ICHR Ichor Holdings

The information required by Part III of Form 10‑K is incorporated herein by reference to the registrant’s Definitive Proxy Statement relating to its 2024 General Meeting, which will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year.

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Note 1 – Organization and Summary of Significant Accounting Policies

Organization and Operations of the Company

Ichor Holdings, Ltd. and Subsidiaries (the “we”, “us”, “our”, “Company”) designs, develops, manufactures, and distributes gas and liquid delivery subsystems and components purchased by capital equipment manufacturers for use in the semiconductor markets. We also provide precision-machined components, weldments, electron beam (“e‑beam”) and laser-welded components, precision vacuum and hydrogen brazing, and surface treatment technologies, and other proprietary products. We are headquartered in Fremont, California and have operations in the United States, the United Kingdom, Singapore, Malaysia, Korea, and Mexico.

On December 30, 2011, Ichor Systems Holdings, LLC consummated a sales transaction with Icicle Acquisition Holdings, LLC, a Delaware limited liability company. Shortly after consummation of the sale transaction, Icicle Acquisition Holdings, LLC changed its name to Ichor Holdings, LLC.

In March 2012, Ichor Holdings, LLC completed a reorganization of its legal structure, forming Ichor Holdings, Ltd., a Cayman Islands entity. Ichor Holdings, Ltd. is now the reporting entity and the ultimate parent company of the operating entities.

Basis of Presentation

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to consolidated financial statements are in thousands, except per share amounts.

Year End

We use a 52‑ or 53‑week fiscal year ending on the last Friday in December. The years ended December 29, 2023, December 30, 2022, and December 31, 2021 were 52 weeks, 52 weeks, and 53 weeks, respectively. All references to 2023, 2022, and 2021 are references to the fiscal years then ended.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, including valuation allowance on deferred tax assets, and impairment analyses for both definite‑lived intangible assets and goodwill.

Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents consist of deposits and financial instruments which are readily convertible into cash and have original maturities of 90 days or less at the time of acquisition. Marketable securities consist primarily of highly liquid investments with maturities of greater than 90 days when purchased. We classify our marketable securities as available-for-sale and, accordingly, report them at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss). Any unrealized losses which are considered to be other-than-temporary are recorded in other income (expense), net. Realized gains and losses on the sale of marketable securities are determined using the specific-identification method and recorded in other income (expense), net.

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Available-for-sale investments are subject to a periodic impairment review. If an available-for-sale debt security’s fair value is less than its amortized cost basis, then we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. Unrealized gains and losses not attributable to credit losses are included, net of tax, in accumulated other comprehensive income (loss). We have not recorded an allowance for credit losses in 2023, 2022, or 2021.

Revenue Recognition

We recognize revenue when control of promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations.

Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales.

Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within 12 months. Product sales are recognized at a point-in-time, upon "delivery," as such term is defined within the contract, which is generally at the time of shipment, as that is when control of the promised good has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under ASC 460, Guarantees, and not as a separate performance obligation.

Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer but are generally due within 15 to 60 days. Historically, we have not incurred significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented.

Commitments and Contingencies

We are periodically involved in legal actions and claims that arise as a result of events that occur in the normal course of operations. The ultimate resolution of these actions is not expected to have a material adverse effect on our financial position or results of operations.

Concentrations

Financial instruments that subject us to concentration risk consist of accounts receivable, accounts payable, and long-term debt. At December 29, 2023 and December 30, 2022, three customers represented, in the aggregate, approximately 63% and 70%, respectively, of the balance of accounts receivable.

We establish an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends, and other information. We require collateral, typically cash, in the normal course of business if customers do not meet the criteria established for offering credit. If the financial condition of our customers were to deteriorate and result in an impaired ability to make payments, additions to the allowance may be required. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded to income when received. Activity and balances related to our allowance for doubtful accounts was not significant during any period presented.

We use qualified manufacturers to supply many components and subassemblies of our products. We obtain the majority of our components from a limited group of suppliers. A majority of the purchased components used in our products are customer specified. An interruption in the supply of a particular component would have a temporary adverse impact on our operating results.

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We maintain cash balances at global systematically important banks ("G-SIBs") in both United States and internationally. Cash balances in the United States exceed amounts that are insured by the Federal Deposit Insurance Corporation ("FDIC"). The majority of the cash maintained in foreign-based commercial banks is insured by the government where the foreign banking institutions are based. Cash held in foreign-based commercial banks totaled $59.7 million and $48.4 million at December 29, 2023 and December 30, 2022, respectively, and at times exceeds insured amounts. No losses have been incurred as of December 29, 2023 or December 30, 2022 for amounts exceeding the insured limits.

Fair Value Measurements

We estimate the fair value of financial assets and liabilities based upon comparison of such assets and liabilities to the current market values for instruments of a similar nature and degree of risk. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

▪Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date

▪Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability

▪Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date

There were no changes to our valuation techniques during 2023. We estimate the recorded value of our financial assets and liabilities approximates fair value as of December 29, 2023 and December 30, 2022.

We estimate the value of acquired intangible assets, on a nonrecurring basis, based on an income approach utilizing discounted cash flows. Under this approach, we estimate the future cash flows from our asset groups and discount the income stream to its present value to arrive at fair value. Future cash flows are based on recently prepared operating forecasts. Operating forecasts and cash flows include, among other things, revenue growth rates that are calculated based on management’s forecasted sales projections. A discount rate is utilized to convert the forecasted cash flows to their present value equivalent. The discount rate applied to the future cash flows includes a subject-company risk premium, an equity market risk premium, a beta, and a risk-free rate. As this approach contains unobservable inputs, the measurement of fair value for intangible assets is classified as Level 3.

Inventories

Inventories are stated at the lower of cost or net realizable value. The majority of our inventories are valued on a standard cost basis, which approximates actual costs on a first-in, first-out basis. The remainder of our inventories are valued on an average cost basis, which approximates actual costs on a first-in, first-out basis. Quarterly, we assess the value of our inventory and periodically write it down for excess quantities or obsolescence to its estimated net realizable value. This assessment is based on estimated future consumption compared to inventory quantities on-hand. The estimate for future consumption is based on how assumptions of historical consumption, recency of purchases, backlog, and other factors indicate future consumption. Once the value of inventory is adjusted, the original cost of our inventory, less the write-down, represents its new cost basis.

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Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the following estimated useful lives:

			Estimated useful lives of property & equipment
Machinery			5-10 years
Leasehold improvements			10 years
Computer software, hardware, and equipment			3-5 years
Office furniture, fixtures, and equipment			5-7 years
Vehicles			5 years

Maintenance and repairs that neither add material value to the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in selling, general, and administrative expenses on the consolidated statements of operations.

Leases

We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. If we determine the arrangement is a lease, or contains a lease, at lease inception, we then determine whether the lease is an operating lease or a finance lease. Operating and finance leases result in recording a right-of-use (“ROU”) asset and lease liability on our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, we use the non-cancellable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This rate is generally consistent with the interest rate we pay on borrowings under our credit facilities, as this rate approximates our collateralized borrowing capabilities over a similar term of lease payments. We utilize the consolidated group incremental borrowing rate for all leases, as we have centralized treasury operations. We have elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. We have elected not to separate lease and non-lease components for any class of underlying asset.

Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate, in management’s judgment, that the carrying amount of an asset (or asset group) may not be recoverable. In analyzing potential impairments, projections of future cash flows from the asset group are used to estimate fair value. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset group, a loss is recognized for the difference between the estimated fair value and the carrying value of the asset group. The projections are based on assumptions, judgments, and estimates of revenue growth rates for the related business; anticipated future economic, regulatory, and political conditions; the assignment of discount rates relative to risk; and estimates of terminal values. During 2023, 2022, and 2021, we did not identify any triggering events that would indicate impairment.

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Intangible Assets

We account for intangible assets that have a definite life and are amortized on a basis consistent with their expected cash flows over the following estimated useful lives:

			Estimated useful lives of intangible assets
Customer relationships			6-10 years
Developed technology			10 years

Goodwill

Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. We review goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. We first make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying a quantitative goodwill impairment test. Under the quantitative test, the fair value of the reporting unit is compared to its carrying value and an impairment loss is recognized for any excess of carrying amount over the reporting unit’s fair value. Fair value of the reporting unit is determined using a discounted cash flow analysis. For purposes of testing goodwill for impairment, we have concluded that we operate as one reporting unit.

We performed a qualitative goodwill assessment at December 29, 2023 and December 30, 2022. This assessment indicated that it was more likely than not our reporting unit’s fair value exceeded its carrying value.

Research and Development Costs

Research and development costs are expensed as incurred.

Income Taxes

We recognize deferred income taxes using the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in our consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. We recognize interest and penalties as a component of income tax expense.

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Foreign Operations

The functional currency of our international operations is the U.S. dollar. Transactions denominated in currencies other than the functional currency generate foreign exchange gains and losses that are included in other expense (income), net on our consolidated statements of operations. Substantially all of our sales contracts, and most of our agreements with third-party suppliers, provide for pricing and payment in U.S. dollars. Accordingly, these transactions are not subject to material exchange rate fluctuations.

Accounting Pronouncements Recently Issued

In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU is intended to enhance the transparency, decision usefulness, and effectiveness of income tax disclosures. The ASU requires a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. The ASU also requires a public entity to provide a qualitative description of the states and local income tax category and the net amount of income taxes paid, disaggregated by federal, state, and foreign taxes as well as by individual jurisdictions. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

Note 2 – Acquisitions

IMG Companies, LLC

On November 19, 2021 we completed the acquisition, via merger, of IMG Companies, LLC and its subsidiaries (“IMG”), a California-based precision machining, specialty joining, and plating company for an aggregate purchase price of $269.5 million. IMG provides us increased capacity and capabilities in our precision machining business and expands our served customer base with new component and service offerings.

The following table presents the purchase price allocation.

Cash acquired			$	1,234
Accounts receivable			8,559
Inventories			12,128
Prepaid expenses and other current assets			579
Property and equipment			33,067
Operating lease right-of-use assets			14,509
Intangible assets			65,000
Goodwill			160,515
Accounts payable			(3,853)
Accrued expenses			(5,620)
Other current liabilities			(2,109)
Lease liabilities			(14,509)
Total acquisition consideration			$	269,500

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We allocated $62.4 million to IMG’s customer relationships and $2.6 million to IMG’s order backlog with weighted average amortization periods of 10 years and 6 months, respectively. Goodwill recognized from the acquisition was primarily attributed to an assembled workforce and expected synergies. In connection with the acquisition, we incurred transaction costs of $0.2 million and $4.4 million in 2022 and 2021, respectively. The fair value adjustment to inventory as part of our purchase price allocation resulted in charges to cost of sales of $2.5 million and $1.4 million during 2022 and 2021, respectively. Total acquisition consideration reflects a $0.5 million reduction for a working capital adjustment that was finalized in 2022, prior to the end of the measurement period.

Our consolidated statement of operations for 2021 includes approximately 6 weeks of operating activity of IMG, including sales of $7.3 million.

The following table is the unaudited pro forma consolidated results of operations. Pro forma adjustments are primarily comprised of preliminary estimates of amortization expense related to acquired intangible assets, incremental interest expense from increased borrowings to fund the acquisition and the elimination of IMG’s historical interest expense, elimination of IMG’s non-recurring management expenses, elimination of a gain on forgiveness of debt, acquired inventory fair value charges, the related income tax effects, and other insignificant management adjustments. The pro forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved or of results that may occur in the future.

			Year Ended
			December 31, 2021
Net sales			$	1,156,619
Net income			$	74,531
Net income per share:
Basic			$	2.64
Diluted			$	2.57

Note 3 – Inventories

Inventories consist of the following:

			December 29, 2023						December 30, 2022
Raw materials			$	190,027					$	197,726
Work in process			36,849						56,291
Finished goods			47,449						47,186
Excess and obsolete adjustment			(28,440)						(17,543)
Total inventories			$	245,885					$	283,660

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The following table presents changes to our excess and obsolete adjustment:

			Excess and obsolete adjustment
Balance at December 25, 2020			$	(12,742)
Charge to cost of sales			(1,942)
Disposition of inventory			633
Balance at December 31, 2021			(14,051)
Charge to cost of sales			(4,981)
Disposition of inventory			1,489
Balance at December 30, 2022			(17,543)
Charge to cost of sales			(9,784)
Disposition of inventory			(1,113)
Balance at December 29, 2023			$	(28,440)

Note 4 – Property and Equipment

Property and equipment consist of the following:

			December 29, 2023						December 30, 2022
Machinery			$	113,529					$	90,507
Leasehold improvements			46,129						43,129
Computer software, hardware, and equipment			10,316						9,664
Office furniture, fixtures, and equipment			1,320						1,337
Vehicles			396						401
Construction-in-process			4,216						19,869
			175,906						164,907
Less accumulated depreciation			(83,151)						(66,852)
Total property and equipment, net			$	92,755					$	98,055

Depreciation expense for 2023, 2022, and 2021 was $18.8 million, $17.2 million, and $11.1 million, respectively.

Cloud Computing Implementation Costs

We capitalize implementation costs associated with hosting arrangement that are service contracts. These costs are recorded to prepaid expenses or other noncurrent assets. To-date, these costs are those incurred to implement a new company-wide ERP system. The balance of capitalized cloud computing implementation costs, net of accumulated amortization, was $8.1 million and $8.1 million as of December 29, 2023 and December 30, 2022, respectively, and is included in other assets on our consolidated balance sheets. The related amortization expense was $1.1 million, $0.9 million, and $0.3 million during 2023, 2022, and 2021, respectively, and is included in selling, general, and administrative expense on our consolidated statements of operations.

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Note 5 – Intangible Assets and Goodwill

Definite-lived intangible assets consist of the following:

			December 29, 2023
			Gross value						Accumulated amortization						Accumulated impairment charges						Carrying amount						Weighted average useful life
Customer relationships			$	105,542					$	(53,680)					$	—					$	51,862					8.7 years
Developed technology			11,047						(5,621)						—						5,426						10.0 years
Total intangible assets			$	116,589					$	(59,301)					$	—					$	57,288

			December 30, 2022
			Gross value						Accumulated amortization						Accumulated impairment charges						Carrying amount						Weighted average useful life
Customer relationships			$	117,022					$	(51,337)					$	—					$	65,685					8.4 years
Developed technology			11,047						(4,710)						—						6,337						10.0 years
Total intangible assets			$	128,069					$	(56,047)					$	—					$	72,022

Future projected annual amortization expense consists of the following:

			Future amortization expense
2024			$	8,574
2025			8,312
2026			7,729
2027			7,288
2028			7,055
Thereafter			18,330
			$	57,288

The following tables present the changes to goodwill:

			Goodwill
Balance at December 25, 2020			$	174,887
Acquisitions			161,015
Balance at December 31, 2021			335,902
Acquisitions			(500)
Balance at December 30, 2022			335,402
Acquisitions			—
Balance at December 29, 2023			$	335,402

Note 6 – Leases

We lease facilities under various non-cancellable operating leases expiring through 2031. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities. As of December 29, 2023, we had no operating leases executed for which the rental period had not yet commenced.

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The components of lease expense are as follows:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Operating lease cost			$	9,656					$	8,760					$	5,763

Supplemental cash flow information related to leases is as follows:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	9,494					$	8,164					$	5,477

Supplemental balance sheet information related to leases is as follows:

			December 29, 2023						December 30, 2022
Weighted-average remaining lease term of operating leases			4.6 years						5.3 years
Weighted-average discount rate of operating leases			3.4%						3.0%

Future minimum lease payments under non-cancellable leases as of December 29, 2023 are as follows:

2024			$	9,463
2025			9,003
2026			8,572
2027			7,595
2028			3,166
Thereafter			2,955
Total future minimum lease payments			40,754
Less imputed interest			(3,104)
Total lease liabilities			$	37,650

Note 7 – Income Taxes

Income (loss) before tax was as follows:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
United States			$	(69,040)					$	(353)					$	13,435
Foreign			37,962						75,683						60,321
Income (loss) before tax			$	(31,078)					$	75,330					$	73,756

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Significant components of income tax expense (benefit) consist of the following:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Current:
Federal			$	(56)					$	1,605					$	430
State			16						912						1,524
Foreign			2,633						3,224						2,766
Total current tax expense			2,593						5,741						4,720
Deferred:
Federal			8,471						(2,604)						(889)
State			1,529						(45)						(771)
Foreign			(686)						(566)						(203)
Total deferred tax expense (benefit)			9,314						(3,215)						(1,863)
Income tax expense			$	11,907					$	2,526					$	2,857

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense (benefit) consist of the following:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Effective rate reconciliation:
U.S. federal tax expense			$	(6,527)					$	15,819					$	15,489
State income taxes, net			(1,713)						752						577
Permanent items			928						248						680
Foreign rate differential			(1,190)						(2,595)						(1,897)
Tax holiday			(4,962)						(11,676)						(9,653)
Credits			(1,661)						(1,882)						(1,647)
Tax contingencies			(331)						462						482
Share-based compensation			(122)						166						(2,640)
Withholding tax			717						1,170						1,044
Other, net			(763)						112						385
Valuation allowance			27,531						(50)						37
Income tax expense			$	11,907					$	2,526					$	2,857

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Deferred income tax assets and liabilities consist of the following:

			December 29, 2023						December 30, 2022
Deferred tax assets:
Inventory			$	7,962					$	6,648
Share-based compensation			3,563						3,027
Accrued payroll			1,306						1,942
Net operating loss carryforwards			8,092						528
Tax credits			4,987						2,525
Interest carryforwards			4,099						—
Capitalized research expenses			7,096						3,746
Intercompany interest			2,758						2,341
Operating lease liabilities			9,379						10,247
Other assets			663						1,531
Deferred tax assets			49,905						32,535
Valuation allowance			(28,038)						(507)
Total deferred tax assets			21,867						32,028
Deferred tax liabilities:
Intangible assets			(3,631)						(3,245)
Property, plant and equipment			(6,743)						(7,091)
Operating lease right-of-use assets			(9,149)						(10,122)
Other liabilities			(365)						(277)
Total deferred tax liabilities			(19,888)						(20,735)
Net deferred tax asset			$	1,979					$	11,293

At December 29, 2023, we had federal and state net operating loss carryforwards of $31.1 million, $25.1 million, respectively. The federal net operating losses may be carried forward indefinitely to offset up to 80% of taxable income in any given year. The state net operating loss carryforwards, if not utilized, will begin to expire in 2032. At December 29, 2023, we had federal research and development credits of $1.7 million, which, if not utilized, will begin to expire in 2028. At December 29, 2023, we had foreign tax credits of $1.3 million, which, if not utilized, will begin to expire in 2032.

Income tax expense for the current year differs from the statutory rate primarily as a result of the valuation allowance, impact of foreign operations and discrete tax benefits recorded in connection with our historical acquisitions and stock option exercises. We have determined the amount of our valuation allowance of $11.1 million based on our estimates of taxable income by jurisdiction in which we operate over the periods in which the related deferred tax assets will be recoverable. As of December 29, 2023, we determined it is not more-likely-than-not that our U.S. entities will generate sufficient taxable income to offset reversing deductible timing differences and to fully utilize carryforward tax attributes. Accordingly, we have recorded a valuation allowance against U.S. federal and state deferred tax assets, net of deferred tax liabilities related to indefinite-lived intangible assets for which no future realization can be expected.

In December 2017, the Tax Cuts and Jobs Act (the "2017 Tax Act") was enacted. The 2017 Tax Act included a number of changes including a provision that required capitalization and amortization of research and development costs beginning in 2022. Prior to 2022 research and development costs could be either expensed or capitalized. Beginning with the 2022 tax year, the research and development costs have been capitalized according to these provisions.

We were granted a tax holiday for our Singapore operations that is effective through 2026. The net impact of the tax holiday in Singapore as compared to the Singapore statutory rate was a benefit of $5.0 million, $11.7 million, and $9.7 million during 2023, 2022, and 2021, respectively. Our income tax fluctuates based on the geographic mix of earnings and is calculated quarterly based on actual results pursuant to ASC Topic 740‑270.

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As of December 29, 2023, we have recognized $3.1 million of unrecognized tax benefits in other non-current liabilities in our consolidated balance sheet. If recognized, $3.1 million of this amount would impact our effective tax rate. We expect a decrease of $0.1 million to the total amount of unrecognized tax benefits within the next 12 months.

Our ongoing practice is to recognize potential accrued interest and penalties related to unrecognized tax benefits within our statements of operations in income tax expense. During 2023, we recognized a net decrease of approximately $0.2 million in potential interest and penalties associated with uncertain tax positions in the statements of operations. At December 29, 2023, other non-current liabilities on our balance sheet included approximately zero and $0.5 million of interest and penalties, respectively, associated with uncertain tax positions, which are excluded from the unrecognized tax benefits table below.

The following table summarizes the activity related to our unrecognized tax benefits:

			Unrecognized tax benefits
Balance at December 25, 2020			$	2,490
Increase related to current year tax positions			597
Decrease in tax positions related to lapse of statute of limitations			(92)
Balance at December 31, 2021			2,995
Increase related to current year tax positions			689
Decrease in tax positions related to lapse of statute of limitations			(89)
Balance at December 30, 2022			3,595
Increase related to current year tax positions			488
Decrease in tax positions related to lapse of statute of limitations			(10)
Decrease in tax positions related to settlements			(916)
Balance at December 29, 2023			$	3,157

We assert indefinite reinvestment of our U.S. and Netherlands unremitted earnings. With regard to these unremitted earnings, we have not, nor do we anticipate the need to repatriate funds from the U.S. to the Netherlands or from the Netherlands to the Cayman entity to satisfy liquidity needs. Determination of the amount of unrecognized withholding tax liability related to the indefinitely reinvested earnings is not practicable.

Our three major filing jurisdictions are the United States, Singapore, and Malaysia. We are no longer subject to U.S. Federal examination for tax years ending before 2017, to state examinations before 2019, or to foreign examinations before 2019. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses or tax credits were generated and carried forward, and make adjustments up to the amount of the net operating losses or credit carryforward. At December 29, 2023, we were not under examination by a tax authority.

Note 8 – Employee Benefit Programs

401(k) Plan

We sponsor a 401(k) plan available to employees of our U.S.‑based subsidiaries. Participants may make salary deferral contributions not to exceed 50% of a participant’s annual compensation or the maximum amount otherwise allowed by law. Eligible employees receive a discretionary matching contribution equal to 50% of a participant’s deferral, up to an annual maximum of 4% of a participant’s annual compensation. For 2023, 2022, and 2021, matching contributions were $2.7 million, $3.0 million, and $2.2 million, respectively.

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Note 9 – Long-Term Debt

Long-term debt consists of the following:

			December 29, 2023						December 30, 2022
Term loan			$	135,000					$	142,500
Revolving credit facility			115,000						160,000
Total principal amount of long-term debt			250,000						302,500
Less unamortized debt issuance costs			(1,317)						(1,782)
Total long-term debt, net			248,683						300,718
Less current portion			(7,500)						(7,500)
Total long-term debt, less current portion, net			$	241,183					$	293,218

Maturities of long-term debt consist of the following:

2024			$	7,500
2025			7,500
2026			235,000
Total			$	250,000

The weighted average interest rate across our credit facilities was 6.80%, 3.37%, and 2.74% during 2023, 2022, and 2021, respectively.

On October 29, 2021, we entered into an amended and restated credit agreement, which includes a group of financial institutions as direct lenders underlying the agreement. The credit agreement includes a $150.0 million term loan facility and a $250.0 million revolving credit facility (together, “credit facilities”). Term loan payments of $1.9 million are due on a quarterly basis. The credit agreement matures on October 29, 2026.

Our credit agreement is secured by our tangible and intangible assets and includes customary representations, warranties, and covenants. We are required to maintain a minimum fixed charge coverage ratio of 1.25 : 1 and a maximum leverage ratio of 3.50 : 1.

Interest is charged at either the Base Rate or the Bloomberg Short-Term Bank Yield Index (“BSBY”) Rate (as such terms are defined in the credit agreement) at our option, plus an applicable margin. The Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.5%, or iii) the BSBY Rate plus 1.00%. The BSBY Rate is equal to BSBY for a particular tenor matching the respective interest period. The applicable margin on Base Rate and BSBY Rate loans is 0.375‑1.375% and 1.375‑2.375% per annum, respectively, depending on our leverage ratio, which is based on trailing 12‑month EBITDA, as defined in our credit agreement. We are also charged a commitment fee of 0.175-0.350%, depending on our leverage ratio, on the unused portion of our revolving credit facility. Base Rate interest payments and commitment fees are due quarterly. BSBY rate interest payments are due on the last day of the applicable interest period, or quarterly for applicable interest periods longer than 3 months. At December 29, 2023, our credit facilities bore interest under the BSBY rate option of 7.58%.

Note 10 – Share-Based Compensation

2016 Plan

In December 30, 2016, we adopted the 2016 Omnibus Incentive Plan (“the 2016 Plan”). The 2016 Plan provides for grants of share‑based awards to employees, directors, and consultants. Under the 2016 Plan, 1,888,000 ordinary shares were reserved for issuance. The number of shares reserved for issuance under the 2016 Plan increases annually beginning in fiscal year 2018 by the lesser of (i) 2% of the ordinary shares outstanding on the last day of the immediately preceding fiscal year or (ii) such amount determined by our Board of Directors. Awards may be in the form of share call options (“options”), restricted share units (“RSUs”), and other share‑based awards. Forfeited or expired awards are returned to the incentive plan pool for future grants.

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Share‑based compensation expense across all plans for options, RSUs, and employee share purchase rights was $17.3 million, $13.9 million, and $11.5 million during 2023, 2022, and 2021, respectively.

Stock Options

Options are valued based on the Black-Scholes-Merton model on the date of grant. The risk-free interest rate is based on the U.S. Treasury rates in effect on the date of grant. Estimated volatility is based on the historical volatility of our ordinary shares. Options generally vest over 4 years, with 25% vesting on the first grant-date anniversary and the remaining vesting on a quarterly basis over the remaining 3 years. Options granted under the 2016 Plan have a contractual term of 7 years.

The following table summarizes option activity:

			Number of Stock Options
			Service condition						Weighted average exercise price per share						Weighted average remaining contractual term						Aggregate intrinsic value
Outstanding, December 30, 2022			805,115						$	23.35
Exercised			(215,884)						$	20.69
Forfeited or expired			(7,068)						$	21.84
Outstanding, December 29, 2023			582,163						$	24.36					2.0 years						$	5,399
Exercisable, December 29, 2023			566,312						$	24.39					2.0 years						$	5,235

Fair value information for options granted and the intrinsic value of options exercised are as follows:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Total intrinsic value of options exercised			$	3,041					$	1,232					$	11,859

At December 29, 2023, total unrecognized share-based compensation expense relating to options was $0.1 million, with a weighted average remaining service period of 0.4 years.

Restricted Share Units

RSUs are valued based on the closing market price of our ordinary shares on the date of grant. RSUs that vest pursuant to a service condition generally vest over 4 years, with 25% vesting on the first grant-date anniversary and the remaining vesting on a quarterly basis over the remaining 3 years. RSUs that vest pursuant to a performance condition are generally earned over 3 years, depending on the achievement of certain financial and non-financial targets, and vest on or around the third grant-date anniversary. RSUs that vest pursuant to a market condition are valued based on a Monte Carlo simulation model and generally earned over 3 years based on a relative total shareholder return model and vest on or around the third grant-date anniversary. Upon vesting of RSUs, employees may elect to have shares withheld to cover statutory minimum withholding taxes. Shares withheld are not reflected as an issuance of ordinary shares within our consolidated statements of shareholders’ equity, as the shares were never issued, and the associated tax payments are reflected as financing activities within our consolidated statements of cash flows.

---

The following table summarizes RSU activity:

			Number of Restricted Share Units
			Service condition						Performance condition						Market condition						Weighted average grant-date fair value per share
Unvested, December 30, 2022			860,595						57,562						86,342						$	30.26
Granted			679,085						47,433						96,301						$	30.70
Vested			(383,816)						—						—						$	30.09
Forfeited			(67,781)						(7,696)						(11,542)						$	30.91
Unvested, December 29, 2023			1,088,083						97,299						171,101						$	30.37

Fair value information for RSUs granted and vested is as follows:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Weighted average grant-date fair value per share of RSUs granted			$	30.70					$	27.24					$	49.59
Total grant-date fair value of shares vested			$	11,550					$	9,644					$	5,871

At December 29, 2023, total unrecognized share-based compensation expense relating to RSUs was $31.7 million, with a weighted average remaining service period of 2.7 years.

2017 ESPP

In May 2017, we adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period. As of December 29, 2023, 2.2 million ordinary shares remained eligible for issuance under the 2017 ESPP.

The table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Weighted average expected term			0.5 years						0.5 years						0.5 years
Risk-free interest rate			5.1%						1.4%						0.1%
Dividend yield			0.0%						0.0%						0.0%
Volatility			63.4%						63.8%						63.7%

We recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized $0.9 million, $1.0 million, and $0.6 million of share-based compensation expense associated with the 2017 ESPP during 2023, 2022, and 2021, respectively. At December 29, 2023, there was no unrecognized share-based compensation expense.

Note 11 – Segment Information

Our Chief Operating Decision Maker, the Chief Executive Officer, reviews our results of operations on a consolidated level and executive staff is structured by function rather than by product category. Additionally, key resources, decisions, and assessment of performance are analyzed at a company‑wide level. Therefore, we operate in one operating segment.

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Foreign operations are conducted primarily through our wholly owned subsidiaries in Singapore and Malaysia, and to a lesser degree, Scotland, Korea, and Mexico. Our principal markets include North America, Asia, and to a lesser degree, Europe.

The following table sets forth sales by geographic area, which represents sales to unaffiliated customers based upon the location to which the products were shipped:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
United States of America			$	281,298					$	572,129					$	544,109
Singapore			318,790						460,569						383,278
Europe			116,316						109,547						78,745
Other			94,716						137,824						90,785
Total net sales			$	811,120					$	1,280,069					$	1,096,917

The following table sets forth our major customers with 10% or more of sales, which comprised 82%, 79%, and 85% of net sales in 2023, 2022, and 2021, respectively:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Applied Materials			$	295,082					$	396,261					$	352,077
Lam Research			$	286,836					$	616,391					$	579,009
ASML (1)			$	85,589					--						--

(1)ASML did not represent 10% or more of sales in 2022 and 2021.

Foreign long-lived assets, exclusive of deferred tax assets, were $48.2 million and $52.8 million at December 29, 2023 and December 30, 2022, respectively.

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Note 12 – Earnings per Share

The following table sets forth the computation of our basic and diluted net income (loss) per share and a reconciliation of the numerator and denominator used in the calculation:

			Year Ended
			December 29, 2023						December 30, 2022						December 31, 2021
Numerator:
Net income (loss)			$	(42,985)					$	72,804					$	70,899
Denominator:
Basic weighted average ordinary shares outstanding			29,200,796						28,714,550						28,259,607
Dilutive effect of options			0						165,855						480,790
Dilutive effect of RSUs			0						74,853						237,357
Dilutive effect of ESPP			0						7,773						1,598
Diluted weighted average ordinary shares outstanding			29,200,796						28,963,031						28,979,352
Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1)			2,632,000						959,000						273,000
Earnings per share:
Net income (loss) per share:
Basic			$	(1.47)					$	2.54					$	2.51
Diluted			$	(1.47)					$	2.51					$	2.45

(1)Represents potentially dilutive options and RSUs that were excluded from the calculation of net income per share, because including them would have been antidilutive under the treasury stock method.

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v3.24.0.1

Cover Page - USD ($)	12 Months Ended
	Dec. 29, 2023	Feb. 21, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 29, 2023
Current Fiscal Year End Date	--12-29
Document Transition Report	false
Entity File Number	001-37961
Entity Registrant Name	ICHOR HOLDINGS, LTD.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	3185 Laurelview Ct.
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	510
Local Phone Number	897-5200
Title of 12(b) Security	Ordinary Shares, par value $0.0001 per share
Trading Symbol	ICHR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Ordinary Shares Outstanding		29,541,319
Entity Public Float			$ 1,082,303,000
Entity Central Index Key	0001652535
Entity Tax Identification Number	00-0000000
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Documents Incorporated by Reference	The information required by Part III of Form 10‑K is incorporated herein by reference to the registrant’s Definitive Proxy Statement relating to its 2024 General Meeting, which will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year.

v3.24.0.1

Audit Information	12 Months Ended
	Dec. 29, 2023
Auditor [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Portland, Oregon

v3.24.0.1

Consolidated Balance Sheets - USD ($)	Dec. 29, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 79,955,000	$ 86,470,000
Accounts receivable, net	66,721,000	136,321,000
Inventories	245,885,000	283,660,000
Prepaid expenses and other current assets	8,804,000	7,007,000
Total current assets	401,365,000	513,458,000
Property and equipment, net	92,755,000	98,055,000
Operating lease right-of-use assets	36,611,000	40,557,000
Other noncurrent assets	11,912,000	12,926,000
Deferred tax assets, net	3,148,000	11,322,000
Intangible assets, net	57,288,000	72,022,000
Goodwill	335,402,000	335,402,000
Total assets	938,481,000	1,083,742,000
Current liabilities:
Accounts payable	60,490,000	110,165,000
Accrued liabilities	14,871,000	23,616,000
Other current liabilities	6,638,000	15,815,000
Current portion of long-term debt	7,500,000	7,500,000
Current portion of lease liabilities	9,463,000	9,196,000
Total current liabilities	98,962,000	166,292,000
Long-term debt, less current portion, net	241,183,000	293,218,000
Lease liabilities, less current portion	28,187,000	31,828,000
Deferred tax liabilities, net	1,169,000	29,000
Other non-current liabilities	4,303,000	4,879,000
Total liabilities	373,804,000	496,246,000
Shareholders’ equity:
Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding)	0	0
Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 29,435,398 and 28,861,949 shares outstanding, respectively; 33,872,837 and 33,299,388 shares issued, respectively)	3,000	3,000
Additional paid in capital	451,581,000	431,415,000
Treasury shares at cost (4,437,439 shares)	(91,578,000)	(91,578,000)
Retained earnings	204,671,000	247,656,000
Total shareholders’ equity	564,677,000	587,496,000
Total liabilities and shareholders’ equity	$ 938,481,000	$ 1,083,742,000

v3.24.0.1

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 29, 2023	Dec. 30, 2022
Statement of Financial Position [Abstract]
Preferred shares, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred shares, authorized (in shares)	20,000,000	20,000,000
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Ordinary shares, par value (in usd per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized (in shares)	200,000,000	200,000,000
Ordinary shares, issued (in shares)	33,872,837	33,299,388
Ordinary shares, outstanding (in shares)	29,435,398	28,861,949
Treasury shares (in shares)	4,437,439	4,437,439

v3.24.0.1

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 811,120	$ 1,280,069	$ 1,096,917
Cost of sales	707,724	1,068,205	919,437
Gross profit	103,396	211,864	177,480
Operating expenses:
Research and development	20,223	19,564	15,691
Selling, general, and administrative	79,334	88,572	65,857
Amortization of intangible assets	14,734	17,905	14,918
Total operating expenses	114,291	126,041	96,466
Operating income (loss)	(10,895)	85,823	81,014
Interest expense, net	19,379	11,056	6,451
Other expense (income), net	804	(563)	807
Income (loss) before income taxes	(31,078)	75,330	73,756
Income tax expense	11,907	2,526	2,857
Net income (loss)	$ (42,985)	$ 72,804	$ 70,899
Net income (loss) per share:
Net income per share basic (in usd per share)	$ (1.47)	$ 2.54	$ 2.51
Net income per share diluted (in usd per share)	$ (1.47)	$ 2.51	$ 2.45
Shares used to compute Net income (loss) per share:
Shares used to compute net income per share, basic (in shares)	29,200,796	28,714,550	28,259,607
Shares used to compute net income per share, diluted (in shares)	29,200,796	28,963,031	28,979,352

v3.24.0.1

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Treasury Shares	Retained Earnings
Beginning balance at Dec. 25, 2020	$ 411,689	$ 3	$ 399,311	$ (91,578)	$ 103,953
Beginning balance (in shares) at Dec. 25, 2020		27,907,077
Treasury stock, beginning balance (in shares) at Dec. 25, 2020				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		410,558
Ordinary shares issued from exercise of stock options	8,288		8,288
Ordinary shares issued from vesting of restricted share units (in shares)		164,613
Ordinary shares issued from vesting of restricted share units	(3,616)		(3,616)
Ordinary shares issued from employee share purchase plan (in shares)		68,912
Ordinary shares issued from employee share purchase plan	1,982		1,982
Share-based compensation expense	11,473		11,473
Net income (loss)	70,899				70,899
Ending balance (in shares) at Dec. 31, 2021		28,551,160
Ending balance at Dec. 31, 2021	500,715	$ 3	417,438	$ (91,578)	174,852
Treasury stock, ending balance (in shares) at Dec. 31, 2021				4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		89,045
Ordinary shares issued from exercise of stock options	1,937		1,937
Ordinary shares issued from vesting of restricted share units (in shares)		179,679
Ordinary shares issued from vesting of restricted share units	(2,813)		(2,813)
Ordinary shares issued from employee share purchase plan (in shares)		42,065
Ordinary shares issued from employee share purchase plan	929		929
Share-based compensation expense	13,924		13,924
Net income (loss)	72,804				72,804
Ending balance (in shares) at Dec. 30, 2022		28,861,949
Ending balance at Dec. 30, 2022	$ 587,496	$ 3	431,415	$ (91,578)	247,656
Treasury stock, ending balance (in shares) at Dec. 30, 2022	4,437,439			4,437,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued from exercise of stock options (in shares)		215,884
Ordinary shares issued from exercise of stock options	$ 4,467		4,467
Ordinary shares issued from vesting of restricted share units (in shares)		259,944
Ordinary shares issued from vesting of restricted share units	(3,672)		(3,672)
Ordinary shares issued from employee share purchase plan (in shares)		97,621
Ordinary shares issued from employee share purchase plan	2,033		2,033
Share-based compensation expense	17,338		17,338
Net income (loss)	(42,985)				(42,985)
Ending balance (in shares) at Dec. 29, 2023		29,435,398
Ending balance at Dec. 29, 2023	$ 564,677	$ 3	$ 451,581	$ (91,578)	$ 204,671
Treasury stock, ending balance (in shares) at Dec. 29, 2023	4,437,439			4,437,439

v3.24.0.1

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (42,985)	$ 72,804	$ 70,899
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	34,577	35,100	25,992
Share-based compensation	17,338	13,924	11,473
Deferred income taxes	9,314	(3,215)	(1,863)
Amortization of debt issuance costs	465	465	883
Loss on extinguishment of debt	0	0	737
Gain on sale of asset disposal group	0	0	(504)
Other	0	0	484
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	69,600	6,669	(33,454)
Inventories	37,775	(47,527)	(89,249)
Prepaid expenses and other assets	10,204	4,508	786
Accounts payable	(50,974)	(50,175)	38,649
Accrued liabilities	(9,766)	3,648	(6,740)
Other liabilities	(17,916)	(4,748)	(2,821)
Net cash provided by operating activities	57,632	31,453	15,272
Cash flows from investing activities:
Capital expenditures	(15,496)	(29,433)	(20,839)
Cash paid for acquisitions, net of cash acquired	0	500	(268,766)
Purchase of marketable securities	0	0	(115,197)
Proceeds from maturities and sales of marketable securities	0	0	114,713
Proceeds from sale of property and equipment	0	0	504
Net cash used in investing activities	(15,496)	(28,933)	(289,585)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans	7,521	3,768	9,664
Employees' taxes paid upon vesting of restricted share units	(3,672)	(2,813)	(3,616)
Debt issuance and modification costs	0	0	(1,852)
Borrowings on revolving credit facility	0	25,000	137,591
Repayments on revolving credit facility	(45,000)	(10,000)	(41,753)
Proceeds from term loan	0	0	94,175
Repayments on term loan	(7,500)	(7,500)	(97,300)
Net cash provided by (used in) financing activities	(48,651)	8,455	96,909
Net increase (decrease) in cash	(6,515)	10,975	(177,404)
Cash at beginning of period	86,470	75,495	252,899
Cash at end of period	79,955	86,470	75,495
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	20,368	10,590	7,123
Cash paid during the period for taxes, net of refunds	3,877	3,285	5,642
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable	625	1,543	930
Right-of-use assets obtained in exchange for new operating lease liabilities, including those acquired through acquisitions	$ 4,789	$ 17,889	$ 24,643

v3.24.0.1

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1 – Organization and Summary of Significant Accounting Policies Organization and Operations of the Company Ichor Holdings, Ltd. and Subsidiaries (the “we”, “us”, “our”, “Company”) designs, develops, manufactures, and distributes gas and liquid delivery subsystems and components purchased by capital equipment manufacturers for use in the semiconductor markets. We also provide precision-machined components, weldments, electron beam (“e‑beam”) and laser-welded components, precision vacuum and hydrogen brazing, and surface treatment technologies, and other proprietary products. We are headquartered in Fremont, California and have operations in the United States, the United Kingdom, Singapore, Malaysia, Korea, and Mexico. On December 30, 2011, Ichor Systems Holdings, LLC consummated a sales transaction with Icicle Acquisition Holdings, LLC, a Delaware limited liability company. Shortly after consummation of the sale transaction, Icicle Acquisition Holdings, LLC changed its name to Ichor Holdings, LLC. In March 2012, Ichor Holdings, LLC completed a reorganization of its legal structure, forming Ichor Holdings, Ltd., a Cayman Islands entity. Ichor Holdings, Ltd. is now the reporting entity and the ultimate parent company of the operating entities. Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to consolidated financial statements are in thousands, except per share amounts. Year End We use a 52‑ or 53‑week fiscal year ending on the last Friday in December. The years ended December 29, 2023, December 30, 2022, and December 31, 2021 were 52 weeks, 52 weeks, and 53 weeks, respectively. All references to 2023, 2022, and 2021 are references to the fiscal years then ended. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, including valuation allowance on deferred tax assets, and impairment analyses for both definite‑lived intangible assets and goodwill. Cash and Cash Equivalents and Marketable Securities Cash and cash equivalents consist of deposits and financial instruments which are readily convertible into cash and have original maturities of 90 days or less at the time of acquisition. Marketable securities consist primarily of highly liquid investments with maturities of greater than 90 days when purchased. We classify our marketable securities as available-for-sale and, accordingly, report them at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss). Any unrealized losses which are considered to be other-than-temporary are recorded in other income (expense), net. Realized gains and losses on the sale of marketable securities are determined using the specific-identification method and recorded in other income (expense), net. Available-for-sale investments are subject to a periodic impairment review. If an available-for-sale debt security’s fair value is less than its amortized cost basis, then we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. Unrealized gains and losses not attributable to credit losses are included, net of tax, in accumulated other comprehensive income (loss). We have not recorded an allowance for credit losses in 2023, 2022, or 2021. Revenue Recognition We recognize revenue when control of promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations. Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales. Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within 12 months. Product sales are recognized at a point-in-time, upon "delivery," as such term is defined within the contract, which is generally at the time of shipment, as that is when control of the promised good has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under ASC 460, Guarantees, and not as a separate performance obligation. Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer but are generally due within 15 to 60 days. Historically, we have not incurred significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented. Commitments and Contingencies We are periodically involved in legal actions and claims that arise as a result of events that occur in the normal course of operations. The ultimate resolution of these actions is not expected to have a material adverse effect on our financial position or results of operations. Concentrations Financial instruments that subject us to concentration risk consist of accounts receivable, accounts payable, and long-term debt. At December 29, 2023 and December 30, 2022, three customers represented, in the aggregate, approximately 63% and 70%, respectively, of the balance of accounts receivable. We establish an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends, and other information. We require collateral, typically cash, in the normal course of business if customers do not meet the criteria established for offering credit. If the financial condition of our customers were to deteriorate and result in an impaired ability to make payments, additions to the allowance may be required. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded to income when received. Activity and balances related to our allowance for doubtful accounts was not significant during any period presented. We use qualified manufacturers to supply many components and subassemblies of our products. We obtain the majority of our components from a limited group of suppliers. A majority of the purchased components used in our products are customer specified. An interruption in the supply of a particular component would have a temporary adverse impact on our operating results. We maintain cash balances at global systematically important banks ("G-SIBs") in both United States and internationally. Cash balances in the United States exceed amounts that are insured by the Federal Deposit Insurance Corporation ("FDIC"). The majority of the cash maintained in foreign-based commercial banks is insured by the government where the foreign banking institutions are based. Cash held in foreign-based commercial banks totaled $59.7 million and $48.4 million at December 29, 2023 and December 30, 2022, respectively, and at times exceeds insured amounts. No losses have been incurred as of December 29, 2023 or December 30, 2022 for amounts exceeding the insured limits. Fair Value Measurements We estimate the fair value of financial assets and liabilities based upon comparison of such assets and liabilities to the current market values for instruments of a similar nature and degree of risk. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ▪Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date ▪Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability ▪Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date There were no changes to our valuation techniques during 2023. We estimate the recorded value of our financial assets and liabilities approximates fair value as of December 29, 2023 and December 30, 2022. We estimate the value of acquired intangible assets, on a nonrecurring basis, based on an income approach utilizing discounted cash flows. Under this approach, we estimate the future cash flows from our asset groups and discount the income stream to its present value to arrive at fair value. Future cash flows are based on recently prepared operating forecasts. Operating forecasts and cash flows include, among other things, revenue growth rates that are calculated based on management’s forecasted sales projections. A discount rate is utilized to convert the forecasted cash flows to their present value equivalent. The discount rate applied to the future cash flows includes a subject-company risk premium, an equity market risk premium, a beta, and a risk-free rate. As this approach contains unobservable inputs, the measurement of fair value for intangible assets is classified as Level 3. Inventories Inventories are stated at the lower of cost or net realizable value. The majority of our inventories are valued on a standard cost basis, which approximates actual costs on a first-in, first-out basis. The remainder of our inventories are valued on an average cost basis, which approximates actual costs on a first-in, first-out basis. Quarterly, we assess the value of our inventory and periodically write it down for excess quantities or obsolescence to its estimated net realizable value. This assessment is based on estimated future consumption compared to inventory quantities on-hand. The estimate for future consumption is based on how assumptions of historical consumption, recency of purchases, backlog, and other factors indicate future consumption. Once the value of inventory is adjusted, the original cost of our inventory, less the write-down, represents its new cost basis. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the following estimated useful lives: Estimated useful lives of property & equipment Machinery 5-10 years Leasehold improvements 10 years Computer software, hardware, and equipment 3-5 years Office furniture, fixtures, and equipment 5-7 years Vehicles 5 years Maintenance and repairs that neither add material value to the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in selling, general, and administrative expenses on the consolidated statements of operations. Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. If we determine the arrangement is a lease, or contains a lease, at lease inception, we then determine whether the lease is an operating lease or a finance lease. Operating and finance leases result in recording a right-of-use (“ROU”) asset and lease liability on our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, we use the non-cancellable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This rate is generally consistent with the interest rate we pay on borrowings under our credit facilities, as this rate approximates our collateralized borrowing capabilities over a similar term of lease payments. We utilize the consolidated group incremental borrowing rate for all leases, as we have centralized treasury operations. We have elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. We have elected not to separate lease and non-lease components for any class of underlying asset. Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate, in management’s judgment, that the carrying amount of an asset (or asset group) may not be recoverable. In analyzing potential impairments, projections of future cash flows from the asset group are used to estimate fair value. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset group, a loss is recognized for the difference between the estimated fair value and the carrying value of the asset group. The projections are based on assumptions, judgments, and estimates of revenue growth rates for the related business; anticipated future economic, regulatory, and political conditions; the assignment of discount rates relative to risk; and estimates of terminal values. During 2023, 2022, and 2021, we did not identify any triggering events that would indicate impairment. Intangible Assets We account for intangible assets that have a definite life and are amortized on a basis consistent with their expected cash flows over the following estimated useful lives: Estimated useful lives of intangible assets Customer relationships 6-10 years Developed technology 10 years Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. We review goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. We first make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying a quantitative goodwill impairment test. Under the quantitative test, the fair value of the reporting unit is compared to its carrying value and an impairment loss is recognized for any excess of carrying amount over the reporting unit’s fair value. Fair value of the reporting unit is determined using a discounted cash flow analysis. For purposes of testing goodwill for impairment, we have concluded that we operate as one reporting unit. We performed a qualitative goodwill assessment at December 29, 2023 and December 30, 2022. This assessment indicated that it was more likely than not our reporting unit’s fair value exceeded its carrying value. Research and Development Costs Research and development costs are expensed as incurred. Income Taxes We recognize deferred income taxes using the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in our consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. We recognize interest and penalties as a component of income tax expense. Foreign Operations The functional currency of our international operations is the U.S. dollar. Transactions denominated in currencies other than the functional currency generate foreign exchange gains and losses that are included in other expense (income), net on our consolidated statements of operations. Substantially all of our sales contracts, and most of our agreements with third-party suppliers, provide for pricing and payment in U.S. dollars. Accordingly, these transactions are not subject to material exchange rate fluctuations. Accounting Pronouncements Recently Issued In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU is intended to enhance the transparency, decision usefulness, and effectiveness of income tax disclosures. The ASU requires a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. The ASU also requires a public entity to provide a qualitative description of the states and local income tax category and the net amount of income taxes paid, disaggregated by federal, state, and foreign taxes as well as by individual jurisdictions. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

v3.24.0.1

Acquisitions	12 Months Ended
	Dec. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Note 2 – Acquisitions IMG Companies, LLC On November 19, 2021 we completed the acquisition, via merger, of IMG Companies, LLC and its subsidiaries (“IMG”), a California-based precision machining, specialty joining, and plating company for an aggregate purchase price of $269.5 million. IMG provides us increased capacity and capabilities in our precision machining business and expands our served customer base with new component and service offerings. The following table presents the purchase price allocation. Cash acquired $ 1,234  Accounts receivable 8,559  Inventories 12,128  Prepaid expenses and other current assets 579  Property and equipment 33,067  Operating lease right-of-use assets 14,509  Intangible assets 65,000  Goodwill 160,515  Accounts payable (3,853) Accrued expenses (5,620) Other current liabilities (2,109) Lease liabilities (14,509) Total acquisition consideration $ 269,500  We allocated $62.4 million to IMG’s customer relationships and $2.6 million to IMG’s order backlog with weighted average amortization periods of 10 years and 6 months, respectively. Goodwill recognized from the acquisition was primarily attributed to an assembled workforce and expected synergies. In connection with the acquisition, we incurred transaction costs of $0.2 million and $4.4 million in 2022 and 2021, respectively. The fair value adjustment to inventory as part of our purchase price allocation resulted in charges to cost of sales of $2.5 million and $1.4 million during 2022 and 2021, respectively. Total acquisition consideration reflects a $0.5 million reduction for a working capital adjustment that was finalized in 2022, prior to the end of the measurement period. Our consolidated statement of operations for 2021 includes approximately 6 weeks of operating activity of IMG, including sales of $7.3 million. The following table is the unaudited pro forma consolidated results of operations. Pro forma adjustments are primarily comprised of preliminary estimates of amortization expense related to acquired intangible assets, incremental interest expense from increased borrowings to fund the acquisition and the elimination of IMG’s historical interest expense, elimination of IMG’s non-recurring management expenses, elimination of a gain on forgiveness of debt, acquired inventory fair value charges, the related income tax effects, and other insignificant management adjustments. The pro forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved or of results that may occur in the future. Year Ended December 31, 2021 Net sales $ 1,156,619  Net income $ 74,531  Net income per share: Basic $ 2.64  Diluted $ 2.57

v3.24.0.1

Inventories	12 Months Ended
	Dec. 29, 2023
Inventory Disclosure [Abstract]
Inventories	Note 3 – Inventories Inventories consist of the following: December 29, 2023 December 30, 2022 Raw materials $ 190,027  $ 197,726  Work in process 36,849  56,291  Finished goods 47,449  47,186  Excess and obsolete adjustment (28,440) (17,543) Total inventories $ 245,885  $ 283,660  The following table presents changes to our excess and obsolete adjustment: Excess and obsolete adjustment Balance at December 25, 2020 $ (12,742) Charge to cost of sales (1,942) Disposition of inventory 633  Balance at December 31, 2021 (14,051) Charge to cost of sales (4,981) Disposition of inventory 1,489  Balance at December 30, 2022 (17,543) Charge to cost of sales (9,784) Disposition of inventory (1,113) Balance at December 29, 2023 $ (28,440)

v3.24.0.1

Property and Equipment	12 Months Ended
	Dec. 29, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 4 – Property and Equipment Property and equipment consist of the following: December 29, 2023 December 30, 2022 Machinery $ 113,529  $ 90,507  Leasehold improvements 46,129  43,129  Computer software, hardware, and equipment 10,316  9,664  Office furniture, fixtures, and equipment 1,320  1,337  Vehicles 396  401  Construction-in-process 4,216  19,869  175,906  164,907  Less accumulated depreciation (83,151) (66,852) Total property and equipment, net $ 92,755  $ 98,055  Depreciation expense for 2023, 2022, and 2021 was $18.8 million, $17.2 million, and $11.1 million, respectively. Cloud Computing Implementation Costs We capitalize implementation costs associated with hosting arrangement that are service contracts. These costs are recorded to prepaid expenses or other noncurrent assets. To-date, these costs are those incurred to implement a new company-wide ERP system. The balance of capitalized cloud computing implementation costs, net of accumulated amortization, was $8.1 million and $8.1 million as of December 29, 2023 and December 30, 2022, respectively, and is included in other assets on our consolidated balance sheets. The related amortization expense was $1.1 million, $0.9 million, and $0.3 million during 2023, 2022, and 2021, respectively, and is included in selling, general, and administrative expense on our consolidated statements of operations.

v3.24.0.1

Intangible Assets and Goodwill	12 Months Ended
	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Note 5 – Intangible Assets and Goodwill Definite-lived intangible assets consist of the following: December 29, 2023 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships $ 105,542  $ (53,680) $ —  $ 51,862  8.7 years Developed technology 11,047  (5,621) —  5,426  10.0 years Total intangible assets $ 116,589  $ (59,301) $ —  $ 57,288  December 30, 2022 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships $ 117,022  $ (51,337) $ —  $ 65,685  8.4 years Developed technology 11,047  (4,710) —  6,337  10.0 years Total intangible assets $ 128,069  $ (56,047) $ —  $ 72,022  Future projected annual amortization expense consists of the following: Future amortization expense 2024 $ 8,574  2025 8,312  2026 7,729  2027 7,288  2028 7,055  Thereafter 18,330  $ 57,288  The following tables present the changes to goodwill: Goodwill Balance at December 25, 2020 $ 174,887  Acquisitions 161,015  Balance at December 31, 2021 335,902  Acquisitions (500) Balance at December 30, 2022 335,402  Acquisitions —  Balance at December 29, 2023 $ 335,402

v3.24.0.1

Leases	12 Months Ended
	Dec. 29, 2023
Leases [Abstract]
Leases	Note 6 – Leases We lease facilities under various non-cancellable operating leases expiring through 2031. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities. As of December 29, 2023, we had no operating leases executed for which the rental period had not yet commenced. The components of lease expense are as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Operating lease cost $ 9,656  $ 8,760  $ 5,763  Supplemental cash flow information related to leases is as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,494  $ 8,164  $ 5,477  Supplemental balance sheet information related to leases is as follows: December 29, 2023 December 30, 2022 Weighted-average remaining lease term of operating leases 4.6 years 5.3 years Weighted-average discount rate of operating leases 3.4% 3.0% Future minimum lease payments under non-cancellable leases as of December 29, 2023 are as follows: 2024 $ 9,463  2025 9,003  2026 8,572  2027 7,595  2028 3,166  Thereafter 2,955  Total future minimum lease payments 40,754  Less imputed interest (3,104) Total lease liabilities $ 37,650

v3.24.0.1

Income Taxes	12 Months Ended
	Dec. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 – Income Taxes Income (loss) before tax was as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 United States $ (69,040) $ (353) $ 13,435  Foreign 37,962  75,683  60,321  Income (loss) before tax $ (31,078) $ 75,330  $ 73,756  Significant components of income tax expense (benefit) consist of the following: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Current: Federal $ (56) $ 1,605  $ 430  State 16  912  1,524  Foreign 2,633  3,224  2,766  Total current tax expense 2,593  5,741  4,720  Deferred: Federal 8,471  (2,604) (889) State 1,529  (45) (771) Foreign (686) (566) (203) Total deferred tax expense (benefit) 9,314  (3,215) (1,863) Income tax expense $ 11,907  $ 2,526  $ 2,857  The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense (benefit) consist of the following: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Effective rate reconciliation: U.S. federal tax expense $ (6,527) $ 15,819  $ 15,489  State income taxes, net (1,713) 752  577  Permanent items 928  248  680  Foreign rate differential (1,190) (2,595) (1,897) Tax holiday (4,962) (11,676) (9,653) Credits (1,661) (1,882) (1,647) Tax contingencies (331) 462  482  Share-based compensation (122) 166  (2,640) Withholding tax 717  1,170  1,044  Other, net (763) 112  385  Valuation allowance 27,531  (50) 37  Income tax expense $ 11,907  $ 2,526  $ 2,857  Deferred income tax assets and liabilities consist of the following: December 29, 2023 December 30, 2022 Deferred tax assets: Inventory $ 7,962  $ 6,648  Share-based compensation 3,563  3,027  Accrued payroll 1,306  1,942  Net operating loss carryforwards 8,092  528  Tax credits 4,987  2,525  Interest carryforwards 4,099  —  Capitalized research expenses 7,096  3,746  Intercompany interest 2,758  2,341  Operating lease liabilities 9,379  10,247  Other assets 663  1,531  Deferred tax assets 49,905  32,535  Valuation allowance (28,038) (507) Total deferred tax assets 21,867  32,028  Deferred tax liabilities: Intangible assets (3,631) (3,245) Property, plant and equipment (6,743) (7,091) Operating lease right-of-use assets (9,149) (10,122) Other liabilities (365) (277) Total deferred tax liabilities (19,888) (20,735) Net deferred tax asset $ 1,979  $ 11,293  At December 29, 2023, we had federal and state net operating loss carryforwards of $31.1 million, $25.1 million, respectively. The federal net operating losses may be carried forward indefinitely to offset up to 80% of taxable income in any given year. The state net operating loss carryforwards, if not utilized, will begin to expire in 2032. At December 29, 2023, we had federal research and development credits of $1.7 million, which, if not utilized, will begin to expire in 2028. At December 29, 2023, we had foreign tax credits of $1.3 million, which, if not utilized, will begin to expire in 2032. Income tax expense for the current year differs from the statutory rate primarily as a result of the valuation allowance, impact of foreign operations and discrete tax benefits recorded in connection with our historical acquisitions and stock option exercises. We have determined the amount of our valuation allowance of $11.1 million based on our estimates of taxable income by jurisdiction in which we operate over the periods in which the related deferred tax assets will be recoverable. As of December 29, 2023, we determined it is not more-likely-than-not that our U.S. entities will generate sufficient taxable income to offset reversing deductible timing differences and to fully utilize carryforward tax attributes. Accordingly, we have recorded a valuation allowance against U.S. federal and state deferred tax assets, net of deferred tax liabilities related to indefinite-lived intangible assets for which no future realization can be expected. In December 2017, the Tax Cuts and Jobs Act (the "2017 Tax Act") was enacted. The 2017 Tax Act included a number of changes including a provision that required capitalization and amortization of research and development costs beginning in 2022. Prior to 2022 research and development costs could be either expensed or capitalized. Beginning with the 2022 tax year, the research and development costs have been capitalized according to these provisions. We were granted a tax holiday for our Singapore operations that is effective through 2026. The net impact of the tax holiday in Singapore as compared to the Singapore statutory rate was a benefit of $5.0 million, $11.7 million, and $9.7 million during 2023, 2022, and 2021, respectively. Our income tax fluctuates based on the geographic mix of earnings and is calculated quarterly based on actual results pursuant to ASC Topic 740‑270. As of December 29, 2023, we have recognized $3.1 million of unrecognized tax benefits in other non-current liabilities in our consolidated balance sheet. If recognized, $3.1 million of this amount would impact our effective tax rate. We expect a decrease of $0.1 million to the total amount of unrecognized tax benefits within the next 12 months. Our ongoing practice is to recognize potential accrued interest and penalties related to unrecognized tax benefits within our statements of operations in income tax expense. During 2023, we recognized a net decrease of approximately $0.2 million in potential interest and penalties associated with uncertain tax positions in the statements of operations. At December 29, 2023, other non-current liabilities on our balance sheet included approximately zero and $0.5 million of interest and penalties, respectively, associated with uncertain tax positions, which are excluded from the unrecognized tax benefits table below. The following table summarizes the activity related to our unrecognized tax benefits: Unrecognized tax benefits Balance at December 25, 2020 $ 2,490  Increase related to current year tax positions 597  Decrease in tax positions related to lapse of statute of limitations (92) Balance at December 31, 2021 2,995  Increase related to current year tax positions 689  Decrease in tax positions related to lapse of statute of limitations (89) Balance at December 30, 2022 3,595  Increase related to current year tax positions 488  Decrease in tax positions related to lapse of statute of limitations (10) Decrease in tax positions related to settlements (916) Balance at December 29, 2023 $ 3,157  We assert indefinite reinvestment of our U.S. and Netherlands unremitted earnings. With regard to these unremitted earnings, we have not, nor do we anticipate the need to repatriate funds from the U.S. to the Netherlands or from the Netherlands to the Cayman entity to satisfy liquidity needs. Determination of the amount of unrecognized withholding tax liability related to the indefinitely reinvested earnings is not practicable. Our three major filing jurisdictions are the United States, Singapore, and Malaysia. We are no longer subject to U.S. Federal examination for tax years ending before 2017, to state examinations before 2019, or to foreign examinations before 2019. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses or tax credits were generated and carried forward, and make adjustments up to the amount of the net operating losses or credit carryforward. At December 29, 2023, we were not under examination by a tax authority.

v3.24.0.1

Employee Benefit Programs	12 Months Ended
	Dec. 29, 2023
Retirement Benefits [Abstract]
Employee Benefit Programs	Note 8 – Employee Benefit Programs 401(k) Plan We sponsor a 401(k) plan available to employees of our U.S.‑based subsidiaries. Participants may make salary deferral contributions not to exceed 50% of a participant’s annual compensation or the maximum amount otherwise allowed by law. Eligible employees receive a discretionary matching contribution equal to 50% of a participant’s deferral, up to an annual maximum of 4% of a participant’s annual compensation. For 2023, 2022, and 2021, matching contributions were $2.7 million, $3.0 million, and $2.2 million, respectively.

v3.24.0.1

Long-Term Debt	12 Months Ended
	Dec. 29, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 9 – Long-Term Debt Long-term debt consists of the following: December 29, 2023 December 30, 2022 Term loan $ 135,000  $ 142,500  Revolving credit facility 115,000  160,000  Total principal amount of long-term debt 250,000  302,500  Less unamortized debt issuance costs (1,317) (1,782) Total long-term debt, net 248,683  300,718  Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 241,183  $ 293,218  Maturities of long-term debt consist of the following: 2024 $ 7,500  2025 7,500  2026 235,000  Total $ 250,000  The weighted average interest rate across our credit facilities was 6.80%, 3.37%, and 2.74% during 2023, 2022, and 2021, respectively. On October 29, 2021, we entered into an amended and restated credit agreement, which includes a group of financial institutions as direct lenders underlying the agreement. The credit agreement includes a $150.0 million term loan facility and a $250.0 million revolving credit facility (together, “credit facilities”). Term loan payments of $1.9 million are due on a quarterly basis. The credit agreement matures on October 29, 2026. Our credit agreement is secured by our tangible and intangible assets and includes customary representations, warranties, and covenants. We are required to maintain a minimum fixed charge coverage ratio of 1.25 : 1 and a maximum leverage ratio of 3.50 : 1. Interest is charged at either the Base Rate or the Bloomberg Short-Term Bank Yield Index (“BSBY”) Rate (as such terms are defined in the credit agreement) at our option, plus an applicable margin. The Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.5%, or iii) the BSBY Rate plus 1.00%. The BSBY Rate is equal to BSBY for a particular tenor matching the respective interest period. The applicable margin on Base Rate and BSBY Rate loans is 0.375‑1.375% and 1.375‑2.375% per annum, respectively, depending on our leverage ratio, which is based on trailing 12‑month EBITDA, as defined in our credit agreement. We are also charged a commitment fee of 0.175-0.350%, depending on our leverage ratio, on the unused portion of our revolving credit facility. Base Rate interest payments and commitment fees are due quarterly. BSBY rate interest payments are due on the last day of the applicable interest period, or quarterly for applicable interest periods longer than 3 months. At December 29, 2023, our credit facilities bore interest under the BSBY rate option of 7.58%.

v3.24.0.1

Share-Based Compensation	12 Months Ended
	Dec. 29, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 10 – Share-Based Compensation 2016 Plan In December 30, 2016, we adopted the 2016 Omnibus Incentive Plan (“the 2016 Plan”). The 2016 Plan provides for grants of share‑based awards to employees, directors, and consultants. Under the 2016 Plan, 1,888,000 ordinary shares were reserved for issuance. The number of shares reserved for issuance under the 2016 Plan increases annually beginning in fiscal year 2018 by the lesser of (i) 2% of the ordinary shares outstanding on the last day of the immediately preceding fiscal year or (ii) such amount determined by our Board of Directors. Awards may be in the form of share call options (“options”), restricted share units (“RSUs”), and other share‑based awards. Forfeited or expired awards are returned to the incentive plan pool for future grants. Share‑based compensation expense across all plans for options, RSUs, and employee share purchase rights was $17.3 million, $13.9 million, and $11.5 million during 2023, 2022, and 2021, respectively. Stock Options Options are valued based on the Black-Scholes-Merton model on the date of grant. The risk-free interest rate is based on the U.S. Treasury rates in effect on the date of grant. Estimated volatility is based on the historical volatility of our ordinary shares. Options generally vest over 4 years, with 25% vesting on the first grant-date anniversary and the remaining vesting on a quarterly basis over the remaining 3 years. Options granted under the 2016 Plan have a contractual term of 7 years. The following table summarizes option activity: Number of Stock Options Service condition Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value Outstanding, December 30, 2022 805,115 $ 23.35  Exercised (215,884) $ 20.69  Forfeited or expired (7,068) $ 21.84  Outstanding, December 29, 2023 582,163 $ 24.36  2.0 years $ 5,399  Exercisable, December 29, 2023 566,312 $ 24.39  2.0 years $ 5,235  Fair value information for options granted and the intrinsic value of options exercised are as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Total intrinsic value of options exercised $ 3,041  $ 1,232  $ 11,859  At December 29, 2023, total unrecognized share-based compensation expense relating to options was $0.1 million, with a weighted average remaining service period of 0.4 years. Restricted Share Units RSUs are valued based on the closing market price of our ordinary shares on the date of grant. RSUs that vest pursuant to a service condition generally vest over 4 years, with 25% vesting on the first grant-date anniversary and the remaining vesting on a quarterly basis over the remaining 3 years. RSUs that vest pursuant to a performance condition are generally earned over 3 years, depending on the achievement of certain financial and non-financial targets, and vest on or around the third grant-date anniversary. RSUs that vest pursuant to a market condition are valued based on a Monte Carlo simulation model and generally earned over 3 years based on a relative total shareholder return model and vest on or around the third grant-date anniversary. Upon vesting of RSUs, employees may elect to have shares withheld to cover statutory minimum withholding taxes. Shares withheld are not reflected as an issuance of ordinary shares within our consolidated statements of shareholders’ equity, as the shares were never issued, and the associated tax payments are reflected as financing activities within our consolidated statements of cash flows. The following table summarizes RSU activity: Number of Restricted Share Units Service condition Performance condition Market condition Weighted average grant-date fair value per share Unvested, December 30, 2022 860,595 57,562 86,342 $ 30.26  Granted 679,085 47,433 96,301 $ 30.70  Vested (383,816) — — $ 30.09  Forfeited (67,781) (7,696) (11,542) $ 30.91  Unvested, December 29, 2023 1,088,083 97,299 171,101 $ 30.37  Fair value information for RSUs granted and vested is as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Weighted average grant-date fair value per share of RSUs granted $ 30.70  $ 27.24  $ 49.59  Total grant-date fair value of shares vested $ 11,550  $ 9,644  $ 5,871  At December 29, 2023, total unrecognized share-based compensation expense relating to RSUs was $31.7 million, with a weighted average remaining service period of 2.7 years. 2017 ESPP In May 2017, we adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period. As of December 29, 2023, 2.2 million ordinary shares remained eligible for issuance under the 2017 ESPP. The table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Weighted average expected term 0.5 years 0.5 years 0.5 years Risk-free interest rate 5.1% 1.4% 0.1% Dividend yield 0.0% 0.0% 0.0% Volatility 63.4% 63.8% 63.7% We recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized $0.9 million, $1.0 million, and $0.6 million of share-based compensation expense associated with the 2017 ESPP during 2023, 2022, and 2021, respectively. At December 29, 2023, there was no unrecognized share-based compensation expense.

v3.24.0.1

Segment Information	12 Months Ended
	Dec. 29, 2023
Segment Reporting [Abstract]
Segment Information	Note 11 – Segment Information Our Chief Operating Decision Maker, the Chief Executive Officer, reviews our results of operations on a consolidated level and executive staff is structured by function rather than by product category. Additionally, key resources, decisions, and assessment of performance are analyzed at a company‑wide level. Therefore, we operate in one operating segment. Foreign operations are conducted primarily through our wholly owned subsidiaries in Singapore and Malaysia, and to a lesser degree, Scotland, Korea, and Mexico. Our principal markets include North America, Asia, and to a lesser degree, Europe. The following table sets forth sales by geographic area, which represents sales to unaffiliated customers based upon the location to which the products were shipped: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 United States of America $ 281,298  $ 572,129  $ 544,109  Singapore 318,790  460,569  383,278  Europe 116,316  109,547  78,745  Other 94,716  137,824  90,785  Total net sales $ 811,120  $ 1,280,069  $ 1,096,917  The following table sets forth our major customers with 10% or more of sales, which comprised 82%, 79%, and 85% of net sales in 2023, 2022, and 2021, respectively: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Applied Materials $ 295,082  $ 396,261  $ 352,077  Lam Research $ 286,836  $ 616,391  $ 579,009  ASML (1) $ 85,589  -- -- (1)ASML did not represent 10% or more of sales in 2022 and 2021. Foreign long-lived assets, exclusive of deferred tax assets, were $48.2 million and $52.8 million at December 29, 2023 and December 30, 2022, respectively.

v3.24.0.1

Earnings per Share	12 Months Ended
	Dec. 29, 2023
Earnings Per Share [Abstract]
Earnings per Share	Note 12 – Earnings per Share The following table sets forth the computation of our basic and diluted net income (loss) per share and a reconciliation of the numerator and denominator used in the calculation: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Numerator: Net income (loss) $ (42,985) $ 72,804  $ 70,899  Denominator: Basic weighted average ordinary shares outstanding 29,200,796 28,714,550 28,259,607 Dilutive effect of options 0 165,855 480,790 Dilutive effect of RSUs 0 74,853 237,357 Dilutive effect of ESPP 0 7,773 1,598 Diluted weighted average ordinary shares outstanding 29,200,796 28,963,031 28,979,352 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 2,632,000 959,000 273,000 Earnings per share: Net income (loss) per share: Basic $ (1.47) $ 2.54  $ 2.51  Diluted $ (1.47) $ 2.51  $ 2.45  (1)Represents potentially dilutive options and RSUs that were excluded from the calculation of net income per share, because including them would have been antidilutive under the treasury stock method.

v3.24.0.1

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ (42,985)	$ 72,804	$ 70,899

v3.24.0.1

Insider Trading Arrangements	3 Months Ended
	Dec. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.0.1

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations of the Company	Organization and Operations of the Company Ichor Holdings, Ltd. and Subsidiaries (the “we”, “us”, “our”, “Company”) designs, develops, manufactures, and distributes gas and liquid delivery subsystems and components purchased by capital equipment manufacturers for use in the semiconductor markets. We also provide precision-machined components, weldments, electron beam (“e‑beam”) and laser-welded components, precision vacuum and hydrogen brazing, and surface treatment technologies, and other proprietary products. We are headquartered in Fremont, California and have operations in the United States, the United Kingdom, Singapore, Malaysia, Korea, and Mexico. On December 30, 2011, Ichor Systems Holdings, LLC consummated a sales transaction with Icicle Acquisition Holdings, LLC, a Delaware limited liability company. Shortly after consummation of the sale transaction, Icicle Acquisition Holdings, LLC changed its name to Ichor Holdings, LLC. In March 2012, Ichor Holdings, LLC completed a reorganization of its legal structure, forming Ichor Holdings, Ltd., a Cayman Islands entity. Ichor Holdings, Ltd. is now the reporting entity and the ultimate parent company of the operating entities.
Basis of Presentation	Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to consolidated financial statements are in thousands, except per share amounts.
Year End	Year End We use a 52‑ or 53‑week fiscal year ending on the last Friday in December. The years ended December 29, 2023, December 30, 2022, and December 31, 2021 were 52 weeks, 52 weeks, and 53 weeks, respectively. All references to 2023, 2022, and 2021 are references to the fiscal years then ended.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, including valuation allowance on deferred tax assets, and impairment analyses for both definite‑lived intangible assets and goodwill.
Cash and Cash Equivalents and Marketable Securities	Cash and Cash Equivalents and Marketable Securities Cash and cash equivalents consist of deposits and financial instruments which are readily convertible into cash and have original maturities of 90 days or less at the time of acquisition. Marketable securities consist primarily of highly liquid investments with maturities of greater than 90 days when purchased. We classify our marketable securities as available-for-sale and, accordingly, report them at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss). Any unrealized losses which are considered to be other-than-temporary are recorded in other income (expense), net. Realized gains and losses on the sale of marketable securities are determined using the specific-identification method and recorded in other income (expense), net. Available-for-sale investments are subject to a periodic impairment review. If an available-for-sale debt security’s fair value is less than its amortized cost basis, then we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. Unrealized gains and losses not attributable to credit losses are included, net of tax, in accumulated other comprehensive income (loss). We have not recorded an allowance for credit losses in 2023, 2022, or 2021.
Revenue Recognition	Revenue Recognition We recognize revenue when control of promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations. Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales. Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within 12 months. Product sales are recognized at a point-in-time, upon "delivery," as such term is defined within the contract, which is generally at the time of shipment, as that is when control of the promised good has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under ASC 460, Guarantees, and not as a separate performance obligation. Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer but are generally due within 15 to 60 days. Historically, we have not incurred significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented.
Commitments and Contingencies	Commitments and Contingencies We are periodically involved in legal actions and claims that arise as a result of events that occur in the normal course of operations. The ultimate resolution of these actions is not expected to have a material adverse effect on our financial position or results of operations.
Concentrations	Concentrations Financial instruments that subject us to concentration risk consist of accounts receivable, accounts payable, and long-term debt. At December 29, 2023 and December 30, 2022, three customers represented, in the aggregate, approximately 63% and 70%, respectively, of the balance of accounts receivable. We establish an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends, and other information. We require collateral, typically cash, in the normal course of business if customers do not meet the criteria established for offering credit. If the financial condition of our customers were to deteriorate and result in an impaired ability to make payments, additions to the allowance may be required. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded to income when received. Activity and balances related to our allowance for doubtful accounts was not significant during any period presented. We use qualified manufacturers to supply many components and subassemblies of our products. We obtain the majority of our components from a limited group of suppliers. A majority of the purchased components used in our products are customer specified. An interruption in the supply of a particular component would have a temporary adverse impact on our operating results. We maintain cash balances at global systematically important banks ("G-SIBs") in both United States and internationally. Cash balances in the United States exceed amounts that are insured by the Federal Deposit Insurance Corporation ("FDIC"). The majority of the cash maintained in foreign-based commercial banks is insured by the government where the foreign banking institutions are based. Cash held in foreign-based commercial banks totaled $59.7 million and $48.4 million at December 29, 2023 and December 30, 2022, respectively, and at times exceeds insured amounts. No losses have been incurred as of December 29, 2023 or December 30, 2022 for amounts exceeding the insured limits.
Fair Value Measurements	Fair Value Measurements We estimate the fair value of financial assets and liabilities based upon comparison of such assets and liabilities to the current market values for instruments of a similar nature and degree of risk. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ▪Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date ▪Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability ▪Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date There were no changes to our valuation techniques during 2023. We estimate the recorded value of our financial assets and liabilities approximates fair value as of December 29, 2023 and December 30, 2022. We estimate the value of acquired intangible assets, on a nonrecurring basis, based on an income approach utilizing discounted cash flows. Under this approach, we estimate the future cash flows from our asset groups and discount the income stream to its present value to arrive at fair value. Future cash flows are based on recently prepared operating forecasts. Operating forecasts and cash flows include, among other things, revenue growth rates that are calculated based on management’s forecasted sales projections. A discount rate is utilized to convert the forecasted cash flows to their present value equivalent. The discount rate applied to the future cash flows includes a subject-company risk premium, an equity market risk premium, a beta, and a risk-free rate. As this approach contains unobservable inputs, the measurement of fair value for intangible assets is classified as Level 3.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. The majority of our inventories are valued on a standard cost basis, which approximates actual costs on a first-in, first-out basis. The remainder of our inventories are valued on an average cost basis, which approximates actual costs on a first-in, first-out basis. Quarterly, we assess the value of our inventory and periodically write it down for excess quantities or obsolescence to its estimated net realizable value. This assessment is based on estimated future consumption compared to inventory quantities on-hand. The estimate for future consumption is based on how assumptions of historical consumption, recency of purchases, backlog, and other factors indicate future consumption. Once the value of inventory is adjusted, the original cost of our inventory, less the write-down, represents its new cost basis.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the following estimated useful lives: Estimated useful lives of property & equipment Machinery 5-10 years Leasehold improvements 10 years Computer software, hardware, and equipment 3-5 years Office furniture, fixtures, and equipment 5-7 years Vehicles 5 years Maintenance and repairs that neither add material value to the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in selling, general, and administrative expenses on the consolidated statements of operations.
Leases	Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. If we determine the arrangement is a lease, or contains a lease, at lease inception, we then determine whether the lease is an operating lease or a finance lease. Operating and finance leases result in recording a right-of-use (“ROU”) asset and lease liability on our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, we use the non-cancellable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This rate is generally consistent with the interest rate we pay on borrowings under our credit facilities, as this rate approximates our collateralized borrowing capabilities over a similar term of lease payments. We utilize the consolidated group incremental borrowing rate for all leases, as we have centralized treasury operations. We have elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. We have elected not to separate lease and non-lease components for any class of underlying asset.
Long-Lived Assets	Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate, in management’s judgment, that the carrying amount of an asset (or asset group) may not be recoverable. In analyzing potential impairments, projections of future cash flows from the asset group are used to estimate fair value. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset group, a loss is recognized for the difference between the estimated fair value and the carrying value of the asset group. The projections are based on assumptions, judgments, and estimates of revenue growth rates for the related business; anticipated future economic, regulatory, and political conditions; the assignment of discount rates relative to risk; and estimates of terminal values. During 2023, 2022, and 2021, we did not identify any triggering events that would indicate impairment.
Intangible Assets	Intangible Assets We account for intangible assets that have a definite life and are amortized on a basis consistent with their expected cash flows over the following estimated useful lives: Estimated useful lives of intangible assets Customer relationships 6-10 years Developed technology 10 years
Goodwill	Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. We review goodwill for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. We first make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying a quantitative goodwill impairment test. Under the quantitative test, the fair value of the reporting unit is compared to its carrying value and an impairment loss is recognized for any excess of carrying amount over the reporting unit’s fair value. Fair value of the reporting unit is determined using a discounted cash flow analysis. For purposes of testing goodwill for impairment, we have concluded that we operate as one reporting unit. We performed a qualitative goodwill assessment at December 29, 2023 and December 30, 2022. This assessment indicated that it was more likely than not our reporting unit’s fair value exceeded its carrying value.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred.
Income Taxes	Income Taxes We recognize deferred income taxes using the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in our consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. We recognize interest and penalties as a component of income tax expense.
Foreign Operations	Foreign Operations The functional currency of our international operations is the U.S. dollar. Transactions denominated in currencies other than the functional currency generate foreign exchange gains and losses that are included in other expense (income), net on our consolidated statements of operations. Substantially all of our sales contracts, and most of our agreements with third-party suppliers, provide for pricing and payment in U.S. dollars. Accordingly, these transactions are not subject to material exchange rate fluctuations.
Accounting Pronouncements Recently Issued	Accounting Pronouncements Recently Issued In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU is intended to enhance the transparency, decision usefulness, and effectiveness of income tax disclosures. The ASU requires a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. The ASU also requires a public entity to provide a qualitative description of the states and local income tax category and the net amount of income taxes paid, disaggregated by federal, state, and foreign taxes as well as by individual jurisdictions. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

v3.24.0.1

Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property Plant and Equipment Estimated Useful Lives	Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the following estimated useful lives: Estimated useful lives of property & equipment Machinery 5-10 years Leasehold improvements 10 years Computer software, hardware, and equipment 3-5 years Office furniture, fixtures, and equipment 5-7 years Vehicles 5 years
Schedule of Finite Lived Intangible Assets Useful Lives	We account for intangible assets that have a definite life and are amortized on a basis consistent with their expected cash flows over the following estimated useful lives: Estimated useful lives of intangible assets Customer relationships 6-10 years Developed technology 10 years

v3.24.0.1

Acquisitions (Tables)	12 Months Ended
	Dec. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Purchase Price Allocation	The following table presents the purchase price allocation. Cash acquired $ 1,234  Accounts receivable 8,559  Inventories 12,128  Prepaid expenses and other current assets 579  Property and equipment 33,067  Operating lease right-of-use assets 14,509  Intangible assets 65,000  Goodwill 160,515  Accounts payable (3,853) Accrued expenses (5,620) Other current liabilities (2,109) Lease liabilities (14,509) Total acquisition consideration $ 269,500
Summary of Pro Forma Results of Operations	The pro forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved or of results that may occur in the future. Year Ended December 31, 2021 Net sales $ 1,156,619  Net income $ 74,531  Net income per share: Basic $ 2.64  Diluted $ 2.57

v3.24.0.1

Inventories (Tables)	12 Months Ended
	Dec. 29, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: December 29, 2023 December 30, 2022 Raw materials $ 190,027  $ 197,726  Work in process 36,849  56,291  Finished goods 47,449  47,186  Excess and obsolete adjustment (28,440) (17,543) Total inventories $ 245,885  $ 283,660
Summary of changes to company's excess and obsolete adjustment	The following table presents changes to our excess and obsolete adjustment: Excess and obsolete adjustment Balance at December 25, 2020 $ (12,742) Charge to cost of sales (1,942) Disposition of inventory 633  Balance at December 31, 2021 (14,051) Charge to cost of sales (4,981) Disposition of inventory 1,489  Balance at December 30, 2022 (17,543) Charge to cost of sales (9,784) Disposition of inventory (1,113) Balance at December 29, 2023 $ (28,440)

v3.24.0.1

Property and Equipment (Tables)	12 Months Ended
	Dec. 29, 2023
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following: December 29, 2023 December 30, 2022 Machinery $ 113,529  $ 90,507  Leasehold improvements 46,129  43,129  Computer software, hardware, and equipment 10,316  9,664  Office furniture, fixtures, and equipment 1,320  1,337  Vehicles 396  401  Construction-in-process 4,216  19,869  175,906  164,907  Less accumulated depreciation (83,151) (66,852) Total property and equipment, net $ 92,755  $ 98,055

v3.24.0.1

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	Definite-lived intangible assets consist of the following: December 29, 2023 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships $ 105,542  $ (53,680) $ —  $ 51,862  8.7 years Developed technology 11,047  (5,621) —  5,426  10.0 years Total intangible assets $ 116,589  $ (59,301) $ —  $ 57,288  December 30, 2022 Gross value Accumulated amortization Accumulated impairment charges Carrying amount Weighted average useful life Customer relationships $ 117,022  $ (51,337) $ —  $ 65,685  8.4 years Developed technology 11,047  (4,710) —  6,337  10.0 years Total intangible assets $ 128,069  $ (56,047) $ —  $ 72,022
Estimated Amortization Expense of Intangible Assets	Future projected annual amortization expense consists of the following: Future amortization expense 2024 $ 8,574  2025 8,312  2026 7,729  2027 7,288  2028 7,055  Thereafter 18,330  $ 57,288
Schedule of Changes in Goodwill	The following tables present the changes to goodwill: Goodwill Balance at December 25, 2020 $ 174,887  Acquisitions 161,015  Balance at December 31, 2021 335,902  Acquisitions (500) Balance at December 30, 2022 335,402  Acquisitions —  Balance at December 29, 2023 $ 335,402

v3.24.0.1

Leases (Tables)	12 Months Ended
	Dec. 29, 2023
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Operating lease cost $ 9,656  $ 8,760  $ 5,763
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,494  $ 8,164  $ 5,477
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows: December 29, 2023 December 30, 2022 Weighted-average remaining lease term of operating leases 4.6 years 5.3 years Weighted-average discount rate of operating leases 3.4% 3.0%
Future Minimum Lease Payments Under Non-Cancellable Leases	Future minimum lease payments under non-cancellable leases as of December 29, 2023 are as follows: 2024 $ 9,463  2025 9,003  2026 8,572  2027 7,595  2028 3,166  Thereafter 2,955  Total future minimum lease payments 40,754  Less imputed interest (3,104) Total lease liabilities $ 37,650

v3.24.0.1

Income Taxes (Tables)	12 Months Ended
	Dec. 29, 2023
Income Tax Disclosure [Abstract]
Schedule of income from continuing operations before tax	Income (loss) before tax was as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 United States $ (69,040) $ (353) $ 13,435  Foreign 37,962  75,683  60,321  Income (loss) before tax $ (31,078) $ 75,330  $ 73,756
Schedule of significant components of income tax expense (benefit) from continuing operations	Significant components of income tax expense (benefit) consist of the following: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Current: Federal $ (56) $ 1,605  $ 430  State 16  912  1,524  Foreign 2,633  3,224  2,766  Total current tax expense 2,593  5,741  4,720  Deferred: Federal 8,471  (2,604) (889) State 1,529  (45) (771) Foreign (686) (566) (203) Total deferred tax expense (benefit) 9,314  (3,215) (1,863) Income tax expense $ 11,907  $ 2,526  $ 2,857
Summary of reconciliation of income tax computed at U.S. federal statutory tax rates to income tax expense (benefit) from continuing operations	The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense (benefit) consist of the following: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Effective rate reconciliation: U.S. federal tax expense $ (6,527) $ 15,819  $ 15,489  State income taxes, net (1,713) 752  577  Permanent items 928  248  680  Foreign rate differential (1,190) (2,595) (1,897) Tax holiday (4,962) (11,676) (9,653) Credits (1,661) (1,882) (1,647) Tax contingencies (331) 462  482  Share-based compensation (122) 166  (2,640) Withholding tax 717  1,170  1,044  Other, net (763) 112  385  Valuation allowance 27,531  (50) 37  Income tax expense $ 11,907  $ 2,526  $ 2,857
Schedule of deferred income tax assets and liabilities from continuing operations	Deferred income tax assets and liabilities consist of the following: December 29, 2023 December 30, 2022 Deferred tax assets: Inventory $ 7,962  $ 6,648  Share-based compensation 3,563  3,027  Accrued payroll 1,306  1,942  Net operating loss carryforwards 8,092  528  Tax credits 4,987  2,525  Interest carryforwards 4,099  —  Capitalized research expenses 7,096  3,746  Intercompany interest 2,758  2,341  Operating lease liabilities 9,379  10,247  Other assets 663  1,531  Deferred tax assets 49,905  32,535  Valuation allowance (28,038) (507) Total deferred tax assets 21,867  32,028  Deferred tax liabilities: Intangible assets (3,631) (3,245) Property, plant and equipment (6,743) (7,091) Operating lease right-of-use assets (9,149) (10,122) Other liabilities (365) (277) Total deferred tax liabilities (19,888) (20,735) Net deferred tax asset $ 1,979  $ 11,293
Summarizes activity related to company's unrecognized tax benefits	The following table summarizes the activity related to our unrecognized tax benefits: Unrecognized tax benefits Balance at December 25, 2020 $ 2,490  Increase related to current year tax positions 597  Decrease in tax positions related to lapse of statute of limitations (92) Balance at December 31, 2021 2,995  Increase related to current year tax positions 689  Decrease in tax positions related to lapse of statute of limitations (89) Balance at December 30, 2022 3,595  Increase related to current year tax positions 488  Decrease in tax positions related to lapse of statute of limitations (10) Decrease in tax positions related to settlements (916) Balance at December 29, 2023 $ 3,157

v3.24.0.1

Long-Term Debt (Tables)	12 Months Ended
	Dec. 29, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following: December 29, 2023 December 30, 2022 Term loan $ 135,000  $ 142,500  Revolving credit facility 115,000  160,000  Total principal amount of long-term debt 250,000  302,500  Less unamortized debt issuance costs (1,317) (1,782) Total long-term debt, net 248,683  300,718  Less current portion (7,500) (7,500) Total long-term debt, less current portion, net $ 241,183  $ 293,218
Schedule of Maturities Long-Term Debt	Maturities of long-term debt consist of the following: 2024 $ 7,500  2025 7,500  2026 235,000  Total $ 250,000

v3.24.0.1

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 29, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Option Activity	The following table summarizes option activity: Number of Stock Options Service condition Weighted average exercise price per share Weighted average remaining contractual term Aggregate intrinsic value Outstanding, December 30, 2022 805,115 $ 23.35  Exercised (215,884) $ 20.69  Forfeited or expired (7,068) $ 21.84  Outstanding, December 29, 2023 582,163 $ 24.36  2.0 years $ 5,399  Exercisable, December 29, 2023 566,312 $ 24.39  2.0 years $ 5,235
Schedule of Fair Value of Options Granted and Intrinsic Value of Options Exercised	Fair value information for options granted and the intrinsic value of options exercised are as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Total intrinsic value of options exercised $ 3,041  $ 1,232  $ 11,859
Schedule of RSU Activity	The following table summarizes RSU activity: Number of Restricted Share Units Service condition Performance condition Market condition Weighted average grant-date fair value per share Unvested, December 30, 2022 860,595 57,562 86,342 $ 30.26  Granted 679,085 47,433 96,301 $ 30.70  Vested (383,816) — — $ 30.09  Forfeited (67,781) (7,696) (11,542) $ 30.91  Unvested, December 29, 2023 1,088,083 97,299 171,101 $ 30.37
Schedule of Fair Value Information for RSUs Granted and Vested	Fair value information for RSUs granted and vested is as follows: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Weighted average grant-date fair value per share of RSUs granted $ 30.70  $ 27.24  $ 49.59  Total grant-date fair value of shares vested $ 11,550  $ 9,644  $ 5,871
Schedule of Weighted Average Assumption used to Measure Fair Value	The table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Weighted average expected term 0.5 years 0.5 years 0.5 years Risk-free interest rate 5.1% 1.4% 0.1% Dividend yield 0.0% 0.0% 0.0% Volatility 63.4% 63.8% 63.7%

v3.24.0.1

Segment Information (Tables)	12 Months Ended
	Dec. 29, 2023
Segment Reporting [Abstract]
Schedule of Sales By Geographic Area	The following table sets forth sales by geographic area, which represents sales to unaffiliated customers based upon the location to which the products were shipped: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 United States of America $ 281,298  $ 572,129  $ 544,109  Singapore 318,790  460,569  383,278  Europe 116,316  109,547  78,745  Other 94,716  137,824  90,785  Total net sales $ 811,120  $ 1,280,069  $ 1,096,917
Summary of Segment Information Major Customers	The following table sets forth our major customers with 10% or more of sales, which comprised 82%, 79%, and 85% of net sales in 2023, 2022, and 2021, respectively: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Applied Materials $ 295,082  $ 396,261  $ 352,077  Lam Research $ 286,836  $ 616,391  $ 579,009  ASML (1) $ 85,589  -- -- (1)ASML did not represent 10% or more of sales in 2022 and 2021

v3.24.0.1

Earnings per Share (Tables)	12 Months Ended
	Dec. 29, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) Per Share	The following table sets forth the computation of our basic and diluted net income (loss) per share and a reconciliation of the numerator and denominator used in the calculation: Year Ended December 29, 2023 December 30, 2022 December 31, 2021 Numerator: Net income (loss) $ (42,985) $ 72,804  $ 70,899  Denominator: Basic weighted average ordinary shares outstanding 29,200,796 28,714,550 28,259,607 Dilutive effect of options 0 165,855 480,790 Dilutive effect of RSUs 0 74,853 237,357 Dilutive effect of ESPP 0 7,773 1,598 Diluted weighted average ordinary shares outstanding 29,200,796 28,963,031 28,979,352 Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1) 2,632,000 959,000 273,000 Earnings per share: Net income (loss) per share: Basic $ (1.47) $ 2.54  $ 2.51  Diluted $ (1.47) $ 2.51  $ 2.45  (1)Represents potentially dilutive options and RSUs that were excluded from the calculation of net income per share, because including them would have been antidilutive under the treasury stock method.

v3.24.0.1

Organization and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 29, 2023 USD ($) Segment	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Original maturities acquisition period	90 days
Investment Maturity Period	90 days
Allowance for credit losses	$ 0	$ 0	$ 0
Number of reporting units | Segment	1
Percentage threshold of likelihood of tax positions being realized upon settlement with taxing authority	50.00%
Foreign
Organization And Summary Of Significant Accounting Policies [Line Items]
Cash held in foreign-based commercial banks	$ 59,700,000	48,400,000
Losses incurred exceeding the insured limits	$ 0	$ 0
Accounts Receivable | Customer Concentration Risk | Three Customers
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration of credit risk, Percentage	63.00%	70.00%
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Extended product warranty period	1 year
Payment terms, due period	15 days
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Extended product warranty period	2 years
Payment terms, due period	60 days

v3.24.0.1

Organization and Summary of Significant Accounting Policies - Additional Information (Details 1)	Dec. 29, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-12-31
Organization And Summary Of Significant Accounting Policies [Line Items]
Performance obligation satisfaction period	12 months

v3.24.0.1

Organization and Summary of Significant Accounting Policies - Property Plant And Equipment Estimated Useful Lives (Details)	Dec. 29, 2023
Leasehold improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	10 years
Vehicles
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	5 years
Minimum | Machinery
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	5 years
Minimum | Office furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	5 years
Maximum | Machinery
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	10 years
Maximum | Office furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	7 years
Computer software, hardware, and equipment | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	3 years
Computer software, hardware, and equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of property & equipment	5 years

v3.24.0.1

Organization and Summary of Significant Accounting Policies - Schedule of Finite Lived Intangible Assets Useful Lives (Details)	Dec. 29, 2023
Customer relationships | Minimum
Finite Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	6 years
Customer relationships | Maximum
Finite Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years
Developed technology
Finite Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years

v3.24.0.1

Acquisitions - Additional Information (Details) - IMG Companies, LLC - USD ($) $ in Thousands		12 Months Ended
	Nov. 19, 2021	Dec. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisition amount	$ 269,500
Allocated intangible assets	65,000
Transaction costs incurred		$ 200	$ 4,400
Total acquisition consideration, working capital adjustment		500
Net sales attributable to acquiree included in statement of operations	7,300
Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Preliminary purchase price allocation charge to cost of sales		$ 2,500	$ 1,400
Customer relationships
Business Acquisition [Line Items]
Allocated intangible assets	$ 62,400
Weighted average amortization period	10 years
Order Backlog
Business Acquisition [Line Items]
Allocated intangible assets	$ 2,600
Weighted average amortization period	6 months

v3.24.0.1

Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Nov. 19, 2021	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Business Acquisition [Line Items]
Goodwill		$ 335,402	$ 335,402	$ 335,902	$ 174,887
IMG Companies, LLC
Business Acquisition [Line Items]
Cash acquired	$ 1,234
Accounts receivable	8,559
Inventories	12,128
Prepaid expenses and other current assets	579
Property and equipment	33,067
Operating lease right-of-use assets	14,509
Intangible assets	65,000
Goodwill	160,515
Accounts payable	(3,853)
Accrued expenses	(5,620)
Other current liabilities	(2,109)
Lease liabilities	(14,509)
Total acquisition consideration	$ 269,500

v3.24.0.1

Acquisitions - Summary of Pro Forma Results of Operations (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares
Business Combination and Asset Acquisition [Abstract]
Net sales | $	$ 1,156,619
Net income | $	$ 74,531
Net income per share:
Basic (in us per share) | $ / shares	$ 2.64
Diluted (in usd per share) | $ / shares	$ 2.57

v3.24.0.1

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 29, 2023	Dec. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 190,027	$ 197,726
Work in process	36,849	56,291
Finished goods	47,449	47,186
Excess and obsolete adjustment	(28,440)	(17,543)
Total inventories	$ 245,885	$ 283,660

v3.24.0.1

Inventories - Changes to Company's excess and obsolete adjustment (Detail) - Excess and obsolete adjustment - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Inventory [Roll Forward]
Beginning Balance	$ (17,543)	$ (14,051)	$ (12,742)
Charge to cost of sales	(9,784)	(4,981)	(1,942)
Disposition of inventory	(1,113)	1,489	633
Ending Balance	$ (28,440)	$ (17,543)	$ (14,051)

v3.24.0.1

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 29, 2023	Dec. 30, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 175,906	$ 164,907
Less accumulated depreciation	(83,151)	(66,852)
Total property and equipment, net	92,755	98,055
Machinery
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	113,529	90,507
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	46,129	43,129
Office furniture, fixtures, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,320	1,337
Vehicles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	396	401
Construction-in-process
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	4,216	19,869
Computer software, hardware, and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,316	$ 9,664

v3.24.0.1

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 18.8	$ 17.2	$ 11.1
Capitalized cloud computing implementation costs, net of accumulated amortization	8.1	8.1
Amortization expense	$ 1.1	$ 0.9	$ 0.3

v3.24.0.1

Intangible Assets and Goodwill - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 29, 2023	Dec. 30, 2022
Finite Lived Intangible Assets [Line Items]
Gross value	$ 116,589	$ 128,069
Accumulated amortization	(59,301)	(56,047)
Carrying amount	57,288	72,022
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross value	105,542	117,022
Accumulated amortization	(53,680)	(51,337)
Carrying amount	$ 51,862	$ 65,685
Customer relationships | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	8 years 8 months 12 days	8 years 4 months 24 days
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross value	$ 11,047	$ 11,047
Accumulated amortization	(5,621)	(4,710)
Carrying amount	$ 5,426	$ 6,337
Weighted average useful life	10 years
Developed technology | Weighted Average
Finite Lived Intangible Assets [Line Items]
Weighted average useful life	10 years	10 years

v3.24.0.1

Intangible Assets and Goodwill - Estimated Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 29, 2023	Dec. 30, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 8,574
2025	8,312
2026	7,729
2027	7,288
2028	7,055
Thereafter	18,330
Carrying amount	$ 57,288	$ 72,022

v3.24.0.1

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill beginning balance	$ 335,402	$ 335,902	$ 174,887
Acquisitions	0	(500)	161,015
Goodwill ending balance	$ 335,402	$ 335,402	$ 335,902

v3.24.0.1

Leases - Additional Information (Detail)	12 Months Ended
	Dec. 29, 2023 USD ($)
Leases [Abstract]
Number of operating lease executed	0

v3.24.0.1

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 9,656	$ 8,760	$ 5,763

v3.24.0.1

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 9,494	$ 8,164	$ 5,477

v3.24.0.1

Leases - Supplemental Balance Sheet Information Related to Leases (Detail)	Dec. 29, 2023	Dec. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term of operating leases	4 years 7 months 6 days	5 years 3 months 18 days
Weighted-average discount rate of operating leases	3.40%	3.00%

v3.24.0.1

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) $ in Thousands	Dec. 29, 2023 USD ($)
Leases [Abstract]
2024	$ 9,463
2025	9,003
2026	8,572
2027	7,595
2028	3,166
Thereafter	2,955
Total future minimum lease payments	40,754
Less imputed interest	(3,104)
Total lease liabilities	$ 37,650

v3.24.0.1

Income Taxes - Summary of Information on Company's Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
United States	$ (69,040)	$ (353)	$ 13,435
Foreign	37,962	75,683	60,321
Income (loss) before income taxes	$ (31,078)	$ 75,330	$ 73,756

v3.24.0.1

Income Taxes - Significant Components of Income Tax Expense (Benefit) From Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Current:
Federal	$ (56)	$ 1,605	$ 430
State	16	912	1,524
Foreign	2,633	3,224	2,766
Total current tax expense	2,593	5,741	4,720
Deferred:
Federal	8,471	(2,604)	(889)
State	1,529	(45)	(771)
Foreign	(686)	(566)	(203)
Total deferred tax expense (benefit)	9,314	(3,215)	(1,863)
Income tax expense	$ 11,907	$ 2,526	$ 2,857

v3.24.0.1

Income Taxes - Reconciliation of Income Tax at Federal Statutory Tax Rates to Income Tax Expense (Benefit) From Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Effective rate reconciliation:
U.S. federal tax expense		$ (6,527)	$ 15,819	$ 15,489
State income taxes, net		(1,713)	752	577
Permanent items		928	248	680
Foreign rate differential		(1,190)	(2,595)	(1,897)
Tax holiday		(4,962)	(11,676)	(9,653)
Credits		(1,661)	(1,882)	(1,647)
Tax contingencies		(331)	462	482
Share-based compensation		(122)	166	(2,640)
Withholding tax		717	1,170	1,044
Other, net		(763)	112	385
Valuation allowance	$ 11,100	27,531	(50)	37
Income tax expense		$ 11,907	$ 2,526	$ 2,857

v3.24.0.1

Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 29, 2023	Dec. 30, 2022
Deferred tax assets:
Inventory	$ 7,962	$ 6,648
Share-based compensation	3,563	3,027
Accrued payroll	1,306	1,942
Net operating loss carryforwards	8,092	528
Tax credits	4,987	2,525
Interest carryforwards	4,099	0
Capitalized research expenses	7,096	3,746
Intercompany interest	2,758	2,341
Operating lease liabilities	9,379	10,247
Other assets	663	1,531
Deferred tax assets	49,905	32,535
Valuation allowance	(28,038)	(507)
Total deferred tax assets	21,867	32,028
Deferred tax liabilities:
Intangible assets	(3,631)	(3,245)
Property, plant and equipment	(6,743)	(7,091)
Operating lease right-of-use assets	(9,149)	(10,122)
Other liabilities	(365)	(277)
Total deferred tax liabilities	(19,888)	(20,735)
Net deferred tax asset	$ 1,979	$ 11,293

v3.24.0.1

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	Dec. 25, 2020
Income Taxes [Line Items]
Operating loss carryforwards, federal		$ 31,100,000
Operating loss carryforwards, state		25,100,000
Operating loss carryforwards, foreign		1,300,000
Tax holiday		4,962,000	$ 11,676,000	$ 9,653,000
Unrecognized tax benefits for uncertain tax positions		3,157,000	3,595,000	2,995,000	$ 2,490,000
Unrecognized tax benefits that would impact effective tax rate		3,100,000
Decrease in unrecognized tax benefits is reasonably possible		100,000
Decrease in potential interest and penalties		200,000
Unrecognized tax benefits, interest on income taxes expense		0
Unrecognized tax benefits, income tax penalties		500,000
Valuation allowance	$ 11,100,000	27,531,000	(50,000)	37,000
Other Non-current Liabilities
Income Taxes [Line Items]
Unrecognized tax benefits for uncertain tax positions		3,100,000
Singapore
Income Taxes [Line Items]
Tax holiday		5,000,000	$ 11,700,000	$ 9,700,000
Federal
Income Taxes [Line Items]
Tax credit carryforward amount		$ 1,700,000

v3.24.0.1

Income Taxes - Summary of the Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 3,595	$ 2,995	$ 2,490
Increase related to current year tax positions	488	689	597
Decrease in tax positions related to lapse of statute of limitations	(10)	(89)	(92)
Decrease in tax positions related to settlements	(916)
Ending balance	$ 3,157	$ 3,595	$ 2,995

v3.24.0.1

Employee Benefit Programs - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee	50.00%
Percentage of eligible employee receive discretionary matching contribution	50.00%
Employee matching contributions	$ 2.7	$ 3.0	$ 2.2
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of maximum annual contributions per employee	4.00%

v3.24.0.1

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 29, 2023	Dec. 30, 2022
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 250,000	$ 302,500
Less unamortized debt issuance costs	(1,317)	(1,782)
Total long-term debt, net	248,683	300,718
Less current portion	(7,500)	(7,500)
Long-term debt, less current portion, net	241,183	293,218
Term loan
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	135,000	142,500
Revolving credit facility
Line Of Credit Facility [Line Items]
Total principal amount of long-term debt	$ 115,000	$ 160,000

v3.24.0.1

Long-Term Debt - Maturities of long Term Debt Consist (Detail) - USD ($) $ in Thousands	Dec. 29, 2023	Dec. 30, 2022
Debt Disclosure [Abstract]
2024	$ 7,500
2025	7,500
2026	235,000
Total	$ 250,000	$ 302,500

v3.24.0.1

Long-Term Debt - Additional Information (Details) $ in Thousands		12 Months Ended
	Oct. 29, 2021 USD ($)	Dec. 29, 2023 USD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Weighted average interest rate across all credit facilities		6.80%	3.37%	2.74%
Principal amount of long-term debt		$ 250,000	$ 302,500
Term loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		135,000	142,500
Revolving credit facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt		$ 115,000	$ 160,000
Credit Agreement
Line Of Credit Facility [Line Items]
Fixed charge coverage ratio		1.25%
Credit Agreement | Federal Funds Effective Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Agreement | BSBY Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Credit Agreement | Minimum
Line Of Credit Facility [Line Items]
Consolidated leverage ratio		3.50
Credit Agreement | Minimum | BSBY Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	1.375%
Credit Agreement | Minimum | Base Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	0.375%
Credit Agreement | Maximum | BSBY Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	2.375%
Credit Agreement | Maximum | Base Rate
Line Of Credit Facility [Line Items]
Additional basis spread on variable rate	1.375%
Credit Agreement | Term loan
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	$ 150,000
Credit facility, periodic principal payments	$ 1,900
Credit facility, frequency of principal payments	quarterly
Credit Agreement | Term loan | BSBY Rate
Line Of Credit Facility [Line Items]
Interest rate		7.58%
Credit Agreement | Revolving credit facility
Line Of Credit Facility [Line Items]
Principal amount of long-term debt	$ 250,000
Credit Agreement | Revolving credit facility | Minimum
Line Of Credit Facility [Line Items]
Percentage of commitment fee on unused portion of revolver	0.175%
Credit Agreement | Revolving credit facility | Maximum
Line Of Credit Facility [Line Items]
Percentage of commitment fee on unused portion of revolver	0.35%

v3.24.0.1

Share-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2017	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	Dec. 29, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense for Options, RSUs and employee share purchase rights across all plans		$ 17,300,000	$ 13,900,000	$ 11,500,000
Total unrecognized share-based compensation expense relating to restricted shares		$ 100,000
Weighted average remaining service period		4 months 24 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period		4 years
Awards vesting percentage		25.00%
Awards vesting period		3 years
Restricted Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period		4 years
Awards vesting percentage		25.00%
Awards vesting period		3 years
Performance condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		3 years
Market condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		3 years
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized share-based compensation expense relating to restricted shares		$ 31,700,000
Weighted average remaining service period		2 years 8 months 12 days
The 2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares reserved for issuance (in shares)					1,888,000
Percentage of outstanding ordinary shares					2.00%
Share-based compensation arrangement by share-based payment award, expiration period		7 years
2017 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense for Options, RSUs and employee share purchase rights across all plans		$ 900,000	$ 1,000,000	$ 600,000
Total unrecognized share-based compensation expense relating to restricted shares		$ 0
Purchase price equal to percentage of fair market value of ordinary shares	85.00%
2017 Employee Stock Purchase Plan | Ordinary Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares remained eligible for issuance (in shares)		2,200,000

v3.24.0.1

Share-Based Compensation - Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 29, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Roll Forward]
Weighted average exercise price per share, outstanding, beginning balance (in usd per share) | $ / shares	$ 23.35
Weighted average exercise price per share, exercised (in usd per share) | $ / shares	20.69
Weighted average exercise price per share, forfeited or expired (in usd per share) | $ / shares	21.84
Weighted average exercise price per share, outstanding, ending balance (in usd per share) | $ / shares	24.36
Weighted average exercise price per share, exercisable (in usd per share) | $ / shares	$ 24.39
Weighted average remaining contractual term, outstanding	2 years
Weighted average remaining contractual term, exercisable	2 years
Aggregate intrinsic value, outstanding | $	$ 5,399
Aggregate intrinsic value, exercisable | $	$ 5,235
Service condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Roll Forward]
Number of stock options, outstanding, beginning balance (in shares) | shares	805,115
Number of stock options, exercised (in shares) | shares	(215,884)
Number of stock options, forfeited or expired (in shares) | shares	(7,068)
Number of stock options, outstanding, ending balance (in shares) | shares	582,163
Number of stock options, exercisable (in shares) | shares	566,312

v3.24.0.1

Share Based Compensation - Schedule of Fair Value Information for Options Granted (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Total intrinsic value of options exercised	$ 3,041	$ 1,232	$ 11,859

v3.24.0.1

Share-Based Compensation - Schedule of RSU Activity (Details)	12 Months Ended
	Dec. 29, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Roll Forward]
Weighted average grant date fair value per share, unvested, beginning balance (in usd per share) | $ / shares	$ 30.26
Weighted average grant date fair value per share, granted (in usd per share) | $ / shares	30.70
Weighted average grant date fair value per share, vested (in usd per share) | $ / shares	30.09
Weighted average grant date fair value per share, forfeited (in usd per share) | $ / shares	30.91
Weighted average grant date fair value per share, unvested, ending balance (in usd per share) | $ / shares	$ 30.37
Service condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Roll Forward]
Number of restricted share units, unvested, beginning balance (in shares)	860,595
Number of restricted share units, granted (in shares)	679,085
Number of restricted share units, vested (in shares)	(383,816)
Number of restricted share units, forfeited (in shares)	(67,781)
Number of restricted share units, unvested, ending balance (in shares)	1,088,083
Performance condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Roll Forward]
Number of restricted share units, unvested, beginning balance (in shares)	57,562
Number of restricted share units, granted (in shares)	47,433
Number of restricted share units, vested (in shares)	0
Number of restricted share units, forfeited (in shares)	(7,696)
Number of restricted share units, unvested, ending balance (in shares)	97,299
Market condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Roll Forward]
Number of restricted share units, unvested, beginning balance (in shares)	86,342
Number of restricted share units, granted (in shares)	96,301
Number of restricted share units, vested (in shares)	0
Number of restricted share units, forfeited (in shares)	(11,542)
Number of restricted share units, unvested, ending balance (in shares)	171,101

v3.24.0.1

Share Based Compensation - Schedule of Fair Value Information for RSUs Granted and Vested (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, granted (in usd per share)	$ 30.70
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share, granted (in usd per share)	$ 30.70	$ 27.24	$ 49.59
Total grant-date fair value of shares vested	$ 11,550	$ 9,644	$ 5,871

v3.24.0.1

Share-Based Compensation - Schedule of Weighted Average Assumption used to Measure Fair Value (Details) - 2017 Employee Stock Purchase Plan	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average expected term	6 months	6 months	6 months
Risk-free interest rate	5.10%	1.40%	0.10%
Dividend yield	0.00%	0.00%	0.00%
Volatility	63.40%	63.80%	63.70%

v3.24.0.1

Segment Information - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 29, 2023 USD ($) Segment	Dec. 30, 2022 USD ($)	Dec. 31, 2021
Segment Reporting Information [Line Items]
Number of operating segment | Segment	1
Foreign long-lived assets, exclusive of deferred tax assets | $	$ 48.2	$ 52.8
Customer Concentration Risk | Sales Revenue, Net | Three Major Customers
Segment Reporting Information [Line Items]
Percentage of net sales from continuing operations	82.00%
Customer Concentration Risk | Sales Revenue, Net | Two Major Customer
Segment Reporting Information [Line Items]
Percentage of net sales from continuing operations		79.00%	85.00%

v3.24.0.1

Segment Information - Schedule of Sales By Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total net sales	$ 811,120	$ 1,280,069	$ 1,096,917
United States of America
Segment Reporting Information [Line Items]
Total net sales	281,298	572,129	544,109
Singapore
Segment Reporting Information [Line Items]
Total net sales	318,790	460,569	383,278
Europe
Segment Reporting Information [Line Items]
Total net sales	116,316	109,547	78,745
Other
Segment Reporting Information [Line Items]
Total net sales	$ 94,716	$ 137,824	$ 90,785

v3.24.0.1

Segment Information - Sales from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 811,120	$ 1,280,069	$ 1,096,917
Lam Research
Segment Reporting Information [Line Items]
Net sales	286,836	616,391	579,009
Applied Materials
Segment Reporting Information [Line Items]
Net sales	295,082	$ 396,261	$ 352,077
ASML
Segment Reporting Information [Line Items]
Net sales	$ 85,589

v3.24.0.1

Earnings per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Earnings Per Share Basic And Diluted [Line Items]
Net income (loss)	$ (42,985)	$ 72,804	$ 70,899
Basic weighted average ordinary shares outstanding (in shares)	29,200,796	28,714,550	28,259,607
Diluted weighted average ordinary shares outstanding (in shares)	29,200,796	28,963,031	28,979,352
Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (in shares)	2,632,000	959,000	273,000
Net income (loss) per share:
Basic (in usd per share)	$ (1.47)	$ 2.54	$ 2.51
Diluted (in usd per share)	$ (1.47)	$ 2.51	$ 2.45
Options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares (in shares)	0	165,855	480,790
RSUs
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares (in shares)	0	74,853	237,357
ESPP
Earnings Per Share Basic And Diluted [Line Items]
Dilutive effect of shares (in shares)	0	7,773	1,598

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