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v3.23.2

Note 1. Restatement of Condensed Consolidated Financial Statements (Tables) | 9 Months Ended
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Jul. 01, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | 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 nine months ended July 2, 2022.
| Three Months Ended |  | Nine Months Ended |  |
| July 2, 2022 |  | July 2, 2022 |  |  |  |
| (Unaudited) |  | (Unaudited) |  |  |  |
| Previously Reported |  | Investigation Adjustments |  |  |  | As Restated |  | Previously Reported |  | Investigation Adjustments |  |  |  | As Restated |  |  |  |
| (In thousands, except per share data)
Net sales | $ | 2,019,059 |  |  | $ | 4,302 |  |  |  |  | $ | 2,023,361 |  |  | $ | 5,687,914 |  |  | $ | 6,843 |  |  |  |  | $ | 5,694,757 |  |  |  |  |
Cost of sales | 1,853,870 |  |  | 7,306 |  |  |  |  | 1,861,176 |  |  | 5,225,789 |  |  | 18,991 |  |  |  |  | 5,244,780 |  |  |  |  |
Gross profit | 165,189 |  |  | (3,004) |  |  |  |  | 162,185 |  |  | 462,125 |  |  | (12,148) |  |  |  |  | 449,977 |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative | 61,506 |  |  | — |  |  |  |  | 61,506 |  |  | 184,798 |  |  | — |  |  |  |  | 184,798 |  |  |  |  |
Research and development | 5,071 |  |  | — |  |  |  |  | 5,071 |  |  | 15,320 |  |  | — |  |  |  |  | 15,320 |  |  |  |  |
Restructuring and other | 3,994 |  |  | — |  |  |  |  | 3,994 |  |  | 3,730 |  |  | — |  |  |  |  | 3,730 |  |  |  |  |
Total operating expenses | 70,571 |  |  | — |  |  |  |  | 70,571 |  |  | 203,848 |  |  | — |  |  |  |  | 203,848 |  |  |  |  |
Operating income | 94,618 |  |  | (3,004) |  |  |  |  | 91,614 |  |  | 258,277 |  |  | (12,148) |  |  |  |  | 246,129 |  |  |  |  |
Interest income | 540 |  |  | — |  |  |  |  | 540 |  |  | 1,198 |  |  | — |  |  |  |  | 1,198 |  |  |  |  |
Interest expense | (5,615) |  |  | — |  |  |  |  | (5,615) |  |  | (15,362) |  |  | — |  |  |  |  | (15,362) |  |  |  |  |
Other income (expense), net | (7,774) |  |  | — |  |  |  |  | (7,774) |  |  | (7,110) |  |  | — |  |  |  |  | (7,110) |  |  |  |  |
Interest and other, net | (12,849) |  |  | — |  |  |  |  | (12,849) |  |  | (21,274) |  |  | — |  |  |  |  | (21,274) |  |  |  |  |
Income before income taxes | 81,769 |  |  | (3,004) |  |  |  |  | 78,765 |  |  | 237,003 |  |  | (12,148) |  |  |  |  | 224,855 |  |  |  |  |
Provision for income taxes | 2,226 |  |  | (683) |  |  |  |  | 1,543 |  |  | 45,606 |  |  | (2,771) |  |  |  |  | 42,835 |  |  |  |  |
Net Income | $ | 79,543 |  |  | $ | (2,321) |  |  |  |  | $ | 77,222 |  |  | $ | 191,397 |  |  | $ | (9,377) |  |  |  |  | $ | 182,020 |  |  |  |  |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.33 |  |  | $ | (0.04) |  |  |  |  | $ | 1.29 |  |  | $ | 3.07 |  |  | $ | (0.15) |  |  |  |  | $ | 2.92 |  |  |  |  |
Diluted | $ | 1.29 |  |  | $ | (0.04) |  |  |  |  | $ | 1.25 |  |  | $ | 2.98 |  |  | $ | (0.15) |  |  |  |  | $ | 2.83 |  |  |  |  |
Weighted average shares used in computing per share amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 59,970 |  |  | — |  |  |  |  | 59,970 |  |  | 62,404 |  |  | — |  |  |  |  | 62,404 |  |  |  |  |
Diluted | 61,702 |  |  | — |  |  |  |  | 61,702 |  |  | 64,292 |  |  | — |  |  |  |  | 64,292 |  |  |  |  |
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 |  |  |  |
|  |  |  |  |  |  |  |  | Previously Reported |  | Investigation Adjustments |  | Other 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 nine month period ended July 2, 2022. There were no adjustments to cash flows provided by (used in) investing or financing activities for the nine month period ended July 2, 2022.
| Nine Months Ended
| July 2, 2022
| (Unaudited)
| Previously Reported |  | Investigation Adjustments |  | Other Adjustments |  | As Restated
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net income | $ | 191,397 |  |  | $ | (9,377) |  |  | $ | — |  |  | $ | 182,020 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 82,097 |  |  | — |  |  | — |  |  | 82,097 |
Stock-based compensation expense | 29,045 |  |  | — |  |  | — |  |  | 29,045 |
Deferred income taxes | 18,522 |  |  | (2,529) |  |  | — |  |  | 15,993 |
Other, net | (1,298) |  |  | — |  |  | — |  |  | (1,298) |
Changes in operating assets and liabilities, net of amounts acquired: |  |  |  |  |  |  |
Accounts receivable | (39,850) |  |  | — |  |  | (426) |  |  | (40,276) |
Contract assets | (110,565) |  |  | 6,210 |  |  | (8,251) |  |  | (112,606) |
Inventories | (559,118) |  |  | 6,544 |  |  | (277) |  |  | (552,851) |
Prepaid expenses and other assets | (13,269) |  |  | — |  |  | — |  |  | (13,269) |
Accounts payable | 507,632 |  |  | — |  |  | 277 |  |  | 507,909 |
Accrued liabilities | 144,363 |  |  | (848) |  |  | 8,677 |  |  | 152,192 |
Cash provided by operating activities | $ | 248,956 |  |  | $ | — |  |  | $ | — |  |  | $ | 248,956 |

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