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Property and Equipment, net
 9 Months Ended
Sep. 28, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
8. Property and Equipment, net
Property and equipment, net, consists of the following:
(in millions)September 28,
2024		December 30,
2023
Machinery, equipment and tooling$188.7 $169.7 
Building and building improvements151.0 151.0 
Operating lease assets128.2 92.2 
Land(1)
55.0 66.2 
Computer equipment and software47.0 45.5 
Leasehold improvements42.0 37.5 
Transportation, vehicles and other(2)
27.2 34.0 
Furniture and office equipment19.9 20.4 
Demonstration units12.3 11.1 
Construction-in-progress (CIP)51.9 59.2 
     Total property and equipment723.2 686.8 
Accumulated depreciation(305.3)(262.4)
     Property and equipment, net(1)
$417.9 $424.4 
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(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 loss.
(2)    During the three months ended September 28, 2024, the Company reduced its fleet of vehicles for use primarily by field sales representatives. The proceeds from the sale of the vehicles were $2.0 million, which was recorded to non-operating loss. In October 2024, the Company grounded the corporate aircraft and has been exploring disposition strategies.
For the three months ended September 28, 2024 and September 30, 2023, depreciation expense of property and equipment was $10.3 million and $10.7 million, respectively. For the nine months ended September 28, 2024 and September 30, 2023, depreciation expense of property and equipment was $31.7 million and $33.2 million, respectively.
For the three months ended September 28, 2024 and September 30, 2023, $5.6 million and $5.2 million of equipment leased to customers was amortized to cost of goods sold, respectively. For the nine months ended September 28, 2024 and September 30, 2023, $18.4 million and $12.4 million of equipment leased to customers was amortized to cost of goods sold, respectively.
As of September 28, 2024 and December 30, 2023, accumulated amortization of equipment leased to customers was $1.2 million and $1.5 million, respectively.
The balance in CIP at September 28, 2024 and December 30, 2023 related primarily to the capitalized implementation costs related to a new enterprise resource planning software system, costs related to facility improvements, the expansion of certain key manufacturing facilities globally, machinery and equipment at the Company’s corporate headquarters, as well as on-going development 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 CAD123.0 million, plus GST (Purchase Price), subject to certain adjustments. The Company paid CAD21.0 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 in mid-2025.