
(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 for $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.