The Company had $99.5 million and $136.0 million of cash equivalents at June 28, 2026, and December 28, 2025, respectively. Cash equivalents consist of highly liquid money-market mutual funds with maturities of three months or less when purchased.

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 28, 2026		December 28, 2025
Raw materials and supplies	$	738.1	$	648.9
Work in process	236.2		210.0
Finished goods	192.1		184.4
Total inventories, net	$	1,166.4	$	1,043.3

Some of the Company’s products are subject to specified warranties, and the Company reserves for the estimated cost of product warranties on a product-specific basis. Facts and circumstances related to a product warranty matter and cost estimates to return, repair and/or replace the product are considered when establishing a product warranty reserve. The adequacy of the preexisting 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, which are typically one year. The product warranty reserve is included in current accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets.


	Six Months
Warranty Reserve (in millions):	2026		2025
Balance at beginning of year	$	56.9	$	50.2
Product warranty expense	12.3		13.9
Deductions	(14.2)		(8.0)
Acquisition	0.2		0.4
Balance at end of period	$	55.2	$	56.5