Restatement of Condensed Consolidated Financial Statements (Tables)

6 Months Ended

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