Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Feb. 10, 2022 | Jun. 25, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000021535 | ||
Entity Registrant Name | COHU INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-25 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 25, 2021 | ||
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 | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,654,000,000 | ||
Entity Common Stock, Shares Outstanding | 48,563,820 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | San Diego, California | ||
Auditor Firm ID | 42 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 290,201 | $ 149,358 |
Short-term investments | 89,704 | 20,669 |
Accounts receivable, net | 192,873 | 151,919 |
Inventories | 161,053 | 142,500 |
Prepaid expenses | 16,194 | 18,773 |
Other current assets | 768 | 1,827 |
Total current assets | 750,793 | 485,046 |
Property, plant and equipment, net | 63,957 | 66,916 |
Goodwill | 219,791 | 252,304 |
Intangible assets, net | 177,320 | 233,685 |
Other assets | 22,123 | 23,192 |
Operating lease right of use assets | 25,060 | 29,203 |
Assets, Total | 1,259,044 | 1,090,346 |
Current liabilities: | ||
Short-term borrowings | 3,059 | 5,314 |
Current installments of long-term debt | 11,338 | 3,075 |
Accounts payable | 85,230 | 67,923 |
Customer advances | 7,300 | 14,410 |
Accrued compensation and benefits | 39,835 | 34,862 |
Accrued warranty | 6,614 | 6,066 |
Deferred profit | 13,208 | 8,671 |
Income taxes payable | 6,873 | 3,857 |
Other accrued liabilities | 19,002 | 30,275 |
Total current liabilities | 192,459 | 174,453 |
Other accrued liabilities | 8,588 | 8,900 |
Noncurrent income tax liabilities | 6,138 | 6,888 |
Accrued retirement benefits | 18,037 | 21,663 |
Deferred income taxes | 25,887 | 28,816 |
Long-term debt | 103,393 | 311,551 |
Long-term lease liabilities | 22,040 | 25,787 |
Stockholders' equity: | ||
Preferred stock, $1 par value; 1,000 shares authorized, none issued | 0 | 0 |
Common stock, $1 par value; 60,000 shares authorized, 48,756 shares issued and outstanding in 2021 and 42,190 shares in 2020 | 48,756 | 42,190 |
Paid-in capital | 674,777 | 448,194 |
Treasury stock, at cost; 207 shares in 2021 and 0 shares in 2020 | (7,324) | 0 |
Retained earnings | 193,555 | 26,230 |
Accumulated other comprehensive loss | (27,262) | (4,326) |
Total stockholders' equity | 882,502 | 512,288 |
Liabilities and Equity, Total | $ 1,259,044 | $ 1,090,346 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
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) | 48,756 | 42,190 |
Common stock, shares outstanding (in shares) | 48,756 | 42,190 |
Treasury stock, shares (in shares) | 207 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | ||
Net sales | $ 887,214 | $ 636,007 | $ 583,329 | |
Cost and expenses: | ||||
Cost of sales (1) | [1] | 500,253 | 364,225 | 353,500 |
Research and development | 91,963 | 86,151 | 86,147 | |
Selling, general and administrative | 126,958 | 129,248 | 142,936 | |
Amortization of purchased intangible assets | 35,414 | 38,746 | 39,590 | |
Gain on sale of PCB Test business (2) | [2] | (70,815) | 0 | 0 |
Restructuring charges (Note 4) | 1,823 | 7,623 | 13,484 | |
Impairment charges | 100 | 11,249 | 0 | |
Gain on sale of facilities | 0 | (4,495) | 0 | |
Costs and Expenses, Total | 685,696 | 632,747 | 635,657 | |
Income (loss) from operations | 201,518 | 3,260 | (52,328) | |
Other (expense) income: | ||||
Interest expense | (6,413) | (13,759) | (20,556) | |
Interest income | 239 | 224 | 764 | |
Foreign transaction gain (loss) | 411 | (3,170) | 43 | |
Gain (loss) on extinguishment of debt | (3,411) | 268 | 0 | |
Total | 192,344 | (13,177) | (72,077) | |
Income tax provision (benefit) | 25,019 | 666 | (3,082) | |
Income (loss) from continuing operations | 167,325 | (13,843) | (68,995) | |
Income (loss) from discontinued operations, net of tax | 0 | 42 | (697) | |
Net income (loss) | 167,325 | (13,801) | (69,692) | |
Net income from noncontrolling interest | 0 | 0 | 8 | |
Net income (loss) attributable to Cohu | $ 167,325 | $ (13,801) | $ (69,700) | |
Basic: | ||||
Income (loss) from continuing operations (in dollars per share) | $ 3.53 | $ (0.33) | $ (1.68) | |
Income (loss) from discontinued operations (in dollars per share) | 0 | 0 | (0.01) | |
Net income attributable to noncontrolling interest (in dollars per share) | 0 | 0 | 0 | |
Net income (loss) attributable to Cohu (in dollars per share) | 3.53 | (0.33) | (1.69) | |
Diluted: | ||||
Income (loss) from continuing operations (in dollars per share) | 3.45 | (0.33) | (1.68) | |
Income (loss) from discontinued operations (in dollars per share) | 0 | 0 | (0.01) | |
Net income attributable to noncontrolling interest (in dollars per share) | 0 | 0 | 0 | |
Net income (loss) attributable to Cohu (in dollars per share) | $ 3.45 | $ (0.33) | $ (1.69) | |
Weighted average shares used in computing income (loss) per share: | ||||
Basic (in shares) | 47,409 | 41,854 | 41,159 | |
Diluted (in shares) | 48,460 | 41,854 | 41,159 | |
[1] | Excludes amortization of $27,508, $29,510, and $30,126 for the years ended December 25, 2021, December 26, 2020, and December 28, 2019, respectively. | |||
[2] | On June 24, 2021 we completed the divestment of our PCB Test business. The divestment of this business did not qualify for presentation as discontinued operations and the results of the PCB Test business are included in continuing operations for all periods presented. See Note 14, “Business Divestitures and Discontinued Operations” for additional information on this transaction and financial statement presentation. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net income (loss) | $ 167,325 | $ (13,801) | $ (69,692) |
Net income from noncontrolling interest | 0 | 0 | 8 |
Net income (loss) attributable to Cohu | 167,325 | (13,801) | (69,700) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (22,956) | 27,321 | (7,522) |
Adjustments related to postretirement benefits, net of tax | 2,602 | 2,383 | (628) |
Change in unrealized gain/loss on investments | (67) | 0 | 0 |
Reclassification due to sale of PBC Test Business, net of tax | (2,515) | 0 | 0 |
Other comprehensive income (loss), net of tax | (22,936) | 29,704 | (8,150) |
Other comprehensive loss attributable to noncontrolling interest | 0 | 0 | (4) |
Other comprehensive income (loss) attributable to Cohu | (22,936) | 29,704 | (8,146) |
Comprehensive income (loss) | 144,389 | 15,903 | (77,842) |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 4 |
Comprehensive income (loss) attributable to Cohu | $ 144,389 | $ 15,903 | $ (77,846) |
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]Treasury Stock [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] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total | |
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 29, 2018 | [1] | $ 0 | $ 0 | $ 10,352 | $ 0 | $ 0 | $ 0 | $ 10,352 | |||||||
Balance at Dec. 29, 2018 | $ 40,763 | $ 419,690 | $ 111,670 | $ (25,880) | $ 0 | $ (299) | $ 545,944 | ||||||||
Net income (loss) | 0 | 0 | (69,692) | 0 | 0 | 0 | (69,692) | ||||||||
Changes in cumulative translation adjustment | 0 | 0 | 0 | 0 | (7,526) | ||||||||||
Foreign currency translation adjustments, net of tax | (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 | 0 | (628) | ||||||||
Cash dividends | 0 | 0 | (9,866) | 0 | 0 | 0 | (9,866) | ||||||||
Exercise of stock options | 42 | 367 | 0 | 0 | 0 | 0 | 409 | ||||||||
Shares issued under ESPP | 187 | 2,159 | 0 | 0 | 0 | 0 | 2,346 | ||||||||
Shares issued for restricted stock units vested | 599 | (599) | 0 | 0 | 0 | 0 | 0 | ||||||||
Repurchase and retirement of stock | (196) | (2,575) | 0 | 0 | 0 | 0 | (2,771) | ||||||||
Noncontrolling interest | 0 | 0 | 53 | 0 | 0 | (53) | 0 | ||||||||
Share-based compensation expense | 0 | 14,148 | 0 | 0 | 0 | 0 | 14,148 | ||||||||
Divestiture of interest in consolidated entity | 0 | 0 | 0 | 0 | 0 | 356 | 356 | ||||||||
Changes in unrealized gains and losses on investments, net of tax | 0 | ||||||||||||||
Balance at Dec. 28, 2019 | 41,395 | 433,190 | 42,517 | (34,030) | 0 | 0 | 483,072 | ||||||||
Net income (loss) | 0 | 0 | (13,801) | 0 | 0 | 0 | (13,801) | ||||||||
Changes in cumulative translation adjustment | 0 | 0 | 0 | 0 | 27,321 | ||||||||||
Foreign currency translation adjustments, net of tax | 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 | 0 | 2,383 | ||||||||
Cash dividends | 0 | 0 | (2,486) | 0 | 0 | 0 | (2,486) | ||||||||
Exercise of stock options | 101 | 1,001 | 0 | 0 | 0 | 0 | 1,102 | ||||||||
Shares issued under ESPP | 243 | 3,026 | 0 | 0 | 0 | 0 | 3,269 | ||||||||
Shares issued for restricted stock units vested | 660 | (660) | 0 | 0 | 0 | 0 | 0 | ||||||||
Repurchase and retirement of stock | (209) | (2,597) | 0 | 0 | 0 | 0 | (2,806) | ||||||||
Share-based compensation expense | 0 | 14,234 | 0 | 0 | 0 | 0 | 14,234 | ||||||||
Changes in unrealized gains and losses on investments, net of tax | 0 | ||||||||||||||
Balance at Dec. 26, 2020 | 42,190 | 448,194 | 26,230 | (4,326) | 0 | 0 | 512,288 | ||||||||
Net income (loss) | 0 | 0 | 167,325 | 0 | 0 | 0 | 167,325 | ||||||||
Changes in cumulative translation adjustment | 0 | 0 | 0 | 0 | (22,956) | ||||||||||
Foreign currency translation adjustments, net of tax | (22,956) | (22,956) | |||||||||||||
Changes in cumulative translation adjustment, attributable to non-controlling interest | 0 | ||||||||||||||
Adjustments related to postretirement benefits, net of tax | 0 | 0 | 0 | 2,602 | 0 | 0 | 2,602 | ||||||||
Exercise of stock options | 250 | 2,260 | 0 | 0 | 0 | 0 | 2,510 | ||||||||
Shares issued under ESPP | 161 | 3,403 | 0 | 0 | 0 | 0 | 3,564 | ||||||||
Shares issued for restricted stock units vested | 704 | (704) | 0 | 0 | 0 | 0 | 0 | ||||||||
Repurchase and retirement of stock | (242) | (10,222) | 0 | 0 | 0 | 0 | (10,464) | ||||||||
Share-based compensation expense | 0 | 14,420 | 0 | 0 | 0 | 0 | 14,420 | ||||||||
Common stock repurchases | 0 | 0 | 0 | 0 | (7,324) | 0 | (7,324) | ||||||||
Changes in unrealized gains and losses on investments, net of tax | 0 | 0 | 0 | (67) | 0 | 0 | (67) | ||||||||
Impact of sale of PCB Test business | 0 | 0 | 0 | (2,515) | 0 | 0 | (2,515) | ||||||||
Sale of common stock, net of issuance costs | 5,693 | 217,426 | 0 | 0 | 0 | 0 | 223,119 | ||||||||
Balance at Dec. 25, 2021 | $ 48,756 | $ 674,777 | $ 193,555 | $ (27,262) | $ (7,324) | $ 0 | $ 882,502 | ||||||||
[1] | Cumulative effect of accounting change relates to our adoption of ASU 2016-02. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) attributable to Cohu | $ 167,325 | $ (13,801) | $ (69,700) |
Net income from noncontrolling interest | 0 | 0 | 8 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
(Gain) loss on business divestitures | (70,815) | (35) | 1,138 |
Interest capitalized associated with cloud computing implementation | (91) | (124) | (168) |
Gain on divestiture of consolidated entity | 0 | 0 | (149) |
(Gain) loss on extinguishment of debt | 3,411 | (268) | 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 100 | 11,249 | 0 |
Depreciation and amortization | 48,568 | 52,746 | 58,871 |
Share-based compensation expense including restructuring charges | 13,792 | 14,234 | 14,148 |
Amortization of inventory step-up and inventory related charges | 6,523 | 3,731 | 8,347 |
Amortization of debt discounts and issuance costs | 643 | 1,177 | 1,110 |
Accrued retiree benefits | (500) | 1,675 | 1,017 |
Deferred income taxes | 953 | (5,305) | (5,385) |
Changes in other assets | (1,652) | 285 | (3,044) |
Amortization of cloud-based software implementation costs | 1,644 | 1,191 | 0 |
(Gain) loss from sale of property, plant and equipment | 1 | (4,170) | 173 |
Changes in other accrued liabilities | (416) | 91 | 5,348 |
Changes in current assets and liabilities, excluding effects from divestitures: | |||
Customer advances | (4,090) | 2,188 | 11,548 |
Accounts receivable | (59,123) | (20,210) | 21,150 |
Inventories | (35,864) | (14,982) | 26 |
Accrued compensation, warranty and other liabilities | 225 | 4,678 | (9,405) |
Accounts payable | 17,316 | 15,058 | (3,122) |
Deferred profit | 4,732 | 871 | 997 |
Other current assets | 1,709 | 1,150 | (5,996) |
Income taxes payable | 3,444 | (2,089) | (10,719) |
Operating lease right-of-use assets | 6,746 | 6,831 | 7,159 |
Current and long-term operating lease liabilities | (6,852) | (6,437) | (6,083) |
Net cash provided by operating activities | 97,729 | 49,734 | 17,269 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (12,000) | (18,660) | (18,000) |
Net cash received from sale of land, facility and assets | 157 | 17,025 | 1,767 |
Purchases of short-term investments | (204,699) | (19,703) | (315) |
Sales and maturities of short-term investments | 135,549 | 0 | 0 |
Cash received from disposition of business, net of cash paid | 120,886 | 2,975 | 0 |
Net cash provided by (used in) investing activities | 39,893 | (18,363) | (16,548) |
Cash flows from financing activities: | |||
Cash dividends paid | 0 | (4,971) | (9,827) |
Proceeds from revolving line of credit and construction loans | 1,376 | 5,878 | 5,477 |
Repayments of long-term debt | (206,069) | (41,056) | (3,817) |
Net issuance (repurchases) of stock, including awards settled in cash | (4,390) | 2,077 | (16) |
Acquisition of treasury stock | (7,324) | 0 | 0 |
Proceeds received from issuance of common stock, net of fees | 223,119 | 0 | 0 |
Net cash provided by (used in) financing activities | 6,712 | (38,072) | (8,183) |
Effect of exchange rate changes on cash and cash equivalents | (3,491) | 129 | (1,529) |
Net increase (decrease) in cash and cash equivalents | 140,843 | (6,572) | (8,991) |
Cash and cash equivalents at beginning of year | 149,358 | 155,930 | 164,921 |
Cash and cash equivalents at end of year | 290,201 | 149,358 | 155,930 |
Cash held by discontinued operations (Note 14) | 0 | 0 | (736) |
Cash and cash equivalents at end of year from continuing operations | 290,201 | 149,358 | 155,194 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 22,717 | 5,772 | 14,942 |
Cash paid for interest | 6,253 | 16,324 | 14,846 |
Property, plant and equipment purchases included in accounts payable | 624 | 1,063 | 1,601 |
Inventory capitalized as capital assets | $ 1,635 | $ 1,050 | $ 300 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 25, 2021 | |
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 25, 2021, 52 December 26, 2020, December 28, 2019, 52 Certain prior year balances within property, plant and equipment disclosures have been reclassified to conform to the current year’s presentation. Such reclassifications did not Principles of Consolidation for Variable Interest Entities 810 10 15 December 28, 2019, no December 28, 2019. Business Divestitures and Discontinued Operations June 24, 2021, February 2020, not 14, Business Divestitures and Discontinued Operations Income (Loss) Per Share December 25, 2021, December 26, 2020 December 28, 2019, The following table reconciles the denominators used in computing basic and diluted income (loss) per share: (in thousands) 2021 2020 2019 Weighted average common shares outstanding 47,409 41,854 41,159 Effect of dilutive stock options and restricted stock units 1,051 - - 48,460 41,854 41,159 For the years ended December 26, 2020, December 28, 2019, Cash, Cash Equivalents and Short-term Investments three three 12 one Fair Value of Financial Instruments Concentration of Credit Risk one Our trade accounts receivable are presented net of an allowance for credit losses, which is determined in accordance with the guidance provided by ASC Topic 326, Financial Instruments-Credit Losses 326” December 25, 2021, 19 may Inventories first first 2021. not 2021. 2020 2019 Inventories by category were as follows (in thousands) December 25, December 26, 2021 2020 Raw materials and purchased parts $ 92,798 $ 83,755 Work in process 40,732 44,315 Finished goods 27,523 14,430 Total inventories $ 161,053 $ 142,500 Gain on Sale of Facilities 4, 2020, Property, Plant and Equipment thirty forty five fifteen three ten not Property, plant and equipment, at cost, consisted of the following (in thousands) December 25, December 26, 2021 2020 Land and land improvements $ 7,703 $ 8,141 Buildings and building improvements 31,711 34,439 Machinery and equipment 95,542 88,960 134,956 131,540 Less accumulated depreciation and amortization (70,999 ) (64,624 ) Property, plant and equipment, net $ 63,957 $ 66,916 Depreciation expense was $13.2 million in 2021, 2020 2019. 2021 2020 2019 Cloud Computing Implementation Costs 350, Intangibles Goodwill and Other 350” Total unamortized capitalized cloud computing implementation costs totaled $13.5 million at both December 25, 2021 December 26, 2020. 2021, seven December 25, 2021 December 26, 2020, Segment Information 280, Segment Reporting 280” three 280 one June 24, 2021, two Goodwill, Purchased Intangible Assets and Other Long-lived Assets may not first second not We conduct our annual impairment test as of October 1st October 1, 2021, may December 25, 2021, 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 We recognized deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established for those jurisdictions when necessary to reduce deferred tax assets to the amounts that are more likely than not Contingencies and Litigation Leases 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 25, 2021 December 26, 2020, one 606, not one 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 On shipments where sales are not December 25, 2021, one December 26, 2020, one Disaggregated net sales by segment are as follows: (in thousands) 2021 2020 2019 Systems-Semiconductor Test & Inspection $ 541,589 $ 317,821 $ 299,473 Non-systems-Semiconductor Test & Inspection 318,865 267,419 241,405 Systems-PCB Test 17,831 33,293 25,928 Non-systems-PCB Test 8,929 17,474 16,523 Net sales $ 887,214 $ 636,007 $ 583,329 Advertising Costs not Restructuring Costs one 420 420” Exit or Disposal Cost Obligations. 420 712, Nonretirement Postemployment Benefits. Debt Issuance Costs December 25, 2021, December 26, 2020 December 28, 2019, Share-based Compensation Foreign Remeasurement and Currency Translation December 25, 2021, $0.4 December 26, 2020 December 28, 2019, $ 3.2 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, 7, Derivative Financial Instruments Accumulated Other Comprehensive Loss December 25, 2021, December 26, 2020, December 25, 2021, December 26, 2020 2021 2020 not 15, Accumulated Other Comprehensive Income (Loss) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 - Goodwill and Purchased
Note 2 - Goodwill and Purchased Intangible Assets | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 2. Goodwill and Purchased Intangible Assets Changes in the carrying value of our goodwill during the years ended December 25, 2021, December 26, 2020, in thousands Semiconductor Test & PCB Test Total Goodwill 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 Sale of PCB Test Business (1) - (21,899 ) (21,899 ) Impact of currency exchange (10,933 ) 319 (10,614 ) Balance December 25, 2021 $ 219,791 $ - $ 219,791 ( 1 On June 24, 2021, 14, Business Divestitures and Discontinued Operations Purchased intangible assets, subject to amortization, are as follows (in thousands) December 25, 2021 December 26, 2020 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 229,131 $ 104,855 4.5 $ 239,250 $ 83,246 Customer relationships 65,916 26,189 7.4 74,933 22,751 Trade names 20,877 7,714 7.3 23,756 6,279 Covenant not-to-compete 308 154 5.0 340 136 $ 316,232 $ 138,912 $ 338,279 $ 112,412 The table above excludes $7.8 million of in-process technology in 2020, 2021 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, 2021, first fourth may During the first 2020, 19 March 28, 2020 19 third 2020, twelve December 26, 2020 fourth 2021 Amortization expense related to purchased intangible assets was approximately $35.4 million in 2021, 2020 2019. December 25, 2021, 2022 2023 2024 2025 2026 |
Note 3 - Borrowings and Credit
Note 3 - Borrowings and Credit Agreements | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Borrowings and Credit Agreements The following table is a summary of our borrowings as of December 25, 2021 December 26, 2020: Fiscal year ended (in thousands) December 25, 2021 December 26, 2020 Bank term loan under credit agreement $ 103,130 $ 306,630 Bank term loans-Kita 3,070 3,662 Construction loan-Cohu GmbH 10,045 9,902 Lines of credit 3,059 5,314 Total debt 119,304 325,508 Less: financing fees and discount (1,514 ) (5,568 ) Less: current portion (14,397 ) (8,389 ) Total long-term debt $ 103,393 $ 311,551 The debt principal payments, excluding financing lease obligations, for the next five (in thousands) 2022 $ 14,795 2023 4,751 2024 4,757 2025 86,892 2026 1,268 Thereafter 6,841 Total $ 119,304 Credit Agreement On October 1, 2018, October 1, 2025. December 25, 2021, December 26, 2020, December 25, 2021, December 25, 2021 2 Under the terms of the Credit Agreement, the lender may December 25, 2021, no During 2021 2020 December 25, 2021. Kita Term Loans We have a series of term loans with Japanese financial institutions primarily related to the expansion of our facility in Osaka, Japan. The loans are collateralized by the facility and land, carry interest rates ranging from 0.05% to 0.43%, and expire at various dates through 2034. December 25, 2021, December 26, 2020, December 25, 2021. The term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. Construction Loans In July 2019 June 2020, one €10.1 The first €3.4 September 2029. second € 5.2 April 2027. January 2034. third €1.5 €0.9 May 2030. At December 25, 2021, December 26, 2020, December 25, 2021. 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 960 million Japanese Yen of which 350 million Japanese Yen is drawn. At December 25, 2021, 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 subsidiary in Switzerland has one December 25, 2021, December 26, 2020, |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. Restructuring Charges Subsequent to the acquisition of Xcerra, during the fourth 2018, 2019. In 2019, fourth 2020 As a result of the activities described above, we recognized total pretax charges of $1.3 million, $11.4 million and $16.2 million for the years ended December 25, 2021, December 26, 2020 December 28, 2019, 420, Exit or Disposal Cost Obligations 420” 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 25, 2021, December 26, 2020 December 28, 2019, (in thousands): (in thousands) 2021 2020 2019 Employee severance costs $ 1,161 $ 6,485 $ 12,170 Inventory related charges (adjustments) (558 ) 3,731 2,729 Other restructuring costs 662 1,138 1,314 Total $ 1,265 $ 11,354 $ 16,213 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 25, 2021 December 26, 2020 (in thousands) Employee Severance Other Exit Costs Total 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 Costs accrued 1,161 662 1,823 Amounts paid or charged (6,545 ) (662 ) (7,207 ) Impact of currency exchange (94 ) - (94 ) Balance, December 25, 2021 $ 348 $ - $ 348 At December 25, 2021, 2022. |
Note 5 - Financial Instruments
Note 5 - Financial Instruments Measured at Fair Value | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 5. 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 25, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 84,060 $ 2 $ 31 $ 84,031 U.S. treasury securities 3,953 - 5 3,948 Bank certificates of deposit 800 - - 800 Foreign government security 925 - - 925 $ 89,738 $ 2 $ 36 $ 89,704 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 ( 1 As of December 25, 2021, December 26, 2020, ( 2 Corporate debt securities include investments in financial and other corporate institutions. No Effective maturities of short-term investments at December 25, 2021, Amortized Estimated (in thousands) Cost Fair Value Due in one year or less $ 83,429 $ 83,408 Due after one year through three years 6,309 6,296 $ 89,738 $ 89,704 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 25, 2021 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 195,297 $ - $ - $ 195,297 Money market funds - 92,400 - 92,400 Foreign government security - 925 - 925 Corporate debt securities - 86,535 - 86,535 U.S. treasury securities - 3,948 - 3,948 Bank certificates of deposit - 800 - 800 $ 195,297 $ 184,608 $ - $ 379,905 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 Corporate debt securities - 15,694 - 15,694 U.S. treasury securities - 2,012 - 2,012 Government-sponsored enterprise securities - 1,998 - 1,998 Foreign government security - 965 - 965 Bank certificates of deposit - 750 - 750 $ 128,874 $ 41,153 $ - $ 170,027 |
Note 6 - Employee Benefit Plans
Note 6 - Employee Benefit Plans | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Employee Benefit Plans Defined Contribution Retirement Plans 401 2020 2021, 2020 2019 Defined Benefit Retirement Plans Net periodic benefit cost of the Swiss Plan was as follows: (in thousands) 2021 2020 2019 Service cost $ 1,223 $ 1,310 $ 920 Interest cost 61 67 267 Expected return on assets (128 ) (200 ) (168 ) Settlements 72 292 - Net periodic costs $ 1,228 $ 1,469 $ 1,019 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) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ (31,039 ) $ (32,241 ) Service cost (1,223 ) (1,310 ) Interest cost (61 ) (67 ) Actuarial gain 1,179 1,916 Participant contributions (1,780 ) (1,136 ) Benefits paid 436 419 Plan change 1,076 944 Settlements 1,653 3,446 Foreign currency exchange adjustment 994 (3,010 ) Benefit obligation at end of year (28,765 ) (31,039 ) Change in plan assets: Fair value of plan assets at beginning of year 18,756 18,705 Return on assets, net of actuarial loss 207 129 Employer contributions 878 886 Participant contributions 1,780 1,136 Benefits paid (436 ) (419 ) Settlements (1,653 ) (3,446 ) Foreign currency exchange adjustment (613 ) 1,765 Fair value of plan assets at end of year 18,919 18,756 Net liability at end of year $ (9,846 ) $ (12,283 ) At December 25, 2021 December 26, 2020, December 25, 2021, December 26, 2020. Actuarial gains of $1.2 million and $1.9 million for the years ended December 25, 2021 December 26, 2020 Weighted-average actuarial assumptions used to determine the projected benefit obligation under the Swiss Plan are as follows: 2021 2020 Discount rate 0.2% 0.2% Compensation increase 1.5% 1.1% Weighted-average assumptions used to determine net periodic benefit cost of the Swiss Plan are as follows: 2021 2020 2019 Discount rate 0.2% 0.2% 0.9% Rate of return on assets 0.7% 1.0% 0.9% Compensation increase 1.1% 1.1% 1.8% During 2022 2022 2023 2024 2025 2026 2031. 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 5, Financial Instruments Measured at Fair Value 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 2021 2020, 2019. no The weighted average discount rate used in determining the accumulated post-retirement benefit obligation was 2.5% in 2021, 2020 2019. 2022. 2030 Contributions to the post-retirement health benefit plan are expected to total $0.1 million in 2022. 2022 2023 2024 2025 2026 2031. 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) 2021 2020 Accumulated benefit obligation at beginning of year $ (2,398 ) $ (2,571 ) Interest cost (49 ) (75 ) Actuarial gain 241 134 Benefits paid 109 114 Accumulated benefit obligation at end of year (2,097 ) (2,398 ) Plan assets at end of year - - Funded status $ (2,097 ) $ (2,398 ) Deferred Compensation December 25, 2021, December 26, 2020, Employee Stock Purchase Plan 1997 may three 2021 161,351; 2020 242,633 2019 December 25, 2021, Stock Options December 25, 2021, 2005 2005 2005 may not one four one ten During 2021, 2020 2019 2021 2020 2019 (in thousands, except per share data) Shares Wt. Avg. Ex. Price Shares Wt. Avg. Ex. Price Shares Wt. Avg. Ex. Price Outstanding and exercisable, beginning of year 262 $ 10.01 363 $ 10.27 405 $ 10.22 Exercised (250 ) $ 10.03 (101 ) $ 10.95 (42 ) $ 9.82 Outstanding and exercisable, end of year 12 $ 9.44 262 $ 10.01 363 $ 10.27 The aggregate intrinsic value of options exercised was $8.4 million in 2021, 2020, 2019. December 25, 2021, Information about stock options outstanding at December 25, 2021 (options in thousands) Options Outstanding Options Exercisable Approximate Wt. Avg. Number Remaining Wt. Avg. Number Wt. Avg. Exercise Price Outstanding Life (Years) Ex. Price Exercisable Ex. Price $ 9.44 12 1.3 $ 9.44 12 $ 9.44 Restricted Stock Units may one two four not not not December 25, 2021. Restricted stock unit activity under our share-based compensation plans was as follows: 2021 2020 2019 (in thousands, except per share data) Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Outstanding, beginning of year 1,414 $ 15.16 1,328 $ 17.05 1,265 $ 19.48 Granted 270 $ 41.66 779 $ 14.02 694 $ 14.32 Released (579 ) $ 16.23 (621 ) $ 17.48 (563 ) $ 19.08 Cancelled (47 ) $ 18.96 (72 ) $ 17.59 (68 ) $ 17.60 Outstanding, end of year 1,058 $ 21.16 1,414 $ 15.16 1,328 $ 17.05 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: 2021 2020 2019 (in thousands, except per share data) Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Outstanding, beginning of year 425 $ 15.51 364 $ 18.72 340 $ 17.89 Granted 93 $ 51.43 200 $ 13.18 167 $ 14.11 Released (125 ) $ 21.77 (39 ) $ 21.40 (36 ) $ 11.35 Cancelled (9 ) $ 14.04 (100 ) $ 20.25 (107 ) $ 11.35 Outstanding, end of year 384 $ 22.22 425 $ 15.51 364 $ 18.72 Share-based Compensation 19 May 5, 2020. 2021 2020 The following weighted average assumptions were used to value share-based awards granted: Employee Stock Purchase Plan 2021 2020 2019 Dividend yield 0.0 % 0.5 % 1.3 % Expected volatility 58.3 % 67.1 % 46.4 % Risk-free interest rate 0.1 % 1.1 % 2.2 % Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $ 9.42 $ 6.01 $ 5.35 Restricted Stock Units 2021 2020 2019 Dividend yield 0.0 % 0.0 % 1.6 % Reported share-based compensation is classified in the consolidated financial statements as follows: (in thousands) 2021 2020 2019 Cost of sales $ 828 $ 893 $ 736 Research and development 3,017 3,245 2,994 Selling, general and administrative 9,947 10,096 10,418 Share-based compensation of continuing operations 13,792 14,234 14,148 Income tax benefit (722 ) (963 ) (587 ) Total share-based compensation, net of tax $ 13,070 $ 13,271 $ 13,561 We account for forfeitures of plan-based awards as they occur. At December 25, 2021, |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instruments 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 25, 2021 first 2022. The following table provides information about our foreign currency forward contracts outstanding as of December 25, 2021 (in thousands) Currency Contract Position Contract Amount (Local Currency) Contract Amount (U.S. Dollars) Euro Buy 30,185 $ 34,200 Swiss Franc Buy 19,086 20,800 $ 55,000 Our foreign currency contracts are classified within Level 2 December 25, 2021 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 2021 2020 2019 Foreign exchange forward contracts Foreign transaction gain (loss) $ (3,428 ) $ 756 n/a |
Note 8 - Equity
Note 8 - Equity | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Equity Common Stock Issuance On March 8, 2021, 30 March 11, 2021. Share Repurchase Program On October 28, 2021, November 2, 2021 no may may 10b5 1 December 25, 2021, December 25, 2021, may |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes Significant components of the provision (benefit) for income taxes for continuing operations are as follows: (in thousands) 2021 2020 2019 Current: U.S. Federal $ 1,103 $ - $ - U.S. State 101 21 130 Foreign 22,862 5,950 2,173 Total current 24,066 5,971 2,303 Deferred: U.S. Federal 5 8 98 U.S. State - - 1 Foreign 948 (5,313 ) (5,484 ) Total deferred 953 (5,305 ) (5,385 ) $ 25,019 $ 666 $ (3,082 ) Income (loss) before income taxes from continuing operations consisted of the following: (in thousands) 2021 2020 2019 U.S. $ 30,588 $ (25,005 ) $ (72,669 ) Foreign 161,756 11,828 592 Total $ 192,344 $ (13,177 ) $ (72,077 ) Deferred tax effects 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) 2021 2020 Deferred tax assets: Inventory, receivable and warranty reserves $ 12,166 $ 11,720 Net operating loss carryforwards 44,806 56,777 Tax credit carryforwards 31,264 37,393 Accrued employee benefits 5,695 5,306 Stock-based compensation 2,222 2,210 Lease liabilities 4,500 5,146 Other 2,674 4,309 Gross deferred tax assets 103,327 122,861 Less valuation allowance (76,250 ) (86,124 ) Total deferred tax assets 27,077 36,737 Deferred tax liabilities: Intangible assets and other acquisition basis differences 39,929 52,012 Operating lease right-of-use assets 4,066 4,706 Unremitted earnings of foreign subsidiaries 4,207 3,119 Total deferred tax liabilities 48,202 59,837 Net deferred tax liabilities $ (21,125 ) $ (23,100 ) The components of total net deferred tax assets (liabilities), net of valuation allowances, as shown in our consolidated balance sheets are as follows: (in thousands) 2021 2020 Other assets (long-term) $ 4,762 $ 5,716 Long-term deferred income tax liabilities (25,887 ) (28,816 ) Net deferred tax liabilities $ (21,125 ) $ (23,100 ) 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 2021. As a result of our cumulative, three one 2021, not” 2022 Our valuation allowance on our DTAs at December 25, 2021, December 26, 2020, 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 five 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) 2021 2020 2019 Tax provision at U.S. 21% statutory rate $ 40,392 $ (2,757 ) $ (15,136 ) State income taxes, net of federal tax benefit 2,246 (1,160 ) (1,097 ) Settlements, adjustments and releases from statute expirations (787 ) (118 ) (1,204 ) Federal R&D credits (943 ) (46 ) (1,458 ) Stock-based compensation (4,802 ) 727 587 Excess executive compensation 1,608 491 190 Change in valuation allowance (9,882 ) (1,691 ) 11,270 Exemption of PTG gain (12,378 ) - - Dividend, net of foreign tax credits 693 1,224 1,453 GILTI, net of foreign tax credits 9,343 4,191 2,480 Foreign rate differential (1,023 ) (1,512 ) (1,266 ) Other, net 552 1,317 1,099 $ 25,019 $ 666 $ (3,082 ) An accounting policy may At December 25, 2021, 2022 2040 no December 25, 2021 2022 2040 no 382 383 We have completed a Section 382 383 October 1, 2018. October 1, 2018, no three December 25, 2021. 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. 2021, 2020 2019. A reconciliation of our gross unrecognized tax benefits, excluding accrued interest and penalties, is as follows: (in thousands) 2021 2020 2019 Balance at beginning of year $ 33,696 $ 34,740 $ 34,873 Additions for tax positions of current year 686 817 1,231 Reductions for tax positions of prior years (83 ) (425 ) (484 ) Reductions due to lapse of the statute of limitations (1,012 ) (304 ) (957 ) Reductions due to settlements - (1,134 ) (30 ) Foreign exchange rate impact 104 2 107 Balance at end of year $ 33,391 $ 33,696 $ 34,740 If the unrecognized tax benefits at December 25, 2021 December 26, 2020 December 28, 2019) We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Cohu had approximately $0.8 million and $1.0 million accrued for the payment of interest and penalties at December 25, 2021, December 26, 2020, 2021 2020 2019. Our U.S. federal and state income tax returns for years after 2017 2016, four ten We conduct business globally and as a result, Cohu or one |
Note 10 - Segment and Geographi
Note 10 - Segment and Geographic Information | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. Segment and Geographic Information We applied the provisions of ASC Topic 280, Segment Reporting 280” three 280 one June 24, 2021, two (in thousands) 2021 2020 2019 Net sales by segment: Semiconductor Test & Inspection $ 860,454 $ 585,240 $ 540,878 PCB Test 26,760 50,767 42,451 Total consolidated net sales for reportable segments $ 887,214 $ 636,007 $ 583,329 Segment profit (loss) before tax: Semiconductor Test & Inspection $ 138,026 $ (2,497 ) $ (45,072 ) PCB Test 3,907 6,971 2,635 Profit (loss) for reportable segments 141,933 4,474 (42,437 ) Other unallocated amounts: Corporate expenses (10,819 ) (4,384 ) (9,848 ) Gain on sale of PCB Test business 70,815 - - Interest expense (6,413 ) (13,759 ) (20,556 ) Interest income 239 224 764 Gain on extinguishment of debt (3,411 ) 268 - Profit (loss) from continuing operations before taxes $ 192,344 $ (13,177 ) $ (72,077 ) (in thousands) 2021 2020 2019 Depreciation and amortization by segment deducted in arriving at profit (loss): Semiconductor Test & Inspection $ 48,129 $ 51,548 $ 56,621 PCB Test 439 1,198 2,250 Total depreciation and amortization $ 48,568 $ 52,746 $ 58,871 Capital expenditures by segment: Semiconductor Test & Inspection $ 11,954 $ 18,616 $ 17,831 PCB Test 46 44 169 Total consolidated capital expenditures $ 12,000 $ 18,660 $ 18,000 (in thousands) 2021 2020 2019 Total assets by segment: Semiconductor Test & Inspection $ 1,121,858 $ 968,028 $ 998,756 PCB Test - 66,826 56,938 Total assets for reportable segments 1,121,858 1,034,854 1,055,694 Corporate, principally cash and investments 137,186 55,492 18,398 Discontinued operations - - 3,618 Total consolidated assets $ 1,259,044 $ 1,090,346 $ 1,077,710 During the last three 10% 2021 2020 2019 Analog Devices 14.1 % * * Intel * * 11.1 % * Less than 10% On June 24, 2021, no 10% December 25, 2021, December 26, 2020 December 28, 2019. Net sales to customers, attributed to countries based on product shipment destination, were as follows: (in thousands) 2021 2020 2019 China $ 213,575 $ 143,360 $ 118,213 Philippines 155,070 56,272 51,683 Taiwan 88,152 83,685 75,725 Malaysia 79,777 57,893 61,826 United States 77,495 108,694 71,963 Rest of the world 273,145 186,103 203,919 Total, net $ 887,214 $ 636,007 $ 583,329 Geographic location of our property, plant and equipment and other long-lived assets was as follows: (in thousands) 2021 2020 Property, plant and equipment: United States $ 18,375 $ 17,800 Germany 17,419 19,817 Japan 11,156 13,231 Philippines 10,384 9,333 Malaysia 4,082 3,986 Rest of the world 2,541 2,749 Total, net $ 63,957 $ 66,916 Goodwill and other intangible assets: Germany $ 181,146 $ 232,925 United States 150,477 177,585 Malaysia 43,611 45,435 Singapore 12,990 13,469 Switzerland 4,583 5,006 Japan 3,148 3,703 Rest of the world 1,156 7,866 Total, net $ 397,111 $ 485,989 |
Note 11 - Leases
Note 11 - Leases | 12 Months Ended |
Dec. 25, 2021 | |
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 36 years, some of which include one third Supplemental balance sheet information related to leases was as follows: December 25, December 26, (in thousands) Classification 2021 2020 Assets: Operating lease assets Operating lease right-of-use assets $ 25,060 $ 29,203 Finance lease assets Property, plant and equipment, net (1) 423 486 Total lease assets $ 25,483 $ 29,689 Liabilities: Current: Operating Other accrued liabilities $ 4,886 $ 5,287 Finance Other accrued liabilities 167 179 Noncurrent: Operating Long-term lease liabilities 21,977 25,565 Finance Long-term lease liabilities 63 222 Total lease liabilities $ 27,093 $ 31,253 Weighted-average remaining lease term (years): Operating leases 6.9 7.3 Finance leases 1.8 2.3 Weighted-average discount rate: Operating leases 6.3 % 6.3 % Finance leases 0.7 % 0.0 % ( 1 2021 2020. The components of lease expense were as follows: December 25, December 26, (in thousands) 2021 2020 Operating leases $ 7,638 $ 8,374 Variable lease expense 2,192 2,110 Short-term operating leases 69 93 Finance leases: Amortization of leased assets 86 84 Interest on lease liabilities 2 57 Sublease income (81 ) (113 ) Net lease cost $ 9,906 $ 10,605 Future minimum lease payments at December 25, 2021, Operating Finance (in thousands) leases (1) leases Total 2022 $ 6,341 $ 170 $ 6,511 2023 5,445 40 5,485 2024 5,050 11 5,061 2025 4,912 11 4,923 2026 2,617 2 2,619 Thereafter 9,656 - 9,656 Total lease payments 34,021 234 34,255 Less: Interest (7,158 ) (4 ) (7,162 ) Present value of lease liabilities $ 26,863 $ 230 $ 27,093 ( 1 $0.1 2022 2023. Supplemental cash flow information related to leases was as follows: December 25, December 26, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,628 $ 8,079 Operating cash flows from finance leases $ 1 $ 57 Financing cash flows from finance leases $ 186 $ 146 Leased assets obtained in exchange for new finance lease liabilities $ 54 $ 489 Leased assets obtained in exchange for new operating lease liabilities $ 3,866 $ 2,403 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Commitments and 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. 25, 2021 | |
Notes to Financial Statements | |
Guarantees [Text Block] | 13. Guarantees Accrued Warranty Changes in accrued warranty during the three December 25, 2021, (in thousands) 2021 2020 2019 Beginning balance $ 6,382 $ 6,155 $ 8,014 Warranty accruals 13,389 6,173 6,714 Warranty payments (11,135 ) (5,946 ) (8,573 ) Warranty liability transferred (945 ) - - Ending balance $ 7,691 $ 6,382 $ 6,155 Accrued warranty amounts expected to be incurred after one December 25, 2021 December 26, 2020, |
Note 14 - Business Divestitures
Note 14 - Business Divestitures and Discontinued Operations | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 14. Business Divestitures and Discontinued Operations PCB Test Equipment Business On June 24, 2021, no twelve December 25, 2021. We evaluated the guidance in ASC 205 20, Presentation of Financial Statements Discontinued Operations not not not Fixtures Services Business ( FSG ) On October 1, 2018, not not October 1, 2018 During the fourth 2019, February 2020 twelve December 26, 2020, Operating results of our discontinued operations are summarized as follows (in thousands) December 26, December 28, 2020 2019 Net sales $ 432 $ 6,136 Operating income $ 11 $ 478 Loss from impairment of FSG - (1,086 ) Gain on sale of FSG 35 - Income (loss) before taxes 46 (608 ) Income tax provision 4 89 Income (loss), net of tax $ 42 $ (697 ) |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. Accumulated Other Comprehensive Income (Loss) Components of other comprehensive income (loss), on an after-tax basis, were as follows: (in thousands) Before Tax amount Tax (Expense) Benefit Net of Tax Amount 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 Year ended December 25, 2021 Foreign currency translation adjustments $ (22,859 ) $ (97 ) $ (22,956 ) Adjustments related to postretirement benefits 2,920 (318 ) 2,602 Change in unrealized gain/loss on investments (67 ) - (67 ) Reclassification due to sale of PBC Test Business (2,515 ) - (2,515 ) Other comprehensive income (loss) $ (22,521 ) $ (415 ) $ (22,936 ) Components of accumulated other comprehensive income (loss), net of tax, at the end of each period are as follows: (in thousands) 2021 2020 Accumulated net currency translation adjustments $ (25,833 ) $ (2,877 ) Accumulated net adjustments related to postretirement benefits 1,153 (1,449 ) Accumulated net unrealized gain/loss on investments (67 ) - Accumulated reclassification due to sale of PBC Test Business (2,515 ) - Total accumulated other comprehensive loss $ (27,262 ) $ (4,326 ) |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. Related Party Transactions At December 25, 2021, 13 January 27, 2022. We have an ownership interest in Fraes-und Technologiezentrum GmbH Frasdorf (“FTZ”), a company based in Germany that provides milling services to one not 2021, 2020 2019, not We also had an ownership interest in ETZ Elektrisches Testzentrum fuer Leiterplatten GmbH (“ETZ”) which provided our PCB Test business, atg-Luther & Maelzer GmbH, with certain component parts. Our ownership interest in ETZ was transferred on June 24, 2021 no 2021, 2020 2019, not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 25, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | COHU, INC. SCHEDULE II 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 (1) to Expense Write-offs of Year Allowance for doubtful accounts: Year ended December 28, 2019 $ 40 $ 24 $ (28 ) $ 27 $ 9 Year ended December 26, 2020 $ 9 $ (1 ) $ 79 $ (41 ) $ 128 Year ended December 25, 2021 $ 128 $ 14 $ 149 $ 1 $ 290 Reserve for excess and obsolete inventories: Year ended December 28, 2019 $ 23,938 $ 1,285 $ 4,792 $ 9,057 $ 20,958 Year ended December 26, 2020 $ 20,958 $ 4,611 $ 8,117 $ 6,749 $ 26,937 Year ended December 25, 2021 $ 26,937 $ (2,926 ) (2) $ 7,102 $ 8,101 $ 23,012 All amounts presented above have been restated to exclude the impact of our discontinued operations. ( 1 ( 2 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
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 25, 2021, 52 December 26, 2020, December 28, 2019, 52 Certain prior year balances within property, plant and equipment disclosures have been reclassified to conform to the current year’s presentation. Such reclassifications did not |
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] | Business Divestitures and Discontinued Operations June 24, 2021, February 2020, not 14, Business Divestitures and Discontinued Operations |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share December 25, 2021, December 26, 2020 December 28, 2019, The following table reconciles the denominators used in computing basic and diluted income (loss) per share: (in thousands) 2021 2020 2019 Weighted average common shares outstanding 47,409 41,854 41,159 Effect of dilutive stock options and restricted stock units 1,051 - - 48,460 41,854 41,159 For the years ended December 26, 2020, December 28, 2019, |
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 Our trade accounts receivable are presented net of an allowance for credit losses, which is determined in accordance with the guidance provided by ASC Topic 326, Financial Instruments-Credit Losses 326” December 25, 2021, 19 may |
Inventory, Policy [Policy Text Block] | Inventories first first 2021. not 2021. 2020 2019 Inventories by category were as follows (in thousands) December 25, December 26, 2021 2020 Raw materials and purchased parts $ 92,798 $ 83,755 Work in process 40,732 44,315 Finished goods 27,523 14,430 Total inventories $ 161,053 $ 142,500 |
Assets Held-for-sale [Policy Text Block] | Gain on Sale of Facilities 4, 2020, |
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 25, December 26, 2021 2020 Land and land improvements $ 7,703 $ 8,141 Buildings and building improvements 31,711 34,439 Machinery and equipment 95,542 88,960 134,956 131,540 Less accumulated depreciation and amortization (70,999 ) (64,624 ) Property, plant and equipment, net $ 63,957 $ 66,916 Depreciation expense was $13.2 million in 2021, 2020 2019. 2021 2020 2019 |
Internal Use Software, Policy [Policy Text Block] | Cloud Computing Implementation Costs 350, Intangibles Goodwill and Other 350” Total unamortized capitalized cloud computing implementation costs totaled $13.5 million at both December 25, 2021 December 26, 2020. 2021, seven December 25, 2021 December 26, 2020, |
Segment Reporting, Policy [Policy Text Block] | Segment Information 280, Segment Reporting 280” three 280 one June 24, 2021, two |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill, Purchased Intangible Assets and Other Long-lived Assets may not first second not We conduct our annual impairment test as of October 1st October 1, 2021, may December 25, 2021, 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 We recognized deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established for those jurisdictions when necessary to reduce deferred tax assets to the amounts that are more likely than not |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies and Litigation |
Lessee, Leases [Policy Text Block] | Leases 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 25, 2021 December 26, 2020, one 606, not one 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 On shipments where sales are not December 25, 2021, one December 26, 2020, one Disaggregated net sales by segment are as follows: (in thousands) 2021 2020 2019 Systems-Semiconductor Test & Inspection $ 541,589 $ 317,821 $ 299,473 Non-systems-Semiconductor Test & Inspection 318,865 267,419 241,405 Systems-PCB Test 17,831 33,293 25,928 Non-systems-PCB Test 8,929 17,474 16,523 Net sales $ 887,214 $ 636,007 $ 583,329 |
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 25, 2021, December 26, 2020 December 28, 2019, |
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 25, 2021, $0.4 December 26, 2020 December 28, 2019, $ 3.2 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, 7, Derivative Financial Instruments |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss December 25, 2021, December 26, 2020, December 25, 2021, December 26, 2020 2021 2020 not 15, Accumulated Other Comprehensive Income (Loss) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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. 25, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands) 2021 2020 2019 Weighted average common shares outstanding 47,409 41,854 41,159 Effect of dilutive stock options and restricted stock units 1,051 - - 48,460 41,854 41,159 |
Schedule of Inventory, Current [Table Text Block] | December 25, December 26, 2021 2020 Raw materials and purchased parts $ 92,798 $ 83,755 Work in process 40,732 44,315 Finished goods 27,523 14,430 Total inventories $ 161,053 $ 142,500 |
Property, Plant and Equipment [Table Text Block] | December 25, December 26, 2021 2020 Land and land improvements $ 7,703 $ 8,141 Buildings and building improvements 31,711 34,439 Machinery and equipment 95,542 88,960 134,956 131,540 Less accumulated depreciation and amortization (70,999 ) (64,624 ) Property, plant and equipment, net $ 63,957 $ 66,916 |
Disaggregation of Revenue [Table Text Block] | (in thousands) 2021 2020 2019 Systems-Semiconductor Test & Inspection $ 541,589 $ 317,821 $ 299,473 Non-systems-Semiconductor Test & Inspection 318,865 267,419 241,405 Systems-PCB Test 17,831 33,293 25,928 Non-systems-PCB Test 8,929 17,474 16,523 Net sales $ 887,214 $ 636,007 $ 583,329 |
Note 2 - Goodwill and Purchas_2
Note 2 - Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Semiconductor Test & PCB Test Total Goodwill 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 Sale of PCB Test Business (1) - (21,899 ) (21,899 ) Impact of currency exchange (10,933 ) 319 (10,614 ) Balance December 25, 2021 $ 219,791 $ - $ 219,791 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | December 25, 2021 December 26, 2020 Remaining Gross Carrying Accumulated Useful Life Gross Carrying Accumulated Amount Amortization (years) Amount Amortization Developed technology $ 229,131 $ 104,855 4.5 $ 239,250 $ 83,246 Customer relationships 65,916 26,189 7.4 74,933 22,751 Trade names 20,877 7,714 7.3 23,756 6,279 Covenant not-to-compete 308 154 5.0 340 136 $ 316,232 $ 138,912 $ 338,279 $ 112,412 |
Note 3 - Borrowings and Credi_2
Note 3 - Borrowings and Credit Agreements (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Fiscal year ended (in thousands) December 25, 2021 December 26, 2020 Bank term loan under credit agreement $ 103,130 $ 306,630 Bank term loans-Kita 3,070 3,662 Construction loan-Cohu GmbH 10,045 9,902 Lines of credit 3,059 5,314 Total debt 119,304 325,508 Less: financing fees and discount (1,514 ) (5,568 ) Less: current portion (14,397 ) (8,389 ) Total long-term debt $ 103,393 $ 311,551 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 14,795 2023 4,751 2024 4,757 2025 86,892 2026 1,268 Thereafter 6,841 Total $ 119,304 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | (in thousands) 2021 2020 2019 Employee severance costs $ 1,161 $ 6,485 $ 12,170 Inventory related charges (adjustments) (558 ) 3,731 2,729 Other restructuring costs 662 1,138 1,314 Total $ 1,265 $ 11,354 $ 16,213 Employee Severance Other Exit Costs Total 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 Costs accrued 1,161 662 1,823 Amounts paid or charged (6,545 ) (662 ) (7,207 ) Impact of currency exchange (94 ) - (94 ) Balance, December 25, 2021 $ 348 $ - $ 348 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At December 25, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses (1) Value Corporate debt securities (2) $ 84,060 $ 2 $ 31 $ 84,031 U.S. treasury securities 3,953 - 5 3,948 Bank certificates of deposit 800 - - 800 Foreign government security 925 - - 925 $ 89,738 $ 2 $ 36 $ 89,704 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated (in thousands) Cost Fair Value Due in one year or less $ 83,429 $ 83,408 Due after one year through three years 6,309 6,296 $ 89,738 $ 89,704 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value measurements at December 25, 2021 using: Total estimated Level 1 Level 2 Level 3 fair value Cash $ 195,297 $ - $ - $ 195,297 Money market funds - 92,400 - 92,400 Foreign government security - 925 - 925 Corporate debt securities - 86,535 - 86,535 U.S. treasury securities - 3,948 - 3,948 Bank certificates of deposit - 800 - 800 $ 195,297 $ 184,608 $ - $ 379,905 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 Corporate debt securities - 15,694 - 15,694 U.S. treasury securities - 2,012 - 2,012 Government-sponsored enterprise securities - 1,998 - 1,998 Foreign government security - 965 - 965 Bank certificates of deposit - 750 - 750 $ 128,874 $ 41,153 $ - $ 170,027 |
Note 6 - Employee Benefit Pla_2
Note 6 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (in thousands) 2021 2020 2019 Service cost $ 1,223 $ 1,310 $ 920 Interest cost 61 67 267 Expected return on assets (128 ) (200 ) (168 ) Settlements 72 292 - Net periodic costs $ 1,228 $ 1,469 $ 1,019 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ (31,039 ) $ (32,241 ) Service cost (1,223 ) (1,310 ) Interest cost (61 ) (67 ) Actuarial gain 1,179 1,916 Participant contributions (1,780 ) (1,136 ) Benefits paid 436 419 Plan change 1,076 944 Settlements 1,653 3,446 Foreign currency exchange adjustment 994 (3,010 ) Benefit obligation at end of year (28,765 ) (31,039 ) Change in plan assets: Fair value of plan assets at beginning of year 18,756 18,705 Return on assets, net of actuarial loss 207 129 Employer contributions 878 886 Participant contributions 1,780 1,136 Benefits paid (436 ) (419 ) Settlements (1,653 ) (3,446 ) Foreign currency exchange adjustment (613 ) 1,765 Fair value of plan assets at end of year 18,919 18,756 Net liability at end of year $ (9,846 ) $ (12,283 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | 2021 2020 Discount rate 0.2% 0.2% Compensation increase 1.5% 1.1% 2021 2020 2019 Discount rate 0.2% 0.2% 0.9% Rate of return on assets 0.7% 1.0% 0.9% Compensation increase 1.1% 1.1% 1.8% |
Schedule of Net Funded Status [Table Text Block] | (in thousands) 2021 2020 Accumulated benefit obligation at beginning of year $ (2,398 ) $ (2,571 ) Interest cost (49 ) (75 ) Actuarial gain 241 134 Benefits paid 109 114 Accumulated benefit obligation at end of year (2,097 ) (2,398 ) Plan assets at end of year - - Funded status $ (2,097 ) $ (2,398 ) |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2021 2020 2019 (in thousands, except per share data) Shares Wt. Avg. Ex. Price Shares Wt. Avg. Ex. Price Shares Wt. Avg. Ex. Price Outstanding and exercisable, beginning of year 262 $ 10.01 363 $ 10.27 405 $ 10.22 Exercised (250 ) $ 10.03 (101 ) $ 10.95 (42 ) $ 9.82 Outstanding and exercisable, end of year 12 $ 9.44 262 $ 10.01 363 $ 10.27 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Approximate Wt. Avg. Number Remaining Wt. Avg. Number Wt. Avg. Exercise Price Outstanding Life (Years) Ex. Price Exercisable Ex. Price $ 9.44 12 1.3 $ 9.44 12 $ 9.44 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2021 2020 2019 (in thousands, except per share data) Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Outstanding, beginning of year 1,414 $ 15.16 1,328 $ 17.05 1,265 $ 19.48 Granted 270 $ 41.66 779 $ 14.02 694 $ 14.32 Released (579 ) $ 16.23 (621 ) $ 17.48 (563 ) $ 19.08 Cancelled (47 ) $ 18.96 (72 ) $ 17.59 (68 ) $ 17.60 Outstanding, end of year 1,058 $ 21.16 1,414 $ 15.16 1,328 $ 17.05 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | 2021 2020 2019 (in thousands, except per share data) Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Units Wt. Avg. Fair Value Outstanding, beginning of year 425 $ 15.51 364 $ 18.72 340 $ 17.89 Granted 93 $ 51.43 200 $ 13.18 167 $ 14.11 Released (125 ) $ 21.77 (39 ) $ 21.40 (36 ) $ 11.35 Cancelled (9 ) $ 14.04 (100 ) $ 20.25 (107 ) $ 11.35 Outstanding, end of year 384 $ 22.22 425 $ 15.51 364 $ 18.72 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Employee Stock Purchase Plan 2021 2020 2019 Dividend yield 0.0 % 0.5 % 1.3 % Expected volatility 58.3 % 67.1 % 46.4 % Risk-free interest rate 0.1 % 1.1 % 2.2 % Expected term (years) 0.5 0.5 0.5 Weighted-average grant date fair value per share $ 9.42 $ 6.01 $ 5.35 Restricted Stock Units 2021 2020 2019 Dividend yield 0.0 % 0.0 % 1.6 % |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | (in thousands) 2021 2020 2019 Cost of sales $ 828 $ 893 $ 736 Research and development 3,017 3,245 2,994 Selling, general and administrative 9,947 10,096 10,418 Share-based compensation of continuing operations 13,792 14,234 14,148 Income tax benefit (722 ) (963 ) (587 ) Total share-based compensation, net of tax $ 13,070 $ 13,271 $ 13,561 |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Currency Contract Position Contract Amount (Local Currency) Contract Amount (U.S. Dollars) Euro Buy 30,185 $ 34,200 Swiss Franc Buy 19,086 20,800 $ 55,000 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives Not Designated Location of Gain (Loss) Fiscal Year as Hedging Instruments Recognized on Derivatives 2021 2020 2019 Foreign exchange forward contracts Foreign transaction gain (loss) $ (3,428 ) $ 756 n/a |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2021 2020 2019 Current: U.S. Federal $ 1,103 $ - $ - U.S. State 101 21 130 Foreign 22,862 5,950 2,173 Total current 24,066 5,971 2,303 Deferred: U.S. Federal 5 8 98 U.S. State - - 1 Foreign 948 (5,313 ) (5,484 ) Total deferred 953 (5,305 ) (5,385 ) $ 25,019 $ 666 $ (3,082 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (in thousands) 2021 2020 2019 U.S. $ 30,588 $ (25,005 ) $ (72,669 ) Foreign 161,756 11,828 592 Total $ 192,344 $ (13,177 ) $ (72,077 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2021 2020 Deferred tax assets: Inventory, receivable and warranty reserves $ 12,166 $ 11,720 Net operating loss carryforwards 44,806 56,777 Tax credit carryforwards 31,264 37,393 Accrued employee benefits 5,695 5,306 Stock-based compensation 2,222 2,210 Lease liabilities 4,500 5,146 Other 2,674 4,309 Gross deferred tax assets 103,327 122,861 Less valuation allowance (76,250 ) (86,124 ) Total deferred tax assets 27,077 36,737 Deferred tax liabilities: Intangible assets and other acquisition basis differences 39,929 52,012 Operating lease right-of-use assets 4,066 4,706 Unremitted earnings of foreign subsidiaries 4,207 3,119 Total deferred tax liabilities 48,202 59,837 Net deferred tax liabilities $ (21,125 ) $ (23,100 ) (in thousands) 2021 2020 Other assets (long-term) $ 4,762 $ 5,716 Long-term deferred income tax liabilities (25,887 ) (28,816 ) Net deferred tax liabilities $ (21,125 ) $ (23,100 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2021 2020 2019 Tax provision at U.S. 21% statutory rate $ 40,392 $ (2,757 ) $ (15,136 ) State income taxes, net of federal tax benefit 2,246 (1,160 ) (1,097 ) Settlements, adjustments and releases from statute expirations (787 ) (118 ) (1,204 ) Federal R&D credits (943 ) (46 ) (1,458 ) Stock-based compensation (4,802 ) 727 587 Excess executive compensation 1,608 491 190 Change in valuation allowance (9,882 ) (1,691 ) 11,270 Exemption of PTG gain (12,378 ) - - Dividend, net of foreign tax credits 693 1,224 1,453 GILTI, net of foreign tax credits 9,343 4,191 2,480 Foreign rate differential (1,023 ) (1,512 ) (1,266 ) Other, net 552 1,317 1,099 $ 25,019 $ 666 $ (3,082 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (in thousands) 2021 2020 2019 Balance at beginning of year $ 33,696 $ 34,740 $ 34,873 Additions for tax positions of current year 686 817 1,231 Reductions for tax positions of prior years (83 ) (425 ) (484 ) Reductions due to lapse of the statute of limitations (1,012 ) (304 ) (957 ) Reductions due to settlements - (1,134 ) (30 ) Foreign exchange rate impact 104 2 107 Balance at end of year $ 33,391 $ 33,696 $ 34,740 |
Note 10 - Segment and Geograp_2
Note 10 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) 2021 2020 2019 Net sales by segment: Semiconductor Test & Inspection $ 860,454 $ 585,240 $ 540,878 PCB Test 26,760 50,767 42,451 Total consolidated net sales for reportable segments $ 887,214 $ 636,007 $ 583,329 Segment profit (loss) before tax: Semiconductor Test & Inspection $ 138,026 $ (2,497 ) $ (45,072 ) PCB Test 3,907 6,971 2,635 Profit (loss) for reportable segments 141,933 4,474 (42,437 ) Other unallocated amounts: Corporate expenses (10,819 ) (4,384 ) (9,848 ) Gain on sale of PCB Test business 70,815 - - Interest expense (6,413 ) (13,759 ) (20,556 ) Interest income 239 224 764 Gain on extinguishment of debt (3,411 ) 268 - Profit (loss) from continuing operations before taxes $ 192,344 $ (13,177 ) $ (72,077 ) (in thousands) 2021 2020 2019 Depreciation and amortization by segment deducted in arriving at profit (loss): Semiconductor Test & Inspection $ 48,129 $ 51,548 $ 56,621 PCB Test 439 1,198 2,250 Total depreciation and amortization $ 48,568 $ 52,746 $ 58,871 Capital expenditures by segment: Semiconductor Test & Inspection $ 11,954 $ 18,616 $ 17,831 PCB Test 46 44 169 Total consolidated capital expenditures $ 12,000 $ 18,660 $ 18,000 (in thousands) 2021 2020 2019 Total assets by segment: Semiconductor Test & Inspection $ 1,121,858 $ 968,028 $ 998,756 PCB Test - 66,826 56,938 Total assets for reportable segments 1,121,858 1,034,854 1,055,694 Corporate, principally cash and investments 137,186 55,492 18,398 Discontinued operations - - 3,618 Total consolidated assets $ 1,259,044 $ 1,090,346 $ 1,077,710 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2021 2020 2019 Analog Devices 14.1 % * * Intel * * 11.1 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | (in thousands) 2021 2020 2019 China $ 213,575 $ 143,360 $ 118,213 Philippines 155,070 56,272 51,683 Taiwan 88,152 83,685 75,725 Malaysia 79,777 57,893 61,826 United States 77,495 108,694 71,963 Rest of the world 273,145 186,103 203,919 Total, net $ 887,214 $ 636,007 $ 583,329 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | (in thousands) 2021 2020 Property, plant and equipment: United States $ 18,375 $ 17,800 Germany 17,419 19,817 Japan 11,156 13,231 Philippines 10,384 9,333 Malaysia 4,082 3,986 Rest of the world 2,541 2,749 Total, net $ 63,957 $ 66,916 Goodwill and other intangible assets: Germany $ 181,146 $ 232,925 United States 150,477 177,585 Malaysia 43,611 45,435 Singapore 12,990 13,469 Switzerland 4,583 5,006 Japan 3,148 3,703 Rest of the world 1,156 7,866 Total, net $ 397,111 $ 485,989 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Leases, Balance Sheet Information [Table Text Block] | December 25, December 26, (in thousands) Classification 2021 2020 Assets: Operating lease assets Operating lease right-of-use assets $ 25,060 $ 29,203 Finance lease assets Property, plant and equipment, net (1) 423 486 Total lease assets $ 25,483 $ 29,689 Liabilities: Current: Operating Other accrued liabilities $ 4,886 $ 5,287 Finance Other accrued liabilities 167 179 Noncurrent: Operating Long-term lease liabilities 21,977 25,565 Finance Long-term lease liabilities 63 222 Total lease liabilities $ 27,093 $ 31,253 Weighted-average remaining lease term (years): Operating leases 6.9 7.3 Finance leases 1.8 2.3 Weighted-average discount rate: Operating leases 6.3 % 6.3 % Finance leases 0.7 % 0.0 % |
Lease, Cost [Table Text Block] | December 25, December 26, (in thousands) 2021 2020 Operating leases $ 7,638 $ 8,374 Variable lease expense 2,192 2,110 Short-term operating leases 69 93 Finance leases: Amortization of leased assets 86 84 Interest on lease liabilities 2 57 Sublease income (81 ) (113 ) Net lease cost $ 9,906 $ 10,605 |
Lessee, Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) leases (1) leases Total 2022 $ 6,341 $ 170 $ 6,511 2023 5,445 40 5,485 2024 5,050 11 5,061 2025 4,912 11 4,923 2026 2,617 2 2,619 Thereafter 9,656 - 9,656 Total lease payments 34,021 234 34,255 Less: Interest (7,158 ) (4 ) (7,162 ) Present value of lease liabilities $ 26,863 $ 230 $ 27,093 |
Lease, Cash Flow Information [Table Text Block] | December 25, December 26, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,628 $ 8,079 Operating cash flows from finance leases $ 1 $ 57 Financing cash flows from finance leases $ 186 $ 146 Leased assets obtained in exchange for new finance lease liabilities $ 54 $ 489 Leased assets obtained in exchange for new operating lease liabilities $ 3,866 $ 2,403 |
Note 13 - Guarantees (Tables)
Note 13 - Guarantees (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (in thousands) 2021 2020 2019 Beginning balance $ 6,382 $ 6,155 $ 8,014 Warranty accruals 13,389 6,173 6,714 Warranty payments (11,135 ) (5,946 ) (8,573 ) Warranty liability transferred (945 ) - - Ending balance $ 7,691 $ 6,382 $ 6,155 |
Note 14 - Business Divestitur_2
Note 14 - Business Divestitures and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 26, December 28, 2020 2019 Net sales $ 432 $ 6,136 Operating income $ 11 $ 478 Loss from impairment of FSG - (1,086 ) Gain on sale of FSG 35 - Income (loss) before taxes 46 (608 ) Income tax provision 4 89 Income (loss), net of tax $ 42 $ (697 ) |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
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 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 Year ended December 25, 2021 Foreign currency translation adjustments $ (22,859 ) $ (97 ) $ (22,956 ) Adjustments related to postretirement benefits 2,920 (318 ) 2,602 Change in unrealized gain/loss on investments (67 ) - (67 ) Reclassification due to sale of PBC Test Business (2,515 ) - (2,515 ) Other comprehensive income (loss) $ (22,521 ) $ (415 ) $ (22,936 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | (in thousands) 2021 2020 Accumulated net currency translation adjustments $ (25,833 ) $ (2,877 ) Accumulated net adjustments related to postretirement benefits 1,153 (1,449 ) Accumulated net unrealized gain/loss on investments (67 ) - Accumulated reclassification due to sale of PBC Test Business (2,515 ) - Total accumulated other comprehensive loss $ (27,262 ) $ (4,326 ) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
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 (1) to Expense Write-offs of Year Allowance for doubtful accounts: Year ended December 28, 2019 $ 40 $ 24 $ (28 ) $ 27 $ 9 Year ended December 26, 2020 $ 9 $ (1 ) $ 79 $ (41 ) $ 128 Year ended December 25, 2021 $ 128 $ 14 $ 149 $ 1 $ 290 Reserve for excess and obsolete inventories: Year ended December 28, 2019 $ 23,938 $ 1,285 $ 4,792 $ 9,057 $ 20,958 Year ended December 26, 2020 $ 20,958 $ 4,611 $ 8,117 $ 6,749 $ 26,937 Year ended December 25, 2021 $ 26,937 $ (2,926 ) (2) $ 7,102 $ 8,101 $ 23,012 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Oct. 01, 2021USD ($) | Jun. 24, 2021 | Sep. 25, 2021 | Dec. 25, 2021USD ($)shares | Dec. 26, 2020USD ($)shares | Dec. 28, 2019USD ($)shares | |
Gain (Loss) on Disposition of Business | [1] | $ 70,815 | $ 0 | $ 0 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 180,000 | 113,000 | 422,000 | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | $ 7,100 | $ 8,100 | $ 4,800 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 0 | 4,495 | 0 | ||||
Depreciation, Total | 13,200 | 14,000 | 19,300 | ||||
Capitalized Computer Software, Gross | 13,500 | 13,500 | |||||
Capitalized Computer Software, Amortization | $ 1,644 | 1,191 | 0 | ||||
Number of Operating Segments | 3 | ||||||
Number of Reportable Segments | 2 | 1 | 1 | ||||
Goodwill and Intangible Asset Impairment, Total | $ 0 | ||||||
Revenue, Remaining Performance Obligation, Amount | $ 7,700 | 8,300 | |||||
Provision for Doubtful Accounts | 0 | ||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | ||||||
Contract with Customer, Liability, Total | 21,900 | 17,100 | |||||
Deferred Profit | 13,208 | 8,671 | |||||
Deferred Profit Long-term | 6,100 | 6,700 | |||||
Amortization of Debt Issuance Costs | 600 | 1,200 | 1,100 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (27,262) | (4,326) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (23,000) | 27,300 | |||||
Foreign Currency Transaction Gain (Loss), Realized | $ 400 | (3,200) | |||||
Computer Software, Intangible Asset [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||||
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 | |||||
ALBS [Member] | |||||||
Variable Interest Entity, Ownership Percentage Sold | 20.00% | ||||||
Gain (Loss) on Disposition of Business | $ 100 | ||||||
[1] | On June 24, 2021 we completed the divestment of our PCB Test business. The divestment of this business did not qualify for presentation as discontinued operations and the results of the PCB Test business are included in continuing operations for all periods presented. See Note 14, “Business Divestitures and Discontinued Operations” for additional information on this transaction and financial statement presentation. |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Weighted average common shares outstanding (in shares) | 47,409 | 41,854 | 41,159 |
Effect of dilutive stock options and restricted stock units (in shares) | 1,051 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 48,460 | 41,854 | 41,159 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Raw materials and purchased parts | $ 92,798 | $ 83,755 |
Work in process | 40,732 | 44,315 |
Finished goods | 27,523 | 14,430 |
Total inventories | $ 161,053 | $ 142,500 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Property, plant and equipment | $ 134,956 | $ 131,540 |
Less accumulated depreciation and amortization | (70,999) | (64,624) |
Property, plant and equipment, net | 63,957 | 66,916 |
Land and Land Improvements [Member] | ||
Property, plant and equipment | 7,703 | 8,141 |
Building and Building Improvements [Member] | ||
Property, plant and equipment | 31,711 | 34,439 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | $ 95,542 | $ 88,960 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net sales | $ 887,214 | $ 636,007 | $ 583,329 |
Semiconductor Test and Inspection [Member] | |||
Net sales | 860,454 | 585,240 | 540,878 |
PCB Test [Member] | |||
Net sales | 26,760 | 50,767 | 42,451 |
Systems [Member] | Semiconductor Test and Inspection [Member] | |||
Net sales | 541,589 | 317,821 | 299,473 |
Systems [Member] | PCB Test [Member] | |||
Net sales | 17,831 | 33,293 | 25,928 |
Non-systems [Member] | Semiconductor Test and Inspection [Member] | |||
Net sales | 318,865 | 267,419 | 241,405 |
Non-systems [Member] | PCB Test [Member] | |||
Net sales | $ 8,929 | $ 17,474 | $ 16,523 |
Note 2 - Goodwill and Purchas_3
Note 2 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 25, 2021 | Sep. 26, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 |
Goodwill, Impairment Loss | $ 0 | $ 0 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 100 | $ 11,249 | $ 0 | |||
Amortization of Intangible Assets, Total | 35,414 | 38,746 | $ 39,590 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 34,800 | 34,800 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 34,800 | 34,800 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 34,800 | 34,800 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 26,100 | 26,100 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 19,300 | 19,300 | ||||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 27,400 | $ 27,400 | ||||
In-process Technology [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | 7,800 | |||||
Indefinite-lived In Process Research and Development [Member] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 3,900 | $ 100 | $ 7,300 | $ 11,200 |
Note 2 - Goodwill and Purchas_4
Note 2 - Goodwill and Purchased Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | ||
Beginning balance | $ 252,304 | $ 238,669 | |
Impact of currency exchange | (10,614) | 13,635 | |
Sale of PCB Test Business (1) | [1] | (21,899) | |
Ending balance | 219,791 | 252,304 | |
Semiconductor Test and Inspection [Member] | |||
Beginning balance | 230,724 | 218,775 | |
Impact of currency exchange | (10,933) | 11,949 | |
Sale of PCB Test Business (1) | [1] | 0 | |
Ending balance | 219,791 | 230,724 | |
PCB Test [Member] | |||
Beginning balance | 21,580 | 19,894 | |
Impact of currency exchange | 319 | 1,686 | |
Sale of PCB Test Business (1) | [1] | (21,899) | |
Ending balance | $ 0 | $ 21,580 | |
[1] | On June 24, 2021, we completed the sale of our PCB Test business. See Note 14, “Business Divestitures and Discontinued Operations” for additional information. |
Note 2 - Goodwill and Purchas_5
Note 2 - Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Developed Technology Rights [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 229,131 | $ 239,250 |
Accumulated Amortization | $ 104,855 | 83,246 |
Remaining Useful Life (Year) | 4 years 6 months | |
Customer Relationships [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 65,916 | 74,933 |
Accumulated Amortization | $ 26,189 | 22,751 |
Remaining Useful Life (Year) | 7 years 4 months 24 days | |
Trade Names [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 20,877 | 23,756 |
Accumulated Amortization | $ 7,714 | 6,279 |
Remaining Useful Life (Year) | 7 years 3 months 18 days | |
Noncompete Agreements [Member] | ||
Gross Carrying Amount, finite-lived intangible assets | $ 308 | 340 |
Accumulated Amortization | $ 154 | $ 136 |
Remaining Useful Life (Year) | 5 years |
Note 3 - Borrowings and Credi_3
Note 3 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, ¥ in Millions, SFr in Millions | Oct. 01, 2018USD ($) | Mar. 27, 2021EUR (€) | Aug. 31, 2019EUR (€) | Dec. 25, 2021USD ($) | Dec. 26, 2020USD ($) | Dec. 28, 2019USD ($) | Dec. 25, 2021EUR (€) | Dec. 25, 2021JPY (¥) | Dec. 25, 2021CHF (SFr) | Sep. 25, 2021 | Jun. 30, 2020EUR (€) |
Long-term Debt, Total | $ 119,304 | ||||||||||
Long-term Debt, Current Maturities, Total | 14,397 | $ 8,389 | |||||||||
Repayments of Long-term Debt, Total | 206,069 | 41,056 | $ 3,817 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | (3,411) | 268 | $ 0 | ||||||||
Long-term Line of Credit, Total | 3,059 | 5,314 | |||||||||
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 | 1 | |||||||
Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ | ¥ 960 | ||||||||||
Long-term Line of Credit, Total | $ 3,100 | ¥ 350 | |||||||||
Secured Term Loan Facility [Member] | |||||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||||
Debt Instrument, Amortization, Percentage of Principal Amount | 0.25% | ||||||||||
Long-term Debt, Total | 101,600 | 301,100 | |||||||||
Long-term Debt, Current Maturities, Total | 10,100 | 2,400 | |||||||||
Long-term Debt, Fair Value | 102,700 | ||||||||||
Extinguishment of Debt, Amount | 200,000 | 36,400 | |||||||||
Repayments of Long-term Debt, Total | 200,000 | 35,400 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | (3,400) | 300 | |||||||||
Extinguishment of Debt Decrease Deferred Financing Costs | 3,400 | 700 | |||||||||
Long-term Debt, Gross | 103,130 | 306,630 | |||||||||
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, Total | 3,100 | 3,600 | |||||||||
Long-term Debt, Current Maturities, Total | 200 | 300 | |||||||||
Long-term Debt, Gross | $ 3,070 | 3,662 | |||||||||
Kita Term Loans [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.05% | 0.05% | 0.05% | 0.05% | |||||||
Kita Term Loans [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.43% | 0.43% | 0.43% | 0.43% | |||||||
Loan Facilities [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 10.1 | ||||||||||
Long-term Debt, Total | $ 10,000 | 9,900 | |||||||||
Long-term Debt, Current Maturities, Total | $ 1,000 | $ 400 | |||||||||
First Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 3.4 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.80% | ||||||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||
Debt Instrument, Collateral Amount | € | € 3.4 | ||||||||||
Second Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 5.2 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.05% | ||||||||||
Debt Instrument, Term (Year) | 15 years | ||||||||||
Debt Instrument, Collateral Amount | € | € 5.2 | ||||||||||
Third Facility [Member] | Construction Loans [Member] | |||||||||||
Debt Instrument, Face Amount | € | € 1.5 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.20% | ||||||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||
Debt Instrument, Collateral Amount | € | € 0.9 |
Note 3 - Borrowings and Credi_4
Note 3 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Lines of credit | $ 3,059 | $ 5,314 |
Total debt | 119,304 | 325,508 |
Less: financing fees and discount | (1,514) | (5,568) |
Less: current portion | (14,397) | (8,389) |
Total long-term debt | 103,393 | 311,551 |
Secured Term Loan Facility [Member] | ||
Long term Debt | 103,130 | 306,630 |
Less: current portion | (10,100) | (2,400) |
Kita Term Loans [Member] | ||
Long term Debt | 3,070 | 3,662 |
Less: current portion | (200) | (300) |
Construction Loan [Member] | ||
Long term Debt | $ 10,045 | $ 9,902 |
Note 3 - Borrowings and Credi_5
Note 3 - Borrowings and Credit Agreements - Debt Principal Payments for the Next Five Years and Thereafter (Details) $ in Thousands | Dec. 25, 2021USD ($) |
2022 | $ 14,795 |
2023 | 4,751 |
2024 | 4,757 |
2025 | 86,892 |
2026 | 1,268 |
Thereafter | 6,841 |
Total | $ 119,304 |
Note 4 - Restructuring Charge_2
Note 4 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Restructuring Charges, Total | $ 1,823 | $ 7,623 | $ 13,484 |
Integration Program [Member] | |||
Restructuring Charges, Total | $ 1,300 | $ 11,400 | $ 16,200 |
Note 4 - Restructuring Charge_3
Note 4 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Costs accrued | $ 1,823 | $ 7,623 | $ 13,484 |
Integration Program [Member] | |||
Restructuring Charges, Total | 1,265 | 11,354 | 16,213 |
Costs accrued | 1,300 | 11,400 | 16,200 |
Employee Severance [Member] | Integration Program [Member] | |||
Restructuring Charges, Total | 1,161 | 6,485 | 12,170 |
Accrued restructuring, balance | 5,826 | 1,236 | |
Costs accrued | 1,161 | 6,485 | |
Amounts paid or charged | (6,545) | (2,055) | |
Impact of currency exchange | (94) | 160 | |
Accrued restructuring, balance | 348 | 5,826 | 1,236 |
Other Restructuring [Member] | Integration Program [Member] | |||
Restructuring Charges, Total | 662 | 1,138 | 1,314 |
Accrued restructuring, balance | 0 | 0 | |
Costs accrued | 662 | 1,138 | |
Amounts paid or charged | (662) | (1,138) | |
Impact of currency exchange | 0 | 0 | |
Accrued restructuring, balance | 0 | 0 | 0 |
Employee Severance and Other Exit Costs [Member] | Integration Program [Member] | |||
Accrued restructuring, balance | 5,826 | 1,236 | |
Costs accrued | 1,823 | 7,623 | |
Amounts paid or charged | (7,207) | (3,193) | |
Impact of currency exchange | (94) | 160 | |
Accrued restructuring, balance | 348 | 5,826 | 1,236 |
Inventory Charges [Member] | Integration Program [Member] | |||
Restructuring Charges, Total | $ (558) | $ 3,731 | $ 2,729 |
Note 5 - Financial Instrument_3
Note 5 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | $ 57 | $ 8.7 |
Note 5 - Financial Instrument_4
Note 5 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 | |
Amortized cost | $ 89,738 | $ 20,668 | |
Gross unrealized gains | 2 | 2 | |
Gross unrealized losses | [1] | 36 | 1 |
Short-term investments | 89,704 | 20,669 | |
Corporate Debt Securities [Member] | |||
Amortized cost | [2] | 84,060 | 14,943 |
Gross unrealized gains | [2] | 2 | 2 |
Gross unrealized losses | [1],[2] | 31 | 1 |
Short-term investments | [2] | 84,031 | 14,944 |
US Treasury Securities [Member] | |||
Amortized cost | 3,953 | 2,012 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | [1] | 5 | 0 |
Short-term investments | 3,948 | 2,012 | |
Certificates of Deposit [Member] | |||
Amortized cost | 800 | 750 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | [1] | 0 | 0 |
Short-term investments | 800 | 750 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Amortized cost | 1,998 | ||
Gross unrealized gains | 0 | ||
Gross unrealized losses | [1] | 0 | |
Short-term investments | 1,998 | ||
Debt Security, Government, Non-US [Member] | |||
Amortized cost | 925 | 965 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | [1] | 0 | 0 |
Short-term investments | $ 925 | $ 965 | |
[1] | As of December 25, 2021, the cost and fair value of investments with loss positions were approximately $57.0 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 26, 2020, the cost and fair value of investments with loss positions were approximately $8.7 million. | ||
[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 5 - Financial Instrument_5
Note 5 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) $ in Thousands | Dec. 25, 2021USD ($) |
Due in one year or less, amortized cost | $ 83,429 |
Due in one year or less, fair value | 83,408 |
Due after one year through three years, amortized cost | 6,309 |
Due after one year through three years, fair value | 6,296 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total | 89,738 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total | $ 89,704 |
Note 5 - Financial Instrument_6
Note 5 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 | |
Short-term investments | $ 89,704 | $ 20,669 | |
Debt Security, Government, Non-US [Member] | |||
Short-term investments | 925 | 965 | |
Corporate Debt Securities [Member] | |||
Short-term investments | [1] | 84,031 | 14,944 |
US Treasury Securities [Member] | |||
Short-term investments | 3,948 | 2,012 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Short-term investments | 1,998 | ||
Certificates of Deposit [Member] | |||
Short-term investments | 800 | 750 | |
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure | 379,905 | 170,027 | |
Fair Value, Recurring [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 925 | 965 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 86,535 | 15,694 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Short-term investments | 3,948 | 2,012 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Short-term investments | 1,998 | ||
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 800 | 750 | |
Fair Value, Recurring [Member] | Cash [Member] | |||
Cash and cash equivalents | 195,297 | 128,874 | |
Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | 92,400 | 19,734 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure | 195,297 | 128,874 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Short-term investments | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||
Cash and cash equivalents | 195,297 | 128,874 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure | 184,608 | 41,153 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 925 | 965 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 86,535 | 15,694 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | |||
Short-term investments | 3,948 | 2,012 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Short-term investments | 1,998 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 800 | 750 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | 92,400 | 19,734 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Short-term investments | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | |||
Short-term investments | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Cash and cash equivalents | $ 0 | $ 0 | |
[1] | 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 6 - Employee Benefit Pla_3
Note 6 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 26, 2020 | Dec. 28, 2019 | 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 | $ 2,400 | $ 2,300 | $ 2,000 | ||
Deferred Compensation Liability, Current, Total | 1,600 | $ 1,800 | 1,800 | ||
Cash Surrender Value of Life Insurance | $ 1,800 | $ 1,800 | 1,800 | ||
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 | $ 8,400 | $ 1,300 | $ 200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 400 | ||||
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 | $ 19,500 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 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) | 161,351 | 242,633 | 187,273 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 507,353 | ||||
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) | 1,375,536 | ||||
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) | $ 241 | $ 134 | |||
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 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 2.10% | 2.10% | 3.00% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.60% | ||||
Defined Benefit Plan, Health Care Cost Trend Rate, Annual Rate of Change | 0.28% | ||||
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 | 900 | $ (1,300) | $ (1,300) | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 1,179 | 1,916 | |||
Defined Benefit Plan, Expected Future Employee and Employer Contributions, Next Twelve Months | 900 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 900 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,500 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,300 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,100 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,200 | ||||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 6,400 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 1,228 | $ 1,469 | $ 1,019 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.20% | 0.20% | 0.20% | ||
Swiss Plan [Member] | Debt Securities and Cash [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 57.00% | ||||
Swiss Plan [Member] | Real Estate Investments [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 21.00% | ||||
Swiss Plan [Member] | Alternative Investments [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 12.00% | ||||
Swiss Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Service cost | $ 1,223 | $ 1,310 | $ 920 |
Interest cost | 61 | 67 | 267 |
Expected return on assets | (128) | (200) | (168) |
Settlements | 72 | 292 | 0 |
Net periodic costs | $ 1,228 | $ 1,469 | $ 1,019 |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Benefit obligation at beginning of year | $ (31,039) | $ (32,241) | |
Service cost | (1,223) | (1,310) | $ (920) |
Interest cost | (61) | (67) | (267) |
Actuarial gain | 1,179 | 1,916 | |
Participant contributions | (1,780) | (1,136) | |
Benefits paid | 436 | 419 | |
Plan change | 1,076 | 944 | |
Settlements | 1,653 | 3,446 | |
Foreign currency exchange adjustment | 994 | (3,010) | |
Benefit obligation at end of year | (28,765) | (31,039) | (32,241) |
Fair value of plan assets at beginning of year | 18,756 | 18,705 | |
Return on assets, net of actuarial loss | 207 | 129 | |
Employer contributions | 878 | 886 | |
Participant contributions | 1,780 | 1,136 | |
Benefits paid | (436) | (419) | |
Settlements | (1,653) | (3,446) | |
Foreign currency exchange adjustment | (613) | 1,765 | |
Fair value of plan assets at end of year | 18,919 | 18,756 | $ 18,705 |
Net liability at end of year | $ (9,846) | $ (12,283) |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Discount rate | 0.20% | 0.20% | |
Compensation increase | 1.50% | 1.10% | |
Discount rate | 0.20% | 0.20% | 0.90% |
Rate of return on assets | 0.70% | 1.00% | 0.90% |
Compensation increase | 1.10% | 1.10% | 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. 25, 2021 | Dec. 26, 2020 | |
Accumulated benefit obligation at beginning of year | $ (2,398) | $ (2,571) |
Interest cost | (49) | (75) |
Actuarial gain | 241 | 134 |
Benefits paid | 109 | 114 |
Accumulated benefit obligation at end of year | (2,097) | (2,398) |
Plan assets at end of year | 0 | 0 |
Funded status | $ (2,097) | $ (2,398) |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Outstanding and exercisable balance (in shares) | 262 | 363 | 405 |
Outstanding and exercisable, weighted average exercise price, balance (in dollars per share) | $ 10.01 | $ 10.27 | $ 10.22 |
Exercised, outstanding and exercisable (in shares) | (250) | (101) | (42) |
Exercised, weighted average exercise price (in dollars per share) | $ 10.03 | $ 10.95 | $ 9.82 |
Outstanding and exercisable balance (in shares) | 12 | 262 | 363 |
Outstanding and exercisable, weighted average exercise price, balance (in dollars per share) | $ 9.44 | $ 10.01 | $ 10.27 |
Note 6 - Employee Benefit Pla_9
Note 6 - Employee Benefit Plans - Stock Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 9.44 | $ 10.01 | $ 10.27 | $ 10.22 |
Options outstanding, number (in shares) | 12 | 262 | 363 | 405 |
Options outstanding, weighted average remaining life (Year) | 1 year 3 months 18 days | |||
Options exercisable, number (in shares) | 12 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 9.44 |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Outstanding, beginning of year, units (in shares) | 1,414 | 1,328 | 1,265 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 15.16 | $ 17.05 | $ 19.48 |
Granted, units (in shares) | 270 | 779 | 694 |
Granted, wt. avg. (in dollars per share) | $ 41.66 | $ 14.02 | $ 14.32 |
Released, units (in shares) | (579) | (621) | (563) |
Released, wt. avg. (in dollars per share) | $ 16.23 | $ 17.48 | $ 19.08 |
Cancelled, units (in shares) | (47) | (72) | (68) |
Cancelled, wt. avg. (in dollars per share) | $ 18.96 | $ 17.59 | $ 17.60 |
Outstanding, end of year, units (in shares) | 1,058 | 1,414 | 1,328 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 21.16 | $ 15.16 | $ 17.05 |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Outstanding, beginning of year, units (in shares) | 425 | 364 | 340 |
Outstanding, beginning of year, wt. avg. (in dollars per share) | $ 15.51 | $ 18.72 | $ 17.89 |
Granted, units (in shares) | 93 | 200 | 167 |
Granted, wt. avg. (in dollars per share) | $ 51.43 | $ 13.18 | $ 14.11 |
Released, units (in shares) | (125) | (39) | (36) |
Released, wt. avg. (in dollars per share) | $ 21.77 | $ 21.40 | $ 11.35 |
Cancelled, units (in shares) | (9) | (100) | (107) |
Cancelled, wt. avg. (in dollars per share) | $ 14.04 | $ 20.25 | $ 11.35 |
Outstanding, end of year, units (in shares) | 384 | 425 | 364 |
Outstanding, end of year, wt. avg. (in dollars per share) | $ 22.22 | $ 15.51 | $ 18.72 |
Note 6 - Employee Benefit Pl_12
Note 6 - Employee Benefit Plans - Weighted-average Assumptions Used to Value Share-based Awards Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Restricted Stock Units (RSUs) [Member] | |||
Dividend yield | 0.00% | 0.00% | 1.60% |
Employee Stock Purchase Plan [Member] | |||
Dividend yield | 0.00% | 0.50% | 1.30% |
Expected volatility | 58.30% | 67.10% | 46.40% |
Risk-free interest rate | 0.10% | 1.10% | 2.20% |
Expected term (Year) | 6 months | 6 months | 6 months |
Weighted-average grant date fair value per share (in dollars per share) | $ 9.42 | $ 6.01 | $ 5.35 |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Share-based compensation of continuing operations | $ 13,792 | $ 14,234 | $ 14,148 |
Income tax benefit | (722) | (963) | (587) |
Total share-based compensation, net of tax | 13,070 | 13,271 | 13,561 |
Cost of Sales [Member] | |||
Share-based compensation of continuing operations | 828 | 893 | 736 |
Research and Development Expense [Member] | |||
Share-based compensation of continuing operations | 3,017 | 3,245 | 2,994 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation of continuing operations | $ 9,947 | $ 10,096 | $ 10,418 |
Note 7 - Derivative Financial_3
Note 7 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Dec. 25, 2021 - Not Designated as Hedging Instrument [Member] € in Thousands, SFr in Thousands, $ in Millions | USD ($) | EUR (€) | CHF (SFr) |
Euro Foreign Exchange Forward [Member] | Long [Member] | |||
Contract amount | $ 34.2 | € 30,185 | |
Swiss Franc Foreign Exchange Forward [Member] | Long [Member] | |||
Contract amount | 20.8 | SFr 19,086 | |
Foreign Exchange Forward [Member] | |||
Contract amount | $ 55 |
Note 7 - Derivative Financial_4
Note 7 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Foreign exchange forward contracts | $ (3,428) | $ 756 |
Note 8 - Equity (Details Textua
Note 8 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 11, 2021 | Mar. 11, 2021 | Mar. 08, 2021 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Oct. 28, 2021 |
Proceeds from Issuance of Common Stock | $ 223,119 | $ 0 | $ 0 | ||||
Stock Repurchase Program, Authorized Amount | $ 70,000 | ||||||
Stock Repurchased During Period, Shares (in shares) | 206,572 | ||||||
Stock Repurchased During Period, Value | $ 7,300 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 62,700 | ||||||
Underwritten Public Offering [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,950,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 41 | ||||||
Proceeds from Issuance of Common Stock | $ 223,100 | ||||||
Over-Allotment Option [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 742,500 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 76,250 | $ 86,124 | |
Increase (Decrease) of Net Income Due to Impact of Tax Holidays | $ 4,500 | $ 3,600 | $ 2,100 |
Increase (Decrease) of Earning Per Share Due To Impact Of Tax Holidays (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.05 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 5,300 | $ 5,900 | $ 7,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 800 | 1,000 | |
Unrecognized Tax Benefits, Interest Expense, Net of Accrued Interest Reversed | $ (200) | $ (300) | $ (300) |
Minimum [Member] | |||
Collection Term Range (Year) | 4 years | ||
Maximum [Member] | |||
Collection Term Range (Year) | 10 years | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 160,500 | ||
Tax Credit Carryforward, Amount | $ 6,800 | ||
Open Tax Year | 2016 2017 2018 2019 2020 2021 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 135,300 | ||
Tax Credit Carryforward, Amount | 30,900 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 9,600 |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
U.S. Federal | $ 1,103 | $ 0 | $ 0 |
U.S. State | 101 | 21 | 130 |
Foreign | 22,862 | 5,950 | 2,173 |
Total current | 24,066 | 5,971 | 2,303 |
U.S. Federal | 5 | 8 | 98 |
U.S. State | 0 | 0 | 1 |
Foreign | 948 | (5,313) | (5,484) |
Total deferred | 953 | (5,305) | (5,385) |
Income Tax Expense (Benefit), Total | $ 25,019 | $ 666 | $ (3,082) |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income (loss) from continuing operations, U.S. | $ 30,588 | $ (25,005) | $ (72,669) |
Income from continuing operations, Foreign | 161,756 | 11,828 | 592 |
Total | $ 192,344 | $ (13,177) | $ (72,077) |
Note 9 - Income Taxes - Compo_2
Note 9 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Inventory, receivable and warranty reserves | $ 12,166 | $ 11,720 |
Net operating loss carryforwards | 44,806 | 56,777 |
Tax credit carryforwards | 31,264 | 37,393 |
Accrued employee benefits | 5,695 | 5,306 |
Stock-based compensation | 2,222 | 2,210 |
Lease liabilities | 4,500 | 5,146 |
Other | 2,674 | 4,309 |
Gross deferred tax assets | 103,327 | 122,861 |
Less valuation allowance | (76,250) | (86,124) |
Total deferred tax assets | 27,077 | 36,737 |
Intangible assets and other acquisition basis differences | 39,929 | 52,012 |
Operating lease right-of-use assets | 4,066 | 4,706 |
Unremitted earnings of foreign subsidiaries | 4,207 | 3,119 |
Total deferred tax liabilities | 48,202 | 59,837 |
Net deferred tax liabilities | (21,125) | (23,100) |
Other assets (long-term) | 4,762 | 5,716 |
Long-term deferred income tax liabilities | $ (25,887) | $ (28,816) |
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. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Tax provision at U.S. 21% statutory rate | $ 40,392 | $ (2,757) | $ (15,136) |
State income taxes, net of federal tax benefit | 2,246 | (1,160) | (1,097) |
Settlements, adjustments and releases from statute expirations | (787) | (118) | (1,204) |
Federal R&D credits | (943) | (46) | (1,458) |
Stock-based compensation | (4,802) | 727 | 587 |
Excess executive compensation | 1,608 | 491 | 190 |
Change in valuation allowance | (9,882) | (1,691) | 11,270 |
Exemption of PTG gain | (12,378) | 0 | 0 |
Dividend, net of foreign tax credits | 693 | 1,224 | 1,453 |
GILTI, net of foreign tax credits | 9,343 | 4,191 | 2,480 |
Foreign rate differential | (1,023) | (1,512) | (1,266) |
Other, net | 552 | 1,317 | 1,099 |
Income Tax Expense (Benefit), Total | $ 25,019 | $ 666 | $ (3,082) |
Note 9 - Income Taxes - Recon_2
Note 9 - Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Balance at beginning of year | $ 33,696 | $ 34,740 | $ 34,873 |
Additions for tax positions of current year | 686 | 817 | 1,231 |
Reductions for tax positions of prior years | (83) | (425) | (484) |
Reductions due to lapse of the statute of limitations | (1,012) | (304) | (957) |
Reductions due to settlements | 0 | (1,134) | (30) |
Foreign exchange rate impact | 104 | 2 | 107 |
Balance at end of year | $ 33,391 | $ 33,696 | $ 34,740 |
Note 10 - Segment and Geograp_3
Note 10 - Segment and Geographic Information - Summary of Current Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | ||
Net sales | $ 887,214 | $ 636,007 | $ 583,329 | |
Profit (loss) for reportable segments | 141,933 | 4,474 | (42,437) | |
Gain (Loss) on Disposition of Business | [1] | 70,815 | 0 | 0 |
Interest expense | (6,413) | (13,759) | (20,556) | |
Interest income | 239 | 224 | 764 | |
Gain (Loss) on Extinguishment of Debt, Total | (3,411) | 268 | 0 | |
Profit (loss) from continuing operations before taxes | 192,344 | (13,177) | (72,077) | |
Total depreciation and amortization | 48,568 | 52,746 | 58,871 | |
Capital expenditures | 12,000 | 18,660 | 18,000 | |
Total assets for reportable segments | 1,259,044 | 1,090,346 | 1,077,710 | |
Discontinued operations | 0 | 0 | 3,618 | |
Corporate, Non-Segment [Member] | ||||
Corporate expenses | (10,819) | (4,384) | (9,848) | |
Total assets for reportable segments | 137,186 | 55,492 | 18,398 | |
Semiconductor Test and Inspection [Member] | ||||
Net sales | 860,454 | 585,240 | 540,878 | |
Profit (loss) for reportable segments | 138,026 | (2,497) | (45,072) | |
Total depreciation and amortization | 48,129 | 51,548 | 56,621 | |
Capital expenditures | 11,954 | 18,616 | 17,831 | |
Total assets for reportable segments | 1,121,858 | 968,028 | 998,756 | |
PCB Test [Member] | ||||
Net sales | 26,760 | 50,767 | 42,451 | |
Profit (loss) for reportable segments | 3,907 | 6,971 | 2,635 | |
Total depreciation and amortization | 439 | 1,198 | 2,250 | |
Capital expenditures | 46 | 44 | 169 | |
Total assets for reportable segments | 0 | 66,826 | 56,938 | |
Semiconductor Test and Inspection and PCB Test [Member] | ||||
Total assets for reportable segments | $ 1,121,858 | $ 1,034,854 | $ 1,055,694 | |
[1] | On June 24, 2021 we completed the divestment of our PCB Test business. The divestment of this business did not qualify for presentation as discontinued operations and the results of the PCB Test business are included in continuing operations for all periods presented. See Note 14, “Business Divestitures and Discontinued Operations” for additional information on this transaction and financial statement presentation. |
Note 10 - Segment and Geograp_4
Note 10 - Segment and Geographic Information - Customers Comprising 10% of Consolidated Sales (Details) - Semiconductor Equipment [Member] - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 25, 2021 | Dec. 28, 2019 | |
Analog Devices [Member] | ||
Net sales percentage | 14.10% | |
Intel [Member] | ||
Net sales percentage | 11.10% |
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 | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net sales | $ 887,214 | $ 636,007 | $ 583,329 |
CHINA | |||
Net sales | 213,575 | 143,360 | 118,213 |
PHILIPPINES | |||
Net sales | 155,070 | 56,272 | 51,683 |
TAIWAN, PROVINCE OF CHINA | |||
Net sales | 88,152 | 83,685 | 75,725 |
MALAYSIA | |||
Net sales | 79,777 | 57,893 | 61,826 |
UNITED STATES | |||
Net sales | 77,495 | 108,694 | 71,963 |
Rest of the World [Member] | |||
Net sales | $ 273,145 | $ 186,103 | $ 203,919 |
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. 25, 2021 | Dec. 26, 2020 |
Property plant and equipment, net | $ 63,957 | $ 66,916 |
Goodwill and other intangible assets | 397,111 | 485,989 |
UNITED STATES | ||
Property plant and equipment, net | 18,375 | 17,800 |
Goodwill and other intangible assets | 150,477 | 177,585 |
GERMANY | ||
Property plant and equipment, net | 17,419 | 19,817 |
Goodwill and other intangible assets | 181,146 | 232,925 |
JAPAN | ||
Property plant and equipment, net | 11,156 | 13,231 |
Goodwill and other intangible assets | 3,148 | 3,703 |
PHILIPPINES | ||
Property plant and equipment, net | 10,384 | 9,333 |
MALAYSIA | ||
Property plant and equipment, net | 4,082 | 3,986 |
Goodwill and other intangible assets | 43,611 | 45,435 |
Rest of the World [Member] | ||
Property plant and equipment, net | 2,541 | 2,749 |
Goodwill and other intangible assets | 1,156 | 7,866 |
SINGAPORE | ||
Goodwill and other intangible assets | 12,990 | 13,469 |
SWITZERLAND | ||
Goodwill and other intangible assets | $ 4,583 | $ 5,006 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Lessee, Operating Lease, Renewal Term (Year) | 25 years | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 0.1 | $ 0.1 |
Lessor, Operating Lease, Payment to be Received, Year Two | $ 0.1 | |
Lessor, Operating Lease, Payment to be Received, Year One | $ 0.1 | |
Minimum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 36 years |
Note 11 - Leases - Balance Shee
Note 11 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 | |
Operating lease assets | $ 25,060 | $ 29,203 | |
Total lease assets | 25,483 | 29,689 | |
Total lease liabilities | $ 27,093 | $ 31,253 | |
Operating leases (Year) | 6 years 10 months 24 days | 7 years 3 months 18 days | |
Finance leases (Year) | 1 year 9 months 18 days | 2 years 3 months 18 days | |
Operating leases | 6.30% | 6.30% | |
Finance leases | 0.70% | 0.00% | |
Property, Plant and Equipment, Net [Member] | |||
Finance lease assets | [1] | $ 423 | $ 486 |
Other Accrued Liabilities [Member] | |||
Operating, current | 4,886 | 5,287 | |
Finance, current | 167 | 179 | |
Long-term Lease Liabilities [Member] | |||
Operating, noncurrent | 21,977 | 25,565 | |
Finance, noncurrent | $ 63 | $ 222 | |
[1] | Finance lease assets are recorded net of accumulated amortization of $0.1 million in 2021 and 2020. |
Note 11 - Leases - Lease Expens
Note 11 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Operating leases | $ 7,638 | $ 8,374 |
Variable lease expense | 2,192 | 2,110 |
Short-term operating leases | 69 | 93 |
Amortization of leased assets | 86 | 84 |
Interest on lease liabilities | 2 | 57 |
Sublease income | (81) | (113) |
Net lease cost | $ 9,906 | $ 10,605 |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 | |
2022, operating leases | [1] | $ 6,341 | |
2022, finance leases | 170 | ||
2022, total | 6,511 | ||
2023, operating leases | [1] | 5,445 | |
2023, finance leases | 40 | ||
2023, total | 5,485 | ||
2024, operating leases | [1] | 5,050 | |
2024, finance leases | 11 | ||
2024, total | 5,061 | ||
2025, operating leases | [1] | 4,912 | |
2025, finance leases | 11 | ||
2025, total | 4,923 | ||
2026, operating leases | 2,617 | ||
2026, finance leases | 2 | ||
2026, total | 2,619 | ||
Thereafter, operating leases | [1] | 9,656 | |
Thereafter, finance leases | 0 | ||
Thereafter, total | 9,656 | ||
Total lease payments, operating leases | [1] | 34,021 | |
Total lease payments, finance leases | 234 | ||
Total lease payments, total | 34,255 | ||
Less: Interest, operating leases | [1] | (7,158) | |
Less: Interest, finance leases | (4) | ||
Less: Interest, total | (7,162) | ||
Present value of lease liabilities, finance leases | 230 | ||
Present value of lease liabilities, total | 27,093 | $ 31,253 | |
Other Accrued Liabilities and Long-term Lease Liabilities [Member] | |||
Present value of lease liabilities, operating leases | [1] | $ 26,863 | |
[1] | Excludes sublease income of $0.1 million in 2022 and 2023. |
Note 11 - Leases - Cash Flow In
Note 11 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Operating cash flows from operating leases | $ 7,628 | $ 8,079 |
Operating cash flows from finance leases | 1 | 57 |
Financing cash flows from finance leases | 186 | 146 |
Leased assets obtained in exchange for new finance lease liabilities | 54 | 489 |
Leased assets obtained in exchange for new operating lease liabilities | $ 3,866 | $ 2,403 |
Note 13 - Guarantees (Details T
Note 13 - Guarantees (Details Textual) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Non-current Other Accrued Liabilities [Member] | ||
Product Warranty Accrual, Noncurrent | $ 1.1 | $ 0.3 |
Note 13 - Guarantees - Changes
Note 13 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 6,382 | $ 6,155 | $ 8,014 |
Warranty accruals | 13,389 | 6,173 | 6,714 |
Warranty payments | (11,135) | (5,946) | (8,573) |
Warranty liability transferred | (945) | 0 | 0 |
Ending balance | $ 7,691 | $ 6,382 | $ 6,155 |
Note 14 - Business Divestitur_3
Note 14 - Business Divestitures and Discontinued Operations (Details Textual) $ in Thousands | Jun. 24, 2021USD ($) | Sep. 25, 2021 | Dec. 28, 2019USD ($) | Dec. 25, 2021USD ($) | Dec. 25, 2021USD ($) | Dec. 26, 2020USD ($) | Dec. 28, 2019USD ($) | |
Gain (Loss) on Disposition of Business | [1] | $ 70,815 | $ 0 | $ 0 | ||||
Disposal Group, Including Discontinued Operation, Assets, Total | $ 3,618 | $ 0 | $ 0 | 0 | 3,618 | |||
Number of Reportable Segments | 2 | 1 | 1 | |||||
Disposal Group, Including Discontinued Operation, Impairment | $ 0 | $ 1,086 | ||||||
Fixtures Services Business FSG [Member] | ||||||||
Disposal Group, Including Discontinued Operation, Impairment | $ 1,100 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | PCB Test Business [Member] | ||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 125,100 | |||||||
Gain (Loss) on Disposition of Business | 70,800 | |||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 48,200 | $ 48,200 | ||||||
Disposal Group, Including Discontinued Operation, Goodwill | 21,900 | 21,900 | ||||||
Disposal Group, Including Discontinued Operation, Intangible Assets | $ 14,800 | $ 14,800 | ||||||
[1] | On June 24, 2021 we completed the divestment of our PCB Test business. The divestment of this business did not qualify for presentation as discontinued operations and the results of the PCB Test business are included in continuing operations for all periods presented. See Note 14, “Business Divestitures and Discontinued Operations” for additional information on this transaction and financial statement presentation. |
Note 14 - Business Divestitur_4
Note 14 - Business Divestitures and Discontinued Operations - Summary of Operating Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net sales | $ 432 | $ 6,136 | |
Operating income | 11 | 478 | |
Loss from impairment of FSG | 0 | (1,086) | |
Gain on sale of FSG | 35 | 0 | |
Income (loss) before taxes | 46 | (608) | |
Income tax provision | 4 | 89 | |
Income (loss), net of tax | $ 0 | $ 42 | $ (697) |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Foreign currency translation adjustments, before tax | $ (22,859) | $ 27,321 | $ (7,522) |
Foreign currency translation adjustments, tax | (97) | 0 | 0 |
Foreign currency translation adjustments, net of tax | (22,956) | 27,321 | (7,522) |
Adjustments related to postretirement benefits, before tax | 2,920 | 2,599 | (856) |
Adjustments related to postretirement benefits, tax | (318) | (216) | 228 |
Adjustments related to postretirement benefits, net of tax | 2,602 | 2,383 | (628) |
Other comprehensive income (loss), before tax | (22,521) | 29,920 | (8,378) |
Other comprehensive income (loss), tax | (415) | (216) | 228 |
Other comprehensive income (loss), net of tax | (22,936) | 29,704 | (8,150) |
Foreign currency translation adjustments, before tax | (22,859) | 27,321 | (7,522) |
Change in unrealized gain/loss on investments, before tax | (67) | ||
Change in unrealized gain/loss on investments, tax | 0 | ||
Change in unrealized gain/loss on investments, net of tax | (67) | 0 | 0 |
Reclassification due to sale of PBC Test Business | (2,515) | ||
Reclassification due to sale of PBC Test Business, tax | 0 | ||
Reclassification due to sale of PBC Test Business, net of tax | $ (2,515) | $ 0 | $ 0 |
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. 25, 2021 | Dec. 26, 2020 |
Total accumulated other comprehensive loss | $ (27,262) | $ (4,326) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated net currency translation adjustments | (25,833) | (2,877) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated net adjustments related to postretirement benefits | 1,153 | (1,449) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Accumulated net unrealized gain/loss on investments | (67) | 0 |
AOCI, Accumulated Reclassification, Sale of Business [Member] | ||
Accumulated reclassification due to sale of PBC Test Business | (2,515) | 0 |
AOCI Attributable to Parent [Member] | ||
Total accumulated other comprehensive loss | $ (27,262) | $ (4,326) |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) | Dec. 25, 2021 |
Blackrock [Member] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.10% |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details Textual) | Dec. 25, 2021USD ($) |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | PCB Test Business Sale [Member] | |
Reserve for excess and obsolete inventories not charged to expense PCB Test sale | $ 2.2 |
Schedule II - Valuation and Q_4
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
Balance, beginning of year | $ 128 | $ 9 | $ 40 | ||
Additions (reductions) not charged to expense | [1] | 14 | (1) | 24 | |
Additions (reduction) charged (credited) to expense | 149 | 79 | (28) | ||
Deductions/write-offs | 1 | (41) | 27 | ||
Balance, end of year | 290 | 128 | 9 | ||
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||||
Balance, beginning of year | 26,937 | 20,958 | 23,938 | ||
Additions (reductions) not charged to expense | [1] | (2,926) | [2] | 4,611 | 1,285 |
Additions (reduction) charged (credited) to expense | 7,102 | 8,117 | 4,792 | ||
Deductions/write-offs | 8,101 | 6,749 | 9,057 | ||
Balance, end of year | $ 23,012 | $ 26,937 | $ 20,958 | ||
[1] | Changes in reserve balances resulting from foreign currency impact and reclassifications from other reserves. | ||||
[2] | Reductions not charged to expense includes $2,206 transferred as part of the sale of our PCB Test business. |