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Restatement of Consolidated Financial Statements | 12 Months Ended
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Oct. 01, 2022
Restatement of Consolidated Financial Statements |
Restatement of Consolidated Financial Statements | Note 2. Restatement of Consolidated Financial Statements ​ During the preparation of its unaudited consolidated financial statements for the fiscal quarter ended April 1, 2023, the Company determined that certain personnel in one of its divisions had failed to properly substantiate and update cost estimates for materials and other costs over the life of certain contracts. As a result, the Company conducted an independent investigation (the “Investigation”) under the direction of the Audit Committee of the Company’s Board of Directors (the “Audit Committee”). The division, like other Company divisions, has a stand-alone finance organization, which reports directly to the Company finance organization and indirectly to the management of the division. References in the findings below refer solely to this division unless otherwise noted. The Investigation found that:
| ● | In connection with the preparation and review of quarterly contract cost and other estimates, an internal control in the Company’s accounting process for the division’s contracts with customers, certain division personnel made inappropriate and unsupported adjustments to reduce certain cost estimates and failed to appropriately evaluate and increase other cost estimates to reflect cost overruns and other costs associated with delays in completing certain contracts.
| ● | The division had a culture that did not recognize or emphasize the importance of rigor in the division’s quarterly contract estimate review process or its significance to the Company’s internal control over financial reporting and accounting and financial reporting determinations with respect to the division’s contracts with customers. Instead, the division’s tone at
|  | the top and other control weaknesses enabled participants in the quarterly contract estimate review process to tolerate, place undue reliance on or otherwise fail to challenge unsupported adjustments and assumptions to contract cost estimates that had been made based on unsubstantiated optimism and/or a desire to avoid adverse outcomes.
| ● | The division had an ineffective finance function that did not provide sufficient oversight on financial accounting and reporting matters or effectively challenge adjustments or other improper practices in the quarterly contract estimate review process.
| ● | Certain division personnel lacked sufficient understanding of the division’s policies and procedures for the quarterly contract estimate review process as well as the relevant cost and contract accounting practices and requirements.
| ● | Certain division personnel provided materially inaccurate and incomplete information to, including in response to inquiries from, Company management and the Company’s internal and independent auditors concerning contract cost estimates and related items.
The following tables present the impact of the financial statement adjustments on the Company’s previously reported consolidated financial statements for the fiscal year ended October 1, 2022, October 2, 2021 and October 3, 2020. The “Previously Reported” amounts in the following tables are amounts derived from the Original Form 10-K for the fiscal year ended October 1, 2022. The amounts in columns labeled “Investigation Adjustments” represent the effect of adjustments resulting from the Investigation and the amounts in columns labeled “Other Adjustments” represent the effect of other adjustments that relate primarily to uncorrected balance sheet misstatements in previously filed financial statements and were not material, individually or in the aggregate, to those previously filed financial statements. The effects of the restatement, including the related income tax impacts, have been corrected in all impacted tables and footnotes throughout these consolidated financial statements. The only impact to the Consolidated Statements of Comprehensive Income and Consolidated Statements of Stockholders’ Equity was to net income. Investigation Adjustments correct misstatements that resulted primarily from 1) increases to estimated costs at completion of a contract that previously did not properly reflect estimated costs remaining to be incurred to complete a contract, 2) reductions in the amount of transaction consideration expected to be received under a contract, and 3) segmentation of contracts that had previously been combined. The adjustments primarily affected net sales, cost of sales, contract assets and inventory. Other Adjustments primarily correct balance sheet misstatements related to inventory cut-off, advance payments from customers and long-term leases of land. The following table presents the impact of the financial statement adjustments on the Company’s previously reported Consolidated Balance Sheets for the fiscal year ended October 1, 2022 and October 2, 2021. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ | ​ | October 1, 2022 | ​ | October 2, 2021
​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​
​ | ​ | Reported | ​ | Adjustments | ​ | Adjustments | ​ | As Restated | ​ | Reported | ​ | Adjustments | ​ | Adjustments | ​ | As Restated
​ | ​ | (In thousands)
ASSETS |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  |  | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 529,857 | ​ | $ | — | ​ | $ | — | ​ | $ | 529,857 | ​ | $ | 650,026 | ​ | $ | — | ​ | $ | — | ​ | $ | 650,026
Accounts receivable, net of allowances | ​ |  | 1,138,894 | ​ |  | — | ​ |  | — | ​ |  | 1,138,894 | ​ |  | 1,192,434 | ​ |  | — | ​ |  | 1,003 | ​ |  | 1,193,437
Contract assets | ​ |  | 503,674 | ​ |  | (27,953) | ​ |  | — | ​ |  | 475,721 | ​ |  | 348,741 | ​ |  | (28,708) | ​ |  | 12,157 | ​ |  | 332,190
Inventories | ​ |  | 1,691,081 | ​ |  | (21,705) | ​ |  | 14,723 | ​ |  | 1,684,099 | ​ |  | 1,036,511 | ​ |  | (2,285) | ​ |  | 7,564 | ​ |  | 1,041,790
Prepaid expenses and other current assets | ​ |  | 62,044 | ​ |  | — | ​ |  | — | ​ |  | 62,044 | ​ |  | 53,952 | ​ |  | — | ​ |  | — | ​ |  | 53,952
Total current assets | ​ |  | 3,925,550 | ​ |  | (49,658) | ​ |  | 14,723 | ​ |  | 3,890,615 | ​ |  | 3,281,664 | ​ |  | (30,993) | ​ |  | 20,724 | ​ |  | 3,271,395
Property, plant and equipment, net | ​ |  | 575,170 | ​ |  | — | ​ |  | — | ​ |  | 575,170 | ​ |  | 532,985 | ​ |  | — | ​ |  | — | ​ |  | 532,985
Deferred tax assets | ​ |  | 198,588 | ​ |  | 10,966 | ​ |  | — | ​ |  | 209,554 | ​ |  | 235,117 | ​ |  | 7,144 | ​ |  | — | ​ |  | 242,261
Other | ​ |  | 160,192 | ​ |  | — | ​ |  | — | ​ |  | 160,192 | ​ |  | 156,953 | ​ |  | — | ​ |  | — | ​ |  | 156,953
Total assets | ​ | $ | 4,859,500 | ​ |  | (38,692) | ​ |  | 14,723 | ​ | $ | 4,835,531 | ​ | $ | 4,206,719 | ​ | $ | (23,849) | ​ | $ | 20,724 | ​ | $ | 4,203,594
LIABILITIES AND STOCKHOLDERS’ EQUITY | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Current liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Accounts payable | ​ | $ | 2,029,534 | ​ | $ | — | ​ | $ | 11,900 | ​ | $ | 2,041,434 | ​ | $ | 1,464,693 | ​ | $ | — | ​ | $ | 7,564 | ​ | $ | 1,472,257
Accrued liabilities | ​ |  | 275,735 | ​ |  | 1,441 | ​ |  | 4,423 | ​ |  | 281,599 | ​ |  | 161,896 | ​ |  | 2,147 | ​ |  | 13,160 | ​ |  | 177,203
Accrued payroll and related benefits | ​ |  | 130,892 | ​ |  | — | ​ |  | — | ​ |  | 130,892 | ​ |  | 117,648 | ​ |  | — | ​ |  | — | ​ |  | 117,648
Short-term debt, including current portion of long-term debt | ​ |  | 17,500 | ​ |  | — | ​ |  | — | ​ |  | 17,500 | ​ |  | 18,750 | ​ |  | — | ​ |  | — | ​ |  | 18,750
Total current liabilities | ​ |  | 2,453,661 | ​ |  | 1,441 | ​ |  | 16,323 | ​ |  | 2,471,425 | ​ |  | 1,762,987 | ​ |  | 2,147 | ​ |  | 20,724 | ​ |  | 1,785,858
Long-term liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Long-term debt | ​ |  | 329,237 | ​ |  | — | ​ |  | — | ​ |  | 329,237 | ​ |  | 311,572 | ​ |  | — | ​ |  | — | ​ |  | 311,572
Other | ​ |  | 215,333 | ​ |  | — | ​ |  | — | ​ |  | 215,333 | ​ |  | 253,532 | ​ |  | — | ​ |  | — | ​ |  | 253,532
Total long-term liabilities | ​ | $ | 544,570 | ​ | $ | — | ​ | $ | — | ​ | $ | 544,570 | ​ | $ | 565,104 | ​ | $ | — | ​ | $ | — | ​ | $ | 565,104
Commitments and Contingencies (Note 11) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Stockholders' equity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Preferred stock, $0.01 par value, authorized 5,000 shares, none issued and outstanding | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Common stock, $0.01 par value, authorized 166,667 shares; 110,160 and 108,734 shares issued and 57,394 and 64,307 shares outstanding as of October 1, 2022 and October 2, 2021, respectively | ​ |  | 574 | ​ |  | — | ​ |  | — | ​ |  | 574 | ​ |  | 643 | ​ |  | — | ​ |  | — | ​ |  | 643
Treasury stock, 52,766 and 44,427 shares as of October 1, 2022 and October 2, 2021, respectively, at cost | ​ |  | (1,378,159) | ​ |  | — | ​ |  | — | ​ |  | (1,378,159) | ​ |  | (1,047,202) | ​ |  | — | ​ |  | — | ​ |  | (1,047,202)
Additional paid-in capital | ​ |  | 6,380,774 | ​ |  | — | ​ |  | — | ​ |  | 6,380,774 | ​ |  | 6,338,863 | ​ |  | — | ​ |  | — | ​ |  | 6,338,863
Accumulated other comprehensive income | ​ |  | 56,325 | ​ |  | — | ​ |  | — | ​ |  | 56,325 | ​ |  | 40,690 | ​ |  | — | ​ |  | — | ​ |  | 40,690
Accumulated deficit | ​ |  | (3,198,245) | ​ |  | (40,133) | ​ |  | (1,600) | ​ |  | (3,239,978) | ​ |  | (3,454,366) | ​ |  | (25,996) | ​ |  | — | ​ |  | (3,480,362)
Total stockholders’ equity | ​ |  | 1,861,269 | ​ |  | (40,133) | ​ |  | (1,600) | ​ |  | 1,819,536 | ​ |  | 1,878,628 | ​ |  | (25,996) | ​ |  | — | ​ |  | 1,852,632
Total liabilities and stockholders’ equity | ​ | $ | 4,859,500 | ​ | $ | (38,692) | ​ | $ | 14,723 | ​ | $ | 4,835,531 | ​ | $ | 4,206,719 | ​ | $ | (23,849) | ​ | $ | 20,724 | ​ | $ | 4,203,594
​ The following table presents the impact of the financial statement adjustments on the Company’s previously reported Consolidated Statements of Income for the fiscal year ended October 1, 2022, October 2, 2021 and October 3, 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year Ended
​ | ​ | October 1, 2022 | ​ | October 2, 2021
​ |  | Previously |  | Investigation |  | Other |  |  | ​ |  | Previously |  | Investigation |  | Other |  |  | ​
​ | ​ | Reported | ​ | Adjustments | ​ | Adjustments | ​ | As Restated | ​ | Reported | ​ | Adjustments | ​ | Adjustments | ​ | As Restated
​ | ​ | (In thousands, except per share amounts)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $ | 7,890,475 | ​ | $ | 23,265 | ​ | $ | 5,882 | ​ | $ | 7,919,622 | ​ | $ | 6,756,643 |  | $ | (18,287) |  | $ | — | ​ | $ | 6,738,356
Cost of sales | ​ |  | 7,249,961 | ​ |  | 41,573 | ​ |  | 5,882 | ​ |  | 7,297,416 | ​ |  | 6,204,838 |  | ​ | 7,077 |  |  | — | ​ | ​ | 6,211,915
Gross profit | ​ |  | 640,514 | ​ |  | (18,308) | ​ |  | — | ​ |  | 622,206 | ​ |  | 551,805 |  | ​ | (25,364) |  |  | — | ​ | ​ | 526,441
Operating expenses: | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  |  | ​ |  |  |  | ​ | ​ | ​ |
Selling, general and administrative | ​ |  | 244,569 | ​ |  | — | ​ |  | — | ​ |  | 244,569 | ​ |  | 234,537 |  | ​ | — |  |  | — | ​ | ​ | 234,537
Research and development | ​ |  | 21,343 | ​ |  | — | ​ |  | — | ​ |  | 21,343 | ​ |  | 20,911 |  | ​ | — |  |  | — | ​ | ​ | 20,911
Restructuring and other | ​ |  | 11,425 | ​ |  | — | ​ |  | — | ​ |  | 11,425 | ​ |  | 15,057 |  | ​ | — |  |  | — | ​ | ​ | 15,057
Gain on sale of long-lived assets | ​ |  | (4,610) | ​ |  | — | ​ |  | — | ​ |  | (4,610) | ​ |  | — |  | ​ | — |  |  | — | ​ | ​ | —
Total operating expenses | ​ |  | 272,727 | ​ |  | — | ​ |  | — | ​ |  | 272,727 | ​ |  | 270,505 |  | ​ | — |  |  | — | ​ | ​ | 270,505
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income | ​ |  | 367,787 | ​ |  | (18,308) | ​ |  | — | ​ |  | 349,479 | ​ |  | 281,300 |  | ​ | (25,364) |  |  | — | ​ | ​ | 255,936
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ |  | 1,628 | ​ |  | — | ​ |  | — | ​ |  | 1,628 | ​ |  | 925 |  | ​ | — |  |  | — | ​ | ​ | 925
Interest expense | ​ |  | (22,473) | ​ |  | — | ​ |  | — | ​ |  | (22,473) | ​ |  | (19,551) |  | ​ | — |  |  | — | ​ | ​ | (19,551)
Other income (expense), net | ​ |  | (26,314) | ​ |  | — | ​ |  | — | ​ |  | (26,314) | ​ |  | 44,331 |  | ​ | — |  |  | — | ​ | ​ | 44,331
Interest and other, net | ​ |  | (47,159) | ​ |  | — | ​ |  | — | ​ |  | (47,159) | ​ |  | 25,705 |  | ​ | — |  |  | — | ​ | ​ | 25,705
Income before income taxes | ​ |  | 320,628 | ​ |  | (18,308) | ​ |  | — | ​ |  | 302,320 | ​ |  | 307,005 |  | ​ | (25,364) |  |  | — | ​ | ​ | 281,641
Provision for income taxes | ​ |  | 64,507 | ​ |  | (4,171) | ​ |  | 1,600 | ​ |  | 61,936 | ​ |  | 38,007 |  | ​ | (5,912) |  |  | — | ​ | ​ | 32,095
Net income | ​ | $ | 256,121 | ​ | $ | (14,137) | ​ | $ | (1,600) | ​ | $ | 240,384 | ​ | $ | 268,998 | ​ | $ | (19,452) | ​ | $ | — | ​ | $ | 249,546
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per share: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Basic | ​ | $ | 4.18 | ​ | $ | (0.23) | ​ | $ | (0.03) | ​ | $ | 3.92 | ​ | $ | 4.12 | ​ | $ | (0.30) | ​ | $ | — | ​ | $ | 3.82
Diluted | ​ | $ | 4.06 | ​ | $ | (0.23) | ​ | $ | (0.03) | ​ | $ | 3.81 | ​ | $ | 4.01 | ​ | $ | (0.29) | ​ | $ | — | ​ | $ | 3.72
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares used in computing per share amounts: | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |
Basic | ​ |  | 61,310 | ​ |  | — | ​ |  | — | ​ |  | 61,310 | ​ |  | 65,318 | ​ |  | — | ​ |  | — | ​ |  | 65,318
Diluted | ​ |  | 63,117 | ​ |  | — | ​ |  | — | ​ |  | 63,117 | ​ |  | 67,084 | ​ |  | — | ​ |  | — | ​ |  | 67,084
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | October 3, 2020
​ | ​ | Previously | ​ | Investigation | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Reported |  | Adjustments |  | Other Adjustments |  | As Restated
​ | ​ | (In thousands, except per share amounts)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $ | 6,960,370 |  | $ | (10,162) |  | $ | — |  | $ | 6,950,208
Cost of sales | ​ |  | 6,434,663 |  | ​ | (1,619) |  | ​ | — |  | ​ | 6,433,044
Gross profit | ​ |  | 525,707 |  | ​ | (8,543) |  | ​ | — |  | ​ | 517,164
Operating expenses: | ​ |  |  |  | ​ |  |  | ​ |  |  | ​ |
Selling, general and administrative | ​ |  | 240,931 |  | ​ | — |  | ​ | — |  | ​ | 240,931
Research and development | ​ |  | 22,564 |  | ​ | — |  | ​ | — |  | ​ | 22,564
Restructuring and other | ​ |  | 27,916 |  | ​ | — |  | ​ | — |  | ​ | 27,916
Goodwill impairment | ​ |  | 6,609 |  | ​ | — |  | ​ | — |  | ​ | 6,609
Total operating expenses | ​ |  | 298,020 |  | ​ | — |  | ​ | — |  | ​ | 298,020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income | ​ |  | 227,687 |  | ​ | (8,543) |  | ​ | — |  | ​ | 219,144
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ |  | 2,322 |  | ​ | — |  | ​ | — |  | ​ | 2,322
Interest expense | ​ |  | (28,903) |  | ​ | — |  | ​ | — |  | ​ | (28,903)
Other expense, net | ​ |  | (348) |  | ​ | — |  | ​ | — |  | ​ | (348)
Interest and other, net | ​ |  | (26,929) |  | ​ | — |  | ​ | — |  | ​ | (26,929)
Income before income taxes | ​ |  | 200,758 |  | ​ | (8,543) |  | ​ | — |  | ​ | 192,215
Provision for income taxes | ​ |  | 61,045 |  | ​ | (1,999) |  | ​ |  |  | ​ | 59,046
Net income | ​ | $ | 139,713 |  | $ | (6,544) |  | $ | — |  | $ | 133,169
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per share: | ​ |  |  |  | ​ |  |  | ​ |  |  | ​ |
Basic | ​ | $ | 2.02 | ​ | $ | (0.09) | ​ | $ | — |  | $ | 1.93
Diluted | ​ | $ | 1.97 | ​ | $ | (0.09) | ​ | $ | — |  | $ | 1.88
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average shares used in computing per share amounts: | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |
Basic | ​ |  | 69,041 | ​ |  | — | ​ |  | — |  | ​ | 69,041
Diluted | ​ |  | 70,793 | ​ |  | — | ​ |  | — |  | ​ | 70,793
​ ​ The following table presents the impact of the financial statement adjustments on the Company’s previously reported Consolidated Statements of Cash Flows for the fiscal year ended October 1, 2022, October 2, 2021 and October 3, 2020. There were no adjustments to cash flows provided by (used in) investing or financing activities for the fiscal year ended October 1, 2022, October 2, 2021 and October 3, 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year Ended
​ | ​ | October 1, 2022 | ​ | October 2, 2021
​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​
​ | ​ | Reported | ​ | Adjustments | ​ | Adjustments | ​ | As Restated | ​ | Reported | ​ | Adjustments | ​ | Adjustments | ​ | As Restated
​ | ​ | (In thousands)
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |
Net income | ​ | $ | 256,121 | ​ | $ | (14,137) | ​ | $ | (1,600) | ​ | $ | 240,384 | ​ | $ | 268,998 | ​ | $ | (19,452) | ​ | $ | — | ​ | $ | 249,546
Adjustments to reconcile net income to cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Depreciation and amortization | ​ |  | 108,783 | ​ |  | — | ​ | ​ | — | ​ |  | 108,783 | ​ |  | 109,656 | ​ |  | — | ​ | ​ | — | ​ |  | 109,656
Stock-based compensation expense | ​ |  | 39,608 | ​ |  | — | ​ | ​ | — | ​ |  | 39,608 | ​ |  | 34,976 | ​ |  | — | ​ | ​ | — | ​ |  | 34,976
Deferred income taxes | ​ |  | 31,733 | ​ |  | (3,823) | ​ | ​ | — | ​ |  | 27,910 | ​ |  | 33,724 | ​ |  | (5,349) | ​ | ​ | — | ​ |  | 28,375
Gain on sale of intellectual property | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (15,000) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (15,000)
Gain on liquidation of foreign entity | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | (8,263) | ​ |  | — | ​ | ​ | — | ​ |  | (8,263)
Impairment of goodwill and other assets | ​ | ​ | 1,848 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,848 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Loss on sale of intellectual property | ​ | ​ | 7,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Other, net | ​ |  | 1,260 | ​ |  | — | ​ | ​ | — | ​ |  | 1,260 | ​ |  | (1,371) | ​ |  | — | ​ | ​ | — | ​ |  | (1,371)
Changes in operating assets and liabilities, net of amounts acquired: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable | ​ |  | 46,480 | ​ |  | — | ​ | ​ | 1,003 | ​ |  | 47,483 | ​ |  | (146,516) | ​ |  | — | ​ | ​ | 706 | ​ |  | (145,810)
Contract assets | ​ |  | (154,933) | ​ |  | (755) | ​ | ​ | 12,157 | ​ |  | (143,531) | ​ |  | 47,842 | ​ |  | 4,272 | ​ | ​ | 2,365 | ​ |  | 54,479
Inventories | ​ |  | (663,379) | ​ |  | 19,420 | ​ | ​ | (7,159) | ​ |  | (651,118) | ​ |  | (167,186) | ​ |  | 17,472 | ​ | ​ | (7,564) | ​ |  | (157,278)
Prepaid expenses and other assets | ​ |  | (31,700) | ​ |  | — | ​ | ​ | — | ​ |  | (31,700) | ​ |  | (6,486) | ​ |  | 706 | ​ | ​ | — | ​ |  | (5,780)
Accounts payable | ​ |  | 554,492 | ​ |  | — | ​ | ​ | 4,336 | ​ |  | 558,828 | ​ |  | 236,270 | ​ |  | — | ​ | ​ | 7,564 | ​ |  | 243,834
Accrued liabilities | ​ |  | 133,541 | ​ |  | (705) | ​ | ​ | (8,737) | ​ |  | 124,099 | ​ |  | (48,302) | ​ |  | 2,351 | ​ | ​ | (3,071) | ​ |  | (49,022)
Cash provided by operating activities | ​ | $ | 330,854 | ​ | $ | — | ​ | $ | — | ​ | $ | 330,854 | ​ | $ | 338,342 | ​ | $ | — | ​ | $ | — | ​ | $ | 338,342
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended
​ | ​ | October 3, 2020
​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​ | ​
​ |  | Reported |  | Adjustments |  | Adjustments |  | As Restated
​ |  | ​ | (In thousands)
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Net income | ​ | $ | 139,713 | ​ | $ | (6,544) | ​ | $ | — | ​ | $ | 133,169
Adjustments to reconcile net income to cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Depreciation and amortization | ​ |  | 114,218 | ​ |  | — | ​ | ​ | — | ​ |  | 114,218
Stock-based compensation expense | ​ |  | 26,235 | ​ |  | — | ​ | ​ | — | ​ |  | 26,235
Deferred income taxes | ​ |  | 13,567 | ​ |  | (1,795) | ​ | ​ | — | ​ |  | 11,772
Gain on sale of intellectual property | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Gain on liquidation of foreign entity | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Impairment of goodwill and other assets | ​ |  | 8,409 | ​ |  | — | ​ | ​ | — | ​ |  | 8,409
Loss on sale of intellectual property | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Other, net | ​ |  | (239) | ​ |  | — | ​ | ​ | — | ​ |  | (239)
Changes in operating assets and liabilities, net of amounts acquired: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Accounts receivable | ​ |  | 83,623 | ​ |  | — | ​ | ​ | (1,709) | ​ |  | 81,914
Contract assets | ​ |  | (283) | ​ |  | 24,436 | ​ | ​ | (14,522) | ​ |  | 9,631
Inventories | ​ |  | 39,564 | ​ |  | (15,187) | ​ | ​ | — | ​ |  | 24,377
Prepaid expenses and other assets | ​ |  | 17,798 | ​ |  | (706) | ​ | ​ | — | ​ |  | 17,092
Accounts payable | ​ |  | (106,640) | ​ |  | — | ​ | ​ | — | ​ |  | (106,640)
Accrued liabilities | ​ |  | (35,410) | ​ |  | (204) | ​ | ​ | 16,231 | ​ |  | (19,383)
Cash provided by operating activities | ​ | $ | 300,555 | ​ | $ | — | ​ | $ | — | ​ | $ | 300,555
​

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 + Details
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