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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 29, 2025
Dec. 28, 2024
[1]
Current assets:    
Cash and cash equivalents $ 151,876 $ 206,407
Short-term investments 48,932 55,685
Accounts receivable, net 93,624 91,619
Inventories 139,365 141,861
Prepaid expenses 23,948 19,293
Other current assets 21,017 19,442
Total current assets 478,762 534,307
Property, plant and equipment, net 76,008 74,786
Goodwill 272,598 234,639
Intangible assets, net 104,748 110,717
Other assets 30,653 31,058
Operating lease right of use assets [2] 12,768 13,908
Assets 975,537 999,415
Current liabilities:    
Short-term borrowings 9,490 633
Current installments of long-term debt 1,163 1,115
Accounts payable 30,642 30,554
Customer advances 2,421 2,764
Accrued compensation and benefits 19,875 20,023
Deferred profit 7,077 3,589
Accrued warranty 2,699 2,971
Income taxes payable 2,649 2,394
Other accrued liabilities 16,008 21,141
Total current liabilities 92,024 85,184
Long-term debt 7,059 7,052
Deferred income taxes 18,681 19,402
Noncurrent income tax liabilities 5,692 5,691
Accrued retirement benefits 8,470 8,481
Long-term lease liabilities 9,179 9,893
Other accrued liabilities 6,715 6,821
Stockholders’ equity    
Preferred stock, $1 par value; 1,000 shares authorized, none issued 0 0
Common stock, $1 par value; 90,000 shares authorized, 49,601 shares issued and outstanding in 2025 and 49,601 shares in 2024 49,601 49,601
Paid-in capital 694,994 697,489
Treasury stock, at cost; 3,106 shares in 2025 and 2,891 shares in 2024 (90,057) (87,784)
Retained earnings 217,936 248,740
Accumulated other comprehensive loss (44,757) (51,155)
Total stockholders’ equity 827,717 856,891
Liabilities and Equity $ 975,537 $ 999,415
[1] Derived from December 28, 2024, audited financial statements
[2] Finance lease assets are recorded net of accumulated amortization of $0.4 million as of March 29, 2025, and December 28, 2024. During the first quarter of fiscal 2024, we executed an agreement to purchase our leased facility in Malaysia for MYR 41.8 million, with the expectation that the title would transfer during fiscal 2024. We treated this transaction as a lease modification, and changed the classification to a finance lease, reducing our operating lease assets and liabilities by $0.4 million and increasing our finance lease assets and current lease liabilities by $8.8 million and $7.9 million, respectively. Due to a seller-imposed delay during the third quarter of fiscal 2024, the purchase date was delayed until fiscal 2025, triggering a modification of the finance lease resulting in the asset increasing to $9.5 million. At December 28, 2024, the finance lease liability decreased to $8.4 million, as a result of fluctuations in foreign currency exchange rates. On December 30, 2024, we completed the purchase of our leased facility in Melaka, Malaysia.