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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 28, 2019
Accounting Policies [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | The following tables represent the Company’s financial assets (in thousands), measured at fair value on a recurring basis as of September 28, 2019:
|  |  |  |  |  |  |  |  | Reported as
| Adjusted Basis Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value |  | Cash and Cash Equivalents |  | Short-Term Investments
Cash | $ | 513,360 |  |  | $ | — |  |  | $ | — |  |  | $ | 513,360 |  |  | $ | 513,360 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | 120,000 |  |  | — |  |  | — |  |  | 120,000 |  |  | — |  |  | 120,000 |
Subtotal | 120,000 |  |  | — |  |  | — |  |  | 120,000 |  |  | — |  |  | 120,000 |
Level 2: |  |  |  |  |  |  |  |  |  |  |
None | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 3: |  |  |  |  |  |  |  |  |  |  |
None | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets measured at fair value | $ | 633,360 |  |  | $ | — |  |  | $ | — |  |  | $ | 633,360 |  |  | $ | 513,360 |  |  | $ | 120,000 |
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):
| September 28, 2019 |  | December 29, 2018
Building and building improvements | $ | 91,704 |  |  | $ | 88,449 |
Machinery and equipment | 58,582 |  |  | 54,525 |
Land | 40,216 |  |  | 23,762 |
Aircraft and vehicles | 28,818 |  |  | 25,555 |
Computer equipment | 19,214 |  |  | 16,582 |
Leasehold improvements | 17,574 |  |  | 16,428 |
Tooling | 15,070 |  |  | 14,212 |
Furniture and office equipment | 10,708 |  |  | 10,459 |
Demonstration units | 792 |  |  | 470 |
Construction-in-progress (CIP) | 37,309 |  |  | 13,320 |
Total property and equipment | 319,987 |  |  | 263,762 |
Accumulated depreciation | (110,529 | ) |  | (97,790 | )
Property and equipment, net | $ | 209,458 |  |  | $ | 165,972 |
Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows (in thousands):
| Nine Months Ended
| September 28, 2019 |  | September 29, 2018
Warranty accrual, beginning of period | $ | 1,910 |  |  | $ | 1,149 |
Accrual for warranties issued | 1,920 |  |  | 943 |
Changes to pre-existing warranties (including changes in estimates)(1) | 1,404 |  |  | 779 |
Settlements made | (1,276 | ) |  | (974 | )
Warranty accrual, end of period | $ | 3,958 |  |  | $ | 1,897 |
______________ (1) In connection with its adoption of ASC 842 on December 30, 2018, the Company recorded an adjustment to pre-existing warranties of $2.5 million related to equipment previously capitalized under its deferred equipment agreements where the embedded leases were treated as operating leases under prior guidance. See “Recently Adopted Accounting Pronouncements” to these condensed consolidated financial statements for additional information related to the Company’s adoption of ASC 842.
Changes in Accumulated Other Comprehensive Loss | The change in accumulated other comprehensive loss was as follows (in thousands):
| Nine Months Ended September 28, 2019
Accumulated other comprehensive loss, beginning of period | $ | (6,199 | )
Unrealized gains from foreign currency translation adjustments | (1,595 | )
Accumulated other comprehensive loss, end of period | $ | (7,794 | )
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 28, 2019 |  | September 29, 2018 |  | September 28, 2019 |  | September 29, 2018
Net income | $ | 49,085 |  |  | $ | 57,126 |  |  | $ | 143,295 |  |  | $ | 146,609 |
Basic net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 53,535 |  |  | 52,432 |  |  | 53,367 |  |  | 52,046 |
Net income per basic share | $ | 0.92 |  |  | $ | 1.09 |  |  | $ | 2.69 |  |  | $ | 2.82 |
Diluted net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 53,535 |  |  | 52,432 |  |  | 53,367 |  |  | 52,046 |
Diluted share equivalent: stock options, RSUs and PSUs | 3,727 |  |  | 3,805 |  |  | 3,688 |  |  | 3,829 |
Weighted-average shares outstanding - diluted | 57,262 |  |  | 56,237 |  |  | 57,055 |  |  | 55,875 |
Net income per diluted share | $ | 0.86 |  |  | $ | 1.02 |  |  | $ | 2.51 |  |  | $ | 2.62 |
Supplemental Cash Flow Information | Supplemental cash flow information includes the following (in thousands):
| Nine Months Ended
| September 28, 2019 |  | September 29, 2018
Cash paid during the year for: |  |  |
Interest | $ | 134 |  |  | $ | 184 |
Income taxes | 34,123 |  |  | 29,003 |
Operating lease liabilities | 5,076 |  |  | — |
Non-cash operating activities: |  |  |
ROU assets obtained in exchange for lease liabilities(1) | $ | 25,965 |  |  | $ | — |
Non-cash investing activities: |  |  |
Unpaid purchases of property, plant and equipment | $ | 4,170 |  |  | $ | 2,023 |
Non-cash financing activities: |  |  |
Unsettled common stock proceeds from option exercises | $ | — |  |  | $ | 259 |
Reconciliation of cash, cash equivalents and restricted cash: |  |  |
Cash and cash equivalents | $ | 513,360 |  |  | $ | 493,488 |
Restricted cash | 152 |  |  | 157 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 513,512 |  |  | $ | 493,645 |
______________ (1) In connection with its adoption of ASC 842 on December 30, 2018, the Company recorded a lessee operating lease ROU asset of $22.5 million. See “Recently Adopted Accounting Pronouncements” to these condensed consolidated financial statements for additional information related to the Company’s adoption of ASC 842.

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- 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
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