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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Property, Plant and Equipment

	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):

	June 30, 2018				December 30, 2017
Building and building improvements	$	88,234			$	87,999
Machinery and equipment	51,471				47,556
Aircraft and vehicles	25,555				25,329
Land	23,762				23,762
Computer equipment	16,227				15,789
Leasehold improvements	16,141				15,326
Tooling	13,976				13,754
Furniture and office equipment	10,397				9,967
Demonstration units	479				486
Construction-in-progress (CIP)	7,771				6,365
Total property and equipment	254,013				246,333
Accumulated depreciation and amortization	(89,986		)		(82,237		)
Property and equipment, net	$	164,027			$	164,096

Changes in Product Warranty Accrual

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

	Six Months Ended
	June 30, 2018				July 1, 2017
Warranty accrual, beginning of period	$	1,149			$	910
Accrual for warranties issued	643				606
Changes to pre-existing warranties (including changes in estimates)	551				(5		)
Settlements made	(502		)		(485		)
Warranty accrual, end of period	$	1,841			$	1,026

Schedule of Change in Accumulated Other Comprehensive Income

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

	Six Months Ended   June 30, 2018
Accumulated other comprehensive loss, beginning of period	$	(2,941	)
Unrealized gains from foreign currency translation	(3,056		)
Accumulated other comprehensive loss, end of period	$	(5,997	)

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								Six Months Ended
	June 30, 2018				July 1, 2017 As Adjusted				June 30, 2018				July 1, 2017 As Adjusted
Net income	$	43,853			$	45,138			$	89,483			$	96,671
Basic net income per share:
Weighted-average shares outstanding - basic	51,999				51,677				52,047				51,164
Net income per basic share	$	0.84			$	0.87			$	1.72			$	1.89
Diluted net income per share:
Weighted-average shares outstanding - basic	51,999				51,677				52,047				51,164
Diluted share equivalent: stock options and RSUs	3,743				4,496				3,795				4,704
Weighted-average shares outstanding - diluted	55,742				56,173				55,842				55,868
Net income per diluted share	$	0.79			$	0.80			$	1.60			$	1.73

Schedule of Cash Flow, Supplemental Disclosures

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

	Six Months Ended
	June 30, 2018				July 1, 2017
Cash paid during the year for:
Interest	$	229			$	321
Income taxes	21,771				81,662
Noncash investing and financing activities:
Unpaid purchases of property, plant and equipment	$	663			$	2,113
Unsettled common stock proceeds from option exercises	—				237
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	429,647			$	331,448
Restricted cash	147				1,378
Total cash, cash equivalents and restricted cash shown in the statement of cash flow	$	429,794			$	332,826

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:	Three Months Ended July 1, 2017
	As Previously Reported				Adjustments				As Adjusted
Product revenue	$	182,802			$	(3,075	)		$	179,727
Royalty and other revenue	10,131				2,448				12,579
Cost of goods sold	64,496				909				65,405
Selling, general and administrative	66,377				293				66,670
Provision (benefit) for income taxes	346				(1,477		)		(1,131		)
Net income	46,680				(1,542		)		45,138
Net income per share:
Basic	$	0.90			$	(0.03	)		$	0.87
Diluted	$	0.83			$	(0.03	)		$	0.80

Condensed Consolidated Statement of Operations:	Six Months Ended July 1, 2017
	As Previously Reported				Adjustments				As Adjusted
Product revenue	$	360,899			$	1,294			$	362,193
Royalty and other revenue	18,336				8,420				26,756
Cost of goods sold	126,664				2,970				129,634
Selling, general and administrative	131,949				807				132,756
Provision (benefit) for income taxes	(919		)		1,280				361
Net income	92,014				4,657				96,671
Net income per share:
Basic	$	1.80			$	0.09			$	1.89
Diluted	$	1.65			$	0.08			$	1.73

Condensed Consolidated Statements of Cash Flows:	Six Months Ended July 1, 2017
	As Previously Reported				Adjustments				As Adjusted
Cash flows from operating activities:
Net income	$	92,014			$	4,657			$	96,671
Adjustments to reconcile net income to net cash provided by operating activities:
Increase in inventories	(15,554		)		(61		)		(15,615		)
Increase in other current assets	(14,694		)		573				(14,121		)
Increase in deferred costs and other contract assets	(13,700		)		829				(12,871		)
(Increase) decrease in other non-current assets	(1,288		)		2,159				871
(Decrease) increase in accrued liabilities	(67,641		)		71,241				3,600
Decrease in income taxes payable	—				(71,496		)		(71,496		)
Increase (decrease) in deferred revenue and other contract liabilities	327				(8,751		)		(8,424		)
Increase in other non-current liabilities	985				—				985

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