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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 02, 2016

Accounting Policies [Abstract]

Fair Value Hierarchy for Financial Assets

January 2, 2016	Adjusted Basis Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Estimated Fair Value				Cash and Cash Equivalents
Cash	$	57,168			$	—			$	—			$	57,168			$	57,168
Level 1:
Bank Time Deposits	55,000				—				—				55,000				55,000
Money Market Funds	20,149				—				—				20,149				20,149
Subtotal	75,149				—				—				75,149				75,149
Level 2:
None	—				—				—				—				—
Level 3:
None	—				—				—				—				—
Total assets measured at fair value	$	132,317			$	—			$	—			$	132,317			$	132,317

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

April 2, 2016	Adjusted Basis Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Estimated Fair Value				Cash and Cash Equivalents
Cash	$	89,700			$	—			$	—			$	89,700			$	89,700
Level 1:
Bank Time Deposits	50,000				—				—				50,000				50,000
Money Market Funds	201				—				—				201				201
Subtotal	50,201				—				—				50,201				50,201
Level 2:
None	—				—				—				—				—
Level 3:
None	—				—				—				—				—
Total assets measured at fair value	$	139,901			$	—			$	—			$	139,901			$	139,901

January 2, 2016	Adjusted Basis Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Estimated Fair Value				Cash and Cash Equivalents
Cash	$	57,168			$	—			$	—			$	57,168			$	57,168
Level 1:
Bank Time Deposits	55,000				—				—				55,000				55,000
Money Market Funds	20,149				—				—				20,149				20,149
Subtotal	75,149				—				—				75,149				75,149
Level 2:
None	—				—				—				—				—
Level 3:
None	—				—				—				—				—
Total assets measured at fair value	$	132,317			$	—			$	—			$	132,317			$	132,317

Changes in Product Warranty Accrual

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

	Three Months Ended
	April 2, 2016				April 4, 2015
Warranty accrual, beginning of period	$	1,222			$	1,416
Accrual for warranties issued	405				339
Changes to pre-existing warranties (including changes in estimates)	(50		)		(17		)
Settlements made	(290		)		(258		)
Warranty accrual, end of period	$	1,287			$	1,480

Schedule of Change in Accumulated Other Comprehensive Income

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

	Three Months Ended   April 2, 2016
Accumulated other comprehensive loss, beginning of period	$	(4,739	)
Foreign currency translation adjustments	1,399
Accumulated other comprehensive loss, end of period	$	(3,340	)

Reconciliation of Basic and Diluted Net Income Per Share

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 2, 2016				April 4, 2015
Net income attributable to Masimo Corporation stockholders:
Net income including noncontrolling interest	$	27,577			$	19,822
Net loss attributable to the noncontrolling interest	—				701
Net income attributable to Masimo Corporation stockholders	$	27,577			$	20,523
Basic net income per share attributable to Masimo Corporation stockholders:
Net income attributable to Masimo Corporation stockholders	$	27,577			$	20,523
Weighted-average shares outstanding - basic	49,424				52,687
Basic net income per share attributable to Masimo Corporation stockholders	$	0.56			$	0.39
Diluted net income per share attributable to Masimo Corporation stockholders:
Weighted-average shares outstanding - basic	49,424				52,687
Diluted share equivalent: stock options and RSUs	2,525				1,277
Weighted-average shares outstanding - diluted	51,949				53,964
Diluted net income per share attributable to Masimo Corporation stockholders	$	0.53			$	0.38

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental cash flow information includes the following (in thousands):

	Three Months Ended
	April 2, 2016				April 4, 2015
Cash paid during the year for:
Interest (net of amounts capitalized)	$	1,335			$	413
Income taxes	2,303				6,673
Noncash investing and financing activities:
Assets acquired under capital leases	$	—			$	36
Unpaid purchases of property, plant and equipment	3,600				4,346
Unsettled common stock proceeds from option exercises	896				395
Unsettled stock repurchases	—				6,079

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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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