Cognex Corp 8-K/A, filed Jul 29, 2020
Cognex Corp (CGNX)
8-K/A
2020-07-29
For: 2020-05-26
View Original
Added on
April 11, 2026
About this 8-K/A
Cognex Corp filed this 8-K/A on July 29, 2020, reporting on events of May 26, 2020.
Items reported
- Item 2.05: Exit or restructuring costs
- Item 2.06: Material impairment
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 26, 2020
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Registrant's telephone number, including area code: (508 ) 650-3000
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EXPLANATORY NOTE
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Item 2.05
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Costs Associated with Exit or Disposal Activities.
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The Company estimates the total restructuring charges from the global reduction in force and office closures described in the
Original Report to be approximately $16.4 million. The Company will record $14.8 million of such charges in the quarter ended June 28, 2020 and the remaining charges are expected to be recognized during the second half of 2020. The
restructuring charges expected to be incurred consist of one-time termination benefits (including employee severance, health insurance and outplacement services) of approximately $11.4 million, contract termination costs (including
remaining lease liability obligations and lease asset impairments for office closures) of approximately $4.0 million, and other associated costs (including legal fees) of approximately $1.1 million. Substantially all of these charges are or
will be cash expenditures. The restructuring charges described above are estimates and actual amounts may be materially different from these estimates.
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Item 2.06
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Material Impairments.
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In connection with the restructuring plan addressed in Item 2.05 above, the Company performed an impairment analysis of its
long-lived assets, including acquired intangible assets. As a result, the Company will record non-cash intangible asset impairment charges in the amount of $19.6 million during the quarter ended June 28, 2020, primarily related to lower
projected cash flows from the technologies and customer relationships acquired from Sualab Co. Ltd. as a result of the deteriorating global economic conditions from the COVID-19 pandemic. The Company also will record a provision for excess
and obsolete inventories of $7.7 million during the quarter ended June 28, 2020 due to lower projected sales of excess inventories as a result of deteriorating global economic conditions from the COVID-19 pandemic.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
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COGNEX CORPORATION
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Dated: July 29, 2020
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By: /s/ Paul D. Todgham
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Paul D. Todgham
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Senior Vice President and Chief Financial Officer
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