0001437749-24-032864 | 10-Q | XBRL Viewer

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		1,209
Balance, September 28, 2024	$	242,867

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

	September 28, 2024					December 30, 2023
					Remaining
					Weighted
	Gross				Average	Gross
	Carrying		Accum.		Amort.	Carrying		Accum.
	Amount		Amort.		Period (years)	Amount		Amort.
Developed technology	$	234,594	$	160,489	3.8	$	233,623	$	137,168
Customer relationships		74,001		34,359	6.4		73,759		28,932
Trade names		21,643		12,822	4.9		21,569		11,231
Product backlog		100		100	0		100		25
Covenant not-to-compete		248		192	2.3		250		175
Total intangible assets	$	330,586	$	207,962		$	329,301	$	177,531

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

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Note 7 - Derivative Financial Instruments - Foreign Currency Forward Contracts Outstanding (Details) - Sep. 28, 2024 - Not Designated as Hedging Instrument [Member] € in Thousands, ¥ in Thousands, SFr in Thousands, RM in Thousands, ₩ in Millions, $ in Millions	USD ($)	MYR (RM)	CHF (SFr)	EUR (€)	JPY (¥)	KRW (₩)
Euro Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	$ 55.0			€ 49,261
Euro Foreign Exchange Forward [Member] \| Short [Member]
Contract amount	(60.5)			€ (56,164)
Swiss Franc Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	13.0		SFr 10,924
Swiss Franc Foreign Exchange Forward [Member] \| Short [Member]
Contract amount	(16.0)		SFr (14,334)
Malaysian Ringgit Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	1.6	RM 6,584
South Korean Won Forward Exchange Forward [Member] \| Long [Member]
Contract amount	2.0					₩ 2,635.4
Japanese Yen Foreign Exchange Forward [Member] \| Long [Member]
Contract amount	$ 1.0				¥ 142,140

Note 11 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating cash flows from operating leases	$ 4,851	$ 5,005
Operating cash flows from finance leases	195	1
Financing cash flows from finance leases	18	48
Leased assets obtained in exchange for new finance lease liabilities	9,543	0
Leased assets obtained in exchange for new operating lease liabilities	1,623	664
MCT Worldwide, LLC [Member]
Financing lease assets acquired in MCT acquisition	0	19
Operating lease assets acquired in MCT acquisition	$ 0	$ 130

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net income (loss)	$ (18,056)	$ 3,915	$ (48,460)	$ 30,184
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9,476	(10,436)	(2,947)	(7,377)
Adjustments related to postretirement benefits	(389)	(123)	(38)	63
Change in unrealized gain/loss on investments	263	153	161	361
Other comprehensive income (loss), net of tax	9,350	(10,406)	(2,824)	(6,953)
Comprehensive income (loss)	$ (8,706)	$ (6,491)	$ (51,284)	$ 23,231

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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Material Terms of Trading Arrangement [Text Block]

Insider Trading Arrangements

9 Months Ended

Sep. 28, 2024

Insider Trading Arr Line Items

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. During the three months ended September 28, 2024, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each term as defined in Item 408 of Regulation S-K).

Note 9 - Equity (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Note 9 - Equity (Details Textual) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Oct. 25, 2022	Oct. 28, 2021
Share Repurchase Program, Authorized, Amount						$ 70.0
Stock Repurchase Program, Additional Authorized Amount					$ 70.0
Stock Repurchased During Period, Shares	315,000	133,100	915,504	309,985
Stock Repurchased During Period, Value	$ 8.1	$ 4.7	$ 27.0	$ 10.9
Share Repurchase Program, Remaining Authorized, Amount	$ 31.4		$ 31.4

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 1 - Summary of Significant Accounting Policies - Reported Share-based Compensation in Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Share Based Compensation Expense	$ 5,248	$ 4,334	$ 15,459	$ 12,680
Income tax effect	12	(45)	223	(2,883)
Total share-based compensation, net	5,260	4,289	15,682	9,797
Cost of Sales [Member]
Share Based Compensation Expense	270	223	759	619
Research and Development Expense [Member]
Share Based Compensation Expense	765	849	2,600	2,534
Selling, General and Administrative Expenses [Member]
Share Based Compensation Expense	$ 4,213	$ 3,262	$ 12,100	$ 9,527

Note 11 - Leases

9 Months Ended

Sep. 28, 2024

Lessee, Leases [Text Block]

11.

Leases

We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms 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 33 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	September 28, 2024			December 30, 2023
Assets
Operating lease assets	Operating lease right-of-use assets⁽¹⁾	$	14,067		$	16,778
Finance lease assets	Property, plant and equipment, net ⁽¹⁾		9,721			247
Total lease assets		$	23,788		$	17,025
Liabilities
Current
Operating	Other accrued liabilities⁽¹⁾	$	4,976		$	5,122
Finance	Other accrued liabilities⁽¹⁾		9,127			11
Noncurrent
Operating	Long-term lease liabilities		10,423			13,160
Finance	Long-term lease liabilities		6			15
Total lease liabilities		$	24,532		$	18,308

Weighted-average remaining lease term (years)
Operating leases			5.3			5.5
Finance leases			0.3			1.7

Weighted-average discount rate
Operating leases			6.4	%		6.4	%
Finance leases			2.8	%		4.0	%

(1)

Finance lease assets are recorded net of accumulated amortization of $0.4 million and $0.3 million as of September 28, 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 MYR 41.8 million, with the expectation that the title would 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. Due to a seller-imposed delay in the completion of purchase of this facility to 2025, which occurred during the third quarter of fiscal 2024, the finance lease was modified resulting in the asset increasing to $9.5 million. At September 28, 2024, the finance lease liability increased $1.2 million to $9.1 million, as a result of fluctuations in foreign currency exchange rates.

The components of lease expense were as follows:

	Three Months Ended					Nine Months Ended
(in thousands)	September 28, 2024		September 30, 2023			September 28, 2024			September 30, 2023
Operating leases	$	1,529	$	1,642		$	4,710		$	5,001
Variable lease expense		577		561			1,724			1,683
Short-term operating leases		1		6			3			19
Finance leases
Amortization of leased assets		27		12			70			66
Interest on lease liabilities		67		-			200			1
Sublease income		-		(7	)		(4	)		(25	)
Net lease cost	$	2,201	$	2,214		$	6,703		$	6,745

Future minimum lease payments on September 28, 2024, are as follows:

	Operating			Finance
(in thousands)	leases			leases			Total
2024	$	1,424		$	77		$	1,501
2025		5,771			9,133			14,904
2026		2,995			3			2,998
2027		1,648			-			1,648
2028		1,271			-			1,271
Thereafter		5,514			-			5,514
Total lease payments		18,623			9,213			27,836
Less: Interest		(3,224	)		(80	)		(3,304	)
Present value of lease liabilities	$	15,399		$	9,133		$	24,532

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended
(in thousands)	September 28, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,851	$	5,005
Operating cash flows from finance leases	$	195	$	1
Financing cash flows from finance leases	$	18	$	48
Leased assets obtained in exchange for new finance lease liabilities	$	9,543	$	-
Leased assets obtained in exchange for new operating lease liabilities	$	1,623	$	664
Financing lease assets acquired in MCT acquisition	$	-	$	19
Operating lease assets acquired in MCT acquisition	$	-	$	130

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

9 Months Ended

12 Months Ended

Sep. 28, 2024

Dec. 30, 2023

Balance

$ 241,658

^[1]

$ 213,539

Additions

24,132

Impact of currency exchange

1,209

3,987

Balance

$ 242,867

$ 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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Note 6 - Employee Stock Benefit Plans

9 Months Ended

Sep. 28, 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 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 September 28, 2024, there were 2,943,504 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 nine months of fiscal 2024, we did not grant any stock options and as of September 28, 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 September 28, 2024.

In the first nine months of fiscal 2024, we awarded 411,192 RSUs and issued 362,374 shares of our common stock on vesting of previously granted awards and 39,908 RSUs were forfeited. On September 28, 2024, we had 892,918 RSUs outstanding with an aggregate intrinsic value of approximately $23.2 million and the weighted average remaining vesting period was approximately 1.2 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 September 28, 2024.

In the first nine months of fiscal 2024, we awarded 202,521 PSUs, we issued 62,680 shares of our common stock on vesting of previously granted awards and 8,881 shares were forfeited. On September 28, 2024, we had 538,982 PSUs outstanding with an aggregate intrinsic value of approximately $14.0 million and the weighted average remaining vesting period was approximately 1.5 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 nine months of fiscal 2024, 77,696 shares of our common stock were sold to our employees under the ESPP.

Note 7 - Derivative Financial Instruments - Locations and Amounts of Gains (Loss) (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Designated as Hedging Instrument [Member]
Hedged derivative gain (loss)	$ (3,603)		$ (3,603)
Not Designated as Hedging Instrument [Member]
Foreign exchange forward contracts	$ 2,461	$ (6,885)	$ (2,864)	$ (5,672)

Note 13 - Guarantees (Tables)

9 Months Ended

Sep. 28, 2024

Schedule of Product Warranty Liability [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 28,			September 30,			September 28,			September 30,
	2024			2023			2024			2023
Balance at beginning of period	$	3,784		$	5,534		$	5,017		$	6,214
Warranty expense accruals		722			1,508			2,524			5,229
Warranty payments		(1,031	)		(1,956	)		(4,066	)		(6,424	)
Liability acquired		-			-			-			67
Balance at end of period	$	3,475		$	5,086		$	3,475		$	5,086

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

9 Months Ended

Sep. 28, 2024

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

	September 28, 2024
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses⁽¹⁾		Value
Corporate debt securities⁽²⁾	$	50,457	$	171	$	2	$	50,626
U.S. treasury securities		16,827		47		1		16,873
Bank certificates of deposit		8,562		12		-		8,574
Asset-backed securities		2,827		10		-		2,837
Foreign government security		732		-		-		732
Municipal securities		330		4		-		334
	$	79,735	$	244	$	3	$	79,976

	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]

	September 28, 2024				December 30, 2023
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	66,546	$	66,708	$	57,981	$	57,887
Due after one year through five years		13,189		13,268		31,378		31,546
Due after five years through ten years		-		-		741		741
	$	79,735	$	79,976	$	90,100	$	90,174

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

	Fair value measurements at September 28, 2024 using:
							Total Estimated
	Level 1		Level 2		Level 3		Fair Value
Cash	$	135,158	$	-	$	-	$	135,158
Corporate debt securities		-		70,113		-		70,113
Money market funds		-		34,197		-		34,197
U.S. treasury securities		-		16,873		-		16,873
Bank certificates of deposit		-		8,994		-		8,994
Asset-backed securities		-		2,837		-		2,837
Foreign government security		-		732		-		732
Municipal securities		-		334		-		334
	$	135,158	$	134,080	$	-	$	269,238

	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

9 Months Ended

Sep. 28, 2024

Significant Accounting Policies [Text Block]

1.	Summary of Significant Accounting Policies

Basis of Presentation

Our fiscal years are based on a 52- or 53-week period ending on the last Saturday in December. The condensed consolidated balance sheet at December 30, 2023, has been derived from our audited financial statements at that date. The interim condensed consolidated financial statements as of September 28, 2024, (also referred to as “the third quarter of fiscal 2024” and “the first nine months of fiscal 2024”) and September 30, 2023, (also referred to as “the third quarter of fiscal 2023” and “the first nine months of fiscal 2023”) are unaudited. However, in management’s opinion, these financial statements reflect all adjustments (consisting only of normal, recurring items) necessary to provide a fair presentation of our financial position, results of operations and cash flows for the periods presented. Both the three- and nine-month periods ended September 28, 2024 and September 30, 2023 were comprised of 13 and 39 weeks, respectively.

Our interim results are not necessarily indicative of the results that should be expected for the full year. The condensed consolidated financial statements presented herein reflect estimates and assumptions made by management at September 28, 2024 and for the three- and nine-month periods ended September 28, 2024. For a better understanding of Cohu, Inc. and our financial statements, we recommend reading these interim condensed consolidated financial statements in conjunction with our audited financial statements for the year ended December 30, 2023, which are included in our 2023 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”). In the following notes to our interim condensed consolidated financial statements, Cohu, Inc., is referred to as “Cohu”, “we”, “our” and “us”.

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

Concentration of Credit Risk

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

Our trade accounts receivable are presented net of an allowance for credit losses, which is determined in accordance with the guidance provided by Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments-Credit Losses, (“ASC 326”). At both September 28, 2024 and December 30, 2023, our allowance for credit losses was $0.3 million. Our customers include semiconductor manufacturers and semiconductor test subcontractors throughout many areas of the world. While we believe that our allowance for credit losses is adequate and represents our best estimate at September 28, 2024, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates regarding expected credit losses.

Inventories

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

Inventories by category were as follows (in thousands):

	September 28,		December 30,
	2024		2023
Raw materials and purchased parts	$	95,961	$	103,118
Work in process		25,572		26,820
Finished goods		22,592		25,855
Total inventories	$	144,125	$	155,793

Property, Plant and Equipment

Depreciation and amortization of property, plant and equipment, both owned and under financing lease, is calculated principally on the straight‑line method based on estimated useful lives of thirty to forty years for buildings, five to fifteen years for building improvements, three to ten years for machinery, equipment and software, and the lease life for financing leases. Land is not depreciated. Property, plant and equipment, at cost, consisted of the following (in thousands):

	September 28,			December 30,
	2024			2023
Land and land improvements	$	7,372		$	7,301
Buildings and building improvements		47,963			39,677
Machinery and equipment		107,230			108,831
		162,565			155,809
Less accumulated depreciation and amortization		(85,899	)		(86,724	)
Property, plant and equipment, net	$	76,666		$	69,085

Cloud-based Enterprise Resource Planning Implementation Costs

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

Total unamortized capitalized cloud computing implementation costs totaled $10.0 million and $12.2 million at September 28, 2024, and December 30, 2023, respectively. These amounts are recorded within other current assets and other assets in our condensed consolidated balance sheets. Implementation costs are amortized using the straight-line method over seven years and we recorded amortization expense of $0.7 million and $2.1 million during the three and nine months ended September 28, 2024, respectively, and amortization expense of $0.7 million and $2.1 million during the three and nine months ended September 30, 2023, respectively.

Segment Information

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

Goodwill, Intangible Assets and Other Long-Lived Assets

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

We conduct our annual impairment test as of October 1 each year and have determined there was no impairment as of October 1, 2023, as we determined that the estimated fair values of our reporting units and indefinite-lived intangible assets exceeded their carrying values on that date. Other events and changes in circumstances may also require goodwill to be tested for impairment between annual measurement dates. As of September 28, 2024, we do not believe there were indicators of impairment requiring an interim test. In the event we determine that an interim goodwill impairment review is required in a future period, the review may result in an impairment charge, which would have a negative impact on our results of operations.

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

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

Product Warranty

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

Restructuring Costs

We record restructuring activities including costs for one-time termination benefits in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”). The timing of recognition for severance costs accounted for under ASC 420 depends on whether employees are required to render service until they are terminated in order to receive the termination benefits. If employees are required to render service until they are terminated in order to receive the termination benefits, a liability is recognized ratably over the future service period. Otherwise, a liability is recognized when management has committed to a restructuring plan and has communicated those actions to employees. Employee termination benefits covered by existing benefit arrangements are recorded in accordance with ASC Topic 712, Nonretirement Postemployment Benefits. These costs are recognized when management has committed to a restructuring plan and the severance costs are probable and estimable. See Note 4, “Restructuring Charges” for additional information.

Debt Issuance Costs

We defer costs related to the issuance of debt. Debt issuance costs directly related to our Term Loan Credit Facility were presented within noncurrent liabilities as a reduction of long-term debt in our condensed consolidated balance sheets. The amortization of such costs was recognized as interest expense using the effective interest method over the term of the respective debt issue. Amortization related to deferred debt issuance costs and original discount costs was $32,000 and $0.1 million for the three and nine months ended September 30, 2023, respectively. On February 9, 2024, we repaid the remaining outstanding amounts owed under our Term Loan Credit Facility and recognized the remaining capitalized debt issuance costs. See Note 3, “Borrowings and Credit Agreements” for additional information.

Foreign Remeasurement and Currency Translation

Assets and liabilities of our wholly owned foreign subsidiaries that use the U.S. Dollar as their functional currency are re-measured using exchange rates in effect at the end of the period, except for nonmonetary assets, such as inventories and property, plant and equipment, which are re-measured using historical exchange rates. Revenues and costs are re-measured using average exchange rates for the period, except for costs related to those balance sheet items that are re-measured using historical exchange rates. Gains and losses on foreign currency transactions are recognized as incurred. During the three and nine months ended September 28, 2024, we recognized foreign exchange losses, net of the impact of foreign exchange derivative contracts, of $1.6 million and $2.5 million, respectively, in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2023, we recognized foreign exchange losses, net of the impact of foreign exchange derivative contracts, of $1.2 million and $2.3 million, respectively, in our condensed consolidated statements of operations.

Certain of our foreign subsidiaries have designated the local currency as their functional currency and, as a result, their assets and liabilities are translated at the rate of exchange at the balance sheet date, while revenue and expenses are translated using the average exchange rate for the period. Cumulative foreign currency translation adjustments resulting from the translation of the financial statements are included as a separate component of stockholders’ equity.

Foreign Exchange Derivative Contracts

We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. To minimize foreign exchange volatility, we enter into foreign currency forward contracts with a financial institution to hedge against future movements in foreign exchange rates. We do not use derivative financial instruments for speculative or trading purposes. The accounting for changes in the fair value of our derivatives depends on the intended use of the derivative and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting. All derivative instruments are recognized at fair value on our condensed consolidated balance sheets and all changes in fair value are recognized in net earnings or stockholders’ equity through accumulated other comprehensive loss (AOCI).

For contracts that qualify for hedge accounting treatment, the hedge contracts must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract. Hedge effectiveness is assessed periodically. For accounting purposes, certain of 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.

See Note 7, “Derivative Financial Instruments” for additional information.

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					Nine Months Ended
	September 28,		September 30,			September 28,		September 30,
	2024		2023			2024		2023
Cost of sales	$	270	$	223		$	759	$	619
Research and development		765		849			2,600		2,534
Selling, general and administrative		4,213		3,262			12,100		9,527
Total share-based compensation		5,248		4,334			15,459		12,680
Income tax effect		12		(45	)		223		(2,883	)
Total share-based compensation, net	$	5,260	$	4,289		$	15,682	$	9,797

Income (Loss) Per Share

Basic income (loss) per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted income per share includes the dilutive effect of common shares potentially issuable upon the exercise of stock options, vesting of outstanding restricted stock and performance stock units and issuance of stock under our employee stock purchase plan using the treasury stock method. In loss periods, potentially dilutive securities are excluded from the per share computations due to their anti-dilutive effect. For purposes of computing diluted income per share, certain restricted and performance stock units and stock options with exercise prices that exceed the average fair market value of our common stock for the period are excluded. For the three and nine months ended September 30, 2023, awards to issue approximately 186,000 and 206,000 potentially issuable shares of common stock were excluded from the computation, respectively. All shares repurchased and held as treasury stock are reflected as a reduction to our basic weighted average shares outstanding based on the trade date of the share repurchase.

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

	Three Months Ended				Nine Months Ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Weighted average common shares		46,815		47,615		46,971		47,525
Effect of dilutive securities		-		492		-		577
		46,815		48,107		46,971		48,102

Leases

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

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at January 1, 2019, the adoption date of ASU 2016-02, Leases (Topic 842), or the commencement date for leases entered into after the adoption date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rates for the remaining lease terms based on the information available at the adoption date or commencement date in determining the present value of future payments.

The operating lease ROU asset also includes any lease payments made, lease incentives, favorable and unfavorable lease terms recognized in business acquisitions and excludes initial direct costs incurred and variable lease payments. Variable lease payments include estimated payments that are subject to reconciliations throughout the lease term, increases or decreases in the contractual rent payments, as a result of changes in indices or interest rates and tax payments that are based on prevailing rates. Our lease terms may include renewal options to extend the lease when it is reasonably certain that we will exercise those options. In addition, we include purchase option amounts in our calculations when it is reasonably certain that we will exercise those options. Rent expense for minimum payments under operating leases is recognized on a straight-line basis over the term.

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

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

Revenue Recognition

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

Revenue for established products that have previously satisfied a customer’s acceptance requirements is generally recognized upon shipment. In cases where a prior history of customer acceptance cannot be demonstrated and in the case of new products, revenue and cost of sales are deferred until customer acceptance has been received. Our post-shipment obligations typically include standard warranties. Service revenue is recognized over time as we transfer control to our customer for the related contract or upon completion of the services if they are short-term in nature. Spares, contactor and kit revenue is generally recognized upon shipment.

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

Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. At September 28, 2024, we had $5.8 million of revenue expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) for contracts with original expected durations of over one year. As allowed under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), we have opted to not disclose unsatisfied performance obligations for contracts with original expected durations of less than one year.

We generally sell our equipment with a product warranty. The product warranty provides assurance to customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC Topic 460, Guarantees (“ASC 460”), and not as a separate performance obligation.

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

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

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

On shipments where sales are not recognized, gross profit is generally recorded as deferred profit in our condensed consolidated balance sheet, representing the difference between the receivable recorded and the inventory shipped. In certain instances where customer payments are received prior to product shipment, the customer’s payments are recorded as customer advances. At September 28, 2024, we had deferred revenue totaling approximately $9.4 million, current deferred profit of $4.1 million and deferred profit expected to be recognized after one year included in noncurrent other accrued liabilities of $4.4 million. At December 30, 2023, we had deferred revenue totaling approximately $8.8 million, current deferred profit of $3.6 million and deferred profit expected to be recognized after one year included in noncurrent other accrued liabilities of $4.9 million.

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

	Three Months Ended				Nine Months Ended
Disaggregated Net Sales	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Systems	$	31,102	$	73,173	$	103,685	$	263,469
Non-systems		64,240		77,631		203,972		235,627
Total net sales	$	95,342	$	150,804	$	307,657	$	499,096

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

	Three Months Ended				Nine Months Ended
Disaggregated Net Sales	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
United States	$	16,512	$	23,604	$	48,327	$	58,097
China		12,770		19,689		43,586		69,193
Malaysia		12,223		23,550		42,913		78,703
Singapore		9,051		13,693		34,044		38,387
Philippines		10,451		19,983		32,001		77,132
Rest of the World		34,335		50,285		106,786		177,584
Total net sales	$	95,342	$	150,804	$	307,657	$	499,096

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

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

2024

2023

2024

2023

Customers individually accounting for more than 10% of net sales

one

two

one

Percentage of net sales

12%

22%

13%

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

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balance totaled approximately $37.6 million and $34.8 million at September 28, 2024 and December 30, 2023, respectively, and was attributed to all non-owner changes in stockholders’ equity and consists of, on an after-tax basis where applicable, foreign currency adjustments resulting from the translation of certain of our subsidiary accounts where the functional currency is not the U.S. Dollar, unrealized loss on investments and adjustments related to postretirement benefits. Reclassification adjustments from accumulated other comprehensive loss during the first nine months of fiscal 2024 and 2023 were not significant.

Retiree Medical Benefits

We provide post-retirement health benefits to certain retired executives, one director (who is a former executive) and their eligible dependents under a noncontributory plan. These benefits are no longer offered to any other retired Cohu employees. The net periodic benefit cost incurred during the first nine months of fiscal 2024 and 2023 was not significant.

Recent Accounting Pronouncements

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

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

In March 2024, the U.S. Securities and Exchange Commission issued its final climate disclosure rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which require all registrants to provide certain climate-related information in their registration statements and annual reports. The rules require disclosure of, among other things, material climate-related risks, activities to mitigate or adapt to such risks, governance and oversight of such risks, material climate targets and goals, and Scope 1 and/or Scope 2 greenhouse gas emissions, on a phased-in basis, when those emissions are material. In addition, the final rules require certain disclosures in the notes to the financial statements, including the effects of severe weather events and other natural conditions. The rules are effective for us on a phased-in timeline starting in fiscal 2025; however, in April 2024, the SEC issued an order to voluntarily stay its final climate rules pending the completion of judicial review thereof by the U.S. Court of Appeals for the Eighth Circuit. We are currently evaluating the impact of the rules on our consolidated financial statements.

Note 3 - Borrowings and Credit Agreements - Summary of Borrowings (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Lines of Credit	$ 1,407	$ 1,773
Total debt	10,520	40,876
Less: financing fees and discount	0	(249)
Less: current portion	(2,606)	(6,324)
Total long-term debt	7,914	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	1,931	2,095
Less: current portion	(200)	(200)
Construction Loan [Member]
Long term Debt	$ 7,182	$ 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 13 - Guarantees (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 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 1 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Weighted average common shares (in shares)	46,815	47,615	46,971	47,525
Effect of dilutive securities (in shares)	0	492	0	577
Weighted Average Number of Shares Outstanding, Diluted	46,815	48,107	46,971	48,102

Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Gross Carrying Amount, finite-lived intangible assets	$ 330,586	$ 329,301
Accumulated Amortization	207,962	177,531
Developed Technology Rights [Member]
Gross Carrying Amount, finite-lived intangible assets	234,594	233,623
Accumulated Amortization	$ 160,489	137,168
Finite-Lived Intangible Asset, Useful Life (Year)	3 years 9 months 18 days
Customer Relationships [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 74,001	73,759
Accumulated Amortization	$ 34,359	28,932
Finite-Lived Intangible Asset, Useful Life (Year)	6 years 4 months 24 days
Trade Names [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 21,643	21,569
Accumulated Amortization	$ 12,822	11,231
Finite-Lived Intangible Asset, Useful Life (Year)	4 years 10 months 24 days
Order or Production Backlog [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 100	100
Accumulated Amortization	$ 100	25
Finite-Lived Intangible Asset, Useful Life (Year)	0 years
Noncompete Agreements [Member]
Gross Carrying Amount, finite-lived intangible assets	$ 248	250
Accumulated Amortization	$ 192	$ 175
Finite-Lived Intangible Asset, Useful Life (Year)	2 years 3 months 18 days

Note 7 - Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 28, 2024

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

		Three Months Ended					Nine Months Ended
Derivatives not designated	Location of gain (loss)	Sep. 28,		Sep. 30,			Sep. 28,			Sep. 30,
as hedging instruments	recognized on derivatives	2024		2023			2024			2023
Foreign exchange forward contracts	Foreign transaction gain (loss)	$	2,461	$	(6,885	)	$	(2,864	)		(5,672	)

		Three Months Ended					Nine Months Ended
Derivatives designated	Location of gain (loss)	Sep. 28,			Sep. 30,		Sep. 28,			Sep. 30,
as hedging instruments	recognized on derivatives	2024			2023		2024			2023
Foreign exchange forward contracts	AOCI	$	(3,603	)		N/A	$	(3,603	)		N/A

Schedule of Derivative Instruments [Table Text Block]

		Contract Amount			Contract Amount
Currency	Contract Position	(Local Currency)			(U.S. Dollars)
Euro	Buy		49,261		$	55,000
Swiss Franc	Buy		10,924			13,000
Malaysian Ringgit	Buy		6,584			1,600
South Korean Won	Buy		2,635,400			2,000
Japanese Yen	Buy		142,140			1,000
Euro	Sell		(56,164	)		(60,500	)
Swiss Franc	Sell		(14,334	)		(16,000	)

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.

Note 4 - Restructuring Charges

9 Months Ended

Sep. 28, 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 September 28, 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 $0.7 million and $2.0 million during the three and nine months ended September 30, 2023, respectively, that are within the scope of ASC 420. Total pretax charges for the three and nine months ended September 28, 2024 were not material.

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

	Severance and			Other Exit
	Other Payroll			Costs			Total
Balance, December 31, 2022	$	-		$	-		$	-
Costs accrued		1,810			236			2,046
Amounts paid or charged		(1,358	)		(236	)		(1,594	)
Balance, September 30, 2023	$	452		$	-		$	452

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

3 Months Ended

9 Months Ended

Oct. 01, 2023

USD ($)

Sep. 28, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 28, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 30, 2023

USD ($)

Accounts Receivable, Allowance for Credit Loss

$ 300,000

Capitalized Computer Software, Gross

10,000,000

12,200,000

Capitalized Computer Software, Amortization

700,000

$ 700,000

$ 2,127,000

$ 2,100,000

Number of Operating Segments

Number of Reportable Segments

Goodwill and Intangible Asset Impairment

$ 0

Amortization of Debt Issuance Costs

32,000

100,000

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

(1,600,000)

$ (1,200,000)

$ (2,500,000)

$ (2,300,000)

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

186,000

206,000

Revenue, Remaining Performance Obligation, Amount

5,800,000

Accounts Receivable, Credit Loss Expense (Reversal)

Contract with Customer, Asset, after Allowance for Credit Loss

Contract with Customer, Liability

9,400,000

8,800,000

Deferred Profit

4,053,000

3,586,000

^[1]

Deferred Profit Long-term

4,400,000

4,900,000

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (37,603,000)

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

Sep. 28, 2024

Dec. 30, 2023

$ 79,735

$ 90,100

244

215

^[1]

141

Corporate Debt Securities [Member]

79,976

90,174

^[2]

50,457

45,105

^[2]

171

147

^[1],[2]

US Treasury Securities [Member]

^[2]

50,626

45,237

16,827

20,439

^[1]

116

Certificates of Deposit [Member]

16,873

20,349

8,562

15,468

^[1]

Asset-Backed Securities [Member]

8,574

15,488

2,827

8,017

^[1]

Debt Security, Government, Non-US [Member]

2,837

8,024

732

741

^[1]

US States and Political Subdivisions Debt Securities [Member]

732

741

330

^[1]

Basis of Accounting, Policy [Policy Text Block]

$ 334

$ 335

[1]

As of September 28, 2024, the cost and fair value of investments with loss positions were both approximately $11.5 million. 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 11 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
2024, operating lease	$ 1,424
2024, finance lease	77
2024, total	1,501
2025, operating lease	5,771
2025, finance lease	9,133
2025, total	14,904
2026, operating lease	2,995
2026, finance lease	3
2026, total	2,998
2027, operating lease	1,648
2027, finance lease	0
2027, total	1,648
2028, operating lease	1,271
2028, finance lease	0
2028, total	1,271
Thereafter, operating lease	5,514
Thereafter, finance lease	0
Thereafter, total	5,514
Total lease payments, operating lease	18,623
Total lease payments, finance lease	9,213
Total lease payments, total	27,836
Less: Interest, operating lease	(3,224)
Less: Interest, finance lease	(80)
Less: Interest, total	(3,304)
Operating Lease, Liability	15,399
Present value of lease liabilities, finance lease	9,133
Total lease liabilities	$ 24,532	$ 18,308

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 28, 2024

Accounting Policies [Abstract]

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):

	September 28,		December 30,
	2024		2023
Raw materials and purchased parts	$	95,961	$	103,118
Work in process		25,572		26,820
Finished goods		22,592		25,855
Total inventories	$	144,125	$	155,793

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

Property, Plant and Equipment

	September 28,			December 30,
	2024			2023
Land and land improvements	$	7,372		$	7,301
Buildings and building improvements		47,963			39,677
Machinery and equipment		107,230			108,831
		162,565			155,809
Less accumulated depreciation and amortization		(85,899	)		(86,724	)
Property, plant and equipment, net	$	76,666		$	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 nine 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

See Note 7, “Derivative Financial Instruments” for additional information.

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					Nine Months Ended
	September 28,		September 30,			September 28,		September 30,
	2024		2023			2024		2023
Cost of sales	$	270	$	223		$	759	$	619
Research and development		765		849			2,600		2,534
Selling, general and administrative		4,213		3,262			12,100		9,527
Total share-based compensation		5,248		4,334			15,459		12,680
Income tax effect		12		(45	)		223		(2,883	)
Total share-based compensation, net	$	5,260	$	4,289		$	15,682	$	9,797

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				Nine Months Ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Weighted average common shares		46,815		47,615		46,971		47,525
Effect of dilutive securities		-		492		-		577
		46,815		48,107		46,971		48,102

Lessee, Leases [Policy Text Block]

Leases

Revenue [Policy Text Block]

Revenue Recognition

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

	Three Months Ended				Nine Months Ended
Disaggregated Net Sales	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Systems	$	31,102	$	73,173	$	103,685	$	263,469
Non-systems		64,240		77,631		203,972		235,627
Total net sales	$	95,342	$	150,804	$	307,657	$	499,096

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

	Three Months Ended				Nine Months Ended
Disaggregated Net Sales	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
United States	$	16,512	$	23,604	$	48,327	$	58,097
China		12,770		19,689		43,586		69,193
Malaysia		12,223		23,550		42,913		78,703
Singapore		9,051		13,693		34,044		38,387
Philippines		10,451		19,983		32,001		77,132
Rest of the World		34,335		50,285		106,786		177,584
Total net sales	$	95,342	$	150,804	$	307,657	$	499,096

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

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

2024

2023

2024

2023

Customers individually accounting for more than 10% of net sales

one

two

one

Percentage of net sales

12%

22%

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

Sep. 28, 2024

Dec. 30, 2023

^[1]

Preferred Stock, Par or Stated Value Per Share (in dollars per share)

$ 1

Preferred Stock, Shares Authorized (in shares)

1,000

Preferred Stock, Shares Issued (in shares)

Common Stock, Par or Stated Value Per Share (in dollars per share)

$ 1

Common Stock, Shares Authorized (in shares)

90,000

Common Stock, Shares, Outstanding (in shares)

49,507

49,429

Common Stock, Shares, Issued (in shares)

49,507

49,429

Treasury Stock, Common, Shares (in shares)

2,893

2,253

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

Note 6 - Employee Stock Benefit Plans (Details Textual) $ in Millions	9 Months Ended
	Sep. 28, 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)	411,192
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	362,374
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)	39,908
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	892,918
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding \| $	$ 23.2
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year)	1 year 2 months 12 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)	202,521
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)	538,982
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding \| $	$ 14.0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year)	1 year 6 months
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	2,943,504
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	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

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

3 Months Ended

9 Months Ended

Sep. 28, 2024

Sep. 30, 2023

Sep. 28, 2024

Sep. 30, 2023

Net sales

$ 95,342

$ 150,804

$ 307,657

$ 499,096

Cost and expenses:

Cost of sales (1)

^[1]

50,685

79,909

166,829

261,638

Research and development

20,324

21,478

64,002

66,454

Selling, general and administrative

30,297

32,416

97,497

99,403

Amortization of purchased intangible assets

9,791

8,857

29,334

26,617

Restructuring charges

742

2,046

Costs and Expenses

111,111

143,402

357,698

456,158

Income (loss) from operations

(15,769)

7,402

(50,041)

42,938

Other (expense) income:

Interest expense

(86)

(773)

(519)

(2,628)

Interest income

2,609

3,207

7,651

8,657

Foreign transaction loss

(1,579)

(1,200)

(2,493)

(2,285)

Loss on extinguishment of debt

(241)

(369)

Income (loss) before taxes

(14,825)

8,636

(45,643)

46,313

Income tax provision

3,231

4,721

2,817

16,129

Net income (loss)

$ (18,056)

$ 3,915

$ (48,460)

$ 30,184

Basic (in dollars per share)

$ (0.39)

$ 0.08

$ (1.03)

$ 0.64

Diluted (in dollars per share)

$ (0.39)

$ 0.08

$ (1.03)

$ 0.63

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

Basic (in shares)

46,815

47,615

46,971

47,525

Diluted (in shares)

46,815

48,107

46,971

48,102

[1]	Excludes amortization of $7,518 and $6,948 for the three months ended September 28, 2024 and September 30, 2023, respectively, and $22,526 and $20,941 for the nine months ended September 28, 2024 and September 30, 2023, respectively.

Note 5 - Financial Instruments Measured at Fair Value (Details Textual) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 11.5	$ 38.4
Debt Securities, Available-for-Sale, Unrealized Loss Position, Amortized Cost	$ 11.5	$ 38.5

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

Sep. 28, 2024

Dec. 30, 2023

Raw materials and purchased parts

$ 95,961

$ 103,118

Work in process

25,572

26,820

Finished goods

22,592

25,855

Total inventories

$ 144,125

$ 155,793

^[1]

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

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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 30, 2023
Customers individually accounting for more than 10% of net sales	1	2	1
One Customer [Member]
Percentage of net sales	12.00%		13.00%
Two Customers [Member]
Percentage of net sales		22.00%

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

Sep. 28, 2024

Dec. 30, 2023

Corporate Debt Securities [Member]

$ 79,976

$ 90,174

US Treasury Securities [Member]

^[1]

50,626

45,237

Certificates of Deposit [Member]

16,873

20,349

Asset-Backed Securities [Member]

8,574

15,488

Debt Security, Government, Non-US [Member]

2,837

8,024

US States and Political Subdivisions Debt Securities [Member]

732

741

Fair Value, Recurring [Member]

334

335

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

269,238

335,698

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

70,113

51,949

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

16,873

20,349

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

8,994

15,488

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

2,837

8,024

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

732

741

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

334

335

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

135,158

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 2 [Member]

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

134,080

178,001

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

70,113

51,949

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

16,873

20,349

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

8,994

15,488

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

2,837

8,024

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

732

741

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

334

335

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] | Cash [Member]

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

135,158

157,697

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

135,158

157,697

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

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

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

34,197

81,115

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

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

34,197

81,115

$ 0

[1]	Corporate debt securities include investments in financial and other corporate institutions. No single issuer represents a significant portion of the total corporate debt securities portfolio.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 28, 2024	Oct. 22, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	001-04298
Entity Registrant Name	COHU, INC.
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 (in shares)		46,613,736
Entity Central Index Key	0000021535
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Note 13 - Guarantees

9 Months Ended

Sep. 28, 2024

Guarantees [Text Block]

13.

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						Nine Months Ended
	September 28,			September 30,			September 28,			September 30,
	2024			2023			2024			2023
Balance at beginning of period	$	3,784		$	5,534		$	5,017		$	6,214
Warranty expense accruals		722			1,508			2,524			5,229
Warranty payments		(1,031	)		(1,956	)		(4,066	)		(6,424	)
Liability acquired		-			-			-			67
Balance at end of period	$	3,475		$	5,086		$	3,475		$	5,086

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 September 28, 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 9 - Equity

9 Months Ended

Sep. 28, 2024

Equity [Text Block]

9.	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 September 28, 2024, we repurchased 315,000 shares of our common stock for $8.1 million to be held as treasury stock. During the nine months ended September 28, 2024, we repurchased 915,504 shares of our common stock for $27.0 million to be held as treasury stock. During the three months ended September 30, 2023, we repurchased 133,100 shares of our common stock for $4.7 million to be held as treasury stock. During the nine months ended September 30, 2023, we repurchased 309,985 shares of our common stock for $10.9 million to be held as treasury stock. As of September 28, 2024, $31.4 million remained available for us to repurchase shares of our common stock under our share repurchase program.

The entire disclosure for equity.

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Note 1 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 28, 2024

Schedule of Inventory, Current [Table Text Block]

	September 28,		December 30,
	2024		2023
Raw materials and purchased parts	$	95,961	$	103,118
Work in process		25,572		26,820
Finished goods		22,592		25,855
Total inventories	$	144,125	$	155,793

Property, Plant and Equipment [Table Text Block]

	September 28,			December 30,
	2024			2023
Land and land improvements	$	7,372		$	7,301
Buildings and building improvements		47,963			39,677
Machinery and equipment		107,230			108,831
		162,565			155,809
Less accumulated depreciation and amortization		(85,899	)		(86,724	)
Property, plant and equipment, net	$	76,666		$	69,085

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

	Three Months Ended					Nine Months Ended
	September 28,		September 30,			September 28,		September 30,
	2024		2023			2024		2023
Cost of sales	$	270	$	223		$	759	$	619
Research and development		765		849			2,600		2,534
Selling, general and administrative		4,213		3,262			12,100		9,527
Total share-based compensation		5,248		4,334			15,459		12,680
Income tax effect		12		(45	)		223		(2,883	)
Total share-based compensation, net	$	5,260	$	4,289		$	15,682	$	9,797

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

	Three Months Ended				Nine Months Ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Weighted average common shares		46,815		47,615		46,971		47,525
Effect of dilutive securities		-		492		-		577
		46,815		48,107		46,971		48,102

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
Disaggregated Net Sales	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Systems	$	31,102	$	73,173	$	103,685	$	263,469
Non-systems		64,240		77,631		203,972		235,627
Total net sales	$	95,342	$	150,804	$	307,657	$	499,096

	Three Months Ended				Nine Months Ended
Disaggregated Net Sales	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
United States	$	16,512	$	23,604	$	48,327	$	58,097
China		12,770		19,689		43,586		69,193
Malaysia		12,223		23,550		42,913		78,703
Singapore		9,051		13,693		34,044		38,387
Philippines		10,451		19,983		32,001		77,132
Rest of the World		34,335		50,285		106,786		177,584
Total net sales	$	95,342	$	150,804	$	307,657	$	499,096

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

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

2024

2023

2024

2023

Customers individually accounting for more than 10% of net sales

one

two

one

Percentage of net sales

12%

22%

13%

Note 11 - Leases (Details Textual)
$ in Thousands, RM in Millions

3 Months Ended

9 Months Ended

Sep. 28, 2024

USD ($)

Mar. 30, 2024

USD ($)

Mar. 30, 2024

MYR (RM)

Sep. 28, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 30, 2023

USD ($)

Lessee, Operating Lease, Renewal Term

25 years

Finance Lease, Right-of-Use Asset, Accumulated Amortization

$ 400

$ 300

Increase (Decrease) in Operating Lease, Right-of-Use Assets

(4,348)

$ (6,328)

Increase (Decrease) in Operating Lease Liability

(4,567)

$ (5,972)

Operating Lease, Right-of-Use Asset

^[1]

14,067

$ 16,778

^[2]

Operating Lease, Liability

15,399

Leased Facility in Malaysia [Member]

Payments to Acquire Productive Assets | RM

RM 41.8

Increase (Decrease) in Operating Lease, Right-of-Use Assets

$ (400)

Increase (Decrease) in Operating Lease Liability

1,200

(400)

Increase (Decrease) in Finance Lease Assets

8,800

Increase (Decrease) in Finance Lease Liability

$ 7,900

Operating Lease, Right-of-Use Asset

9,500

Operating Lease, Liability

$ 9,100

Minimum [Member]

Lessee, Lease, Remaining Term of Contract

1 year

Maximum [Member]

Lessee, Lease, Remaining Term of Contract

33 years

[1]

[2]

Derived from December 30, 2023 audited financial statements

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

30,184

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

(7,377)

361

(20,083)

20,076

(1,918)

(7,648)

(9,566)

(10,854)

12,680

Shares issued under ESPP

1,837

1,904

Balance at Sep. 30, 2023

49,350

679,734

320,586

(46,965)

(56,469)

946,236

Balance at Jul. 01, 2023

49,350

676,309

316,671

(36,559)

(52,378)

953,393

3,915

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

(10,436)

(123)

153

(858)

858

(51)

(275)

(326)

(4,674)

4,334

Balance at Sep. 30, 2023

49,350

679,734

320,586

(46,965)

(56,469)

946,236

Balance at Dec. 30, 2023

49,429

686,146

318,558

(34,779)

(69,184)

950,170

^[1]

(48,460)

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

(2,947)

(38)

161

(13,045)

13,045

(60)

(4,602)

(4,662)

(27,147)

15,459

Shares issued under ESPP

1,924

2,002

Balance at Sep. 28, 2024

49,507

690,424

270,098

(37,603)

(87,888)

884,538

Balance at Jun. 29, 2024

49,507

685,522

288,154

(46,953)

(80,020)

896,210

(18,056)

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

9,476

(389)

263

(369)

369

(23)

114

(8,123)

5,248

Balance at Sep. 28, 2024

$ 49,507

$ 690,424

$ 270,098

$ (37,603)

$ (87,888)

$ 884,538

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

Note 5 - Financial Instruments Measured at Fair Value - Effective Maturities of Short-term Investments (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Due in one year or less, amortized cost	$ 66,546	$ 57,981
Due in one year or less, fair value	66,708	57,887
Due after one year through five years, amortized cost	13,189	31,378
Due after one year through five years, fair value	13,268	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	79,735	90,100
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total	$ 79,976	$ 90,174

Note 11 - Leases - Balance Sheet Information (Details) - USD ($)
$ in Thousands

Sep. 28, 2024

Dec. 30, 2023

Operating lease assets

^[1]

$ 14,067

$ 16,778

^[2]

Finance lease assets

^[1]

9,721

247

Total lease assets

23,788

17,025

Operating

^[1]

4,976

5,122

Finance

^[1]

9,127

Operating

10,423

13,160

Finance

Total lease liabilities

$ 24,532

$ 18,308

Operating leases (Year)

5 years 3 months 18 days

5 years 6 months

Finance leases (Year)

3 months 18 days

1 year 8 months 12 days

Operating leases

6.40%

Finance leases

2.80%

4.00%

[1]

[2]

Derived from December 30, 2023 audited financial statements

Note 4 - Restructuring Charges (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
MCT Integration Program [Member]
Restructuring Expenses	$ 0.7	$ 2.0

Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net sales	$ 95,342	$ 150,804	$ 307,657	$ 499,096
UNITED STATES
Net sales	16,512	23,604	48,327	58,097
CHINA
Net sales	12,770	19,689	43,586	69,193
Malaysia [Member]
Net sales	12,223	23,550	42,913	78,703
SINGAPORE
Net sales	9,051	13,693	34,044	38,387
PHILIPPINES
Net sales	10,451	19,983	32,001	77,132
Rest of the World [Member]
Net sales	34,335	50,285	106,786	177,584
Systems [Member]
Net sales	31,102	73,173	103,685	263,469
Non-systems [Member]
Net sales	$ 64,240	$ 77,631	$ 203,972	$ 235,627

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (i)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands

Sep. 28, 2024

Dec. 30, 2023

Less accumulated depreciation and amortization

$ 162,565

$ 155,809

(85,899)

(86,724)

Property, plant and equipment, net

76,666

69,085

^[1]

Land and Land Improvements [Member]

Building and Building Improvements [Member]

7,372

7,301

Machinery and Equipment [Member]

47,963

39,677

$ 107,230

$ 108,831

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

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

Sep. 28, 2024

Dec. 30, 2023

^[1]

Current assets:

$ 189,262

$ 245,524

Property, plant and equipment, net

79,976

90,174

Accounts receivable, net

91,937

124,624

Inventories

144,125

155,793

Prepaid expenses

19,939

17,696

Other current assets

17,215

5,007

Total current assets

542,454

638,818

76,666

69,085

Goodwill

242,867

241,658

Intangible assets, net

122,624

151,770

Other assets

33,668

32,243

Operating lease right of use assets

^[2]

14,067

16,778

Assets

1,032,346

1,150,352

Current liabilities:

Short-term borrowings

1,407

1,773

Current installments of long-term debt

1,199

4,551

Accounts payable

23,445

33,600

Customer advances

2,104

4,748

Accrued compensation and benefits

24,333

31,897

Deferred profit

4,053

3,586

Accrued warranty

3,285

4,653

Income taxes payable

1,920

4,024

Other accrued liabilities

23,229

14,589

Total current liabilities

84,975

103,421

Long-term debt

7,914

34,303

Deferred income taxes

21,620

23,154

Noncurrent income tax liabilities

4,950

7,065

Accrued retirement benefits

10,732

10,802

Long-term lease liabilities

10,429

13,175

Other accrued liabilities

7,188

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

690,424

686,146

Treasury stock, at cost; 2,893 shares in 2024 and 2,253 shares in 2023

(87,888)

(69,184)

Retained earnings

270,098

318,558

Accumulated other comprehensive loss

(37,603)

(34,779)

Total stockholders’ equity

884,538

950,170

Liabilities and Equity

$ 1,032,346

$ 1,150,352

[1]

Derived from December 30, 2023 audited financial statements

[2]

Note 3 - Borrowings and Credit Agreements (Details Textual) $ in Thousands, € in Millions, ¥ in Millions, SFr in Millions				3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 09, 2024 USD ($)	Jul. 01, 2023	Oct. 01, 2018 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 30, 2023 USD ($)	Sep. 28, 2024 CHF (SFr)	Sep. 28, 2024 JPY (¥)	Dec. 30, 2023 EUR (€)	Jun. 30, 2020 EUR (€)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember	London Interbank Offered Rate (LIBOR) 1 [Member]
Long-Term Debt, Current Maturities				$ 2,606		$ 2,606		$ 6,324
Repayments of Long-Term Debt						30,354	$ 37,467
Gain (Loss) on Extinguishment of Debt				0	$ 0	(241)	(369)
Long-Term Line of Credit				1,407		1,407		1,773
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				$ 1,400		$ 1,400				¥ 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		29,100
Long-Term Debt, Current Maturities				3,400		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				1,900		1,900		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				0.69%		0.69%			0.69%	0.69%
Loan Facilities [Member] \| Construction Loans [Member]
Debt Instrument, Face Amount \| €												€ 10.1
Long-Term Debt				$ 7,200		$ 7,200		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								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								15 years
Third Facility [Member] \| Construction Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage								1.20%			1.20%
Debt Instrument, Term								10 years
Debt Instrument, Collateral Amount \| €											€ 0.9

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

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 02, 2023

USD ($)

Oct. 02, 2023

SGD ($)

Jan. 31, 2024

USD ($)

Jan. 31, 2024

SGD ($)

Sep. 28, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 28, 2024

USD ($)

Sep. 28, 2024

SGD ($)

Sep. 30, 2023

USD ($)

Sep. 28, 2024

SDG

Dec. 30, 2023

USD ($)

^[1]

Oct. 02, 2023

SDG

Other Accrued Liabilities, Noncurrent

$ 7,188

$ 8,262

Amortization of Intangible Assets

9,791

$ 8,857

29,334

$ 26,617

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

SDG 2.2

Other Accrued Liabilities, Noncurrent

$ 800

SDG 1.1

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

Note 4 - Restructuring Charges - Charges Related to the Wind Down Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Costs accrued	$ 14	$ 742	$ 36	$ 2,046
Employee Severance [Member] \| Integration Program [Member]
Accrued restructuring, balance				0
Costs accrued				1,810
Amounts paid or charged				(1,358)
Accrued restructuring, balance		452		452
Other Restructuring [Member] \| Integration Program [Member]
Accrued restructuring, balance				0
Costs accrued				236
Amounts paid or charged				(236)
Accrued restructuring, balance		0		0
Employee Severance and Other Exit Costs [Member] \| Integration Program [Member]
Accrued restructuring, balance				0
Costs accrued				2,046
Amounts paid or charged				(1,594)
Accrued restructuring, balance		$ 452		$ 452

Note 5 - Financial Instruments Measured at Fair Value

9 Months Ended

Sep. 28, 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):

	September 28, 2024
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses⁽¹⁾		Value
Corporate debt securities⁽²⁾	$	50,457	$	171	$	2	$	50,626
U.S. treasury securities		16,827		47		1		16,873
Bank certificates of deposit		8,562		12		-		8,574
Asset-backed securities		2,827		10		-		2,837
Foreign government security		732		-		-		732
Municipal securities		330		4		-		334
	$	79,735	$	244	$	3	$	79,976

	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)

(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):

	September 28, 2024				December 30, 2023
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	66,546	$	66,708	$	57,981	$	57,887
Due after one year through five years		13,189		13,268		31,378		31,546
Due after five years through ten years		-		-		741		741
	$	79,735	$	79,976	$	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 September 28, 2024 using:
							Total Estimated
	Level 1		Level 2		Level 3		Fair Value
Cash	$	135,158	$	-	$	-	$	135,158
Corporate debt securities		-		70,113		-		70,113
Money market funds		-		34,197		-		34,197
U.S. treasury securities		-		16,873		-		16,873
Bank certificates of deposit		-		8,994		-		8,994
Asset-backed securities		-		2,837		-		2,837
Foreign government security		-		732		-		732
Municipal securities		-		334		-		334
	$	135,158	$	134,080	$	-	$	269,238

	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 7 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Amount of Ineffectiveness on Net Investment Hedges	$ 0.4	$ 0.4

Note 11 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Operating leases	$ 1,529	$ 1,642	$ 4,710	$ 5,001
Variable lease expense	577	561	1,724	1,683
Short-term operating leases	1	6	3	19
Amortization of leased assets	27	12	70	66
Interest on lease liabilities	67	0	200	1
Sublease income	0	(7)	(4)	(25)
Net lease cost	$ 2,201	$ 2,214	$ 6,703	$ 6,745

Note 4 - Restructuring Charges (Tables)

9 Months Ended

Sep. 28, 2024

Restructuring and Related Costs [Table Text Block]

	Severance and			Other Exit
	Other Payroll			Costs			Total
Balance, December 31, 2022	$	-		$	-		$	-
Costs accrued		1,810			236			2,046
Amounts paid or charged		(1,358	)		(236	)		(1,594	)
Balance, September 30, 2023	$	452		$	-		$	452

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

Sep. 28, 2024

Dec. 30, 2023

^[1]

Oct. 02, 2023

Dec. 31, 2022

Goodwill

$ 242,867

$ 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

Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets - Preliminary Allocation of Intangible Assets (Details) - Equiptest Engineering Pte Ltd. (“EQT”) [Member] $ in Millions	Oct. 02, 2023 USD ($)
Finite-lived 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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (48,460)	$ 30,184
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	(816)	(998)
Gain from sale of property, plant and equipment	(5)	(7)
Depreciation and amortization	39,538	36,634
Share-based compensation expense	15,459	12,680
Non-cash inventory related charges	2,718	4,222
Deferred income taxes	(821)	(514)
Changes in accrued retiree medical benefits	(91)	(727)
Changes in other accrued liabilities	(1,070)	(416)
Changes in other assets	(5,199)	(353)
Amortization of cloud-based software implementation costs	2,127	2,100
Impairment charge related to equity investment	903	0
Amortization of debt discounts and issuance costs	8	114
Operating lease right-of-use assets	4,348	6,328
Changes in assets and liabilities, excluding effects from acquisitions:
Customer advances	(2,618)	(201)
Accounts receivable	32,455	50,249
Inventories	8,075	857
Other current assets	(14,480)	(467)
Accounts payable	(10,836)	(17,534)
Deferred profit	441	(3,457)
Income taxes payable	(3,840)	(3,898)
Accrued compensation, warranty and other liabilities	(9,015)	(10,424)
Current and long-term operating lease liabilities	(4,567)	(5,972)
Net cash provided by operating activities	4,495	98,769
Cash flows from investing activities, excluding effects from acquisitions:
Purchases of short-term investments	(65,628)	(73,322)
Sales and maturities of short-term investments	76,806	123,863
Purchases of property, plant and equipment	(7,594)	(12,148)
Cash received from sale of property, plant and equipment	91	193
Net cash provided by investing activities	3,675	12,255
Cash flows from financing activities:
Payments on current and long-term finance lease liabilities	(18)	(48)
Repurchases of common stock, net	(2,568)	(7,637)
Repayments of long-term debt	(30,354)	(37,467)
Acquisition of treasury stock	(26,954)	(10,855)
Net cash used in financing activities	(59,894)	(56,007)
Effect of exchange rate changes on cash and cash equivalents	(4,538)	(3,972)
Net increase (decrease) in cash and cash equivalents	(56,262)	51,045
Cash and cash equivalents at beginning of period	245,524	242,341
Cash and cash equivalents at end of period	189,262	293,386
Supplemental disclosure of cash flow information:
Cash paid for income taxes	19,783	14,414
Inventory capitalized as property, plant and equipment	946	709
Property, plant and equipment purchases included in accounts payable	853	245
Cash paid for interest	774	2,707
MCT Worldwide, LLC [Member]
Cash flows from investing activities, excluding effects from acquisitions:
Payment for purchase of MCT, net of cash received	$ 0	$ (26,331)

Note 13 - Guarantees - Changes in Accrued Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Balance at beginning of period	$ 3,784	$ 5,534	$ 5,017	$ 6,214
Warranty expense accruals	722	1,508	2,524	5,229
Warranty payments	(1,031)	(1,956)	(4,066)	(6,424)
Liability acquired	0	0	0	67
Balance at end of period	$ 3,475	$ 5,086	$ 3,475	$ 5,086

Note 3 - Borrowings and Credit Agreements (Tables)

9 Months Ended

Sep. 28, 2024

Schedule of Debt [Table Text Block]

	September 28,			December 30,
	2024			2023
Bank Term Loan under Credit Agreement	$	-		$	29,327
Bank Term Loans-Kita		1,931			2,095
Construction Loan- Cohu GmbH		7,182			7,681
Lines of Credit		1,407			1,773
Total debt		10,520			40,876
Less: financing fees and discount		-			(249	)
Less: current portion		(2,606	)		(6,324	)
Total long-term debt	$	7,914		$	34,303

Note 12 - Contingencies

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Text Block]

12.

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 11 - Leases (Tables)

9 Months Ended

Sep. 28, 2024

Leases, Balance Sheet Information [Table Text Block]

(in thousands)	Classification	September 28, 2024			December 30, 2023
Assets
Operating lease assets	Operating lease right-of-use assets⁽¹⁾	$	14,067		$	16,778
Finance lease assets	Property, plant and equipment, net ⁽¹⁾		9,721			247
Total lease assets		$	23,788		$	17,025
Liabilities
Current
Operating	Other accrued liabilities⁽¹⁾	$	4,976		$	5,122
Finance	Other accrued liabilities⁽¹⁾		9,127			11
Noncurrent
Operating	Long-term lease liabilities		10,423			13,160
Finance	Long-term lease liabilities		6			15
Total lease liabilities		$	24,532		$	18,308

Weighted-average remaining lease term (years)
Operating leases			5.3			5.5
Finance leases			0.3			1.7

Weighted-average discount rate
Operating leases			6.4	%		6.4	%
Finance leases			2.8	%		4.0	%

Lease, Cost [Table Text Block]

	Three Months Ended					Nine Months Ended
(in thousands)	September 28, 2024		September 30, 2023			September 28, 2024			September 30, 2023
Operating leases	$	1,529	$	1,642		$	4,710		$	5,001
Variable lease expense		577		561			1,724			1,683
Short-term operating leases		1		6			3			19
Finance leases
Amortization of leased assets		27		12			70			66
Interest on lease liabilities		67		-			200			1
Sublease income		-		(7	)		(4	)		(25	)
Net lease cost	$	2,201	$	2,214		$	6,703		$	6,745

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

	Operating			Finance
(in thousands)	leases			leases			Total
2024	$	1,424		$	77		$	1,501
2025		5,771			9,133			14,904
2026		2,995			3			2,998
2027		1,648			-			1,648
2028		1,271			-			1,271
Thereafter		5,514			-			5,514
Total lease payments		18,623			9,213			27,836
Less: Interest		(3,224	)		(80	)		(3,304	)
Present value of lease liabilities	$	15,399		$	9,133		$	24,532

Lease, Cash Flow Information [Table Text Block]

	Nine Months Ended
(in thousands)	September 28, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,851	$	5,005
Operating cash flows from finance leases	$	195	$	1
Financing cash flows from finance leases	$	18	$	48
Leased assets obtained in exchange for new finance lease liabilities	$	9,543	$	-
Leased assets obtained in exchange for new operating lease liabilities	$	1,623	$	664
Financing lease assets acquired in MCT acquisition	$	-	$	19
Operating lease assets acquired in MCT acquisition	$	-	$	130

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

3 Months Ended

9 Months Ended

Sep. 28, 2024

Sep. 30, 2023

Sep. 28, 2024

Sep. 30, 2023

Cost, Depreciation, Amortization and Depletion

^[1]

$ 7,518

$ 6,948

$ 22,526

$ 20,941

[1]	Excludes amortization of $7,518 and $6,948 for the three months ended September 28, 2024 and September 30, 2023, respectively, and $22,526 and $20,941 for the nine months ended September 28, 2024 and September 30, 2023, respectively.

Note 2 - Business Acquisitions, Goodwill and Purchased Intangible Assets

9 Months Ended

Sep. 28, 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 September 28, 2024, was SGD 1.1 million ($0.8 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 Topic 805, Business Combinations, (“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 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 nine-month period ended September 28, 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		1,209
Balance, September 28, 2024	$	242,867

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

	September 28, 2024					December 30, 2023
					Remaining
					Weighted
	Gross				Average	Gross
	Carrying		Accum.		Amort.	Carrying		Accum.
	Amount		Amort.		Period (years)	Amount		Amort.
Developed technology	$	234,594	$	160,489	3.8	$	233,623	$	137,168
Customer relationships		74,001		34,359	6.4		73,759		28,932
Trade names		21,643		12,822	4.9		21,569		11,231
Product backlog		100		100	0		100		25
Covenant not-to-compete		248		192	2.3		250		175
Total intangible assets	$	330,586	$	207,962		$	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 $9.8 million in the third quarter of fiscal 2024 and $29.3 million in the first nine months of fiscal 2024. Amortization expense related to intangible assets was approximately $8.9 million in the third quarter of fiscal 2023 and $26.6 million in the first nine months of fiscal 2023.

Note 10 - Income Taxes

9 Months Ended

Sep. 28, 2024

Income Tax Disclosure [Text Block]

10.

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 California. 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.

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Note 3 - Borrowings and Credit Agreements

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Text Block]

3.	Borrowings and Credit Agreements

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

	September 28,			December 30,
	2024			2023
Bank Term Loan under Credit Agreement	$	-		$	29,327
Bank Term Loans-Kita		1,931			2,095
Construction Loan- Cohu GmbH		7,182			7,681
Lines of Credit		1,407			1,773
Total debt		10,520			40,876
Less: financing fees and discount		-			(249	)
Less: current portion		(2,606	)		(6,324	)
Total long-term debt	$	7,914		$	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 nine 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 0.69%, and expire at various dates through 2034. At September 28, 2024, the outstanding loan balance was $1.9 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 September 28, 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 September 28, 2024, total outstanding borrowings under the Loan Facilities was $7.2 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 September 28, 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 September 28, 2024. At September 28, 2024, total borrowings outstanding under the revolving lines of credit were $1.4 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 September 28, 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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