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Summary of Significant Accounting Policies (Tables)

6 Months Ended

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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Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

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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.

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