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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 02, 2022

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
Buildings 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
Operating lease assets			Lesser of useful life or term of lease
Transportation, vehicles and other			4 to 20 years

Property and equipment, net, consists of the following (in thousands):

			April 2, 2022						January 1, 2022
Building and building improvements			$	142,303					$	142,132
Machinery, equipment and tooling			107,122						103,451
Land			57,368						57,027
Computer equipment and software			33,517						32,450
Transportation, vehicles and other			33,053						33,082
Leasehold improvements			22,405						21,894
Furniture and office equipment			14,276						14,200
Operating lease assets(1)			9,930						—
Demonstration units			869						949
Construction-in-progress (CIP)			42,534						25,109
Total property and equipment			463,377						430,294
Accumulated depreciation			(163,833)						(157,501)
Property and equipment, net			$	299,544					$	272,793

Changes in Product Warranty Accrual

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

			Three Months Ended
			April 2, 2022						April 3, 2021
Warranty accrual, beginning of period			$	2,487					$	2,740
Accrual for warranties issued			2,229						1,112
Changes in pre-existing warranties (including changes in estimates)			(2,162)						(733)
Settlements made			(93)						(406)
Warranty accrual, end of period			$	2,461					$	2,713

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
			April 2, 2022						April 3, 2021
Net income			$	46,595					$	53,383
Basic net income per share:
Weighted-average shares outstanding - basic			55,420						55,200
Net income per basic share			$	0.84					$	0.97
Diluted net income per share:
Weighted-average shares outstanding - basic			55,420						55,200
Diluted share equivalents: stock options, RSUs and PSUs			1,890						2,701
Weighted-average shares outstanding - diluted			57,310						57,901
Net income per diluted share			$	0.81					$	0.92

Supplemental Cash Flow Information

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

			Three Months Ended
			April 2, 2022						April 3, 2021
Cash paid during the year for:
Interest expense			$	90					$	66
Income taxes			5,802						1,118
Operating lease liabilities			2,075						1,763
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	8,320					$	3,316
Non-cash investing activities:
Unpaid purchases of property and equipment			$	5,683					$	1,608
Unpaid strategic investments			2,300						—
Deposit release to acquire noncontrolling interest(1)			—						3,374
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	270					$	142
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	720,108					$	551,992
Restricted cash			2,911						2,224
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	723,019					$	554,216

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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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