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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2018
Accounting Policies [Abstract] |
Property, Plant and Equipment | Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows:
| Useful Lives
Aircraft and components | 10 to 20 years
Buildings | 39 years
Building improvements | 7 to 15 years
Computer equipment | 2 to 6 years
Demonstration units | 3 years
Furniture and office equipment | 2 to 6 years
Leasehold improvements | Lesser of useful life or term of lease
Machinery and equipment | 5 to 10 years
Tooling | 3 years
Vehicles | 5 years
Property and equipment, net, consists of the following (in thousands):
| March 31, 2018 |  | December 30, 2017
Building and building improvements | $ | 88,215 |  |  | $ | 87,999 |
Machinery and equipment | 49,842 |  |  | 47,556 |
Aircraft and vehicles | 25,329 |  |  | 25,329 |
Land | 23,762 |  |  | 23,762 |
Computer equipment | 15,785 |  |  | 15,789 |
Leasehold improvements | 15,649 |  |  | 15,326 |
Tooling | 13,818 |  |  | 13,754 |
Furniture and office equipment | 10,328 |  |  | 9,967 |
Demonstration units | 491 |  |  | 486 |
Construction-in-progress (CIP) | 6,994 |  |  | 6,365 |
Total property and equipment | 250,213 |  |  | 246,333 |
Accumulated depreciation and amortization | (85,977 | ) |  | (82,237 | )
Property and equipment, net | $ | 164,236 |  |  | $ | 164,096 |
Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows (in thousands):
| Three Months Ended
| March 31, 2018 |  | April 1, 2017
Warranty accrual, beginning of period | $ | 1,149 |  |  | $ | 910 |
Accrual for warranties issued | 430 |  |  | 334 |
Changes to pre-existing warranties (including changes in estimates) | (278 | ) |  | 61 |
Settlements made | (161 | ) |  | (320 | )
Warranty accrual, end of period | $ | 1,140 |  |  | $ | 985 |
Schedule of Change in Accumulated Other Comprehensive Income | The change in accumulated other comprehensive loss was as follows (in thousands):
| Three Months Ended March 31, 2018
Accumulated other comprehensive loss, beginning of period | $ | (2,941 | )
Unrealized gains from foreign currency translation | (270 | )
Accumulated other comprehensive loss, end of period | $ | (3,211 | )
Reconciliation of Basic and Diluted Net Income Per Share | reconciliation of basic and diluted net income per share is as follows (in thousands, except per share amounts):
| Three Months Ended
| March 31, 2018 |  | April 1, 2017 As Adjusted
Net income | $ | 45,630 |  |  | $ | 51,533 |
Basic net income per share: |  |  |
Weighted-average shares outstanding - basic | 51,709 |  |  | 50,652 |
Net income per basic share | $ | 0.88 |  |  | $ | 1.02 |
Diluted net income per share: |  |  |
Weighted-average shares outstanding - basic | 51,709 |  |  | 50,652 |
Diluted share equivalent: stock options and RSUs | 3,787 |  |  | 4,877 |
Weighted-average shares outstanding - diluted | 55,496 |  |  | 55,529 |
Net income per diluted share | $ | 0.82 |  |  | $ | 0.93 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information includes the following (in thousands):
| Three Months Ended
| March 31, 2018 |  | April 1, 2017
Cash paid during the year for: |  |  |
Interest | $ | 169 |  |  | $ | 213 |
Income taxes | 1,023 |  |  | 3,157 |
Noncash investing and financing activities: |  |  |
Unpaid purchases of property, plant and equipment | $ | 1,492 |  |  | $ | 1,203 |
Unsettled common stock proceeds from option exercises | 794 |  |  | 2,560 |
Reconciliation of cash, cash equivalents and restricted cash: |  |  |
Cash and cash equivalents | $ | 369,498 |  |  | $ | 343,825 |
Restricted cash | 152 |  |  | 679 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flow | $ | 369,650 |  |  | $ | 344,504 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Pursuant to the full retrospective method of adoption under ASC 606, the Company has adjusted certain amounts previously reported in its unaudited condensed consolidated financial statements. The reconciliations below reflect the adoption of ASC 606, the adoption of ASU 2016-16 and certain other immaterial reclassifications (in thousands, except per share amounts):
Condensed Consolidated Balance Sheet: | December 30, 2017
| As Previously Reported |  | Adjustments |  | As Adjusted
Accounts receivable | $ | 121,309 |  |  | $ | (2,777 | ) |  | $ | 118,532 |
Inventories | 95,944 |  |  | (3,685 | ) |  | 92,259 |
Other current assets | 31,563 |  |  | 2,038 |  |  | 33,601 |
Deferred costs and other contract assets | 99,600 |  |  | 9,656 |  |  | 109,256 |
Deferred tax assets | 23,898 |  |  | (3,917 | ) |  | 19,981 |
Other non-current assets | 10,782 |  |  | (6,114 | ) |  | 4,668 |
Accrued and other liabilities | 42,344 |  |  | (18,090 | ) |  | 24,254 |
Deferred revenue and other contract liabilities, current | 35,929 |  |  | (3,824 | ) |  | 32,105 |
Retained earnings | 720,842 |  |  | 17,113 |  |  | 737,955 |
Condensed Consolidated Statement of Operations: | April 1, 2017
| As Previously Reported |  | Adjustments |  | As Adjusted
Product revenue | $ | 178,097 |  |  | $ | 4,369 |  |  | $ | 182,466 |
Royalty and other revenue | 8,205 |  |  | 5,972 |  |  | 14,177 |
Cost of goods sold | 62,168 |  |  | 2,061 |  |  | 64,229 |
Selling, general and administrative | 65,572 |  |  | 515 |  |  | 66,087 |
Provision (benefit) for income taxes | (1,265 | ) |  | 2,757 |  |  | 1,492 |
Net income | 45,334 |  |  | 6,199 |  |  | 51,533 |
Net income per share: |  |  |  |  |
Basic | $ | 0.90 |  |  | $ | 0.12 |  |  | $ | 1.02 |
Diluted | $ | 0.82 |  |  | $ | 0.11 |  |  | $ | 0.93 |
Condensed Consolidated Statements of Cash Flows: | April 1, 2017
| As Previously Reported |  | Adjustments |  | As Adjusted
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 45,334 |  |  | $ | 6,199 |  |  | $ | 51,533 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Decrease in inventories | (7,655 | ) |  | 274 |  |  | (7,381 | )
Decrease in other current assets | (3,106 | ) |  | (19 | ) |  | (3,125 | )
Decrease in deferred costs and other contract assets | (8,158 | ) |  | 515 |  |  | (7,643 | )
Increase (decrease) in other non-current assets | (188 | ) |  | 1,066 |  |  | 878 |
Decrease in accrued liabilities | (1,960 | ) |  | 1,866 |  |  | (94 | )
Decrease in income taxes payable | — |  |  | (4,845 | ) |  | (4,845 | )
(Decrease) increase in deferred revenue and other contract liabilities | 2,563 |  |  | (6,606 | ) |  | (4,043 | )
Increase in other non-current liabilities | 1,094 |  |  | — |  |  | 1,094 |

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