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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 28, 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 September 28, 2024:

			Total Carrying Value						Fair Value Measurement Hierarchy
(in millions)									Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	101.2					$	101.2					$	—					$	—
Money market funds			57.3						57.3						—						—
Equity securities			1.7						1.7						—						—
Pension assets			25.6						18.8						6.8						—
Derivative instruments - cash flow hedges(1)			4.7						4.7						—						—
Derivative instruments - warrants			0.9						0.9						—						—
Total assets			$	191.4					$	184.6					$	6.8					$	—
Liabilities
Derivative instruments - cash flow hedges			$	4.9					$	4.9					$	—					$	—
Total liabilities			$	4.9					$	4.9					$	—					$	—

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					$	—
Liabilities
Derivative instruments - cash flow hedges			$	3.6					$	3.6					$	—					$	—
Total liabilities			$	3.6					$	3.6					$	—					$	—

______________

(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)			September 28, 2024						December 30, 2023
Machinery, equipment and tooling			$	188.7					$	169.7
Building and building improvements			151.0						151.0
Operating lease assets			128.2						92.2
Land(1)			55.0						66.2
Computer equipment and software			47.0						45.5
Leasehold improvements			42.0						37.5
Transportation, vehicles and other(2)			27.2						34.0
Furniture and office equipment			19.9						20.4
Demonstration units			12.3						11.1
Construction-in-progress (CIP)			51.9						59.2
Total property and equipment			723.2						686.8
Accumulated depreciation			(305.3)						(262.4)
Property and equipment, net(1)			$	417.9					$	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 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.

Schedule of Changes in Product Warranty Accrual

Changes in the product warranty accrual were as follows:

			Nine Months Ended
(in millions)			September 28, 2024						September 30, 2023
Product warranty accrual, beginning of period			$	8.6					$	10.6
Accrual for warranties issued			6.9						7.4
Changes in pre-existing warranties (including changes in estimates)			2.3						(8.3)
Settlements made			(8.7)						(1.0)
Product warranty accrual, end of period			$	9.1					$	8.7

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												Nine Months Ended
(in millions, except per share amounts)			September 28, 2024						September 30, 2023						September 28, 2024						September 30, 2023
Net income			$	9.8					$	10.6					$	44.7					$	47.6
Basic net income per share:
Weighted-average shares outstanding - basic			53.4						52.8						53.2						52.8
Net income per basic share			$	0.18					$	0.20					$	0.84					$	0.90
Diluted net income per share:
Weighted-average shares outstanding - basic			53.4						52.8						53.2						52.8
Diluted share equivalents: stock options, RSUs and PSUs			0.9						1.1						1.1						1.1
Weighted-average shares outstanding - diluted			54.3						53.9						54.3						53.9
Net income per diluted share			$	0.18					$	0.20					$	0.82					$	0.88

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information includes the following:

			Nine Months Ended
(in millions)			September 28, 2024						September 30, 2023
Cash paid during the year for:
Interest expense			$	29.3					$	35.8
Income taxes			40.1						39.4
Operating lease liabilities			18.4						16.0
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities			$	28.5					$	2.4
Non-cash investing activities:
Unpaid purchases of property and equipment			$	1.2					$	1.2
Unpaid strategic investments			0.2						0.6
Non-cash financing activities:
Unsettled common stock proceeds from option exercises			$	—					$	0.5
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	158.5					$	124.4
Restricted cash			5.2						7.9
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows			$	163.7					$	132.3

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