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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 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			1 to 12 years
Demonstration units			2 to 3 years
Furniture and office equipment			2 to 15 years
Leasehold improvements			Lesser of useful life or term of lease
Machinery, equipment and tooling			3 to 20 years
Operating lease assets			Lesser of useful life or term of lease
Transportation, vehicles and other			1 to 20 years

Property and equipment, net, consists of the following:

(in millions)			July 2, 2022						January 1, 2022
Building and building improvements			$	148.7					$	142.1
Machinery, equipment and tooling			139.5						103.5
Land			64.5						57.0
Computer equipment and software			40.2						32.5
Transportation, vehicles and other			33.1						33.1
Leasehold improvements			31.1						21.9
Furniture and office equipment			16.5						14.2
Operating lease assets(1)			14.1						—
Demonstration units			7.8						0.9
Construction-in-progress (CIP)			48.6						25.1
Total property and equipment			544.1						430.3
Accumulated depreciation			(173.4)						(157.5)
Property and equipment, net			$	370.7					$	272.8

______________

(1)    Effective January 2, 2022, the Company adopted ASU 2021-05, resulting in the Company recording these operating lease assets within property, plant, and equipment.

Changes in Product Warranty Accrual

Changes in the warranty accrual were as follows:

			Six Months Ended
(in millions)			July 2, 2022						July 3, 2021
Warranty accrual, beginning of period			$	2.5					$	2.7
Increase related to acquisition, net of reserve			8.0						—
Accrual for warranties issued			1.8						2.2
Changes in pre-existing warranties (including changes in estimates)			(0.4)						(1.5)
Settlements made			(2.0)						(0.7)
Warranty accrual, end of period			$	9.9					$	2.7

Reconciliation of Basic and Diluted Net Income Per Share

A computation of basic and diluted net income per share is as follows:

			Three Months Ended												Six Months Ended
(in millions, except per share amounts)			July 2, 2022						July 3, 2021						July 2, 2022						July 3, 2021
Net income			$	18.1					$	50.2					$	64.7					$	103.6
Basic net income per share:
Weighted-average shares outstanding - basic			53.9						55.0						54.7						55.1
Net income per basic share			$	0.34					$	0.91					$	1.18					$	1.88
Diluted net income per share:
Weighted-average shares outstanding - basic			53.9						55.0						54.7						55.1
Diluted share equivalents: stock options, RSUs and PSUs			1.4						2.4						1.7						2.5
Weighted-average shares outstanding - diluted			55.3						57.4						56.4						57.6
Net income per diluted share			$	0.33					$	0.88					$	1.15					$	1.80

Supplemental Cash Flow Information

Supplemental cash flow information includes the following:

			Six Months Ended
(in millions)			July 2, 2022						July 3, 2021
Cash paid during the year for:
Interest expense			$	2.9					$	0.2
Income taxes			39.7						24.2
Operating lease liabilities			4.2						3.7
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	8.1					$	4.4
Non-cash investing activities:
Unpaid purchases of property and equipment			$	4.1					$	2.4
Unpaid strategic investments			—						6.0
Deposit release to acquire noncontrolling interest(1)			—						3.4
Unpaid purchase consideration to be settled upon net working capital finalization			21.0						—
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	—					$	0.2
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	218.0					$	576.0
Restricted cash			2.6						1.4
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	220.6					$	577.3

______________

(1)     See Note 5, “Other Current Assets”, for more details.

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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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