1,485 ) Balance at January 1, 2022 $ 358 (d) $ 665 $ 1,023 (a) Included in income from discontinued operations (See note 2). (b) Acceleration of equity awards. (c) Impairment of ROU asset. (d) Liability for employee termination costs is included in accrued payroll and related liabilities. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 31, 2024 | Dec. 30, 2021 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 787,000 | $ 786,000 | $ 787,000 | ||
Net income (losses) from foreign currency transactions | (139,000) | (65,000) | |||
Proceeds From Government Grants | 567,000,000 | 83,000 | 567,000 | ||
Cost of Sales [Member] | Grant [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Proceeds From Government Grants | 328,000,000 | 56,000 | 328,000 | ||
Research and Development Expense [Member] | Grant [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Proceeds From Government Grants | 90,000,000 | 10,000 | 90,000 | ||
Selling, General and Administrative Expenses [Member] | Grant [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Proceeds From Government Grants | $ 149,000,000 | $ 17,000 | $ 149,000 | ||
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 | 186,000 | ||||
EOTECH LLC [Member] | Photonics [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash consideration | $ 70,000,000 | ||||
Earnout payment | $ 30,000,000 | $ 14,000,000 | $ 30,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 101,556 | $ 95,793 | |
Other comprehensive income (loss) before reclassification | $ 216 | (62) | |
Other comprehensive income (loss), net of tax | 216 | (62) | 216 |
Ending balance | 101,556 | 134,015 | 101,556 |
Foreign currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 381 | 602 | |
Other comprehensive income (loss) before reclassification | 221 | 6 | |
Other comprehensive income (loss), net of tax | 221 | 6 | |
Ending balance | 602 | 608 | 602 |
Unrealized holding gains (losses) on available- for-sale investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 43 | 38 | |
Other comprehensive income (loss) before reclassification | (5) | (68) | |
Other comprehensive income (loss), net of tax | (5) | (68) | |
Ending balance | 38 | (30) | 38 |
Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 424 | 640 | 424 |
Ending balance | $ 640 | $ 578 | $ 640 |
Divestiture and Discontinued _3
Divestiture and Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 31, 2024 | Dec. 30, 2021 | |
Impairment loss | $ 1,200 | $ 128 | ||
EOTECH LLC [Member] | Photonics | ||||
Cash | $ 70,000 | |||
Earnout payment | $ 30,000 | $ 14,000 | $ 30,000 |
Divestiture and Discontinued _4
Divestiture and Discontinued Operations - Summary of Photonics Segment (Detail) - Photonics $ in Thousands | Jan. 01, 2022USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash proceeds | $ 70,000 |
Working capital adjustment | (74) |
Disposal Group Including Discontinued Operations Net Cash Proceeds | 69,926 |
Assets sold: | |
Accounts receivable | 3,535 |
Inventories | 6,301 |
Other current assets | 72 |
Property, plant and equipment | 3,987 |
Total assets sold | 13,895 |
Liabilities divested: | |
Accounts payable | 888 |
Other accrued expenses | 594 |
Total liabilities divested | 1,482 |
Transaction and other costs | (3,172) |
Gain on sale | $ 54,341 |
Divestiture and Discontinued _5
Divestiture and Discontinued Operations - Summary of Components Discontinued Operations Related to Photonics Segment (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Operating expenses: | |||
Income (loss) discontinued operations before provision for (benefit from) income taxes | $ (8,724) | $ (22,482) | $ (8,724) |
Provision for income taxes | 1,711 | 575 | 1,711 |
Net income from discontinued operations net of tax | $ 11,491 | 49,677 | 11,491 |
Photonics | |||
Net revenues: | |||
Revenue | 27,667 | 45,696 | |
Cost of net revenues: | |||
Costs of Goods Sold | 21,137 | 27,568 | |
Gross profit | 6,530 | 18,128 | |
Operating expenses: | |||
Operating Expense | 11,194 | 6,693 | |
Operating income (loss)—discontinued operations | (4,664) | 11,435 | |
Other income (expense)—discontinued operations | 0 | 56 | |
Income (loss) discontinued operations before provision for (benefit from) income taxes | (4,664) | 11,491 | |
Gain on disposal of discontinued operations before income taxes | 54,341 | 0 | |
Total income from discontinued operations, before tax | 49,677 | 11,491 | |
Provision for income taxes | 0 | 0 | |
Net income from discontinued operations net of tax | 49,677 | 11,491 | |
Photonics | Systems and components | |||
Net revenues: | |||
Revenue | 15,932 | 22,751 | |
Cost of net revenues: | |||
Costs of Goods Sold | 12,252 | 12,520 | |
Photonics | Technology development | |||
Net revenues: | |||
Revenue | 11,735 | 22,945 | |
Cost of net revenues: | |||
Costs of Goods Sold | 8,885 | 15,048 | |
Photonics | Research and development | |||
Operating expenses: | |||
Operating Expense | 2,653 | 888 | |
Photonics | Selling, general and administrative | |||
Operating expenses: | |||
Operating Expense | 5,937 | 5,805 | |
Photonics | Asset impairment and restructuring charges | |||
Operating expenses: | |||
Operating Expense | $ 2,604 | $ 0 |
Divestiture and Discontinued _6
Divestiture and Discontinued Operations - Summary of Cash Flow and Non-cash Information Related to Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization | $ 1,366 | $ 1,123 |
Amortization of intangible assets | 0 | 36 |
Asset impairment charges | 1,246 | 0 |
Equity-based compensation | 1,167 | 959 |
Purchase of leasehold improvements and equipment | $ 429 | $ 636 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Disaggregation of Revenue [Line Items] | |||
Total net revenues | $ 52,128 | $ 38,524 | $ 52,128 |
TFE | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 38,524 | 52,128 | |
TFE | Systems, Upgrades and Spare Parts | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 46,046 | 32,411 | |
TFE | Field Service | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 6,113 | 6,082 | |
HDD | TFE | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 34,331 | 51,700 | |
HDD | TFE | Systems, Upgrades and Spare Parts | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 45,620 | 28,300 | |
HDD | TFE | Field Service | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 6,031 | 6,080 | |
DCP | TFE | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 17 | ||
DCP | TFE | Systems, Upgrades and Spare Parts | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 3 | ||
DCP | TFE | Field Service | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 14 | ||
PV | TFE | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 326 | 428 | |
PV | TFE | Systems, Upgrades and Spare Parts | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | $ 426 | 258 | |
PV | TFE | Field Service | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 68 | $ 2 | |
ASP | TFE | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 3,850 | ||
ASP | TFE | Systems, Upgrades and Spare Parts | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 3,850 | ||
ASP | TFE | Field Service | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | $ 0 |
Revenue - Primary Geography Mar
Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Disaggregation of Revenue [Line Items] | |||
Total net revenues | $ 52,128 | $ 38,524 | $ 52,128 |
Products Transferred at a Point in Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | $ 52,128 | 38,524 | |
Products and Services Transferred Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 0 | 0 | |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 3,670 | 6,450 | |
Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | 31,004 | 45,611 | |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total net revenues | $ 3,850 | $ 67 |
Revenue - Changes in Contract A
Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
TFE | ||
Contract liabilities: | ||
Contract liabilities | $ 2,172,000 | $ 515,000 |
Contract liabilities: | ||
Change in contract liabilities | 1,657,000 | |
TFE | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 99,000 | 369,000 |
Contract assets: | ||
Change in contract assets | (270,000) | |
TFE | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 65,000 | 482,000 |
Contract liabilities: | ||
Change in contract liabilities | (417,000) | |
TFE | Customer Advances | ||
Contract liabilities: | ||
Contract liabilities | 2,107,000 | 33,000 |
Contract liabilities: | ||
Change in contract liabilities | 2,074,000 | |
Photonics | ||
Contract assets: | ||
Contract assets | 0 | 5,565,000 |
Contract assets: | ||
Change in contract assets | (5,565,000) | |
Photonics | Accounts Receivable, Unbilled | ||
Contract assets: | ||
Contract assets | 0 | 5,439,000 |
Contract assets: | ||
Change in contract assets | (5,439,000) | |
Photonics | Deferred Revenue | ||
Contract liabilities: | ||
Contract liabilities | 0 | 779,000 |
Contract liabilities: | ||
Change in contract liabilities | (779,000) | |
Photonics | Retainage | ||
Contract assets: | ||
Contract assets | 0 | $ 126,000 |
Contract assets: | ||
Change in contract assets | $ (126,000) |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended |
Jan. 01, 2022USD ($)Day | |
Revenue From Contract With Customers [Line Items] | |
Number of installments | Day | 3 |
Revenue remaining performance obligation | $ 24,700,000 |
Revenue recognized | 779,000 |
TFE | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | (270,000) |
TFE | Customer Advances | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 33,000 |
TFE | Deferred Revenue | |
Revenue From Contract With Customers [Line Items] | |
Contract with customer liability revenue recognized | 427,000 |
Photonics | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | (5,565,000) |
Photonics | Accounts Receivable, Unbilled | |
Revenue From Contract With Customers [Line Items] | |
Change in contract assets | $ (5,439,000) |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional information (Detail) - USD ($) | Jan. 19, 2022 | May 31, 2021 | Aug. 31, 2020 | May 31, 2020 | Jan. 01, 2022 | Jan. 02, 2021 | 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 | 2,900,000 | ||||||
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 | $ 101,000 | $ 110,000 | |||||
Total unrecognized compensation expense | $ 78,000 | ||||||
RSU conversion ratio | 100.00% | ||||||
Employee stock obligation amount | $ 25,000 | ||||||
Inducement Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Issuance of common stock pursuant to awards granted | 1,200,000 | ||||||
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 | 729,000 | ||||||
Total unrecognized compensation expense | $ 215,000,000 | ||||||
Unrecognized compensation expenses recognition period | 6 months | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expenses recognition period | 8 months 19 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 4 months 20 days | ||||||
Unrecognized compensation expense | $ 3,000,000 | ||||||
Granted | 126,320 | 109,465 | 606,705 | ||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 100.00% | ||||||
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 | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 4,003 | $ 3,389 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 504 | 198 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 2,819 | 1,936 | |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 986 | $ 949 |
Equity-Based Compensation - E_2
Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) (Parenthetical) - USD ($) | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 4,003,000 | $ 3,389,000 | |
Discontinued Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 1,000 | $ 1,200 |
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. 01, 2022 | Jan. 02, 2021 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 0 | $ 1.82 |
Expected volatility | 0.00% | 46.06% |
Risk free interest rate | 0.00% | 0.44% |
Expected term of options (in years) | 4 years 4 months 20 days | |
Dividend yield | 0.00% | |
Stock Purchase Rights | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 2.59 | $ 2.20 |
Expected volatility | 60.88% | 51.49% |
Risk free interest rate | 0.08% | 0.14% |
Expected term of options (in years) | 10 months 28 days | 1 year 2 months 26 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) - Performance Based Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of grants per share | $ 7.65 | $ 3.16 |
Expected volatility | 56.26% | 46.70% |
Risk free interest rate | 0.15% | 0.25% |
Dividend yield | 0.00% | 0.00% |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Activity and Changes (Detail) | Jan. 02, 2021USD ($)$ / sharesshares | Jan. 01, 2022USD ($)$ / sharesshares |
Shares | ||
Options outstanding at January 2, 2021 | shares | 1,814,467 | |
Options cancelled and forfeited | shares | (280,261) | |
Options exercised | shares | (76,619) | |
Options outstanding at January 1, 2022 | shares | 1,814,467 | 1,457,587 |
Options exercisable at January 1, 2022 | shares | 1,267,664 | |
Weighted-Average Exercise Price | ||
Options outstanding at January 2, 2021 | $ / shares | $ 6.66 | |
Options cancelled and forfeited | $ / shares | 7.44 | |
Options exercised | $ / shares | 5.74 | |
Options outstanding at January 1, 2022 | $ / shares | $ 6.66 | 6.55 |
Options exercisable at January 1, 2022 | $ / shares | $ 6.74 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding at January 2, 2021 | 3 years 29 days | 2 years 3 months 21 days |
Options exercisable at January 1, 2022 | 2 years 29 days | |
Aggregate Intrinsic Value | ||
Options outstanding at January 2, 2021 | $ | $ 2,520,722 | $ 7,622 |
Options exercisable at January 1, 2022 | $ | $ 3,513 |
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, 2021 | May 31, 2020 | Jan. 01, 2022 | |
Shares | |||
Non-vested RSUs at December 28, 2019 | 901,634 | ||
Granted | 126,320 | 109,465 | 606,705 |
Vested | (382,747) | ||
Cancelled | (92,156) | ||
Non-vested RSUs at January 2, 2021 | 1,033,436 | ||
Weighted Average Grant Date Fair Value | |||
Non-vested RSUs at December 28, 2019 | $ 5.30 | ||
Granted | 6.03 | ||
Vested | 5.71 | ||
Cancelled | 4.79 | ||
Non-vested RSUs at January 2, 2021 | $ 5.59 | ||
Weighted Average Remaining Contractual Term | |||
Non-vested RSUs at December 28, 2019 | 1 year 6 months | ||
Non-vested RSUs at January 2, 2021 | 1 year 4 months 20 days | ||
Aggregate Intrinsic Value | |||
Non-vested RSUs at December 28, 2019 | $ 6,500,781 | ||
Non-vested RSUs at January 2, 2021 | $ 4,867,484 |
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. 01, 2022 | Jan. 02, 2021 | |
Employee Stock Purchase Plan [Line Items] | ||
Shares purchased | 435 | 392 |
Weighted-average purchase price per share | $ 5.05 | $ 4.01 |
Aggregate intrinsic value of purchase rights exercised | $ 671 | $ 765 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Net loss from continuing operations | $ (10,435) | $ (23,057) | $ (10,435) |
Net income from discontinued operations, net of tax | 11,491 | 49,677 | 11,491 |
Net income | $ 1,056 | $ 26,620 | $ 1,056 |
Weighted-average shares - basic | 24,348 | 23,669 | |
Effect of dilutive potential common shares | 0 | 0 | |
Weighted-average shares – diluted | 24,348 | 23,669 | |
Basic and diluted net income (loss) per share: | |||
Basic and diluted—continuing operations | $ (0.44) | $ (0.95) | $ (0.44) |
Discontinued operations | 0.49 | 2.04 | 0.49 |
Net income per share | $ 0.04 | $ 1.09 | $ 0.04 |
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. 01, 2022 | Jan. 02, 2021 | |
Seagate Technology | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 60.00% | 79.00% |
Amkor Technology Inc. [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Western Digital Corporation [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 25.00% | 18.00% |
Concentrations - Customers Th_2
Concentrations - Customers That Accounted for at Least Ten percent of Accounts Receivable (Detail) - Accounts Receivable - Credit Concentration Risk | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Seagate Technology | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 47.00% | 45.00% | |
USGovernment [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 26.00% | ||
Western Digital Corporation [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 16.00% | 30.00% | |
Amkor Technology Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 22.00% |
Balance Sheet Details - Trade a
Balance Sheet Details - Trade and Other Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables and other | $ 14,162 | $ 22,712 |
Unbilled costs and accrued profits | 99 | 5,934 |
Less: allowance for doubtful accounts | 0 | 0 |
Trade and other accounts receivable, net of allowances of $0 at both January 2, 2021 and December 28, 2019 | $ 14,261 | $ 28,646 |
Balance Sheet Details - Invent
Balance Sheet Details - Inventories Stated at Lower of Average Cost or Net Realizable Value (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 5,323 | $ 9,999 |
Work-in-progress | 468 | 4,832 |
Finished goods | 6,858 | |
Inventories | $ 5,791 | $ 21,689 |
Balance Sheet Details - Propert
Balance Sheet Details - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 33,665 | $ 63,169 |
Less accumulated depreciation and amortization | 28,906 | 52,165 |
Total property, plant and equipment, net | 4,759 | 11,004 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | 9,847 | 16,323 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment | $ 23,818 | $ 46,846 |
Balance Sheet Details - Summary
Balance Sheet Details - Summary Of the Net Property, Plant And Equipment By Geographic Region (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Property, Plant and Equipment [Line Items] | ||
Net property, plant & equipment | $ 4,759 | $ 11,004 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Net property, plant & equipment | 4,385 | 10,678 |
Asia | ||
Property, Plant and Equipment [Line Items] | ||
Net property, plant & equipment | $ 374 | $ 326 |
Balance Sheet Details - Deferre
Balance Sheet Details - Deferred Income Taxes and Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Deferred income taxes | $ 5,310 | $ 5,335 |
Prepaid expenses | 139 | 151 |
Deferred income taxes and other long-term assets | $ 5,449 | $ 5,486 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Detail) - USD ($) | Jan. 01, 2022 | Jan. 02, 2021 |
Balance Sheet Details [Line Items] | ||
Accounts payable, book overdraft | $ 109,000 | $ 84,000 |
Balance Sheet Details - Other A
Balance Sheet Details - Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Accrued Liabilities [Line Items] | ||
Other taxes payable | $ 1,318 | $ 935 |
Litigation settlement | 1,000 | |
Income taxes payable | 370 | 263 |
Restructuring | 347 | |
Accrued product warranties | 301 | 405 |
Other | 264 | 734 |
Deferred revenue | 65 | 1,261 |
Total other accrued liabilities | $ 3,665 | $ 3,598 |
Balance Sheet Details - Other L
Balance Sheet Details - Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Other Long Term Liabilities [Line Items] | ||
Restructuring | $ 318 | |
Accrued product warranties | 45 | $ 75 |
Employer payroll taxes | 382 | |
Total other long-term liabilities | $ 363 | $ 457 |
Financial Instruments - Cash, C
Financial Instruments - Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 120,406 | $ 49,530 |
Unrealized Holding Gains | 38 | |
Unrealized Holding Losses | 30 | |
Fair Value | 120,376 | 49,568 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 102,728 | 29,341 |
Fair Value | 102,728 | 29,341 |
Cash and Cash Equivalents | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 102,494 | 24,729 |
Fair Value | 102,494 | 24,729 |
Cash and Cash Equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 234 | 3,612 |
Fair Value | 234 | 3,612 |
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 | 10,226 | 14,806 |
Unrealized Holding Gains | 33 | |
Unrealized Holding Losses | 5 | |
Fair Value | 10,221 | 14,839 |
Short-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,916 | 2,929 |
Unrealized Holding Gains | 6 | |
Unrealized Holding Losses | 3 | |
Fair Value | 2,913 | 2,935 |
Short-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 700 | 400 |
Fair Value | 700 | 400 |
Short-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,910 | 4,527 |
Unrealized Holding Gains | 25 | |
Unrealized Holding Losses | 2 | |
Fair Value | 1,908 | 4,552 |
Short-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,300 | 6,450 |
Unrealized Holding Gains | 2 | |
Fair Value | 4,300 | 6,452 |
Short-term Investments | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 400 | 500 |
Fair Value | 400 | 500 |
Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,452 | 5,383 |
Unrealized Holding Gains | 5 | |
Unrealized Holding Losses | 25 | |
Fair Value | 7,427 | 5,388 |
Long-term Investments | Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,040 | |
Unrealized Holding Losses | 3 | |
Fair Value | 2,037 | |
Long-term Investments | Corporate bonds and medium-term notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,521 | 3,474 |
Unrealized Holding Gains | 4 | |
Unrealized Holding Losses | 6 | |
Fair Value | 1,515 | 3,478 |
Long-term Investments | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 145 | |
Unrealized Holding Losses | 1 | |
Fair Value | 144 | |
Long-term Investments | U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,246 | 1,409 |
Unrealized Holding Gains | 1 | |
Unrealized Holding Losses | 12 | |
Fair Value | 3,234 | 1,410 |
Long-term Investments | Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Unrealized Holding Losses | 3 | |
Fair Value | $ 497 | $ 500 |
Financial Instruments - Contrac
Financial Instruments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands | Jan. 01, 2022USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 10,460 |
Amortized Cost, Due after one through five years | 7,452 |
Amortized Cost | 17,912 |
Fair Value, Due in one year or less | 10,455 |
Fair Value, Due after one through five years | 7,427 |
Fair Value | $ 17,882 |
Financial Instruments - Fair Ma
Financial Instruments - Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands | Jan. 01, 2022USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | $ 12,064 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 30 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 1,497 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 3 |
Asset backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 2,037 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 3 |
Corporate bonds and medium-term notes | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 3,424 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 9 |
Municipal bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 464 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | 1 |
U.S. Treasury Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Unrealized Loss Position, Less than 12 Months, Fair Value | 4,642 |
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses | $ 14 |
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. 01, 2022USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 17,882 |
Fair Value, Measurements, Recurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 17,882 |
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 | 234 |
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 | 4,797 |
Fair Value, Measurements, Recurring | Commercial paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 400 |
Fair Value, Measurements, Recurring | U.S. treasury securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,142 |
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 | 4,428 |
Fair Value, Measurements, Recurring | Municipal bonds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 844 |
Fair Value, Measurements, Recurring | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 2,037 |
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 | 5,376 |
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 | 234 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. treasury securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | 5,142 |
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 | 12,506 |
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 | 4,797 |
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 | 400 |
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 | 4,428 |
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 | 844 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Asset backed securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total recurring fair value measurements | $ 2,037 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Jan. 01, 2022 | |
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. 01, 2022 | Jan. 02, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | $ 815 | $ 983 |
Derivative Asset | 1 | |
Derivative Liabilities | 3 | |
Forward Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amounts | 815 | 983 |
Derivative Asset | $ 1 | |
Derivative Liabilities | $ 3 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Jan. 01, 2022 | 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. 01, 2022 | Jan. 02, 2021 | |
Equity [Abstract] | ||
Shares of common stock repurchased | 0 | 98 |
Cost of stock repurchased | $ 0 | $ 393 |
Average price paid per share | $ 0 | $ 3.97 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Federal: | |||
Current | $ 0 | $ (915) | |
Deferred | 0 | 0 | |
Federal Income Tax Expense (Benefit), Operations, Total | 0 | (915) | |
State: | |||
Current | 4 | 4 | |
Deferred | 0 | 0 | |
State and Local Income Tax Expense (Benefit), Operations, Total | 4 | 4 | |
Foreign: | |||
Current | 546 | 1,705 | |
Deferred | 25 | 917 | |
Foreign Income Tax Expense (Benefit), Operations, Total | 571 | 2,622 | |
Total | $ 1,711 | 575 | 1,711 |
Income taxes on discontinued operations | 0 | 0 | |
Income taxes on continuing operations | $ 575 | $ 1,711 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
U.S | $ (22,694) | $ (14,784) | |
Foreign | 212 | 6,060 | |
Loss from continuing operations before provision for income taxes | $ (8,724) | $ (22,482) | $ (8,724) |
Effective tax rate | (2.60%) | (19.60%) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Deferred tax assets: | ||
Vacation, warranty and other accruals | $ 627 | $ 651 |
Intangible amortization | 282 | 551 |
Purchased technology | 17 | 14 |
Inventory valuation | 1,653 | 1,101 |
Equity-based compensation | 1,343 | 1,494 |
Lease liability | 1,659 | 0 |
Net operating loss, research and other tax credit carryforwards | 53,684 | 55,322 |
Other | 22 | 30 |
Deferred tax assets, gross, total | 59,287 | 59,163 |
Valuation allowance for deferred tax assets | (52,703) | (52,088) |
Total deferred tax assets | 6,584 | 7,075 |
Deferred tax liabilities: | ||
Depreciation and amortization | (201) | (341) |
ROU asset | (1,073) | 0 |
Unbilled revenue | 0 | (1,399) |
Total deferred tax liabilities | (1,274) | (1,740) |
Net deferred tax assets | 5,310 | 5,335 |
As reported on the balance sheet: | ||
Non-current deferred tax assets | $ 5,310 | $ 5,335 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | Jan. 02, 2021USD ($) | Jan. 01, 2022USD ($) | Jan. 02, 2021USD ($) | Dec. 29, 2018USD ($)Subsidiary | Jan. 03, 2015USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2020USD ($) | Dec. 28, 2019USD ($) |
Income Taxes [Line Items] | ||||||||
Non-cash income tax benefit | $ 1,711,000 | $ 575,000 | $ 1,711,000 | |||||
Number of subsidiaries | Subsidiary | 7 | |||||||
Undistributed earnings from non-U.S. operations | 1,600,000 | |||||||
Unrecognized tax benefits | 7,327,000 | 718,000 | 7,327,000 | $ 7,683,000 | ||||
Unrecognized net tax expense (benefit) for interest | 0 | (2,000) | ||||||
Accrued interest related to unrealized tax benefits | 0 | |||||||
Deferred payroll tax liability | $ 764,000 | |||||||
Proceeds from Income Tax Refunds | 18,000 | 157,000 | ||||||
Proceeds From Government Grants | 567,000,000 | $ 83,000 | 567,000 | |||||
Tax years open for examination after credit losses utilized | 3 years | |||||||
Grant [Member] | Cost of Sales [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Proceeds From Government Grants | 328,000,000 | $ 56,000 | 328,000 | |||||
Grant [Member] | Research and Development Expense [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Proceeds From Government Grants | 90,000,000 | 10,000 | 90,000 | |||||
Grant [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Proceeds From Government Grants | $ 149,000,000 | $ 17,000 | 149,000 | |||||
Singapore | ||||||||
Income Taxes [Line Items] | ||||||||
Income tax benefit from valuation allowance | $ 9,400,000 | |||||||
Non-cash income tax benefit | $ 7,900,000 | |||||||
Maximum [Member] | Tax Year 2017 [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Tax years open for examination after credit losses utilized | 4 years | |||||||
Internal Revenue Service (IRS) | ||||||||
Income Taxes [Line Items] | ||||||||
Net operating loss carryforwards | $ 29,400,000 | |||||||
Net operating loss carryforwards, expiration year | 2030 | |||||||
Tax credit carryforwards | $ 20,500,000 | |||||||
Tax credit carryforwards, expiration year | 2022 | |||||||
United States | ||||||||
Income Taxes [Line Items] | ||||||||
Income tax benefit from valuation allowance | $ 1,100,000 | $ 416,000 | $ 23,400,000 | |||||
Foreign Tax Authority | ||||||||
Income Taxes [Line Items] | ||||||||
Net operating loss carryforwards | 30,200,000 | |||||||
State and Local Jurisdiction | ||||||||
Income Taxes [Line Items] | ||||||||
Net operating loss carryforwards | $ 70,200,000 | |||||||
Net operating loss carryforwards, expiration year | 2028 | |||||||
Tax credit carryforwards | $ 16,000,000 |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Tax Provision at Statutory Federal Income Tax Rate and Tax Provision (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Reconciliation Of Income Taxes [Line Items] | |||
Income tax at the federal statutory rate | $ (4,721) | $ (1,832) | |
State income taxes, net of federal benefit | 4 | 4 | |
Effect of foreign operations taxed at various rates | 48 | (235) | |
Research tax credits | (1,135) | (1,306) | |
Effect of tax rate changes, permanent differences and adjustments of prior deferrals | 6,285 | 4,461 | |
Unrecognized tax benefits | 0 | 579 | |
Total | $ 1,711 | 575 | 1,711 |
United States | |||
Reconciliation Of Income Taxes [Line Items] | |||
Change in valuation allowance | 94 | $ 40 | |
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 ($) | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Income Tax Contingency [Line Items] | ||
Beginning balance | $ 7,327,000 | $ 7,683,000 |
Additions based on tax positions related to the current year | 24,000 | 589,000 |
Decreases for tax positions of prior years | 6,622,000 | 0 |
Lapse of statute of limitations | (11,000) | (945,000) |
Ending balance | $ 718,000 | $ 7,327,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | Jan. 02, 2021 | Jan. 01, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution retirement plan, employee eligibility age | 18 years | |
Cash contributions | $ 201,000 | $ 188,000 |
Defined bonus plan, charges to expenses | $ 2,300,000 | $ 901,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jan. 10, 2022USD ($)Installment | Jan. 01, 2022USD ($) | Jan. 02, 2021USD ($) |
Commitments and Contingencies [Line Items] | |||
Letters of credit and bank guarantees outstanding, amount | $ 786,000 | ||
Letters of credit and bank guarantees collateralized by restricted cash | $ 786,000 | ||
Minimum product warranty range | 12 months | ||
Maximum product warranty range | 24 months | ||
Product warranty offer on sale | 1 day | ||
Future lease obligations | $ 3,400,000 | ||
Operating Lease, Payments | $ 2,100,000 | $ 3,382,000 | $ 3,332,000 |
Operating lease, quarterly instalment payments | $ 259,000 | ||
Number of operating lease payments | Installment | 7 | ||
Operating lease, first instalment payments | $ 308,000 | ||
Maximum | |||
Commitments and Contingencies [Line Items] | |||
Operating lease expiration date | 2024-03 | ||
EOTECH [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Lease, Payments | $ 2,100,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Assets: | ||
Operating lease ROU assets | $ 4,520 | $ 8,165 |
Liabilities: | ||
Current operating lease liabilities | 3,119 | 2,853 |
Noncurrent operating lease liabilities | 3,675 | 6,803 |
Operating Lease, Liability | $ 6,794 | $ 9,656 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 2,944 | $ 2,942 |
Short-term lease cost | 98 | 93 |
Total lease cost | $ 3,042 | $ 3,035 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Maturity of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Loss Contingencies [Line Items] | ||
2022 | $ 3,466 | |
2023 | 3,287 | |
2024 | 542 | |
Total lease payments | 7,295 | |
Less: Interest | (501) | |
Present value of lease liabilities | 6,794 | $ 9,656 |
Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
2022 | 1,661 | |
2023 | 1,710 | |
2024 | 286 | |
Total lease payments | 3,657 | |
Less: Interest | (259) | |
Present value of lease liabilities | 3,398 | |
Continuing Operations [Member] | ||
Loss Contingencies [Line Items] | ||
2022 | 1,805 | |
2023 | 1,577 | |
2024 | 256 | |
Total lease payments | 3,638 | |
Less: Interest | (242) | |
Present value of lease liabilities | $ 3,396 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Lease Term and Discount Rate (Detail) | Jan. 01, 2022 | Jan. 02, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted-average remaining lease term (in years) | 2 years 1 month 9 days | 3 years 1 month 2 days |
Weighted-average discount rate | 6.40% | 6.39% |
Commitments and Contingencies_6
Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | Jan. 10, 2022 | Jan. 01, 2022 | Jan. 02, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating cash outflows from operating leases | $ 2,100 | $ 3,382 | $ 3,332 |
ROU asset impairment expense (reported in discontinued operations) | 1,246 | ||
ROU assets obtained in exchange for new operating lease liabilities | $ 1,200 | $ 128 |
Commitments and Contingencies_7
Commitments and Contingencies - Activity in Warranty Provisions Account (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Beginning balance | $ 480 | $ 1,022 |
Expenditures incurred under warranties | (622) | (493) |
Expenditures incurred under warranties included in discontinued operations | (89) | (19) |
Accruals for product warranties | 502 | 237 |
Accruals for product warranties included in discontinued operations | 122 | 43 |
Adjustments to previously existing warranty accruals | 31 | (306) |
Adjustments to previously existing warranty accruals included in discontinued operations | (31) | (4) |
Sale of Photonics division | (47) | |
Ending balance | $ 346 | $ 480 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) | Jan. 10, 2022USD ($)Installment | Jan. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Jan. 01, 2022USD ($) | Jan. 02, 2021USD ($) | Jan. 01, 2021USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||||
Percentage of reduction of global workforce | 1.00% | 5.20% | ||||
Reduction in salary, wages and other employee-related expenses due to implementation of plan | $ 864,000,000 | $ 2,000 | ||||
Other Employee benefits expense | $ 693,000 | |||||
Asset impairment charges | 1,200,000 | $ 0 | 1,246,000 | $ 1,200,000 | ||
Other Commitment | 665,000 | $ 665,000 | $ 665,000 | |||
Operating cash outflows from operating leases | 2,100,000 | $ 3,382,000 | $ 3,332,000 | |||
Operating lease, first instalment payments | 308,000 | |||||
Operating lease, quarterly instalment payments | $ 259,000 | |||||
Number of operating lease payments | Installment | 7 |
Restructuring Charges - Changes
Restructuring Charges - Changes in Restructuring Reserves (Detail) - USD ($) $ in Thousands | Jan. 02, 2021 | Jan. 01, 2022 | Jan. 02, 2021 |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $ 0 | $ 0 | |
Provision for restructuring reserves | 319 | $ 103 | |
Cash payments made | (319) | (103) | |
Provision for restructuring charges associated with Photonics sale | 2,604 | ||
Non-cash utilization | (1,485) | ||
Ending balance | 0 | 1,023 | 0 |
Severance And Other Employee Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Provision for restructuring reserves | 319 | 103 | |
Cash payments made | (319) | (103) | |
Provision for restructuring charges associated with Photonics sale | 693 | ||
Cash payments made | (96) | ||
Non-cash utilization | (239) | ||
Ending balance | 0 | 358 | 0 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Provision for restructuring reserves | 0 | ||
Cash payments made | 0 | ||
Provision for restructuring charges associated with Photonics sale | 1,911 | ||
Cash payments made | (96) | ||
Non-cash utilization | (1,246) | ||
Ending balance | $ 0 | $ 665 | $ 0 |