Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 19, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | COHU INC | |
Entity Central Index Key | 21,535 | |
Trading Symbol | cohu | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 28,288,018 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Current assets: | |||
Cash and cash equivalents | $ 121,984 | $ 96,045 | [1] |
Short-term investments | 16,340 | 31,990 | [1] |
Accounts receivable, net | 76,548 | 63,019 | [1] |
Inventories: | |||
Raw materials and purchased parts | 26,470 | 23,037 | [1] |
Work in process | 22,711 | 17,599 | [1] |
Finished goods | 7,230 | 4,866 | [1] |
56,411 | 45,502 | [1] | |
Other current assets | 8,288 | 8,593 | [1] |
Total current assets | 279,571 | 245,149 | [1] |
Property, plant and equipment, at cost: | |||
Land and land improvements | 7,917 | 4,079 | [1] |
Buildings and building improvements | 13,612 | 7,967 | [1] |
Machinery and equipment | 45,292 | 35,157 | [1] |
66,821 | 47,203 | [1] | |
Less accumulated depreciation and amortization | (32,558) | (28,969) | [1] |
Net property, plant and equipment | 34,263 | 18,234 | [1] |
Goodwill | 65,483 | 58,849 | [1] |
Intangible assets, net | 17,766 | 17,835 | [1] |
Other assets | 7,381 | 5,445 | [1] |
404,464 | 345,512 | [1] | |
Current liabilities: | |||
Short-term borrowings | 3,130 | [1] | |
Current installments of long-term debt | 1,300 | [1] | |
Accounts payable | 29,907 | 31,444 | [1] |
Accrued compensation and benefits | 18,509 | 14,770 | [1] |
Accrued warranty | 4,344 | 3,737 | [1] |
Deferred profit | 6,721 | 6,886 | [1] |
Income taxes payable | 2,725 | 1,920 | [1] |
Other accrued liabilities | 10,526 | 9,932 | [1] |
Total current liabilities | 77,162 | 68,689 | [1] |
Accrued retirement benefits | 17,033 | 15,673 | [1] |
Noncurrent deferred gain on sale of facility | 10,597 | 11,689 | [1] |
Deferred income taxes | 7,132 | 5,852 | [1] |
Noncurrent income tax liabilities | 6,600 | 6,375 | [1] |
Long-term debt, excluding current installments | 4,853 | [1] | |
Other accrued liabilities | 2,290 | 1,765 | [1] |
Stockholders' equity: | |||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | [1] | ||
Common stock, $1 par value; 60,000 shares authorized, 28,213 shares issued and outstanding in 2017 and 26,842 shares in 2016 | 28,213 | 26,842 | [1] |
Paid-in capital | 123,064 | 111,950 | [1] |
Retained earnings | 145,536 | 124,559 | [1] |
Accumulated other comprehensive loss | (18,016) | (27,882) | |
Total stockholders' equity | 278,797 | 235,469 | [1] |
$ 404,464 | $ 345,512 | [1] | |
[1] | Derived from December 31, 2016 audited financial statements |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | [1] |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | 60,000 | 60,000 | |
Common stock, shares issued (in shares) | 28,213 | 26,842 | |
Common stock, shares outstanding (in shares) | 28,213 | 26,842 | |
[1] | Derived from December 31, 2016 audited financial statements |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Net sales | $ 93,651 | $ 69,259 | $ 268,614 | $ 211,390 |
Cost and expenses: | ||||
Cost of sales | 56,742 | 45,979 | 162,319 | 142,089 |
Research and development | 9,609 | 8,673 | 28,851 | 24,698 |
Selling, general and administrative | 16,882 | 13,701 | 47,362 | 41,990 |
83,233 | 68,353 | 238,532 | 208,777 | |
Income from operations | 10,418 | 906 | 30,082 | 2,613 |
Interest and other, net | 174 | 71 | 417 | 173 |
Income from continuing operations before taxes | 10,592 | 977 | 30,499 | 2,786 |
Income tax provision | 1,837 | 849 | 4,273 | 1,832 |
Income from continuing operations | 8,755 | 128 | 26,226 | 954 |
Income (loss) from discontinued operations | 51 | (278) | (4) | |
Net income | $ 8,755 | $ 179 | $ 25,948 | $ 950 |
Basic: | ||||
Income from continuing operations (in dollars per share) | $ 0.31 | $ 0.01 | $ 0.95 | $ 0.04 |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | |
Net income (in dollars per share) | 0.31 | 0.01 | 0.94 | 0.04 |
Diluted: | ||||
Income from continuing operations (in dollars per share) | 0.30 | 0.01 | 0.92 | 0.03 |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | |
Net income (in dollars per share) | $ 0.30 | $ 0.01 | $ 0.91 | $ 0.03 |
Weighted average shares used in computing income (loss) per share: | ||||
Basic (in shares) | 28,155 | 26,761 | 27,614 | 26,596 |
Diluted (in shares) | 29,105 | 27,367 | 28,640 | 27,382 |
Cash dividends declared per share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Net income | $ 8,755 | $ 179 | $ 25,948 | $ 950 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | 2,570 | 561 | 9,975 | 2,724 |
Adjustments related to postretirement benefits | 12 | (2) | (116) | (35) |
Change in unrealized gain/loss on investments | 6 | (3) | 7 | (1) |
Other comprehensive income, net of tax | 2,588 | 556 | 9,866 | 2,688 |
Comprehensive income | $ 11,343 | $ 735 | $ 35,814 | $ 3,638 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | ||
Cash flows from operating activities: | |||
Net income | $ 25,948 | $ 950 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss on disposal of microwave communications equipment business | 278 | 4 | |
Depreciation and amortization | 6,731 | 8,089 | |
Share-based compensation expense | 5,336 | 5,291 | |
Amortization of inventory step-up | 1,404 | ||
Deferred income taxes | (932) | (1,111) | |
Mark to market adjustment to Kita contingent consideration liability | 668 | ||
Changes in other accrued liabilities | 427 | 716 | |
Changes in other assets | 572 | (32) | |
(Gain) loss on disposal of assets | (22) | 37 | |
Changes in current assets and liabilities, excluding effects from acquisitions: | |||
Accounts receivable | (9,013) | 3,073 | |
Inventories | (6,701) | 3,551 | |
Accounts payable | (3,620) | (2,109) | |
Other current assets | 1,257 | (411) | |
Income taxes payable | 1,272 | (2,451) | |
Deferred profit | (299) | 1,970 | |
Accrued compensation, warranty and other liabilities | 303 | 980 | |
Net cash provided by operating activities | 23,609 | 18,547 | |
Cash flows from investing activities, excluding effects from acquisitions: | |||
Sales and maturities of short-term investments | 39,315 | 13,654 | |
Purchases of short-term investments | (23,665) | (31,453) | |
Cash paid for Kita, net of cash received | (11,716) | ||
Purchases of property, plant and equipment | (4,739) | (2,797) | |
Cash received from sale of fixed assets | 109 | 852 | |
Net cash used in investing activities | (696) | (19,744) | |
Cash flows from financing activities: | |||
Issuance (repurchases) of common stock, net | 7,149 | (1,325) | |
Cash dividends paid | (4,894) | (4,748) | |
Repayments of long-term debt | (1,280) | ||
Net cash provided by (used in) financing activities | 975 | (6,073) | |
Effect of exchange rate changes on cash and cash equivalents | 2,051 | 1,117 | |
Net increase (decrease) in cash and cash equivalents | 25,939 | (6,153) | |
Cash and cash equivalents at beginning of period | 96,045 | [1] | 115,370 |
Cash and cash equivalents at end of period | 121,984 | 109,217 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 3,740 | 5,977 | |
Inventory capitalized as property, plant and equipment | 113 | 201 | |
Dividends declared but not yet paid | 1,683 | 1,603 | |
Property, plant and equipment purchases included in accounts payable | $ 594 | $ 118 | |
[1] | Derived from December 31, 2016 audited financial statements |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Basis of Presentation Our fiscal years are based on a 52 53 December. December 31, 2016 September 30, 2017 ( third 2017” first nine 2017” September 24, 2016 ( third 2016” first nine 2016” ’s opinion, these financial statements reflect all adjustments (consisting only of normal, recurring items) necessary to provide a fair presentation of our financial position, results of operations and cash flows for the periods presented. The three nine September 30, 2017 14 39 three nine September 24, 2016 13 39 Our interim results are not a better understanding of Cohu, Inc. and our financial statements, we recommend reading these interim condensed consolidated financial statements in conjunction with our audited financial statements for the year ended December 31, 2016, 2016 10 Certain prior year amounts have been restated as a result of our early adoption of Accounting Standards Update (“ASU”) No. 2016 09, 718 Improvements to Employee Share-Based Payment Accounting 2016 09 2016 09 December 15, 2016, 2016 09 fourth 2016. As part of our adoption of ASU 2016 09 three nine September 24, 2016 $0.1 $15,000 Discontinued Operations In June 2015, 6, Concentration of Credit Risk Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one Trade accounts receivable are presented net of allowance for doubtful accounts of $0.1 million at both September 30, 2017 December 31, 2016. September 30, 2017, may Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” 280, 280 one Goodwill, Other Intangible Assets and Long-lived Assets We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not first second We conduct our annual impairment test as of October 1st no October 1, 2016 may September 30, 2017, not not. In the event we determine that an interim goodwill impairment review is required in a future period, the review may Long-lived assets, other than goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not may not ’s carrying amount is not Foreign Remeasurement and Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. During the three nine September 30, 2017, we recognized foreign exchange losses of $0.2 $2.7 three nine ended September 24, 2016, we recognized approximately $0.3 $1.0 Share-Based Compensation We measure and recognize all share-based compensation under the fair value method. Our estimate of share-based compensation expense requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options) and related tax effects. The assumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. Although we believe the assumptions and estimates we have made are reasonable and appropriate, changes in assumptions could materially impact our reported financial results. Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands) : Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Cost of sales $ 123 $ 101 $ 327 $ 309 Research and development 278 327 856 955 Selling, general and administrative 1,459 1,330 4,153 4,027 Total share-based compensation 1,860 1,758 5,336 5,291 Income tax benefit (107 ) (76 ) (429 ) (189 ) Total share-based compensation, net $ 1,753 $ 1,682 $ 4,907 $ 5,102 Income (Loss) Per Share Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income (loss) per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the three nine September 30, 2017, 5,000 and 103,000 three nine September 24, 2016, 707,000 and 752,000 The following table reconciles the denominators used in computing basic and diluted income (loss) per share ( in thousands) : Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Weighted average common shares 28,155 26,761 27,614 26,596 Effect of dilutive securities 950 606 1,026 786 29,105 27,367 28,640 27,382 Cohu has utilized the “control number” concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Revenue Recognition Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when there is persuasive evidence of an arrangement, title and risk of loss have passed, delivery has occurred or the services have been rendered, the sales price is fixed or determinable and collection of the related receivable is reasonably assured. Title and risk of loss generally pass to our customers upon shipment. In circumstances where either title or risk of loss pass upon destination or acceptance, we defer revenue recognition until such events occur. Revenue for established products that have previously satisfied a customer ’s acceptance requirements and provide for full payment tied to shipment is generally recognized upon shipment and passage of title. In certain instances, customer payment terms may 20% 80% not Certain of our equipment sales are accounted for as multiple-element arrangements. A multiple-element arrangement is a transaction which may may For arrangements containing multiple elements, the revenue relating to the undelivered elements is deferred using the relative selling price method utilizing estimated sales prices until delivery of the deferred elements. We limit the amount of revenue recognition for delivered elements to the amount that is not On shipments where sales are not At September 30, 2017, $9.9 $6.7 December 31, 2016, $9.3 $6.9 A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information is as follows: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Customers individually accounting for more than 10% of net sales two three two two Percentage of net sales 26.5 % 37.4 % 28.5 % 30.5 % Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $18.0 million and $27.9 September 30, 2017 December 31, 2016, not and adjustments related to postretirement benefits. Reclassification adjustments from accumulated other comprehensive loss during the three nine 2017 2016 not Retiree Medical Benefits We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost incurred during the first nine 2017 2016 not Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements – In July 2015, No. 2015 11, Simplifying the Measurement of Inventory not Recently Issued Accounting Pronouncements – In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017, not In January 2017, No. 2017 04, Simplifying the Test for Goodwill Impairment 2 not December 15, 2019. not In January 2017, No. 2017 01, Clarifying the Definition of a Business. December 15, 2017. not In November 2016, No. 2016 18, Restricted Cash. December 15, 2017. not In August 2016, No. 2016 15, Classification of Certain Cash Receipts and Cash Payments. eight December 15, 2017. not In February 2016, No. 2016 02, Leases (Topic 842 December 15, 2018. In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 (ASU 2014 09 August 2015, No. 2015 14, Revenue from Contracts with Customers (Topic 606 ASU 2014 09 one March 2016, No. 2016 08, Revenue from Contracts with Customers (Topic 606 2016 08 first 2018. December 31, 2017, first 2018 two We currently anticipate adopting the standard using the modified retrospective method. We are still in the process of completing our analysis on the impact this guidance will have on our consolidated financial statements and related disclosures. Based on our preliminary review of our customer agreements, we currently expect that our revenue will continue to be recognized at a point in time, generally upon shipment of products to customers, consistent with our current revenue recognition model. In certain instances, when customer payment terms provide that a minority portion of the equipment purchase price be paid only upon customer acceptance, recognition of revenue may When adopting the new standard, on December 31, 2017, not 2017, not not may |
Note 2 - Business Acquisitions,
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination, Goodwill, and Intangible Assets Disclosure [Text Block] | 2. Business Acquisitions, Goodwill and Other Purchased Intangible Assets Kita On January 4, 2017, $1.0 $0.9 million during the first nine September 30, 2017 September 24, 2016, The Acquisition has been accounted for in conformity with FASB Accounting Standards Codification 805, Business Combinations 805” ( in thousands ): Cash paid to Kita shareholders $ 15,000 Fair value of contingent consideration 823 Total purchase price $ 15,823 The contingent consideration represents the estimated fair value of future payments totaling up to $3.0 million we would be required to make as a result of Kita achieving annual revenue and EBITDA targets in 2017 2018 . The contingent consideration payable has been classified as level 3 3 three Contingent consideration is recorded in our condensed consolidated balance sheets in other accrued liabilities. Adjustments to the fair value of contingent consideration are reflected in selling, general, and administrative expense in our condensed consolidated statements of income and are included in the acquisition related costs above. The following table presents the fair value of contingent consideration from the date of acquisition through September 30, 2017 ( in thousands ): Fair Value of Mark to Market Fair Value of Consideration Settlement of Adjustment Impact of Consideration at Recognized at Contingent Charged to Currency September 30, Acquisition Date Consideration Expense Exchange 2017 Kita $ 823 $ - $ 668 $ 9 $ 1,500 We have not not 12 not including an amount for goodwill representing the difference between the Acquisition consideration and the fair value of the identifiable net assets. The table below summarizes the assets acquired and liabilities assumed as of January 4, 2017 ( in thousands Current assets, including cash received $ 10,491 Property, plant and equipment 12,751 Other assets 2,291 Intangible assets subject to amortization 2,100 Goodwill 3,142 Total assets acquired 30,775 Liabilities assumed (14,952 ) Net assets acquired $ 15,823 The preliminary allocation of the intangible assets subject to amortization is as follows (in thousands) : Average Estimated Useful Life Description Fair Value (in years) Developed technology $ 700 8 Customer relationships 600 4 Covenant not-to-compete 300 10 Product backlog 100 1 Trade names 400 5 $ 2,100 The preliminary value assigned to the developed technology was determined by using the multi-period excess earnings method under the income approach. Developed technology, which comprises products that have reached technological feasibility, includes the products in Kita ’s product line. The revenue estimates used to value the developed technology were based on estimates of relevant market sizes and growth factors, expected trends in technology and the nature and expected timing of new product introductions by Kita and its competitors. The estimated cash flows were based on revenues for the developed technology net of operating expenses and net of contributory asset charges. The discount rate utilized to discount the net cash flows of the developed technology to present value was based on the risk associated with the respective cash flows taking into consideration the perceived risk of the technology relative to the other acquired assets, the weighted average cost of capital, the internal rate of return, and the weighted average return on assets. The value assigned to customer relationships was determined by using the with and without method under the income approach, which analyzes the difference in discounted cash flows generated with the customer relationships in place compared to the discounted cash flows generated without the customer relationships in place. The value assigned to the covenant not The value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of the acquisition date, using the income approach to discount back to present value the cash flows attributable to the backlog. The value assigned to trade names was estimated using the relief-from-royalty method of the income approach. This approach is based on the assumption that in lieu of ownership, a company would be willing to pay a royalty in order to exploit the related benefits of this intangible asset. Kita ’s results of operations were included in, but not January 4, 2017 three nine September 30, 2017 $5.3 $14.4 three - and nine September 24, 2016 $4.3 $12.9 Goodwill and Intangible Assets Changes in the carrying value of goodwill during the year ended December 31, 2016 nine September 30, 2017 ( in thousands Goodwill Balance, December 26, 2015 $ 60,264 Impact of currency exchange (1,415 ) Balance, December 31, 2016 58,849 Additions, net 3,142 Impact of currency exchange 3,492 Balance, September 30, 2017 $ 65,483 Purchased intangible assets, subject to amortization are as follows ( in thousands : September 30, 2017 December 31, 2016 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (in years) Amount Amort. Developed technology $ 20,785 $ 11,977 3.6 $ 19,195 $ 9,597 Customer relationships 7,935 4,582 3.3 6,996 3,644 Trade names 6,139 849 12.4 5,353 468 Covenant not-to-compete 312 23 9.3 - - Backlog 104 78 0.3 - - Total intangible assets $ 35,275 $ 17,509 $ 31,544 $ 13,709 Amortization expense related to intangible assets was approximately $1.1 million in the third 2017 $3.2 first nine 2017. $1.8 third 2016 $5.4 first nine 2016. |
Note 3 - Financial Instruments
Note 3 - Financial Instruments Measured at Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 3. Financial Instruments Measured at Fair Value Our cash, cash equivalents, and short-term investments consisted primarily of cash and other investment grade securities. We do not Gains and losses on investments are calculated using the specific-identification method and are recognized during the period in which the investment is sold or when an investment experiences an other-than-temporary decline in value. Factors that could indicate an impairment exists include, but are not not Investments that we have classified as short-term, by security type, are as follows ( in thousands ) September 30, 2017 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 9,843 $ 1 $ 2 $ 9,842 U.S. Treasury securities 4,596 - - 4,596 Bank certificates of deposit 1,299 - - 1,299 Foreign government security 603 - - 603 $ 16,341 $ 1 $ 2 $ 16,340 December 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 22,513 $ 1 $ 6 $ 22,508 Government-sponsored enterprise securities 8,109 - 1 8,108 Bank certificates of deposit 750 1 - 751 Foreign government security 623 - - 623 $ 31,995 $ 2 $ 7 $ 31,990 ( 1 As of September 30, 2017, $7.5 million of investments in our portfolio in a loss position. As of December 31, 2016, $26.6 ( 2 Corporate debt securities include investments in financial and other corporate institutions. No Effective maturities of short-term investments are as follows (in thousands) : September 30, 2017 December 31, 2016 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 16,341 $ 16,340 $ 31,372 $ 31,367 Due after one year through three years - - 623 623 $ 16,341 $ 16,340 $ 31,995 $ 31,990 Accounting standards pertaining to fair value measurements establish a three 1, 2, 3, no 1. 2. The following table summarizes, by major security type, our financial instruments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands) : Fair value measurements at September 30, 2017 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 98,678 $ - $ - $ 98,678 U.S. Treasury securities - 4,596 - 4,596 Corporate debt securities - 19,329 - 19,329 Money market funds - 13,820 - 13,820 Bank certificates of deposit - 1,298 - 1,298 Foreign government security - 603 - 603 $ 98,678 $ 39,646 $ - $ 138,324 Fair value measurements at December 31, 2016 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 70,279 $ - $ - $ 70,279 Foreign government security - 623 - 623 Corporate debt securities - 24,108 - 24,108 Government-sponsored enterprise securities - 8,108 - 8,108 Money market funds - 24,166 - 24,166 Bank certificates of deposit - 751 - 751 $ 70,279 $ 57,756 $ - $ 128,035 |
Note 4 - Employee Stock Benefit
Note 4 - Employee Stock Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4. Employee Stock Benefit Plans Our 2005 “2005 may not September 30, 2017, 1,459,354 shares available for future equity grants under the 2005 Stock Options Stock options may one four 2015 ten In the first nine 2017 not we issued 930,883 At September 30, 2017, 705,284 stock options outstanding. These options had a weighted-average exercise price of $10.61 $4.8 4.2 At September 30, 2017, 701,951 stock options outstanding that were exercisable. These options had a weighted-average exercise price of $10.61 $4.8 4.2 Restricted Stock Units We grant restricted stock units (“RSUs”) to certain employees, consultants and directors. RSUs vest in annual increments that range from one four not not not September 30, 2017. In the first nine 2017 349,956 398,529 September 30, 2017, 1,014,145 $17.7 2.2 Performance Stock Units We also grant performance stock units (“PSUs”) to senior executives as a part of our long-term equity compensation program. The number of shares of common stock that will ultimately be issued to settle PSUs granted in 2017 2016 25% 200% three 2015, two 2017 2016 100% third 2015 50% second third We estimated the fair value of the PSUs using a Monte Carlo simulation model on the date of grant. Compensation expense is recognized ratably over the derived service period. New shares of our common stock will be issued on the date the PSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number outstanding at September 30, 2017. In the first nine 2017, 185,305 and we issued 186,146 September 30, 2017, 357,333 $6.2 1.6 Employee Stock Purchase Plan The Cohu, Inc. 1997 may 85 6 During the first nine 2017, 61,313 639,171 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. Income Taxes For the three nine September 30, 2017, we used the estimated effective tax rate (“ETR”) expected to be applicable for the full fiscal year in computing our tax provision. The ETR on income from continuing operations for the three September 30, 2017 September 24, 2016 , was 17.3% 86.9%, 14.0% 65.8% nine September 30, 2017 September 24, 2016 , respectively. The tax provision on income from continuing operations in 2017 2016 Other than for foreign currency exchange rate changes and the Kita acquisition, there was no three nine September 30, 2017 September 24, 2016. |
Note 6 - Discontinued Operation
Note 6 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 6. Discontinued Operations In June 2015, $4.9 million in cash and up to $2.5 no 3 3, three The contingent consideration represents the estimated fair value of future payments we are due from the buyer should BMS achieve specified annual revenue targets in certain years as specified in the sale agreement. The periodic fair value of the contingent consideration is determined through the use of the Monte Carlo simulation model. Based on updated information the contingent consideration receivable was adjusted in the second 2017 Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Net sales $ - $ - $ - $ - Operating loss before income taxes - - - - Loss from sale of BMS - 51 (278 ) (4 ) Loss before taxes - 51 (278 ) (4 ) Income tax provision - - - - Loss, net of tax $ - $ 51 $ (278 ) $ (4 ) |
Note 7 - Contingencies
Note 7 - Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 7. Contingencies From time-to-time we are involved in various legal proceedings, examinations by various tax authorities and claims that have arisen in the ordinary course of our business. The outcome of any litigation is inherently uncertain. While there can be no not |
Note 8 - Guarantees and Other O
Note 8 - Guarantees and Other Obligations | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 8. Guarantees and Other Obligations Product Warranty Our products are generally sold with warranty periods that range from 12 36 Changes in accrued warranty were as follows ( in thousands : Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Balance at beginning of period $ 5,070 $ 5,118 $ 4,350 $ 4,886 Warranty expense accruals 1,720 1,320 5,446 4,586 Warranty payments (1,773 ) (1,401 ) (4,829 ) (4,435 ) Warranty liability assumed - - 50 - Balance at end of period $ 5,017 $ 5,037 $ 5,017 $ 5,037 Accrued warranty amounts expected to be incurred after one included in noncurrent other accrued liabilities in the condensed consolidated balance sheet. These amounts total $0.7 September 30, 2017 $0.6 December 31, 2016. Borrowings Revolving Lines of Credit As a result of the Acquisition, we assumed a series of revolving credit facilities with various financial institutions in Japan. The credit facilities renew monthly and provide Kita with access to working capital totaling up to $6.2 million. At September 30, 2017, $3.1 Term Loans As a result of the Acquisition, we assumed certain term loans from a series of Japanese financial institutions that had an aggregate amount outstanding of $6.2 million as of September 30, 2017 0.05% 0.45%, 2034. September 30, 2017, $1.3 September 30, 2017. The term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Lines of Credit We have two one 2.5 million Swiss Francs. At September 30, 2017 December 31, 2016, no Standby Letters of Credit During the ordinary course of business, from time-to-time we provide standby letters of credit instruments to certain parties as required. As of September 30, 2017, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our fiscal years are based on a 52 53 December. December 31, 2016 September 30, 2017 ( third 2017” first nine 2017” September 24, 2016 ( third 2016” first nine 2016” ’s opinion, these financial statements reflect all adjustments (consisting only of normal, recurring items) necessary to provide a fair presentation of our financial position, results of operations and cash flows for the periods presented. The three nine September 30, 2017 14 39 three nine September 24, 2016 13 39 Our interim results are not a better understanding of Cohu, Inc. and our financial statements, we recommend reading these interim condensed consolidated financial statements in conjunction with our audited financial statements for the year ended December 31, 2016, 2016 10 Certain prior year amounts have been restated as a result of our early adoption of Accounting Standards Update (“ASU”) No. 2016 09, 718 Improvements to Employee Share-Based Payment Accounting 2016 09 2016 09 December 15, 2016, 2016 09 fourth 2016. As part of our adoption of ASU 2016 09 three nine September 24, 2016 $0.1 $15,000 |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations In June 2015, 6, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one Trade accounts receivable are presented net of allowance for doubtful accounts of $0.1 million at both September 30, 2017 December 31, 2016. September 30, 2017, may |
Segment Reporting, Policy [Policy Text Block] | Segment Information We applied the provisions of ASC Topic 280, Segment Reporting 280” 280, 280 one |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill, Other Intangible Assets and Long-lived Assets We evaluate goodwill for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not first second We conduct our annual impairment test as of October 1st no October 1, 2016 may September 30, 2017, not not. In the event we determine that an interim goodwill impairment review is required in a future period, the review may Long-lived assets, other than goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not may not ’s carrying amount is not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Remeasurement and Currency Translation Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. During the three nine September 30, 2017, we recognized foreign exchange losses of $0.2 $2.7 three nine ended September 24, 2016, we recognized approximately $0.3 $1.0 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation We measure and recognize all share-based compensation under the fair value method. Our estimate of share-based compensation expense requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options) and related tax effects. The assumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. Although we believe the assumptions and estimates we have made are reasonable and appropriate, changes in assumptions could materially impact our reported financial results. Reported share-based compensation is classified, in the condensed consolidated interim financial statements, as follows (in thousands) : Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Cost of sales $ 123 $ 101 $ 327 $ 309 Research and development 278 327 856 955 Selling, general and administrative 1,459 1,330 4,153 4,027 Total share-based compensation 1,860 1,758 5,336 5,291 Income tax benefit (107 ) (76 ) (429 ) (189 ) Total share-based compensation, net $ 1,753 $ 1,682 $ 4,907 $ 5,102 |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted income (loss) per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income (loss) per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the three nine September 30, 2017, 5,000 and 103,000 three nine September 24, 2016, 707,000 and 752,000 The following table reconciles the denominators used in computing basic and diluted income (loss) per share ( in thousands) : Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Weighted average common shares 28,155 26,761 27,614 26,596 Effect of dilutive securities 950 606 1,026 786 29,105 27,367 28,640 27,382 Cohu has utilized the “control number” concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when there is persuasive evidence of an arrangement, title and risk of loss have passed, delivery has occurred or the services have been rendered, the sales price is fixed or determinable and collection of the related receivable is reasonably assured. Title and risk of loss generally pass to our customers upon shipment. In circumstances where either title or risk of loss pass upon destination or acceptance, we defer revenue recognition until such events occur. Revenue for established products that have previously satisfied a customer ’s acceptance requirements and provide for full payment tied to shipment is generally recognized upon shipment and passage of title. In certain instances, customer payment terms may 20% 80% not Certain of our equipment sales are accounted for as multiple-element arrangements. A multiple-element arrangement is a transaction which may may For arrangements containing multiple elements, the revenue relating to the undelivered elements is deferred using the relative selling price method utilizing estimated sales prices until delivery of the deferred elements. We limit the amount of revenue recognition for delivered elements to the amount that is not On shipments where sales are not At September 30, 2017, $9.9 $6.7 December 31, 2016, $9.3 $6.9 A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information is as follows: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Customers individually accounting for more than 10% of net sales two three two two Percentage of net sales 26.5 % 37.4 % 28.5 % 30.5 % |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balance totaled approximately $18.0 million and $27.9 September 30, 2017 December 31, 2016, not and adjustments related to postretirement benefits. Reclassification adjustments from accumulated other comprehensive loss during the three nine 2017 2016 not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Retiree Medical Benefits We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost incurred during the first nine 2017 2016 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements – In July 2015, No. 2015 11, Simplifying the Measurement of Inventory not Recently Issued Accounting Pronouncements – In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017, not In January 2017, No. 2017 04, Simplifying the Test for Goodwill Impairment 2 not December 15, 2019. not In January 2017, No. 2017 01, Clarifying the Definition of a Business. December 15, 2017. not In November 2016, No. 2016 18, Restricted Cash. December 15, 2017. not In August 2016, No. 2016 15, Classification of Certain Cash Receipts and Cash Payments. eight December 15, 2017. not In February 2016, No. 2016 02, Leases (Topic 842 December 15, 2018. In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 (ASU 2014 09 August 2015, No. 2015 14, Revenue from Contracts with Customers (Topic 606 ASU 2014 09 one March 2016, No. 2016 08, Revenue from Contracts with Customers (Topic 606 2016 08 first 2018. December 31, 2017, first 2018 two We currently anticipate adopting the standard using the modified retrospective method. We are still in the process of completing our analysis on the impact this guidance will have on our consolidated financial statements and related disclosures. Based on our preliminary review of our customer agreements, we currently expect that our revenue will continue to be recognized at a point in time, generally upon shipment of products to customers, consistent with our current revenue recognition model. In certain instances, when customer payment terms provide that a minority portion of the equipment purchase price be paid only upon customer acceptance, recognition of revenue may When adopting the new standard, on December 31, 2017, not 2017, not not may |
Note 1 - Summary of Significa16
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Cost of sales $ 123 $ 101 $ 327 $ 309 Research and development 278 327 856 955 Selling, general and administrative 1,459 1,330 4,153 4,027 Total share-based compensation 1,860 1,758 5,336 5,291 Income tax benefit (107 ) (76 ) (429 ) (189 ) Total share-based compensation, net $ 1,753 $ 1,682 $ 4,907 $ 5,102 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Weighted average common shares 28,155 26,761 27,614 26,596 Effect of dilutive securities 950 606 1,026 786 29,105 27,367 28,640 27,382 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Customers individually accounting for more than 10% of net sales two three two two Percentage of net sales 26.5 % 37.4 % 28.5 % 30.5 % |
Note 2 - Business Acquisition17
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash paid to Kita shareholders $ 15,000 Fair value of contingent consideration 823 Total purchase price $ 15,823 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Fair Value of Mark to Market Fair Value of Consideration Settlement of Adjustment Impact of Consideration at Recognized at Contingent Charged to Currency September 30, Acquisition Date Consideration Expense Exchange 2017 Kita $ 823 $ - $ 668 $ 9 $ 1,500 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Current assets, including cash received $ 10,491 Property, plant and equipment 12,751 Other assets 2,291 Intangible assets subject to amortization 2,100 Goodwill 3,142 Total assets acquired 30,775 Liabilities assumed (14,952 ) Net assets acquired $ 15,823 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Average Estimated Useful Life Description Fair Value (in years) Developed technology $ 700 8 Customer relationships 600 4 Covenant not-to-compete 300 10 Product backlog 100 1 Trade names 400 5 $ 2,100 |
Schedule of Goodwill [Table Text Block] | Goodwill Balance, December 26, 2015 $ 60,264 Impact of currency exchange (1,415 ) Balance, December 31, 2016 58,849 Additions, net 3,142 Impact of currency exchange 3,492 Balance, September 30, 2017 $ 65,483 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2017 December 31, 2016 Remaining Weighted Gross Average Gross Carrying Accum. Amort. Carrying Accum. Amount Amort. Period (in years) Amount Amort. Developed technology $ 20,785 $ 11,977 3.6 $ 19,195 $ 9,597 Customer relationships 7,935 4,582 3.3 6,996 3,644 Trade names 6,139 849 12.4 5,353 468 Covenant not-to-compete 312 23 9.3 - - Backlog 104 78 0.3 - - Total intangible assets $ 35,275 $ 17,509 $ 31,544 $ 13,709 |
Note 3 - Financial Instrument18
Note 3 - Financial Instruments Measured at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | September 30, 2017 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 9,843 $ 1 $ 2 $ 9,842 U.S. Treasury securities 4,596 - - 4,596 Bank certificates of deposit 1,299 - - 1,299 Foreign government security 603 - - 603 $ 16,341 $ 1 $ 2 $ 16,340 December 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 22,513 $ 1 $ 6 $ 22,508 Government-sponsored enterprise securities 8,109 - 1 8,108 Bank certificates of deposit 750 1 - 751 Foreign government security 623 - - 623 $ 31,995 $ 2 $ 7 $ 31,990 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2017 December 31, 2016 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 16,341 $ 16,340 $ 31,372 $ 31,367 Due after one year through three years - - 623 623 $ 16,341 $ 16,340 $ 31,995 $ 31,990 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at September 30, 2017 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 98,678 $ - $ - $ 98,678 U.S. Treasury securities - 4,596 - 4,596 Corporate debt securities - 19,329 - 19,329 Money market funds - 13,820 - 13,820 Bank certificates of deposit - 1,298 - 1,298 Foreign government security - 603 - 603 $ 98,678 $ 39,646 $ - $ 138,324 Fair value measurements at December 31, 2016 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 70,279 $ - $ - $ 70,279 Foreign government security - 623 - 623 Corporate debt securities - 24,108 - 24,108 Government-sponsored enterprise securities - 8,108 - 8,108 Money market funds - 24,166 - 24,166 Bank certificates of deposit - 751 - 751 $ 70,279 $ 57,756 $ - $ 128,035 |
Note 6 - Discontinued Operati19
Note 6 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Net sales $ - $ - $ - $ - Operating loss before income taxes - - - - Loss from sale of BMS - 51 (278 ) (4 ) Loss before taxes - 51 (278 ) (4 ) Income tax provision - - - - Loss, net of tax $ - $ 51 $ (278 ) $ (4 ) |
Note 8 - Guarantees and Other20
Note 8 - Guarantees and Other Obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, 2017 2016 2017 2016 Balance at beginning of period $ 5,070 $ 5,118 $ 4,350 $ 4,886 Warranty expense accruals 1,720 1,320 5,446 4,586 Warranty payments (1,773 ) (1,401 ) (4,829 ) (4,435 ) Warranty liability assumed - - 50 - Balance at end of period $ 5,017 $ 5,037 $ 5,017 $ 5,037 |
Note 1 - Summary of Significa21
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Oct. 01, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 100,000 | $ 100,000 | $ 100,000 | |||
Number of Operating Segments | 1 | |||||
Goodwill and Intangible Asset Impairment | $ 0 | |||||
Foreign Currency Transaction Gain (Loss), Realized | (200,000) | $ (300,000) | $ (2,700,000) | $ (1,000,000) | ||
Percentage of Revenue Recognized upon Customer Acceptance | 20.00% | |||||
Percentage of Revenue Recognized upon Shipment and Passage of Title | 80.00% | |||||
Deferred Revenue | 9,900,000 | $ 9,900,000 | 9,300,000 | |||
Other Deferred Credits, Current | 6,700,000 | 6,700,000 | 6,900,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (18,016,000) | $ (18,016,000) | $ (27,882,000) | |||
Employee Stock Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000 | 707,000 | 103,000 | 752,000 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
Prior Period Reclassification Adjustment | $ 100,000 | $ 15,000 |
Note 1 - Summary of Significa22
Note 1 - Summary of Significant Accounting Policies - Reported Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Allocated share-based compensation | $ 1,860 | $ 1,758 | $ 5,336 | $ 5,291 |
Income tax benefit | (107) | (76) | (429) | (189) |
Total share-based compensation, net | 1,753 | 1,682 | 4,907 | 5,102 |
Cost of Sales [Member] | ||||
Allocated share-based compensation | 123 | 101 | 327 | 309 |
Research and Development Expense [Member] | ||||
Allocated share-based compensation | 278 | 327 | 856 | 955 |
Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation | $ 1,459 | $ 1,330 | $ 4,153 | $ 4,027 |
Note 1 - Summary of Significa23
Note 1 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Weighted average common shares (in shares) | 28,155 | 26,761 | 27,614 | 26,596 |
Effect of dilutive securities (in shares) | 950 | 606 | 1,026 | 786 |
(in shares) | 29,105 | 27,367 | 28,640 | 27,382 |
Note 1 - Summary of Significa24
Note 1 - Summary of Significant Accounting Policies - Customer Concentration (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Customers individually accounting for more than 10% of net sales | 2 | 3 | 2 | 2 |
Two Customers [Member] | ||||
Percentage of net sales | 26.50% | 28.50% | 30.50% | |
Three Customers [Member] | ||||
Percentage of net sales | 37.40% |
Note 2 - Business Acquisition25
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Amortization of Intangible Assets | $ 1.1 | $ 1.8 | $ 3.2 | $ 5.4 |
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Revenues | 5.3 | $ 4.3 | 14.4 | 12.9 |
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3 | 3 | ||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | Selling, General and Administrative Expenses [Member] | ||||
Business Combination, Acquisition Related Costs | $ 1 | $ 0.9 |
Note 2 - Business Acquisition26
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets - Total Purchase Price (Details) - Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] $ in Thousands | Jan. 04, 2017USD ($) |
Cash paid to Kita shareholders | $ 15,000 |
Fair value of contingent consideration | 823 |
Total purchase price | $ 15,823 |
Note 2 - Business Acquisition27
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets - Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 24, 2016 | |
Mark to market adjustment to Kita contingent consideration liability | $ 668 | ||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | |||
Balance for contingent consideration | $ 823 | ||
Settlement of contingent consideration | |||
Mark to market adjustment to Kita contingent consideration liability | 668 | ||
Impact of currency exchange | 9 | ||
Balance for contingent consideration | $ 1,500 | $ 1,500 |
Note 2 - Business Acquisition28
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jan. 04, 2017 | Dec. 31, 2016 | [1] | Dec. 26, 2015 |
Goodwill | $ 65,483 | $ 58,849 | $ 60,264 | ||
Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | |||||
Current assets, including cash received | $ 10,491 | ||||
Property, plant and equipment | 12,751 | ||||
Other assets | 2,291 | ||||
Intangible assets subject to amortization | 2,100 | ||||
Goodwill | 3,142 | ||||
Total assets acquired | 30,775 | ||||
Liabilities assumed | (14,952) | ||||
Net assets acquired | $ 15,823 | ||||
[1] | Derived from December 31, 2016 audited financial statements |
Note 2 - Business Acquisition29
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets - Preliminary Allocation of Intangible Assets (Details) - Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] $ in Millions | Jan. 04, 2017USD ($) |
Finite-lived intangible assets, estimated fair value | $ 2.1 |
Developed Technology Rights [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.7 |
Finite-lived intangible assets, average useful life (Year) | 8 years |
Customer Relationships [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.6 |
Finite-lived intangible assets, average useful life (Year) | 4 years |
Noncompete Agreements [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.3 |
Finite-lived intangible assets, average useful life (Year) | 10 years |
Order or Production Backlog [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.1 |
Finite-lived intangible assets, average useful life (Year) | 1 year |
Trade Names [Member] | |
Finite-lived intangible assets, estimated fair value | $ 0.4 |
Finite-lived intangible assets, average useful life (Year) | 5 years |
Note 2 - Business Acquisition30
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | |||
Beginning balance | $ 58,849 | [1] | $ 60,264 | |
Impact of currency exchange | 3,492 | (1,415) | ||
Additions, net | 3,142 | |||
Ending balance | $ 65,483 | $ 58,849 | [1] | |
[1] | Derived from December 31, 2016 audited financial statements |
Note 2 - Business Acquisition31
Note 2 - Business Acquisitions, Goodwill and Other Purchased Intangible Assets - Purchased Intangible Assets, Subject to Amortization (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Gross Carrying Amount | $ 35,275 | $ 31,544 |
Accumulated Amortization | 17,509 | 13,709 |
Developed Technology Rights [Member] | ||
Gross Carrying Amount | 20,785 | 19,195 |
Accumulated Amortization | $ 11,977 | 9,597 |
Remaining Useful Life (Year) | 3 years 219 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount | $ 7,935 | 6,996 |
Accumulated Amortization | $ 4,582 | 3,644 |
Remaining Useful Life (Year) | 3 years 109 days | |
Trade Names [Member] | ||
Gross Carrying Amount | $ 6,139 | 5,353 |
Accumulated Amortization | $ 849 | 468 |
Remaining Useful Life (Year) | 12 years 146 days | |
Noncompete Agreements [Member] | ||
Gross Carrying Amount | $ 312 | |
Accumulated Amortization | $ 23 | |
Remaining Useful Life (Year) | 9 years 109 days | |
Order or Production Backlog [Member] | ||
Gross Carrying Amount | $ 104 | |
Accumulated Amortization | $ 78 | |
Remaining Useful Life (Year) | 109 days |
Note 3 - Financial Instrument32
Note 3 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 7.5 | $ 26.6 |
Note 3 - Financial Instrument33
Note 3 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | ||
Amortized Cost | $ 16,341 | $ 31,995 | ||
Gross Unrealized Gains | 1 | 2 | ||
Gross Unrealized Losses | [1] | 2 | 7 | |
Short-term investments | 16,340 | 31,990 | [2] | |
Corporate Debt Securities [Member] | ||||
Amortized Cost | [3] | 9,843 | 22,513 | |
Gross Unrealized Gains | [3] | 1 | 1 | |
Gross Unrealized Losses | [1],[3] | 2 | 6 | |
Short-term investments | [3] | 9,842 | 22,508 | |
US Treasury Securities [Member] | ||||
Amortized Cost | 4,596 | |||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | [1] | |||
Short-term investments | 4,596 | |||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Amortized Cost | 8,109 | |||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | [1] | 1 | ||
Short-term investments | 8,108 | |||
Certificates of Deposit [Member] | ||||
Amortized Cost | 1,299 | 750 | ||
Gross Unrealized Gains | 1 | |||
Gross Unrealized Losses | [1] | |||
Short-term investments | 1,299 | 751 | ||
Foreign Government Debt Securities [Member] | ||||
Amortized Cost | 603 | 623 | ||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | [1] | |||
Short-term investments | $ 603 | $ 623 | ||
[1] | As of September 30, 2017, there were $7.5 million of investments in our portfolio in a loss position. As of December 31, 2016, the cost and fair value of investments with loss positions were approximately $26.6 million. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if an other-than-temporary decline in fair value had occurred and concluded that these losses were temporary and we have the ability and intent to hold these investments to maturity. | |||
[2] | Derived from December 31, 2016 audited financial statements | |||
[3] | Corporate debt securities include investments in financial and other corporate institutions. No single issuer represents a significant portion of the total corporate debt securities portfolio. |
Note 3 - Financial Instrument34
Note 3 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Due in one year or less, amortized cost | $ 16,341 | $ 31,372 |
Due in one year or less, estimated fair value | 16,340 | 31,367 |
Due after one year through three years, amortized cost | 623 | |
Due after one year through three years, estimated fair value | 623 | |
Total amortized cost | 16,341 | 31,995 |
Total estimated fair value | $ 16,340 | $ 31,990 |
Note 3 - Financial Instrument35
Note 3 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
$ 138,324 | $ 128,035 | |
US Treasury Securities [Member] | ||
Short-term investments | 4,596 | |
Foreign Government Debt Securities [Member] | ||
Short-term investments | 603 | 623 |
Corporate Debt Securities [Member] | ||
Short-term investments | 19,329 | 24,108 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 8,108 | |
Certificates of Deposit [Member] | ||
Short-term investments | 1,298 | 751 |
Cash [Member] | ||
Cash and cash equivalents | 98,678 | 70,279 |
Money Market Funds [Member] | ||
Cash and cash equivalents | 13,820 | 24,166 |
Fair Value, Inputs, Level 1 [Member] | ||
98,678 | 70,279 | |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Cash and cash equivalents | 98,678 | 70,279 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | ||
39,646 | 57,756 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 4,596 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Short-term investments | 603 | 623 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 19,329 | 24,108 |
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 8,108 | |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 1,298 | 751 |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 13,820 | 24,166 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | ||
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents |
Note 4 - Employee Stock Benef36
Note 4 - Employee Stock Benefit Plans (Details Textual) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,459,354 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 930,883 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 705,284 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 10.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 4.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 73 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 701,951 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 10.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 4.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 73 days |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 639,171 |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 61,313 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Employee Stock Option [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Employee Stock Option [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 349,956 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 398,529 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,014,145 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 17.7 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 73 days |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 185,305 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 186,146 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 357,333 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 6.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 219 days |
Performance Shares [Member] | Awards Granted in 2017 and 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Performance Shares [Member] | Awards Granted in 2017 and 2016 [Member] | Vest on the Third Anniversary of Awards Grant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Performance Shares [Member] | Awards Granted in 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years |
Performance Shares [Member] | Awards Granted in 2015 [Member] | Vest on the Second and Third Anniversary of Awards Grant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Performance Shares [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 25.00% |
Performance Shares [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 200.00% |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 17.30% | 86.90% | 14.00% | 65.80% |
Note 6 - Discontinued Operati38
Note 6 - Discontinued Operations (Details Textual) - Broadcast Microwave Services, Inc. (“BMS”) [Member] $ in Millions | 1 Months Ended |
Jun. 30, 2015USD ($) | |
Proceeds from Divestiture of Businesses | $ 4.9 |
Disposal Group, Including Discontinued Operation, Contingent Consideration | $ 2.5 |
Note 6 - Discontinued Operati39
Note 6 - Discontinued Operations - Summary of Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Loss, net of tax | $ 51 | $ (278) | $ (4) | |
Broadcast Microwave Services, Inc. (“BMS”) [Member] | ||||
Net sales | ||||
Operating loss before income taxes | ||||
Gain (loss) from disposal of segment | 51 | (278) | (4) | |
Loss before taxes | 51 | (278) | (4) | |
Income tax provision | ||||
Loss, net of tax | $ 51 | $ (278) | $ (4) |
Note 8 - Guarantees and Other40
Note 8 - Guarantees and Other Obligations (Details Textual) $ in Thousands, SFr in Millions | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2017CHF (SFr) | Dec. 31, 2016USD ($) | ||
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2.5 | |||
Long-term Line of Credit | $ 0 | $ 0 | ||
Loans Payable to Bank | 6,200 | |||
Loans Payable to Bank, Current | 1,300 | [1] | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 6,200 | |||
Long-term Line of Credit | 3,100 | |||
Standby Letters of Credit [Member] | ||||
Long-term Line of Credit | 0 | |||
Non-current Other Accrued Liabilities [Member] | ||||
Product Warranty Accrual, Noncurrent | $ 700 | $ 600 | ||
Minimum [Member] | ||||
Standard Product Warranty Term | 1 year | |||
Minimum [Member] | Long-term Borrowings Assumed in Business Acquisition [Member] | Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05% | 0.05% | ||
Maximum [Member] | ||||
Standard Product Warranty Term | 3 years | |||
Maximum [Member] | Long-term Borrowings Assumed in Business Acquisition [Member] | Kita Manufacturing Co. LTD. and Kita USA, Inc. [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.45% | 0.45% | ||
[1] | Derived from December 31, 2016 audited financial statements |
Note 8 - Guarantees and Other41
Note 8 - Guarantees and Other Obligations - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Balance at beginning of period | $ 5,070 | $ 5,118 | $ 4,350 | $ 4,886 |
Warranty expense accruals | 1,720 | 1,320 | 5,446 | 4,586 |
Warranty payments | (1,773) | (1,401) | (4,829) | (4,435) |
Warranty liability assumed | 50 | |||
Balance at end of period | $ 5,017 | $ 5,037 | $ 5,017 | $ 5,037 |