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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jul. 01, 2023
Accounting Policies [Abstract] |
Schedule of 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 July 1, 2023:
| Total Carrying Value |  | Fair Value Measurement Hierarchy |  |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 91.3 |  |  | $ | 91.3 |  |  | $ | — |  |  | $ | — |  |  |
Money market funds | 59.4 |  |  | 59.4 |  |  | — |  |  | — |  |  |
Pension assets | 22.2 |  |  | 14.8 |  |  | 7.4 |  |  | — |  |  |
Derivative instruments - cash flow hedges | 21.5 |  |  | — |  |  | 21.5 |  |  | — |  |  |
Total assets | $ | 194.4 |  |  | $ | 165.5 |  |  | $ | 28.9 |  |  | $ | — |  |  |
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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Property 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) | July 1, 2023 |  | December 31, 2022 |
Machinery, equipment and tooling | $ | 157.5 |  |  | $ | 149.4 |  |
Building and building improvements | 150.5 |  |  | 151.0 |  |
Land | 65.9 |  |  | 65.1 |  |
Operating lease assets | 63.9 |  |  | 50.2 |  |
Computer equipment and software | 44.3 |  |  | 42.1 |  |
Leasehold improvements | 34.1 |  |  | 32.3 |  |
Transportation, vehicles and other | 33.3 |  |  | 32.7 |  |
Furniture and office equipment | 20.6 |  |  | 19.4 |  |
Demonstration units | 10.5 |  |  | 11.2 |  |
Construction-in-progress (CIP) | 59.4 |  |  | 50.6 |  |
Total property and equipment | 640.0 |  |  | 604.0 |  |
Accumulated depreciation | (230.0) |  |  | (201.5) |  |
Property and equipment, net | $ | 410.0 |  |  | $ | 402.5 |  |
Schedule of Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows:
| Six Months Ended
(in millions) | July 1, 2023 |  | July 2, 2022
Product warranty accrual, beginning of period | $ | 10.6 |  |  | $ | 2.5 |
Increase related to acquisition, net of reserve | — |  |  | 8.0 |
Accrual for warranties issued | 5.6 |  |  | 1.8 |
Changes in pre-existing warranties (including changes in estimates) | (5.9) |  |  | (0.4) |
Settlements made | (1.0) |  |  | (2.0) |
Product warranty accrual, end of period | $ | 9.3 |  |  | $ | 9.9 |
Schedule of 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 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Net income | $ | 15.7 |  |  | $ | 18.1 |  |  | $ | 37.0 |  |  | $ | 64.7 |
Basic net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 52.8 |  |  | 53.9 |  |  | 52.7 |  |  | 54.7 |
Net income per basic share | $ | 0.30 |  |  | $ | 0.34 |  |  | $ | 0.70 |  |  | $ | 1.18 |
Diluted net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 52.8 |  |  | 53.9 |  |  | 52.7 |  |  | 54.7 |
Diluted share equivalents: stock options, RSUs and PSUs | 1.6 |  |  | 1.4 |  |  | 1.6 |  |  | 1.7 |
Weighted-average shares outstanding - diluted | 54.4 |  |  | 55.3 |  |  | 54.3 |  |  | 56.4 |
Net income per diluted share | $ | 0.29 |  |  | $ | 0.33 |  |  | $ | 0.68 |  |  | $ | 1.15 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information includes the following:
| Six Months Ended
(in millions) | July 1, 2023 |  | July 2, 2022
Cash paid during the year for: |  |  |
Interest expense | $ | 23.3 |  |  | $ | 2.9 |
Income taxes | 24.0 |  |  | 39.7 |
Operating lease liabilities | 10.6 |  |  | 4.2 |
Non-cash operating activities: |  |  |
ROU assets obtained in exchange for lease liabilities | $ | 1.7 |  |  | $ | 8.1 |
Non-cash investing activities: |  |  |
Unpaid purchases of property and equipment | $ | 1.2 |  |  | $ | 4.1 |
Unpaid strategic investments | 0.9 |  |  | — |
Unpaid purchase consideration to be settled upon net working capital finalization | — |  |  | 21.0 |
Non-cash financing activities: |  |  |
Unsettled common stock proceeds from option exercises | $ | 0.1 |  |  | $ | — |
Reconciliation of cash, cash equivalents and restricted cash: |  |  |
Cash and cash equivalents | $ | 150.7 |  |  | $ | 218.0 |
Restricted cash | 7.9 |  |  | 2.6 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 158.6 |  |  | $ | 220.6 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-8 + Details
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