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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Apr. 01, 2023
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 April 1, 2023:
| Total Carrying Value |  | Fair Value Measurement Hierarchy |  |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 116.8 |  |  | $ | 116.8 |  |  | $ | — |  |  | $ | — |  |  |
Money market funds | 57.3 |  |  | 57.3 |  |  | — |  |  | — |  |  |
Pension assets | 22.2 |  |  | 14.8 |  |  | 7.4 |  |  | — |  |  |
Derivative instruments - cash flow hedges | 14.2 |  |  | — |  |  | 14.2 |  |  | — |  |  |
Total assets | $ | 210.5 |  |  | $ | 188.9 |  |  | $ | 21.6 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |  |  |
None | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
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 |  |  | — |
Derivative instruments - cash flow hedges | 19.7 |  |  | — |  |  | 19.7 |  |  | — |
Total assets | $ | 244.8 |  |  | $ | 217.7 |  |  | $ | 27.1 |  |  | $ | — |
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) | April 1, 2023 |  | December 31, 2022 |
Building and building improvements | $ | 150.9 |  |  | $ | 151.0 |  |
Machinery, equipment and tooling | 150.2 |  |  | 149.4 |  |
Land | 66.2 |  |  | 65.1 |  |
Operating lease assets | 51.9 |  |  | 50.2 |  |
Computer equipment and software | 43.6 |  |  | 42.1 |  |
Leasehold improvements | 33.7 |  |  | 32.3 |  |
Transportation, vehicles and other | 33.2 |  |  | 32.7 |  |
Furniture and office equipment | 19.8 |  |  | 19.4 |  |
Demonstration units | 9.7 |  |  | 11.2 |  |
Construction-in-progress (CIP) | 58.2 |  |  | 50.6 |  |
Total property and equipment | 617.4 |  |  | 604.0 |  |
Accumulated depreciation | (215.3) |  |  | (201.5) |  |
Property and equipment, net | $ | 402.1 |  |  | $ | 402.5 |  |
Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows:
| Three Months Ended
(in millions) | April 1, 2023 |  | April 2, 2022
Product warranty accrual, beginning of period | $ | 10.6 |  |  | $ | 2.5 |
Accrual for warranties issued | 3.8 |  |  | 2.2 |
Changes in pre-existing warranties (including changes in estimates) | (3.5) |  |  | (2.2) |
Settlements made | (0.7) |  |  | (0.1) |
Product warranty accrual, end of period | $ | 10.2 |  |  | $ | 2.4 |
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 |  |
(in millions, except per share amounts) | April 1, 2023 |  | April 2, 2022 |  |  |  |
Net income | $ | 21.3 |  |  | $ | 46.6 |  |  |  |  |
Basic net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 52.6 |  |  | 55.4 |  |  |  |  |
Net income per basic share | $ | 0.40 |  |  | $ | 0.84 |  |  |  |  |
Diluted net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 52.6 |  |  | 55.4 |  |  |  |  |
Diluted share equivalents: stock options, RSUs and PSUs | 1.8 |  |  | 1.9 |  |  |  |  |
Weighted-average shares outstanding - diluted | 54.4 |  |  | 57.3 |  |  |  |  |
Net income per diluted share | $ | 0.39 |  |  | $ | 0.81 |  |  |  |  |
Supplemental Cash Flow Information | Supplemental cash flow information includes the following:
| Three Months Ended
(in millions) | April 1, 2023 |  | April 2, 2022
Cash paid during the year for: |  |  |
Interest expense | $ | 11.7 |  |  | $ | 0.1 |
Income taxes | 11.0 |  |  | 5.8 |
Operating lease liabilities | 5.3 |  |  | 2.1 |
Non-cash operating activities: |  |  |
ROU assets obtained in exchange for lease liabilities | $ | 0.6 |  |  | $ | 8.3 |
Non-cash investing activities: |  |  |
Unpaid purchases of property and equipment | $ | 0.7 |  |  | $ | 5.7 |
Unpaid strategic investments | 1.2 |  |  | 2.3 |
Non-cash financing activities: |  |  |
Unsettled common stock proceeds from option exercises | $ | 0.1 |  |  | $ | 0.3 |
Reconciliation of cash, cash equivalents and restricted cash: |  |  |
Cash and cash equivalents | $ | 174.1 |  |  | $ | 720.0 |
Restricted cash | 7.0 |  |  | 3.0 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 181.1 |  |  | $ | 723.0 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126907703&loc=d3e12565-110249 + Details
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