COGNEX CORP, 10-K filed on 2/15/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2023
Jan. 28, 2024
Jul. 02, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 9,631,957,405
Entity Common Stock, Shares Outstanding   171,633,726  
Entity Central Index Key 0000851205    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Financial Statement Error Correction [Flag] false    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name GRANT THORNTON LLP
Auditor Location Boston, Massachusetts
Auditor Firm ID 248
v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 837,547 $ 1,006,090 $ 1,037,098
Cost of revenue 236,306 284,185 277,271
Gross margin 601,241 721,905 759,827
Research, development, and engineering expenses 139,400 141,133 135,372
Selling, general, and administrative expenses 339,139 312,107 309,354
Loss (recovery) from fire (8,000) 20,779 0
Restructuring charges 0 1,657 0
Operating income 130,702 246,229 315,101
Foreign currency gain (loss) (10,039) (1,837) (2,270)
Investment income 14,093 6,715 6,660
Other income (expense) 592 (412) (591)
Income before income tax expense 135,348 250,695 318,900
Income tax expense on continuing operations 22,114 35,170 39,019
Net income $ 113,234 $ 215,525 $ 279,881
Net Income per weighted-average common and common-equivalent share:      
Net income (in dollars per share) $ 0.66 $ 1.24 $ 1.59
Diluted earnings per weighted-average common and common-equivalent share (1):      
Net income (in dollars per share) $ 0.65 $ 1.23 $ 1.56
Weighted-average common and common-equivalent shares outstanding:      
Basic (in shares) 172,249 173,407 176,463
Diluted (in shares) 173,399 174,869 179,916
Cash dividends per common share (in dollars per share) [1] $ 0.286 $ 0.265 $ 0.245
[1] 175,790 
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 113,234 $ 215,525 $ 279,881
Available-for-sale investments:      
Net unrealized gain (loss), net of tax of $4,389, $(5,943), and $(2,206) in 2023, 2022, and 2021, respectively   (17,152) (7,152)
Reclassification of net realized (gain) loss into current operations 1,954 182 (236)
Net change related to available-for-sale investments 12,461 (16,970) (7,388)
Foreign currency translation adjustments:      
Foreign currency translation gain (loss) 11,500 (4,385) (6,753)
Net change related to foreign currency translation adjustments 11,500 (4,385) (6,753)
Other comprehensive income (loss), net of tax 23,961 (21,355) (14,141)
Total comprehensive income $ 137,195 $ 194,170 $ 265,740
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Tax effect of unrealized gain (loss) on available-for-sale investments $ 4,389 $ (5,943) $ (2,206)
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 202,655 $ 181,374
Current investments, amortized cost of $132,799 and $223,545 in 2023 and 2022, respectively, allowance for credit losses of $0 in 2023 and 2022 129,392 218,759
Accounts receivable, allowance for credit losses of $583 and $730 in 2023 and 2022, respectively 114,164 125,417
Unbilled revenue 2,402 2,179
Inventories 162,285 122,480
Prepaid expenses and other current assets 68,099 67,490
Total current assets 678,997 717,699
Non-current investments, amortized cost of $250,790 and $476,148 in 2023 and 2022, respectively, allowance for credit losses of $0 in 2023 and 2022 244,230 454,117
Property, plant, and equipment, net 105,849 79,714
Operating lease assets 75,115 37,682
Goodwill 393,181 242,630
Intangible assets, net 112,952 12,414
Deferred income taxes 400,400 407,241
Other assets 7,088 6,643
Total assets 2,017,812 1,958,140
Current liabilities:    
Accounts payable 21,454 27,103
Accrued expenses 72,374 93,235
Accrued income taxes 16,907 18,129
Deferred revenue and customer deposits 31,525 40,787
Operating lease liabilities 9,624 8,454
Total current liabilities 151,884 187,708
Non-current operating lease liabilities 68,977 31,298
Deferred income taxes 246,877 249,961
Reserve for income taxes 26,685 15,866
Non-current accrued income taxes 18,338 33,008
Other liabilities 299 1,905
Total liabilities 513,060 519,746
Commitments and contingencies (Note 11)
Authorized shares (in shares) 400,000 400,000
Preferred stock par value (in dollars per share) $ 0.01 $ 0.01
Shareholders’ equity:    
Preferred stock, $0.01 par value - Authorized: 400 shares in 2023 and 2022, respectively, no shares issued and outstanding $ 0 $ 0
Common stock, $0.002 par value – Authorized: 300,000 shares in 2023 and 2022, respectively, issued and outstanding: 171,599 and 172,631 shares in 2023 and 2022, respectively 343 345
Additional paid-in capital 1,037,202 979,167
Retained earnings 512,543 528,179
Accumulated other comprehensive loss, net of tax (45,336) (69,297)
Total shareholders’ equity 1,504,752 1,438,394
Total liabilities and shareholders' equity $ 2,017,812 $ 1,958,140
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Current investments, amortized cost $ 132,799 $ 223,545
Current investment, allowance for credit loss 0 0
Accounts receivable, allowance for credit losses 583 730
Non-current investments, amortized cost 250,790 476,148
Non-current investments, allowance for credit losses $ 0 $ 0
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) 171,599,000 172,631,000
Common stock, shares outstanding (in shares) 171,599,000 172,631,000
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 113,234 $ 215,525 $ 279,881
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense 54,768 54,505 43,774
Depreciation of property, plant, and equipment 17,270 16,347 16,616
Loss (gain) on disposal of property, plant, and equipment 229 19 33
Amortization of intangible assets 4,610 3,274 3,667
Non-cash, loss from catastrophes 0 46,372 0
Excess and obsolete inventory charges 3,775 3,084 2,573
Fair value adjustment on acquired inventories (Note 21) 2,829 0 0
Amortization of discounts or premiums on investments 1,745 4,968 4,887
Realized (gain) loss on sale of investments 1,954 182 (236)
Change in deferred income taxes (19,779) (27,338) (3,118)
Accounts receivable 23,346 3,454 (4,503)
Unbilled revenue (255) 1,806 1,637
Inventories (22,591) (48,934) (54,920)
Prepaid expenses and other current assets 2,469 (6,998) (32,342)
Accounts payable (13,744) (17,277) 27,828
Accrued expenses (35,309) 2,056 16,861
Accrued income taxes (16,745) (444) (6,401)
Deferred revenue and customer deposits (9,122) 4,886 14,417
Other 4,232 (12,081) 3,411
Net cash provided by operating activities 112,916 243,406 314,065
Cash flows from investing activities:      
Purchases of investments (184,056) (233,720) (668,053)
Maturities and sales of investments 496,462 253,983 430,969
Purchases of property, plant, and equipment (23,077) (19,667) (15,455)
Net payments related to business acquisitions (257,056) (5,050) 0
Net cash provided by (used in) investing activities 32,273 (4,454) (252,539)
Cash flows from financing activities:      
Net payments from issuance of common stock under stock plans 3,268 9,861 63,292
Repurchase of common stock (79,794) (204,314) (161,652)
Payment of dividends (49,079) (45,921) (43,263)
Net cash used in financing activities (125,605) (240,374) (141,623)
Effect of foreign exchange rate changes on cash and cash equivalents 1,697 (3,365) (2,815)
Net change in cash and cash equivalents 21,281 (4,787) (82,912)
Cash and cash equivalents at beginning of year 181,374 186,161 269,073
Cash and cash equivalents at end of year $ 202,655 $ 181,374 $ 186,161
v3.24.0.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2020 $ 1,262,202 $ 352 $ 807,739 $ 487,912 $ (33,801)
Beginning Balance, shares (in shares) at Dec. 31, 2020   175,790      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under stock option plans 63,292 $ 3 63,289    
Issuance of common stock under stock option plans, shares   1,703      
Repurchase of common stock (161,652) $ (4)   (161,648)  
Repurchase of common stock, shares   (2,012)      
Stock-based compensation expense 43,774   43,774    
Payment of dividends ($0.286 per common share) (43,263)     (43,263)  
Net income 279,881     279,881  
Net unrealized gain (loss), net of tax of $4,389, $(5,943), and $(2,206) in 2023, 2022, and 2021, respectively (7,152)       (7,152)
Net unrealized gain (loss) on available-for-sale investments, net of tax (7,152)        
Reclassification of net realized (gain) loss on the sale of available-for-sale investments (236)       (236)
Foreign currency translation adjustments, net of tax (6,753)       (6,753)
Balance at Dec. 31, 2021 1,430,093 $ 351 914,802 562,882 (47,942)
Balance, shares (in shares) at Dec. 31, 2021   175,481      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under stock option plans 9,861 $ 1 9,860    
Issuance of common stock under stock option plans, shares   514      
Repurchase of common stock (204,314) $ (7)   (204,307)  
Repurchase of common stock, shares   (3,364)      
Stock-based compensation expense 54,505   54,505    
Payment of dividends ($0.286 per common share) (45,921)     (45,921)  
Net income 215,525     215,525  
Net unrealized gain (loss), net of tax of $4,389, $(5,943), and $(2,206) in 2023, 2022, and 2021, respectively (17,152)       (17,152)
Net unrealized gain (loss) on available-for-sale investments, net of tax (17,152)        
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 182       182
Foreign currency translation adjustments, net of tax (4,385)       (4,385)
Balance at Dec. 31, 2022 $ 1,438,394 $ 345 979,167 528,179 (69,297)
Balance, shares (in shares) at Dec. 31, 2022 172,631 172,631      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under stock option plans $ 3,268 $ 1 3,267    
Issuance of common stock under stock option plans, shares 330 691      
Repurchase of common stock $ (79,794) $ (3)   (79,791)  
Repurchase of common stock, shares   (1,723)      
Stock-based compensation expense 54,768   54,768    
Payment of dividends ($0.286 per common share) (49,079)     (49,079)  
Net income 113,234     113,234  
Net unrealized gain (loss), net of tax of $4,389, $(5,943), and $(2,206) in 2023, 2022, and 2021, respectively         10,507
Net unrealized gain (loss) on available-for-sale investments, net of tax 10,507        
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 1,954       1,954
Foreign currency translation adjustments, net of tax 11,500       11,500
Balance at Dec. 31, 2023 $ 1,504,752 $ 343 $ 1,037,202 $ 512,543 $ (45,336)
Balance, shares (in shares) at Dec. 31, 2023 171,599 171,599      
v3.24.0.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Tax effect of unrealized gain on available-for-sale investments $ 4,389 $ (5,943) $ (2,206)
Tax benefit of foreign currency translation adjustment $ 0 $ 0 $ 0
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The accompanying consolidated financial statements reflect the application of the significant accounting policies described below.
Nature of Operations
Cognex Corporation ("the Company" or "Cognex") is a leading global provider of machine vision products and solutions that improve efficiency and quality and address some of the most critical manufacturing and distribution challenges.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the balance sheet date, and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Significant estimates and judgments include those related to revenue recognition, income taxes, and business combinations.
Basis of Consolidation
The consolidated financial statements include the accounts of Cognex Corporation and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated.
Foreign Currency Translation
The financial statements of the Company’s foreign subsidiaries, where the local currency is the functional currency, are translated using exchange rates in effect at the end of the year for assets and liabilities and average exchange rates during the year for results of operations. The resulting foreign currency translation adjustment, net of tax, is included in shareholders’ equity as accumulated other comprehensive loss.
Fair Value Measurements
The Company applies a three-level valuation hierarchy for fair value measurements. The categorization of assets and liabilities within the valuation hierarchy is based on the lowest level of input that is significant to the measurement of fair value. Level 1 inputs to the valuation methodology utilize unadjusted quoted market prices in active markets for identical assets and liabilities. Level 2 inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets and liabilities, quoted prices for identical and similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 inputs to the valuation methodology are unobservable inputs based on management’s best estimate of the inputs that market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. A change to the level of an asset or liability within the fair value hierarchy is determined at the end of a reporting period.
Cash, Cash Equivalents, and Investments
Money market instruments, as well as debt securities with original maturities of three months or less, are classified as cash equivalents and are stated at amortized cost. Debt securities with original maturities greater than three months and remaining maturities of one year or less are classified as current investments. Debt securities with remaining maturities greater than one year are classified as non-current investments. In July 2023, the Company’s investment policy was modified to reduce effective maturities of newly purchased securities to up to five years. As of December 31, 2023, the Company held investments with maturities in excess of the five-year limit that were approved as pre-existing exceptions to the new policy.
Debt securities with original maturities greater than three months are designated as available-for-sale and are reported at fair value, with unrealized gains and losses, net of tax, included in shareholders’ equity as accumulated other comprehensive loss. Realized gains and losses are calculated using the specific identification method. Realized gains and losses, interest income, and the amortization of the discount or premium on debt securities arising at acquisition, are included in "Investment income" on the Consolidated Statements of Operations.
Management monitors its debt securities to determine whether a loss exists related to the credit quality of the issuer. If the present value of the cash flows expected to be collected from the security is less than the amortized cost basis of the security, then a credit loss exists and an allowance against the security for credit losses is recorded. The
allowance is limited to the amount by which fair value is below amortized cost, recognizing that the investment could be sold at fair value. Credit losses continue to be remeasured in subsequent reporting periods. Credit losses and recoveries related to debt securities are included in “Other income (expense)” on the Consolidated Statements of Operations. 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.
Accounts Receivable
The Company extends credit with various payment terms to customers based on an evaluation of their financial condition. Accounts that are outstanding longer than the payment terms are considered to be past due. The Company establishes an allowance against accounts receivable for credit losses when it determines receivables are at risk for collection based on the length of time the receivable has been outstanding, the customer’s current ability to pay its obligations to the Company, and general economic and industry conditions, as well as various other factors. Receivables are written off against this allowance in the period they are determined to be uncollectible and payments subsequently received on previously written-off receivables are recorded as a recovery of the credit loss. Credit losses and recoveries related to accounts receivable are included in "Selling, general, and administrative expenses" on the Consolidated Statements of Operations.
Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using standard costs, which approximates actual costs under the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
Purchase price variances are incurred when actual costs are different than standard costs due to favorable or unfavorable market prices. Management applies judgment to recognize purchase price variances in the same period that the associated standard costs of the finished goods that consume these components are sold.
The Company’s inventory is subject to technological change or obsolescence. The Company reviews inventory quantities on hand and estimates excess and obsolescence exposures based on assumptions about future demand, product transitions, general economic and industry conditions, and other circumstances, and records reserves to reduce the carrying value of inventories to their net realizable value. If actual future demand is less than estimated, additional inventory write-downs would be required.
The Company generally disposes of obsolete inventory upon determination of obsolescence. The Company does not dispose of excess inventory immediately, due to the possibility that some of this inventory could be sold to customers as a result of differences between actual and forecasted demand. When inventory has been written down below cost, such reduced amount is considered the new cost basis for subsequent accounting purposes. As a result, the Company could recognize a higher-than-normal gross margin if the reserved inventory were subsequently sold.
In accordance with the accounting principles applied in business combinations, acquired inventories are recorded at fair value on the acquisition date. This valuation policy typically results in the write-up of inventories above the acquired company’s pre-acquisition carrying value, which results in a lower-than-normal gross margin when these acquired inventories are sold.
Property, Plant, and Equipment
Property, plant, and equipment are stated at cost and depreciated using the straight-line method over the assets’ estimated useful lives. Buildings’ original useful lives are 39 years, building improvements’ useful lives are ten years, and the useful lives of computer hardware and software, manufacturing test equipment, and furniture and fixtures range from two to ten years. Land that is leased or granted, as well as leasehold improvements, are depreciated over the shorter of the estimated useful lives or the remaining terms of the leases. Maintenance and repairs are expensed when incurred; additions and improvements are capitalized. Upon retirement or disposition, the cost and related accumulated depreciation of the disposed assets are removed from the accounts, with any resulting gain or loss included in current operations.
In accordance with the accounting principles applied in business combinations, acquired property, plant, and equipment are recorded at fair value on the acquisition date. This valuation policy typically results in the write-up of property, plant, and equipment above the acquired company’s pre-acquisition carrying value, which results in a higher depreciation expense over the estimated lives of the assets.
Internal-use Software
Internal-use software is software acquired, internally developed, or modified solely to meet the Company's internal needs, and during the software's development, no substantive plan exists to sell the software. The accounting treatment for computer software developed for internal use depends on the nature of activities performed at each stage of development. The preliminary project stage includes conceptual formulation of design alternatives, determination of system requirements, vendor demonstrations, and final selection of vendors, and during this stage costs are expensed as incurred. The application development stage includes software configuration, coding, hardware installation, and testing. During this stage, certain costs are capitalized, including external direct costs of materials and services, as well as payroll and payroll-related costs for employees who are directly associated with the project, while certain costs are expensed as incurred, including training and data conversion costs. The post-implementation stage includes support and maintenance, and during this stage costs are expensed as incurred.
Capitalization begins when both the preliminary project stage is completed and management commits to funding the project. Capitalization ceases at the point the project is substantially complete and ready for its intended use, that is, after all substantial testing is completed. Costs of specified upgrades and enhancements to internal-use software are capitalized if it is probable that those expenditures result in additional functionality. Capitalized costs are amortized on a straight-line basis over the estimated useful life.
Leases
At inception of a contract, the Company determines whether that contract is or contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. The Company has control of the asset if it has the right to direct the use of the asset and obtains substantially all of the economic benefits from the use of the asset throughout the period of use.
As a practical expedient, the Company does not recognize a lease asset or lease liability for leases with a lease term of twelve months or less. In the determination of the lease term, the Company considers the existence of extension or termination options and the probability of those options being exercised.
Lease contracts may include fixed lease components and non-lease components, such as common area maintenance and utilities for property leases. As a practical expedient, the Company accounts for the non-lease components together with the lease components as a single lease component for all of its leases.
The Company classifies a lease as a finance lease when it meets any of the following criteria at the lease commencement date: (1) the lease transfers ownership of the underlying asset to the Company by the end of the lease term; (2) the lease grants the Company an option to purchase the underlying asset that the Company is reasonably certain to exercise; (3) the lease term is for the major part of the remaining economic life of the underlying asset (the Company considers a major part to be 75% or more of the remaining economic life of the underlying asset); (4) the present value of the sum of the lease payments and any residual value guaranteed by the Company equals or exceeds substantially all of the fair value of the underlying asset (the Company considers substantially all the fair value to be 90% or more of the fair value of the underlying asset amount); or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of the criteria above are met, the Company classifies the lease as an operating lease.
On the lease commencement date, the Company records a lease asset and lease liability on the balance sheet. The lease asset consists of: (1) the amount of the initial lease liability; (2) any lease payments made to the lessor at or before the lease commencement date, minus any lease incentives received; and (3) any initial direct cost incurred by the Company. Initial direct costs are incremental costs of a lease that would not have been incurred if the lease had not been obtained and are capitalized as part of the lease asset. The lease liability equals the present value of the future cash payments discounted using the Company's incremental borrowing rate. The Company’s incremental borrowing rate is the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments over a similar term, which, through year ended December 31, 2023, was estimated using the Secured Overnight Financing Rate (SOFR) plus a 2% credit risk spread.
Operating lease expense equals the total cash payments recognized on a straight-line basis over the lease term. The amortization of the lease asset is calculated as the straight-line lease expense less the accretion of the interest on the lease liability each period. The lease liability is reduced by the cash payment less the interest each period.
Goodwill
Goodwill is stated at cost. The Company evaluates the potential impairment of goodwill annually each fourth quarter
and whenever events or circumstances indicate the carrying value of the goodwill may not be recoverable. The Company performs a qualitative assessment of goodwill to determine whether further impairment testing is necessary. Factors that management considers in this assessment include general economic and industry conditions, overall financial performance (both current and projected), changes in strategy, changes in the composition or carrying amount of net assets, and market capitalization. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company would proceed to perform a quantitative impairment test. Under this quantitative analysis, the fair value of the reporting unit is compared with its carrying value, including goodwill. If the carrying value exceeds the fair value of the reporting unit, the Company recognizes an impairment charge. The Company estimates the fair value of its reporting unit using the income approach based on a discounted cash flow model. In addition, the Company uses the market approach, which compares the reporting unit to publicly traded companies and transactions involving similar businesses, to support the conclusions based on the income approach.
Intangible Assets
Intangible assets are stated at cost and amortized over the assets’ estimated useful lives. Intangible assets are either amortized in relation to the relative cash flows anticipated from the intangible asset or using the straight-line method, depending on facts and circumstances. The useful lives of customer relationships range from five to fifteen years, completed technologies from five to nine years, non-compete agreements from three to seven years, and trademarks for three years. In-process technology is an indefinite-lived intangible asset until the technology is completed, at which point it is amortized over its estimated useful life.
The Company evaluates the potential impairment of intangible assets whenever events or circumstances indicate the carrying value of the assets may not be recoverable. For finite-lived intangible assets that are subject to amortization, the Company follows a two-step process for impairment testing. In step one, known as the recoverability test, the carrying value of the asset is compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the sum of the undiscounted future cash flows is less than the carrying value, the asset is not recoverable and step two is performed. In step two, the impairment charge is measured as the amount by which the carrying value of the asset exceeds its fair value.
Warranty Obligations
The Company warrants its products to be free from defects in material and workmanship for periods primarily ranging from one to three years from the time of sale based on the product being purchased and the terms of the customer arrangement. Warranty obligations are evaluated and recorded at the time of sale since it is probable that customers will make claims under warranties related to products that have been sold and the amount of these claims can be reasonably estimated based on historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or circumstances impacting product quality become known that would not have been taken into account using historical data.
Contingencies
Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred.
Derivative Instruments
Derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Changes in the fair value of the Company’s economic hedges utilizing foreign currency forward contracts are included in "Foreign currency gain (loss)" on the Consolidated Statements of Operations. When the Company is engaged in more than one outstanding derivative contract with the same counterparty and also has a legally enforceable master netting agreement with that counterparty, the “net” mark-to-market exposure represents the netting of the positive and negative exposures with that counterparty. The cash flows from derivative instruments are presented in the same category on the Consolidated Statements of Cash Flows as the category for the cash flows from the hedged item. Generally, this accounting policy election results in cash flows related to derivative instruments being classified as an operating activity on the Consolidated Statements of Cash Flows.
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers.” The core principle of ASC 606 is to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the
Company expects to be entitled in exchange for those goods or services. The framework in support of this core principle includes: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations; and (5) recognizing revenue when (or as) the performance obligations are satisfied.
Identifying the Contract with the Customer
The Company identifies contracts with customers as agreements that create enforceable rights and obligations, which typically take the form of customer contracts or purchase orders. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable.
Identifying the Performance Obligations in the Contract
The Company identifies performance obligations as promises in contracts to transfer distinct goods or services. Standard products and services that the Company regularly sells separately, which customers can benefit from either on their own or with other readily available resources and are distinct within the context of the customer contract, are accounted for as distinct performance obligations. Application-specific customer solutions that are comprised of a combination of products and services are accounted for as one performance obligation to deliver a total solution to the customer. On-site support services that are provided to the customer after the solution is deployed are accounted for as a separate performance obligation.
Shipping and handling activities for which the Company is responsible under the terms and conditions of the sale are not accounted for as performance obligations but as fulfillment costs. These activities are required to fulfill the Company’s promise to transfer the goods and are expensed when revenue is recognized.
The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract. If revenue is recognized before immaterial promises have been completed, then the costs related to such immaterial promises are accrued at the time of sale.
Determining the Transaction Price
The Company determines the transaction price as the amount of consideration it expects to receive in exchange for transferring promised goods or services to the customer. Amounts collected from customers for sales taxes are excluded from the transaction price.
If a contract includes a variable amount, such as a rebate, then the Company estimates the transaction price using either the expected value or the most likely amount of consideration to be received, depending on the specific facts and circumstances. The Company includes estimated variable consideration in the transaction price only to the extent it is probable that a significant reversal of revenue will not occur when the uncertainty is resolved. The Company updates its estimate of variable consideration at the end of each reporting period to reflect changes in facts and circumstances.
The Company typically does not grant customers the explicit right to return product. However, from time to time, the Company may allow a customer to return a product. As a practical expedient, the Company estimates the transaction price using the expected value based on its history of return experience using a portfolio approach in which the Company’s total revenue is reduced by an estimate of total customer returns. Management reasonably expects that the effect of applying a portfolio approach to a group of contracts would not differ materially from considering each contract separately.
Allocating the Transaction Price to the Performance Obligations
The Company allocates the transaction price to each performance obligation at contract inception based on a relative stand-alone selling price basis, or the price at which the Company would sell the good or service separately to similar customers in similar circumstances.
Recognizing Revenue When (or As) the Performance Obligations are Satisfied
The Company recognizes revenue when it transfers the promised goods or services to the customer. Revenue for standard products is recognized at the point in time when the customer obtains control of the goods, which is typically upon shipment or delivery when the customer has legal title, physical possession, the risks and rewards of ownership, and an enforceable obligation to pay for the products. Revenue for services, which are not material, is typically recognized over the time the service is provided.
Revenue for application-specific customer solutions is recognized at the point in time when the solution is validated, which is the point in time when the Company can objectively determine that the agreed-upon specifications in the
contract have been met and the customer should reasonably accept the performance obligations in the arrangement. Although the customer may have taken legal title and physical possession of the goods when they arrived at the customer’s designated site, the significant risks and rewards of ownership transfer to the customer only upon validation. Revenue for on-site support services related to these solutions is recognized over the time the service is provided.
In certain instances, an arrangement may include customer-specified acceptance provisions or performance guarantees that allow the customer to accept or reject delivered products that do not meet the customer’s requirements. If the Company can objectively determine that control of a good or service has been transferred to the customer in accordance with the agreed-upon requirements in the contract, then customer acceptance is a formality. If acceptance provisions are presumed to be substantive, then revenue is deferred until customer acceptance.
For the Company’s standard products and services, revenue recognition and billing typically occur at the same time. For application-specific customer solutions, however, the agreement with the customer may provide for billing terms which differ from revenue recognition criteria, resulting in either deferred revenue or unbilled revenue. Credit assessments are performed to determine payment terms, which vary by region, industry, and customer. Prepayment terms result in contract liabilities for customer deposits. When credit is granted to customers, payment is typically due 30 to 90 days from billing. The Company's contracts have an original expected duration of less than one year, and therefore as a practical expedient, the Company has elected to ignore the impact of the time value of money on a contract and to expense sales commissions. The Company recognizes an asset for costs to fulfill a contract if the costs relate directly to the contract and to future performance, and the costs are expected to be recovered.
Management exercises judgment when determining the amount of revenue to be recognized each period. Such judgments include, but are not limited to, assessing the customer’s ability and intention to pay substantially all of the contract consideration when due, determining when two or more contracts should be combined and accounted for as a single contract, determining whether a contract modification has occurred, assessing whether promises are immaterial in the context of the contract, determining whether material promises in a contract represent distinct performance obligations, estimating the transaction price for a contract that contains variable consideration, determining the stand-alone selling price of each performance obligation, determining whether control is transferred over time or at a point in time for performance obligations, and assessing whether formal customer acceptance provisions are substantive.
Research and Development
Research and development costs primarily include costs related to personnel, prototyping materials and equipment, and outside services. Research and development costs are expensed when incurred until technological feasibility has been established for the product. Thereafter, all software costs may be capitalized until the product is available for general release to customers. The Company determines technological feasibility at the time the product reaches beta in its stage of development. Historically, the time incurred between beta and general release to customers has been short, and therefore, the costs have been insignificant.
Advertising Costs
Advertising costs are expensed as incurred and totaled $1,190,000 in 2023, $1,257,000 in 2022, and $1,965,000 in 2021.
Stock-Based Compensation
The Company’s stock-based awards that result in compensation expense consist of stock options and restricted stock units ("RSUs"), including performance restricted stock units ("PRSUs"). The Company has reserved a specific number of shares of its authorized but unissued shares for issuance upon the exercise of stock options or the settlement of RSUs. When a stock option is exercised or an RSU is settled, the Company issues new shares from this pool. Management is responsible for determining the appropriate valuation model and estimating the fair value of stock-based awards, and in doing so, considers a number of factors, including information provided by an outside valuation advisor and the observable market price of the Company's common stock on the grant date. The fair value of RSUs is determined based on the observable market price of the Company's common stock on the grant date less the present value of expected future dividends. The fair value of PRSUs where the performance goal includes service and market conditions is calculated using a Monte Carlo simulation model to estimate the probability of satisfying the service and market conditions stipulated in the award grant. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable
market price or volatility of the Company's common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price.
The Company recognizes compensation expense related to stock-based awards using the graded attribution method, in which expense is recognized on a straight-line basis over the service period for each separately vesting portion of the stock option or RSU as if the award was, in substance, multiple awards. The amount of compensation expense recognized at the end of the vesting period is based on the number of awards for which the requisite service has been completed. No compensation expense is recognized for awards that are forfeited for which the employee does not render the requisite service. The term “forfeitures” is distinct from “expirations” and represents only the unvested portion of the surrendered award. The Company applies estimated forfeiture rates to its unvested awards to arrive at the amount of compensation expense that is expected to be recognized over the requisite service period. At the end of each separately vesting portion of an award, the expense that was recognized by applying the estimated forfeiture rate is compared to the expense that should be recognized based on the employee’s service, and an increase or decrease to compensation expense is recorded to true up the final expense.
Taxes
The Company recognizes a tax position in its financial statements when that tax position, based solely upon its technical merits, is more likely than not to be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statutes of limitations. Derecognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained.
Only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., resolution due to the expiration of the statutes of limitations) or are not expected to be paid within one year are not classified as current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense.
Deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for the impact of the Global Intangible Low-Taxed Income (GILTI) tax in deferred taxes.
Sales tax in the United States and similar taxes in other jurisdictions that are collected from customers and remitted to government authorities are presented on a gross basis (i.e., a receivable from the customer with a corresponding payable to the government). Amounts collected from customers and retained by the Company during tax holidays are recognized as non-operating income when earned.
Net Income Per Share
Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period plus potential dilutive common shares. Dilutive common equivalent shares consist of stock options and restricted stock units and are calculated using the treasury stock method. Common equivalent shares do not qualify as participating securities. In periods where the Company records a net loss, potential common stock equivalents are not included in the calculation of diluted net loss per share as their effect would be anti-dilutive.
Comprehensive Income
Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances, excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive loss, net of tax, consists of foreign currency translation adjustment losses of $36,550,000 and $48,050,000, as of December 31, 2023 and December 31, 2022, respectively; net unrealized losses on available-for-sale investments of $7,515,000 and $19,976,000 as of December 31, 2023 and December 31, 2022, respectively; and losses on currency swaps, net of gains on long-term intercompany loans of $1,271,000 at each year end.
Concentrations of Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments, and accounts receivable. The Company has certain domestic and foreign cash balances that exceed the insured limits set by the Federal Deposit Insurance Corporation (FDIC) in the United States and equivalent regulatory agencies in foreign countries. The Company primarily invests in investment-grade debt securities and has established guidelines relative to credit ratings, diversification, and maturities of its debt securities that maintain liquidity and safety. The Company has historically not experienced any significant realized losses on its debt securities. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. The Company has historically not experienced any significant losses related to the collection of its accounts receivable.
A significant portion of the Company's products is presently manufactured by a third-party contractor located in Indonesia. This contract manufacturer has agreed to provide the Company with termination notification periods and last-time-buy rights, if and when that may be applicable.
Certain key electronic and mechanical components, such as integrated circuit chips, are fundamental to the design of Cognex products. Due to the impact of global supply chain challenges or other factors, we have experienced, and may continue to experience, disruptions to the supply of components for our products that have resulted, and may continue to result, in higher purchase costs, delivery costs, and manufacturing delays.
The Company sources components from preferred vendors that are selected based on price and performance considerations. In the event of a supply disruption from a preferred vendor, these components may typically be purchased from alternative vendors, which may result in higher purchase costs and manufacturing delays based on the time required to identify and obtain sufficient quantities from an alternative source. Certain of the Company’s products utilize components that are available from only one source. If we are unable to secure adequate supply from these sources, we may have to redesign our products, which may lead to higher costs, delays in manufacturing, and possible loss of sales.
Business Combinations
The Company determines whether a transaction qualifies as a business combination by applying the definition of a business, which requires the assets acquired and liabilities assumed to be inputs and processes that have the ability to contribute to the creation of outputs. The Company accounts for business combinations under the acquisition method of accounting, which requires the following steps: (1) identifying the acquirer, (2) determining the acquisition date, (3) recognizing and measuring the identifiable assets acquired and the liabilities assumed, and (4) recognizing and measuring goodwill. The Company measures the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Management is responsible for determining the appropriate valuation model and estimated fair values, and in doing so, considers a number of factors, including information provided by an outside valuation advisor. Management bases the fair value of assets, including identifiable intangible assets acquired and liabilities assumed, on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. Goodwill is recognized as of the acquisition date as the excess of the consideration transferred over the net amount of assets acquired and liabilities assumed. Transaction costs are expensed as incurred.
Restructuring Charges
One-time employee termination benefits associated with restructuring activities exist at the date the plan of termination has been communicated to employees (the “communication date”) and all of the following criteria are met: (1) management, having the authority to approve the action, has committed to the plan of termination, (2) the plan identifies the number of employees to be terminated, their job classifications or functions and their locations, and the expected completion date, (3) the plan establishes the terms of the benefit arrangement in sufficient detail, and (4) actions required to complete the plan indicate it is unlikely that significant changes to the plan will be made. If employees are not required to render service until they are terminated in order to receive the termination benefits or will not be retained to render service beyond a minimum retention period, a liability for the termination benefits is recognized and measured at fair value at the communication date. Otherwise, a liability is measured initially at the communication date based on the fair value of the liability as of the termination date and recognized ratably over the future service period. Changes to the fair value of the liability are recorded as restructuring adjustments.
Closures of leased offices as part of a restructuring activity prior to the end of the contractual lease term are treated as abandoned right-to-use assets when the Company ceases to use the property for economic benefit and lacks
either the intent or ability to sublease. The lease asset is written down to zero as of the abandonment date. Estimates of contract termination costs assume the Company will be obligated to pay the remaining rent over the contract period, and the lease liability continues to be recorded on the balance sheet. Subsequent negotiations that result in early contract terminations are recorded as favorable restructuring adjustments.
Other associated costs as part of a restructuring activity include costs to consolidate facilities, costs to relocate employees, and legal fees incurred to research local statutory requirements and prepare termination agreements. These costs are recognized in the period in which the liability is incurred, which generally corresponds to the period in which the services are rendered.
v3.24.0.1
New Pronouncements
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [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 refund received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, is 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. 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.
Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", (ASU) 2021-01, "Reference Rate Reform (Topic 848): Scope", and Accounting Standards Update (ASU) 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848"
The amendments in these ASUs apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Together, the ASUs provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024 that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in these ASUs are effective for all entities as of March 12, 2020 through December 31, 2024. Management adopted Topic 848 on January 1, 2023, and now uses the Secured Overnight Financing Rate (SOFR). The adoption did not have a material impact on the Company's financial statements and disclosures.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
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 measured at fair value on a recurring basis as of December 31, 2023 (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$19,413 $— $— 
Corporate bonds— 308,816 — 
Treasury notes— 43,523 — 
Asset-backed securities— 19,314 — 
Sovereign bonds— 1,969 — 
Economic hedge forward contracts— 151 — 
Liabilities:
Economic hedge forward contracts— 106 — 
The Company’s money market instruments are reported at fair value based on 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 evaluates these long-lived assets for impairment whenever events or changes in circumstances, referred to as "triggering events," indicate the carrying value may not be recoverable. The Company did not record impairment charges related to non-financial assets in 2023, 2022, or 2021.
v3.24.0.1
Cash, Cash Equivalents, and Investments
 12 Months Ended
Dec. 31, 2023
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):
 December 31,
 20232022
Cash$183,242 $180,959 
Money market instruments19,413 415 
Cash and cash equivalents202,655 181,374 
Corporate bonds124,851 164,055 
Asset-backed securities3,551 26,890 
Sovereign bonds990 — 
Agency bonds— 15,858 
Treasury notes— 11,332 
Municipal bonds— 624 
Current investments129,392 218,759 
Corporate bonds183,965 374,440 
Treasury notes43,523 44,214 
Asset-backed securities15,763 33,539 
Sovereign bonds979 1,924 
Non-current investments244,230 454,117 
$576,277 $854,250 
The Company’s cash balance included foreign bank balances totaling $173,614,000 and $160,611,000 as of December 31, 2023 and 2022, respectively.
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; sovereign bonds consist of direct debt issued by foreign governments; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; treasury notes consist of debt securities issued by the U.S. government; and municipal bonds consist of debt securities issued by state and local government entities. All of the Company's securities as of December 31, 2023 and 2022 were denominated in U.S. Dollars.
Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,169,000 and $3,620,000 as of December 31, 2023 and 2022, respectively.
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 available-for-sale investments as of December 31, 2022 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$167,558 $— $(3,503)$164,055 
Asset-backed securities27,607 — (717)26,890 
Agency bonds16,143 — (285)15,858 
Treasury notes11,602 — (270)11,332 
Municipal bonds635 — (11)624 
Non-current:
Corporate bonds394,576 561 (20,697)374,440 
Treasury notes44,333 79 (198)44,214 
Asset-backed securities35,144 103 (1,708)33,539 
Sovereign bonds2,095 — (171)1,924 
$699,693 $743 $(27,560)$672,876 
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 Months		Unrealized Loss
Position For Greater than
12 Months		Total
 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)
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, 2022 (in thousands):
 Unrealized Loss
Position For Less than
12 Months		Unrealized Loss
Position For Greater than
12 Months		Total
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$285,087 $(9,591)$187,153 $(14,609)$472,240 $(24,200)
Asset-backed securities47,582 (2,299)2,495 (126)50,077 (2,425)
Treasury notes32,614 (465)102 (3)32,716 (468)
Agency bonds15,858 (285)— — 15,858 (285)
Sovereign bonds967 (67)957 (104)1,924 (171)
Municipal bonds624 (11)— — 624 (11)
$382,732 $(12,718)$190,707 $(14,842)$573,439 $(27,560)
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 December 31, 2023, 2022, or 2021. 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 (in thousands):
Year Ended December 31,
202320222021
Gross realized gains$111 $133 $246 
Gross realized losses(2,065)(315)(10)
Net realized gains (losses)$(1,954)$(182)$236 
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 loss.
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
<1 Year1-2 Years2-3 Years3-4 Years4-5 Years5-7 YearsTotal
Corporate bonds$124,851 $62,596 $44,906 $44,896 $31,567 $— $308,816 
Treasury notes— 2,441 6,115 22,270 12,697 — 43,523 
Asset-backed securities3,551 5,872 3,448 — — 6,443 19,314 
Sovereign bonds990 979 — — — 1,969 
$129,392 $71,888 $54,469 $67,166 $44,264 $6,443 $373,622 
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
  
December 31,
 20232022
Raw materials$93,201 $71,720 
Work-in-process5,747 906 
Finished goods63,337 49,854 
$162,285 $122,480 
In connection with the acquisition of Moritex Corporation in the fourth quarter of 2023 (refer to Note 21), the Company recorded inventories with a fair value of $22,788,000 on the acquisition date.
The Company recorded provisions for excess and obsolete inventories of $3,775,000 and $3,084,000 in 2023 and 2022, respectively, which reduced the carrying value of the inventories to their net realizable value.
v3.24.0.1
Leases Leases
 12 Months Ended
Dec. 31, 2023
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 December 31, 2023, there were no options to terminate and twenty-eight 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. Lease costs associated with variable payments were $1,175,000 in 2023, $1,009,000 in 2022, and $1,253,000 in 2021. There were no restrictions or covenants for the outstanding leases as of December 31, 2023. The Company did not have any leases that had not yet commenced but that created significant rights and/or obligations as of December 31, 2023.
The total operating lease expense was $11,598,000 in 2023, $8,939,000 in 2022, and $8,180,000 in 2021. The total operating lease cash payments were $10,148,000 in 2023, $8,548,000 in 2022, and $8,225,000 in 2021. 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 was $427,000 in 2023, $144,000 in 2022, and $154,000 in 2021.
Future operating lease cash payments are as follows (in thousands):
Year Ended December 31,Amount
2024$13,612 
202511,836 
20269,746 
20278,851 
20288,395 
Thereafter53,257 
$105,697 
The discounted present value of the future lease cash payments resulted in a lease liability of $78,601,000 and $39,752,000 as of December 31, 2023 and 2022, respectively.
In connection with the acquisition of Moritex Corporation in the fourth quarter of 2023 (refer to Note 21), the Company assumed multiple lease agreements, the most significant of which is for a 22,000 square-foot building in Vietnam that serves as a production plant for optical components.
In June 2023, the Company entered into a lease for a 115,000 square-foot building in Singapore to serve as a new distribution center for customers in Asia. The lease contains two components, including an 88,000 square-foot premises with a term of ten years, six months. The Company has the right and option to extend the term of this lease component for an additional period of five years, commencing upon the expiration of the original term. This lease component commenced during the second quarter of 2023, and therefore the Company recorded approximately $29,639,000, which reflects an estimated extension period of five years, within "Operating lease assets" and "Operating lease liabilities" on the Consolidated Balance Sheets on the commencement date. The second component of this Singapore lease is for a 27,000 square-foot premises with a term of eight years. The commencement date for this lease component is in the fourth quarter of 2025, and therefore it was not yet recorded on the Consolidated Balance Sheets, nor did it create any significant rights and obligations as of December 31, 2023. The Company has the right and option to extend the term of this lease component for an additional period of five years, commencing upon the expiration of the original term. Future payment obligations associated with this lease component total $13,231,000, none of which was payable in 2023 and which reflects an 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.
In December 2021, the Company entered into a lease for a 65,000 square-foot building in Southborough, Massachusetts for a term of ten years to serve as a new distribution center for customers in the Americas. The Company has the right and option to extend the term of this lease for an additional period of five years, commencing upon the expiration of the original ten-year term. This lease commenced during the first quarter of 2022, and therefore the Company recorded approximately $9,271,000, which does not reflect an estimated extension period, within "Operating lease assets" and "Operating lease liabilities" on the Consolidated Balance Sheets on the commencement date.
The weighted-average discount rate was 5.7% and 3.3% for the leases outstanding as of December 31, 2023 and December 31, 2022, respectively. The weighted-average remaining lease term was 10.5 years and 7.8 years for the leases outstanding as of December 31, 2023 and 2022, respectively.
v3.24.0.1
Goodwill
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The changes in the carrying value of goodwill were as follows (in thousands):
Amount
Balance as of December 31, 2021$241,713 
Acquisition of SAC Sirius Advanced Cybernetics GmbH (refer to Note 21)2,359 
Foreign exchange rate changes(1,442)
Balance as of December 31, 2022242,630 
Acquisition of Moritex Corporation (refer to Note 21)145,047 
  Foreign exchange rate changes5,504 
Balance as of December 31, 2023$393,181 
For its 2023 annual analysis of goodwill, management elected to perform a qualitative assessment. Based on this assessment, management believes it is more likely than not that the fair value of the reporting unit exceeds its carrying value. The Company did not record impairment charges related to goodwill in 2023, 2022, or 2021.
v3.24.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following (in thousands):
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 
 Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Completed technologies$28,017 $(17,744)$10,273 
Customer relationships5,838 (3,860)1,978 
Non-compete agreements340 (177)163 
Balance as of December 31, 2022$34,195 $(21,781)$12,414 
In connection with the acquisition of Moritex Corporation in the fourth quarter of 2023 (refer to Note 21), the Company acquired customer relationships valued at $66,900,000 with an estimated useful life of fifteen years, completed technologies valued at $32,300,000 with an estimated useful life of nine years, and trademarks valued at $850,000 with an estimated useful life of three years.
In connection with the acquisition of SAC Sirius Advanced Cybernetics GmbH ("SAC") in the fourth quarter of 2022, (refer to Note 21), the Company acquired completed technologies valued at $3,800,000 with an estimated useful life of 7 years.
In 2022, the Company retired approximately $43,280,000 of intangible assets primarily related to distribution networks and customer relationships that were fully amortized and had a net carrying value of zero on the Consolidated Balance Sheets.
The Company did not record impairment charges related to intangible assets in 2023, 2022 or 2021.
Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows (in thousands):
Year Ended December 31,Amount
2024$11,389 
202511,066 
202610,711 
20279,737 
20289,008 
Thereafter61,041 
$112,952 
v3.24.0.1
Accrued Expenses
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consisted of the following (in thousands):
 December 31,
20232022
Foreign retirement obligations$12,835 $7,191 
Incentive compensation10,645 18,554 
Salaries and payroll taxes8,774 8,121 
Vacation5,827 5,847 
Warranty obligations4,244 4,375 
Deferred payments related to Sualab Co., Ltd. acquisition (1)
— 19,282 
Other30,049 29,865 
$72,374 $93,235 
(1) The total consideration for the Company's 2019 acquisition of Sualab Co., Ltd. included deferred payments, contingent upon the continued employment of key talent, of $24,040,000 that was paid fully in October 2023. The deferred payments were recorded as compensation expense over the four-year period.
The changes in the warranty obligation were as follows (in thousands):
Balance as of December 31, 2020$5,406 
Provisions for warranties issued during the period3,256 
Fulfillment of warranty obligations(3,235)
Balance as of December 31, 20215,427 
Provisions for warranties issued during the period1,876 
Fulfillment of warranty obligations(2,928)
Balance as of December 31, 20224,375 
Provisions for warranties issued during the period2,940 
Fulfillment of warranty obligations(3,078)
Foreign exchange rate changes7 
Balance as of December 31, 2023$4,244 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
As of December 31, 2023, the Company had outstanding purchase orders totaling $61,459,000 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 2024.
A significant portion of the Company's outstanding inventory purchase orders as of December 31, 2023, 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 purchased $10,616,000, $5,269,000, and $547,000 in 2023, 2022, and 2021, respectively, of inventories as a result of the Company's 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.
v3.24.0.1
Indemnification Provisions
 12 Months Ended
Dec. 31, 2023
Guarantees [Abstract]  
Indemnification Provisions Indemnification Provisions
Except as limited by Massachusetts law, the by-laws of the Company require it to indemnify certain current or former directors, officers, and employees of the Company against expenses incurred by them in connection with each proceeding in which he or she is involved as a result of serving or having served in certain capacities. Indemnification is not available with respect to a proceeding as to which it has been adjudicated that the person did not act in good faith in the reasonable belief that the action was in the best interests of the Company. The maximum potential amount of future payments the Company could be required to make under these provisions is unlimited. The Company has never incurred significant costs related to these indemnification provisions. As a result, the Company believes the estimated fair value of these provisions is not material.
In the ordinary course of business, the Company may accept standard limited indemnification provisions in connection with the sale of its products, whereby it indemnifies its customers for certain direct damages incurred in connection with third-party patent or other intellectual property infringement claims with respect to the use of the Company’s products. The maximum potential amount of future payments the Company could be required to make under these provisions is, in many, but not all instances, subject to fixed monetary limits. The Company has never incurred significant costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the Company believes the estimated fair value of these provisions is not material.
In the ordinary course of business, the Company also accepts limited indemnification provisions from time to time, whereby it indemnifies customers for certain direct damages incurred in connection with bodily injury and property damage arising from the use of the Company’s products. Future payments the Company could be required to make under these provisions is generally recoverable under the Company’s insurance policies. As a result of this coverage, and the fact that the Company has never incurred significant costs to defend lawsuits or settle claims related to these indemnification provisions, the Company believes the estimated fair value of these provisions is not material.
v3.24.0.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2023
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 2023, the Company entered into a foreign currency forward contract to exchange U.S. Dollars for ¥40,000,000,000 to hedge the Japanese Yen purchase price of the acquisition of Moritex Corporation (refer to Note 21). 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.
The Company had the following outstanding forward contracts (in thousands):
December 31, 2023December 31, 2022
CurrencyNotional ValueUSD EquivalentNotional ValueUSD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro40,000 $44,302 60,000 $64,174 
Singapore Dollar39,700 30,136 — — 
Mexican Peso145,000 8,505 185,000 9,480 
Chinese Renminbi50,000 7,025 55,000 7,619 
Hungarian Forint2,240,000 6,466 1,590,000 4,238 
British Pound3,345 4,258 3,445 4,161 
Japanese Yen600,000 4,255 700,000 5,281 
Canadian Dollar1,470 1,112 1,730 1,278 
Swiss Franc— — 1,120 1,218 
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
 Asset DerivativesLiability Derivatives
Balance
Sheet Location		Fair ValueBalance
Sheet Location		Fair Value
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assets$151 $27 Accrued expenses$106 $479 
The following table summarizes 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
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Gross amounts of recognized assets$151 $27 Gross amounts of recognized liabilities$106 $479 
Gross amounts offset— — Gross amounts offset— — 
Net amount of assets presented$151 $27 Net amount of liabilities presented$106 $479 
Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands):
 Location in Financial StatementsYear Ended December 31,
202320222021
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$(10,023)$9,823 $4,262 
v3.24.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes disaggregated revenue information by geographic area based on the customer's country of domicile (in thousands):
Year Ended December 31,
202320222021
Americas$330,415 $390,573 $435,220 
Europe220,665 234,643 247,744 
Greater China164,115 227,447 200,135 
Other Asia122,352 153,427 153,999 
$837,547 $1,006,090 $1,037,098 

The following table summarizes disaggregated revenue information by revenue type (in thousands):
Year Ended December 31,
202320222021
Standard products and services$734,140 $848,153 $889,253 
Application-specific customer solutions103,407 157,937 147,845 
$837,547 $1,006,090 $1,037,098 
Costs to Fulfill a Contract
Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $13,265,000 and $14,578,000 as of December 31, 2023 and 2022, 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 primarily 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 changes in the allowance for credit losses (in thousands):
Amount
Balance as of December 31, 2021$776 
Increases to the allowance for credit losses191 
Write-offs, net of recoveries(237)
Foreign exchange rate changes— 
Balance as of December 31, 2022730 
Increases to the allowance for credit losses500 
Write-offs, net of recoveries(645)
Foreign exchange rate changes(2)
Balance as of December 31, 2023$583 
The following table summarizes the deferred revenue and customer deposits activity (in thousands):
Amount
Balance as of December 31, 2021$35,743 
Deferral of revenue billed in the current period, net of recognition39,076 
Recognition of revenue deferred in prior period(31,520)
Foreign exchange rate changes(2,512)
Balance as of December 31, 202240,787 
Deferral of revenue billed in the current period, net of recognition21,538 
Recognition of revenue deferred in prior period(20,987)
Returned customer deposit(9,205)
Foreign exchange rate changes(608)
Balance as of December 31, 2023$31,525 
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, is not material.
v3.24.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Preferred Stock
The Company has 400,000 shares of authorized but unissued $.01 par value preferred stock.
Common Stock
On April 25, 2018, the Company's shareholders approved an amendment to the Company's Articles of Organization to increase the authorized number of shares of $.002 par value common stock from 200,000,000 to 300,000,000.
Each outstanding share of common stock entitles the record holder to one vote on all matters submitted to a vote of the Company’s shareholders. Common shareholders are also entitled to dividends when and if declared by the Company’s Board of Directors.
Stock Repurchases
In October 2018, the Company's Board of Directors authorized the repurchase of $200,000,000 of the Company's common stock. Under this October 2018 program, in addition to repurchases made in prior years, the Company repurchased 957,000 shares at a cost of $78,652,000 in 2021, which completed purchases under the October 2018 program.
In March 2020, the Company's Board of Directors authorized the repurchase of an additional $200,000,000 of the Company's common stock. Under this March 2020 program, the Company repurchased 1,060,000 shares, including 5,000 shares that were repurchased in 2021 and settled in 2022, at a cost of $83,000,000 in 2021, and 1,677,000 shares at a cost of $117,000,000 in 2022, which completed purchases under the March 2020 program.
In March 2022, the Company's Board of Directors authorized the repurchase of an additional $500,000,000 of the Company's common stock. Under this March 2022 program, the Company repurchased 1,682,000 shares at a cost of $87,314,000 in 2022 and 1,723,000 shares at a cost of $79,794,000 in 2023, leaving a remaining balance of $332,892,000. The 2023 repurchase included $446,000 of buyback Excise Tax in accordance with the Inflation Reduction Act of 2022.
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.
Dividends
The Company’s Board of Directors declared and paid cash dividends of $0.060 per share in the first, second, and third quarters of 2021, $0.065 per share in the fourth quarter of 2021 and in the first, second, and third quarters of 2022, and $0.070 per share in the fourth quarter of 2022 and in the first, second, and third quarters of 2023. The dividend was increased to $0.075 per share in the fourth quarter of 2023.
Future dividends will be declared at the discretion of the Company's Board of Directors and will depend on such factors as the Board deems relevant, including, among other things, the Company's ability to generate positive cash flow from operations.
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
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 December 31, 2023, forfeitures, cancellations, and other terminations from the 2001 Plan and the 2007 Plan have resulted in 343,492 Carryover Shares, raising the authorized total shares that may be issued under the 2023 Plan to 8,443,492.
As of December 31, 2023, the Company had 7,978,000 shares available for issuance 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 on continuous employment 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:
Shares
(in thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding as of December 31, 2022
8,467 $51.56 
Granted1,541 46.33 
Exercised(330)33.64 
Forfeited or expired(670)57.65 
Outstanding as of December 31, 2023
9,008 $50.87 5.92$17,164 
Exercisable as of December 31, 2023
5,207 $47.78 4.42$16,212 
Options vested or expected to vest as of 
 December 31, 2023 (1)
8,548 $50.79 5.78$16,896 
(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 was $11,104,000 in 2023, $12,267,000 in 2022, and $63,860,000 in 2021. In connection with these exercises, the tax benefit (expense) realized by the Company was $(4,691,000) in 2023, $2,548,000 in 2022, and $46,529,000 in 2021.
The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions:
 Year Ended December 31,
 202320222021
Risk-free rate4.0 %2.2 %1.3 %
Expected dividend yield0.61 %0.44 %0.27 %
Expected volatility39 %37 %39 %
Expected term (in years)5.05.56.0
Risk-free rate
The risk-free rate was based on 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 on 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 value of stock options granted was $17.76 in 2023, $21.39 in 2022, and $33.79 in 2021.
The total intrinsic value of stock options exercised was $6,227,000 in 2023, $8,424,000 in 2022, and $80,369,000 in 2021. The total fair value of stock options vested was $34,751,000 in 2023, $41,497,000 in 2022, and $45,328,000 in 2021.
Restricted Stock Units (RSUs)
The following table summarizes the Company's RSUs activity:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2022
1,269 $61.74 
Granted791 46.14 
Vested(521)59.22 
Forfeited or expired(110)59.20 
Nonvested as of December 31, 2023
1,429 $54.22 
The fair value of RSUs was 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 value of RSUs granted was $46.14 in 2023, $58.06 in 2022, and $87.03 in 2021. There were 521,000, 192,000, and 16,000 RSUs that vested in 2023, 2022, and 2021, 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 was $7,836,000 in 2023, $2,406,000 in 2022, and $568,000 in 2021. In connection with these vested RSUs, the tax benefit (expense) realized by the Company was $(3,229,000) in 2023, $(1,049,000) in 2022, and $126,000 in 2021.
Performance Restricted Stock Units (PRSUs)
The following table summarizes the Company's PRSUs activity:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2022
33 $62.49 
Granted46 44.86 
Vested— — 
Forfeited or expired— — 
Nonvested as of December 31, 2023
79 $52.23 
The fair value of PRSUs was calculated using a Monte Carlo simulation model to estimate the probability of satisfying the service and market conditions stipulated in the award grant. The weighted average grant-date fair value of PRSUs granted was $44.86 in 2023 and $62.49 in 2022. No PRSUs were granted in 2021. No PRSUs vested in 2023, 2022, and 2021.
Stock-Based Compensation Expense
The Company stratifies its employee population into three groups: one consisting of the CEO, another 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, 8% to all stock-based awards for senior management, and 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 $234,000 in 2023, an increase to compensation expense of $1,536,000 in 2022, and a decrease to compensation expense of $255,000 in 2021.
As of December 31, 2023, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested stock-based awards, including stock options, RSUs, and PRSUs, was $58,489,000, which is expected to be recognized over a weighted-average period of 1.92 years.
The total stock-based compensation expense and the related income tax benefit recognized was $54,768,000 and $8,442,000, respectively, in 2023, $54,505,000 and $9,540,000, respectively, in 2022, and $43,774,000 and $6,764,000, respectively, in 2021. No compensation expense was capitalized in 2023, 2022, or 2021.
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
 Year Ended December 31,
 202320222021
Cost of revenue$1,979 $2,016 $1,345 
Research, development, and engineering16,480 17,693 13,535 
Selling, general, and administrative36,309 34,796 28,894 
$54,768 $54,505 $43,774 
v3.24.0.1
Employee Savings Plan
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Savings Plan Employee Savings Plan
Under the Company's Employee Savings Plan, a defined contribution plan, all U.S. employees who have attained age 21 may contribute up to 100% of their pay on a pre-tax basis under the Company's Employee Savings Plan, subject to the annual dollar limitations established by the Internal Revenue Service ("IRS"). The Company matches 50% of the first 6% of pay an employee contributes. Company contributions vest 25%, 50%, 75%, and 100% after one, two, three, and four years of continuous employment with the Company, respectively. Company contributions totaled $3,392,000 in 2023, $3,284,000 in 2022, and $2,898,000 in 2021. Cognex stock is not an investment alternative and Company contributions are not made in the form of Cognex stock.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Domestic income before taxes was $16,039,000 in 2023, $48,546,000 in 2022, and $121,729,000 in 2021. Foreign income before taxes was $119,309,000 in 2023, $202,149,000 in 2022, and $197,171,000 in 2021.
Income tax expense consisted of the following (in thousands):
 Year Ended December 31,
 202320222021
Current:
Federal$29,084 $48,355 $27,870 
State3,544 5,689 5,372 
Foreign9,207 10,243 8,406 
41,835 64,287 41,648 
Deferred:
Federal(24,731)(40,772)(19,266)
State(5,877)(8,354)(769)
Foreign10,887 20,009 17,406 
(19,721)(29,117)(2,629)
$22,114 $35,170 $39,019 
A reconciliation of the U.S. federal statutory corporate tax rate to the Company’s income tax expense, or effective tax rate, was as follows:
 Year Ended December 31,
 202320222021
Income tax expense at U.S. federal statutory corporate tax rate21 %21 %21 %
State income taxes, net of federal benefit1 2 1 
Foreign tax rate differential(6)(7)(5)
Tax credits(3)(1)(2)
Taxation on multinational operations(3)— — 
Tax reserves3 1 — 
Limitation on deduction for executive compensation2 1 — 
Discrete tax expense related to employee stock-based compensation1 — (3)
Discrete tax expense related to tax return filings2 2 (1)
Discrete tax expense related to rate revaluation on state tax assets2 (2)— 
Discrete tax benefit related to GILTI adjustments
(2)(3)— 
Discrete tax benefit for release of valuation allowance(4)(1)— 
Discrete tax benefit for audit settlements— (1)— 
Other2 2 1 
Income tax expense16 %14 %12 %
Tax Reserves
The changes in gross amounts of unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):
Balance of reserve for income taxes as of December 31, 2020$13,952 
Reductions as a result of tax positions taken in prior periods(280)
Additions as a result of tax positions taken in prior periods100 
Additions as a result of tax positions taken in the current period525 
Reductions as a result of the expiration of the applicable statutes of limitations(485)
Balance of reserve for income taxes as of December 31, 202113,812 
Reductions as a result of tax positions taken in prior periods(119)
Additions as a result of tax positions taken in prior periods2,850 
Additions as a result of tax positions taken in the current period505 
Reductions relating to settlements with taxing authorities(2,329)
Reductions as a result of the expiration of the applicable statutes of limitations(1,072)
Balance of reserve for income taxes as of December 31, 202213,647 
Reductions as a result of tax positions taken in prior periods(242)
Additions as a result of tax positions taken in prior periods12,556 
Additions as a result of tax positions taken in the current period1,877 
Reductions relating to settlements with taxing authorities(1,230)
Reductions as a result of the expiration of the applicable statutes of limitations(894)
Balance of reserve for income taxes as of December 31, 2023$25,714 
The Company’s reserve for income taxes, including gross interest and penalties, was $29,053,000 as of December 31, 2023, of which $26,685,000 was classified as a non-current liability and $2,368,000 was classified as an offset to deferred tax assets. The Company's reserve for income taxes, including interest and penalties, was $15,866,000 as of December 31, 2022, which was classified as a non-current liability. The amount of gross interest and penalties included in these balances was $3,339,000 and $2,219,000 as of December 31, 2023 and 2022, respectively. 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. As a result of the
expiration of certain statutes of limitations, there is a potential that a portion of these reserves could be released, which would decrease income tax expense by approximately $650,000 to $1,000,000 over the next twelve months.
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 differences resulted in a favorable impact to the effective tax rate of 6 percentage points for 2023, 7 percentage points for 2022, and 5 percentage points for 2021. Management has determined that earnings from its legal entity in China will be indefinitely reinvested to provide local funding for growth, and that earnings from all other jurisdictions will not be indefinitely reinvested. In 2023, the Company qualified for a tax holiday in China, which is renewed every three years. The tax effect of this benefit, derived from the tax holiday, on basic and diluted earnings per share for 2023 was not material.
Within the United States, the tax years 2019 through 2022 remain open to examination by the Internal Revenue Service ("IRS") and various state taxing authorities. The tax years 2017 through 2022 remain open to examination by various taxing authorities in other jurisdictions in which the Company operates. The Company is under audit by the Commonwealth of Massachusetts for the returns filed for tax years 2020 and 2021. In addition, the Company is under audit in Ireland for the returns filed for tax years 2019 through 2020. Management believes the Company is adequately reserved for these audits. The final determination of tax audits could result in favorable or unfavorable changes in our estimates. Any reserves associated with this audit period will not be released until the issue is settled or the audit is concluded.
Interest and penalties included in income tax expense were $1,032,000 in 2023, $229,000 in 2022, and $281,000 in 2021.
Cash paid for income taxes totaled $56,618,000 in 2023, $57,016,000 in 2022, and $49,435,000 in 2021.
Deferred Tax Assets and Liabilities
The tax effects of temporary differences and attributes that give rise to deferred income tax assets and liabilities as of December 31, 2023 and December 31, 2022 were as follows (in thousands):
December 31,
 20232022
Deferred tax assets:
Intangible asset in connection with change in tax structure$375,360 $386,221 
Stock-based compensation expense20,916 21,962 
Tax credit carryforwards7,848 8,284 
Inventory and revenue related10,897 8,117 
Bonuses, commissions, and other compensation6,243 5,116 
Depreciation1,840 4,881 
Foreign net operating losses339 53 
Capitalization of R&D expenses28,521 16,889 
Other5,514 15,102 
Total deferred tax assets457,478 466,625 
Valuation allowance(943)(7,661)
$456,535 $458,964 
Deferred tax liabilities:
Amortization$(28,685)$(2,762)
GILTI tax basis differences in connection with change in tax structure(274,327)(298,922)
$(303,012)$(301,684)
Net deferred taxes$153,523 $157,280 
Change in Tax Structure and Global Intangible Low-Taxed Income Tax
In 2019, the Company made changes to its international tax structure due to legislation by the European Union regarding low tax structures that resulted in an intercompany sale of intellectual property. As a result, the Company recorded an associated deferred tax asset of $437,500,000 in Ireland based on the fair value of the intellectual property that is being realized over fifteen years as future tax deductions. From a United States perspective, the sale was disregarded, and any future deductions claimed in Ireland are added back to taxable income as part of Global Intangible Low-Taxed Income ("GILTI") minimum tax. The Company recorded an associated deferred tax liability of $350,000,000, representing the GILTI minimum tax related to the fair value of the intellectual property.
Other Deferred Tax Assets and Liabilities
As of December 31, 2022, the Company recorded a deferred tax asset resulting from the capitalization of research and development expenditures. Beginning in 2022, the Tax Cuts and Jobs Act eliminates the option to deduct research and development expenditures in the period incurred and requires taxpayers to capitalize and amortize such expenditures over five or fifteen years, as applicable, pursuant to Section 174 of the Internal Revenue Code.
As of December 31, 2023, the Company had foreign net operating loss carryforwards of $1,720,000, state tax credit carryforwards of $8,740,000 that will begin to expire for the 2031 tax return, and foreign tax credit carryforwards of $943,000.
As of December 31, 2023, the Company had a valuation allowance for foreign tax credits of $943,000 that was not considered to be realized. Should these credits be utilized in a future period, the reserve associated with these credits would be reversed in the period when it is determined that the credits can be utilized to offset future income tax liabilities.
As of December 31, 2023, the Company released the valuation allowance for state research and development tax credits of $5,427,000, as these credits are expected to be utilized to offset future state income tax liabilities.
While the deferred tax assets, net of valuation allowance, are not assured of realization, management has evaluated the realizability of these deferred tax assets and has determined that it is more likely than not that these assets will be realized. In reaching this conclusion, we have evaluated certain relevant criteria including the Company’s historical profitability, current projections of future profitability, and the lives of tax credits, net operating losses, and other carryforwards. Should the Company fail to generate sufficient pre-tax profits in future periods, we may be required to establish valuation allowances against these deferred tax assets, resulting in a charge to current operations in the period of determination.
v3.24.0.1
Weighted Average Shares
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Weighted Average Shares Weighted Average Shares
Weighted-average shares were calculated as follows (in thousands):
 Year Ended December 31,
202320222021
Basic weighted-average common shares outstanding172,249 173,407 176,463 
Effect of dilutive stock awards1,150 1,462 3,453 
Diluted weighted-average common and common-equivalent shares outstanding173,399 174,869 179,916 
Stock options to purchase 6,854,092, 4,715,104, and 497,504 shares of common stock, on a weighted-average basis, were outstanding in 2023, 2022, and 2021, respectively, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. Restricted stock units totaling 365, 26,079, and 605 that will be settled in shares of common stock to the extent they vest, on a weighted-average basis, were outstanding in 2023, 2022, and 2021, 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 in 2023, 2022, and 2021 as PRSUs were not anti-dilutive on a weighted-average basis.
v3.24.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company operates in one segment, machine vision technology. The Company has a single, company-wide management team that administers operations as a whole rather than as discrete operating segments. The Company’s chief operating decision maker is the chief executive officer, who makes decisions to allocate resources and assesses performance at the corporate level, without regard to geography, product line, or end market. The Company offers a variety of machine vision products that have similar economic characteristics and are distributed by the same sales channels to the same types of customers.
The following table summarizes information about geographic areas (in thousands):
United StatesEuropeGreater China OtherTotal
Year Ended December 31, 2023
Revenue$288,324 $220,665 $164,115 $164,443 $837,547 
Long-lived assets62,946 17,005 17,028 15,958 $112,937 
Year Ended December 31, 2022
Revenue$343,835 $234,643 $227,447 $200,165 $1,006,090 
Long-lived assets66,928 14,725 1,334 3,370 $86,357 
Year Ended December 31, 2021
Revenue$393,690 $247,744 $200,135 $195,529 $1,037,098 
Long-lived assets63,141 16,982 960 3,705 $84,788 
Revenue is presented geographically based on the customer’s country of domicile.
Revenue from a single customer accounted for 11% and 17% of total revenue in 2022 and 2021, respectively. Revenue from this customer was not greater than 10% of total revenue in 2023. Accounts receivable from this customer was not greater than 10% of total accounts receivable as of December 31, 2023 or December 31, 2022.
Revenue from a second customer accounted for 11% of total revenue in 2022. Revenue from this customer was not greater than 10% of total revenue in 2023 or 2021. Accounts receivable from this customer was not greater than 10% of total accounts receivable as of December 31, 2023 or December 31, 2022.
v3.24.0.1
Business Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
Business Acquisitions Business Combinations
Moritex Corporation
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) is expected to be paid in the first quarter of 2024 as a final purchase price adjustment based on the closing balance sheet. The Company acquired cash balances totaling $38,088,000 as part of this transaction, to arrive at a net cash outflow of $257,056,000 on the closing date. There was no contingent consideration as part of this transaction.
Established in 1973, Moritex develops, manufactures, and sells high-end optical components, such as lenses and lighting, for industrial use. The acquisition of Moritex is expected to increase the Company's optical technology capabilities, which include our proprietary embedded liquid lenses and, more recently, computational lighting from our 2022 acquisition of SAC Sirius Advanced Cybernetics GmbH (described below). Vision technology relies on acquiring high-quality images to optimize the performance of machine vision tools. Historically, our customers have primarily used third-party lenses and lighting for image acquisition. We anticipate the portfolio of Moritex optical components will allow us to expand our served market to include high-end lenses and lighting and provide our customers with a more complete product offering by replacing third-party components with Cognex-manufactured optical components. Moritex also provides the Company with a more substantial presence in Japan, which is an important machine vision market where we believe we can increase our share through a stronger local presence.
This transaction was accounted for as a business combination. As of the date of this filing, the purchase price allocation is preliminary and may change during the one-year measurement period ending October 18, 2024 as new
information becomes available, particularly related to tax positions reflected as of the acquisition date. Identifiable assets acquired and liabilities assumed were recorded at their estimated fair values, which were valued using level 3 inputs, as of the acquisition date. Pro-forma information, as well as revenue and earnings from the date of the acquisition, are not presented because they are not material to the Company’s consolidated financial statements. Transaction costs were approximately $5,800,000 and were expensed as incurred as part of SG&A expenses on the Consolidated Statement of Operations.
The purchase price was allocated based on provisional amounts as follows (in thousands):
Cash and cash equivalents$38,088 
Accounts receivable11,572 
Inventories22,788 
Property, plant and equipment19,876 
Goodwill145,047 
Customer relationships66,900 
Completed technologies32,300 
Trademarks850 
Deferred income tax assets4,516 
Other assets4,935 
Accounts payable(6,700)
Accrued expenses(13,521)
Deferred income tax liabilities(22,055)
Reserve for income taxes(5,864)
Other liabilities(2,594)
   Purchase price$296,138 
The customer relationships, completed technologies, and trademarks are included in "Intangible assets" on the Consolidated Balance Sheet. The customer relationships are being amortized to SG&A expenses over fifteen years, the completed technologies are being amortized to cost of revenue over nine years, and the trademarks are being amortized to SG&A expenses over three years. None of the acquired goodwill is deductible for tax purposes.
SAC Sirius Advanced Cybernetics GmbH
On December 7, 2022, the Company acquired all of the outstanding shares of SAC Sirius Advanced Cybernetics GmbH ("SAC"), a leader in computational lighting technology based in Germany. The acquisition of SAC and its technology is expected to expand the Company’s capabilities in defect detection, and accelerate its growth trajectory with electric vehicle battery manufacturers. The purchase price of the acquisition was not material to the Company's consolidated financial statements.
v3.24.0.1
Loss from Fire
 12 Months Ended
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]  
Loss from Fire Loss (Recovery) from Fire
On June 7, 2022, the Company’s primary contract manufacturer experienced a fire at its plant in Indonesia. The fire destroyed a significant amount of Cognex-owned consigned inventories, as well as component inventories owned by the contract manufacturer that were designated for Cognex products. There was no significant damage to the Company's production equipment. Since the date of the fire, the Company has worked with the contract manufacturer to resume production, maintain standards of product quality, and replenish inventories destroyed by the fire. The Company has also been working to ramp up an additional contract manufacturer to further mitigate risk, diversify supply chain, and expand production capacity.
In 2022, the Company recorded a net loss related to the fire of $20,779,000, consisting primarily of losses of inventories and other assets of $48,339,000, partially offset by insurance proceeds received from the Company's insurance carrier of $27,560,000. In 2023, the Company recorded recoveries related to the fire of $8,000,000, consisting of $2,500,000 for proceeds received from the Company's insurance carrier in relation to a business interruption claim and $5,500,000 for proceeds received as part of a financial settlement for lost inventory and other losses incurred as a result of the fire. Management does not anticipate additional recoveries. These losses and recoveries are presented in the caption "Loss (recovery) from fire" on the Consolidated Statements of Operations.
v3.24.0.1
Restructuring Charges
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
In December 2022, following its acquisition of SAC Sirius Advanced Cybernetics GmbH (refer to Note 21), the Company completed restructuring activities to align the cost and operating structure of the acquired business with the Company's business strategy. The restructuring activities included a workforce reduction of 18 employees and the termination of certain operating lease contracts, and resulted in charges of $1,657,000 in 2022. These charges are included in “Restructuring charges” on the Consolidated Statements of Operations.
The following table summarizes the restructuring charges for the year ended December 31, 2022 (in thousands):

Amount
One-time termination benefits$1,584 
Contract termination costs73 
$1,657 
The following table summarizes the activity in the Company’s restructuring reserve, which is included in “Accrued expenses” on the Consolidated Balance Sheets (in thousands):
One-time Termination BenefitsContract Termination CostsTotal
Balance as of December 31, 2021$— $— $— 
Restructuring charges1,584 73 1,657 
Cash payments(646)— (646)
Foreign exchange rate changes26 2 28 
Balance as of December 31, 2022964 75 1,039 
Cash payments(973)(75)(1,048)
Foreign exchange rate changes9 — 9 
Balance as of December 31, 2023$— $— $— 
v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On February 15, 2024, the Company's Board of Directors declared a cash dividend of $0.075 per share. The dividend is payable March 14, 2024 to all shareholders of record as of the close of business on February 29, 2024.
v3.24.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
  Additions     
DescriptionBalance at
Beginning
of Period		Charged to
Costs and
Expenses		Charged
to Other
Accounts		Deductions Other Balance at
End of
Period
(In thousands)
Allowance for Credit Losses on Accounts Receivable:
2023$730 $500 $— $(645)(1)$(2)(2)$583 
2022$776 $191 $— $(237)(1)$— (2)$730 
2021$831 $— $— $(55)(1)$— (2)$776 
Reserve for Sales Returns:
2023$1,518 $500 $— $— (1)$— (2)$2,018 
2022$1,518 $— $— $— (1)$— (2)$1,518 
2021$1,291 $— $227 $— (1)$— (2)$1,518 
Deferred Tax Valuation Allowance:
2023$7,661 $— $— $(6,718)$— $943 
2022$8,188 $2,234 $3,889 $(6,650)$— $7,661 
2021$8,568 $1,420 $— $(1,800)$— $8,188 
(1)Specific write-offs
(2)Foreign currency exchange rate changes
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income $ 113,234 $ 215,525 $ 279,881
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Joerg Kuechen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarter ended December 31, 2023, the following Section 16 officer adopted a Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K, that is intended to satisfy the affirmative defense conditions of the Exchange Act Rule 10b5-1(c):

•On December 12, 2023, Joerg Kuechen, the Chief Technology Officer of the Company, adopted a trading arrangement for the sale of shares of the Company’s common stock (a “Rule 10b5-1 Trading Plan”). Mr. Kuechen’s Rule 10b5-1 Trading Plan, which has a term ending on December 6, 2024, provides for the exercise of vested stock options to acquire up to 202,556 shares of common stock and the sale of up to 215,818 shares of common stock pursuant to the terms of the plan.
During the quarter ended December 31, 2023, no 10b5-1 trading arrangements were modified or terminated, and no director or officer of the Company adopted or terminated a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K.
Name Joerg Kuechen
Title Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 12, 2023
Arrangement Duration 360 days
Joerg Kuechen, Rule Trading Arrangement, Common Stock Purchase [Member] | Joerg Kuechen [Member]  
Trading Arrangements, by Individual  
Aggregate Available 202,556
Joerg Kuechen, Rule Trading Arrangement, Common Stock Sale [Member] | Joerg Kuechen [Member]  
Trading Arrangements, by Individual  
Aggregate Available 215,818
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Nature of Operations
Nature of Operations
Cognex Corporation ("the Company" or "Cognex") is a leading global provider of machine vision products and solutions that improve efficiency and quality and address some of the most critical manufacturing and distribution challenges.
Use of Estimates in the Preparation of Financial Statements
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the balance sheet date, and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Significant estimates and judgments include those related to revenue recognition, income taxes, and business combinations.
Basis of Consolidation
Basis of Consolidation
The consolidated financial statements include the accounts of Cognex Corporation and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated.
Foreign Currency
Foreign Currency Translation
The financial statements of the Company’s foreign subsidiaries, where the local currency is the functional currency, are translated using exchange rates in effect at the end of the year for assets and liabilities and average exchange rates during the year for results of operations. The resulting foreign currency translation adjustment, net of tax, is included in shareholders’ equity as accumulated other comprehensive loss.
Fair Value Measurements
Fair Value Measurements
The Company applies a three-level valuation hierarchy for fair value measurements. The categorization of assets and liabilities within the valuation hierarchy is based on the lowest level of input that is significant to the measurement of fair value. Level 1 inputs to the valuation methodology utilize unadjusted quoted market prices in active markets for identical assets and liabilities. Level 2 inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets and liabilities, quoted prices for identical and similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 inputs to the valuation methodology are unobservable inputs based on management’s best estimate of the inputs that market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. A change to the level of an asset or liability within the fair value hierarchy is determined at the end of a reporting period.
Cash, Cash Equivalents, and Investments
Cash, Cash Equivalents, and Investments
Money market instruments, as well as debt securities with original maturities of three months or less, are classified as cash equivalents and are stated at amortized cost. Debt securities with original maturities greater than three months and remaining maturities of one year or less are classified as current investments. Debt securities with remaining maturities greater than one year are classified as non-current investments. In July 2023, the Company’s investment policy was modified to reduce effective maturities of newly purchased securities to up to five years. As of December 31, 2023, the Company held investments with maturities in excess of the five-year limit that were approved as pre-existing exceptions to the new policy.
Debt securities with original maturities greater than three months are designated as available-for-sale and are reported at fair value, with unrealized gains and losses, net of tax, included in shareholders’ equity as accumulated other comprehensive loss. Realized gains and losses are calculated using the specific identification method. Realized gains and losses, interest income, and the amortization of the discount or premium on debt securities arising at acquisition, are included in "Investment income" on the Consolidated Statements of Operations.
Management monitors its debt securities to determine whether a loss exists related to the credit quality of the issuer. If the present value of the cash flows expected to be collected from the security is less than the amortized cost basis of the security, then a credit loss exists and an allowance against the security for credit losses is recorded. The
allowance is limited to the amount by which fair value is below amortized cost, recognizing that the investment could be sold at fair value. Credit losses continue to be remeasured in subsequent reporting periods. Credit losses and recoveries related to debt securities are included in “Other income (expense)” on the Consolidated Statements of Operations. 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.
Cash, Cash Equivalents, and Investments
Cash, Cash Equivalents, and Investments
Money market instruments, as well as debt securities with original maturities of three months or less, are classified as cash equivalents and are stated at amortized cost. Debt securities with original maturities greater than three months and remaining maturities of one year or less are classified as current investments. Debt securities with remaining maturities greater than one year are classified as non-current investments. In July 2023, the Company’s investment policy was modified to reduce effective maturities of newly purchased securities to up to five years. As of December 31, 2023, the Company held investments with maturities in excess of the five-year limit that were approved as pre-existing exceptions to the new policy.
Debt securities with original maturities greater than three months are designated as available-for-sale and are reported at fair value, with unrealized gains and losses, net of tax, included in shareholders’ equity as accumulated other comprehensive loss. Realized gains and losses are calculated using the specific identification method. Realized gains and losses, interest income, and the amortization of the discount or premium on debt securities arising at acquisition, are included in "Investment income" on the Consolidated Statements of Operations.
Management monitors its debt securities to determine whether a loss exists related to the credit quality of the issuer. If the present value of the cash flows expected to be collected from the security is less than the amortized cost basis of the security, then a credit loss exists and an allowance against the security for credit losses is recorded. The
allowance is limited to the amount by which fair value is below amortized cost, recognizing that the investment could be sold at fair value. Credit losses continue to be remeasured in subsequent reporting periods. Credit losses and recoveries related to debt securities are included in “Other income (expense)” on the Consolidated Statements of Operations. 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.
Accounts Receivable
Accounts Receivable
The Company extends credit with various payment terms to customers based on an evaluation of their financial condition. Accounts that are outstanding longer than the payment terms are considered to be past due. The Company establishes an allowance against accounts receivable for credit losses when it determines receivables are at risk for collection based on the length of time the receivable has been outstanding, the customer’s current ability to pay its obligations to the Company, and general economic and industry conditions, as well as various other factors. Receivables are written off against this allowance in the period they are determined to be uncollectible and payments subsequently received on previously written-off receivables are recorded as a recovery of the credit loss. Credit losses and recoveries related to accounts receivable are included in "Selling, general, and administrative expenses" on the Consolidated Statements of Operations.
Inventories
Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using standard costs, which approximates actual costs under the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
Purchase price variances are incurred when actual costs are different than standard costs due to favorable or unfavorable market prices. Management applies judgment to recognize purchase price variances in the same period that the associated standard costs of the finished goods that consume these components are sold.
The Company’s inventory is subject to technological change or obsolescence. The Company reviews inventory quantities on hand and estimates excess and obsolescence exposures based on assumptions about future demand, product transitions, general economic and industry conditions, and other circumstances, and records reserves to reduce the carrying value of inventories to their net realizable value. If actual future demand is less than estimated, additional inventory write-downs would be required.
The Company generally disposes of obsolete inventory upon determination of obsolescence. The Company does not dispose of excess inventory immediately, due to the possibility that some of this inventory could be sold to customers as a result of differences between actual and forecasted demand. When inventory has been written down below cost, such reduced amount is considered the new cost basis for subsequent accounting purposes. As a result, the Company could recognize a higher-than-normal gross margin if the reserved inventory were subsequently sold.
In accordance with the accounting principles applied in business combinations, acquired inventories are recorded at fair value on the acquisition date. This valuation policy typically results in the write-up of inventories above the acquired company’s pre-acquisition carrying value, which results in a lower-than-normal gross margin when these acquired inventories are sold.
Property, Plant, and Equipment
Property, Plant, and Equipment
Property, plant, and equipment are stated at cost and depreciated using the straight-line method over the assets’ estimated useful lives. Buildings’ original useful lives are 39 years, building improvements’ useful lives are ten years, and the useful lives of computer hardware and software, manufacturing test equipment, and furniture and fixtures range from two to ten years. Land that is leased or granted, as well as leasehold improvements, are depreciated over the shorter of the estimated useful lives or the remaining terms of the leases. Maintenance and repairs are expensed when incurred; additions and improvements are capitalized. Upon retirement or disposition, the cost and related accumulated depreciation of the disposed assets are removed from the accounts, with any resulting gain or loss included in current operations.
In accordance with the accounting principles applied in business combinations, acquired property, plant, and equipment are recorded at fair value on the acquisition date. This valuation policy typically results in the write-up of property, plant, and equipment above the acquired company’s pre-acquisition carrying value, which results in a higher depreciation expense over the estimated lives of the assets.
Internal-use Software
Internal-use Software
Internal-use software is software acquired, internally developed, or modified solely to meet the Company's internal needs, and during the software's development, no substantive plan exists to sell the software. The accounting treatment for computer software developed for internal use depends on the nature of activities performed at each stage of development. The preliminary project stage includes conceptual formulation of design alternatives, determination of system requirements, vendor demonstrations, and final selection of vendors, and during this stage costs are expensed as incurred. The application development stage includes software configuration, coding, hardware installation, and testing. During this stage, certain costs are capitalized, including external direct costs of materials and services, as well as payroll and payroll-related costs for employees who are directly associated with the project, while certain costs are expensed as incurred, including training and data conversion costs. The post-implementation stage includes support and maintenance, and during this stage costs are expensed as incurred.
Capitalization begins when both the preliminary project stage is completed and management commits to funding the project. Capitalization ceases at the point the project is substantially complete and ready for its intended use, that is, after all substantial testing is completed. Costs of specified upgrades and enhancements to internal-use software are capitalized if it is probable that those expenditures result in additional functionality. Capitalized costs are amortized on a straight-line basis over the estimated useful life.
Leases
Leases
At inception of a contract, the Company determines whether that contract is or contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. The Company has control of the asset if it has the right to direct the use of the asset and obtains substantially all of the economic benefits from the use of the asset throughout the period of use.
As a practical expedient, the Company does not recognize a lease asset or lease liability for leases with a lease term of twelve months or less. In the determination of the lease term, the Company considers the existence of extension or termination options and the probability of those options being exercised.
Lease contracts may include fixed lease components and non-lease components, such as common area maintenance and utilities for property leases. As a practical expedient, the Company accounts for the non-lease components together with the lease components as a single lease component for all of its leases.
The Company classifies a lease as a finance lease when it meets any of the following criteria at the lease commencement date: (1) the lease transfers ownership of the underlying asset to the Company by the end of the lease term; (2) the lease grants the Company an option to purchase the underlying asset that the Company is reasonably certain to exercise; (3) the lease term is for the major part of the remaining economic life of the underlying asset (the Company considers a major part to be 75% or more of the remaining economic life of the underlying asset); (4) the present value of the sum of the lease payments and any residual value guaranteed by the Company equals or exceeds substantially all of the fair value of the underlying asset (the Company considers substantially all the fair value to be 90% or more of the fair value of the underlying asset amount); or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of the criteria above are met, the Company classifies the lease as an operating lease.
On the lease commencement date, the Company records a lease asset and lease liability on the balance sheet. The lease asset consists of: (1) the amount of the initial lease liability; (2) any lease payments made to the lessor at or before the lease commencement date, minus any lease incentives received; and (3) any initial direct cost incurred by the Company. Initial direct costs are incremental costs of a lease that would not have been incurred if the lease had not been obtained and are capitalized as part of the lease asset. The lease liability equals the present value of the future cash payments discounted using the Company's incremental borrowing rate. The Company’s incremental borrowing rate is the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments over a similar term, which, through year ended December 31, 2023, was estimated using the Secured Overnight Financing Rate (SOFR) plus a 2% credit risk spread.
Operating lease expense equals the total cash payments recognized on a straight-line basis over the lease term. The amortization of the lease asset is calculated as the straight-line lease expense less the accretion of the interest on the lease liability each period. The lease liability is reduced by the cash payment less the interest each period.
Goodwill
Goodwill
Goodwill is stated at cost. The Company evaluates the potential impairment of goodwill annually each fourth quarter
and whenever events or circumstances indicate the carrying value of the goodwill may not be recoverable. The Company performs a qualitative assessment of goodwill to determine whether further impairment testing is necessary. Factors that management considers in this assessment include general economic and industry conditions, overall financial performance (both current and projected), changes in strategy, changes in the composition or carrying amount of net assets, and market capitalization. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company would proceed to perform a quantitative impairment test. Under this quantitative analysis, the fair value of the reporting unit is compared with its carrying value, including goodwill. If the carrying value exceeds the fair value of the reporting unit, the Company recognizes an impairment charge. The Company estimates the fair value of its reporting unit using the income approach based on a discounted cash flow model. In addition, the Company uses the market approach, which compares the reporting unit to publicly traded companies and transactions involving similar businesses, to support the conclusions based on the income approach.
Intangible Assets
Intangible Assets
Intangible assets are stated at cost and amortized over the assets’ estimated useful lives. Intangible assets are either amortized in relation to the relative cash flows anticipated from the intangible asset or using the straight-line method, depending on facts and circumstances. The useful lives of customer relationships range from five to fifteen years, completed technologies from five to nine years, non-compete agreements from three to seven years, and trademarks for three years. In-process technology is an indefinite-lived intangible asset until the technology is completed, at which point it is amortized over its estimated useful life.
The Company evaluates the potential impairment of intangible assets whenever events or circumstances indicate the carrying value of the assets may not be recoverable. For finite-lived intangible assets that are subject to amortization, the Company follows a two-step process for impairment testing. In step one, known as the recoverability test, the carrying value of the asset is compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the sum of the undiscounted future cash flows is less than the carrying value, the asset is not recoverable and step two is performed. In step two, the impairment charge is measured as the amount by which the carrying value of the asset exceeds its fair value.
Warranty Obligations
Warranty Obligations
The Company warrants its products to be free from defects in material and workmanship for periods primarily ranging from one to three years from the time of sale based on the product being purchased and the terms of the customer arrangement. Warranty obligations are evaluated and recorded at the time of sale since it is probable that customers will make claims under warranties related to products that have been sold and the amount of these claims can be reasonably estimated based on historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or circumstances impacting product quality become known that would not have been taken into account using historical data.
Contingencies
Contingencies
Loss contingencies are accrued if the loss is probable and the amount of the loss can be reasonably estimated. Legal costs associated with potential loss contingencies are expensed as incurred.
Derivative Instruments
Derivative Instruments
Derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Changes in the fair value of the Company’s economic hedges utilizing foreign currency forward contracts are included in "Foreign currency gain (loss)" on the Consolidated Statements of Operations. When the Company is engaged in more than one outstanding derivative contract with the same counterparty and also has a legally enforceable master netting agreement with that counterparty, the “net” mark-to-market exposure represents the netting of the positive and negative exposures with that counterparty. The cash flows from derivative instruments are presented in the same category on the Consolidated Statements of Cash Flows as the category for the cash flows from the hedged item. Generally, this accounting policy election results in cash flows related to derivative instruments being classified as an operating activity on the Consolidated Statements of Cash Flows.
Revenue Recognition
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers.” The core principle of ASC 606 is to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the
Company expects to be entitled in exchange for those goods or services. The framework in support of this core principle includes: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations; and (5) recognizing revenue when (or as) the performance obligations are satisfied.
Identifying the Contract with the Customer
The Company identifies contracts with customers as agreements that create enforceable rights and obligations, which typically take the form of customer contracts or purchase orders. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable.
Identifying the Performance Obligations in the Contract
The Company identifies performance obligations as promises in contracts to transfer distinct goods or services. Standard products and services that the Company regularly sells separately, which customers can benefit from either on their own or with other readily available resources and are distinct within the context of the customer contract, are accounted for as distinct performance obligations. Application-specific customer solutions that are comprised of a combination of products and services are accounted for as one performance obligation to deliver a total solution to the customer. On-site support services that are provided to the customer after the solution is deployed are accounted for as a separate performance obligation.
Shipping and handling activities for which the Company is responsible under the terms and conditions of the sale are not accounted for as performance obligations but as fulfillment costs. These activities are required to fulfill the Company’s promise to transfer the goods and are expensed when revenue is recognized.
The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract. If revenue is recognized before immaterial promises have been completed, then the costs related to such immaterial promises are accrued at the time of sale.
Determining the Transaction Price
The Company determines the transaction price as the amount of consideration it expects to receive in exchange for transferring promised goods or services to the customer. Amounts collected from customers for sales taxes are excluded from the transaction price.
If a contract includes a variable amount, such as a rebate, then the Company estimates the transaction price using either the expected value or the most likely amount of consideration to be received, depending on the specific facts and circumstances. The Company includes estimated variable consideration in the transaction price only to the extent it is probable that a significant reversal of revenue will not occur when the uncertainty is resolved. The Company updates its estimate of variable consideration at the end of each reporting period to reflect changes in facts and circumstances.
The Company typically does not grant customers the explicit right to return product. However, from time to time, the Company may allow a customer to return a product. As a practical expedient, the Company estimates the transaction price using the expected value based on its history of return experience using a portfolio approach in which the Company’s total revenue is reduced by an estimate of total customer returns. Management reasonably expects that the effect of applying a portfolio approach to a group of contracts would not differ materially from considering each contract separately.
Allocating the Transaction Price to the Performance Obligations
The Company allocates the transaction price to each performance obligation at contract inception based on a relative stand-alone selling price basis, or the price at which the Company would sell the good or service separately to similar customers in similar circumstances.
Recognizing Revenue When (or As) the Performance Obligations are Satisfied
The Company recognizes revenue when it transfers the promised goods or services to the customer. Revenue for standard products is recognized at the point in time when the customer obtains control of the goods, which is typically upon shipment or delivery when the customer has legal title, physical possession, the risks and rewards of ownership, and an enforceable obligation to pay for the products. Revenue for services, which are not material, is typically recognized over the time the service is provided.
Revenue for application-specific customer solutions is recognized at the point in time when the solution is validated, which is the point in time when the Company can objectively determine that the agreed-upon specifications in the
contract have been met and the customer should reasonably accept the performance obligations in the arrangement. Although the customer may have taken legal title and physical possession of the goods when they arrived at the customer’s designated site, the significant risks and rewards of ownership transfer to the customer only upon validation. Revenue for on-site support services related to these solutions is recognized over the time the service is provided.
In certain instances, an arrangement may include customer-specified acceptance provisions or performance guarantees that allow the customer to accept or reject delivered products that do not meet the customer’s requirements. If the Company can objectively determine that control of a good or service has been transferred to the customer in accordance with the agreed-upon requirements in the contract, then customer acceptance is a formality. If acceptance provisions are presumed to be substantive, then revenue is deferred until customer acceptance.
For the Company’s standard products and services, revenue recognition and billing typically occur at the same time. For application-specific customer solutions, however, the agreement with the customer may provide for billing terms which differ from revenue recognition criteria, resulting in either deferred revenue or unbilled revenue. Credit assessments are performed to determine payment terms, which vary by region, industry, and customer. Prepayment terms result in contract liabilities for customer deposits. When credit is granted to customers, payment is typically due 30 to 90 days from billing. The Company's contracts have an original expected duration of less than one year, and therefore as a practical expedient, the Company has elected to ignore the impact of the time value of money on a contract and to expense sales commissions. The Company recognizes an asset for costs to fulfill a contract if the costs relate directly to the contract and to future performance, and the costs are expected to be recovered.
Management exercises judgment when determining the amount of revenue to be recognized each period. Such judgments include, but are not limited to, assessing the customer’s ability and intention to pay substantially all of the contract consideration when due, determining when two or more contracts should be combined and accounted for as a single contract, determining whether a contract modification has occurred, assessing whether promises are immaterial in the context of the contract, determining whether material promises in a contract represent distinct performance obligations, estimating the transaction price for a contract that contains variable consideration, determining the stand-alone selling price of each performance obligation, determining whether control is transferred over time or at a point in time for performance obligations, and assessing whether formal customer acceptance provisions are substantive.
Research and Development
Research and Development
Research and development costs primarily include costs related to personnel, prototyping materials and equipment, and outside services. Research and development costs are expensed when incurred until technological feasibility has been established for the product. Thereafter, all software costs may be capitalized until the product is available for general release to customers. The Company determines technological feasibility at the time the product reaches beta in its stage of development. Historically, the time incurred between beta and general release to customers has been short, and therefore, the costs have been insignificant.
Advertising Costs
Advertising Costs
Advertising costs are expensed as incurred and totaled $1,190,000 in 2023, $1,257,000 in 2022, and $1,965,000 in 2021.
Stock-Based Compensation
Stock-Based Compensation
The Company’s stock-based awards that result in compensation expense consist of stock options and restricted stock units ("RSUs"), including performance restricted stock units ("PRSUs"). The Company has reserved a specific number of shares of its authorized but unissued shares for issuance upon the exercise of stock options or the settlement of RSUs. When a stock option is exercised or an RSU is settled, the Company issues new shares from this pool. Management is responsible for determining the appropriate valuation model and estimating the fair value of stock-based awards, and in doing so, considers a number of factors, including information provided by an outside valuation advisor and the observable market price of the Company's common stock on the grant date. The fair value of RSUs is determined based on the observable market price of the Company's common stock on the grant date less the present value of expected future dividends. The fair value of PRSUs where the performance goal includes service and market conditions is calculated using a Monte Carlo simulation model to estimate the probability of satisfying the service and market conditions stipulated in the award grant. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable
market price or volatility of the Company's common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price.
The Company recognizes compensation expense related to stock-based awards using the graded attribution method, in which expense is recognized on a straight-line basis over the service period for each separately vesting portion of the stock option or RSU as if the award was, in substance, multiple awards. The amount of compensation expense recognized at the end of the vesting period is based on the number of awards for which the requisite service has been completed. No compensation expense is recognized for awards that are forfeited for which the employee does not render the requisite service. The term “forfeitures” is distinct from “expirations” and represents only the unvested portion of the surrendered award. The Company applies estimated forfeiture rates to its unvested awards to arrive at the amount of compensation expense that is expected to be recognized over the requisite service period. At the end of each separately vesting portion of an award, the expense that was recognized by applying the estimated forfeiture rate is compared to the expense that should be recognized based on the employee’s service, and an increase or decrease to compensation expense is recorded to true up the final expense.
Taxes
Taxes
The Company recognizes a tax position in its financial statements when that tax position, based solely upon its technical merits, is more likely than not to be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard, or are resolved through negotiation or litigation with the taxing authority, or upon expiration of the statutes of limitations. Derecognition of a tax position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained.
Only the portion of the liability that is expected to be paid within one year is classified as a current liability. As a result, liabilities expected to be resolved without the payment of cash (e.g., resolution due to the expiration of the statutes of limitations) or are not expected to be paid within one year are not classified as current. It is the Company’s policy to record estimated interest and penalties as income tax expense and tax credits as a reduction in income tax expense.
Deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for the impact of the Global Intangible Low-Taxed Income (GILTI) tax in deferred taxes.
Sales tax in the United States and similar taxes in other jurisdictions that are collected from customers and remitted to government authorities are presented on a gross basis (i.e., a receivable from the customer with a corresponding payable to the government). Amounts collected from customers and retained by the Company during tax holidays are recognized as non-operating income when earned.
Net Income Per Share
Net Income Per Share
Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period plus potential dilutive common shares. Dilutive common equivalent shares consist of stock options and restricted stock units and are calculated using the treasury stock method. Common equivalent shares do not qualify as participating securities. In periods where the Company records a net loss, potential common stock equivalents are not included in the calculation of diluted net loss per share as their effect would be anti-dilutive.
Comprehensive Income
Comprehensive Income
Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances, excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive loss, net of tax, consists of foreign currency translation adjustment losses of $36,550,000 and $48,050,000, as of December 31, 2023 and December 31, 2022, respectively; net unrealized losses on available-for-sale investments of $7,515,000 and $19,976,000 as of December 31, 2023 and December 31, 2022, respectively; and losses on currency swaps, net of gains on long-term intercompany loans of $1,271,000 at each year end.
Concentrations of Risk
Concentrations of Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments, and accounts receivable. The Company has certain domestic and foreign cash balances that exceed the insured limits set by the Federal Deposit Insurance Corporation (FDIC) in the United States and equivalent regulatory agencies in foreign countries. The Company primarily invests in investment-grade debt securities and has established guidelines relative to credit ratings, diversification, and maturities of its debt securities that maintain liquidity and safety. The Company has historically not experienced any significant realized losses on its debt securities. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. The Company has historically not experienced any significant losses related to the collection of its accounts receivable.
A significant portion of the Company's products is presently manufactured by a third-party contractor located in Indonesia. This contract manufacturer has agreed to provide the Company with termination notification periods and last-time-buy rights, if and when that may be applicable.
Certain key electronic and mechanical components, such as integrated circuit chips, are fundamental to the design of Cognex products. Due to the impact of global supply chain challenges or other factors, we have experienced, and may continue to experience, disruptions to the supply of components for our products that have resulted, and may continue to result, in higher purchase costs, delivery costs, and manufacturing delays.
The Company sources components from preferred vendors that are selected based on price and performance considerations. In the event of a supply disruption from a preferred vendor, these components may typically be purchased from alternative vendors, which may result in higher purchase costs and manufacturing delays based on the time required to identify and obtain sufficient quantities from an alternative source. Certain of the Company’s products utilize components that are available from only one source. If we are unable to secure adequate supply from these sources, we may have to redesign our products, which may lead to higher costs, delays in manufacturing, and possible loss of sales.
Business Acquisitions
Business Combinations
The Company determines whether a transaction qualifies as a business combination by applying the definition of a business, which requires the assets acquired and liabilities assumed to be inputs and processes that have the ability to contribute to the creation of outputs. The Company accounts for business combinations under the acquisition method of accounting, which requires the following steps: (1) identifying the acquirer, (2) determining the acquisition date, (3) recognizing and measuring the identifiable assets acquired and the liabilities assumed, and (4) recognizing and measuring goodwill. The Company measures the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Management is responsible for determining the appropriate valuation model and estimated fair values, and in doing so, considers a number of factors, including information provided by an outside valuation advisor. Management bases the fair value of assets, including identifiable intangible assets acquired and liabilities assumed, on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use. Goodwill is recognized as of the acquisition date as the excess of the consideration transferred over the net amount of assets acquired and liabilities assumed. Transaction costs are expensed as incurred.
Restructuring Charges
Restructuring Charges
One-time employee termination benefits associated with restructuring activities exist at the date the plan of termination has been communicated to employees (the “communication date”) and all of the following criteria are met: (1) management, having the authority to approve the action, has committed to the plan of termination, (2) the plan identifies the number of employees to be terminated, their job classifications or functions and their locations, and the expected completion date, (3) the plan establishes the terms of the benefit arrangement in sufficient detail, and (4) actions required to complete the plan indicate it is unlikely that significant changes to the plan will be made. If employees are not required to render service until they are terminated in order to receive the termination benefits or will not be retained to render service beyond a minimum retention period, a liability for the termination benefits is recognized and measured at fair value at the communication date. Otherwise, a liability is measured initially at the communication date based on the fair value of the liability as of the termination date and recognized ratably over the future service period. Changes to the fair value of the liability are recorded as restructuring adjustments.
Closures of leased offices as part of a restructuring activity prior to the end of the contractual lease term are treated as abandoned right-to-use assets when the Company ceases to use the property for economic benefit and lacks
either the intent or ability to sublease. The lease asset is written down to zero as of the abandonment date. Estimates of contract termination costs assume the Company will be obligated to pay the remaining rent over the contract period, and the lease liability continues to be recorded on the balance sheet. Subsequent negotiations that result in early contract terminations are recorded as favorable restructuring adjustments.
Other associated costs as part of a restructuring activity include costs to consolidate facilities, costs to relocate employees, and legal fees incurred to research local statutory requirements and prepare termination agreements. These costs are recognized in the period in which the liability is incurred, which generally corresponds to the period in which the services are rendered.
New Accounting 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 refund received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, is 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. 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.
Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", (ASU) 2021-01, "Reference Rate Reform (Topic 848): Scope", and Accounting Standards Update (ASU) 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848"
The amendments in these ASUs apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Together, the ASUs provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024 that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in these ASUs are effective for all entities as of March 12, 2020 through December 31, 2024. Management adopted Topic 848 on January 1, 2023, and now uses the Secured Overnight Financing Rate (SOFR). The adoption did not have a material impact on the Company's financial statements and disclosures.
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (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$19,413 $— $— 
Corporate bonds— 308,816 — 
Treasury notes— 43,523 — 
Asset-backed securities— 19,314 — 
Sovereign bonds— 1,969 — 
Economic hedge forward contracts— 151 — 
Liabilities:
Economic hedge forward contracts— 106 — 
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Cash, Cash Equivalents, and Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 December 31,
 20232022
Cash$183,242 $180,959 
Money market instruments19,413 415 
Cash and cash equivalents202,655 181,374 
Corporate bonds124,851 164,055 
Asset-backed securities3,551 26,890 
Sovereign bonds990 — 
Agency bonds— 15,858 
Treasury notes— 11,332 
Municipal bonds— 624 
Current investments129,392 218,759 
Corporate bonds183,965 374,440 
Treasury notes43,523 44,214 
Asset-backed securities15,763 33,539 
Sovereign bonds979 1,924 
Non-current investments244,230 454,117 
$576,277 $854,250 
Summary of Available-for-Sale Investments
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 Value for Available-for-Sale Investments
 Unrealized Loss
Position For Less than
12 Months		Unrealized Loss
Position For Greater than
12 Months		Total
 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 (in thousands):
Year Ended December 31,
202320222021
Gross realized gains$111 $133 $246 
Gross realized losses(2,065)(315)(10)
Net realized gains (losses)$(1,954)$(182)$236 
Effective Maturity Dates of Available-for-Sale Investments
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
<1 Year1-2 Years2-3 Years3-4 Years4-5 Years5-7 YearsTotal
Corporate bonds$124,851 $62,596 $44,906 $44,896 $31,567 $— $308,816 
Treasury notes— 2,441 6,115 22,270 12,697 — 43,523 
Asset-backed securities3,551 5,872 3,448 — — 6,443 19,314 
Sovereign bonds990 979 — — — 1,969 
$129,392 $71,888 $54,469 $67,166 $44,264 $6,443 $373,622 
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories
Inventories consisted of the following (in thousands):
  
December 31,
 20232022
Raw materials$93,201 $71,720 
Work-in-process5,747 906 
Finished goods63,337 49,854 
$162,285 $122,480 
v3.24.0.1
Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment
Property, plant, and equipment consisted of the following (in thousands):
 December 31,
 20232022
Land$8,805 $3,951 
Buildings34,117 24,533 
Building improvements44,992 45,003 
Leasehold improvements19,611 14,491 
Computer hardware and software55,154 53,663 
Manufacturing test equipment36,182 27,176 
Furniture and fixtures7,361 6,378 
206,222 175,195 
Less: accumulated depreciation(100,373)(95,481)
$105,849 $79,714 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of lease payments
Future operating lease cash payments are as follows (in thousands):
Year Ended December 31,Amount
2024$13,612 
202511,836 
20269,746 
20278,851 
20288,395 
Thereafter53,257 
$105,697 
v3.24.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in the Carrying Value of Goodwill
The changes in the carrying value of goodwill were as follows (in thousands):
Amount
Balance as of December 31, 2021$241,713 
Acquisition of SAC Sirius Advanced Cybernetics GmbH (refer to Note 21)2,359 
Foreign exchange rate changes(1,442)
Balance as of December 31, 2022242,630 
Acquisition of Moritex Corporation (refer to Note 21)145,047 
  Foreign exchange rate changes5,504 
Balance as of December 31, 2023$393,181 
v3.24.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Amortized Intangible Assets
Intangible assets consisted of the following (in thousands):
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 
 Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Completed technologies$28,017 $(17,744)$10,273 
Customer relationships5,838 (3,860)1,978 
Non-compete agreements340 (177)163 
Balance as of December 31, 2022$34,195 $(21,781)$12,414 
Estimated Amortization Expense Succeeding Fiscal Years
Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows (in thousands):
Year Ended December 31,Amount
2024$11,389 
202511,066 
202610,711 
20279,737 
20289,008 
Thereafter61,041 
$112,952 
v3.24.0.1
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Constituents of Accrued Expenses
Accrued expenses consisted of the following (in thousands):
 December 31,
20232022
Foreign retirement obligations$12,835 $7,191 
Incentive compensation10,645 18,554 
Salaries and payroll taxes8,774 8,121 
Vacation5,827 5,847 
Warranty obligations4,244 4,375 
Deferred payments related to Sualab Co., Ltd. acquisition (1)
— 19,282 
Other30,049 29,865 
$72,374 $93,235 
(1) The total consideration for the Company's 2019 acquisition of Sualab Co., Ltd. included deferred payments, contingent upon the continued employment of key talent, of $24,040,000 that was paid fully in October 2023. The deferred payments were recorded as compensation expense over the four-year period.
The changes in the warranty obligation were as follows (in thousands):
Balance as of December 31, 2020$5,406 
Provisions for warranties issued during the period3,256 
Fulfillment of warranty obligations(3,235)
Balance as of December 31, 20215,427 
Provisions for warranties issued during the period1,876 
Fulfillment of warranty obligations(2,928)
Balance as of December 31, 20224,375 
Provisions for warranties issued during the period2,940 
Fulfillment of warranty obligations(3,078)
Foreign exchange rate changes7 
Balance as of December 31, 2023$4,244 
Changes in Warranty Obligations
Balance as of December 31, 2020$5,406 
Provisions for warranties issued during the period3,256 
Fulfillment of warranty obligations(3,235)
Balance as of December 31, 20215,427 
Provisions for warranties issued during the period1,876 
Fulfillment of warranty obligations(2,928)
Balance as of December 31, 20224,375 
Provisions for warranties issued during the period2,940 
Fulfillment of warranty obligations(3,078)
Foreign exchange rate changes7 
Balance as of December 31, 2023$4,244 
v3.24.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The Company had the following outstanding forward contracts (in thousands):
December 31, 2023December 31, 2022
CurrencyNotional ValueUSD EquivalentNotional ValueUSD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro40,000 $44,302 60,000 $64,174 
Singapore Dollar39,700 30,136 — — 
Mexican Peso145,000 8,505 185,000 9,480 
Chinese Renminbi50,000 7,025 55,000 7,619 
Hungarian Forint2,240,000 6,466 1,590,000 4,238 
British Pound3,345 4,258 3,445 4,161 
Japanese Yen600,000 4,255 700,000 5,281 
Canadian Dollar1,470 1,112 1,730 1,278 
Swiss Franc— — 1,120 1,218 
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
Balance
Sheet Location		Fair ValueBalance
Sheet Location		Fair Value
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assets$151 $27 Accrued expenses$106 $479 
Offsetting Assets
The following table summarizes 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
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Gross amounts of recognized assets$151 $27 Gross amounts of recognized liabilities$106 $479 
Gross amounts offset— — Gross amounts offset— — 
Net amount of assets presented$151 $27 Net amount of liabilities presented$106 $479 
Derivative Instruments, Gain (Loss)
Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands):
 Location in Financial StatementsYear Ended December 31,
202320222021
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$(10,023)$9,823 $4,262 
v3.24.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes disaggregated revenue information by geographic area based on the customer's country of domicile (in thousands):
Year Ended December 31,
202320222021
Americas$330,415 $390,573 $435,220 
Europe220,665 234,643 247,744 
Greater China164,115 227,447 200,135 
Other Asia122,352 153,427 153,999 
$837,547 $1,006,090 $1,037,098 

The following table summarizes disaggregated revenue information by revenue type (in thousands):
Year Ended December 31,
202320222021
Standard products and services$734,140 $848,153 $889,253 
Application-specific customer solutions103,407 157,937 147,845 
$837,547 $1,006,090 $1,037,098 
Allowance for Credit Loss
The following table summarizes changes in the allowance for credit losses (in thousands):
Amount
Balance as of December 31, 2021$776 
Increases to the allowance for credit losses191 
Write-offs, net of recoveries(237)
Foreign exchange rate changes— 
Balance as of December 31, 2022730 
Increases to the allowance for credit losses500 
Write-offs, net of recoveries(645)
Foreign exchange rate changes(2)
Balance as of December 31, 2023$583 
Contract with Customer, Liability
The following table summarizes the deferred revenue and customer deposits activity (in thousands):
Amount
Balance as of December 31, 2021$35,743 
Deferral of revenue billed in the current period, net of recognition39,076 
Recognition of revenue deferred in prior period(31,520)
Foreign exchange rate changes(2,512)
Balance as of December 31, 202240,787 
Deferral of revenue billed in the current period, net of recognition21,538 
Recognition of revenue deferred in prior period(20,987)
Returned customer deposit(9,205)
Foreign exchange rate changes(608)
Balance as of December 31, 2023$31,525 
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity:
Shares
(in thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding as of December 31, 2022
8,467 $51.56 
Granted1,541 46.33 
Exercised(330)33.64 
Forfeited or expired(670)57.65 
Outstanding as of December 31, 2023
9,008 $50.87 5.92$17,164 
Exercisable as of December 31, 2023
5,207 $47.78 4.42$16,212 
Options vested or expected to vest as of 
 December 31, 2023 (1)
8,548 $50.79 5.78$16,896 
(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 was $11,104,000 in 2023, $12,267,000 in 2022, and $63,860,000 in 2021. In connection with these exercises, the tax benefit (expense) realized by the Company was $(4,691,000) in 2023, $2,548,000 in 2022, and $46,529,000 in 2021.
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:
 Year Ended December 31,
 202320222021
Risk-free rate4.0 %2.2 %1.3 %
Expected dividend yield0.61 %0.44 %0.27 %
Expected volatility39 %37 %39 %
Expected term (in years)5.05.56.0
Nonvested Restricted Stock Shares Activity
The following table summarizes the Company's RSUs activity:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2022
1,269 $61.74 
Granted791 46.14 
Vested(521)59.22 
Forfeited or expired(110)59.20 
Nonvested as of December 31, 2023
1,429 $54.22 
Schedule of Performance Restricted Stock Units
Performance Restricted Stock Units (PRSUs)
The following table summarizes the Company's PRSUs activity:
Shares
(in thousands)		Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2022
33 $62.49 
Granted46 44.86 
Vested— — 
Forfeited or expired— — 
Nonvested as of December 31, 2023
79 $52.23 
Stock-Based Compensation Expense
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
 Year Ended December 31,
 202320222021
Cost of revenue$1,979 $2,016 $1,345 
Research, development, and engineering16,480 17,693 13,535 
Selling, general, and administrative36,309 34,796 28,894 
$54,768 $54,505 $43,774 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Constituents of Provision for Income Taxes
Income tax expense consisted of the following (in thousands):
 Year Ended December 31,
 202320222021
Current:
Federal$29,084 $48,355 $27,870 
State3,544 5,689 5,372 
Foreign9,207 10,243 8,406 
41,835 64,287 41,648 
Deferred:
Federal(24,731)(40,772)(19,266)
State(5,877)(8,354)(769)
Foreign10,887 20,009 17,406 
(19,721)(29,117)(2,629)
$22,114 $35,170 $39,019 
Reconciliation of the United States Federal Statutory Corporate Tax Rate to the Company's Effective Tax Rate or Income Tax Provision
A reconciliation of the U.S. federal statutory corporate tax rate to the Company’s income tax expense, or effective tax rate, was as follows:
 Year Ended December 31,
 202320222021
Income tax expense at U.S. federal statutory corporate tax rate21 %21 %21 %
State income taxes, net of federal benefit1 2 1 
Foreign tax rate differential(6)(7)(5)
Tax credits(3)(1)(2)
Taxation on multinational operations(3)— — 
Tax reserves3 1 — 
Limitation on deduction for executive compensation2 1 — 
Discrete tax expense related to employee stock-based compensation1 — (3)
Discrete tax expense related to tax return filings2 2 (1)
Discrete tax expense related to rate revaluation on state tax assets2 (2)— 
Discrete tax benefit related to GILTI adjustments
(2)(3)— 
Discrete tax benefit for release of valuation allowance(4)(1)— 
Discrete tax benefit for audit settlements— (1)— 
Other2 2 1 
Income tax expense16 %14 %12 %
Changes in the Reserve for Income Taxes, Excluding Interest and Penalties
The changes in gross amounts of unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):
Balance of reserve for income taxes as of December 31, 2020$13,952 
Reductions as a result of tax positions taken in prior periods(280)
Additions as a result of tax positions taken in prior periods100 
Additions as a result of tax positions taken in the current period525 
Reductions as a result of the expiration of the applicable statutes of limitations(485)
Balance of reserve for income taxes as of December 31, 202113,812 
Reductions as a result of tax positions taken in prior periods(119)
Additions as a result of tax positions taken in prior periods2,850 
Additions as a result of tax positions taken in the current period505 
Reductions relating to settlements with taxing authorities(2,329)
Reductions as a result of the expiration of the applicable statutes of limitations(1,072)
Balance of reserve for income taxes as of December 31, 202213,647 
Reductions as a result of tax positions taken in prior periods(242)
Additions as a result of tax positions taken in prior periods12,556 
Additions as a result of tax positions taken in the current period1,877 
Reductions relating to settlements with taxing authorities(1,230)
Reductions as a result of the expiration of the applicable statutes of limitations(894)
Balance of reserve for income taxes as of December 31, 2023$25,714 
Constituents of Deferred Tax Assets
The tax effects of temporary differences and attributes that give rise to deferred income tax assets and liabilities as of December 31, 2023 and December 31, 2022 were as follows (in thousands):
December 31,
 20232022
Deferred tax assets:
Intangible asset in connection with change in tax structure$375,360 $386,221 
Stock-based compensation expense20,916 21,962 
Tax credit carryforwards7,848 8,284 
Inventory and revenue related10,897 8,117 
Bonuses, commissions, and other compensation6,243 5,116 
Depreciation1,840 4,881 
Foreign net operating losses339 53 
Capitalization of R&D expenses28,521 16,889 
Other5,514 15,102 
Total deferred tax assets457,478 466,625 
Valuation allowance(943)(7,661)
$456,535 $458,964 
Deferred tax liabilities:
Amortization$(28,685)$(2,762)
GILTI tax basis differences in connection with change in tax structure(274,327)(298,922)
$(303,012)$(301,684)
Net deferred taxes$153,523 $157,280 
v3.24.0.1
Weighted Average Shares (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Calculation of Weighted Average Shares
Weighted-average shares were calculated as follows (in thousands):
 Year Ended December 31,
202320222021
Basic weighted-average common shares outstanding172,249 173,407 176,463 
Effect of dilutive stock awards1,150 1,462 3,453 
Diluted weighted-average common and common-equivalent shares outstanding173,399 174,869 179,916 
v3.24.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
The following table summarizes information about geographic areas (in thousands):
United StatesEuropeGreater China OtherTotal
Year Ended December 31, 2023
Revenue$288,324 $220,665 $164,115 $164,443 $837,547 
Long-lived assets62,946 17,005 17,028 15,958 $112,937 
Year Ended December 31, 2022
Revenue$343,835 $234,643 $227,447 $200,165 $1,006,090 
Long-lived assets66,928 14,725 1,334 3,370 $86,357 
Year Ended December 31, 2021
Revenue$393,690 $247,744 $200,135 $195,529 $1,037,098 
Long-lived assets63,141 16,982 960 3,705 $84,788 
v3.24.0.1
Business Acquisitions - (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The purchase price was allocated based on provisional amounts as follows (in thousands):
Cash and cash equivalents$38,088 
Accounts receivable11,572 
Inventories22,788 
Property, plant and equipment19,876 
Goodwill145,047 
Customer relationships66,900 
Completed technologies32,300 
Trademarks850 
Deferred income tax assets4,516 
Other assets4,935 
Accounts payable(6,700)
Accrued expenses(13,521)
Deferred income tax liabilities(22,055)
Reserve for income taxes(5,864)
Other liabilities(2,594)
   Purchase price$296,138 
v3.24.0.1
Restructuring Charges (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
The following table summarizes the restructuring charges for the year ended December 31, 2022 (in thousands):

Amount
One-time termination benefits$1,584 
Contract termination costs73 
$1,657 
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes the activity in the Company’s restructuring reserve, which is included in “Accrued expenses” on the Consolidated Balance Sheets (in thousands):
One-time Termination BenefitsContract Termination CostsTotal
Balance as of December 31, 2021$— $— $— 
Restructuring charges1,584 73 1,657 
Cash payments(646)— (646)
Foreign exchange rate changes26 2 28 
Balance as of December 31, 2022964 75 1,039 
Cash payments(973)(75)(1,048)
Foreign exchange rate changes9 — 9 
Balance as of December 31, 2023$— $— $— 
v3.24.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Line Items]  
Effective maturity of investments 5 years
Maximum investment of the company in partnership 5.00%
Building [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 39 years
Building Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Computer Hardware and Software [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 2 years
Computer Hardware and Software [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Manufacturing Test Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 2 years
Manufacturing Test Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Furniture and Fixtures [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 2 years
Furniture and Fixtures [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
v3.24.0.1
Summary of Significant Accounting Policies - Intangible Assets (Details)
Dec. 31, 2023
Distribution Rights [Member] | Minimum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 11 years
Completed Technologies And Other Intangible Assets [Member] | Minimum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 5 years
Completed Technologies And Other Intangible Assets [Member] | Maximum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 9 years
Customer Relationships [Member] | Minimum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 5 years
Customer Relationships [Member] | Maximum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 15 years
Non-compete agreements | Minimum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 3 years
Non-compete agreements | Maximum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 7 years
Trademarks  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 3 years
v3.24.0.1
Summary of Significant Accounting Policies - Warranty (Details)
 12 Months Ended
Dec. 31, 2023
Minimum [Member]  
Product Liability Contingency [Line Items]  
Product Warranty Period 1 year
Maximum [Member]  
Product Liability Contingency [Line Items]  
Product Warranty Period 3 years
v3.24.0.1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2023
Minimum [Member]  
Disaggregation of Revenue [Line Items]  
Revenue, payment terms 30 days
Maximum [Member]  
Disaggregation of Revenue [Line Items]  
Revenue, payment terms 90 days
v3.24.0.1
Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Advertising costs $ 1,190,000 $ 1,257,000 $ 1,965,000
v3.24.0.1
Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated other comprehensive loss consists of foreign currency translation adjustments, net of tax $ 36,550,000 $ 48,050,000  
Net unrealized losses on available-for-sale investments, net of tax 7,515,000 19,976,000  
Losses on currency swaps, net of gains on long-term intercompany loans 1,271,000 1,271,000  
Net realized gains reclassified into current operations (1,954,000) (182,000) $ 236,000
Accumulated Other Comprehensive Loss [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Net realized gains reclassified into current operations $ (1,954,000) $ (182,000) $ 236,000
v3.24.0.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring
$ in Thousands
Dec. 31, 2023
USD ($)
Quoted Prices in Active Markets for Identical Assets (Level 1)  
Assets:  
Money market instruments $ 19,413
Corporate bonds 0
Treasury notes 0
Asset-backed securities 0
Sovereign bonds 0
Economic hedge forward contracts 0
Liabilities:  
Economic hedge forward contracts 0
Significant Other Observable Inputs (Level 2)  
Assets:  
Money market instruments 0
Corporate bonds 308,816
Treasury notes 43,523
Asset-backed securities 19,314
Sovereign bonds 1,969
Economic hedge forward contracts 151
Liabilities:  
Economic hedge forward contracts 106
Unobservable Inputs (Level 3)  
Assets:  
Money market instruments 0
Corporate bonds 0
Treasury notes 0
Asset-backed securities 0
Sovereign bonds 0
Economic hedge forward contracts 0
Liabilities:  
Economic hedge forward contracts $ 0
v3.24.0.1
Cash, Cash Equivalents and Investments - Components of Cash, Cash Equivalents and Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Cash $ 183,242 $ 180,959
Money market instruments 19,413 415
Cash and cash equivalents 202,655 181,374
Debt securities, available-for-sale, current 129,392 218,759
Non-current investments 244,230 454,117
Total 576,277 854,250
Treasury Bills [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale, current 0 11,332
Long-term investments 43,523 44,214
Asset-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale, current 3,551 26,890
Long-term investments 15,763 33,539
Corporate Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale, current 124,851 164,055
Long-term investments 183,965 374,440
Sovereign Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale, current 990 0
Long-term investments 979 1,924
Municipal Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale, current 0 624
Agency Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt securities, available-for-sale, current $ 0 $ 15,858
v3.24.0.1
Cash, Cash Equivalents and Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]      
Cash balance included foreign bank balance $ 173,614 $ 160,611  
Interest Receivable 3,169 3,620  
Gross realized gains 111 133 $ 246
Allowance for credit loss 0 0 0
Gross realized losses $ (2,065) $ (315) $ (10)
v3.24.0.1
Cash, Cash Equivalents and Investments - Amortized Cost to Fair Value (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 383,589 $ 699,693
Gross Unrealized Gains 588 743
Gross Unrealized Losses (10,555) (27,560)
Fair Value, Total 373,622 672,876
Treasury Bills [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Total 43,523  
Treasury Bills [Member] | Long-term investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 43,654 44,333
Gross Unrealized Gains 82 79
Gross Unrealized Losses (213) (198)
Fair Value, Total 43,523 44,214
Treasury Bills [Member] | Short-term Investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   11,602
Gross Unrealized Gains   0
Gross Unrealized Losses   (270)
Fair Value, Total   11,332
Asset-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Total 19,314  
Asset-Backed Securities [Member] | Long-term investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 16,773 35,144
Gross Unrealized Gains 0 103
Gross Unrealized Losses (1,010) (1,708)
Fair Value, Total 15,763 33,539
Asset-Backed Securities [Member] | Short-term Investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,637 27,607
Gross Unrealized Gains 0 0
Gross Unrealized Losses (86) (717)
Fair Value, Total 3,551 26,890
Corporate Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Total 308,816  
Corporate Bonds [Member] | Long-term investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 189,326 394,576
Gross Unrealized Gains 506 561
Gross Unrealized Losses (5,867) (20,697)
Fair Value, Total 183,965 374,440
Corporate Bonds [Member] | Short-term Investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 128,150 167,558
Gross Unrealized Gains 0 0
Gross Unrealized Losses (3,299) (3,503)
Fair Value, Total 124,851 164,055
Sovereign Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Total 1,969  
Sovereign Bonds [Member] | Long-term investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,037 2,095
Gross Unrealized Gains 0 0
Gross Unrealized Losses (58) (171)
Fair Value, Total 979 1,924
Sovereign Bonds [Member] | Short-term Investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,012  
Gross Unrealized Gains 0  
Gross Unrealized Losses (22)  
Fair Value, Total $ 990  
Municipal Bonds [Member] | Short-term Investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   635
Gross Unrealized Gains   0
Gross Unrealized Losses   (11)
Fair Value, Total   624
Agency Bonds [Member] | Short-term Investments [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   16,143
Gross Unrealized Gains   0
Gross Unrealized Losses   (285)
Fair Value, Total   $ 15,858
v3.24.0.1
Cash, Cash Equivalents and Investments - Gross Unrealized Losses and Fair Value for Available-for-Sale Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months $ 68,557 $ 382,732
Unrealized Losses, Less than 12 months (1,561) (12,718)
Fair Value, Greater than 12 Months 233,304 190,707
Unrealized Losses, Greater than 12 Months (8,994) (14,842)
Fair Value 301,861 573,439
Unrealized Losses (10,555) (27,560)
Treasury Bills [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months 20,725 32,614
Unrealized Losses, Less than 12 months (153) (465)
Fair Value, Greater than 12 Months 2,441 102
Unrealized Losses, Greater than 12 Months (60) (3)
Fair Value 23,166 32,716
Unrealized Losses (213) (468)
Asset-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months 17,062 47,582
Unrealized Losses, Less than 12 months (1,049) (2,299)
Fair Value, Greater than 12 Months 2,252 2,495
Unrealized Losses, Greater than 12 Months (47) (126)
Fair Value 19,314 50,077
Unrealized Losses (1,096) (2,425)
Sovereign Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months 0 967
Unrealized Losses, Less than 12 months 0 (67)
Fair Value, Greater than 12 Months 1,968 957
Unrealized Losses, Greater than 12 Months (80) (104)
Fair Value 1,968 1,924
Unrealized Losses (80) (171)
Corporate Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months 30,770 285,087
Unrealized Losses, Less than 12 months (359) (9,591)
Fair Value, Greater than 12 Months 226,643 187,153
Unrealized Losses, Greater than 12 Months (8,807) (14,609)
Fair Value 257,413 472,240
Unrealized Losses $ (9,166) (24,200)
Agency Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months   15,858
Unrealized Losses, Less than 12 months   (285)
Fair Value, Greater than 12 Months   0
Unrealized Losses, Greater than 12 Months   0
Fair Value   15,858
Unrealized Losses   (285)
Municipal Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months   624
Unrealized Losses, Less than 12 months   (11)
Fair Value, Greater than 12 Months   0
Unrealized Losses, Greater than 12 Months   0
Fair Value   624
Unrealized Losses   $ (11)
v3.24.0.1
Cash, Cash Equivalents, and Investments - Realized Gain (Loss) on Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]      
Gross realized gains $ 111 $ 133 $ 246
Gross realized losses (2,065) (315) (10)
Net realized gains (losses) $ (1,954) $ (182) $ 236
v3.24.0.1
Cash, Cash Equivalents and Investments - Effective Maturity Dates of Available-for-Sale Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Less than 1 Year $ 129,392  
1-2 Years 71,888  
2-3 Years 54,469  
3-4 Years 67,166  
4-5 Years 44,264  
Fair Value, Total 373,622 $ 672,876
available for sale securities debt maturities after five years before seven years fair value 6,443  
Treasury Bills [Member]    
Debt Securities, Available-for-sale [Line Items]    
Less than 1 Year 0  
1-2 Years 2,441  
2-3 Years 6,115  
3-4 Years 22,270  
4-5 Years 12,697  
Fair Value, Total 43,523  
available for sale securities debt maturities after five years before seven years fair value 0  
Corporate Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Less than 1 Year 124,851  
1-2 Years 62,596  
2-3 Years 44,906  
3-4 Years 44,896  
4-5 Years 31,567  
Fair Value, Total 308,816  
available for sale securities debt maturities after five years before seven years fair value 0  
Asset-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Less than 1 Year 3,551  
1-2 Years 5,872  
2-3 Years 3,448  
3-4 Years 0  
4-5 Years 0  
Fair Value, Total 19,314  
available for sale securities debt maturities after five years before seven years fair value 6,443  
Sovereign Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Less than 1 Year 990  
1-2 Years 979  
2-3 Years 0  
3-4 Years 0  
4-5 Years 0  
Fair Value, Total 1,969  
available for sale securities debt maturities after five years before seven years fair value  
v3.24.0.1
Inventories - Inventories (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Oct. 18, 2023
Dec. 31, 2022
Inventory [Line Items]      
Raw materials $ 93,201   $ 71,720
Work-in-process 5,747   906
Finished goods 63,337   49,854
Inventories $ 162,285   $ 122,480
Moritex Corporation      
Inventory [Line Items]      
Inventories acquired   $ 22,788  
v3.24.0.1
Property, Plant, and Equipment - Property, Plant, and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 206,222 $ 175,195
Less: accumulated depreciation (100,373) (95,481)
Property, plant and equipment, net, total 105,849 79,714
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 8,805 3,951
Building [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 34,117 24,533
Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 44,992 45,003
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 19,611 14,491
Computer Hardware And Software [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 55,154 53,663
Manufacturing Test Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 36,182 27,176
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 7,361 $ 6,378
v3.24.0.1
Property, Plant and Equipment - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Oct. 18, 2023
Property, Plant and Equipment [Abstract]      
Disposals in period $ 12,421 $ 17,358  
Reduction of accumulated depreciation due to disposals 12,184 16,604  
Loss on disposition of property, plant and equipment 229 754  
Property, Plant and Equipment [Line Items]      
Disposals in period 12,421 17,358  
Reduction of accumulated depreciation due to disposals 12,184 16,604  
Loss on disposition of property, plant and equipment (229) (754)  
Proceeds from Sale of Property, Plant, and Equipment $ 8    
Moritex Corporation      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment acquired     $ 19,876
Damage from Fire, Explosion or Other Hazard      
Property, Plant and Equipment [Abstract]      
Loss on disposition of property, plant and equipment   735  
Property, Plant and Equipment [Line Items]      
Loss on disposition of property, plant and equipment   $ (735)  
v3.24.0.1
Leases (Details)
ft² in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
ft²
lease_component
Dec. 31, 2021
USD ($)
ft²
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
ft²
Lessor, Lease, Description [Line Items]          
Operating lease expense     $ 11,598 $ 8,939 $ 8,180
Operating lease payments     10,148 8,548 8,225
Operating lease expense for which no liability or asset was recognized     427 144 154
Operating lease, liability, discounted present value     78,601    
Operating lease, liability       39,752  
Operating lease assets     $ 75,115 $ 37,682  
Operating lease, weighted average discount rate (percent)     5.70% 3.30%  
Operating lease, weighted average remaining lease term (years)     10 years 6 months 7 years 9 months 18 days  
Lessee, Operating Lease, Liability, Payments, Due     $ 105,697    
Variable Lease, Payment     1,175 $ 1,009 1,253
Southborough, Massachusetts          
Lessor, Lease, Description [Line Items]          
Operating lease, liability   $ 9,271     $ 9,271
Net Rentable Area | ft²   65     65
Lessee, Operating Lease, Term of Contract   10 years     10 years
Lessee, Operating Lease, Option to Renew, Term of Contract   5 years      
Operating lease assets   $ 9,271     $ 9,271
Bac Ninh, Vietnam          
Lessor, Lease, Description [Line Items]          
Net Rentable Area | ft²   22     22
SINGAPORE          
Lessor, Lease, Description [Line Items]          
Net Rentable Area | ft² 115        
Lessee, Operating Lease, Components | lease_component 2        
SINGAPORE | 88,000 Square-Foot Premises          
Lessor, Lease, Description [Line Items]          
Operating lease, liability $ 29,639        
Net Rentable Area | ft² 88        
Lessee, Operating Lease, Term of Contract 10 years 6 months        
Lessee, Operating Lease, Option to Renew, Term of Contract 5 years        
Operating lease assets $ 29,639        
SINGAPORE | 27,000 Square-Foot Premises          
Lessor, Lease, Description [Line Items]          
Net Rentable Area | ft² 27        
Lessee, Operating Lease, Term of Contract 8 years        
Lessee, Operating Lease, Option to Renew, Term of Contract 5 years        
Lessee, Operating Lease, Liability, Payments, Due     13,231    
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year     $ 0    
v3.24.0.1
Leases - Schedule of Payments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 13,612
2025 11,836
2026 9,746
2027 8,851
2028 8,395
Thereafter 53,257
Total $ 105,697
v3.24.0.1
Goodwill - Changes in the Carrying Value of Goodwill (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Goodwill, Beginning Balance $ 242,630 $ 241,713
Foreign exchange rate changes 5,504 (1,442)
Goodwill, Ending Balance 393,181 242,630
SAC Sirius Advanced Cybernetics GmbH    
Goodwill [Roll Forward]    
Goodwill, Other Increase (Decrease)   $ 2,359
Moritex Corporation    
Goodwill [Roll Forward]    
Goodwill, Other Increase (Decrease) $ 145,047  
v3.24.0.1
Intangible Assets - Amortized Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 139,331 $ 34,195
Accumulated Amortization (26,379) (21,781)
Net Carrying Value 112,952 12,414
Completed Technologies [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 62,123 28,017
Accumulated Amortization (20,745) (17,744)
Net Carrying Value 41,378 10,273
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 75,965 5,838
Accumulated Amortization (5,352) (3,860)
Net Carrying Value 70,613 1,978
Non-compete agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 340  
Accumulated Amortization (232)  
Net Carrying Value 108  
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 903  
Accumulated Amortization (50)  
Net Carrying Value $ 853  
Non-compete Agreements [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value   340
Accumulated Amortization   (177)
Net Carrying Value   $ 163
v3.24.0.1
Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 07, 2022
Dec. 31, 2023
Oct. 18, 2023
May 26, 2020
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangible assets $ 3,800      
Intangible assets, useful life 7 years      
Distribution Networks and Customer Relationships        
Finite-Lived Intangible Assets [Line Items]        
Intangible assets       $ 43,280
Customer relationships | Moritex Corporation        
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangible assets     $ 66,900  
Intangible assets, useful life   15 years    
Completed technologies | Moritex Corporation        
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangible assets     32,300  
Intangible assets, useful life   9 years    
Trademarks | Moritex Corporation        
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangible assets     $ 850  
Intangible assets, useful life   3 years    
v3.24.0.1
Intangible Assets - Estimated Amortization Expense Succeeding Fiscal Years (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
2024 $ 11,389  
2025 11,066  
2026 10,711  
2027 9,737  
2028 9,008  
Thereafter 61,041  
Net Carrying Value $ 112,952 $ 12,414
v3.24.0.1
Accrued Expenses - Constituents of Accrued Expenses (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Constituents of accrued expenses    
Deferred payments related to Sualab Co., Ltd. acquisition $ 0 $ 19,282,000
Incentive compensation 10,645,000 18,554,000
Salaries and payroll taxes 8,774,000 8,121,000
Foreign retirement obligations 12,835,000 7,191,000
Vacation 5,827,000 5,847,000
Warranty obligations 4,244,000 4,375,000
Other 30,049,000 29,865,000
Accrued expenses 72,374,000 $ 93,235,000
Payment for Contingent Consideration Liability, Operating Activities $ 24,040,000  
v3.24.0.1
Accrued Expenses - Changes in Warranty Obligations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]      
Beginning Balance $ 4,375 $ 5,427 $ 5,406
Provisions for warranties issued during the period 2,940 1,876 3,256
Fulfillment of warranty obligations (3,078) (2,928) (3,235)
Foreign exchange rate changes 7    
Ending Balance $ 4,244 $ 4,375 $ 5,427
v3.24.0.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]      
Purchase order outstanding $ 61,459,000    
Other Inventory, Purchased Goods, Gross $ 10,616,000 $ 5,269,000 $ 547,000
v3.24.0.1
Derivative Instruments - Additional Details (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
JPY (¥)
Foreign Exchange Forward          
Derivative [Line Items]          
Derivative, notional amount | ¥         ¥ 40,000,000,000
Gains (losses) recognized in net income $ 8,456,000        
Not Designated as Hedging Instrument [Member]          
Derivative [Line Items]          
Maturities of forward of contracts   3 months      
Gains (losses) recognized in net income   $ (10,023,000) $ 9,823,000 $ 4,262,000  
v3.24.0.1
Derivative Instruments - Outstanding Forward Contracts (Details) - Not Designated as Hedging Instrument [Member]
€ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, SFr in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
SGD ($)
Dec. 31, 2023
MXN ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
HUF (Ft)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2023
CAD ($)
Dec. 31, 2023
CHF (SFr)
Dec. 31, 2022
EUR (€)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
SGD ($)
Dec. 31, 2022
MXN ($)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2022
HUF (Ft)
Dec. 31, 2022
GBP (£)
Dec. 31, 2022
JPY (¥)
Dec. 31, 2022
CAD ($)
Dec. 31, 2022
CHF (SFr)
Euro [Member]                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount € 40,000 $ 44,302                 € 60,000 $ 64,174                
Japanese Yen [Member]                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   4,255           ¥ 600,000       5,281           ¥ 700,000    
Mexican Peso [Member]                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   8,505   $ 145,000               9,480   $ 185,000            
British Pound [Member]                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   4,258         £ 3,345         4,161         £ 3,445      
Hungarian Forint [Member]                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   6,466       Ft 2,240,000           4,238       Ft 1,590,000        
Canadian Dollar [Member]                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   1,112             $ 1,470     1,278             $ 1,730  
China, Yuan Renminbi                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   7,025     ¥ 50,000             7,619     ¥ 55,000          
Switzerland, Francs                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   0               SFr 0   1,218               SFr 1,120
Singapore Dollar [Member]                                        
Derivative [Line Items]                                        
Derivative Asset, Notional Amount   $ 30,136 $ 39,700                 $ 0 $ 0              
v3.24.0.1
Derivative Instruments - Balance Sheet Location (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Net amount of assets presented $ 151 $ 27
Net amount of liabilities presented 106 479
Not Designated as Hedging Instrument [Member]    
Derivatives, Fair Value [Line Items]    
Net amount of assets presented 151 27
Net amount of liabilities presented $ 106 $ 479
v3.24.0.1
Derivative Instruments - Assets and liabilities presented on a net basis due to the right of offset (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative Asset, Fair Value, Gross Asset $ 151 $ 27
Derivative Asset gross amount offset 0 0
Net amount of assets presented 151 27
Derivative Liability, Fair Value, Gross Liability 106 479
Derivative liability gross amount offset 0 0
Net amount of liabilities presented $ 106 $ 479
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
v3.24.0.1
Derivative Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Not Designated as Hedging Instrument [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in net income $ (10,023) $ 9,823 $ 4,262
v3.24.0.1
Revenue Recognition - Narratives (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Capitalized Contract Cost, Gross $ 13,265,000 $ 14,578,000
v3.24.0.1
Revenue Recognition - Disaggregation by Geography and Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Revenue $ 837,547 $ 1,006,090 $ 1,037,098
Standard products and services      
Disaggregation of Revenue [Line Items]      
Revenue 734,140 848,153 889,253
Application-specific customer solutions      
Disaggregation of Revenue [Line Items]      
Revenue 103,407 157,937 147,845
Americas [Member]      
Disaggregation of Revenue [Line Items]      
Revenue 330,415 390,573 435,220
Europe [Member]      
Disaggregation of Revenue [Line Items]      
Revenue 220,665 234,643 247,744
Greater China [Member]      
Disaggregation of Revenue [Line Items]      
Revenue 164,115 227,447 200,135
Other Asia [Member]      
Disaggregation of Revenue [Line Items]      
Revenue $ 122,352 $ 153,427 $ 153,999
v3.24.0.1
Revenue Recognition - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 730 $ 776
Increases to the allowance for credit losses 500 191
Write-offs, net of recoveries (645) (237)
Foreign exchange rate changes (2) 0
Ending balance $ 583 $ 730
v3.24.0.1
Revenue Recognition - Deferred Revenue and Customer Deposits Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Customer Contracts Liability, Current    
Beginning balance $ 40,787 $ 35,743
Deferred revenue and customer deposits 21,538 39,076
Recognition of revenue deferred in prior period (20,987) (31,520)
Foreign exchange rate changes (608) (2,512)
End balance 31,525 $ 40,787
Deferred Revenue, Refund Payments $ (9,205)  
v3.24.0.1
Shareholders' Equity - Additional Information (Detail)
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Vote
$ / shares
shares
Oct. 03, 2021
$ / shares
Dec. 31, 2023
USD ($)
Vote
$ / shares
shares
Oct. 01, 2023
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Oct. 02, 2022
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Mar. 03, 2022
USD ($)
Mar. 12, 2020
USD ($)
Oct. 29, 2018
USD ($)
Apr. 25, 2018
shares
Apr. 27, 2016
shares
Class of Stock [Line Items]                        
Authorized shares (in shares) | shares 400,000   400,000   400,000              
Preferred stock par value (in dollars per share) | $ / shares $ 0.01   $ 0.01   $ 0.01              
Common stock par value, in dollars per share | $ / shares $ 0.002   $ 0.002   $ 0.002              
Common stock, shares authorized (in shares) | shares 300,000,000   300,000,000   300,000,000           300,000,000 200,000,000
Vote entitled for each common share outstanding | Vote 1   1                  
Stock Repurchased During Period, Value     $ 79,794,000   $ 204,314,000   $ 161,652,000          
Cash dividends per common share (in dollars per share) | $ / shares $ 0.075 $ 0.060 $ 0.286 [1] $ 0.070 $ 0.265 [1] $ 0.065 $ 0.245 [1]          
Repurchase Program October 2018 [Member]                        
Class of Stock [Line Items]                        
Repurchase of authorized common stock                   $ 200,000,000    
Stock Repurchased During Period, Shares | shares             957,000          
Stock Repurchased During Period, Value             $ 78,652,000          
Repurchase Program March 2020 [Member]                        
Class of Stock [Line Items]                        
Repurchase of authorized common stock                 $ 200,000,000      
Stock Repurchased During Period, Shares | shares         1,677,000   1,060,000          
Stock Repurchased During Period, Value         $ 117,000,000   $ 83,000,000          
Repurchase of common stock, not yet settled (in shares) | shares             5,000          
Repurchase Program March 2022                        
Class of Stock [Line Items]                        
Repurchase of authorized common stock               $ 500,000,000        
Stock Redeemed or Called During Period, Shares | shares     1,723,000   1,682,000              
Stock Redeemed or Called During Period, Value     $ 79,794,000   $ 87,314,000              
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 332,892,000   332,892,000                  
Stock Repurchase Program, Buyback Excise Tax     $ 446,000                  
[1] 175,790 
v3.24.0.1
Stock-Based Compensation Expense - Additional Information (Detail)
 8 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
group
shares
Dec. 31, 2023
USD ($)
group
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
May 03, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of groups within the employee population | group 3 3      
Estimated forfeiture rate for unvested options for senior management 8.00% 8.00%      
Estimated forfeiture rate for unvested options for all non-senior management 13.00% 13.00%      
Increase in compensation expense due to revised estimated forfeiture rates   $ 234,000 $ 1,536,000 $ 255,000  
Weighted-average grant-date fair values of stock options granted | $ / shares   $ 17.76 $ 21.39 $ 33.79  
Total intrinsic values of stock options exercised   $ 6,227,000 $ 8,424,000 $ 80,369,000  
Total fair values of stock options vested   34,751,000 41,497,000 45,328,000  
Total unrecognized compensation expense related to non-vested stock options $ 58,489,000 $ 58,489,000      
Recognition period for unrecognized compensation expense   1 year 11 months 1 day      
Stock-based compensation expense   $ 54,768,000 54,505,000 43,774,000  
Income tax benefit recognized related to stock-based compensation expense   8,442,000 9,540,000 6,764,000  
Compensation expense capitalized $ 0 $ 0 $ 0 $ 0  
Estimated Forfeiture Rate for Unvested Options for CEO 0 0      
Cognex Corporation 2023 Stock Option And Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | shares 8,443,492 8,443,492     8,100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | shares 343,492        
Cognex Corporation 2021 And 2007 Stock Option And Incentive Plans          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares available for grant under stock option plans | shares         10,610,800
Employee Stock Option [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares available for grant under stock option plans | shares 7,978,000 7,978,000      
Expiration period of stock option plan   10 years      
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted, weighted-average exercise price | $ / shares   $ 44.86 $ 62.49    
Vested (in shares) | shares   0 0 0  
Granted | shares   46,000   0  
Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Cash used to fund tax payments   $ 7,836,000 $ 2,406,000 $ 568,000  
Income tax benefit recognized related to stock-based compensation expense   $ (3,229,000) $ (1,049,000) $ 126,000  
Granted, weighted-average exercise price | $ / shares     $ 58.06 $ 87.03  
Vested (in shares) | shares   521,000 192,000 16,000  
Minimum [Member] | Employee Stock Option [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period for stock option plans   4 years      
Minimum [Member] | Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period for stock option plans   3 years      
Minimum [Member] | Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period for stock option plans   3 years      
Maximum [Member] | Employee Stock Option [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period for stock option plans   5 years      
Maximum [Member] | Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period for stock option plans   3 years      
Maximum [Member] | Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period for stock option plans   4 years      
v3.24.0.1
Stock-Based Compensation Expense - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Shares      
Beginning balance outstanding 8,467    
Granted 1,541    
Exercised (330)    
Forfeited or expired (670)    
Ending balance outstanding 9,008 8,467  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Beginning balance outstanding, weighted-average exercise price $ 51.56    
Granted, weighted-average exercise price 46.33    
Exercised, weighted-average exercise price 33.64    
Forfeited or expired, weighted-average exercise price 57.65    
Ending balance outstanding, weighted-average exercise price $ 50.87 $ 51.56  
Exercisable, Shares 5,207    
Options vested or expected to vest 8,548    
Exercisable, weighted-average exercise price $ 47.78    
Options vested or expected to vest, weighted-average exercise price $ 50.79    
Outstanding, weighted-average remaining contractual term (in years) 5 years 11 months 1 day    
Exercisable, weighted-average remaining contractual term (in years) 4 years 5 months 1 day    
Options vested or expected to vest, weighted-average remaining contractual term (in years) 5 years 9 months 10 days    
Outstanding, aggregate intrinsic value $ 17,164    
Exercisable, aggregate intrinsic value 16,212    
Options vested or expected to vest, aggregate intrinsic value 16,896    
Proceeds from Stock Options Exercised 11,104 $ 12,267 $ 63,860
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit $ (4,691) $ 2,548 $ 46,529
v3.24.0.1
Stock-Based Compensation Expense - Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted (Detail) - Employee Stock Option [Member]
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free rate 4.00% 2.20% 1.30%
Expected dividend yield 0.61% 0.44% 0.27%
Expected volatility 39.00% 37.00% 39.00%
Expected term (in years) 5 years 5 years 6 months 6 years
v3.24.0.1
Stock-Based Compensation Expense - Summary of Restricted Stock Option Activity (Detail) - Restricted Stock [Member]
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Nonvested beginning balance outstanding | shares 1,269
Granted | shares 791
Vested | shares (521)
Forfeited or expired | shares (110)
Nonvested ending balance outstanding | shares 1,429
Weighted-Average Grant Fair Value  
Nonvested beginning balance, weighted-average exercise price | $ / shares $ 61.74
Granted, weighted-average exercise price | $ / shares 46.14
Vested, weighted-average exercise price | $ / shares 59.22
Forfeited or expired, weighted-average exercise price | $ / shares 59.20
Nonvested ending balance, weighted-average exercise price | $ / shares $ 54.22
v3.24.0.1
Stock-Based Compensation Expense - Stock-Based Compensation Expense (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Recognition period for unrecognized compensation expense 1 year 11 months 1 day    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense $ 54,768,000 $ 54,505,000 $ 43,774,000
Income tax benefit recognized related to stock-based compensation expense 8,442,000 9,540,000 6,764,000
Compensation expense capitalized 0 0 0
Product cost of revenue [Member]      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 1,979,000 2,016,000 1,345,000
Research, development, and engineering expenses      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense 16,480,000 17,693,000 13,535,000
Selling, general, and administrative [Member]      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense $ 36,309,000 $ 34,796,000 $ 28,894,000
v3.24.0.1
Stock-Based Compensation - Schedule of Performance Restricted Stock Units (Details) - Performance Shares - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Nonvested beginning balance outstanding 33    
Nonvested beginning balance, weighted-average exercise price $ 62.49    
Granted 46   0
Granted, weighted-average exercise price $ 44.86 $ 62.49  
Vested 0 0 0
Vested, weighted-average exercise price $ 0    
Forfeited or expired 0    
Forfeited or expired, weighted-average exercise price $ 0    
Nonvested ending balance outstanding 79 33  
Nonvested ending balance, weighted-average exercise price $ 52.23 $ 62.49  
v3.24.0.1
Employee Savings Plan - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Minimum age to be eligible to defined contribution plan 21 years    
Maximum contribution by company expressed as percentage of employee pre-tax salary 100.00%    
Company match percent 50.00%    
Percent of employee contribution 6.00%    
Company contributions vest at end of one year 25.00%    
Company contributions vest at end of two years 50.00%    
Company contributions vest at end of three years 75.00%    
Company contributions vest at end of four years 100.00%    
Company contributions to employee savings plan $ 3,392,000 $ 3,284,000 $ 2,898,000
v3.24.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Tax Credit Carryforward [Line Items]        
Domestic income from continuing operations before taxes $ 16,039,000 $ 48,546,000 $ 121,729,000  
Foreign income from continuing operations before taxes 119,309,000 202,149,000 $ 197,171,000  
Unrecognized Tax Benefits, Gross 29,053,000 15,866,000    
Unrecognized Tax Benefits, Gross, Noncurrent Liability 26,685,000      
Unrecognized Tax Benefits, Gross, Offset to Tax Attributes 2,368,000      
Interest and penalties, gross 3,339,000 $ 2,219,000    
Minimum decrease in income tax expense due to release in reserves 650,000      
Maximum decrease in income tax expense due to release in reserves $ 1,000,000      
Income tax expense at U.S. federal statutory corporate tax rate 21.00% 21.00% 21.00%  
Foreign tax rate differential 6.00% 7.00% 5.00%  
Income tax penalties and interest expense $ 1,032,000 $ 229,000 $ 281,000  
Income tax paid net 56,618,000 57,016,000 $ 49,435,000  
Foreign net operating losses 339,000 53,000    
Deferred tax assets, valuation allowance 943,000 7,661,000    
Foreign tax structure deferred tax asset       $ 437,500,000
GILTI tax basis differences 274,327,000 $ 298,922,000   $ 350,000,000
Research Tax Credit Carryforward [Member]        
Tax Credit Carryforward [Line Items]        
Deferred tax assets, valuation allowance 5,427,000      
Foreign Tax Authority [Member]        
Tax Credit Carryforward [Line Items]        
Foreign net operating losses 1,720,000      
Deferred Tax Assets, Tax Credit Carryforwards, Foreign $ 943,000      
Foreign Tax Authority [Member] | Revenue Commissioners, Ireland [Member]        
Tax Credit Carryforward [Line Items]        
Income tax expense at U.S. federal statutory corporate tax rate 12.50%      
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member]        
Tax Credit Carryforward [Line Items]        
Income tax expense at U.S. federal statutory corporate tax rate 25.00%      
Foreign Tax Authority [Member] | KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF        
Tax Credit Carryforward [Line Items]        
Income tax expense at U.S. federal statutory corporate tax rate 21.00%      
Foreign Tax Authority [Member] | JAPAN        
Tax Credit Carryforward [Line Items]        
Income tax expense at U.S. federal statutory corporate tax rate 34.60%      
Domestic Tax Authority [Member]        
Tax Credit Carryforward [Line Items]        
Income tax expense at U.S. federal statutory corporate tax rate 21.00%      
Deferred Tax Assets, Tax Credit Carryforwards, State $ 8,740,000      
v3.24.0.1
Income Taxes - Constituents of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 29,084 $ 48,355 $ 27,870
State 3,544 5,689 5,372
Foreign 9,207 10,243 8,406
Current income tax expense (benefit), Total 41,835 64,287 41,648
Deferred:      
Federal (24,731) (40,772) (19,266)
State (5,877) (8,354) (769)
Foreign 10,887 20,009 17,406
Deferred income tax expense (benefit), Total (19,721) (29,117) (2,629)
Income tax expense (benefit), continuing operations, Total $ 22,114 $ 35,170 $ 39,019
v3.24.0.1
Income Taxes - Reconciliation of the United States Federal Statutory Corporate Tax Rate to Company's Effective Tax Rate or Income Tax Provision (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Income tax expense at U.S. federal statutory corporate tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit 1.00% 2.00% 1.00%
Foreign tax rate differential (6.00%) (7.00%) (5.00%)
Tax credits (3.00%) (1.00%) (2.00%)
Taxation on multinational operations (0.03) 0 0
Tax reserves 0.03 0.01 0
Limitation on deduction for executive compensation 2.00% 1.00% 0.00%
Discrete tax expense related to employee stock-based compensation (1.00%) 0.00% (3.00%)
Discrete tax expense related to tax return filings (2.00%) 2.00% (1.00%)
Discrete tax expense related to rate revaluation on state tax assets 2.00% 2.00% 0.00%
Discrete tax benefit related to GILTI adjustments (2.00%) (3.00%) 0.00%
Discrete tax benefit for release of valuation allowance (4.00%) 1.00% 0.00%
Discrete tax benefit for audit settlements 0.00% 1.00% 0.00%
Other 2.00% 2.00% 1.00%
Income tax expense 16.00% 14.00% 12.00%
v3.24.0.1
Income Taxes - Changes in the Reserve for Income Taxes, Excluding Interest and Penalties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance of reserve for income taxes $ 13,647 $ 13,812 $ 13,952
Reductions as a result of tax positions taken in prior periods (242) (119) (280)
Additions as a result of tax positions taken in prior periods 12,556 2,850 100
Additions as a result of tax positions taken in the current period 1,877 505 525
Reductions relating to settlements with taxing authorities (1,230) (2,329)  
Reductions as a result of the expiration of the applicable statutes of limitations (894) (1,072) (485)
Balance of reserve for income taxes $ 25,714 $ 13,647 $ 13,812
v3.24.0.1
Income Taxes - Constituents of Deferred Tax Assets (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2019
Deferred tax assets:      
Intangible asset in connection with change in tax structure $ 375,360,000 $ 386,221,000  
Stock-based compensation expense 20,916,000 21,962,000  
Tax credit carryforwards 7,848,000 8,284,000  
Inventory and revenue related 10,897,000 8,117,000  
Bonuses, commissions, and other compensation 6,243,000 5,116,000  
Depreciation 1,840,000 4,881,000  
Foreign net operating losses 339,000 53,000  
Capitalization of R&D expenses 28,521,000 16,889,000  
Other 5,514,000 15,102,000  
Total deferred tax assets 457,478,000 466,625,000  
Valuation allowance (943,000) (7,661,000)  
Deferred Tax Assets, Net, Noncurrent 456,535,000 458,964,000  
Deferred tax liabilities:      
Amortization (28,685,000) (2,762,000)  
GILTI tax basis differences in connection with change in tax structure (274,327,000) (298,922,000) $ (350,000,000)
Deferred Tax Liabilities, Net (303,012,000) (301,684,000)  
Deferred income taxes $ 153,523,000 $ 157,280,000  
v3.24.0.1
Weighted Average Shares - Calculation of Weighted Average Shares (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Basic weighted-average common shares outstanding 172,249 173,407 176,463
Effect of dilutive stock options 1,150 1,462 3,453
Diluted weighted-average common and common-equivalent shares outstanding 173,399 174,869 179,916
v3.24.0.1
Weighted Average Shares - Additional Information (Detail) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock Compensation Plan [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Stock options to purchase anti-dilutive common stock 6,854,092 4,715,104 497,504
Restricted Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Stock options to purchase anti-dilutive common stock 365 26,079 605
Performance Shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Stock options to purchase anti-dilutive common stock 0 0 0
v3.24.0.1
Segment and Geographic Information - Additional Information (Detail) - Segment
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Concentration Risk [Line Items]      
Number of reportable segments 1 1  
Total Revenue | Revenue from a single customer, percentage | Customer 2 [Member]      
Concentration Risk [Line Items]      
Maximum percentage of revenue accountability   11.00% 17.00%
Total Revenue | Revenue from a single customer, percentage | Customer 1 [Member]      
Concentration Risk [Line Items]      
Maximum percentage of revenue accountability   11.00%  
v3.24.0.1
Segment and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 837,547 $ 1,006,090 $ 1,037,098
Long-lived assets 112,937 86,357 84,788
United States [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 288,324 343,835 393,690
Long-lived assets 62,946 66,928 63,141
Europe [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 220,665 234,643 247,744
Long-lived assets 17,005 14,725 16,982
Greater China [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 164,115 227,447 200,135
Long-lived assets 17,028 1,334 960
Other [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 164,443 200,165 195,529
Long-lived assets $ 15,958 $ 3,370 $ 3,705
v3.24.0.1
Business Acquisitions - Moritex Narrative (Details)
¥ in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Oct. 18, 2023
USD ($)
Oct. 18, 2023
JPY (¥)
Mar. 31, 2024
USD ($)
Mar. 31, 2024
JPY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Oct. 18, 2023
JPY (¥)
Business Acquisition [Line Items]                
Payments related to business acquisitions         $ 257,056 $ 5,050 $ 0  
Moritex Corporation                
Business Acquisition [Line Items]                
Enterprise value $ 270,000             ¥ 40,000,000
Purchase price 296,138 ¥ 44,376,245            
Cash paid in purchase price 295,144 ¥ 44,227,414            
Cash acquired 38,088              
Payments related to business acquisitions 257,056              
Asset acquisition, transaction costs $ 5,800              
Moritex Corporation | Forecast                
Business Acquisition [Line Items]                
Cash paid in purchase price     $ 994 ¥ 148,831        
v3.24.0.1
Business Acquisitions - Moritex Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Oct. 18, 2023
Dec. 31, 2022
Dec. 07, 2022
Dec. 31, 2021
Business Acquisition [Line Items]          
Goodwill $ 393,181   $ 242,630   $ 241,713
Finite-lived intangible assets       $ 3,800  
Moritex Corporation          
Business Acquisition [Line Items]          
Cash and cash equivalents   $ 38,088      
Accounts receivable   11,572      
Inventories   22,788      
Property, plant and equipment   19,876      
Goodwill   145,047      
Deferred income tax assets   4,516      
Other assets   4,935      
Accounts payable   (6,700)      
Accrued expenses   (13,521)      
Deferred income tax liabilities   (22,055)      
Reserve for income taxes   (5,864)      
Other liabilities   (2,594)      
Purchase price   296,138      
Moritex Corporation | Customer relationships          
Business Acquisition [Line Items]          
Finite-lived intangible assets   66,900      
Moritex Corporation | Completed technologies          
Business Acquisition [Line Items]          
Finite-lived intangible assets   32,300      
Moritex Corporation | Trademarks          
Business Acquisition [Line Items]          
Finite-lived intangible assets   $ 850      
v3.24.0.1
Loss from Fire (Details) - Fire - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Unusual or Infrequent Item, or Both [Line Items]    
Loss from Catastrophes   $ 20,779
Gross Loss from Catastrophes   48,339
Insurance Recoveries $ 8,000 $ 27,560
Insurance Recoveries, Business Interruption 2,500  
Insurance Recoveries, Lost Inventory And Other Losses $ 5,500  
v3.24.0.1
Restructuring Charges - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Employees
Dec. 31, 2021
USD ($)
Restructuring and Related Activities [Abstract]      
Number of positions eliminated | Employees   18  
Restructuring charges | $ $ 0 $ 1,657 $ 0
v3.24.0.1
Restructuring Charges - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 0 $ 1,657 $ 0
One-time Termination Benefits [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   1,584  
Contract Termination [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   $ 73  
v3.24.0.1
Restructuring Charges - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Reserve [Roll Forward]      
Restructuring charges $ 0 $ 1,657 $ 0
One-time Termination Benefits [Member]      
Restructuring Reserve [Roll Forward]      
Restructuring charges   1,584  
Contract Termination [Member]      
Restructuring Reserve [Roll Forward]      
Restructuring charges   73  
Accrued Liabilities [Member] | December 2022      
Restructuring Reserve [Roll Forward]      
Restructuring Reserve, Beginning Balance 1,039 0  
Restructuring charges   (1,657)  
Cash payments (1,048) (646)  
Foreign exchange rate changes 9 28  
Restructuring Reserve, Ending Balance 0 1,039 0
Accrued Liabilities [Member] | One-time Termination Benefits [Member] | December 2022      
Restructuring Reserve [Roll Forward]      
Restructuring Reserve, Beginning Balance 964 0  
Restructuring charges   (1,584)  
Cash payments (973) (646)  
Foreign exchange rate changes 9 26  
Restructuring Reserve, Ending Balance 0 964 0
Accrued Liabilities [Member] | Contract Termination [Member] | December 2022      
Restructuring Reserve [Roll Forward]      
Restructuring Reserve, Beginning Balance 75 0  
Restructuring charges   (73)  
Cash payments (75) 0  
Foreign exchange rate changes 0 2  
Restructuring Reserve, Ending Balance $ 0 $ 75 $ 0
v3.24.0.1
Subsequent Events - (Details)
Feb. 15, 2024
$ / shares
Subsequent Event [Member]  
Subsequent Event [Line Items]  
Dividends Payable, Amount Per Share $ 0.075
v3.24.0.1
Schedule II -Valuation and Qualifying Accounts (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 730    
Balance at End of Period 583 $ 730  
Reserve for Uncollectible Accounts Receivable and Sales Return [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 730 776 $ 831
Charged to Costs and Expenses 500 191 0
Deductions (645) (237) (55)
Other (2) 0 0
Balance at End of Period 583 730 776
Sales Returns and Allowances [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 1,518 1,518 1,291
Charged to Costs and Expenses 500 0 0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account 0 0 227
Deductions 0 0 0
Other 0 0 0
Balance at End of Period 2,018 1,518 1,518
Deferred Tax Valuation Allowance [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 7,661 8,188 8,568
Charged to Costs and Expenses 0 2,234 1,420
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account 0 3,889 0
Deductions (6,718) (6,650) (1,800)
Other 0 0 0
Balance at End of Period $ 943 $ 7,661 $ 8,188