v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 28, 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 June 28, 2025:
Total Carrying
Value		Fair Value Measurement Hierarchy
(in millions)Level 1Level 2Level 3
Assets
Cash and cash equivalents$70.2 $70.2 $— $— 
Money market funds79.4 79.4 — — 
Pension assets24.1 17.7 6.4 — 
Derivative instruments - cash flow hedges(1)
3.1 3.1 — — 
Equity securities1.3 1.3 — — 
Derivative instruments - warrants0.7 0.7 — — 
Total assets$178.8 $172.4 $6.4 $— 
Liabilities
Derivative instruments - cash flow hedges
$1.6 $1.6 $— $— 
Pension benefit obligation28.8 28.8 — — 
Total liabilities$30.4 $30.4 $— $— 
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 1Level 2Level 3
Assets
Cash and cash equivalents$51.0 $51.0 $— $— 
Money market funds72.6 72.6 — — 
Pension assets
19.2 14.1 5.1 — 
Derivative instruments - cash flow hedges(1)
6.8 6.8 — — 
Equity securities1.3 1.3 — — 
Derivative instruments - warrants0.7 0.7 — — 
Total assets$151.6 $146.5 $5.1 $— 
Liabilities
Derivative instruments - cash flow hedges$0.1 $0.1 $— $— 
Pension benefit obligation24.6 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 improvementsLesser of useful life or term of lease
Machinery, equipment, tooling and other
3 to 20 years
Operating lease assetsLesser of useful life or term of lease
Property and equipment, net, consists of the following:
(in millions)June 28,
2025		December 28,
2024
Operating lease assets$170.0 $148.6 
Machinery, equipment, tooling and other150.0 147.1 
Building and building improvements143.5 143.5 
Land47.7 47.7 
Computer equipment and software38.4 38.7 
Leasehold improvements33.3 31.2 
Furniture and office equipment16.2 15.8 
Demonstration units0.5 0.5 
Construction-in-progress (CIP)28.0 29.0 
     Total property and equipment627.6 602.1 
Accumulated depreciation(290.0)(265.1)
     Property and equipment, net$337.6 $337.0 
Schedule of Changes in Product Warranty Accrual
Changes in the product warranty accrual were as follows:
Six Months Ended
(in millions)June 28,
2025		June 29,
2024
Product warranty accrual, beginning of period$2.9 $1.8 
Accrual for warranties issued2.1 1.3 
Changes in pre-existing warranties (including changes in estimates)(1.7)1.5 
Settlements made(0.5)(1.6)
Product warranty accrual, end of period$2.8 $3.0 
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share
A computation of basic and diluted net income (loss) per share is as follows:
Three Months EndedSix Months Ended
(in millions, except per share amounts)
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Net income from continuing operations, net of tax$44.9 $24.8 $92.1 $56.9 
Net income (loss) from discontinued operations, net of tax - (Note 18)
6.4 (8.8)(211.5)(22.0)
Net income (loss)$51.3 $16.0 $(119.4)$34.9 
Basic net income (loss) per share:
Weighted-average shares outstanding - basic54.3 53.1 54.1 53.1 
Continuing operations per basic share$0.83 $0.47 $1.70 $1.07 
Discontinued operations per basic share0.12 (0.17)(3.91)(0.41)
Net income (loss) per basic share$0.95 $0.30 $(2.21)$0.66 
Diluted net income (loss) per share:
Weighted-average shares outstanding - basic54.3 53.1 54.1 53.1 
Diluted share equivalents: stock options, RSUs and PSUs0.5 1.2 0.8 1.2 
Weighted-average shares outstanding - diluted54.8 54.3 54.9 54.3 
Continuing operations per diluted share$0.82 $0.46 $1.68 $1.05 
Discontinued operations per diluted share0.12 (0.16)(3.85)(0.41)
Net income (loss) per diluted share$0.94 $0.30 $(2.17)$0.64 
Schedule of Supplemental Cash Flow Information
Supplemental cash flow information includes the following:
Six Months Ended
(in millions)June 28,
2025		June 29,
2024
Cash paid during the year for:
Interest expense:
Continuing operations$16.2 $21.0 
Discontinued operations1.1 1.2 
Income taxes:
Continuing operations$22.5 $23.4 
Discontinued operations5.3 2.1 
Operating lease liabilities:
Continuing operations$5.5 $5.4 
Discontinued operations6.9 6.7 
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities:
Continuing operations$(0.2)$4.8 
Discontinued operations0.6 18.4 
Non-cash investing activities - continuing operations:
Unpaid purchases of property and equipment$1.6 $2.8 
Unpaid strategic investments— 0.2 
Non-cash financing activities - continuing operations:
       Unsettled common stock proceeds from option exercises $— $0.1 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents:
Continuing operations
$149.6 $93.2 
Discontinued operations
43.5 36.4 
Restricted cash:
Continuing operations
$2.7 $3.8 
Discontinued operations
1.3 2.2 
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows$197.1 $135.6