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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 02, 2021
Accounting Policies [Abstract]  
Schedule of Accounts, Notes Receivable and Allowance for Doubtful Accounts

 

 

 

 

 

January 2,

 

 

December 28,

 

 

 

 

 

2021

 

 

2019

 

 

 

 

 

(in thousands)

 

Accounts receivable

 

 

 

$

96,560

 

 

$

71,411

 

Less:  Allowance for doubtful accounts

 

 

 

 

(3,716

)

 

 

(3,320

)

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

 

$

92,844

 

 

$

68,091

 

 
Information Regarding Warranty Accrual The following provides information with respect to our warranty accrual.

 

Accrued Warranty

 

Beginning of

Period

 

 

Acquired

 

 

Charged to

Expense

 

 

Adjustments

 

 

Settlements

 

 

End of

Period

 

 

(in thousands)

 

Year ended January 2, 2021

 

$

6,244

 

 

$

3,515

 

 

$

15,256

 

 

$

266

 

 

$

(17,280

)

 

$

8,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 28, 2019

 

$

6,149

 

 

$

-

 

 

$

12,720

 

 

$

570

 

 

$

(13,195

)

 

$

6,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 29, 2018

 

$

5,386

 

 

$

509

 

 

$

11,835

 

 

$

(650

)

 

$

(10,931

)

 

$

6,149

 

 
Inventories Inventories consist of the following:

 

 

 

January 2,

 

 

December 28,

 

 

 

2021

 

 

2019

 

 

 

(in thousands)

 

Raw materials

 

$

55,916

 

 

$

41,255

 

Work in progress

 

 

4,058

 

 

 

2,337

 

Finished goods

 

 

343

 

 

 

259

 

 

 

 

 

 

 

 

 

 

Inventories

 

$

60,317

 

 

$

43,851

 

 
Schedule of Property, Plant and Equipment

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Depreciable assets are assigned estimated lives as follows:

 

Building and improvements

 

5 to 40 years

 

 

 

Leasehold improvements

 

Shorter of lease term or estimated useful life

 

 

 

Furniture and equipment

 

3 to 10 years

 

 

 

Vehicles

 

5 to 10 years

 

 

 

Computer software

 

3 years

 
Calculation of EPS and Reconciliation of Weighted Average Common Shares Used in the Calculation of Basic and Diluted EPS

The table below presents the calculation of basic and diluted earnings per share, including a reconciliation of weighted average common shares:

 

 

 

Year Ended

 

 

 

January 2,

 

 

December 28,

 

 

December 29,

 

 

 

2021

 

 

2019

 

 

2018

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

45,108

 

 

$

43,688

 

 

$

53,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares - Basic

 

 

58,887

 

 

 

58,346

 

 

 

52,461

 

Add:  Dilutive effect of stock compensation plans

 

 

473

 

 

 

804

 

 

 

1,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares - Diluted

 

 

59,360

 

 

 

59,150

 

 

 

54,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.77

 

 

$

0.75

 

 

$

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.76

 

 

$

0.74

 

 

$

1.00

 
Schedule of Supplemental Cash Flow Information and Non-Cash Activity

The table below presents supplemental cash flow information and non-cash activity for the years ended January 2, 2021, December 28, 2019, and December 29, 2018:

 

 

Year Ended

 

 

 

January 2,

 

 

December 28,

 

 

December 29,

 

(in thousands)

 

2021

 

 

2019

 

 

2018

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

25,156

 

 

$

24,455

 

 

$

11,145

 

Income tax payments, net of refunds

 

$

9,242

 

 

$

11,862

 

 

$

19,546

 

Non-cash activity:

 

 

 

 

 

 

 

 

 

 

 

 

Establish right-of-use asset, net of straight-line rent in 2019

 

$

19,185

 

 

$

31,332

 

 

$

-

 

Establish operating lease liability

 

$

(19,185

)

 

$

(33,072

)

 

$

-

 

Reclassification of accounts receivable to notes receivable

 

$

1,437

 

 

$

4,401

 

 

$

1,161

 

Property, plant and equipment additions in accounts payable

 

$

61

 

 

$

449

 

 

$

197