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v3.23.1

Restatement of Condensed Consolidated Financial Statements (Tables) | 6 Months Ended
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Apr. 01, 2023
Restatement of Condensed Consolidated Financial Statements |
Schedule of impact of the financial statement adjustments on the Company's previously reported Condensed Consolidated Financial Statements | The following table presents the impact of the financial statement adjustments on the Company’s previously reported Condensed Consolidated Statements of Income for the three and six months ended April 2, 2022.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended
​ | ​ | April 2, 2022 | ​ | April 2, 2022
​ | ​ | (Unaudited) | ​ | (Unaudited)
​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​ | ​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​ | ​
​ |  | Reported |  | Adjustments |  | Adjustments |  | As Restated |  | Reported |  | Adjustments |  | Adjustments |  | ​ | As Restated
​ | ​ | (In thousands, except per share data)
Net sales | ​ | $ | 1,911,530 | ​ | $ | 3,540 | ​ | $ | — | ​ | $ | 1,915,070 | ​ | $ | 3,668,855 | ​ | $ | 2,541 | ​ | $ | — | ​ | $ | 3,671,396
Cost of sales |  | ​ | 1,759,083 |  | ​ | 9,492 |  | ​ | — | ​ | ​ | 1,768,575 |  | ​ | 3,371,919 |  | ​ | 11,685 |  | ​ | — | ​ | ​ | 3,383,604
Gross profit |  | ​ | 152,447 |  | ​ | (5,952) |  | ​ | — | ​ |  | 146,495 |  | ​ | 296,936 |  | ​ | (9,144) |  | ​ | — | ​ |  | 287,792
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses: |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |
Selling, general and administrative |  | ​ | 61,817 |  | ​ | — |  | ​ | — | ​ | ​ | 61,817 |  | ​ | 123,292 |  | ​ | — |  | ​ | — | ​ | ​ | 123,292
Research and development |  | ​ | 5,472 |  | ​ | — |  | ​ | — | ​ | ​ | 5,472 |  | ​ | 10,249 |  | ​ | — |  | ​ | — | ​ | ​ | 10,249
Restructuring and other |  | ​ | 2,932 |  | ​ | — |  | ​ | — | ​ | ​ | 2,932 |  | ​ | 4,346 |  | ​ | — |  | ​ | — | ​ | ​ | 4,346
Gain on sale of long-lived assets |  | ​ | — |  | ​ | — |  | ​ | — | ​ | ​ | — |  | ​ | (4,610) |  | ​ | — |  | ​ | — | ​ | ​ | (4,610)
Total operating expenses |  | ​ | 70,221 |  | ​ | — |  | ​ | — | ​ | ​ | 70,221 |  | ​ | 133,277 |  | ​ | — |  | ​ | — | ​ | ​ | 133,277
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income |  | ​ | 82,226 |  | ​ | (5,952) |  | ​ | — | ​ | ​ | 76,274 |  | ​ | 163,659 |  | ​ | (9,144) |  | ​ | — | ​ | ​ | 154,515
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income |  | ​ | 349 |  | ​ | — |  | ​ | — | ​ | ​ | 349 |  | ​ | 658 |  | ​ | — |  | ​ | — | ​ | ​ | 658
Interest expense |  | ​ | (4,870) |  | ​ | — |  | ​ | — | ​ | ​ | (4,870) |  | ​ | (9,747) |  | ​ | — |  | ​ | — | ​ | ​ | (9,747)
Other income (expense), net |  | ​ | (1,408) |  | ​ | — |  | ​ | — | ​ | ​ | (1,408) |  | ​ | 664 |  | ​ | — |  | ​ | — | ​ | ​ | 664
Interest and other, net |  | ​ | (5,929) |  | ​ | — |  | ​ | — | ​ | ​ | (5,929) |  | ​ | (8,425) |  | ​ | — |  | ​ | — | ​ | ​ | (8,425)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes |  | ​ | 76,297 |  | ​ | (5,952) |  | ​ | — | ​ | ​ | 70,345 |  | ​ | 155,234 |  | ​ | (9,144) |  | ​ | — | ​ | ​ | 146,090
Provision for income taxes |  | ​ | 23,077 |  | ​ | (1,353) |  | ​ | — | ​ | ​ | 21,724 |  | ​ | 43,380 |  | ​ | (2,088) |  | ​ | — | ​ | ​ | 41,292
Net Income |  | $ | 53,220 |  | $ | (4,599) |  | ​ | — | ​ | $ | 48,621 |  | $ | 111,854 |  | $ | (7,056) |  | $ | — | ​ | $ | 104,798
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per share: |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |
Basic | ​ | $ | 0.85 | ​ | $ | (0.08) | ​ | $ | — | ​ | $ | 0.77 | ​ | $ | 1.76 | ​ | $ | (0.11) | ​ | $ | — | ​ | $ | 1.65
Diluted | ​ | $ | 0.83 | ​ | $ | (0.07) | ​ | $ | — | ​ | $ | 0.76 | ​ | $ | 1.71 | ​ | $ | (0.11) | ​ | $ | — | ​ | $ | 1.60
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares used in computing per share amounts: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ |  | 62,845 | ​ |  | — | ​ |  | — | ​ |  | 62,845 | ​ |  | 63,622 | ​ |  | — | ​ |  | — | ​ |  | 63,622
Diluted | ​ |  | 64,271 | ​ |  | — | ​ |  | — | ​ |  | 64,271 | ​ |  | 65,365 | ​ |  | — | ​ |  | — | ​ |  | 65,365
​ ​ The following table presents the impact of the financial statement adjustments on the Company’s previously reported Condensed Consolidated Balance Sheet as of October 1, 2022.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of
​ | ​ | October 1, 2022
​ | ​ | (Unaudited)
​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​ | ​
​ |  | Reported |  | Adjustments |  | Adjustments |  | As Restated
​ |  | (In thousands)
ASSETS |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Current assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 529,857 | ​ | $ | — | ​ | $ | — | ​ | $ | 529,857
Accounts receivable, net of allowances | ​ |  | 1,138,894 | ​ |  | — | ​ |  | — | ​ |  | 1,138,894
Contract assets | ​ |  | 503,674 | ​ |  | (27,953) | ​ |  | — | ​ |  | 475,721
Inventories | ​ |  | 1,691,081 | ​ |  | (21,705) | ​ |  | 14,723 | ​ |  | 1,684,099
Prepaid expenses and other current assets | ​ |  | 62,044 | ​ |  | — | ​ |  | — | ​ |  | 62,044
Total current assets | ​ |  | 3,925,550 | ​ |  | (49,658) | ​ |  | 14,723 | ​ |  | 3,890,615
Property, plant and equipment, net | ​ |  | 575,170 | ​ |  | — | ​ |  | — | ​ |  | 575,170
Deferred tax assets | ​ |  | 198,588 | ​ |  | 10,966 | ​ |  | — | ​ |  | 209,554
Other | ​ |  | 160,192 | ​ |  | — | ​ |  | — | ​ |  | 160,192
Total assets | ​ | $ | 4,859,500 | ​ | $ | (38,692) | ​ | $ | 14,723 | ​ | $ | 4,835,531
LIABILITIES AND STOCKHOLDERS’ EQUITY | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Current liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Accounts payable | ​ | $ | 2,029,534 | ​ | $ | — | ​ | $ | 11,900 | ​ | $ | 2,041,434
Accrued liabilities | ​ |  | 275,735 | ​ |  | 1,441 | ​ |  | 4,423 | ​ |  | 281,599
Accrued payroll and related benefits | ​ |  | 130,892 | ​ |  | — | ​ |  | — | ​ |  | 130,892
Short-term debt, including current portion of long-term debt | ​ |  | 17,500 | ​ |  | — | ​ |  | — | ​ |  | 17,500
Total current liabilities | ​ |  | 2,453,661 | ​ |  | 1,441 | ​ |  | 16,323 | ​ |  | 2,471,425
Long-term liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Long-term debt | ​ |  | 329,237 | ​ |  | — | ​ |  | — | ​ |  | 329,237
Other | ​ |  | 215,333 | ​ |  | — | ​ |  | — | ​ |  | 215,333
Total long-term liabilities | ​ |  | 544,570 | ​ |  | — | ​ |  | — | ​ |  | 544,570
Contingencies (Note 8) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stockholders’ equity | ​ |  | 1,861,269 | ​ |  | (40,133) | ​ |  | (1,600) | ​ |  | 1,819,536
Total liabilities and stockholders’ equity | ​ | $ | 4,859,500 | ​ | $ | (38,692) | ​ | $ | 14,723 | ​ | $ | 4,835,531
​ ​ The following table presents the impact of the financial statement adjustments on the Company’s previously reported Condensed Consolidated Statements of Cash Flows for the six month period ended April 2, 2022. There were no adjustments to cash flows provided by (used in) investing or financing activities for the six month period ended April 2, 2022.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended
​ | ​ | April 2, 2022
​ | ​ | (Unaudited)
​ | ​ | Previously | ​ | Investigation | ​ | Other | ​ | ​ | ​
​ |  | Reported |  | Adjustments | ​ | Adjustments |  | As Restated
​ | ​ | (In thousands)
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Net income before noncontrolling interest | ​ | $ | 111,854 | ​ | $ | (7,056) | ​ | $ | — | ​ | $ | 104,798
Adjustments to reconcile net income before noncontrolling interest to cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Depreciation and amortization | ​ |  | 55,032 | ​ |  | — | ​ | ​ | — | ​ |  | 55,032
Stock-based compensation expense | ​ |  | 18,362 | ​ |  | — | ​ | ​ | — | ​ |  | 18,362
Deferred income taxes | ​ |  | 11,071 | ​ |  | (1,898) | ​ | ​ | — | ​ |  | 9,173
Other, net | ​ |  | (1,903) | ​ |  | — | ​ | ​ | — | ​ |  | (1,903)
Changes in operating assets and liabilities, net of amounts acquired: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  |
Accounts receivable | ​ |  | (79,705) | ​ |  | — | ​ | ​ | 397 | ​ |  | (79,308)
Contract assets | ​ |  | (68,545) | ​ |  | 4,804 | ​ | ​ | (3,351) | ​ |  | (67,092)
Inventories | ​ |  | (403,396) | ​ |  | 4,628 | ​ | ​ | (5,015) | ​ |  | (403,783)
Prepaid expenses and other assets | ​ |  | (11,334) | ​ |  | — | ​ | ​ | — | ​ |  | (11,334)
Accounts payable | ​ |  | 357,176 | ​ |  | — | ​ | ​ | 5,015 | ​ |  | 362,191
Accrued liabilities | ​ |  | 158,661 | ​ |  | (478) | ​ | ​ | 2,954 | ​ |  | 161,137
Cash provided by operating activities | ​ | $ | 147,273 | ​ | $ | — | ​ | $ | — | ​ | $ | 147,273

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