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Property and Equipment, Net | 12 Months Ended
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Dec. 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) | 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. For the years ended December 28, 2024, December 30, 2023 and December 31, 2022, depreciation expense of property and equipment was $41.3 million, $43.9 million and $43.0 million, respectively. For the years ended December 28, 2024, December 30, 2023 and December 31, 2022, depreciation expense of operating lease assets was $23.7 million, $19.3 million and $4.4 million, respectively. For the years ended December 28, 2024 and December 30, 2023, $23.7 million and $19.3 million of equipment leased to customers was amortized to cost of goods sold, respectively. As of December 28, 2024 and December 30, 2023, accumulated amortization of equipment leased to customers was $1.1 million and $1.5 million, respectively. The balance in CIP at December 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, 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. In the fourth quarter of 2024, Masimo Canada ULC, agreed with the Vendor to a termination for the purchase of the property in Vancouver, British Columbia, which resulted in a charge of approximately CAD24.7 million. As part of the termination, the Company forfeited the initial purchase deposit of CAD21.0 million, and agreed to an additional CAD3.7 million in termination fees that were accrued as of December 28, 2024

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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