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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 29, 2025
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 March 29, 2025:
| Total Carrying Value |  | Fair Value Measurement Hierarchy |  |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 96.9 |  |  | $ | 96.9 |  |  | $ | — |  |  | $ | — |  |  |
Money market funds | 33.9 |  |  | 33.9 |  |  | — |  |  | — |  |  |
Pension assets | 21.7 |  |  | 15.9 |  |  | 5.8 |  |  | — |  |  |
Derivative instruments - cash flow hedges(1) | 4.3 |  |  | 4.3 |  |  | — |  |  | — |  |  |
Equity securities | 1.1 |  |  | 1.1 |  |  | — |  |  | — |  |  |
Derivative instruments - warrants | 0.6 |  |  | 0.6 |  |  | — |  |  | — |  |  |
Total assets | $ | 158.5 |  |  | $ | 152.7 |  |  | $ | 5.8 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Derivative instruments - cash flow hedges | $ | 1.3 |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | — |  |  |
Pension benefit obligation | 25.7 |  |  | 25.7 |  |  | — |  |  | — |  |  |
Total liabilities | $ | 27.0 |  |  | $ | 27.0 |  |  | $ | — |  |  | $ | — |  |  |
The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at December 28, 2024:
| Total Carrying Value |  | Fair Value Measurement Hierarchy
(in millions) |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 51.0 |  |  | $ | 51.0 |  |  | $ | — |  |  | $ | — |
Money market funds | 72.6 |  |  | 72.6 |  |  | — |  |  | — |
Pension assets | 19.2 |  |  | 14.1 |  |  | 5.1 |  |  | — |
Derivative instruments - cash flow hedges(1) | 6.8 |  |  | 6.8 |  |  | — |  |  | — |
Equity securities | 1.3 |  |  | 1.3 |  |  | — |  |  | — |
Derivative instruments - warrants | 0.7 |  |  | 0.7 |  |  | — |  |  | — |
Total assets | $ | 151.6 |  |  | $ | 146.5 |  |  | $ | 5.1 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Derivative instruments - cash flow hedges | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |
Pension benefit obligation | 24.6 |  |  | 24.6 |  |  | — |  |  | — |
Total liabilities | $ | 24.7 |  |  | $ | 24.7 |  |  | $ | — |  |  | $ | — |
______________ (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, tooling and other | 3 to 20 years
Operating lease assets | Lesser of useful life or term of lease
Property and equipment, net, consists of the following:
(in millions) | March 29, 2025 |  | December 28, 2024 |
Operating lease assets | $ | 155.4 |  |  | $ | 148.6 |  |
Machinery, equipment, tooling and other | 148.7 |  |  | 147.1 |  |
Building and building improvements | 143.5 |  |  | 143.5 |  |
Land | 47.7 |  |  | 47.7 |  |
Computer equipment and software | 38.3 |  |  | 38.7 |  |
Leasehold improvements | 32.1 |  |  | 31.2 |  |
Furniture and office equipment | 15.9 |  |  | 15.8 |  |
Demonstration units | 0.5 |  |  | 0.5 |  |
Construction-in-progress (CIP) | 27.8 |  |  | 29.0 |  |
Total property and equipment | 609.9 |  |  | 602.1 |  |
Accumulated depreciation | (277.8) |  |  | (265.1) |  |
Property and equipment, net | $ | 332.1 |  |  | $ | 337.0 |  |
Schedule of Changes in Product Warranty Accrual | Changes in the product warranty accrual were as follows:
| Three Months Ended
(in millions) | March 29, 2025 |  | March 30, 2024
Product warranty accrual, beginning of period | $ | 2.9 |  |  | $ | 1.8 |
Accrual for warranties issued | 1.0 |  |  | 1.8 |
Changes in pre-existing warranties (including changes in estimates) | (0.3) |  |  | 0.4 |
Settlements made | (0.8) |  |  | (2.2) |
Product warranty accrual, end of period | $ | 2.8 |  |  | $ | 1.8 |
Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share | A computation of basic and diluted net (loss) income per share is as follows:
| Three Months Ended |  |
(in millions, except per share amounts) | March 29, 2025 |  | March 30, 2024 |  |  |  |
Net income from continuing operations, net of tax | $ | 47.2 |  |  | $ | 32.1 |  |  |  |  |
(Loss) from discontinued operations, net of tax - (Note 18) | (217.9) |  |  | (13.2) |  |  |  |  |
Net (loss) income | $ | (170.7) |  |  | $ | 18.9 |  |  |  |  |
Basic net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 54.0 |  |  | 53.0 |  |  |  |  |
Continuing operations per basic share | $ | 0.87 |  |  | $ | 0.61 |  |  |  |  |
Discontinued operations per basic share | (4.04) |  |  | (0.25) |  |  |  |  |
Net (loss) income per basic share | $ | (3.17) |  |  | $ | 0.36 |  |  |  |  |
Diluted net income per share: |  |  |  |  |  |  |
Weighted-average shares outstanding - basic | 54.0 |  |  | 53.0 |  |  |  |  |
Diluted share equivalents: stock options, RSUs and PSUs | 0.8 |  |  | 1.2 |  |  |  |  |
Weighted-average shares outstanding - diluted | 54.8 |  |  | 54.2 |  |  |  |  |
Continuing operations per diluted share | $ | 0.86 |  |  | $ | 0.59 |  |  |  |  |
Discontinued operations per diluted share | (3.98) |  |  | (0.24) |  |  |  |  |
Net (loss) income per diluted share | $ | (3.12) |  |  | $ | 0.35 |  |  |  |  |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information includes the following:
| Three Months Ended
(in millions) | March 29, 2025 |  | March 30, 2024
Cash paid during the year for: |  |  |
Interest expense: |  |  |
Continuing operations | $ | 11.5 |  |  | $ | 10.9 |
Discontinued operations | 0.5 |  |  | 0.8 |
Income taxes: |  |  |
Continuing operations | $ | 2.1 |  |  | $ | 2.6 |
Discontinued operations | 3.4 |  |  | 5.9 |
Operating lease liabilities: |  |  |
Continuing operations | $ | 2.7 |  |  | $ | 2.7 |
Discontinued operations | 3.4 |  |  | 3.0 |
Non-cash operating activities: |  |  |
ROU assets obtained in exchange for lease liabilities: |  |  |
Continuing operations | $ | (0.4) |  |  | $ | 2.0 |
Discontinued operations | — |  |  | 18.6 |
Non-cash investing activities - continuing operations: |  |  |
Unpaid purchases of property and equipment | $ | 1.2 |  |  | $ | 2.7 |
Unpaid strategic investments | 0.1 |  |  | 0.2 |
Non-cash financing activities - continuing operations: |  |  |
Unsettled common stock proceeds from option exercises | $ | 0.7 |  |  | $ | 0.1 |
Reconciliation of cash, cash equivalents and restricted cash: |  |  |
Cash and cash equivalents: |  |  |
Continuing operations | $ | 130.8 |  |  | $ | 118.1 |
Discontinued operations | 41.2 |  |  | 39.5 |
Restricted cash: |  |  |
Continuing operations | $ | 2.7 |  |  | $ | 4.0 |
Discontinued operations | 1.8 |  |  | 2.4 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 176.5 |  |  | $ | 164.0 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-8 + Details
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