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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 30, 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 December 30, 2023:

									Fair Value Measurement Hierarchy
(in millions)			Total Carrying Value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	87.0					$	87.0					$	—					$	—
Money market funds			76.0						76.0						—						—
Pension assets:
Cash and cash equivalents			(1.2)			(1)			(1.2)						—						—
Equity securities			8.1						8.1						—						—
Debt securities			10.7						9.9						0.8						—
Real estate funds			3.1						—						3.1						—
Alternative investments			1.9						—						1.9						—
Other			0.5						—						0.5						—
Equity securities			1.7						1.7						—						—
Derivative instruments - cash flow hedges(2)			11.6						11.6						—						—
Derivative instruments - warrants			1.0						1.0						—						—
Total assets			$	200.4					$	194.1					$	6.3					$	—
Liabilities
Derivative instruments - cash flow hedge			$	3.6					$	3.6					$	—					$	—
Pension benefit obligation			32.6						32.6						—						—
Total liabilities			$	36.2					$	36.2					$	—					$	—

______________

(1)     Due to the timing of a cash transfer, there was a payable as of December 30, 2023, resulting in a negative allocation as of year end.

(2)    Includes accrued interest.

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

									Fair Value Measurement Hierarchy
(in millions)			Total Carrying Value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	148.5					$	148.5					$	—					$	—
U.S. treasuries			—						—						—						—
Money market funds			54.4						54.4						—						—
Pension assets:
Cash and cash equivalents			1.0						1.0						—						—
Equity securities			6.6						6.6						—						—
Debt securities			8.0						7.2						0.8						—
Real estate funds			3.5						—						3.5						—
Alternative investments			1.9						—						1.9						—
Other			1.2						—						1.2						—
Derivative instruments - cash flow hedges			19.7						—						19.7						—
Total assets			$	244.8					$	217.7					$	27.1					$	—
Liabilities
Pension benefit obligation			$	32.3					$	32.3					$	—					$	—
Total liabilities			$	32.3					$	32.3					$	—					$	—

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)			December 30, 2023						December 31, 2022
Building and building improvements			$	151.0					$	151.0
Machinery, equipment and tooling			169.7						149.4
Operating lease assets			92.2						50.2
Land			66.2						65.1
Computer equipment and software			45.5						42.1
Leasehold improvements			37.5						32.3
Transportation, vehicles and other			34.0						32.7
Furniture and office equipment			20.4						19.4
Demonstration units			11.1						11.2
Construction-in-progress (CIP)			59.2						50.6
Total property and equipment			686.8						604.0
Accumulated depreciation			(262.4)						(201.5)
Property and equipment, net			$	424.4					$	402.5

Schedule of Changes in Product Warranty Accrual

Changes in the product warranty accrual were as follows:

			Year Ended
(in millions)			December 30, 2023						December 31, 2022						January 1, 2022
Product warranty accrual, beginning of period			$	10.6					$	2.5					$	2.7
Increase related to acquisition, net of reserve			—						8.4						—
Accrual for warranties issued			7.8						1.8						2.2
Changes in pre-existing warranties (including changes in estimates)			(7.5)						4.7						(1.4)
Settlements made			(2.3)						(6.8)						(1.0)
Product warranty accrual, end of period			$	8.6					$	10.6					$	2.5

Schedule of Reconciliation of Basic and Diluted Net Income Per Share

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

			Year Ended
(in millions, except per share amounts)			December 30, 2023						December 31, 2022						January 1, 2022
Net income			$	81.5					$	143.5					$	229.6
Basic net income per share:
Weighted-average shares outstanding - basic			52.8						53.6						55.2
Net income per basic share			$	1.54					$	2.68					$	4.16
Diluted net income per share:
Weighted-average shares outstanding - basic			52.8						53.6						55.2
Diluted share equivalents: stock options, RSUs and PSUs			1.3						1.6						2.5
Weighted-average shares outstanding - diluted			54.1						55.2						57.7
Net income per diluted share			$	1.51					$	2.60					$	3.98

Schedule of Supplemental Cash Flow Information

Supplemental Cash Flow Information

Supplemental cash flow information includes the following:

			Year Ended
(in millions)			December 30, 2023						December 31, 2022						January 1, 2022
Cash paid during the year for:
Interest expense			$	51.0					$	23.0					$	0.3
Income taxes			54.4						87.3						43.9
Operating lease liabilities			22.4						17.2						7.3
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	16.3					$	—					$	6.0
Non-cash investing activities:
Unpaid purchases of property and equipment			$	0.2					$	3.8					$	—
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	—					$	—					$	0.7
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	163.0					$	202.9					$	745.3
Restricted cash			5.2						6.7						3.1
Total cash, cash equivalents and restricted cash shown in the statement of cash flows			$	168.2					$	209.6					$	748.4

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