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Property and Equipment, net
 6 Months Ended
Jul. 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)July 1,
2023		December 31,
2022
Machinery, equipment and tooling$157.5 $149.4 
Building and building improvements150.5 151.0 
Land65.9 65.1 
Operating lease assets63.9 50.2 
Computer equipment and software44.3 42.1 
Leasehold improvements34.1 32.3 
Transportation, vehicles and other33.3 32.7 
Furniture and office equipment20.6 19.4 
Demonstration units10.5 11.2 
Construction-in-progress (CIP)59.4 50.6 
     Total property and equipment640.0 604.0 
Accumulated depreciation(230.0)(201.5)
     Property and equipment, net$410.0 $402.5 
For the three months ended July 1, 2023 and July 2, 2022, depreciation expense of property and equipment was $10.7 million and $12.0 million, respectively. For the six months ended July 1, 2023 and July 2, 2022, depreciation expense of property and equipment was $22.6 million and $18.5 million, respectively.
For the three months ended July 1, 2023 and July 2, 2022, depreciation expense of operating lease assets was $4.1 million and $0.9 million, respectively. For the six months ended July 1, 2023 and July 2, 2022, depreciation expense of operating lease assets was $7.1 million and $1.0 million, respectively.
The balance in CIP at July 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 a new 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 paid CAD 21.0 million as a deposit towards the purchase during the year ended December 31, 2022. 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.