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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 02, 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):

			October 2, 2021						January 2, 2021
Building and building improvements			$	141,990					$	122,310
Machinery, equipment and tooling			101,833						90,843
Land			56,938						57,151
Transportation, vehicles and other			33,114						33,175
Computer equipment and software			32,131						24,693
Leasehold improvements			20,885						19,295
Furniture and office equipment			14,186						13,567
Demonstration units			1,049						1,024
Construction-in-progress (CIP)			23,955						44,589
Total property and equipment			426,081						406,647
Accumulated depreciation			(151,152)						(134,136)
Property and equipment, net			$	274,929					$	272,511

Changes in Product Warranty Accrual

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

			Nine Months Ended
			October 2, 2021						September 26, 2020
Warranty accrual, beginning of period			$	2,740					$	3,395
Accrual for warranties issued			3,442						428
Changes in pre-existing warranties (including changes in estimates)			(2,347)						(97)
Settlements made			(891)						(883)
Warranty accrual, end of period			$	2,944					$	2,843

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
			October 2, 2021						September 26, 2020						October 2, 2021						September 26, 2020
Net income			$	57,771					$	49,405					$	161,389					$	169,633
Basic net income per share:
Weighted-average shares outstanding - basic			55,143						54,997						55,125						54,543
Net income per basic share			$	1.05					$	0.90					$	2.93					$	3.11
Diluted net income per share:
Weighted-average shares outstanding - basic			55,143						54,997						55,125						54,543
Diluted share equivalent: stock options, RSUs and PSUs			2,521						3,283						2,526						3,490
Weighted-average shares outstanding - diluted			57,664						58,280						57,651						58,033
Net income per diluted share			$	1.00					$	0.85					$	2.80					$	2.92

Supplemental Cash Flow Information

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

			Nine Months Ended
			October 2, 2021						September 26, 2020
Cash paid during the year for:
Interest expense			$	202					$	194
Income taxes			36,898						35,961
Operating lease liabilities			5,567						4,699
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	4,917					$	9,900
Non-cash investing activities:
Unpaid purchases of property and equipment			$	3,182					$	3,988
Settlement of promissory note receivable in connection with business combination			—						5,100
Unpaid strategic investments			3,400						—
Deposit release to acquire noncontrolling interest(1)			3,374						—
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	112					$	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			$	652,354					$	669,056
Restricted cash			1,581						3,384
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	653,935					$	672,440

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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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