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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 29, 2024

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 June 29, 2024:

			Total Carrying Value						Fair Value Measurement Hierarchy
(in millions)									Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	94.5					$	94.5					$	—					$	—
Money market funds			35.1						35.1						—						—
Equity securities			1.5						1.5						—						—
Pension assets			22.9						16.8						6.1						—
Derivative instruments - cash flow hedges(1)			13.6						13.6						—						—
Derivative instruments - warrants			0.8						0.8						—						—
Total assets			$	168.4					$	162.3					$	6.1					$	—

______________

(1)     Includes accrued interest.

The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at December 30, 2023:

			Total Carrying Value						Fair Value Measurement Hierarchy
(in millions)									Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	87.0					$	87.0					$	—					$	—
Money market funds			76.0						76.0						—						—
Pension assets			23.1						16.8						6.3						—
Equity securities			1.7						1.7						—						—
Derivative instruments - cash flow hedges(1)			11.6						11.6						—						—
Derivative instruments - warrants			1.0						1.0						—						—
Total assets			$	200.4					$	194.1					$	6.3					$	—

______________

(1)     Includes accrued interest.

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)			June 29, 2024						December 30, 2023
Machinery, equipment and tooling			$	178.6					$	169.7
Building and building improvements			150.1						151.0
Operating lease assets			120.2						92.2
Land(1)			54.2						66.2
Computer equipment and software			45.4						45.5
Leasehold improvements			40.3						37.5
Transportation, vehicles and other			33.0						34.0
Furniture and office equipment			18.9						20.4
Demonstration units			11.8						11.1
Construction-in-progress (CIP)			55.6						59.2
Total property and equipment			708.1						686.8
Accumulated depreciation			(294.2)						(262.4)
Property and equipment, net(1)			$	413.9					$	424.4

______________

(1)    At March 30, 2024, property, plant and equipment, net, excluded $11.4 million of idle undeveloped land held outside of the U,S. which was classified as held for sale within the healthcare segment. In May 2024, the Company completed the sale of the land, resulting in a gain of $0.9 million, which was recorded net of transaction costs, foreign currency translation and cumulative translation adjustments to non-operating income (loss).

Schedule of Changes in Product Warranty Accrual

Changes in the product warranty accrual were as follows:

			Six Months Ended
(in millions)			June 29, 2024						July 1, 2023
Product warranty accrual, beginning of period			$	8.6					$	10.6
Accrual for warranties issued			4.8						5.6
Changes in pre-existing warranties (including changes in estimates)			1.5						(5.9)
Settlements made			(5.8)						(1.0)
Product warranty accrual, end of period			$	9.1					$	9.3

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)			June 29, 2024						July 1, 2023						June 29, 2024						July 1, 2023
Net income			$	16.0					$	15.7					$	34.9					$	37.0
Basic net income per share:
Weighted-average shares outstanding - basic			53.1						52.8						53.1						52.7
Net income per basic share			$	0.30					$	0.30					$	0.66					$	0.70
Diluted net income per share:
Weighted-average shares outstanding - basic			53.1						52.8						53.1						52.7
Diluted share equivalents: stock options, RSUs and PSUs			1.2						1.6						1.2						1.6
Weighted-average shares outstanding - diluted			54.3						54.4						54.3						54.3
Net income per diluted share			$	0.29					$	0.29					$	0.64					$	0.68

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information includes the following:

			Six Months Ended
(in millions)			June 29, 2024						July 1, 2023
Cash paid during the year for:
Interest expense			$	22.2					$	23.3
Income taxes			25.5						24.0
Operating lease liabilities			12.1						10.6
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	23.2					$	1.7
Non-cash investing activities:
Unpaid purchases of property and equipment			$	2.8					$	1.2
Unpaid strategic investments			0.2						0.9
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	0.1					$	0.1
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	129.6					$	150.7
Restricted cash			6.0						7.9
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	135.6					$	158.6

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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