0001039399-24-000035 | 10-Q | XBRL Viewer

Warranty

9 Months Ended

Sep. 28, 2024

Product Warranties Disclosures [Abstract]

We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future

costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs. We regularly monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances. We provide for the estimated cost of product warranties at the time revenue is recognized as a component of Cost of revenues in our Condensed Consolidated Statement of Income.

Changes in our warranty liability were as follows (in thousands):


	Nine Months Ended
	September 28, 2024		September 30, 2023
Balance at beginning of year	$	3,177	$	4,199
Accruals	6,918		6,426
Settlements	(6,485)		(5,535)
Reclassification - Liabilities held-for-sale	—		(106)
Balance at end of period	$	3,610	$	4,984

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders’ Equity and Stock-Based Compensation - Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 28, 2024 $ / shares shares
Equity Incentive Plan \| Restricted Stock Units
Units
Beginning balance (in shares)	2,165,729
Awards granted (in shares)	882,718
Awards vested (in shares)	(981,072)
Awards canceled (in shares)	(178,252)
Ending balance (in shares)	1,889,123
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 35.85
Awards granted (in dollars per share) \| $ / shares	44.73
Awards vested (in dollars per share) \| $ / shares	36.14
Awards canceled (in dollars per share) \| $ / shares	43.90
Ending balance (in dollars per share) \| $ / shares	$ 38.97
PSU Grant, 2021
Units
Awards granted (in shares)	64,525

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 2,180	$ 2,157	$ 6,360	$ 6,233
Short-term lease expense	102	126	247	419
Variable lease expense	1,112	625	2,974	1,854
Total lease expense	$ 3,394	$ 2,908	$ 9,581	$ 8,506

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Income (Deficit)
Beginning balance (in shares) at Dec. 31, 2022		76,914,590
Beginning balance at Dec. 31, 2022	$ 808,285	$ 77	$ 844,842	$ (5,578)	$ (31,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		363,190
Issuance of common stock under the Employee Stock Purchase Plan	8,822		8,822
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		561,537
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(9,349)	$ 1	(9,350)
Additional Paid-in Capital	29,320		29,320
Accumulated Other Comprehensive Loss	(2,931)			(2,931)
Net income	6,541				6,541
Ending balance (in shares) at Sep. 30, 2023		77,839,317
Ending balance at Sep. 30, 2023	840,688	$ 78	873,634	(8,509)	(24,515)
Beginning balance (in shares) at Dec. 31, 2022		76,914,590
Beginning balance at Dec. 31, 2022	$ 808,285	$ 77	844,842	(5,578)	(31,056)
Ending balance (in shares) at Dec. 30, 2023	77,376,903	77,376,903
Ending balance at Dec. 30, 2023	$ 908,804	$ 77	861,448	(4,052)	51,331
Beginning balance (in shares) at Jul. 01, 2023		77,184,012
Beginning balance at Jul. 01, 2023	834,263	$ 77	867,517	(4,445)	(28,886)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		153,135
Issuance of common stock under the Employee Stock Purchase Plan	3,798		3,798
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		502,170
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(8,893)	$ 1	(8,894)
Additional Paid-in Capital	11,213		11,213
Accumulated Other Comprehensive Loss	(4,064)			(4,064)
Net income	4,371				4,371
Ending balance (in shares) at Sep. 30, 2023		77,839,317
Ending balance at Sep. 30, 2023	$ 840,688	$ 78	873,634	(8,509)	(24,515)
Beginning balance (in shares) at Dec. 30, 2023	77,376,903	77,376,903
Beginning balance at Dec. 30, 2023	$ 908,804	$ 77	861,448	(4,052)	51,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		340,989
Issuance of common stock under the Employee Stock Purchase Plan	9,748		9,748
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		619,780
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(17,990)	$ 0	(17,990)
Purchase and retirement of common stock through repurchase program		889,683
Purchase and retirement of common stock through repurchase program	(37,211)	$ 0	(37,211)
Additional Paid-in Capital	29,471		29,471
Accumulated Other Comprehensive Loss	2,279			2,279
Net income	$ 59,909				59,909
Ending balance (in shares) at Sep. 28, 2024	77,447,989	77,447,989
Ending balance at Sep. 28, 2024	$ 955,010	$ 77	845,466	(1,773)	111,240
Beginning balance (in shares) at Jun. 29, 2024		77,281,052
Beginning balance at Jun. 29, 2024	947,916	$ 77	863,283	(7,948)	92,504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		143,975
Issuance of common stock under the Employee Stock Purchase Plan	4,800		4,800
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares)		428,694
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax	(14,421)	$ 0	(14,421)
Purchase and retirement of common stock through repurchase program		405,732
Purchase and retirement of common stock through repurchase program	(16,909)	$ 0	(16,909)
Additional Paid-in Capital	8,713		8,713
Accumulated Other Comprehensive Loss	6,175			6,175
Net income	$ 18,736				18,736
Ending balance (in shares) at Sep. 28, 2024	77,447,989	77,447,989
Ending balance at Sep. 28, 2024	$ 955,010	$ 77	$ 845,466	$ (1,773)	$ 111,240

Revenue	9 Months Ended
Revenue	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Transaction price allocated to the remaining performance obligations: On September 28, 2024, we had $23.9 million of remaining performance obligations, which were comprised of deferred service contracts, extended warranty contracts, and contracts with overtime revenue recognition that are not yet delivered. We expect to recognize approximately 26.7% of our remaining performance obligations as revenue in the remainder of fiscal 2024, approximately 48.8% in fiscal 2025, and approximately 24.5% in fiscal 2026 and thereafter. The foregoing excludes the value of other remaining performance obligations as they have original durations of one year or less, and also excludes information about variable consideration allocated entirely to a wholly unsatisfied performance obligation. Contract balances: The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable is recorded at the invoiced amount, net of an allowance for credit losses. A receivable is recognized in the period we deliver goods or provide services or when our right to consideration is unconditional. A contract asset is recorded when we have performed under the contract but our right to consideration is conditional on something other than the passage of time. Contract assets as of September 28, 2024 and December 30, 2023 were $6.8 million and $3.8 million, respectively, and are reported on the Condensed Consolidated Balance Sheets as a component of Prepaid expenses and other current assets. Contract liabilities include payments received and payments due in advance of performance under a contract and are satisfied as the associated revenue is recognized. Contract liabilities are reported on the Condensed Consolidated Balance Sheets at the end of each reporting period as a component of Deferred revenue and Other liabilities. Contract liabilities as of September 28, 2024 and December 30, 2023 were $22.1 million and $18.0 million, respectively. During the nine months ended September 28, 2024, we recognized $12.7 million of revenue that was included in contract liabilities as of December 30, 2023. During the nine months ended September 28, 2024, we divested contract liabilities of $1.7 million as of December 30, 2023 with the divestiture of our China operations. Costs to obtain a contract: We generally expense sales commissions when incurred as a component of Selling, general and administrative expense, as the amortization period is typically less than one year. Revenue by category: Refer to Note 15, Operating Segments and Enterprise-Wide Information, for further details.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders’ Equity and Stock-Based Compensation - ESPP Activity (Details) - Employee stock purchase plan	9 Months Ended
	Sep. 28, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares	340,989
Weighted average per share purchase price (in dollars per share)	$ 28.59
Weighted average per share discount from the fair value of our common stock on the date of issuance (in dollars per share)	$ (16.43)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stockholders’ Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Schedule of Restricted Stock Unit Activity

Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows:


	Units	Weighted Average Grant Date Fair Value
RSUs at December 30, 2023	2,165,729	$	35.85
Awards granted	882,718	44.73
Awards vested	(981,072)	36.14
Awards forfeited	(178,252)	43.90
RSUs at September 28, 2024	1,889,123	38.97

Schedule of ESPP Activity

Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:


	Nine Months Ended
	September 28, 2024
Shares issued	340,989
Weighted average per share purchase price	$	28.59
Weighted average per share discount from the fair value of our common stock on the date of issuance	$	(16.43)

Schedule of Stock-based Compensation

Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of revenues	$	1,934	$	1,376	$	5,794	$	4,801
Research and development	2,679		3,173		7,906		7,908
Selling, general and administrative	4,323		6,290		15,850		16,624
Total stock-based compensation	$	8,936	$	10,839	$	29,550	$	29,333

Schedule of Unrecognized Stock-based Compensation

At September 28, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):


	Unrecognized Expense		Average Expected Recognition Period in Years
Restricted stock units	$	50,506	2.07
Performance restricted stock units	10,497		2.09
Employee stock purchase plan	1,894		0.35
Total unrecognized stock-based compensation expense	$	62,897	2.02

Operating Segments and Enterprise-Wide Information - Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 207,917	$ 171,575	$ 574,116	$ 494,939
Gross profit	$ 84,705	$ 69,285	$ 234,343	$ 190,646
Gross margin	40.70%	40.40%	40.80%	38.50%
Systems
Segment Reporting Information [Line Items]
Revenues	$ 35,743	$ 43,236	$ 98,449	$ 123,969
Probe Cards
Segment Reporting Information [Line Items]
Revenues	172,174	128,339	475,667	370,970
Probe Cards \| Systems
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Systems
Segment Reporting Information [Line Items]
Revenues	35,743	43,236	98,449	123,969
Systems \| Systems
Segment Reporting Information [Line Items]
Revenues	35,743	43,236	98,449	123,969
Operating segments \| Probe Cards
Segment Reporting Information [Line Items]
Revenues	172,174	128,339	475,667	370,970
Gross profit	$ 72,855	$ 49,383	$ 198,885	$ 135,118
Gross margin	42.30%	38.50%	41.80%	36.40%
Operating segments \| Systems
Segment Reporting Information [Line Items]
Revenues	$ 35,743	$ 43,236
Gross profit	$ 14,838	$ 22,396	$ 43,521	$ 64,266
Gross margin	41.50%	51.80%	44.20%	51.80%
Operating segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0
Gross profit	$ (2,988)	$ (2,494)	$ (8,063)	$ (8,738)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-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 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Net Income per Share

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Net Income per Share

The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):


	Three Months Ended		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023



Weighted-average shares used in computing basic net income per share	77,406	77,571	77,364	77,265
Add potentially dilutive securities	1,033	841	1,131	595
Weighted-average shares used in computing diluted net income per share	78,439	78,412	78,495	77,860

Securities not included as they would have been antidilutive	170	172	144	94

Divestures - Schedule of Fair Value (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Thousands	Feb. 26, 2024	Feb. 07, 2024	Nov. 01, 2023	Sep. 18, 2023	Oct. 09, 2019
China Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price	$ 25,000	$ 25,000
Estimated working capital adjustment	159
Cash transferred to the buyer at closing	(2,743)
Direct costs to sell	(986)
Fair value of sale consideration	$ 21,430
FRT Metrology
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price			$ 99,100	$ 100,000	$ 24,400
Estimated working capital adjustment			4,266
Cash transferred to the buyer at closing			(2,049)
Direct costs to sell			(1,225)
Fair value of sale consideration			$ 100,092

Operating Segments and Enterprise-Wide Information - Revenue by Segment, Recognition Type, and Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 207,917	$ 171,575	$ 574,116	$ 494,939
Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	172,174	128,339	475,667	370,970
Systems
Disaggregation of Revenue [Line Items]
Revenues	35,743	43,236	98,449	123,969
Taiwan
Disaggregation of Revenue [Line Items]
Revenues	47,922	42,975	122,612	112,816
Taiwan \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	42,105	39,155	109,476	103,368
Taiwan \| Systems
Disaggregation of Revenue [Line Items]
Revenues	5,817	3,820	13,136	9,448
United States
Disaggregation of Revenue [Line Items]
Revenues	55,015	43,725	148,672	124,129
United States \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	45,015	31,182	120,046	86,954
United States \| Systems
Disaggregation of Revenue [Line Items]
Revenues	10,000	12,543	28,626	37,175
China
Disaggregation of Revenue [Line Items]
Revenues	34,513	21,750	75,213	72,357
China \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	27,367	10,779	56,364	45,771
China \| Systems
Disaggregation of Revenue [Line Items]
Revenues	7,146	10,971	18,849	26,586
South Korea
Disaggregation of Revenue [Line Items]
Revenues	41,728	35,075	141,552	83,713
South Korea \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	40,870	31,805	140,233	77,832
South Korea \| Systems
Disaggregation of Revenue [Line Items]
Revenues	858	3,270	1,319	5,881
Malaysia
Disaggregation of Revenue [Line Items]
Revenues	5,280	5,964	13,745	23,911
Malaysia \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	4,458	5,778	11,150	22,279
Malaysia \| Systems
Disaggregation of Revenue [Line Items]
Revenues	822	186	2,595	1,632
Japan
Disaggregation of Revenue [Line Items]
Revenues	8,056	6,964	24,209	25,873
Japan \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	3,734	2,976	12,594	14,014
Japan \| Systems
Disaggregation of Revenue [Line Items]
Revenues	4,322	3,988	11,615	11,859
Europe
Disaggregation of Revenue [Line Items]
Revenues	7,756	9,296	25,420	29,538
Europe \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	2,149	2,583	8,927	8,424
Europe \| Systems
Disaggregation of Revenue [Line Items]
Revenues	5,607	6,713	16,493	21,114
Singapore
Disaggregation of Revenue [Line Items]
Revenues	5,475	3,677	14,755	11,840
Singapore \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	4,726	2,752	12,354	7,670
Singapore \| Systems
Disaggregation of Revenue [Line Items]
Revenues	749	925	2,401	4,170
Rest of World
Disaggregation of Revenue [Line Items]
Revenues	2,172	2,149	7,938	10,762
Rest of World \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	1,750	1,329	4,523	4,658
Rest of World \| Systems
Disaggregation of Revenue [Line Items]
Revenues	422	820	3,415	6,104
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	201,260	169,507	559,306	485,920
Products transferred at a point in time \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	166,968	127,731	464,668	368,939
Products transferred at a point in time \| Systems
Disaggregation of Revenue [Line Items]
Revenues	34,292	41,776	94,638	116,981
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	6,657	2,068	14,810	9,019
Products and services transferred over time \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	5,206	608	10,999	2,031
Products and services transferred over time \| Systems
Disaggregation of Revenue [Line Items]
Revenues	1,451	1,460	3,811	6,988
Foundry & Logic
Disaggregation of Revenue [Line Items]
Revenues	107,446	96,366	297,874	279,895
Foundry & Logic \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	107,446	96,366	297,874	279,895
Foundry & Logic \| Systems
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
DRAM
Disaggregation of Revenue [Line Items]
Revenues	60,184	27,478	164,122	77,832
DRAM \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	60,184	27,478	164,122	77,832
DRAM \| Systems
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Flash
Disaggregation of Revenue [Line Items]
Revenues	4,544	4,495	13,671	13,243
Flash \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	4,544	4,495	13,671	13,243
Flash \| Systems
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Systems
Disaggregation of Revenue [Line Items]
Revenues	35,743	43,236	98,449	123,969
Systems \| Probe Cards
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Systems \| Systems
Disaggregation of Revenue [Line Items]
Revenues	$ 35,743	$ 43,236	$ 98,449	$ 123,969

Fair Value and Derivative Instruments

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value and Derivative Instruments

Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows:

•Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities;

•Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.

We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the nine months ended September 28, 2024 or the year ended December 30, 2023.

The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities.

No changes were made to our valuation techniques during the first nine months of fiscal 2024.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


September 28, 2024	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	125,293	$	—	$	—	$	125,293
U.S. treasuries	1,198		—		—		1,198


	126,491		—		—		126,491
Marketable securities:
U.S. treasuries	65,646		—		—		65,646

U.S. agency securities	—		13,851		—		13,851
Corporate bonds	—		84,512		—		84,512
Commercial paper	—		5,952		—		5,952
	65,646		104,315		—		169,961
Foreign exchange derivative contracts	—		505		—		505
Promissory note receivable	—		—		1,500		1,500
Interest rate swap derivative contracts	—		1,618		—		1,618
Total assets	$	192,137	$	106,438	$	1,500	$	300,075


December 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	110,980	$	—	$	—	$	110,980
U.S. treasuries	4,581		—		—		4,581


	115,561		—		—		115,561
Marketable securities:
U.S. treasuries	45,837		—		—		45,837

U.S. agency securities	—		10,003		—		10,003
Corporate bonds	—		81,350		—		81,350
Commercial paper	—		13,317		—		13,317
	45,837		104,670		—		150,507
Foreign exchange derivative contracts	—		284		—		284

Interest rate swap derivative contracts	—		1,989		—		1,989
Total assets	$	161,398	$	106,943	$	—	$	268,341
Liabilities:
Foreign exchange derivative contracts	$	—	$	(30)	$	—	$	(30)

Total liabilities	$	—	$	(30)	$	—	$	(30)

Cash Equivalents

The fair value of our cash equivalents is determined based on quoted market prices for similar or identical securities.

Marketable Securities

We classify our marketable securities as available-for-sale and value them utilizing a market approach. Our investments are priced by pricing vendors who provide observable inputs for their pricing without applying significant judgment. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors or when a broker price is more reflective of fair value. Our broker-priced investments are categorized as Level 2 investments because fair value is based on similar assets without applying significant judgments. In addition, all investments have a sufficient trading volume to demonstrate that the fair value is appropriate.

Unrealized gains and losses were immaterial and were recorded as a component of Accumulated other comprehensive loss in

our Condensed Consolidated Balance Sheets. We did not have any other-than-temporary unrealized gains or losses at either period end included in these financial statements.

Interest Rate Swap

The fair value of our interest rate swap contract is determined at the end of each reporting period based on valuation models that use interest rate yield curves as inputs. For accounting purposes, our interest rate swap contract qualifies for, and is designated as a cash flow hedge. The hedged risk is the interest rate exposure to changes in interest payments attributable to changes in our variable-rate interest over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable-rate debt. Cash settlements, in the form of cash payments or cash receipts, are recognized as a component of interest expense. The cash flows associated with the interest rate swaps are reported in Net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows and the fair value of the interest rate swap contracts are recorded within Prepaid expenses and other current assets and Other assets in our Condensed Consolidated Balance Sheets.

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. We utilize foreign currency forward contracts to hedge against future movements in foreign exchange rates that affect certain existing foreign currency denominated assets and liabilities and forecasted foreign currency revenue and expense transactions. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with foreign currency transaction gains or losses.

We do not use derivative financial instruments for speculative or trading purposes. 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 Other income, net in our Condensed Consolidated Statement of Income for both realized and unrealized gains and losses. Certain of our foreign currency forward contracts are designated as cash flow hedges, 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 as a component of Accumulated other comprehensive loss and reclassified into earnings in the same period in which the hedged transaction affects earnings, and in the same line item on the Condensed Consolidated Statements of Income as the impact of the hedge transaction.

The fair value of our foreign exchange derivative contracts was determined based on current foreign currency exchange rates and forward points. All of our foreign exchange derivative contracts outstanding at September 28, 2024 will mature by the third quarter of fiscal 2025.

The following table provides information about our foreign currency forward contracts outstanding as of September 28, 2024 (in thousands):


Currency	Contract Position	Contract Amount (Local Currency)	Contract Amount (U.S. Dollars)
Euro	Buy	29,925	$	33,028

Japanese Yen	Sell	2,863,220	20,203
Korean Won	Buy	2,898,328	2,202
Taiwan Dollar	Sell	113,723	3,598

Our foreign currency contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that utilize observable market inputs.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition. There were no assets or liabilities measured at fair value on a nonrecurring basis during the three and nine months ended September 28, 2024 or September 30, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stockholders’ Equity and Stock-Based Compensation - Additional Information (Details) - USD ($)			3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 05, 2024	Oct. 30, 2023	Sep. 28, 2024	Sep. 28, 2024	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	May 20, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock value retired through repurchase program			$ 16,909,000	$ 37,211,000
PSU Grant, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				64,525
TSR performance				146.00%
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	117,624
Vested (in shares)				140,443
Fair value of awards granted	$ 5,800,000
PRSUs \| PSU Grant, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)							197,128
Forfeited (in shares)				56,685
2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program duration		2 years
2023 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program duration		2 years
Common Stock \| 2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program authorized amount								$ 75,000,000
Purchase and retirement of common stock through repurchase program					504,352	1,700,893
Purchase of common stock value retired through repurchase program					$ 18,600,000	$ 56,400,000
Common Stock \| 2023 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program authorized amount		$ 75,000,000
Purchase and retirement of common stock through repurchase program				889,683	32,020
Purchase of common stock value retired through repurchase program				$ 37,200,000	$ 1,200,000
Amount remaining for future repurchases			$ 36,600,000	$ 36,600,000

Accrued Liabilities (Tables)

9 Months Ended

Sep. 28, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	September 28, 2024		December 30, 2023
Accrued compensation and benefits	$	33,599	$	20,073
Accrued warranty	3,610		3,177
Accrued income and other taxes	2,851		8,205
Accrued employee stock purchase plan contributions withheld	2,535		4,263

Other accrued expenses	3,913		5,319
	$	46,508	$	41,037

Inventories, net (Tables)

9 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory Components

Inventories, net, consisted of the following (in thousands):


	September 28, 2024		December 30, 2023
Raw materials	$	43,488	$	50,808
Work-in-progress	41,383		39,336
Finished goods	20,503		21,541
	$	105,374	$	111,685

Concentration of Credit and Other Risks

9 Months Ended

Sep. 28, 2024

Risks and Uncertainties [Abstract]

Concentration of Credit and Other Risks

Each of the following customers accounted for 10% or more of our revenues for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
SK hynix Inc.	18.1	%	*		17.8	%	*
Intel Corporation	17.1	%	17.1	%	16.6	%	17.2	%
Samsung Electronics Co., LTD.	*		11.2	%	*		*


	35.2	%	28.3	%	34.4	%	17.2	%

* Less than 10% of revenues.

At September 28, 2024 and December 30, 2023, two customers accounted for 24.7% and 10.2% and two customers accounted for 17.8% and 11.0% of gross accounts receivable, respectively.

Goodwill and Intangible Assets - Additional information (Details)	9 Months Ended
	Sep. 28, 2024 USD ($)
Goodwill [Line Items]
Goodwill, impairment loss	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Leases - Schedule of Future Minimum Payments Under Leases (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Leases [Abstract]
Remainder of 2024	$ 2,294
2025	9,185
2026	7,695
2027	7,259
2028	3,935
Thereafter	1,449
Total minimum lease payments	31,817
Less: interest	(3,574)
Present value of net minimum lease payments	28,243
Less: current portion	(8,512)	$ (8,422)
Total long-term operating lease liabilities	$ 19,731	$ 25,334

Net Income per Share (Tables)

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):


	Three Months Ended		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023



Weighted-average shares used in computing basic net income per share	77,406	77,571	77,364	77,265
Add potentially dilutive securities	1,033	841	1,131	595
Weighted-average shares used in computing diluted net income per share	78,439	78,412	78,495	77,860

Securities not included as they would have been antidilutive	170	172	144	94

Divestures - Schedule of Assets and Liabilities Held-for-Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Thousands	Feb. 26, 2024	Nov. 01, 2023
China Operations
ASSETS
Accounts receivable, net	$ 1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	10,723
LIABILITIES
Deferred Revenue	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$ 9,568
FRT Metrology
ASSETS
Accounts receivable, net		$ 7,738
Inventories, net		6,446
Other current assets		635
Total current assets		14,819
Intangibles, net		6,897
Goodwill		10,660
Other assets		1,612
Total assets		33,988
LIABILITIES
Current liabilities		4,300
Other liabilities		2,856
Total liabilities		$ 7,156

Divestures (Tables)

9 Months Ended

Sep. 28, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Components Held-for Sale

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	February 26, 2024
Gross purchase price	$	25,000
Working capital adjustment	159
Cash transferred to the buyer at closing	(2,743)
Direct costs to sell	(986)
Fair value of sale consideration, net	$	21,430

The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	February 26, 2024
ASSETS
Accounts receivable, net	$	1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	$	10,723
LIABILITIES
Deferred Revenue	$	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$	9,568

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	November 1, 2023
Gross purchase price	$	99,100
Estimated working capital adjustment	4,266
Cash transferred to the buyer at closing	(2,049)
Direct costs to sell	(1,225)
Fair value of sale consideration	$	100,092

The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	November 1, 2023
ASSETS
Accounts receivable, net	$	7,738
Inventories, net	6,446
Other current assets	635
Total current assets	14,819
Intangibles, net	6,897
Goodwill	10,660
Other assets	1,612
Total assets	$	33,988
LIABILITIES
Current liabilities	$	4,300
Other liabilities	2,856
Total liabilities	$	7,156

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill by reportable segment was as follows (in thousands):


	Probe Cards		Systems		Total
Goodwill, as of December 31, 2022	$	178,424	$	33,020	$	211,444


Reduction - FRT divestiture	—		(10,660)		(10,660)
Foreign currency translation	—		306		306
Goodwill, as of December 30, 2023	178,424		22,666		201,090

Reduction - China divestiture	(1,055)		(62)		(1,117)
Foreign currency translation	—		164		164
Goodwill, as of September 28, 2024	$	177,369	$	22,768	$	200,137

We have not recorded goodwill impairments for the nine months ended September 28, 2024.

Intangible assets were as follows (in thousands):


	September 28, 2024						December 30, 2023
Intangible Assets	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Existing developed technologies	$	159,724	$	149,923	$	9,801	$	159,593	$	148,445	$	11,148
Trade name	7,823		7,776		47		7,808		7,728		80
Customer relationships	48,060		47,291		769		48,022		46,712		1,310

In-process research and development	400		—		400		400		—		400
	$	216,007	$	204,990	$	11,017	$	215,823	$	202,885	$	12,938

Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of revenues	$	449	$	837	$	1,347	$	2,506
Selling, general and administrative	191		440		573		3,537
	$	640	$	1,277	$	1,920	$	6,043

The estimated future amortization of definite-lived intangible assets, excluding in-process research and development, is as follows (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	640
2025	2,330
2026	1,630
2027	1,630
2028	1,630
Thereafter	2,757
	$	10,617

Fair Value and Derivative Instruments (Tables)

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


September 28, 2024	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	125,293	$	—	$	—	$	125,293
U.S. treasuries	1,198		—		—		1,198


	126,491		—		—		126,491
Marketable securities:
U.S. treasuries	65,646		—		—		65,646

U.S. agency securities	—		13,851		—		13,851
Corporate bonds	—		84,512		—		84,512
Commercial paper	—		5,952		—		5,952
	65,646		104,315		—		169,961
Foreign exchange derivative contracts	—		505		—		505
Promissory note receivable	—		—		1,500		1,500
Interest rate swap derivative contracts	—		1,618		—		1,618
Total assets	$	192,137	$	106,438	$	1,500	$	300,075


December 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	110,980	$	—	$	—	$	110,980
U.S. treasuries	4,581		—		—		4,581


	115,561		—		—		115,561
Marketable securities:
U.S. treasuries	45,837		—		—		45,837

U.S. agency securities	—		10,003		—		10,003
Corporate bonds	—		81,350		—		81,350
Commercial paper	—		13,317		—		13,317
	45,837		104,670		—		150,507
Foreign exchange derivative contracts	—		284		—		284

Interest rate swap derivative contracts	—		1,989		—		1,989
Total assets	$	161,398	$	106,943	$	—	$	268,341
Liabilities:
Foreign exchange derivative contracts	$	—	$	(30)	$	—	$	(30)

Total liabilities	$	—	$	(30)	$	—	$	(30)

Schedule of Foreign Currency Forward Contracts

The following table provides information about our foreign currency forward contracts outstanding as of September 28, 2024 (in thousands):


Currency	Contract Position	Contract Amount (Local Currency)	Contract Amount (U.S. Dollars)
Euro	Buy	29,925	$	33,028

Japanese Yen	Sell	2,863,220	20,203
Korean Won	Buy	2,898,328	2,202
Taiwan Dollar	Sell	113,723	3,598

Fair Value and Derivative Instruments - Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 126,491	$ 115,561
Marketable securities	169,961	150,507
Total assets	300,075	268,341
Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability		(30)
Foreign exchange derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	505	284
Derivative liability		(30)
Interest rate swap derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	1,618	1,989
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	125,293	110,980
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	5,952	13,317
Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	84,512	81,350
U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,198	4,581
Marketable securities	65,646	45,837
U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	13,851	10,003
Promissory note receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivables	1,500
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	126,491	115,561
Marketable securities	65,646	45,837
Total assets	192,137	161,398
Level 1 \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability		0
Level 1 \| Foreign exchange derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative liability		0
Level 1 \| Interest rate swap derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	125,293	110,980
Level 1 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Level 1 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Level 1 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,198	4,581
Marketable securities	65,646	45,837
Level 1 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Level 1 \| Promissory note receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivables	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Marketable securities	104,315	104,670
Total assets	106,438	106,943
Level 2 \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability		(30)
Level 2 \| Foreign exchange derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	505	284
Derivative liability		(30)
Level 2 \| Interest rate swap derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	1,618	1,989
Level 2 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	5,952	13,317
Level 2 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	84,512	81,350
Level 2 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Marketable securities	0	0
Level 2 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	13,851	10,003
Level 2 \| Promissory note receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivables	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Marketable securities	0	0
Total assets	1,500	0
Level 3 \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability		0
Level 3 \| Foreign exchange derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative liability		0
Level 3 \| Interest rate swap derivative contracts \| Designated as hedging instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Level 3 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Level 3 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Level 3 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Level 3 \| U.S. treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Marketable securities	0	0
Level 3 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	$ 0
Level 3 \| Promissory note receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivables	$ 1,500

Leases - Narrative (Details)	Sep. 28, 2024
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	20 years
Operating lease, weighted average remaining lease term	4 years
Operating lease, weighted average discount rate	4.70%
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	10 years
Automobiles
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Automobiles \| Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	3 years

Operating Segments and Enterprise-Wide Information

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Operating Segments and Enterprise-Wide Information

Our CODM is our Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. The following table summarizes the operating results by reportable segment (dollars in thousands):


	Three Months Ended
	September 28, 2024											September 30, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	172,174		$	35,743		$	—	$	207,917		$	128,339		$	43,236		$	—	$	171,575
Gross profit	72,855			14,838			(2,988)		84,705			49,383			22,396			(2,494)		69,285
Gross margin	42.3		%	41.5		%			40.7		%	38.5		%	51.8		%			40.4		%

	Nine Months Ended
	September 28, 2024											September 30, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	475,667		$	98,449		$	—	$	574,116		$	370,970		$	123,969		$	—	$	494,939
Gross profit	198,885			43,521			(8,063)		234,343			135,118			64,266			(8,738)		190,646
Gross margin	41.8		%	44.2		%			40.8		%	36.4		%	51.8		%			38.5		%

Operating results provide useful information to our management for assessment of our performance and results of operations. Certain components of our operating results are utilized to determine compensation along with other measures.

Corporate and Other includes unallocated expenses relating to amortization of intangible assets, inventory and fixed asset fair value adjustments due to acquisitions, share-based compensation, and restructuring charges which are not used in evaluating the results of, or in allocating resources to, our reportable segments.

Certain revenue category information by reportable segment was as follows (in thousands):


	Three Months Ended
	September 28, 2024						September 30, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	107,446	$	—	$	107,446	$	96,366	$	—	$	96,366
DRAM	60,184		—		60,184		27,478		—		27,478
Flash	4,544		—		4,544		4,495		—		4,495
Systems	—		35,743		35,743		—		43,236		43,236
Total	$	172,174	$	35,743	$	207,917	$	128,339	$	43,236	$	171,575
Timing of revenue recognition:
Products transferred at a point in time	$	166,968	$	34,292	$	201,260	$	127,731	$	41,776	$	169,507
Products and services transferred over time	5,206		1,451		6,657		608		1,460		2,068
Total	$	172,174	$	35,743	$	207,917	$	128,339	$	43,236	$	171,575
Geographical region:
United States	$	45,015	$	10,000	$	55,015	$	31,182	$	12,543	$	43,725
Taiwan	42,105		5,817		47,922		39,155		3,820		42,975
South Korea	40,870		858		41,728		31,805		3,270		35,075
China	27,367		7,146		34,513		10,779		10,971		21,750
Japan	3,734		4,322		8,056		2,976		3,988		6,964
Europe	2,149		5,607		7,756		2,583		6,713		9,296
Singapore	4,726		749		5,475		2,752		925		3,677
Malaysia	4,458		822		5,280		5,778		186		5,964
Rest of World	1,750		422		2,172		1,329		820		2,149
Total	$	172,174	$	35,743	$	207,917	$	128,339	$	43,236	$	171,575


	Nine Months Ended
	September 28, 2024						September 30, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	297,874	$	—	$	297,874	$	279,895	$	—	$	279,895
DRAM	164,122		—		164,122		77,832		—		77,832
Flash	13,671		—		13,671		13,243		—		13,243
Systems	—		98,449		98,449		—		123,969		123,969
Total	$	475,667	$	98,449	$	574,116	$	370,970	$	123,969	$	494,939
Timing of revenue recognition:
Products transferred at a point in time	$	464,668	$	94,638	$	559,306	$	368,939	$	116,981	$	485,920
Products and services transferred over time	10,999		3,811		14,810		2,031		6,988		9,019
Total	$	475,667	$	98,449	$	574,116	$	370,970	$	123,969	$	494,939
Geographical region:
United States	$	120,046	$	28,626	$	148,672	$	86,954	$	37,175	$	124,129
South Korea	140,233		1,319		141,552		77,832		5,881		83,713
Taiwan	109,476		13,136		122,612		103,368		9,448		112,816
China	56,364		18,849		75,213		45,771		26,586		72,357
Europe	8,927		16,493		25,420		8,424		21,114		29,538
Japan	12,594		11,615		24,209		14,014		11,859		25,873
Singapore	12,354		2,401		14,755		7,670		4,170		11,840
Malaysia	11,150		2,595		13,745		22,279		1,632		23,911
Rest of the world	4,523		3,415		7,938		4,658		6,104		10,762
Total	$	475,667	$	98,449	$	574,116	$	370,970	$	123,969	$	494,939

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: 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 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4	$ 501
Common stock, $0.001 par value:	$ 1.000	$ 1.000
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	77,447,989	77,376,903
Common stock, shares outstanding (in shares)	77,447,989	77,376,903
Goodwill	$ 200,137	$ 201,090
Probe Cards
Goodwill	177,369	178,424
Systems
Goodwill	$ 22,768	$ 22,666

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Warranty (Details) - USD ($) $ in Thousands	9 Months Ended
Warranty (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 3,177	$ 4,199
Accruals	6,918	6,426
Settlements	(6,485)	(5,535)
Reclassification - Liabilities held-for-sale	0	(106)
Balance at end of period	$ 3,610	$ 4,984

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 207,917	$ 171,575	$ 574,116	$ 494,939
Cost of revenues	123,212	102,290	339,773	304,293
Gross profit	84,705	69,285	234,343	190,646
Operating expenses:
Research and development	31,243	31,014	91,434	87,599
Selling, general and administrative	35,607	35,564	106,560	101,561
Total operating expenses	66,850	66,578	197,994	189,160
Gain (loss) on disposition of business	0	0	20,581	0
Operating income	17,855	2,707	56,930	1,486
Interest income, net	3,650	1,662	10,221	4,420
Other income (expense), net	(558)	788	322	1,261
Income before income taxes	20,947	5,157	67,473	7,167
Provision for income taxes	2,211	786	7,564	626
Net income	$ 18,736	$ 4,371	$ 59,909	$ 6,541
Net income per share:
Basic	$ 0.24	$ 0.06	$ 0.77	$ 0.08
Diluted	$ 0.24	$ 0.06	$ 0.76	$ 0.08
Weighted-average number of shares used in per share calculations:
Basic	77,406	77,571	77,364	77,265
Diluted	78,439	78,412	78,495	77,860

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 33,599	$ 20,073
Accrued income and other taxes	2,851	8,205
Accrued warranty	3,610	3,177
Accrued employee stock purchase plan contributions withheld	2,535	4,263
Other accrued expenses	3,913	5,319
Accrued liabilities	$ 46,508	$ 41,037

Warranty (Tables)

9 Months Ended

Sep. 28, 2024

Product Warranties Disclosures [Abstract]

Schedule of Reconciliation of Changes in Warranty Liability

Changes in our warranty liability were as follows (in thousands):


	Nine Months Ended
	September 28, 2024		September 30, 2023
Balance at beginning of year	$	3,177	$	4,199
Accruals	6,918		6,426
Settlements	(6,485)		(5,535)
Reclassification - Liabilities held-for-sale	—		(106)
Balance at end of period	$	3,610	$	4,984

Operating Segments and Enterprise-Wide Information - Additional Information (Details)	9 Months Ended
	Sep. 28, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Operating Segments and Enterprise-Wide Information (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Schedule of Operating Results by Segment

The following table summarizes the operating results by reportable segment (dollars in thousands):


	Three Months Ended
	September 28, 2024											September 30, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	172,174		$	35,743		$	—	$	207,917		$	128,339		$	43,236		$	—	$	171,575
Gross profit	72,855			14,838			(2,988)		84,705			49,383			22,396			(2,494)		69,285
Gross margin	42.3		%	41.5		%			40.7		%	38.5		%	51.8		%			40.4		%

	Nine Months Ended
	September 28, 2024											September 30, 2023
	Probe Cards			Systems			Corporate and Other		Total			Probe Cards			Systems			Corporate and Other		Total
Revenues	$	475,667		$	98,449		$	—	$	574,116		$	370,970		$	123,969		$	—	$	494,939
Gross profit	198,885			43,521			(8,063)		234,343			135,118			64,266			(8,738)		190,646
Gross margin	41.8		%	44.2		%			40.8		%	36.4		%	51.8		%			38.5		%

Schedule of Disaggregation of Revenue by Segment

Certain revenue category information by reportable segment was as follows (in thousands):


	Three Months Ended
	September 28, 2024						September 30, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	107,446	$	—	$	107,446	$	96,366	$	—	$	96,366
DRAM	60,184		—		60,184		27,478		—		27,478
Flash	4,544		—		4,544		4,495		—		4,495
Systems	—		35,743		35,743		—		43,236		43,236
Total	$	172,174	$	35,743	$	207,917	$	128,339	$	43,236	$	171,575
Timing of revenue recognition:
Products transferred at a point in time	$	166,968	$	34,292	$	201,260	$	127,731	$	41,776	$	169,507
Products and services transferred over time	5,206		1,451		6,657		608		1,460		2,068
Total	$	172,174	$	35,743	$	207,917	$	128,339	$	43,236	$	171,575
Geographical region:
United States	$	45,015	$	10,000	$	55,015	$	31,182	$	12,543	$	43,725
Taiwan	42,105		5,817		47,922		39,155		3,820		42,975
South Korea	40,870		858		41,728		31,805		3,270		35,075
China	27,367		7,146		34,513		10,779		10,971		21,750
Japan	3,734		4,322		8,056		2,976		3,988		6,964
Europe	2,149		5,607		7,756		2,583		6,713		9,296
Singapore	4,726		749		5,475		2,752		925		3,677
Malaysia	4,458		822		5,280		5,778		186		5,964
Rest of World	1,750		422		2,172		1,329		820		2,149
Total	$	172,174	$	35,743	$	207,917	$	128,339	$	43,236	$	171,575


	Nine Months Ended
	September 28, 2024						September 30, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total
Market:
Foundry & Logic	$	297,874	$	—	$	297,874	$	279,895	$	—	$	279,895
DRAM	164,122		—		164,122		77,832		—		77,832
Flash	13,671		—		13,671		13,243		—		13,243
Systems	—		98,449		98,449		—		123,969		123,969
Total	$	475,667	$	98,449	$	574,116	$	370,970	$	123,969	$	494,939
Timing of revenue recognition:
Products transferred at a point in time	$	464,668	$	94,638	$	559,306	$	368,939	$	116,981	$	485,920
Products and services transferred over time	10,999		3,811		14,810		2,031		6,988		9,019
Total	$	475,667	$	98,449	$	574,116	$	370,970	$	123,969	$	494,939
Geographical region:
United States	$	120,046	$	28,626	$	148,672	$	86,954	$	37,175	$	124,129
South Korea	140,233		1,319		141,552		77,832		5,881		83,713
Taiwan	109,476		13,136		122,612		103,368		9,448		112,816
China	56,364		18,849		75,213		45,771		26,586		72,357
Europe	8,927		16,493		25,420		8,424		21,114		29,538
Japan	12,594		11,615		24,209		14,014		11,859		25,873
Singapore	12,354		2,401		14,755		7,670		4,170		11,840
Malaysia	11,150		2,595		13,745		22,279		1,632		23,911
Rest of the world	4,523		3,415		7,938		4,658		6,104		10,762
Total	$	475,667	$	98,449	$	574,116	$	370,970	$	123,969	$	494,939

Fair Value and Derivative Instruments - Additional Information (Details) - USD ($)	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on non-recurring basis	$ 300,075,000	$ 268,341,000
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on non-recurring basis	0		$ 0
Liabilities measured at fair value on non-recurring basis	$ 0		$ 0

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	000-50307
Entity Registrant Name	FormFactor, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3711155
Entity Address, Address Line One	7005 Southfront Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551
City Area Code	925
Local Phone Number	290-4000
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	FORM
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		77,450,635
Amendment Flag	false
Entity Central Index Key	0001039399
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Leases

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Leases

We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for a portion of our corporate headquarters located in Livermore, California. Our leases have remaining terms of 1 year to 10 years, and some leases include options to extend up to 20 years. We also have operating leases for automobiles with remaining lease terms of 1 year to 3 years. We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was 4 years as of September 28, 2024 and the weighted-average discount rate was 4.70%.

The components of lease expense were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Lease expense:
Operating lease expense	$	2,180	$	2,157	$	6,360	$	6,233
Short-term lease expense	102		126		247		419
Variable lease expense	1,112		625		2,974		1,854
	$	3,394	$	2,908	$	9,581	$	8,506

Future minimum payments under our non-cancelable operating leases were as follows as of September 28, 2024 (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	2,294
2025	9,185
2026	7,695
2027	7,259
2028	3,935
Thereafter	1,449
Total minimum lease payments	31,817
Less: interest	(3,574)
Present value of net minimum lease payments	28,243
Less: current portion	(8,512)
Total long-term operating lease liabilities	$	19,731

Property, Plant, and Equipment, net

9 Months Ended

Sep. 28, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

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


	September 28, 2024		December 30, 2023
Land	$	17,124	$	17,124
Building and building improvements	46,375		46,526
Machinery and equipment	302,638		286,215
Computer equipment and software	47,562		46,866
Furniture and fixtures	7,581		7,490
Leasehold improvements	99,288		91,063
Sub-total	520,568		495,284
Less: Accumulated depreciation and amortization	(377,644)		(358,021)
Net property, plant and equipment	142,924		137,263
Construction-in-progress	61,184		67,136
Total	$	204,108	$	204,399

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 18,736	$ 4,371	$ 59,909	$ 6,541

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stockholders’ Equity and Stock-Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 8,936	$ 10,839	$ 29,550	$ 29,333
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,934	1,376	5,794	4,801
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,679	3,173	7,906	7,908
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,323	$ 6,290	$ 15,850	$ 16,624

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income	$ 59,909	$ 6,541
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,197	22,880
Amortization	1,920	6,043
Reduction in the carrying amount of right-of-use assets	5,129	5,556
Stock-based compensation expense	29,550	29,333
Deferred income tax benefit	(14,044)	(6,283)
Provision for excess and obsolete inventories	10,052	12,566
Gain on sale of business	(20,581)	0
Other adjustments to reconcile net income to net cash provided by operating activities	(2,178)	1,375
Changes in assets and liabilities:
Accounts receivable	(13,300)	(7,796)
Inventories	(7,573)	(8,910)
Prepaid expenses and other current assets	(256)	(1,761)
Other assets	295	804
Accounts payable	(8,780)	474
Accrued liabilities	7,368	(5,268)
Other liabilities	9,331	467
Deferred revenues	7,883	(12,915)
Deferred grant	0
Operating lease liabilities	(5,301)	(5,754)
Net cash provided by operating activities	81,621	55,352
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Acquisition of property, plant and equipment	(30,773)	(46,094)
Proceeds from sale of business	21,585	0
Purchases of marketable securities	(109,727)	(96,913)
Purchase of promissory note receivable	(1,500)	0
Proceeds from maturities and sales of marketable securities	94,263	93,013
Net cash used in investing activities	(26,152)	(49,994)
Cash flows from financing activities:
Proceeds from issuances of common stock	9,748	8,822
Purchase of common stock through stock repurchase program	(37,211)	0
Tax withholdings related to net share settlements of equity awards	(17,990)	(9,349)
Payments on term loan	(803)	(781)
Net cash used in financing activities	(46,256)	(1,308)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3	(3,324)
Net increase in cash, cash equivalents and restricted cash	9,216	726
Cash, cash equivalents and restricted cash, beginning of year	181,273	112,982
Cash, cash equivalents and restricted cash, end of period	190,489	113,708
Non-cash investing and financing activities:
Decrease in accounts payable and accrued liabilities related to property, plant and equipment purchases	2,915	6,222
Operating lease, right-of-use assets obtained in exchange for lease obligations	0	4,728
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	13,114	12,064
Cash paid for interest	298	317
Operating cash outflows from operating leases	6,960	6,836
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	184,506	108,731
Restricted cash, current	3,773	1,171
Restricted cash	2,210	2,146
Cash and cash equivalents included in Assets held-for-sale	0	1,660
Total cash, cash equivalents and restricted cash	$ 190,489	$ 113,708

Fair Value and Derivative Instruments - Foreign Currency Forward Contracts (Details) - Sep. 28, 2024 - Foreign Exchange Forward € in Thousands, ₩ in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands	USD ($)	EUR (€)	JPY (¥)	KRW (₩)	TWD ($)
Buy \| Euro
Derivative [Line Items]
Derivative, notional amount	$ 33,028	€ 29,925
Buy \| Korean Won
Derivative [Line Items]
Derivative, notional amount	2,202			₩ 2,898,328
Sell \| Japanese Yen
Derivative [Line Items]
Derivative, notional amount	20,203		¥ 2,863,220
Sell \| Taiwan Dollar
Derivative [Line Items]
Derivative, notional amount	$ 3,598				$ 113,723

Label	Element	Value
Increase (Decrease) in Deferred Government Grant	form_IncreaseDecreaseInDeferredGovernmentGrant	$ 18,000,000

Stockholders’ Equity and Stock-Based Compensation - Unrecognized Compensation Costs (Details) $ in Thousands	9 Months Ended
	Sep. 28, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 62,897
Average Expected Recognition Period in Years	2 years 7 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 50,506
Average Expected Recognition Period in Years	2 years 25 days
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 10,497
Average Expected Recognition Period in Years	2 years 1 month 2 days
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 1,894
Average Expected Recognition Period in Years	4 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 216,007	$ 215,823
Accumulated Amortization	204,990	202,885
Net	11,017	12,938
Existing developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross	159,724	159,593
Accumulated Amortization	149,923	148,445
Net	9,801	11,148
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross	7,823	7,808
Accumulated Amortization	7,776	7,728
Net	47	80
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	48,060	48,022
Accumulated Amortization	47,291	46,712
Net	769	1,310
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Gross	400	400
Accumulated Amortization	0	0
Net	$ 400	$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases (Tables)

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Lease expense:
Operating lease expense	$	2,180	$	2,157	$	6,360	$	6,233
Short-term lease expense	102		126		247		419
Variable lease expense	1,112		625		2,974		1,854
	$	3,394	$	2,908	$	9,581	$	8,506

Schedule of Future Minimum Payments Under Leases

Future minimum payments under our non-cancelable operating leases were as follows as of September 28, 2024 (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	2,294
2025	9,185
2026	7,695
2027	7,259
2028	3,935
Thereafter	1,449
Total minimum lease payments	31,817
Less: interest	(3,574)
Present value of net minimum lease payments	28,243
Less: current portion	(8,512)
Total long-term operating lease liabilities	$	19,731

Property, Plant, and Equipment, net (Tables)

9 Months Ended

Sep. 28, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	September 28, 2024		December 30, 2023
Land	$	17,124	$	17,124
Building and building improvements	46,375		46,526
Machinery and equipment	302,638		286,215
Computer equipment and software	47,562		46,866
Furniture and fixtures	7,581		7,490
Leasehold improvements	99,288		91,063
Sub-total	520,568		495,284
Less: Accumulated depreciation and amortization	(377,644)		(358,021)
Net property, plant and equipment	142,924		137,263
Construction-in-progress	61,184		67,136
Total	$	204,108	$	204,399

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Total current assets
Cash and cash equivalents	$ 184,506	$ 177,812
169961000	169,961	150,507
Accounts receivable, net of allowance for credit losses of $4 and $501	116,866	102,957
Inventories, net	105,374	111,685
Restricted cash	3,773	1,152
Prepaid expenses and other current assets	34,302	29,667
Total current assets	614,782	573,780
Restricted cash	2,210	2,309
Operating lease, right-of-use-assets	25,034	30,519
Property, plant and equipment, net of accumulated depreciation	204,108	204,399
Goodwill	200,137	201,090
Intangibles, net	11,017	12,938
Deferred tax assets	92,826	78,964
Other assets	3,669	2,795
Total assets	1,153,783	1,106,794
Current liabilities:
Accounts payable	52,086	63,857
Accrued liabilities	46,508	41,037
Current portion of term loan, net of unamortized issuance costs	1,098	1,075
Deferred revenue	20,972	16,704
Operating lease liabilities	8,512	8,422
Total current liabilities	129,176	131,095
Term loan, less current portion, net of unamortized issuance costs	12,488	13,314
Long-term operating lease liabilities	19,731	25,334
Deferred grant	18,000	18,000
Other liabilities	19,378	10,247
Total liabilities	$ 198,773	$ 197,990
Common stock, $0.001 par value:	$ 1.000	$ 1.000
Common stock, shares issued (in shares)	77,447,989	77,376,903
Common stock, shares outstanding (in shares)	77,447,989	77,376,903
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Stockholders’ equity:
Common stock, $0.001 par value:	$ 77	$ 77
Additional paid-in capital	845,466	861,448
Accumulated other comprehensive loss	(1,773)	(4,052)
Accumulated income	111,240	51,331
Total stockholders’ equity	955,010	908,804
Total liabilities and stockholders’ equity	$ 1,153,783	$ 1,106,794

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 30, 2024	Sep. 28, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 201,090	$ 201,090
Foreign currency translation	306	164
Goodwill, ending balance		200,137
FRT Metrology
Goodwill [Roll Forward]
Reduction - divesture	(10,660)
China Operations
Goodwill [Roll Forward]
Reduction - divesture		(1,117)
Probe Cards
Goodwill [Roll Forward]
Goodwill, beginning balance	178,424	178,424
Foreign currency translation	0	0
Goodwill, ending balance		177,369
Probe Cards \| FRT Metrology
Goodwill [Roll Forward]
Reduction - divesture	0
Probe Cards \| China Operations
Goodwill [Roll Forward]
Reduction - divesture		(1,055)
Systems
Goodwill [Roll Forward]
Goodwill, beginning balance	22,666	22,666
Foreign currency translation	306	164
Goodwill, ending balance		22,768
Systems \| FRT Metrology
Goodwill [Roll Forward]
Reduction - divesture	$ (10,660)
Systems \| China Operations
Goodwill [Roll Forward]
Reduction - divesture		$ (62)

- Definition

+ References

+ Details

Concentration of Credit and Other Risks (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jul. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Revenue Benchmark \| Two Major Customers
Concentration Risk [Line Items]
Concentration risk percentage				10.00%	10.00%
Revenue from Contract with Customer Benchmark \| Intel Corporation
Concentration Risk [Line Items]
Concentration risk percentage	17.10%	17.10%		16.60%	17.20%
Revenue from Contract with Customer Benchmark \| SK hynix Inc.
Concentration Risk [Line Items]
Concentration risk percentage	18.10%			17.80%
Revenue from Contract with Customer Benchmark \| Customers Representing 10% or More of Total Revenues
Concentration Risk [Line Items]
Concentration risk percentage	35.20%	28.30%		34.40%	17.20%
Revenue from Contract with Customer Benchmark \| Samsung Electronics Co., LTD.
Concentration Risk [Line Items]
Concentration risk percentage		11.20%
Accounts Receivable \| Major Customer 1
Concentration Risk [Line Items]
Concentration risk percentage			17.80%	24.70%
Accounts Receivable \| Major Customer 2
Concentration Risk [Line Items]
Concentration risk percentage			11.00%	10.20%

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 640	$ 1,277	$ 1,920	$ 6,043
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Remainder of 2024	640		640
2025	2,330		2,330
2026	1,630		1,630
2027	1,630		1,630
2028	1,630		1,630
Thereafter	2,757		2,757
Net	10,617		10,617
Cost of revenues
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	449	837	1,347	2,506
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 191	$ 440	$ 573	$ 3,537

Accrued Liabilities

9 Months Ended

Sep. 28, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	September 28, 2024		December 30, 2023
Accrued compensation and benefits	$	33,599	$	20,073
Accrued warranty	3,610		3,177
Accrued income and other taxes	2,851		8,205
Accrued employee stock purchase plan contributions withheld	2,535		4,263

Other accrued expenses	3,913		5,319
	$	46,508	$	41,037

Property, Plant, and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation and amortization	$ (377,644)	$ (358,021)
Property, plant and equipment, net of accumulated depreciation	204,108	204,399
Land
Property, Plant and Equipment [Line Items]
Sub-total	17,124	17,124
Building and building improvements
Property, Plant and Equipment [Line Items]
Sub-total	46,375	46,526
Machinery and equipment
Property, Plant and Equipment [Line Items]
Sub-total	302,638	286,215
Computer equipment and software
Property, Plant and Equipment [Line Items]
Sub-total	47,562	46,866
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Sub-total	7,581	7,490
Leasehold improvements
Property, Plant and Equipment [Line Items]
Sub-total	99,288	91,063
Sub-total
Property, Plant and Equipment [Line Items]
Sub-total	520,568	495,284
Net property, plant and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net of accumulated depreciation	142,924	137,263
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net of accumulated depreciation	$ 61,184	$ 67,136

Net Income per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
Net Income per Share (Details) - shares shares in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted-average shares used in computing basic net income per share (in shares)	77,406	77,571	77,364	77,265
Add potentially dilutive securities (in shares)	1,033	841	1,131	595
Weighted-average shares used in computing diluted net income per share (in shares)	78,439	78,412	78,495	77,860
Securities not included as they would have been antidilutive (in shares)	170	172	144	94

Concentration of Credit and Other Risks (Tables)

9 Months Ended

Sep. 28, 2024

Risks and Uncertainties [Abstract]

Schedule of Customer Percentage of Revenue

Each of the following customers accounted for 10% or more of our revenues for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
SK hynix Inc.	18.1	%	*		17.8	%	*
Intel Corporation	17.1	%	17.1	%	16.6	%	17.2	%
Samsung Electronics Co., LTD.	*		11.2	%	*		*


	35.2	%	28.3	%	34.4	%	17.2	%

Inventories, net (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 43,488	$ 50,808
Work-in-progress	41,383	39,336
Finished goods	20,503	21,541
Inventories	$ 105,374	$ 111,685

Divestures - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
Divestures - Narrative (Details) - USD ($) $ in Thousands	Feb. 26, 2024	Nov. 01, 2023	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Feb. 07, 2024	Dec. 30, 2023	Sep. 18, 2023	Oct. 09, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of business			$ 0	$ 0	$ 20,581	$ 0
Accrued liabilities			$ 46,508		$ 46,508			$ 41,037
Disposal Group, Held-for-Sale, Not Discontinued Operations \| China Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price	$ 25,000						$ 25,000
Fair value of sale consideration, net	21,430
Net assets	1,200
Gain (loss) on disposition of business	20,300
Accrued liabilities	3,300
Accounts receivable, net	1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	10,723
Disposal Group, Including Discontinued Operation, Deferred Revenue	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$ 9,568
Disposal Group, Held-for-Sale, Not Discontinued Operations \| FRT Metrology
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price		$ 99,100							$ 100,000	$ 24,400
Fair value of sale consideration, net		100,092
Net assets		26,800
Gain (loss) on disposition of business		73,300
Accrued liabilities		6,000
Accounts receivable, net		7,738
Inventories, net		6,446
Other current assets		635
Total current assets		14,819
Goodwill		10,660
Other assets		1,612
Total assets		33,988
Other liabilities		2,856
Total liabilities		$ 7,156

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial information of FormFactor, Inc. is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. Fiscal Year We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2024 and 2023 each contain 52 weeks and the nine months ended September 28, 2024 and September 30, 2023 each contained 39 weeks. Fiscal 2024 will end on December 28, 2024. Significant Accounting Policies Our significant accounting policies have not changed during the nine months ended September 28, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023. New Accounting Pronouncements ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate. The standard also requires that entities disclose income before income taxes and provision for income taxes disaggregated between domestic and foreign. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect the adoption of this ASU may have on our disclosures. ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU includes requirements that an entity disclose the title of the chief operating decision maker (“CODM”) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. We are currently evaluating the effect the adoption of this ASU may have on our disclosures.

Revenue - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Dec. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 23.9
Contract assets	6.8	$ 3.8
Contract with customer, liability	(22.1)	$ (18.0)
Revenue recognized included in contracts	12.7
Disposal Group, Held-for-Sale, Not Discontinued Operations \| China Operations
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Divesture of contract liability	$ 1.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	26.70%
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	48.80%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	24.50%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial information of FormFactor, Inc. is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Fiscal Year	Fiscal Year We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2024 and 2023 each contain 52 weeks and the nine months ended September 28, 2024 and September 30, 2023 each contained 39 weeks. Fiscal 2024 will end on December 28, 2024.
Fair Value	Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities; •Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the nine months ended September 28, 2024 or the year ended December 30, 2023. The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities. No changes were made to our valuation techniques during the first nine months of fiscal 2024. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases See Note 13, Leases. Contractual Obligations and Commitments Our contractual obligations and commitments have not materially changed as of September 28, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023. Legal Matters From time to time, we are subject to legal proceedings and claims in the ordinary course of business, the outcomes of which cannot be estimated with certainty. Our ability to estimate the outcomes may change in the near term and the effect of any such change could have a material adverse effect on our financial position, results of operations or cash flows.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Reportable Segments

Goodwill by reportable segment was as follows (in thousands):


	Probe Cards		Systems		Total
Goodwill, as of December 31, 2022	$	178,424	$	33,020	$	211,444


Reduction - FRT divestiture	—		(10,660)		(10,660)
Foreign currency translation	—		306		306
Goodwill, as of December 30, 2023	178,424		22,666		201,090

Reduction - China divestiture	(1,055)		(62)		(1,117)
Foreign currency translation	—		164		164
Goodwill, as of September 28, 2024	$	177,369	$	22,768	$	200,137

Schedule of Intangible Assets

Intangible assets were as follows (in thousands):


	September 28, 2024						December 30, 2023
Intangible Assets	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Existing developed technologies	$	159,724	$	149,923	$	9,801	$	159,593	$	148,445	$	11,148
Trade name	7,823		7,776		47		7,808		7,728		80
Customer relationships	48,060		47,291		769		48,022		46,712		1,310

In-process research and development	400		—		400		400		—		400
	$	216,007	$	204,990	$	11,017	$	215,823	$	202,885	$	12,938

Schedule of Amortization Expense

Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of revenues	$	449	$	837	$	1,347	$	2,506
Selling, general and administrative	191		440		573		3,537
	$	640	$	1,277	$	1,920	$	6,043

Schedule of Estimated Amortization of Intangible Assets

The estimated future amortization of definite-lived intangible assets, excluding in-process research and development, is as follows (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	640
2025	2,330
2026	1,630
2027	1,630
2028	1,630
Thereafter	2,757
	$	10,617

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 18,736	$ 4,371	$ 59,909	$ 6,541
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	4,326	(3,351)	968	(2,641)
Unrealized gains on available-for-sale marketable securities	1,669	283	1,432	801
Unrealized gains (losses) on derivative instruments	180	(996)	(121)	(1,091)
Other comprehensive income (loss)	6,175	(4,064)	2,279	(2,931)
Comprehensive income	$ 24,911	$ 307	$ 62,188	$ 3,610

- Definition

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.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

Inventories, net

9 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Inventories, net

Inventories are stated at the lower of cost (principally standard cost, which approximates actual cost on a first in, first out basis) or net realizable value.

Inventories, net, consisted of the following (in thousands):


	September 28, 2024		December 30, 2023
Raw materials	$	43,488	$	50,808
Work-in-progress	41,383		39,336
Finished goods	20,503		21,541
	$	105,374	$	111,685

Stockholders’ Equity and Stock-Based Compensation

3 Months Ended

Sep. 28, 2024

Equity [Abstract]

Stockholders’ Equity and Stock-Based Compensation

Common Stock Repurchase Programs

On May 20, 2022, our Board of Directors authorized a two-year program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuance of common stock under our stock-based compensation programs. During fiscal 2022 and fiscal 2023, we repurchased and retired 1,700,893 shares of common stock for $56.4 million and 504,352 shares of common stock for $18.6 million, respectively, utilizing the remaining shares available for repurchase under the program.

On October 30, 2023, our Board of Directors authorized an additional two-year program to repurchase up to $75.0 million of outstanding common stock, with the primary purpose of offsetting potential dilution from issuance of common stock under our stock-based compensation programs. This share repurchase program will expire on October 30, 2025. During fiscal 2023 we repurchased and retired 32,020 shares of common stock for $1.2 million. During the nine months ended September 28, 2024, we repurchased and retired 889,683 shares of common stock for $37.2 million, and as of September 28, 2024, $36.6 million remained available for future repurchases.

Our policy related to repurchases of our common stock is to charge the excess of cost over par value to additional paid-in capital once the shares are retired. Share repurchases are subject to an excise tax enabled by the Inflation Reduction Act that is generally 1% of the fair market value of the shares repurchased at the time of the repurchase, net of the fair market value of certain new stock issuances during the same taxable year. Certain exceptions apply to the excise tax. The excise tax incurred

reduces the amount available under the repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Restricted Stock Units

Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows:


	Units	Weighted Average Grant Date Fair Value
RSUs at December 30, 2023	2,165,729	$	35.85
Awards granted	882,718	44.73
Awards vested	(981,072)	36.14
Awards forfeited	(178,252)	43.90
RSUs at September 28, 2024	1,889,123	38.97

Performance Restricted Stock Units

We may grant Performance RSUs (“PRSUs”) to certain executives, which vest based upon us achieving certain market performance criteria.

On August 5, 2024, we granted 117,624 PRSUs to certain senior executives for a total grant date fair value of $5.8 million which will be recognized ratably over the requisite service period. The number of PRSUs granted represents the “target” number of units that can be earned based on the performance criteria. The performance criteria are based on Total Shareholder Returns (“TSR”) for the period of July 1, 2024 - June 30, 2027, relative to the TSR of the companies identified as being part of the S&P Semiconductors Select Industry Index (FormFactor peer companies) as of the grant date.

Of the 197,128 PRSUs granted in fiscal 2021, 56,685 shares were forfeited during the requisite service period, resulting in 140,443 shares vesting in 2024. These shares achieved 146% TSR performance, which resulted in an additional 64,525 shares issued in fiscal 2024 in excess of the target number of units related to the fiscal 2021 PRSU grant.

PRSUs are included as part of the RSU activity above.

Employee Stock Purchase Plan

Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:


	Nine Months Ended
	September 28, 2024
Shares issued	340,989
Weighted average per share purchase price	$	28.59
Weighted average per share discount from the fair value of our common stock on the date of issuance	$	(16.43)

Stock-Based Compensation

Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of revenues	$	1,934	$	1,376	$	5,794	$	4,801
Research and development	2,679		3,173		7,906		7,908
Selling, general and administrative	4,323		6,290		15,850		16,624
Total stock-based compensation	$	8,936	$	10,839	$	29,550	$	29,333

Unrecognized Compensation Costs

At September 28, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):


	Unrecognized Expense		Average Expected Recognition Period in Years
Restricted stock units	$	50,506	2.07
Performance restricted stock units	10,497		2.09
Employee stock purchase plan	1,894		0.35
Total unrecognized stock-based compensation expense	$	62,897	2.02

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Divestures

9 Months Ended

Sep. 28, 2024

Asset Retirement Obligation Disclosure [Abstract]

Divestures

Divestitures

China Operations Divestiture

On February 7, 2024, the Company entered into a definitive agreement to sell its China operations to Grand Junction Semiconductor Pte. Ltd. (“Grand Junction”) for $25.0 million in cash, subject to customary purchase price adjustments, and establish an exclusive distribution and partnership agreement to continue sales and support of our products in the region. The following subsidiaries were included as part of the divestiture: Microprobe Hong Kong Limited, FormFactor Technology (Suzhou) Co. Ltd., Cascade Microtech Singapore Pte, Ltd, and FormFactor International (Shanghai) Trading Co., Ltd. These entities supported both the Probe Cards and Systems segments.

On February 26, 2024, we closed on the sale of the operations in China to Grand Junction and received total consideration of $21.4 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital. The disposition of the China operations did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	February 26, 2024
Gross purchase price	$	25,000
Working capital adjustment	159
Cash transferred to the buyer at closing	(2,743)
Direct costs to sell	(986)
Fair value of sale consideration, net	$	21,430

The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	February 26, 2024
ASSETS
Accounts receivable, net	$	1,174
Inventories, net	3,729
Other current assets	391
Total current assets	5,294
Property, plant and equipment, net	1,283
Goodwill	1,117
Other assets	3,029
Total assets	$	10,723
LIABILITIES
Deferred Revenue	$	3,739
Other current liabilities	1,546
Other liabilities	4,283
Total liabilities	$	9,568

As a result of the divestiture, the Company recognized a pre-tax gain of $20.3 million. The Company recorded income tax expense associated with the divestiture of approximately $3.3 million.

FRT Divestiture

On September 18, 2023, the Company announced entry into a definitive agreement to sell its FRT Metrology (“FRT”) business to Camtek Ltd. (“Camtek”) for $100 million in cash, subject to customary purchase price adjustments. The Company acquired FRT GmbH in fiscal 2019 for total consideration of $24.4 million, net of cash acquired. Headquartered in Bergisch Gladbach, Germany, the FRT business is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets, and was part of the Company's Systems segment.

On November 1, 2023, we closed on the sale of the FRT business to Camtek and received net cash proceeds of $100.1 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital.

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):


	November 1, 2023
Gross purchase price	$	99,100
Estimated working capital adjustment	4,266
Cash transferred to the buyer at closing	(2,049)
Direct costs to sell	(1,225)
Fair value of sale consideration	$	100,092

The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands):


	November 1, 2023
ASSETS
Accounts receivable, net	$	7,738
Inventories, net	6,446
Other current assets	635
Total current assets	14,819
Intangibles, net	6,897
Goodwill	10,660
Other assets	1,612
Total assets	$	33,988
LIABILITIES
Current liabilities	$	4,300
Other liabilities	2,856
Total liabilities	$	7,156

As a result of the divestiture, the Company recognized a pre-tax gain of $73.3 million. The Company recorded income tax expense associated with the divestiture of approximately $6.0 million.