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v3.20.1

Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 28, 2020
Accounting Policies [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | The following table represents the Company’s financial assets (in thousands), measured at fair value on a recurring basis as of March 28, 2020:
|  |  |  |  |  |  |  |  | Reported as
| Adjusted Basis Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value |  | Cash and Cash Equivalents |  | Short-Term Investments
Cash and cash equivalents | $ | 605,916 |  |  | $ | — |  |  | $ | — |  |  | $ | 605,916 |  |  | $ | 605,916 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | — |  |  | 50,000 |
Subtotal | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | — |  |  | 50,000 |
Level 2: |  |  |  |  |  |  |  |  |  |  |
None | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 3: |  |  |  |  |  |  |  |  |  |  |
None | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets measured at fair value | $ | 655,916 |  |  | $ | — |  |  | $ | — |  |  | $ | 655,916 |  |  | $ | 605,916 |  |  | $ | 50,000 |
The following table represents the Company’s financial assets (in thousands), measured at fair value on a recurring basis as of December 28, 2019:
|  |  |  |  |  |  |  |  | Reported as
| Adjusted Basis Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value |  | Cash and Cash Equivalents |  | Short-Term Investments
Cash and cash equivalents | $ | 567,687 |  |  | $ | — |  |  | $ | — |  |  | $ | 567,687 |  |  | $ | 567,687 |  |  | $ | — |
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 | $ | 687,687 |  |  | $ | — |  |  | $ | — |  |  | $ | 687,687 |  |  | $ | 567,687 |  |  | $ | 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 | 4 to 20 years
Buildings | 39 years
Building improvements | 7 to 15 years
Computer equipment and software | 2 to 12 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 28, 2020 |  | December 28, 2019
Building and building improvements | $ | 101,883 |  |  | $ | 101,731 |
Machinery and equipment | 60,881 |  |  | 58,864 |
Land | 50,411 |  |  | 40,216 |
Aircraft and vehicles | 32,145 |  |  | 29,934 |
Computer equipment and software | 22,475 |  |  | 19,650 |
Leasehold improvements | 16,584 |  |  | 15,921 |
Tooling | 15,972 |  |  | 15,346 |
Furniture and office equipment | 11,253 |  |  | 11,049 |
Demonstration units | 834 |  |  | 836 |
Construction-in-progress (CIP) | 58,706 |  |  | 39,107 |
Total property and equipment | 371,144 |  |  | 332,654 |
Accumulated depreciation | (117,988 | ) |  | (113,102 | )
Property and equipment, net | $ | 253,156 |  |  | $ | 219,552 |
Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows (in thousands):
| Three Months Ended
| March 28, 2020 |  | March 30, 2019
Warranty accrual, beginning of period | $ | 3,395 |  |  | $ | 1,910 |
Accrual for warranties issued | 117 |  |  | 720 |
Changes in pre-existing warranties (including changes in estimates) | (105 | ) |  | 2,447 |
Settlements made | (241 | ) |  | (524 | )
Warranty accrual, end of period | $ | 3,166 |  |  | $ | 4,553 |
Reconciliation of Basic and Diluted Net Income Per Share | A computation of basic and diluted net income per share is as follows (in thousands, except per share data):
| Three Months Ended
| March 28, 2020 |  | March 30, 2019
Net income | $ | 64,456 |  |  | $ | 49,322 |
Basic net income per share: |  |  |
Weighted-average shares outstanding - basic | 53,867 |  |  | 53,210 |
Net income per basic share | $ | 1.20 |  |  | $ | 0.93 |
Diluted net income per share: |  |  |
Weighted-average shares outstanding - basic | 53,867 |  |  | 53,210 |
Diluted share equivalent: stock options, RSUs and PSUs | 3,718 |  |  | 3,589 |
Weighted-average shares outstanding - diluted | 57,585 |  |  | 56,799 |
Net income per diluted share | $ | 1.12 |  |  | $ | 0.87 |
Supplemental Cash Flow Information | Supplemental cash flow information includes the following (in thousands):
| Three Months Ended
| March 28, 2020 |  | March 30, 2019
Cash paid during the year for: |  |  |
Interest expense | $ | 66 |  |  | $ | 13 |
Income taxes | 3,886 |  |  | 2,157 |
Operating lease liabilities | 1,463 |  |  | 1,748 |
Non-cash operating activities: |  |  |
ROU assets obtained in exchange for lease liabilities | $ | 8,144 |  |  | $ | 22,983 |
Non-cash investing activities: |  |  |
Unpaid purchases of property, plant and equipment | $ | 4,240 |  |  | $ | 1,127 |
Non-cash financing activities: |  |  |
Unsettled common stock proceeds from option exercises | $ | 466 |  |  | $ | 583 |
Reconciliation of cash, cash equivalents and restricted cash: |  |  |
Cash and cash equivalents | $ | 605,916 |  |  | $ | 412,861 |
Restricted cash | 376 |  |  | 149 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 606,292 |  |  | $ | 413,010 |

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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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