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Summary of Significant Accounting Policies (Tables)

3 Months Ended

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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