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Summary of Significant Accounting Policies (Tables)

3 Months Ended

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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