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v3.21.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jul. 03, 2021
Accounting Policies [Abstract] |
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
Building and building improvements | 7 to 39 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, equipment and tooling | 3 to 10 years
Transportation, vehicles and other | 4 to 20 years
Property and equipment, net, consists of the following (in thousands):
| July 3, 2021 |  | January 2, 2021
Building and building improvements | $ | 141,856 |  |  | $ | 122,310 |
Machinery, equipment and tooling | 100,682 |  |  | 90,843 |
Land | 57,255 |  |  | 57,151 |
Transportation, vehicles and other | 33,111 |  |  | 33,175 |
Computer equipment and software | 31,510 |  |  | 24,693 |
Leasehold improvements | 20,476 |  |  | 19,295 |
Furniture and office equipment | 14,103 |  |  | 13,567 |
Demonstration units | 1,046 |  |  | 1,024 |
Construction-in-progress (CIP) | 19,443 |  |  | 44,589 |
Total property and equipment | 419,482 |  |  | 406,647 |
Accumulated depreciation | (144,759) |  |  | (134,136) |
Property and equipment, net | $ | 274,723 |  |  | $ | 272,511 |
Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows (in thousands):
| Six Months Ended
| July 3, 2021 |  | June 27, 2020
Warranty accrual, beginning of period | $ | 2,740 |  |  | $ | 3,395 |
Accrual for warranties issued | 2,172 |  |  | 1,019 |
Changes in pre-existing warranties (including changes in estimates) | (1,454) |  |  | (270) |
Settlements made | (662) |  |  | (508) |
Warranty accrual, end of period | $ | 2,796 |  |  | $ | 3,636 |
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
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Net income | $ | 50,235 |  |  | $ | 55,772 |  |  | $ | 103,618 |  |  | $ | 120,228 |
Basic net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 55,032 |  |  | 54,764 |  |  | 55,116 |  |  | 54,316 |
Net income per basic share | $ | 0.91 |  |  | $ | 1.02 |  |  | $ | 1.88 |  |  | $ | 2.21 |
Diluted net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 55,032 |  |  | 54,764 |  |  | 55,116 |  |  | 54,316 |
Diluted share equivalent: stock options, RSUs and PSUs | 2,347 |  |  | 3,440 |  |  | 2,514 |  |  | 3,597 |
Weighted-average shares outstanding - diluted | 57,379 |  |  | 58,204 |  |  | 57,630 |  |  | 57,913 |
Net income per diluted share | $ | 0.88 |  |  | $ | 0.96 |  |  | $ | 1.80 |  |  | $ | 2.08 |
Supplemental Cash Flow Information | Supplemental cash flow information includes the following (in thousands):
| Six Months Ended
| July 3, 2021 |  | June 27, 2020
Cash paid during the year for: |  |  |
Interest expense | $ | 196 |  |  | $ | 130 |
Income taxes | 24,152 |  |  | 10,049 |
Operating lease liabilities | 3,676 |  |  | 3,038 |
Non-cash operating activities: |  |  |
ROU assets obtained in exchange for lease liabilities | $ | 4,423 |  |  | $ | 7,394 |
Non-cash investing activities: |  |  |
Unpaid purchases of property and equipment | $ | 2,381 |  |  | $ | 3,135 |
Unpaid purchases of intangible assets | 3,000 |  |  | — |
Settlement of promissory note receivable in connection with business combination | — |  |  | 5,100 |
Unpaid strategic investments | 6,000 |  |  | — |
Deposit release to acquire noncontrolling interest(1) | 3,374 |  |  | — |
Non-cash financing activities: |  |  |
Unsettled common stock proceeds from option exercises | $ | 202 |  |  | $ | 94 |
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 | $ | 575,955 |  |  | $ | 631,881 |
Restricted cash | 1,388 |  |  | 3,376 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 577,343 |  |  | $ | 635,257 |

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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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