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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at July 1, 2023:

			Total Carrying Value						Fair Value Measurement Hierarchy
(in millions)									Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	91.3					$	91.3					$	—					$	—
Money market funds			59.4						59.4						—						—
Pension assets			22.2						14.8						7.4						—
Derivative instruments - cash flow hedges			21.5						—						21.5						—
Total assets			$	194.4					$	165.5					$	28.9					$	—
Liabilities
None			$	—					$	—					$	—					$	—
Total liabilities			$	—					$	—					$	—					$	—

The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at December 31, 2022:

			Total Carrying Value						Fair Value Measurement Hierarchy
(in millions)									Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	148.5					$	148.5					$	—					$	—
Money market funds			54.4						54.4						—						—
Pension assets			22.2						14.8						7.4						—
Derivative instruments - cash flow hedges			19.7						—						19.7						—
Total assets			$	244.8					$	217.7					$	27.1					$	—
Liabilities
None			$	—					$	—					$	—					$	—
Total liabilities			$	—					$	—					$	—					$	—

Schedule of Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over estimated useful lives as follows:

			Useful Lives
Buildings and building improvements			7 to 39 years
Computer equipment and software			2 to 12 years
Demonstration units			2 to 3 years
Furniture and office equipment			2 to 15 years
Leasehold improvements			Lesser of useful life or term of lease
Machinery, equipment and tooling			3 to 20 years
Operating lease assets			Lesser of useful life or term of lease
Transportation, vehicles and other			1 to 20 years

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 improvements			150.5						151.0
Land			65.9						65.1
Operating lease assets			63.9						50.2
Computer equipment and software			44.3						42.1
Leasehold improvements			34.1						32.3
Transportation, vehicles and other			33.3						32.7
Furniture and office equipment			20.6						19.4
Demonstration units			10.5						11.2
Construction-in-progress (CIP)			59.4						50.6
Total property and equipment			640.0						604.0
Accumulated depreciation			(230.0)						(201.5)
Property and equipment, net			$	410.0					$	402.5

Schedule of Changes in Product Warranty Accrual

Changes in the product warranty accrual were as follows:

			Six Months Ended
(in millions)			July 1, 2023						July 2, 2022
Product warranty accrual, beginning of period			$	10.6					$	2.5
Increase related to acquisition, net of reserve			—						8.0
Accrual for warranties issued			5.6						1.8
Changes in pre-existing warranties (including changes in estimates)			(5.9)						(0.4)
Settlements made			(1.0)						(2.0)
Product warranty accrual, end of period			$	9.3					$	9.9

Schedule of Reconciliation of Basic and Diluted Net Income Per Share

A computation of basic and diluted net income per share is as follows:

			Three Months Ended												Six Months Ended
(in millions, except per share amounts)			July 1, 2023						July 2, 2022						July 1, 2023						July 2, 2022
Net income			$	15.7					$	18.1					$	37.0					$	64.7
Basic net income per share:
Weighted-average shares outstanding - basic			52.8						53.9						52.7						54.7
Net income per basic share			$	0.30					$	0.34					$	0.70					$	1.18
Diluted net income per share:
Weighted-average shares outstanding - basic			52.8						53.9						52.7						54.7
Diluted share equivalents: stock options, RSUs and PSUs			1.6						1.4						1.6						1.7
Weighted-average shares outstanding - diluted			54.4						55.3						54.3						56.4
Net income per diluted share			$	0.29					$	0.33					$	0.68					$	1.15

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information includes the following:

			Six Months Ended
(in millions)			July 1, 2023						July 2, 2022
Cash paid during the year for:
Interest expense			$	23.3					$	2.9
Income taxes			24.0						39.7
Operating lease liabilities			10.6						4.2
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	1.7					$	8.1
Non-cash investing activities:
Unpaid purchases of property and equipment			$	1.2					$	4.1
Unpaid strategic investments			0.9						—
Unpaid purchase consideration to be settled upon net working capital finalization			—						21.0
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	0.1					$	—
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	150.7					$	218.0
Restricted cash			7.9						2.6
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	158.6					$	220.6

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