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Summary of Significant Accounting Policies (Tables)

3 Months Ended

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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