0001437749-24-004596 | 10-K | XBRL Viewer

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Note 7 - Business Acquisitions - Preliminary Allocation of Intangible Assets (Details) - USD ($) $ in Millions	Oct. 02, 2023	Jan. 30, 2023
MCT Worldwide, LLC [Member]
Intangible assets, estimated fair value		$ 12.0
Equiptest Engineering Pte Ltd. (“EQT”) [Member]
Intangible assets, estimated fair value	$ 34.5
Developed Technology Rights [Member] \| MCT Worldwide, LLC [Member]
Finite-lived intangible assets, estimated fair value		$ 7.5
Finite-lived intangible assets, average useful life (Year)		7 years
Developed Technology Rights [Member] \| Equiptest Engineering Pte Ltd. (“EQT”) [Member]
Finite-lived intangible assets, estimated fair value	$ 20.6
Finite-lived intangible assets, average useful life (Year)	8 years
Customer Relationships [Member] \| MCT Worldwide, LLC [Member]
Finite-lived intangible assets, estimated fair value		$ 4.0
Finite-lived intangible assets, average useful life (Year)		10 years
Customer Relationships [Member] \| Equiptest Engineering Pte Ltd. (“EQT”) [Member]
Finite-lived intangible assets, estimated fair value	$ 12.9
Finite-lived intangible assets, average useful life (Year)	10 years
Order or Production Backlog [Member] \| MCT Worldwide, LLC [Member]
Finite-lived intangible assets, estimated fair value		$ 0.5
Finite-lived intangible assets, average useful life (Year)		6 months
Order or Production Backlog [Member] \| Equiptest Engineering Pte Ltd. (“EQT”) [Member]
Finite-lived intangible assets, estimated fair value	$ 0.1
Finite-lived intangible assets, average useful life (Year)	1 year
Trademarks and Trade Names [Member] \| Equiptest Engineering Pte Ltd. (“EQT”) [Member]
Finite-lived intangible assets, estimated fair value	$ 0.9
Finite-lived intangible assets, average useful life (Year)	5 years

Note 16 - Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Foreign currency translation adjustments, before tax	$ 6,256	$ (17,991)	$ (22,859)
Foreign currency translation adjustments, tax	559	41	(97)
Foreign currency translation adjustments, net of tax	6,815	(17,950)	(22,956)
Adjustments related to postretirement benefits, before tax	(2,800)	6,690	2,920
Adjustments related to postretirement benefits, tax	425	(796)	(318)
Adjustments related to postretirement benefits, net of tax	(2,375)	5,894	2,602
Change in unrealized gain/loss on investments, before tax	793	(694)	(67)
Change in unrealized gain/loss on investments, tax	0	0	0
Change in unrealized gain/loss on investments, net of tax	793	(694)	(67)
Reclassification due to sale of PBC Test Business, before tax			(2,515)
Reclassification due to sale of PBC Test Business, tax			0
Reclassification due to sale of PBC Test Business, net of tax	0	0	(2,515)
Other comprehensive loss, before tax	4,249	(11,995)	(22,521)
Other comprehensive loss, tax	984	(755)	(415)
Other comprehensive loss, net of tax	$ 5,233	$ (12,750)	$ (22,936)

Note 3 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Lines of credit	$ 1,773	$ 1,907
Total debt	40,876	79,739
Less: financing fees and discount	(249)	(764)
Less: current portion	(6,324)	(6,311)
Total long-term debt	34,303	72,664
Secured Term Loan Facility [Member]
Long term Debt	29,327	66,952
Less: current portion	(3,400)	(3,200)
Kita Term Loans [Member]
Long term Debt	2,095	2,466
Less: current portion	(200)	(200)
Construction Loan [Member]
Long term Debt	$ 7,681	$ 8,414

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Note 2 - Goodwill and Purchased Intangible Assets

12 Months Ended

Dec. 30, 2023

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 30, 2023, and December 31, 2022, were as follows (in thousands):

	Total Goodwill
Balance December 25, 2021	$	219,791
Impact of currency exchange		(6,252	)
Balance December 31, 2022		213,539
Additions		24,132
Impact of currency exchange		3,987
Balance December 30, 2023	$	241,658

Purchased intangible assets, subject to amortization, are as follows (in thousands):

	December 30, 2023						December 31, 2022
					Remaining
	Gross Carrying		Accumulated		Useful Life		Gross Carrying		Accumulated
	Amount		Amortization		(years)		Amount		Amortization
Developed technology	$	233,623	$	137,168		4.2	$	224,253	$	128,938
Customer relationships		73,759		28,932		7.1		64,632		31,015
Trade names		21,569		11,231		5.4		20,461		9,397
Backlog		100		25		0.8		-		-
Covenant not-to-compete		250		175		3.0		269		161
	$	329,301	$	177,531			$	309,615	$	169,511

Changes in the carrying values of purchased intangible assets presented above are a result of the impact of fluctuation in currency exchange rates, the sale of our PCB Test business and the acquisitions of MCT and EQT.

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 be recoverable. We completed our required annual goodwill impairment testing as of October 1, 2023, the first day of our fourth quarter and concluded there were no impairments of goodwill within our reporting units or our indefinite-lived intangible assets at that time. Other events and changes in circumstances may also require goodwill and our indefinite-lived intangible assets to be tested for impairment between annual measurement dates.

During 2021 we completed and transferred to developed technology an in-process technology project which was reviewed for impairment as part of this process. Due to a change in forecasted results an impairment charge of $0.1 million was recorded.

Amortization expense related to purchased intangible assets was approximately $36.4 million in 2023, $33.2 million in 2022 and $35.4 million in 2021. As of December 30, 2023, we expect amortization expense in future periods to be as follows: 2024 - $39.3 million; 2025 - $30.6 million; 2026 - $24.4 million; 2027 - $20.8 million 2028 - $18.2 million; and thereafter $18.5 million.

Note 2 - Goodwill and Purchased Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 30, 2023	Dec. 25, 2021	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Goodwill, Impairment Loss	$ 0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 0	$ 0	$ 100
Amortization of Intangible Assets			36,355	$ 33,185	$ 35,414
Finite-Lived Intangible Asset, Expected Amortization, Year One	39,300		39,300
Finite-Lived Intangible Asset, Expected Amortization, Year Two	30,600		30,600
Finite-Lived Intangible Asset, Expected Amortization, Year Three	24,400		24,400
Finite-Lived Intangible Asset, Expected Amortization, Year Four	20,800		20,800
Finite-Lived Intangible Asset, Expected Amortization, Year Five	18,200		18,200
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	$ 18,500		$ 18,500
Indefinite-lived In Process Research and Development [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 100

Note 17 - Related Party Transactions (Details Textual)	Dec. 31, 2023
Blackrock [Member]
Subsidiary, Ownership Percentage, Noncontrolling Owner	15.80%

Note 12 - Leases - Balance Sheet Information (Details) - USD ($)
$ in Thousands

Dec. 30, 2023

Dec. 31, 2022

Operating lease assets

$ 16,778

$ 22,804

Total lease assets

17,025

23,127

Total lease liabilities

$ 18,308

$ 24,185

Operating leases (Year)

5 years 6 months

6 years 2 months 12 days

Finance leases (Year)

2 years 1 month 6 days

1 year 8 months 12 days

Operating leases

6.40%

6.20%

Finance leases

4.00%

2.20%

Property, Plant and Equipment, Net [Member]

Finance lease assets

^[1]

$ 247

$ 323

Other Accrued Liabilities [Member]

Operating, current

5,122

4,927

Finance, current

Long-term Lease Liabilities [Member]

Operating, noncurrent

13,160

19,185

Finance, noncurrent

$ 15

$ 24

[1]	Finance lease assets are recorded net of accumulated amortization of $0.3 million and $0.2 million in 2023 and 2022, respectively.

Note 2 - Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Gross Carrying Amount, finite-lived intangible assets	$ 329,301	$ 309,615
Accumulated Amortization	177,531	169,511
Developed Technology Rights [Member]
Gross Carrying Amount, finite-lived intangible assets	233,623	224,253
Accumulated Amortization	$ 137,168	128,938
Remaining Useful Life (Year)	4 years 2 months 12 days
Customer Relationships [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 73,759	64,632
Accumulated Amortization	$ 28,932	31,015
Remaining Useful Life (Year)	7 years 1 month 6 days
Trade Names [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 21,569	20,461
Accumulated Amortization	$ 11,231	9,397
Remaining Useful Life (Year)	5 years 4 months 24 days
Order or Production Backlog [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 100	0
Accumulated Amortization	$ 25	0
Remaining Useful Life (Year)	9 months 18 days
Noncompete Agreements [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 250	269
Accumulated Amortization	$ 175	$ 161
Remaining Useful Life (Year)	3 years

Note 11 - Segment and Geographic Information - Summary of Current Segments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 25, 2021

Net sales

$ 636,322

$ 812,775

$ 887,214

Profit (loss) for reportable segments

141,933

Gain (Loss) on Disposition of Business

^[1]

(0)

70,815

Interest expense

(3,382)

(4,177)

(6,413)

Interest income

11,504

4,012

239

Gain (Loss) on Extinguishment of Debt

(369)

(312)

(3,411)

Profit (loss) from continuing operations before taxes

45,816

126,715

192,344

Total depreciation and amortization

49,744

46,016

48,568

Capital expenditures

$ 16,053

$ 14,770

12,000

Corporate, Non-Segment [Member]

Corporate expenses

(10,819)

Semiconductor Test and Inspection [Member]

Net sales

860,454

Profit (loss) for reportable segments

138,026

Total depreciation and amortization

48,129

Capital expenditures

11,954

PCB Test [Member]

Net sales

26,760

Profit (loss) for reportable segments

3,907

Total depreciation and amortization

439

Capital expenditures

$ 46

[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 - Guarantees (Details Textual) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Non-current Other Accrued Liabilities [Member]
Product Warranty Accrual, Noncurrent	$ 0.4	$ 0.6

Note 6 - Employee Benefit Plans - Reported Share-based Compensation in Consolidated Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Share-based compensation of continuing operations	$ 17,237	$ 14,918	$ 13,792
Income tax benefit	(1,770)	(4,004)	(722)
Total share-based compensation, net of tax	15,467	10,914	13,070
Cost of Sales [Member]
Share-based compensation of continuing operations	845	646	828
Research and Development Expense [Member]
Share-based compensation of continuing operations	3,394	3,100	3,017
Selling, General and Administrative Expenses [Member]
Share-based compensation of continuing operations	$ 12,998	$ 11,172	$ 9,947

Note 15 - Business Divestitures

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

15.

Business Divestitures

PCB Test Equipment Business

On June 24, 2021, we completed the sale of our PCB Test business, which represented our PCB Test reportable segment. As part of the transaction we also sold certain intellectual property held by our Semiconductor Test & Inspection segment that is utilized by the PCB Test business. Our decision to sell this non-core business resulted from management’s determination that that they were no longer a fit within our organization. We received gross proceeds of $125.1 million, subject to certain closing adjustments. The sale generated a $70.8 million pre-tax gain on sale of business, which was recorded in our consolidated statements of operations for the twelve months ended December 25, 2021. As a result of the closing of the transaction, we derecognized net assets of $48.2 million, including goodwill of $21.9 million and intangible assets of $14.8 million.

We evaluated the guidance in ASC Topic 205-20, Presentation of Financial Statements – Discontinued Operations, and determined that the divestment of our PCB Test business does not represent a strategic shift as the divestiture will not have a major effect on Cohu’s operations and financial results and, as a result, it is not presented as discontinued operations in any periods presented. Subsequent to the sale of our PCB Test business, we have one reportable segment, Semiconductor Test & Inspection.

Note 6 - Employee Benefit Plans (Details Textual) - USD ($)			12 Months Ended
	Dec. 30, 2023	May 10, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
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			$ 2,500,000	$ 2,400,000	$ 2,400,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	$ 100,000		100,000
Deferred Compensation Liability, Current	900,000		900,000	1,100,000
Cash Surrender Value of Life Insurance	1,400,000		$ 1,400,000	$ 1,400,000
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			$ 0	$ 200,000	$ 8,400,000
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	$ 27,900,000		$ 27,900,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 2 months 12 days
Minimum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue	0.00%		0.00%
Maximum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue	200.00%		200.00%
Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan, Shares Reserved for Future Issuance (in shares)	3,750,000		3,750,000
Percentage of Fair Value to Determine Price of Common Stock	85.00%		85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			146,829	160,855	161,351
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	799,669	600,000	799,669
Share-Based Compensation Arrangement by Share-Based Payment Award, Share Value		$ 12,500
Equity Incentive Plan 2005 [Member]
Percentage of Fair Value to Determine Price of Common Stock	100.00%		100.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	3,509,023	3,200,000	3,509,023
Cash Payout of Performance Awards Limitation Per Year	$ 4,000,000	$ 2,000,000
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
Equity Incentive Plan 2005 [Member] \| Director [Member]
Annual Limitation on Compensation		$ 750,000
Postretirement Health Coverage [Member]
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)			$ (6,000)	$ 382,000
Defined Benefit Plan, Expected Future Benefit Payment, Year One	100,000		100,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	100,000		100,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	100,000		100,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	100,000		100,000
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years	$ 600,000		600,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)			$ 100,000	$ 100,000
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.70%		4.70%	4.90%	2.50%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	4.40%		4.40%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 100,000		$ 100,000
Swiss Plan [Member]
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax	4,200,000		4,200,000	$ 6,800,000
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)			(1,391,000)	6,043,000
Defined Benefit Plan, Expected Future Employee and Employer Contributions, Next Twelve Months	900,000		900,000
Defined Benefit Plan, Expected Future Benefit Payment, Year One	1,200,000		1,200,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	1,100,000		1,100,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	1,200,000		1,200,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	1,400,000		1,400,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	1,300,000		1,300,000
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years	$ 7,300,000		7,300,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)			$ 553,000	$ 395,000	$ 1,228,000
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	1.50%		1.50%	2.30%
Swiss Plan [Member] \| Debt Securities and Cash [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50.00%		50.00%
Swiss Plan [Member] \| Real Estate Investments [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	24.00%		24.00%
Swiss Plan [Member] \| Alternative Investments [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	16.00%		16.00%
Swiss Plan [Member] \| Defined Benefit Plan, Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%		10.00%
Pre Age 65 Plan [Member] \| Postretirement Health Coverage [Member]
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	7.90%		7.90%
Defined Benefit Plan, Health Care Cost Trend Rate, Annual Rate of Change	(0.39%)		(0.39%)
Post Age 65 Plan [Member] \| Postretirement Health Coverage [Member]
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	8.70%		8.70%
Defined Benefit Plan, Health Care Cost Trend Rate, Annual Rate of Change	(0.48%)		(0.48%)

Note 6 - Employee Benefit Plans - Weighted-average Assumptions Used to Value Share-based Awards Granted (Details) - $ / shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Restricted Stock Units (RSUs) [Member]
Dividend yield	0.00%	0.00%	0.00%
Employee Stock Purchase Plan [Member]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	36.30%	45.60%	58.30%
Risk-free interest rate	4.50%	1.20%	0.10%
Expected term (Year)	6 months	6 months	6 months
Weighted-average grant date fair value per share (in dollars per share)	$ 8.54	$ 8.79	$ 9.42

Note 12 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Operating cash flows from operating leases	$ 6,756	$ 6,716	$ 7,628
Operating cash flows from finance leases	1	1	1
Financing cash flows from finance leases	52	167	186
Leased assets obtained in exchange for new finance lease liabilities	0	0	54
Leased assets obtained in exchange for new operating lease liabilities	1,415	2,874	3,866
MCT Worldwide, LLC [Member]
Financing lease assets acquired in MCT acquisition	19	0	0
Operating lease assets acquired in MCT acquisition	$ 130	$ 0	$ 0

Note 4 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Restructuring Charges	$ 2,421	$ 605	$ 1,823
MCT Integration Program [Member]
Restructuring Expenses	2,421
Xcerra Integration Program [Member]
Restructuring Expenses	(62)	151	1,265
Restructuring Charges	$ (100)	$ 200	$ 1,300

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 245,524	$ 242,341
Short-term investments	90,174	143,235
Accounts receivable, net	124,624	176,148
Inventories	155,793	170,141
Prepaid expenses	17,696	24,017
Other current assets	5,007	8,969
Total current assets	638,818	764,851
Property, plant and equipment, net	69,085	65,011
Goodwill	241,658	213,539
Intangible assets, net	151,770	140,104
Other assets	32,243	21,105
Operating lease right of use assets	16,778	22,804
Assets	1,150,352	1,227,414
Current liabilities:
Short-term borrowings	1,773	1,907
Current installments of long-term debt	4,551	4,404
Accounts payable	33,600	51,763
Customer advances	4,748	6,886
Accrued compensation and benefits	31,897	38,348
Accrued warranty	4,653	5,614
Deferred profit	3,586	8,022
Income taxes payable	4,024	26,648
Other accrued liabilities	14,589	17,280
Total current liabilities	103,421	160,872
Other accrued liabilities	8,262	7,620
Noncurrent income tax liabilities	7,065	6,486
Accrued retirement benefits	10,802	10,363
Deferred income taxes	23,154	21,359
Long-term debt	34,303	72,664
Long-term lease liabilities	13,175	19,209
Stockholders' equity:
Preferred stock, $1 par value; 1,000 shares authorized, none issued	0	0
Common stock, $1 par value; 90,000 shares authorized, 49,429 shares issued and outstanding in 2023 and 49,276 shares in 2022	49,429	49,276
Paid-in capital	686,146	687,218
Treasury stock, at cost; 2,253 shares in 2023 and 1,767 shares in 2022	(69,184)	(58,043)
Retained earnings	318,558	290,402
Accumulated other comprehensive loss	(34,779)	(40,012)
Total stockholders' equity	950,170	928,841
Liabilities and Equity	$ 1,150,352	$ 1,227,414

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. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Benefit obligation at beginning of year	$ (21,628)	$ (28,765)
Service cost	(551)	(954)	$ (1,223)
Interest cost	(510)	(56)	(61)
Actuarial (gain) loss	(1,391)	6,043
Participant contributions	(1,153)	(1,459)
Benefits paid	385	378
Plan change	0	397
Settlements	2,177	2,426
Foreign currency exchange adjustment	(2,213)	362
Benefit obligation at end of year	(24,884)	(21,628)	(28,765)
Fair value of plan assets at beginning of year	18,411	18,919
Return on assets, net of actuarial loss	52	119
Employer contributions	860	831
Participant contributions	1,153	1,459
Benefits paid	(385)	(378)
Settlements	(2,177)	(2,426)
Foreign currency exchange adjustment	1,786	(113)
Fair value of plan assets at end of year	19,700	18,411	$ 18,919
Net liability at end of year	$ (5,184)	$ (3,217)

Note 14 - Guarantees (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

(in thousands)	2023			2022			2021
Beginning balance	$	6,214		$	7,691		$	6,382
Warranty accruals		6,555			8,897			13,389
Warranty payments		(7,862	)		(10,374	)		(11,135	)
Warranty liability transferred		110			-			(945	)
Ending balance	$	5,017		$	6,214		$	7,691

Note 10 - Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rate to Provision (Benefit) (Details) (Parentheticals)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
U.S. statutory rate	21.00%	21.00%	21.00%

Note 5 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position, Amortized Cost	$ 38.5	$ 86.3
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 38.4	$ 85.5

Note 8 - Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Derivative Instruments [Table Text Block]

Currency	Contract Position	Contract Amount (Local Currency)		Contract Amount (U.S. Dollars)
Euro	Buy		89,186	$	98,800
Swiss Franc	Buy		10,407		12,400
South Korean Won			2,574,040		2,000
Malaysian Ringgit			9,200		2,000
				$	115,200

Derivative Instruments, Gain (Loss) [Table Text Block]

Derivatives Not Designated	Location of Gain (Loss)	Fiscal Year
as Hedging Instruments	Recognized on Derivatives	2023			2022			2021
Foreign exchange forward contracts	Foreign transaction gain (loss)	$	(2,127	)	$	(5,356	)	$	(3,428	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Note 2 - Goodwill and Purchased Intangible Assets - Summary of Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Beginning balance	$ 213,539	$ 219,791
Impact of currency exchange	3,987	(6,252)
Additions	24,132
Ending balance	$ 241,658	$ 213,539

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Total
Balance at Dec. 26, 2020	$ 42,190	$ 448,194	$ 26,230	$ (4,326)	$ 0	$ 512,288
Common stock repurchases	0	0	0	0	(7,324)	(7,324)
Net income (loss)	0	0	167,325	0	0	167,325
Changes in cumulative translation adjustment	0	0	0	(22,956)	0	(22,956)
Adjustments related to postretirement benefits, net of tax	0	0	0	2,602	0	2,602
Changes in unrealized gains and losses on investments, net of tax	0	0	0	(67)	0	(67)
Exercise of stock options	250	2,260	0	0	0	2,510
Shares issued under ESPP	161	3,403	0	0	0	3,564
Shares issued for restricted stock units vested	704	(704)	0	0	0	0
Repurchase and retirement of stock	(242)	(10,222)	0	0	0	(10,464)
Impact of sale of PCB Test business	0	0	0	(2,515)	0	(2,515)
Share-based compensation expense	0	14,420	0	0	0	14,420
Sale of common stock, net of issuance costs	5,693	217,426	0	0	0	223,119
Balance at Dec. 25, 2021	48,756	674,777	193,555	(27,262)	(7,324)	882,502
Common stock repurchases	0	0	0	0	(50,719)	(50,719)
Net income (loss)	0	0	96,847	0	0	96,847
Changes in cumulative translation adjustment	0	0	0	(17,950)	0	(17,950)
Adjustments related to postretirement benefits, net of tax	0	0	0	5,894	0	5,894
Changes in unrealized gains and losses on investments, net of tax	0	0	0	(694)	0	(694)
Exercise of stock options	12	105	0	0	0	117
Shares issued under ESPP	161	3,470	0	0	0	3,631
Shares issued for restricted stock units vested	529	(529)	0	0	0	0
Repurchase and retirement of stock	(182)	(5,523)	0	0	0	(5,705)
Share-based compensation expense	0	14,918	0	0	0	14,918
Balance at Dec. 31, 2022	49,276	687,218	290,402	(40,012)	(58,043)	928,841
Common stock repurchases	0	0	0	0	(23,641)	(23,641)
Net income (loss)	0	0	28,156	0	0	28,156
Changes in cumulative translation adjustment	0	0	0	6,815	0	6,815
Adjustments related to postretirement benefits, net of tax	0	0	0	(2,375)	0	(2,375)
Changes in unrealized gains and losses on investments, net of tax	0	0	0	793	0	793
Shares issued under ESPP	147	3,785	0	0	0	3,932
Shares issued for restricted stock units vested	6	(20,174)	0	0	20,168	0
Share-based compensation expense	0	17,237	0	0	0	17,237
Repurchase and retirement of stock	0	(1,920)	0	0	(7,668)	(9,588)
Balance at Dec. 30, 2023	$ 49,429	$ 686,146	$ 318,558	$ (34,779)	$ (69,184)	$ 950,170

Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Property, plant and equipment	$ 155,809	$ 143,336
Less accumulated depreciation and amortization	(86,724)	(78,325)
Property, plant and equipment, net	69,085	65,011
Land and Land Improvements [Member]
Property, plant and equipment	7,301	7,066
Building and Building Improvements [Member]
Property, plant and equipment	39,677	31,161
Machinery and Equipment [Member]
Property, plant and equipment	$ 108,831	$ 105,109

Note 17 - Related Party Transactions

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

17.

Related Party Transactions

At December 30, 2023, certain of our cash and short-term investments were held and managed by BlackRock, Inc. which owns 15.8% of our outstanding common stock as reported in its Form 13-G/A filing made with the Securities and Exchange Commission on January 22, 2024.

We have an ownership interest in Fraes-und Technologiezentrum GmbH Frasdorf (“FTZ”), a company based in Germany that provides milling services to one of our wholly owned subsidiaries. This investment is accounted for under the equity method and is not material to our consolidated balance sheets. During 2023, 2022 and 2021, purchases of products from FTZ were not material.

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 as part of the sale of the PCB Test business and ETZ is no longer a related party. During 2021, purchases of products from ETZ, when it was a related party, were not material.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Cash flows from operating activities:
Net income	$ 28,156	$ 96,847	$ 167,325
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on business divestitures	0	0	(70,815)
Interest capitalized associated with cloud computing implementation	0	(199)	(91)
Net accretion on investments	(1,364)	(859)	0
Loss on extinguishment of debt	369	312	3,411
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	0	100
Depreciation and amortization	49,744	46,016	48,568
Share-based compensation expense	17,237	14,918	13,792
Inventory related charges	5,619	6,725	6,523
Amortization of debt discounts and issuance costs	146	315	643
Accrued retiree benefits	(540)	(1,589)	(500)
Deferred income taxes	(4,774)	(3,504)	953
Changes in other assets	(13,286)	(3,230)	(1,652)
Amortization of cloud-based software implementation costs	2,800	2,060	1,644
(Gain) loss from sale of property, plant and equipment	(4)	(203)	1
Changes in other accrued liabilities	(702)	(943)	(416)
Operating lease right-of-use assets	7,656	5,139	6,746
Changes in current assets and liabilities, excluding effects from divestitures:
Customer advances	(2,309)	(184)	(4,090)
Accounts receivable	61,899	12,451	(59,123)
Inventories	12,839	(18,508)	(35,864)
Accrued compensation, warranty and other liabilities	(14,897)	(4,007)	225
Accounts payable	(21,356)	(33,130)	17,316
Deferred profit	(4,447)	(5,014)	4,732
Other current assets	10,920	(16,202)	1,709
Income taxes payable	(24,782)	20,908	3,444
Current and long-term operating lease liabilities	(7,454)	(5,258)	(6,666)
Net cash provided by operating activities	101,470	112,861	97,915
Cash flows from investing activities:
Purchases of property, plant and equipment	(16,053)	(14,770)	(12,000)
Net cash received from sale of land, facility and assets	216	349	157
Purchases of short-term investments	(97,290)	(208,856)	(204,699)
Sales and maturities of short-term investments	152,649	155,406	135,549
Cash received from disposition of business, net of cash paid	0	0	120,886
Net cash provided by (used in) investing activities	(30,210)	(67,871)	39,893
Cash flows from financing activities:
Proceeds from revolving line of credit and construction loans	0	0	1,376
Repayments of long-term debt	(38,788)	(38,226)	(206,069)
Net issuance (repurchases) of stock, including awards settled in cash	(5,656)	(1,957)	(4,390)
Payments on current and long-term finance lease liabilities	(52)	(167)	(186)
Acquisition of treasury stock	(23,641)	(50,719)	(7,324)
Proceeds received from issuance of common stock, net of fees	0	0	223,119
Net cash provided by (used in) financing activities	(68,137)	(91,069)	6,526
Effect of exchange rate changes on cash and cash equivalents	60	(1,781)	(3,491)
Net increase (decrease) in cash and cash equivalents	3,183	(47,860)	140,843
Cash and cash equivalents at beginning of year	242,341	290,201	149,358
Cash and cash equivalents at end of year	245,524	242,341	290,201
Supplemental disclosure of cash flow information:
Cash paid for income taxes	44,276	23,123	22,717
Cash paid for interest	3,424	3,443	6,253
Property, plant and equipment purchases included in accounts payable	124	152	624
Inventory capitalized as capital assets	1,215	2,529	1,635
MCT Worldwide, LLC [Member]
Cash flows from investing activities:
Payment for purchase of business, net of cash received	(26,331)	0	0
Equiptest Engineering Pte Ltd. [Member]
Cash flows from investing activities:
Payment for purchase of business, net of cash received	$ (43,401)	$ 0	$ 0

Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 25, 2021

Net sales

$ 636,322

$ 812,775

$ 887,214

Cost and expenses:

Cost of sales (1)

^[1]

333,454

429,449

500,253

Research and development

88,571

92,589

91,963

Selling, general and administrative

132,249

131,390

126,958

Amortization of cost

36,355

33,185

35,414

Gain on sale of PCB Test business (2)

^[2]

(70,815)

Restructuring charges (Note 4)

2,421

605

1,823

Impairment charges

100

Costs and Expenses

593,050

687,218

685,696

Income from operations

43,272

125,557

201,518

Other (expense) income:

Interest expense

(3,382)

(4,177)

(6,413)

Interest income

11,504

4,012

239

Foreign transaction gain (loss)

(5,209)

1,635

411

Loss on extinguishment of debt

(369)

(312)

(3,411)

Total

45,816

126,715

192,344

Income tax provision

17,660

29,868

25,019

Net income

$ 28,156

$ 96,847

$ 167,325

Basic: (in dollars per share)

$ 0.59

$ 2.01

$ 3.53

Diluted: (in dollars per share)

$ 0.59

$ 1.98

$ 3.45

Weighted average shares used in computing income per share:

Basic (in shares)

47,486

48,178

47,409

Diluted (in shares)

48,025

48,799

48,460

[1]

Excludes amortization of $28,418, $26,023, and $27,508 for the years ended December 30, 2023, December 31, 2022, and December 25, 2021, respectively.

[2]

Note 10 - 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. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Tax provision at U.S. 21% statutory rate	$ 9,470	$ 26,610	$ 40,392
State income taxes, net of federal tax benefit	(633)	(1,535)	2,246
Accruals, adjustments and releases from statute expirations	579	348	(787)
Federal R&D credits	(1,360)	(1,679)	(943)
Stock-based compensation	(1,504)	(572)	(4,802)
Excess executive compensation	1,375	946	1,608
Change in valuation allowance	10,654	13,307	(9,882)
Exemption of PTG gain	0	0	(12,378)
Dividend, net of foreign tax credits	0	13	693
GILTI, net of foreign tax credits	1,735	3,458	9,343
Foreign rate differential	2,093	(6,131)	(1,023)
Other, net	(4,749)	(4,897)	552
Income Tax Expense (Benefit)	$ 17,660	$ 29,868	$ 25,019

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation – Cohu, Inc. (“Cohu”, “we”, “our”, “us” and the “Company”), through our wholly owned subsidiaries, is a provider of semiconductor test equipment and services. Our consolidated financial statements include the accounts of Cohu and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. We evaluate the need to consolidate affiliates based on standards set forth in ASC Topic 810, Consolidation (“ASC 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- or 53-week period ending on the last Saturday in December. Our fiscal years ended on December 30, 2023 and December 25, 2021, each consisted of 52 weeks. Our fiscal year ended on December 31, 2022 consisted of 53 weeks.

Business Divestitures [Policy Text Block]

Business Divestitures – On June 24, 2021, we completed the sale of our PCB Test business, which represented our PCB Test segment. As part of the transaction we also sold certain intellectual property held by our Semiconductor Test & Inspection segment that is utilized by the PCB Test business. Our decision to sell this non-core business and assets resulted from management’s determination that that it was not a fit within the core business of our organization which is delivering leading-edge solutions for the manufacturing of semiconductors through back-end semiconductor equipment and services. See Note 15, “Business Divestitures” for additional information.

Earnings Per Share, Policy [Policy Text Block]

Income Per Share – Basic income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted income per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income per share, stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the years ended December 30, 2023, December 31, 2022 and December 25, 2021, approximately 193,000, 261,000, and 180,000 shares, respectively, of potentially issuable shares of our common stock were excluded from the computation.

The following table reconciles the denominators used in computing basic and diluted income per share:

(in thousands)	2023		2022		2021
Weighted average common shares outstanding		47,486		48,178		47,409
Effect of dilutive stock options and restricted stock units		539		621		1,051
		48,025		48,799		48,460

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash, Cash Equivalents and Short-term Investments – Highly liquid investments with insignificant interest rate risk and original maturities of three months or less are classified as cash and cash equivalents. Investments with maturities greater than three months are classified as short-term investments. All of our short-term investments in debt securities are classified as available-for-sale and are reported at fair value, with any unrealized gains and losses, net of tax, recorded in the statement of comprehensive income (loss). We manage our cash equivalents and short-term investments as a single portfolio of highly marketable securities. We have the ability and intent, if necessary, to liquidate any of our investments in order to meet the liquidity needs of our current operations during the next 12 months. Accordingly, investments with contractual maturities greater than one year have been classified as current assets in the accompanying consolidated balance sheets.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments – The carrying amounts of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximate fair value due to the short maturities of these financial instruments.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk – Financial instruments that potentially subject us to significant credit risk consist principally of cash equivalents, short-term investments and trade accounts receivable. We invest in a variety of financial instruments and, by policy, limit the amount of credit exposure with any one issuer.

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 (“ASC 326”). Our customers include semiconductor manufacturers and semiconductor test subcontractors throughout many areas of the world. While we believe that our allowance for credit losses is adequate and represents our best estimate at December 30, 2023, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding expected credit losses.

Inventory, Policy [Policy Text Block]

Inventories – Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Cost includes labor, material and overhead costs. Determining the net realizable value of inventories involves numerous estimates and judgments including projecting average selling prices and sales volumes for future periods and costs to complete and dispose of inventory. As a result of these analyses, we record a charge to cost of sales in advance of the period when the inventory is sold when estimated market values are below our costs. Charges to cost of sales for excess and obsolete inventories totaled $4.5 million, $7.2 million and $7.1 million in 2023, 2022 and 2021, respectively.

Inventories by category were as follows (in thousands):

	December 30,		December 31,
	2023		2022
Raw materials and purchased parts	$	103,118	$	106,041
Work in process		26,820		36,024
Finished goods		25,855		28,076
Total inventories	$	155,793	$	170,141

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment – Depreciation and amortization of property, plant and equipment, both owned and under financing lease, is calculated principally on the straight‑line method based on estimated useful lives of thirty to forty years for buildings, five to fifteen years for building improvements, three to ten years for machinery, equipment and software and the lease life for financing leases. Land is not depreciated.

Property, plant and equipment, at cost, consisted of the following (in thousands):

	December 30,			December 31,
	2023			2022
Land and land improvements	$	7,301		$	7,066
Buildings and building improvements		39,677			31,161
Machinery and equipment		108,831			105,109
		155,809			143,336
Less accumulated depreciation and amortization		(86,724	)		(78,325	)
Property, plant and equipment, net	$	69,085		$	65,011

Depreciation expense was $13.4 million in 2023, $12.8 million in 2022 and $13.2 million in 2021. The decrease in depreciation expense between 2022 and 2021 recognized is a result of assets becoming fully depreciated.

Internal Use Software, Policy [Policy Text Block]

Cloud Computing Implementation Costs – We have capitalized certain costs associated with the implementation of our new cloud-based Enterprise Resource Planning (“ERP”) system in accordance with ASC Topic 350, Intangibles—Goodwill and Other (“ASC 350”). Capitalized costs include only external direct costs of materials and services consumed in developing the system and interest costs incurred, when material, while developing the system.

Total unamortized capitalized cloud computing implementation costs totaled $12.2 million and $14.7 million at December 30, 2023 and December 31, 2022, respectively. These amounts are recorded within other assets in our consolidated balance sheets. Implementation costs are amortized using the straight-line method over seven years and we recorded $2.8 million and $2.1 million in amortization expense during the years ended December 30, 2023 and December 31, 2022, respectively.

Segment Reporting, Policy [Policy Text Block]

Segment Information – We applied the provisions of ASC Topic 280, Segment Reporting (“ASC 280”), which sets forth a management approach to segment reporting and establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker and for which discrete financial information is available. We have determined that our three identified operating segments are: Test Handler Group (“THG”), Semiconductor Tester Group (“STG”) and Interface Solutions Group (“ISG”). Our THG, STG and ISG operating segments qualify for aggregation under ASC 280 due to similarities in their customers, their economic characteristics, and the nature of products and services provided. As a result, we report in one segment, Semiconductor Test & Inspection. Prior to the sale of our PCB Test business on June 24, 2021, we reported in two segments, Semiconductor Test & Inspection and PCB Test.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill, Purchased Intangible Assets and Other Long-lived Assets – We evaluate goodwill and other indefinite-lived intangible assets, which are solely comprised of in-process research and development (“IPR&D”), for impairment annually and when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. We test goodwill for impairment by first comparing the book value of net assets to the fair value of the reporting unit or, in the case of in-process research and development, to the fair value of the asset. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of impairment as the difference between the fair value of the reporting unit and its carrying value, not to exceed the carrying value of goodwill. We estimated the fair values of our reporting units using a weighting of the income and market approaches. Under the income approach, we use a discounted cash flow methodology to derive an indication of value, which requires management to make significant estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, perpetual growth rates, and long-term discount rates, among others. For the market approach, we use the guideline public company method. Under this method we utilize information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units, to create valuation multiples that are applied to the operating performance metrics of the reporting unit being tested, in order to obtain an indication of value. We then apply a 50/50 weighting to the indicated values from the income and market approaches to derive the fair values of the reporting units. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on customer forecasts, industry trade organization data and general economic conditions. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors.

We conduct our annual impairment test as of October 1st of each year, and have determined there was no impairment as of October 1, 2023, as we determined that the estimated fair values of our reporting units exceeded their carrying values on that date. Other events and changes in circumstances may also require goodwill to be tested for impairment between annual measurement dates. As of December 30, 2023, we do not believe that circumstances have occurred that indicate impairment of our goodwill is more-likely-than-not. In the event we determine that an interim goodwill impairment review is required, in a future period, the review may result in an impairment charge, which would have a negative impact on our results of operations.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. We measure the impairment loss based on the difference between the carrying amount and estimated fair value.

Standard Product Warranty, Policy [Policy Text Block]

Product Warranty – Product warranty costs are accrued in the period sales are recognized. Our products are generally sold with standard warranty periods, which differ by product, ranging from 12 to 36 months. Parts and labor are typically covered under the terms of the warranty agreement. Our warranty expense accruals are based on historical and estimated costs by product and configuration. From time-to-time we offer customers extended warranties beyond the standard warranty period. In those situations, the revenue relating to the extended warranty is deferred at its estimated fair value and recognized on a straight-line basis over the contract period. Costs associated with our extended warranty contracts are expensed as incurred.

Income Tax, Policy [Policy Text Block]

Income Taxes – We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized and recorded, net of federal and state tax benefits, in income tax expense.

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 to be realized in the future.

Commitments and Contingencies, Policy [Policy Text Block]

Contingencies and Litigation – We assess the probability of adverse judgments in connection with current and threatened litigation. We would accrue the cost of an adverse judgment if, in our estimation, the adverse outcome is probable, and we can reasonably estimate the ultimate cost.

Lessee, Leases [Policy Text Block]

Leases – We determine if a contract contains a lease at inception. Operating leases are included in operating lease right of use (“ROU”) assets, current other accrued liabilities, and long-term lease liabilities on our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current accrued liabilities, and long-term lease liabilities on our consolidated balance sheets.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the adoption date of January 1, 2019, or the commencement date for leases entered into after the adoption date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rates for the remaining lease terms based on the information available at the adoption date or commencement date in determining the present value of future payments.

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 include renewal options to extend the lease when it is reasonably certain that we will exercise those options. In addition, we include purchase option amounts in our calculations when it is reasonably certain that we will exercise those options. Rent expense for minimum payments under operating leases is recognized on a straight-line basis over the term.

Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet but recognized in our consolidated statements of operations on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component and include both in our calculation of the ROU assets and lease liabilities.

We sublease certain leased assets to third parties, mainly as a result of unused space in our facilities. None of our subleases contain extension options. Variable lease payments in our subleases include tax payments that are based on prevailing rates. We account for lease and non-lease components as a single lease component.

Revenue [Policy Text Block]

Revenue Recognition – Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when the obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our systems, non-system products or the completion of services. In circumstances where control is not transferred until destination or acceptance, we defer revenue recognition until such events occur.

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 determinable and in the case of new products, revenue and cost of sales are deferred until customer acceptance has been received. Our post-shipment obligations typically include standard warranties. Service revenue is recognized over time as we transfer control to our customer for the related contract or upon completion of the services if they are short-term in nature. Spares, contactor and kit revenue is generally recognized upon shipment.

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 occur at different points in time or over different periods of time. For arrangements containing multiple performance obligations, the revenue relating to the undelivered performance obligation is deferred using the relative standalone selling price method utilizing estimated sales prices until satisfaction of the deferred performance obligation.

Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. At December 30, 2023 and December 31, 2022, we had $6.2 million and $7.1 million of revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) for contracts with original expected durations of over one year, respectively. As allowed under ASC 606, we have opted to not disclose unsatisfied performance obligations for contracts with original expected durations of less than one year.

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 Topic 460, Guarantees (“ASC 460”), and not as a separate performance obligation.

The transaction price reflects our expectations about the consideration we will be entitled to receive from the customer and may include fixed or variable amounts. Fixed consideration primarily includes sales to customers that are known as of the end of the reporting period. Variable consideration includes sales in which the amount of consideration that we will receive is unknown as of the end of a reporting period. Variable consideration arrangements are rare; however, when they occur, we estimate variable consideration as the expected value to which we expect to be entitled. Included in the transaction price estimate are amounts in which it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration that does not meet revenue recognition criteria is deferred.

Our contracts are typically less than one year in duration and we have elected to use the practical expedient available in ASC 606 to expense cost to obtain contracts as they are incurred because they would be amortized over less than one year.

Accounts receivable represent our unconditional right to receive consideration from our customers. Payments terms do not exceed one year from the invoice date and therefore do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets recorded on the consolidated balance sheet in any of the periods presented.

On shipments where sales are not recognized, gross profit is generally recorded as deferred profit in our consolidated balance sheet representing the difference between the receivable recorded and the inventory shipped. In certain instances where customer payments are received prior to product shipment, the customer’s payments are recorded as customer advances. At December 30, 2023, we had deferred revenue totaling approximately $8.8 million, current deferred profit of $3.6 million and deferred profit expected to be recognized after one year included in noncurrent other accrued liabilities of $4.9 million. At December 31, 2022, we had deferred revenue totaling approximately $16.1 million, current deferred profit of $8.0 million and deferred profit expected to be recognized after one year included in noncurrent other accrued liabilities of $5.5 million.

Disaggregated net sales by segment are as follows:

(in thousands)	2023		2022		2021
Systems-Semiconductor Test & Inspection	$	326,448	$	474,655	$	541,589
Non-systems-Semiconductor Test & Inspection		309,874		338,120		318,865
Systems-PCB Test		-		-		17,831
Non-systems-PCB Test		-		-		8,929
Net sales	$	636,322	$	812,775	$	887,214

Advertising Cost [Policy Text Block]

Advertising Costs – Advertising costs are expensed as incurred and were not material for all periods presented.

Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]

Restructuring Costs – We record restructuring activities including costs for one-time termination benefits in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”). The timing of recognition for severance costs accounted for under ASC 420 depends on whether employees are required to render service until they are terminated in order to receive the termination benefits. If employees are required to render service until they are terminated in order to receive the termination benefits, a liability is recognized ratably over the future service period. Otherwise, a liability is recognized when management has committed to a restructuring plan and has communicated those actions to employees. Employee termination benefits covered by existing benefit arrangements are recorded in accordance with ASC Topic 712, Nonretirement Postemployment Benefits. These costs are recognized when management has committed to a restructuring plan and the severance costs are probable and estimable.

Debt, Policy [Policy Text Block]

Debt Issuance Costs – We defer costs related to the issuance of debt. Debt issuance costs directly related to our Term Loan Credit Facility are presented within noncurrent liabilities as a reduction of long-term debt in our consolidated balance sheets. The amortization of such costs is recognized as interest expense using the effective interest method over the term of the respective debt issue. Amortization related to deferred debt issuance costs and original discount costs was $0.1 million, $0.3 million and $0.6 million for the years ended December 30, 2023, December 31, 2022 and December 25, 2021, respectively.

Share-Based Payment Arrangement [Policy Text Block]

Share-based Compensation – We measure and recognize all share-based compensation under the fair value method. Our estimate of share-based compensation expense requires a number of assumptions including our stock price volatility, employee exercise patterns (expected life of the options) and related tax effects. The assumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. Although we believe the assumptions and estimates we have made are reasonable and appropriate, changes in assumptions could materially impact our reported financial results.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Remeasurement and Currency Translation – Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. During the year ended December 30, 2023, in our consolidated statement of income we recognized a foreign exchange loss of $5.2 million. During the years ended December 31, 2022 and December 25, 2021, we recognized foreign exchange gains totaling $1.6 million and $0.4 million, respectively.

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 – We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. To minimize foreign exchange volatility we enter into foreign currency forward contracts with a financial institution to hedge against future movements in foreign exchange rates that affect certain existing U.S. Dollar denominated assets and liabilities at our subsidiaries whose functional currency is the local currency. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with foreign currency transaction gains or losses. Additional information related to our foreign exchange derivative contracts is included in Note 8, “Derivative Financial Instruments”.

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss – Our accumulated other comprehensive loss totaled approximately $34.8 million at December 30, 2023, and $40.0 million at December 31, 2022, and was attributed to, net of income taxes where applicable, foreign currency adjustments resulting from the translation of certain accounts into U.S. Dollars, changes in unrealized gains and losses on investments and adjustments to accumulated postretirement benefit obligations. The U.S. Dollar strengthened relative to certain foreign currencies in countries where we have operations as of December 31, 2022 and then weakened as of December 30, 2023 and consequently, our accumulated other comprehensive loss attributed to foreign currency translation adjustments increased by $18.0 million and decreased by $6.8 million during the years ended December 31, 2022 and December 30, 2023, respectively. Reclassification adjustments from accumulated other comprehensive loss during 2023 and 2022 were not significant. Additional information related to accumulated other comprehensive loss, on an after-tax basis is included in Note 16, “Accumulated Other Comprehensive Income”.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements – In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASC 848”). ASC 848 provides temporary optional expedients and exceptions to certain U.S. GAAP contract modification requirements for contracts affected by reference rate reform as entities transition away from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients in ASC 848.

Effective June 16, 2023, we adopted ASC 848. Our Term Loan B Credit and Guaranty Agreement is our only contract where interest expense is based on LIBOR. The ICE Benchmark Administration Limited, LIBOR’s administrator, has ceased publishing certain LIBOR settings and stopped publishing the Overnight, 1-month, 3-month, 6-month, and 12-month USD LIBOR U.S. dollar settings in 2023. As a result, we commenced the transition of our LIBOR-based contract to SOFR. The optional expedients under ASC 848 have allowed and will allow us to account for contract modifications as continuations of the existing contract without further reassessments or remeasurements that would otherwise be required under the applicable U.S. GAAP.

Subsequent to our fiscal year ended December 30, 2023, on February 9, 2024, we made a cash payment of $29.3 million to repay the remaining outstanding principal of our Term Loan Credit Facility.

Recently Issued Accounting Pronouncements – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. We are currently evaluating the impact of the adoption of this standard.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU is effective for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. We are currently evaluating the impact of the adoption of this standard.

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Insider Trading Arrangements

2 Months Ended

12 Months Ended

Dec. 30, 2023

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

Item 9B. Other Information.

Rule 10b5-1 Trading Plans

Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by our insider trading policy. In accordance with Rule 10b5-1 and our insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of our stock, including shares acquired pursuant to our equity incentive plans. Under a Rule 10b5-1 trading plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The use of these trading plans permits asset diversification as well as personal financial and tax planning. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with SEC rules, the terms of our insider trading policy and certain minimum holding requirements. The following table shows the Rule 10b5-1 trading plans intended to satisfy the affirmative defense conditions of Rule 10b-1(c) adopted or terminated by our directors and executive officers during the fourth quarter of fiscal 2023.

	Plan	Plan	Expiration	Number of Shares
Name and Position	Action	Adoption Date	Date	to be Sold under Plan
Nina L. Richardson, Director	Adoption	11/7/2023	10/11/2024	4,999

Transactions by Section 16 directors and officers will be disclosed publicly through Form 144 and Form 4 filings with the SEC to the extent required by law. No non-Rule 10b5-1 trading arrangements (as defined by Item 408(a) of Regulation S-K) were entered into, adopted or terminated by any Section 16 director or officer during the fourth quarter of fiscal 2023.

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Trading Arrangement Adoption Date

November 7, 2023

Trading Arrangement, Securities Aggregate Available Amount

4,999

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Rule 10b5-1 Arrangement Adopted [Flag]

true

Trading Arrangement, Individual Name

Nina L. Richardson

Trading Arrangement, Individual Title

Director

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. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Discount rate	1.50%	2.30%
Compensation increase	2.00%	3.00%
Discount rate	1.50%	2.30%	0.20%
Rate of return on assets	1.50%	1.80%	0.70%
Compensation increase	2.00%	3.00%	1.10%

Note 6 - Employee Benefit Plans

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

6.	Employee Benefit Plans

Defined Contribution Retirement Plans – Cohu maintains a defined contribution 401(k) retirement savings plan covering all salaried and hourly U.S. employees. Participation is voluntary and participants’ contributions are based on their eligible compensation. Participants in the Cohu plan receive matching contributions of 50% up to 8% of salary contributed, subject to various statutory limits. In 2023, 2022 and 2021 we made matching contributions to the plan of $2.5 million, $2.4 million and $2.4 million, respectively.

Defined Benefit Retirement Plans – Some of our employees located in Europe and Asia participate in defined benefit retirement plans. Our largest defined benefit retirement plan is the Ismeca Europe Semiconductor BVG Pension Plan which covers our employees in Switzerland (“the Swiss Plan”) and the following discussion relates solely to the Swiss Plan.

Net periodic benefit cost of the Swiss Plan was as follows:

(in thousands)	2023			2022			2021
Service cost	$	551		$	954		$	1,223
Interest cost		510			56			61
Expected return on assets		(331	)		(128	)		(128	)
Settlements		(177	)		(487	)		72
Net periodic costs	$	553		$	395		$	1,228

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)	2023			2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	(21,628	)	$	(28,765	)
Service cost		(551	)		(954	)
Interest cost		(510	)		(56	)
Actuarial gain (loss)		(1,391	)		6,043
Participant contributions		(1,153	)		(1,459	)
Benefits paid		385			378
Plan change		-			397
Settlements		2,177			2,426
Foreign currency exchange adjustment		(2,213	)		362
Benefit obligation at end of year		(24,884	)		(21,628	)
Change in plan assets:
Fair value of plan assets at beginning of year		18,411			18,919
Return on assets, net of actuarial loss		52			119
Employer contributions		860			831
Participant contributions		1,153			1,459
Benefits paid		(385	)		(378	)
Settlements		(2,177	)		(2,426	)
Foreign currency exchange adjustment		1,786			(113	)
Fair value of plan assets at end of year		19,700			18,411
Net liability at end of year	$	(5,184	)	$	(3,217	)

At December 30, 2023 and December 31, 2022, the Swiss Plan’s net liability is included in noncurrent accrued retirement benefits. Amounts recognized in accumulated other comprehensive loss net of tax related to the Swiss Plan consisted of an unrecognized net actuarial gains totaling $4.2 million and $6.8 million at December 30, 2023 and December 31, 2022, respectively.

The actuarial loss of $1.4 million and the actuarial gain of $6.0 million for the years ended December 30, 2023 and December 31, 2022, respectively, were due to assumption changes as well as plan experience.

Weighted-average actuarial assumptions used to determine the projected benefit obligation under the Swiss Plan are as follows:

	2023			2022
Discount rate		1.5	%		2.3	%
Compensation increase		2.0	%		3.0	%

Weighted-average assumptions used to determine net periodic benefit cost of the Swiss Plan are as follows:

	2023			2022			2021
Discount rate		1.5	%		2.3	%		0.2	%
Rate of return on assets		1.5	%		1.8	%		0.7	%
Compensation increase		2.0	%		3.0	%		1.1	%

During 2024 employer and employee contributions to the Swiss Plan are expected to total $0.9 million. Estimated benefit payments are expected to be as follows: 2024 - $1.2 million; 2025 - $1.1 million; 2026 - $1.2 million; 2027 - $1.4 million; 2028 - $1.3 million; and $7.3 million thereafter through 2033.

As is customary with Swiss pension plans, the assets of the plan are invested in a collective fund with multiple employers. We have no investment authority over the assets of the plan that are held and invested by a Swiss insurance company. Investment holdings are made with respect to Swiss laws and target allocations for plan assets are 50% debt securities and cash, 24% real estate investments, 16% alternative investments and 10% equity securities. The valuation of the collective fund assets as a whole is a Level 3 measurement; however, the individual investments of the fund are generally Level 1 (equity securities), Level 2 (fixed income) and Level 3 (real estate and alternative) investments. We determine the fair value of the plan assets based on information provided by the collective fund, through review of the collective fund’s annual financial statements. See Note 5, “Financial Instruments Measured at Fair Value” for additional information on the three-tier fair value hierarchy.

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 – We provide post-retirement health benefits to certain executives and directors under a noncontributory plan. The net periodic benefit cost was $0.1 million in both 2023 and 2022 and was insignificant in 2021. We fund benefits as costs are incurred and as a result there are no plan assets.

The weighted average discount rate used in determining the accumulated post-retirement benefit obligation was 4.7% in 2023, 4.9% in 2022 and 2.5% in 2021. The annual rates of increase of the cost of health benefits was assumed to be 7.9% and 8.7% in 2024 for pre-65 participants and post-65 participants, respectively. This rate was then assumed to decrease 0.39% per year and 0.48% per year for pre-65 participants and post-65 participants, respectively, to 4.4% in 2033 and remain level thereafter.

Contributions to the post-retirement health benefit plan are expected to total $0.1 million in 2024. Estimated benefit payments are expected to be as follows: 2024 - $0.1 million; 2025 - $0.1 million; 2026 - $0.1 million; 2027 - $0.1 million; 2028 - $0.1 million and $0.6 million thereafter through 2033.

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)	2023			2022
Accumulated benefit obligation at beginning of year	$	(1,657	)	$	(2,097	)
Interest cost		(78	)		(51	)
Actuarial (gain) loss		(6	)		382
Benefits paid		90			109
Accumulated benefit obligation at end of year		(1,651	)		(1,657	)
Plan assets at end of year		-			-
Funded status	$	(1,651	)	$	(1,657	)

Deferred Compensation – The Cohu, Inc. Deferred Compensation Plan allows certain of our officers to defer a portion of their current compensation. We have purchased life insurance policies on the participants with Cohu as the named beneficiary. Participant contributions, distributions and investment earnings and losses are accumulated in a separate account for each participant. At December 30, 2023, the payroll liability to participants, included in accrued compensation and benefits in the consolidated balance sheet, was approximately $0.9 million and the cash surrender value of the related life insurance policies included in other current assets was approximately $1.4 million. At December 31, 2022, the liability totaled $1.1 million and the corresponding assets were $1.4 million.

Employee Stock Purchase Plan – The Cohu, Inc. 1997 Employee Stock Purchase Plan (“the Plan”) provides for the issuance of a maximum of 3,750,000 shares of our common stock. Under the Plan, eligible employees may purchase shares of common stock through payroll deductions. The price paid for the common stock is equal to 85% of the fair market value of our common stock on specified dates. During the last three years we issued shares under the Plan as follows: 2023 - 146,829; 2022 - 160,855 and 2021 - 161,351. At December 30, 2023, there were 799,669 shares available for issuance under the Plan. On May 10, 2023, our stockholders approved an amendment to the ESPP which increased the number of ESPP shares that may be issued by 600,000 and eliminated the requirement that no participant may purchase shares for any offering period with a value exceeding $12,500 divided by the share value on the first date of the offering period.

Employee Stock Benefit Plans – Our 2005 Equity Incentive Plan (“2005 Plan”) is a broad-based, long-term retention program intended to attract, motivate, and retain talented employees as well as align stockholder and employee interests. Awards that may be granted under the program include, but are not limited to, non-qualified and incentive stock options, restricted stock units, and performance stock units. We settle employee stock option exercises, employee stock purchase plan purchases, and the vesting of restricted stock units, and performance stock units with newly issued common shares. At December 30, 2023, there were 3,509,023 shares available for future equity grants under the 2005 Plan. On May 10, 2023, our stockholders approved amendments to the 2005 Plan which increased the shares of stock available for issuance by 3,200,000, specified an annual limit of $750,000 on our non-employee director compensation, increased the amounts permitted for cash payouts of performance awards from current limit of $2,000,000 to $4,000,000 per each fiscal year and provided updated criteria for performance awards.

Stock Options

Under the 2005 Plan stock options may be granted to employees, consultants and outside directors to purchase a fixed number of shares of our common stock at prices not less than 100% of the fair market value at the date of grant. Options generally vest and become exercisable after one year or in four annual increments beginning one year after the grant date and expire ten years from the grant date. We have historically issued new shares of Cohu common stock upon share option exercise.

During 2023, 2022 and 2021 no stock options were granted and the activity under our share-based compensation plans was as follows:

	2022					2021
				Wt. Avg.					Wt. Avg.
(in thousands, except per share data)	Shares			Ex. Price		Shares			Ex. Price
Outstanding and exercisable, beginning of year		12		$	9.44		262		$	10.01
Exercised		(12	)	$	9.44		(250	)	$	10.03
Outstanding and exercisable, end of year		-		$	-		12		$	9.44

The aggregate intrinsic value of options exercised was $0.2 million in 2022 and $8.4 million in 2021. At December 30, 2023, we had no stock options exercisable and outstanding.

Restricted Stock Units

Under our equity incentive plans, restricted stock units (“RSUs”) may be granted to employees, consultants and outside directors. Restricted stock units vest over a one-year, two-year or a four-year period from the date of grant. Prior to vesting, restricted stock units do not have dividend equivalent rights, do not have voting rights and the shares underlying the restricted stock units are not considered issued and outstanding. New shares of our common stock will be issued on the date the restricted stock units vest net of the statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of RSUs outstanding at December 30, 2023.

Restricted stock unit activity under our share-based compensation plans was as follows:

	2023					2022					2021
				Wt. Avg.					Wt. Avg.					Wt. Avg.
(in thousands, except per share data)	Units			Fair Value		Units			Fair Value		Units			Fair Value
Outstanding, beginning of year		969		$	24.55		1,058		$	21.16		1,414		$	15.16
Granted		365		$	36.66		431		$	27.74		270		$	41.66
Released		(428	)	$	22.33		(474	)	$	19.94		(579	)	$	16.23
Cancelled		(22	)	$	28.62		(46	)	$	24.33		(47	)	$	18.96
Outstanding, end of year		884		$	30.52		969		$	24.55		1,058		$	21.16

Equity-Based Performance Stock Units

We grant performance stock units (“PSUs”) to certain senior executives as a part of our long-term equity compensation program. The number of shares of common stock that will ultimately be issued to settle PSUs granted ranges from 0% to 200% of the number granted and is determined based on certain performance criteria over a three-year measurement period. The performance criteria for the majority of PSUs are based on a combination of our annualized Total Shareholder Return (“TSR”) for the performance period and the relative performance of our TSR compared with the annualized TSR of certain peer companies for the performance period. PSUs granted vest 100% on the third anniversary of their grant, assuming achievement of the applicable performance criteria.

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:

	2023					2022					2021
				Wt. Avg.					Wt. Avg.					Wt. Avg.
(in thousands, except per share data)	Units			Fair Value		Units			Fair Value		Units			Fair Value
Outstanding, beginning of year		403		$	28.64		384		$	22.22		425		$	15.51
Granted		270		$	39.97		151		$	33.22		93		$	51.43
Released		(258	)	$	13.18		(55	)	$	14.11		(125	)	$	21.77
Cancelled		(7	)	$	42.52		(77	)	$	15.94		(9	)	$	14.04
Outstanding, end of year		408		$	45.65		403		$	28.64		384		$	22.22

Share-based Compensation – We estimate the fair value of our employee stock purchase plan using the Black-Scholes valuation model. The assumptions for the Black-Scholes model include the risk-free rate of interest, expected dividend yield, expected volatility, and the expected life of the award. The estimated fair value of PSUs is determined on the grant date using the Monte Carlo simulation valuation model. The Monte Carlo simulation model incorporates assumptions for the risk-free interest rate, Cohu and the selected peer group price volatility, the correlation between Cohu and the selected index, and dividend yields. Share-based compensation expense related to restricted stock unit awards is calculated based on the market price of our common stock on the date of grant, reduced by the present value of dividends expected to be paid on our common stock prior to vesting of the restricted stock unit. Cohu’s Board of Directors authorized suspending our quarterly cash dividend indefinitely, as of May 5, 2020. All awards granted in 2023, 2022 and 2021 exclude the assumption of dividend payments and the estimated fair value awards granted in prior years, when dividends were paid, are unchanged.

The following weighted average assumptions were used to value share-based awards granted:

Employee Stock Purchase Plan	2023			2022			2021
Dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility		36.3	%		45.6	%		58.3	%
Risk-free interest rate		4.5	%		1.2	%		0.1	%
Expected term (years)		0.5			0.5			0.5
Weighted-average grant date fair
value per share	$	8.54		$	8.79		$	9.42

Restricted Stock Units		2023				2022				2021
Dividend yield			0.0	%			0.0	%			0.0	%

Reported share-based compensation is classified in the consolidated financial statements as follows:

(in thousands)	2023			2022			2021
Cost of sales	$	845		$	646		$	828
Research and development		3,394			3,100			3,017
Selling, general and administrative		12,998			11,172			9,947
Share-based compensation of continuing operations		17,237			14,918			13,792
Income tax benefit		(1,770	)		(4,004	)		(722	)
Total share-based compensation, net of tax	$	15,467		$	10,914		$	13,070

We account for forfeitures of plan-based awards as they occur. At December 30, 2023, we had approximately $27.9 million of pre-tax unrecognized compensation cost related to unvested restricted stock units and performance stock units which is expected to be recognized over a weighted-average period of approximately 2.2 years.

Note 15 - Business Divestitures (Details Textual)
$ in Thousands

6 Months Ended

12 Months Ended

Jun. 24, 2021

USD ($)

Dec. 25, 2021

USD ($)

Dec. 30, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 25, 2021

USD ($)

Gain (Loss) on Disposition of Business

^[1]

$ (0)

$ 70,815

Number of Reportable Segments

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

Disposal Group, Including Discontinued Operation, Intangible Assets

$ 14,800

[1]

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(in thousands)	2023		2022		2021
Weighted average common shares outstanding		47,486		48,178		47,409
Effect of dilutive stock options and restricted stock units		539		621		1,051
		48,025		48,799		48,460

Schedule of Inventory, Current [Table Text Block]

	December 30,		December 31,
	2023		2022
Raw materials and purchased parts	$	103,118	$	106,041
Work in process		26,820		36,024
Finished goods		25,855		28,076
Total inventories	$	155,793	$	170,141

Property, Plant and Equipment [Table Text Block]

	December 30,			December 31,
	2023			2022
Land and land improvements	$	7,301		$	7,066
Buildings and building improvements		39,677			31,161
Machinery and equipment		108,831			105,109
		155,809			143,336
Less accumulated depreciation and amortization		(86,724	)		(78,325	)
Property, plant and equipment, net	$	69,085		$	65,011

Disaggregation of Revenue [Table Text Block]

(in thousands)	2023		2022		2021
Systems-Semiconductor Test & Inspection	$	326,448	$	474,655	$	541,589
Non-systems-Semiconductor Test & Inspection		309,874		338,120		318,865
Systems-PCB Test		-		-		17,831
Non-systems-PCB Test		-		-		8,929
Net sales	$	636,322	$	812,775	$	887,214

Note 9 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 11, 2021	Mar. 08, 2021	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Oct. 25, 2022	Oct. 28, 2021
Proceeds from Issuance of Common Stock			$ 0	$ 0	$ 223,119
Stock Repurchase Program, Authorized Amount							$ 70,000
Stock Repurchase Program, Additional Authorized Amount						$ 70,000
Stock Repurchased During Period, Shares (in shares)			700,270	1,767,070
Stock Repurchased During Period, Value			$ 23,600	$ 50,700
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 58,300
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 7 - Business Acquisitions (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Current assets, including cash received	$	9,505
Property, plant and equipment		197
Other assets		356
Intangible assets		12,000
Goodwill		8,755
Total assets acquired		30,813
Liabilities assumed		(4,024	)
Net assets acquired	$	26,789

Current assets, including cash received	$	10,135
Property, plant and equipment		538
Intangible assets		34,500
Goodwill		15,377
Total assets acquired		60,550
Liabilities assumed		(10,203	)
Net assets acquired	$	50,347

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Estimated Fair Value		Weighted Average Useful Life (years)
Developed technology	$	7,500		7.0
Customer relationships		4,000		10.0
Product backlog		500		0.5
Total intangible assets	$	12,000

	Estimated Fair Value		Weighted Average Useful Life (years)
Developed technology	$	20,600		8.0
Customer relationships		12,900		10.0
Product backlog		100		1.0
Trademarks and trade name		900		5.0
Total intangible assets	$	34,500

Note 10 - Income Taxes - Income (Loss) Before Income Taxes From Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Income (loss) from continuing operations, U.S.	$ (37,799)	$ 9,180	$ 30,588
Income from continuing operations, Foreign	83,615	117,535	161,756
Total	$ 45,816	$ 126,715	$ 192,344

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Note 9 - Equity

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Equity [Text Block]

9.	Equity

Common Stock Issuance

On March 8, 2021, we closed an underwritten follow-on public offering of 4,950,000 shares of our common stock at $41.00 per share. As part of the transaction, the underwriters were also granted a 30-day option to purchase up to an aggregate of 742,500 additional shares of common stock to cover over-allotments which was exercised in full on March 11, 2021. The offering, and the follow-on option to sell additional shares, resulted in net proceeds, after deducting underwriting discounts and commissions and offering expenses, of approximately $223.1 million. All of the shares were sold pursuant to an effective shelf registration statement previously filed with the SEC.

Share Repurchase Program

On October 28, 2021, we announced that our Board of Directors authorized a $70 million share repurchase program. On October 25, 2022, our Board of Directors authorized an additional $70 million under the share repurchase program. This share repurchase program was effective as of November 2, 2021 and has no expiration date, and the timing of share repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using our existing cash resources and may be commenced or suspended from time-to-time at our discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, or in privately negotiated transactions at prevailing market rates in accordance with federal securities laws. For the year ended December 30, 2023, we repurchased 700,270 shares of our common stock for $23.6 million to be held as treasury stock. For the year ended December 31, 2022, we repurchased 1,767,070 shares of our common stock for $50.7 million. As of December 30, 2023, we may purchase up to $58.3 million of shares of our common stock under our share repurchase program.

- Definition

The entire disclosure for equity.

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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 30, 2023

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
			(Reductions)
	Balance at		Not			Additions				Balance
	Beginning		Charged			Charged		Deductions/		at End
Description	of Year		to Expense		⁽¹⁾	to Expense		Write-offs		of Year

Allowance for doubtful accounts:

Year ended December 25, 2021	$	128	$	14		$	149	$	1	$	290

Year ended December 31, 2022	$	290	$	(8	)	$	122	$	205	$	199

Year ended December 30, 2023	$	199	$	5		$	140	$	4	$	340


Reserve for excess and obsolete inventories:

Year ended December 25, 2021	$	26,937	$	(2,926	)⁽²⁾	$	7,102	$	8,101	$	23,012

Year ended December 31, 2022	$	23,012	$	698		$	7,179	$	4,018	$	26,871

Year ended December 30, 2023	$	26,871	$	648		$	4,540	$	11,641	$	20,418

All amounts presented above have been restated to exclude the impact of our discontinued operations.

(1)	Changes in reserve balances resulting from foreign currency impact and reclassifications from other reserves.

(2)	Reductions not charged to expense includes $2.2 million transferred as part of the sale of our PCB Test business.

Note 11 - Segment and Geographic Information - Customers Comprising 10% of Consolidated Sales (Details) - Revenue Benchmark [Member] - Semiconductor Equipment [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 30, 2023	Dec. 25, 2021
STMicroelectronics [Member]
Net sales percentage	12.00%
Analog Devices [Member]
Net sales percentage		14.10%

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. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Outstanding, beginning of year, units (in shares)	969	1,058	1,414
Outstanding, beginning of year, wt. avg. (in dollars per share)	$ 24.55	$ 21.16	$ 15.16
Granted, units (in shares)	365	431	270
Granted, wt. avg. (in dollars per share)	$ 36.66	$ 27.74	$ 41.66
Released, units (in shares)	(428)	(474)	(579)
Released, wt. avg. (in dollars per share)	$ 22.33	$ 19.94	$ 16.23
Cancelled, units (in shares)	(22)	(46)	(47)
Cancelled, wt. avg. (in dollars per share)	$ 28.62	$ 24.33	$ 18.96
Outstanding, end of year, units (in shares)	884	969	1,058
Outstanding, end of year, wt. avg. (in dollars per share)	$ 30.52	$ 24.55	$ 21.16

Note 14 - Guarantees

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Guarantees [Text Block]

14.

Guarantees

Accrued Warranty

Changes in accrued warranty during the three-year period ended December 30, 2023, was as follows:

(in thousands)	2023			2022			2021
Beginning balance	$	6,214		$	7,691		$	6,382
Warranty accruals		6,555			8,897			13,389
Warranty payments		(7,862	)		(10,374	)		(11,135	)
Warranty liability transferred		110			-			(945	)
Ending balance	$	5,017		$	6,214		$	7,691

Accrued warranty amounts expected to be incurred after one year are included in noncurrent other accrued liabilities in the consolidated balance sheet. These amounts totaled $0.4 million and $0.6 million at December 30, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

Note 8 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Foreign Currency Gain (Loss) [Member] \| Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member]
Foreign exchange forward contracts	$ (2,127)	$ (5,356)	$ (3,428)

Note 7 - Business Acquisitions

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Business Combination, Goodwill, and Intangible Assets Disclosure [Text Block]

7.	Business Acquisitions

MCT

On January 30, 2023, we completed the acquisition of all the outstanding membership units of MCT Worldwide, LLC (“MCT”), pursuant to a membership unit purchase agreement dated January 30, 2023, by and among MCT Worldwide, LLC, Arise Acquisition Co., LLC, The Seaport Group LLC Profit Sharing Plan, and Delta Design, Inc., a wholly owned subsidiary of Cohu (“the MCT Acquisition”). MCT is a U.S. based company with a principal manufacturing site in Penang, Malaysia. MCT provides automated solutions for the semiconductor industry and designs, manufactures, markets, services and distributes strip test handlers, film frame handlers and laser mark handlers. On January 30, 2023, we made a cash payment totaling $28.0 million for MCT of which $0.6 million was used to pay former MCT CFO and CEO and expensed as restructuring severance expense. Taking into consideration the amount expensed as severance and the working capital adjustment receivable resulted in a final net purchase price of approximately $26.8 million. The MCT Acquisition was a cash free debt free transaction and was subject to a working capital adjustment for the difference between the actual and estimated net working capital. The MCT Acquisition has been accounted for in conformity with ASC Topic 805, Business Combinations, (“ASC 805”).

The acquired assets and liabilities of MCT were recorded at their respective fair values including an amount for goodwill representing the difference between the consideration paid and the fair value of the identifiable net assets. The purchase price allocation was finalized during the fourth quarter of 2023. The table below summarizes the assets acquired and liabilities assumed as of January 30, 2023 (in thousands):

Current assets, including cash received	$	9,505
Property, plant and equipment		197
Other assets		356
Intangible assets		12,000
Goodwill		8,755
Total assets acquired		30,813
Liabilities assumed		(4,024	)
Net assets acquired	$	26,789

The allocation of the intangible assets subject to amortization is as follows (in thousands):

	Estimated Fair Value		Weighted Average Useful Life (years)
Developed technology	$	7,500		7.0
Customer relationships		4,000		10.0
Product backlog		500		0.5
Total intangible assets	$	12,000

Acquired intangible assets reported above are being amortized using the straight-line method over their estimated useful lives which approximates the pattern of how the economic benefit is expected to be used. This includes amounts allocated to customer relationships because of anticipated high customer retention rates that are common in the semiconductor capital equipment industry.

The value assigned to developed technology was determined by using the relief from royalty method under the income approach, which included assumptions related to revenue growth rates, royalty rates, and discount rates. Developed technology, which comprises products that have reached technological feasibility, includes the products in MCT’s product line. The revenue estimates used to value the developed technology were based on estimates of relevant market sizes and growth factors, expected trends in technology and the nature and expected timing of new product introductions by MCT and competitors. The estimated after-tax cash flows were based on a hypothetical royalty rate applied to the revenues for the developed technology. The discount rate utilized to discount the net cash flows of the developed technology to present value was based on the risk associated with the respective cash flows taking into consideration the perceived risk of the technology relative to the other acquired assets, the weighted average cost of capital, the internal rate of return, and the weighted average return on assets.

The value assigned to customer relationships was determined by using the multi-period excess earnings method under the income approach. The estimated cash flows were based on revenues from the existing customers net of operating expenses and net of contributory asset charges. The discount rate utilized to discount the net cash flows of the customer relationships to present value was based on the respective cash flows taking into consideration the perceived risks.

The value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of January 30, 2023, using the multi-period excess earnings method under the income approach to discount back to present value the cash flows attributable to the backlog at a discount rate commensurate with the expected risks of the backlog cash flows.

MCT’s results of operations have been included starting January 30, 2023. The impact of MCT on our consolidated statements of income and comprehensive income was not material.

In connection with the MCT Acquisition, during the twelve months ended December 30, 2023 we incurred acquisition-related costs, which were expensed as selling, general and administrative costs totaling $0.5 million. During the prior year period no acquisition-related costs were incurred.

EQT

On October 2, 2023, we completed the acquisition of Equiptest Engineering Pte. Ltd. (“EQT”), a provider of semiconductor test contactors and other consumables. (“the EQT Acquisition”). EQT is a Singapore based company with a principal manufacturing site located there. EQT provides test interface products including, high performance thermal, MEMS, Infrared, Coaxial and Kelvin Contactors that expands our interface products in mid- to high-power contactors. The EQT Acquisition was a cash free debt free transaction and was subject to a working capital adjustment for the difference between the actual and estimated net working capital. We made a cash payment of SGD 66.0 million ($48.3 million) on October 2, 2023, and set up a retention sum liability for potential adjustments to working capital, future tax or insurance claims in the amount of SGD 2.2 million ($1.6 million) resulting in an initial purchase price of SGD 68.3 million ($49.9 million). The working capital adjustment was finalized in January 2024 and an additional cash payment was made to EQT owners of SGD 0.8 million (approximately $0.6 million). As of December 30, 2023 we accrued this additional payment due to the sellers in resulting in an adjusted purchase price of SGD 68.8 million ($50.3 million) and the additional SGD 0.5 million ($0.4 million) is accrued in the short term other liabilities. The retention liability for net working capital, remaining tax, insurance and other claims as of December 30, 2023 was SGD 2.2 million ($1.6 million) and $0.3 million and $1.3 million is accrued in short term and long term other liabilities, respectively, on our consolidated balance sheet. The EQT Acquisition has been accounted for in conformity with ASC Topic 805, Business Combinations, (“ASC 805”).

As of December 30, 2023, we have not finalized the purchase price allocation. Accordingly, the preliminary purchase price allocation shown below could change as we are still in the process of finalizing the fair values of the tangible and intangible assets acquired and liabilities assumed, and the related income tax effects may still be adjusted as they are finalized during the remainder of the measurement period (which will not exceed 12 months from the acquisition closing date). The EQT Acquisition was nontaxable and certain of the assets acquired, including goodwill and intangibles, will not be deductible for tax purposes. The acquired assets and liabilities of EQT were recorded at their respective fair values including an amount for goodwill representing the difference between the consideration paid and the fair value of the identifiable net assets. The table below summarizes the assets acquired and liabilities assumed as of October 2, 2023 (in thousands):

Current assets, including cash received	$	10,135
Property, plant and equipment		538
Intangible assets		34,500
Goodwill		15,377
Total assets acquired		60,550
Liabilities assumed		(10,203	)
Net assets acquired	$	50,347

The preliminary allocation of the intangible assets subject to amortization is as follows (in thousands):

	Estimated Fair Value		Weighted Average Useful Life (years)
Developed technology	$	20,600		8.0
Customer relationships		12,900		10.0
Product backlog		100		1.0
Trademarks and trade name		900		5.0
Total intangible assets	$	34,500

The preliminary value assigned to developed technology was determined by using the relief from royalty method under the income approach, which included assumptions related to revenue growth rates, royalty rates, and discount rates. Developed technology, which comprises products that have reached technological feasibility, includes the products in EQT’s product line. The revenue estimates used to value the developed technology were based on estimates of relevant market sizes and growth factors, expected trends in technology and the nature and expected timing of new product introductions by EQT and competitors. The estimated after-tax cash flows were based on a hypothetical royalty rate applied to the revenues for the developed technology. The discount rate utilized to discount the net cash flows of the developed technology to present value was based on the risk associated with the respective cash flows taking into consideration the perceived risk of the technology relative to the other acquired assets, the weighted average cost of capital, the internal rate of return, and the weighted average return on assets.

The preliminary value assigned to customer relationships was determined by using the multi-period excess earnings method under the income approach. The estimated cash flows were based on revenues from the existing customers net of operating expenses and net of contributory asset charges. The discount rate utilized to discount the net cash flows of the customer relationships to present value was based on the respective cash flows taking into consideration the perceived risks.

The preliminary value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of October 2, 2023, using the multi-period excess earnings method under the income approach to discount back to present value the cash flows attributable to the backlog at a discount rate commensurate with the expected risks of the backlog cash flows.

The preliminary value assigned to trademarks and trade names acquired was determined by using the using the relief from royalty method under the income approach, which included assumptions related to revenue growth rates, royalty rates, and discount rates.

EQT’s results of operations have been included starting October 2, 2023. The impact of EQT on Cohu’s condensed consolidated statements of income and comprehensive income were not material.

In connection with the acquisition of EQT, during the twelve months ended December 30, 2023 we incurred acquisition-related costs, which were expensed as selling, general and administrative costs totaling $1.1 million. During the prior year period no acquisition-related costs were incurred.

Note 12 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Operating leases	$ 6,691	$ 6,698	$ 7,638
Variable lease expense	2,389	2,220	2,192
Short-term operating leases	16	4	69
Amortization of leased assets	90	88	86
Interest on lease liabilities	1	1	2
Sublease income	(29)	(69)	(81)
Net lease cost	$ 9,158	$ 8,942	$ 9,906

Note 16 - Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 30, 2023

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 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 loss	$	(22,521	)	$	(415	)	$	(22,936	)
Year ended December 31, 2022
Foreign currency translation adjustments	$	(17,991	)	$	41		$	(17,950	)
Adjustments related to postretirement benefits		6,690			(796	)		5,894
Change in unrealized gain/loss on investments		(694	)		-			(694	)
Other comprehensive loss	$	(11,995	)	$	(755	)	$	(12,750	)
Year ended December 30, 2023
Foreign currency translation adjustments	$	6,256		$	559		$	6,815
Adjustments related to postretirement benefits		(2,800	)		425			(2,375	)
Change in unrealized gain/loss on investments		793			-			793
Other comprehensive income	$	4,249		$	984		$	5,233

Condensed Statement of Comprehensive Income [Table Text Block]

(in thousands)	2023			2022
Accumulated net currency translation adjustments	$	(39,493	)	$	(46,308	)
Accumulated net adjustments related to postretirement benefits		4,656			7,031
Accumulated net unrealized gain/loss on investments		58			(735	)
Total accumulated other comprehensive loss	$	(34,779	)	$	(40,012	)

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Net income	$ 28,156	$ 96,847	$ 167,325
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	6,815	(17,950)	(22,956)
Adjustments related to postretirement benefits, net of tax	(2,375)	5,894	2,602
Change in unrealized gain/loss on investments	793	(694)	(67)
Reclassification due to sale of PBC Test Business, net of tax	0	0	(2,515)
Other comprehensive income (loss), net of tax	5,233	(12,750)	(22,936)
Comprehensive income	$ 33,389	$ 84,097	$ 144,389

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (a)
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Amortization of cost	$ 36,355	$ 33,185	$ 35,414
Cost of Sales [Member]
Amortization of cost	$ 28,418	$ 26,023	$ 27,508

Note 3 - Borrowings and Credit Agreements - Debt Principal Payments for the Next Five Years and Thereafter (Details) $ in Thousands	Dec. 30, 2023 USD ($)
2025	$ 27,018
2026	1,197
2027	1,203
2028	1,258
Thereafter	3,741
Total	$ 40,876

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 30, 2023	Dec. 31, 2022
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)	90,000	90,000
Common stock, shares issued (in shares)	49,429	49,276
Common stock, shares outstanding (in shares)	49,429	49,276
Treasury Stock, Shares (in shares)	2,253	1,767

Note 4 - Restructuring Charges

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

4.	Restructuring Charges

MCT Integration Program

During 2023, we began a strategic restructuring and integration program in connection with the acquisition of MCT (“MCT Integration Program”). As part of the MCT Integration Program, we consolidated MCT’s Penang, Malaysia manufacturing operations into Cohu’s Melaka, Malaysia manufacturing operations by the end of 2023. Relating to the facility consolidation actions, we notified certain impacted employees of a reduction in force program and the facility consolidation and reduction in force programs are being implemented as part of a comprehensive review of our operations and are intended to reduce our operating cost structure and capitalize on acquisition synergies.

As a result of the activities described above, we recognized total pretax charges of $2.4 million during the twelve months ended December 30, 2023, that are within the scope of ASC 420.

Charges related to the MCT Integration Program for the year ended December 30, 2023, were as follows:

(in thousands)	2023
Employee severance costs	$	2,159
Other restructuring costs		262
Total	$	2,421

Costs associated with restructuring activities are presented in our consolidated statements of income as restructuring charges. Other restructuring costs include facility closure and manufacturing software integration costs.

The following table summarizes the activity within the restructuring related accounts for the MCT Integration Program during the year ended December 30, 2023 (in thousands):

	Employee Severance			Other Exit Costs			Total
Balance, December 31, 2022		-			-			-
Costs accrued		2,159			262			2,421
Amounts paid or charged		(2,091	)		(262	)		(2,353	)
Impact of currency exchange		-			-			-
Balance, December 30, 2023	$	68		$	-		$	68

Xcerra Integration Program

Subsequent to the acquisition of Xcerra, during the fourth quarter of 2018, we began a strategic restructuring program designed to reposition our organization and improve our cost structure as part of our targeted integration plan regarding the recently acquired Xcerra (“Xcerra Integration Program”). As part of the Xcerra Integration Program we consolidated our global handler and contactor manufacturing operations and closed our manufacturing operations in Penang, Malaysia and Fontana, California in 2019.

In 2019, we began the Xcerra Integration Program of our German operations and entered a social plan with the German labor organization representing certain of the employees of our wholly owned subsidiary, Multitest elektronische Systeme GmbH. During the fourth quarter of 2020 we implemented a voluntary program and termination agreements with certain employees of our wholly owned subsidiary, Cohu GmbH. These programs collectively reduced headcount, enabled us to consolidate the facilities of our multiple operations located near Kolbermoor and Rosenheim, Germany, as well as transitioned certain manufacturing to other lower cost regions. The facility consolidations and reduction in force programs were implemented as part of a comprehensive review of our operations and are intended to streamline and reduce our operating cost structure and capitalize on acquisition synergies. As of December 31, 2022, restructuring activities associated with the Xcerra Integration Program were materially complete. Certain end of life inventory adjustment continued during the current year.

As a result of the activities described above, we recognized total pretax (credits)/charges of $(0.1) million, $0.2 million and $1.3 million for the years ended December 30, 2023 ,December 31, 2022 and December 25, 2021, respectively, that are within the scope of ASC 420.

All costs of the Xcerra Integration Program were incurred by our Semiconductor Test & Inspection segment.

Charges related to the Xcerra Integration Program for the years ended December 30, 2023, December 31, 2022 and December 25, 2021, were as follows (in thousands):

(in thousands)	2023			2022			2021
Employee severance costs		-		$	(8	)	$	1,161
Inventory related charges (adjustments)		(62	)		(454	)		(558	)
Other restructuring costs		-			613			662
Total	$	(62	)	$	151		$	1,265

Costs associated with restructuring activities were presented in our consolidated statements of income 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 were 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 Xcerra Integration Program during the years ended December 31, 2022 and December 25, 2021 (in thousands):

	Employee Severance			Other Exit Costs			Total

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
Costs accrued		(8	)		613			605
Amounts paid or charged		(331	)		(613	)		(944	)
Impact of currency exchange		(9	)		-			(9	)
Balance, December 31, 2022	$	-		$	-		$	-

At December 30, 2023, our total accrual for restructuring related items for both the MCT and Xcerra Integration Programs is reflected within current liabilities in our consolidated balance sheets as these amounts are expected to be paid out in 2024. The estimated costs associated with the employee severance and facility consolidation actions will be paid predominantly in cash. All amounts accrued related to inventory will remain in our consolidated balance sheet until it is scrapped.

Note 12 - Leases

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Lessee, Leases [Text Block]

12.

Leases

We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms with 12 months or less are not recorded in the consolidated balance sheet, but we recognized those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Lease and non-lease components are included in the calculation of the right of use asset (“ROU”) asset and lease liabilities.

Our leases have remaining lease terms ranging from 1 year to 34 years, some of which include one or more options to extend the lease for up to 25 years. Our lease term includes renewal terms when we are reasonably certain that we will exercise the renewal options. We sublease certain leased assets to third parties, mainly as a result of unused space in our facilities.

Supplemental balance sheet information related to leases was as follows:

		December 30,			December 31,
(in thousands)	Classification	2023			2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	16,778		$	22,804
Finance lease assets	Property, plant and equipment, net ⁽¹⁾		247			323
Total lease assets		$	17,025		$	23,127
Liabilities:
Current:
Operating	Other accrued liabilities	$	5,122		$	4,927
Finance	Other accrued liabilities		11			49
Noncurrent:
Operating	Long-term lease liabilities		13,160			19,185
Finance	Long-term lease liabilities		15			24
Total lease liabilities		$	18,308		$	24,185

Weighted-average remaining lease term (years):
Operating leases			5.5			6.2
Finance leases			2.1			1.7

Weighted-average discount rate:
Operating leases			6.4	%		6.2	%
Finance leases			4.0	%		2.2	%
(1) Finance lease assets are recorded net of accumulated amortization of $0.3 million and $0.2 million in 2023 and 2022, respectively.

The components of lease expense were as follows:

	December 30,			December 31,			December 25,
(in thousands)	2023			2022			2021
Operating leases	$	6,691		$	6,698		$	7,638
Variable lease expense		2,389			2,220			2,192
Short-term operating leases		16			4			69
Finance leases:
Amortization of leased assets		90			88			86
Interest on lease liabilities		1			1			2
Sublease income		(29	)		(69	)		(81	)
Net lease cost	$	9,158		$	8,942		$	9,906

Future minimum lease payments at December 30, 2023, are as follows:

	Operating			Finance
(in thousands)	leases			leases			Total
2024	$	6,090		$	12		$	6,102
2025		5,271			12			5,283
2026		2,520			3			2,523
2027		1,503			-			1,503
2028		1,269			-			1,269
Thereafter		5,547			-			5,547
Total lease payments		22,200			27			22,227
Less: Interest		(3,918	)		(1	)		(3,919	)
Present value of lease liabilities	$	18,282		$	26		$	18,308

Supplemental cash flow information related to leases was as follows:

	December 30,		December 31,		December 25,
(in thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,756	$	6,716	$	7,628
Operating cash flows from finance leases	$	1	$	1	$	1
Financing cash flows from finance leases	$	52	$	167	$	186
Leased assets obtained in exchange for new finance lease liabilities	$	-	$	-	$	54
Leased assets obtained in exchange for new operating lease liabilities	$	1,415	$	2,874	$	3,866
Financing lease assets acquired in MCT acquisition	$	19	$	-	$	-
Operating lease assets acquired in MCT acquisition	$	130	$	-	$	-

Note 6 - Employee Benefit Plans - Stock Option Activity Under Share-based Compensation Plans (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021
Outstanding and exercisable balance (in shares)	12	262
Outstanding and exercisable, weighted average exercise price, balance (in dollars per share)	$ 9.44	$ 10.01
Exercised, outstanding and exercisable (in shares)	(12)	(250)
Exercised, weighted average exercise price (in dollars per share)	$ 9.44	$ 10.03
Outstanding and exercisable balance (in shares)	0	12
Outstanding and exercisable, weighted average exercise price, balance (in dollars per share)	$ 0	$ 9.44

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 30, 2023	Feb. 07, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0000021535
Entity Registrant Name	COHU INC
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 30, 2023
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 Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,930,300,000
Entity Common Stock, Shares Outstanding		47,076,499
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Diego, California

Schedule II - Valuation and Qualifying Accounts (Details Textual) $ in Millions	Dec. 25, 2021 USD ($)
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

Note 6 - Employee Benefit Plans - Net Periodic Benefit Cost of Swiss Plan (Details) - Swiss Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Service cost	$ 551	$ 954	$ 1,223
Interest cost	510	56	61
Expected return on assets	(331)	(128)	(128)
Settlements	(177)	(487)	72
Net periodic costs	$ 553	$ 395	$ 1,228

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. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Outstanding, beginning of year, units (in shares)	403	384	425
Outstanding, beginning of year, wt. avg. (in dollars per share)	$ 28.64	$ 22.22	$ 15.51
Granted, units (in shares)	270	151	93
Granted, wt. avg. (in dollars per share)	$ 39.97	$ 33.22	$ 51.43
Released, units (in shares)	(258)	(55)	(125)
Released, wt. avg. (in dollars per share)	$ 13.18	$ 14.11	$ 21.77
Cancelled, units (in shares)	(7)	(77)	(9)
Cancelled, wt. avg. (in dollars per share)	$ 42.52	$ 15.94	$ 14.04
Outstanding, end of year, units (in shares)	408	403	384
Outstanding, end of year, wt. avg. (in dollars per share)	$ 45.65	$ 28.64	$ 22.22

Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands				9 Months Ended	12 Months Ended
	Feb. 09, 2024 USD ($)	Oct. 01, 2022 USD ($)	Jun. 24, 2021	Sep. 24, 2022 USD ($)	Dec. 31, 2023	Dec. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 25, 2021 USD ($) shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares						193,000	261,000	180,000
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense						$ 4,500	$ 7,200	$ 7,100
Depreciation						13,400	12,800	13,200
Capitalized Computer Software, Gross						12,200	14,700
Capitalized Computer Software, Amortization						$ 2,800	2,060	$ 1,644
Number of Operating Segments								3
Number of Reportable Segments			2			1		1
Goodwill and Intangible Asset Impairment, Total		$ 0
Revenue, Remaining Performance Obligation, Amount						$ 6,200	7,100
Provision for Doubtful Accounts						0
Contract with Customer, Asset, after Allowance for Credit Loss, Total						0
Contract with Customer, Liability						8,800	16,100
Deferred Profit						3,586	8,022
Deferred Profit Long-term						4,900	5,500
Amortization of Debt Issuance Costs						100	300	$ 600
Realized Gain (Loss), Foreign Currency Transaction, before Tax						5,200	1,600	400
Accumulated Other Comprehensive Income (Loss), Net of Tax						(34,779)	(40,012)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax						(6,800)	(18,000)
Repayments of Long-Term Debt						$ 38,788	$ 38,226	$ 206,069
Secured Term Loan Facility [Member]
Repayments of Long-Term Debt				$ 31,700
Subsequent Event [Member] \| Secured Term Loan Facility [Member]
Repayments of Long-Term Debt	$ 29,300
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

Note 10 - Income Taxes - Components of Provision (Benefit) for Income Taxes for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
U.S. Federal	$ 694	$ 1,609	$ 1,103
U.S. State	86	456	101
Foreign	21,654	31,307	22,862
Total current	22,434	33,372	24,066
U.S. Federal	61	(9)	5
Foreign	(4,835)	(3,495)	948
Total deferred	(4,774)	(3,504)	953
Income Tax Expense (Benefit)	$ 17,660	$ 29,868	$ 25,019

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 11 - Segment and Geographic Information - Summary of Property, Plant and Equipment and Other Long Lived Assets in Geographical Area (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Property plant and equipment, net	$ 69,085	$ 65,011
Goodwill and other intangible assets	393,428	353,643
PHILIPPINES
Property plant and equipment, net	22,501	14,706
UNITED STATES
Property plant and equipment, net	16,093	18,419
Goodwill and other intangible assets	111,660	131,068
GERMANY
Property plant and equipment, net	15,843	15,977
Goodwill and other intangible assets	149,592	158,401
JAPAN
Property plant and equipment, net	7,810	9,316
Goodwill and other intangible assets	2,358	2,641
MALAYSIA
Property plant and equipment, net	4,700	4,300
Goodwill and other intangible assets	63,249	43,571
Rest of the World [Member]
Property plant and equipment, net	2,138	2,293
Goodwill and other intangible assets	1,255	1,151
SINGAPORE
Goodwill and other intangible assets	60,875	12,512
SWITZERLAND
Goodwill and other intangible assets	$ 4,439	$ 4,299

Note 2 - Goodwill and Purchased Intangible Assets (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Goodwill [Table Text Block]

	Total Goodwill
Balance December 25, 2021	$	219,791
Impact of currency exchange		(6,252	)
Balance December 31, 2022		213,539
Additions		24,132
Impact of currency exchange		3,987
Balance December 30, 2023	$	241,658

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block]

	December 30, 2023						December 31, 2022
					Remaining
	Gross Carrying		Accumulated		Useful Life		Gross Carrying		Accumulated
	Amount		Amortization		(years)		Amount		Amortization
Developed technology	$	233,623	$	137,168		4.2	$	224,253	$	128,938
Customer relationships		73,759		28,932		7.1		64,632		31,015
Trade names		21,569		11,231		5.4		20,461		9,397
Backlog		100		25		0.8		-		-
Covenant not-to-compete		250		175		3.0		269		161
	$	329,301	$	177,531			$	309,615	$	169,511

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Note 12 - Leases (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Leases, Balance Sheet Information [Table Text Block]

		December 30,			December 31,
(in thousands)	Classification	2023			2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	16,778		$	22,804
Finance lease assets	Property, plant and equipment, net ⁽¹⁾		247			323
Total lease assets		$	17,025		$	23,127
Liabilities:
Current:
Operating	Other accrued liabilities	$	5,122		$	4,927
Finance	Other accrued liabilities		11			49
Noncurrent:
Operating	Long-term lease liabilities		13,160			19,185
Finance	Long-term lease liabilities		15			24
Total lease liabilities		$	18,308		$	24,185

Weighted-average remaining lease term (years):
Operating leases			5.5			6.2
Finance leases			2.1			1.7

Weighted-average discount rate:
Operating leases			6.4	%		6.2	%
Finance leases			4.0	%		2.2	%
(1) Finance lease assets are recorded net of accumulated amortization of $0.3 million and $0.2 million in 2023 and 2022, respectively.

Lease, Cost [Table Text Block]

	December 30,			December 31,			December 25,
(in thousands)	2023			2022			2021
Operating leases	$	6,691		$	6,698		$	7,638
Variable lease expense		2,389			2,220			2,192
Short-term operating leases		16			4			69
Finance leases:
Amortization of leased assets		90			88			86
Interest on lease liabilities		1			1			2
Sublease income		(29	)		(69	)		(81	)
Net lease cost	$	9,158		$	8,942		$	9,906

Lessee, Lease, Liability, Maturity [Table Text Block]

	Operating			Finance
(in thousands)	leases			leases			Total
2024	$	6,090		$	12		$	6,102
2025		5,271			12			5,283
2026		2,520			3			2,523
2027		1,503			-			1,503
2028		1,269			-			1,269
Thereafter		5,547			-			5,547
Total lease payments		22,200			27			22,227
Less: Interest		(3,918	)		(1	)		(3,919	)
Present value of lease liabilities	$	18,282		$	26		$	18,308

Lease, Cash Flow Information [Table Text Block]

	December 30,		December 31,		December 25,
(in thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,756	$	6,716	$	7,628
Operating cash flows from finance leases	$	1	$	1	$	1
Financing cash flows from finance leases	$	52	$	167	$	186
Leased assets obtained in exchange for new finance lease liabilities	$	-	$	-	$	54
Leased assets obtained in exchange for new operating lease liabilities	$	1,415	$	2,874	$	3,866
Financing lease assets acquired in MCT acquisition	$	19	$	-	$	-
Operating lease assets acquired in MCT acquisition	$	130	$	-	$	-

Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Raw materials and purchased parts	$ 103,118	$ 106,041
Work in process	26,820	36,024
Finished goods	25,855	28,076
Total inventories	$ 155,793	$ 170,141

Note 6 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

(in thousands)	2023			2022			2021
Service cost	$	551		$	954		$	1,223
Interest cost		510			56			61
Expected return on assets		(331	)		(128	)		(128	)
Settlements		(177	)		(487	)		72
Net periodic costs	$	553		$	395		$	1,228

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

(in thousands)	2023			2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	(21,628	)	$	(28,765	)
Service cost		(551	)		(954	)
Interest cost		(510	)		(56	)
Actuarial gain (loss)		(1,391	)		6,043
Participant contributions		(1,153	)		(1,459	)
Benefits paid		385			378
Plan change		-			397
Settlements		2,177			2,426
Foreign currency exchange adjustment		(2,213	)		362
Benefit obligation at end of year		(24,884	)		(21,628	)
Change in plan assets:
Fair value of plan assets at beginning of year		18,411			18,919
Return on assets, net of actuarial loss		52			119
Employer contributions		860			831
Participant contributions		1,153			1,459
Benefits paid		(385	)		(378	)
Settlements		(2,177	)		(2,426	)
Foreign currency exchange adjustment		1,786			(113	)
Fair value of plan assets at end of year		19,700			18,411
Net liability at end of year	$	(5,184	)	$	(3,217	)

Defined Benefit Plan, Assumptions [Table Text Block]

	2023			2022
Discount rate		1.5	%		2.3	%
Compensation increase		2.0	%		3.0	%

	2023			2022			2021
Discount rate		1.5	%		2.3	%		0.2	%
Rate of return on assets		1.5	%		1.8	%		0.7	%
Compensation increase		2.0	%		3.0	%		1.1	%

Schedule of Net Funded Status [Table Text Block]

(in thousands)	2023			2022
Accumulated benefit obligation at beginning of year	$	(1,657	)	$	(2,097	)
Interest cost		(78	)		(51	)
Actuarial (gain) loss		(6	)		382
Benefits paid		90			109
Accumulated benefit obligation at end of year		(1,651	)		(1,657	)
Plan assets at end of year		-			-
Funded status	$	(1,651	)	$	(1,657	)

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	2022					2021
				Wt. Avg.					Wt. Avg.
(in thousands, except per share data)	Shares			Ex. Price		Shares			Ex. Price
Outstanding and exercisable, beginning of year		12		$	9.44		262		$	10.01
Exercised		(12	)	$	9.44		(250	)	$	10.03
Outstanding and exercisable, end of year		-		$	-		12		$	9.44

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	2023					2022					2021
				Wt. Avg.					Wt. Avg.					Wt. Avg.
(in thousands, except per share data)	Units			Fair Value		Units			Fair Value		Units			Fair Value
Outstanding, beginning of year		969		$	24.55		1,058		$	21.16		1,414		$	15.16
Granted		365		$	36.66		431		$	27.74		270		$	41.66
Released		(428	)	$	22.33		(474	)	$	19.94		(579	)	$	16.23
Cancelled		(22	)	$	28.62		(46	)	$	24.33		(47	)	$	18.96
Outstanding, end of year		884		$	30.52		969		$	24.55		1,058		$	21.16

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

	2023					2022					2021
				Wt. Avg.					Wt. Avg.					Wt. Avg.
(in thousands, except per share data)	Units			Fair Value		Units			Fair Value		Units			Fair Value
Outstanding, beginning of year		403		$	28.64		384		$	22.22		425		$	15.51
Granted		270		$	39.97		151		$	33.22		93		$	51.43
Released		(258	)	$	13.18		(55	)	$	14.11		(125	)	$	21.77
Cancelled		(7	)	$	42.52		(77	)	$	15.94		(9	)	$	14.04
Outstanding, end of year		408		$	45.65		403		$	28.64		384		$	22.22

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]

Employee Stock Purchase Plan	2023			2022			2021
Dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility		36.3	%		45.6	%		58.3	%
Risk-free interest rate		4.5	%		1.2	%		0.1	%
Expected term (years)		0.5			0.5			0.5
Weighted-average grant date fair
value per share	$	8.54		$	8.79		$	9.42

Restricted Stock Units		2023				2022				2021
Dividend yield			0.0	%			0.0	%			0.0	%

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

(in thousands)	2023			2022			2021
Cost of sales	$	845		$	646		$	828
Research and development		3,394			3,100			3,017
Selling, general and administrative		12,998			11,172			9,947
Share-based compensation of continuing operations		17,237			14,918			13,792
Income tax benefit		(1,770	)		(4,004	)		(722	)
Total share-based compensation, net of tax	$	15,467		$	10,914		$	13,070

Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Net sales	$ 636,322	$ 812,775	$ 887,214
Semiconductor Test and Inspection [Member]
Net sales			860,454
PCB Test [Member]
Net sales			26,760
Systems [Member] \| Semiconductor Test and Inspection [Member]
Net sales	326,448	474,655	541,589
Systems [Member] \| PCB Test [Member]
Net sales	0	0	17,831
Non-systems [Member] \| Semiconductor Test and Inspection [Member]
Net sales	309,874	338,120	318,865
Non-systems [Member] \| PCB Test [Member]
Net sales	$ 0	$ 0	$ 8,929

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Note 5 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Due in one year or less, amortized cost	$ 57,981
Due in one year or less, fair value	57,887
Due after 1 year through 5 years, amortized cost	31,378
Due after 1 year through 5 years, fair value	31,546
Due after 5 years through 10 years, amortized cost	741
Due after 5 years through 10 years, fair value	741
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total	90,100
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total	$ 90,174

Note 8 - Derivative Financial Instruments

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

8.	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. To minimize foreign exchange volatility we utilize foreign currency forward contracts to offset against future movements in foreign exchange rates that affect certain existing foreign currency denominated assets and liabilities. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts to mitigate the risks and volatility associated with foreign currency transaction gains or losses.

We do not use derivative financial instruments for speculative or trading purposes. For accounting purposes, our foreign currency forward contracts are not designated as hedging instruments and, accordingly, we record the fair value of these contracts as of the end of our reporting period in our consolidated balance sheets with changes in fair value recorded within foreign transaction gain (loss) in our consolidated statements of income for both realized and unrealized gains and losses. The cash flows associated with the foreign currency forward contracts are reported in net cash provided by operating activities in our consolidated statements of cash flows.

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 30, 2023 will mature during the first quarter of fiscal 2024.

The following table provides information about our foreign currency forward contracts outstanding as of December 30, 2023 (in thousands):

Currency	Contract Position	Contract Amount (Local Currency)		Contract Amount (U.S. Dollars)
Euro	Buy		89,186	$	98,800
Swiss Franc	Buy		10,407		12,400
South Korean Won			2,574,040		2,000
Malaysian Ringgit			9,200		2,000
				$	115,200

Our foreign currency contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that utilize observable market inputs. The fair value of our foreign currency contracts as of December 30, 2023 was immaterial.

The location and amount of losses related to non-designated derivative instruments in the consolidated statements of income were as follows (in thousands):

Derivatives Not Designated	Location of Gain (Loss)	Fiscal Year
as Hedging Instruments	Recognized on Derivatives	2023			2022			2021
Foreign exchange forward contracts	Foreign transaction gain (loss)	$	(2,127	)	$	(5,356	)	$	(3,428	)

Note 3 - Borrowings and Credit Agreements (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Debt [Table Text Block]

	Fiscal year ended
(in thousands)	December 30, 2023			December 31, 2022
Bank term loan under credit agreement	$	29,327		$	66,952
Bank term loans-Kita		2,095			2,466
Construction loan-Cohu GmbH		7,681			8,414
Lines of credit		1,773			1,907
Total debt		40,876			79,739
Less: financing fees and discount		(249	)		(764	)
Less: current portion		(6,324	)		(6,311	)
Total long-term debt	$	34,303		$	72,664

Schedule of Maturities of Long-Term Debt [Table Text Block]

2024	$	6,459
2025		27,018
2026		1,197
2027		1,203
2028		1,258
Thereafter		3,741
Total	$	40,876

Note 4 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Costs accrued	$ 2,421	$ 605	$ 1,823
MCT Integration Program [Member]
Restructuring Expenses	2,421
Xcerra Integration Program [Member]
Restructuring Expenses	(62)	151	1,265
Costs accrued	(100)	200	1,300
Employee Severance [Member] \| MCT Integration Program [Member]
Restructuring Expenses	2,159
Employee Severance [Member] \| Integration Program [Member]
Accrued restructuring, balance	0
Costs accrued	2,159
Amounts paid or charged	(2,091)
Impact of currency exchange	0
Accrued restructuring, balance	68	0
Employee Severance [Member] \| Xcerra Integration Program [Member]
Restructuring Expenses	0	(8)	1,161
Accrued restructuring, balance	0	348	5,826
Costs accrued		(8)	1,161
Amounts paid or charged		(331)	(6,545)
Impact of currency exchange		(9)	(94)
Accrued restructuring, balance		0	348
Other Restructuring [Member] \| MCT Integration Program [Member]
Restructuring Expenses	262
Other Restructuring [Member] \| Integration Program [Member]
Accrued restructuring, balance	0
Costs accrued	262
Amounts paid or charged	(262)
Impact of currency exchange	0
Accrued restructuring, balance	0	0
Other Restructuring [Member] \| Xcerra Integration Program [Member]
Restructuring Expenses	0	613	662
Accrued restructuring, balance	0	0	0
Costs accrued		613	662
Amounts paid or charged		(613)	(662)
Impact of currency exchange		0	0
Accrued restructuring, balance		0	0
Employee Severance and Other Exit Costs [Member] \| Integration Program [Member]
Accrued restructuring, balance	0
Costs accrued	2,421
Amounts paid or charged	(2,353)
Impact of currency exchange	0
Accrued restructuring, balance	68	0
Employee Severance and Other Exit Costs [Member] \| Xcerra Integration Program [Member]
Accrued restructuring, balance	0	348	5,826
Costs accrued		605	1,823
Amounts paid or charged		(944)	(7,207)
Impact of currency exchange		(9)	(94)
Accrued restructuring, balance		0	348
Inventory Charges [Member] \| Xcerra Integration Program [Member]
Restructuring Expenses	$ (62)	$ (454)	$ (558)

Note 10 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Inventory, receivable and warranty reserves	$ 10,931	$ 13,599
Net operating loss carryforwards	36,602	39,545
Tax credit carryforwards	34,637	29,646
Capitalized R&D	30,485	19,819
Accrued employee benefits	3,348	4,416
Stock-based compensation	3,227	2,990
Lease liabilities	3,222	3,965
Uniform capitalization	1,564	0
Other	0	472
Gross deferred tax assets	124,016	114,452
Less valuation allowance	(99,888)	(89,234)
Total deferred tax assets	24,128	25,218
Intangible assets and other acquisition basis differences	34,076	38,921
Operating lease right-of-use assets	2,854	3,573
Unremitted earnings of foreign subsidiaries	4,106	153
Other	50	0
Total deferred tax liabilities	41,086	42,647
Net deferred tax liabilities	(16,958)	(17,429)
Other assets (long-term)	6,196	3,930
Long-term deferred income tax liabilities	$ (23,154)	$ (21,359)

Note 5 - Financial Instruments Measured at Fair Value

12 Months Ended

Dec. 30, 2023

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 hold investment securities for trading purposes. All short-term investments in debt securities are classified as available-for-sale and recorded at fair value. Investment securities are exposed to market risk due to changes in interest rates and credit risk and we monitor credit risk and attempt to mitigate exposure by making high-quality investments and through investment diversification.

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 limited to earnings performance, changes in credit rating or adverse changes in the regulatory or economic environment of the asset. Gross realized gains and losses on sales of short-term investments are included in interest income. Realized gains and losses for the periods presented were not significant.

Investments that we have classified as short-term, by security type, are as follows (in thousands):

	At December 30, 2023
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses ⁽¹⁾		Value
Corporate debt securities ⁽²⁾	$	45,105	$	147	$	15	$	45,237
U.S. treasury securities		20,439		26		116		20,349
Bank certificates of deposit		15,468		20		-		15,488
Asset-backed securities		8,017		17		10		8,024
Foreign government security		741		-		-		741
Municipal securities		330		5		-		335
	$	90,100	$	215	$	141	$	90,174

	At December 31, 2022
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses ⁽¹⁾		Value
Corporate debt securities ⁽²⁾	$	59,283	$	30	$	240	$	59,073
Bank certificates of deposit		36,500		20		41		36,479
U.S. treasury securities		34,614		1		418		34,197
Asset-backed securities		12,727		10		79		12,658
Foreign government security		828		-		-		828
	$	143,952	$	61	$	778	$	143,235

(1)

As of December 30, 2023, the cost and fair value of investments with loss positions were approximately $38.5 million and $38.4 million, respectively. As of December 31, 2022, the cost and fair value of investments with loss positions was approximately $86.3 million and $85.5 million, respectively. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if an other-than-temporary decline in fair value had occurred and concluded that these losses were temporary and we have the ability and intent to hold these investments to maturity.

(2)

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.

Effective maturities of short-term investments at December 30, 2023, were as follows:

	Amortized		Estimated
(in thousands)	Cost		Fair Value
Due in 1 year or less	$	57,981	$	57,887
Due after 1 year through 5 years		31,378		31,546
Due after 5 years through 10 years		741		741
	$	90,100	$	90,174

Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. When available, we use quoted market prices to determine the fair value of our investments, and they are included in Level 1. When quoted market prices are unobservable, we use quotes from independent pricing vendors based on recent trading activity and other relevant information.

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 30, 2023 using:
							Total estimated
	Level 1		Level 2		Level 3		fair value
Cash	$	157,697	$	-	$	-	$	157,697
Money market funds		-		81,115		-		81,115
Corporate debt securities		-		51,949		-		51,949
U.S. treasury securities		-		20,349		-		20,349
Bank certificates of deposit		-		15,488		-		15,488
Asset-backed securities		-		8,024		-		8,024
Foreign government security		-		741		-		741
Municipal securities		-		335		-		335
	$	157,697	$	178,001	$	-	$	335,698

	Fair value measurements at December 31, 2022 using:
							Total estimated
	Level 1		Level 2		Level 3		fair value
Cash	$	190,371	$	-	$	-	$	190,371
Corporate debt securities		-		69,753		-		69,753
Money market funds		-		40,290		-		40,290
Bank certificates of deposit		-		37,480		-		37,480
U.S. treasury securities		-		34,196		-		34,196
Asset-backed securities		-		12,658		-		12,658
Foreign government security		-		828		-		828
	$	190,371	$	195,205	$	-	$	385,576

Note 7 - Business Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Oct. 02, 2023	Jan. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Goodwill	$ 241,658			$ 213,539	$ 219,791
MCT Worldwide, LLC [Member]
Current assets, including cash received			$ 9,505
Property, plant and equipment			197
Other assets			356
Intangible assets			12,000
Goodwill			8,755
Total assets acquired			30,813
Liabilities assumed			(4,024)
Net assets acquired			$ 26,789
Equiptest Engineering Pte Ltd. (“EQT”) [Member]
Current assets, including cash received		$ 10,135
Property, plant and equipment		538
Intangible assets		34,500
Goodwill		15,377
Total assets acquired		60,550
Liabilities assumed		(10,203)
Net assets acquired		$ 50,347

Note 16 - Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

16.

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 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 loss	$	(22,521	)	$	(415	)	$	(22,936	)
Year ended December 31, 2022
Foreign currency translation adjustments	$	(17,991	)	$	41		$	(17,950	)
Adjustments related to postretirement benefits		6,690			(796	)		5,894
Change in unrealized gain/loss on investments		(694	)		-			(694	)
Other comprehensive loss	$	(11,995	)	$	(755	)	$	(12,750	)
Year ended December 30, 2023
Foreign currency translation adjustments	$	6,256		$	559		$	6,815
Adjustments related to postretirement benefits		(2,800	)		425			(2,375	)
Change in unrealized gain/loss on investments		793			-			793
Other comprehensive income	$	4,249		$	984		$	5,233

Components of accumulated other comprehensive income (loss), net of tax, at the end of each period are as follows:

(in thousands)	2023			2022
Accumulated net currency translation adjustments	$	(39,493	)	$	(46,308	)
Accumulated net adjustments related to postretirement benefits		4,656			7,031
Accumulated net unrealized gain/loss on investments		58			(735	)
Total accumulated other comprehensive loss	$	(34,779	)	$	(40,012	)

Note 5 - Financial Instruments Measured at Fair Value - Short-term Investments by Security Type (Details) - USD ($)
$ in Thousands

Dec. 30, 2023

Dec. 31, 2022

Amortized cost

$ 90,100

$ 143,952

Gross unrealized gains

215

Gross unrealized losses

^[1]

141

778

Short-term investments

90,174

143,235

Estimated fair value

90,174

143,235

Corporate Debt Securities [Member]

Amortized cost

^[2]

45,105

59,283

Gross unrealized gains

^[2]

147

Gross unrealized losses

^[1],[2]

240

Short-term investments

^[2]

45,237

59,073

Estimated fair value

^[2]

45,237

59,073

US Treasury Securities [Member]

Amortized cost

20,439

34,614

Gross unrealized gains

Gross unrealized losses

^[1]

116

418

Short-term investments

20,349

34,197

Estimated fair value

20,349

34,197

Certificates of Deposit [Member]

Amortized cost

15,468

36,500

Gross unrealized gains

Gross unrealized losses

^[1]

Short-term investments

15,488

36,479

Estimated fair value

15,488

36,479

Asset-Backed Securities [Member]

Amortized cost

8,017

12,727

Gross unrealized gains

Gross unrealized losses

Short-term investments

8,024

12,658

Estimated fair value

8,024

12,658

Debt Security, Government, Non-US [Member]

Amortized cost

741

828

Gross unrealized gains

Gross unrealized losses

^[1]

Short-term investments

741

828

Estimated fair value

741

$ 828

US States and Political Subdivisions Debt Securities [Member]

Amortized cost

330

Gross unrealized gains

Gross unrealized losses

Short-term investments

335

Estimated fair value

$ 335

[1]

As of December 30, 2023, the cost and fair value of investments with loss positions were approximately $38.5 million and $38.4 million, respectively. As of December 31, 2022, the cost and fair value of investments with loss positions was approximately $86.3 million and $85.5 million, respectively. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if an other-than-temporary decline in fair value had occurred and concluded that these losses were temporary and we have the ability and intent to hold these investments to maturity.

[2]

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 10 - Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

(in thousands)	2023			2022			2021
Current:
U.S. Federal	$	694		$	1,609		$	1,103
U.S. State		86			456			101
Foreign		21,654			31,307			22,862
Total current		22,434			33,372			24,066
Deferred:
U.S. Federal		61			(9	)		5
Foreign		(4,835	)		(3,495	)		948
Total deferred		(4,774	)		(3,504	)		953
	$	17,660		$	29,868		$	25,019

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

(in thousands)	2023			2022		2021
U.S.	$	(37,799	)	$	9,180	$	30,588
Foreign		83,615			117,535		161,756
Total	$	45,816		$	126,715	$	192,344

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(in thousands)	2023			2022
Deferred tax assets:
Inventory, receivable and warranty reserves	$	10,931		$	13,599
Net operating loss carryforwards		36,602			39,545
Tax credit carryforwards		34,637			29,646
Capitalized R&D		30,485			19,819
Accrued employee benefits		3,348			4,416
Stock-based compensation		3,227			2,990
Lease liabilities		3,222			3,965
Uniform capitalization		1,564			-
Other		-			472
Gross deferred tax assets		124,016			114,452
Less valuation allowance		(99,888	)		(89,234	)
Total deferred tax assets		24,128			25,218
Deferred tax liabilities:
Intangible assets and other acquisition basis differences		34,076			38,921
Operating lease right-of-use assets		2,854			3,573
Unremitted earnings of foreign subsidiaries		4,106			153
Other		50			-
Total deferred tax liabilities		41,086			42,647
Net deferred tax liabilities	$	(16,958	)	$	(17,429	)

(in thousands)	2023			2022
Other assets (long-term)	$	6,196		$	3,930
Long-term deferred income tax liabilities		(23,154	)		(21,359	)
Net deferred tax liabilities	$	(16,958	)	$	(17,429	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

(in thousands)	2023			2022			2021
Tax provision at U.S. 21% statutory rate	$	9,470		$	26,610		$	40,392
State income taxes, net of federal tax benefit		(633	)		(1,535	)		2,246
Accruals, adjustments and releases from statute expirations		579			348			(787	)
Federal R&D credits		(1,360	)		(1,679	)		(943	)
Stock-based compensation		(1,504	)		(572	)		(4,802	)
Excess executive compensation		1,375			946			1,608
Change in valuation allowance		10,654			13,307			(9,882	)
Exemption of PTG gain		-			-			(12,378	)
Dividend, net of foreign tax credits		-			13			693
GILTI, net of foreign tax credits		1,735			3,458			9,343
Foreign rate differential		2,093			(6,131	)		(1,023	)
Other, net		(4,749	)		(4,897	)		552
	$	17,660		$	29,868		$	25,019

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

(in thousands)	2023			2022			2021
Balance at beginning of year	$	33,368		$	33,391		$	33,696
Additions for tax positions of current year		899			910			686
Additions/(Reductions) for tax positions of prior years		1,802			(428	)		(83	)
Reductions due to lapse of the statute of limitations		(295	)		(354	)		(1,012	)
Foreign exchange rate impact		126			(151	)		104
Balance at end of year	$	35,900		$	33,368		$	33,391

Note 14 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Beginning balance	$ 6,214	$ 7,691	$ 6,382
Warranty accruals	6,555	8,897	13,389
Warranty payments	(7,862)	(10,374)	(11,135)
Warranty liability transferred	110	0	(945)
Ending balance	$ 5,017	$ 6,214	$ 7,691

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. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Weighted average common shares outstanding (in shares)	47,486	48,178	47,409
Effect of dilutive stock options and restricted stock units (in shares)	539	621	1,051
Weighted Average Number of Shares Outstanding, Diluted	48,025	48,799	48,460

Note 11 - Segment and Geographic Information (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

(in thousands)	2021
Net sales by segment:
Semiconductor Test & Inspection	$	860,454
PCB Test		26,760
Total consolidated net sales for reportable segments	$	887,214
Segment profit (loss) before tax:
Semiconductor Test & Inspection	$	138,026
PCB Test		3,907
Profit for reportable segments		141,933
Other unallocated amounts:
Corporate expenses		(10,819	)
Gain on sale of PCB Test business		70,815
Interest expense		(6,413	)
Interest income		239
Gain on extinguishment of debt		(3,411	)
Profit (loss) from continuing operations before taxes	$	192,344

(in thousands)	2021
Depreciation and amortization by segment deducted in arriving at profit (loss):
Semiconductor Test & Inspection	$	48,129
PCB Test		439
Total depreciation and amortization	$	48,568
Capital expenditures by segment:
Semiconductor Test & Inspection	$	11,954
PCB Test		46
Total consolidated capital expenditures	$	12,000

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

	2023			2022		2021
STMicroelectronics		12.0	%		*		*
Analog Devices		*			*		14.1	%

* Less than 10% of consolidated net sales.

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

(in thousands)	2023		2022		2021
Malaysia	$	100,949	$	99,508	$	79,777
Philippines		92,529		111,647		155,070
China		92,408		146,227		213,575
United States		76,995		79,093		77,495
Rest of the world		273,441		376,300		361,297
Total, net	$	636,322	$	812,775	$	887,214

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]

(in thousands)	2023		2022
Property, plant and equipment:
Philippines	$	22,501	$	14,706
United States		16,093		18,419
Germany		15,843		15,977
Japan		7,810		9,316
Malaysia		4,700		4,300
Rest of the world		2,138		2,293
Total, net	$	69,085	$	65,011

Goodwill and other intangible assets:
Germany	$	149,592	$	158,401
United States		111,660		131,068
Malaysia		63,249		43,571
Singapore		60,875		12,512
Switzerland		4,439		4,299
Japan		2,358		2,641
Rest of the world		1,255		1,151
Total, net	$	393,428	$	353,643

Note 8 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Dec. 30, 2023 - Not Designated as Hedging Instrument [Member] € in Thousands, ₩ in Thousands, SFr in Thousands, RM in Millions, $ in Millions	USD ($)	EUR (€)	CHF (SFr)	KRW (₩)	MYR (RM)
Euro Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	$ 98.8	€ 89,186
Contract amount	98.8	€ 89,186
Swiss Franc Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	12.4		SFr 10,407
Contract amount	12.4		SFr 10,407
South Korean Won Forward Exchange Forward [Member] \| Long [Member]
Contract amount	2.0			₩ 2,574,040
Contract amount	2.0			₩ 2,574,040
Malaysian Ringgit Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	2.0				RM 9.2
Contract amount	2.0				RM 9.2
Foreign Exchange Forward [Member]
Contract amount	115.2
Contract amount	$ 115.2

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Note 10 - Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Balance at beginning of year	$ 33,368	$ 33,391	$ 33,696
Additions for tax positions of current year	899	910	686
Additions/(Reductions) for tax positions of prior years	1,802
Additions/(Reductions) for tax positions of prior years		(428)	(83)
Reductions due to lapse of the statute of limitations	(295)	(354)	(1,012)
Foreign exchange rate impact	126		104
Foreign exchange rate impact		(151)
Balance at end of year	$ 35,900	$ 33,368	$ 33,391

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. 30, 2023	Dec. 31, 2022
Accumulated benefit obligation at beginning of year	$ (1,657)	$ (2,097)
Interest cost	(78)	(51)
Actuarial (gain) loss	(6)	382
Benefits paid	90	109
Accumulated benefit obligation at end of year	(1,651)	(1,657)
Plan assets at end of year	0	0
Funded status	$ (1,651)	$ (1,657)

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Note 3 - Borrowings and Credit Agreements

12 Months Ended

Dec. 30, 2023

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 30, 2023 and December 31, 2022:

	Fiscal year ended
(in thousands)	December 30, 2023			December 31, 2022
Bank term loan under credit agreement	$	29,327		$	66,952
Bank term loans-Kita		2,095			2,466
Construction loan-Cohu GmbH		7,681			8,414
Lines of credit		1,773			1,907
Total debt		40,876			79,739
Less: financing fees and discount		(249	)		(764	)
Less: current portion		(6,324	)		(6,311	)
Total long-term debt	$	34,303		$	72,664

The debt principal payments, excluding financing lease obligations, for the next five years and thereafter are as follows (in thousands):

2024	$	6,459
2025		27,018
2026		1,197
2027		1,203
2028		1,258
Thereafter		3,741
Total	$	40,876

Credit Agreement

On October 1, 2018, we entered into a Credit Agreement providing for a $350.0 million Term Loan Credit Facility and borrowed the full amount to finance a portion of the Xcerra acquisition. Loans under the Term Loan Credit Facility amortize in equal quarterly installments of 0.25% of the original principal amount, with the balance payable at maturity. All outstanding principal and interest in respect of the Term Loan Credit Facility was due on or before October 1, 2025. The loans under the Term Loan Credit Facility bore interest, at Cohu’s option, at a floating annual rate equal to LIBOR plus a margin of 3.00%. On June 16, 2023, in connection with the discontinuation of LIBOR, we entered into an amendment to our Term Loan Credit Facility, which provided for the transition of the benchmark interest rate from LIBOR to SOFR. Effective with the interest period beginning July 1, 2023, LIBOR was replaced with Adjusted Term SOFR, a floating annual rate equal to SOFR plus a margin of 3.0%. At December 30, 2023, the outstanding loan balance, net of discount and deferred financing costs, was $29.1 million and $3.4 million of the outstanding balance is presented as current installments of long-term debt in our consolidated balance sheets. At December 31, 2022, the outstanding loan balance, net of discount and deferred financing costs, was $66.2 million and $3.2 million of the outstanding balance is presented as current installments of long-term debt in our consolidated balance sheets. As of December 30, 2023, the fair value of the debt was $29.4 million. The measurement of the fair value of debt is based on the average of the bid and ask trading quotes as of December 30, 2023 and is considered a Level 2 fair value measurement.

Under the terms of the Credit Agreement, the lender had the option to accelerate the payment terms upon the occurrence of certain events of default set forth therein, which included: the failure of Cohu to make timely payments of amounts due under the Credit Agreement, the failure of Cohu to adhere to the representations and covenants set forth in the Credit Agreement, the failure to provide notice of any event that causes a material adverse effect or to provide other required notices, upon the event that related collateral agreements become ineffective, upon the event that certain legal judgments are entered against Cohu, the insolvency of Cohu, or upon the change of control of Cohu. As of December 30, 2023, we believe no such events of default have occurred.

During 2023 we prepaid $34.1 million in principal of our Term Loan Credit Facility in cash. We accounted for the prepayment as a debt extinguishment, which resulted in a loss of $0.4 million reflected in our consolidated statement of income and a $0.4 million reduction in debt discounts and deferred financing costs in our consolidated balance sheets. During 2022 we repurchased $31.8 million in principal of our Term Loan Credit Facility for $31.7 million in cash. We accounted for the repurchase as a debt extinguishment, which resulted in a loss of $0.3 million reflected in our consolidated statement of income, as well as a $0.4 million reduction in debt discounts and deferred financing costs in our consolidated balance sheets. Approximately $29.3 million in principal of the Term Loan Credit Facility remained outstanding as of December 30, 2023. Subsequent to our fiscal year ended December 30, 2023, on February 9, 2024, we made a cash payment of $29.3 million to repay the remaining outstanding amounts owed under our Term Loan Credit Facility. We accounted for the transaction as a debt extinguishment, and in the first quarter of fiscal 2024 we will recognize a loss of $0.2 million due to the recognition of the remaining debt discount and deferred financing costs.

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 0.45%, and expire at various dates through 2034. At December 30, 2023, the outstanding loan balance was $2.1 million and $0.2 million of the outstanding balance is presented as current installments of long-term debt in our consolidated balance sheets. At December 31, 2022, the outstanding loan balance was $2.5 million and $0.2 million of the outstanding balance is presented as current installments of long-term debt in our consolidated balance sheets. The fair value of the debt approximates the carrying value at December 30, 2023.

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 and June 2020, one of our wholly owned subsidiaries located in Germany entered into a series of Loan Facilities with a German financial institution providing it with total borrowings of up to €10.1 million. The Loan Facilities are being utilized to finance the expansion of our facility in Kolbermoor, Germany and are secured by the land and the existing building on the site. The Loan Facilities bear interest at agreed upon rates based on the facility amounts as discussed below.

The first facility totaling €3.4 million has been fully drawn and is payable over 10 years at a fixed annual interest rate of 0.8%. Principal and interest payments are due each quarter over the duration of the facility ending in September 2029. The second facility totaling €5.2 million has been fully drawn and is payable over 15 years at an annual interest rate of 1.05%, which is fixed until April 2027. Principal and interest payments are due each month over the duration of the facility ending in January 2034. The third facility totaling €0.9 million has been fully drawn and is payable over 10 years at an annual interest rate of 1.2%. Principal and interest payments are due each month over the duration of the facility ending in May 2030.

At December 30, 2023, total outstanding borrowings under the Loan Facilities was $7.7 million with $1.0 million of the total outstanding balance being presented as current installments of long-term debt in our consolidated balance sheets. At December 31, 2022, total outstanding borrowings under the Loan Facilities was $8.4 million with $1.0 million of the total outstanding balance being presented as current installments of long-term debt in our consolidated balance sheets. The loans are denominated in Euros and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. The fair value of the debt approximates the carrying value at December 30, 2023.

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 250 million Japanese Yen is drawn. At December 30, 2023, total borrowings outstanding under the revolving lines of credit were $1.8 million. As these credit facility agreements renew monthly, they have been included in short-term borrowings in our consolidated balance sheets.

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 available line of credit which provides borrowings of up to a total of 2.0 million Swiss Francs, a portion of which is reserved for tax guarantees. At December 30, 2023, and December 31, 2022, no amounts were outstanding under this line of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Note 16 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Total accumulated other comprehensive loss	$ (34,779)	$ (40,012)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated net currency translation adjustments	(39,493)	(46,308)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated net adjustments related to postretirement benefits	4,656	7,031
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Accumulated net unrealized gain/loss on investments	58	(735)
AOCI Attributable to Parent [Member]
Total accumulated other comprehensive loss	$ (34,779)	$ (40,012)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Note 12 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
Note 12 - Leases (Details Textual) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Renewal Term (Year)	25 years
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ 0.3	$ 0.2
Minimum [Member]
Lessee, Lease, Remaining Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Lease, Remaining Term of Contract (Year)	34 years

Note 11 - Segment and Geographic Information

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

11.

Segment and Geographic Information

We applied the provisions of ASC 280, which sets forth a management approach to segment reporting and establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker and for which discrete financial information is available. We have determined that our three identified operating segments are: THG, STG and ISG. Our THG, STG and ISG operating segments qualify for aggregation under ASC 280 due to similarities in their customers, their economic characteristics, and the nature of products and services provided. As a result, we report in one segment, Semiconductor Test & Inspection. All amounts presented in our consolidated balance sheet as of December 30, 2023 and December 31, 2022, and our consolidated statement of income for the twelve months ended December 30, 2023 and December 31, 2022, represents the financial position and results of our remaining reportable segment. Prior to the sale of our PCB Test business on June 24, 2021, we reported in two segments, Semiconductor Test & Inspection and PCB Test.

(in thousands)	2021
Net sales by segment:
Semiconductor Test & Inspection	$	860,454
PCB Test		26,760
Total consolidated net sales for reportable segments	$	887,214
Segment profit (loss) before tax:
Semiconductor Test & Inspection	$	138,026
PCB Test		3,907
Profit for reportable segments		141,933
Other unallocated amounts:
Corporate expenses		(10,819	)
Gain on sale of PCB Test business		70,815
Interest expense		(6,413	)
Interest income		239
Gain on extinguishment of debt		(3,411	)
Profit (loss) from continuing operations before taxes	$	192,344

(in thousands)	2021
Depreciation and amortization by segment deducted in arriving at profit (loss):
Semiconductor Test & Inspection	$	48,129
PCB Test		439
Total depreciation and amortization	$	48,568
Capital expenditures by segment:
Semiconductor Test & Inspection	$	11,954
PCB Test		46
Total consolidated capital expenditures	$	12,000

During the last three years, the following customers of our Semiconductor Test & Inspection segment that comprised 10% or greater of our consolidated net sales were as follows:

	2023			2022		2021
STMicroelectronics		12.0	%		*		*
Analog Devices		*			*		14.1	%

* Less than 10% of consolidated net sales.

On June 24, 2021, we completed the divestment of our PCB Test business. Prior to this, no customer of our PCB Test segment exceeded 10% of consolidated net sales for the year ended December 25, 2021.

Net sales to customers, attributed to countries based on product shipment destination, were as follows:

(in thousands)	2023		2022		2021
Malaysia	$	100,949	$	99,508	$	79,777
Philippines		92,529		111,647		155,070
China		92,408		146,227		213,575
United States		76,995		79,093		77,495
Rest of the world		273,441		376,300		361,297
Total, net	$	636,322	$	812,775	$	887,214

Geographic location of our property, plant and equipment and other long-lived assets was as follows:

(in thousands)	2023		2022
Property, plant and equipment:
Philippines	$	22,501	$	14,706
United States		16,093		18,419
Germany		15,843		15,977
Japan		7,810		9,316
Malaysia		4,700		4,300
Rest of the world		2,138		2,293
Total, net	$	69,085	$	65,011

Goodwill and other intangible assets:
Germany	$	149,592	$	158,401
United States		111,660		131,068
Malaysia		63,249		43,571
Singapore		60,875		12,512
Switzerland		4,439		4,299
Japan		2,358		2,641
Rest of the world		1,255		1,151
Total, net	$	393,428	$	353,643

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 25, 2021

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Balance, beginning of year

$ 199

$ 290

$ 128

Additions (reductions) not charged to expense

^[1]

(8)

Additions (reduction) charged (credited) to expense

140

122

149

Deductions/write-offs

205

Balance, end of year

340

199

290

SEC Schedule, 12-09, Reserve, Inventory [Member]

Balance, beginning of year

26,871

23,012

26,937

Additions (reductions) not charged to expense

^[1]

648

698

(2,926)

^[2]

Additions (reduction) charged (credited) to expense

4,540

7,179

7,102

Deductions/write-offs

11,641

4,018

8,101

Balance, end of year

$ 20,418

$ 26,871

$ 23,012

[1]	Changes in reserve balances resulting from foreign currency impact and reclassifications from other reserves.
[2]	Reductions not charged to expense includes $2.2 million transferred as part of the sale of our PCB Test business.

Note 13 - Commitments and Contingencies

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

13.

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 assurance, we do not believe at the present time that the resolution of these matters will have a material adverse effect on our assets, financial position or results of operations.

Note 12 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
2024, operating leases	$ 6,090
2024, finance leases	12
2024, total	6,102
2025, operating leases	5,271
2025, finance leases	12
2025, total	5,283
2026, operating leases	2,520
2026, finance leases	3
2026, total	2,523
2027, operating leases	1,503
2027, finance leases	0
2027, total	1,503
2028, operating leases	1,269
2028, finance leases	0
2028, total	1,269
Thereafter, operating leases	5,547
Thereafter, finance leases	0
Thereafter, total	5,547
Total lease payments, operating leases	22,200
Total lease payments, finance leases	27
Total lease payments, total	22,227
Less: Interest, operating leases	(3,918)
Less: Interest, finance leases	(1)
Less: Interest, total	(3,919)
Present value of lease liabilities, finance leases	26
Present value of lease liabilities, total	18,308	$ 24,185
Other Accrued Liabilities and Long-term Lease Liabilities [Member]
Present value of lease liabilities, operating leases	$ 18,282

Note 7 - Business Acquisitions (Details Textual) $ in Thousands, $ in Millions						1 Months Ended		3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 30, 2023 USD ($)	Dec. 30, 2023 SGD ($)	Oct. 02, 2023 USD ($)	Oct. 02, 2023 SGD ($)	Jan. 30, 2023 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 SGD ($)	Jul. 01, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 24, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 30, 2023 SGD ($)	Oct. 02, 2023 SGD ($)
Other Accrued Liabilities, Current	$ 14,589										$ 17,280
Other Accrued Liabilities, Noncurrent	8,262										7,620
MCT Worldwide, LLC [Member]
Payments to Acquire Businesses, Gross					$ 28,000
Cash Acquired from Acquisition								$ 600
Business Combination, Consideration Transferred					$ 26,800
Business Combination, Acquisition Related Costs									$ 500	$ 0
Equiptest Engineering Pte Ltd. (“EQT”) [Member]
Payments to Acquire Businesses, Gross			$ 48,300	$ 66.0
Business Combination, Consideration Transferred	50,300	$ 68.8	49,900	$ 68.3
Business Combination, Acquisition Related Costs	1,100										$ 0
Accrued Liabilities, Current	400											$ 0.5
Equiptest Engineering Pte Ltd. (“EQT”) [Member] \| Subsequent Event [Member]
Cash Acquired from Acquisition						$ 600	$ 0.8
Equiptest Engineering Pte Ltd. (“EQT”) [Member] \| EQT Retention Sum Liability [Member]
Business Combination, Retention Sum Liability for Potential Adjustments	1,600		$ 1,600									$ 2.2	$ 2.2
Other Accrued Liabilities, Current	300
Other Accrued Liabilities, Noncurrent	$ 1,300

Note 10 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 30, 2023	Dec. 31, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Deferred Tax Assets, Valuation Allowance	$ 99,888		$ 99,888	$ 89,234
Increase (Decrease) of Net Income Due to Impact of Tax Holidays			$ 3,800	$ 4,500	$ 4,500
Increase (Decrease) of Earning Per Share Due To Impact Of Tax Holidays (in dollars per share)			$ 0.08	$ 0.09	$ 0.09
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	7,500		$ 7,500	$ 5,800	$ 5,300
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	700		700	600
Unrecognized Tax Benefits, Interest Expense, Net of Accrued Interest Reversed		$ (100)		$ (100)	$ (200)
Maximum [Member]
Unrecognized Tax Benefits, Increase (Decrease) Related to Transfer Pricing	1,100
Collection Term Range (Year)				10 years
Minimum [Member]
Collection Term Range (Year)				4 years
Domestic Tax Authority [Member]
Operating Loss Carryforwards	120,900		120,900
Tax Credit Carryforward, Amount	4,000		4,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	130,100		130,100
Tax Credit Carryforward, Amount	33,700		33,700
Foreign Tax Authority [Member]
Operating Loss Carryforwards	$ 13,200		$ 13,200

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Valuation and Qualifying Accounts Disclosure [Table Text Block]

			Additions
			(Reductions)
	Balance at		Not			Additions				Balance
	Beginning		Charged			Charged		Deductions/		at End
Description	of Year		to Expense		⁽¹⁾	to Expense		Write-offs		of Year

Allowance for doubtful accounts:

Year ended December 25, 2021	$	128	$	14		$	149	$	1	$	290

Year ended December 31, 2022	$	290	$	(8	)	$	122	$	205	$	199

Year ended December 30, 2023	$	199	$	5		$	140	$	4	$	340


Reserve for excess and obsolete inventories:

Year ended December 25, 2021	$	26,937	$	(2,926	)⁽²⁾	$	7,102	$	8,101	$	23,012

Year ended December 31, 2022	$	23,012	$	698		$	7,179	$	4,018	$	26,871

Year ended December 30, 2023	$	26,871	$	648		$	4,540	$	11,641	$	20,418

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1.	Summary of Significant Accounting Policies

The following table reconciles the denominators used in computing basic and diluted income per share:

(in thousands)	2023		2022		2021
Weighted average common shares outstanding		47,486		48,178		47,409
Effect of dilutive stock options and restricted stock units		539		621		1,051
		48,025		48,799		48,460

Inventories by category were as follows (in thousands):

	December 30,		December 31,
	2023		2022
Raw materials and purchased parts	$	103,118	$	106,041
Work in process		26,820		36,024
Finished goods		25,855		28,076
Total inventories	$	155,793	$	170,141

Property, plant and equipment, at cost, consisted of the following (in thousands):

	December 30,			December 31,
	2023			2022
Land and land improvements	$	7,301		$	7,066
Buildings and building improvements		39,677			31,161
Machinery and equipment		108,831			105,109
		155,809			143,336
Less accumulated depreciation and amortization		(86,724	)		(78,325	)
Property, plant and equipment, net	$	69,085		$	65,011

Disaggregated net sales by segment are as follows:

(in thousands)	2023		2022		2021
Systems-Semiconductor Test & Inspection	$	326,448	$	474,655	$	541,589
Non-systems-Semiconductor Test & Inspection		309,874		338,120		318,865
Systems-PCB Test		-		-		17,831
Non-systems-PCB Test		-		-		8,929
Net sales	$	636,322	$	812,775	$	887,214

Advertising Costs – Advertising costs are expensed as incurred and were not material for all periods presented.

Recent Accounting Pronouncements

Subsequent to our fiscal year ended December 30, 2023, on February 9, 2024, we made a cash payment of $29.3 million to repay the remaining outstanding principal of our Term Loan Credit Facility.

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Note 3 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, ¥ in Millions, SFr in Millions				9 Months Ended	12 Months Ended
	Feb. 09, 2024 USD ($)	Jul. 01, 2023	Oct. 01, 2018 USD ($)	Sep. 24, 2022 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 25, 2021 USD ($)	Dec. 30, 2023 EUR (€)	Dec. 30, 2023 JPY (¥)	Dec. 30, 2023 CHF (SFr)	Jun. 30, 2020 EUR (€)
Long-Term Debt					$ 40,876
Long-Term Debt, Current Maturities					6,324	$ 6,311
Gain (Loss) on Extinguishment of Debt					(369)	(312)	$ (3,411)
Repayments of Long-Term Debt					38,788	38,226	$ 206,069
Long-Term Line of Credit					1,773	1,907
Ismeca [Member]
Line of Credit Facility, Maximum Borrowing Capacity \| SFr										SFr 2
Long-Term Line of Credit					$ 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					$ 1,800				¥ 250
Secured Term Loan Facility [Member]
Debt Instrument, Face Amount			$ 350,000
Debt Instrument, Amortization, Percentage of Principal Amount			0.25%
Long-Term Debt						66,200
Long-Term Debt, Current Maturities					3,400	3,200
Long-Term Debt, Fair Value					29,400
Extinguishment of Debt, Amount				$ 31,800	34,100
Gain (Loss) on Extinguishment of Debt				(300)	(400)
Extinguishment of Debt Decrease Deferred Financing Costs				400	400
Repayments of Long-Term Debt				$ 31,700
Long-Term Debt, Gross					29,327	66,952
Secured Term Loan Facility [Member] \| Subsequent Event [Member]
Repayments of Long-Term Debt	$ 29,300
Deferred Debt Issuance Cost, Writeoff	$ 200
Secured Term Loan Facility [Member] \| London Interbank Offered Rate (LIBOR) 1 [Member]
Debt Instrument, Basis Spread on Variable Rate			3.00%
Secured Term Loan Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%
Secured Overnight Financing Rate (SOFR) [Member]
Long-Term Debt					29,100
Kita Term Loans [Member]
Long-Term Debt					2,100	2,500
Long-Term Debt, Current Maturities					200	200
Long-Term Debt, Gross					$ 2,095	2,466
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					0.45%			0.45%	0.45%	0.45%
Loan Facilities [Member] \| Construction Loans [Member]
Debt Instrument, Face Amount \| €											€ 10.1
Long-Term Debt					$ 7,700	8,400
Long-Term Debt, Current Maturities						$ 1,000
First Facility [Member] \| Construction Loans [Member]
Debt Instrument, Face Amount \| €								€ 3.4
Debt Instrument, Interest Rate, Stated Percentage					0.80%			0.80%	0.80%	0.80%
Debt Instrument, Term (Year)					10 years
Second Facility [Member] \| Construction Loans [Member]
Debt Instrument, Face Amount \| €								€ 5.2
Debt Instrument, Interest Rate, Stated Percentage					1.05%			1.05%	1.05%	1.05%
Debt Instrument, Term (Year)					15 years
Third Facility [Member] \| Construction Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage					1.20%			1.20%	1.20%	1.20%
Debt Instrument, Term (Year)					10 years
Debt Instrument, Collateral Amount \| €								€ 0.9

Note 5 - Financial Instruments Measured at Fair Value (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Unrealized Gain (Loss) on Investments [Table Text Block]

	At December 30, 2023
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses ⁽¹⁾		Value
Corporate debt securities ⁽²⁾	$	45,105	$	147	$	15	$	45,237
U.S. treasury securities		20,439		26		116		20,349
Bank certificates of deposit		15,468		20		-		15,488
Asset-backed securities		8,017		17		10		8,024
Foreign government security		741		-		-		741
Municipal securities		330		5		-		335
	$	90,100	$	215	$	141	$	90,174

	At December 31, 2022
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses ⁽¹⁾		Value
Corporate debt securities ⁽²⁾	$	59,283	$	30	$	240	$	59,073
Bank certificates of deposit		36,500		20		41		36,479
U.S. treasury securities		34,614		1		418		34,197
Asset-backed securities		12,727		10		79		12,658
Foreign government security		828		-		-		828
	$	143,952	$	61	$	778	$	143,235

Investments Classified by Contractual Maturity Date [Table Text Block]

	Amortized		Estimated
(in thousands)	Cost		Fair Value
Due in 1 year or less	$	57,981	$	57,887
Due after 1 year through 5 years		31,378		31,546
Due after 5 years through 10 years		741		741
	$	90,100	$	90,174

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Fair value measurements at December 30, 2023 using:
							Total estimated
	Level 1		Level 2		Level 3		fair value
Cash	$	157,697	$	-	$	-	$	157,697
Money market funds		-		81,115		-		81,115
Corporate debt securities		-		51,949		-		51,949
U.S. treasury securities		-		20,349		-		20,349
Bank certificates of deposit		-		15,488		-		15,488
Asset-backed securities		-		8,024		-		8,024
Foreign government security		-		741		-		741
Municipal securities		-		335		-		335
	$	157,697	$	178,001	$	-	$	335,698

	Fair value measurements at December 31, 2022 using:
							Total estimated
	Level 1		Level 2		Level 3		fair value
Cash	$	190,371	$	-	$	-	$	190,371
Corporate debt securities		-		69,753		-		69,753
Money market funds		-		40,290		-		40,290
Bank certificates of deposit		-		37,480		-		37,480
U.S. treasury securities		-		34,196		-		34,196
Asset-backed securities		-		12,658		-		12,658
Foreign government security		-		828		-		828
	$	190,371	$	195,205	$	-	$	385,576

Note 5 - Financial Instruments Measured at Fair Value - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands

Dec. 30, 2023

Dec. 31, 2022

Short-term investments

$ 90,174

$ 143,235

Corporate Debt Securities [Member]

Short-term investments

^[1]

45,237

59,073

US Treasury Securities [Member]

Short-term investments

20,349

34,197

Certificates of Deposit [Member]

Short-term investments

15,488

36,479

Asset-Backed Securities [Member]

Short-term investments

8,024

12,658

Debt Security, Government, Non-US [Member]

Short-term investments

741

828

US States and Political Subdivisions Debt Securities [Member]

Short-term investments

335

Fair Value, Recurring [Member]

Assets, Fair Value Disclosure

335,698

385,576

Fair Value, Recurring [Member] | Corporate Debt Securities [Member]

Short-term investments

51,949

69,753

Fair Value, Recurring [Member] | US Treasury Securities [Member]

Short-term investments

20,349

34,196

Fair Value, Recurring [Member] | Certificates of Deposit [Member]

Short-term investments

15,488

37,480

Fair Value, Recurring [Member] | Asset-Backed Securities [Member]

Short-term investments

8,024

12,658

Fair Value, Recurring [Member] | Debt Security, Government, Non-US [Member]

Short-term investments

741

828

Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]

Short-term investments

335

Fair Value, Recurring [Member] | Cash [Member]

Cash and cash equivalents

157,697

190,371

Fair Value, Recurring [Member] | Money Market Funds [Member]

Cash and cash equivalents

81,115

40,290

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]

Assets, Fair Value Disclosure

157,697

190,371

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash [Member]

Cash and cash equivalents

157,697

190,371

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]

Cash and cash equivalents

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

Assets, Fair Value Disclosure

178,001

195,205

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]

Short-term investments

51,949

69,753

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]

Short-term investments

20,349

34,196

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]

Short-term investments

15,488

37,480

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]

Short-term investments

8,024

12,658

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member]

Short-term investments

741

828

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]

Short-term investments

335

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash [Member]

Cash and cash equivalents

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]

Cash and cash equivalents

81,115

40,290

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]

Assets, Fair Value Disclosure

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member]

Short-term investments

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member]

Cash and cash equivalents

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]

Cash and cash equivalents

$ 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 11 - Segment and Geographic Information - Summary of Net Sales to Customers, Attributed to Countries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Net sales	$ 636,322	$ 812,775	$ 887,214
MALAYSIA
Net sales	100,949	99,508	79,777
PHILIPPINES
Net sales	92,529	111,647	155,070
CHINA
Net sales	92,408	146,227	213,575
UNITED STATES
Net sales	76,995	79,093	77,495
Rest of the World [Member]
Net sales	$ 273,441	$ 376,300	$ 361,297

- Definition

+ References

+ Details

Note 10 - Income Taxes

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

10.

Income Taxes

Significant components of the provision (benefit) for income taxes for continuing operations are as follows:

(in thousands)	2023			2022			2021
Current:
U.S. Federal	$	694		$	1,609		$	1,103
U.S. State		86			456			101
Foreign		21,654			31,307			22,862
Total current		22,434			33,372			24,066
Deferred:
U.S. Federal		61			(9	)		5
Foreign		(4,835	)		(3,495	)		948
Total deferred		(4,774	)		(3,504	)		953
	$	17,660		$	29,868		$	25,019

Income (loss) before income taxes from continuing operations consisted of the following:

(in thousands)	2023			2022		2021
U.S.	$	(37,799	)	$	9,180	$	30,588
Foreign		83,615			117,535		161,756
Total	$	45,816		$	126,715	$	192,344

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)	2023			2022
Deferred tax assets:
Inventory, receivable and warranty reserves	$	10,931		$	13,599
Net operating loss carryforwards		36,602			39,545
Tax credit carryforwards		34,637			29,646
Capitalized R&D		30,485			19,819
Accrued employee benefits		3,348			4,416
Stock-based compensation		3,227			2,990
Lease liabilities		3,222			3,965
Uniform capitalization		1,564			-
Other		-			472
Gross deferred tax assets		124,016			114,452
Less valuation allowance		(99,888	)		(89,234	)
Total deferred tax assets		24,128			25,218
Deferred tax liabilities:
Intangible assets and other acquisition basis differences		34,076			38,921
Operating lease right-of-use assets		2,854			3,573
Unremitted earnings of foreign subsidiaries		4,106			153
Other		50			-
Total deferred tax liabilities		41,086			42,647
Net deferred tax liabilities	$	(16,958	)	$	(17,429	)

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)	2023			2022
Other assets (long-term)	$	6,196		$	3,930
Long-term deferred income tax liabilities		(23,154	)		(21,359	)
Net deferred tax liabilities	$	(16,958	)	$	(17,429	)

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” realization standard. The four sources of taxable income that must be considered in determining whether DTAs will be realized are, (1) future reversals of existing taxable temporary differences (i.e. offset of gross deferred tax assets against gross deferred tax liabilities); (2) taxable income in prior carryback years, if carryback is permitted under the tax law; (3) tax planning strategies and (4) future taxable income exclusive of reversing temporary differences and carryforwards.

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 taxable income in prior carryback years, future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, and prudent and feasible tax planning strategies that we would be willing to undertake to prevent a deferred tax asset from otherwise expiring.

The assessment regarding whether a valuation allowance is required or whether a change in judgement regarding the valuation allowance has occurred also considers all available positive and negative evidence, including but not limited to:

• Nature, frequency, and severity of cumulative losses in recent years

• Duration of statutory carryforward and carryback periods

• Statutory limitations against utilization of tax attribute carryforwards against taxable income

• Historical experience with tax attributes expiring unused

• Near- and medium-term financial outlook

The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. Accordingly, it is generally difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We use the actual results for the last two years and current year results as the primary measure of cumulative losses in recent years.

The evaluation of deferred tax assets requires judgment in assessing the likely future tax consequences of events recognized in the financial statements or tax returns and future profitability. The recognition of deferred tax assets represents our best estimate of those future events. Changes in the current estimates, due to unanticipated events or otherwise, could have a material effect on our results of operations and financial condition.

In certain tax jurisdictions, our analysis indicates that it has cumulative losses in recent years. This is considered significant negative evidence, which is objective and veritable and, therefore, difficult to overcome. However, the cumulative loss position is not solely determinative and, accordingly, we consider all other available positive and negative evidence in this analysis. Based on the evidence available, including a lack of sustainable earnings and history of expiring unused net operating losses and tax credits, we continue to maintain the judgement that a previously recorded valuation allowance against substantially all net deferred tax assets in the United States is required. If a change in judgement regarding this valuation allowance were to occur in the future, we will record a potentially material deferred tax benefit, which could result in a favorable impact on the effective tax rate in that period.

Our valuation allowance on our DTAs at December 30, 2023, and December 31, 2022, was approximately $99.9 million and $89.2 million, respectively. The remaining gross DTAs for which a valuation allowance was not recorded are realizable primarily through future reversals of existing taxable temporary differences and to a lesser extent future taxable income in certain jurisdictions exclusive of reversing temporary differences and carryforwards.

The reconciliation of income tax computed at the U.S. federal statutory tax rate to the provision for income taxes is as follows:

(in thousands)	2023			2022			2021
Tax provision at U.S. 21% statutory rate	$	9,470		$	26,610		$	40,392
State income taxes, net of federal tax benefit		(633	)		(1,535	)		2,246
Accruals, adjustments and releases from statute expirations		579			348			(787	)
Federal R&D credits		(1,360	)		(1,679	)		(943	)
Stock-based compensation		(1,504	)		(572	)		(4,802	)
Excess executive compensation		1,375			946			1,608
Change in valuation allowance		10,654			13,307			(9,882	)
Exemption of PTG gain		-			-			(12,378	)
Dividend, net of foreign tax credits		-			13			693
GILTI, net of foreign tax credits		1,735			3,458			9,343
Foreign rate differential		2,093			(6,131	)		(1,023	)
Other, net		(4,749	)		(4,897	)		552
	$	17,660		$	29,868		$	25,019

An accounting policy may be selected to either (i) treat taxes due on future U.S. inclusions in taxable income related to global intangible low-taxed income (“GILTI”) as a current-period expense when incurred or (ii) factor such amounts into a company’s measurement of its deferred taxes. We have elected to account for GILTI as a period cost.

At December 30, 2023, we had federal, state and foreign net operating loss carryforwards of approximately $120.9 million, $130.1 million and $13.2 million, respectively, that expire in various tax years beginning in 2024 through 2042 or have no expiration date. We also have federal and state tax credit carryforwards at December 30, 2023 of approximately $4.0 million and $33.7 million, respectively, certain of which expire in various tax years beginning in 2024 through 2042, or have no expiration date. The federal and state loss and credit carryforwards are subject to annual limitations under Sections 382 and 383 of the Internal Revenue Code and applicable state tax laws. We analyzed and determined that there were no ownership changes during the three-year period ending December 30, 2023. We will continue to assess the realizability of these carryforwards in subsequent periods. Future changes in the ownership of Cohu could further limit the utilization of these carryforwards.

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. The impact of these holidays was an increase in net income of approximately $3.8 million or $0.08 per share in 2023 and $4.5 million, or $0.09 per share, in both fiscal 2022 and 2021.

A reconciliation of our gross unrecognized tax benefits, excluding accrued interest and penalties, is as follows:

(in thousands)	2023			2022			2021
Balance at beginning of year	$	33,368		$	33,391		$	33,696
Additions for tax positions of current year		899			910			686
Additions/(Reductions) for tax positions of prior years		1,802			(428	)		(83	)
Reductions due to lapse of the statute of limitations		(295	)		(354	)		(1,012	)
Foreign exchange rate impact		126			(151	)		104
Balance at end of year	$	35,900		$	33,368		$	33,391

If the unrecognized tax benefits at December 30, 2023 are ultimately recognized, excluding the impact of U.S. tax benefits netted against deferred taxes that are subject to a valuation allowance, approximately $7.5 million ($5.8 million at December 31, 2022 and $5.3 million at December 25, 2021) would result in a reduction in our income tax expense and effective tax rate. It is reasonably possible that unrecognized tax benefits related to transfer pricing will decrease by up to $1.1 million within the next 12 months.

We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Cohu had approximately $0.7 million and $0.6 million accrued for the payment of interest and penalties at December 30, 2023, and December 31, 2022, respectively. Interest expense, net of accrued interest reversed, was $(0.1) million in 2023 and 2022 and $(0.2) million in 2021.

Our U.S. federal and state income tax returns for years after 2019 and 2018, respectively, remain open to examination, subject to the statute of limitations. Net operating loss and credit carryforwards arising prior to these years are also open to examination if and when utilized. The statute of limitations for the assessment and collection of income taxes related to our foreign tax returns varies by country. In the foreign countries where we have significant operations these time periods generally range from four to ten years after the year for which the tax return is due or the tax is assessed.

We conduct business globally and as a result, Cohu or one or more of its subsidiaries files income tax returns in the U.S. and various state and foreign jurisdictions. In the normal course of business, we are subject to examinations by taxing authorities throughout the world and are currently under examination in Germany, Singapore, Philippines and Thailand. We believe our financial statement accruals for income taxes are appropriate.

Tax positions have been reflected in the consolidated financial statements in accordance ASC 740, Income Taxes. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis, that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. We have both intent and ability to initiate a claim pursuant to the competent authority (e.g., Mutual Agreement Procedure) for reasonable and prudent situations such as, for example, when the resulting tax benefit exceeds the costs involved to obtain such tax benefit, and the success of prevailing upon pursuing the competent authority is more-likely-than-not achievable.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Note 4 - Restructuring Charges (Tables)

12 Months Ended

Dec. 30, 2023

Notes Tables

Restructuring and Related Costs [Table Text Block]

(in thousands)	2023
Employee severance costs	$	2,159
Other restructuring costs		262
Total	$	2,421

	Employee Severance			Other Exit Costs			Total
Balance, December 31, 2022		-			-			-
Costs accrued		2,159			262			2,421
Amounts paid or charged		(2,091	)		(262	)		(2,353	)
Impact of currency exchange		-			-			-
Balance, December 30, 2023	$	68		$	-		$	68

(in thousands)	2023			2022			2021
Employee severance costs		-		$	(8	)	$	1,161
Inventory related charges (adjustments)		(62	)		(454	)		(558	)
Other restructuring costs		-			613			662
Total	$	(62	)	$	151		$	1,265

	Employee Severance			Other Exit Costs			Total

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
Costs accrued		(8	)		613			605
Amounts paid or charged		(331	)		(613	)		(944	)
Impact of currency exchange		(9	)		-			(9	)
Balance, December 31, 2022	$	-		$	-		$	-