Property and Equipment, net

3 Months Ended

Mar. 29, 2025

Property, Plant and Equipment [Abstract]

8. Property and Equipment, net

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

In October 2024, the Company grounded the corporate aircraft and started exploring disposition strategies. In December 2024, the Company entered into a letter of intent to sell the aircraft, and classified the asset as held for sale within the healthcare segment as of December 28, 2024. During the three months ended March 29, 2025, the Company completed the sale of the corporate aircraft for $19.5 million.

For the three months ended March 29, 2025 and March 30, 2024, depreciation expense of property and equipment was $6.5 million and $7.4 million, respectively.

For the three months ended March 29, 2025 and March 30, 2024, $6.7 million and $6.4 million of equipment leased to customers was amortized to cost of goods sold, respectively. As of each March 29, 2025 and December 28, 2024, accumulated amortization of equipment leased to customers was $0.3 million.

The balance in CIP at March 29, 2025 and December 28, 2024 related primarily to the capitalized implementation costs related to a new enterprise resource planning software system, costs related to facility improvements and the underlying assets for which have not been completed or placed into service.