XML 39 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 29, 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):

	September 29, 2018				December 30, 2017
Building and building improvements	$	88,403			$	87,999
Machinery and equipment	53,160				47,556
Aircraft and vehicles	25,554				25,329
Land	23,762				23,762
Computer equipment	16,426				15,789
Leasehold improvements	16,323				15,326
Tooling	14,124				13,754
Furniture and office equipment	10,371				9,967
Demonstration units	471				486
Construction-in-progress (CIP)	9,698				6,365
Total property and equipment	258,292				246,333
Accumulated depreciation and amortization	(93,687		)		(82,237		)
Property and equipment, net	$	164,605			$	164,096

Changes in Product Warranty Accrual

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

	Nine Months Ended
	September 29, 2018				September 30, 2017
Warranty accrual, beginning of period	$	1,149			$	910
Accrual for warranties issued	943				712
Changes to pre-existing warranties (including changes in estimates)	779				(116		)
Settlements made	(974		)		(486		)
Warranty accrual, end of period	$	1,897			$	1,020

Changes in Accumulated Other Comprehensive Loss

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

	Nine Months Ended   September 29, 2018
Accumulated other comprehensive loss, beginning of period	$	(2,941	)
Unrealized gains from foreign currency translation	(2,877		)
Accumulated other comprehensive loss, end of period	$	(5,818	)

Reconciliation of Basic and Diluted Net Income Per Share

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

	Three Months Ended								Nine Months Ended
	September 29, 2018				September 30, 2017 As Adjusted				September 29, 2018				September 30, 2017 As Adjusted
Net income	$	57,126			$	35,853			$	146,609			$	132,524
Basic net income per share:
Weighted-average shares outstanding - basic	52,432				52,079				52,726				51,469
Net income per basic share	$	1.09			$	0.69			$	2.78			$	2.57
Diluted net income per share:
Weighted-average shares outstanding - basic	52,432				52,079				52,726				51,469
Diluted share equivalent: stock options and RSUs	3,805				4,084				3,829				4,498
Weighted-average shares outstanding - diluted	56,237				56,163				56,555				55,967
Net income per diluted share	$	1.02			$	0.64			$	2.59			$	2.37

Reconciliation of New Accounting Pronouncements

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.

During the fourth quarter of the fiscal year ended December 30, 2017, the Company early adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18). The new standard was intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. The Company has restated interim periods prior to the date of adoption to reflect the adoption of this ASU.

The reconciliations below reflect the adoption of ASC 606, the adoption of ASU 2016-16, the adoption of ASU 2016-18 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 September 30, 2017
	As Previously Reported				Adjustments				As Adjusted
Product revenue	$	181,271			$	(1,575	)		$	179,696
Royalty and other revenue	12,421				1,243				13,664
Cost of goods sold	65,027				4,268				69,295
Selling, general and administrative	65,390				314				65,704
Provision (benefit) for income taxes	9,027				(1,532		)		7,495
Net income	39,235				(3,382		)		35,853
Net income per share:
Basic	$	0.75			$	(0.06	)		$	0.69
Diluted	$	0.70			$	(0.06	)		$	0.64

Condensed Consolidated Statement of Operations:	Nine Months Ended   September 30, 2017
	As Previously Reported				Adjustments				As Adjusted
Product revenue	$	542,170			$	(281	)		$	541,889
Royalty and other revenue	30,757				9,663				40,420
Cost of goods sold	191,692				7,237				198,929
Selling, general and administrative	197,339				1,121				198,460
Provision (benefit) for income taxes	8,108				(252		)		7,856
Net income	131,248				1,276				132,524
Net income per share:
Basic	$	2.55			$	0.02			$	2.57
Diluted	$	2.35			$	0.02			$	2.37

Condensed Consolidated Statements of Cash Flows:	Nine Months Ended   September 30, 2017
	As Previously Reported				Adjustments				As Adjusted
Cash flows from operating activities:
Net income	$	131,248			$	1,276			$	132,524
Adjustments to reconcile net income to net cash provided by operating activities:
Increase in inventories	(25,998		)		(356		)		(26,354		)
Decrease in other current assets	(11,099		)		2,004				(9,095		)
Decrease in deferred costs and other contract assets	(16,166		)		6,991				(9,175		)
Increase in other non-current assets	(964		)		(2,561		)		(3,525		)
Increase in accrued liabilities	(66,918		)		67,311				393
Decrease in income taxes payable	—				(71,177		)		(71,177		)
Decrease in deferred revenue and other contract liabilities	(5,905		)		(5,134		)		(11,039		)

Supplemental Cash Flow Information

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

	Nine Months Ended
	September 29, 2018				September 30, 2017
Cash paid during the year for:
Interest	$	184			$	432
Income taxes	29,003				86,759
Noncash investing and financing activities:
Unpaid purchases of property, plant and equipment	$	2,023			$	3,349
Unsettled common stock proceeds from option exercises	259				113
Unsettled stock repurchases	—				2,653
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	493,488			$	289,944
Restricted cash	157				582
Total cash, cash equivalents and restricted cash shown in the statement of cash flow	$	493,645			$	290,526

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669686-108580

+ Details

Name:	us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of supplemental cash flow information for the periods presented.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249

+ Details

Name:	us-gaap_ScheduleOfProductWarrantyLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration