v3.26.1
Long-Lived Assets
 6 Months Ended
Jul. 04, 2026
Property, Plant, and Equipment [Abstract]  
Long-Lived Assets Long-Lived Assets
Property, Plant and Equipment
Property, plant and equipment is stated at cost. Costs associated with the repair and maintenance of the Company's property, plant and equipment are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency or safety of the Company's property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Depreciable property is depreciated over the estimated useful lives of the assets, using principally the straight-line method.
A summary of property, plant and equipment is shown below (in millions):
July 4,
2026		December 31,
2025
Land$97.7 $102.9 
Buildings and improvements1,002.5 1,004.0 
Machinery and equipment6,132.1 5,984.9 
Construction in progress370.2 355.3 
Total property, plant and equipment7,602.5 7,447.1 
Less – accumulated depreciation(4,737.8)(4,534.0)
Property, plant and equipment, net$2,864.7 $2,913.1 
Depreciation expense was $145.7 million and $143.5 million in the three months ended July 4, 2026 and June 28, 2025, respectively, and $290.6 million and $286.0 million in the six months ended July 4, 2026 and June 28, 2025, respectively.
The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with GAAP. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value estimates of long-lived assets are based on independent appraisals or discounted cash flows, giving consideration to the highest and best use of the assets. Key assumptions used in the appraisals are based on a combination of market and cost approaches, as appropriate.
In the first six months of 2026 and 2025, the Company recognized property, plant and equipment impairment charges of $2.3 million and $3.9 million, respectively, in conjunction with its restructuring actions (Note 2, "Restructuring"). In the first six months of 2026, the Company recognized additional property, plant and equipment impairment charges of $4.3 million. The impairment charges are included in cost of sales in the accompanying condensed consolidated statements of comprehensive income.