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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 27, 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 June 27, 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	$	631,881			$	—			$	—			$	631,881			$	631,881			$	—
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	$	681,881			$	—			$	—			$	681,881			$	631,881			$	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):

	June 27, 2020				December 28, 2019
Building and building improvements	$	125,218			$	101,731
Machinery and equipment	64,396				58,864
Land	50,535				40,216
Aircraft and vehicles	32,231				29,934
Computer equipment and software	22,800				19,650
Leasehold improvements	17,488				15,921
Tooling	16,708				15,346
Furniture and office equipment	13,021				11,049
Demonstration units	834				836
Construction-in-progress (CIP)	43,011				39,107
Total property and equipment	386,242				332,654
Accumulated depreciation	(123,289		)		(113,102		)
Property and equipment, net	$	262,953			$	219,552

Changes in Product Warranty Accrual

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

	Six Months Ended
	June 27, 2020				June 29, 2019
Warranty accrual, beginning of period	$	3,395			$	1,910
Accrual for warranties issued	1,019				1,877
Changes in pre-existing warranties (including changes in estimates)	(270		)		1,601
Settlements made	(508		)		(719		)
Warranty accrual, end of period	$	3,636			$	4,669

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								Six Months Ended
	June 27, 2020				June 29, 2019				June 27, 2020				June 29, 2019
Net income	$	55,772			$	44,888			$	120,228			$	94,210
Basic net income per share:
Weighted-average shares outstanding - basic	54,764				53,356				54,316				53,283
Net income per basic share	$	1.02			$	0.84			$	2.21			$	1.77
Diluted net income per share:
Weighted-average shares outstanding - basic	54,764				53,356				54,316				53,283
Diluted share equivalent: stock options, RSUs and PSUs	3,440				3,710				3,597				3,657
Weighted-average shares outstanding - diluted	58,204				57,066				57,913				56,940
Net income per diluted share	$	0.96			$	0.79			$	2.08			$	1.65

Supplemental Cash Flow Information

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

	Six Months Ended
	June 27, 2020				June 29, 2019
Cash paid during the year for:
Interest expense	$	130			$	73
Income taxes	10,049				26,975
Operating lease liabilities	3,038				3,409
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities	$	7,394			$	24,093
Non-cash investing activities:
Unpaid purchases of property and equipment	$	3,135			$	1,216
Settlement of promissory note receivable in connection with business combination	5,100				—
Non-cash financing activities:
Unsettled common stock proceeds from option exercises	$	94			$	283
Fair value of common stock received for payment of stock option exercise price	220				—
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	631,881			$	408,784
Restricted cash	3,376				155
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	635,257			$	408,939

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