PLANT, PROPERTY AND EQUIPMENT, NET

9 Months Ended

Oct. 03, 2026

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)	October 3, 2026		December 31, 2025
Machinery and equipment	2 - 10	$	1,561.2	$	1,433.9
Buildings and improvements	5 - 40	387.8		343.8
Furniture, fixtures and office equipment	3 - 7	95.9		86.2
Construction work in progress		88.8		80.1
Land and improvements		49.0		26.7
Other		3.4		2.6
Plant, property and equipment, gross		2,186.1		1,973.3
Less: Accumulated depreciation		(1,391.8)		(1,346.3)
Plant, property and equipment, net		$	794.3	$	627.0

The following table summarizes our depreciation expense.

	Three Months Ended				Nine Months Ended
	October 3, 2026		September 27, 2025		October 3, 2026		September 27, 2025
Depreciation expense	$	29.7	$	23.4	$	86.4	$	68.4

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 is expected to be received over a three-year period that began in 2025 and is primarily related to capital expenditures and, to a lesser extent, certain research and development activities. During the nine months ended October 3, 2026 and September 27, 2025, the Company received $4.9 and $7.9, respectively. The proceeds were 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.