Cognex (CGNX) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	3 Months Ended
Cover Page	Apr. 02, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 02, 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000851205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	172,601,360

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Income Statement [Abstract]
Revenue	$ 201,124	$ 282,407
Cost of revenue	57,384	78,790
Gross margin	143,740	203,617
Research, development, and engineering expenses	38,542	36,054
Selling, general, and administrative expenses	83,037	80,835
Operating income	22,161	86,728
Foreign currency gain (loss)	394	(444)
Investment income	3,587	1,468
Other income (expense)	73	(48)
Income before income tax expense	26,215	87,704
Income tax expense	600	20,371
Net income	$ 25,615	$ 67,333
Net income per weighted-average common and common-equivalent share:
Basic (usd per share)	$ 0.15	$ 0.39
Diluted (usd per share)	$ 0.15	$ 0.38
Weighted-average common and common-equivalent shares outstanding:
Basic (shares)	172,624	174,146
Diluted (shares)	173,903	176,668
Cash dividends per common share (usd per share)	$ 0.070	$ 0.065

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 25,615	$ 67,333
Available-for-sale investments:
Net unrealized gain (loss) on available-for-sale investments, net of tax	5,426	(13,548)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations		36
Net change related to available-for-sale investments	5,426	(13,512)
Foreign currency translation adjustments:
Foreign currency translation adjustments	(359)	(2,111)
Net change related to foreign currency translation adjustments	(359)	(2,111)
Other comprehensive income (loss), net of tax	5,067	(15,623)
Total comprehensive income	$ 30,682	$ 51,710

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Statement of Comprehensive Income [Abstract]
Tax effect of unrealized gain (loss) on available-for-sale investments	$ 1,858	$ (4,036)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 164,171	$ 181,374
Current investments, amortized cost of $220,943 and $223,545 in 2023 and 2022, respectively, allowance for credit losses of $0 in 2023 and 2022	216,703	218,759
Accounts receivable, allowance for credit losses of $1,001 and $730 in 2023 and 2022, respectively	144,154	125,417
Unbilled revenue	2,354	2,179
Inventories	127,147	122,480
Prepaid expenses and other current assets	67,634	67,490
Total current assets	722,163	717,699
Non-current investments, amortized cost of $478,329 and $476,148 in 2023 and 2022, respectively, allowance for credit losses of $0 in 2023 and 2022	463,039	454,117
Property, plant, and equipment, net	81,274	79,714
Operating lease assets	37,769	37,682
Goodwill	242,041	242,630
Intangible assets, net	11,472	12,414
Deferred income taxes	409,583	407,241
Other assets	6,725	6,643
Total assets	1,974,066	1,958,140
Current liabilities:
Accounts payable	26,939	27,103
Accrued expenses	83,527	93,235
Accrued income taxes	37,529	18,129
Deferred revenue and customer deposits	57,805	40,787
Operating lease liabilities	8,177	8,454
Total current liabilities	213,977	187,708
Non-current operating lease liabilities	31,389	31,298
Deferred income taxes	243,557	249,961
Reserve for income taxes	20,030	15,866
Non-current accrued income taxes	18,338	33,008
Other liabilities	444	1,905
Total liabilities	527,735	519,746
Shareholders’ equity:
Preferred stock, $.01 par value – Authorized: 400 shares in 2023 and 2022, respectively; no shares issued and outstanding	0	0
Common stock, $.002 par value – Authorized: 300,000 shares in 2023 and 2022, respectively; issued and outstanding: 172,601 and 172,631 shares in 2023 and 2022, respectively	345	345
Additional paid-in capital	992,690	979,167
Retained earnings	517,526	528,179
Accumulated other comprehensive loss, net of tax	(64,230)	(69,297)
Total shareholders’ equity	1,446,331	1,438,394
Total liabilities and shareholders' equity	$ 1,974,066	$ 1,958,140

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost of current investments	$ 220,943	$ 223,545
Allowance for credit losses	0	0
Allowance for credit losses, current	1,001	730
Amortized cost of non-current investments	478,329	476,148
Allowance for credit losses, non-current	$ 0	$ 0
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	400,000	400,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.002	$ 0.002
Common stock shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	172,601,000	172,631,000
Common stock, shares outstanding (in shares)	172,601,000	172,631,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Cash flows from operating activities:
Net income	$ 25,615	$ 67,333
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	16,579	15,056
Depreciation of property, plant, and equipment	3,986	4,117
Amortization of intangible assets	942	840
Excess and obsolete inventory charges	788	379
Amortization of discounts or premiums on investments	700	1,402
Realized loss (gain) on sale of investments	0	36
Change in deferred income taxes	(10,656)	(3,891)
Accounts receivable	(18,455)	(24,700)
Unbilled revenue	(173)	2,144
Inventories	(5,338)	(23,900)
Prepaid expenses and other current assets	231	4,212
Accounts payable	(192)	708
Accrued expenses	(9,942)	(28,718)
Accrued income taxes	4,721	16,745
Deferred revenue and customer deposits	17,003	18,712
Other	1,744	(958)
Net cash provided by operating activities	27,553	49,517
Cash flows from investing activities:
Purchases of investments	(46,480)	(39,155)
Maturities and sales of investments	46,199	112,976
Purchases of property, plant, and equipment	(5,507)	(4,585)
Net cash provided by (used in) investing activities	(5,788)	69,236
Cash flows from financing activities:
Net payments from issuance of common stock under stock plans	(3,055)	3,594
Repurchase of common stock	(24,178)	(130,405)
Payment of dividends	(12,091)	(11,303)
Net cash provided by (used in) financing activities	(39,324)	(138,114)
Effect of foreign exchange rate changes on cash and cash equivalents	356	(1,031)
Net change in cash and cash equivalents	(17,203)	(20,392)
Cash and cash equivalents at beginning of period	181,374	186,161
Cash and cash equivalents at end of period	$ 164,171	$ 165,769

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2021	$ 1,430,093	$ 351	$ 914,802	$ 562,882	$ (47,942)
Beginning Balance (in shares) at Dec. 31, 2021		175,481
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans	3,594	$ 0	3,594
Net issuance of common stock under stock plans (in shares)		136
Repurchase of common stock	(130,405)	$ (4)		(130,401)
Repurchase of common stock (in shares)		(1,879)
Stock-based compensation expense	15,056		15,056
Payment of dividends	(11,303)			(11,303)
Net income	67,333			67,333
Net unrealized gain (loss) on available-for-sale investments, net of tax	(13,548)				(13,548)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	36				36
Foreign currency translation adjustment	(2,111)				(2,111)
Ending Balance at Apr. 03, 2022	1,358,745	$ 347	933,452	488,511	(63,565)
Ending Balance (in shares) at Apr. 03, 2022		173,738
Beginning Balance at Dec. 31, 2022	$ 1,438,394	$ 345	979,167	528,179	(69,297)
Beginning Balance (in shares) at Dec. 31, 2022	172,631	172,631
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans	$ (3,055)	$ 1	(3,056)
Net issuance of common stock under stock plans (in shares)		449
Repurchase of common stock	(24,178)	$ (1)		(24,177)
Repurchase of common stock (in shares)		(479)
Stock-based compensation expense	16,579		16,579
Payment of dividends	(12,091)			(12,091)
Net income	25,615			25,615
Net unrealized gain (loss) on available-for-sale investments, net of tax	5,426				5,426
Reclassification of net realized (gain) loss on the sale of available-for-sale investments					0
Foreign currency translation adjustment	(359)				(359)
Ending Balance at Apr. 02, 2023	$ 1,446,331	$ 345	$ 992,690	$ 517,526	$ (64,230)
Ending Balance (in shares) at Apr. 02, 2023	172,601	172,601

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (usd per share)	$ 0.070	$ 0.065
Tax effect of unrealized gain (loss) on available-for-sale investments	$ 1,858	$ (4,036)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Apr. 02, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles (GAAP). Reference should be made to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for a full description of other significant accounting policies. In the opinion of the management of Cognex Corporation (the "Company"), the accompanying consolidated unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments, and financial statement reclassifications necessary to present fairly the Company’s financial position as of April 2, 2023, and the results of its operations for the three-month periods ended April 2, 2023 and April 3, 2022, and changes in shareholders’ equity, comprehensive income, and cash flows for the periods presented. The results disclosed in the Consolidated Statements of Operations for the three-month period ended April 2, 2023 are not necessarily indicative of the results to be expected for the full year.

New Pronouncements

New Pronouncements	3 Months Ended
New Pronouncements	Apr. 02, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Pronouncements	New Pronouncements 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Apr. 02, 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 required to be measured at fair value on a recurring basis as of April 2, 2023 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 3,618 $ — $ — Corporate bonds — 545,863 — Treasury bills — 61,112 — Asset-backed securities — 54,146 — Agency bonds — 16,038 — Sovereign bonds — 1,954 — Municipal bonds — 629 — Economic hedge forward contracts — 154 — Liabilities: Economic hedge forward contracts — 74 — The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1. The Company’s debt securities and forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial assets and liabilities, and in doing so, considers valuations provided by a large, third-party pricing service. For debt securities, this service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks. Non-financial Assets that are Measured at Fair Value on a Non-recurring Basis Non-financial assets, such as property, plant and equipment, operating lease assets, goodwill, and intangible assets, are required to be measured at fair value only when an impairment loss is recognized. The Company did not record impairment charges related to non-financial assets during the three-month periods ended April 2, 2023 or April 3, 2022.

Cash, Cash Equivalents, and Inv

Cash, Cash Equivalents, and Investments	3 Months Ended
Cash, Cash Equivalents, and Investments	Apr. 02, 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): April 2, 2023 December 31, 2022 Cash $ 160,553 $ 180,959 Money market instruments 3,618 415 Cash and cash equivalents 164,171 181,374 Corporate bonds 160,320 164,055 Asset-backed securities 31,265 26,890 Agency bonds 16,038 15,858 Treasury bills 8,451 11,332 Municipal bonds 629 624 Current investments 216,703 218,759 Corporate bonds 385,543 374,440 Treasury bills 52,661 44,214 Asset-backed securities 22,881 33,539 Sovereign bonds 1,954 1,924 Non-current investments 463,039 454,117 $ 843,913 $ 854,250 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; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; treasury bills consist of debt securities issued by the U.S. government; municipal bonds consist of debt securities issued by state and local government entities; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of April 2, 2023 and December 31, 2022 were denominated in U.S. Dollars. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $4,559,000 and $3,620,000 as of April 2, 2023 and December 31, 2022, respectively. The following table summarizes the Company’s available-for-sale investments as of April 2, 2023 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 163,537 $ 3 $ (3,220) $ 160,320 Asset-backed securities 32,016 — (751) 31,265 Agency bonds 16,148 — (110) 16,038 Treasury bills 8,607 — (156) 8,451 Municipal bonds 635 — (6) 629 Non-current: Corporate bonds 400,051 1,623 (16,131) 385,543 Treasury bills 52,290 489 (118) 52,661 Asset-backed securities 23,905 117 (1,141) 22,881 Sovereign bonds 2,083 — (129) 1,954 $ 699,272 $ 2,232 $ (21,762) $ 679,742 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 April 2, 2023 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 81,931 $ (1,098) $ 350,244 $ (18,253) $ 432,175 $ (19,351) Asset-backed securities 10,998 (213) 32,783 (1,679) 43,781 (1,892) Agency bonds — — 16,037 (110) 16,037 (110) Treasury bills 4,878 (117) 8,451 (157) 13,329 (274) Sovereign bonds — — 1,954 (129) 1,954 (129) Municipal bonds 629 (6) — — 629 (6) $ 98,436 $ (1,434) $ 409,469 $ (20,328) $ 507,905 $ (21,762) 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 April 2, 2023 or December 31, 2022. There was no activity recorded in the allowance for credit losses during the three-month periods ended April 2, 2023 or April 3, 2022. Management currently intends to hold these securities to full value recovery at maturity. The Company recorded no gross realized gains or gross realized losses on the sale of debt securities for the three-month period ended April 2, 2023. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $118,000 and $154,000, respectively, for the three-month period ended April 3, 2022. 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 presents the effective maturity dates of the Company’s available-for-sale investments as of April 2, 2023 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 160,320 $ 166,170 $ 87,347 $ 63,241 $ 66,558 $ 2,227 $ 545,863 Treasury bills 8,451 3,414 15,156 17,837 16,254 — 61,112 Asset-backed securities 31,265 2,579 12,599 7,703 — — 54,146 Agency bonds 16,038 — — — — — 16,038 Sovereign bonds — 978 976 — — — 1,954 Municipal bonds 629 — — — — — 629 $ 216,703 $ 173,141 $ 116,078 $ 88,781 $ 82,812 $ 2,227 $ 679,742

Inventories

Inventories	3 Months Ended
Inventories	Apr. 02, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): April 2, 2023 December 31, 2022 Raw materials $ 77,520 $ 71,720 Work-in-process 1,489 906 Finished goods 48,138 49,854 $ 127,147 $ 122,480

Leases

Leases	3 Months Ended
Leases	Apr. 02, 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 April 2, 2023, there was one option to terminate and eighteen options to extend that were accounted for in the determination of the lease term for outstanding leases. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for outstanding leases as of April 2, 2023. The total operating lease expense for the three-month periods ended April 2, 2023 and April 3, 2022 were $2,392,000 and $2,229,000, respectively. The total operating lease cash payments for the three-month periods ended April 2, 2023 and April 3, 2022 were $2,404,000 and $2,079,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month periods ended April 2, 2023 and April 3, 2022 was $24,000 and $38,000, respectively. Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2023 $ 7,284 2024 7,530 2025 5,477 2026 4,221 2027 3,716 2028 3,448 Thereafter 12,769 $ 44,445 The discounted present value of the future lease cash payments resulted in a total lease liability of $39,566,000 and $39,752,000 as of April 2, 2023 and December 31, 2022, respectively. The Company did not have any leases that had not yet commenced but that created significant rights and obligations as of April 2, 2023. 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 within "Operating lease assets" and "Operating lease liabilities" on the Consolidated Balance Sheets on the commencement date.

Goodwill

Goodwill	3 Months Ended
Goodwill	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying value of goodwill were as follows (in thousands): Balance as of December 31, 2022 $ 242,630 Foreign exchange rate changes (589) Balance as of April 2, 2023 $ 242,041

Intangible Assets

Intangible Assets	3 Months Ended
Intangible Assets	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Amortized intangible assets consisted of the following (in thousands): Gross Accumulated Net Completed technologies $ 28,017 $ (18,492) $ 9,525 Customer relationships 5,838 (4,040) 1,798 Non-compete agreements 340 (191) 149 Balance as of April 2, 2023 $ 34,195 $ (22,723) $ 11,472 Gross Accumulated Net Completed technologies $ 28,017 $ (17,744) $ 10,273 Customer relationships 5,838 (3,860) 1,978 Non-compete agreements 340 (177) 163 Balance as of December 31, 2022 $ 34,195 $ (21,781) $ 12,414 As of April 2, 2023, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2023 $ 2,195 2024 2,623 2025 2,300 2026 1,995 2027 1,273 2028 543 Thereafter 543 $ 11,472

Warranty Obligations

Warranty Obligations	3 Months Ended
Warranty Obligations	Apr. 02, 2023
Product Warranties Disclosures [Abstract]
Warranty Obligations	Warranty Obligations The Company records the estimated cost of fulfilling product warranties at the time of sale based upon historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or changes in circumstances impacting product quality become known that would not have been taken into account using historical data. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers and third-party contract manufacturers, the Company’s warranty obligation is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. An adverse change in any of these factors may result in the need for additional warranty provisions. Warranty obligations are included in “Accrued expenses” on the Consolidated Balance Sheets. The changes in the warranty obligation were as follows (in thousands): Balance as of December 31, 2022 $ 4,375 Provisions for warranties issued during the period 527 Fulfillment of warranty obligations (828) Balance as of April 2, 2023 $ 4,074

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Apr. 02, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of April 2, 2023, the Company had outstanding purchase orders totaling $47,486,000 to procure inventory from various vendors. Certain of these purchase orders may be canceled by the Company, subject to cancellation penalties. These purchase commitments relate primarily to expected sales in the next twelve months. A significant portion of the Company's outstanding inventory purchase orders as of April 2, 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 has the obligation to purchase any non-cancelable and non-returnable components that have been purchased by the contract manufacturer with the Company's preauthorization, when these components have not been consumed within the period defined in the terms of the Company's agreement with this contract manufacturer. While the Company typically expects such purchased components to be used in future production of Cognex finished goods, these components are considered in the Company's reserve estimate for excess and obsolete inventory. Furthermore, the Company accrues for losses on commitments for the future purchase of non-cancelable and non-returnable components from this contract manufacturer at the time that circumstances, such as changes in demand, indicate that the value of the components may not be recoverable, the loss is probable, and management has the ability to reasonably estimate the amount of the loss. Various claims and legal proceedings generally incidental to the normal course of business are pending or threatened on behalf of or against the Company. While we cannot predict the outcome of these matters, we believe that any liability arising from them will not have a material adverse effect on our financial position, liquidity, or results of operations.

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Apr. 02, 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. The Company had the following outstanding forward contracts (in thousands): April 2, 2023 December 31, 2022 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Euro 32,500 $ 35,529 60,000 $ 64,174 Mexican Peso 155,000 8,498 185,000 9,480 Hungarian Forint 1,890,000 5,381 1,590,000 4,238 Japanese Yen 600,000 4,536 700,000 5,281 British Pound 3,485 4,313 3,445 4,161 Canadian Dollar 1,705 1,261 1,730 1,278 Chinese Renminbi — — 55,000 7,619 Swiss Franc — — 1,120 1,218 Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet April 2, 2023 December 31, 2022 Sheet April 2, 2023 December 31, 2022 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 154 $ 27 Accrued expenses $ 74 $ 479 The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands): Asset Derivatives Liability Derivatives April 2, 2023 December 31, 2022 April 2, 2023 December 31, 2022 Gross amounts of recognized assets $ 154 $ 27 Gross amounts of recognized liabilities $ 74 $ 479 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 154 $ 27 Net amount of liabilities presented $ 74 $ 479 Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands): Location in Financial Statements Three-months Ended April 2, 2023 April 3, 2022 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ (1,471) $ 1,739

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Apr. 02, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Americas $ 80,442 $ 126,658 Europe 59,842 62,792 Greater China 33,172 48,406 Other Asia 27,668 44,551 $ 201,124 $ 282,407 The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Standard products and services $ 190,783 $ 257,880 Application-specific customer solutions 10,341 24,527 $ 201,124 $ 282,407 Costs to Fulfill a Contract Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $20,219,000 and $14,578,000 as of April 2, 2023 and December 31, 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 for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition. The following table summarizes the allowance for credit losses activity for the three-month period ended April 2, 2023 (in thousands): Balance as of December 31, 2022 $ 730 Increases to the allowance for credit losses 350 Write-offs, net of recoveries (78) Foreign exchange rate changes (1) Balance as of April 2, 2023 $ 1,001 The following table summarizes the deferred revenue and customer deposits activity for the three-month period ended April 2, 2023 (in thousands): Balance as of December 31, 2022 $ 40,787 Deferral of revenue billed in the current period, net of recognition 34,786 Recognition of revenue deferred in prior period (8,578) Returned customer deposit (9,205) Foreign exchange rate changes 15 Balance as of April 2, 2023 $ 57,805 As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as our contracts have an original expected duration of less than one year.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	3 Months Ended
Stock-Based Compensation Expense	Apr. 02, 2023
Share-Based Payment Arrangement [Abstract]
Shareholders' Equity and Share-based Payments	Stock-Based Compensation Expense Stock Plans The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs"). As of April 2, 2023, the Company had 12,116,000 shares available for grant under its stock plans. Stock options are granted with an exercise price equal to the market value of the Company’s common stock at the grant date and generally vest over four three three Stock Options The following table summarizes the Company’s stock option activity for the three-month period ended April 2, 2023: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 8,467 $ 51.56 Granted 1,228 47.21 Exercised (140) 28.36 Forfeited or expired (247) 58.05 Outstanding as of April 2, 2023 9,308 $ 51.16 6.53 $ 37,312 Exercisable as of April 2, 2023 5,433 $ 47.45 5.12 $ 33,531 Options vested or expected to vest as of April 2, 2023 (1) 8,735 $ 50.90 6.37 $ 36,643 (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 fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: Three-months Ended April 2, 2023 April 3, 2022 Risk-free rate 4.0 % 1.9 % Expected dividend yield 0.59 % 0.40 % Expected volatility 39 % 37 % Expected term (in years) 4.3 5.2 Risk-free rate The risk-free rate was based upon a treasury instrument whose term was consistent with the contractual term of the option. Expected dividend yield Generally, the current dividend yield is calculated by annualizing the cash dividend declared by the Company’s Board of Directors and dividing that result by the closing stock price on the grant date. Expected volatility The expected volatility was based upon a combination of historical volatility of the Company’s common stock over the contractual term of the option and implied volatility for traded options of the Company’s stock. Expected term The expected term was derived from the binomial lattice model from the impact of events that trigger exercises over time. The weighted-average grant-date fair values of stock options granted during the three-month periods ended April 2, 2023 and April 3, 2022 were $17.79 and $22.45, respectively. The total intrinsic values of stock options exercised for the three-month periods ended April 2, 2023 and April 3, 2022 were $3,439,000 and $2,615,000, respectively. The total fair values of stock options vested for the three-month periods ended April 2, 2023 and April 3, 2022 were $31,181,000 and $25,535,000, respectively. Restricted Stock Units (RSUs) The following table summarizes the Company's RSUs activity for the three-month period ended April 2, 2023: Shares Weighted-Average Nonvested as of December 31, 2022 1,269 $ 61.74 Granted 635 46.61 Vested (453) 59.11 Forfeited or expired (32) 66.98 Nonvested as of April 2, 2023 1,419 $ 55.69 The fair value of RSUs is determined based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. The weighted-average grant-date fair values of RSUs granted during the three-month periods ended April 2, 2023 and April 3, 2022 were $46.61 and $63.96, respectively. There were 453,000 and 54,000 RSUs that vested during the three-month periods ended April 2, 2023 and April 3, 2022, respectively. Performance Restricted Stock Units (PRSUs) The following table summarizes the Company's PRSUs activity for the three-month period ended April 2, 2023: Shares Weighted-Average Nonvested as of December 31, 2022 33 $ 62.49 Granted 46 44.86 Vested — — Forfeited or expired — — Nonvested as of April 2, 2023 79 $ 52.23 The fair value of PRSUs is calculated using the Monte Carlo simulation model to estimate the probability of satisfying the service and market conditions stipulated in the award grant. There were 46,000 and 33,000 PRSUs granted during the three-month periods ended April 2, 2023 and April 3, 2022, respectively. No PRSUs vested during the three-month periods ended April 2, 2023 and April 3, 2022. Stock-Based Compensation Expense The Company stratifies its employee population into three groups: one consisting of the CEO, one consisting of senior management, and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 0% to all stock-based awards for the CEO, 8% to all stock-based awards for senior management, and a rate of 13% for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. This resulted in a decrease to compensation expense of $234,000 in 2023 and an increase to compensation expense of $1,536,000 in 2022. As of April 2, 2023, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $86,841,000, which is expected to be recognized over a weighted-average period of 2.4 years. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended April 2, 2023 were $16,579,000 and $2,308,000, respectively. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended April 3, 2022 were $15,056,000 and $2,319,000, respectively. No compensation expense was capitalized as of April 2, 2023 or December 31, 2022. The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Cost of revenue $ 621 $ 563 Research, development, and engineering 5,890 4,448 Selling, general, and administrative 10,068 10,045 $ 16,579 $ 15,056

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
Stock Repurchase Program	Apr. 02, 2023
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase ProgramOn March 12, 2020, the Company's Board of Directors authorized the repurchase of $200,000,000 of the Company's common stock. Under this March 2020 program, in addition to repurchases made in prior years, the Company repurchased 1,677,000 shares at a cost of $117,000,000 during the three-month period ended April 3, 2022, which completed purchases under this program. On March 3, 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 202,000 shares at a cost of $13,405,000 during the three-month period ended April 3, 2022. Under this same March 2022 program, in addition to purchases made during the prior year, the Company repurchased 479,000 shares at a total cost of $24,178,000 during the three-month period ended April 2, 2023 leaving a remaining balance of $388,508,000 as of April 2, 2023. 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.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Apr. 02, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 2% for the three-month period ended April 2, 2023, and 23% for the three-month period ended April 3, 2022. The Company has defined its major tax jurisdictions as the United States, Ireland, China, and Korea, and within the United States, Massachusetts. The statutory tax rate is 12.5% in Ireland, 25% in China, and 22% in Korea compared to the U.S. federal statutory corporate tax rate of 21%. These foreign tax rate differences resulted in a net decrease to the effective tax rate for both the three-month periods ended April 2, 2023 and April 3, 2022. The Company recorded a net discrete tax benefit totaling $3,594,000 for the three-month period ended April 2, 2023, and a net discrete tax expense totaling $6,338,000 for the same period in 2022. Discrete tax items for the three-month period ended April 2, 2023 included (1) an increase in tax expense of $1,068,000 related to stock-based compensation; (2) a decrease in tax expense of $2,292,000 for releasing tax reserves on state tax credits; (3) a decrease in tax expense of $2,198,000 for adjustments to certain deferred tax assets; and (4) a decrease in tax expense of $172,000 for return-to-provision adjustments. Discrete tax items for the three-month period ended April 3, 2022 included (1) an increase in tax expense of $1,417,000 arising from an Internal Revenue Service (IRS) audit; (2) an increase in tax expense of $1,734,000 to establish a full valuation allowance against deferred tax assets related to foreign tax credits; and (3) an increase in tax expense of $3,187,000 consisting primarily of transfer pricing and return-to-provision adjustments. Excluding the impact of these discrete tax items, the Company’s effective tax rate was 16% for both the three-month periods ended April 2, 2023 and April 3, 2022. The Company’s reserve for income taxes, including gross interest and penalties, was $20,030,000 as of April 2, 2023, which was classified as a non-current liability. 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.

Weighted-Average Shares

Weighted-Average Shares	3 Months Ended
Weighted-Average Shares	Apr. 02, 2023
Earnings Per Share [Abstract]
Weighted-Average Shares	Weighted-Average Shares Weighted-average shares were calculated as follows (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Basic weighted-average common shares outstanding 172,624 174,146 Effect of dilutive equity awards 1,279 2,522 Weighted-average common and common-equivalent shares outstanding 173,903 176,668 Stock options to purchase 6,515,000 and 1,282,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month periods ended April 2, 2023 and April 3, 2022, respectively, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. Restricted stock units totaling 10,000 and 20,000 shares of common stock, on a weighted-average basis, were outstanding during the three-month periods ended April 2, 2023 and April 3, 2022, respectively, but were not included in the calculation of dilutive net income per share because they were anti-dilutive. No PRSUs were excluded in the calculation of dilutive net income per share for the three-month periods ended April 2, 2023 and April 3, 2022, as PRSUs were not anti-dilutive on a weighted-average basis.

Loss from Fire

Loss from Fire	3 Months Ended
Loss from Fire	Apr. 02, 2023
Catastrophe [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. As a result of the fire, the Company recorded $48,339,000 in gross losses in 2022, primarily related to Cognex-owned inventory that was destroyed or deemed to have a net realizable value of zero, and prepayments related to Cognex-designated components that were owned by the contract manufacturer . Gross losses were reduced by insurance proceeds received from the Company’s insurance carrier of $27,560,000 in the fourth quarter of 2022. Subsequent to the April 2, 2023 balance sheet date, but prior to the date of financial statement issuance, the Company received insurance proceeds of $2,500,000 related to a business interruption claim associated with the fire from the Company's insurance carrier. In the second quarter of 2023, this recovery amount will be presented in the caption “Loss (recovery) from fire” on the Consolidated Statements of Operations. As of April 2, 2023 and through the date of financial statement issuance, management cannot yet estimate additional recoveries that could be available from the contract manufacturer. Any future, additional recoveries in excess of recognized losses will be treated as gain contingencies and will be recognized when the gain is realized or realizable. There can be no assurance, however, that the insurance coverage and/or recoveries from the contract manufacturer will be available to cover the losses from the fire.

Restructuring Charges

Restructuring Charges	3 Months Ended
Restructuring Charges	Apr. 02, 2023
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges 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. Following its acquisition of SAC, the Company performed restructuring activities to align the cost and operating structure of the acquired business with the Company's business strategy. As of December 31, 2022, the majority of these restructuring actions were completed. No additional charges were recorded during the three-month period ended April 2, 2023, or are expected to be incurred in future periods in relation to this restructuring plan. The following table summarizes the activity in the Company’s restructuring reserve related to these restructuring activities, which is included in “Accrued expenses” on the Consolidated Balance Sheets (in thousands): One-time Termination Benefits Contract Termination Costs Total Balance as of December 31, 2022 $ 964 $ 75 $ 1,039 Cash payments (143) (20) (163) Foreign exchange rate changes 17 1 18 Balance as of April 2, 2023 $ 838 $ 56 $ 894

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 02, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 4, 2023, the Company’s Board of Directors declared a cash dividend of $0.07 per share. The dividend is payable on June 2, 2023 to all shareholders of record as of the close of business on May 19, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Apr. 02, 2023
Accounting Policies [Abstract]
New Pronouncements	New Pronouncements 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Apr. 02, 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 required to be measured at fair value on a recurring basis as of April 2, 2023 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 3,618 $ — $ — Corporate bonds — 545,863 — Treasury bills — 61,112 — Asset-backed securities — 54,146 — Agency bonds — 16,038 — Sovereign bonds — 1,954 — Municipal bonds — 629 — Economic hedge forward contracts — 154 — Liabilities: Economic hedge forward contracts — 74 —

Cash, Cash Equivalents, and I_2

Cash, Cash Equivalents, and Investments (Tables)	3 Months Ended
Cash, Cash Equivalents, and Investments (Tables)	Apr. 02, 2023
Cash and Cash Equivalents [Abstract]
Components of Cash, Cash Equivalents, and Investments	Cash, cash equivalents, and investments consisted of the following (in thousands): April 2, 2023 December 31, 2022 Cash $ 160,553 $ 180,959 Money market instruments 3,618 415 Cash and cash equivalents 164,171 181,374 Corporate bonds 160,320 164,055 Asset-backed securities 31,265 26,890 Agency bonds 16,038 15,858 Treasury bills 8,451 11,332 Municipal bonds 629 624 Current investments 216,703 218,759 Corporate bonds 385,543 374,440 Treasury bills 52,661 44,214 Asset-backed securities 22,881 33,539 Sovereign bonds 1,954 1,924 Non-current investments 463,039 454,117 $ 843,913 $ 854,250
Summary of Available-for-Sale Investments	The following table summarizes the Company’s available-for-sale investments as of April 2, 2023 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 163,537 $ 3 $ (3,220) $ 160,320 Asset-backed securities 32,016 — (751) 31,265 Agency bonds 16,148 — (110) 16,038 Treasury bills 8,607 — (156) 8,451 Municipal bonds 635 — (6) 629 Non-current: Corporate bonds 400,051 1,623 (16,131) 385,543 Treasury bills 52,290 489 (118) 52,661 Asset-backed securities 23,905 117 (1,141) 22,881 Sovereign bonds 2,083 — (129) 1,954 $ 699,272 $ 2,232 $ (21,762) $ 679,742
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments	The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of April 2, 2023 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 81,931 $ (1,098) $ 350,244 $ (18,253) $ 432,175 $ (19,351) Asset-backed securities 10,998 (213) 32,783 (1,679) 43,781 (1,892) Agency bonds — — 16,037 (110) 16,037 (110) Treasury bills 4,878 (117) 8,451 (157) 13,329 (274) Sovereign bonds — — 1,954 (129) 1,954 (129) Municipal bonds 629 (6) — — 629 (6) $ 98,436 $ (1,434) $ 409,469 $ (20,328) $ 507,905 $ (21,762)
Effective Maturity Dates of Available-for-Sale Investments	The following table presents the effective maturity dates of the Company’s available-for-sale investments as of April 2, 2023 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 160,320 $ 166,170 $ 87,347 $ 63,241 $ 66,558 $ 2,227 $ 545,863 Treasury bills 8,451 3,414 15,156 17,837 16,254 — 61,112 Asset-backed securities 31,265 2,579 12,599 7,703 — — 54,146 Agency bonds 16,038 — — — — — 16,038 Sovereign bonds — 978 976 — — — 1,954 Municipal bonds 629 — — — — — 629 $ 216,703 $ 173,141 $ 116,078 $ 88,781 $ 82,812 $ 2,227 $ 679,742

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Apr. 02, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): April 2, 2023 December 31, 2022 Raw materials $ 77,520 $ 71,720 Work-in-process 1,489 906 Finished goods 48,138 49,854 $ 127,147 $ 122,480

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Apr. 02, 2023
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2023 $ 7,284 2024 7,530 2025 5,477 2026 4,221 2027 3,716 2028 3,448 Thereafter 12,769 $ 44,445

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
Goodwill (Tables)	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying value of goodwill were as follows (in thousands): Balance as of December 31, 2022 $ 242,630 Foreign exchange rate changes (589) Balance as of April 2, 2023 $ 242,041

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
Intangible Assets (Tables)	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Amortized intangible assets consisted of the following (in thousands): Gross Accumulated Net Completed technologies $ 28,017 $ (18,492) $ 9,525 Customer relationships 5,838 (4,040) 1,798 Non-compete agreements 340 (191) 149 Balance as of April 2, 2023 $ 34,195 $ (22,723) $ 11,472 Gross Accumulated Net Completed technologies $ 28,017 $ (17,744) $ 10,273 Customer relationships 5,838 (3,860) 1,978 Non-compete agreements 340 (177) 163 Balance as of December 31, 2022 $ 34,195 $ (21,781) $ 12,414
Schedule of Intangible Assets, Future Amortization Expense	As of April 2, 2023, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2023 $ 2,195 2024 2,623 2025 2,300 2026 1,995 2027 1,273 2028 543 Thereafter 543 $ 11,472

Warranty Obligations (Tables)

Warranty Obligations (Tables)	3 Months Ended
Warranty Obligations (Tables)	Apr. 02, 2023
Product Warranties Disclosures [Abstract]
Changes in Warranty Obligations	The changes in the warranty obligation were as follows (in thousands): Balance as of December 31, 2022 $ 4,375 Provisions for warranties issued during the period 527 Fulfillment of warranty obligations (828) Balance as of April 2, 2023 $ 4,074

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Apr. 02, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Forward Contracts Table	The Company had the following outstanding forward contracts (in thousands): April 2, 2023 December 31, 2022 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Euro 32,500 $ 35,529 60,000 $ 64,174 Mexican Peso 155,000 8,498 185,000 9,480 Hungarian Forint 1,890,000 5,381 1,590,000 4,238 Japanese Yen 600,000 4,536 700,000 5,281 British Pound 3,485 4,313 3,445 4,161 Canadian Dollar 1,705 1,261 1,730 1,278 Chinese Renminbi — — 55,000 7,619 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 Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet April 2, 2023 December 31, 2022 Sheet April 2, 2023 December 31, 2022 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 154 $ 27 Accrued expenses $ 74 $ 479
Offsetting Assets	The following table presents the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands): Asset Derivatives Liability Derivatives April 2, 2023 December 31, 2022 April 2, 2023 December 31, 2022 Gross amounts of recognized assets $ 154 $ 27 Gross amounts of recognized liabilities $ 74 $ 479 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 154 $ 27 Net amount of liabilities presented $ 74 $ 479
Derivative Instruments, Gain (Loss)	Information regarding the effect of derivative instruments on the consolidated financial statements was as follows (in thousands): Location in Financial Statements Three-months Ended April 2, 2023 April 3, 2022 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ (1,471) $ 1,739

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Apr. 02, 2023
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Americas $ 80,442 $ 126,658 Europe 59,842 62,792 Greater China 33,172 48,406 Other Asia 27,668 44,551 $ 201,124 $ 282,407
Revenue from External Customers by Products and Services	The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Standard products and services $ 190,783 $ 257,880 Application-specific customer solutions 10,341 24,527 $ 201,124 $ 282,407
Schedule of Allowance for Credit Loss Activity	The following table summarizes the allowance for credit losses activity for the three-month period ended April 2, 2023 (in thousands): Balance as of December 31, 2022 $ 730 Increases to the allowance for credit losses 350 Write-offs, net of recoveries (78) Foreign exchange rate changes (1) Balance as of April 2, 2023 $ 1,001
Deferred Revenue, by Arrangement, Disclosure	The following table summarizes the deferred revenue and customer deposits activity for the three-month period ended April 2, 2023 (in thousands): Balance as of December 31, 2022 $ 40,787 Deferral of revenue billed in the current period, net of recognition 34,786 Recognition of revenue deferred in prior period (8,578) Returned customer deposit (9,205) Foreign exchange rate changes 15 Balance as of April 2, 2023 $ 57,805

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	3 Months Ended
Stock-Based Compensation Expense (Tables)	Apr. 02, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the three-month period ended April 2, 2023: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 8,467 $ 51.56 Granted 1,228 47.21 Exercised (140) 28.36 Forfeited or expired (247) 58.05 Outstanding as of April 2, 2023 9,308 $ 51.16 6.53 $ 37,312 Exercisable as of April 2, 2023 5,433 $ 47.45 5.12 $ 33,531 Options vested or expected to vest as of April 2, 2023 (1) 8,735 $ 50.90 6.37 $ 36,643 (1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted	The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions: Three-months Ended April 2, 2023 April 3, 2022 Risk-free rate 4.0 % 1.9 % Expected dividend yield 0.59 % 0.40 % Expected volatility 39 % 37 % Expected term (in years) 4.3 5.2
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the Company's RSUs activity for the three-month period ended April 2, 2023: Shares Weighted-Average Nonvested as of December 31, 2022 1,269 $ 61.74 Granted 635 46.61 Vested (453) 59.11 Forfeited or expired (32) 66.98 Nonvested as of April 2, 2023 1,419 $ 55.69
Schedule of Nonvested Performance-based Units Activity	The following table summarizes the Company's PRSUs activity for the three-month period ended April 2, 2023: Shares Weighted-Average Nonvested as of December 31, 2022 33 $ 62.49 Granted 46 44.86 Vested — — Forfeited or expired — — Nonvested as of April 2, 2023 79 $ 52.23
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Cost of revenue $ 621 $ 563 Research, development, and engineering 5,890 4,448 Selling, general, and administrative 10,068 10,045 $ 16,579 $ 15,056

Weighted-Average Shares (Tables

Weighted-Average Shares (Tables)	3 Months Ended
Weighted-Average Shares (Tables)	Apr. 02, 2023
Earnings Per Share [Abstract]
Calculation of Weighted-Average Shares	Weighted-average shares were calculated as follows (in thousands): Three-months Ended April 2, 2023 April 3, 2022 Basic weighted-average common shares outstanding 172,624 174,146 Effect of dilutive equity awards 1,279 2,522 Weighted-average common and common-equivalent shares outstanding 173,903 176,668

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
Restructuring Charges (Tables)	Apr. 02, 2023
Restructuring and Related Activities [Abstract]
Schedule of Activity in Restructuring Reserve	The following table summarizes the activity in the Company’s restructuring reserve related to these restructuring activities, which is included in “Accrued expenses” on the Consolidated Balance Sheets (in thousands): One-time Termination Benefits Contract Termination Costs Total Balance as of December 31, 2022 $ 964 $ 75 $ 1,039 Cash payments (143) (20) (163) Foreign exchange rate changes 17 1 18 Balance as of April 2, 2023 $ 838 $ 56 $ 894

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Assets:
Money market instruments	$ 3,618	$ 415
Financial assets at fair value	679,742
Corporate Bonds
Assets:
Financial assets at fair value	545,863
Asset-Backed Securities
Assets:
Financial assets at fair value	54,146
Treasury Bills
Assets:
Financial assets at fair value	61,112
Agency Bonds
Assets:
Financial assets at fair value	16,038
Sovereign Bonds
Assets:
Financial assets at fair value	1,954
Municipal Bonds
Assets:
Financial assets at fair value	629
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring
Assets:
Money market instruments	3,618
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| Corporate Bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| Asset-Backed Securities
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| Treasury Bills
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| Agency Bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| Sovereign Bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Measurements, Recurring \| Municipal Bonds
Assets:
Financial assets at fair value	0
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring
Assets:
Money market instruments	0
Economic hedge forward contracts	154
Liabilities:
Economic hedge forward contracts	74
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Corporate Bonds
Assets:
Financial assets at fair value	545,863
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Asset-Backed Securities
Assets:
Financial assets at fair value	54,146
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Treasury Bills
Assets:
Financial assets at fair value	61,112
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Agency Bonds
Assets:
Financial assets at fair value	16,038
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Sovereign Bonds
Assets:
Financial assets at fair value	1,954
Significant Other Observable Inputs (Level 2) \| Fair Value, Measurements, Recurring \| Municipal Bonds
Assets:
Financial assets at fair value	629
Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring
Assets:
Money market instruments	0
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Corporate Bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Asset-Backed Securities
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Treasury Bills
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Agency Bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Sovereign Bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Fair Value, Measurements, Recurring \| Municipal Bonds
Assets:
Financial assets at fair value	$ 0

Cash, Cash Equivalents, and I_3

Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, allowance for credit loss	$ 0		$ 0
Credit loss on investments	0	$ 0
Gross realized gains on sale of investments	0	118
Gross realized losses on sale of investments	0	$ 154
Other Current Assets
Cash and Cash Equivalents [Line Items]
Accrued interest receivable	$ 4,559		$ 3,620

Cash, Cash Equivalents, and I_4

Cash, Cash Equivalents, and Investments - Components of Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale
Cash	$ 160,553	$ 180,959
Money market instruments	3,618	415
Cash and cash equivalents	164,171	181,374
Current investments	216,703	218,759
Non-current investments	463,039	454,117
Total	843,913	854,250
Corporate Bonds
Debt Securities, Available-for-sale
Current investments	160,320	164,055
Long-term investments	385,543	374,440
Asset-Backed Securities
Debt Securities, Available-for-sale
Current investments	31,265	26,890
Long-term investments	22,881	33,539
Treasury Bills
Debt Securities, Available-for-sale
Current investments	8,451	11,332
Long-term investments	52,661	44,214
Agency Bonds
Debt Securities, Available-for-sale
Current investments	16,038	15,858
Municipal Bonds
Debt Securities, Available-for-sale
Current investments	629	624
Sovereign Bonds
Debt Securities, Available-for-sale
Long-term investments	$ 1,954	$ 1,924

Cash, Cash Equivalents, and I_5

Cash, Cash Equivalents, and Investments - Summary of Available-for-Sale Investments (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Debt Securities, Available-for-sale
Amortized cost	$ 699,272
Gross unrealized gains	2,232
Gross unrealized losses	(21,762)
Fair value	679,742
Corporate Bonds
Debt Securities, Available-for-sale
Fair value	545,863
Corporate Bonds \| Current Assets
Debt Securities, Available-for-sale
Amortized cost	163,537
Gross unrealized gains	3
Gross unrealized losses	(3,220)
Fair value	160,320
Corporate Bonds \| Non-current Assets
Debt Securities, Available-for-sale
Amortized cost	400,051
Gross unrealized gains	1,623
Gross unrealized losses	(16,131)
Fair value	385,543
Asset-Backed Securities
Debt Securities, Available-for-sale
Fair value	54,146
Asset-Backed Securities \| Current Assets
Debt Securities, Available-for-sale
Amortized cost	32,016
Gross unrealized gains	0
Gross unrealized losses	(751)
Fair value	31,265
Asset-Backed Securities \| Non-current Assets
Debt Securities, Available-for-sale
Amortized cost	23,905
Gross unrealized gains	117
Gross unrealized losses	(1,141)
Fair value	22,881
Treasury Bills
Debt Securities, Available-for-sale
Fair value	61,112
Treasury Bills \| Current Assets
Debt Securities, Available-for-sale
Amortized cost	8,607
Gross unrealized gains	0
Gross unrealized losses	(156)
Fair value	8,451
Treasury Bills \| Non-current Assets
Debt Securities, Available-for-sale
Amortized cost	52,290
Gross unrealized gains	489
Gross unrealized losses	(118)
Fair value	52,661
Agency Bonds
Debt Securities, Available-for-sale
Fair value	16,038
Agency Bonds \| Current Assets
Debt Securities, Available-for-sale
Amortized cost	16,148
Gross unrealized gains	0
Gross unrealized losses	(110)
Fair value	16,038
Sovereign Bonds
Debt Securities, Available-for-sale
Fair value	1,954
Sovereign Bonds \| Non-current Assets
Debt Securities, Available-for-sale
Amortized cost	2,083
Gross unrealized gains	0
Gross unrealized losses	(129)
Fair value	1,954
Municipal Bonds
Debt Securities, Available-for-sale
Fair value	629
Municipal Bonds \| Current Assets
Debt Securities, Available-for-sale
Amortized cost	635
Gross unrealized gains	0
Gross unrealized losses	(6)
Fair value	$ 629

Cash, Cash Equivalents, and I_6

Cash, Cash Equivalents, and Investments - Gross Unrealized Losses and Fair Values for Available-for-Sale Investments (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Debt Securities, Available-for-sale
Fair value, less than 12 months	$ 98,436
Unrealized losses, less than 12 months	(1,434)
Fair value, 12 months or greater	409,469
Unrealized losses, 12 months or greater	(20,328)
Total fair value	507,905
Total Unrealized Losses	(21,762)
Corporate Bonds
Debt Securities, Available-for-sale
Fair value, less than 12 months	81,931
Unrealized losses, less than 12 months	(1,098)
Fair value, 12 months or greater	350,244
Unrealized losses, 12 months or greater	(18,253)
Total fair value	432,175
Total Unrealized Losses	(19,351)
Asset-Backed Securities
Debt Securities, Available-for-sale
Fair value, less than 12 months	10,998
Unrealized losses, less than 12 months	(213)
Fair value, 12 months or greater	32,783
Unrealized losses, 12 months or greater	(1,679)
Total fair value	43,781
Total Unrealized Losses	(1,892)
Treasury Bills
Debt Securities, Available-for-sale
Fair value, less than 12 months	4,878
Unrealized losses, less than 12 months	(117)
Fair value, 12 months or greater	8,451
Unrealized losses, 12 months or greater	(157)
Total fair value	13,329
Total Unrealized Losses	(274)
Agency Bonds
Debt Securities, Available-for-sale
Fair value, less than 12 months	0
Unrealized losses, less than 12 months	0
Fair value, 12 months or greater	16,037
Unrealized losses, 12 months or greater	(110)
Total fair value	16,037
Total Unrealized Losses	(110)
Sovereign Bonds
Debt Securities, Available-for-sale
Fair value, less than 12 months	0
Unrealized losses, less than 12 months	0
Fair value, 12 months or greater	1,954
Unrealized losses, 12 months or greater	(129)
Total fair value	1,954
Total Unrealized Losses	(129)
Municipal Bonds
Debt Securities, Available-for-sale
Fair value, less than 12 months	629
Unrealized losses, less than 12 months	(6)
Fair value, 12 months or greater	0
Unrealized losses, 12 months or greater	0
Total fair value	629
Total Unrealized Losses	$ (6)

Cash, Cash Equivalents, and I_7

Cash, Cash Equivalents, and Investments - Effective Maturity Dates of Available-for-Sale Investments (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Debt Securities, Available-for-sale
less than 1 year	$ 216,703
1-2 Years	173,141
2-3 Years	116,078
3-4 Years	88,781
4-5 Years	82,812
5-8 Years	2,227
Fair value	679,742
Corporate Bonds
Debt Securities, Available-for-sale
less than 1 year	160,320
1-2 Years	166,170
2-3 Years	87,347
3-4 Years	63,241
4-5 Years	66,558
5-8 Years	2,227
Fair value	545,863
Asset-Backed Securities
Debt Securities, Available-for-sale
less than 1 year	31,265
1-2 Years	2,579
2-3 Years	12,599
3-4 Years	7,703
4-5 Years	0
5-8 Years	0
Fair value	54,146
Treasury Bills
Debt Securities, Available-for-sale
less than 1 year	8,451
1-2 Years	3,414
2-3 Years	15,156
3-4 Years	17,837
4-5 Years	16,254
5-8 Years	0
Fair value	61,112
Agency Bonds
Debt Securities, Available-for-sale
less than 1 year	16,038
1-2 Years	0
2-3 Years	0
3-4 Years	0
4-5 Years	0
5-8 Years	0
Fair value	16,038
Sovereign Bonds
Debt Securities, Available-for-sale
less than 1 year	0
1-2 Years	978
2-3 Years	976
3-4 Years	0
4-5 Years	0
5-8 Years	0
Fair value	1,954
Municipal Bonds
Debt Securities, Available-for-sale
less than 1 year	629
1-2 Years	0
2-3 Years	0
3-4 Years	0
4-5 Years	0
5-8 Years	0
Fair value	$ 629

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 77,520	$ 71,720
Work-in-process	1,489	906
Finished goods	48,138	49,854
Inventories	$ 127,147	$ 122,480

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2021 ft²	Apr. 02, 2023 USD ($)	Apr. 03, 2022 USD ($)	Dec. 31, 2022 USD ($)
Leases [Abstract]
Operating lease, cost		$ 2,392	$ 2,229
Operating lease, payments		2,404	2,079
Lease, cost		24	38
Lessee, Lease, Description [Line Items]
Operating lease assets		37,769		$ 37,682
Operating lease liability		39,566		39,752
Operating lease liability		$ 39,566		$ 39,752
Weighted average discount rate		3.30%		3.30%
Weighted average remaining lease term		7 years 7 months 6 days		7 years 9 months 18 days
Southborough, Massachusetts
Lessee, Lease, Description [Line Items]
Rentable area \| ft²	65
Term of contract	10 years
Option to renew, term of contract	5 years
Operating lease assets			9,271
Operating lease liability			9,271
Operating lease liability			$ 9,271

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Leases [Abstract]
Remainder of fiscal 2023	$ 7,284
2024	7,530
2025	5,477
2026	4,221
2027	3,716
2028	3,448
Thereafter	12,769
Total	$ 44,445

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
Goodwill (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2022	$ 242,630
Foreign exchange rate changes	(589)
Balance as of April 2, 2023	$ 242,041

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	$ 34,195	$ 34,195
Accumulated Amortization	(22,723)	(21,781)
Net Carrying Value	11,472	12,414
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	11,472	12,414
Completed technologies
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	28,017	28,017
Accumulated Amortization	(18,492)	(17,744)
Net Carrying Value	9,525	10,273
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	9,525	10,273
Customer relationships
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	5,838	5,838
Accumulated Amortization	(4,040)	(3,860)
Net Carrying Value	1,798	1,978
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	1,798	1,978
Non-compete agreements
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Gross Carrying Value	340	340
Accumulated Amortization	(191)	(177)
Net Carrying Value	149	163
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	149	$ 163
Indefinite-lived intangible asset excluding in-process technologies
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks
Net Carrying Value	11,472
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of fiscal 2023	2,195
2024	2,623
2025	2,300
2026	1,995
2027	1,273
2028	543
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	543
Net Carrying Value	$ 11,472

Warranty Obligations - Changes

Warranty Obligations - Changes in Warranty Obligations (Detail) $ in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 4,375
Provisions for warranties issued during the period	527
Fulfillment of warranty obligations	(828)
Ending balance	$ 4,074

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding purchase orders	$ 47,486

Derivative Instruments (Details

Derivative Instruments (Details)	3 Months Ended
Derivative Instruments (Details)	Apr. 02, 2023
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Remaining maturity of foreign currency derivatives (up to)	3 months

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Forward Contracts Table (Details) - Not Designated as Hedging Instrument € in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, SFr in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands, $ in Thousands

Apr. 02, 2023 EUR (€)

Apr. 02, 2023 USD ($)

Apr. 02, 2023 MXN ($)

Apr. 02, 2023 HUF (Ft)

Apr. 02, 2023 JPY (¥)

Apr. 02, 2023 GBP (£)

Apr. 02, 2023 CAD ($)

Apr. 02, 2023 CNY (¥)

Apr. 02, 2023 CHF (SFr)

Dec. 31, 2022 EUR (€)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 MXN ($)

Dec. 31, 2022 HUF (Ft)

Dec. 31, 2022 JPY (¥)

Dec. 31, 2022 GBP (£)

Dec. 31, 2022 CAD ($)

Dec. 31, 2022 CNY (¥)

Dec. 31, 2022 CHF (SFr)

Euro Member Countries, Euro

Derivative [Line Items]

Outstanding forward contracts

€ 32,500

$ 35,529

€ 60,000

$ 64,174

China, Yuan Renminbi

Derivative [Line Items]

Outstanding forward contracts

¥ 0

7,619

¥ 55,000

Mexico, Pesos

Derivative [Line Items]

Outstanding forward contracts

8,498

$ 155,000

9,480

$ 185,000

Japanese Yen

Derivative [Line Items]

Outstanding forward contracts

4,536

¥ 600,000

5,281

¥ 700,000

United Kingdom, Pounds

Derivative [Line Items]

Outstanding forward contracts

4,313

£ 3,485

4,161

£ 3,445

Hungary, Forint

Derivative [Line Items]

Outstanding forward contracts

5,381

Ft 1,890,000

4,238

Ft 1,590,000

Canada, Dollars

Derivative [Line Items]

Outstanding forward contracts

1,261

$ 1,705

1,278

$ 1,730

Switzerland, Francs

Derivative [Line Items]

Outstanding forward contracts

$ 0

SFr 0

$ 1,218

SFr 1,120

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 154	$ 27
Derivative liability	74	479
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset	154	27
Derivative liability	$ 74	$ 479

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross amounts of recognized assets	$ 154	$ 27
Gross amounts offset	0	0
Net amount of assets presented	154	27
Gross amounts of recognized liabilities	74	479
Gross amounts offset	0	0
Net amount of liabilities presented	$ 74	$ 479

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in current operations	$ (1,471)	$ 1,739

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 201,124	$ 282,407
Americas
Disaggregation of Revenue [Line Items]
Revenue	80,442	126,658
Europe
Disaggregation of Revenue [Line Items]
Revenue	59,842	62,792
Greater China
Disaggregation of Revenue [Line Items]
Revenue	33,172	48,406
Other Asia
Disaggregation of Revenue [Line Items]
Revenue	$ 27,668	$ 44,551

Revenue Recognition - Revenue_2

Revenue Recognition - Revenue Disaggregated by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Revenue from External Customer [Line Items]
Revenue	$ 201,124	$ 282,407
Standard products and services
Revenue from External Customer [Line Items]
Revenue	190,783	257,880
Application-specific customer solutions
Revenue from External Customer [Line Items]
Revenue	$ 10,341	$ 24,527

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Costs to fulfill contract	$ 20,219	$ 14,578

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Allowance for Credit Loss (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of December 31, 2022	$ 730
Increases to the allowance for credit losses	350
Write-offs, net of recoveries	(78)
Foreign exchange rate changes	(1)
Balance as of April 2, 2023	$ 1,001

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($)
Movement in Deferred Revenue [Roll Forward]
Balance as of December 31, 2022	$ 40,787
Deferral of revenue billed in the current period, net of recognition	34,786
Recognition of revenue deferred in prior period	(8,578)
Deferred Revenue, Refund Payments	9,205
Foreign exchange rate changes	15
Balance as of April 2, 2023	$ 57,805

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details)	3 Months Ended
Stock-Based Compensation Expense (Details)	Apr. 02, 2023 USD ($) group $ / shares shares	Apr. 03, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair values, in dollars per share \| $ / shares	$ 17.79	$ 22.45
Total intrinsic value	$ 3,439,000	$ 2,615,000
Total fair values of stock options vest	$ 31,181,000	25,535,000
Groups within the employee population \| group	3
Estimated annual forfeiture rate for unvested options for senior management	8%
Estimated annual forfeiture rate for unvested options for all other employees	13%
Increase (decrease) to compensation expense		1,536,000
Unrecognized compensation expense	$ 86,841,000
Weighted average period to be recognized	2 years 4 months 24 days
Stock-based compensation expense	$ 16,579,000	15,056,000
Tax benefit from compensation expense	2,308,000	$ 2,319,000
Recognized period costs capitalized	$ 0		$ 0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock option plans (in shares) \| shares	12,116,000
Expiration period from grant day	10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) \| $ / shares	$ 46.61	$ 63.96
Granted (in shares) \| shares	635,000
Vested (in shares) \| shares	453,000	54,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	3 years
Granted (in dollars per share) \| $ / shares	$ 44.86
Granted (in shares) \| shares	46,000	33,000
Vested (in shares) \| shares	0	0
Minimum \| General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	4 years
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	3 years
Maximum \| General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	5 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans	4 years

Stock-Based Compensation Expe_4

Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($) $ / shares shares
Shares (in thousands)
Outstanding, shares \| shares	8,467
Granted, shares \| shares	1,228
Exercised, shares \| shares	(140)
Forfeited or expired, shares \| shares	(247)
Outstanding, shares \| shares	9,308
Exercisable as of reporting date, shares \| shares	5,433
Options vested or expected to vest as of reporting date, shares \| shares	8,735
Weighted- Average Exercise Price
Outstanding, in dollars per share \| $ / shares	$ 51.56
Granted, in dollars per share \| $ / shares	47.21
Exercised, in dollars per share \| $ / shares	28.36
Forfeited or expired, in dollars per share \| $ / shares	58.05
Outstanding, in dollars per share \| $ / shares	51.16
Exercisable as of reporting date, Weighted-Average Exercise Price, in dollars per share \| $ / shares	47.45
Vested and expected to vest, outstanding, in dollars per share \| $ / shares	$ 50.90
Weighted- Average Remaining Contractual Term (in years)
Outstanding, in years	6 years 6 months 10 days
Exercisable, in years	5 years 1 month 13 days
Options vested or expected to vest, in years	6 years 4 months 13 days
Aggregate Intrinsic Value (in thousands)
Outstanding, in dollars \| $	$ 37,312
Exercisable, in dollars \| $	33,531
Options vested or expected to vest, in dollars \| $	$ 36,643

Stock-Based Compensation Expe_5

Stock-Based Compensation Expense - Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted (Details)	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free rate	4%	1.90%
Expected dividend yield	0.59%	0.40%
Expected volatility	39%	37%
Expected term (in years)	4 years 3 months 18 days	5 years 2 months 12 days

Stock-Based Compensation Expe_6

Stock-Based Compensation Expense Stock-Based Compensation Expense - Schedule of Restricted Stock Units (Details) $ / shares in Units, shares in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($) group $ / shares shares	Apr. 03, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Weighted-Average Grant Date Fair Value
Groups within the employee population \| group	3
Estimated Forfeiture Rate for Unvested Options for CEO	0
Estimated annual forfeiture rate for unvested options for senior management	8%
Estimated annual forfeiture rate for unvested options for all other employees	13%
Decrease in compensation expense due to revised estimated forfeiture rates	$ 234,000
Increase (decrease) to compensation expense		$ 1,536,000
Unrecognized compensation expense	$ 86,841,000
Weighted average period to be recognized	2 years 4 months 24 days
Stock-based compensation expense	$ 16,579,000	15,056,000
Tax benefit from compensation expense	2,308,000	$ 2,319,000
Recognized period costs capitalized	$ 0		$ 0
Restricted Stock Units (RSUs)
Shares (in thousands)
Nonvested as of Beginning of Period (in shares) \| shares	1,269
Granted (in shares) \| shares	635
Vested (in shares) \| shares	453	54
Forfeited or expired (in shares) \| shares	(32)
Nonvested as of End of Period (in shares) \| shares	1,419
Weighted-Average Grant Date Fair Value
Nonvested as of Beginning of Period (in dollars per share) \| $ / shares	$ 61.74
Granted (in dollars per share) \| $ / shares	46.61	$ 63.96
Vested (in dollars per share) \| $ / shares	59.11
Forfeited or expired (in dollars per share) \| $ / shares	66.98
Nonvested as of End of Period (in dollars per share) \| $ / shares	$ 55.69

Stock-Based Compensation Expe_7

Stock-Based Compensation Expense - Schedule of Performance Restricted Stock Units (Details) - Performance Shares - $ / shares shares in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Shares (in thousands)
Nonvested as of Beginning of Period (in shares)	33
Granted (in shares)	46	33
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0	0
Forfeited or expired (in shares)	0
Nonvested as of End of Period (in shares)	79
Weighted-Average Grant Date Fair Value
Nonvested as of Beginning of Period (in dollars per share)	$ 62.49
Granted (in dollars per share)	44.86
Vested (in dollars per share)	0
Forfeited or expired (in dollars per share)	0
Nonvested as of End of Period (in dollars per share)	$ 52.23

Stock-Based Compensation Expe_8

Stock-Based Compensation Expense - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 16,579	$ 15,056
Cost of Revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	621	563
Research, Development, and Engineering Expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,890	4,448
Selling, General, and Administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,068	$ 10,045

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) shares in Thousands	3 Months Ended		12 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Dec. 31, 2022	Mar. 03, 2022	Mar. 12, 2020
Repurchase Program March 2020
Equity, Class of Treasury Stock [Line Items]
Authorized common stock to be repurchased					$ 200,000,000
Shares repurchased at cost (in shares)			1,677
Shares repurchased at cost			$ 117,000,000
Repurchase Program March 2022
Equity, Class of Treasury Stock [Line Items]
Authorized common stock to be repurchased				$ 500,000,000
Shares repurchased at cost (in shares)	479	202
Shares repurchased at cost	$ 24,178,000	$ 13,405,000
Remaining authorized repurchase amount	$ 388,508,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Oct. 02, 2022	Apr. 03, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective tax rate	2%		23%
Discrete tax expense (benefit)	$ (3,594)		$ (6,338)
Increase in tax expense arising from tax settlement		$ 2,292	1,417
Increase in tax expense related to valuation allowance		$ 2,198	1,734
Increase in tax expense related to transfer pricing and return-to-provision adjustments	172		$ 3,187
Decrease in tax expense related to stock-based compensation	$ 1,068
Effective tax rate excluding discrete items (as a percent)	16%		16%
Liability for uncertain tax positions	$ 20,030
Reserve for income taxes classified as a noncurrent iability	$ 20,030			$ 15,866
Tax years open to examination by Internal Revenue Service	2019 through 2022
Tax years open to examination by various taxing authorities for other entities	2017 through 2022
Foreign Tax Authority \| Revenue Commissioners, Ireland
Income Tax Contingency [Line Items]
Statutory tax rate	12.50%
Foreign Tax Authority \| State Administration of Taxation, China
Income Tax Contingency [Line Items]
Statutory tax rate	25%
Foreign Tax Authority \| KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF
Income Tax Contingency [Line Items]
Statutory tax rate	22%
Domestic Tax Authority
Income Tax Contingency [Line Items]
Statutory tax rate	21%

Weighted-Average Shares - Calcu

Weighted-Average Shares - Calculation of Weighted-Average Shares (Details) - shares shares in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	172,624	174,146
Effect of dilutive equity awards (in shares)	1,279	2,522
Weighted-average common and common-equivalent shares outstanding (in shares)	173,903	176,668

Weighted-Average Shares (Detail

Weighted-Average Shares (Details) - shares	3 Months Ended
Weighted-Average Shares (Details) - shares	Apr. 02, 2023	Apr. 03, 2022
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	6,515,000	1,282,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	10,000	20,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	0	0

Loss from Fire (Details)

Loss from Fire (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Loss from Fire (Details) - USD ($) $ in Thousands	May 03, 2023	Dec. 31, 2022	Dec. 31, 2022
Business Interruption Loss [Line Items]
Gross loss from catastrophes			$ 48,339
Insurance recoveries		$ 27,560
Subsequent Event
Business Interruption Loss [Line Items]
Proceeds from insurance settlements	$ 2,500

Restructuring Charges - Activit

Restructuring Charges - Activity in Restructuring Reserve (Details) - Accrued Expenses - December 2022 $ in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 1,039
Cash payments	(163)
Foreign exchange rate changes	(18)
Balance at end of period	894
One-time Termination Benefits
Restructuring Reserve [Roll Forward]
Balance at beginning of period	964
Cash payments	(143)
Foreign exchange rate changes	(17)
Balance at end of period	838
Contract Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	75
Cash payments	(20)
Foreign exchange rate changes	(1)
Balance at end of period	$ 56

Subsequent Events (Details)

Subsequent Events (Details)	May 04, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.07