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Property and Equipment, net | 3 Months Ended
--- | ---
Apr. 02, 2022
Property, Plant and Equipment [Abstract] |
Property and Equipment, net | 8. Property and Equipment, net Property and equipment, net, consists of the following (in thousands):
| April 2, 2022 |  | January 1, 2022
Building and building improvements | $ | 142,303 |  |  | $ | 142,132 |
Machinery, equipment and tooling | 107,122 |  |  | 103,451 |
Land | 57,368 |  |  | 57,027 |
Computer equipment and software | 33,517 |  |  | 32,450 |
Transportation, vehicles and other | 33,053 |  |  | 33,082 |
Leasehold improvements | 22,405 |  |  | 21,894 |
Furniture and office equipment | 14,276 |  |  | 14,200 |
Operating lease assets(1) | 9,930 |  |  | — |
Demonstration units | 869 |  |  | 949 |
Construction-in-progress (CIP) | 42,534 |  |  | 25,109 |
Total property and equipment | 463,377 |  |  | 430,294 |
Accumulated depreciation | (163,833) |  |  | (157,501) |
Property and equipment, net | $ | 299,544 |  |  | $ | 272,793 |
______________ (1) Effective January 2, 2022, the Company adopted ASU 2021-05, resulting in the Company recording these operating lease assets within property, plant, and equipment. For the three months ended April 2, 2022 and April 3, 2021, depreciation expense of property and equipment was $6.5 million and $6.0 million, respectively. For the three months ended April 2, 2022 and April 3, 2021, depreciation expense of operating lease assets was $0.2 million and $0.0 million, respectively. On February 14, 2022, our wholly owned subsidiary, Masimo Canada ULC, entered into a Purchase and Sale Agreement (Purchase Agreement) with Ke ltic (Prior) Development Limited Partnership for the purchase of a property in Vancouver, British Columbia, Canada for a purchase price of CAD 123.0 million (plus GST) (Purchase Price), subject to certain adjustments. We have paid CAD 21.0 million as a deposit for the purchase. The balance of the Purchase Price will be due and payable upon the closing of the transaction, which is currently expected to occur during the second half of 2024. The balance in CIP at April 2, 2022 relates primarily to costs associated with the Vancouver facility project (as mentioned above) and capitalized implementation costs related to a new enterprise resource planning software system, the underlying assets for which have not been completed or placed into service. The balance in CIP at January 1, 2022 relates primarily to the capitalized implementation costs related to a new enterprise resource planning software system and costs related to equipment and other facility improvements, the underlying assets for which have not been completed or placed into service.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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