0001159167-22-000030 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 02, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Apr. 02, 2022
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	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
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		27,115,917

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 112,038	$ 201,457
Short-term investments	1,461	33,044
Accounts receivable, net	105,573	160,642
Inventory	331,085	333,296
Other current assets	96,749	61,094
Total current assets	646,906	789,533
Property and equipment, net	71,877	78,887
Operating lease right-of-use assets	31,262	37,609
Deferred tax assets	50,995	37,945
Goodwill	169,964	173,292
Intangible Assets, Net	26,627	28,410
Other assets	38,834	38,753
Total assets	1,036,465	1,184,429
Current liabilities:
Accounts payable	172,908	251,298
Accrued expenses	89,382	132,618
Deferred revenue and customer advances	13,298	11,767
Total current liabilities	275,588	395,683
Operating lease liabilities	36,904	43,462
Deferred tax liabilities	3,187	3,250
Other long-term liabilities	25,584	25,311
Total long-term liabilities	65,675	72,023
Total liabilities	341,263	467,706
Commitments and contingencies (Note 9)
Preferred stock, 5,000 shares authorized and none outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized; 27,116 and 27,006 shares issued and outstanding, respectively	271	270
Additional paid-in capital	229,133	222,653
Retained earnings	455,304	485,710
Accumulated other comprehensive income	10,494	8,090
Total stockholders’ equity	695,202	716,723
Total liabilities and stockholders’ equity	$ 1,036,465	$ 1,184,429
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, shares outstanding	27,116,000	27,006,000
Common stock, shares issued	27,116,000	27,006,000
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.01	$ 0.01

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 02, 2022	Jan. 01, 2022
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	27,116,000	27,006,000
Common stock, shares issued	27,116,000	27,006,000

Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Revenue	$ 291,969	$ 303,261
Cost of product revenue	183,633	180,092
Amortization of acquired intangible assets	821	225
Total cost of revenue	184,454	180,317
Gross profit	107,515	122,944
Research and development	42,529	41,920
Selling and marketing	61,065	50,990
General and administrative	26,698	23,440
Amortization of acquired intangible assets	510	205
Total operating expenses	130,802	116,555
Operating (loss) income	(23,287)	6,389
Other expense, net	(16,746)	(160)
(Loss) income before income taxes	(40,033)	6,229
Income tax benefit	(9,627)	(1,214)
Net (loss) income	$ (30,406)	$ 7,443
Basic	$ (1.12)	$ 0.26
Diluted	$ (1.12)	$ 0.26
Basic	27,051	28,257
Diluted	27,051	29,086

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Net (loss) income	$ (30,406)	$ 7,443
Other comprehensive income:
Net foreign currency translation adjustments	(4,015)	(5,883)
Net unrealized gains on cash flow hedges, net of tax	7,653	12,967
Net (gains) losses on cash flow hedge reclassified into earnings, net of tax	(1,234)	391
Net unrealized losses on marketable securities, net of tax	0	(4)
Total comprehensive (loss) income	$ (28,002)	$ 14,914

- 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

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		28,184,000
Beginning balance	$ 804,434	$ 282	$ 205,256	$ 599,389	$ (493)
Issuance of common stock under employee stock plans (in shares)	2,589,000	67,000
Stock Issued During Period, Value, Stock Options Exercised		$ 1	2,588
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		185,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 0	$ 2	(2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6,782		6,782
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	(4,756)	$ (1)	(4,755)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	7,471
Adjustments to Additional Paid in Capital Directors Deferred Compensation	21		21
Net (loss) income	$ 7,443			7,443
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0
Contract with Customer, Liability, Revenue Recognized	$ 7,300
Effective Income Tax Rate Reconciliation, Percent	(19.50%)
Beginning Balance, Shares		28,395,000
Beginning balance	$ 823,984	$ 284	209,890	606,832	6,978
Beginning Balance, Shares	27,006,000	27,006,000
Beginning balance	$ 716,723	$ 270	222,653	485,710	8,090
Issuance of common stock under employee stock plans (in shares)		23,000
Stock Issued During Period, Value, Stock Options Exercised	797	$ 0	797
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares)		112,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	$ 1	(1)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	7,208		7,208
Shares Paid for Tax Withholding for Share Based Compensation (in shares)		(25,000)
Stock Withheld to Cover Tax Withholding Requirements Upon Vesting to Restricted Stock Units Amount	(1,524)	$ 0	(1,524)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2,404				2,404
Net (loss) income	$ (30,406)			(30,406)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	600,000
Contract with Customer, Liability, Revenue Recognized	$ 4,700
Effective Income Tax Rate Reconciliation, Percent	24.00%
Beginning Balance, Shares	27,116,000	27,116,000
Beginning balance	$ 695,202	$ 271	$ 229,133	$ 455,304	$ 10,494

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Cash flows from operating activities:
Net (loss) income	$ (30,406)	$ 7,443
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities, net of the effects of acquisition:
Depreciation and amortization	11,241	7,501
Gain (Loss) on Investments	(16,835)	0
Stock-based compensation	7,208	6,782
Deferred income taxes, net	(15,571)	(95)
Other	1,539	1,582
Changes in operating assets and liabilities — (use) source
Accounts receivable	54,299	101,459
Inventory	(1,688)	(51,443)
Other assets	(26,734)	3,425
Accounts payable	(77,006)	(15,438)
Accrued expenses and other liabilities	(42,032)	(32,522)
Net cash (used in) provided by operating activities	(102,315)	28,694
Cash flows from investing activities:
Additions of property and equipment	(3,113)	(11,272)
Purchase of investments	(500)	(8,664)
Sales and maturities of investments	16,213	63,644
Net cash provided by investing activities	12,600	43,708
Cash flows from financing activities:
Proceeds from employee stock plans	797	2,589
Income tax withholding payment associated with restricted stock vesting	(1,524)	(4,756)
Net cash used in financing activities	(727)	(2,167)
Effect of exchange rate changes on cash and cash equivalents	1,023	(2,116)
Net (decrease) increase in cash and cash equivalents	(89,419)	68,119
Cash and cash equivalents, at beginning of period	201,457	432,635
Cash and cash equivalents, at end of period	$ 112,038	$ 500,754

Description of Business	3 Months Ended
Description of Business	Apr. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessiRobot Corporation ("iRobot" or the "Company") designs, builds and sells robots and home innovations that make life better. The Company's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation, human-robot interaction and physical solutions. iRobot's durable and high-performing robots are designed using the close integration of software, electronics and hardware. 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.

Summary of Significant Accounting Policies

3 Months Ended

Apr. 02, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 1, 2022, filed with the Securities and Exchange Commission on February 15, 2022.

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.

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board 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, standalone selling price, variable consideration and other obligations such as sales incentives and product returns; allowance for credit losses; accounting for business combinations; impairment of goodwill and long-lived assets; valuation of non-marketable equity investments; product warranties; loss contingencies; accounting for stock-based compensation including performance-based assessments; and accounting for income taxes and related valuation allowances. The Company bases its estimates and assumptions on historical experience, market participant fair value considerations, projected future cash flows, current economic conditions, including impact from COVID-19 pandemic and the uncertainty imposed by the conflict between Russia and Ukraine, and various other factors that the Company believes are reasonable under the circumstances. Actual results and outcomes may differ from the Company’s estimates and assumptions.

Short-Term Investments

The Company's short term investments include marketable equity securities with readily determinable fair value and debt securities. The fair value of investments is determined based on quoted market prices at the reporting date for those instruments. The change in fair value of the Company's investments in marketable equity securities is recognized as unrealized gains and losses in other income, net at the end of each reporting period.

As of January 1, 2022, the Company held 1.6 million shares of Matterport, Inc. ("Matterport") from the Matterport merger in 2021 with shares received subject to time based contractual sales restrictions that expired in January 2022. During the three months ended April 2, 2022, the Company sold these Matterport shares and received net proceeds of $16.2 million and recognized a loss of $16.8 million during the period. In addition, during the three months ended April 2, 2022, the Company received an additional 0.2 million shares of Matterport upon achievement of conditions set forth in the merger agreement and recorded an unrealized gain of $1.5 million in other income (expense), net during the period. As of April 2, 2022 and January 1,

2022, the Company had $1.5 million and $33.0 million, respectively, in short term investments related to these shares. Subsequent to April 2, 2022, the Company sold the remaining Matterport shares and received net proceeds of $1.2 million and recognized a loss of $0.3 million during the second quarter of fiscal 2022.

Allowance for Credit Losses

The Company maintains an allowance for credit losses for accounts receivable using an expected loss model that requires the use of forward-looking information to calculate credit loss estimate. The expected loss methodology is developed through consideration of factors including, but not limited to, historical collection experience, current customer credit ratings, customer concentrations, current and future economic and market conditions and age of the receivable. As of April 2, 2022 and January 1, 2022, the Company had an allowance for credit losses of $4.1 million and $4.6 million, respectively.

Tariff Refunds

On March 23, 2022, the Company was granted a temporary exclusion from Section 301 List 3 tariffs by the United States Trade Representative ("USTR"). This exclusion eliminates the 25% tariff on Roomba products imported from China beginning on October 12, 2021 and continuing until December 31, 2022. This tariff exclusion entitles the Company to a refund of approximately $29.8 million in tariffs comprised of $11.7 million in tariffs paid on Roomba robots imported after October 12, 2021 and sold during fiscal 2021, $5.9 million for tariffs paid during the first quarter of 2022 and $12.2 million for on-hand inventory imported after October 12, 2021. While tariff refund claims are subject to the approval of U.S. Customs, the Company currently expects to recover the entire balance of $29.8 million within the next twelve months. The refund receivable is recorded in other current assets on the consolidated balance sheet.

Inventory

Inventory primarily consists of finished goods and, to a lesser extent, components, which are purchased from contract manufacturers. Inventory is stated at the lower of cost or net realizable value with cost being determined using the standard cost method, which approximates actual costs determined on the first-in, first-out basis. Inventory costs primarily consist of materials, inbound freight, import duties, tariffs, and other handling fees. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Net realizable value is the estimated selling price less estimated costs of completion, disposal and transportation. Adjustments to reduce inventory to net realizable value are recognized in cost of revenue and have not been significant for the periods presented.

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 in orderly transactions for identical or similar investments of the same issuer. 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 Company monitors non-marketable equity investments for impairment indicators, such as deterioration in the investee's financial condition and business forecasts and lower valuations in recent or proposed financings. 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. Changes in fair value of non-marketable equity investments are recorded in other expense, net on the consolidated statement of operations. At April 2, 2022 and January 1, 2022, the Company's equity securities without readily determinable fair values totaled $15.3 million and $16.3 million, respectively, and are included in other assets on the consolidated balance sheets.

Net (Loss) Income Per Share

Basic income per share is calculated using the Company's weighted-average outstanding shares of common stock. 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
	April 2, 2022		April 3, 2021
Net (loss) income	$	(30,406)	$	7,443
Basic weighted-average common shares outstanding	27,051		28,257
Dilutive effect of employee stock awards	—		829
Diluted weighted-average common shares outstanding	27,051		29,086
Net (loss) income per share - Basic	$	(1.12)	$	0.26
Net (loss) income per share - Diluted	$	(1.12)	$	0.26

Employee stock awards representing approximately 0.6 million and nil shares of common stock for the three months ended April 2, 2022 and April 3, 2021, respectively, were excluded from the computation of diluted earnings per share as their effect would have been antidilutive.

Revenue Recognition

3 Months Ended

Apr. 02, 2022

Revenue Recognition and Deferred Revenue [Abstract]

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 in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is allocated to distinct performance obligations and is recognized net of allowances for returns and other credits and incentives. 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.

Frequently, the Company’s contracts with customers contain multiple promised goods or services. Such contracts may include any of the following, the consumer robot, downloadable app, cloud services, accessories on demand, potential future unspecified software upgrades, premium customer care and extended warranties. For these contracts, the Company accounts for the promises separately as individual performance obligations if they are distinct. Performance obligations are considered distinct if they are both capable of being distinct and distinct within the context of the contract. In determining whether performance obligations meet the criteria for being distinct, the Company considers a number of factors, such as the degree of interrelation and interdependence between obligations, and whether or not the good or service significantly modifies or transforms another good or service in the contract. 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. The Company has determined that the app, cloud services and potential future unspecified software upgrades represent one performance obligation to the customer to enhance the functionality and interaction with the robot (referred to collectively as "Cloud Services"). Other services and support are considered distinct and therefore are treated as separate performance obligations.

The Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices ("SSPs"). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the facts and circumstances related to each performance obligation including, market data or the estimated cost of providing the products or services. The transaction price allocated to the robot is recognized as revenue at a point in time when control is transferred, generally as title and risk of loss pass, 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. Other services and support are recognized over their service periods. For contracts with a duration of greater than one year, the transaction price allocated to performance obligations that are unsatisfied as of April 2, 2022 and January 1, 2022 was $21.3 million and $20.9 million, respectively.

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." For contracts with the right to upgrade to a new product after a specified period of time, the Company accounts for this trade-in right as a guarantee obligation under ASC 460. The total transaction price is reduced by the full amount of the trade-in right's fair value and the remaining transaction price is allocated between the performance obligations within the contract.

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 April 2, 2022, the Company had reserves for product returns of $44.7 million and other credits and incentives of $63.7 million. As of January 1, 2022, the Company had reserves for product returns of $56.8 million and other credits and incentives of $101.6 million. The Company regularly evaluates the adequacy of its estimates for product returns and other credits and incentives. Future market conditions and product transitions may require the Company to take action to change such programs and related estimates. When the variables used to estimate these reserves change, or if actual results differ significantly from the estimates, the Company would be required to increase or reduce revenue to reflect the impact. During the three months ended April 2, 2022 and April 3, 2021, changes to these estimates related to performance obligations satisfied in prior periods were not material.

Disaggregation of Revenue

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


	Three Months Ended
	April 2, 2022		April 3, 2021
United States	$	153,174	$	114,772
EMEA	65,661		116,233
Japan	50,521		40,575
Other	22,613		31,681
Total revenue	$	291,969	$	303,261

Contract Balances

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


	April 2, 2022		January 1, 2022
Accounts receivable, net	$	96,357	$	155,659
Unbilled receivables	9,216		8,747
Contract liabilities	24,219		22,996

The Company invoices customers based upon contractual billing schedules, and accounts receivable are recorded when the right to consideration becomes unconditional. Unbilled receivables represent revenue recognized in excess of billings 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. During the three months ended April 2, 2022 and April 3, 2021, the Company recognized $4.7 million and $7.3 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 9
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Leases

3 Months Ended

Apr. 02, 2022

Leases [Abstract]

Leases

LeasesThe 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. The operating leases expire at various dates through 2030.

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Operating lease cost	$	851	$	1,987
Variable lease cost	918		895
Total lease cost	$	1,769	$	2,882

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,039	$	2,279
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	—

At April 2, 2022, the Company's weighted average discount rate was 3.99%, while the weighted average remaining lease term was 7.30 years.

Maturities of operating lease liabilities were as follows as of April 2, 2022 (in thousands):



Remainder of 2022	$	5,687
2023	7,392
2024	6,099
2025	5,838
2026	5,858
Thereafter	18,976
Total minimum lease payments	$	49,850
Less: imputed interest	6,900
Present value of future minimum lease payments	$	42,950
Less: current portion of operating lease liabilities (Note 6)	6,046
Long-term lease liabilities	$	36,904

During January 2022, the Company amended its lease on the corporate headquarters to reduce square footage. The reduction decreased the Company's future right-of-use assets and lease liabilities by $5.6 million.

Goodwill and Other Intangible Assets

3 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following table summarizes the activity in the carrying amount of goodwill and intangible assets for the three months ended April 2, 2022 (in thousands):


	Goodwill		Intangible assets
Balance as of January 1, 2022	$	173,292	$	28,410
Purchase accounting adjustments	(1,152)		—
Amortization	—		(1,331)
Effect of foreign currency translation	(2,176)		(452)
Balance as of April 2, 2022	$	169,964	$	26,627

Accrued Expenses

3 Months Ended

Apr. 02, 2022

Accrued Liabilities, Current [Abstract]

Accrued Expenses

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


	April 2, 2022		January 1, 2022
Accrued warranty	$	30,239	$	32,019
Accrued compensation and benefits	17,319		19,029

Accrued manufacturing and logistics cost	6,567		23,038
Current portion of operating lease liabilities	6,046		6,220
Accrued sales and other indirect taxes payable	4,922		9,599
Derivative liability	2,198		2,600





Accrued bonus	1,991		11,375
Accrued income taxes	642		1,788
Accrued other	19,458		26,950
	$	89,382	$	132,618

Derivative Instruments and Hedging Activities

3 Months Ended

Apr. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

The Company enters into derivative instruments that are designated as cash flow hedges to reduce its exposure to foreign currency exchange risk in sales. These contracts typically have maturities of three years or less. At April 2, 2022 and January 1, 2022, the Company had outstanding cash flow hedges with a total notional value of $497.6 million and $423.3 million, respectively.

The Company also enters into economic hedges that are not designated as hedges from an accounting standpoint to reduce foreign currency exchange risk related to short term trade receivables and payables. These contracts typically have maturities of twelve months or less. At April 2, 2022 and January 1, 2022, the Company had outstanding foreign currency economic hedges with a total notional value of $249.0 million and $325.4 million, respectively.

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


		Fair Value
	Classification	April 2, 2022		January 1, 2022
Derivatives not designated as hedging instruments:

Foreign currency forward contracts	Other current assets	$	9,807	$	8,362
Foreign currency forward contracts	Other assets	994		1,627
Foreign currency forward contracts	Accrued expenses	2,198		2,377

Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	10,221	$	4,110
Foreign currency forward contracts	Other assets	11,549		9,610
Foreign currency forward contracts	Accrued expenses	—		223
Foreign currency forward contracts	Long-term liabilities	74		407

Gain (loss) associated with derivative instruments not designated as hedging instruments were as follows (in thousands):


		Three Months Ended
	Classification	April 2, 2022		April 3, 2021
Gain (loss) recognized in income	Other expense, net	$	2,064	$	(10,013)

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


	Gain recognized in OCI on Derivative (1)
	Three Months Ended
	April 2, 2022		April 3, 2021
Foreign currency forward contracts	$	10,257	$	17,154

(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
	April 2, 2022		April 3, 2021
	Revenue
Consolidated statements of operations in which the effects of cash flow hedging instruments are recorded	$	291,969	$	303,261

Gain on cash flow hedging relationships:
Foreign currency forward contracts:
Amount of gain (loss) reclassified from AOCI into earnings	$	1,639	$	(517)

Fair Value Measurements

3 Months Ended

Apr. 02, 2022

Fair Value Disclosures [Abstract]

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 April 2, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	11,606	$	—	$	—
Marketable equity securities, $0 at cost (2)	1,461		—		—


Derivative instruments (Note 7)	—		32,571		—
Total assets measured at fair value	$	13,067	$	32,571	$	—

Liabilities:
Derivative instruments (Note 7)	$	—	$	2,272	$	—
Total liabilities measured at fair value	$	—	$	2,272	$	—


	Fair Value Measurements as of January 1, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	33,003	$	—	$	—
Marketable equity securities, $23,286 at cost	33,044		—		—


Derivative instruments (Note 7)	—		23,709		—
Total assets measured at fair value	$	66,047	$	23,709	$	—

Liabilities:
Derivative instruments (Note 7)	$	—	$	3,007	$	—
Total liabilities measured at fair value	$	—	$	3,007	$	—

(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.

(2)The related unrealized gain recorded in other expense, net was $1.5 million for the three months ended April 2, 2022. Marketable equity securities are included in short-term investments on the consolidated balance sheet.

- 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

Commitments and Contingencies

3 Months Ended

Apr. 02, 2022

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.

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 had no liabilities recorded for these agreements as of April 2, 2022 and January 1, 2022, 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
	April 2, 2022		April 3, 2021
Balance at beginning of period	$	32,019	$	24,392

Provision	6,036		10,185
Warranty usage	(7,816)		(10,673)
Balance at end of period	$	30,239	$	23,904

Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOrdinarily, the Company’s interim provision for income taxes is determined using an estimate of the annual effective tax rate. The Company records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs, including discrete tax items. However, for the first quarter of 2022, the Company concluded that the estimated annual effective tax rate method would not provide a reliable estimate of the Company’s overall annual effective tax rate due to the range of potential impacts of the ongoing global COVID-19 pandemic, heightened inflation and reduced consumer confidence stemming from the Russia-Ukraine war may have on its business and results of operations. Accordingly, the Company has computed the tax provision using the actual effective tax rate for the three months ended April 2, 2022. The Company recorded an income tax benefit of $9.6 million and $1.2 million for the three months ended April 2, 2022 and April 3, 2021, respectively. The $9.6 million income tax benefit for the three months ended April 2, 2022 resulted in an effective income tax rate of 24.0%. The $1.2 million income tax benefit for the three months ended April 3, 2021 resulted in an effective tax rate of (19.5)%. The change in effective income tax rate was primarily driven by a discrete tax item of excess stock-based compensation windfalls recognized for the three months ended April 3, 2021 compared to stock-based compensation shortfalls recognized during the current period. The Company's 24.0% effective rate of income tax for the three months ended April 2, 2022 was higher than the federal statutory tax rate of 21% primarily because of the recognition of R&D credits and the benefit associated with Foreign-Derived Intangible Income.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Industry Segment, Geographic Information and Significant Customers	3 Months Ended
	Apr. 02, 2022
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 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 April 2, 2022 and April 3, 2021, the Company generated 26.6% and 17.0%, respectively, of total revenue 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Subsequent Event (Notes)	3 Months Ended
Subsequent Event (Notes)	Apr. 02, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Credit Facility On May 4, 2022, the Company entered into a Second Amendment to the Amended and Restated Credit Agreement (the "Credit Agreement") with Bank of America N.A. (the "Amendment") with an effective date of March 31, 2022. The Amendment waives the quarterly tested leverage and interest coverage covenants in the Credit Agreement for the first, second and third quarters of 2022. The interest coverage ratio calculation for the fourth quarter of 2022 was changed to a trailing nine months. Additionally, a new liquidity covenant was added for all of fiscal 2022. The Amendment also increases the borrowing rate under the facility for 2022 to LIBOR plus 1.5%. With this Amendment, as of April 2, 2022, the Company is in compliance with the covenants under the Credit Agreement.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Apr. 02, 2022

Accounting Policies [Abstract]

Basis of Presentation and Foreign Currency Translation

Fiscal Period, Policy

Recently Issued Accounting Standards

Use of Estimates

Allowance for Credit Losses

Allowance for Credit LossesThe Company maintains an allowance for credit losses for accounts receivable using an expected loss model that requires the use of forward-looking information to calculate credit loss estimate. The expected loss methodology is developed through consideration of factors including, but not limited to, historical collection experience, current customer credit ratings, customer concentrations, current and future economic and market conditions and age of the receivable. As of April 2, 2022 and January 1, 2022, the Company had an allowance for credit losses of $4.1 million and $4.6 million, respectively.

Inventory

InventoryInventory primarily consists of finished goods and, to a lesser extent, components, which are purchased from contract manufacturers. Inventory is stated at the lower of cost or net realizable value with cost being determined using the standard cost method, which approximates actual costs determined on the first-in, first-out basis. Inventory costs primarily consist of materials, inbound freight, import duties, tariffs, and other handling fees. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Net realizable value is the estimated selling price less estimated costs of completion, disposal and transportation. Adjustments to reduce inventory to net realizable value are recognized in cost of revenue and have not been significant for the periods presented.

Short-Term and Strategic Investments

Short-Term Investments

Strategic Investments

Net (Loss) Income Per Share

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
	April 2, 2022		April 3, 2021
Net (loss) income	$	(30,406)	$	7,443
Basic weighted-average common shares outstanding	27,051		28,257
Dilutive effect of employee stock awards	—		829
Diluted weighted-average common shares outstanding	27,051		29,086
Net (loss) income per share - Basic	$	(1.12)	$	0.26
Net (loss) income per share - Diluted	$	(1.12)	$	0.26

- 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

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 02, 2022

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
	April 2, 2022		April 3, 2021
Net (loss) income	$	(30,406)	$	7,443
Basic weighted-average common shares outstanding	27,051		28,257
Dilutive effect of employee stock awards	—		829
Diluted weighted-average common shares outstanding	27,051		29,086
Net (loss) income per share - Basic	$	(1.12)	$	0.26
Net (loss) income per share - Diluted	$	(1.12)	$	0.26

Revenue Recognition (Tables)

3 Months Ended

Apr. 02, 2022

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
	April 2, 2022		April 3, 2021
United States	$	153,174	$	114,772
EMEA	65,661		116,233
Japan	50,521		40,575
Other	22,613		31,681
Total revenue	$	291,969	$	303,261

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):


	April 2, 2022		January 1, 2022
Accounts receivable, net	$	96,357	$	155,659
Unbilled receivables	9,216		8,747
Contract liabilities	24,219		22,996

Leases (Tables)

3 Months Ended

Apr. 02, 2022

Leases [Abstract]

Lease, Cost [Table Text Block]

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Operating lease cost	$	851	$	1,987
Variable lease cost	918		895
Total lease cost	$	1,769	$	2,882

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

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,039	$	2,279
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	—

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

Maturities of operating lease liabilities were as follows as of April 2, 2022 (in thousands):



Remainder of 2022	$	5,687
2023	7,392
2024	6,099
2025	5,838
2026	5,858
Thereafter	18,976
Total minimum lease payments	$	49,850
Less: imputed interest	6,900
Present value of future minimum lease payments	$	42,950
Less: current portion of operating lease liabilities (Note 6)	6,046
Long-term lease liabilities	$	36,904

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the activity in the carrying amount of goodwill and intangible assets for the three months ended April 2, 2022 (in thousands):


	Goodwill		Intangible assets
Balance as of January 1, 2022	$	173,292	$	28,410
Purchase accounting adjustments	(1,152)		—
Amortization	—		(1,331)
Effect of foreign currency translation	(2,176)		(452)
Balance as of April 2, 2022	$	169,964	$	26,627

Accrued Expenses (Tables)

3 Months Ended

Apr. 02, 2022

Accrued Liabilities, Current [Abstract]

Components of Accrued Expenses


	April 2, 2022		January 1, 2022
Accrued warranty	$	30,239	$	32,019
Accrued compensation and benefits	17,319		19,029

Accrued manufacturing and logistics cost	6,567		23,038
Current portion of operating lease liabilities	6,046		6,220
Accrued sales and other indirect taxes payable	4,922		9,599
Derivative liability	2,198		2,600





Accrued bonus	1,991		11,375
Accrued income taxes	642		1,788
Accrued other	19,458		26,950
	$	89,382	$	132,618

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Apr. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

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


		Fair Value
	Classification	April 2, 2022		January 1, 2022
Derivatives not designated as hedging instruments:

Foreign currency forward contracts	Other current assets	$	9,807	$	8,362
Foreign currency forward contracts	Other assets	994		1,627
Foreign currency forward contracts	Accrued expenses	2,198		2,377

Derivatives designated as cash flow hedges:
Foreign currency forward contracts	Other current assets	$	10,221	$	4,110
Foreign currency forward contracts	Other assets	11,549		9,610
Foreign currency forward contracts	Accrued expenses	—		223
Foreign currency forward contracts	Long-term liabilities	74		407

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

Gain (loss) associated with derivative instruments not designated as hedging instruments were as follows (in thousands):


		Three Months Ended
	Classification	April 2, 2022		April 3, 2021
Gain (loss) recognized in income	Other expense, net	$	2,064	$	(10,013)


	Gain (loss) recognized in earnings on cash flow hedging instruments
	Three Months Ended
	April 2, 2022		April 3, 2021
	Revenue
Consolidated statements of operations in which the effects of cash flow hedging instruments are recorded	$	291,969	$	303,261

Gain on cash flow hedging relationships:
Foreign currency forward contracts:
Amount of gain (loss) reclassified from AOCI into earnings	$	1,639	$	(517)

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 recognized in OCI on Derivative (1)
	Three Months Ended
	April 2, 2022		April 3, 2021
Foreign currency forward contracts	$	10,257	$	17,154

(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

Fair Value Measurements (Tables)

3 Months Ended

Apr. 02, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

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 April 2, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	11,606	$	—	$	—
Marketable equity securities, $0 at cost (2)	1,461		—		—


Derivative instruments (Note 7)	—		32,571		—
Total assets measured at fair value	$	13,067	$	32,571	$	—

Liabilities:
Derivative instruments (Note 7)	$	—	$	2,272	$	—
Total liabilities measured at fair value	$	—	$	2,272	$	—


	Fair Value Measurements as of January 1, 2022
	Level 1		Level 2 (1)		Level 3
Assets:
Money market funds	$	33,003	$	—	$	—
Marketable equity securities, $23,286 at cost	33,044		—		—


Derivative instruments (Note 7)	—		23,709		—
Total assets measured at fair value	$	66,047	$	23,709	$	—

Liabilities:
Derivative instruments (Note 7)	$	—	$	3,007	$	—
Total liabilities measured at fair value	$	—	$	3,007	$	—

Commitments and Contingencies (Tables)

3 Months Ended

Apr. 02, 2022

Commitments and Contingencies Disclosure [Abstract]

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Balance at beginning of period	$	32,019	$	24,392

Provision	6,036		10,185
Warranty usage	(7,816)		(10,673)
Balance at end of period	$	30,239	$	23,904

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands		1 Months Ended	3 Months Ended			5 Months Ended
	Jan. 01, 2022	May 05, 2022	Jul. 02, 2022	Apr. 02, 2022	Apr. 03, 2021	Mar. 23, 2022
Debt and Equity Securities, FV-NI [Line Items]
Short-term investments	$ 33,044			$ 1,461
Allowance for credit loss	4,600			4,100
Refund on tariffs paid						$ 29,800
Equity Securities without Readily Determinable Fair Value, Amount	$ 16,300			$ 15,300
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				600	0
Roomba Robots \| Imported After October, 12, 2021
Debt and Equity Securities, FV-NI [Line Items]
Tariffs paid						11,700
Roomba Robots \| Tariffs Paid Q1 2022
Debt and Equity Securities, FV-NI [Line Items]
Tariffs paid						5,900
Roomba Robots \| Inventory Imported October 12, 2021 And Held On Hand
Debt and Equity Securities, FV-NI [Line Items]
Tariffs paid						$ 12,200
Matterport
Debt and Equity Securities, FV-NI [Line Items]
Equity securities received, restricted	1,600
Payments for (proceeds from) short-term investments				$ (16,200)
Loss on sale of investments				$ 16,800
Additional shares received				200
Unrealized gain investment				$ 1,500
Short-term investments	$ 33,000			$ 1,500
Matterport \| Subsequent Event
Debt and Equity Securities, FV-NI [Line Items]
Payments for (proceeds from) short-term investments		$ (1,200)
Matterport \| Subsequent Event \| Forecast
Debt and Equity Securities, FV-NI [Line Items]
Loss on sale of investments			$ 300

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
	Apr. 02, 2022	Apr. 03, 2021
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net (loss) income	$ (30,406)	$ 7,443
Weighted-average shares outstanding	27,051	28,257
Dilutive effect of employee stock options and restricted shares	0	829
Diluted weighted-average shares outstanding	27,051	29,086
Basic income per share	$ (1.12)	$ 0.26
Diluted income per share	$ (1.12)	$ 0.26

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

- 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.

+ References

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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.

+ References

+ Details

Revenue Recognition - Significant Judgments (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 21.3	$ 20.9
Refund liability, product returns	44.7	56.8
Refund liability, other credits and incentives	$ 63.7	$ 101.6

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 291,969	$ 303,261
United States
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	153,174	114,772
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	65,661	116,233
Japan
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50,521	40,575
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 22,613	$ 31,681

- 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

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Jan. 01, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Accounts receivable, net	$ 96,357		$ 155,659
Unbilled receivables	9,216		8,747
Contract liabilities	24,219		$ 22,996
Contract with Customer, Liability, Revenue Recognized	$ 4,700	$ 7,300

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Apr. 03, 2021
Leases [Abstract]
Operating Lease, Weighted Average Discount Rate, Percent	3.99%
Operating Lease, Cost	$ 851	$ 1,987
Variable Lease, Cost	918	895
Lease, Cost	$ 1,769	$ 2,882
Operating Lease, Weighted Average Remaining Lease Term	7 years 3 months 18 days

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Leases [Abstract]
Document Period End Date	Apr. 02, 2022
Operating Lease, Payments	$ 2,039	$ 2,279
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	$ 0

Leases - Maturity of Operating Lease Liability (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 28, 2022	Jan. 01, 2022
Leases [Abstract]
Remainder of 2022	$ 5,687
2023	7,392
2024	6,099
2025	5,838
2026	5,858
Thereafter	18,976
Total minimum lease payments	49,850
Less: imputed interest	6,900
Present value of future minimum lease payments	42,950
Current portion of operating lease liabilities	6,046		$ 6,220
Long-term lease liabilities	$ 36,904		$ 43,462
Decrease to future right-of-use assets		$ 5,600
Decrease to future lease liabilities		$ 5,600

Leases - Financial Statement Impact of Adopting ASC 842 (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Leases [Abstract]
Operating lease right-of-use asset	$ 31,262	$ 37,609
Present value of future minimum lease payments	$ 42,950

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2022 USD ($)
Goodwill
Balance as of January 1, 2022	$ 173,292
Purchase accounting adjustments	(1,152)
Effect of foreign currency translation	(2,176)
Balance as of April 2, 2022	169,964
Intangible assets
Balance as of January 1, 2022	28,410
Purchase accounting adjustments	0
Amortization	(1,331)
Effect of foreign currency translation	(452)
Balance as of April 2, 2022	$ 26,627

Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Accounts Payable, Current [Abstract]
Accrued manufacturing and logistics cost	$ 6,567	$ 23,038
Accrued warranty	30,239	32,019
Accrued compensation and benefits	17,319	19,029
Accrued income taxes	642	1,788
Accrued bonus	1,991	11,375
Current portion of operating lease liabilities	6,046	6,220
Accrued sales and other indirect taxes payable	4,922	9,599
Derivative liability	2,198	2,600
Accrued other	19,458	26,950
Accrued expenses	$ 89,382	$ 132,618

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Jan. 01, 2022
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Term of Contract	3 years
Derivative, Notional Amount	$ 497,600	$ 423,300
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	249,000	325,400
Not Designated as Hedging Instrument [Member] \| Accrued Liabilities [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 7)	2,198	2,377
Not Designated as Hedging Instrument [Member] \| Other Current Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 7)	9,807	8,362
Not Designated as Hedging Instrument [Member] \| Other Noncurrent Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 7)	994	1,627
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Accrued Liabilities [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 7)	0	223
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Noncurrent Liabilities [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 7)	74	407
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Current Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 7)	10,221	4,110
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Noncurrent Assets [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative instruments (Note 7)	$ 11,549	$ 9,610

Derivative Instruments and Hedging Activities (Details) - USD ($)
$ in Thousands

3 Months Ended

Apr. 02, 2022

Apr. 03, 2021

Derivative Instruments, Gain (Loss) [Line Items]

Revenue

$ 291,969

$ 303,261

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

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) recognized in OCI on Derivative

^[1]

10,257

17,154

Other Nonoperating Income (Expense) [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

2,064

(10,013)

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

$ 1,639

$ (517)

[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

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

3 Months Ended

Apr. 02, 2022

Jan. 01, 2022

Liabilities:

Unrealized gain on marketable equity securities

$ 1,500,000

Equity Securities

Assets:

Equity Securities, FV-NI, Cost

$ 23,286

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

Assets:

Total assets measured at fair value

13,067,000

66,047,000

Liabilities:

Total liabilities measured at fair value

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

Assets:

Fair value of securities

1,461,000

^[1]

33,044,000

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

Assets:

Derivative instruments (Note 7)

Liabilities:

Derivative instruments (Note 7)

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

Assets:

Money market funds

11,606,000

33,003,000

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

Assets:

Total assets measured at fair value

^[2]

32,571,000

23,709,000

Liabilities:

Total liabilities measured at fair value

^[2]

2,272,000

3,007,000

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

Assets:

Fair value of securities

^[2]

^[1]

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

Assets:

Derivative instruments (Note 7)

^[2]

32,571,000

23,709,000

Liabilities:

Derivative instruments (Note 7)

^[2]

2,272,000

3,007,000

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

Assets:

Money market funds

^[2]

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

Assets:

Total assets measured at fair value

Liabilities:

Total liabilities measured at fair value

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

Assets:

Fair value of securities

^[1]

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

Assets:

Derivative instruments (Note 7)

Liabilities:

Derivative instruments (Note 7)

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

Assets:

Money market funds

$ 0

[1]	The related unrealized gain recorded in other expense, net was $1.5 million for the three months ended April 2, 2022. Marketable equity securities are included in short-term investments on the consolidated balance sheet.
[2]	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.

Commitments and Contingencies - Activity Related to Warranty Accrual (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 32,019	$ 24,392
Provision	6,036	10,185
Warranty usage	(7,816)	(10,673)
Balance at end of period	$ 30,239	$ 23,904

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Apr. 02, 2022	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	24.00%	(19.50%)

Industry Segment, Geographic Information and Significant Customers - Additional Information (Detail) - segment	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Reportable Segments	1
Revenue Benchmark \| Retail Customer \| Customer Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration Risk, Percentage	26.60%	17.00%

Subsequent Event (Details)	May 04, 2022
Subsequent Event \| Credit Agreement \| London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Basis spread on variable rate	1.50%