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PLANT, PROPERTY AND EQUIPMENT, NET | 9 Months Ended
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Sep. 27, 2025
Property, Plant and Equipment [Abstract] |
PLANT, PROPERTY AND EQUIPMENT, NET | PLANT, PROPERTY AND EQUIPMENT, NET The following table summarizes our property, plant, and equipment, net of accumulated depreciation.
| Useful life (in years) |  | September 27, 2025 |  | December 31, 2024
Machinery and equipment | 2 - 10 |  | $ | 1,414.5 |  |  | $ | 1,263.4 |
Buildings and improvements | 5 - 40 |  | 334.0 |  |  | 293.4 |
Furniture, fixtures and office equipment | 3 - 7 |  | 84.2 |  |  | 73.6 |
Construction work in progress |  |  | 63.3 |  |  | 103.0 |
Land and improvements |  |  | 26.9 |  |  | 25.1 |
Other |  |  | 2.7 |  |  | 2.0 |
Plant, property and equipment, gross |  |  | 1,925.6 |  |  | 1,760.5 |
Less: Accumulated depreciation |  |  | (1,322.5) |  |  | (1,183.3) |
Plant, property and equipment, net |  |  | $ | 603.1 |  |  | $ | 577.2 |
The following table summarizes our depreciation expense.
| Three Months Ended |  | Nine Months Ended
| September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Depreciation expense | $ | 23.4 |  |  | $ | 21.6 |  |  | $ | 68.4 |  |  | $ | 65.9 |
Government Assistance - Capital Grant In 2023, a subsidiary in our MT segment entered into an incentive grant agreement with the Italian government related to the expansion of a production facility in Termoli, Italy and an upgrade of research and development capabilities in Barge, Italy. The total grant of 18.3 euros is expected to be received over the next three years beginning in 2025 and is primarily related to capital expenditures and, to a lesser extent, certain research and development activities. During the quarter ended September 27, 2025, we received a capital-related grant of $7.9, which was recorded as a reduction of property, plant and equipment and will be recognized as a reduction to depreciation expense over the life of the related assets.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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