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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 tooling150.2 149.4 
Land66.2 65.1 
Operating lease assets51.9 50.2 
Computer equipment and software43.6 42.1 
Leasehold improvements33.7 32.3 
Transportation, vehicles and other33.2 32.7 
Furniture and office equipment19.8 19.4 
Demonstration units9.7 11.2 
Construction-in-progress (CIP)58.2 50.6 
     Total property and equipment617.4 604.0 
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 Keltic (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.