0001437749-24-024178 | 10-Q | XBRL Viewer

Lessee, Leases [Text Block]

10.

Leases

We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms of 12 months or less are not recorded on the condensed consolidated balance sheet, but we recognize those lease payments in the condensed 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 ROU asset and lease liabilities.

Our leases have remaining lease terms of 1 year to 34 years, some of which include one or more options to extend the lease for up to 25 years. Our lease terms include 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:

(in thousands)	Classification	June 29, 2024			December 30, 2023
Assets
Operating lease assets	Operating lease right-of-use assets⁽¹⁾	$	14,896		$	16,778
Finance lease assets	Property, plant and equipment, net ⁽¹⁾		9,039			247
Total lease assets		$	23,935		$	17,025
Liabilities
Current
Operating	Other accrued liabilities⁽¹⁾	$	4,863		$	5,122
Finance	Other accrued liabilities⁽¹⁾		7,984			11
Noncurrent
Operating	Long-term lease liabilities		11,400			13,160
Finance	Long-term lease liabilities		9			15
Total lease liabilities		$	24,256		$	18,308

Weighted-average remaining lease term (years)
Operating leases			5.3			5.5
Finance leases			0.1			1.7

Weighted-average discount rate
Operating leases			6.4	%		6.4	%
Finance leases			3.2	%		4.0	%

(1)

Finance lease assets are recorded net of accumulated amortization of $0.4 million and $0.3 million as of June 29, 2024 and December 30, 2023, respectively. During the first quarter of fiscal 2024, we executed an agreement to purchase our leased facility in Malaysia for $8.8 million, with the expectation that the title will transfer during 2024. We treated this transaction as a lease modification, and changed the classification to a finance lease, reducing our operating lease assets and liabilities by $0.4 million and increasing our finance lease assets and current lease liabilities by $8.8 million and $7.9 million, respectively.

The components of lease expense were as follows:

	Three Months Ended						Six Months Ended
(in thousands)	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Operating leases	$	1,563		$	1,680		$	3,181		$	3,359
Variable lease expense		577			563			1,147			1,122
Short-term operating leases		1			7			2			13
Finance leases
Amortization of leased assets		22			28			43			54
Interest on lease liabilities		80			1			133			1
Sublease income		(1	)		(8	)		(4	)		(18	)
Net lease cost	$	2,242		$	2,271		$	4,502		$	4,531

Future minimum lease payments on June 29, 2024, are as follows:

	Operating			Finance
(in thousands)	leases			leases			Total
2024	$	2,906		$	8,003		$	10,909
2025		5,571			11			5,582
2026		2,861			4			2,865
2027		1,590			-			1,590
2028		1,269			-			1,269
Thereafter		5,497			-			5,497
Total lease payments		19,694			8,018			27,712
Less: Interest		(3,431	)		(25	)		(3,456	)
Present value of lease liabilities	$	16,263		$	7,993		$	24,256

Supplemental cash flow information related to leases was as follows:

	Six Months Ended
(in thousands)	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,275	$	3,353
Operating cash flows from finance leases	$	129	$	1
Financing cash flows from finance leases	$	11	$	39
Leased assets obtained in exchange for new finance lease liabilities	$	8,844	$	-
Leased assets obtained in exchange for new operating lease liabilities	$	1,357	$	409
Financing lease assets acquired in MCT acquisition	$	-	$	19
Operating lease assets acquired in MCT acquisition	$	-	$	130

Note 10 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
2024, operating leases	$ 2,906
2024, finance leases	8,003
2024, total	10,909
2025, operating leases	5,571
2025, finance leases	11
2025, total	5,582
2026, operating leases	2,861
2026, finance leases	4
2026, total	2,865
2027, operating leases	1,590
2027, finance leases	0
2027, total	1,590
2028, operating leases	1,269
2028, finance leases	0
2028, total	1,269
Thereafter, operating leases	5,497
Thereafter, finance leases	0
Thereafter, total	5,497
Total lease payments, operating leases	19,694
Total lease payments, finance leases	8,018
Total lease payments, total	27,712
Less: Interest, operating leases	(3,431)
Less: Interest, finance leases	(25)
Less: Interest, total	(3,456)
Present value of lease liabilities, operating leases	16,263
Present value of lease liabilities, finance leases	7,993
Present value of lease liabilities, total	$ 24,256	$ 18,308

Note 2 - Goodwill and Purchased Intangible Assets - Summary of Borrowings (Details) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Jun. 29, 2024

Dec. 30, 2023

Beginning balance

$ 241,658

^[1]

$ 213,539

Additions

24,132

Impact of currency exchange

(4,182)

3,987

Ending balance

$ 237,476

$ 241,658

^[1]

[1]	Derived from December 30, 2023 audited financial statements

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands

Jun. 29, 2024

Dec. 30, 2023

^[1]

Current assets:

$ 203,068

$ 245,524

Property, plant and equipment, net

59,329

90,174

Accounts receivable, net

103,025

124,624

Inventories

146,074

155,793

Prepaid expenses

20,062

17,696

Other current assets

14,567

5,007

Total current assets

546,125

638,818

74,907

69,085

Goodwill

237,476

241,658

Intangible assets, net

130,922

151,770

Other assets

34,706

32,243

Operating lease right of use assets

14,896

16,778

Assets

1,039,032

1,150,352

Liabilities, Current [Abstract]

Short-term borrowings

1,243

1,773

Current installments of long-term debt

1,135

4,551

Accounts payable

21,631

33,600

Customer advances

2,797

4,748

Accrued compensation and benefits

21,094

31,897

Deferred profit

3,327

3,586

Accrued warranty

3,588

4,653

Income taxes payable

2,772

4,024

Other Accrued Liabilities, Current

20,976

14,589

Total current liabilities

78,563

103,421

Long-term debt

7,592

34,303

Deferred income taxes

21,860

23,154

Noncurrent income tax liabilities

5,369

7,065

Accrued retirement benefits

10,350

10,802

Lease Liability, Noncurrent

11,408

13,175

Other accrued liabilities

7,680

8,262

Stockholders’ equity

Preferred stock, $1 par value; 1,000 shares authorized, none issued

Common stock, $1 par value; 90,000 shares authorized, 49,507 shares issued and outstanding in 2024 and 49,429 shares in 2023

49,507

49,429

Paid-in capital

685,522

686,146

Treasury stock, at cost; 2,587 shares in 2024 and 2,253 shares in 2023

(80,020)

(69,184)

Retained earnings

288,154

318,558

Accumulated other comprehensive loss

(46,953)

(34,779)

Total stockholders’ equity

896,210

950,170

Liabilities and Equity

$ 1,039,032

$ 1,150,352

[1]	Derived from December 30, 2023 audited financial statements

Note 12 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Balance at beginning of period	$ 4,295	$ 6,115	$ 5,017	$ 6,214
Warranty expense accruals	896	1,742	1,802	3,722
Warranty payments	(1,407)	(2,323)	(3,035)	(4,469)
Liability acquired	0	0	0	67
Balance at end of period	$ 3,784	$ 5,534	$ 3,784	$ 5,534

Note 12 - Guarantees

6 Months Ended

Jun. 29, 2024

Guarantees [Text Block]

12.

Guarantees

Product Warranty

Our products are generally sold with warranty periods that range from 12 to 36 months following sale or acceptance. The product warranty promises customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, and not as a separate performance obligation. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical and projected experience by product and configuration.

Changes in accrued warranty were as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 29,			July 1,			June 29,			July 1,
	2024			2023			2024			2023
Balance at beginning of period	$	4,295		$	6,115		$	5,017		$	6,214
Warranty expense accruals		896			1,742			1,802			3,722
Warranty payments		(1,407	)		(2,323	)		(3,035	)		(4,469	)
Liability acquired		-			-			-			67
Balance at end of period	$	3,784		$	5,534		$	3,784		$	5,534

Accrued warranty amounts expected to be incurred after one year are included in noncurrent other accrued liabilities in the condensed consolidated balance sheet. These amounts totaled $0.2 million and $0.4 million at June 29, 2024, and December 30, 2023, respectively.

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.

Note 2 - Business Acquisition, Goodwill and Purchased Intangible Assets

6 Months Ended

Jun. 29, 2024

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

2.	Business Acquisitions, Goodwill and Purchased Intangible Assets

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 its principal manufacturing site located there. EQT provides test interface products including high performance thermal, MEMS, Infrared, Coaxial and Kelvin Contactors that expand 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) resulting in a purchase price of SGD 68.8 million ($50.3 million). The retention liability for remaining tax, insurance and other claims as of June 29, 2024, was SGD 1.7 million ($1.3 million) and is accrued in long term other liabilities on our condensed consolidated balance sheet. The EQT Acquisition has been accounted for in conformity with ASC 805.

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 purchase price allocation was finalized during the second quarter of 2024. 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 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 names		900		5.0
Total intangible assets	$	34,500

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 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 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 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 value assigned to trademarks and trade names acquired 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.

EQT’s results of operations have been included starting October 2, 2023. The impact of EQT on our condensed consolidated statements of operations and comprehensive income (loss) was not material.

Goodwill and Intangible Assets

Changes in the carrying value of goodwill during the year ended December 30, 2023, and the six-month period ended June 29, 2024, were as follows (in thousands):

	Goodwill
Balance December 31, 2022	$	213,539
Additions		24,132
Impact of currency exchange		3,987
Balance, December 30, 2023		241,658
Impact of currency exchange		(4,182	)
Balance, June 29, 2024	$	237,476

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

	June 29, 2024						December 30, 2023
					Remaining
					Weighted
	Gross				Average		Gross
	Carrying		Accum.		Amort.		Carrying		Accum.
	Amount		Amort.		Period (years)		Amount		Amort.
Developed technology	$	231,036	$	150,332		3.9	$	233,623	$	137,168
Customer relationships		73,132		32,092		6.6		73,759		28,932
Trade names		21,110		12,012		5		21,569		11,231
Product backlog		100		75		0.3		100		25
Covenant not-to-compete		219		164		2.5		250		175
Total intangible assets	$	325,597	$	194,675			$	329,301	$	177,531

Changes in the carrying values of purchased intangible assets presented above are a result of the impact of fluctuations in currency exchange rates.

Amortization expense related to intangible assets was approximately $9.7 million in the second quarter of fiscal 2024 and $19.5 million in the first six months of fiscal 2024. Amortization expense related to intangible assets was approximately $9.0 million in the second quarter of fiscal 2023 and $17.8 million in the first six months of fiscal 2023.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

All significant intercompany transactions and balances have been eliminated in consolidation.

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

Concentration of Credit Risk

Inventory, Policy [Policy Text Block]

Inventories

Inventories by category were as follows (in thousands):

	June 29,		December 30,
	2024		2023
Raw materials and purchased parts	$	95,407	$	103,118
Work in process		26,217		26,820
Finished goods		24,450		25,855
Total inventories	$	146,074	$	155,793

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

Property, Plant and Equipment

	June 29,			December 30,
	2024			2023
Land and land improvements	$	6,999		$	7,301
Buildings and building improvements		46,846			39,677
Machinery and equipment		105,761			108,831
		159,606			155,809
Less accumulated depreciation and amortization		(84,699	)		(86,724	)
Property, plant and equipment, net	$	74,907		$	69,085

Internal Use Software, Policy [Policy Text Block]

Cloud-based Enterprise Resource Planning Implementation Costs

Segment Reporting, Policy [Policy Text Block]

Segment Information

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill, Intangible Assets and Other Long-Lived Assets

During the first six months of fiscal 2024 and 2023, no events or conditions occurred suggesting an impairment in our long-lived assets.

Standard Product Warranty, Policy [Policy Text Block]

Product Warranty

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

Restructuring Costs

Debt, Policy [Policy Text Block]

Debt Issuance Costs

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Remeasurement and Currency Translation

Derivatives, Policy [Policy Text Block]

Foreign Exchange Derivative Contracts

Share-Based Payment Arrangement [Policy Text Block]

Share-Based Compensation

We measure and recognize all share-based compensation under the fair value method.

Reported share-based compensation is classified, in our condensed consolidated financial statements, as follows (in thousands):

	Three Months Ended					Six Months Ended
	June 29,		July 1,			June 29,		July 1,
	2024		2023			2024		2023
Cost of sales	$	262	$	216		$	489	$	396
Research and development		1,001		819			1,835		1,685
Selling, general and administrative		4,320		3,397			7,887		6,265
Total share-based compensation		5,583		4,432			10,211		8,346
Income tax effect		8		(62	)		211		(2,838	)
Total share-based compensation, net	$	5,591	$	4,370		$	10,422	$	5,508

Earnings Per Share, Policy [Policy Text Block]

Income (Loss) Per Share

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

	Three Months Ended				Six Months Ended
	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023
Weighted average common shares		46,965		47,618		47,049		47,481
Effect of dilutive securities		-		410		-		618
		46,965		48,028		47,049		48,099

Lessee, Leases [Policy Text Block]

Leases

Revenue [Policy Text Block]

Revenue Recognition

Net sales by type are as follows (in thousands):

	Three Months Ended				Six Months Ended
Disaggregated Net Sales	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Systems	$	35,272	$	87,312	$	72,583	$	190,296
Non-systems		69,429		81,609		139,732		157,996
Total net sales	$	104,701	$	168,921	$	212,315	$	348,292

Revenue by geographic area based upon product shipment destination (in thousands):

	Three Months Ended				Six Months Ended
Disaggregated Net Sales	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
United States	$	17,173	$	15,750	$	31,815	$	34,493
China		19,072		28,394		30,816		49,504
Malaysia		13,791		23,258		30,690		55,153
Singapore		12,929		13,988		24,993		24,694
Philippines		9,708		25,359		21,550		57,149
Rest of the World		32,028		62,172		72,451		127,299
Total net sales	$	104,701	$	168,921	$	212,315	$	348,292

A small number of customers historically have been responsible for a significant portion of our net sales. Significant customer concentration information is as follows:

Three Months Ended

Six Months Ended

June 29,

July 1,

June 29,

July 1,

2024

2023

2024

2023

Customers individually accounting for more than 10% of net sales

two

one

Percentage of net sales

25%

13%

* No single customer represented more than 10% of consolidated net sales.

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Pension and Other Postretirement Plans, Policy [Policy Text Block]

Retiree Medical Benefits

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Condensed 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. 31, 2022

$ 49,276

$ 687,218

$ 290,402

$ (40,012)

$ (58,043)

$ 928,841

26,269

Changes in unrealized gains and losses on investments, net of tax

3,059

186

208

1,837

1,904

(19,225)

19,218

(1,867)

(7,373)

(9,240)

(6,180)

8,346

Balance at Jul. 01, 2023

49,350

676,309

316,671

(36,559)

(52,378)

953,393

Balance at Apr. 01, 2023

49,283

671,204

306,087

(37,009)

(50,786)

938,779

10,584

Changes in unrealized gains and losses on investments, net of tax

358

157

(65)

1,837

1,904

(1,158)

1,158

(6)

(51)

(57)

(2,699)

4,432

Balance at Jul. 01, 2023

49,350

676,309

316,671

(36,559)

(52,378)

953,393

Balance at Dec. 30, 2023

49,429

686,146

318,558

(34,779)

(69,184)

950,170

^[1]

(30,404)

Changes in unrealized gains and losses on investments, net of tax

(12,423)

351

(102)

1,924

2,002

(12,676)

12,676

(83)

(4,488)

(4,571)

(19,024)

10,211

Balance at Jun. 29, 2024

49,507

685,522

288,154

(46,953)

(80,020)

896,210

Balance at Mar. 30, 2024

49,429

679,012

303,923

(44,287)

(72,720)

915,357

(15,769)

Changes in unrealized gains and losses on investments, net of tax

(3,016)

356

(6)

1,924

2,002

(999)

999

(39)

(37)

(8,260)

5,583

Balance at Jun. 29, 2024

$ 49,507

$ 685,522

$ 288,154

$ (46,953)

$ (80,020)

$ 896,210

[1]	Derived from December 30, 2023 audited financial statements

Note 8 - Equity (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Note 8 - Equity (Details Textual) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Oct. 25, 2022	Oct. 28, 2021
Stock Repurchase Program, Authorized Amount						$ 70.0
Stock Repurchase Program, Additional Authorized Amount					$ 70.0
Stock Repurchased During Period, Shares (in shares)	267,000	77,203	600,504	176,885
Stock Repurchased During Period, Value	$ 8.2	$ 2.7	$ 18.9	$ 6.2
Share Repurchase Program, Remaining Authorized, Amount	$ 39.4		$ 39.4

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Note 4 - Restructuring Charges

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities Disclosure [Text Block]

4.	Restructuring Charges

MCT Integration Program

During the first quarter of 2023, in connection with the acquisition of MCT Worldwide, LLC (“MCT”), we began a strategic restructuring and integration program (“MCT Integration Program”). As part of the MCT Integration Program, we consolidated MCT’s Penang, Malaysia manufacturing operations into Cohu’s Malacca, 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. The facility consolidation and reduction in force programs were implemented as part of a comprehensive review of our operations and were intended to reduce our operating cost structure and capitalize on acquisition synergies. As of June 29, 2024, restructuring activities associated with the MCT Integration Program were materially complete.

As a result of the activities described above, we recognized total pretax charges of $0.4 million and $1.3 million during the three and six months ended July 1, 2023, respectively, that are within the scope of ASC 420. Total pretax charges for the three and six months ended June 29, 2024 were not material.

The following table summarizes the activity within the restructuring related accounts for the MCT Integration Program during the first six months ended July 1, 2023 (in thousands):

	Severance and			Other Exit
	Other Payroll			Costs			Total
Balance, December 31, 2022	$	-		$	-		$	-
Costs accrued		1,217			87			1,304
Amounts paid or charged		(813	)		(49	)		(862	)
Balance, July 1, 2023	$	404		$	38		$	442

Note 12 - Guarantees (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Non-current Other Accrued Liabilities [Member]
Product Warranty Accrual, Noncurrent	$ 0.2	$ 0.4
Minimum [Member]
Standard Product Warranty Term (Month)	12 months
Maximum [Member]
Standard Product Warranty Term (Month)	36 months

Note 5 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Due in one year or less, amortized cost	$ 40,377	$ 57,981
Due in one year or less, fair value	40,346	57,887
Due after one year through five years, amortized cost	18,974	31,378
Due after one year through five years, fair value	18,983	31,546
Due after five years through ten years, amortized cost	0	741
Due after five years through ten years	0	741
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total	59,351	90,100
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total	$ 59,329	$ 90,174

Note 6 - Employee Benefit Plans

6 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Text Block]

6.	Employee Stock Benefit Plans

Our 2005 Equity Incentive Plan (“2005 Plan”) and the Cohu, Inc. 1997 Employee Stock Purchase Plan (“ESPP”) are a broad-based, long-term retention programs intended to attract, motivate, and retain talented employees as well as align stockholder and employee interests. Awards that may be granted under the 2005 Plan 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. On June 29, 2024, there were 2,944,895 shares available for future equity grants under the 2005 Plan and 721,973 shares available for purchase under the ESPP.

Stock Options

Stock options may be granted to employees, consultants and non-employee directors to purchase a fixed number of shares of our common stock. The exercise prices of options granted are at least equal to the fair market value of our common stock on the dates of grant and options vest and become exercisable in annual increments that range from one to four years from the date of grant. Stock options granted under the 2005 Plan have a maximum contractual term of ten years. In the first six months of fiscal 2024, we did not grant any stock options and as of June 29, 2024, no stock options were exercisable and outstanding.

Restricted Stock Units

We grant restricted stock units (“RSUs”) to certain employees, consultants and directors. RSUs vest in annual increments that range from one to four years from the date of grant. Prior to vesting, RSUs do not have dividend equivalent rights, do not have voting rights and the shares underlying the RSUs are not considered issued and outstanding. Shares of our common stock will be issued on the date the RSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the number of RSUs outstanding on June 29, 2024.

In the first six months of fiscal 2024, we awarded 408,720 RSUs and issued 350,198 shares of our common stock on vesting of previously granted awards and 35,650 RSUs were forfeited. On June 29, 2024, we had 906,880 RSUs outstanding with an aggregate intrinsic value of approximately $30.0 million and the weighted average remaining vesting period was approximately 1.4 years.

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 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 Russell 2000 Index (RUT) for the performance period. PSUs granted vest 100% on the third anniversary of their grant, assuming achievement of the applicable performance criteria.

We estimate 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. To the extent applicable performance conditions are satisfied, shares of our common stock are issued on the date the PSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of PSUs outstanding on June 29, 2024.

In the first six months of fiscal 2024, we awarded 198,989 PSUs, we issued 62,680 shares of our common stock on vesting of previously granted awards and 8,881 shares were forfeited. On June 29, 2024, we had 535,450 PSUs outstanding with an aggregate intrinsic value of approximately $17.7 million and the weighted average remaining vesting period was approximately 1.8 years.

Employee Stock Purchase Plan

The ESPP provides for the issuance of shares of our common stock. Under the ESPP, eligible employees may purchase shares of Cohu common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of Cohu common stock at the beginning or end of each 6-month purchase offering period, subject to certain limits. The two offering periods run from November 1 through April 30 and May 1 through October 31, respectively. During the first six months of fiscal 2024, 77,696 shares of our common stock were sold to our employees under the ESPP.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 29, 2024	Jul. 24, 2024
Document Information [Line Items]
Entity Central Index Key	0000021535
Entity Registrant Name	COHU INC
Amendment Flag	false
Current Fiscal Year End Date	--12-28
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	001-04298
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,919,550

Note 4 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Costs accrued	$ 13	$ 416	$ 22	$ 1,304
Integration Program [Member] \| Employee Severance [Member]
Accrued restructuring, balance				0
Costs accrued				1,217
Amounts paid or charged				(813)
Accrued restructuring, balance		404		404
Integration Program [Member] \| Other Restructuring [Member]
Accrued restructuring, balance				0
Costs accrued				87
Amounts paid or charged				(49)
Accrued restructuring, balance		38		38
Integration Program [Member] \| Employee Severance and Other Exit Costs [Member]
Accrued restructuring, balance				0
Costs accrued				1,304
Amounts paid or charged				(862)
Accrued restructuring, balance		$ 442		$ 442

Note 7 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Jun. 29, 2024 - Not Designated as Hedging Instrument [Member] € in Thousands, ¥ in Thousands, SFr in Thousands, ₩ in Millions, $ in Millions	USD ($)	EUR (€)	JPY (¥)	CHF (SFr)	KRW (₩)
Euro Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	$ 48.5	€ 45,224
Swiss Franc Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	13.2			SFr 11,834
South Korean Won Forward Exchange Forward [Member] \| Long [Member]
Contract amount	2.0				₩ 2,760.8
Japanese Yen Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	0.5		¥ 80,135
Foreign Exchange Forward [Member]
Contract amount	$ 64.2

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.

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Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Amortization of cost	$ 7,486	$ 7,102	$ 15,008	$ 13,993

Note 4 - Restructuring Charges (Tables)

6 Months Ended

Jun. 29, 2024

Restructuring and Related Costs [Table Text Block]

	Severance and			Other Exit
	Other Payroll			Costs			Total
Balance, December 31, 2022	$	-		$	-		$	-
Costs accrued		1,217			87			1,304
Amounts paid or charged		(813	)		(49	)		(862	)
Balance, July 1, 2023	$	404		$	38		$	442

Note 11 - Contingencies

6 Months Ended

Jun. 29, 2024

Commitments and Contingencies Disclosure [Text Block]

11.

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 - Guarantees (Tables)

6 Months Ended

Jun. 29, 2024

Schedule of Product Warranty Liability [Table Text Block]

	Three Months Ended						Six Months Ended
	June 29,			July 1,			June 29,			July 1,
	2024			2023			2024			2023
Balance at beginning of period	$	4,295		$	6,115		$	5,017		$	6,214
Warranty expense accruals		896			1,742			1,802			3,722
Warranty payments		(1,407	)		(2,323	)		(3,035	)		(4,469	)
Liability acquired		-			-			-			67
Balance at end of period	$	3,784		$	5,534		$	3,784		$	5,534

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

6 Months Ended

Jun. 29, 2024

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

	June 29, 2024
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses⁽¹⁾		Value
Corporate debt securities⁽²⁾	$	32,822	$	29	$	37	$	32,814
U.S. treasury securities		13,471		-		17		13,454
Bank certificates of deposit		8,170		1		1		8,170
Asset-backed securities		3,856		3		1		3,858
Foreign government security		702		-		-		702
Municipal securities		330		1		-		331
	$	59,351	$	34	$	56	$	59,329

	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

Investments Classified by Contractual Maturity Date [Table Text Block]

	June 29, 2024				December 30, 2023
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	40,377	$	40,346	$	57,981	$	57,887
Due after one year through five years		18,974		18,983		31,378		31,546
Due after five years through ten years		-		-		741		741
	$	59,351	$	59,329	$	90,100	$	90,174

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

	Fair value measurements at June 29, 2024 using:
							Total Estimated
	Level 1		Level 2		Level 3		Fair Value
Cash	$	169,955	$	-	$	-	$	169,955
Corporate debt securities		-		33,563		-		33,563
Money market funds		-		32,364		-		32,364
U.S. treasury securities		-		13,454		-		13,454
Bank certificates of deposit		-		8,170		-		8,170
Asset-backed securities		-		3,858		-		3,858
Foreign government security		-		702		-		702
Municipal securities		-		331		-		331
	$	169,955	$	92,442	$	-	$	262,397

	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

Note 1 - Summary of Significant Accounting Policies - Significant Customer Concentration Information (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] - Semiconductor Test and Inspection [Member]	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Customers individually accounting for more than 10% of net sales	2	1
One Customer [Member]
Percentage of net sales	25.00%	13.00%

Note 2 - Business Acquisition, Goodwill and Purchased Intangible Assets - Purchase Price Allocation (Details) - USD ($)
$ in Thousands

Jun. 29, 2024

Dec. 30, 2023

^[1]

Oct. 02, 2023

Dec. 31, 2022

Goodwill

$ 237,476

$ 241,658

$ 213,539

Equiptest Engineering Pte Ltd. (“EQT”) [Member]

Current assets, including cash received

$ 10,135

538

Intangible assets

34,500

Goodwill

15,377

Total assets acquired

60,550

Liabilities assumed

(10,203)

Net assets acquired

$ 50,347

[1]	Derived from December 30, 2023 audited financial statements

Raw materials and purchased parts

Note 1 - Summary of Significant Accounting Policies - Inventories (Details) - USD ($)
$ in Thousands

Jun. 29, 2024

Dec. 30, 2023

$ 95,407

$ 103,118

Work in process

26,217

26,820

Finished goods

24,450

25,855

Total inventories

$ 146,074

$ 155,793

^[1]

[1]	Derived from December 30, 2023 audited financial statements

Note 8 - Equity

6 Months Ended

Jun. 29, 2024

Equity [Text Block]

8.	Equity

Share Repurchase Program

On October 28, 2021, we announced that our Board of Directors authorized a $70 million share repurchase program. This share repurchase program was effective as of November 2, 2021, and has no expiration date. On October 25, 2022, our Board of Directors authorized an additional $70 million under the share repurchase program. 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. During the three months ended June 29, 2024, we repurchased 267,000 shares of our common stock for $8.2 million to be held as treasury stock. During the six months ended June 29, 2024, we repurchased 600,504 shares of our common stock for $18.9 million to be held as treasury stock. During the three months ended July 1, 2023, we repurchased 77,203 shares of our common stock for $2.7 million to be held as treasury stock. During the six months ended July 1, 2023, we repurchased 176,885 shares of our common stock for $6.2 million to be held as treasury stock. As of June 29, 2024, $39.4 million of shares of our common stock remained available for us to repurchase under our share repurchase program.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	Mar. 30, 2024	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Lessee, Operating Lease, Renewal Term (Year)		25 years
Finance Lease, Right-of-Use Asset, Accumulated Amortization		$ 400		$ 300
Increase (Decrease) in Operating Lease Liability		(3,215)	$ (3,357)
Increase (Decrease) in Operating Lease, Right-of-Use Assets		(3,202)	$ (3,536)
Leased Facility in Malaysia [Member]
Payments to Acquire Productive Assets	$ 8,800
Increase (Decrease) in Operating Lease Liability		(400)
Increase (Decrease) in Finance Lease Assets		8,800
Increase (Decrease) in Finance Lease Liability		7,900
Increase (Decrease) in Operating Lease, Right-of-Use Assets		$ (400)
Minimum [Member]
Lessee, Lease, Remaining Term of Contract (Year)		1 year
Maximum [Member]
Lessee, Lease, Remaining Term of Contract (Year)		34 years

Note 1 - Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 29, 2024

Schedule of Inventory, Current [Table Text Block]

	June 29,		December 30,
	2024		2023
Raw materials and purchased parts	$	95,407	$	103,118
Work in process		26,217		26,820
Finished goods		24,450		25,855
Total inventories	$	146,074	$	155,793

Property, Plant and Equipment [Table Text Block]

	June 29,			December 30,
	2024			2023
Land and land improvements	$	6,999		$	7,301
Buildings and building improvements		46,846			39,677
Machinery and equipment		105,761			108,831
		159,606			155,809
Less accumulated depreciation and amortization		(84,699	)		(86,724	)
Property, plant and equipment, net	$	74,907		$	69,085

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

	Three Months Ended					Six Months Ended
	June 29,		July 1,			June 29,		July 1,
	2024		2023			2024		2023
Cost of sales	$	262	$	216		$	489	$	396
Research and development		1,001		819			1,835		1,685
Selling, general and administrative		4,320		3,397			7,887		6,265
Total share-based compensation		5,583		4,432			10,211		8,346
Income tax effect		8		(62	)		211		(2,838	)
Total share-based compensation, net	$	5,591	$	4,370		$	10,422	$	5,508

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

	Three Months Ended				Six Months Ended
	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023
Weighted average common shares		46,965		47,618		47,049		47,481
Effect of dilutive securities		-		410		-		618
		46,965		48,028		47,049		48,099

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Six Months Ended
Disaggregated Net Sales	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Systems	$	35,272	$	87,312	$	72,583	$	190,296
Non-systems		69,429		81,609		139,732		157,996
Total net sales	$	104,701	$	168,921	$	212,315	$	348,292

	Three Months Ended				Six Months Ended
Disaggregated Net Sales	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
United States	$	17,173	$	15,750	$	31,815	$	34,493
China		19,072		28,394		30,816		49,504
Malaysia		13,791		23,258		30,690		55,153
Singapore		12,929		13,988		24,993		24,694
Philippines		9,708		25,359		21,550		57,149
Rest of the World		32,028		62,172		72,451		127,299
Total net sales	$	104,701	$	168,921	$	212,315	$	348,292

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Three Months Ended

Six Months Ended

June 29,

July 1,

June 29,

July 1,

2024

2023

2024

2023

Customers individually accounting for more than 10% of net sales

two

one

Percentage of net sales

25%

13%

* No single customer represented more than 10% of consolidated net sales.

Note 3 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Lines of Credit	$ 1,243	$ 1,773
Total debt	9,970	40,876
Less: financing fees and discount	0	(249)
Less: current portion	(2,378)	(6,324)
Total long-term debt	7,592	34,303
Secured Term Loan Facility [Member]
Long term Debt	0	29,327
Less: current portion		(3,400)
Kita Term Loans [Member]
Long term Debt	1,749	2,095
Less: current portion	(200)	(200)
Construction Loan [Member]
Long term Debt	$ 6,978	$ 7,681

Amount of unamortized debt discount (premium) and debt issuance costs.

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.

Note 2 - Business Acquisition, Goodwill and Purchased Intangible Assets (Tables)

6 Months Ended

Jun. 29, 2024

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

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	$	20,600		8.0
Customer relationships		12,900		10.0
Product backlog		100		1.0
Trademarks and trade names		900		5.0
Total intangible assets	$	34,500

Schedule of Goodwill [Table Text Block]

	Goodwill
Balance December 31, 2022	$	213,539
Additions		24,132
Impact of currency exchange		3,987
Balance, December 30, 2023		241,658
Impact of currency exchange		(4,182	)
Balance, June 29, 2024	$	237,476

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

	June 29, 2024						December 30, 2023
					Remaining
					Weighted
	Gross				Average		Gross
	Carrying		Accum.		Amort.		Carrying		Accum.
	Amount		Amort.		Period (years)		Amount		Amort.
Developed technology	$	231,036	$	150,332		3.9	$	233,623	$	137,168
Customer relationships		73,132		32,092		6.6		73,759		28,932
Trade names		21,110		12,012		5		21,569		11,231
Product backlog		100		75		0.3		100		25
Covenant not-to-compete		219		164		2.5		250		175
Total intangible assets	$	325,597	$	194,675			$	329,301	$	177,531

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Property, Plant and Equipment, Net

Note 10 - Leases - Balance Sheet Information (Details) - USD ($)
$ in Thousands

Jun. 29, 2024

Dec. 30, 2023

Assets [Abstract]

$ 74,907

$ 69,085

^[1]

Liabilities, Current [Abstract]

Other Accrued Liabilities, Current

20,976

14,589

^[1]

Liabilities, Noncurrent [Abstract]

Lease Liability, Noncurrent

11,408

13,175

^[1]

Operating lease assets

14,896

16,778

^[1]

Finance lease assets

^[2]

9,039

247

Total lease assets

23,935

17,025

Operating, current

4,863

5,122

Finance, current

$ 7,984

Operating, noncurrent

Lease Liability, Noncurrent

Operating, noncurrent

$ 11,400

13,160

Finance, noncurrent

Lease Liability, Noncurrent

Finance, noncurrent

$ 9

Total lease liabilities

$ 24,256

$ 18,308

Operating leases (Year)

5 years 3 months 18 days

5 years 6 months

Finance leases (Year)

1 month 6 days

1 year 8 months 12 days

Operating leases

6.40%

Finance leases

3.20%

4.00%

[1]

Derived from December 30, 2023 audited financial statements

[2]

Finance lease assets are recorded net of accumulated amortization of $0.4 million and $0.3 million as of June 29, 2024 and December 30, 2023, respectively. During the first quarter of fiscal 2024, we executed an agreement to purchase our leased facility in Malaysia for $8.8 million, with the expectation that the title will transfer during 2024. We treated this transaction as a lease modification, and changed the classification to a finance lease, reducing our operating lease assets and liabilities by $0.4 million and increasing our finance lease assets and current lease liabilities by $8.8 million and $7.9 million, respectively.

Note 2 - Business Acquisition, Goodwill and Purchased Intangible Assets (Details Textual)
$ in Thousands, $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Oct. 02, 2023

USD ($)

Oct. 02, 2023

SGD ($)

Jan. 31, 2024

USD ($)

Jan. 31, 2024

SGD ($)

Jun. 29, 2024

USD ($)

Jul. 01, 2023

USD ($)

Jun. 29, 2024

USD ($)

Jun. 29, 2024

SGD ($)

Jul. 01, 2023

USD ($)

Mar. 30, 2024

USD ($)

Mar. 30, 2024

SGD ($)

Dec. 30, 2023

USD ($)

^[1]

Oct. 02, 2023

SGD ($)

Other Accrued Liabilities, Noncurrent

$ 7,680

$ 8,262

Amortization of Intangible Assets

$ 9,748

$ 9,006

19,543

$ 17,760

Equiptest Engineering Pte Ltd. (“EQT”) [Member]

Payments to Acquire Businesses, Gross

$ 48,300

$ 66.0

Business Combination, Consideration Transferred

49,900

$ 68.3

$ 50,300

$ 68.8

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

$ 2.2

Other Accrued Liabilities, Noncurrent

$ 1,300

$ 1.7

[1]	Derived from December 30, 2023 audited financial statements

Note 5 - Financial Instruments Measured at Fair Value

6 Months Ended

Jun. 29, 2024

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.

We assess whether unrealized loss positions on available-for-sale debt securities are due to credit-related factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in earnings through an allowance account. Unrealized gains and losses that are not due to credit-related factors are included in accumulated other comprehensive income (loss). 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):

	June 29, 2024
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses⁽¹⁾		Value
Corporate debt securities⁽²⁾	$	32,822	$	29	$	37	$	32,814
U.S. treasury securities		13,471		-		17		13,454
Bank certificates of deposit		8,170		1		1		8,170
Asset-backed securities		3,856		3		1		3,858
Foreign government security		702		-		-		702
Municipal securities		330		1		-		331
	$	59,351	$	34	$	56	$	59,329

	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

(1)

As of June 29, 2024, the cost and fair value of investments with loss positions was approximately $30.6 million and $30.5 million, respectively. As of December 30, 2023, the cost and fair value of investments with loss positions was approximately $38.5 million and $38.4 million, respectively. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if a credit loss exists. 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 are as follows (in thousands):

	June 29, 2024				December 30, 2023
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	40,377	$	40,346	$	57,981	$	57,887
Due after one year through five years		18,974		18,983		31,378		31,546
Due after five years through ten years		-		-		741		741
	$	59,351	$	59,329	$	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, and they are included in Level 2.

The following table summarizes, by major security type, our financial instruments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):

	Fair value measurements at June 29, 2024 using:
							Total Estimated
	Level 1		Level 2		Level 3		Fair Value
Cash	$	169,955	$	-	$	-	$	169,955
Corporate debt securities		-		33,563		-		33,563
Money market funds		-		32,364		-		32,364
U.S. treasury securities		-		13,454		-		13,454
Bank certificates of deposit		-		8,170		-		8,170
Asset-backed securities		-		3,858		-		3,858
Foreign government security		-		702		-		702
Municipal securities		-		331		-		331
	$	169,955	$	92,442	$	-	$	262,397

	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

Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net sales	$ 104,701	$ 168,921	$ 212,315	$ 348,292
UNITED STATES
Net sales	17,173	15,750	31,815	34,493
CHINA
Net sales	19,072	28,394	30,816	49,504
Malaysia [Member]
Net sales	13,791	23,258	30,690	55,153
SINGAPORE
Net sales	12,929	13,988	24,993	24,694
PHILIPPINES
Net sales	9,708	25,359	21,550	57,149
Rest of the World [Member]
Net sales	32,028	62,172	72,451	127,299
Systems [Member]
Net sales	35,272	87,312	72,583	190,296
Non-systems [Member]
Net sales	$ 69,429	$ 81,609	$ 139,732	$ 157,996

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.

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Preferred stock, par value (in dollars per share)

Note 1 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Weighted average common shares (in shares)	46,965	47,618	47,049	47,481
Effect of dilutive securities (in shares)	0	410	0	618
Weighted Average Number of Shares Outstanding, Diluted	46,965	48,028	47,049	48,099

Note 5 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position, Amortized Cost	$ 30.6	$ 38.5
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 30.5	$ 38.4

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
shares in Thousands

Jun. 29, 2024

Dec. 30, 2023

^[1]

$ 1

Preferred stock, shares authorized (in shares)

1,000

Preferred stock, shares issued (in shares)

Common stock, par value (in dollars per share)

$ 1

Common stock, shares authorized (in shares)

90,000

Common stock, shares issued (in shares)

49,507

49,429

Common stock, shares outstanding (in shares)

49,507

49,429

Treasury Stock, Shares (in shares)

2,587

2,253

[1]	Derived from December 30, 2023 audited financial statements

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net income (loss)	$ (15,769)	$ 10,584	$ (30,404)	$ 26,269
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(3,016)	358	(12,423)	3,059
Adjustments related to postretirement benefits	356	157	351	186
Change in unrealized gain/loss on investments	(6)	(65)	(102)	208
Other comprehensive income (loss), net of tax	(2,666)	450	(12,174)	3,453
Comprehensive income (loss)	$ (18,435)	$ 11,034	$ (42,578)	$ 29,722

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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

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Note 3 - Borrowings and Credit Agreements

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Text Block]

3.	Borrowings and Credit Agreements

The following table is a summary of our borrowings (in thousands):

	June 29,			December 30,
	2024			2023
Bank Term Loan under Credit Agreement	$	-		$	29,327
Bank Term Loans-Kita		1,749			2,095
Construction Loan- Cohu GmbH		6,978			7,681
Lines of Credit		1,243			1,773
Total debt		9,970			40,876
Less: financing fees and discount		-			(249	)
Less: current portion		(2,378	)		(6,324	)
Total long-term debt	$	7,592		$	34,303

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 would have been 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 condensed consolidated balance sheets.

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 recognized a loss of $0.2 million due to the recognition of the remaining debt discount and deferred financing costs. During the first six months of 2023, we repurchased $34.1 million in principal of our Term Loan Credit Facility for $34.1 million in cash. This resulted in a loss of $0.4 million reflected in other expense in our condensed consolidated statement of operations and a $0.4 million reduction in debt discounts and deferred financing costs in our condensed consolidated balance sheets.

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 at rates ranging from 0.05% to 0.55%, and expire at various dates through 2034. At June 29, 2024, the outstanding loan balance was $1.7 million and $0.2 million of the outstanding balance is presented as current installments of long-term debt in our condensed consolidated balance sheets. 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 condensed consolidated balance sheets. The fair value of the debt approximates the carrying value at June 29, 2024.

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 construction loans (“Loan Facilities”) with a German financial institution initially providing it with total borrowings of up to €10.1 million. The Loan Facilities were 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 June 29, 2024, total outstanding borrowings under the Loan Facilities was $7.0 million with $1.0 million of the total outstanding balance being presented as current installments of long-term debt in our condensed consolidated balance sheets. 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 condensed 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 June 29, 2024.

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 200 million Japanese Yen was drawn as of June 29, 2024. At June 29, 2024, total borrowings outstanding under the revolving lines of credit were $1.2 million. As these credit facility agreements renew monthly, they have been included in short-term borrowings in our condensed 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 June 29, 2024 and December 30, 2023 no amounts were outstanding under this line of credit.

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.

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Note 3 - Borrowings and Credit Agreements (Tables)

6 Months Ended

Jun. 29, 2024

Schedule of Debt [Table Text Block]

	June 29,			December 30,
	2024			2023
Bank Term Loan under Credit Agreement	$	-		$	29,327
Bank Term Loans-Kita		1,749			2,095
Construction Loan- Cohu GmbH		6,978			7,681
Lines of Credit		1,243			1,773
Total debt		9,970			40,876
Less: financing fees and discount		-			(249	)
Less: current portion		(2,378	)		(6,324	)
Total long-term debt	$	7,592		$	34,303

Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands

Jun. 29, 2024

Dec. 30, 2023

Less accumulated depreciation and amortization

$ 159,606

$ 155,809

(84,699)

(86,724)

Property, plant and equipment, net

74,907

69,085

^[1]

Land and Land Improvements [Member]

Building and Building Improvements [Member]

6,999

7,301

Machinery and Equipment [Member]

46,846

39,677

$ 105,761

$ 108,831

[1]	Derived from December 30, 2023 audited financial statements

Note 2 - Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Gross Carrying Amount, finite-lived intangible assets	$ 325,597	$ 329,301
Accumulated Amortization	194,675	177,531
Developed Technology Rights [Member]
Gross Carrying Amount, finite-lived intangible assets	231,036	233,623
Accumulated Amortization	$ 150,332	137,168
Remaining Useful Life (Year)	3 years 10 months 24 days
Customer Relationships [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 73,132	73,759
Accumulated Amortization	$ 32,092	28,932
Remaining Useful Life (Year)	6 years 7 months 6 days
Trade Names [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 21,110	21,569
Accumulated Amortization	$ 12,012	11,231
Remaining Useful Life (Year)	5 years
Order or Production Backlog [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 100	100
Accumulated Amortization	$ 75	25
Remaining Useful Life (Year)	3 months 18 days
Noncompete Agreements [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 219	250
Accumulated Amortization	$ 164	$ 175
Remaining Useful Life (Year)	2 years 6 months

Note 7 - Derivative Financial Instruments

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Text Block]

7.	Derivative Financial Instruments

Foreign Exchange Derivative Contracts

We operate and sell our products in various global markets and, as a result, we are exposed to changes in foreign currency exchange rates. To minimize foreign exchange volatility, we utilize foreign currency forward contracts to offset 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 reduce 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 condensed consolidated balance sheets with changes in fair value recorded within foreign transaction gain (loss) in our condensed consolidated statements of operations for both realized and unrealized gains and losses. The cash flows associated with the foreign currency forward contracts are reported in net cash used in operating activities in our condensed 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 on June 29, 2024 will mature during the third quarter of fiscal 2024.

The following table provides information about our foreign currency forward contracts outstanding as of June 29, 2024 (in thousands):

		Contract Amount		Contract Amount
Currency	Contract Position	(Local Currency)		(U.S. Dollars)
Euro	Buy		45,224	$	48,500
Swiss Franc	Buy		11,834		13,200
South Korean Won	Buy		2,760,800		2,000
Japanese Yen	Buy		80,135		500
				$	64,200

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 values of foreign currency contracts outstanding on June 29, 2024 were immaterial.

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

Three Months Ended

Six Months Ended

Derivatives not designated

Location of gain (loss)

Jun. 29,

Jul. 1,

Jun. 29,

Jul. 1,

as hedging instruments

recognized on derivatives

2024

2023

2024

2023

Foreign exchange forward contracts

Foreign transaction gain (loss)

(1,247

)

132

(5,325

)

1,213

Note 10 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Operating leases	$ 1,563	$ 1,680	$ 3,181	$ 3,359
Variable lease expense	577	563	1,147	1,122
Short-term operating leases	1	7	2	13
Amortization of leased assets	22	28	43	54
Interest on lease liabilities	80	1	133	1
Sublease income	(1)	(8)	(4)	(18)
Net lease cost	$ 2,242	$ 2,271	$ 4,502	$ 4,531

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 29, 2024

ecd_TradingArrByIndTable

Material Terms of Trading Arrangement [Text Block]

Item 5. 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 may also 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 second quarter of 2024.

		Plan	Plan	Expiration	Number of Shares
	Name and Position	Action	Adoption Date	Date	to be Sold under Plan
Christopher G. Bohrson, Senior Vice President & Chief Customer Officer		Adoption	5/17/2024	5/16/2025	2,000
William E. Bendush, Director⁽¹⁾		Adoption	5/30/2024	5/30/2025	6,800

(1)	This 10b5-1 trading arrangement was adopted by William E. Bendush, as Trustee of the Bendush Living Trust DTD 3/25/87.

During the second quarter of 2024, none of our directors or executive officers terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (each term as defined in Item 408 of Regulation S-K).

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

false

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

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Christopher G. Bohrson [Member]

ecd_TradingArrByIndTable

Trading Arrangement Adoption Date

5/17/2024

Trading Arrangement, Securities Aggregate Available Amount

2,000

Trading Arrangement, Individual Name

Christopher G. Bohrson

Trading Arrangement, Individual Title

Senior Vice President & Chief Customer Officer

Rule 10b5-1 Arrangement Adopted [Flag]

true

William E. Bendush [Member]

ecd_TradingArrByIndTable

Trading Arrangement Adoption Date

5/30/2024

Trading Arrangement, Securities Aggregate Available Amount

6,800

Trading Arrangement, Individual Name

William E. Bendush

Trading Arrangement, Individual Title

Director

Rule 10b5-1 Arrangement Adopted [Flag]

true

Note 6 - Employee Benefit Plans (Details Textual) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	0
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	408,720
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	350,198
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	35,650
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	906,880
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding \| $	$ 30.0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year)	1 year 4 months 24 days
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 Four Year Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	198,989
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	62,680
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	8,881
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	535,450
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding \| $	$ 17.7
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year)	1 year 9 months 18 days
Performance Shares [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%
Minimum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue	0.00%
Maximum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Available for Issue	200.00%
Equity Incentive Plan 2005 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	2,944,895
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
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	721,973
Percentage of Fair Value to Determine Price of Common Stock	85.00%
Stock Issued During Period, Shares, New Issues (in shares)	77,696

Note 1 - Summary of Significant Accounting Policies (Details Textual)

3 Months Ended

6 Months Ended

Oct. 01, 2023

USD ($)

Jun. 29, 2024

USD ($)

Jul. 01, 2023

USD ($)

Jun. 29, 2024

USD ($)

Jul. 01, 2023

USD ($)

Dec. 30, 2023

USD ($)

Accounts Receivable, Allowance for Credit Loss

$ 300,000

Capitalized Computer Software, Gross

10,700,000

12,200,000

Capitalized Computer Software, Amortization

700,000

$ 700,000

$ 1,418,000

$ 1,400,000

Number of Operating Segments

Number of Reportable Segments

Goodwill and Intangible Asset Impairment, Total

$ 0

Amortization of Debt Issuance Costs

32,000

100,000

Realized Gain (Loss), Foreign Currency Transaction, before Tax

(400,000)

$ (600,000)

$ (900,000)

$ (1,100,000)

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares

319,000

216,000

Revenue, Remaining Performance Obligation, Amount

5,900,000

Provision for Doubtful Accounts

Contract with Customer, Asset, after Allowance for Credit Loss, Total

Contract with Customer, Liability

8,400,000

8,800,000

Deferred Profit

3,327,000

3,586,000

^[1]

Deferred Profit Long-term

4,600,000

4,900,000

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (46,953,000)

$ (34,779,000)

^[1]

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]

Building [Member] | Maximum [Member]

30 years

Building Improvements [Member] | Minimum [Member]

40 years

Building Improvements [Member] | Maximum [Member]

5 years

Machinery, Equipment and Software [Member] | Minimum [Member]

15 years

Machinery, Equipment and Software [Member] | Maximum [Member]

3 years

10 years

[1]	Derived from December 30, 2023 audited financial statements

Note 3 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, ¥ in Millions, SFr in Millions				3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 09, 2024 USD ($)	Jul. 01, 2023	Oct. 01, 2018 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Dec. 30, 2023 USD ($)	Jun. 29, 2024 JPY (¥)	Jun. 29, 2024 CHF (SFr)	Dec. 30, 2023 EUR (€)	Jun. 30, 2020 EUR (€)
Long-Term Debt, Current Maturities				$ 2,378		$ 2,378		$ 6,324
Repayments of Long-Term Debt						30,224	$ 36,458
Gain (Loss) on Extinguishment of Debt				0	$ 0	(241)	(369)
Long-Term Line of Credit				1,243		1,243		1,773
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]	London Interbank Offered Rate (LIBOR) 1 [Member]
Ismeca [Member]
Line of Credit Facility, Maximum Borrowing Capacity \| SFr										SFr 2
Long-Term Line of Credit				$ 0		$ 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				$ 1,200		$ 1,200			¥ 200
Secured Term Loan Facility [Member]
Debt Instrument, Face Amount			$ 350,000
Debt Instrument, Amortization, Percentage of Principal Amount			0.25%
Debt Instrument, Basis Spread on Variable Rate		3.00%	3.00%
Long-Term Debt								29,100
Long-Term Debt, Current Maturities								3,400
Repayments of Long-Term Debt	$ 29,300						34,100
Deferred Debt Issuance Cost, Writeoff	$ 200
Extinguishment of Debt, Amount							34,100
Gain (Loss) on Extinguishment of Debt							(400)
Extinguishment of Debt Decrease Deferred Financing Costs							$ 400
Kita Term Loans [Member]
Long-Term Debt				1,700		1,700		2,100
Long-Term Debt, Current Maturities				$ 200		$ 200		200
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				0.55%		0.55%			0.55%	0.55%
Loan Facilities [Member] \| Construction Loans [Member]
Debt Instrument, Face Amount \| €												€ 10.1
Long-Term Debt				$ 7,000		$ 7,000		7,700
Long-Term Debt, Current Maturities				$ 1,000		$ 1,000		$ 1,000
First Facility [Member] \| Construction Loans [Member]
Debt Instrument, Face Amount \| €											€ 3.4
Debt Instrument, Interest Rate, Stated Percentage								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%
Debt Instrument, Term (Year)								15 years
Third Facility [Member] \| Construction Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage								1.20%			1.20%
Debt Instrument, Term (Year)								10 years
Debt Instrument, Collateral Amount \| €											€ 0.9

Note 10 - Leases (Tables)

6 Months Ended

Jun. 29, 2024

Leases, Balance Sheet Information [Table Text Block]

(in thousands)	Classification	June 29, 2024			December 30, 2023
Assets
Operating lease assets	Operating lease right-of-use assets⁽¹⁾	$	14,896		$	16,778
Finance lease assets	Property, plant and equipment, net ⁽¹⁾		9,039			247
Total lease assets		$	23,935		$	17,025
Liabilities
Current
Operating	Other accrued liabilities⁽¹⁾	$	4,863		$	5,122
Finance	Other accrued liabilities⁽¹⁾		7,984			11
Noncurrent
Operating	Long-term lease liabilities		11,400			13,160
Finance	Long-term lease liabilities		9			15
Total lease liabilities		$	24,256		$	18,308

Weighted-average remaining lease term (years)
Operating leases			5.3			5.5
Finance leases			0.1			1.7

Weighted-average discount rate
Operating leases			6.4	%		6.4	%
Finance leases			3.2	%		4.0	%

Lease, Cost [Table Text Block]

	Three Months Ended						Six Months Ended
(in thousands)	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Operating leases	$	1,563		$	1,680		$	3,181		$	3,359
Variable lease expense		577			563			1,147			1,122
Short-term operating leases		1			7			2			13
Finance leases
Amortization of leased assets		22			28			43			54
Interest on lease liabilities		80			1			133			1
Sublease income		(1	)		(8	)		(4	)		(18	)
Net lease cost	$	2,242		$	2,271		$	4,502		$	4,531

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

	Operating			Finance
(in thousands)	leases			leases			Total
2024	$	2,906		$	8,003		$	10,909
2025		5,571			11			5,582
2026		2,861			4			2,865
2027		1,590			-			1,590
2028		1,269			-			1,269
Thereafter		5,497			-			5,497
Total lease payments		19,694			8,018			27,712
Less: Interest		(3,431	)		(25	)		(3,456	)
Present value of lease liabilities	$	16,263		$	7,993		$	24,256

Lease, Cash Flow Information [Table Text Block]

	Six Months Ended
(in thousands)	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,275	$	3,353
Operating cash flows from finance leases	$	129	$	1
Financing cash flows from finance leases	$	11	$	39
Leased assets obtained in exchange for new finance lease liabilities	$	8,844	$	-
Leased assets obtained in exchange for new operating lease liabilities	$	1,357	$	409
Financing lease assets acquired in MCT acquisition	$	-	$	19
Operating lease assets acquired in MCT acquisition	$	-	$	130

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income (loss)	$ (30,404)	$ 26,269
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	241	369
Net accretion on investments	(591)	(609)
Gain from sale of property, plant and equipment	(54)	(17)
Depreciation and amortization	26,385	24,458
Share-based compensation expense	10,211	8,346
Non-cash inventory related charges	1,980	3,215
Deferred income taxes	(1,243)	(1,489)
Changes in accrued retiree medical benefits	139	(281)
Changes in other accrued liabilities	(503)	(227)
Changes in other assets	(4,878)	(161)
Amortization of cloud-based software implementation costs	1,418	1,400
Impairment charge related to equity investment	966	0
Amortization of debt discounts and issuance costs	8	81
Operating lease right-of-use assets	3,202	3,536
Changes in assets and liabilities, excluding effects from acquisitions:
Customer advances	(1,794)	3,840
Accounts receivable	19,543	38,140
Inventories	6,022	(4,704)
Other current assets	(12,050)	1,416
Accounts payable	(11,994)	(8,781)
Deferred profit	(240)	(3,976)
Income taxes payable	(3,099)	(2,741)
Accrued compensation, warranty and other liabilities	(12,918)	(15,097)
Current and long-term operating lease liabilities	(3,215)	(3,357)
Net cash provided by (used in) operating activities	(12,868)	69,630
Cash flows from investing activities, excluding effects from acquisitions:
Purchases of short-term investments	(26,416)	(43,732)
Sales and maturities of short-term investments	57,721	90,769
Purchases of property, plant and equipment	(5,342)	(8,140)
Cash received from sale of property, plant and equipment	56	193
Net cash provided by investing activities	26,019	12,759
Cash flows from financing activities:
Payments on current and long-term finance lease liabilities	(11)	(39)
Repurchases of common stock, net	(2,568)	(7,335)
Repayments of long-term debt	(30,224)	(36,458)
Acquisition of treasury stock	(18,886)	(6,180)
Net cash used in financing activities	(51,689)	(50,012)
Effect of exchange rate changes on cash and cash equivalents	(3,918)	572
Net increase (decrease) in cash and cash equivalents	(42,456)	32,949
Cash and cash equivalents at beginning of period	245,524	242,341
Cash and cash equivalents at end of period	203,068	275,290
Supplemental disclosure of cash flow information:
Cash paid for income taxes	13,265	9,201
Inventory capitalized as property, plant and equipment	755	663
Property, plant and equipment purchases included in accounts payable	317	180
Cash paid for interest	755	2,453
MCT Worldwide, LLC [Member]
Cash flows from investing activities, excluding effects from acquisitions:
Payment for purchase of business, net of cash received	$ 0	$ (26,331)

Note 1 - Summary of Significant Accounting Policies - Reported Share-based Compensation in Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Share-based compensation of continuing operations	$ 5,583	$ 4,432	$ 10,211	$ 8,346
Income tax effect	8	(62)	211	(2,838)
Total share-based compensation, net	5,591	4,370	10,422	5,508
Cost of Sales [Member]
Share-based compensation of continuing operations	262	216	489	396
Research and Development Expense [Member]
Share-based compensation of continuing operations	1,001	819	1,835	1,685
Selling, General and Administrative Expenses [Member]
Share-based compensation of continuing operations	$ 4,320	$ 3,397	$ 7,887	$ 6,265

Note 9 - Income Taxes

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Text Block]

9.	Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes, (“ASC 740”). The provision or benefit for income taxes is attributable to U.S. federal, state, and foreign income taxes. Our effective tax rate (“ETR”) used for interim periods is based on an estimated annual effective tax rate adjusted for the tax effect of items required to be recorded discretely in the interim periods in which those items occur. Our ETR is different than the statutory rate in the U.S. due to foreign income taxed at different rates than in the U.S., generation of tax credits, changes in uncertain tax benefit positions, changes to valuation allowances, and the impact of Global Intangible Low-Taxed Income (“GILTI”) and the Base Erosion and Anti-abuse Tax (“BEAT”). In addition, we have numerous tax holidays related to our manufacturing operations in Malaysia and the Philippines. The tax holiday periods expire at various times in the future; however, we actively seek to obtain new tax holidays.

We conduct business globally and, as a result, Cohu or one or more of its subsidiaries files income tax returns in the US 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, the Philippines, Malaysia and Thailand. We believe our financial statement accruals for income taxes are appropriate.

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 at each reporting period, including an assessment of our cumulative income or loss over the prior three-year period and future periods, to determine if a valuation allowance was required.

Based on the evidence available, including a lack of sustainable earnings and history of expiring unused NOLs, and tax credits, we continue to maintain our judgment that a previously recorded valuation allowance against substantially all net deferred tax assets in the United States is required. If a change in judgment 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.

In accordance with the disclosure requirements in ASC 740, we have classified unrecognized tax benefits as non-current income tax liabilities, or a reduction in non-current deferred tax assets, unless they are expected to be paid within one year. Our continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

Note 10 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating cash flows from operating leases	$ 3,275	$ 3,353
Operating cash flows from finance leases	129	1
Financing cash flows from finance leases	11	39
Leased assets obtained in exchange for new finance lease liabilities	8,844	0
Leased assets obtained in exchange for new operating lease liabilities	1,357	409
MCT Worldwide, LLC [Member]
Financing lease assets acquired in MCT acquisition	0	19
Operating lease assets acquired in MCT acquisition	$ 0	$ 130

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

Jun. 29, 2024

Dec. 30, 2023

$ 59,351

$ 90,100

215

^[1]

141

59,329

90,174

Corporate Debt Securities [Member]

59,329

90,174

^[2]

32,822

45,105

^[2]

147

^[1],[2]

^[2]

32,814

45,237

US Treasury Securities [Member]

^[2]

32,814

45,237

13,471

20,439

^[1]

116

13,454

20,349

Certificates of Deposit [Member]

13,454

20,349

8,170

15,468

^[1]

8,170

15,488

Asset-Backed Securities [Member]

8,170

15,488

3,856

8,017

3,858

8,024

Debt Security, Government, Non-US [Member]

3,858

8,024

702

741

^[1]

702

741

US States and Political Subdivisions Debt Securities [Member]

702

741

330

331

335

$ 331

$ 335

[1]

As of June 29, 2024, the cost and fair value of investments with loss positions was approximately $30.6 million and $30.5 million, respectively. As of December 30, 2023, the cost and fair value of investments with loss positions was approximately $38.5 million and $38.4 million, respectively. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if a credit loss exists. 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 2 - Business Acquisition, Goodwill and Purchased Intangible Assets - Preliminary Allocation of Intangible Assets (Details) - Equiptest Engineering Pte Ltd. (“EQT”) [Member] $ in Millions	Oct. 02, 2023 USD ($)
Intangible assets, estimated fair value	$ 34.5
Developed Technology Rights [Member]
Finite-lived intangible assets, estimated fair value	$ 20.6
Finite-lived intangible assets, average useful life (Year)	8 years
Customer Relationships [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]
Finite-lived intangible assets, estimated fair value	$ 0.1
Finite-lived intangible assets, average useful life (Year)	1 year
Trademarks and Trade Names [Member]
Finite-lived intangible assets, estimated fair value	$ 0.9
Finite-lived intangible assets, average useful life (Year)	5 years

Note 7 - Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2024

Schedule of Derivative Instruments [Table Text Block]

		Contract Amount		Contract Amount
Currency	Contract Position	(Local Currency)		(U.S. Dollars)
Euro	Buy		45,224	$	48,500
Swiss Franc	Buy		11,834		13,200
South Korean Won	Buy		2,760,800		2,000
Japanese Yen	Buy		80,135		500
				$	64,200

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

Three Months Ended

Six Months Ended

Derivatives not designated

Location of gain (loss)

Jun. 29,

Jul. 1,

Jun. 29,

Jul. 1,

as hedging instruments

recognized on derivatives

2024

2023

2024

2023

Foreign exchange forward contracts

Foreign transaction gain (loss)

(1,247

)

132

(5,325

)

1,213

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.

Selling, general and administrative

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 29, 2024

Jul. 01, 2023

Jun. 29, 2024

Jul. 01, 2023

Net sales

$ 104,701

$ 168,921

$ 212,315

$ 348,292

Cost and expenses:

Cost of sales (1)

^[1]

57,779

88,576

116,144

181,729

Research and development

21,342

22,466

43,678

44,976

32,118

32,798

67,200

66,987

Amortization of purchased intangible assets

9,748

9,006

19,543

17,760

Restructuring charges

416

1,304

Costs and Expenses

121,000

153,262

246,587

312,756

Income (loss) from operations

(16,299)

15,659

(34,272)

35,536

Other (expense) income:

Interest expense

(144)

(727)

(433)

(1,855)

Interest income

2,333

2,732

5,042

5,450

Gain (Loss), Foreign Currency Transaction, before Tax

(373)

(645)

(914)

(1,085)

Loss on extinguishment of debt

(241)

(369)

Income (loss) before taxes

(14,483)

17,019

(30,818)

37,677

Income tax provision (benefit)

1,286

6,435

(414)

11,408

Basic (in dollars per share)

$ (15,769)

$ 10,584

$ (30,404)

$ 26,269

$ (0.34)

$ 0.22

$ (0.65)

$ 0.55

Diluted (in dollars per share)

$ (0.34)

$ 0.22

$ (0.65)

$ 0.55

Weighted average shares used in computing income (loss) per share:

Basic (in shares)

46,965

47,618

47,049

47,481

Diluted (in shares)

46,965

48,028

47,049

48,099

[1]	Excludes amortization of $7,486 and $7,102 for the three months ended June 29, 2024 and July 1, 2023, respectively, and $15,008 and $13,993 for the six months ended June 29, 2024 and July 1, 2023, respectively.

Note 4 - Restructuring Charges (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
MCT Integration Program [Member]
Restructuring Expenses	$ 0.4	$ 1.3

Note 7 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Gain (Loss), Foreign Currency Transaction, before Tax	$ (373)	$ (645)	$ (914)	$ (1,085)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss), Foreign Currency Transaction, before Tax
Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member]
Foreign exchange forward contracts	$ (1,247)	$ 132	$ (5,325)	$ 1,213

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

Jun. 29, 2024

Dec. 30, 2023

Corporate Debt Securities [Member]

$ 59,329

$ 90,174

US Treasury Securities [Member]

^[1]

32,814

45,237

Certificates of Deposit [Member]

13,454

20,349

Asset-Backed Securities [Member]

8,170

15,488

Debt Security, Government, Non-US [Member]

3,858

8,024

US States and Political Subdivisions Debt Securities [Member]

702

741

Fair Value, Recurring [Member]

331

335

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

262,397

335,698

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

33,563

51,949

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

13,454

20,349

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

8,170

15,488

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

3,858

8,024

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

702

741

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

331

335

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

169,955

157,697

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

32,364

81,115

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

169,955

157,697

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

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

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

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

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

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

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

169,955

157,697

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

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

92,442

178,001

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

33,563

51,949

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

13,454

20,349

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

8,170

15,488

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

3,858

8,024

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

702

741

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

331

335

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

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

32,364

81,115

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

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

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

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

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

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

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

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