Note 1. Restatement of Condensed Consolidated Financial Statements (Tables)

9 Months Ended

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