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Summary of Significant Accounting Policies (Tables)

3 Months Ended

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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