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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 04, 2015

Accounting Policies [Abstract]

Fair Value Hierarchy for Financial Assets

January 3, 2015	Adjusted Basis Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Estimated Fair Value				Cash and Cash Equivalents
Cash	$	92,888			$	—			$	—			$	92,888			$	92,888
Level 1:
Bank Time Deposits	40,500				—				—				40,500				40,500
U.S. Treasuries	—				—				—				—				—
Money Market Funds	1,065				—				—				1,065				1,065
Subtotal	41,565				—				—				41,565				41,565
Level 2:
None	—				—				—				—				—
Level 3:
None	—				—				—				—				—
Total assets measured at fair value	$	134,453			$	—			$	—			$	134,453			$	134,453

The following tables represent the Company’s financial assets (in thousands), measured at fair value on a recurring basis:

April 4, 2015	Adjusted Basis Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Estimated Fair Value				Cash and Cash Equivalents
Cash	$	78,308			$	—			$	—			$	78,308			$	78,308
Level 1:
Bank Time Deposits	43,500				—				—				43,500				43,500
U.S. Treasuries	—				—				—				—				—
Money Market Funds	13,912				—				—				13,912				13,912
Subtotal	57,412				—				—				57,412				57,412
Level 2:
None	—				—				—				—				—
Level 3:
None	—				—				—				—				—
Total assets measured at fair value	$	135,720			$	—			$	—			$	135,720			$	135,720

January 3, 2015	Adjusted Basis Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Estimated Fair Value				Cash and Cash Equivalents
Cash	$	92,888			$	—			$	—			$	92,888			$	92,888
Level 1:
Bank Time Deposits	40,500				—				—				40,500				40,500
U.S. Treasuries	—				—				—				—				—
Money Market Funds	1,065				—				—				1,065				1,065
Subtotal	41,565				—				—				41,565				41,565
Level 2:
None	—				—				—				—				—
Level 3:
None	—				—				—				—				—
Total assets measured at fair value	$	134,453			$	—			$	—			$	134,453			$	134,453

Changes in Product Warranty Accrual

Changes in the product warranty accrual were as follows (in thousands):

	Three Months Ended
	April 4, 2015				March 29, 2014
Warranty accrual, beginning of period	$	1,416			$	1,161
Accrual for warranties issued	339				278
Changes to pre-existing warranties (including changes in estimates)	(17		)		(76		)
Settlements made	(258		)		(242		)
Warranty accrual, end of period	$	1,480			$	1,121

Schedule of Change in Accumulated Other Comprehensive Income

The change in accumulated other comprehensive loss was as follows (in thousands):

	Three Months Ended   April 4, 2015
Accumulated other comprehensive loss, beginning of period	$	(2,093	)
Foreign currency translation adjustments	(2,942		)
Accumulated other comprehensive loss, end of period	$	(5,035	)

Reconciliation of Basic and Diluted Net Income Per Share

A reconciliation of basic and diluted net income per share attributable to Masimo Corporation stockholders is as follows (in thousands, except per share amounts):

	Three Months Ended
	April 4, 2015				March 29, 2014
Net income attributable to Masimo Corporation stockholders:
Net income including noncontrolling interest	$	19,822			$	22,491
Net loss attributable to the noncontrolling interest	701				141
Net income attributable to Masimo Corporation stockholders	$	20,523			$	22,632
Basic net income per share attributable to Masimo Corporation stockholders:
Net income attributable to Masimo Corporation stockholders	$	20,523			$	22,632
Weighted-average shares outstanding - basic	52,687				56,705
Basic net income per share attributable to Masimo Corporation stockholders	$	0.39			$	0.40
Diluted net income per share attributable to Masimo Corporation stockholders:
Weighted-average shares outstanding - basic	52,687				56,705
Diluted share equivalent: stock options	1,277				1,342
Weighted-average shares outstanding - diluted	53,964				58,047
Diluted net income per share attributable to Masimo Corporation stockholders	$	0.38			$	0.39

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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