COGNEX CORP, 10-Q filed on 10/31/2024
Quarterly Report
v3.24.3
Cover Page
 9 Months Ended
Sep. 29, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Transition Report false
Entity File Number 001-34218
Entity Registrant Name COGNEX CORP
Entity Incorporation, State or Country Code MA
Entity Tax Identification Number 04-2713778
Entity Address, Address Line One One Vision Drive
Entity Address, City or Town Natick
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01760
City Area Code 508
Local Phone Number 650-3000
Title of 12(b) Security Common Stock, par value $.002 per share
Trading Symbol CGNX
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 171,515,279
Document Period End Date Sep. 29, 2024
Entity Central Index Key 0000851205
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q3
Amendment Flag false
v3.24.3
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Income Statement [Abstract]        
Revenue $ 234,742 $ 197,241 $ 684,831 $ 640,877
Cost of revenue 75,343 54,467 216,896 174,680
Gross margin 159,399 142,774 467,935 466,197
Research, development, and engineering expenses 35,210 32,580 107,277 104,707
Selling, general, and administrative expenses 92,625 82,307 276,433 248,767
Loss (recovery) from fire (Note 17) 0 (2,750) 0 (5,250)
Operating income 31,564 30,637 84,225 117,973
Foreign currency gain (loss) 1,221 (8,699) 1,086 (9,910)
Investment income 3,561 4,891 9,797 12,573
Other income (expense) 209 173 581 358
Income before income tax expense 36,555 27,002 95,689 120,994
Income tax expense 6,964 8,086 17,864 18,989
Net income $ 29,591 $ 18,916 $ 77,825 $ 102,005
Net income per weighted-average common and common-equivalent share:        
Basic (usd per share) $ 0.17 $ 0.11 $ 0.45 $ 0.59
Diluted (usd per share) $ 0.17 $ 0.11 $ 0.45 $ 0.59
Weighted-average common and common-equivalent shares outstanding:        
Basic (shares) 171,519 172,169 171,588 172,408
Diluted (shares) 172,753 173,354 172,733 173,659
Cash dividends per common share (usd per share) $ 0.075 $ 0.070 $ 0.225 $ 0.210
v3.24.3
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 29,591 $ 18,916 $ 77,825 $ 102,005
Available-for-sale investments:        
Net unrealized gain (loss) on available-for-sale investments, net of tax 6,252 738 7,631 4,458
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations 0 624 8 624
Net change related to available-for-sale investments 6,252 1,362 7,639 5,082
Foreign currency translation adjustments:        
Foreign currency translation adjustments 26,511 (2,603) 108 (5,828)
Net change related to foreign currency translation adjustments 26,511 (2,603) 108 (5,828)
Other comprehensive income (loss), net of tax 32,763 (1,241) 7,747 (746)
Total comprehensive income (loss) $ 62,354 $ 17,675 $ 85,572 $ 101,259
v3.24.3
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Statement of Comprehensive Income [Abstract]        
Tax effect of unrealized gain (loss) on available-for-sale investments $ 2,040 $ 707 $ 2,493 $ 1,981
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 197,075 $ 202,655
Current investments, amortized cost of $91,658 and $132,799 in 2024 and 2023, respectively, allowance for credit losses of $0 in 2024 and 2023 90,803 129,392
Accounts receivable, allowance for credit losses of $604 and $583 in 2024 and 2023, respectively 157,968 114,164
Unbilled revenue 2,117 2,402
Inventories 155,278 162,285
Prepaid expenses and other current assets 68,841 68,099
Total current assets 672,082 678,997
Non-current investments, amortized cost of $318,268 and $250,790 in 2024 and 2023, respectively, allowance for credit losses of $0 in 2024 and 2023 319,287 244,230
Property, plant, and equipment, net 103,177 105,849
Operating lease assets 72,433 75,115
Goodwill 391,673 393,181
Intangible assets, net 102,550 112,952
Deferred income taxes 395,205 400,400
Other assets 6,840 7,088
Total assets 2,063,247 2,017,812
Current liabilities:    
Accounts payable 29,984 21,454
Accrued expenses 76,675 72,374
Accrued income taxes 24,226 16,907
Deferred revenue and customer deposits 30,045 31,525
Operating lease liabilities 9,806 9,624
Total current liabilities 170,736 151,884
Non-current operating lease liabilities 67,375 68,977
Deferred income taxes 230,368 246,877
Reserve for income taxes 26,491 26,685
Non-current accrued income taxes 0 18,338
Other liabilities 1,251 299
Total liabilities 496,221 513,060
Commitments and Contingencies
Shareholders’ equity:    
Preferred stock, $.01 par value – Authorized: 400 shares in 2024 and 2023, respectively; no shares issued and outstanding 0 0
Common stock, $.002 par value – Authorized: 300,000 shares in 2024 and 2023, respectively; issued and outstanding: 171,515 and 171,599 shares in 2024 and 2023, respectively 343 343
Additional paid-in capital 1,076,363 1,037,202
Retained earnings 527,909 512,543
Accumulated other comprehensive loss, net of tax (37,589) (45,336)
Total shareholders’ equity 1,567,026 1,504,752
Total liabilities and shareholders' equity $ 2,063,247 $ 2,017,812
v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Amortized cost of current investments $ 91,658 $ 132,799
Allowance for credit losses 0 0
Allowance for credit losses, current 604 583
Amortized cost of non-current investments 318,268 250,790
Allowance for credit losses, non-current $ 0 $ 0
Preferred stock par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock shares authorized (in shares) 400,000 400,000
Preferred stock shares issued (in shares) 0 0
Preferred stock shares outstanding (in shares) 0 0
Common stock par value (in dollars per share) $ 0.002 $ 0.002
Common stock shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 171,515,000 171,599,000
Common stock, shares outstanding (in shares) 171,515,000 171,599,000
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Cash flows from operating activities:    
Net income $ 77,825 $ 102,005
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 39,367 41,518
Depreciation of property, plant, and equipment 15,904 12,557
(Gain) loss on disposal of property, plant, and equipment 0 (2)
Amortization of intangible assets 8,926 2,428
Excess and obsolete inventory charges 1,968 1,703
Fair value adjustment on acquired inventories (Note 18) 1,224 0
Amortization of discounts or premiums on investments 437 1,347
Realized (gain) loss on sale of investments 8 624
Change in deferred income taxes (13,440) (14,691)
Accounts receivable (43,669) (6,488)
Unbilled revenue 298 534
Inventories 3,424 (12,954)
Prepaid expenses and other current assets (1,420) (2,007)
Accounts payable 9,567 (3,986)
Accrued expenses 5,342 (13,214)
Accrued income taxes (11,060) (13,513)
Deferred revenue and customer deposits (1,703) (151)
Other 4,679 2,715
Net cash provided by (used in) operating activities 97,677 98,425
Cash flows from investing activities:    
Purchases of investments (649,020) (174,330)
Maturities and sales of investments 622,240 402,160
Purchases of property, plant, and equipment (12,970) (16,062)
Net payments related to business acquisitions (Note 18) (1,444) 0
Net cash provided by (used in) investing activities (41,194) 211,768
Cash flows from financing activities:    
Net payments from issuance of common stock under stock plans (205) 3,276
Repurchase of common stock (23,841) (59,640)
Payment of dividends (38,619) (36,209)
Net cash provided by (used in) financing activities (62,665) (92,573)
Effect of foreign exchange rate changes on cash and cash equivalents 602 (3,493)
Net change in cash and cash equivalents (5,580) 214,127
Cash and cash equivalents at beginning of period 202,655 181,374
Cash and cash equivalents at end of period $ 197,075 $ 395,501
v3.24.3
Consolidated Statement of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2022   172,631      
Beginning Balance at Dec. 31, 2022 $ 1,438,394 $ 345 $ 979,167 $ 528,179 $ (69,297)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   668      
Net issuance of common stock under stock plans 3,276 $ 1 3,275    
Repurchase of common stock (in shares)   (1,157)      
Repurchase of common stock (59,640) $ (2)   (59,638)  
Stock-based compensation expense 41,518   41,518    
Payment of dividends (36,209)     (36,209)  
Net income 102,005     102,005  
Net unrealized gain (loss) on available-for-sale investments, net of tax 4,458       4,458
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 624       624
Foreign currency translation adjustment (5,828)       (5,828)
Ending Balance (in shares) at Oct. 01, 2023   172,142      
Ending Balance at Oct. 01, 2023 1,488,598 $ 344 1,023,960 534,337 (70,043)
Beginning Balance (in shares) at Jul. 02, 2023   172,293      
Beginning Balance at Jul. 02, 2023 1,480,463 $ 345 1,010,973 537,947 (68,802)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   40      
Net issuance of common stock under stock plans 622 $ 0 622    
Repurchase of common stock (in shares)   (191)      
Repurchase of common stock (10,478) $ (1)   (10,477)  
Stock-based compensation expense 12,365   12,365    
Payment of dividends (12,049)     (12,049)  
Net income 18,916     18,916  
Net unrealized gain (loss) on available-for-sale investments, net of tax 738       738
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 624       624
Foreign currency translation adjustment (2,603)       (2,603)
Ending Balance (in shares) at Oct. 01, 2023   172,142      
Ending Balance at Oct. 01, 2023 $ 1,488,598 $ 344 1,023,960 534,337 (70,043)
Beginning Balance (in shares) at Dec. 31, 2023 171,599 171,599      
Beginning Balance at Dec. 31, 2023 $ 1,504,752 $ 343 1,037,202 512,543 (45,336)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   471      
Net issuance of common stock under stock plans (205) $ 1 (206)    
Repurchase of common stock (in shares)   (555)      
Repurchase of common stock (23,841) $ (1)   (23,840)  
Stock-based compensation expense 39,367   39,367    
Payment of dividends (38,619)     (38,619)  
Net income 77,825     77,825  
Net unrealized gain (loss) on available-for-sale investments, net of tax 7,631       7,631
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 8       8
Foreign currency translation adjustment $ 108       108
Ending Balance (in shares) at Sep. 29, 2024 171,515 171,515      
Ending Balance at Sep. 29, 2024 $ 1,567,026 $ 343 1,076,363 527,909 (37,589)
Beginning Balance (in shares) at Jun. 30, 2024   171,501      
Beginning Balance at Jun. 30, 2024 1,506,730 $ 343 1,061,597 515,142 (70,352)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   96      
Net issuance of common stock under stock plans 1,666 $ 1 1,665    
Repurchase of common stock (in shares)   (82)      
Repurchase of common stock (3,962) $ (1)   (3,961)  
Stock-based compensation expense 13,101   13,101    
Payment of dividends (12,863)     (12,863)  
Net income 29,591     29,591  
Net unrealized gain (loss) on available-for-sale investments, net of tax 6,252       6,252
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 0        
Foreign currency translation adjustment $ 26,511       26,511
Ending Balance (in shares) at Sep. 29, 2024 171,515 171,515      
Ending Balance at Sep. 29, 2024 $ 1,567,026 $ 343 $ 1,076,363 $ 527,909 $ (37,589)
v3.24.3
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Statement of Stockholders' Equity [Abstract]        
Cash dividends per common share (usd per share) $ 0.075 $ 0.070 $ 0.225 $ 0.210
Tax effect of unrealized gain (loss) on available-for-sale investments $ 2,040 $ 707 $ 2,493 $ 1,981
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
As permitted by the rules of the Securities and Exchange Commission applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles (GAAP). Reference should be made to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for a full description of other significant accounting policies.
In the opinion of the management of Cognex Corporation (the "Company"), the accompanying consolidated unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments, adjustments related to losses and recoveries from the fire at the Company's primary contract manufacturer (Note 17), and financial statement reclassifications necessary to present fairly the Company’s financial position as of September 29, 2024, and the results of its operations for the three-month and nine-month periods ended September 29, 2024 and October 1, 2023, and changes in shareholders’ equity, comprehensive income, and cash flows for the periods presented.
The results disclosed in the Consolidated Statements of Operations for the three-month and nine-month periods ended September 29, 2024 are not necessarily indicative of the results to be expected for the full year.
v3.24.3
New Pronouncements
 9 Months Ended
Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Pronouncements New Pronouncements
Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures"
The amendments in this ASU apply to all entities that are subject to Topic 740, Income Taxes. The amendments require public business entities to disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. They also require all entities to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, are equal to or greater than five percent of total income taxes paid. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis. Management does not expect ASU 2023-09 to have a material impact on the Company's financial statements and disclosures.
Accounting Standards Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures"
The amendments in this ASU apply to all public entities, including public entities with a single reportable segment, that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments require public business entities to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the amendments require disclosure of significant segment expenses and other segment items, as well as incremental qualitative disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in the ASU should be applied on a retrospective basis. We did not early adopt ASU 2023-07. Management does not expect ASU 2023-07 to have a material impact on the Company's financial statements and disclosures.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 29, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of September 29, 2024 (in thousands):
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Money market instruments$662 $— $— 
Corporate bonds— 349,198 — 
Treasury notes— 46,372 — 
Certificate of deposit— 13,811 — 
Asset-backed securities— 13,529 — 
Treasury bills— 7,122 — 
Sovereign bonds— 991 — 
Economic hedge forward contracts— 234 — 
Liabilities:
Economic hedge forward contracts— 152 — 
The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1.
The Company’s debt securities and forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial assets and liabilities, and in doing so, considers valuations provided by a large, third-party pricing service. For debt securities, this service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks.
Non-financial Assets that are Measured at Fair Value on a Non-recurring Basis
Non-financial assets, such as property, plant and equipment, operating lease assets, goodwill, and intangible assets, are required to be measured at fair value only when an impairment loss is recognized. The Company did not record impairment charges related to non-financial assets during the three-month or nine-month periods ended September 29, 2024 or October 1, 2023.
v3.24.3
Cash, Cash Equivalents, and Investments
 9 Months Ended
Sep. 29, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
September 29, 2024December 31, 2023
Cash$175,480 $183,242 
Certificate of deposit13,811 — 
Treasury bills7,122 — 
Money market instruments662 19,413 
Cash and cash equivalents197,075 202,655 
Corporate bonds84,503 124,851 
Asset-backed securities3,821 3,551 
Treasury notes2,479 — 
Sovereign bonds— 990 
Current investments90,803 129,392 
Corporate bonds264,695 183,965 
Treasury notes43,893 43,523 
Asset-backed securities9,708 15,763 
Sovereign bonds991 979 
Non-current investments319,287 244,230 
$607,165 $576,277 
Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; treasury notes consist of debt securities issued by the U.S. government; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of September 29, 2024 and December 31, 2023 were denominated in U.S. Dollars.
Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $4,749,000 and $3,169,000 as of September 29, 2024 and December 31, 2023, respectively.
The following table summarizes the Company’s available-for-sale investments as of September 29, 2024 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$85,309 $10 $(816)$84,503 
Asset-backed securities3,848 — (27)3,821 
Treasury notes2,501 — (22)2,479 
Non-current:
Corporate bonds263,582 2,978 (1,865)264,695 
Treasury notes43,465 428 — 43,893 
Asset-backed securities10,202 11 (505)9,708 
Sovereign bonds1,019 — (28)991 
$409,926 $3,427 $(3,263)$410,090 
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$128,150 $— $(3,299)$124,851 
Asset-backed securities3,637 — (86)3,551 
Sovereign bonds1,012 — (22)990 
Non-current:
Corporate bonds189,326 506 (5,867)183,965 
Treasury notes43,654 82 (213)43,523 
Asset-backed securities16,773 — (1,010)15,763 
Sovereign bonds1,037 — (58)979 
$383,589 $588 $(10,555)$373,622 
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 29, 2024 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$30,018 $(80)$127,990 $(2,601)$158,008 $(2,681)
Asset-backed securities— — 10,019 (532)10,019 (532)
Treasury notes— — 2,479 (22)2,479 (22)
Sovereign bonds— — 991 (28)991 (28)
$30,018 $(80)$141,479 $(3,183)$171,497 $(3,263)
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$30,770 $(359)$226,643 $(8,807)$257,413 $(9,166)
Treasury notes20,725 (153)2,441 (60)23,166 (213)
Asset-backed securities17,062 (1,049)2,252 (47)19,314 (1,096)
Sovereign bonds— — 1,968 (80)1,968 (80)
$68,557 $(1,561)$233,304 $(8,994)$301,861 $(10,555)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of September 29, 2024 or December 31, 2023. Management currently intends to hold these securities to full value recovery at maturity.
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month and nine-month periods ended September 29, 2024 and October 1, 2023 (in thousands):
Three-months EndedNine-months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Gross realized gains$— $109 $8 $109 
Gross realized losses— (733)(16)(733)
Net realized gains (losses)$— $(624)$(8)$(624)
Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive income (loss).
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 29, 2024 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$84,503 $63,389 $72,754 $68,795 $59,757 $— $349,198 
Treasury notes2,479 1,967 23,982 17,944 — — 46,372 
Asset-backed securities3,821 3,974 — — 2,104 3,630 13,529 
Sovereign bonds— 991 — — — — 991 
$90,803 $70,321 $96,736 $86,739 $61,861 $3,630 $410,090 
v3.24.3
Inventories
 9 Months Ended
Sep. 29, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
September 29, 2024December 31, 2023
Raw materials$89,141 $93,201 
Work-in-process4,568 5,747 
Finished goods61,569 63,337 
$155,278 $162,285 
v3.24.3
Leases
 9 Months Ended
Sep. 29, 2024
Leases [Abstract]  
Leases Leases
The Company's leases are primarily leased properties across different worldwide locations where the Company conducts its operations. All of these leases are classified as operating leases. Certain leases may contain options to extend or terminate the lease at the Company's sole discretion. As of September 29, 2024, there were no options to terminate and twenty options to extend that were accounted for in the determination of the lease term for the Company's outstanding leases. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for outstanding leases as of September 29, 2024.
The total operating lease expense for the three-month and nine-month periods ended September 29, 2024 was $3,610,000 and $10,647,000, respectively. The total operating lease cash payments for the three-month and nine-month periods ended September 29, 2024 were $3,516,000 and $10,130,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month and nine-month periods ended September 29, 2024 was $52,000 and $191,000, respectively.
The total operating lease expense for the three-month and nine-month periods ended October 1, 2023 was $5,512,000 and $8,151,000, respectively. The total operating lease cash payments for the three-month and nine-month periods ended October 1, 2023 were $5,168,000 and $7,532,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month and nine-month periods ended October 1, 2023 was $132,000 and $292,000, respectively.
Future operating lease cash payments are as follows (in thousands):
Year Ended December 31,Amount
Remainder of fiscal 2024$3,657 
202513,148 
202611,064 
20279,966 
20289,389 
20298,786 
Thereafter46,700 
$102,710 
The discounted present value of the future lease cash payments resulted in a total lease liability of $77,181,000 and $78,601,000 as of September 29, 2024 and December 31, 2023, respectively. The Company did not have any leases that had not yet commenced but that created significant rights and obligations as of September 29, 2024.
The Company leases a building in Singapore that serves as a distribution center for customers in Asia. The lease contains two components: an 88,000 square-foot premises that had a commencement date in June of 2023 and a second 27,000 square-foot premises that does not commence until the fourth quarter of 2025. Accordingly, the second component of the lease has not yet been recorded on the Consolidated Balance Sheets, nor has it created any significant rights and obligations as of September 29, 2024. This second lease component has an original term of eight years and the Company has the right and option to extend this term by an additional five years, commencing upon the expiration of the original term. Future payment obligations associated with this lease component total $13,992,000, none of which is payable in 2024 and which reflects the estimated extension period of five years. Future payment obligations related to this lease component are not included in the future operating lease cash payments table above.
The weighted-average discount rate was 5.8% and 5.7% for leases outstanding as of September 29, 2024 and December 31, 2023, respectively. The weighted-average remaining lease term was 10.0 and 10.5 years for the leases outstanding as of September 29, 2024 and December 31, 2023, respectively.
v3.24.3
Goodwill
 9 Months Ended
Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The changes in the carrying value of goodwill were as follows (in thousands):
Balance as of December 31, 2023$393,181 
  Foreign exchange rate changes(1,508)
Balance as of September 29, 2024$391,673 
v3.24.3
Intangible Assets
 9 Months Ended
Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Amortized intangible assets consisted of the following (in thousands):
Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$75,370 $(9,675)$65,695 
Completed technologies61,521 (25,319)36,202 
Trademarks880 (293)587 
Non-compete agreements340 (274)66 
Balance as of September 29, 2024$138,111 $(35,561)$102,550 
 Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$75,965 $(5,352)$70,613 
Completed technologies62,123 (20,745)41,378 
Trademarks903 (50)853 
Non-compete agreements340 (232)108 
Balance as of December 31, 2023$139,331 $(26,379)$112,952 
As of September 29, 2024, estimated future amortization expense related to intangible assets was as follows (in thousands):
Year Ended December 31,Amount
Remainder of fiscal 2024$2,623 
202510,267 
20269,955 
20278,976 
20288,246 
20298,246 
Thereafter54,237 
$102,550 
v3.24.3
Warranty Obligations
 9 Months Ended
Sep. 29, 2024
Product Warranties Disclosures [Abstract]  
Warranty Obligations Warranty Obligations
The Company records the estimated cost of fulfilling product warranties at the time of sale based upon historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or changes in circumstances impacting product quality become known that would not have been taken into account using historical data. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers and third-party contract manufacturers, the Company’s warranty obligation is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. An adverse change in any of these factors may result in the need for additional warranty provisions. Warranty obligations are included in “Accrued expenses” on the Consolidated Balance Sheets.
The changes in the warranty obligation were as follows (in thousands):
Balance as of December 31, 2023$4,244 
Provisions for warranties issued during the period3,214 
Fulfillment of warranty obligations(2,845)
Foreign exchange rate changes4 
Balance as of September 29, 2024$4,617 
v3.24.3
Commitment and Contingencies
 9 Months Ended
Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
As of September 29, 2024, the Company had outstanding purchase orders totaling $38,153,000 to procure inventory from various vendors. Certain of these purchase orders may be canceled by the Company, subject to cancellation penalties. These purchase commitments relate primarily to expected sales in the next twelve months.
A significant portion of the Company's outstanding inventory purchase orders as of September 29, 2024, as well as additional preauthorized commitments to procure strategic components based on the Company's expected customer demand, are placed with the Company's primary contract manufacturer for the Company's assembled products. The Company has the obligation to purchase any non-cancelable and non-returnable components that have been purchased by the contract manufacturer with the Company's preauthorization, when these components have not been consumed within the period defined in the terms of the Company's agreement with this contract manufacturer. While the Company typically expects such purchased components to be used in future production of Cognex finished goods, these components are considered in the Company's reserve estimate for excess and obsolete inventory. Furthermore, the Company accrues for losses on commitments for the future purchase of non-cancelable and non-returnable components from this contract manufacturer at the time that circumstances, such as changes in demand, indicate that the value of the components may not be recoverable, the loss is probable, and management has the ability to reasonably estimate the amount of the loss.
Various claims and legal proceedings generally incidental to the normal course of business are pending or threatened on behalf of or against the Company. While we cannot predict the outcome of these matters, we believe that any liability arising from them will not have a material adverse effect on our financial position, liquidity, or results of operations.
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed approximately three months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment.
Additionally, during the three-month period ended October 1, 2023, the Company entered into a foreign currency forward contract to exchange U.S. Dollars for ¥40,000,000,000 to hedge the purchase of Moritex Corporation (refer to Note 18 of the consolidated financial statements), which was paid in Japanese Yen. Upon the settlement of this contract, the Company recorded a foreign currency loss of $8,456,000, which was recorded in "Foreign currency gain (loss)" on the Consolidated Statements of Operations for the three-month period ended October 1, 2023.
The Company had the following outstanding forward contracts (in thousands):
September 29, 2024December 31, 2023
CurrencyNotional
Value		USD
Equivalent		Notional
Value		USD
Equivalent
Derivatives Not Designated as Hedging Instruments:
Singapore Dollar38,500 $30,055 39,700 $30,136 
Chinese Renminbi200,000 28,709 50,000 7,025 
Euro20,800 23,245 40,000 44,302 
Mexican Peso238,000 12,016 145,000 8,505 
Hungarian Forint2,040,000 5,723 2,240,000 6,466 
Japanese Yen600,000 4,161 600,000 4,255 
British Pound2,900 3,894 3,345 4,258 
Swiss Franc1,205 1,429 — — 
Canadian Dollar1,680 1,248 1,470 1,112 
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
 Asset DerivativesLiability Derivatives
 BalanceFair ValueBalanceFair Value
 Sheet
Location		September 29, 2024December 31, 2023Sheet
Location		September 29, 2024December 31, 2023
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assets$234 $151 Accrued expenses$152 $106 

The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):
Asset DerivativesLiability Derivatives
September 29, 2024December 31, 2023September 29, 2024December 31, 2023
Gross amounts of recognized assets$234 $151 Gross amounts of recognized liabilities$152 $106 
Gross amounts offset— — Gross amounts offset— — 
Net amount of assets presented$234 $151 Net amount of liabilities presented$152 $106 

Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands):
 Location in Financial StatementsThree-months Ended
Nine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$944 $(7,527)$1,575 $(8,139)
v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 29, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands):
Three-months EndedNine-months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Americas$82,293 $80,156 $250,590 $243,067 
Europe57,246 51,827 166,751 168,529 
Greater China45,301 34,485 129,760 139,837 
Other Asia49,902 30,773 137,730 89,444 
$234,742 $197,241 $684,831 $640,877 

The following table summarizes disaggregated revenue information by revenue type (in thousands):
Three-months EndedNine-months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Standard products and services$203,182 $170,104 $591,670 $555,831 
Application-specific customer solutions31,560 27,137 93,161 85,046 
$234,742 $197,241 $684,831 $640,877 
Costs to Fulfill a Contract
Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $11,261,000 and $13,265,000 as of September 29, 2024 and December 31, 2023, respectively.
Accounts Receivable, Contract Assets, and Contract Liabilities
Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition.
The following table summarizes the allowance for credit losses activity for the nine-month period ended September 29, 2024 (in thousands):
Balance as of December 31, 2023$583 
Increases to the allowance for credit losses100 
Write-offs, net of recoveries(77)
Foreign exchange rate changes(2)
Balance as of September 29, 2024$604 
The following table summarizes the deferred revenue and customer deposits activity for the nine-month period ended September 29, 2024 (in thousands):
Balance as of December 31, 2023$31,525 
Deferral of revenue billed in the current period, net of recognition22,192 
Recognition of revenue deferred in prior period(23,720)
Foreign exchange rate changes48 
Balance as of September 29, 2024$30,045 
As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for our contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for our contracts that have an original expected duration of more than one year, primarily related to extended warranties, are not material.
v3.24.3
Stock-Based Compensation Expense
 9 Months Ended
Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense Stock-Based Compensation Expense
Stock Plans
The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs"). In May 2023, the shareholders of the Company approved the Cognex Corporation 2023 Stock Option and Incentive Plan (the “2023 Plan”). The 2023 Plan permits awards of stock options (both incentive and non-qualified options), stock appreciation rights, RSUs, and PRSUs. Up to 8,100,000 shares of common stock (subject to adjustment in the event of stock splits and other similar events) may be issued pursuant to awards granted under the 2023 Plan. In connection with the approval of the 2023 Plan, no further awards will be made under the Cognex Corporation 2001 General Stock Option Plan, as amended and restated (the “2001 Plan”), and the Cognex Corporation 2007 Stock Option and Incentive Plan, as amended and restated (the “2007 Plan”). With the approval of the 2023 Plan, the 10,610,800 shares of common stock subject to awards granted under the 2001 Plan and the 2007 Plan that were outstanding as of May 3, 2023 may become eligible for issuance under the 2023 Plan if such awards are forfeited, cancelled or otherwise terminated (other than by exercise) (the “Carryover Shares”). As of September 29, 2024, forfeitures, cancellations, and other terminations from the 2001 Plan and the 2007 Plan have resulted in 889,329 Carryover Shares, raising the authorized total shares that may be issued under the 2023 Plan to 8,989,329.
As of September 29, 2024, the Company had 6,049,613 shares available for grant under its stock plans. Stock options are granted with an exercise price equal to the market value of the Company’s common stock at the grant date and generally vest over four or five years based upon continuous service and expire ten years from the grant date. RSUs generally vest upon three or four years of continuous employment or incrementally over such three or four-year periods. PRSUs generally vest upon three years of continuous employment and achievement of performance criteria established by the Compensation Committee of our Board of Directors on or prior to the grant date. Participants are not entitled to dividends on stock options, RSUs, or PRSUs.
Stock Options
The following table summarizes the Company’s stock option activity for the nine-month period ended September 29, 2024:
Shares
(in thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (in years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 2023
9,008 $50.87 
Granted1,641 39.72 
Exercised(186)25.19 
Forfeited or expired(512)54.76 
Outstanding as of September 29, 2024
9,951 $49.31 5.89$13,032 
Exercisable as of September 29, 2024
5,781 $49.49 4.12$10,997 
Options vested or expected to vest as of September 29, 2024 (1)9,318 $49.52 5.71$12,609 
 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.

The total cash received as a result of stock option exercises for the three-month and nine-month periods ended September 29, 2024 was $2,034,000 and $4,671,000, respectively, and for the three-month and nine-month periods ended October 1, 2023 was $889,000 and $11,006,000, respectively. In connection with these exercises, the tax expense realized by the Company for the three-month and nine-month periods ended September 29, 2024 was $559,000 and $2,631,000, respectively, and for the three-month and nine-month periods ended October 1, 2023 was $100,000 and $3,993,000, respectively.

The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions:
 Three-months EndedNine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Risk-free rate3.7 %4.1 %4.3 %4.0 %
Expected dividend yield0.80 %0.57 %0.76 %0.59 %
Expected volatility39 %39 %39 %39 %
Expected term (in years)5.85.94.74.9
Risk-free rate
The risk-free rate was based upon a treasury instrument whose term was consistent with the contractual term of the option.
Expected dividend yield
The current dividend yield was calculated by annualizing the cash dividend declared by the Company’s Board of Directors and dividing that result by the closing stock price on the grant date. 
Expected volatility
The expected volatility was based upon a combination of historical volatility of the Company’s common stock over the contractual term of the option and implied volatility for traded options of the Company’s stock.
Expected term
The expected term was derived from the binomial lattice model from the impact of events that trigger exercises over time.
The weighted-average grant-date fair values of stock options granted during the three-month and nine-month periods ended September 29, 2024 were $14.75 and $14.89, respectively, and during the three-month and nine-month periods ended October 1, 2023 were $20.55 and $18.11, respectively.
The total intrinsic values of stock options exercised for the three-month and nine-month periods ended September 29, 2024 were $1,628,000 and $3,677,000, respectively, and for the three-month and nine-month periods ended October 1, 2023 were $557,000 and $6,119,000, respectively. The total fair values of stock options vested for the three-month and nine-month periods ended September 29, 2024 were $1,023,000 and $27,232,000, respectively, and for the three-month and nine-month periods ended October 1, 2023 were $962,000 and $33,035,000, respectively.
Restricted Stock Units (RSUs)
The following table summarizes the Company's RSUs activity for the nine-month period ended September 29, 2024:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2023
1,429 $54.22 
Granted838 38.90 
Vested(408)64.63 
Forfeited or expired(92)48.06 
Nonvested as of September 29, 2024
1,767 $44.86 
The fair value of RSUs is determined based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. The weighted-average grant-date fair values of RSUs granted during the three-month and nine-month periods ended September 29, 2024 were $36.40 and $38.90, respectively, and during the three-month and nine-month periods ended October 1, 2023 were $46.17 and $46.78, respectively. There were 33,000 and 408,000 RSUs that vested during the three-month and nine-month periods ended September 29, 2024, respectively, and 18,000 and 500,000 that vested during the three-month and nine-month periods ended October 1, 2023, respectively.
Tax obligations for vested RSUs are settled by withholding a portion of the shares prior to distribution to the shareholder. The total cash used by the Company to fund the tax payments for the three-month and nine-month periods ended September 29, 2024 was $369,000 and $4,876,000, respectively, and for the three-month and nine-month periods ended October 1, 2023 was $267,000 and $7,731,000, respectively. In connection with these vested RSUs, the tax expense realized by the Company for the three-month and nine-month periods ended September 29, 2024 was $452,000 and $7,319,000, respectively, and for the three-month and nine-month periods ended October 1, 2023 was $317,000 and $3,793,000, respectively.
Performance Restricted Stock Units (PRSUs)
The following table summarizes the Company's PRSUs activity for the nine-month period ended September 29, 2024:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2023
79 $52.23 
Granted55 39.05 
Vested— — 
Forfeited or expired— — 
Nonvested as of September 29, 2024
134 $46.82 
The fair value of PRSUs is calculated using the Monte Carlo simulation model to estimate the probability of satisfying the service and market conditions stipulated in the award grant. There were 0 and 55,000 PRSUs granted during the three-month and nine-month periods ended September 29, 2024, respectively, and 0 and 46,000 granted during the three-month and nine-month periods ended October 1, 2023, respectively. No PRSUs vested during the three-month and nine-month periods ended September 29, 2024 and October 1, 2023.
Stock-Based Compensation Expense
The Company stratifies its employee population into three groups: one consisting of the CEO, one consisting of senior management, and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 0% to all stock-based awards for the CEO, 9% to all stock-based awards for senior management, and a rate of 13% for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. This resulted in a decrease to compensation expense of $1,832,000 in 2024 and $234,000 in 2023.
As of September 29, 2024, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $63,930,000, which is expected to be recognized over a weighted-average period of 1.7 years.
The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended September 29, 2024 were $13,101,000 and $2,287,000, respectively, and for the nine-month period ended September 29, 2024 were $39,367,000 and $6,059,000, respectively. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended October 1, 2023 were $12,365,000 and $1,971,000, respectively, and for the nine-month period ended October 1, 2023 were $41,518,000 and $6,053,000, respectively. No compensation expense was capitalized as of September 29, 2024 or December 31, 2023.
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
 Three-months EndedNine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Cost of revenue$442 $435 $1,460 $1,497 
Research, development, and engineering3,707 3,459 11,636 12,657 
Selling, general, and administrative8,952 8,471 26,271 27,364 
$13,101 $12,365 $39,367 $41,518 
v3.24.3
Stock Repurchase Program
 9 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Stock Repurchase Program Stock Repurchase ProgramIn March 2022, the Company's Board of Directors authorized the repurchase of $500,000,000 of the Company's common stock. Under this March 2022 program, in addition to repurchases made in other periods, the Company repurchased 1,157,000 shares at a total cost of $59,640,000 during the nine-month period ended October 1, 2023 and 555,000 shares at a total cost of $23,841,000 during the nine-month period ended September 29, 2024, leaving a remaining balance of $309,051,000 as of September 29, 2024. The Company may repurchase shares under this program in future periods depending on a variety of factors, including, among other things, the impact of dilution from employee stock awards, stock price, share availability, and cash requirements. The Company is authorized to make repurchases of its common stock through open market purchases, pursuant to Rule 10b5-1 trading plans, or in privately negotiated transactions.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rate was 19% for the three-month and nine-month periods ended September 29, 2024, respectively, and 30% and 16% for the three-month and nine-month periods ended October 1, 2023, respectively.
The Company has defined its major tax jurisdictions as the United States, Ireland, China, Japan, and Korea, and within the United States, Massachusetts. The statutory tax rate is 12.5% in Ireland, 25% in China, 34.6% in Japan, and 21% in Korea, compared to the U.S. federal statutory corporate tax rate of 21%. These foreign tax rate differences resulted in a favorable impact to the effective tax rate for both the three-month and nine-month periods ended September 29, 2024 and October 1, 2023.
The Company recorded a net discrete tax expense totaling $889,000 and $3,511,000 for the three-month and nine-month periods ended September 29, 2024, and a net discrete tax expense totaling $4,035,000 and $840,000 for the same periods in 2023.
Discrete tax items for the nine-month period ended September 29, 2024 included (1) an increase in tax expense of $1,645,000 related to stock-based compensation; (2) an increase in tax expense of $320,000 related to state tax matters; (3) an increase in tax expense of $1,270,000 for interest expense related to tax reserves; (4) a net decrease in tax expense of $854,000 related to return-to-provision adjustments; and (5) an increase in tax expense of $1,130,000 for other tax matters.
Discrete tax items for the nine-month period ended October 1, 2023 included (1) a net decrease in tax expense of $3,043,000 due primarily to the release of tax reserves on state tax credits and foreign audit settlements; (2) a decrease in tax expense of $2,198,000 for adjustments to certain deferred tax assets; (3) an increase in tax expense of $2,178,000 for an adjustment related to deferred state taxes due to a reduction in the Company's blended state rate; (4) a net increase in tax expense of $2,134,000 for return-to-provision adjustments; and (5) an increase in tax expense of $1,769,000 related to stock-based compensation.
The Company’s reserve for income taxes, including gross interest and penalties, was $28,858,000 as of September 29, 2024, of which $26,491,000 was classified as a non-current liability and $2,367,000 was classified as an offset to deferred tax assets. If the Company’s tax positions were sustained or the statutes of limitations related to certain positions expired, these reserves would be released and income tax expense would be reduced in a future period.
Within the United States, the tax years 2020 through 2023 remain open to examination by the IRS, and 2019 through 2023 remain open to examination by various state tax authorities. The tax years 2017 through 2023 remain open to examination by various international taxing authorities in other jurisdictions in which the Company operates.
In October 2021, more than 135 countries and jurisdictions agreed to participate in a "two-pillar" international tax approach developed by the Organisation for Economic Co-operation and Development (OECD), which includes establishing a global minimum corporate tax rate of 15%. The OECD published "Tax Challenges Arising from the Digitalisation of the Economy — Global Anti-Base Erosion Model Rules (Pillar Two)" in December 2021 and subsequently issued additional commentary and administrative guidance clarifying several aspects of the model rules. Since the model rules have been released, many countries have now enacted Pillar Two-related laws, some of which became effective January 1, 2024, and it is anticipated that more countries will follow suit throughout 2024. As of September 29, 2024, the Company does not expect Pillar Two taxes to have a significant impact on its 2024 financial statements.
v3.24.3
Weighted-Average Shares
 9 Months Ended
Sep. 29, 2024
Earnings Per Share [Abstract]  
Weighted-Average Shares Weighted-Average Shares
Weighted-average shares were calculated as follows (in thousands):
 Three-months EndedNine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Basic weighted-average common shares outstanding171,519 172,169 171,588 172,408 
Effect of dilutive equity awards1,234 1,185 1,145 1,251 
Weighted-average common and common-equivalent shares outstanding172,753 173,354 172,733 173,659 
Stock options to purchase 8,640,000 and 8,490,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month and nine-month periods ended September 29, 2024, respectively, and 6,893,000 and 6,775,000 during the three-month and nine-month periods ended October 1, 2023, respectively, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. No RSUs were excluded in the calculation of dilutive net income per share for the three-month and nine-month periods ended September 29, 2024 because they were anti-dilutive. RSUs totaling 3,000 and 1,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month and nine-month periods ended October 1, 2023, respectively, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. No PRSUs were excluded in the calculation of dilutive net income per share for the three-month and nine-month periods ended September 29, 2024 and October 1, 2023, respectively, as PRSUs were not anti-dilutive on a weighted-average basis.
v3.24.3
Loss (Recovery) from Fire
 9 Months Ended
Sep. 29, 2024
Unusual or Infrequent Items, or Both [Abstract]  
Loss (Recovery) from Fire Loss (Recovery) from Fire
On June 7, 2022, the Company’s primary contract manufacturer experienced a fire at its plant in Indonesia, destroying a significant amount of Cognex inventories.
During the nine-month period ended October 1, 2023, the Company recorded recoveries related to the fire of $5,250,000, consisting of $2,500,000 during the three-month period ended July 2, 2023 for proceeds received from the Company's insurance carrier in relation to a business interruption claim and $2,750,000 during the three-month period ended October 1, 2023 for proceeds received as part of a financial settlement for lost inventory and other losses incurred as a result of the fire. These recovery amounts are presented in the caption “Loss (recovery) from fire” on the Consolidated Statements of Operations.
v3.24.3
Business Combinations
 9 Months Ended
Sep. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
On October 18, 2023, the Company acquired all the outstanding shares of Moritex Corporation ("Moritex"), a global provider of premium optical components based in Japan, for an enterprise value of ¥40 billion Japanese Yen, or approximately $270 million U.S. Dollars based on the closing date foreign exchange rate.
The cash-free, debt-free enterprise value was adjusted by cash acquired, debt assumed, and final working capital balances to arrive at total consideration to be allocated to assets acquired and liabilities assumed of ¥44,376,245,000 ($296,138,000 based on the closing date foreign exchange rate), of which ¥44,227,414,000 ($295,144,000) was paid in cash on the closing date and ¥148,831,000 ($994,000) was paid during the three-month period ended March 31, 2024 as a purchase price adjustment based on the closing balance sheet.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 29, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn October 30, 2024, the Company’s Board of Directors declared a cash dividend of $0.08 per share. The dividend is payable on November 29, 2024 to all shareholders of record as of the close of business on November 14, 2024.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Pay vs Performance Disclosure        
Net income $ 29,591 $ 18,916 $ 77,825 $ 102,005
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 29, 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
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
New Pronouncements New Pronouncements
Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures"
The amendments in this ASU apply to all entities that are subject to Topic 740, Income Taxes. The amendments require public business entities to disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. They also require all entities to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, are equal to or greater than five percent of total income taxes paid. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis. Management does not expect ASU 2023-09 to have a material impact on the Company's financial statements and disclosures.
Accounting Standards Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures"
The amendments in this ASU apply to all public entities, including public entities with a single reportable segment, that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments require public business entities to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the amendments require disclosure of significant segment expenses and other segment items, as well as incremental qualitative disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in the ASU should be applied on a retrospective basis. We did not early adopt ASU 2023-07. Management does not expect ASU 2023-07 to have a material impact on the Company's financial statements and disclosures.
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 29, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the financial assets and liabilities required to be measured at fair value on a recurring basis as of September 29, 2024 (in thousands):
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Money market instruments$662 $— $— 
Corporate bonds— 349,198 — 
Treasury notes— 46,372 — 
Certificate of deposit— 13,811 — 
Asset-backed securities— 13,529 — 
Treasury bills— 7,122 — 
Sovereign bonds— 991 — 
Economic hedge forward contracts— 234 — 
Liabilities:
Economic hedge forward contracts— 152 — 
v3.24.3
Cash, Cash Equivalents, and Investments (Tables)
 9 Months Ended
Sep. 29, 2024
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
September 29, 2024December 31, 2023
Cash$175,480 $183,242 
Certificate of deposit13,811 — 
Treasury bills7,122 — 
Money market instruments662 19,413 
Cash and cash equivalents197,075 202,655 
Corporate bonds84,503 124,851 
Asset-backed securities3,821 3,551 
Treasury notes2,479 — 
Sovereign bonds— 990 
Current investments90,803 129,392 
Corporate bonds264,695 183,965 
Treasury notes43,893 43,523 
Asset-backed securities9,708 15,763 
Sovereign bonds991 979 
Non-current investments319,287 244,230 
$607,165 $576,277 
Summary of Available-for-Sale Investments
The following table summarizes the Company’s available-for-sale investments as of September 29, 2024 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$85,309 $10 $(816)$84,503 
Asset-backed securities3,848 — (27)3,821 
Treasury notes2,501 — (22)2,479 
Non-current:
Corporate bonds263,582 2,978 (1,865)264,695 
Treasury notes43,465 428 — 43,893 
Asset-backed securities10,202 11 (505)9,708 
Sovereign bonds1,019 — (28)991 
$409,926 $3,427 $(3,263)$410,090 
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$128,150 $— $(3,299)$124,851 
Asset-backed securities3,637 — (86)3,551 
Sovereign bonds1,012 — (22)990 
Non-current:
Corporate bonds189,326 506 (5,867)183,965 
Treasury notes43,654 82 (213)43,523 
Asset-backed securities16,773 — (1,010)15,763 
Sovereign bonds1,037 — (58)979 
$383,589 $588 $(10,555)$373,622 
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 29, 2024 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$30,018 $(80)$127,990 $(2,601)$158,008 $(2,681)
Asset-backed securities— — 10,019 (532)10,019 (532)
Treasury notes— — 2,479 (22)2,479 (22)
Sovereign bonds— — 991 (28)991 (28)
$30,018 $(80)$141,479 $(3,183)$171,497 $(3,263)
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$30,770 $(359)$226,643 $(8,807)$257,413 $(9,166)
Treasury notes20,725 (153)2,441 (60)23,166 (213)
Asset-backed securities17,062 (1,049)2,252 (47)19,314 (1,096)
Sovereign bonds— — 1,968 (80)1,968 (80)
$68,557 $(1,561)$233,304 $(8,994)$301,861 $(10,555)
Realized Gain (Loss) on Investments
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month and nine-month periods ended September 29, 2024 and October 1, 2023 (in thousands):
Three-months EndedNine-months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Gross realized gains$— $109 $8 $109 
Gross realized losses— (733)(16)(733)
Net realized gains (losses)$— $(624)$(8)$(624)
Effective Maturity Dates of Available-for-Sale Investments
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 29, 2024 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$84,503 $63,389 $72,754 $68,795 $59,757 $— $349,198 
Treasury notes2,479 1,967 23,982 17,944 — — 46,372 
Asset-backed securities3,821 3,974 — — 2,104 3,630 13,529 
Sovereign bonds— 991 — — — — 991 
$90,803 $70,321 $96,736 $86,739 $61,861 $3,630 $410,090 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 29, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
September 29, 2024December 31, 2023
Raw materials$89,141 $93,201 
Work-in-process4,568 5,747 
Finished goods61,569 63,337 
$155,278 $162,285 
v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 29, 2024
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
Future operating lease cash payments are as follows (in thousands):
Year Ended December 31,Amount
Remainder of fiscal 2024$3,657 
202513,148 
202611,064 
20279,966 
20289,389 
20298,786 
Thereafter46,700 
$102,710 
v3.24.3
Goodwill (Tables)
 9 Months Ended
Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying value of goodwill were as follows (in thousands):
Balance as of December 31, 2023$393,181 
  Foreign exchange rate changes(1,508)
Balance as of September 29, 2024$391,673 
v3.24.3
Intangible Assets (Tables)
 9 Months Ended
Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
Amortized intangible assets consisted of the following (in thousands):
Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$75,370 $(9,675)$65,695 
Completed technologies61,521 (25,319)36,202 
Trademarks880 (293)587 
Non-compete agreements340 (274)66 
Balance as of September 29, 2024$138,111 $(35,561)$102,550 
 Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$75,965 $(5,352)$70,613 
Completed technologies62,123 (20,745)41,378 
Trademarks903 (50)853 
Non-compete agreements340 (232)108 
Balance as of December 31, 2023$139,331 $(26,379)$112,952 
Schedule of Intangible Assets, Future Amortization Expense
As of September 29, 2024, estimated future amortization expense related to intangible assets was as follows (in thousands):
Year Ended December 31,Amount
Remainder of fiscal 2024$2,623 
202510,267 
20269,955 
20278,976 
20288,246 
20298,246 
Thereafter54,237 
$102,550 
v3.24.3
Warranty Obligations (Tables)
 9 Months Ended
Sep. 29, 2024
Product Warranties Disclosures [Abstract]  
Changes in Warranty Obligations
The changes in the warranty obligation were as follows (in thousands):
Balance as of December 31, 2023$4,244 
Provisions for warranties issued during the period3,214 
Fulfillment of warranty obligations(2,845)
Foreign exchange rate changes4 
Balance as of September 29, 2024$4,617 
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Forward Contracts Table
The Company had the following outstanding forward contracts (in thousands):
September 29, 2024December 31, 2023
CurrencyNotional
Value		USD
Equivalent		Notional
Value		USD
Equivalent
Derivatives Not Designated as Hedging Instruments:
Singapore Dollar38,500 $30,055 39,700 $30,136 
Chinese Renminbi200,000 28,709 50,000 7,025 
Euro20,800 23,245 40,000 44,302 
Mexican Peso238,000 12,016 145,000 8,505 
Hungarian Forint2,040,000 5,723 2,240,000 6,466 
Japanese Yen600,000 4,161 600,000 4,255 
British Pound2,900 3,894 3,345 4,258 
Swiss Franc1,205 1,429 — — 
Canadian Dollar1,680 1,248 1,470 1,112 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
 Asset DerivativesLiability Derivatives
 BalanceFair ValueBalanceFair Value
 Sheet
Location		September 29, 2024December 31, 2023Sheet
Location		September 29, 2024December 31, 2023
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assets$234 $151 Accrued expenses$152 $106 
Offsetting Assets
The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):
Asset DerivativesLiability Derivatives
September 29, 2024December 31, 2023September 29, 2024December 31, 2023
Gross amounts of recognized assets$234 $151 Gross amounts of recognized liabilities$152 $106 
Gross amounts offset— — Gross amounts offset— — 
Net amount of assets presented$234 $151 Net amount of liabilities presented$152 $106 
Derivative Instruments, Gain (Loss)
Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands):
 Location in Financial StatementsThree-months Ended
Nine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$944 $(7,527)$1,575 $(8,139)
v3.24.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 29, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Geographic Areas
The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands):
Three-months EndedNine-months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Americas$82,293 $80,156 $250,590 $243,067 
Europe57,246 51,827 166,751 168,529 
Greater China45,301 34,485 129,760 139,837 
Other Asia49,902 30,773 137,730 89,444 
$234,742 $197,241 $684,831 $640,877 
Revenue from External Customers by Products and Services
The following table summarizes disaggregated revenue information by revenue type (in thousands):
Three-months EndedNine-months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Standard products and services$203,182 $170,104 $591,670 $555,831 
Application-specific customer solutions31,560 27,137 93,161 85,046 
$234,742 $197,241 $684,831 $640,877 
Schedule of Allowance for Credit Loss Activity
The following table summarizes the allowance for credit losses activity for the nine-month period ended September 29, 2024 (in thousands):
Balance as of December 31, 2023$583 
Increases to the allowance for credit losses100 
Write-offs, net of recoveries(77)
Foreign exchange rate changes(2)
Balance as of September 29, 2024$604 
Deferred Revenue, by Arrangement, Disclosure
The following table summarizes the deferred revenue and customer deposits activity for the nine-month period ended September 29, 2024 (in thousands):
Balance as of December 31, 2023$31,525 
Deferral of revenue billed in the current period, net of recognition22,192 
Recognition of revenue deferred in prior period(23,720)
Foreign exchange rate changes48 
Balance as of September 29, 2024$30,045 
v3.24.3
Stock-Based Compensation Expense (Tables)
 9 Months Ended
Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity for the nine-month period ended September 29, 2024:
Shares
(in thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (in years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 2023
9,008 $50.87 
Granted1,641 39.72 
Exercised(186)25.19 
Forfeited or expired(512)54.76 
Outstanding as of September 29, 2024
9,951 $49.31 5.89$13,032 
Exercisable as of September 29, 2024
5,781 $49.49 4.12$10,997 
Options vested or expected to vest as of September 29, 2024 (1)9,318 $49.52 5.71$12,609 
 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted
The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions:
 Three-months EndedNine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Risk-free rate3.7 %4.1 %4.3 %4.0 %
Expected dividend yield0.80 %0.57 %0.76 %0.59 %
Expected volatility39 %39 %39 %39 %
Expected term (in years)5.85.94.74.9
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes the Company's RSUs activity for the nine-month period ended September 29, 2024:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2023
1,429 $54.22 
Granted838 38.90 
Vested(408)64.63 
Forfeited or expired(92)48.06 
Nonvested as of September 29, 2024
1,767 $44.86 
Schedule of Nonvested Performance-based Units Activity
The following table summarizes the Company's PRSUs activity for the nine-month period ended September 29, 2024:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2023
79 $52.23 
Granted55 39.05 
Vested— — 
Forfeited or expired— — 
Nonvested as of September 29, 2024
134 $46.82 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
 Three-months EndedNine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Cost of revenue$442 $435 $1,460 $1,497 
Research, development, and engineering3,707 3,459 11,636 12,657 
Selling, general, and administrative8,952 8,471 26,271 27,364 
$13,101 $12,365 $39,367 $41,518 
v3.24.3
Weighted-Average Shares (Tables)
 9 Months Ended
Sep. 29, 2024
Earnings Per Share [Abstract]  
Calculation of Weighted-Average Shares
Weighted-average shares were calculated as follows (in thousands):
 Three-months EndedNine-months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Basic weighted-average common shares outstanding171,519 172,169 171,588 172,408 
Effect of dilutive equity awards1,234 1,185 1,145 1,251 
Weighted-average common and common-equivalent shares outstanding172,753 173,354 172,733 173,659 
v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Assets:    
Financial assets at fair value $ 410,090 $ 373,622
Corporate bonds    
Assets:    
Financial assets at fair value 349,198  
Treasury notes    
Assets:    
Financial assets at fair value 46,372  
Asset-backed securities    
Assets:    
Financial assets at fair value 13,529  
Sovereign bonds    
Assets:    
Financial assets at fair value 991  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring    
Assets:    
Money market instruments 662  
Certificate of deposit 0  
Economic hedge forward contracts 0  
Liabilities:    
Economic hedge forward contracts 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Treasury bills    
Assets:    
Cash and cash equivalents 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Corporate bonds    
Assets:    
Financial assets at fair value 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Treasury notes    
Assets:    
Financial assets at fair value 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Asset-backed securities    
Assets:    
Financial assets at fair value 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Sovereign bonds    
Assets:    
Financial assets at fair value 0  
Significant Other Observable Inputs (Level 2) | Recurring    
Assets:    
Money market instruments 0  
Certificate of deposit 13,811  
Economic hedge forward contracts 234  
Liabilities:    
Economic hedge forward contracts 152  
Significant Other Observable Inputs (Level 2) | Recurring | Treasury bills    
Assets:    
Cash and cash equivalents 7,122  
Significant Other Observable Inputs (Level 2) | Recurring | Corporate bonds    
Assets:    
Financial assets at fair value 349,198  
Significant Other Observable Inputs (Level 2) | Recurring | Treasury notes    
Assets:    
Financial assets at fair value 46,372  
Significant Other Observable Inputs (Level 2) | Recurring | Asset-backed securities    
Assets:    
Financial assets at fair value 13,529  
Significant Other Observable Inputs (Level 2) | Recurring | Sovereign bonds    
Assets:    
Financial assets at fair value 991  
Unobservable Inputs (Level 3) | Recurring    
Assets:    
Money market instruments 0  
Certificate of deposit 0  
Economic hedge forward contracts 0  
Liabilities:    
Economic hedge forward contracts 0  
Unobservable Inputs (Level 3) | Recurring | Treasury bills    
Assets:    
Cash and cash equivalents 0  
Unobservable Inputs (Level 3) | Recurring | Corporate bonds    
Assets:    
Financial assets at fair value 0  
Unobservable Inputs (Level 3) | Recurring | Treasury notes    
Assets:    
Financial assets at fair value 0  
Unobservable Inputs (Level 3) | Recurring | Asset-backed securities    
Assets:    
Financial assets at fair value 0  
Unobservable Inputs (Level 3) | Recurring | Sovereign bonds    
Assets:    
Financial assets at fair value $ 0  
v3.24.3
Cash, Cash Equivalents, and Investments - Components of Cash, Cash Equivalents, and Investments (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale    
Cash and cash equivalents $ 197,075 $ 202,655
Current investments 90,803 129,392
Non-current investments 319,287 244,230
Total 607,165 576,277
Cash    
Debt Securities, Available-for-sale    
Cash and cash equivalents 175,480 183,242
Certificate of deposit    
Debt Securities, Available-for-sale    
Cash and cash equivalents 13,811 0
Treasury bills    
Debt Securities, Available-for-sale    
Cash and cash equivalents 7,122 0
Money market instruments    
Debt Securities, Available-for-sale    
Cash and cash equivalents 662 19,413
Corporate bonds    
Debt Securities, Available-for-sale    
Current investments 84,503 124,851
Long-term investments 264,695 183,965
Asset-backed securities    
Debt Securities, Available-for-sale    
Current investments 3,821 3,551
Long-term investments 9,708 15,763
Treasury notes    
Debt Securities, Available-for-sale    
Current investments 2,479 0
Long-term investments 43,893 43,523
Sovereign bonds    
Debt Securities, Available-for-sale    
Current investments 0 990
Long-term investments $ 991 $ 979
v3.24.3
Cash, Cash Equivalents, and Investments - Narrative (Details) - USD ($)
Sep. 29, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]    
Debt securities, available-for-sale, allowance for credit loss $ 0 $ 0
Other current assets    
Cash and Cash Equivalents [Line Items]    
Accrued interest receivable $ 4,749,000 $ 3,169,000
v3.24.3
Cash, Cash Equivalents, and Investments - Summary of Available-for-Sale Investments (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale    
Amortized Cost $ 409,926 $ 383,589
Gross Unrealized Gains 3,427 588
Gross Unrealized Losses (3,263) (10,555)
Fair Value 410,090 373,622
Corporate bonds    
Debt Securities, Available-for-sale    
Fair Value 349,198  
Corporate bonds | Current assets    
Debt Securities, Available-for-sale    
Amortized Cost 85,309 128,150
Gross Unrealized Gains 10 0
Gross Unrealized Losses (816) (3,299)
Fair Value 84,503 124,851
Corporate bonds | Non-current assets    
Debt Securities, Available-for-sale    
Amortized Cost 263,582 189,326
Gross Unrealized Gains 2,978 506
Gross Unrealized Losses (1,865) (5,867)
Fair Value 264,695 183,965
Asset-backed securities    
Debt Securities, Available-for-sale    
Fair Value 13,529  
Asset-backed securities | Current assets    
Debt Securities, Available-for-sale    
Amortized Cost 3,848 3,637
Gross Unrealized Gains 0 0
Gross Unrealized Losses (27) (86)
Fair Value 3,821 3,551
Asset-backed securities | Non-current assets    
Debt Securities, Available-for-sale    
Amortized Cost 10,202 16,773
Gross Unrealized Gains 11 0
Gross Unrealized Losses (505) (1,010)
Fair Value 9,708 15,763
Treasury notes    
Debt Securities, Available-for-sale    
Fair Value 46,372  
Treasury notes | Current assets    
Debt Securities, Available-for-sale    
Amortized Cost 2,501  
Gross Unrealized Gains 0  
Gross Unrealized Losses (22)  
Fair Value 2,479  
Treasury notes | Non-current assets    
Debt Securities, Available-for-sale    
Amortized Cost 43,465 43,654
Gross Unrealized Gains 428 82
Gross Unrealized Losses 0 (213)
Fair Value 43,893 43,523
Sovereign bonds    
Debt Securities, Available-for-sale    
Fair Value 991  
Sovereign bonds | Current assets    
Debt Securities, Available-for-sale    
Amortized Cost   1,012
Gross Unrealized Gains   0
Gross Unrealized Losses   (22)
Fair Value   990
Sovereign bonds | Non-current assets    
Debt Securities, Available-for-sale    
Amortized Cost 1,019 1,037
Gross Unrealized Gains 0 0
Gross Unrealized Losses (28) (58)
Fair Value $ 991 $ 979
v3.24.3
Cash, Cash Equivalents, and Investments - Gross Unrealized Losses and Fair Values for Available-for-Sale Investments (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale    
Fair value, less than 12 months $ 30,018 $ 68,557
Unrealized losses, less than 12 months (80) (1,561)
Fair value, 12 months or greater 141,479 233,304
Unrealized losses, 12 months or greater (3,183) (8,994)
Total fair value 171,497 301,861
Total unrealized Losses (3,263) (10,555)
Corporate bonds    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 30,018 30,770
Unrealized losses, less than 12 months (80) (359)
Fair value, 12 months or greater 127,990 226,643
Unrealized losses, 12 months or greater (2,601) (8,807)
Total fair value 158,008 257,413
Total unrealized Losses (2,681) (9,166)
Treasury notes    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 0 20,725
Unrealized losses, less than 12 months 0 (153)
Fair value, 12 months or greater 2,479 2,441
Unrealized losses, 12 months or greater (22) (60)
Total fair value 2,479 23,166
Total unrealized Losses (22) (213)
Asset-backed securities    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 0 17,062
Unrealized losses, less than 12 months 0 (1,049)
Fair value, 12 months or greater 10,019 2,252
Unrealized losses, 12 months or greater (532) (47)
Total fair value 10,019 19,314
Total unrealized Losses (532) (1,096)
Sovereign bonds    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 0 0
Unrealized losses, less than 12 months 0 0
Fair value, 12 months or greater 991 1,968
Unrealized losses, 12 months or greater (28) (80)
Total fair value 991 1,968
Total unrealized Losses $ (28) $ (80)
v3.24.3
Cash, Cash Equivalents, and Investments - Gross Realized Gains and Losses on the Sale of Debt Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Cash and Cash Equivalents [Abstract]        
Gross realized gains $ 0 $ 109 $ 8 $ 109
Gross realized losses 0 (733) (16) (733)
Net realized gains (losses) $ 0 $ (624) $ (8) $ (624)
v3.24.3
Cash, Cash Equivalents, and Investments - Effective Maturity Dates of Available-for-Sale Investments (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale    
less than 1 year $ 90,803  
1-2 Years 70,321  
2-3 Years 96,736  
3-4 Years 86,739  
4-5 Years 61,861  
5-8 Years 3,630  
Total 410,090 $ 373,622
Corporate bonds    
Debt Securities, Available-for-sale    
less than 1 year 84,503  
1-2 Years 63,389  
2-3 Years 72,754  
3-4 Years 68,795  
4-5 Years 59,757  
5-8 Years 0  
Total 349,198  
Treasury notes    
Debt Securities, Available-for-sale    
less than 1 year 2,479  
1-2 Years 1,967  
2-3 Years 23,982  
3-4 Years 17,944  
4-5 Years 0  
5-8 Years 0  
Total 46,372  
Asset-backed securities    
Debt Securities, Available-for-sale    
less than 1 year 3,821  
1-2 Years 3,974  
2-3 Years 0  
3-4 Years 0  
4-5 Years 2,104  
5-8 Years 3,630  
Total 13,529  
Sovereign bonds    
Debt Securities, Available-for-sale    
less than 1 year 0  
1-2 Years 991  
2-3 Years 0  
3-4 Years 0  
4-5 Years 0  
5-8 Years 0  
Total $ 991  
v3.24.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 89,141 $ 93,201
Work-in-process 4,568 5,747
Finished goods 61,569 63,337
Inventories $ 155,278 $ 162,285
v3.24.3
Leases - Narrative (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2023
ft²
lease_component
Sep. 29, 2024
USD ($)
extension_option
terminationOptions
Oct. 01, 2023
USD ($)
Sep. 29, 2024
USD ($)
extension_option
terminationOptions
Oct. 01, 2023
USD ($)
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]            
Operating lease, number of options to terminate | terminationOptions   0   0    
Operating leases, number of options to extend | extension_option   20   20    
Operating lease, cost   $ 3,610,000 $ 5,512,000 $ 10,647,000 $ 8,151,000  
Operating lease, payments   3,516,000 5,168,000 10,130,000 7,532,000  
Lease, cost   52,000 $ 132,000 191,000 $ 292,000  
Operating lease liability   77,181,000   77,181,000   $ 78,601,000
Future lease payments   102,710,000   102,710,000    
Remainder of fiscal 2024   $ 3,657,000   $ 3,657,000    
Weighted average discount rate   5.80%   5.80%   5.70%
Weighted average remaining lease term   10 years   10 years   10 years 6 months
Singapore            
Lessee, Lease, Description [Line Items]            
Lease components | lease_component 2          
Singapore | 88,000 square-foot premises            
Lessee, Lease, Description [Line Items]            
Rentable area | ft² 88,000          
Singapore | 27,000 square-foot premises            
Lessee, Lease, Description [Line Items]            
Rentable area | ft² 27,000          
Term of contract 8 years          
Option to renew, term of contract 5 years          
Future lease payments   $ 13,992,000   $ 13,992,000    
Remainder of fiscal 2024   $ 0   $ 0    
v3.24.3
Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details)
$ in Thousands
Sep. 29, 2024
USD ($)
Leases [Abstract]  
Remainder of fiscal 2024 $ 3,657
2025 13,148
2026 11,064
2027 9,966
2028 9,389
2029 8,786
Thereafter 46,700
Total $ 102,710
v3.24.3
Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 29, 2024
USD ($)
Goodwill [Roll Forward]  
Balance as of December 31, 2023 $ 393,181
Foreign exchange rate changes (1,508)
Balance as of September 29, 2024 $ 391,673
v3.24.3
Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value $ 138,111 $ 139,331
Accumulated Amortization (35,561) (26,379)
Net Carrying Value 102,550 112,952
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 102,550 112,952
Indefinite-lived intangible asset excluding in-process technologies    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Net Carrying Value 102,550  
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of fiscal 2024 2,623  
2025 10,267  
2026 9,955  
2027 8,976  
2028 8,246  
2029 8,246  
Thereafter 54,237  
Net Carrying Value 102,550  
Customer relationships    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 75,370 75,965
Accumulated Amortization (9,675) (5,352)
Net Carrying Value 65,695 70,613
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 65,695 70,613
Completed technologies    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 61,521 62,123
Accumulated Amortization (25,319) (20,745)
Net Carrying Value 36,202 41,378
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 36,202 41,378
Trademarks    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 880 903
Accumulated Amortization (293) (50)
Net Carrying Value 587 853
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 587 853
Non-compete agreements    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 340 340
Accumulated Amortization (274) (232)
Net Carrying Value 66 108
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value $ 66 $ 108
v3.24.3
Warranty Obligations (Detail)
$ in Thousands
 9 Months Ended
Sep. 29, 2024
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Beginning balance $ 4,244
Provisions for warranties issued during the period 3,214
Fulfillment of warranty obligations (2,845)
Foreign exchange rate changes (4)
Ending balance $ 4,617
v3.24.3
Commitment and Contingencies (Details)
Sep. 29, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Outstanding purchase orders $ 38,153,000
v3.24.3
Derivative Instruments - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 29, 2024
USD ($)
Oct. 01, 2023
USD ($)
Sep. 29, 2024
USD ($)
Oct. 01, 2023
USD ($)
Oct. 01, 2023
JPY (¥)
Foreign Exchange          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative, notional amount | ¥         ¥ 40,000,000,000
Gains (losses) recognized in current operations   $ 8,456,000      
Not Designated as Hedging Instrument          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Remaining maturity of foreign currency derivatives (up to)     3 months    
Gains (losses) recognized in current operations $ 944,000 $ (7,527,000) $ 1,575,000 $ (8,139,000)  
v3.24.3
Derivative Instruments - Outstanding Forward Contracts Table (Details) - Not Designated as Hedging Instrument
€ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, SFr in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands
Sep. 29, 2024
SGD ($)
Sep. 29, 2024
USD ($)
Sep. 29, 2024
CNY (¥)
Sep. 29, 2024
EUR (€)
Sep. 29, 2024
MXN ($)
Sep. 29, 2024
HUF (Ft)
Sep. 29, 2024
JPY (¥)
Sep. 29, 2024
GBP (£)
Sep. 29, 2024
CHF (SFr)
Sep. 29, 2024
CAD ($)
Dec. 31, 2023
SGD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
MXN ($)
Dec. 31, 2023
HUF (Ft)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
CHF (SFr)
Dec. 31, 2023
CAD ($)
Singapore Dollar                                        
Derivative [Line Items]                                        
Outstanding forward contracts $ 38,500 $ 30,055                 $ 39,700 $ 30,136                
Chinese Renminbi                                        
Derivative [Line Items]                                        
Outstanding forward contracts   28,709 ¥ 200,000                 7,025 ¥ 50,000              
Euro                                        
Derivative [Line Items]                                        
Outstanding forward contracts   23,245   € 20,800               44,302   € 40,000            
Mexican Peso                                        
Derivative [Line Items]                                        
Outstanding forward contracts   12,016     $ 238,000             8,505     $ 145,000          
Hungarian Forint                                        
Derivative [Line Items]                                        
Outstanding forward contracts   5,723       Ft 2,040,000           6,466       Ft 2,240,000        
Japanese Yen                                        
Derivative [Line Items]                                        
Outstanding forward contracts   4,161         ¥ 600,000         4,255         ¥ 600,000      
British Pound                                        
Derivative [Line Items]                                        
Outstanding forward contracts   3,894           £ 2,900       4,258           £ 3,345    
Swiss Franc                                        
Derivative [Line Items]                                        
Outstanding forward contracts   1,429             SFr 1,205     0             SFr 0  
Canadian Dollar                                        
Derivative [Line Items]                                        
Outstanding forward contracts   $ 1,248               $ 1,680   $ 1,112               $ 1,470
v3.24.3
Derivative Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative asset $ 234 $ 151
Derivative liability 152 106
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative asset 234 151
Derivative liability $ 152 $ 106
v3.24.3
Derivative Instruments - Offsetting Assets (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross amounts of recognized assets $ 234 $ 151
Gross amounts offset 0 0
Net amount of assets presented 234 151
Gross amounts of recognized liabilities 152 106
Gross amounts offset 0 0
Net amount of liabilities presented $ 152 $ 106
v3.24.3
Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in current operations $ 944 $ (7,527) $ 1,575 $ (8,139)
v3.24.3
Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 234,742 $ 197,241 $ 684,831 $ 640,877
Americas        
Disaggregation of Revenue [Line Items]        
Revenue 82,293 80,156 250,590 243,067
Europe        
Disaggregation of Revenue [Line Items]        
Revenue 57,246 51,827 166,751 168,529
Greater China        
Disaggregation of Revenue [Line Items]        
Revenue 45,301 34,485 129,760 139,837
Other Asia        
Disaggregation of Revenue [Line Items]        
Revenue $ 49,902 $ 30,773 $ 137,730 $ 89,444
v3.24.3
Revenue Recognition - Revenue Disaggregated by Products and Services (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Revenue from External Customer [Line Items]        
Revenue $ 234,742 $ 197,241 $ 684,831 $ 640,877
Standard products and services        
Revenue from External Customer [Line Items]        
Revenue 203,182 170,104 591,670 555,831
Application-specific customer solutions        
Revenue from External Customer [Line Items]        
Revenue $ 31,560 $ 27,137 $ 93,161 $ 85,046
v3.24.3
Revenue Recognition - Additional Information (Details) - USD ($)
Sep. 29, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Costs to fulfill contract $ 11,261,000 $ 13,265,000
v3.24.3
Revenue Recognition - Schedule of Allowance for Credit Loss (Details)
$ in Thousands
 9 Months Ended
Sep. 29, 2024
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2023 $ 583
Increases to the allowance for credit losses 100
Write-offs, net of recoveries (77)
Foreign exchange rate changes (2)
Balance as of September 29, 2024 $ 604
v3.24.3
Revenue Recognition - Deferred Revenue Activity (Details)
$ in Thousands
 9 Months Ended
Sep. 29, 2024
USD ($)
Movement in Deferred Revenue [Roll Forward]  
Balance as of December 31, 2023 $ 31,525
Deferral of revenue billed in the current period, net of recognition 22,192
Recognition of revenue deferred in prior period (23,720)
Foreign exchange rate changes 48
Balance as of September 29, 2024 $ 30,045
v3.24.3
Stock-Based Compensation Expense - Narrative (Details)
 3 Months Ended 9 Months Ended 17 Months Ended
Sep. 29, 2024
USD ($)
group
$ / shares
shares
Oct. 01, 2023
USD ($)
$ / shares
shares
Sep. 29, 2024
USD ($)
group
$ / shares
shares
Oct. 01, 2023
USD ($)
$ / shares
shares
Sep. 29, 2024
USD ($)
group
shares
Dec. 31, 2023
USD ($)
May 03, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Proceeds from ttock options exercised $ 2,034,000 $ 889,000 $ 4,671,000 $ 11,006,000      
Tax expense $ 559,000 $ 100,000 $ 2,631,000 $ 3,993,000      
Weighted-average grant-date fair values (in dollars per share) | $ / shares $ 14.75 $ 20.55 $ 14.89 $ 18.11      
Total intrinsic value $ 1,628,000 $ 557,000 $ 3,677,000 $ 6,119,000      
Total fair values of stock options vest $ 1,023,000 962,000 $ 27,232,000 33,035,000      
Groups within the employee population | group 3   3   3    
Estimated forfeiture rate for unvested options for CEO 0   0   0    
Estimated annual forfeiture rate for unvested options for senior management 9.00%   9.00%   9.00%    
Estimated annual forfeiture rate for unvested options for all other employees 13.00%   13.00%   13.00%    
Decrease in compensation expense due to revised estimated forfeiture rates     $ 1,832,000 234,000      
Unrecognized compensation expense $ 63,930,000   $ 63,930,000   $ 63,930,000    
Weighted average period to be recognized     1 year 8 months 12 days        
Stock-based compensation expense 13,101,000 12,365,000 $ 39,367,000 41,518,000      
Tax benefit from compensation expense 2,287,000 $ 1,971,000 6,059,000 $ 6,053,000      
Recognized period costs capitalized $ 0   $ 0   $ 0 $ 0  
2001 Plan and 2007 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares available for grant under stock option plans (in shares) | shares             10,610,800
2023 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares auhtorised for grant under stock option plans (in shares) | shares 8,989,329   8,989,329   8,989,329   8,100,000
Additional shares available for grant under stock option plans (in shares) | shares         889,329    
Employee Stock Option              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares available for grant under stock option plans (in shares) | shares 6,049,613   6,049,613   6,049,613    
Expiration period from grant day     10 years        
Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in dollars per share) | $ / shares $ 36.40 $ 46.17 $ 38.90 $ 46.78      
Vested (in shares) | shares 33,000 18,000 408,000 500,000      
Tax obligations $ 369,000 $ 267,000 $ 4,876,000 $ 7,731,000      
Granted (in shares) | shares     838,000        
Tax benefit from compensation expense $ 452,000 $ 317,000 $ 7,319,000 $ 3,793,000      
Performance Shares (PRSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period for stock option plans     3 years        
Granted (in dollars per share) | $ / shares     $ 39.05        
Vested (in shares) | shares 0 0 0 0      
Granted (in shares) | shares 0 0 55,000 46,000      
Minimum | General Stock Option Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period for stock option plans     4 years        
Minimum | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period for stock option plans     3 years        
Maximum | General Stock Option Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period for stock option plans     5 years        
Maximum | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period for stock option plans     4 years        
v3.24.3
Stock-Based Compensation Expense - Summary of Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 9 Months Ended
Sep. 29, 2024
USD ($)
$ / shares
shares
Shares (in thousands)  
Outstanding (in shares) | shares 9,008
Granted (in shares) | shares 1,641
Exercised (in shares) | shares (186)
Forfeited or expired (in shares) | shares (512)
Outstanding (in shares) | shares 9,951
Exercisable as of reporting date (in shares) | shares 5,781
Options vested or expected to vest as of reporting date (in shares) | shares 9,318
Weighted- Average Exercise Price  
Outstanding (in dollars per shares) | $ / shares $ 50.87
Granted (in dollars per shares) | $ / shares 39.72
Exercised (in dollars per shares) | $ / shares 25.19
Forfeited or expired (in dollars per shares) | $ / shares 54.76
Outstanding (in dollars per shares) | $ / shares 49.31
Exercisable as of reporting date (in dollars per shares) | $ / shares 49.49
Vested and expected to vest (in dollars per shares) | $ / shares $ 49.52
Weighted- Average Remaining Contractual Term (in years)  
Outstanding (in years) 5 years 10 months 20 days
Exercisable (in years) 4 years 1 month 13 days
Options vested or expected to vest (in years) 5 years 8 months 15 days
Aggregate Intrinsic Value (in thousands)  
Outstanding | $ $ 13,032
Exercisable | $ 10,997
Options vested or expected to vest | $ $ 12,609
v3.24.3
Stock-Based Compensation Expense - Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted (Details)
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Share-Based Payment Arrangement [Abstract]        
Risk-free rate 3.70% 4.10% 4.30% 4.00%
Expected dividend yield 0.80% 0.57% 0.76% 0.59%
Expected volatility 39.00% 39.00% 39.00% 39.00%
Expected term (in years) 5 years 9 months 18 days 5 years 10 months 24 days 4 years 8 months 12 days 4 years 10 months 24 days
v3.24.3
Stock-Based Compensation Expense - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Shares (in thousands)        
Nonvested as of beginning of period (in shares)     1,429,000  
Granted (in shares)     838,000  
Vested (in shares) 33,000 18,000 408,000 500,000
Forfeited or expired (in shares)     (92,000)  
Nonvested as of end of period (in shares) 1,767,000   1,767,000  
Weighted-Average Grant Date Fair Value        
Nonvested as of beginning of period (in dollars per share)     $ 54.22  
Granted (in dollars per share) $ 36.40 $ 46.17 38.90 $ 46.78
Vested (in dollars per share)     64.63  
Forfeited or expired (in dollars per share)     48.06  
Nonvested as of end of period (in dollars per share) $ 44.86   $ 44.86  
v3.24.3
Stock-Based Compensation Expense - Schedule of Performance Restricted Stock Units (Details) - Performance Shares (PRSUs) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Shares (in thousands)        
Nonvested as of beginning of period (in shares)     79,000  
Granted (in shares) 0 0 55,000 46,000
Vested (in shares) 0 0 0 0
Forfeited or expired (in shares)     0  
Nonvested as of end of period (in shares) 134,000   134,000  
Weighted-Average Grant Date Fair Value        
Nonvested as of beginning of period (in dollars per share)     $ 52.23  
Granted (in dollars per share)     39.05  
Vested (in dollars per share)     0  
Forfeited or expired (in dollars per share)     0  
Nonvested as of end of period (in dollars per share) $ 46.82   $ 46.82  
v3.24.3
Stock-Based Compensation Expense - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense $ 13,101,000 $ 12,365,000 $ 39,367,000 $ 41,518,000
Cost of revenue        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense 442,000 435,000 1,460,000 1,497,000
Research, development, and engineering        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense 3,707,000 3,459,000 11,636,000 12,657,000
Selling, general, and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense $ 8,952,000 $ 8,471,000 $ 26,271,000 $ 27,364,000
v3.24.3
Stock Repurchase Program (Details) - Repurchase Program March 2022 - USD ($)
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Mar. 03, 2022
Equity, Class of Treasury Stock [Line Items]      
Stock repurchase program, authorized amount     $ 500,000,000
Shares repurchased (in shares) 555,000 1,157,000  
Value of shares repurchased at cost $ 23,841,000 $ 59,640,000  
Remaining authorized repurchase amount $ 309,051,000    
v3.24.3
Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Income Tax Contingency [Line Items]        
Effective tax rate 19.00% 30.00% 19.00% 16.00%
Discrete tax expense (benefit) $ (889,000) $ (4,035,000) $ (3,511,000) $ 840,000
Increase in tax expense related to stock-based compensation     1,645,000 1,769,000
Decrease in tax expense arising from tax settlement     320,000 3,043,000
Increase in tax expense, tax reserves     1,270,000  
Tax expense related to return-to-provision adjustments     854,000 2,134,000
Tax expense related to other tax matters     1,130,000  
Change in tax expense related to valuation allowance       2,198,000
Increase in tax expense related to deferred state taxes       $ 2,178,000
Liability for uncertain tax positions 28,858,000   28,858,000  
Unrecognized tax benefits, gross, noncurrent liability 26,491,000   26,491,000  
Unrecognized tax benefits, gross, offset to tax attributes $ 2,367,000   $ 2,367,000  
Tax years open to examination by Internal Revenue Service     2020 through 2023  
Tax years open to examination by various taxing authorities for other entities     2017 through 2023  
Foreign Tax Authority | Ireland        
Income Tax Contingency [Line Items]        
Statutory tax rate     12.50%  
Foreign Tax Authority | China        
Income Tax Contingency [Line Items]        
Statutory tax rate     25.00%  
Foreign Tax Authority | Korea        
Income Tax Contingency [Line Items]        
Statutory tax rate     21.00%  
Foreign Tax Authority | JAPAN        
Income Tax Contingency [Line Items]        
Statutory tax rate     34.60%  
Domestic Tax Authority        
Income Tax Contingency [Line Items]        
Statutory tax rate     21.00%  
v3.24.3
Weighted-Average Shares - Calculation of Weighted-Average Shares (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Earnings Per Share [Abstract]        
Basic weighted-average common shares outstanding (in shares) 171,519 172,169 171,588 172,408
Effect of dilutive equity awards (in shares) 1,234 1,185 1,145 1,251
Weighted-average common and common-equivalent shares outstanding (in shares) 172,753 173,354 172,733 173,659
v3.24.3
Weighted-Average Shares - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (shares) 8,640,000 6,893,000 8,490,000 6,775,000
Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (shares) 0 3,000 0 1,000
Performance Shares (PRSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (shares) 0 0 0 0
v3.24.3
Loss (Recovery) from Fire (Details) - Fire - USD ($)
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Jul. 02, 2023
Oct. 01, 2023
Unusual or Infrequent Item, or Both [Line Items]      
Insurance recoveries     $ 5,250,000
Insurance recoveries, business interruption   $ 2,500,000  
Insurance recoveries, inventory and other losses $ 2,750,000    
v3.24.3
Business Combinations (Details) - Moritex Corporation
 3 Months Ended
Oct. 18, 2023
JPY (¥)
Oct. 18, 2023
USD ($)
Mar. 31, 2024
JPY (¥)
Mar. 31, 2024
USD ($)
Oct. 18, 2023
USD ($)
Business Acquisition [Line Items]          
Enterprise value ¥ 40,000,000,000       $ 270,000,000
Consideration transferred 44,376,245,000 $ 296,138,000      
Payments to acquire businesses ¥ 44,227,414,000 $ 295,144,000 ¥ 148,831,000 $ 994,000  
v3.24.3
Subsequent Events (Details)
Oct. 30, 2024
$ / shares
Subsequent Event  
Subsequent Event [Line Items]  
Dividends (in dollars per share) $ 0.08