0001159167-21-000041 | 10-Q | XBRL Viewer

Leases (Tables)

6 Months Ended

Jul. 03, 2021

The components of lease expense were as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Operating lease cost	$	2,147	$	2,289	$	4,134	$	4,645
Variable lease cost	1,033		882		1,928		2,004
Total lease cost	$	3,180	$	3,171	$	6,062	$	6,649

Schedule of Leases, Supplemental Cash Flow [Table Text Block]

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,100	$	2,710	$	4,379	$	4,737
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	1,566	$	—	$	1,566

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturities of operating lease liabilities were as follows as of July 3, 2021 (in thousands):



Remainder of 2021	$	3,759
2022	8,582
2023	7,648
2024	6,592
2025	6,617
Thereafter	28,555
Total minimum lease payments	$	61,753
Less: imputed interest	8,464
Present value of future minimum lease payments	$	53,289
Less: current portion of operating lease liabilities (Note 6)	6,275
Long-term lease liabilities	$	47,014

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	17.10%	16.10%	(61.50%)	18.50%

Derivative Instruments (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Derivative Instruments, Gain (Loss) [Line Items]

Revenue

$ 365,596

$ 279,883

$ 668,857

$ 472,418

Foreign Exchange Forward [Member] | Cash Flow Hedging [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax

^[1]

(47)

(3,512)

17,107

4,053

Other Nonoperating Income (Expense) [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

391

(701)

(9,623)

(1,247)

Sales [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedging [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

$ 1,231

$ 1,761

$ 717

$ 3,718

[1]	The amount represents the change in fair value of derivative contracts due to changes in spot rates.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 03, 2021

Accounting Policies [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the calculation of both basic and diluted net (loss) income per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net (loss) income	$	(2,758)	$	58,616	$	4,685	$	40,481
Basic weighted-average common shares outstanding	28,100		27,923		28,178		28,110
Dilutive effect of employee stock awards	—		357		730		304
Diluted weighted-average common shares outstanding	28,100		28,280		28,908		28,414
Net (loss) income per share - Basic	$	(0.10)	$	2.10	$	0.17	$	1.44
Net (loss) income per share - Diluted	$	(0.10)	$	2.07	$	0.16	$	1.42

Leases Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Leases [Abstract]
Document Period End Date			Jul. 03, 2021
Operating Lease, Payments	$ 2,100	$ 2,710	$ 4,379	$ 4,737
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	$ 1,566	$ 0	$ 1,566

Commitments and Contingencies

6 Months Ended

Jul. 03, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

From time to time and in the ordinary course of business, the Company is subject to various claims, charges and litigation. The outcome of litigation cannot be predicted with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to us, which could materially affect our financial condition or results of operations. As of July 3, 2021, the Securities Class Action and the consolidated shareholder derivative actions captioned as In re iRobot Corporation Derivative litigation, No. 1:20-cv-10034, as described in our Annual Report on Form 10-K for the fiscal year ended January 2, 2021, have been dismissed.

Guarantees and Indemnification Obligations

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses incurred by the indemnified party, generally the Company’s customers, in connection with any patent, copyright, trade secret or other proprietary right infringement claim by any third party. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related

to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. Accordingly, the Company has no liabilities recorded for these agreements as of July 3, 2021 and January 2, 2021, respectively.

Warranty

The Company provides warranties on most products and has established a reserve for warranty obligations based on estimated warranty costs. The reserve is included as part of accrued expenses (Note 6) in the accompanying consolidated balance sheets.

Activity related to the warranty accrual was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Balance at beginning of period	$	23,904	$	13,998	$	24,392	$	13,856

Provision	10,236		3,396		20,421		7,870
Warranty usage	(9,422)		(3,625)		(20,095)		(7,957)
Balance at end of period	$	24,718	$	13,769	$	24,718	$	13,769

Revenue Recognition Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Jan. 02, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 15,200		$ 15,200		$ 11,500
Accounts Receivable, after Allowance for Credit Loss, Current	74,759		74,759		170,526
Contract with Customer, Liability, Revenue Recognized	3,400	$ 3,800	8,900	$ 4,300
Contract with Customer, Liability	$ 20,141		$ 20,141		$ 17,700

Derivative Instruments (Notes)

6 Months Ended

Jul. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Instruments and Hedging Activities

The Company operates internationally and, in the normal course of business, is exposed to fluctuations in foreign currency exchange rates. The foreign currency exposures typically arise from transactions denominated in currencies other than the functional currency of the Company's operations, primarily the British Pound, Canadian Dollar, Euro and Japanese Yen. The Company uses derivative instruments that are designated in cash flow hedge relationships to reduce or eliminate the effects of foreign exchange rate change on sales. These contracts typically have maturities of three years or less. At July 3, 2021 and January 2, 2021, the Company had outstanding cash flow hedges with a total notional value of $427.0 million and $431.9 million, respectively.

The Company also enters into economic hedges that are not designated as hedges from an accounting standpoint to reduce or eliminate the effects of foreign exchange rate changes typically related to short term trade receivables and payables. These contracts typically have maturities of twelve months or less. At July 3, 2021 and January 2, 2021, the Company had outstanding foreign currency economic hedges with a total notional value of $294.5 million and $192.2 million, respectively.

As described in Note 2, during July 2020, the Company entered into a forward sale contract as an economic hedge to reduce the Company's exposure to stock price fluctuations on one of its marketable equity securities. The contract had a maturity date of January 2021 and was settled during the first quarter of 2021. The total notional value of this economic hedge was $51.5 million at January 2, 2021.

The fair values of derivative instruments are as follows (in thousands):


		Fair Value
	Classification	July 3, 2021		January 2, 2021
Derivatives not designated as hedging instruments:

Foreign currency forward contracts	Other current assets	$	6,326	$	261
Foreign currency forward contracts	Other assets	3,493		—
Foreign currency forward contracts	Accrued expenses	3,465		2,176
Forward sale contract	Accrued expenses	—		3,904
Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	1,936	$	362
Foreign currency forward contracts	Other assets	2,847		679
Foreign currency forward contracts	Accrued expenses	1,837		2,092
Foreign currency forward contracts	Long-term liabilities	2,227		8,554

Gains (losses) associated with derivative instruments not designated as hedging instruments are as follows (in thousands):


		Three Months Ended				Six Months Ended
	Classification	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Gain (loss) recognized in income	Other expense, net	$	391	$	(701)	$	(9,623)	$	(1,247)

The following tables reflect the effect of derivatives designated as cash flow hedging (in thousands):


	Gain (loss) recognized in OCI on Derivative (1)
	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Foreign currency forward contracts	$	(47)	$	(3,512)	$	17,107	$	4,053

(1)The amount represents the change in fair value of derivative contracts due to changes in spot rates.


	Gain (loss) recognized in earnings on cash flow hedging instruments
	Three Months Ended				Nine Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
	Revenue				Revenue
Consolidated statements of operations in which the effects of cash flow hedging instruments are recorded	$	365,596	$	279,883	$	668,857	$	472,418

Gain on cash flow hedging relationships:
Foreign currency forward contracts:
Amount of gain reclassified from AOCI into earnings	$	1,231	$	1,761	$	717	$	3,718

Summary of Significant Accounting Policies Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 03, 2021	Jul. 03, 2021	Jan. 02, 2021
Credit Loss [Abstract]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 0.0	$ 2.1
Financing Receivable, Allowance for Credit Loss	$ 2.7	$ 2.7	$ 4.8

Commitments and Contingencies - Activity Related to Warranty Accrual (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 23,904	$ 13,998	$ 24,392	$ 13,856
Provision	10,236	3,396	20,421	7,870
Warranty usage	(9,422)	(3,625)	(20,095)	(7,957)
Balance at end of period	$ 24,718	$ 13,769	$ 24,718	$ 13,769

Leases (Notes)

6 Months Ended

Jul. 03, 2021

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

The Company's leasing arrangements primarily consist of operating leases for its facilities which include corporate, sales and marketing and research and development offices and equipment under various non-cancelable lease arrangements. For leases with terms greater than 12 months, the Company records the related right-of-use asset and lease obligation at the present value of lease payments over the term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the lease term. The Company's leases typically include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. The Company does not separate lease and nonlease components of contracts and excludes all variable lease payments from the measurement of right-of-use assets and lease liabilities. The Company's variable lease payments generally include usage based nonlease components. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants.

The Company's existing leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments. At July 3, 2021, the Company's weighted average discount rate was 3.57%, while the weighted average remaining lease term was 7.97 years.

The components of lease expense were as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Operating lease cost	$	2,147	$	2,289	$	4,134	$	4,645
Variable lease cost	1,033		882		1,928		2,004
Total lease cost	$	3,180	$	3,171	$	6,062	$	6,649

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,100	$	2,710	$	4,379	$	4,737
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	1,566	$	—	$	1,566

Maturities of operating lease liabilities were as follows as of July 3, 2021 (in thousands):



Remainder of 2021	$	3,759
2022	8,582
2023	7,648
2024	6,592
2025	6,617
Thereafter	28,555
Total minimum lease payments	$	61,753
Less: imputed interest	8,464
Present value of future minimum lease payments	$	53,289
Less: current portion of operating lease liabilities (Note 6)	6,275
Long-term lease liabilities	$	47,014

Summary of Significant Accounting Policies - Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Document Period End Date			Jul. 03, 2021
Net (loss) income	$ (2,758)	$ 58,616	$ 4,685	$ 40,481
Weighted-average shares outstanding	28,100	27,923	28,178	28,110
Dilutive effect of employee stock options and restricted shares	0	357	730	304
Diluted weighted-average shares outstanding	28,100	28,280	28,908	28,414
Basic income per share	$ (0.10)	$ 2.10	$ 0.17	$ 1.44
Diluted income per share	$ (0.10)	$ 2.07	$ 0.16	$ 1.42
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	800	200	100	300

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 365,596	$ 279,883	$ 668,857	$ 472,418
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	196,824	140,146	311,596	222,113
EMEA [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	91,559	71,048	207,790	137,707
All Other Regions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	29,959	24,427	61,642	41,872
JAPAN
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 47,254	$ 44,262	$ 87,829	$ 70,726

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jul. 03, 2021

Commitments and Contingencies Disclosure [Abstract]

Activity related to the warranty accrual was as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Balance at beginning of period	$	23,904	$	13,998	$	24,392	$	13,856

Provision	10,236		3,396		20,421		7,870
Warranty usage	(9,422)		(3,625)		(20,095)		(7,957)
Balance at end of period	$	24,718	$	13,769	$	24,718	$	13,769

Revenue Recognition (Notes)

6 Months Ended

Jul. 03, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue Recognition

The Company primarily derives its revenue from the sale of consumer robots and accessories. The Company sells products directly to consumers through online stores and indirectly through resellers and distributors. Revenue is recognized upon transfer of control of promised products or services to customers, generally as title and risk of loss pass, in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is recognized only to the extent that it is probable that a significant reversal of revenue will not occur and when collection is considered probable. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from revenue. Shipping and handling expenses are considered fulfillment activities and are expensed as incurred.

The Company’s consumer robots are highly dependent on, and interrelated with, the embedded software and cannot function without the software. As such, the consumer robots are accounted for as a single performance obligation, and the revenue is recognized at a point in time when the control is transferred to distributors, resellers or directly to end customers through online stores. For certain consumer robots with Wi-Fi capability ("connected robots"), each sale represents an arrangement with multiple promises consisting of the robot, downloadable free app, cloud services and potential future unspecified software upgrades. The Company has determined that the app, cloud services and potential future unspecified software upgrades represent one promised service to the customer to enhance the functionality and interaction with the robot (referred to collectively as "Cloud Services").

For contracts that contain multiple performance obligations, the transaction price is allocated to each performance obligation based on a relative standalone selling price ("SSP"). The Company estimates SSP for items that are not sold separately, using market data if available or analysis of the cost of providing the products or services plus a reasonable margin. The transaction price allocated to the robots is recognized as revenue at a point in time when control is transferred and when collection is considered probable. The transaction price allocated to the Cloud Services is deferred and recognized on a straight-line basis over the estimated term of the Cloud Services. For contracts with a duration of greater than one year, the transaction price allocated to performance obligations that are unsatisfied as of July 3, 2021 and January 2, 2021 was $15.2 million and $11.5 million, respectively. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

The Company’s products generally carry a one-year or two-year limited warranty that promises customers that delivered products are as specified. The Company does not consider these assurance-type warranties as a separate performance obligation and therefore, the Company accounts for such warranties under ASC 460, "Guarantees." During the fourth quarter of 2020, the Company began offering its customers the option to purchase an extended warranty for a fee. Amounts paid for the extended warranty plans are deferred and recognized as revenue on a straight-line basis over the service period.

The Company provides limited rights of returns for direct-to-consumer sales generated through its online stores and certain resellers and distributors. The Company records an allowance for product returns based on specific terms and conditions included in the customer agreements or based on historical experience and the Company's expectation of future returns. In addition, the Company may provide other credits or incentives which are accounted for as variable consideration when estimating the amount of revenue to recognize. Where appropriate, these estimates take into consideration relevant factors such as the Company’s historical experience, current contractual requirements, specific known market events and forecasted inventory level in the channels. Overall, these reserves reflect the Company’s best estimates, and the actual amounts of

consideration ultimately received may differ from the Company’s estimates. Returns and credits are estimated at the time of sale and updated at the end of each reporting period as additional information becomes available. As of July 3, 2021, the Company has reserves for product returns of $53.8 million and other credits and incentives of $74.6 million. As of January 2, 2021, the Company had reserves for product returns of $64.3 million and other credits and incentives of $142.2 million. Revenue recognized during the three and six months ended July 3, 2021 and June 27, 2020 related to performance obligations satisfied in a prior period was not material.

Disaggregation of Revenue

The following table provides information about disaggregated revenue by geographical region (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
United States	$	196,824	$	140,146	$	311,596	$	222,113
EMEA	91,559		71,048		207,790		137,707
Japan	47,254		44,262		87,829		70,726
Other	29,959		24,427		61,642		41,872
Total revenue	$	365,596	$	279,883	$	668,857	$	472,418

Contract Balances

The following table provides information about receivables and contract liabilities from contracts with customers (in thousands):


	July 3, 2021		January 2, 2021
Accounts receivable, net	$	74,759	$	170,526
Contract liabilities	20,141		17,700

The Company invoices customers based upon contractual billing schedules, and accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities include deferred revenue associated with the Cloud Services and extended warranty plans as well as prepayments received from customers in advance of product shipments. The change in the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. During the three months ended July 3, 2021 and June 27, 2020, the Company recognized $3.4 million and $3.8 million, respectively, of the contract liability balance as revenue upon transfer of the products or services to customers.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Revenue Recognition (Tables)

6 Months Ended

Jul. 03, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following table provides information about disaggregated revenue by geographical region (in thousands):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
United States	$	196,824	$	140,146	$	311,596	$	222,113
EMEA	91,559		71,048		207,790		137,707
Japan	47,254		44,262		87,829		70,726
Other	29,959		24,427		61,642		41,872
Total revenue	$	365,596	$	279,883	$	668,857	$	472,418

Contract with Customer, Asset and Liability [Table Text Block]

Contract Balances

The following table provides information about receivables and contract liabilities from contracts with customers (in thousands):


	July 3, 2021		January 2, 2021
Accounts receivable, net	$	74,759	$	170,526
Contract liabilities	20,141		17,700

Leases Maturity of Operating Lease LIability (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jan. 02, 2021
Leases [Abstract]
Remainder of 2021	$ 3,759
2022	8,582
2023	7,648
2024	6,592
2025	6,617
Thereafter	28,555
Total minimum lease payments	61,753
Less: imputed interest	8,464
Present value of future minimum lease payments	53,289
Current portion of operating lease liabilities	6,275	$ 6,315
Long-term lease liabilities	$ 47,014	$ 50,485

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 03, 2021	Jan. 02, 2021
Current assets:
Cash and cash equivalents	$ 415,841	$ 432,635
Short term investments	0	51,081
Accounts receivable, net	74,759	170,526
Inventory	276,517	181,756
Other current assets	48,816	45,223
Total current assets	815,933	881,221
Property and equipment, net	81,161	76,584
Operating lease right-of-use assets	40,551	43,682
Deferred tax assets	34,076	33,404
Goodwill	123,735	125,872
Intangible Assets, Net	8,927	9,902
Other assets	29,436	19,063
Total assets	1,133,819	1,189,728
Current liabilities:
Accounts payable	166,779	165,779
Accrued expenses	104,538	131,388
Deferred revenue and customer advances	11,445	10,400
Total current liabilities	282,762	307,567
Operating lease liabilities	47,014	50,485
Deferred tax liabilities	1,458	705
Other long-term liabilities	21,353	26,537
Total long-term liabilities	69,825	77,727
Total liabilities	352,587	385,294
Commitments and contingencies (Note 10)
Preferred stock, 5,000 shares authorized and none outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized; 28,050 and 28,184 shares issued and outstanding, respectively	281	282
Additional paid-in capital	216,375	205,256
Retained earnings	557,452	599,389
Accumulated other comprehensive income (loss)	7,124	(493)
Total stockholders’ equity	781,232	804,434
Total liabilities and stockholders’ equity	$ 1,133,819	$ 1,189,728
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, shares outstanding	28,050,000	28,184,000
Common stock, shares issued	28,050,000	28,184,000
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.01	$ 0.01

Leases Financial Statement Impact of Adopting ASC 842 (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jan. 02, 2021
Leases [Abstract]
Operating lease right-of-use asset	$ 40,551	$ 43,682
Present value of future minimum lease payments	$ 53,289

Revenue Recognition Significant Judgments (Details) - USD ($) $ in Millions	Jul. 03, 2021	Jan. 02, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 15.2	$ 11.5
Refund liability, product returns	53.8	64.3
Refund liability, other credits and incentives	$ 74.6	$ 142.2

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jul. 03, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Foreign Currency Translation

The accompanying consolidated financial statements include those of iRobot and its subsidiaries, after elimination of all intercompany balances and transactions. iRobot has prepared the accompanying unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP").

In the opinion of management, all adjustments necessary to the unaudited interim consolidated financial statements have been made to state fairly the Company's financial position. Interim results are not necessarily indicative of results for the full fiscal year or any future periods. The information included in this Form 10-Q should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the fiscal year ended January 2, 2021, filed with the Securities and Exchange Commission on February 16, 2021.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes." The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles as well as clarifying and amending existing guidance to improve consistent application. The amendments to this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. Depending on the amendment, adoption may be applied on the retrospective, modified retrospective or prospective basis. The Company adopted the standard in the first quarter of 2021 and the adoption had no impact on the Company's consolidated financial statements.

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.

Use of Estimates

The preparation of these financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenue and expenses. These estimates and judgments include, but are not limited to, revenue recognition, including performance obligations, variable consideration and other obligations such as product returns and incentives; allowance for credit losses; product warranties; valuation of goodwill and acquired intangible assets; valuation of non-marketable equity investments; evaluating loss contingencies; accounting for stock-based compensation including performance-based assessments; and accounting for income taxes and related valuation allowances. The Company bases these estimates and judgments on historical experience, market participant fair value considerations, projected future cash flows and various other factors that the Company believes are reasonable under the circumstances. Actual results may differ from the Company’s estimates.

As of July 3, 2021, the impact of the COVID-19 pandemic remains dynamic and the nature and extent of its full impact on the Company's financial and operational results will depend on several factors, including but not limited to, the duration and severity of the pandemic, advances in treatment and prevention, as well as the macroeconomic impact resulting from global responses to slow the spread of the pandemic. As a result, certain of our estimates and assumptions, including the allowance for credit losses and the valuation of non-marketable equity securities, including our impairment assessment, require increased

judgment and carry a higher degree of variability and volatility, which could result in material changes to our estimates in future periods.

Credit Losses

The Company is exposed to credit losses primarily through sales of its products. The Company assesses each customer's ability to pay by conducting a credit review which includes consideration of established credit ratings or an internal assessment of the customer's creditworthiness based on an analysis of their financial information when a credit rating is not available. The Company monitors the credit exposure through active review of customer balances. The Company's expected loss methodology for accounts receivable is developed through consideration of factors including, but not limited to, historical collection experience, current customer credit ratings, current and future economic and market conditions and age of the receivable. Although the Company historically has not experienced significant credit losses as it relates to trade accounts receivable, the COVID-19 pandemic has caused uncertainty in some customer accounts. The Company did not have an adjustment to its estimate of credit losses during the three months ended July 3, 2021. The Company recorded a decrease to the reserve and bad debt expense of $2.1 million during the six months ended July 3, 2021. As of July 3, 2021 and January 2, 2021, the Company had an allowance for credit losses of $2.7 million and $4.8 million, respectively.

Inventory, Policy

Inventory

Inventory is stated at the lower of cost or net realizable value with cost being determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Adjustments to reduce inventory to net realizable value are recognized in cost of revenue and have not been significant for the periods presented. Inventory primarily consists of finished goods at July 3, 2021 and January 2, 2021.

Investment, Policy [Policy Text Block]

Strategic Investments

The Company holds non-marketable equity securities as part of its strategic investments portfolio. The Company classifies the majority of these securities as equity securities without readily determinable fair values and measures these investments at cost, less any impairment, adjusted for observable price changes. These investments are valued using significant unobservable inputs or data in an inactive market and the valuation requires the Company's judgment due to the absence of market prices and inherent lack of liquidity. The estimated fair value is based on quantitative and qualitative factors including, but not limited to, subsequent financing activities by the investee and projected discounted cash flows. At July 3, 2021 and January 2, 2021, the Company's equity securities without readily determinable fair values totaled $18.1 million and $17.4 million, respectively, and are included in other assets on the consolidated balance sheets.

On July 1, 2020, Teladoc Health, Inc. ("Teladoc") closed on its previously announced acquisition of InTouch Health, of which the Company held non-marketable equity securities. In exchange for its shares of InTouch Health, the Company received 0.2 million shares of Teladoc and recorded a gain of $38.6 million to other income, net during the second quarter of 2020. The Teladoc shares received were subject to time based contractual sales restrictions which expired in January 2021. These shares were accounted for as marketable equity securities and measured at fair value with unrealized gains and losses recognized in other income, net at the end of each reporting period. As a result, the Company entered into an economic hedge in July 2020 to reduce the Company's exposure to stock price fluctuations during the restricted period. During the first quarter of 2021, the Company received net proceeds of $51.5 million related to the sale of Teladoc shares with gross proceeds of $60.1 million, net of settlement payment of $8.6 million for the related economic hedge.

On July 22, 2021, Matterport, Inc., an investee of the Company, completed a merger with a special purpose acquisition company ("SPAC") and began trading on Nasdaq under the symbol "MTTR." Prior to the merger, the Company held non-marketable equity securities in Matterport and accounted for the shares as equity securities without readily determinable fair value. The estimated gain of $20 million at closing is expected to be recorded during the third quarter of 2021. As the shares are now publicly traded, they will be accounted for as marketable equity securities and measured at fair value with unrealized gains and losses recognized in other expense, net at the end of each reporting period. The Matterport shares are subject to time based contractual sales restrictions which expire in January 2022.

Net Income Per Share

Net (Loss) Income Per Share

Basic income per share is calculated using the Company's weighted-average outstanding common shares. Diluted income

per share is calculated using the Company's weighted-average outstanding common shares including the dilutive effect of stock

awards as determined under the treasury stock method.

The following table presents the calculation of both basic and diluted net (loss) income per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net (loss) income	$	(2,758)	$	58,616	$	4,685	$	40,481
Basic weighted-average common shares outstanding	28,100		27,923		28,178		28,110
Dilutive effect of employee stock awards	—		357		730		304
Diluted weighted-average common shares outstanding	28,100		28,280		28,908		28,414
Net (loss) income per share - Basic	$	(0.10)	$	2.10	$	0.17	$	1.44
Net (loss) income per share - Diluted	$	(0.10)	$	2.07	$	0.16	$	1.42

Employee stock awards representing approximately 0.8 million and 0.2 million shares of common stock for the three months ended July 3, 2021 and June 27, 2020, and approximately 0.1 million and 0.3 million shares of common stock for the six months ended July 3, 2021 and June 27, 2020, respectively, were excluded from the computation of diluted earnings per share as their effect would have been antidilutive.

Fiscal Period, Policy

The Company operates and reports using a 52-53 week fiscal year ending on the Saturday closest to December 31. Accordingly, the Company’s fiscal quarters end on the Saturday that falls closest to the last day of the third month of each quarter.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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+ Details

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Net (loss) income	$ (2,758)	$ 58,616	$ 4,685	$ 40,481
Other comprehensive income (loss):
Net foreign currency translation adjustments	1,114	2,178	(4,769)	1,264
Net unrealized (losses) gains on cash flow hedges, net of tax	(36)	(2,634)	12,932	3,040
Net (gains) losses on cash flow hedge reclassified into earnings, net of tax	(932)	(1,321)	(542)	(2,789)
Net unrealized gains (losses) on marketable securities, net of tax	0	37	(4)	20
Total comprehensive (loss) income	$ (2,612)	$ 56,876	$ 12,302	$ 42,016

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Derivative Instruments Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Jan. 02, 2021
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Term of Contract	3 years
Derivative, Notional Amount	$ 427,000	$ 431,900
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	294,500	192,200
Not Designated as Hedging Instrument [Member] \| Equity Securities [Member]
Derivative [Line Items]
Derivative, Notional Amount	51,500
Not Designated as Hedging Instrument [Member] \| Accrued Liabilities [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Liability	3,465	2,176
Not Designated as Hedging Instrument [Member] \| Accrued Liabilities [Member] \| Derivative, Forward Price
Derivative [Line Items]
Derivative Liability	0	3,904
Not Designated as Hedging Instrument [Member] \| Other Current Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Asset	6,326	261
Not Designated as Hedging Instrument [Member] \| Other Noncurrent Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Asset	3,493	0
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Accrued Liabilities [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Liability	1,837	2,092
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Noncurrent Liabilities [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Liability	2,227	8,554
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Current Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Asset	1,936	362
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Noncurrent Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Asset	$ 2,847	$ 679

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 03, 2021	Jan. 02, 2021
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	28,050,000	28,184,000
Common stock, shares issued	28,050,000	28,184,000

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 03, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jul. 03, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0001159167
Entity File Number	001-36414
Entity Registrant Name	iROBOT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0259335
Amendment Flag	false
Entity Address, Address Line One	8 Crosby Drive
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	430-3000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	IRBT
Security Exchange Name	NASDAQ
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--01-01
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28,051,025

Accrued Expenses

6 Months Ended

Jul. 03, 2021

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consisted of the following at (in thousands):


	July 3, 2021		January 2, 2021
Accrued warranty	$	24,718	$	24,392
Accrued compensation and benefits	19,341		17,635
Accrued manufacturing and logistics cost	14,331		20,093

Current portion of operating lease liabilities	6,275		6,315
Accrued bonus	5,692		31,523
Accrued sales and other indirect taxes payable	5,385		15,480
Derivative liability	5,302		4,268
Accrued income taxes	1,135		3,806





Accrued other	22,359		7,876
	$	104,538	$	131,388

Summary of Significant Accounting Policies Other Assets (Details) - USD ($) shares in Millions, $ in Millions			6 Months Ended
	Jul. 22, 2021	Jul. 01, 2020	Jul. 03, 2021	Jan. 02, 2021
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities without Readily Determinable Fair Value, Amount			$ 18.1	$ 17.4
Equity securities received, restricted		0.2
Gain (Loss) on Sale of Equity Investments		$ 38.6
Payments for (proceeds from) short-term investments			51.5
Proceeds from sale of short-term investments			60.1
Payments to Acquire Short-term Investments			$ 8.6
Subsequent Event
Equity and cost method investments [Abstract]
Estimated gain from equity securities	$ 20.0
Debt and Equity Securities, FV-NI [Line Items]
Estimated gain from equity securities	$ 20.0

Stockholders Equity (Notes)	6 Months Ended
Stockholders Equity (Notes)	Jul. 03, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Share Repurchase Activity The Company's Board of Directors approved a stock repurchase program authorizing up to $200.0 million in share repurchases from time to time until September 5, 2021. On March 11, 2021, the Company entered into a Rule 10b5-1 plan to repurchase $50.0 million of common stock and the Company repurchased 446,954 shares of its common stock at an average price of $111.85, totaling $50.0 million during three months ended July 3, 2021. On March 10, 2020, the Company entered into a Rule 10b5-1 plan to repurchase $25.0 million of common stock and the Company repurchased 663,602 shares of its common stock at an average price of $37.65, totaling $25.0 million in March 2020. On August 2, 2021, the Company entered into an accelerated share repurchase ("ASR") agreement with Wells Fargo Bank, National Association ("Wells Fargo"), under which the Company paid $100.0 million and received an aggregate initial share delivery of 943,285 shares of its common stock, which were immediately retired. Pursuant to the terms of the ASR agreement, the final number of shares to be repurchased by the Company and the average price paid per share will be determined upon settlement of the agreement on or before October 4, 2021. The final number of shares to be repurchased will be based on the volume-weighted average price of its common stock over the duration of the ASR agreement, less a discount. Upon settlement, Wells Fargo may be required to deliver additional shares of common stock to the Company, or under certain conditions, the Company may be required to make a cash payment or deliver shares of common stock, at the Company's election, to Wells Fargo. The Company's Board of Directors modified the existing stock repurchase program for the remaining $125.0 million to permit an ASR transaction and extended the authorization until March 31, 2022. As of August 5, 2021, $25.0 million remained available for further repurchase under the program.

Derivative Instruments (Tables)

6 Months Ended

Jul. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The fair values of derivative instruments are as follows (in thousands):


		Fair Value
	Classification	July 3, 2021		January 2, 2021
Derivatives not designated as hedging instruments:

Foreign currency forward contracts	Other current assets	$	6,326	$	261
Foreign currency forward contracts	Other assets	3,493		—
Foreign currency forward contracts	Accrued expenses	3,465		2,176
Forward sale contract	Accrued expenses	—		3,904
Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	1,936	$	362
Foreign currency forward contracts	Other assets	2,847		679
Foreign currency forward contracts	Accrued expenses	1,837		2,092
Foreign currency forward contracts	Long-term liabilities	2,227		8,554

Derivative Instruments, Gain (Loss) [Table Text Block]

Gains (losses) associated with derivative instruments not designated as hedging instruments are as follows (in thousands):


		Three Months Ended				Six Months Ended
	Classification	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Gain (loss) recognized in income	Other expense, net	$	391	$	(701)	$	(9,623)	$	(1,247)


	Gain (loss) recognized in earnings on cash flow hedging instruments
	Three Months Ended				Nine Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
	Revenue				Revenue
Consolidated statements of operations in which the effects of cash flow hedging instruments are recorded	$	365,596	$	279,883	$	668,857	$	472,418

Gain on cash flow hedging relationships:
Foreign currency forward contracts:
Amount of gain reclassified from AOCI into earnings	$	1,231	$	1,761	$	717	$	3,718

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following tables reflect the effect of derivatives designated as cash flow hedging (in thousands):


	Gain (loss) recognized in OCI on Derivative (1)
	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Foreign currency forward contracts	$	(47)	$	(3,512)	$	17,107	$	4,053

(1)The amount represents the change in fair value of derivative contracts due to changes in spot rates.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Industry Segment, Geographic Information and Significant Customers	6 Months Ended
	Jul. 03, 2021
Segment Reporting [Abstract]
Industry Segment, Geographic Information and Significant Customers	Industry Segment, Geographic Information and Significant Customers The Company operates as one operating segment. The Company's consumer robots products are offered to consumers through a variety of distribution channels, including chain stores and other national retailers, through the Company's own website and app, dedicated e-commerce websites, the online arms of traditional retailers, and through value-added distributors and resellers worldwide. Significant Customers For the three months ended July 3, 2021 and June 27, 2020, the Company generated 32.5% and 35.1% of total revenue, respectively, from one of its retailers. For the six months ended July 3, 2021 and June 27, 2020, the Company generated 25.5% and 26.2% of total revenue, respectively, from one of its retailers.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Accrued Expenses (Tables)

6 Months Ended

Jul. 03, 2021

Accrued Liabilities, Current [Abstract]

Components of Accrued Expenses


	July 3, 2021		January 2, 2021
Accrued warranty	$	24,718	$	24,392
Accrued compensation and benefits	19,341		17,635
Accrued manufacturing and logistics cost	14,331		20,093

Current portion of operating lease liabilities	6,275		6,315
Accrued bonus	5,692		31,523
Accrued sales and other indirect taxes payable	5,385		15,480
Derivative liability	5,302		4,268
Accrued income taxes	1,135		3,806





Accrued other	22,359		7,876
	$	104,538	$	131,388

Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Revenue	$ 365,596	$ 279,883	$ 668,857	$ 472,418
Cost of product revenue	226,395	100,686	406,487	214,981
Amortization of acquired intangible assets	225	1,185	450	1,470
Total cost of revenue	226,620	101,871	406,937	216,451
Gross profit	138,976	178,012	261,920	255,967
Research and development	38,677	36,557	80,597	73,316
Selling and marketing	76,677	49,062	127,668	85,656
General and administrative	26,459	21,856	49,899	46,429
Amortization of acquired intangible assets	205	254	409	508
Total operating expenses	142,018	107,729	258,573	205,909
Operating (loss) income	(3,042)	70,283	3,347	50,058
Other expense, net	(286)	(384)	(446)	(403)
(Loss) income before income taxes	(3,328)	69,899	2,901	49,655
Income tax (benefit) expense	(570)	11,283	(1,784)	9,174
Net (loss) income	$ (2,758)	$ 58,616	$ 4,685	$ 40,481
Basic	$ (0.10)	$ 2.10	$ 0.17	$ 1.44
Diluted	$ (0.10)	$ 2.07	$ 0.16	$ 1.42
Basic	28,100	27,923	28,178	28,110
Diluted	28,100	28,280	28,908	28,414

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Cash flows from operating activities:
Net (loss) income	$ 4,685	$ 40,481
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,635	17,784
Stock-based compensation	14,122	11,061
Deferred income taxes, net	210	2,579
Other	3,286	3,162
Changes in operating assets and liabilities — (use) source
Accounts receivable	94,477	17,891
Inventory	(94,918)	24,137
Other assets	(7,554)	(57,813)
Accounts payable	2,071	(20,576)
Accrued expenses and other liabilities	(30,215)	(10,549)
Net cash provided by operating activities	1,799	28,157
Cash flows from investing activities:
Additions of property and equipment	(21,924)	(18,968)
Purchase of investments	(9,606)	(2,125)
Sales and maturities of investments	63,644	7,000
Net cash provided by (used in) investing activities	32,114	(14,093)
Cash flows from financing activities:
Proceeds from employee stock plans	5,131	3,690
Income tax withholding payment associated with restricted stock vesting	(4,799)	(1,816)
Stock repurchases	50,000	25,000
Net cash used in financing activities	(49,668)	(23,126)
Effect of exchange rate changes on cash and cash equivalents	(1,039)	404
Net decrease in cash and cash equivalents	(16,794)	(8,658)
Cash and cash equivalents, at beginning of period	432,635	239,392
Cash and cash equivalents, at end of period	$ 415,841	$ 230,734

Industry Segment, Geographic Information and Significant Customers - Segment Information about Revenue, Cost of Revenue, Gross Margin and Income before Income Taxes (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021 USD ($)	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) segment	Jun. 27, 2020 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of Reportable Segments \| segment			1
Total cost of revenue	$ 226,620	$ 101,871	$ 406,937	$ 216,451
Gross profit	138,976	178,012	261,920	255,967
Research and development	38,677	36,557	80,597	73,316
Selling and marketing	76,677	49,062	127,668	85,656
General and administrative	26,459	21,856	49,899	46,429
Other income, net	$ (286)	$ (384)	$ (446)	$ (403)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jan. 02, 2021
Accounts Payable, Current [Abstract]
Accrued warranty	$ 24,718	$ 24,392
Accrued compensation and benefits	19,341	17,635
Accrued manufacturing and logistics cost	14,331	20,093
Current portion of operating lease liabilities	6,275	6,315
Accrued bonus	5,692	31,523
Accrued sales and other indirect taxes payable	5,385	15,480
Derivative liability	5,302	4,268
Accrued income taxes	1,135	3,806
Accrued other	22,359	7,876
Accrued expenses	$ 104,538	$ 131,388

Goodwill, Other Intangible Assets and Other Assets

6 Months Ended

Jul. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Other Intangible Assets and Other Assets

Goodwill and Other Intangible Assets

The following table summarizes the activity in the carrying amount of goodwill and intangible assets for the six months ended July 3, 2021 (in thousands):


	Goodwill		Intangible assets
Balance as of January 2, 2021	$	125,872	$	9,902
Amortization	—		(859)
Effect of foreign currency translation	(2,137)		(116)
Balance as of July 3, 2021	$	123,735	$	8,927

Description of Business	6 Months Ended
Description of Business	Jul. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessiRobot Corporation ("iRobot" or the "Company") designs and builds robots that empower people to do more. iRobot's consumer robots help people find smarter ways to clean and accomplish more in their daily lives. The Company's portfolio of floor cleaning robots features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation, human-robot interaction and physical solutions. Leveraging this portfolio, the Company's engineers are building an ecosystem of robots to help realize the smart home's potential. The Company’s revenue is primarily generated from product sales through a variety of distribution channels, including chain stores and other national retailers, through the Company's own website and app, dedicated e-commerce websites, the online arms of traditional retailers and through value-added distributors and resellers worldwide.

Fair Value Measurements (Notes)

6 Months Ended

Jul. 03, 2021

Fair Value Footnote [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurements as of July 3, 2021
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	217,800	$	—	$	—



Derivative instruments (Note 7)	—		14,602		—
Total assets measured at fair value	$	217,800	$	14,602	$	—

Liabilities:
Derivative instruments (Note 7)	$	—	$	7,529	$	—
Total liabilities measured at fair value	$	—	$	7,529	$	—


	Fair Value Measurements as of January 2, 2021
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	47,529	$	—	$	—
Marketable equity securities, $46,578 at cost	47,576		—		—
Corporate and government bonds, $3,498 at cost	—		3,505		—

Derivative instruments (Note 7)	—		5,206		—
Total assets measured at fair value	$	95,105	$	8,711	$	—

Liabilities:
Derivative instruments (Note 7)	$	—	$	12,822	$	—
Total liabilities measured at fair value	$	—	$	12,822	$	—

(1)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies

6 Months Ended

Jul. 03, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Foreign Currency Translation

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Use of Estimates

judgment and carry a higher degree of variability and volatility, which could result in material changes to our estimates in future periods.

Credit Losses

Inventory

Strategic Investments

Net (Loss) Income Per Share

Basic income per share is calculated using the Company's weighted-average outstanding common shares. Diluted income

per share is calculated using the Company's weighted-average outstanding common shares including the dilutive effect of stock

awards as determined under the treasury stock method.

The following table presents the calculation of both basic and diluted net (loss) income per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net (loss) income	$	(2,758)	$	58,616	$	4,685	$	40,481
Basic weighted-average common shares outstanding	28,100		27,923		28,178		28,110
Dilutive effect of employee stock awards	—		357		730		304
Diluted weighted-average common shares outstanding	28,100		28,280		28,908		28,414
Net (loss) income per share - Basic	$	(0.10)	$	2.10	$	0.17	$	1.44
Net (loss) income per share - Diluted	$	(0.10)	$	2.07	$	0.16	$	1.42

Goodwill, Other Intangible Assets and Other Assets Schedule of goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 03, 2021	Jul. 03, 2021
Goodwill
Balance as of January 2, 2021		$ 125,872
Effect of foreign currency translation		(2,137)
Balance as of July 3, 2021	$ 123,735	123,735
Intangible assets
Balance as of January 2, 2021		9,902
Amortization	(859)
Effect of foreign currency translation	(116)
Balance as of July 3, 2021	$ 8,927	$ 8,927

Industry Segment, Geographic Information and Significant Customers - Additional Information (Detail) - segment	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Reportable Segments			1
Revenue Benchmark [Member] \| Retail Customer \| Customer Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration Risk, Percentage	32.50%	35.10%	25.50%	26.20%

Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning Balance, Shares		28,352,000
Beginning balance	$ 652,069	$ 284	$ 196,455	$ 452,321	$ 3,009
Issuance of common stock under employee stock plans (in shares)		112,000
Stock Issued During Period, Value, Stock Options Exercised	3,690	$ 1	3,689
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		243,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 2	(2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	11,061		11,061
Shares Paid for Tax Withholding for Share Based Compensation (in shares)		(45,000)
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(1,816)		(1,816)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,535		1,535
Adjustments to Additional Paid in Capital Directors Deferred Compensation	42		42
Net (loss) income	$ 40,481			40,481
Stock repurchased and retired during period (in shares)	(664,000)
Value of stock repurchased	$ (25,000)	$ (7)	(24,993)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	300,000
Contract with Customer, Liability, Revenue Recognized	$ 4,300
Effective Income Tax Rate Reconciliation, Percent	18.50%
Beginning Balance, Shares		27,876,000
Beginning balance	$ 616,539	$ 279	175,790	434,186	6,284
Issuance of common stock under employee stock plans (in shares)	2,756,000	72,000
Stock Issued During Period, Value, Stock Options Exercised		$ 1	2,755
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		50,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 5,870		5,870
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,740)
Adjustments to Additional Paid in Capital Directors Deferred Compensation	21		21
Net (loss) income	$ 58,616			58,616
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200,000
Contract with Customer, Liability, Revenue Recognized	$ 3,800
Effective Income Tax Rate Reconciliation, Percent	16.10%
Beginning Balance, Shares		27,998,000
Beginning balance	$ 682,062	$ 280	184,436	492,802	4,544
Beginning Balance, Shares	28,184,000	28,184,000
Beginning balance	$ 804,434	$ 282	205,256	599,389	(493)
Issuance of common stock under employee stock plans (in shares)		121,000
Stock Issued During Period, Value, Stock Options Exercised	5,131	$ 1	5,130
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		233,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 2	(2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	14,122		14,122
Shares Paid for Tax Withholding for Share Based Compensation (in shares)		(41,000)
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(4,799)		(4,799)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	7,617				7,617
Adjustments to Additional Paid in Capital Directors Deferred Compensation	42		42
Net (loss) income	$ 4,685			4,685
Stock repurchased and retired during period (in shares)	(447,000)
Value of stock repurchased	$ (50,000)	$ (4)	(3,374)	(46,622)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	100,000
Contract with Customer, Liability, Revenue Recognized	$ 8,900
Effective Income Tax Rate Reconciliation, Percent	(61.50%)
Beginning Balance, Shares		28,395,000
Beginning balance	$ 823,984	$ 284	209,890	606,832	6,978
Issuance of common stock under employee stock plans (in shares)		54,000
Stock Issued During Period, Value, Stock Options Exercised	2,542	$ 1	2,541
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		48,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	7,340		7,340
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(43)		(43)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	146				146
Adjustments to Additional Paid in Capital Directors Deferred Compensation	21		21
Net (loss) income	$ (2,758)			(2,758)
Stock repurchased and retired during period (in shares)	(446,954)
Value of stock repurchased	$ (50,000)	$ (4)	(3,374)	(46,622)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	800,000
Contract with Customer, Liability, Revenue Recognized	$ 3,400
Effective Income Tax Rate Reconciliation, Percent	17.10%
Beginning Balance, Shares	28,050,000	28,050,000
Beginning balance	$ 781,232	$ 281	$ 216,375	$ 557,452	$ 7,124

Industry Segment, Geographic Information and Significant Customers (Tables)	6 Months Ended
	Jul. 03, 2021
Segment Reporting [Abstract]
Segment Information about Revenue, Cost of Revenue, Gross Margin and Income before Income Taxes	The Company operates as one operating segment.

Goodwill, Other Intangible Assets and Other Assets (Tables)

6 Months Ended

Jul. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

The following table summarizes the activity in the carrying amount of goodwill and intangible assets for the six months ended July 3, 2021 (in thousands):


	Goodwill		Intangible assets
Balance as of January 2, 2021	$	125,872	$	9,902
Amortization	—		(859)
Effect of foreign currency translation	(2,137)		(116)
Balance as of July 3, 2021	$	123,735	$	8,927

Fair Value Measurements Fair Value on a Recurring Basis (Details) - USD ($)

Jul. 03, 2021

Jan. 02, 2021

Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity Securities, FV-NI, Cost

$ 46,578

Bonds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale, Amortized Cost

3,498

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Money Market Funds, at Carrying Value

$ 217,800,000

Available-for-sale Securities

Derivative Asset

Assets, Fair Value Disclosure

217,800,000

95,105,000

Derivative Liability

Financial and Nonfinancial Liabilities, Fair Value Disclosure

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity Securities, FV-NI

47,576,000

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

47,529,000

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Money Market Funds, at Carrying Value

^[1]

Available-for-sale Securities

^[1]

3,505,000

Derivative Asset

^[1]

14,602,000

5,206,000

Assets, Fair Value Disclosure

^[1]

14,602,000

8,711,000

Derivative Liability

^[1]

7,529,000

12,822,000

Financial and Nonfinancial Liabilities, Fair Value Disclosure

^[1]

7,529,000

12,822,000

Equity Securities, FV-NI

^[1]

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[1]

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Money Market Funds, at Carrying Value

Available-for-sale Securities

Derivative Asset

Assets, Fair Value Disclosure

Derivative Liability

Financial and Nonfinancial Liabilities, Fair Value Disclosure

$ 0

Equity Securities, FV-NI

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

$ 0

[1]

Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Stockholders Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 03, 2021	Jul. 03, 2021	Sep. 26, 2020	Jul. 03, 2021	Jun. 27, 2020	Mar. 31, 2022	Sep. 05, 2021	Aug. 05, 2021	Feb. 27, 2018
Class of Stock [Line Items]
Authorized amount			$ 25,000						$ 200,000
Average cost per share (in dollars per share)		$ 111.85	$ 37.65
Payments for repurchase		$ 50,000		$ 50,000	$ 25,000
Stock repurchased and retired during period (in shares)		446,954	663,602	447,000	664,000
Value of stock repurchased		$ 50,000	$ 25,000	$ 50,000	$ 25,000
Subsequent Event
Class of Stock [Line Items]
Authorized amount	$ 100,000
Stock repurchased and retired during period (in shares)	943,285
Remaining authorized amount								$ 25,000
Forecast
Class of Stock [Line Items]
Authorized amount						$ 125,000	$ 50,000

Income Taxes (Notes)	6 Months Ended
Income Taxes (Notes)	Jul. 03, 2021
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes The Company recorded an income tax benefit of $0.6 million and income tax expense of $11.3 million for the three months ended July 3, 2021 and June 27, 2020, respectively. The $0.6 million income tax benefit for the three months ended July 3, 2021 resulted in an effective income tax rate of 17.1%. The $11.3 million income tax expense for the three months ended June 27, 2020 resulted in an effective tax rate of 16.1%. The Company recognized a tax benefit during the current quarter at a rate higher than the second quarter of 2020 primarily because of discrete tax benefits related to stock-based compensation. The Company's 17.1% effective rate of income tax benefit for the three months ended July 3, 2021 was lower than the federal statutory tax rate of 21% primarily due to the recognition of a valuation allowance on certain non-U.S. earnings, as well as the jurisdictional mix of earnings taxed at different local rates. The Company recorded an income tax benefit of $1.8 million and income tax expense of $9.2 million for the six months ended July 3, 2021 and June 27, 2020, respectively. The $1.8 million income tax benefit for the six months ended July 3, 2021 resulted in an effective tax rate of (61.5)%. The $9.2 million income tax expense for the six months ended June 27, 2020 resulted in an effective tax rate of 18.5%. The decrease in the effective income tax rate was primarily due to the recognition of a discrete tax benefit related to stock-based compensation during the period compared to a discrete tax expense during prior year. The Company's effective income tax rate of (61.5)% for the six months ended July 3, 2021 differed from the federal statutory tax rate of 21% primarily due to the recognition of a discrete tax benefit related to stock-based compensation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Summary of Significant Accounting Policies Subsequent Event (Details) shares in Millions, $ in Millions	Jul. 01, 2020 USD ($) shares
Subsequent Event [Line Items]
Equity securities received, restricted \| shares	0.2
Gain (Loss) on Sale of Equity Investments \| $	$ 38.6

Leases Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases Lease Cost (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Leases [Abstract]
Operating Lease, Weighted Average Discount Rate, Percent	3.57%		3.57%
Operating Lease, Cost	$ 2,147	$ 2,289	$ 4,134	$ 4,645
Variable Lease, Cost	1,033	882	1,928	2,004
Lease, Cost	$ 3,180	$ 3,171	$ 6,062	$ 6,649
Operating Lease, Weighted Average Remaining Lease Term	7 years 11 months 19 days		7 years 11 months 19 days