v3.25.2
Balance Sheet Information and Other Supplemental Disclosures (Tables)
 6 Months Ended
Jul. 04, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Goodwill
The following table summarizes goodwill by operating and reportable segments (in millions): 
As of
 July 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 July 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 July 4, 2025$1,641.6 
Schedule of Inventories
Details of inventories were as follows (in millions):
As of
July 4, 2025December 31, 2024
Inventories:
Raw materials$290.9 $349.8 
Work in process1,389.2 1,391.9 
Finished goods407.0 500.3 
Total$2,087.1 $2,242.0 
Schedule of Property, Plant and Equipment
Details of property, plant and equipment, net were as follows (in millions):
As of
July 4, 2025December 31, 2024
Land$116.5 $115.7 
Buildings and improvements1,502.2 1,423.2 
Machinery, equipment and other6,156.6 6,781.3 
Property, plant and equipment, gross7,775.3 8,320.2 
Less: Accumulated depreciation(4,060.4)(3,958.8)
Total$3,714.9 $4,361.4 
Schedule of Net Periodic Pension Expense
The components of the net periodic pension expense were as follows (in millions):
Quarters EndedSix Months Ended
July 4, 2025June 28, 2024July 4, 2025June 28, 2024
Service cost$1.1 $1.2 $2.2 $2.5 
Interest cost1.4 1.4 2.7 2.8 
Expected return on plan assets(1.2)(1.2)(2.4)(2.4)
Curtailment losses— — 1.5 — 
Total$1.3 $1.4 $4.0 $2.9 
Schedule of Components of Lease Expense The components of lease expense were as follows (in millions):
Quarters EndedSix Months Ended
July 4, 2025June 28, 2024July 4, 2025June 28, 2024
Operating lease$20.5 $15.0 $38.3 $27.6 
Variable lease1.8 1.4 2.9 2.7 
Short-term lease0.7 0.4 1.5 0.8 
Total$23.0 $16.8 $42.7 $31.1 
The operating lease liabilities and operating ROU assets recognized in the Consolidated Balance Sheets were as follows (in millions):
As of
July 4, 2025December 31, 2024
Operating lease liabilities included in:
Accrued expenses and other current liabilities$34.1 $31.5 
Other long-term liabilities226.3 244.7 
Total$260.4 $276.2 
Operating ROU assets included in:
Other assets$226.4 $249.7 
Schedule of Cash and Non-Cash Activities
Certain of the cash and non-cash activities were as follows (in millions):
Six Months Ended
July 4, 2025June 28, 2024
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities$111.6 $221.7 
Operating ROU assets obtained in exchange for lease liabilities13.1 38.5 
Cash paid for:
Interest expense$29.3 $31.3 
Income taxes86.5 244.9 
Operating lease payments in operating cash flows34.8 24.2 
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
July 4, 2025December 31, 2024June 28, 2024December 31, 2023
Consolidated Balance Sheets:
Cash and cash equivalents$2,526.7 $2,691.3 $2,231.0 $2,483.0 
Restricted cash (included in other current assets)2.9 2.1 2.1 2.0 
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows$2,529.6 $2,693.4 $2,233.1 $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
July 4, 2025December 31, 2024June 28, 2024December 31, 2023
Consolidated Balance Sheets:
Cash and cash equivalents$2,526.7 $2,691.3 $2,231.0 $2,483.0 
Restricted cash (included in other current assets)2.9 2.1 2.1 2.0 
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows$2,529.6 $2,693.4 $2,233.1 $2,485.0