XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.23.1

Property and Equipment, net | 3 Months Ended
--- | ---
Apr. 01, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment, net | 8. Property and Equipment, net Property and equipment, net, consists of the following:
(in millions) | April 1, 2023 |  | December 31, 2022 |
Building and building improvements | $ | 150.9 |  |  | $ | 151.0 |  |
Machinery, equipment and tooling | 150.2 |  |  | 149.4 |  |
Land | 66.2 |  |  | 65.1 |  |
Operating lease assets | 51.9 |  |  | 50.2 |  |
Computer equipment and software | 43.6 |  |  | 42.1 |  |
Leasehold improvements | 33.7 |  |  | 32.3 |  |
Transportation, vehicles and other | 33.2 |  |  | 32.7 |  |
Furniture and office equipment | 19.8 |  |  | 19.4 |  |
Demonstration units | 9.7 |  |  | 11.2 |  |
Construction-in-progress (CIP) | 58.2 |  |  | 50.6 |  |
Total property and equipment | 617.4 |  |  | 604.0 |  |
Accumulated depreciation | (215.3) |  |  | (201.5) |  |
Property and equipment, net | $ | 402.1 |  |  | $ | 402.5 |  |
For the three months ended April 1, 2023 and April 2, 2022, depreciation expense of property and equipment was $11.8 million and $6.5 million, respectively. For the three months ended April 1, 2023 and April 2, 2022, depreciation expense of operating lease assets was $3.0 million and $0.2 million, respectively. The balance in CIP at April 1, 2023 and December 31, 2022 related primarily to the capitalized implementation costs related to a new enterprise resource planning software system, costs related to facility improvements and the expansion of certain manufacturing facilities and equipment at the Company’s corporate headquarters, as well as costs associated with anew research and development facility, the underlying assets for which have not been completed or placed into service. On February 14, 2022, the Company’s wholly owned subsidiary, Masimo Canada ULC, entered into a Purchase and Sale Agreement (Purchase Agreement) with Ke ltic (Prior) Development Limited Partnership (Vendor) 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. The Company has paid CAD 21.0 million as a deposit towards 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.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration