Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 26, 2020 | Feb. 18, 2021 | Jun. 26, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000021535 | ||
Entity Registrant Name | COHU INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-26 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 26, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-4298 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-1934119 | ||
Entity Address, Address Line One | 12367 Crosthwaite Circle | ||
Entity Address, City or Town | Poway | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92064-6817 | ||
City Area Code | 858 | ||
Local Phone Number | 848-8100 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Trading Symbol | COHU | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 655,000,000 | ||
Entity Common Stock, Shares Outstanding | 42,223,006 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 149,358 | $ 155,194 |
Short-term investments | 20,669 | 904 |
Accounts receivable, net | 151,919 | 127,921 |
Inventories | 142,500 | 130,706 |
Prepaid expenses | 18,773 | 17,483 |
Other current assets | 1,827 | 3,158 |
Assets held for sale | 0 | 827 |
Current assets of discontinued operations (Note 14) | 0 | 3,503 |
Total current assets | 485,046 | 439,696 |
Property, plant and equipment, net | 66,916 | 70,912 |
Goodwill | 252,304 | 238,669 |
Intangible assets, net | 233,685 | 275,019 |
Other assets | 23,192 | 20,030 |
Operating lease right of use assets | 29,203 | 33,269 |
Noncurrent assets of discontinued operations (Note 14) | 0 | 115 |
Assets, Total | 1,090,346 | 1,077,710 |
Current liabilities: | ||
Short-term borrowings | 5,314 | 3,195 |
Current installments of long-term debt | 3,075 | 3,322 |
Accounts payable | 67,923 | 48,697 |
Customer advances | 14,410 | 12,160 |
Accrued compensation and benefits | 34,862 | 23,741 |
Accrued warranty | 6,066 | 5,893 |
Deferred profit | 8,671 | 7,645 |
Income taxes payable | 3,857 | 3,894 |
Other accrued liabilities | 30,275 | 39,739 |
Current liabilities of discontinued operations (Note 14) | 0 | 599 |
Total current liabilities | 174,453 | 148,885 |
Long-term debt | 311,551 | 346,518 |
Deferred income taxes | 28,816 | 31,310 |
Long-term lease liabilities | 25,787 | 28,877 |
Accrued retirement benefits | 21,663 | 21,930 |
Noncurrent income tax liabilities | 6,888 | 8,438 |
Other accrued liabilities | 8,900 | 8,656 |
Noncurrent liabilities of discontinued operations (Note 14) | 0 | 24 |
Stockholders' equity: | ||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | 0 | 0 |
Common stock, $1 par value; 60,000 shares authorized, 42,190 shares issued and outstanding in 2020 and 41,395 shares in 2019 | 42,190 | 41,395 |
Paid-in capital | 448,194 | 433,190 |
Retained earnings | 26,230 | 42,517 |
Accumulated other comprehensive loss | (4,326) | (34,030) |
Total stockholders' equity | 512,288 | 483,072 |
Liabilities and Equity, Total | $ 1,090,346 | $ 1,077,710 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
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) | 42,190 | 41,395 |
Common stock, shares outstanding (in shares) | 42,190 | 41,395 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||
Net sales | $ 636,007 | $ 583,329 | $ 451,768 | |
Cost and expenses: | ||||
Cost of sales (1) | [1] | 364,225 | 353,500 | 292,460 |
Research and development | 86,151 | 86,147 | 56,434 | |
Selling, general and administrative | 129,248 | 142,936 | 96,754 | |
Amortization of purchased intangible assets | 38,746 | 39,590 | 17,197 | |
Restructuring charges (Note 5) | 7,623 | 13,484 | 18,704 | |
Impairment charges | 11,249 | 0 | 0 | |
Gain on sale of facilities | (4,495) | 0 | 0 | |
Costs and Expenses, Total | 632,747 | 635,657 | 481,549 | |
Income (loss) from operations | 3,260 | (52,328) | (29,781) | |
Other (expense) income: | ||||
Interest expense | (13,759) | (20,556) | (4,977) | |
Interest income | 224 | 764 | 1,187 | |
Foreign transaction gain (loss) | (3,170) | 43 | 1,659 | |
Gain on extinguishment of debt | 268 | 0 | 0 | |
Loss from continuing operations before taxes | (13,177) | (72,077) | (31,912) | |
Income tax provision (benefit) | 666 | (3,082) | 631 | |
Loss from continuing operations | (13,843) | (68,995) | (32,543) | |
Income (loss) from discontinued operations, net of tax | 42 | (697) | 119 | |
Net loss | (13,801) | (69,692) | (32,424) | |
Net income (loss) attributable to noncontrolling interest | 0 | 8 | (243) | |
Net loss attributable to Cohu | $ (13,801) | $ (69,700) | $ (32,181) | |
Basic: | ||||
Loss from continuing operations before noncontrolling interest (in dollars per share) | $ (0.33) | $ (1.68) | $ (1.02) | |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | |
Net income (loss) attributable to noncontrolling interest (in dollars per share) | 0 | 0 | (0.01) | |
Net loss attributable to Cohu (in dollars per share) | (0.33) | (1.69) | (1.01) | |
Diluted: | ||||
Loss from continuing operations before noncontrolling interest (in dollars per share) | (0.33) | (1.68) | (1.02) | |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | |
Net income (loss) attributable to noncontrolling interest (in dollars per share) | 0 | 0 | (0.01) | |
Net loss attributable to Cohu (in dollars per share) | $ (0.33) | $ (1.69) | $ (1.01) | |
Weighted average shares used in computing | ||||
Basic (in shares) | 41,854 | 41,159 | 31,776 | |
Diluted (in shares) | 41,854 | 41,159 | 31,776 | |
[1] | Excludes amortization of $29,510, $30,126, and $13,586 for the years ended December 26, 2020, December 28, 2019, and December 29, 2018, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net loss | $ (13,801) | $ (69,692) | $ (32,424) |
Net income (loss) attributable to noncontrolling interest | 0 | 8 | (243) |
Net loss attributable to Cohu | (13,801) | (69,700) | (32,181) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 27,321 | (7,522) | (8,905) |
Adjustments related to postretirement benefits | 2,383 | (628) | 805 |
Change in unrealized gain/loss on investments | 0 | 0 | 7 |
Other comprehensive income (loss), net of tax | 29,704 | (8,150) | (8,093) |
Other comprehensive income (loss) attributable to noncontrolling interest | 0 | (4) | (5) |
Other comprehensive income (loss) attributable to Cohu | 29,704 | (8,146) | (8,088) |
Comprehensive income (loss) | 15,903 | (77,842) | (40,517) |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | 4 | (248) |
Comprehensive income (loss) attributable to Cohu | $ 15,903 | $ (77,846) | $ (40,269) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (Accounting Standards Update 2014-09 [Member]) at Dec. 30, 2017 | [1] | $ 0 | $ 0 | $ 1,057 | $ 0 | $ 0 | $ 1,057 | ||||||
Balance at Dec. 30, 2017 | $ 28,489 | $ 127,663 | $ 150,726 | $ (17,787) | $ 0 | $ 289,091 | |||||||
Net income (loss) | 0 | 0 | (32,424) | 0 | 0 | (32,424) | |||||||
Changes in cumulative translation adjustment | 0 | 0 | 0 | (8,905) | |||||||||
Changes in cumulative translation adjustment, attributable to parent | (8,905) | (8,905) | |||||||||||
Changes in cumulative translation adjustment, attributable to non-controlling interest | 0 | ||||||||||||
Adjustments related to postretirement benefits, net of tax | 0 | 0 | 0 | 805 | 0 | 805 | |||||||
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | 7 | 0 | 7 | |||||||
Cash dividends | 0 | 0 | (7,689) | 0 | 0 | (7,689) | |||||||
Exercise of stock options | 67 | 613 | 0 | 0 | 0 | 680 | |||||||
Shares issued under ESPP | 85 | 1,438 | 0 | 0 | 0 | 1,523 | |||||||
Shares issued for restricted stock units vested | 541 | (541) | 0 | 0 | 0 | 0 | |||||||
Repurchase and retirement of stock | (195) | (11,405) | 0 | 0 | 0 | (11,600) | |||||||
Noncontrolling interest | 0 | 0 | 0 | 0 | (299) | (299) | |||||||
Share-based compensation expense | 0 | 18,280 | 0 | 0 | 0 | 18,280 | |||||||
Shares issued for acquisition of Xcerra | 11,776 | 283,642 | 0 | 0 | 0 | 295,418 | |||||||
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 29, 2018 | [2] | $ 0 | $ 0 | $ 10,352 | $ 0 | $ 0 | $ 10,352 | ||||||
Balance at Dec. 29, 2018 | 40,763 | 419,690 | 111,670 | (25,880) | (299) | 545,944 | |||||||
Net income (loss) | 0 | 0 | (69,692) | 0 | 0 | (69,692) | |||||||
Changes in cumulative translation adjustment | 0 | 0 | 0 | (7,526) | |||||||||
Changes in cumulative translation adjustment, attributable to parent | (7,522) | (7,522) | |||||||||||
Changes in cumulative translation adjustment, attributable to non-controlling interest | (4) | ||||||||||||
Adjustments related to postretirement benefits, net of tax | 0 | 0 | 0 | (628) | 0 | (628) | |||||||
Changes in unrealized gains and losses on investments, net of tax | 0 | ||||||||||||
Cash dividends | 0 | 0 | (9,866) | 0 | 0 | (9,866) | |||||||
Exercise of stock options | 42 | 367 | 0 | 0 | 0 | 409 | |||||||
Shares issued under ESPP | 187 | 2,159 | 0 | 0 | 0 | 2,346 | |||||||
Shares issued for restricted stock units vested | 599 | (599) | 0 | 0 | 0 | 0 | |||||||
Repurchase and retirement of stock | (196) | (2,575) | 0 | 0 | 0 | (2,771) | |||||||
Noncontrolling interest | 0 | 0 | 53 | 0 | (53) | 0 | |||||||
Share-based compensation expense | 0 | 14,148 | 0 | 0 | 0 | 14,148 | |||||||
Divestiture of interest in consolidated entity | 0 | 0 | 0 | 0 | 356 | 356 | |||||||
Balance at Dec. 28, 2019 | 41,395 | 433,190 | 42,517 | (34,030) | 0 | 483,072 | |||||||
Net income (loss) | 0 | 0 | (13,801) | 0 | 0 | (13,801) | |||||||
Changes in cumulative translation adjustment | 0 | 0 | 0 | 27,321 | |||||||||
Changes in cumulative translation adjustment, attributable to parent | 27,321 | 27,321 | |||||||||||
Changes in cumulative translation adjustment, attributable to non-controlling interest | 0 | ||||||||||||
Adjustments related to postretirement benefits, net of tax | 0 | 0 | 0 | 2,383 | 0 | 2,383 | |||||||
Changes in unrealized gains and losses on investments, net of tax | 0 | ||||||||||||
Cash dividends | 0 | 0 | (2,486) | 0 | 0 | (2,486) | |||||||
Exercise of stock options | 101 | 1,001 | 0 | 0 | 0 | 1,102 | |||||||
Shares issued under ESPP | 243 | 3,026 | 0 | 0 | 0 | 3,269 | |||||||
Shares issued for restricted stock units vested | 660 | (660) | 0 | 0 | 0 | 0 | |||||||
Repurchase and retirement of stock | (209) | (2,597) | 0 | 0 | 0 | (2,806) | |||||||
Share-based compensation expense | 0 | 14,234 | 0 | 0 | 0 | 14,234 | |||||||
Balance at Dec. 26, 2020 | $ 42,190 | $ 448,194 | $ 26,230 | $ (4,326) | $ 0 | $ 512,288 | |||||||
[1] | Cumulative effect of accounting change relates to our adoption of ASU 2014-09. | ||||||||||||
[2] | Cumulative effect of accounting change relates to our adoption of ASU 2016-02. Please refer to Note 1 of the Consolidated Financial Statements for further detail on the adoption of this accounting standard. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Cash dividend, per share (in dollars per share) | $ 0.06 | $ 0.24 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | |
Cash flows from operating activities: | |||
Net loss attributable to Cohu | $ (13,801) | $ (69,700) | $ (32,181) |
Net income (loss) from noncontrolling interest | 0 | 8 | (243) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
(Gain) loss on disposal of discontinued operations (Note 14) | (35) | 1,138 | 0 |
Interest capitalized associated with cloud computing implementation | (124) | (168) | 0 |
Gain on divestiture of consolidated entity | 0 | (149) | 0 |
Gain on extinguishment of debt | (268) | 0 | 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 11,249 | 0 | 0 |
Depreciation and amortization | 52,746 | 58,871 | 26,047 |
Share-based compensation expense including restructuring charges | 14,234 | 14,148 | 18,279 |
Amortization of inventory step-up and inventory related charges | 3,731 | 8,347 | 24,179 |
Amortization of debt discounts and issuance costs | 1,177 | 1,110 | 0 |
Accrued retiree benefits | 1,675 | 1,017 | (560) |
Deferred income taxes | (5,305) | (5,385) | (8,207) |
Adjustment to contingent consideration liability | 0 | 0 | 657 |
Changes in other assets | 285 | (3,044) | (2,961) |
Amortization of cloud-based software implementation costs | 1,191 | 0 | 0 |
(Gain) loss from sale of property, plant and equipment | (4,170) | 173 | 293 |
Changes in other accrued liabilities | 91 | 5,348 | 198 |
Changes in current assets and liabilities, excluding effects from acquisitions and divestitures: | |||
Customer advances | 2,188 | 11,548 | 2,513 |
Accounts receivable | (20,210) | 21,150 | 5,785 |
Inventories | (14,982) | 26 | 2,043 |
Accrued compensation, warranty and other liabilities | 4,678 | (9,405) | 1,472 |
Accounts payable | 15,058 | (3,122) | (7,103) |
Deferred profit | 871 | 997 | 37 |
Other current assets | 1,150 | (5,996) | 148 |
Income taxes payable | (2,089) | (10,719) | 4,041 |
Operating lease right-of-use assets | 6,831 | 7,159 | 0 |
Current and long-term operating lease liabilities | (6,437) | (6,083) | 0 |
Net cash provided by operating activities | 49,734 | 17,269 | 34,437 |
Cash flows from investing activities, excluding effects from acquisitions and divestitures: | |||
Purchases of property, plant and equipment | (18,660) | (18,000) | (4,967) |
Net cash received from sale of land, facility and assets | 17,025 | 1,767 | 1,005 |
Purchases of short-term investments | (19,703) | (315) | (38,700) |
Payment for purchase of Xcerra, net of cash received | 0 | 0 | (339,115) |
Sales and maturities of short-term investments | 0 | 0 | 59,469 |
Net cash received from sale of fixtures services business | 2,975 | 0 | 0 |
Net cash used in investing activities | (18,363) | (16,548) | (322,308) |
Cash flows from financing activities: | |||
Cash dividends paid | (4,971) | (9,827) | (6,949) |
Proceeds from revolving line of credit and construction loans | 5,878 | 5,477 | 0 |
Repayments of long-term debt | (41,056) | (3,817) | (2,323) |
Net issuance (repurchases) of stock, including awards settled in cash | 2,077 | (16) | (8,978) |
Proceeds from Term Loan B | 0 | 0 | 348,250 |
Payment of debt issuance costs | 0 | 0 | (7,072) |
Payment of contingent consideration | 0 | 0 | (823) |
Net cash provided by (used in) financing activities | (38,072) | (8,183) | 322,105 |
Effect of exchange rate changes on cash and cash equivalents | 129 | (1,529) | (3,599) |
Net increase (decrease) in cash and cash equivalents | (6,572) | (8,991) | 30,635 |
Cash and cash equivalents at beginning of year | 155,930 | 164,921 | 134,286 |
Cash and cash equivalents at end of year | 149,358 | 155,930 | 164,921 |
Cash held by discontinued operations (Note 14) | 0 | (736) | (461) |
Cash and cash equivalents at end of year from continuing operations | 149,358 | 155,194 | 164,460 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 5,772 | 14,942 | 6,243 |
Cash paid for interest | 16,324 | 14,846 | 4,977 |
Dividends declared but not yet paid | 0 | 2,484 | 2,445 |
Property, plant and equipment purchases included in accounts payable | 1,063 | 1,601 | 599 |
Inventory capitalized as capital assets | $ 1,050 | $ 300 | $ 857 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 . Summary of Significant Accounting Policies Basis of Presentation 810, Consolidation 810” The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. Our fiscal years are based on a 52 53 December. December 26, 2020, 52 December 28, 2019, December 29, 2018, 52 Principles of Consolidation for Variable Interest Entities 810 10 15 December 28, 2019, no December 28, 2019. Discontinued Operations October 1, 2018, not not February 2020, 14, Income (Loss ) Per Share December 26, 2020, December 28, 2019 December 29, 2018, The following table reconciles the denominators used in computing basic and diluted income (loss) per share: (in thousands) 2020 2019 2018 Weighted average common shares outstanding 41,854 41,159 31,776 Effect of dilutive stock options and restricted stock units - - - 41,854 41,159 31,776 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. Cash, Cash Equivalents and Short-term Investments three three 12 one Fair Value of Financial Instruments Concentration of Credit Risk one We adopted ASU 2016 13 , Financial Instruments-Credit Losses (Topic 326 December 29, 2019 first 2020. not 326 December 26, 2020 December 28, 2019. December 26, 2020, 19 may Inventories first first 2020. 2019. 2018. Inventories by category were as follows (in thousands) December 26, December 28, 2020 2019 Raw materials and purchased parts $ 83,755 $ 69,665 Work in process 44,315 46,591 Finished goods 14,430 14,450 Total inventories $ 142,500 $ 130,706 Gain on Sale of Facilities 5, 2020, December 28, 2019. Property, Plant and Equipment thirty forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) December 26, December 28, 2020 2019 Land and land improvements (1) $ 8,141 $ 11,659 Buildings and building improvements (1) 41,153 41,474 Machinery and equipment 65,342 61,006 114,636 114,139 Less accumulated depreciation and amortization (47,720 ) (43,227 ) Property, plant and equipment, net $ 66,916 $ 70,912 ( 1 Includes assets under financing leases acquired with Xcerra totaling $2.6 million as of December 28, 2019. Depreciation expense was $14.0 million in 2020, 2019 2018. 2020 Cloud Computing Implementation Costs 2018 15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 Total unamortized capitalized cloud computing implementation costs totaled $13.5 million and $10.3 million at December 26, 2020 December 28, 2019, first 2020. seven December 26, 2020. Segment Information 280, Segment Reporting 280” four 280 two Goodwill, Purchased Intangible Assets and Other Long-lived Assets may not not We conduct our annual impairment test as of October 1st October 1, 2020, may December 26, 2020, not not. 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 not Product Warranty Income Taxes not 50 not not no The Tax Act was enacted on December 22, 2017. 2018. March 27, 2020, 2020. Contingencies and Litigation Leases 2016 02, Leases (Topic 842 December 30, 2018, 840 840 We determine if a contract contains a lease at inception. Operating leases are included in operating lease right of use (“ROU”) assets, current other accrued liabilities, and long-term lease liabilities on our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current accrued liabilities, and long-term lease liabilities on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the adoption date or the commencement date for leases entered into after the adoption date. As most of our leases do not The operating lease ROU asset also includes any lease payments made, lease incentives, favorable and unfavorable lease terms recognized in business acquisitions and excludes initial direct costs incurred and variable lease payments. Variable lease payments include estimated payments that are subject to reconciliations throughout the lease term, increases or decreases in the contractual rent payments, as a result of changes in indices or interest rates and tax payments that are based on prevailing rates. Our lease terms may Leases with an initial term of 12 not We sublease certain leased assets to third None Revenue Recognition not Revenue for established products that have previously satisfied a customer’s acceptance requirements is generally recognized upon shipment. In cases where a prior history of customer acceptance cannot be demonstrated or from sales where customer payment dates are not Certain of our equipment sales have multiple performance obligations. These arrangements involve the delivery or performance of multiple performance obligations, and transfer of control of performance obligations may Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. At December 26, 2020 December 28, 2019, We generally sell our equipment with a product warranty. The product warranty provides assurance to customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, Guarantees ( “ ASC 460 ” ) not The transaction price reflects our expectations about the consideration we will be entitled to receive from the customer and may not not Our contracts are typically less than one 606 one Accounts receivable represents our unconditional right to receive consideration from our customers. Payments terms do not one not no no On shipments where sales are not December 26, 2020, one December 28, 2019, one Disaggregated net sales by segment are as follows: (in thousands) 2020 2019 2018 Systems-Semiconductor Test & Inspection $ 317,821 $ 299,473 $ 249,514 Non-systems-Semiconductor Test & Inspection 267,419 241,405 193,737 Systems-PCB Test 33,293 25,928 6,565 Non-systems-PCB Test 17,474 16,523 1,952 Net sales $ 636,007 $ 583,329 $ 451,768 Advertising Costs not Restructuring Costs one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. Debt Issuance Costs December 26, 2020, December 28, 2019 December 29, 2018, Share-based Compensation Foreign Remeasurement and Currency Translation December 26, 2020, December 28, 2019 December 29, 2018, Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. Foreign Exchange Derivative Contracts fourth 2020, 8, Derivative Financial Instruments Accumulated Other Comprehensive Loss December 26, 2020, December 28, 2019, December 26, 2020, December 28, 2019 15, Accumulated Other Comprehensive Loss Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2019 04, Codification Improvements to Topic 326, 2019 05, Financial Instruments-Credit Losses (Topic 326 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 2019 11 , Codification Improvements to Topic 326, 2016 13, not 2016 13 not In August 2018, 2018 13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement not December 15, 2019. 3 2018 13 not In August 2018, 2018 14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans not 2018 14 one 6, In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes not December 29, 2019. not Recently Issued Accounting Pronouncements March 2020, 2020 04, Reference Rate Reform (Topic 848 may 2020 04 may December 31, 2022. not All other newly issued accounting pronouncements not not |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2 . Business Acquisitions On October 1, 2018, May 7, 2018, Xcerra, formerly known as LTX-Credence Corporation, is a global provider of test and handling capital equipment, interface products and related services to the semiconductor and electronics manufacturing industries. Xcerra was comprised of four businesses in the semiconductor and electronics manufacturing test markets: atg-Luther & Maelzer, Everett Charles Technologies, LTX-Credence and Multitest. The acquisition of Xcerra was a strategic transaction to expand our total available market, extend our market leadership and broaden our product offerings. Cohu financed the merger, including all related fees and expenses, with the following: ● $160.5 million cash from our combined balance sheets; ● The incurrence of $350.0 million from the Credit Facility, as defined below; ● The issuance of 11,776,149 shares of Cohu common stock; and ● The issuance of 529,995 assumed RSUs to Xcerra employees, of which $0.8 million of the fair value of the assumed RSUs was attributed to pre-merger services. On October 1, 2018, may not October 1, 2025. may The acquisition method of accounting is based on ASC 805, Business Combinations 805” 820, Fair Value Measurement 820” The acquisition was nontaxable to Cohu and certain of the assets acquired, including goodwill and intangibles, will not We recorded a $19.6 million step-up of inventory to its fair value as of the acquisition date based on the valuation which was fully amortized to cost of sales as of December 28, 2019. The allocation of the intangible assets subject to amortization is as follows ( in thousands Estimated Fair Value Weighted Average Useful Life (years) Developed technology $ 194,600 7.8 Customer relationships 65,890 10.6 In-process research and development 36,360 indefinite Product backlog 6,410 0.8 Trademarks and trade names 16,800 11.0 Favorable leases 1,100 5.5 Total intangible assets $ 321,160 Acquired intangible assets reported above are being amortized using the straight-line method over their estimated useful lives which approximates the pattern of how the economic benefit is expected to be used. This includes amounts allocated to customer relationships because of anticipated high customer retention rates that are common in the semiconductor capital equipment industry. The value assigned to 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 Xcerra’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 Xcerra and 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. In-process research and development (“IPR&D”) represents the estimated fair value assigned to research and development projects acquired in a business combination that have not no The value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of October 1, 2018, The value assigned to trademarks and 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. In our estimate of the fair value of Xcerra’s net assets, Cohu identified leases that appear to be at both favorable and unfavorable rates compared to current market rates. As a result, Cohu has recorded both favorable and unfavorable lease assets, which are being amortized to rent expense over the terms of the related lease. As of December 29, 2018, 2016 2, Leases (Topic 842 |
Note 3 - Goodwill and Purchased
Note 3 - Goodwill and Purchased Intangible Assets | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3 . Goodwill and Purchased Intangible Assets Changes in the carrying value of our goodwill during the years ended December 26, 2020, December 28, 2019, in thousands Semiconductor Test & Inspection PCB Test Total Goodwill Balance December 29, 2018 $ 220,808 $ 21,319 $ 242,127 Additions 2,117 (983 ) 1,134 Impairments (1) (715 ) - (715 ) Impact of currency exchange (3,435 ) (442 ) (3,877 ) Balance December 28, 2019 218,775 19,894 238,669 Impact of currency exchange 11,949 1,686 13,635 Balance December 26, 2020 $ 230,724 $ 21,580 $ 252,304 ( 1 not Purchased intangible assets, subject to amortization, are as follows (in thousands) December 26, 2020 December 28, 2019 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 239,250 $ 83,246 5.7 $ 227,619 $ 49,805 Customer relationships 74,933 22,751 8.5 72,251 14,824 Trade names 23,756 6,279 8.7 22,612 3,892 Covenant not-to-compete 340 136 6.0 322 96 $ 338,279 $ 112,412 $ 322,804 $ 68,617 The table above excludes $7.8 million and $20.8 million of in-process technology in 2020 2019, We evaluate goodwill and other indefinite-lived intangible assets for impairment annually and when an event occurs, or circumstances change that indicate that the carrying value may not October 1, 2019, first fourth no may first 2020, 19 March 28, 2020 no 19 third 2020, twelve December 26, 2020 The forecasts utilized in the interim impairment tests were based on known facts and circumstances. We evaluate and consider recent events and uncertain items, as well as related potential implications, as part of our annual and interim assessments and incorporate them into the analyses as appropriate. These facts and circumstances are subject to change and may not may Amortization expense related to purchased intangible assets was approximately $38.7 million in 2020, 2019 2018. December 26, 2020, 2021 2022 2023 2024 2025 |
Note 4 - Borrowings and Credit
Note 4 - Borrowings and Credit Agreements | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4 . Borrowings and Credit Agreements The following table is a summary of our borrowings as of December 26, 2020 December 28, 2019: Fiscal year ended (in thousands) December 26, 2020 December 28, 2019 Bank term loan under credit agreement $ 306,630 $ 346,500 Bank term loans-Kita 3,662 3,830 Bank term loan-Xcerra - 1,475 Construction loan-Cohu GmbH 9,902 5,476 Lines of credit 5,314 3,195 Total debt 325,508 360,476 Less: financing fees and discount (5,568 ) (7,441 ) Less: current portion (8,389 ) (6,517 ) Total long-term debt $ 311,551 $ 346,518 The debt principal payments, excluding financing lease obligations, for the next five (in thousands) 2021 $ 9,512 2022 4,720 2023 4,725 2024 4,730 2025 293,864 Thereafter 7,957 Total $ 325,508 Credit Agreement On October 1, 2018, October 1, 2025. December 26, 2020, December 28, 2019, December 26, 2020, December 26, 2020 2 Under the terms of the Credit Agreement, the lender may December 26, 2020, no During 2020 December 26, 2020. Kita Term Loans As a result of our acquisition of Kita, we assumed term loans from a series of Japanese financial institutions primarily related to the expansion of Kita’s facility in Osaka, Japan. The loans are collateralized by the facility and land, carry interest rates ranging from 0.05% to 0.44%, and expire at various dates through 2034. December 26, 2020, December 26, 2020. The term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Xcerra Term Loan As a result of our acquisition of Xcerra, we assumed a term loan related to the purchase of Xcerra’s facility in Rosenheim, Germany. The loan was payable over 10 years at an annual interest rate of 2.35%. Principal plus accrued interest was due quarterly over the duration of the term loan ending in March 2024. December 28, 2019, 2020 Construction Loan s On July 26, 2019, one two €8.6 August 1, 2019, June 16, 2020, third €1.5 not one €3.4 €5.2 €1.5 On August 1, 2019, €3.4 first September 2019 December 2021. 2021. Through December 26, 2020, €4.9 second December 2019 May 2020. May 2020. December 26, 2020, €0.3 not second Through December 26, 2020, no third first May 2021. 10 May 2021. At December 26, 2020 December 28, 2019, Lines of Credit As a result of our acquisition of Kita, 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 $9.3 million. At December 26, 2020, The revolving lines of credit are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Our wholly owned Ismeca subsidiary has one available line of credit which provides it with borrowings of up to a total of 2.0 million Swiss Francs. At December 26, 2020, December 28, 2019, |
Note 5 - Restructuring Charges
Note 5 - Restructuring Charges | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 5 . Restructuring Charges Subsequent to the acquisition of Xcerra, during the fourth 2018, 2, 2019. In the second 2019, fourth 2020 As a result of the activities described above, we recognized total pretax charges of $11.4 million, $16.2 million and $37.8 million for the years ended December 26, 2020, December 28, 2019 December 29, 2018, 420, Exit or Disposal Cost Obligations 420” December 29, 2018. December 29, 2018, All costs of the Integration Program were, and are expected to be, incurred by our Semiconductor Test & Inspection segment. Charges related to the Integration Program for the years ended December 26, 2020, December 28, 2019 December 29, 2018, (in thousands) : (in thousands) 2020 2019 2018 Employee severance costs $ 6,485 $ 12,170 $ 17,791 Inventory related charges 3,731 2,729 19,053 Other restructuring costs 1,138 1,314 913 Total $ 11,354 $ 16,213 $ 37,757 Costs associated with restructuring activities are presented in our consolidated statements of operations as restructuring charges, except for certain costs associated with inventory charges related to the decision to end manufacturing of certain of Xcerra’s semiconductor test handler products, which are classified within cost of sales. Other restructuring costs include expenses for professional fees associated with employee severance, impairments of fixed assets and facility closure costs. The following table summarizes the activity within the restructuring related accounts for the Integration Program during the years ended December 26, 2020 December 28, 2019 (in thousands) Employee Severance Other Exit Costs Total Balance, December 29, 2018 $ 4,026 - 4,026 Costs accrued 12,170 1,314 13,484 Amounts paid or charged (14,909 ) (1,314 ) (16,223 ) Impact of currency exchange (51 ) - (51 ) Balance, December 28, 2019 1,236 - 1,236 Costs accrued 6,485 1,138 7,623 Amounts paid or charged (2,055 ) (1,138 ) (3,193 ) Impact of currency exchange 160 - 160 Balance, December 26, 2020 $ 5,826 $ - $ 5,826 At December 26, 2020, 2021. |
Note 6 - Employee Benefit Plans
Note 6 - Employee Benefit Plans | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Defined Contribution Retirement Plans 401 2020 2020 2019 2018 401 October 1 December 29, 2018. Defined Benefit Retirement Plans 2013, Net periodic benefit cost of the Swiss Plan was as follows: (in thousands) 2020 2019 2018 Service cost $ 1,310 $ 920 $ 925 Interest cost 67 267 207 Expected return on assets (200 ) (168 ) (124 ) Settlements 292 - - Net periodic costs $ 1,469 $ 1,019 $ 1,008 The following table sets forth the projected benefit obligation, the fair value of plan assets, the funded status and the liability we have recorded in our consolidated balance sheets related to the Swiss Plan: (in thousands) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ (32,241 ) $ (29,910 ) Service cost (1,310 ) (920 ) Interest cost (67 ) (267 ) Actuarial gain (loss) 1,916 (1,456 ) Participant contributions (1,136 ) (1,434 ) Benefits paid 419 2,313 Plan change 944 - Settlements 3,446 - Foreign currency exchange adjustment (3,010 ) (567 ) Benefit obligation at end of year (31,039 ) (32,241 ) Change in plan assets: Fair value of plan assets at beginning of year 18,705 18,088 Return on assets, net of actuarial loss 129 281 Employer contributions 886 882 Participant contributions 1,136 1,434 Benefits paid (419 ) (2,313 ) Settlements (3,446 ) - Foreign currency exchange adjustment 1,765 333 Fair value of plan assets at end of year 18,756 18,705 Net liability at end of year $ (12,283 ) $ (13,536 ) At December 26, 2020 December 28, 2019, December 26, 2020, December 28, 2019. Actuarial gain of $1.9 million for the year ended December 26, 2020, December 28, 2019, Weighted-average actuarial assumptions used to determine the projected benefit obligation under the Swiss Plan are as follows: 2020 2019 Discount rate 0.2% 0.2% Compensation increase 1.1% 1.1% Weighted-average assumptions used to determine net periodic benefit cost of the Swiss Plan are as follows: 2020 2019 2018 Discount rate 0.2% 0.9% 0.7% Rate of return on assets 1.0% 0.9% 0.7% Compensation increase 1.1% 1.8% 1.8% During 2021 2021 2022 2023 2024 2025 2030. As is customary with Swiss pension plans, the assets of the plan are invested in a collective fund with multiple employers. We have no 3 1 2 3 7, three We maintain other defined benefit plans for employees located outside the U.S. for which the majority of the obligations and net periodic benefit cost were determined to be immaterial for all periods presented. Retiree Medical Benefits 2020, 2019, 2018. no The weighted average discount rate used in determining the accumulated post-retirement benefit obligation was 2.1% in 2020, 2019 2018. 2021. 2030 Contributions to the post-retirement health benefit plan are expected to total $0.1 million in 2021. 2021 2022 2023 2024 2025 2030. The following table sets forth the post-retirement benefit obligation, funded status and the liability we have recorded in our consolidated balance sheets: (in thousands) 2020 2019 Accumulated benefit obligation at beginning of year $ (2,571 ) $ (2,880 ) Interest cost (75 ) (115 ) Actuarial gain 134 258 Benefits paid 114 166 Accumulated benefit obligation at end of year (2,398 ) (2,571 ) Plan assets at end of year - - Funded status $ (2,398 ) $ (2,571 ) Deferred Compensation December 26, 2020, December 28, 2019, Employee Stock Purchase Plan 1997 may three 2020 242,633; 2019 2018 December 26, 2020, Stock Options December 26, 2020, 2005 2005 2005 may not one four one ten During 2020, 2019 2018 2020 2019 2018 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Shares Ex. Price Shares Ex. Price Shares Ex. Price Outstanding, beginning of year 363 $ 10.27 405 $ 10.22 472 $ 10.20 Exercised (101 ) $ 10.95 (42 ) $ 9.82 (67 ) $ 10.10 Outstanding, end of year 262 $ 10.01 363 $ 10.27 405 $ 10.22 Options exercisable at year end 262 $ 10.01 363 $ 10.27 405 $ 10.22 The aggregate intrinsic value of options exercised was $1.3 million in 2020, 2019, 2018. December 26, 2020, Information about stock options outstanding at December 26, 2020 (options in thousands) Options Outstanding Options Exercisable Approximate Wt. Avg. Range of Number Remaining Wt. Avg. Number Wt. Avg. Exercise Prices Outstanding Life (Years) Ex. Price Exercisable Ex. Price $ 9.44 - $ 10.54 159 2.2 $ 9.50 159 $ 9.50 $ 10.55 - $ 10.58 92 1.2 $ 10.58 92 $ 10.58 $ 10.59 - $ 12.58 11 3.5 $ 12.44 11 $ 12.44 262 1.9 $ 10.01 262 $ 10.01 Restricted Stock Units may one two four not not not December 26, 2020. Restricted stock unit activity under our share-based compensation plans was as follows: 2020 2019 2018 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 1,328 $ 17.05 1,265 $ 19.48 981 $ 12.50 Granted 779 $ 14.02 694 $ 14.32 822 $ 23.70 Released (621 ) $ 17.48 (563 ) $ 19.08 (500 ) $ 13.10 Cancelled (72 ) $ 17.59 (68 ) $ 17.60 (38 ) $ 14.67 Outstanding, end of year 1,414 $ 15.16 1,328 $ 17.05 1,265 $ 19.48 RSUs granted in 2018 Equity-Based Performance Stock Units three third We estimated the fair value of the PSUs using a Monte Carlo simulation model on the date of grant. Compensation expense is recognized over the requisite 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. PSU activity under our share-based compensation plans was as follows: 2020 2019 2018 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 364 $ 18.72 340 $ 17.89 334 $ 14.31 Granted 200 $ 13.18 167 $ 14.11 89 $ 24.32 Released (39 ) $ 21.40 (36 ) $ 11.35 (41 ) $ 9.92 Cancelled (100 ) $ 20.25 (107 ) $ 11.35 (42 ) $ 10.69 Outstanding, end of year 425 $ 15.51 364 $ 18.72 340 $ 17.89 Share-based Compensation 19 May 5, 2020. 2020 The following weighted average assumptions were used to value share-based awards granted: Employee Stock Purchase Plan 2020 2019 2018 Dividend yield 0.5 % 1.3 % 1.1 % Expected volatility 67.1 % 46.4 % 39.0 % Risk-free interest rate 1.1 % 2.2 % 1.7 % Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $ 6.01 $ 5.35 $ 5.90 Restricted Stock Units 2020 2019 2018 Dividend yield 0.0 % 1.6 % 1.0 % Reported share-based compensation is classified in the consolidated financial statements as follows: (in thousands) 2020 2019 2018 Cost of sales $ 893 $ 736 $ 546 Research and development 3,245 2,994 1,717 Selling, general and administrative 10,096 10,418 7,790 Share-based compensation of continuing operations 14,234 14,148 10,053 Income tax benefit (963 ) (587 ) (993 ) Total share-based compensation, net of tax $ 13,271 $ 13,561 $ 9,060 We account for forfeitures of plan-based awards as they occur. Share based compensation for the year ended December 29, 2018, At December 26, 2020, |
Note 7 - Financial Instruments
Note 7 - Financial Instruments Measured at Fair Value | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 7 . 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) At December 26, 2020 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 14,943 $ 2 $ 1 $ 14,944 U.S. treasury securities 2,012 - - 2,012 Government-sponsored enterprise securities 1,998 - - 1,998 Bank certificates of deposit 750 - - 750 Foreign government security 965 - - 965 $ 20,668 $ 2 $ 1 $ 20,669 At December 28, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Foreign government security $ 904 $ - $ - $ 904 ( 1 As of December 26, 2020, December 28, 2019, ( 2 Corporate debt securities include investments in financial and other corporate institutions. No Effective maturities of short-term investments at December 26, 2020, Amortized Estimated (in thousands) Cost Fair Value Due in one year or less $ 20,668 $ 20,669 Accounting standards pertaining to fair value measurements establish a three 1, 2, 3, no 1. 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 December 26, 2020 using: Total Estimated Level 1 Level 2 Level 3 Fair Value Cash $ 128,874 $ - $ - $ 128,874 Money market funds - 19,734 - 19,734 Foreign government security - 965 - 965 Corporate debt securities - 15,694 - 15,694 U.S. treasury securities - 2,012 - 2,012 Government-sponsored enterprise securities - 1,998 - 1,998 Bank certificates of deposit - 750 - 750 $ 128,874 $ 41,153 $ - $ 170,027 Fair value measurements at December 28, 2019 using: Total Estimated Level 1 Level 2 Level 3 Fair Value Cash $ 147,523 $ - $ - $ 147,523 Money market funds - 7,671 - 7,671 Foreign government security - 904 - 904 $ 147,523 $ 8,575 $ - $ 156,098 |
Note 8 - Derivative Financial I
Note 8 - Derivative Financial Instruments | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Foreign Exchange Derivative Contracts We operate and sell our products in various global markets and, as a result, we are exposed to changes in foreign currency exchange rates. In the fourth 2020, We do not not The fair value of our foreign exchange derivative contracts was determined based on current foreign currency exchange rates and forward points. All our foreign exchange derivative contracts outstanding at December 26, 2020 first 2021. The following table provides information about our foreign currency forward contracts outstanding as of December 26, 2020 (in thousands) Currency Contract Position Contract Amount (Local Currency) Contract Amount (U.S. Dollars) Swiss Franc Buy 13,349 $ 15,000 Euro Buy 9,424 11,500 $ 26,500 Our foreign currency contracts are classified within Level 2 December 26, 2020 The location and amount of gains (losses) related to non-designated derivative instruments in the consolidated statements of operations were as follows (in thousands) Derivatives Not Designated Location of Gain (Loss) Fiscal Year as Hedging Instruments Recognized on Derivatives 2020 Foreign exchange forward contracts Foreign transaction gain (loss) $ 756 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Significant components of the provision (benefit) for income taxes for continuing operations are as follows: (in thousands) 2020 2019 2018 Current: U.S. Federal $ - $ - $ - U.S. State 21 130 51 Foreign 5,950 2,173 8,787 Total current 5,971 2,303 8,838 Deferred: U.S. Federal 8 98 56 U.S. State - 1 - Foreign (5,313 ) (5,484 ) (8,263 ) Total deferred (5,305 ) (5,385 ) (8,207 ) $ 666 $ (3,082 ) $ 631 Income (loss) before income taxes from continuing operations consisted of the following: (in thousands) 2020 2019 2018 U.S. $ (25,005 ) $ (72,669 ) $ (42,682 ) Foreign 11,828 592 10,770 Total $ (13,177 ) $ (72,077 ) $ (31,912 ) The Tax Act was enacted on December 22, 2017, 2018, 35% 21% 2017 one not January 1, 2018, 2018 Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded provisional amounts in our financial statements as of December 30, 2017 118 not 2018, no 2018 2017 Under GAAP, we are allowed to make an accounting policy election to either (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred or (ii) factor such amounts into a company’s measurement of its deferred taxes. We have elected to account for GILTI as a period cost. One-time transition tax The Tax Act required us to pay U.S. income taxes on accumulated foreign subsidiary earnings not 15.5% 8% may In 2017 one 2018 2018 29 2018 29” 2018 29 no Deferred tax effects The Tax Act reduces the U.S. statutory tax rate from 35% 21% 2017. December 30, 2017 2017, 20 Beginning in 2018, 100% 10 one 740 30 25 18 Except for working capital requirements in certain foreign jurisdictions, we provide for all taxes, including withholding and other residual taxes, related to unremitted earnings of our foreign subsidiaries. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of our deferred tax assets and liabilities were as follows: (in thousands) 2020 2019 Deferred tax assets: Inventory, receivable and warranty reserves $ 11,720 $ 11,235 Net operating loss carryforwards 56,777 69,092 Tax credit carryforwards 37,393 36,489 Accrued employee benefits 5,306 4,274 Stock-based compensation 2,210 2,372 Lease liabilities 5,146 5,804 Other 4,221 9,390 Gross deferred tax assets 122,773 138,656 Less valuation allowance (86,124 ) (93,494 ) Total deferred tax assets 36,649 45,162 Deferred tax liabilities: Intangible assets and other acquisition basis differences 52,012 63,866 Operating lease right-of-use assets 4,706 5,258 Unremitted earnings of foreign subsidiaries 3,119 2,462 Total deferred tax liabilities 59,837 71,586 Net deferred tax liabilities $ (23,188 ) $ (26,424 ) Companies are required to assess whether a valuation allowance should be recorded against their deferred tax assets (“DTAs”) based on the consideration of all available evidence, using a “more likely than not” four 1 2 3 4 In assessing whether a valuation allowance is required, significant weight is to be given to evidence that can be objectively verified. We have evaluated our DTAs each reporting period, including an assessment of our cumulative income or loss over the prior three three 2020. As a result of our cumulative, three 2020 not” 2021 Our valuation allowance on our DTAs at December 26, 2020, December 28, 2019, not As the realization of DTAs is determined by tax jurisdiction, the deferred tax liabilities recorded by our non-U.S. subsidiaries were not The CARES Act was signed into law on March 27,2020. 2018, 2019 2020 five 163 30 50 not The reconciliation of income tax computed at the U.S. federal statutory tax rate to the provision (benefit) for income taxes for continuing operations is as follows: (in thousands) 2020 2019 2018 Tax provision at U.S. 21% statutory rate $ (2,757 ) $ (15,136 ) $ (6,702 ) Impact of Tax Act, before reduction in valuation allowance - - 5,095 State income taxes, net of federal tax benefit (1,160 ) (1,097 ) (663 ) Settlements, adjustments and releases from statute expirations (118 ) (1,204 ) (783 ) Federal tax credits (46 ) (1,458 ) (864 ) Stock-based compensation 727 587 (838 ) Executive compensation limited by Section 162(m) 491 190 3,456 Change in valuation allowance (1,691 ) 11,270 (2,015 ) Non-deductible transaction related costs - - 1,106 Deemed dividend 1,224 1,453 470 GILTI 4,191 2,480 3,531 Foreign rate differential (1,512 ) (1,266 ) (904 ) Other, net 1,317 1,099 (258 ) $ 666 $ (3,082 ) $ 631 At December 26, 2020, 2021 2040 no December 26, 2020 2021 2040 no 382 383 not We have completed a Section 382 383 December 26, 2020. October 1, 2018, no We have certain tax holidays with respect to our operations in Malaysia and the Philippines. These holidays require compliance with certain conditions and expire at various dates through 2027. 2020, 2019 2018. A reconciliation of our gross unrecognized tax benefits, excluding accrued interest and penalties, is as follows: (in thousands) 2020 2019 2018 Balance at beginning of year $ 34,740 $ 34,873 $ 10,321 Additions for tax positions of current year 817 1,231 524 Additions (reductions) for tax positions of prior years (425 ) (484 ) 191 Reductions due to lapse of the statute of limitations (304 ) (957 ) (645 ) Additions related to Xcerra acquisition - - 24,524 Reductions due to settlements (1,134 ) (30 ) - Foreign exchange rate impact 2 107 (42 ) Balance at end of year $ 33,696 $ 34,740 $ 34,873 If the unrecognized tax benefits at December 26, 2020 December 28, 2019 December 29, 2018) December 26, 2020, 2021 We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Cohu had approximately $1.0 million and $1.3 million accrued for the payment of interest and penalties at December 26, 2020, December 28, 2019, 2020, 2019 2018. Our U.S. federal and state income tax returns for years after 2016 2015, four ten 2012 2017 2020, 2015 2017 2017 2018 2020. December 26, 2020, 2014 2019 one |
Note 10 - Segment and Geographi
Note 10 - Segment and Geographic Information | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. We applied the provisions of ASC Topic 280, Segment Reporting 280” four 280 two (in thousands) 2020 2019 2018 Net sales by segment: Semiconductor Test & Inspection $ 585,240 $ 540,878 $ 443,276 PCB Test 50,767 42,451 8,492 Total consolidated net sales for reportable segments $ 636,007 $ 583,329 $ 451,768 Segment profit (loss) before tax: Semiconductor Test & Inspection $ (2,497 ) $ (45,072 ) $ 2,489 PCB Test 6,971 2,635 (5,154 ) Profit (loss) for reportable segments 4,474 (42,437 ) (2,665 ) Other unallocated amounts: Corporate expenses (4,384 ) (9,848 ) (25,457 ) Interest expense (13,759 ) (20,556 ) (4,977 ) Interest income 224 764 1,187 Gain on extinguishment of debt 268 - - Loss from continuing operations before taxes $ (13,177 ) $ (72,077 ) $ (31,912 ) (in thousands) 2020 2019 2018 Depreciation and amortization by segment deducted in arriving at profit (loss): Semiconductor Test & Inspection $ 51,548 $ 56,621 $ 24,634 PCB Test 1,198 2,250 1,413 Total depreciation and amortization $ 52,746 $ 58,871 $ 26,047 Capital expenditures by segment: Semiconductor Test & Inspection $ 18,616 $ 17,831 $ 4,957 PCB Test 44 169 10 Total consolidated capital expenditures $ 18,660 $ 18,000 $ 4,967 (in thousands) 2020 2019 2018 Total assets by segment: Semiconductor Test & Inspection $ 968,028 $ 998,756 $ 1,038,053 PCB Test 66,826 56,938 57,762 Total assets for reportable segments 1,034,854 1,055,694 1,095,815 Corporate, principally cash and investments 55,492 18,398 34,367 Discontinued operations - 3,618 3,820 Total consolidated assets $ 1,090,346 $ 1,077,710 $ 1,134,002 During the last three 10% 2020 2019 2018 Intel * 11.1 % * *No 10% December 26, 2020 December 29, 2018. No 10% December 26, 2020, December 28, 2019 December 29, 2018. Net sales to customers, attributed to countries based on product shipment destination, were as follows: (in thousands) 2020 2019 2018 China $ 143,360 $ 118,213 $ 90,255 United States 108,694 71,963 61,177 Taiwan 83,685 75,725 25,074 Malaysia 57,893 61,826 61,793 Philippines 56,272 51,683 46,421 Rest of the world 186,103 203,919 167,048 Total, net $ 636,007 $ 583,329 $ 451,768 Geographic location of our property, plant and equipment and other long-lived assets was as follows: (in thousands) 2020 2019 Property, plant and equipment: Germany $ 19,817 $ 25,234 United States 17,800 16,671 Japan 13,231 9,964 Malaysia 3,986 7,151 Philippines 9,333 8,637 Rest of the world 2,749 3,255 Total, net $ 66,916 $ 70,912 Goodwill and other intangible assets: Germany $ 232,925 $ 228,476 United States 177,585 207,642 Malaysia 45,435 44,140 Singapore 13,469 13,915 Switzerland 5,006 8,190 Japan 3,703 3,872 Rest of the world 7,866 7,453 Total, net $ 485,989 $ 513,688 |
Note 11 - Leases
Note 11 - Leases | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 11 . Leases We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms with 12 not Our leases have remaining lease terms ranging from 1 year to 37 years, some of which include one third Supplemental balance sheet information related to leases was as follows: December 26, December 28, (in thousands) Classification 2020 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 29,203 $ 33,269 Finance lease assets Property, plant and equipment, net (1) 486 2,515 Total lease assets $ 29,689 $ 35,784 Liabilities: Current: Operating Other accrued liabilities $ 5,287 $ 5,458 Finance Other accrued liabilities 179 2,574 Noncurrent: Operating Long-term lease liabilities 25,565 28,877 Finance Long-term lease liabilities 222 - Total lease liabilities $ 31,253 $ 36,909 Weighted-average remaining lease term (years): Operating leases 7.3 7.9 Finance leases 2.3 0.5 Weighted-average discount rate: Operating leases 6.3 % 6.3 % Finance leases 0.0 % 4.5 % ( 1 2020 2019, The components of lease expense were as follows: December 26, December 28, (in thousands) 2020 2019 Operating leases (1) $ 8,374 $ 8,525 Variable lease expense 2,110 2,318 Short-term operating leases 93 256 Finance leases: Amortization of leased assets 84 102 Interest on lease liabilities 57 146 Sublease income (113 ) (133 ) Net lease cost $ 10,605 $ 11,214 ( 1 2019. Future minimum lease payments at December 26, 2020, Operating Finance (in thousands) leases (1) leases Total 2021 $ 7,015 $ 179 $ 7,194 2022 6,187 179 6,366 2023 5,297 43 5,340 2024 4,766 - 4,766 2025 4,428 - 4,428 Thereafter 11,942 - 11,942 Total lease payments 39,635 401 40,036 Less: Interest (8,783 ) - (8,783 ) Present value of lease liabilities $ 30,852 $ 401 $ 31,253 ( 1 2021. Supplemental cash flow information related to leases was as follows: December 26, December 28, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,079 $ 6,932 Operating cash flows from finance leases $ 57 $ 117 Financing cash flows from finance leases $ 146 $ 34 Leased assets obtained in exchange for new finance lease liabilities $ 489 $ - Leased assets obtained in exchange for new operating lease liabilities $ 2,403 $ 40,844 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 12. Commitments and 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 13 - Guarantees
Note 13 - Guarantees | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 13 . Guarantees Accrued Warranty Changes in accrued warranty during the three December 26, 2020, (in thousands) 2020 2019 2018 Beginning balance $ 6,155 $ 8,014 $ 4,849 Warranty accruals 6,173 6,714 7,154 Warranty payments (5,946 ) (8,573 ) (8,358 ) Warranty liability assumed - - 4,369 Ending balance $ 6,382 $ 6,155 $ 8,014 Accrued warranty amounts expected to be incurred after one December 26, 2020 December 28, 2019. |
Note 14 - Discontinued Operatio
Note 14 - Discontinued Operations | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 14. Discontinued Operations Fixtures Services Business (“FSG”) On October 1, 2018, not not October 1, 2018 During the fourth 2019, February 2020 twelve December 26, 2020, Balance sheet information for our fixtures services business presented as discontinued operations is summarized as follows (in thousands) December 28, 2019 Assets: Cash $ 736 Accounts receivable, net 1,316 Inventories 1,411 Other current assets 40 Total current assets 3,503 Property, plant and equipment, net 33 Other noncurrent assets 82 Total assets $ 3,618 Liabilities: Other accrued current liabilities $ 599 Total current liabilities 599 Noncurrent liabilities 24 Total liabilities $ 623 Operating results of our discontinued operations are summarized as follows (in thousands) December 26, December 28, December 29, 2020 2019 2018 Net sales $ 432 $ 6,136 $ 1,593 Operating income $ 11 $ 478 $ 157 Loss from impairment of FSG - (1,086 ) - Gain on sale of FSG 35 - - Income (loss) before taxes 46 (608 ) 157 Income tax provision 4 89 38 Income (loss), net of tax $ 42 $ (697 ) $ 119 |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15 . Accumulated Other Comprehensive Loss Components of other comprehensive loss, on an after-tax basis, were as follows: (in thousands) Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Year ended December 29, 2018 Foreign currency translation adjustments $ (8,905 ) $ - $ (8,905 ) Adjustments related to postretirement benefits 865 (60 ) 805 Change in unrealized gain/loss on investments 7 - 7 Other comprehensive income (loss) $ (8,033 ) $ (60 ) $ (8,093 ) Year ended December 28, 2019 Foreign currency translation adjustments $ (7,522 ) $ - $ (7,522 ) Adjustments related to postretirement benefits (856 ) 228 (628 ) Other comprehensive income (loss) $ (8,378 ) $ 228 $ (8,150 ) Year ended December 26, 2020 Foreign currency translation adjustments $ 27,321 $ - $ 27,321 Adjustments related to postretirement benefits 2,599 (216 ) 2,383 Other comprehensive income (loss) $ 29,920 $ (216 ) $ 29,704 Components of accumulated other comprehensive loss, net of tax, at the end of each period are as follows: (in thousands) 2020 2019 Accumulated net currency translation adjustments $ (2,877 ) $ (30,198 ) Accumulated net adjustments related to postretirement benefits (1,449 ) (3,832 ) Total accumulated other comprehensive loss $ (4,326 ) $ (34,030 ) |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16 . Related Party Transactions At December 26, 2020 13 January 26, 2021. As part of Xcerra, we gained ownership interests in two not 2020, 2019 2018, not |
Note 17 - Quarterly Financial D
Note 17 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17 . Quarterly Financial Data (Unaudited) Quarter First (a) Second (a) Third (a) Fourth (a) Year (in thousands, except per share data) Net sales: 2020 $ 138,921 $ 144,084 $ 150,647 $ 202,355 $ 636,007 2019 $ 147,809 $ 150,011 $ 143,498 $ 142,011 $ 583,329 Cost of sales: 2020 (b) $ 82,837 $ 83,127 $ 87,147 $ 111,114 $ 364,225 2019 (b) $ 93,394 $ 87,605 $ 84,565 $ 87,936 $ 353,500 Income (loss) from continuing operations 2020 $ (17,318 ) $ (4,740 ) $ (6,646 ) $ 14,861 $ (13,843 ) 2019 $ (22,851 ) $ (19,383 ) $ (10,480 ) $ (16,281 ) $ (68,995 ) Net income (loss) 2020 $ (17,276 ) $ (4,740 ) $ (6,646 ) $ 14,861 $ (13,801 ) 2019 $ (22,687 ) $ (19,359 ) $ (10,326 ) $ (17,320 ) $ (69,692 ) Net income (loss) attributable to Cohu 2020 $ (17,276 ) $ (4,740 ) $ (6,646 ) $ 14,861 $ (13,801 ) 2019 $ (22,643 ) $ (19,323 ) $ (10,468 ) $ (17,266 ) $ (69,700 ) Income (loss) per share attributable to Cohu (c): Basic: Income (loss) from continuing operations 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.35 $ (0.33 ) 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) Net income (loss) 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.35 $ (0.33 ) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) Diluted: Income (loss) from continuing operations 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.34 $ (0.33 ) 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) Net income (loss) 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.34 $ (0.33 ) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) (a) All quarters presented above were comprised of 13 (b) Cost of sales is shown exclusive of the amortization of purchased intangible assets. (c) The sum of the four may not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 26, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS (in thousands) Additions Additions (Reductions) (Reductions) Balance at Not Charged Balance Beginning Charged (Credited) Deductions/ at End Description of Year to Expense to Expense Write-offs of Year Allowance for doubtful accounts: Year ended December 30, 2018 $ 200 $ (20 ) (1) $ (109 ) $ 31 $ 40 Year ended December 28, 2019 $ 40 $ 24 (1) $ (28 ) $ 27 $ 9 Year ended December 26, 2020 $ 9 $ (1 ) (1) $ 79 $ (41 ) $ 128 Reserve for excess and obsolete inventories: Year ended December 30, 2018 $ 17,362 $ (300 ) (1) $ 10,783 $ 3,907 $ 23,938 Year ended December 28, 2019 $ 23,938 $ 1,285 (1) $ 4,792 $ 9,057 $ 20,958 Year ended December 26, 2020 $ 20,958 $ 4,611 (1) $ 8,117 $ 6,749 $ 26,937 All amounts presented above have been restated to exclude the impact of our discontinued operations. ( 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 26, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 810, Consolidation 810” The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. Our fiscal years are based on a 52 53 December. December 26, 2020, 52 December 28, 2019, December 29, 2018, 52 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation for Variable Interest Entities 810 10 15 December 28, 2019, no December 28, 2019. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations October 1, 2018, not not February 2020, 14, |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss ) Per Share December 26, 2020, December 28, 2019 December 29, 2018, The following table reconciles the denominators used in computing basic and diluted income (loss) per share: (in thousands) 2020 2019 2018 Weighted average common shares outstanding 41,854 41,159 31,776 Effect of dilutive stock options and restricted stock units - - - 41,854 41,159 31,776 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Short-term Investments three three 12 one |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk one We adopted ASU 2016 13 , Financial Instruments-Credit Losses (Topic 326 December 29, 2019 first 2020. not 326 December 26, 2020 December 28, 2019. December 26, 2020, 19 may |
Inventory, Policy [Policy Text Block] | Inventories first first 2020. 2019. 2018. Inventories by category were as follows (in thousands) December 26, December 28, 2020 2019 Raw materials and purchased parts $ 83,755 $ 69,665 Work in process 44,315 46,591 Finished goods 14,430 14,450 Total inventories $ 142,500 $ 130,706 |
Assets Held-for-sale [Policy Text Block] | Gain on Sale of Facilities 5, 2020, December 28, 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment thirty forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) December 26, December 28, 2020 2019 Land and land improvements (1) $ 8,141 $ 11,659 Buildings and building improvements (1) 41,153 41,474 Machinery and equipment 65,342 61,006 114,636 114,139 Less accumulated depreciation and amortization (47,720 ) (43,227 ) Property, plant and equipment, net $ 66,916 $ 70,912 ( 1 Includes assets under financing leases acquired with Xcerra totaling $2.6 million as of December 28, 2019. Depreciation expense was $14.0 million in 2020, 2019 2018. 2020 |
Internal Use Software, Policy [Policy Text Block] | Cloud Computing Implementation Costs 2018 15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 Total unamortized capitalized cloud computing implementation costs totaled $13.5 million and $10.3 million at December 26, 2020 December 28, 2019, first 2020. seven December 26, 2020. |
Segment Reporting, Policy [Policy Text Block] | Segment Information 280, Segment Reporting 280” four 280 two |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill, Purchased Intangible Assets and Other Long-lived Assets may not not We conduct our annual impairment test as of October 1st October 1, 2020, may December 26, 2020, not not. 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 not |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty |
Income Tax, Policy [Policy Text Block] | Income Taxes not 50 not not no The Tax Act was enacted on December 22, 2017. 2018. March 27, 2020, 2020. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies and Litigation |
Lessee, Leases [Policy Text Block] | Leases 2016 02, Leases (Topic 842 December 30, 2018, 840 840 We determine if a contract contains a lease at inception. Operating leases are included in operating lease right of use (“ROU”) assets, current other accrued liabilities, and long-term lease liabilities on our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current accrued liabilities, and long-term lease liabilities on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the adoption date or the commencement date for leases entered into after the adoption date. As most of our leases do not The operating lease ROU asset also includes any lease payments made, lease incentives, favorable and unfavorable lease terms recognized in business acquisitions and excludes initial direct costs incurred and variable lease payments. Variable lease payments include estimated payments that are subject to reconciliations throughout the lease term, increases or decreases in the contractual rent payments, as a result of changes in indices or interest rates and tax payments that are based on prevailing rates. Our lease terms may Leases with an initial term of 12 not We sublease certain leased assets to third None |
Revenue [Policy Text Block] | Revenue Recognition not Revenue for established products that have previously satisfied a customer’s acceptance requirements is generally recognized upon shipment. In cases where a prior history of customer acceptance cannot be demonstrated or from sales where customer payment dates are not Certain of our equipment sales have multiple performance obligations. These arrangements involve the delivery or performance of multiple performance obligations, and transfer of control of performance obligations may Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. At December 26, 2020 December 28, 2019, We generally sell our equipment with a product warranty. The product warranty provides assurance to customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, Guarantees ( “ ASC 460 ” ) not The transaction price reflects our expectations about the consideration we will be entitled to receive from the customer and may not not Our contracts are typically less than one 606 one Accounts receivable represents our unconditional right to receive consideration from our customers. Payments terms do not one not no no On shipments where sales are not December 26, 2020, one December 28, 2019, one Disaggregated net sales by segment are as follows: (in thousands) 2020 2019 2018 Systems-Semiconductor Test & Inspection $ 317,821 $ 299,473 $ 249,514 Non-systems-Semiconductor Test & Inspection 267,419 241,405 193,737 Systems-PCB Test 33,293 25,928 6,565 Non-systems-PCB Test 17,474 16,523 1,952 Net sales $ 636,007 $ 583,329 $ 451,768 |
Advertising Cost [Policy Text Block] | Advertising Costs not |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Costs one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. |
Debt, Policy [Policy Text Block] | Debt Issuance Costs December 26, 2020, December 28, 2019 December 29, 2018, |
Share-based Payment Arrangement [Policy Text Block] | Share-based Compensation |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Remeasurement and Currency Translation December 26, 2020, December 28, 2019 December 29, 2018, Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. Cumulative translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity. |
Derivatives, Policy [Policy Text Block] | Foreign Exchange Derivative Contracts fourth 2020, 8, Derivative Financial Instruments |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss December 26, 2020, December 28, 2019, December 26, 2020, December 28, 2019 15, Accumulated Other Comprehensive Loss |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2019 04, Codification Improvements to Topic 326, 2019 05, Financial Instruments-Credit Losses (Topic 326 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 2019 11 , Codification Improvements to Topic 326, 2016 13, not 2016 13 not In August 2018, 2018 13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement not December 15, 2019. 3 2018 13 not In August 2018, 2018 14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans not 2018 14 one 6, In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes not December 29, 2019. not Recently Issued Accounting Pronouncements March 2020, 2020 04, Reference Rate Reform (Topic 848 may 2020 04 may December 31, 2022. not All other newly issued accounting pronouncements not not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands) 2020 2019 2018 Weighted average common shares outstanding 41,854 41,159 31,776 Effect of dilutive stock options and restricted stock units - - - 41,854 41,159 31,776 |
Schedule of Inventory, Current [Table Text Block] | December 26, December 28, 2020 2019 Raw materials and purchased parts $ 83,755 $ 69,665 Work in process 44,315 46,591 Finished goods 14,430 14,450 Total inventories $ 142,500 $ 130,706 |
Property, Plant and Equipment [Table Text Block] | December 26, December 28, 2020 2019 Land and land improvements (1) $ 8,141 $ 11,659 Buildings and building improvements (1) 41,153 41,474 Machinery and equipment 65,342 61,006 114,636 114,139 Less accumulated depreciation and amortization (47,720 ) (43,227 ) Property, plant and equipment, net $ 66,916 $ 70,912 |
Disaggregation of Revenue [Table Text Block] | (in thousands) 2020 2019 2018 Systems-Semiconductor Test & Inspection $ 317,821 $ 299,473 $ 249,514 Non-systems-Semiconductor Test & Inspection 267,419 241,405 193,737 Systems-PCB Test 33,293 25,928 6,565 Non-systems-PCB Test 17,474 16,523 1,952 Net sales $ 636,007 $ 583,329 $ 451,768 |
Note 2 - Business Acquisitions
Note 2 - Business Acquisitions (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Xcerra [Member] | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Estimated Fair Value Weighted Average Useful Life (years) Developed technology $ 194,600 7.8 Customer relationships 65,890 10.6 In-process research and development 36,360 indefinite Product backlog 6,410 0.8 Trademarks and trade names 16,800 11.0 Favorable leases 1,100 5.5 Total intangible assets $ 321,160 |
Note 3 - Goodwill and Purchas_2
Note 3 - Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Semiconductor Test & Inspection PCB Test Total Goodwill Balance December 29, 2018 $ 220,808 $ 21,319 $ 242,127 Additions 2,117 (983 ) 1,134 Impairments (1) (715 ) - (715 ) Impact of currency exchange (3,435 ) (442 ) (3,877 ) Balance December 28, 2019 218,775 19,894 238,669 Impact of currency exchange 11,949 1,686 13,635 Balance December 26, 2020 $ 230,724 $ 21,580 $ 252,304 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | December 26, 2020 December 28, 2019 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 239,250 $ 83,246 5.7 $ 227,619 $ 49,805 Customer relationships 74,933 22,751 8.5 72,251 14,824 Trade names 23,756 6,279 8.7 22,612 3,892 Covenant not-to-compete 340 136 6.0 322 96 $ 338,279 $ 112,412 $ 322,804 $ 68,617 |
Note 4 - Borrowings and Credi_2
Note 4 - Borrowings and Credit Agreements (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Fiscal year ended (in thousands) December 26, 2020 December 28, 2019 Bank term loan under credit agreement $ 306,630 $ 346,500 Bank term loans-Kita 3,662 3,830 Bank term loan-Xcerra - 1,475 Construction loan-Cohu GmbH 9,902 5,476 Lines of credit 5,314 3,195 Total debt 325,508 360,476 Less: financing fees and discount (5,568 ) (7,441 ) Less: current portion (8,389 ) (6,517 ) Total long-term debt $ 311,551 $ 346,518 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2021 $ 9,512 2022 4,720 2023 4,725 2024 4,730 2025 293,864 Thereafter 7,957 Total $ 325,508 |
Note 5 - Restructuring Charges
Note 5 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | (in thousands) 2020 2019 2018 Employee severance costs $ 6,485 $ 12,170 $ 17,791 Inventory related charges 3,731 2,729 19,053 Other restructuring costs 1,138 1,314 913 Total $ 11,354 $ 16,213 $ 37,757 Employee Severance Other Exit Costs Total Balance, December 29, 2018 $ 4,026 - 4,026 Costs accrued 12,170 1,314 13,484 Amounts paid or charged (14,909 ) (1,314 ) (16,223 ) Impact of currency exchange (51 ) - (51 ) Balance, December 28, 2019 1,236 - 1,236 Costs accrued 6,485 1,138 7,623 Amounts paid or charged (2,055 ) (1,138 ) (3,193 ) Impact of currency exchange 160 - 160 Balance, December 26, 2020 $ 5,826 $ - $ 5,826 |
Note 6 - Employee Benefit Pla_2
Note 6 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (in thousands) 2020 2019 2018 Service cost $ 1,310 $ 920 $ 925 Interest cost 67 267 207 Expected return on assets (200 ) (168 ) (124 ) Settlements 292 - - Net periodic costs $ 1,469 $ 1,019 $ 1,008 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (in thousands) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ (32,241 ) $ (29,910 ) Service cost (1,310 ) (920 ) Interest cost (67 ) (267 ) Actuarial gain (loss) 1,916 (1,456 ) Participant contributions (1,136 ) (1,434 ) Benefits paid 419 2,313 Plan change 944 - Settlements 3,446 - Foreign currency exchange adjustment (3,010 ) (567 ) Benefit obligation at end of year (31,039 ) (32,241 ) Change in plan assets: Fair value of plan assets at beginning of year 18,705 18,088 Return on assets, net of actuarial loss 129 281 Employer contributions 886 882 Participant contributions 1,136 1,434 Benefits paid (419 ) (2,313 ) Settlements (3,446 ) - Foreign currency exchange adjustment 1,765 333 Fair value of plan assets at end of year 18,756 18,705 Net liability at end of year $ (12,283 ) $ (13,536 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | 2020 2019 Discount rate 0.2% 0.2% Compensation increase 1.1% 1.1% 2020 2019 2018 Discount rate 0.2% 0.9% 0.7% Rate of return on assets 1.0% 0.9% 0.7% Compensation increase 1.1% 1.8% 1.8% |
Schedule of Net Funded Status [Table Text Block] | (in thousands) 2020 2019 Accumulated benefit obligation at beginning of year $ (2,571 ) $ (2,880 ) Interest cost (75 ) (115 ) Actuarial gain 134 258 Benefits paid 114 166 Accumulated benefit obligation at end of year (2,398 ) (2,571 ) Plan assets at end of year - - Funded status $ (2,398 ) $ (2,571 ) |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 2019 2018 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Shares Ex. Price Shares Ex. Price Shares Ex. Price Outstanding, beginning of year 363 $ 10.27 405 $ 10.22 472 $ 10.20 Exercised (101 ) $ 10.95 (42 ) $ 9.82 (67 ) $ 10.10 Outstanding, end of year 262 $ 10.01 363 $ 10.27 405 $ 10.22 Options exercisable at year end 262 $ 10.01 363 $ 10.27 405 $ 10.22 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Approximate Wt. Avg. Range of Number Remaining Wt. Avg. Number Wt. Avg. Exercise Prices Outstanding Life (Years) Ex. Price Exercisable Ex. Price $ 9.44 - $ 10.54 159 2.2 $ 9.50 159 $ 9.50 $ 10.55 - $ 10.58 92 1.2 $ 10.58 92 $ 10.58 $ 10.59 - $ 12.58 11 3.5 $ 12.44 11 $ 12.44 262 1.9 $ 10.01 262 $ 10.01 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2020 2019 2018 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 1,328 $ 17.05 1,265 $ 19.48 981 $ 12.50 Granted 779 $ 14.02 694 $ 14.32 822 $ 23.70 Released (621 ) $ 17.48 (563 ) $ 19.08 (500 ) $ 13.10 Cancelled (72 ) $ 17.59 (68 ) $ 17.60 (38 ) $ 14.67 Outstanding, end of year 1,414 $ 15.16 1,328 $ 17.05 1,265 $ 19.48 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | 2020 2019 2018 Wt. Avg. Wt. Avg. Wt. Avg. (in thousands, except per share data) Units Fair Value Units Fair Value Units Fair Value Outstanding, beginning of year 364 $ 18.72 340 $ 17.89 334 $ 14.31 Granted 200 $ 13.18 167 $ 14.11 89 $ 24.32 Released (39 ) $ 21.40 (36 ) $ 11.35 (41 ) $ 9.92 Cancelled (100 ) $ 20.25 (107 ) $ 11.35 (42 ) $ 10.69 Outstanding, end of year 425 $ 15.51 364 $ 18.72 340 $ 17.89 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Employee Stock Purchase Plan 2020 2019 2018 Dividend yield 0.5 % 1.3 % 1.1 % Expected volatility 67.1 % 46.4 % 39.0 % Risk-free interest rate 1.1 % 2.2 % 1.7 % Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $ 6.01 $ 5.35 $ 5.90 Restricted Stock Units 2020 2019 2018 Dividend yield 0.0 % 1.6 % 1.0 % |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | (in thousands) 2020 2019 2018 Cost of sales $ 893 $ 736 $ 546 Research and development 3,245 2,994 1,717 Selling, general and administrative 10,096 10,418 7,790 Share-based compensation of continuing operations 14,234 14,148 10,053 Income tax benefit (963 ) (587 ) (993 ) Total share-based compensation, net of tax $ 13,271 $ 13,561 $ 9,060 |
Note 7 - Financial Instrument_2
Note 7 - Financial Instruments Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | At December 26, 2020 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 14,943 $ 2 $ 1 $ 14,944 U.S. treasury securities 2,012 - - 2,012 Government-sponsored enterprise securities 1,998 - - 1,998 Bank certificates of deposit 750 - - 750 Foreign government security 965 - - 965 $ 20,668 $ 2 $ 1 $ 20,669 At December 28, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Foreign government security $ 904 $ - $ - $ 904 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated (in thousands) Cost Fair Value Due in one year or less $ 20,668 $ 20,669 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at December 26, 2020 using: Total Estimated Level 1 Level 2 Level 3 Fair Value Cash $ 128,874 $ - $ - $ 128,874 Money market funds - 19,734 - 19,734 Foreign government security - 965 - 965 Corporate debt securities - 15,694 - 15,694 U.S. treasury securities - 2,012 - 2,012 Government-sponsored enterprise securities - 1,998 - 1,998 Bank certificates of deposit - 750 - 750 $ 128,874 $ 41,153 $ - $ 170,027 Fair value measurements at December 28, 2019 using: Total Estimated Level 1 Level 2 Level 3 Fair Value Cash $ 147,523 $ - $ - $ 147,523 Money market funds - 7,671 - 7,671 Foreign government security - 904 - 904 $ 147,523 $ 8,575 $ - $ 156,098 |
Note 8 - Derivative Financial_2
Note 8 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Currency Contract Position Contract Amount (Local Currency) Contract Amount (U.S. Dollars) Swiss Franc Buy 13,349 $ 15,000 Euro Buy 9,424 11,500 $ 26,500 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives Not Designated Location of Gain (Loss) Fiscal Year as Hedging Instruments Recognized on Derivatives 2020 Foreign exchange forward contracts Foreign transaction gain (loss) $ 756 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2020 2019 2018 Current: U.S. Federal $ - $ - $ - U.S. State 21 130 51 Foreign 5,950 2,173 8,787 Total current 5,971 2,303 8,838 Deferred: U.S. Federal 8 98 56 U.S. State - 1 - Foreign (5,313 ) (5,484 ) (8,263 ) Total deferred (5,305 ) (5,385 ) (8,207 ) $ 666 $ (3,082 ) $ 631 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (in thousands) 2020 2019 2018 U.S. $ (25,005 ) $ (72,669 ) $ (42,682 ) Foreign 11,828 592 10,770 Total $ (13,177 ) $ (72,077 ) $ (31,912 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2020 2019 Deferred tax assets: Inventory, receivable and warranty reserves $ 11,720 $ 11,235 Net operating loss carryforwards 56,777 69,092 Tax credit carryforwards 37,393 36,489 Accrued employee benefits 5,306 4,274 Stock-based compensation 2,210 2,372 Lease liabilities 5,146 5,804 Other 4,221 9,390 Gross deferred tax assets 122,773 138,656 Less valuation allowance (86,124 ) (93,494 ) Total deferred tax assets 36,649 45,162 Deferred tax liabilities: Intangible assets and other acquisition basis differences 52,012 63,866 Operating lease right-of-use assets 4,706 5,258 Unremitted earnings of foreign subsidiaries 3,119 2,462 Total deferred tax liabilities 59,837 71,586 Net deferred tax liabilities $ (23,188 ) $ (26,424 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2020 2019 2018 Tax provision at U.S. 21% statutory rate $ (2,757 ) $ (15,136 ) $ (6,702 ) Impact of Tax Act, before reduction in valuation allowance - - 5,095 State income taxes, net of federal tax benefit (1,160 ) (1,097 ) (663 ) Settlements, adjustments and releases from statute expirations (118 ) (1,204 ) (783 ) Federal tax credits (46 ) (1,458 ) (864 ) Stock-based compensation 727 587 (838 ) Executive compensation limited by Section 162(m) 491 190 3,456 Change in valuation allowance (1,691 ) 11,270 (2,015 ) Non-deductible transaction related costs - - 1,106 Deemed dividend 1,224 1,453 470 GILTI 4,191 2,480 3,531 Foreign rate differential (1,512 ) (1,266 ) (904 ) Other, net 1,317 1,099 (258 ) $ 666 $ (3,082 ) $ 631 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (in thousands) 2020 2019 2018 Balance at beginning of year $ 34,740 $ 34,873 $ 10,321 Additions for tax positions of current year 817 1,231 524 Additions (reductions) for tax positions of prior years (425 ) (484 ) 191 Reductions due to lapse of the statute of limitations (304 ) (957 ) (645 ) Additions related to Xcerra acquisition - - 24,524 Reductions due to settlements (1,134 ) (30 ) - Foreign exchange rate impact 2 107 (42 ) Balance at end of year $ 33,696 $ 34,740 $ 34,873 |
Note 10 - Segment and Geograp_2
Note 10 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) 2020 2019 2018 Net sales by segment: Semiconductor Test & Inspection $ 585,240 $ 540,878 $ 443,276 PCB Test 50,767 42,451 8,492 Total consolidated net sales for reportable segments $ 636,007 $ 583,329 $ 451,768 Segment profit (loss) before tax: Semiconductor Test & Inspection $ (2,497 ) $ (45,072 ) $ 2,489 PCB Test 6,971 2,635 (5,154 ) Profit (loss) for reportable segments 4,474 (42,437 ) (2,665 ) Other unallocated amounts: Corporate expenses (4,384 ) (9,848 ) (25,457 ) Interest expense (13,759 ) (20,556 ) (4,977 ) Interest income 224 764 1,187 Gain on extinguishment of debt 268 - - Loss from continuing operations before taxes $ (13,177 ) $ (72,077 ) $ (31,912 ) (in thousands) 2020 2019 2018 Depreciation and amortization by segment deducted in arriving at profit (loss): Semiconductor Test & Inspection $ 51,548 $ 56,621 $ 24,634 PCB Test 1,198 2,250 1,413 Total depreciation and amortization $ 52,746 $ 58,871 $ 26,047 Capital expenditures by segment: Semiconductor Test & Inspection $ 18,616 $ 17,831 $ 4,957 PCB Test 44 169 10 Total consolidated capital expenditures $ 18,660 $ 18,000 $ 4,967 (in thousands) 2020 2019 2018 Total assets by segment: Semiconductor Test & Inspection $ 968,028 $ 998,756 $ 1,038,053 PCB Test 66,826 56,938 57,762 Total assets for reportable segments 1,034,854 1,055,694 1,095,815 Corporate, principally cash and investments 55,492 18,398 34,367 Discontinued operations - 3,618 3,820 Total consolidated assets $ 1,090,346 $ 1,077,710 $ 1,134,002 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2020 2019 2018 Intel * 11.1 % * |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | (in thousands) 2020 2019 2018 China $ 143,360 $ 118,213 $ 90,255 United States 108,694 71,963 61,177 Taiwan 83,685 75,725 25,074 Malaysia 57,893 61,826 61,793 Philippines 56,272 51,683 46,421 Rest of the world 186,103 203,919 167,048 Total, net $ 636,007 $ 583,329 $ 451,768 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | (in thousands) 2020 2019 Property, plant and equipment: Germany $ 19,817 $ 25,234 United States 17,800 16,671 Japan 13,231 9,964 Malaysia 3,986 7,151 Philippines 9,333 8,637 Rest of the world 2,749 3,255 Total, net $ 66,916 $ 70,912 Goodwill and other intangible assets: Germany $ 232,925 $ 228,476 United States 177,585 207,642 Malaysia 45,435 44,140 Singapore 13,469 13,915 Switzerland 5,006 8,190 Japan 3,703 3,872 Rest of the world 7,866 7,453 Total, net $ 485,989 $ 513,688 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Leases, Balance Sheet Information [Table Text Block] | December 26, December 28, (in thousands) Classification 2020 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 29,203 $ 33,269 Finance lease assets Property, plant and equipment, net (1) 486 2,515 Total lease assets $ 29,689 $ 35,784 Liabilities: Current: Operating Other accrued liabilities $ 5,287 $ 5,458 Finance Other accrued liabilities 179 2,574 Noncurrent: Operating Long-term lease liabilities 25,565 28,877 Finance Long-term lease liabilities 222 - Total lease liabilities $ 31,253 $ 36,909 Weighted-average remaining lease term (years): Operating leases 7.3 7.9 Finance leases 2.3 0.5 Weighted-average discount rate: Operating leases 6.3 % 6.3 % Finance leases 0.0 % 4.5 % |
Lease, Cost [Table Text Block] | December 26, December 28, (in thousands) 2020 2019 Operating leases (1) $ 8,374 $ 8,525 Variable lease expense 2,110 2,318 Short-term operating leases 93 256 Finance leases: Amortization of leased assets 84 102 Interest on lease liabilities 57 146 Sublease income (113 ) (133 ) Net lease cost $ 10,605 $ 11,214 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) leases (1) leases Total 2021 $ 7,015 $ 179 $ 7,194 2022 6,187 179 6,366 2023 5,297 43 5,340 2024 4,766 - 4,766 2025 4,428 - 4,428 Thereafter 11,942 - 11,942 Total lease payments 39,635 401 40,036 Less: Interest (8,783 ) - (8,783 ) Present value of lease liabilities $ 30,852 $ 401 $ 31,253 |
Lease, Cash Flow Information [Table Text Block] | December 26, December 28, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,079 $ 6,932 Operating cash flows from finance leases $ 57 $ 117 Financing cash flows from finance leases $ 146 $ 34 Leased assets obtained in exchange for new finance lease liabilities $ 489 $ - Leased assets obtained in exchange for new operating lease liabilities $ 2,403 $ 40,844 |
Note 13 - Guarantees (Tables)
Note 13 - Guarantees (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (in thousands) 2020 2019 2018 Beginning balance $ 6,155 $ 8,014 $ 4,849 Warranty accruals 6,173 6,714 7,154 Warranty payments (5,946 ) (8,573 ) (8,358 ) Warranty liability assumed - - 4,369 Ending balance $ 6,382 $ 6,155 $ 8,014 |
Note 14 - Discontinued Operat_2
Note 14 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 26, December 28, December 29, 2020 2019 2018 Net sales $ 432 $ 6,136 $ 1,593 Operating income $ 11 $ 478 $ 157 Loss from impairment of FSG - (1,086 ) - Gain on sale of FSG 35 - - Income (loss) before taxes 46 (608 ) 157 Income tax provision 4 89 38 Income (loss), net of tax $ 42 $ (697 ) $ 119 |
Fixtures Services Business FSG [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 28, 2019 Assets: Cash $ 736 Accounts receivable, net 1,316 Inventories 1,411 Other current assets 40 Total current assets 3,503 Property, plant and equipment, net 33 Other noncurrent assets 82 Total assets $ 3,618 Liabilities: Other accrued current liabilities $ 599 Total current liabilities 599 Noncurrent liabilities 24 Total liabilities $ 623 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Year ended December 29, 2018 Foreign currency translation adjustments $ (8,905 ) $ - $ (8,905 ) Adjustments related to postretirement benefits 865 (60 ) 805 Change in unrealized gain/loss on investments 7 - 7 Other comprehensive income (loss) $ (8,033 ) $ (60 ) $ (8,093 ) Year ended December 28, 2019 Foreign currency translation adjustments $ (7,522 ) $ - $ (7,522 ) Adjustments related to postretirement benefits (856 ) 228 (628 ) Other comprehensive income (loss) $ (8,378 ) $ 228 $ (8,150 ) Year ended December 26, 2020 Foreign currency translation adjustments $ 27,321 $ - $ 27,321 Adjustments related to postretirement benefits 2,599 (216 ) 2,383 Other comprehensive income (loss) $ 29,920 $ (216 ) $ 29,704 |
Condensed Statement of Comprehensive Income [Table Text Block] | (in thousands) 2020 2019 Accumulated net currency translation adjustments $ (2,877 ) $ (30,198 ) Accumulated net adjustments related to postretirement benefits (1,449 ) (3,832 ) Total accumulated other comprehensive loss $ (4,326 ) $ (34,030 ) |
Note 17 - Quarterly Financial_2
Note 17 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First (a) Second (a) Third (a) Fourth (a) Year (in thousands, except per share data) Net sales: 2020 $ 138,921 $ 144,084 $ 150,647 $ 202,355 $ 636,007 2019 $ 147,809 $ 150,011 $ 143,498 $ 142,011 $ 583,329 Cost of sales: 2020 (b) $ 82,837 $ 83,127 $ 87,147 $ 111,114 $ 364,225 2019 (b) $ 93,394 $ 87,605 $ 84,565 $ 87,936 $ 353,500 Income (loss) from continuing operations 2020 $ (17,318 ) $ (4,740 ) $ (6,646 ) $ 14,861 $ (13,843 ) 2019 $ (22,851 ) $ (19,383 ) $ (10,480 ) $ (16,281 ) $ (68,995 ) Net income (loss) 2020 $ (17,276 ) $ (4,740 ) $ (6,646 ) $ 14,861 $ (13,801 ) 2019 $ (22,687 ) $ (19,359 ) $ (10,326 ) $ (17,320 ) $ (69,692 ) Net income (loss) attributable to Cohu 2020 $ (17,276 ) $ (4,740 ) $ (6,646 ) $ 14,861 $ (13,801 ) 2019 $ (22,643 ) $ (19,323 ) $ (10,468 ) $ (17,266 ) $ (69,700 ) Income (loss) per share attributable to Cohu (c): Basic: Income (loss) from continuing operations 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.35 $ (0.33 ) 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) Net income (loss) 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.35 $ (0.33 ) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) Diluted: Income (loss) from continuing operations 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.34 $ (0.33 ) 2019 $ (0.56 ) $ (0.47 ) $ (0.25 ) $ (0.39 ) $ (1.68 ) Net income (loss) 2020 $ (0.42 ) $ (0.11 ) $ (0.16 ) $ 0.34 $ (0.33 ) 2019 $ (0.55 ) $ (0.47 ) $ (0.25 ) $ (0.42 ) $ (1.69 ) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Notes Tables | |
Valuation and Qualifying Accounts Disclosure [Table Text Block] | Additions Additions (Reductions) (Reductions) Balance at Not Charged Balance Beginning Charged (Credited) Deductions/ at End Description of Year to Expense to Expense Write-offs of Year Allowance for doubtful accounts: Year ended December 30, 2018 $ 200 $ (20 ) (1) $ (109 ) $ 31 $ 40 Year ended December 28, 2019 $ 40 $ 24 (1) $ (28 ) $ 27 $ 9 Year ended December 26, 2020 $ 9 $ (1 ) (1) $ 79 $ (41 ) $ 128 Reserve for excess and obsolete inventories: Year ended December 30, 2018 $ 17,362 $ (300 ) (1) $ 10,783 $ 3,907 $ 23,938 Year ended December 28, 2019 $ 23,938 $ 1,285 (1) $ 4,792 $ 9,057 $ 20,958 Year ended December 26, 2020 $ 20,958 $ 4,611 (1) $ 8,117 $ 6,749 $ 26,937 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Oct. 01, 2020USD ($) | Dec. 26, 2020USD ($)shares | Dec. 28, 2019USD ($)shares | Dec. 29, 2018USD ($)shares | Dec. 30, 2018USD ($) | Dec. 30, 2017USD ($) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 113,000 | 422,000 | 146,000 | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | $ 8,100 | $ 4,800 | $ 10,800 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 4,495 | 0 | 0 | |||||
Depreciation, Total | 14,000 | 19,300 | 8,800 | |||||
Capitalized Computer Software, Gross | 13,500 | 10,300 | ||||||
Capitalized Computer Software, Amortization | $ 1,191 | 0 | 0 | |||||
Number of Operating Segments | 4 | |||||||
Number of Reportable Segments | 2 | |||||||
Goodwill and Intangible Asset Impairment, Total | $ 0 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 512,288 | 483,072 | 545,944 | $ 289,091 | ||||
Assets, Total | 1,090,346 | 1,077,710 | 1,134,002 | |||||
Revenue, Remaining Performance Obligation, Amount | 17,100 | 16,100 | ||||||
Deferred Revenue, Total | 17,100 | 16,100 | ||||||
Deferred Profit | 8,671 | 7,645 | ||||||
Deferred Profit Long-term | 6,700 | 7,200 | ||||||
Amortization of Debt Issuance Costs | 1,200 | 1,100 | ||||||
Foreign Currency Transaction Gain (Loss), Realized | (3,200) | 1,700 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (4,326) | (34,030) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 27,300 | (7,500) | ||||||
Retained Earnings [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 26,230 | 42,517 | 111,670 | $ 150,726 | ||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Assets, Total | $ (500) | |||||||
Liabilities, Total | (600) | |||||||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | [1] | 10,352 | ||||||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | 10,352 | [1] | $ 10,200 | |||||
Computer Software, Intangible Asset [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||||||
Xcerra [Member] | ||||||||
Capital Leased Assets, Gross, Total | 2,600 | |||||||
Minimum [Member] | ||||||||
Standard Product Warranty Term (Month) | 12 months | |||||||
Maximum [Member] | ||||||||
Standard Product Warranty Term (Month) | 36 months | |||||||
Building [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |||||||
Building [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||||
Building Improvements [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||
Building Improvements [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||||||
Machinery, Equipment and Software [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Machinery, Equipment and Software [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||||
Xcerra [Member] | ||||||||
Inventory Write-down | $ 2,100 | $ 700 | $ 9,400 | |||||
ALBS [Member] | ||||||||
Variable Interest Entity, Ownership Percentage Sold | 20.00% | |||||||
Gain (Loss) on Disposition of Business | $ 100 | |||||||
[1] | Cumulative effect of accounting change relates to our adoption of ASU 2016-02. Please refer to Note 1 of the Consolidated Financial Statements for further detail on the adoption of this accounting standard. |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Weighted average common shares outstanding (in shares) | 41,854 | 41,159 | 31,776 |
Effect of dilutive stock options and restricted stock units (in shares) | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 41,854 | 41,159 | 31,776 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Raw materials and purchased parts | $ 83,755 | $ 69,665 |
Work in process | 44,315 | 46,591 |
Finished goods | 14,430 | 14,450 |
Total inventories | $ 142,500 | $ 130,706 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | |
Property, plant and equipment | $ 114,636 | $ 114,139 | |
Less accumulated depreciation and amortization | (47,720) | (43,227) | |
Property, plant and equipment, net | 66,916 | 70,912 | |
Land and Land Improvements [Member] | |||
Property, plant and equipment | [1] | 8,141 | 11,659 |
Building and Building Improvements [Member] | |||
Property, plant and equipment | [1] | 41,153 | 41,474 |
Machinery and Equipment [Member] | |||
Property, plant and equipment | $ 65,342 | $ 61,006 | |
[1] | Includes assets under financing leases acquired with Xcerra totaling $2.6 million as of December 28, 2019. |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 26, 2020 | [1] | Sep. 26, 2020 | [1] | Jun. 27, 2020 | [1] | Mar. 28, 2020 | [1] | Dec. 28, 2019 | [1] | Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | [1] | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net sales | $ 202,355 | $ 150,647 | $ 144,084 | $ 138,921 | $ 142,011 | $ 143,498 | $ 150,011 | $ 147,809 | $ 636,007 | $ 583,329 | $ 451,768 | ||||||||
Semiconductor Test and Inspection [Member] | |||||||||||||||||||
Net sales | 585,240 | 540,878 | 443,276 | ||||||||||||||||
PCB Test [Member] | |||||||||||||||||||
Net sales | 50,767 | 42,451 | 8,492 | ||||||||||||||||
Systems [Member] | Semiconductor Test and Inspection [Member] | |||||||||||||||||||
Net sales | 317,821 | 299,473 | 249,514 | ||||||||||||||||
Systems [Member] | PCB Test [Member] | |||||||||||||||||||
Net sales | 33,293 | 25,928 | 6,565 | ||||||||||||||||
Non-systems [Member] | Semiconductor Test and Inspection [Member] | |||||||||||||||||||
Net sales | 267,419 | 241,405 | 193,737 | ||||||||||||||||
Non-systems [Member] | PCB Test [Member] | |||||||||||||||||||
Net sales | $ 17,474 | $ 16,523 | $ 1,952 | ||||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks. |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisitions (Details Textual) $ in Millions | Oct. 01, 2018USD ($)shares |
Secured Term Loan Facility [Member] | |
Debt Instrument, Face Amount | $ 350 |
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% |
Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Xcerra [Member] | |
Business Combination, Consideration Transferred, Total | $ 794.4 |
Business Combination, Number of Brands Acquired | 4 |
Payments to Acquire Businesses, Gross | $ 160.5 |
Xcerra [Member] | Fair Value Adjustment to Inventory [Member] | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 19.6 |
Xcerra [Member] | Common Stock [Member] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 11,776,149 |
Xcerra [Member] | Cohu RSUs [Member] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 529,995 |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned, Attributed to Pre-Merger Services | $ 0.8 |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisitions - Preliminary Allocation of Intangible Assets, Xcerra Acquisition (Details) - Xcerra [Member] $ in Thousands | Oct. 01, 2018USD ($) |
Intangible assets, estimated fair value | $ 321,160 |
In-process Technology [Member] | |
Indefinite-lived intangible assets, estimated fair value | 36,360 |
Developed Technology Rights [Member] | |
Finite-lived intangible assets, estimated fair value | $ 194,600 |
Finite-lived intangible assets, average useful life (Year) | 7 years 9 months 18 days |
Customer Relationships [Member] | |
Finite-lived intangible assets, estimated fair value | $ 65,890 |
Finite-lived intangible assets, average useful life (Year) | 10 years 7 months 6 days |
Order or Production Backlog [Member] | |
Finite-lived intangible assets, estimated fair value | $ 6,410 |
Finite-lived intangible assets, average useful life (Year) | 9 months 18 days |
Trademarks and Trade Names [Member] | |
Finite-lived intangible assets, estimated fair value | $ 16,800 |
Finite-lived intangible assets, average useful life (Year) | 11 years |
Off-Market Favorable Lease [Member] | |
Finite-lived intangible assets, estimated fair value | $ 1,100 |
Finite-lived intangible assets, average useful life (Year) | 5 years 6 months |
Note 3 - Goodwill and Purchas_3
Note 3 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 26, 2020 | Mar. 28, 2020 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Transfer From In-Process Technology to Developed Technology | $ 1,800 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 11,249 | $ 0 | $ 0 | ||
Amortization of Intangible Assets, Total | 38,746 | 39,590 | $ 17,197 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 36,400 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 36,400 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 36,300 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 36,300 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 27,100 | ||||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 53,500 | ||||
In-process Technology [Member] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | $ 7,800 | $ 20,800 | |||
Indefinite-lived In Process Research and Development [Member] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 7,300 | $ 3,900 |
Note 3 - Goodwill and Purchas_4
Note 3 - Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | ||
Beginning balance | $ 238,669 | $ 242,127 | |
Additions | 1,134 | ||
Impairments (1) | [1] | (715) | |
Impact of currency exchange | 13,635 | (3,877) | |
Ending balance | 252,304 | 238,669 | |
Semiconductor Test and Inspection [Member] | |||
Beginning balance | 218,775 | 220,808 | |
Additions | 2,117 | ||
Impairments (1) | [1] | (715) | |
Impact of currency exchange | 11,949 | (3,435) | |
Ending balance | 230,724 | 218,775 | |
PCB Test [Member] | |||
Beginning balance | 19,894 | 21,319 | |
Additions | (983) | ||
Impairments (1) | [1] | 0 | |
Impact of currency exchange | 1,686 | (442) | |
Ending balance | $ 21,580 | $ 19,894 | |
[1] | Impairment of goodwill associated with our FSG segment that is presented as discontinued operations. This amount was not pushed down in the consolidated financial statements and was included within the balance of our Semiconductor Test & Inspection segment. |
Note 3 - Goodwill and Purchas_5
Note 3 - Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Gross Carrying Amount, finite-lived intangible assets | $ 338,279 | $ 322,804 |
Accumulated Amortization | 112,412 | 68,617 |
Developed Technology Rights [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | 239,250 | 227,619 |
Accumulated Amortization | $ 83,246 | 49,805 |
Remaining Useful Life (Year) | 5 years 8 months 12 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 74,933 | 72,251 |
Accumulated Amortization | $ 22,751 | 14,824 |
Remaining Useful Life (Year) | 8 years 6 months | |
Trade Names [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 23,756 | 22,612 |
Accumulated Amortization | $ 6,279 | 3,892 |
Remaining Useful Life (Year) | 8 years 8 months 12 days | |
Noncompete Agreements [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 340 | 322 |
Accumulated Amortization | $ 136 | $ 96 |
Remaining Useful Life (Year) | 6 years |
Note 4 - Borrowings and Credi_3
Note 4 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, SFr in Millions | Jun. 16, 2020EUR (€) | Dec. 10, 2019 | Aug. 01, 2019EUR (€) | Jul. 26, 2019EUR (€) | Oct. 01, 2018USD ($) | Dec. 26, 2020USD ($) | Dec. 26, 2020EUR (€) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 26, 2020EUR (€) | Dec. 26, 2020CHF (SFr) |
Long-term Debt, Total | $ 325,508 | ||||||||||
Long-term Debt, Current Maturities, Total | 8,389 | $ 6,517 | |||||||||
Long-term Debt, Fair Value | 303,100 | ||||||||||
Repayments of Long-term Debt, Total | 41,056 | 3,817 | $ 2,323 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | 268 | 0 | 0 | ||||||||
Proceeds from Issuance of Long-term Debt, Total | 0 | 0 | $ 348,250 | ||||||||
Long-term Line of Credit, Total | 5,314 | 3,195 | |||||||||
Ismeca [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | SFr | SFr 2 | ||||||||||
Long-term Line of Credit, Total | $ 0 | 0 | |||||||||
Number of Available Lines of Credit | 1 | 1 | 1 | ||||||||
Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,300 | ||||||||||
Long-term Line of Credit, Total | 5,300 | ||||||||||
Secured Term Loan Facility [Member] | |||||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||||
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% | ||||||||||
Long-term Debt, Total | 301,100 | 339,100 | |||||||||
Long-term Debt, Current Maturities, Total | 2,400 | 2,300 | |||||||||
Extinguishment of Debt, Amount | 36,400 | ||||||||||
Repayments of Long-term Debt, Total | 35,400 | ||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 300 | ||||||||||
Extinguishment of Debt Decrease Deferred Financing Costs | 700 | ||||||||||
Long-term Debt, Gross | 306,630 | 346,500 | |||||||||
Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||
Kita Term Loans [Member] | |||||||||||
Long-term Debt, Current Maturities, Total | 3,600 | 300 | |||||||||
Long-term Debt, Gross | $ 3,662 | 3,830 | |||||||||
Kita Term Loans [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05% | 0.05% | 0.05% | ||||||||
Kita Term Loans [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.44% | 0.44% | 0.44% | ||||||||
Xcerra Term Loan [Member] | |||||||||||
Long-term Debt, Total | 1,500 | ||||||||||
Long-term Debt, Current Maturities, Total | 300 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.35% | 2.35% | 2.35% | ||||||||
Debt Instrument, Term (Year) | 10 years | 10 years | |||||||||
Loan Facilities [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 8.6 | ||||||||||
Long-term Debt, Total | $ 9,900 | 5,500 | |||||||||
Long-term Debt, Current Maturities, Total | $ 400 | $ 300 | |||||||||
First Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.80% | ||||||||||
Debt Instrument, Term (Year) | 10 years | 10 years | |||||||||
Debt Instrument, Collateral Amount | € | € 3.4 | ||||||||||
Proceeds from Issuance of Long-term Debt, Total | € | € 3.4 | ||||||||||
Debt Instrument, Principal Payment Terms (Year) | 8 years | ||||||||||
Second Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.05% | ||||||||||
Debt Instrument, Term (Year) | 15 years | 15 years | |||||||||
Debt Instrument, Collateral Amount | € | € 5.2 | ||||||||||
Proceeds from Issuance of Long-term Debt, Total | € | € 4.9 | ||||||||||
Debt Instrument, Principal Payment Terms (Year) | 15 years | ||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | € | € 0.3 | ||||||||||
Third Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 1.5 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.20% | 1.20% | 1.20% | ||||||||
Debt Instrument, Term (Year) | 10 years | 10 years | 10 years | ||||||||
Debt Instrument, Collateral Amount | € | € 1.5 | ||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 0 |
Note 4 - Borrowings and Credi_4
Note 4 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Lines of credit | $ 5,314 | $ 3,195 |
Total debt | 325,508 | 360,476 |
Less: financing fees and discount | (5,568) | (7,441) |
Less: current portion | (8,389) | (6,517) |
Total long-term debt | 311,551 | 346,518 |
Secured Term Loan Facility [Member] | ||
Long term Debt | 306,630 | 346,500 |
Less: current portion | (2,400) | (2,300) |
Kita Term Loans [Member] | ||
Long term Debt | 3,662 | 3,830 |
Less: current portion | (3,600) | (300) |
Xcerra [Member] | ||
Long term Debt | 0 | 1,475 |
Construction Loan [Member] | ||
Long term Debt | $ 9,902 | $ 5,476 |
Note 4 - Borrowings and Credi_5
Note 4 - Borrowings and Credit Agreements - Debt Principal Payments for the Next Five Years and Thereafter (Details) $ in Thousands | Dec. 26, 2020USD ($) |
2021 | $ 9,512 |
2022 | 4,720 |
2023 | 4,725 |
2024 | 4,730 |
2025 | 293,864 |
Thereafter | 7,957 |
Total | $ 325,508 |
Note 5 - Restructuring Charge_2
Note 5 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Charges, Total | $ 7,623 | $ 13,484 | $ 18,704 |
Integration Program [Member] | |||
Restructuring Charges, Total | 11,354 | 16,213 | 37,757 |
Integration Program [Member] | Employee Severance [Member] | |||
Restructuring Charges, Total | $ 6,485 | $ 12,170 | 17,791 |
Integration Program [Member] | Employee Severance [Member] | Executive Officers and Board of Directors of Xcerra [Member] | |||
Restructuring Charges, Total | 8,200 | ||
Integration Program [Member] | Severance and Other Separation Payments [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | $ 6,900 |
Note 5 - Restructuring Charge_3
Note 5 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Charges, Total | $ 7,623 | $ 13,484 | $ 18,704 |
Costs accrued | 7,623 | 13,484 | 18,704 |
Integration Program [Member] | |||
Restructuring Charges, Total | 11,354 | 16,213 | 37,757 |
Costs accrued | 11,354 | 16,213 | 37,757 |
Employee Severance [Member] | Integration Program [Member] | |||
Restructuring Charges, Total | 6,485 | 12,170 | 17,791 |
Accrued restructuring, beginning balance | 1,236 | 4,026 | |
Costs accrued | 6,485 | 12,170 | 17,791 |
Amounts paid or charged | (2,055) | (14,909) | |
Impact of currency exchange | 160 | (51) | |
Accrued restructuring, ending balance | 5,826 | 1,236 | 4,026 |
Other Restructuring [Member] | Integration Program [Member] | |||
Restructuring Charges, Total | 1,138 | 1,314 | 913 |
Accrued restructuring, beginning balance | 0 | 0 | |
Costs accrued | 1,138 | 1,314 | 913 |
Amounts paid or charged | (1,138) | (1,314) | |
Impact of currency exchange | 0 | 0 | |
Accrued restructuring, ending balance | 0 | 0 | 0 |
Employee Severance and Other Exit Costs [Member] | Integration Program [Member] | |||
Restructuring Charges, Total | 7,623 | 13,484 | |
Accrued restructuring, beginning balance | 1,236 | 4,026 | |
Costs accrued | 7,623 | 13,484 | |
Amounts paid or charged | (3,193) | (16,223) | |
Impact of currency exchange | 160 | (51) | |
Accrued restructuring, ending balance | 5,826 | 1,236 | 4,026 |
Inventory Charges [Member] | Integration Program [Member] | |||
Restructuring Charges, Total | 3,731 | 2,729 | 19,053 |
Costs accrued | $ 3,731 | $ 2,729 | $ 19,053 |
Note 6 - Employee Benefit Pla_3
Note 6 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | May 08, 2019 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 8.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,300 | $ 2,000 | $ 1,100 | |
Deferred Compensation Liability, Current, Total | 1,800 | 2,000 | ||
Cash Surrender Value of Life Insurance | $ 1,800 | $ 1,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,300 | $ 200 | $ 900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 7,500 | |||
Share-based Payment Arrangement, Expense | $ 14,234 | $ 14,148 | $ 10,053 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 779,000 | 694,000 | 822,000 | |
Restricted Stock Units (RSUs) [Member] | Xcerra Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 529,995 | |||
Restricted Stock Units (RSUs) [Member] | Executive Officers and Board of Directors of Xcerra [Member] | ||||
Share-based Payment Arrangement, Expense | $ 8,200 | |||
Restricted Stock Units (RSUs) [Member] | Vesting Over One Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Vesting Over Two Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||
Restricted Stock Units (RSUs) [Member] | Vesting Over Four Year Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Equity Based Performance Stock Units Granted in 2020, 2019, 2018, and 2017 [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% | |||
Unvested Restricted Stock Units [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 17,600 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | |||
Minimum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 25.00% | |||
Maximum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue | 200.00% | |||
Employee Stock Purchase Plan [Member] | ||||
Employee Stock Purchase Plan, Shares Reserved for Future Issuance (in shares) | 2,650,000 | |||
Percentage of Fair Value to Determine Price of Common Stock | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 242,633 | 187,273 | 84,678 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 668,704 | |||
Equity Incentive Plan 2005 [Member] | ||||
Percentage of Fair Value to Determine Price of Common Stock | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,671,053 | |||
Equity Incentive Plan 2005 [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Equity Incentive Plan 2005 [Member] | Minimum [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Equity Incentive Plan 2005 [Member] | Maximum [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Postretirement Health Coverage [Member] | ||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 134 | $ 258 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 100 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 100 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 100 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 100 | |||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 600 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 100 | $ 100 | $ 100 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.10% | 3.00% | 4.10% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.80% | |||
Defined Benefit Plan, Health Care Cost Trend Rate, Annual Rate of Change | (0.27%) | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.40% | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 100 | |||
Swiss Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | (1,300) | $ (4,100) | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 1,916 | (1,456) | ||
Defined Benefit Plan, Expected Future Employee and Employer Contributions, Next Twelve Months | 900 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 1,300 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,100 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,800 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,300 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,100 | |||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 6,500 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 1,469 | $ 1,019 | $ 1,008 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.20% | 0.20% | ||
Swiss Plan [Member] | Debt Securities and Cash [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 58.00% | |||
Swiss Plan [Member] | Real Estate Investments [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | |||
Swiss Plan [Member] | Alternative Investments [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | |||
Swiss Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 12.00% |
Note 6 - Employee Benefit Pla_4
Note 6 - Employee Benefit Plans - Net Periodic Benefit Cost of Swiss Plan (Details) - Swiss Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Service cost | $ 1,310 | $ 920 | $ 925 |
Interest cost | 67 | 267 | 207 |
Expected return on assets | (200) | (168) | (124) |
Settlements | 292 | 0 | 0 |
Net periodic costs | $ 1,469 | $ 1,019 | $ 1,008 |
Note 6 - Employee Benefit Pla_5
Note 6 - Employee Benefit Plans - Benefit Obligation, Fair Value of Plan Assets, Funded Status and Liability of Swiss Plan (Details) - Swiss Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Benefit obligation at beginning of year | $ (32,241) | $ (29,910) | |
Service cost | (1,310) | (920) | $ (925) |
Interest cost | (67) | (267) | (207) |
Actuarial gain | 1,916 | (1,456) | |
Participant contributions | (1,136) | (1,434) | |
Benefits paid | 419 | 2,313 | |
Plan change | 944 | 0 | |
Settlements | 3,446 | 0 | |
Foreign currency exchange adjustment | (3,010) | (567) | |
Benefit obligation at end of year | (31,039) | (32,241) | (29,910) |
Fair value of plan assets at beginning of year | 18,705 | 18,088 | |
Return on assets, net of actuarial loss | 129 | 281 | |
Employer contributions | 886 | 882 | |
Participant contributions | 1,136 | 1,434 | |
Benefits paid | (419) | (2,313) | |
Settlements | (3,446) | 0 | |
Foreign currency exchange adjustment | 1,765 | 333 | |
Fair value of plan assets at end of year | 18,756 | 18,705 | $ 18,088 |
Net liability at end of year | $ (12,283) | $ (13,536) |
Note 6 - Employee Benefit Pla_6
Note 6 - Employee Benefit Plans - Weighted-average Actuarial Assumptions to Determine Benefit Obligation and Net Periodic Benefit Cost (Details) - Swiss Plan [Member] | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Discount rate | 0.20% | 0.20% | |
Compensation increase | 1.10% | 1.10% | |
Discount rate | 0.20% | 0.90% | 0.70% |
Rate of return on assets | 1.00% | 0.90% | 0.70% |
Compensation increase | 1.10% | 1.80% | 1.80% |
Note 6 - Employee Benefit Pla_7
Note 6 - Employee Benefit Plans - Post-retirement Benefit Obligation to Funded Status and Liability (Details) - Postretirement Health Coverage [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Accumulated benefit obligation at beginning of year | $ (2,571) | $ (2,880) |
Interest cost | (75) | (115) |
Actuarial gain | 134 | 258 |
Benefits paid | 114 | 166 |
Accumulated benefit obligation at end of year | (2,398) | (2,571) |
Plan assets at end of year | 0 | 0 |
Funded status | $ (2,398) | $ (2,571) |
Note 6 - Employee Benefit Pla_8
Note 6 - Employee Benefit Plans - Stock Option Activity Under Share-based Compensation Plans (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Outstanding, beginning of year (in shares) | 363 | 405 | 472 |
Outstanding, weighted average exercise price, beginning of year (in dollars per share) | $ 10.27 | $ 10.22 | $ 10.20 |
Exercised (in shares) | (101) | (42) | (67) |
Exercised, weighted average exercise price (in dollars per share) | $ 10.95 | $ 9.82 | $ 10.10 |
Outstanding, end of year (in shares) | 262 | 363 | 405 |
Outstanding, weighted average exercise price, end of year (in dollars per share) | $ 10.01 | $ 10.27 | $ 10.22 |
Options exercisable at year end (in shares) | 262 | 363 | 405 |
Options exercisable at year end, weighted average exercise price (in dollars per share) | $ 10.01 | $ 10.27 | $ 10.22 |
Note 6 - Employee Benefit Pla_9
Note 6 - Employee Benefit Plans - Stock Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 26, 2020$ / sharesshares | |
Options outstanding, number (in shares) | shares | 262 |
Options outstanding, weighted average remaining life (Year) | 1 year 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 10.01 |
Options exercisable, number (in shares) | shares | 262 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 10.01 |
Range 1 [Member] | |
Lower limit (in dollars per share) | 9.44 |
Upper limit (in dollars per share) | $ 10.54 |
Options outstanding, number (in shares) | shares | 159 |
Options outstanding, weighted average remaining life (Year) | 2 years 2 months 12 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 9.50 |
Options exercisable, number (in shares) | shares | 159 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 9.50 |
Range 2 [Member] | |
Lower limit (in dollars per share) | 10.55 |
Upper limit (in dollars per share) | $ 10.58 |
Options outstanding, number (in shares) | shares | 92 |
Options outstanding, weighted average remaining life (Year) | 1 year 2 months 12 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 10.58 |
Options exercisable, number (in shares) | shares | 92 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 10.58 |
Range 3 [Member] | |
Lower limit (in dollars per share) | 10.59 |
Upper limit (in dollars per share) | $ 12.58 |
Options outstanding, number (in shares) | shares | 11 |
Options outstanding, weighted average remaining life (Year) | 3 years 6 months |
Options outstanding, weighted average exercise price (in dollars per share) | $ 12.44 |
Options exercisable, number (in shares) | shares | 11 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 12.44 |
Note 6 - Employee Benefit Pl_10
Note 6 - Employee Benefit Plans - Restricted Stock Unit Activity Under Share-based Compensation Plans (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Outstanding, beginning of year, units (in shares) | 1,328 | 1,265 | 981 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 17.05 | $ 19.48 | $ 12.50 |
Granted, units (in shares) | 779 | 694 | 822 |
Granted, wt. avg. (in dollars per share) | $ 14.02 | $ 14.32 | $ 23.70 |
Released, units (in shares) | (621) | (563) | (500) |
Released, wt. avg. (in dollars per share) | $ 17.48 | $ 19.08 | $ 13.10 |
Cancelled, units (in shares) | (72) | (68) | (38) |
Cancelled, wt. avg. (in dollars per share) | $ 17.59 | $ 17.60 | $ 14.67 |
Outstanding, end of year, units (in shares) | 1,414 | 1,328 | 1,265 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 15.16 | $ 17.05 | $ 19.48 |
Note 6 - Employee Benefit Pl_11
Note 6 - Employee Benefit Plans - Performance Based Stock Unit Activity Under Share-based Compensation Plans (Details) - Equity Based Performance Stock Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Outstanding, beginning of year, units (in shares) | 364 | 340 | 334 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 18.72 | $ 17.89 | $ 14.31 |
Granted, units (in shares) | 200 | 167 | 89 |
Granted, wt. avg. (in dollars per share) | $ 13.18 | $ 14.11 | $ 24.32 |
Released, units (in shares) | (39) | (36) | (41) |
Released, wt. avg. (in dollars per share) | $ 21.40 | $ 11.35 | $ 9.92 |
Cancelled, units (in shares) | (100) | (107) | (42) |
Cancelled, wt. avg. (in dollars per share) | $ 20.25 | $ 11.35 | $ 10.69 |
Outstanding, end of year, units (in shares) | 425 | 364 | 340 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 15.51 | $ 18.72 | $ 17.89 |
Note 6 - Employee Benefit Pl_12
Note 6 - Employee Benefit Plans - Weighted-average Assumptions to Value Share-based Awards Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Restricted Stock Units (RSUs) [Member] | |||
Dividend yield | 0.00% | 1.60% | 1.00% |
Employee Stock Purchase Plan [Member] | |||
Dividend yield | 0.50% | 1.30% | 1.10% |
Expected volatility | 67.10% | 46.40% | 39.00% |
Risk-free interest rate | 1.10% | 2.20% | 1.70% |
Expected term (Year) | 6 months | 6 months | 6 months |
Weighted-average grant date fair value per share (in dollars per share) | $ 6.01 | $ 5.35 | $ 5.90 |
Note 6 - Employee Benefit Pl_13
Note 6 - Employee Benefit Plans - Reported Share-based Compensation in Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based compensation of continuing operations | $ 14,234 | $ 14,148 | $ 10,053 |
Income tax benefit | (963) | (587) | (993) |
Total share-based compensation, net of tax | 13,271 | 13,561 | 9,060 |
Cost of Sales [Member] | |||
Share-based compensation of continuing operations | 893 | 736 | 546 |
Research and Development Expense [Member] | |||
Share-based compensation of continuing operations | 3,245 | 2,994 | 1,717 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation of continuing operations | $ 10,096 | $ 10,418 | $ 7,790 |
Note 7 - Financial Instrument_3
Note 7 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 8,700 | $ 0 |
Note 7 - Financial Instrument_4
Note 7 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | |
Amortized Cost | $ 20,668 | ||
Gross Unrealized Gains | 2 | ||
Gross Unrealized Losses | [1] | 1 | |
Estimated Fair Value | 20,669 | $ 904 | |
Corporate Debt Securities [Member] | |||
Amortized Cost | [2] | 14,943 | |
Gross Unrealized Gains | [2] | 2 | |
Gross Unrealized Losses | [1],[2] | 1 | |
Estimated Fair Value | [2] | 14,944 | |
Debt Security, Government, Non-US [Member] | |||
Amortized Cost | 965 | 904 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | [1] | 0 | 0 |
Estimated Fair Value | 965 | $ 904 | |
US Treasury Securities [Member] | |||
Amortized Cost | 2,012 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | [1] | 0 | |
Estimated Fair Value | 2,012 | ||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Amortized Cost | 1,998 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | [1] | 0 | |
Estimated Fair Value | 1,998 | ||
Certificates of Deposit [Member] | |||
Amortized Cost | 750 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | [1] | 0 | |
Estimated Fair Value | $ 750 | ||
[1] | As of December 26, 2020, the cost and fair value of investments with loss positions were approximately $8.7 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. As of December 28, 2019, we had no investments with loss positions. | ||
[2] | 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 7 - Financial Instrument_5
Note 7 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) $ in Thousands | Dec. 26, 2020USD ($) |
Due in one year or less, amortized cost | $ 20,668 |
Due in one year or less, fair value | $ 20,669 |
Note 7 - Financial Instrument_6
Note 7 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Assets, Fair Value Disclosure | $ 170,027 | $ 156,098 |
Debt Security, Government, Non-US [Member] | ||
Short-term investments | 965 | 904 |
Corporate Debt Securities [Member] | ||
Short-term investments | 15,694 | |
US Treasury Securities [Member] | ||
Short-term investments | 2,012 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 1,998 | |
Certificates of Deposit [Member] | ||
Short-term investments | 750 | |
Cash [Member] | ||
Cash and cash equivalents | 128,874 | 147,523 |
Money Market Funds [Member] | ||
Cash and cash equivalents | 19,734 | 7,671 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure | 128,874 | 147,523 |
Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Cash and cash equivalents | 128,874 | 147,523 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure | 41,153 | 8,575 |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | 965 | 904 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 15,694 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 2,012 | |
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 1,998 | |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 750 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 19,734 | 7,671 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Short-term investments | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Note 8 - Derivative Financial_3
Note 8 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Dec. 26, 2020 - Not Designated as Hedging Instrument [Member] € in Thousands, SFr in Thousands, $ in Millions | USD ($) | EUR (€) | CHF (SFr) |
Swiss Franc Foreign Exchange Forward [Member] | Long [Member] | |||
Contract amount | $ 15 | SFr 13,349 | |
Total Contract Amount | 15 | SFr 13,349 | |
Euro Foreign Exchange Forward [Member] | Long [Member] | |||
Contract amount | 11.5 | € 9,424 | |
Total Contract Amount | 11.5 | € 9,424 | |
Foreign Exchange Forward [Member] | |||
Contract amount | 26.5 | ||
Total Contract Amount | $ 26.5 |
Note 8 - Derivative Financial_4
Note 8 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 26, 2020USD ($) | |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |
Foreign exchange forward contracts | $ 756 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 26, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 5,100 | $ 16,600 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (4,000) | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 86,124 | $ 93,494 | |||
Increase (Decrease) of Net Income Due to Impact of Tax Holidays | $ 3,600 | $ 2,100 | $ 2,400 | ||
Increase (Decrease) of Earning Per Share Due To Impact Of Tax Holidays (in dollars per share) | $ 0.09 | $ 0.05 | $ 0.08 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 5,700 | $ 7,000 | $ 8,200 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 600 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 1,000 | 1,300 | |||
Unrecognized Tax Benefits, Interest Expense, Net of Accrued Interest Reversed | $ (300) | $ (300) | $ 600 | ||
Minimum [Member] | |||||
Collection Term Range (Year) | 4 years | ||||
Maximum [Member] | |||||
Collection Term Range (Year) | 10 years | ||||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards, Total | $ 200,900 | ||||
Tax Credit Carryforward, Amount | $ 11,500 | ||||
Open Tax Year | 2016 2017 2018 2019 2020 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Total | $ 130,100 | ||||
Tax Credit Carryforward, Amount | $ 32,800 | ||||
Open Tax Year | 2015 2016 2017 2018 2019 2020 | ||||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards, Total | $ 22,500 | ||||
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | |||||
Income Tax Examination, Year under Examination | 2015 2016 2017 | ||||
Foreign Tax Authority [Member] | Bureau of Internal Revenue, Philippines [Member] | |||||
Income Tax Examination, Year under Examination | 2017 | ||||
Foreign Tax Authority [Member] | Inland Revenue Board of Malaysia [Member] | Subsequent Event [Member] | |||||
Income Tax Examination, Year under Examination | 2014 2015 2016 2017 2018 2019 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Provision (Benefit) for Income Taxes for Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
U.S. Federal | $ 0 | $ 0 | $ 0 |
U.S. State | 21 | 130 | 51 |
Foreign | 5,950 | 2,173 | 8,787 |
Total current | 5,971 | 2,303 | 8,838 |
U.S. Federal | 8 | 98 | 56 |
U.S. State | 0 | 1 | 0 |
Foreign | (5,313) | (5,484) | (8,263) |
Total deferred | (5,305) | (5,385) | (8,207) |
Income Tax Expense (Benefit), Total | $ 666 | $ (3,082) | $ 631 |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income (Loss) Before Income Taxes From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income (loss) from continuing operations, U.S. | $ (25,005) | $ (72,669) | $ (42,682) |
Income from continuing operations, Foreign | 11,828 | 592 | 10,770 |
Loss from continuing operations before taxes | $ (13,177) | $ (72,077) | $ (31,912) |
Note 9 - Income Taxes - Compo_2
Note 9 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Inventory, receivable and warranty reserves | $ 11,720 | $ 11,235 |
Net operating loss carryforwards | 56,777 | 69,092 |
Tax credit carryforwards | 37,393 | 36,489 |
Accrued employee benefits | 5,306 | 4,274 |
Stock-based compensation | 2,210 | 2,372 |
Lease liabilities | 5,146 | 5,804 |
Other | 4,221 | 9,390 |
Gross deferred tax assets | 122,773 | 138,656 |
Less valuation allowance | (86,124) | (93,494) |
Total deferred tax assets | 36,649 | 45,162 |
Intangible assets and other acquisition basis differences | 52,012 | 63,866 |
Operating lease right-of-use assets | 4,706 | 5,258 |
Unremitted earnings of foreign subsidiaries | 3,119 | 2,462 |
Total deferred tax liabilities | 59,837 | 71,586 |
Net deferred tax liabilities | $ (23,188) | $ (26,424) |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Tax provision at U.S. 21% statutory rate | $ (2,757) | $ (15,136) | $ (6,702) |
Impact of Tax Act, before reduction in valuation allowance | 0 | 0 | 5,095 |
State income taxes, net of federal tax benefit | (1,160) | (1,097) | (663) |
Settlements, adjustments and releases from statute expirations | (118) | (1,204) | (783) |
Federal tax credits | (46) | (1,458) | (864) |
Stock-based compensation | 727 | 587 | (838) |
Executive compensation limited by Section 162(m) | 491 | 190 | 3,456 |
Change in valuation allowance | (1,691) | 11,270 | (2,015) |
Non-deductible transaction related costs | 0 | 0 | 1,106 |
Deemed dividend | 1,224 | 1,453 | 470 |
GILTI | 4,191 | 2,480 | 3,531 |
Foreign rate differential | (1,512) | (1,266) | (904) |
Other, net | 1,317 | 1,099 | (258) |
Income Tax Expense (Benefit), Total | $ 666 | $ (3,082) | $ 631 |
Note 9 - Income Taxes - Recon_2
Note 9 - Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Balance at beginning of year | $ 34,740 | $ 34,873 | $ 10,321 |
Additions for tax positions of current year | 817 | 1,231 | 524 |
Additions (reductions) for tax positions of prior years | (425) | (484) | |
Additions (reductions) for tax positions of prior years | 191 | ||
Reductions due to lapse of the statute of limitations | (304) | (957) | (645) |
Additions related to Xcerra acquisition | 0 | 0 | 24,524 |
Reductions due to settlements | (1,134) | (30) | 0 |
Foreign exchange rate impact | 2 | 107 | |
Foreign exchange rate impact | (42) | ||
Balance at end of year | $ 33,696 | $ 34,740 | $ 34,873 |
Note 10 - Segment and Geograp_3
Note 10 - Segment and Geographic Information - Summary of Current Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 26, 2020 | Sep. 26, 2020 | [1] | Jun. 27, 2020 | [1] | Mar. 28, 2020 | [1] | Dec. 28, 2019 | Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | [1] | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |||
Net sales | $ 202,355 | [1] | $ 150,647 | $ 144,084 | $ 138,921 | $ 142,011 | [1] | $ 143,498 | $ 150,011 | $ 147,809 | $ 636,007 | $ 583,329 | $ 451,768 | ||||||
Profit (loss) for reportable segments | 4,474 | (42,437) | (2,665) | ||||||||||||||||
Interest expense | (13,759) | (20,556) | (4,977) | ||||||||||||||||
Interest income | 224 | 764 | 1,187 | ||||||||||||||||
Gain on extinguishment of debt | 268 | 0 | 0 | ||||||||||||||||
Loss from continuing operations before taxes | (13,177) | (72,077) | (31,912) | ||||||||||||||||
Depreciation | 14,000 | 19,300 | 8,800 | ||||||||||||||||
Total depreciation and amortization | 52,746 | 58,871 | 26,047 | ||||||||||||||||
Capital expenditures | 18,660 | 18,000 | 4,967 | ||||||||||||||||
Assets, Total | 1,090,346 | 1,077,710 | 1,090,346 | 1,077,710 | 1,134,002 | ||||||||||||||
Discontinued operations | 0 | 3,618 | 0 | 3,618 | 3,820 | ||||||||||||||
Corporate, Non-Segment [Member] | |||||||||||||||||||
Corporate expenses | (4,384) | (9,848) | (25,457) | ||||||||||||||||
Assets, Total | 55,492 | 18,398 | 55,492 | 18,398 | 34,367 | ||||||||||||||
Semiconductor Test and Inspection [Member] | |||||||||||||||||||
Net sales | 585,240 | 540,878 | 443,276 | ||||||||||||||||
Profit (loss) for reportable segments | (2,497) | (45,072) | 2,489 | ||||||||||||||||
Depreciation | 51,548 | 56,621 | 24,634 | ||||||||||||||||
Capital expenditures | 18,616 | 17,831 | 4,957 | ||||||||||||||||
Assets, Total | 968,028 | 998,756 | 968,028 | 998,756 | 1,038,053 | ||||||||||||||
PCB Test [Member] | |||||||||||||||||||
Net sales | 50,767 | 42,451 | 8,492 | ||||||||||||||||
Profit (loss) for reportable segments | 6,971 | 2,635 | (5,154) | ||||||||||||||||
Depreciation | 1,198 | 2,250 | 1,413 | ||||||||||||||||
Capital expenditures | 44 | 169 | 10 | ||||||||||||||||
Assets, Total | 66,826 | 56,938 | 66,826 | 56,938 | 57,762 | ||||||||||||||
Semiconductor Test and Inspection and PCB Test [Member] | |||||||||||||||||||
Assets, Total | $ 1,034,854 | $ 1,055,694 | $ 1,034,854 | $ 1,055,694 | $ 1,095,815 | ||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks. |
Note 10 - Segment and Geograp_4
Note 10 - Segment and Geographic Information - Customers Comprising 10% of Consolidated Sales (Details) | 12 Months Ended | |
Dec. 28, 2019 | ||
Semiconductor Equipment [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Intel [Member] | ||
Net sales percentage | 11.10% | [1] |
[1] | No single customer exceeded 10% of consolidated net sales for the years ended December 26, 2020 and December 29, 2018. |
Note 10 - Segment and Geograp_5
Note 10 - Segment and Geographic Information - Summary of Net Sales to Customers, Attributed to Countries (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 26, 2020 | [1] | Sep. 26, 2020 | [1] | Jun. 27, 2020 | [1] | Mar. 28, 2020 | [1] | Dec. 28, 2019 | [1] | Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | [1] | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net sales | $ 202,355 | $ 150,647 | $ 144,084 | $ 138,921 | $ 142,011 | $ 143,498 | $ 150,011 | $ 147,809 | $ 636,007 | $ 583,329 | $ 451,768 | ||||||||
CHINA | |||||||||||||||||||
Net sales | 143,360 | 118,213 | 90,255 | ||||||||||||||||
UNITED STATES | |||||||||||||||||||
Net sales | 108,694 | 71,963 | 61,177 | ||||||||||||||||
TAIWAN, PROVINCE OF CHINA | |||||||||||||||||||
Net sales | 83,685 | 75,725 | 25,074 | ||||||||||||||||
Malaysia [Member] | |||||||||||||||||||
Net sales | 57,893 | 61,826 | 61,793 | ||||||||||||||||
PHILIPPINES | |||||||||||||||||||
Net sales | 56,272 | 51,683 | 46,421 | ||||||||||||||||
Rest of the World [Member] | |||||||||||||||||||
Net sales | $ 186,103 | $ 203,919 | $ 167,048 | ||||||||||||||||
[1] | All quarters presented above were comprised of 13 weeks. |
Note 10 - Segment and Geograp_6
Note 10 - Segment and Geographic Information - Summary of Property, Plant and Equipment and Other Long Lived Assets in Geographical Area (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Property plant and equipment, net | $ 66,916 | $ 70,912 |
Goodwill and other intangible assets | 485,989 | 513,688 |
GERMANY | ||
Property plant and equipment, net | 19,817 | 25,234 |
Goodwill and other intangible assets | 232,925 | 228,476 |
UNITED STATES | ||
Property plant and equipment, net | 17,800 | 16,671 |
Goodwill and other intangible assets | 177,585 | 207,642 |
JAPAN | ||
Property plant and equipment, net | 13,231 | 9,964 |
Goodwill and other intangible assets | 3,703 | 3,872 |
Malaysia [Member] | ||
Property plant and equipment, net | 3,986 | 7,151 |
Goodwill and other intangible assets | 45,435 | 44,140 |
PHILIPPINES | ||
Property plant and equipment, net | 9,333 | 8,637 |
Rest of the World [Member] | ||
Property plant and equipment, net | 2,749 | 3,255 |
Goodwill and other intangible assets | 7,866 | 7,453 |
SINGAPORE | ||
Goodwill and other intangible assets | 13,469 | 13,915 |
SWITZERLAND | ||
Goodwill and other intangible assets | $ 5,006 | $ 8,190 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Lessee, Operating Lease, Renewal Term (Year) | 25 years | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 48,000 | $ 100,000 |
Operating Lease, Impairment Loss | $ 200,000 | |
Lessor, Operating Lease, Payment to be Received, Year One | $ 100,000 | |
Minimum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 37 years |
Note 11 - Leases - Balance Shee
Note 11 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | |
Operating lease assets | $ 29,203 | $ 33,269 | |
Finance lease assets | [1] | 486 | 2,515 |
Total lease assets | 29,689 | 35,784 | |
Total lease liabilities | $ 31,253 | $ 36,909 | |
Operating leases (Year) | 7 years 3 months 18 days | 7 years 10 months 24 days | |
Finance leases (Year) | 2 years 3 months 18 days | 6 months | |
Operating leases | 6.30% | 6.30% | |
Finance leases | 0.00% | 4.50% | |
Other Accrued Liabilities [Member] | |||
Operating, current | $ 5,287 | $ 5,458 | |
Finance, current | 179 | 2,574 | |
Long-term Lease Liabilities [Member] | |||
Operating, noncurrent | 25,565 | 28,877 | |
Finance, noncurrent | $ 222 | $ 0 | |
[1] | Finance lease assets are recorded net of accumulated amortization of $48,000 and $0.1 million in 2020 and 2019, respectively. |
Note 11 - Leases - Lease Expens
Note 11 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | ||
Operating leases (1) | [1] | $ 8,374 | $ 8,525 |
Variable lease expense | 2,110 | 2,318 | |
Short-term operating leases | 93 | 256 | |
Amortization of leased assets | 84 | 102 | |
Interest on lease liabilities | 57 | 146 | |
Sublease income | (113) | (133) | |
Net lease cost | $ 10,605 | $ 11,214 | |
[1] | Operating lease cost excludes impairment expense of $0.2 million related to the write-down of the Fontana facility right-of-use asset recognized in 2019. |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | |
2021, operating leases | [1] | $ 7,015 | |
2021, finance leases | 179 | ||
2021, total | 7,194 | ||
2022, operating leases | [1] | 6,187 | |
2022, finance leases | 179 | ||
2022, total | 6,366 | ||
2023, operating leases | [1] | 5,297 | |
2023, finance leases | 43 | ||
2023, total | 5,340 | ||
2024, operating leases | [1] | 4,766 | |
2024, finance leases | 0 | ||
2024, total | 4,766 | ||
2025, operating leases | [1] | 4,428 | |
2025, finance leases | 0 | ||
2025, total | 4,428 | ||
Thereafter, operating leases | [1] | 11,942 | |
Thereafter, finance leases | 0 | ||
Thereafter, total | 11,942 | ||
Total lease payments, operating leases | [1] | 39,635 | |
Total lease payments, finance leases | 401 | ||
Total lease payments, total | 40,036 | ||
Less: Interest, operating leases | [1] | (8,783) | |
Less: Interest, finance leases | 0 | ||
Less: Interest, total | (8,783) | ||
Present value of lease liabilities, finance leases | 401 | ||
Present value of lease liabilities, total | 31,253 | $ 36,909 | |
Other Accrued Liabilities and Long-term Lease Liabilities [Member] | |||
Present value of lease liabilities, operating leases | [1] | $ 30,852 | |
[1] | Excludes sublease income of $0.1 million in 2021. |
Note 11 - Leases - Cash Flow In
Note 11 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Operating cash flows from operating leases | $ 8,079 | $ 6,932 |
Operating cash flows from finance leases | 57 | 117 |
Financing cash flows from finance leases | 146 | 34 |
Leased assets obtained in exchange for new finance lease liabilities | 489 | 0 |
Leased assets obtained in exchange for new operating lease liabilities | $ 2,403 | $ 40,844 |
Note 13 - Guarantees (Details T
Note 13 - Guarantees (Details Textual) - USD ($) $ in Millions | Dec. 26, 2020 | Dec. 28, 2019 |
Non-current Other Accrued Liabilities [Member] | ||
Product Warranty Accrual, Noncurrent | $ 0.3 | $ 0.3 |
Note 13 - Guarantees - Changes
Note 13 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Beginning balance | $ 6,155 | $ 8,014 | $ 4,849 |
Warranty accruals | 6,173 | 6,714 | 7,154 |
Warranty payments | (5,946) | (8,573) | (8,358) |
Warranty liability assumed | 0 | 0 | 4,369 |
Ending balance | $ 6,382 | $ 6,155 | $ 8,014 |
Note 14 - Discontinued Operat_3
Note 14 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Disposal Group, Including Discontinued Operation, Impairment | $ 0 | $ 1,086 | $ 0 | |
Fixtures Services Business FSG [Member] | ||||
Disposal Group, Including Discontinued Operation, Impairment | $ 1,100 |
Note 14 - Discontinued Operat_4
Note 14 - Discontinued Operations - Balance Sheet Information for Fixture Services Business (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 |
Cash | $ 0 | $ 736 | $ 461 |
Total current assets | 0 | 3,503 | |
Total assets | 0 | 3,618 | $ 3,820 |
Total current liabilities | 0 | 599 | |
Noncurrent liabilities | $ 0 | 24 | |
Fixtures Services Business FSG [Member] | Discontinued Operations, Held-for-sale [Member] | |||
Cash | 736 | ||
Accounts receivable, net | 1,316 | ||
Inventories | 1,411 | ||
Other current assets | 40 | ||
Total current assets | 3,503 | ||
Property, plant and equipment, net | 33 | ||
Other noncurrent assets | 82 | ||
Total assets | 3,618 | ||
Other accrued current liabilities | 599 | ||
Total current liabilities | 599 | ||
Noncurrent liabilities | 24 | ||
Total liabilities | $ 623 |
Note 14 - Discontinued Operat_5
Note 14 - Discontinued Operations - Summary of Operating Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net sales | $ 432 | $ 6,136 | $ 1,593 |
Operating income | 11 | 478 | 157 |
Loss from impairment of FSG | 0 | (1,086) | 0 |
Gain on sale of FSG | 35 | (1,138) | 0 |
Income (loss) before taxes | 46 | (608) | 157 |
Income tax provision | 4 | 89 | 38 |
Income (loss), net of tax | $ 42 | $ (697) | $ 119 |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Foreign currency translation adjustments, before tax | $ 27,321 | $ (7,522) | $ (8,905) |
Foreign currency translation adjustments, tax | 0 | 0 | 0 |
Foreign currency translation adjustments, net of tax | 27,321 | (7,522) | (8,905) |
Adjustments related to postretirement benefits, before tax | 2,599 | (856) | 865 |
Adjustments related to postretirement benefits, tax | (216) | 228 | (60) |
Adjustments related to postretirement benefits, net of tax | 2,383 | (628) | 805 |
Change in unrealized gain/loss on investments, before tax | 7 | ||
Change in unrealized gain/loss on investments, tax | 0 | ||
Change in unrealized gain/loss on investments, net of tax | 0 | 0 | 7 |
Other comprehensive income (loss), before tax | 29,920 | (8,378) | (8,033) |
Other comprehensive income (loss), tax | (216) | 228 | (60) |
Other comprehensive income (loss), net of tax | $ 29,704 | $ (8,150) | $ (8,093) |
Note 15 - Accumulated Other C_4
Note 15 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Accumulated net currency translation adjustments | $ (2,877) | $ (30,198) |
Accumulated net adjustments related to postretirement benefits | (1,449) | (3,832) |
Total accumulated other comprehensive loss | $ (4,326) | $ (34,030) |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) | 12 Months Ended |
Dec. 26, 2020 | |
Blackrock [Member] | |
Ownership Percentage of the Company | 15.20% |
Note 17 - Quarterly Financial_3
Note 17 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 26, 2020 | [1] | Sep. 26, 2020 | [1] | Jun. 27, 2020 | [1] | Mar. 28, 2020 | [1] | Dec. 28, 2019 | [1] | Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | [1] | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net sales | $ 202,355 | $ 150,647 | $ 144,084 | $ 138,921 | $ 142,011 | $ 143,498 | $ 150,011 | $ 147,809 | $ 636,007 | $ 583,329 | $ 451,768 | ||||||||
Cost of sales: | 111,114 | [2] | 87,147 | [2] | 83,127 | [2] | 82,837 | [2] | 87,936 | [2] | 84,565 | [2] | 87,605 | [2] | 93,394 | [2] | 364,225 | 353,500 | |
Income (loss) from continuing operations | 14,861 | (6,646) | (4,740) | (17,318) | (16,281) | (10,480) | (19,383) | (22,851) | (13,843) | (68,995) | (32,543) | ||||||||
Net income (loss) | 14,861 | (6,646) | (4,740) | (17,276) | (17,320) | (10,326) | [2] | (19,359) | (22,687) | (13,801) | (69,692) | (32,424) | |||||||
Net income (loss) attributable to Cohu | $ 14,861 | $ (6,646) | $ (4,740) | $ (17,276) | $ (17,266) | $ (10,468) | $ (19,323) | $ (22,643) | $ (13,801) | $ (69,700) | $ (32,181) | ||||||||
Income (loss) from continuing operations (in dollars per share) | $ 0.35 | [3] | $ (0.16) | [3] | $ (0.11) | [3] | $ (0.42) | [3] | $ (0.39) | [3] | $ (0.25) | [3] | $ (0.47) | [3] | $ (0.56) | [3] | $ (0.33) | $ (1.68) | $ (1.02) |
Net income (loss) (in dollars per share) | 0.35 | [3] | (0.16) | [3] | (0.11) | [3] | (0.42) | [3] | (0.42) | [3] | (0.25) | [3] | (0.47) | [3] | (0.55) | [3] | (0.33) | (1.69) | (1.01) |
Income (loss) from continuing operations (in dollars per share) | 0.34 | [3] | (0.16) | [3] | (0.11) | [3] | (0.42) | [3] | (0.39) | [3] | (0.25) | [3] | (0.47) | [3] | (0.56) | [3] | (0.33) | (1.68) | (1.02) |
Net income (loss) (in dollars per share) | $ 0.34 | [3] | $ (0.16) | [3] | $ (0.11) | [3] | $ (0.42) | [3] | $ (0.42) | [3] | $ (0.25) | [3] | $ (0.47) | [3] | $ (0.55) | [3] | $ (0.33) | $ (1.69) | $ (1.01) |
[1] | All quarters presented above were comprised of 13 weeks. | ||||||||||||||||||
[2] | Cost of sales is shown exclusive of the amortization of purchased intangible assets. | ||||||||||||||||||
[3] | The sum of the four quarters may not agree to the year total due to rounding or losses within a quarter and the inclusion or exclusion of common stock equivalents. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance, beginning of year | $ 9 | $ 40 | $ 200 | |
Additions (reductions) not charged to expense | [1] | (1) | 24 | (20) |
Additions (reduction) charged (credited) to expense | 79 | (28) | (109) | |
Deductions/write-offs | (41) | 27 | 31 | |
Balance, end of year | 128 | 9 | 40 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | ||||
Balance, beginning of year | 20,958 | 23,938 | 17,362 | |
Additions (reductions) not charged to expense | [1] | 4,611 | 1,285 | (300) |
Additions (reduction) charged (credited) to expense | 8,117 | 4,792 | 10,783 | |
Balance, end of year | 26,937 | 20,958 | 23,938 | |
Deductions/write-offs | $ 6,749 | $ 9,057 | $ 3,907 | |
[1] | Changes in reserve balances resulting from foreign currency impact and reclassifications from other reserves. |