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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 26, 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 September 26, 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			$	669,056					$	—					$	—					$	669,056					$	669,056					$	—
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 financial assets measured at fair value			$	719,056					$	—					$	—					$	719,056					$	669,056					$	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 financial 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):

			September 26, 2020						December 28, 2019
Building and building improvements			$	122,111					$	101,731
Machinery and equipment			67,826						58,864
Land			56,103						40,216
Aircraft and vehicles			32,853						29,934
Computer equipment and software			23,906						19,650
Leasehold improvements			18,411						15,921
Tooling			18,038						15,346
Furniture and office equipment			13,288						11,049
Demonstration units			854						836
Construction-in-progress (CIP)			42,878						39,107
Total property and equipment			396,268						332,654
Accumulated depreciation			(129,108)						(113,102)
Property and equipment, net			$	267,160					$	219,552

Changes in Product Warranty Accrual

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

			Nine Months Ended
			September 26, 2020						September 28, 2019
Warranty accrual, beginning of period			$	3,395					$	1,910
Accrual for warranties issued			428						1,920
Changes in pre-existing warranties (including changes in estimates)			(97)						1,404
Settlements made			(883)						(1,276)
Warranty accrual, end of period			$	2,843					$	3,958

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																		Nine Months Ended
			September 26, 2020						September 28, 2019						September 26, 2020						September 28, 2019
Net income			$	49,405					$	49,085					$	169,633					$	143,295
Basic net income per share:
Weighted-average shares outstanding - basic			54,997						53,535						54,543						53,367
Net income per basic share			$	0.90					$	0.92					$	3.11					$	2.69
Diluted net income per share:
Weighted-average shares outstanding - basic			54,997						53,535						54,543						53,367
Diluted share equivalent: stock options, RSUs and PSUs			3,283						3,727						3,490						3,688
Weighted-average shares outstanding - diluted			58,280						57,262						58,033						57,055
Net income per diluted share			$	0.85					$	0.86					$	2.92					$	2.51

Supplemental Cash Flow Information

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

			Nine Months Ended
			September 26, 2020						September 28, 2019
Cash paid during the year for:
Interest expense			$	194					$	134
Income taxes			35,961						34,123
Operating lease liabilities			4,699						5,076
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	9,900					$	25,965
Non-cash investing activities:
Unpaid purchases of property and equipment			$	3,988					$	4,170
Settlement of promissory note receivable in connection with business combination			5,100						—
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	27					$	—
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			$	669,056					$	513,360
Restricted cash			3,384						152
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	672,440					$	513,512

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