The Company had $102.1 million and $304.1 million of cash equivalents at June 29, 2025, and December 29, 2024, respectively. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets.

Accounts receivable is presented net of an allowance for estimated credit losses of $14.5 million at June 29, 2025 and $15.5 million at December 29, 2024.

Inventories are stated at the lower of cost or net realizable value and primarily valued on an average cost or first-in, first-out method. Inventory adjustments are recorded when inventory is considered to be excess or obsolete based upon an analysis of actual on-hand quantities on a part-level basis to forecasted product demand and historical usage. Inventory balances are summarized as follows (in millions):


	Balance at
	June 29, 2025		December 29, 2024
Raw materials and supplies	$	617.5	$	559.2
Work in process	246.2		190.4
Finished goods	183.3		164.8
Total inventories, net	$	1,047.0	$	914.4

Some of the Company’s products are subject to specified warranties, and the Company provides for the estimated cost of product warranties. The adequacy of the warranty reserve is assessed regularly, and the reserve is adjusted as necessary based on a review of historical warranty experience with respect to the applicable business or products, as well as the length and actual terms of the warranties. The warranty reserve is included in current accrued liabilities and other long-term liabilities on the condensed consolidated balance sheet.


	Six Months
Warranty Reserve (in millions):	2025		2024
Balance at beginning of year	$	50.2	$	49.1
Product warranty expense	13.9		13.7
Deductions	(8.0)		(14.9)
Acquisition	0.4		0.4
Balance at end of period	$	56.5	$	48.3