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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 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 December 28, 2024:
|  |  | Fair Value Measurement Hierarchy
(in millions) | Total Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 101.0 |  |  | $ | 101.0 |  |  | $ | — |  |  | $ | — |
Money market funds | 76.6 |  |  | 76.6 |  |  | — |  |  | — |
Pension assets: |  |  |  |  |  |  |
Cash and cash equivalents | (1.3) |  | (1) | (1.3) |  |  | — |  |  | — |
Equity securities | 9.3 |  |  | 9.3 |  |  | — |  |  | — |
Debt securities | 9.6 |  |  | 9.6 |  |  | — |  |  | — |
Real estate funds | 3.6 |  |  | — |  |  | 3.6 |  |  | — |
Alternative investments | 1.4 |  |  | — |  |  | 1.4 |  |  | — |
Other | 0.2 |  |  | — |  |  | 0.2 |  |  | — |
Equity securities | 1.3 |  |  | 1.3 |  |  | — |  |  | — |
Derivative instruments - cash flow hedges(2) | 6.8 |  |  | 6.8 |  |  | — |  |  | — |
Derivative instruments - warrants | 0.7 |  |  | 0.7 |  |  | — |  |  | — |
Total assets | $ | 209.2 |  |  | $ | 204.0 |  |  | $ | 5.2 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Derivative instruments - cash flow hedge | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |
Pension benefit obligation | 31.8 |  |  | 31.8 |  |  | — |  |  | — |
Total liabilities | $ | 31.9 |  |  | $ | 31.9 |  |  | $ | — |  |  | $ | — |
______________ (1) Due to the timing of a cash transfer, there was a payable as of December 28, 2024, 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 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 | 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(2) | $ | 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.
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 28, 2024 |  | December 30, 2023
Machinery, equipment and tooling | $ | 180.2 |  |  | $ | 169.7 |
Building and building improvements | 150.3 |  |  | 151.0 |
Operating lease assets | 148.6 |  |  | 92.2 |
Land(1) | 54.3 |  |  | 66.2 |
Computer equipment and software | 44.4 |  |  | 45.5 |
Leasehold improvements | 40.8 |  |  | 37.5 |
Construction-in-progress (CIP)(2) | 30.6 |  |  | 59.2 |
Furniture and office equipment | 17.5 |  |  | 20.4 |
Demonstration units | 10.9 |  |  | 11.1 |
Transportation, vehicles and other(3)(4) | 0.2 |  |  | 34.0 |
Total property and equipment | 677.8 |  |  | 686.8 |
Accumulated depreciation | (296.2) |  |  | (262.4) |
Property and equipment, net | $ | 381.6 |  |  | $ | 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 adjustment. (2) In December 2024, in connection with the strategic realignment initiative, the Company recorded a charge of approximately $16.0 million related to a reduction of capitalized costs included in the CIP balance for the property in Vancouver, British Columbia, which was recorded to selling, general and administrative expenses. (3) 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. (4) In October 2024, the Company grounded the corporate aircraft and started exploring disposition strategies. In December 2024, the Company entered into an letter of intent to sell the aircraft, and classified the asset as held for sale within the healthcare segment as of December 28, 2024. On January 29, 2025, the Company completed the sale of the corporate aircraft fo r $19.5 million.
Schedule of Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows:
| Year Ended
(in millions) | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Product warranty accrual, beginning of period | $ | 8.6 |  |  | $ | 10.6 |  |  | $ | 2.5 |
Increase related to acquisition, net of reserve | — |  |  | — |  |  | 8.4 |
Accrual for warranties issued | 9.1 |  |  | 7.8 |  |  | 1.8 |
Changes in pre-existing warranties (including changes in estimates) | (5.4) |  |  | (7.5) |  |  | 4.7 |
Settlements made | (3.1) |  |  | (2.3) |  |  | (6.8) |
Product warranty accrual, end of period | $ | 9.2 |  |  | $ | 8.6 |  |  | $ | 10.6 |
Schedule of Reconciliation of Basic and Diluted Net Income Per Share | A computation of basic and diluted net (loss) income per share is as follows:
| Year Ended
(in millions, except per share amounts) | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Net (loss) income | $ | (304.9) |  |  | $ | 81.5 |  |  | $ | 143.5 |
Basic net (loss) income per share: |  |  |  |  |
Weighted-average shares outstanding - basic | 53.3 |  |  | 52.8 |  |  | 53.6 |
Net (loss) income per basic share | $ | (5.72) |  |  | $ | 1.54 |  |  | $ | 2.68 |
Diluted net (loss) income per share: |  |  |  |  |
Weighted-average shares outstanding - basic | 53.3 |  |  | 52.8 |  |  | 53.6 |
Diluted share equivalents: stock options, RSUs and PSUs | — |  |  | 1.3 |  |  | 1.6 |
Weighted-average shares outstanding - diluted | 53.3 |  |  | 54.1 |  |  | 55.2 |
Net (loss) income per diluted share | $ | (5.72) |  |  | $ | 1.51 |  |  | $ | 2.60 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information includes the following:
| Year Ended
(in millions) | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Cash paid during the year for: |  |  |  |  |
Interest expense | $ | 39.1 |  |  | $ | 51.0 |  |  | $ | 23.0 |
Income taxes | 41.9 |  |  | 54.4 |  |  | 87.3 |
Operating lease liabilities | 24.6 |  |  | 22.4 |  |  | 17.2 |
Non-cash operating activities: |  |  |  |  |
ROU assets obtained in exchange for lease liabilities | $ | 28.6 |  |  | $ | 16.3 |  |  | $ | — |
Non-cash investing activities: |  |  |  |  |
Unpaid purchases of property and equipment | $ | 0.7 |  |  | $ | 0.2 |  |  | $ | 3.8 |
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 | $ | 177.6 |  |  | $ | 163.0 |  |  | $ | 202.9 |
Restricted cash | 3.8 |  |  | 5.2 |  |  | 6.7 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 181.4 |  |  | $ | 168.2 |  |  | $ | 209.6 |

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