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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at December 31, 2022:

			Total Carrying Value						Fair Value Measurement Hierarchy
(in millions)									Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	148.5					$	148.5					$	—					$	—
Money market funds			54.4						54.4						—						—
Pension assets			22.2						14.8						7.4						—
Cash and cash equivalents			—						1.0						—						—
Equity securities			—						6.6						—						—
Debt securities			—						7.2						0.8						—
Real estate funds			—						—						3.5						—
Alternative investments			—						—						1.9						—
Other			—						—						1.2						—
Derivative instruments - cash flow hedges			19.7						—						19.7						—
Total assets			$	244.8					$	217.7					$	27.1					$	—
Liabilities
None			$	—					$	—					$	—					$	—
Total liabilities			$	—					$	—					$	—					$	—

The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at January 1, 2022:

			Total Carrying Value						Fair Value Measurement Hierarchy
(in millions)									Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	745.3					$	745.3					$	—					$	—
Total assets			$	745.3					$	745.3					$	—					$	—
Liabilities
None			$	—					$	—					$	—					$	—
Total liabilities			$	—					$	—					$	—					$	—

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			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)			December 31, 2022						January 1, 2022
Building and building improvements			$	151.0					$	142.1
Machinery, equipment and tooling			149.4						103.5
Land			65.1						57.0
Operating lease assets(1)			50.2						—
Computer equipment and software			42.1						32.5
Transportation, vehicles and other			32.7						33.1
Leasehold improvements			32.3						21.9
Furniture and office equipment			19.4						14.2
Demonstration units			11.2						0.9
Construction-in-progress (CIP)			50.6						25.1
Total property and equipment			604.0						430.3
Accumulated depreciation			(201.5)						(157.5)
Property and equipment, net			$	402.5					$	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, net.

Changes in Product Warranty Accrual

Changes in the product warranty accrual were as follows:

			Year Ended
(in millions)			December 31, 2022						January 1, 2022						January 2, 2021
Warranty accrual, beginning of period			$	2.5					$	2.7					$	3.4
Increase related to acquisition			8.4						—						—
Accrual for warranties issued			1.8						2.2						0.8
Changes in pre-existing warranties (including changes in estimates)			4.7						(1.4)						0.2
Settlements made			(6.8)						(1.0)						(1.7)
Warranty accrual, end of period			$	10.6					$	2.5					$	2.7

Reconciliation of Basic Diluted Net Income Per Share

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

			Year Ended
(in millions, except per share amounts)			December 31, 2022						January 1, 2022						January 2, 2021
Net income:			$	143.5					$	229.6					$	240.3
Basic net income per share:
Weighted-average shares outstanding - basic			53.6						55.2						54.7
Net income per basic share			$	2.68					$	4.16					$	4.39
Diluted net income per share:
Weighted-average shares outstanding - basic			53.6						55.2						54.7
Diluted share equivalents: stock options, RSUs and PSUs			1.6						2.5						3.3
Weighted-average shares outstanding - diluted			55.2						57.7						58.0
Net income per diluted share			$	2.60					$	3.98					$	4.14

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Supplemental cash flow information includes the following:

			Year Ended
(in millions)			December 31, 2022						January 1, 2022						January 2, 2021
Cash paid during the year for:
Interest expense			$	23.0					$	0.3					$	0.3
Income taxes			87.3						43.9						39.5
Operating lease liabilities			17.2						7.3						6.3
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	—					$	6.0					$	15.4
Non-cash investing activities:
Unpaid purchases of property and equipment			$	3.8					$	—					$	2.1
Settlement of promissory note receivable in connection with business combination			—						—						5.1
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	—					$	0.7					$	3.0
Fair value of common stock received for payment of stock option exercise price			—						—						1.6
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	202.9					$	745.3					$	641.4
Restricted cash			6.7						3.1						3.6
Total cash, cash equivalents and restricted cash shown in the statement of cash flows			$	209.6					$	748.4					$	645.0

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