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Balance Sheet Account Details | 12 Months Ended
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Dec. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Account Details | Balance Sheet Account Details Cash, Cash Equivalents and Restricted Cash
(In millions) | December 29, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 98.3 |  |  | $ | 118.9 |
Restricted cash included in Other assets | 0.2 |  |  | 0.6 |
Cash, cash equivalents and restricted cash | $ | 98.5 |  |  | $ | 119.5 |
Marketable Securities The Company had no marketable securities outstanding as of December 29, 2024. The following table is a summary of marketable securities as of December 31, 2023:
|  |  | December 31, 2023
(In millions) |  |  |  |  |  |  |  |  | Amortized Cost |  |  |  | Gross Unrealized Losses |  | Fair Value
Corporate bonds |  |  |  |  |  |  |  |  | $ | 38.1 |  |  |  |  | $ | (0.1) |  |  | $ | 38.0 |
Corporate asset-backed securities |  |  |  |  |  |  |  |  | 8.9 |  |  |  |  | — |  |  | 8.9 |
Agency bonds |  |  |  |  |  |  |  |  | 1.5 |  |  |  |  | — |  |  | 1.5 |
Total marketable securities, current |  |  |  |  |  |  |  |  | 48.5 |  |  |  |  | (0.1) |  |  | 48.4 |
Corporate bonds, non-current |  |  |  |  |  |  |  |  | 4.5 |  |  |  |  | — |  |  | 4.5 |
Corporate asset-backed securities, non-current |  |  |  |  |  |  |  |  | 0.9 |  |  |  |  | — |  |  | 0.9 |
Sovereign government bonds, non-current |  |  |  |  |  |  |  |  | 2.0 |  |  |  |  | — |  |  | 2.0 |
Total marketable securities |  |  |  |  |  |  |  |  | $ | 55.9 |  |  |  |  | $ | (0.1) |  |  | $ | 55.8 |
Accounts Receivable, Net Accounts receivables primarily consist of trade accounts receivables with maturities of one year or less and are presented net of reserves:
(In millions) | December 29, 2024 |  | December 31, 2023
Accounts receivable | $ | 382.0 |  |  | $ | 395.1 |
Allowance for contract rebates and discounts | (85.3) |  |  | (77.2) |
Allowance for doubtful accounts | (14.3) |  |  | (14.6) |
Total accounts receivable, net | $ | 282.4 |  |  | $ | 303.3 |
The allowance for contractual rebates involves estimating adjustments to revenue based on a high volume of data, including inputs from third-party sources. In addition, the determination of such adjustments includes estimating rebate percentages which are dependent on estimated end-user sales mix and customer contractual terms, which vary across customers, the related balance of which was $39.8 million and $31.3 million at December 29, 2024 and December 31, 2023, respectively, and was included in the allowance for contract rebates and discounts. The following table summarizes changes to the accounts receivable allowance balances for fiscal years ended 2024, 2023 and 2022:
| Balance at Beginning of Period |  | Additions Charged to Expense or as Reductions to Revenue (1) |  | Deductions (2) |  | Balance at end of period
(In millions) |
Fiscal year ended December 29, 2024 | $ | 91.8 |  |  | $ | 486.2 |  |  | $ | (478.4) |  |  | $ | 99.6 |
Fiscal year ended December 31, 2023 | $ | 89.1 |  |  | $ | 493.5 |  |  | $ | (490.8) |  |  | $ | 91.8 |
Fiscal year ended January 1, 2023 | $ | 52.4 |  |  | $ | 407.6 |  |  | $ | (370.9) |  |  | $ | 89.1 |
(1)Includes opening balance of $31.4 million related to the Combinations during fiscal year ended 2022. Primarily represents charges for contract rebate allowances recorded as reductions to revenue. Additions to allowance for doubtful accounts are recorded to selling, marketing and administrative expense. (2)The deductions represent actual charges against the accrual described above. Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following:
(In millions) | December 29, 2024 |  | December 31, 2023
Raw materials | $ | 211.8 |  |  | $ | 212.7 |
Work-in-process (materials, labor and overhead) | 90.6 |  |  | 92.3 |
Finished goods (materials, labor and overhead) | 291.6 |  |  | 318.1 |
Total inventories | $ | 594.0 |  |  | $ | 623.1 |
Inventories | $ | 533.7 |  |  | $ | 577.8 |
Other assets (1) | 60.3 |  |  | 45.3 |
Total inventories | $ | 594.0 |  |  | $ | 623.1 |
(1) Other assets includes inventory expected to remain on hand beyond one year. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following:
(In millions) | December 29, 2024 |  | December 31, 2023
Income taxes and other tax receivables | $ | 112.1 |  |  | $ | 104.7 |
Prepaid expenses | 77.3 |  |  | 67.0 |
Contract assets | 32.5 |  |  | 46.2 |
Other receivables | 24.3 |  |  | 34.2 |
Derivatives | 15.1 |  |  | 6.9 |
Other | 1.1 |  |  | 3.1 |
Total prepaid expenses and other current assets | $ | 262.4 |  |  | $ | 262.1 |
Property, Plant and Equipment, Net The following is a summary of property, plant and equipment, net:
(In millions) | December 29, 2024 |  | December 31, 2023
Equipment, furniture and fixtures | $ | 673.2 |  |  | $ | 595.2 |
Building and improvements | 330.0 |  |  | 399.7 |
Customer leased instruments | 728.1 |  |  | 602.0 |
Finance lease right-of-use asset | 12.5 |  |  | — |
Land | 11.7 |  |  | 34.7 |
Construction in progress | 350.9 |  |  | 332.8 |
Total property, plant and equipment, gross | 2,106.4 |  |  | 1,964.4 |
Less: accumulated depreciation and amortization | (726.2) |  |  | (520.6) |
Total property, plant and equipment, net | $ | 1,380.2 |  |  | $ | 1,443.8 |
Construction in progress reflects amounts incurred for construction or improvements of property, plant, or equipment that have not been put in service. In addition, construction in progress includes certain instruments that have not been placed at a customer under a lease agreement that will be reclassified to leased instruments once placed at a customer site. The total expense for depreciation of fixed assets and amortization of leasehold improvements was $250.0 million, $252.4 million and $151.1 million for fiscal years ended 2024, 2023 and 2022, respectively. Other Current Liabilities Other current liabilities consisted of the following:
(In millions) | December 29, 2024 |  | December 31, 2023
Accrued commissions, rebates and returns | $ | 67.4 |  |  | $ | 63.8 |
Accrued interest | 39.0 |  |  | 30.3 |
Deferred revenue | 33.5 |  |  | 36.8 |
Operating lease liabilities | 31.1 |  |  | 26.7 |
Accrued other taxes payable | 20.9 |  |  | 17.9 |
Derivatives | 4.0 |  |  | 12.1 |
Other | 92.8 |  |  | 115.7 |
Total other current liabilities | $ | 288.7 |  |  | $ | 303.3 |

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