v3.25.1
Balance Sheet Information and Other Supplemental Disclosures (Tables)
 3 Months Ended
Apr. 04, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Goodwill
The following table summarizes goodwill by operating and reportable segments (in millions): 
As of
 April 4, 2025December 31, 2024
GoodwillAccumulated Impairment LossesCarrying ValueGoodwillAccumulated Impairment LossesCarrying Value
Operating and Reportable Segments:
AMG$1,562.3 $(748.9)$813.4 $1,562.3 $(748.9)$813.4 
PSG735.8 (31.9)703.9 682.1 (31.9)650.2 
ISG124.3 — 124.3 124.3 — 124.3 
Total$2,422.4 $(780.8)$1,641.6 $2,368.7 $(780.8)$1,587.9 

The change in the goodwill balance from December 31, 2024 to April 4, 2025 was as follows (in millions):

Net balance as of December 31, 2024$1,587.9 
Addition related to business acquisition53.7 
Net balance as of April 4, 2025$1,641.6 
Schedule of Inventories
Details of inventories were as follows (in millions):
As of
April 4, 2025December 31, 2024
Inventories:
Raw materials$310.8 $349.8 
Work in process1,345.1 1,391.9 
Finished goods422.3 500.3 
Total$2,078.2 $2,242.0 
Schedule of Property, Plant and Equipment
Details of property, plant and equipment, net were as follows (in millions):
As of
April 4, 2025December 31, 2024
Land$116.5 $115.7 
Buildings and improvements1,446.2 1,423.2 
Machinery, equipment and other6,269.7 6,781.3 
Property, plant and equipment, gross7,832.4 8,320.2 
Less: Accumulated depreciation(3,991.9)(3,958.8)
Total$3,840.5 $4,361.4 
Schedule of Net Periodic Pension Expense
The components of the net periodic pension expense were as follows (in millions):
Quarters Ended
April 4, 2025March 29, 2024
Service cost$1.1 $1.3 
Interest cost1.3 1.4 
Expected return on plan assets(1.2)(1.2)
Curtailment losses1.5 — 
Total$2.7 $1.5 
Schedule of Components of Lease Expense The components of lease expense were as follows (in millions):
Quarters Ended
April 4, 2025March 29, 2024
Operating lease$17.8 $12.6 
Variable lease1.1 1.3 
Short-term lease0.8 0.4 
Total$19.7 $14.3 
The operating lease liabilities and operating ROU assets recognized in the Consolidated Balance Sheets were as follows (in millions):
As of
April 4, 2025December 31, 2024
Operating lease liabilities included in:
Accrued expenses and other current liabilities$31.5 $31.5 
Other long-term liabilities251.0 244.7 
Total$282.5 $276.2 
Operating ROU assets included in:
Other assets$248.9 $249.7 
Schedule of Cash and Non-Cash Activities
Certain of the cash and non-cash activities were as follows (in millions):
Quarters Ended
April 4, 2025March 29, 2024
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities$116.0 $232.2 
Operating ROU assets obtained in exchange for lease liabilities12.3 15.5 
Cash paid for:
Interest expense$23.2 $24.3 
Income taxes21.5 23.6 
Operating lease payments in operating cash flows10.8 11.4 
Schedule of Cash and Cash Equivalents
The following table shows a reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions):
As of
April 4, 2025December 31, 2024March 29, 2024December 31, 2023
Consolidated Balance Sheets:
Cash and cash equivalents$2,762.5 $2,691.3 $2,614.4 $2,483.0 
Restricted cash (included in other current assets)2.7 2.1 2.3 2.0 
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows$2,765.2 $2,693.4 $2,616.7 $2,485.0 
Schedule of Restrictions on Cash and Cash Equivalents
The following table shows a reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions):
As of
April 4, 2025December 31, 2024March 29, 2024December 31, 2023
Consolidated Balance Sheets:
Cash and cash equivalents$2,762.5 $2,691.3 $2,614.4 $2,483.0 
Restricted cash (included in other current assets)2.7 2.1 2.3 2.0 
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows$2,765.2 $2,693.4 $2,616.7 $2,485.0