PLANT, PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 27, 2025

Property, Plant and Equipment [Abstract]

PLANT, PROPERTY AND EQUIPMENT, NET

PLANT, PROPERTY AND EQUIPMENT, NET 

The following table summarizes our property, plant, and equipment, net of accumulated depreciation.

	Useful life (in years)	September 27, 2025		December 31, 2024
Machinery and equipment	2 - 10	$	1,414.5	$	1,263.4
Buildings and improvements	5 - 40	334.0		293.4
Furniture, fixtures and office equipment	3 - 7	84.2		73.6
Construction work in progress		63.3		103.0
Land and improvements		26.9		25.1
Other		2.7		2.0
Plant, property and equipment, gross		1,925.6		1,760.5
Less: Accumulated depreciation		(1,322.5)		(1,183.3)
Plant, property and equipment, net		$	603.1	$	577.2

The following table summarizes our depreciation expense.

	Three Months Ended				Nine Months Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Depreciation expense	$	23.4	$	21.6	$	68.4	$	65.9

Government Assistance - Capital Grant

In 2023, a subsidiary in our MT segment entered into an incentive grant agreement with the Italian government related to the expansion of a production facility in Termoli, Italy and an upgrade of research and development capabilities in Barge, Italy. The total grant of 18.3 euros is expected to be received over the next three years beginning in 2025 and is primarily related to capital expenditures and, to a lesser extent, certain research and development activities. During the quarter ended September 27, 2025, we received a capital-related grant of $7.9, which was recorded as a reduction of property, plant and equipment and will be recognized as a reduction to depreciation expense over the life of the related assets.