Cognex (CGNX) 10-Q3 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	6 Months Ended
Cover Page	Jul. 02, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-34218
Entity Registrant Name	COGNEX CORP
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2713778
Entity Address, Address Line One	One Vision Drive
Entity Address, City or Town	Natick
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01760
City Area Code	508
Local Phone Number	650-3000
Title of 12(b) Security	Common Stock, par value $.002 per share
Trading Symbol	CGNX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	172,293,115
Document Period End Date	Jul. 02, 2023
Entity Central Index Key	0000851205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Income Statement [Abstract]
Revenue	$ 242,512	$ 274,628	$ 443,636	$ 557,035
Cost of revenue	62,829	78,143	120,213	156,933
Gross margin	179,683	196,485	323,423	400,102
Research, development, and engineering expenses	33,585	33,991	72,127	70,045
Selling, general, and administrative expenses	83,423	79,950	166,460	160,785
Loss (recovery) from fire (Note 17)	(2,500)	17,403	(2,500)	17,403
Operating income	65,175	65,141	87,336	151,869
Foreign currency gain (loss)	(1,605)	(2,043)	(1,211)	(2,487)
Investment income	4,095	1,505	7,682	2,973
Other income (expense)	112	(188)	185	(236)
Income before income tax expense	67,777	64,415	93,992	152,119
Income tax expense	10,303	5,514	10,903	25,885
Net income	$ 57,474	$ 58,901	$ 83,089	$ 126,234
Net income per weighted-average common and common-equivalent share:
Basic (usd per share)	$ 0.33	$ 0.34	$ 0.48	$ 0.73
Diluted (usd per share)	$ 0.33	$ 0.34	$ 0.48	$ 0.72
Weighted-average common and common-equivalent shares outstanding:
Basic (shares)	172,429	173,507	172,527	173,830
Diluted (shares)	173,622	174,993	173,791	175,874
Cash dividends per common share (usd per share)	$ 0.070	$ 0.065	$ 0.140	$ 0.130

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 57,474	$ 58,901	$ 83,089	$ 126,234
Available-for-sale investments:
Net unrealized gain (loss) on available-for-sale investments, net of tax	(1,706)	(2,322)	3,720	(15,870)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations	0	(12)	0	24
Net change related to available-for-sale investments	(1,706)	(2,334)	3,720	(15,846)
Foreign currency translation adjustments:
Foreign currency translation adjustments	(2,866)	(3,962)	(3,225)	(6,073)
Net change related to foreign currency translation adjustments	(2,866)	(3,962)	(3,225)	(6,073)
Other comprehensive income (loss), net of tax	(4,572)	(6,296)	495	(21,919)
Total comprehensive income	$ 52,902	$ 52,605	$ 83,584	$ 104,315

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Statement of Comprehensive Income [Abstract]
Tax effect of unrealized gain (loss) on available-for-sale investments	$ (584)	$ (698)	$ 1,274	$ (4,734)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 177,485	$ 181,374
Current investments, amortized cost of $195,690 and $223,545 in 2023 and 2022, respectively, allowance for credit losses of $0 in 2023 and 2022	191,474	218,759
Accounts receivable, allowance for credit losses of $602 and $730 in 2023 and 2022, respectively	147,864	125,417
Unbilled revenue	2,243	2,179
Inventories	126,226	122,480
Prepaid expenses and other current assets	73,090	67,490
Total current assets	718,382	717,699
Non-current investments, amortized cost of $481,101 and $476,148 in 2023 and 2022, respectively, allowance for credit losses of $0 in 2023 and 2022	463,494	454,117
Property, plant, and equipment, net	81,638	79,714
Operating lease assets	68,594	37,682
Goodwill	241,582	242,630
Intangible assets, net	10,729	12,414
Deferred income taxes	407,257	407,241
Other assets	6,438	6,643
Total assets	1,998,114	1,958,140
Current liabilities:
Accounts payable	26,109	27,103
Accrued expenses	83,605	93,235
Accrued income taxes	19,121	18,129
Deferred revenue and customer deposits	43,439	40,787
Operating lease liabilities	8,188	8,454
Total current liabilities	180,462	187,708
Non-current operating lease liabilities	61,852	31,298
Deferred income taxes	237,357	249,961
Reserve for income taxes	19,239	15,866
Non-current accrued income taxes	18,338	33,008
Other liabilities	403	1,905
Total liabilities	517,651	519,746
Commitments and Contingencies
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: 172,293 and 172,631 shares in 2023 and 2022, respectively	345	345
Additional paid-in capital	1,010,973	979,167
Retained earnings	537,947	528,179
Accumulated other comprehensive loss, net of tax	(68,802)	(69,297)
Total shareholders’ equity	1,480,463	1,438,394
Total liabilities and shareholders' equity	$ 1,998,114	$ 1,958,140

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost of current investments	$ 195,690	$ 223,545
Allowance for credit losses	0	0
Allowance for credit losses, current	602	730
Amortized cost of non-current investments	481,101	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)	172,293,000	172,631,000
Common stock, shares outstanding (in shares)	172,293,000	172,631,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022
Cash flows from operating activities:
Net income	$ 83,089	$ 126,234
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	29,153	28,053
Depreciation of property, plant, and equipment	8,177	8,114
(Gain) loss on disposal of property, plant, and equipment	(8)	12
Amortization of intangible assets	1,685	1,662
Excess and obsolete inventory charges	1,443	741
Non-cash impact of write-offs related to fire (Note 17)	0	44,903
Amortization of discounts or premiums on investments	1,200	2,714
Realized loss (gain) on sale of investments	0	24
Change in deferred income taxes	(14,158)	(10,809)
Accounts receivable	(24,420)	(44,118)
Unbilled revenue	(104)	1,704
Inventories	(4,981)	(20,122)
Prepaid expenses and other current assets	(5,289)	(45,752)
Accounts payable	(989)	(23,525)
Accrued expenses	(9,219)	(20,024)
Accrued income taxes	(13,684)	(372)
Deferred revenue and customer deposits	3,160	41,535
Other	2,347	2,655
Net cash provided by (used in) operating activities	57,402	93,629
Cash flows from investing activities:
Purchases of investments	(94,060)	(77,760)
Maturities and sales of investments	115,761	164,610
Purchases of property, plant, and equipment	(10,207)	(11,253)
Net cash provided by (used in) investing activities	11,494	75,597
Cash flows from financing activities:
Net payments from issuance of common stock under stock plans	2,655	4,414
Repurchase of common stock	(49,163)	(154,317)
Payment of dividends	(24,160)	(22,573)
Net cash provided by (used in) financing activities	(70,668)	(172,476)
Effect of foreign exchange rate changes on cash and cash equivalents	(2,117)	(5,865)
Net change in cash and cash equivalents	(3,889)	(9,115)
Cash and cash equivalents at beginning of period	181,374	186,161
Cash and cash equivalents at end of period	$ 177,485	$ 177,046

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 (in shares) at Dec. 31, 2021		175,481
Beginning Balance at Dec. 31, 2021	$ 1,430,093	$ 351	$ 914,802	$ 562,882	$ (47,942)
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans (in shares)		183
Net issuance of common stock under stock plans	4,414		4,414
Repurchase of common stock (in shares)		(2,267)
Repurchase of common stock	(154,317)	$ (4)		(154,313)
Stock-based compensation expense	28,053		28,053
Payment of dividends	(22,573)			(22,573)
Net income	126,234			126,234
Net unrealized gain (loss) on available-for-sale investments, net of tax	(15,870)				(15,870)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	24				24
Foreign currency translation adjustment	(6,073)				(6,073)
Ending Balance (in shares) at Jul. 03, 2022		173,397
Ending Balance at Jul. 03, 2022	1,389,985	$ 347	947,269	512,230	(69,861)
Beginning Balance (in shares) at Apr. 03, 2022		173,738
Beginning Balance at Apr. 03, 2022	1,358,745	$ 347	933,452	488,511	(63,565)
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans (in shares)		47
Net issuance of common stock under stock plans	820		820
Repurchase of common stock (in shares)		(388)
Repurchase of common stock	(23,912)			(23,912)
Stock-based compensation expense	12,997		12,997
Payment of dividends	(11,270)			(11,270)
Net income	58,901			58,901
Net unrealized gain (loss) on available-for-sale investments, net of tax	(2,322)				(2,322)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	(12)				(12)
Foreign currency translation adjustment	(3,962)				(3,962)
Ending Balance (in shares) at Jul. 03, 2022		173,397
Ending Balance at Jul. 03, 2022	$ 1,389,985	$ 347	947,269	512,230	(69,861)
Beginning Balance (in shares) at Dec. 31, 2022	172,631	172,631
Beginning Balance at Dec. 31, 2022	$ 1,438,394	$ 345	979,167	528,179	(69,297)
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans (in shares)		628
Net issuance of common stock under stock plans	2,655	$ 2	2,653
Repurchase of common stock (in shares)		(966)
Repurchase of common stock	(49,163)	$ (2)		(49,161)
Stock-based compensation expense	29,153		29,153
Payment of dividends	(24,160)			(24,160)
Net income	83,089			83,089
Net unrealized gain (loss) on available-for-sale investments, net of tax	3,720				3,720
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	0
Foreign currency translation adjustment	$ (3,225)				(3,225)
Ending Balance (in shares) at Jul. 02, 2023	172,293	172,293
Ending Balance at Jul. 02, 2023	$ 1,480,463	$ 345	1,010,973	537,947	(68,802)
Beginning Balance (in shares) at Apr. 02, 2023		172,601
Beginning Balance at Apr. 02, 2023	1,446,331	$ 345	992,690	517,526	(64,230)
Increase (Decrease) in Stockholders' Equity
Net issuance of common stock under stock plans (in shares)		179
Net issuance of common stock under stock plans	5,710	$ 1	5,709
Repurchase of common stock (in shares)		(487)
Repurchase of common stock	(24,985)	$ (1)		(24,984)
Stock-based compensation expense	12,574		12,574
Payment of dividends	(12,069)			(12,069)
Net income	57,474			57,474
Net unrealized gain (loss) on available-for-sale investments, net of tax	(1,706)				(1,706)
Reclassification of net realized (gain) loss on the sale of available-for-sale investments	0
Foreign currency translation adjustment	$ (2,866)				(2,866)
Ending Balance (in shares) at Jul. 02, 2023	172,293	172,293
Ending Balance at Jul. 02, 2023	$ 1,480,463	$ 345	$ 1,010,973	$ 537,947	$ (68,802)

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (usd per share)	$ 0.070	$ 0.065	$ 0.140	$ 0.130
Tax effect of unrealized gain (loss) on available-for-sale investments	$ (584)	$ (698)	$ 1,274	$ (4,734)

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jul. 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, adjustments related to losses and recoveries from the fire (Note 17), and financial statement reclassifications necessary to present fairly the Company’s financial position as of July 2, 2023, and the results of its operations for the three-month and six-month periods ended July 2, 2023 and July 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 and six-month periods ended July 2, 2023 are not necessarily indicative of the results to be expected for the full year.

New Pronouncements

New Pronouncements	6 Months Ended
New Pronouncements	Jul. 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	6 Months Ended
Fair Value Measurements	Jul. 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 July 2, 2023 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 30,492 $ — $ — Corporate bonds — 527,352 — Treasury bills — 72,709 — Asset-backed securities — 52,340 — Sovereign bonds — 1,932 — Municipal bonds — 635 — Economic hedge forward contracts — 118 — Liabilities: Economic hedge forward contracts — 31 — The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1. The Company’s debt securities and forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial assets and liabilities, and in doing so, considers valuations provided by a large, third-party pricing service. For debt securities, this service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks. Non-financial Assets that are Measured at Fair Value on a Non-recurring Basis Non-financial assets, such as property, plant and equipment, operating lease assets, goodwill, and intangible assets, are required to be measured at fair value only when an impairment loss is recognized. The Company did not record impairment charges related to non-financial assets during the three-month or six-month periods ended July 2, 2023 or July 3, 2022.

Cash, Cash Equivalents, and Inv

Cash, Cash Equivalents, and Investments	6 Months Ended
Cash, Cash Equivalents, and Investments	Jul. 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): July 2, 2023 December 31, 2022 Cash $ 146,993 $ 180,959 Money market instruments 30,492 415 Cash and cash equivalents 177,485 181,374 Corporate bonds 165,539 164,055 Asset-backed securities 15,339 26,890 Treasury bills 9,961 11,332 Municipal bonds 635 624 Agency bonds — 15,858 Current investments 191,474 218,759 Corporate bonds 361,813 374,440 Treasury bills 62,748 44,214 Asset-backed securities 37,001 33,539 Sovereign bonds 1,932 1,924 Non-current investments 463,494 454,117 $ 832,453 $ 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; 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; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of July 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 Sheets and amounted to $4,265,000 and $3,620,000 as of July 2, 2023 and December 31, 2022, respectively. The following table summarizes the Company’s available-for-sale investments as of July 2, 2023 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 169,464 $ — $ (3,925) $ 165,539 Asset-backed securities 15,492 — (153) 15,339 Treasury bills 10,099 — (138) 9,961 Municipal bonds 635 — — 635 Non-current: Corporate bonds 376,629 329 (15,145) 361,813 Treasury bills 63,664 2 (918) 62,748 Asset-backed securities 38,737 — (1,736) 37,001 Sovereign bonds 2,071 — (139) 1,932 $ 676,791 $ 331 $ (22,154) $ 654,968 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 July 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 $ 127,474 $ (1,767) $ 350,232 $ (17,303) $ 477,706 $ (19,070) Treasury bills 59,832 (838) 11,884 (218) 71,716 (1,056) Asset-backed securities 15,850 (199) 36,490 (1,690) 52,340 (1,889) Sovereign bonds — — 1,932 (139) 1,932 (139) Municipal bonds — — — — — — $ 203,156 $ (2,804) $ 400,538 $ (19,350) $ 603,694 $ (22,154) 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 July 2, 2023 or December 31, 2022. There was no activity recorded in the allowance for credit losses during the three-month or six-month periods ended July 2, 2023 or July 3, 2022. Management currently intends to hold debt securities that are in an unrealized loss position to full value recovery at maturity. The Company recorded no gross realized gains or losses on the sale of debt securities during the three-month and six-month periods ended July 2, 2023. The Company recorded gross realized gains on the sale of debt securities totaling $15,000 and $133,000 during the three-month and six-month periods ended July 3, 2022, respectively, and gross realized losses on the sale of debt securities totaling $3,000 and $157,000 during the three-month and six-month periods ended July 3, 2022, respectively. Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive income (loss). The following table presents the effective maturity dates of the Company’s available-for-sale investments as of July 2, 2023 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 165,539 $ 129,096 $ 95,060 $ 56,128 $ 81,073 $ 456 $ 527,352 Treasury bills 9,961 3,362 16,263 20,408 22,715 — 72,709 Asset-backed securities 15,339 11,622 11,093 7,227 — 7,059 52,340 Sovereign bonds — 974 958 — — — 1,932 Municipal bonds 635 — — — — — 635 $ 191,474 $ 145,054 $ 123,374 $ 83,763 $ 103,788 $ 7,515 $ 654,968

Inventories

Inventories	6 Months Ended
Inventories	Jul. 02, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): July 2, 2023 December 31, 2022 Raw materials $ 72,327 $ 71,720 Work-in-process 1,339 906 Finished goods 52,560 49,854 $ 126,226 $ 122,480

Leases

Leases	6 Months Ended
Leases	Jul. 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 July 2, 2023, there were no options to terminate and twenty 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 July 2, 2023. The total operating lease expense for the three-month and six-month periods ended July 2, 2023 was $2,639,000 and $5,031,000, respectively. The total operating lease cash payments for the three-month and six-month periods ended July 2, 2023 were $2,364,000 and $4,768,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month and six-month periods ended July 2, 2023 was $136,000 and $160,000, respectively. The total operating lease expense for the three-month and six-month periods ended July 3, 2022 was $2,215,000 and $4,444,000, respectively. The total operating lease cash payments for the three-month and six-month periods ended July 3, 2022 were $2,227,000 and $4,306,000, respectively. The total lease expense for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability for the three-month and six-month periods ended July 3, 2022 was $37,000 and $75,000, respectively. Future operating lease cash payments are as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2023 $ 4,863 2024 11,026 2025 9,237 2026 7,722 2027 7,144 2028 6,922 Thereafter 56,108 $ 103,022 The discounted present value of the future lease cash payments resulted in a total lease liability of $70,040,000 and $39,752,000 as of July 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 July 2, 2023. In June 2023, the Company entered into a lease for a 115,000 square-foot building in Singapore to serve as a new distribution center for customers in Asia. The lease contains two components, including a 88,000 square-foot premises with a term of ten years, six months. The Company has the right and option to extend the term of this lease component for an additional period of five years, commencing upon the expiration of the original term. This lease component commenced during the second quarter of 2023, and therefore the Company recorded approximately $29,684,000, which reflects an estimated extension period of five years, within "Operating lease assets" and "Operating lease liabilities" on the Consolidated Balance Sheets on the commencement date. The second component of this Singapore lease is for a 27,000 square-foot premises with a term of eight years. The commencement date for this lease component is in the fourth quarter of 2025, and therefore it was not yet recorded on the Consolidated Balance Sheets, nor did it create any significant rights and obligations as of July 2, 2023. The Company has the right and option to extend the term of this lease component for an additional period of five years, commencing upon the expiration of the original term. Future payment obligations associated with this lease component total $13,231,000, none of which is payable in 2023 and which reflects an estimated extension period of five years. Future payment obligations related to this lease component are not included in the future operating lease cash payments table above.

Goodwill

Goodwill	6 Months Ended
Goodwill	Jul. 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 (1,048) Balance as of July 2, 2023 $ 241,582

Intangible Assets

Intangible Assets	6 Months Ended
Intangible Assets	Jul. 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 $ (19,041) $ 8,976 Customer relationships 5,838 (4,220) 1,618 Non-compete agreements 340 (205) 135 Balance as of July 2, 2023 $ 34,195 $ (23,466) $ 10,729 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 July 2, 2023, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2023 $ 1,452 2024 2,623 2025 2,300 2026 1,995 2027 1,273 2028 543 Thereafter 543 $ 10,729

Warranty Obligations

Warranty Obligations	6 Months Ended
Warranty Obligations	Jul. 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 1,163 Fulfillment of warranty obligations (1,537) Balance as of July 2, 2023 $ 4,001

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jul. 02, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of July 2, 2023, the Company had outstanding purchase orders totaling $40,388,000 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 July 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	6 Months Ended
Derivative Instruments	Jul. 02, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsThe 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): July 2, 2023 December 31, 2022 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Euro 32,500 $ 35,371 60,000 $ 64,174 Chinese Renminbi 70,000 9,665 55,000 7,619 Mexican Peso 120,000 6,979 185,000 9,480 Hungarian Forint 1,950,000 5,671 1,590,000 4,238 British Pound 3,540 4,467 3,445 4,161 Japanese Yen 600,000 4,159 700,000 5,281 Canadian Dollar 1,750 1,321 1,730 1,278 Swiss Franc — — 1,120 1,218 Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet July 2, 2023 December 31, 2022 Sheet July 2, 2023 December 31, 2022 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 118 $ 27 Accrued expenses $ 31 $ 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 July 2, 2023 December 31, 2022 July 2, 2023 December 31, 2022 Gross amounts of recognized assets $ 118 $ 27 Gross amounts of recognized liabilities $ 31 $ 479 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 118 $ 27 Net amount of liabilities presented $ 31 $ 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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ 859 $ 6,191 $ (612) $ 7,930

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jul. 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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Americas $ 82,297 $ 91,551 $ 162,911 $ 218,210 Europe 56,860 61,840 116,702 124,631 Greater China 72,351 78,616 105,351 127,021 Other Asia 31,004 42,621 58,672 87,173 $ 242,512 $ 274,628 $ 443,636 $ 557,035 The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Standard products and services $ 194,944 $ 221,474 $ 385,727 $ 479,354 Application-specific customer solutions 47,568 53,154 57,909 77,681 $ 242,512 $ 274,628 $ 443,636 $ 557,035 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 $18,951,000 and $14,578,000 as of July 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 six-month period ended July 2, 2023 (in thousands): Balance as of December 31, 2022 $ 730 Increases to the allowance for credit losses 350 Write-offs, net of recoveries (477) Foreign exchange rate changes (1) Balance as of July 2, 2023 $ 602 The following table summarizes the deferred revenue and customer deposits activity for the six-month period ended July 2, 2023 (in thousands): Balance as of December 31, 2022 $ 40,787 Deferral of revenue billed in the current period, net of recognition 26,719 Recognition of revenue deferred in prior period (14,154) Returned customer deposit (9,205) Foreign exchange rate changes (708) Balance as of July 2, 2023 $ 43,439 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	6 Months Ended
Stock-Based Compensation Expense	Jul. 02, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Stock Plans The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs"). In May 2023, the shareholders of the Company approved the Cognex Corporation 2023 Stock Option and Incentive Plan (the “2023 Plan”). The 2023 Plan permits awards of stock options (both incentive and non-qualified options), stock appreciation rights, RSUs, and PRSUs. Up to 8,100,000 shares of common stock (subject to adjustment in the event of stock splits and other similar events) may be issued pursuant to awards granted under the 2023 Plan. In connection with the approval of the 2023 Plan, no further awards will be made under the Cognex Corporation 2001 General Stock Option Plan, as amended and restated (the “2001 Plan”), and the Cognex Corporation 2007 Stock Option and Incentive Plan, as amended and restated (the “2007 Plan”). With the approval of the 2023 Plan, the 10,610,800 shares of common stock subject to awards granted under the 2001 Plan and the 2007 Plan that were outstanding as of May 3, 2023 may become eligible for issuance under the 2023 Plan if such awards are forfeited, cancelled or otherwise terminated (other than by exercise) (the “Carryover Shares”). As of July 2, 2023, forfeits, cancellations, and other terminations from the 2001 Plan and the 2007 Plan have resulted in 147,585 Carryover Shares, raising the authorized total shares that may be issued under the 2023 Plan to 8,247,585 . As of July 2, 2023, the Company had 8,183,000 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 six-month period ended July 2, 2023: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 8,467 $ 51.56 Granted 1,266 47.28 Exercised (299) 33.87 Forfeited or expired (515) 58.22 Outstanding as of July 2, 2023 8,919 $ 51.16 6.31 $ 70,411 Exercisable as of July 2, 2023 5,213 $ 47.62 4.90 $ 52,631 Options vested or expected to vest as of July 2, 2023 (1) 8,416 $ 50.95 6.17 $ 67,670 (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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Risk-free rate 3.5 % 1.9 % 3.9 % 1.9 % Expected dividend yield 0.56 % 0.53 % 0.59 % 0.40 % Expected volatility 39 % 37 % 39 % 37 % Expected term (in years) 5.9 6.1 4.9 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 and six-month periods ended July 2, 2023 were $20.09 and $17.86, respectively, and during the three-month and six-month periods ended July 3, 2022 were $18.21 and $22.33, respectively. The total intrinsic values of stock options exercised for the three-month and six-month periods ended July 2, 2023 were $2,123,000 and $5,562,000, respectively, and for the three-month and six-month periods ended July 3, 2022 were $934,000 and $3,099,000, respectively. The total fair values of stock options vested for the three-month and six-month periods ended July 2, 2023 were $892,000 and $32,073,000, respectively, and for the three-month and six-month periods ended July 3, 2022 were $1,188,000 and $26,723,000, respectively. Restricted Stock Units (RSUs) The following table summarizes the Company's RSUs activity for the six-month period ended July 2, 2023: Shares Weighted-Average Nonvested as of December 31, 2022 1,269 $ 61.74 Granted 663 46.86 Vested (482) 59.40 Forfeited or expired (65) 61.52 Nonvested as of July 2, 2023 1,385 $ 55.44 The fair value of RSUs is determined based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. The weighted-average grant-date fair values of RSUs granted during the three-month and six-month periods ended July 2, 2023 were $52.53 and $46.86, respectively, and during the three-month and six-month periods ended July 3, 2022 were $45.25 and $63.37, respectively. There were 29,000 and 482,000 RSUs that vested during the three-month and six-month periods ended July 2, 2023, respectively, and 20,000 and 74,000 that vested during the three-month and six-month periods ended July 3, 2022, respectively. Performance Restricted Stock Units (PRSUs) The following table summarizes the Company's PRSUs activity for the six-month period ended July 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 July 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 0 and 46,000 PRSUs granted during the three-month and six-month periods ended July 2, 2023, respectively, and 0 and 33,000 PRSUs granted during the three-month and six-month periods ended July 3, 2022, respectively. No PRSUs vested during the three-month and six-month periods ended July 2, 2023 and July 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 July 2, 2023, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $76,162,000, which is expected to be recognized over a weighted-average period of 2.2 years. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended July 2, 2023 were $12,574,000 and $1,892,000, respectively, and for the six-month period ended July 2, 2023 were $29,153,000 and $4,200,000, respectively. The total stock-based compensation expense and the related income tax benefit recognized for the three-month period ended July 3, 2022 were $12,997,000 and $2,044,000, respectively, and for the six-month period ended July 3, 2022 were $28,053,000 and $4,363,000, respectively. No compensation expense was capitalized as of July 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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Cost of revenue $ 441 $ 482 $ 1,062 $ 1,045 Research, development, and engineering 3,308 3,851 9,198 8,299 Selling, general, and administrative 8,825 8,664 18,893 18,709 $ 12,574 $ 12,997 $ 29,153 $ 28,053

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
Stock Repurchase Program	Jul. 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 six-month period ended July 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 590,000 shares at a cost of $37,317,000 during the six-month period ended July 3, 2022. Under this same March 2022 program, in addition to repurchases made in the prior year, the Company repurchased 966,000 shares at a total cost of $49,163,000 during the six-month period ended July 2, 2023 leaving a remaining balance of $363,523,000 as of July 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	6 Months Ended
Income Taxes	Jul. 02, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 15% and 12% for the three-month and six-month periods ended July 2, 2023, respectively, and 9% and 17% for the three-month and six-month periods ended July 3, 2022, respectively. 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 and six-month periods ended July 2, 2023 and July 3, 2022. The Company recorded a net discrete tax expense totaling $399,000 and a net discrete tax benefit totaling $3,195,000 for the three-month and six-month periods ended July 2, 2023, and a net discrete tax benefit totaling $2,352,000 and a net discrete tax expense totaling $3,986,000 for the same periods in 2022. Discrete tax items for the six-month period ended July 2, 2023 included (1) an increase in tax expense of $1,766,000 related to stock-based compensation; (2) a net decrease in tax expense of $3,051,000 due primarily to the release of tax reserves on state tax credits and foreign audit settlements; (3) a decrease in tax expense of $2,198,000 for adjustments to certain deferred tax assets; and (4) a net increase in tax expense of $288,000 for return-to-provision adjustments. Discrete tax items for the six-month period ended July 3, 2022 included (1) an increase in tax expense of $176,000 related to stock-based compensation; (2) a decrease in tax expense of $1,577,000 arising from audit settlements; (3) an increase in tax expense of $2,316,000 to establish a reserve against certain deferred tax assets; and (4) an increase in tax expense of $3,071,000 consisting primarily of transfer pricing and return-to-provision adjustments. The Company’s reserve for income taxes, including gross interest and penalties, was $19,239,000 as of July 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	6 Months Ended
Weighted-Average Shares	Jul. 02, 2023
Earnings Per Share [Abstract]
Weighted-Average Shares	Weighted-Average Shares Weighted-average shares were calculated as follows (in thousands): Three-months Ended Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Basic weighted-average common shares outstanding 172,429 173,507 172,527 173,830 Effect of dilutive equity awards 1,193 1,486 1,264 2,044 Weighted-average common and common-equivalent shares outstanding 173,622 174,993 173,791 175,874

Loss (Recovery) from Fire

Loss (Recovery) from Fire	6 Months Ended
Loss (Recovery) from Fire	Jul. 02, 2023
Insurance [Abstract]
Loss (Recovery) from Fire	Loss (Recovery) from Fire On June 7, 2022, the Company’s primary contract manufacturer experienced a fire at its plant in Indonesia. The fire destroyed a significant amount of Cognex-owned consigned inventories, as well as component inventories owned by the contract manufacturer that were designated for Cognex products. There was no significant damage to the Company's production equipment. Since the date of the fire, the Company has worked with the contract manufacturer to resume production, maintain standards of product quality, and replenish inventories destroyed by the fire. The Company has also been working to ramp up an additional contract manufacturer to further mitigate risk, diversify the supply chain, and expand production capacity. During the three-month period ended July 3, 2022, the Company recorded a net loss related to the fire of $17,403,000, consisting primarily of losses from inventories and other assets of $44,903,000, partially offset by an estimated insurance recovery of $27,500,000. The net loss is presented in the caption “Loss (recovery) from fire” on the Consolidated Statements of Operations. The Company received insurance proceeds of $27,560,000 from the Company's insurance carrier in the fourth quarter of 2022, and gross losses recorded during 2022 related to the fire were further reduced by the proceeds received in excess of the original estimated insurance recovery. During the three-month period ended July 2, 2023, the Company recorded a recovery related to the fire of $2,500,000 for proceeds received from the Company's insurance carrier in relation to a business interruption claim. This recovery amount is presented in the caption “Loss (recovery) from fire” on the Consolidated Statements of Operations. As of July 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	6 Months Ended
Restructuring Charges	Jul. 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 and six-month periods ended July 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 (703) (48) (751) Foreign exchange rate changes 9 1 10 Balance as of July 2, 2023 $ 270 $ 28 $ 298

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jul. 02, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn August 3, 2023, the Company’s Board of Directors declared a cash dividend of $0.07 per share. The dividend is payable on September 1, 2023 to all shareholders of record as of the close of business on August 18, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Pay vs Performance Disclosure
Net income	$ 57,474	$ 58,901	$ 83,089	$ 126,234

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 02, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jul. 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)	6 Months Ended
Fair Value Measurements (Tables)	Jul. 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 July 2, 2023 (in thousands): Quoted Prices in Significant Other Unobservable Inputs (Level 3) Assets: Money market instruments $ 30,492 $ — $ — Corporate bonds — 527,352 — Treasury bills — 72,709 — Asset-backed securities — 52,340 — Sovereign bonds — 1,932 — Municipal bonds — 635 — Economic hedge forward contracts — 118 — Liabilities: Economic hedge forward contracts — 31 —

Cash, Cash Equivalents, and I_2

Cash, Cash Equivalents, and Investments (Tables)	6 Months Ended
Cash, Cash Equivalents, and Investments (Tables)	Jul. 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): July 2, 2023 December 31, 2022 Cash $ 146,993 $ 180,959 Money market instruments 30,492 415 Cash and cash equivalents 177,485 181,374 Corporate bonds 165,539 164,055 Asset-backed securities 15,339 26,890 Treasury bills 9,961 11,332 Municipal bonds 635 624 Agency bonds — 15,858 Current investments 191,474 218,759 Corporate bonds 361,813 374,440 Treasury bills 62,748 44,214 Asset-backed securities 37,001 33,539 Sovereign bonds 1,932 1,924 Non-current investments 463,494 454,117 $ 832,453 $ 854,250
Summary of Available-for-Sale Investments	The following table summarizes the Company’s available-for-sale investments as of July 2, 2023 (in thousands): Amortized Gross Gross Fair Value Current: Corporate bonds $ 169,464 $ — $ (3,925) $ 165,539 Asset-backed securities 15,492 — (153) 15,339 Treasury bills 10,099 — (138) 9,961 Municipal bonds 635 — — 635 Non-current: Corporate bonds 376,629 329 (15,145) 361,813 Treasury bills 63,664 2 (918) 62,748 Asset-backed securities 38,737 — (1,736) 37,001 Sovereign bonds 2,071 — (139) 1,932 $ 676,791 $ 331 $ (22,154) $ 654,968
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 July 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 $ 127,474 $ (1,767) $ 350,232 $ (17,303) $ 477,706 $ (19,070) Treasury bills 59,832 (838) 11,884 (218) 71,716 (1,056) Asset-backed securities 15,850 (199) 36,490 (1,690) 52,340 (1,889) Sovereign bonds — — 1,932 (139) 1,932 (139) Municipal bonds — — — — — — $ 203,156 $ (2,804) $ 400,538 $ (19,350) $ 603,694 $ (22,154)
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 July 2, 2023 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 165,539 $ 129,096 $ 95,060 $ 56,128 $ 81,073 $ 456 $ 527,352 Treasury bills 9,961 3,362 16,263 20,408 22,715 — 72,709 Asset-backed securities 15,339 11,622 11,093 7,227 — 7,059 52,340 Sovereign bonds — 974 958 — — — 1,932 Municipal bonds 635 — — — — — 635 $ 191,474 $ 145,054 $ 123,374 $ 83,763 $ 103,788 $ 7,515 $ 654,968

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jul. 02, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): July 2, 2023 December 31, 2022 Raw materials $ 72,327 $ 71,720 Work-in-process 1,339 906 Finished goods 52,560 49,854 $ 126,226 $ 122,480

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jul. 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 $ 4,863 2024 11,026 2025 9,237 2026 7,722 2027 7,144 2028 6,922 Thereafter 56,108 $ 103,022

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
Goodwill (Tables)	Jul. 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 (1,048) Balance as of July 2, 2023 $ 241,582

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
Intangible Assets (Tables)	Jul. 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 $ (19,041) $ 8,976 Customer relationships 5,838 (4,220) 1,618 Non-compete agreements 340 (205) 135 Balance as of July 2, 2023 $ 34,195 $ (23,466) $ 10,729 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 July 2, 2023, estimated future amortization expense related to intangible assets was as follows (in thousands): Year Ended December 31, Amount Remainder of fiscal 2023 $ 1,452 2024 2,623 2025 2,300 2026 1,995 2027 1,273 2028 543 Thereafter 543 $ 10,729

Warranty Obligations (Tables)

Warranty Obligations (Tables)	6 Months Ended
Warranty Obligations (Tables)	Jul. 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 1,163 Fulfillment of warranty obligations (1,537) Balance as of July 2, 2023 $ 4,001

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jul. 02, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Forward Contracts Table	The Company had the following outstanding forward contracts (in thousands): July 2, 2023 December 31, 2022 Currency Notional USD Notional USD Derivatives Not Designated as Hedging Instruments: Euro 32,500 $ 35,371 60,000 $ 64,174 Chinese Renminbi 70,000 9,665 55,000 7,619 Mexican Peso 120,000 6,979 185,000 9,480 Hungarian Forint 1,950,000 5,671 1,590,000 4,238 British Pound 3,540 4,467 3,445 4,161 Japanese Yen 600,000 4,159 700,000 5,281 Canadian Dollar 1,750 1,321 1,730 1,278 Swiss Franc — — 1,120 1,218
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Balance Fair Value Balance Fair Value Sheet July 2, 2023 December 31, 2022 Sheet July 2, 2023 December 31, 2022 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets $ 118 $ 27 Accrued expenses $ 31 $ 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 July 2, 2023 December 31, 2022 July 2, 2023 December 31, 2022 Gross amounts of recognized assets $ 118 $ 27 Gross amounts of recognized liabilities $ 31 $ 479 Gross amounts offset — — Gross amounts offset — — Net amount of assets presented $ 118 $ 27 Net amount of liabilities presented $ 31 $ 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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ 859 $ 6,191 $ (612) $ 7,930

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Jul. 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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Americas $ 82,297 $ 91,551 $ 162,911 $ 218,210 Europe 56,860 61,840 116,702 124,631 Greater China 72,351 78,616 105,351 127,021 Other Asia 31,004 42,621 58,672 87,173 $ 242,512 $ 274,628 $ 443,636 $ 557,035
Revenue from External Customers by Products and Services	The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Standard products and services $ 194,944 $ 221,474 $ 385,727 $ 479,354 Application-specific customer solutions 47,568 53,154 57,909 77,681 $ 242,512 $ 274,628 $ 443,636 $ 557,035
Schedule of Allowance for Credit Loss Activity	The following table summarizes the allowance for credit losses activity for the six-month period ended July 2, 2023 (in thousands): Balance as of December 31, 2022 $ 730 Increases to the allowance for credit losses 350 Write-offs, net of recoveries (477) Foreign exchange rate changes (1) Balance as of July 2, 2023 $ 602
Deferred Revenue, by Arrangement, Disclosure	The following table summarizes the deferred revenue and customer deposits activity for the six-month period ended July 2, 2023 (in thousands): Balance as of December 31, 2022 $ 40,787 Deferral of revenue billed in the current period, net of recognition 26,719 Recognition of revenue deferred in prior period (14,154) Returned customer deposit (9,205) Foreign exchange rate changes (708) Balance as of July 2, 2023 $ 43,439

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	6 Months Ended
Stock-Based Compensation Expense (Tables)	Jul. 02, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the six-month period ended July 2, 2023: Shares Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 8,467 $ 51.56 Granted 1,266 47.28 Exercised (299) 33.87 Forfeited or expired (515) 58.22 Outstanding as of July 2, 2023 8,919 $ 51.16 6.31 $ 70,411 Exercisable as of July 2, 2023 5,213 $ 47.62 4.90 $ 52,631 Options vested or expected to vest as of July 2, 2023 (1) 8,416 $ 50.95 6.17 $ 67,670 (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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Risk-free rate 3.5 % 1.9 % 3.9 % 1.9 % Expected dividend yield 0.56 % 0.53 % 0.59 % 0.40 % Expected volatility 39 % 37 % 39 % 37 % Expected term (in years) 5.9 6.1 4.9 5.2
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the Company's RSUs activity for the six-month period ended July 2, 2023: Shares Weighted-Average Nonvested as of December 31, 2022 1,269 $ 61.74 Granted 663 46.86 Vested (482) 59.40 Forfeited or expired (65) 61.52 Nonvested as of July 2, 2023 1,385 $ 55.44
Schedule of Nonvested Performance-based Units Activity	The following table summarizes the Company's PRSUs activity for the six-month period ended July 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 July 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 Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Cost of revenue $ 441 $ 482 $ 1,062 $ 1,045 Research, development, and engineering 3,308 3,851 9,198 8,299 Selling, general, and administrative 8,825 8,664 18,893 18,709 $ 12,574 $ 12,997 $ 29,153 $ 28,053

Weighted-Average Shares (Tables

Weighted-Average Shares (Tables)	6 Months Ended
Weighted-Average Shares (Tables)	Jul. 02, 2023
Earnings Per Share [Abstract]
Calculation of Weighted-Average Shares	Weighted-average shares were calculated as follows (in thousands): Three-months Ended Six-months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Basic weighted-average common shares outstanding 172,429 173,507 172,527 173,830 Effect of dilutive equity awards 1,193 1,486 1,264 2,044 Weighted-average common and common-equivalent shares outstanding 173,622 174,993 173,791 175,874

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
Restructuring Charges (Tables)	Jul. 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 (703) (48) (751) Foreign exchange rate changes 9 1 10 Balance as of July 2, 2023 $ 270 $ 28 $ 298

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
Assets:
Money market instruments	$ 30,492	$ 415
Financial assets at fair value	654,968
Corporate bonds
Assets:
Financial assets at fair value	527,352
Treasury bills
Assets:
Financial assets at fair value	72,709
Asset-backed securities
Assets:
Financial assets at fair value	52,340
Sovereign bonds
Assets:
Financial assets at fair value	1,932
Municipal bonds
Assets:
Financial assets at fair value	635
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring
Assets:
Money market instruments	30,492
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring \| Corporate bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring \| Treasury bills
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring \| Asset-backed securities
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring \| Sovereign bonds
Assets:
Financial assets at fair value	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring \| Municipal bonds
Assets:
Financial assets at fair value	0
Significant Other Observable Inputs (Level 2) \| Recurring
Assets:
Money market instruments	0
Economic hedge forward contracts	118
Liabilities:
Economic hedge forward contracts	31
Significant Other Observable Inputs (Level 2) \| Recurring \| Corporate bonds
Assets:
Financial assets at fair value	527,352
Significant Other Observable Inputs (Level 2) \| Recurring \| Treasury bills
Assets:
Financial assets at fair value	72,709
Significant Other Observable Inputs (Level 2) \| Recurring \| Asset-backed securities
Assets:
Financial assets at fair value	52,340
Significant Other Observable Inputs (Level 2) \| Recurring \| Sovereign bonds
Assets:
Financial assets at fair value	1,932
Significant Other Observable Inputs (Level 2) \| Recurring \| Municipal bonds
Assets:
Financial assets at fair value	635
Unobservable Inputs (Level 3) \| Recurring
Assets:
Money market instruments	0
Economic hedge forward contracts	0
Liabilities:
Economic hedge forward contracts	0
Unobservable Inputs (Level 3) \| Recurring \| Corporate bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Recurring \| Treasury bills
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Recurring \| Asset-backed securities
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Recurring \| Sovereign bonds
Assets:
Financial assets at fair value	0
Unobservable Inputs (Level 3) \| Recurring \| Municipal bonds
Assets:
Financial assets at fair value	$ 0

Cash, Cash Equivalents, and I_3

Cash, Cash Equivalents, and Investments - Components of Cash, Cash Equivalents, and Investments (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale
Cash	$ 146,993	$ 180,959
Money market instruments	30,492	415
Cash and cash equivalents	177,485	181,374
Current investments	191,474	218,759
Non-current investments	463,494	454,117
Total	832,453	854,250
Corporate bonds
Debt Securities, Available-for-sale
Current investments	165,539	164,055
Long-term investments	361,813	374,440
Asset-backed securities
Debt Securities, Available-for-sale
Current investments	15,339	26,890
Long-term investments	37,001	33,539
Treasury bills
Debt Securities, Available-for-sale
Current investments	9,961	11,332
Long-term investments	62,748	44,214
Municipal bonds
Debt Securities, Available-for-sale
Current investments	635	624
Agency bonds
Debt Securities, Available-for-sale
Current investments	0	15,858
Sovereign bonds
Debt Securities, Available-for-sale
Long-term investments	$ 1,932	$ 1,924

Cash, Cash Equivalents, and I_4

Cash, Cash Equivalents, and Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, allowance for credit loss	$ 0		$ 0		$ 0
Credit loss on investments	0	$ 0	0	$ 0
Gross realized gains on sale of investments	0	15	0	133
Gross realized losses on sale of investments	0	$ 3	0	$ 157
Other current assets
Cash and Cash Equivalents [Line Items]
Accrued interest receivable	$ 4,265		$ 4,265		$ 3,620

Cash, Cash Equivalents, and I_5

Cash, Cash Equivalents, and Investments - Summary of Available-for-Sale Investments (Details) $ in Thousands	Jul. 02, 2023 USD ($)
Debt Securities, Available-for-sale
Amortized Cost	$ 676,791
Gross Unrealized Gains	331
Gross Unrealized Losses	(22,154)
Fair Value	654,968
Corporate bonds
Debt Securities, Available-for-sale
Fair Value	527,352
Corporate bonds \| Current assets
Debt Securities, Available-for-sale
Amortized Cost	169,464
Gross Unrealized Gains	0
Gross Unrealized Losses	(3,925)
Fair Value	165,539
Corporate bonds \| Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	376,629
Gross Unrealized Gains	329
Gross Unrealized Losses	(15,145)
Fair Value	361,813
Asset-backed securities
Debt Securities, Available-for-sale
Fair Value	52,340
Asset-backed securities \| Current assets
Debt Securities, Available-for-sale
Amortized Cost	15,492
Gross Unrealized Gains	0
Gross Unrealized Losses	(153)
Fair Value	15,339
Asset-backed securities \| Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	38,737
Gross Unrealized Gains	0
Gross Unrealized Losses	(1,736)
Fair Value	37,001
Treasury bills
Debt Securities, Available-for-sale
Fair Value	72,709
Treasury bills \| Current assets
Debt Securities, Available-for-sale
Amortized Cost	10,099
Gross Unrealized Gains	0
Gross Unrealized Losses	(138)
Fair Value	9,961
Treasury bills \| Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	63,664
Gross Unrealized Gains	2
Gross Unrealized Losses	(918)
Fair Value	62,748
Municipal bonds
Debt Securities, Available-for-sale
Fair Value	635
Municipal bonds \| Current assets
Debt Securities, Available-for-sale
Amortized Cost	635
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	635
Sovereign bonds
Debt Securities, Available-for-sale
Fair Value	1,932
Sovereign bonds \| Non-current assets
Debt Securities, Available-for-sale
Amortized Cost	2,071
Gross Unrealized Gains	0
Gross Unrealized Losses	(139)
Fair Value	$ 1,932

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	Jul. 02, 2023 USD ($)
Debt Securities, Available-for-sale
Fair value, less than 12 months	$ 203,156
Unrealized losses, less than 12 months	(2,804)
Fair value, 12 months or greater	400,538
Unrealized losses, 12 months or greater	(19,350)
Total fair value	603,694
Total unrealized Losses	(22,154)
Corporate bonds
Debt Securities, Available-for-sale
Fair value, less than 12 months	127,474
Unrealized losses, less than 12 months	(1,767)
Fair value, 12 months or greater	350,232
Unrealized losses, 12 months or greater	(17,303)
Total fair value	477,706
Total unrealized Losses	(19,070)
Treasury bills
Debt Securities, Available-for-sale
Fair value, less than 12 months	59,832
Unrealized losses, less than 12 months	(838)
Fair value, 12 months or greater	11,884
Unrealized losses, 12 months or greater	(218)
Total fair value	71,716
Total unrealized Losses	(1,056)
Asset-backed securities
Debt Securities, Available-for-sale
Fair value, less than 12 months	15,850
Unrealized losses, less than 12 months	(199)
Fair value, 12 months or greater	36,490
Unrealized losses, 12 months or greater	(1,690)
Total fair value	52,340
Total unrealized Losses	(1,889)
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	1,932
Unrealized losses, 12 months or greater	(139)
Total fair value	1,932
Total unrealized Losses	(139)
Municipal 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	0
Unrealized losses, 12 months or greater	0
Total fair value	0
Total unrealized Losses	$ 0

Cash, Cash Equivalents, and I_7

Cash, Cash Equivalents, and Investments - Effective Maturity Dates of Available-for-Sale Investments (Details) $ in Thousands	Jul. 02, 2023 USD ($)
Debt Securities, Available-for-sale
less than 1 year	$ 191,474
1-2 Years	145,054
2-3 Years	123,374
3-4 Years	83,763
4-5 Years	103,788
5-8 Years	7,515
Total	654,968
Corporate bonds
Debt Securities, Available-for-sale
less than 1 year	165,539
1-2 Years	129,096
2-3 Years	95,060
3-4 Years	56,128
4-5 Years	81,073
5-8 Years	456
Total	527,352
Treasury bills
Debt Securities, Available-for-sale
less than 1 year	9,961
1-2 Years	3,362
2-3 Years	16,263
3-4 Years	20,408
4-5 Years	22,715
5-8 Years	0
Total	72,709
Asset-backed securities
Debt Securities, Available-for-sale
less than 1 year	15,339
1-2 Years	11,622
2-3 Years	11,093
3-4 Years	7,227
4-5 Years	0
5-8 Years	7,059
Total	52,340
Sovereign bonds
Debt Securities, Available-for-sale
less than 1 year	0
1-2 Years	974
2-3 Years	958
3-4 Years	0
4-5 Years	0
5-8 Years	0
Total	1,932
Municipal bonds
Debt Securities, Available-for-sale
less than 1 year	635
1-2 Years	0
2-3 Years	0
3-4 Years	0
4-5 Years	0
5-8 Years	0
Total	$ 635

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 72,327	$ 71,720
Work-in-process	1,339	906
Finished goods	52,560	49,854
Inventories	$ 126,226	$ 122,480

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2023 ft² lease_component	Dec. 31, 2021 ft²	Jul. 02, 2023 USD ($)	Jul. 03, 2022 USD ($)	Jul. 02, 2023 USD ($)	Jul. 03, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cost			$ 2,639	$ 2,215	$ 5,031	$ 4,444
Operating lease, payments			2,364	2,227	4,768	4,306
Lease, cost			136	37	160	75
Operating lease liability			70,040		70,040		$ 39,752
Operating lease assets			68,594		68,594		$ 37,682
Future lease payments			103,022		103,022
Remainder of fiscal 2023			$ 4,863		$ 4,863
Weighted average discount rate			5.30%		5.30%		3.30%
Weighted average remaining lease term			11 years		11 years		7 years 9 months 18 days
Singapore
Lessee, Lease, Description [Line Items]
Rentable area \| ft²	115
Lease components \| lease_component	2
Singapore \| 88,000 square-foot premises
Lessee, Lease, Description [Line Items]
Operating lease liability			$ 29,684		$ 29,684
Rentable area \| ft²	88
Term of contract	10 years 6 months
Option to renew, term of contract	5 years
Operating lease assets			29,684		29,684
Singapore \| 27,000 square-foot premises
Lessee, Lease, Description [Line Items]
Rentable area \| ft²	27
Term of contract	8 years
Option to renew, term of contract	5 years
Future lease payments			13,231		13,231
Remainder of fiscal 2023			$ 0		$ 0
Southborough, Massachusetts
Lessee, Lease, Description [Line Items]
Operating lease liability				9,271		9,271
Rentable area \| ft²		65
Term of contract		10 years
Option to renew, term of contract		5 years
Operating lease assets				$ 9,271		$ 9,271

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) $ in Thousands	Jul. 02, 2023 USD ($)
Leases [Abstract]
Remainder of fiscal 2023	$ 4,863
2024	11,026
2025	9,237
2026	7,722
2027	7,144
2028	6,922
Thereafter	56,108
Total	$ 103,022

Goodwill (Details)

Goodwill (Details) $ in Thousands	6 Months Ended
Goodwill (Details) $ in Thousands	Jul. 02, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2022	$ 242,630
Foreign exchange rate changes	(1,048)
Balance as of July 2, 2023	$ 241,582

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 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	(23,466)	(21,781)
Net Carrying Value	10,729	12,414
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	10,729	12,414
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	10,729
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of fiscal 2023	1,452
2024	2,623
2025	2,300
2026	1,995
2027	1,273
2028	543
Thereafter	543
Net Carrying Value	10,729
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	(19,041)	(17,744)
Net Carrying Value	8,976	10,273
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	8,976	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	(4,220)	(3,860)
Net Carrying Value	1,618	1,978
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	1,618	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	(205)	(177)
Net Carrying Value	135	163
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Value	$ 135	$ 163

Warranty Obligations (Detail)

Warranty Obligations (Detail) $ in Thousands	6 Months Ended
Warranty Obligations (Detail) $ in Thousands	Jul. 02, 2023 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 4,375
Provisions for warranties issued during the period	1,163
Fulfillment of warranty obligations	(1,537)
Ending balance	$ 4,001

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	Jul. 02, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding purchase orders	$ 40,388

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	6 Months Ended
Derivative Instruments - Narrative (Details)	Jul. 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

Jul. 02, 2023 EUR (€)

Jul. 02, 2023 USD ($)

Jul. 02, 2023 CNY (¥)

Jul. 02, 2023 MXN ($)

Jul. 02, 2023 HUF (Ft)

Jul. 02, 2023 GBP (£)

Jul. 02, 2023 JPY (¥)

Jul. 02, 2023 CAD ($)

Jul. 02, 2023 CHF (SFr)

Dec. 31, 2022 EUR (€)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 CNY (¥)

Dec. 31, 2022 MXN ($)

Dec. 31, 2022 HUF (Ft)

Dec. 31, 2022 GBP (£)

Dec. 31, 2022 JPY (¥)

Dec. 31, 2022 CAD ($)

Dec. 31, 2022 CHF (SFr)

Euro

Derivative [Line Items]

Outstanding forward contracts

€ 32,500

$ 35,371

€ 60,000

$ 64,174

Chinese Renminbi

Derivative [Line Items]

Outstanding forward contracts

9,665

¥ 70,000

7,619

¥ 55,000

Mexican Peso

Derivative [Line Items]

Outstanding forward contracts

6,979

$ 120,000

9,480

$ 185,000

Hungarian Forint

Derivative [Line Items]

Outstanding forward contracts

5,671

Ft 1,950,000

4,238

Ft 1,590,000

British Pound

Derivative [Line Items]

Outstanding forward contracts

4,467

£ 3,540

4,161

£ 3,445

Japanese Yen

Derivative [Line Items]

Outstanding forward contracts

4,159

¥ 600,000

5,281

¥ 700,000

Canadian Dollar

Derivative [Line Items]

Outstanding forward contracts

1,321

$ 1,750

1,278

$ 1,730

Swiss Franc

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	Jul. 02, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 118	$ 27
Derivative liability	31	479
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset	118	27
Derivative liability	$ 31	$ 479

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross amounts of recognized assets	$ 118	$ 27
Gross amounts offset	0	0
Net amount of assets presented	118	27
Gross amounts of recognized liabilities	31	479
Gross amounts offset	0	0
Net amount of liabilities presented	$ 31	$ 479

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in current operations	$ 859	$ 6,191	$ (612)	$ 7,930

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 242,512	$ 274,628	$ 443,636	$ 557,035
Americas
Disaggregation of Revenue [Line Items]
Revenue	82,297	91,551	162,911	218,210
Europe
Disaggregation of Revenue [Line Items]
Revenue	56,860	61,840	116,702	124,631
Greater China
Disaggregation of Revenue [Line Items]
Revenue	72,351	78,616	105,351	127,021
Other Asia
Disaggregation of Revenue [Line Items]
Revenue	$ 31,004	$ 42,621	$ 58,672	$ 87,173

Revenue Recognition - Revenue_2

Revenue Recognition - Revenue Disaggregated by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Revenue from External Customer [Line Items]
Revenue	$ 242,512	$ 274,628	$ 443,636	$ 557,035
Standard products and services
Revenue from External Customer [Line Items]
Revenue	194,944	221,474	385,727	479,354
Application-specific customer solutions
Revenue from External Customer [Line Items]
Revenue	$ 47,568	$ 53,154	$ 57,909	$ 77,681

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Costs to fulfill contract	$ 18,951	$ 14,578

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Allowance for Credit Loss (Details) $ in Thousands	6 Months Ended
	Jul. 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	(477)
Foreign exchange rate changes	(1)
Balance as of July 2, 2023	$ 602

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands	6 Months Ended
	Jul. 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	26,719
Recognition of revenue deferred in prior period	(14,154)
Returned customer deposit	9,205
Foreign exchange rate changes	(708)
Balance as of July 2, 2023	$ 43,439

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense - Narrative (Details)	2 Months Ended	3 Months Ended		6 Months Ended
Stock-Based Compensation Expense - Narrative (Details)	Jul. 02, 2023 USD ($) group shares	Jul. 02, 2023 USD ($) group $ / shares shares	Jul. 03, 2022 USD ($) $ / shares shares	Jul. 02, 2023 USD ($) group $ / shares shares	Jul. 03, 2022 USD ($) $ / shares shares	May 03, 2023 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		$ 20.09	$ 18.21	$ 17.86	$ 22.33
Total intrinsic value \| $		$ 2,123,000	$ 934,000	$ 5,562,000	$ 3,099,000
Total fair values of stock options vest \| $		$ 892,000	1,188,000	$ 32,073,000	26,723,000
Groups within the employee population \| group	3	3		3
Estimated forfeiture rate for unvested options for CEO	0	0		0
Estimated annual forfeiture rate for unvested options for senior management	8%	8%		8%
Estimated annual forfeiture rate for unvested options for all other employees	13%	13%		13%
Decrease in compensation expense due to revised estimated forfeiture rates \| $				$ 234,000
Increase in compensation expense due to revised estimated forfeiture rates \| $					1,536,000
Unrecognized compensation expense \| $	$ 76,162,000	$ 76,162,000		$ 76,162,000
Weighted average period to be recognized				2 years 2 months 12 days
Stock-based compensation expense \| $		12,574,000	12,997,000	$ 29,153,000	28,053,000
Tax benefit from compensation expense \| $		1,892,000	$ 2,044,000	4,200,000	$ 4,363,000
Recognized period costs capitalized \| $	$ 0	$ 0		$ 0			$ 0
2001 Plan and 2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock option plans (in shares) \| shares						10,610,800
2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares auhtorised for grant under stock option plans (in shares) \| shares	8,247,585	8,247,585		8,247,585		8,100,000
Additional shares available for grant under stock option plans (in shares) \| shares	147,585
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	8,183,000	8,183,000		8,183,000
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		$ 52.53	$ 45.25	$ 46.86	$ 63.37
Vested (in shares) \| shares		29,000	20,000	482,000	74,000
Granted (in shares) \| shares				663,000
Performance Shares (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans				3 years
Granted (in dollars per share) \| $ / shares				$ 44.86
Vested (in shares) \| shares		0	0	0	0
Granted (in shares) \| shares		0	0	46,000	33,000
Minimum \| General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans				4 years
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans				3 years
Maximum \| General Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans				5 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for stock option plans				4 years

Stock-Based Compensation Expe_4

Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 02, 2023 USD ($) $ / shares shares
Shares (in thousands)
Outstanding (in shares) \| shares	8,467
Granted (in shares) \| shares	1,266
Exercised (in shares) \| shares	(299)
Forfeited or expired (in shares) \| shares	(515)
Outstanding (in shares) \| shares	8,919
Exercisable as of reporting date (in shares) \| shares	5,213
Options vested or expected to vest as of reporting date (in shares) \| shares	8,416
Weighted- Average Exercise Price
Outstanding (in dollars per shares) \| $ / shares	$ 51.56
Granted (in dollars per shares) \| $ / shares	47.28
Exercised (in dollars per shares) \| $ / shares	33.87
Forfeited or expired (in dollars per shares) \| $ / shares	58.22
Outstanding (in dollars per shares) \| $ / shares	51.16
Exercisable as of reporting date (in dollars per shares) \| $ / shares	47.62
Vested and expected to vest (in dollars per shares) \| $ / shares	$ 50.95
Weighted- Average Remaining Contractual Term (in years)
Outstanding (in years)	6 years 3 months 21 days
Exercisable (in years)	4 years 10 months 24 days
Options vested or expected to vest (in years)	6 years 2 months 1 day
Aggregate Intrinsic Value (in thousands)
Outstanding \| $	$ 70,411
Exercisable \| $	52,631
Options vested or expected to vest \| $	$ 67,670

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		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free rate	3.50%	1.90%	3.90%	1.90%
Expected dividend yield	0.56%	0.53%	0.59%	0.40%
Expected volatility	39%	37%	39%	37%
Expected term (in years)	5 years 10 months 24 days	6 years 1 month 6 days	4 years 10 months 24 days	5 years 2 months 12 days

Stock-Based Compensation Expe_6

Stock-Based Compensation Expense - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Shares (in thousands)
Nonvested as of beginning of period (in shares)			1,269
Granted (in shares)			663
Vested (in shares)	29	20	482	74
Forfeited or expired (in shares)			(65)
Nonvested as of end of period (in shares)	1,385		1,385
Weighted-Average Grant Date Fair Value
Nonvested as of beginning of period (in dollars per share)			$ 61.74
Granted (in dollars per share)	$ 52.53	$ 45.25	46.86	$ 63.37
Vested (in dollars per share)			59.40
Forfeited or expired (in dollars per share)			61.52
Nonvested as of end of period (in dollars per share)	$ 55.44		$ 55.44

Stock-Based Compensation Expe_7

Stock-Based Compensation Expense - Schedule of Performance Restricted Stock Units (Details) - Performance Shares (PRSUs) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Shares (in thousands)
Nonvested as of beginning of period (in shares)			33
Granted (in shares)	0	0	46	33
Vested (in shares)	0	0	0	0
Forfeited or expired (in shares)			0
Nonvested as of end of period (in shares)	79		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		$ 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		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 12,574	$ 12,997	$ 29,153	$ 28,053
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	441	482	1,062	1,045
Research, development, and engineering
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,308	3,851	9,198	8,299
Selling, general, and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,825	$ 8,664	$ 18,893	$ 18,709

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) shares in Thousands	6 Months Ended
	Jul. 02, 2023	Jul. 03, 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)	966	590
Shares repurchased at cost	$ 49,163,000	$ 37,317,000
Remaining authorized repurchase amount	$ 363,523,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Income Tax Contingency [Line Items]
Effective tax rate	15%	9%	12%	17%
Discrete tax expense (benefit)	$ 399	$ (2,352)	$ (3,195)	$ 3,986
Increase in tax expense related to stock-based compensation			1,766	176
Decrease in tax expense arising from tax settlement			3,051	1,577
Change in tax expense related to valuation allowance			2,198	2,316
Increase in tax expense related to transfer pricing and return-to-provision adjustments			288	$ 3,071
Liability for uncertain tax positions	$ 19,239		$ 19,239
Tax years open to examination by Internal Revenue Service			2019 through 2021
Tax years open to examination by various taxing authorities for other entities			2017 through 2022
Foreign Tax Authority \| Ireland
Income Tax Contingency [Line Items]
Statutory tax rate			12.50%
Foreign Tax Authority \| China
Income Tax Contingency [Line Items]
Statutory tax rate			25%
Foreign Tax Authority \| Korea
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		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	172,429	173,507	172,527	173,830
Effect of dilutive equity awards (in shares)	1,193	1,486	1,264	2,044
Weighted-average common and common-equivalent shares outstanding (in shares)	173,622	174,993	173,791	175,874

Weighted-Average Shares - Narra

Weighted-Average Shares - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Weighted-Average Shares - Narrative (Details) - shares	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 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)	6,890,000	4,048,000	6,713,000	1,818,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	3,000	480,000	1,000	21,000
Performance Shares (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (shares)	0	33,000	0	0

Loss (Recovery) from Fire (Deta

Loss (Recovery) from Fire (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 02, 2023	Dec. 31, 2022	Jul. 03, 2022
Insurance [Abstract]
Loss from fire			$ 17,403
Gross loss from fire			$ 44,903
Estimated insurance recoveries	$ 27,500
Insurance recoveries		$ 27,560
Recovery from fire	$ 2,500

Restructuring Charges (Details)

Restructuring Charges (Details) - Accrued expenses - December 2022 $ in Thousands	6 Months Ended
	Jul. 02, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 1,039
Cash payments	(751)
Foreign exchange rate changes	(10)
Balance at end of period	298
One-time Termination Benefits
Restructuring Reserve [Roll Forward]
Balance at beginning of period	964
Cash payments	(703)
Foreign exchange rate changes	(9)
Balance at end of period	270
Contract Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	75
Cash payments	(48)
Foreign exchange rate changes	(1)
Balance at end of period	$ 28

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 01, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.07