Masimo (MASI) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 29, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	001-33642
Entity Registrant Name	MASIMO CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0368882
Entity Address, Address Line One	52 Discovery
Entity Address, City or Town	Irvine,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	(949)
Local Phone Number	297-7000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	MASI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	53,196,747
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000937556
Current Fiscal Year End Date	--12-28

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Current assets
Cash and cash equivalents	$ 129.6	$ 163
Trade accounts receivable, net of allowance for credit losses of $4.9 million and $4.8 million at June 29, 2024 and December 30, 2023, respectively	337.7	355.5
Inventories	513	545
Other current assets	161.9	168.4
Total current assets	1,142.2	1,231.9
Lease receivable, non-current	66.5	71.4
Deferred costs and other contract assets	58.8	57.3
Property and equipment, net	413.9	424.4
Finite-lived intangible assets, net	390.5	419.9
Trademarks - (Note 9)	215.6	232.4
Goodwill	389	407.7
Deferred tax assets	107	107.2
Other non-current assets	110.4	89.3
Total assets	2,893.9	3,041.5
Current liabilities
Accounts payable	216	251.5
Accrued compensation	72.2	62.6
Deferred revenue and other contract liabilities, current	79.8	87.3
Other current liabilities	178.2	162.4
Total current liabilities	546.2	563.8
Long-term debt	746.5	871.7
Deferred tax liabilities	102.1	111.7
Other non-current liabilities	130.3	129.5
Total liabilities	1,525.1	1,676.7
Commitments and contingencies - (Note 24)
Stockholders’ equity
Preferred stock, $0.001 par value; 5.0 million shares authorized; 0 shares issued and outstanding	0	0
Common stock, $0.001 par value; 100.0 million shares authorized; 53.2 million and 52.8 million shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively	0.1	0.1
Treasury stock, 19.5 million and 19.5 million shares at June 29, 2024 and December 30, 2023, respectively	(1,169.2)	(1,169.2)
Additional paid-in capital	810.6	783.4
Accumulated other comprehensive loss	(103.4)	(45.3)
Retained earnings	1,830.7	1,795.8
Total stockholders’ equity	1,368.8	1,364.8
Total liabilities and stockholders’ equity	2,893.9	3,041.5
Customer relationships, net - (Note 9)
Current assets
Finite-lived intangible assets, net	162.2	177.7
Acquired technologies, net - (Note 9)
Current assets
Finite-lived intangible assets, net	112	129.4
Other intangible assets, net - (Note 9)
Current assets
Finite-lived intangible assets, net	$ 116.3	$ 112.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 4.9	$ 4.8
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5	5
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100	100
Common stock, shares, issued (in shares)	53.2	52.8
Common stock, shares, outstanding (in shares)	53.2	52.8
Treasury stock, shares (in shares)	19.5	19.5

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Revenue	$ 496.3	$ 455.3	$ 989.1	$ 1,020.3
Cost of goods sold	241.5	234.1	492.6	514.3
Gross profit	254.8	221.2	496.5	506
Operating expenses:
Selling, general and administrative	177.5	151.7	337.4	348
Research and development	49	40.2	96.8	90.7
Total operating expenses	226.5	191.9	434.2	438.7
Operating income	28.3	29.3	62.3	67.3
Non-operating loss	(8.4)	(4.5)	(17.5)	(16.3)
Income before provision for income taxes	19.9	24.8	44.8	51
Provision for income taxes	3.9	9.1	9.9	14
Net income	$ 16	$ 15.7	$ 34.9	$ 37
Net income per share:
Basic (in dollars per share)	$ 0.30	$ 0.30	$ 0.66	$ 0.70
Diluted (in dollars per share)	$ 0.29	$ 0.29	$ 0.64	$ 0.68
Weighted-average shares used in per share calculations:
Basic (in shares)	53.1	52.8	53.1	52.7
Diluted (in shares)	54.3	54.4	54.3	54.3

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net income	$ 16	$ 15.7	$ 34.9	$ 37
Other comprehensive loss, net of tax:
Unrealized losses from foreign currency translation adjustments	(27.5)	(34.6)	(63.1)	(57.4)
Change in pension benefits	0	(0.8)	0.7	(3)
Unrealized (loss) gain on cash flow hedges	(0.6)	5.6	4.3	1.3
Total comprehensive loss	$ (12.1)	$ (14.1)	$ (23.2)	$ (22.1)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		52.5
Beginning balance at Dec. 31, 2022	$ 1,338.9	$ 0.1	$ (1,169.2)	$ 782.2	$ 11.5	$ 1,714.3
Beginning balance (in shares) at Dec. 31, 2022			19.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)		0.1
Stock options exercised	4.3			4.3
Restricted/Performance stock units vested (in shares)		0.2
Shares paid for tax withholding	(12.2)			(12.2)
Stock-based compensation	7.3			7.3
Net income	21.3					21.3
Foreign currency translation adjustment	(22.8)				(22.8)
Change in pension benefits	(2.2)				(2.2)
Unrealized (loss) gain on cash flow hedges	(4.3)				(4.3)
Ending balance (in shares) at Apr. 01, 2023		52.8
Ending balance at Apr. 01, 2023	1,330.3	$ 0.1	$ (1,169.2)	781.6	(17.8)	1,735.6
Ending balance (in shares) at Apr. 01, 2023			19.5
Beginning balance (in shares) at Dec. 31, 2022		52.5
Beginning balance at Dec. 31, 2022	1,338.9	$ 0.1	$ (1,169.2)	782.2	11.5	1,714.3
Beginning balance (in shares) at Dec. 31, 2022			19.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37
Foreign currency translation adjustment	(57.4)
Change in pension benefits	(3)
Unrealized (loss) gain on cash flow hedges	1.3
Ending balance (in shares) at Jul. 01, 2023		52.8
Ending balance at Jul. 01, 2023	1,308.3	$ 0.1	$ (1,169.2)	773.7	(47.6)	1,751.3
Ending balance (in shares) at Jul. 01, 2023			19.5
Beginning balance (in shares) at Apr. 01, 2023		52.8
Beginning balance at Apr. 01, 2023	1,330.3	$ 0.1	$ (1,169.2)	781.6	(17.8)	1,735.6
Beginning balance (in shares) at Apr. 01, 2023			19.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised	1.1			1.1
Shares paid for tax withholding	(0.4)			(0.4)
Stock-based compensation	(8.6)			(8.6)
Net income	15.7					15.7
Foreign currency translation adjustment	(34.6)				(34.6)
Change in pension benefits	(0.8)				(0.8)
Unrealized (loss) gain on cash flow hedges	5.6				5.6
Ending balance (in shares) at Jul. 01, 2023		52.8
Ending balance at Jul. 01, 2023	$ 1,308.3	$ 0.1	$ (1,169.2)	773.7	(47.6)	1,751.3
Ending balance (in shares) at Jul. 01, 2023			19.5
Beginning balance (in shares) at Dec. 30, 2023	52.8	52.8
Beginning balance at Dec. 30, 2023	$ 1,364.8	$ 0.1	$ (1,169.2)	783.4	(45.3)	1,795.8
Beginning balance (in shares) at Dec. 30, 2023	19.5		19.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)		0.2
Stock options exercised	$ 7.2			7.2
Restricted/Performance stock units vested (in shares)		0.1
Shares paid for tax withholding	(5.3)			(5.3)
Stock-based compensation	9.6			9.6
Net income	18.9					18.9
Foreign currency translation adjustment	(35.6)				(35.6)
Change in pension benefits	0.7				0.7
Unrealized (loss) gain on cash flow hedges	4.9				4.9
Ending balance (in shares) at Mar. 30, 2024		53.1
Ending balance at Mar. 30, 2024	$ 1,365.2	$ 0.1	$ (1,169.2)	794.9	(75.3)	1,814.7
Ending balance (in shares) at Mar. 30, 2024			19.5
Beginning balance (in shares) at Dec. 30, 2023	52.8	52.8
Beginning balance at Dec. 30, 2023	$ 1,364.8	$ 0.1	$ (1,169.2)	783.4	(45.3)	1,795.8
Beginning balance (in shares) at Dec. 30, 2023	19.5		19.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)	0.3
Net income	$ 34.9
Foreign currency translation adjustment	(63.1)
Change in pension benefits	0.7
Unrealized (loss) gain on cash flow hedges	$ 4.3
Ending balance (in shares) at Jun. 29, 2024	53.2	53.2
Ending balance at Jun. 29, 2024	$ 1,368.8	$ 0.1	$ (1,169.2)	810.6	(103.4)	1,830.7
Ending balance (in shares) at Jun. 29, 2024	19.5		19.5
Beginning balance (in shares) at Mar. 30, 2024		53.1
Beginning balance at Mar. 30, 2024	$ 1,365.2	$ 0.1	$ (1,169.2)	794.9	(75.3)	1,814.7
Beginning balance (in shares) at Mar. 30, 2024			19.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)		0.1
Stock options exercised	2.7			2.7
Shares paid for tax withholding	(0.5)			(0.5)
Stock-based compensation	13.5			13.5
Net income	16					16
Foreign currency translation adjustment	(27.5)				(27.5)
Change in pension benefits	0
Unrealized (loss) gain on cash flow hedges	$ (0.6)				(0.6)
Ending balance (in shares) at Jun. 29, 2024	53.2	53.2
Ending balance at Jun. 29, 2024	$ 1,368.8	$ 0.1	$ (1,169.2)	$ 810.6	$ (103.4)	$ 1,830.7
Ending balance (in shares) at Jun. 29, 2024	19.5		19.5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income	$ 34,900,000	$ 37,000,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	48,200,000	51,300,000
Stock-based compensation expense	23,100,000	(1,300,000)
Provision for credit losses	400,000	500,000
Amortization of debt issuance cost	900,000	900,000
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	13,100,000	95,900,000
Decrease (increase) in inventories	7,600,000	(45,500,000)
Decrease (increase) in other current assets	3,400,000	(8,800,000)
Decrease (increase) in lease receivable, net	4,900,000	(4,400,000)
Decrease (increase) in deferred costs and other contract assets	(1,600,000)	(400,000)
Decrease (increase) in other non-current assets	(1,400,000)	(24,400,000)
Increase (decrease) in accounts payable	(22,500,000)	(11,800,000)
Increase (decrease) in accrued compensation	10,300,000	(39,000,000)
Increase (decrease) in accrued liabilities	17,100,000	(19,700,000)
Increase (decrease) in income tax payable	(1,300,000)	5,000,000
Increase (decrease) in deferred revenue and other contract-related liabilities	(7,100,000)	(6,800,000)
Increase (decrease) in other non-current liabilities	(9,700,000)	(4,500,000)
Net cash provided by (used in) operating activities	120,300,000	24,000,000
Cash flows from investing activities:
Purchases of property and equipment	(15,800,000)	(20,400,000)
Proceeds from sale of property and equipment	10,800,000	0
Increase in intangible assets	(16,100,000)	(19,900,000)
Business combinations, net of cash acquired	0	7,500,000
Other strategic investing activities	(100,000)	(700,000)
Net cash (used in) provided by investing activities	(21,200,000)	(33,500,000)
Cash flows from financing activities:
Borrowings under line of credit	64,000,000	79,000,000
Repayments on line of credit	(185,600,000)	(112,400,000)
Proceeds from issuance of common stock	9,900,000	6,000,000
Payroll tax withholdings on behalf of employees for vested equity awards	(5,800,000)	(12,700,000)
Net cash (used in) provided by financing activities	(117,500,000)	(40,100,000)
Effect of foreign currency exchange rates on cash	(14,200,000)	(1,400,000)
Net decrease in cash, cash equivalents and restricted cash	(32,600,000)	(51,000,000)
Cash, cash equivalents and restricted cash at beginning of period	168,200,000	209,600,000
Cash, cash equivalents and restricted cash at end of period	$ 135,600,000	$ 158,600,000

Description of the Company

Description of the Company	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Description of the Company	1. Description of the Company Masimo Corporation is a global technology company that develops, manufactures and markets a wide array of patient monitoring technologies, as well as automation and connectivity solutions. The Company’s mission is to improve patient outcomes, reduce the cost of care and take noninvasive monitoring to new sites and applications. The Company operates two business segments: healthcare and non-healthcare. The Company’s healthcare products and patient monitoring solutions generally incorporate a monitor or circuit board, proprietary single-patient use or reusable sensors, software and/or cables. The Company primarily sells its healthcare products to hospitals, emergency medical service providers, home care providers, physician offices, veterinarians, long-term care facilities and consumers through its direct sales force, distributors and original equipment manufacturer (OEM) partners. On April 11, 2022, the Company acquired Viper Holdings Corporation, the parent company of DEI Sales, Inc., d/b/a Sound United (Sound United), via the Company’s wholly-owned subsidiary, Sonic Boom Acquisition Corp (Sonic) (Sound United Acquisition). For additional information on the Company’s acquisition of Sound United, see Note 18, “Business Combinations”. The Company’s non-healthcare consumer products and home integration technologies are primarily sold or licensed direct-to-consumers, or through authorized retailers and wholesalers. The terms “the Company” and “Masimo” refer to Masimo Corporation and, where applicable, its consolidated subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. The accompanying condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, including normal recurring accruals, necessary to present fairly the Company’s condensed consolidated financial statements. The accompanying condensed consolidated balance sheet as of December 30, 2023 was derived from the Company’s audited consolidated financial statements at that date. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (fiscal year 2023), filed with the SEC on February 28, 2024. The results for the three and six months ended June 29, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending December 28, 2024 (fiscal year 2024) or for any other interim period or for any future year. Fiscal Periods The Company follows a conventional 52/53 week fiscal year. Under a conventional 52/53 week fiscal year, a 52 week fiscal year includes four quarters of 13 weeks while a 53 week fiscal year includes three 13 week fiscal quarters and one 14 week fiscal quarter. The Company’s last 53 week fiscal year was fiscal year 2020. Fiscal year 2024 is a 52 week fiscal year ending December 28, 2024. All references to years in these notes to condensed consolidated financial statements are fiscal years unless otherwise noted. Reclassifications Certain amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current period presentation, including certain balance sheet asset accounts in the consolidated financial statements for the year ended December 30, 2023. There was no impact on previously reported total assets, liabilities, stockholders’ equity or net income. Use of Estimates The Company prepares its financial statements in conformity with GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the determination of standalone selling prices, variable consideration, total consideration allocated to each performance obligation within a contract, inventory valuation, valuation of the Company’s equity awards, valuation of identifiable assets and liabilities connected with business combinations, impairment of long-lived assets, intangible assets and goodwill; derivative and equity instruments, deferred taxes and any associated valuation allowances, deferred revenue, accounting for pensions, uncertain income tax positions, litigation costs, and related accruals. See Note 24, “Commitments and Contingencies”. Actual results could differ from such estimates. Business Combinations The Company accounts for business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations , which requires that once control is obtained, assets acquired, liabilities assumed and noncontrolling interests in the acquired entity, if applicable, are recorded at their respective fair values at the date of acquisition, with the exception of acquired contract assets and contract liabilities (i.e., deferred revenue) from contracts with customers. These are recognized and measured in accordance with ASC Topic 606, Revenue from Contracts with Customers. The excess of the purchase price over fair values of identifiable assets, liabilities and noncontrolling interests in the acquired entity, if applicable, is recorded as goodwill. Fair Value Measurements The Company accounts for certain financial instruments at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its financial instruments using the framework prescribed by ASC Topic 820, Fair Value Measurements and Disclosures , and considers the estimated amount the Company would receive or pay to transfer these instruments at the reporting date with respect to current currency exchange rates, interest rates, the creditworthiness of the counterparty for unrealized gain positions and the Company’s creditworthiness for unrealized loss positions. In certain instances, the Company may utilize financial models to measure the fair value of its financial instruments. In doing so, the Company uses inputs that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability and inputs derived principally from, or corroborated by, observable market data by correlation or other means. Recurring Fair Value Measurement On a recurring basis, the Company measures certain financial assets and financial liabilities at fair value based upon quoted market prices. Where quoted market prices or other observable inputs are not available, the Company applies valuation techniques to estimate fair value. Authoritative guidance describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active; or other inputs that can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at June 29, 2024: Total Carrying Fair Value Measurement Hierarchy (in millions) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 94.5 $ 94.5 $ — $ — Money market funds 35.1 35.1 — — Equity securities 1.5 1.5 — — Pension assets 22.9 16.8 6.1 — Derivative instruments - cash flow hedges (1) 13.6 13.6 — — Derivative instruments - warrants 0.8 0.8 — — Total assets $ 168.4 $ 162.3 $ 6.1 $ — ______________ (1) Includes accrued interest. The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at December 30, 2023: Total Carrying Fair Value Measurement Hierarchy (in millions) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 87.0 $ 87.0 $ — $ — Money market funds 76.0 76.0 — — Pension assets 23.1 16.8 6.3 — Equity securities 1.7 1.7 — — Derivative instruments - cash flow hedges (1) 11.6 11.6 — — Derivative instruments - warrants 1.0 1.0 — — Total assets $ 200.4 $ 194.1 $ 6.3 $ — ______________ (1) Includes accrued interest. The Company invests in checking, savings and money market fund accounts, which are classified within Level 1 of the fair value hierarchy as they are valued using quoted market prices. These investments are classified as cash and cash equivalents within the Company’s accompanying condensed consolidated balance sheets, in accordance with GAAP and its accounting policies. The Company has certain strategic investments in privately-held companies (non-marketable equity securities) and companies that have completed initial public offerings (marketable equity securities). The Company’s marketable equity securities, whose price is based on quoted market price in an active market, are classified within Level 1 of the fair value hierarchy. Equity securities are classified as current, short-term investments, or non-current, recorded in other non-current assets, based on the nature of the securities and their availability for use in current operations. The changes in the fair value of those equity securities are measured at each reporting date and changes in the value of these investments between reporting dates are recorded within non-operating loss. The Company’s pension assets consist of Level 1 and Level 2 investments. The fair value of Level 2 assets is based on observable inputs such as prices or quotes for similar assets, adjusted for any differences in terms or conditions that may affect the value of the instrument being valued. The valuation techniques used for Level 2 assets may include the use of models or other valuation techniques, but these methods are all based on observable market inputs. The Company also has investments in certain derivative instruments, which are measured at fair value and classified within Level 1 of the fair value hierarchy. Non-Recurring Fair Value Measurements For certain other financial assets and liabilities, including restricted cash, accounts receivable, accounts payable and other current assets and liabilities, the carrying amounts approximate their fair value primarily due to the relatively short maturity of these balances. The Company also measures certain non-financial assets at fair value on a non-recurring basis, primarily goodwill, intangible assets and operating lease right-of-use assets, in connection with periodic evaluations for potential impairment. Furthermore, the Company did not elect to apply the fair value option to specific assets or liabilities on a contract-by-contract basis. The Company did not have any transfers between Level 2 and Level 3 during the six months ended June 29, 2024. Cash and Cash Equivalents Th e Company considers all highly liquid investments with an original maturity from the date of purchase of three months or less, or highly liquid investments that are readily convertible into known amounts of cash, to be cash equivalents. The Company carries cash and cash equivalents at cost, which approximates fair value, and they are Level 1 under the fair value hierarchy. Accounts Receivable and Allowance for Credit Losses Accounts receivable consist of trade receivables recorded at the time of invoicing of product sales, reduced by reserves for estimated bad debts and returns. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Credit is extended based on an evaluation of the customer’s financial condition. Collateral is generally not required. The Company records an allowance for credit losses that it does not expect to collect based on relevant information, including historical experience, current conditions, and reasonable and supportable forecasts. Accounts are charged off against the allowance when the Company believes they are uncollectible. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Based on the risk characteristics, the Company has identified U.S. and international customers as separate portfolios for both segments, and measures expected credit losses on such receivables using an aging methodology . Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using a standard cost method, which approximates the first in, first out method, and includes material, labor and overhead costs. Inventory valuation adjustments are recorded for inventory items that have become excess or obsolete or are no longer used in current production and for inventory items that have a market price less than the carrying value in inventory. The Company generally determines inventory valuation adjustments based on an evaluation of the expected future use of its inventory on an item by item basis and applies historical obsolescence rates to estimate the loss on inventory expected to have a recovery value below cost. The Company also records other specific inventory valuation adjustments when it becomes aware of unique events or circumstances that result in an expected recovery value below cost. For inventory items that have been written down, the reduced value becomes the new cost basis. 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 improvements Lesser of useful life or term of lease Machinery, equipment and tooling 3 to 20 years Operating lease assets Lesser of useful life or term of lease Transportation, vehicles and other 1 to 20 years Land is not depreciated and construction-in-progress is not depreciated until placed in service. Normal repair and maintenance costs are expensed as incurred, whereas significant improvements that materially increase values or extend useful lives are capitalized and depreciated over the remaining estimated useful lives of the related assets. Upon sale or retirement of depreciable assets, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss on the sale or retirement is recognized in income. Lessee Right-of-Use (ROU) Assets and Lease Liabilities The Company determines if an arrangement contains a lease at inception. ROU assets represent the Company’s right to use an asset underlying an operating lease for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from an operating lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company generally estimates the applicable discount rate used to determine the net present value of lease payments based on available information at the lease commencement date. Many of the Company’s lessee agreements include options to extend the lease, which the Company does not include in its lease terms unless they are reasonably certain to be exercised. The Company utilizes a portfolio approach to account for the ROU assets and liabilities associated with certain equipment leases. The Company has also made an accounting policy election not to separate lease and non-lease components for its real estate leases and to exclude short-term leases with a term of twelve months or less from its ROU assets and lease liabilities. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. Intangible Assets Intangible assets consist primarily of patents, trademarks, software development costs, customer relationships and acquired technology. Costs related to patents and trademarks, which include legal and application fees, are capitalized and amortized over the estimated useful lives using the straight-line method. Patent and trademark amortization commences once final approval of the patent or trademark has been obtained. Patent costs are amortized over the lesser of 10 years or the patent’s remaining legal life, which assumes renewals, and trademark costs are amortized over 17 years, and their associated amortization cost is included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations. For intangibles purchased in an asset acquisition or business combination, which mainly include patents, trademarks, customer relationships and acquired technologies, the useful life is determined largely by valuation estimates of remaining economic life. The Company’s policy is to renew its patents and trademarks. Costs to renew patents and trademarks are capitalized and amortized over the remaining useful life of the intangible asset. The Company periodically evaluates the amortization period and carrying basis of patents and trademarks to determine whether any events or circumstances warrant a revised estimated useful life or reduction in value. Capitalized application costs are charged to operations when it is determined that the patent or trademark will not be obtained or is abandoned. Software development costs are accounted for in accordance with ASC Topic 985-20, Software - Costs of Software to be Sold, Leased, or Marketed. Once technological feasibility has been established, qualifying costs incurred in development are capitalized until available for general release to customers, and subsequently reported at the lower of unamortized cost or net realizable value. Intangibles purchased as part of an asset acquisition or business combination historically have included patents, trademarks, customer relationships, developed technologies and contractual licenses. In certain circumstances the Company has also acquired non-compete agreements tied to certain employment relationships. The useful life for all of these is largely determined by valuation estimates of remaining economic life. In connection with the Sound United acquisition, the Company acquired certain trademarks/tradenames, which are intangible assets with indefinite useful lives. These brands are expected to maintain brand value for an indefinite period of time. Impairment of Goodwill, Intangible Assets and Other Long-Lived Assets Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the acquired net tangible and intangible assets. Goodwill is not amortized, but instead is tested annually for impairment, or more frequently when events or changes in circumstances indicate that goodwill might be impaired. In assessing goodwill impairment, the Company has the option to first assess the qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company has two reporting units, healthcare and non-healthcare. The Company’s qualitative assessment of the recoverability of goodwill considers various macro-economic, industry-specific and Company-specific factors, including: (i) severe adverse industry or economic trends; (ii) significant Company-specific actions; (iii) current, historical or projected deterioration of the Company’s financial performance; or (iv) a sustained decrease in the Company’s market capitalization below its net book value. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, or if the Company elects to bypass the qualitative analysis, then the Company performs a quantitative analysis that compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired; otherwise, a goodwill impairment loss is recognized for the lesser of: (a) the amount that the carrying amount of such reporting unit exceeds its fair value; or (b) the amount of the goodwill allocated to such reporting unit. The annual impairment test is performed during the fourth fiscal quarter. Similar to goodwill, indefinite-lived intangible assets are not amortized but instead are subject to annual impairment testing, unless circumstances dictate more frequent testing, if impairment indicators exist. Impairment for indefinite-lived assets exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value. Determining whether impairment indicators exist and estimating the fair value of the Company’s indefinite-lived intangible assets if necessary for impairment testing require significant judgment. Qualitative factors considered in this assessment include industry and market conditions, overall financial performance, and other relevant events and factors. The Company reviews finite lived intangible assets and long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted operating cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. Employee Defined Benefit Plans The Company maintains noncontributory defined benefit plans that cover certain employees in certain international locations. The Company recognizes the funded status, or the difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the condensed consolidated balance sheet, with a corresponding adjustment to accumulated other comprehensive loss. If the projected benefit obligation exceeds the fair value of plan assets, the difference or underfunded status represents the pension liability. The Company records a net periodic pension cost in the condensed consolidated statement of operations. The liabilities and annual income or expense are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return. The Company’s accounting policy includes an annual re-measurement of pension assets and obligations. In addition, the Company r e-measures pension assets and obligations for significant events, as of the nearest month-end date on the calendar. The fair values of plan assets are determined based on prevailing market prices. See Note 21, “Employee Benefits”, for further details. Income Taxes The Company accounts for income taxes using the asset and liability method, under which the Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for net operating loss and tax credit carryforwards. Tax positions that meet a more-likely-than-not recognition threshold are recognized in the first reporting period that it becomes more-likely-than-not such tax position will be sustained upon examination. A tax position that meets this more-likely-than-not recognition threshold is recorded at the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Previously recognized income tax positions that fail to meet the recognition threshold in a subsequent period are derecognized in that period. Differences between actual results and the Company’s assumptions, or changes in the Company’s assumptions in future periods, are recorded in the period they become known. The Company records potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. As a multinational corporation, the Company is subject to complex tax laws and regulations in various jurisdictions. The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws themselves are subject to change as a result of changes in fiscal policy, changes in legislation, evolution of regulations and court rulings. Therefore, the actual liability for U.S. or foreign taxes may be materially different from the Company’s estimates, which could result in the need to record additional liabilities or potentially to reverse previously recorded tax liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is recorded against any deferred tax assets when, in the judgment of management, it is more likely than not that all or part of a deferred tax asset will not be realized. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including recent financial performance, scheduled reversals of temporary differences, projected future taxable income, availability of taxable income in carryback periods and tax planning strategies. Income taxes are highly susceptible to changes from period to period, requiring management to make assumptions about the Company’s future income over the lives of its deferred tax assets and the impact of changes in valuation allowances. Any difference in the assumptions, judgments and estimates mentioned above could result in changes to the Company’s results of operations. Revenue Recognition, Deferred Revenue and Other Contract Liabilities The Company generally recognizes revenue following a single, principles-based five-step model to be applied to all contracts with customers and generally provides for the recognition of revenue in an amount that reflects the consideration to which the Company expects to be entitled, net of allowances for estimated returns, discounts or sales incentives, as well as taxes collected from customers that are remitted to government authorities, when control over the promised goods or services are transferred to the customer. Healthcare segment While the majority of the Company’s healthcare segment revenue contracts and transactions contain standard business terms and conditions, there are some transactions that contain non-standard business terms and conditions. As a result, contract interpretation, judgment and analysis are required to determine the appropriate accounting, including: (i) the amount of the total consideration, as well as variable consideration, (ii) whether the arrangement contains an embedded lease, and if so, whether such embedded lease is a sales-type lease or an operating lease, (iii) the identification of the distinct performance obligations contained within the arrangement, (iv) how the arrangement consideration should be allocated to each performance obligation when multiple performance obligations exist, including the determination of standalone selling price, and (v) when to recognize revenue on the performance obligations. Changes in judgments on these assumptions and estimates could materially impact the timing of revenue recognition. Revenue from fixed lease payments related to equipment supplied under sales-type lease arrangements is recognized once control over the equipment is transferred to the customer, while revenue from fixed lease payments related to equipment supplied under operating-type lease arrangements is generally recognized on a straight-line basis over the term of the lease and variable lease payments are recognized as they occur. The Company derives the majority of its healthcare segment revenue from four primary sources: (i) direct sales under deferred equipment agreements with end-user hospitals where the Company provides up-front monitoring equipment at no up-front charge in exchange for a multi-year sensor purchase commitment; (ii) other direct sales of noninvasive monitoring solutions to end-user hospitals, emergency medical response organizations and other direct customers; (iii) sales of noninvasive monitoring solutions to distributors who then typically resell to end-user hospitals, emergency medical response organizations and other customers; and (iv) sales of integrated circuit boards to OEM customers who incorporate the Company’s embedded software technology into their multiparameter monitoring devices. Subject to customer credit considerations, the majority of such sales are made on open accounts using industry standard payment terms based on the geography within which the specific customer is located. The Company enters into agreements to sell its monitoring solutions and services, sometimes as a part of arrangements with multiple performance obligations that include various combinations of product sales, equipment leases, software and services. In the case of contracts with multiple performance obligations, the authoritative guidance provides that the total consideration be allocated to each performance obligation on the basis of relative standalone selling prices. When a standalone selling price is not readily observable, the Company estimates the standalone selling price by considering multiple factors including, but not limited to, features and functionality of the product, geographies, type of customer, contractual prices pursuant to Group Purchasing Organization (GPO) contracts, the Company’s pricing and discount practices, and other market conditions. Sales under deferred equipment agreements are generally structured such that the Company agrees to provide certain monitoring-related equipment, software, installation, training and/or warranty support at no up-front charge in exchange for the customer’s commitment to purchase sensors over the term of the agreement, which generally ranges from three years to six years. The Company allocates contract consideration under deferred equipment agreements containing fixed annual sensor purchase commitments to the underlying lease and non-lease components at contract inception. In determining whether any underlying lease components are related to a sales-type lease or an operating lease, the Company evaluates the customer’s rights and ability to control the use of the underlying equipment throughout the contract term, including any equipment substitution rights retained by the Company, as well as the Company’s expectations surrounding potential contract/lease extensions or renewals and the customer’s likelihood to exercise any purchase options. Beginning in 2022, for contracts that contain variable lease payments that are not dependent on an index or rate, the Company classifies as operating leases any lease components that would have otherwise been classified as sales-type leases that would result in a selling loss upon lease commencement. Revenue allocable to non-lease performance obligations is generally recognized as such non-lease performance obligations are satisfied. Revenue allocable to lease components under sales-type lease arrangements is generally recognized when control over the equipment is transferred to the customer. Revenue allocable to lease components under operating lease arrangements is generally recognized over the term of the operating lease. The Company generally does not expect to derive any significant value in excess of such asset’s unamortized book value from equipment underlying its operating lease arrangements after the end of the agreement. Revenue from the sale of products and software to end-user hospitals, emergency medical response organizations, other direct customers, distributors and OEM customers, is recognized by the Company when control of the performance obligations thereunder transfers to the customer based upon the terms of the contract or underlying purchase order. Revenue related to OEM rainbow ® parameter software licenses is recognized by the Company upon the OEM’s shipment of its product to its customer, as reported to the Company by the OEM. The Company provides certain customers with various sales incentives that may take the form of discounts or rebates. The Company records estimates related to these programs as a reduction to revenue at the time of sale. In general, customers do not have a right of return for credit or refund. However, the Company allows returns under certain circumstances. At the end of each period, the Company estimates and accrues for these returns as a reduction to revenue. The Company estimates the revenue constraints related to these forms of variable consideration based on various factors, including expected purchasing volumes, prior sales and returns history, and spec

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 29, 2024
Related Party Transactions [Abstract]
Related Party Transactions	3. Related Party Transactions The Company’s Chairman and Chief Executive Officer (CEO) is also the Chairman and CEO of Willow Laboratories, Inc. (Willow). The Company is a party to the following agreements with Willow: • Cross-Licensing Agreement - The Company and Willow are parties to a cross-licensing agreement (Cross-Licensing Agreement), which governs each party’s rights to certain intellectual property held by the two companies. The Company is subject to certain annual minimum aggregate royalty obligations for use of the rainbow ® licensed technology. The current annual minimum royalty obligation is $5.0 million. Aggregate liabilities payable to Willow arising under the Cross-Licensing Agreement were $4.2 million and $4.3 million for the three months ended June 29, 2024 and July 1, 2023, respectively. Aggregate liabilities payable to Willow arising under the Cross-Licensing Agreement were $9.0 million and $9.9 million for the six months ended June 29, 2024 and July 1, 2023, respectively. • Administrative Services Agreement - The Company is a party to an administrative services agreement with Willow (G&A Services Agreement), which governs certain general and administrative services that the Company provides to Willow. Amounts charged by the Company pursuant to the G&A Services Agreement were $0.1 million for each of the three months ended June 29, 2024 and July 1, 2023. Amounts charged by the Company pursuant to the G&A Services Agreement were $0.2 million for each of the six months ended June 29, 2024 and July 1, 2023. • Lease Agreement - Effective December 2019, the Company entered into a lease agreement with Willow for approximately 34,000 square feet of office, research and development space at one of the Company’s owned facilities in Irvine (Willow Lease). The term of the Willow Lease expires on December 31, 2024. The Company recognized approximately $0.3 million of lease income for each of the three months ended June 29, 2024 and July 1, 2023. The Company recognized approximately $0.6 million of lease income for each of the six months ended June 29, 2024 and July 1, 2023. Net amounts due to Willow at June 29, 2024 and December 30, 2023 were approximately $3.8 million and $4.1 million, respectively. The Company’s CEO is also the Chairman of the Masimo Foundation for Ethics, Innovation and Competition in Healthcare (Masimo Foundation), a non-profit organization that was founded in 2010 to provide a platform for encouraging ethics, innovation, and competition in healthcare. In addition, the Company’s Executive Vice President (EVP), Chief Financial Officer (CFO) serves as the Treasurer of the Masimo Foundation and the Company’s EVP, General Counsel and Corporate Secretary serves as the Secretary for the Masimo Foundation. During each of the three months ended June 29, 2024 and July 1, 2023, the Company made no cash contributions to the Masimo Foundation. During each of the six months ended June 29, 2024 and July 1, 2023, the Company made cash contributions of approximately $1.0 million to the Masimo Foundation. During the three and six months ended June 29, 2024 and July 1, 2023 , the Company made various in-kind contributions to the Masimo Foundation, mainly in the form of donated administrative services. The Company’s CEO is also a . LMMV creates stories with a multi-platform strategy, bridging the gap between film, television, digital and social media. The Company entered into a marketing service agreement with LMMV for audiovisual production services promoting brand awareness, including television commercials and digital advertising, during the second quarter of 2020. During the three and six months ended June 29, 2024, the Company incurred no marketing expenses to LMMV under the marketing service agreement. During the three and six months ended July 1, 2023, the Company incurred $0.3 million and $0.9 million of marketing expenses to LMMV under the marketing service agreement, respectively. At each of June 29, 2024 and December 30, 2023, there were no amounts due to LMMV for services rendered. During the second quarter of 2021, the Company entered into a software license and professional services agreement with Like Minded Labs (LML), a subsidiary of LMMV. Pursuant to the software license agreement, LML granted the Company a perpetual, non-exclusive and fully paid-up right and license to integrate LML’s software into the Company’s products in exchange for a $3.0 million one-time license fee. Pursuant to the professional services agreement, LML will provide professional services to the Company, including the development of custom software intended to support the integration of the licensed software into the Company’s products, as well as future support services upon the Company’s acceptance of deliverables. In July 2021, the Company entered into a patent purchase and option agreement with Vantrix Corporation (Vantrix), an acquiree of LML, for certain patents for $0.5 million, and the right to purchase two pools of additional patents from Vantrix for an exercise fee of up to $1.1 million. The agreements with LML and Vantrix include sublicensing provisions whereby the software and patents are licensed back to LML or Vantrix, respectively, for further advancement of the technologies. The Company maintains an aircraft time share agreement, pursuant to which the Company has agreed from time to time to make its aircraft available to the Company’s CEO for lease on a time-sharing basis. The Company charges the Company’s CEO for personal use based on agreed upon reimbursement rates. For the three and six months ended June 29, 2024, the Company’s CEO did not incur charges pursuant to this agreement. For each of the three and six months ended July 1, 2023, the Company charged the Company’s CEO less than $0.1 million pursuant to this agreement.

Inventories

Inventories	6 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
Inventories	4. Inventories Inventories consist of the following: (in millions) June 29, December 30, Raw materials $ 243.4 $ 229.7 Work-in-process 28.4 30.0 Finished goods 241.2 285.3 Total inventories $ 513.0 $ 545.0

Other Current Assets

Other Current Assets	6 Months Ended
	Jun. 29, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	5. Other Current Assets Other current assets consist of the following: (in millions) June 29, December 30, Prepaid income taxes $ 44.2 $ 29.3 Prepaid expenses 40.8 58.3 Lease receivable, current 28.6 30.2 Indirect taxes receivable 25.6 28.6 Contract assets, current 7.4 6.7 Other receivables 6.8 6.8 Prepaid rebates and royalties, current 4.9 4.8 Restricted cash (1) 2.8 3.0 Other current assets 0.8 0.7 Total other current assets $ 161.9 $ 168.4 ______________ (1) Restricted cash includes funds received from the Bill and Melinda Gates Foundation. As the Company incurs costs associated with research and development related to this project, on a quarterly basis, the Company reclasses amounts from the grant to offset costs incurred.

Lease Receivable

Lease Receivable	6 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Lease Receivable	6. Lease Receivable For deferred equipment agreements that contain embedded operating leases, upon lease commencement, the Company defers and records the equipment cost of operating lease assets within property, plant and equipment, net of accumulated depreciation. These operating lease assets are subsequently amortized to cost of goods sold over the lease term on a straight-line basis. For deferred equipment agreements that contain embedded sales-type leases, the Company recognizes lease revenue and costs, as well as a lease receivable, at the time the lease commences. Lease revenue related to both operating-type and sales-type leases are included within revenue in the accompanying condensed consolidated statements of operations. For the three months ended June 29, 2024 and July 1, 2023, lease revenue was approximately $9.0 million and $10.0 million, respectively. For the six months ended June 29, 2024 and July 1, 2023, lease revenue was approximately $25.0 million and $29.0 million, respectively. Costs related to embedded leases within the Company’s deferred equipment agreements are included in cost of goods sold in the accompanying condensed consolidated statements of operations. Lease receivable from sales-type leases consists of the following: (in millions) June 29, December 30, Lease receivable $ 95.4 $ 101.9 Allowance for credit loss (0.3) (0.3) Lease receivable, net 95.1 101.6 Less: current portion of lease receivable (28.6) (30.2) Lease receivable, non-current $ 66.5 $ 71.4 As of June 29, 2024, estimated future maturities of customer sales-type lease receivables and operating lease payments for each of the following fiscal years are as follows: Future Lease Receivables/Payments Fiscal year Sales-Type Leases Operating Leases 2024 (balance of year) $ 15.2 $ 6.1 2025 26.0 11.4 2026 20.5 10.6 2027 14.7 8.9 2028 8.9 6.2 Thereafter 9.8 9.9 Total $ 95.1 $ 53.1 Less: imputed interest (1) — Present value of total lease payments $ 95.1 ______________ (1) The calculation of the rates implicit in the leases resulted in negative discount rates. Therefore, the Company as a lessor used a 0% discount rate to measure the net investment in the lease.

Deferred Costs and Other Contra

Deferred Costs and Other Contract Assets	6 Months Ended
	Jun. 29, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Contract Assets	7. Deferred Costs and Other Contract Assets Deferred costs and other contract assets consist of the following: (in millions) June 29, December 30, Deferred commissions $ 21.7 $ 21.8 Unbilled contract receivables 19.8 17.0 Prepaid contract allowances 15.9 17.0 Deferred equipment agreements, net 1.4 1.5 Deferred costs and other contract assets $ 58.8 $ 57.3

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 29, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	8. Property and Equipment, net Property and equipment, net, consists of the following: (in millions) June 29, December 30, Machinery, equipment and tooling $ 178.6 $ 169.7 Building and building improvements 150.1 151.0 Operating lease assets 120.2 92.2 Land (1) 54.2 66.2 Computer equipment and software 45.4 45.5 Leasehold improvements 40.3 37.5 Transportation, vehicles and other 33.0 34.0 Furniture and office equipment 18.9 20.4 Demonstration units 11.8 11.1 Construction-in-progress (CIP) 55.6 59.2 Total property and equipment 708.1 686.8 Accumulated depreciation (294.2) (262.4) Property and equipment, net (1) $ 413.9 $ 424.4 ______________ (1) At March 30, 2024, property, plant and equipment, net, excluded $11.4 million of idle undeveloped land held outside of the U,S. which was classified as held for sale within the healthcare segment. In May 2024, the Company completed the sale of the land, resulting in a gain of $0.9 million, which was recorded net of transaction costs, foreign currency translation and cumulative translation adjustments to non-operating income (loss). For the three months ended June 29, 2024 and July 1, 2023, depreciation expense of property and equipment was $10.8 million and $10.7 million, respectively. For the six months ended June 29, 2024 and July 1, 2023, depreciation expense of property and equipment was $21.3 million and $22.6 million, respectively. For the three months ended June 29, 2024 and July 1, 2023, $6.3 million and $4.2 million of equipment leased to customers was amortized to cost of goods sold, respectively. For the six months ended June 29, 2024 and July 1, 2023, $12.7 million and $7.2 million of equipment leased to customers was amortized to cost of goods sold, respectively. As of June 29, 2024 and December 30, 2023, accumulated amortization of equipment leased to customers was $1.1 million and $1.5 million, respectively. The balance in CIP at June 29, 2024 and December 30, 2023 related primarily to the capitalized implementation costs related to a new enterprise resource planning software system, costs related to facility improvements, the expansion of certain key manufacturing facilities globally, machinery and equipment at the Company’s corporate headquarters, as well as on-going development costs associated with a new research and development facility, the underlying assets for which have not been completed or placed into service. On February 14, 2022, the Company’s wholly owned subsidiary, Masimo Canada ULC, entered into a Purchase and Sale Agreement (Purchase Agreement) with Ke ltic (Prior) Development Limited Partnership (Vendor) for the purchase of a property in Vancouver, British Columbia, Canada for a purchase price of CAD123.0 million, plus GST (Purchase Price), subject to certain adjustments. The Company paid CAD21.0 million as a deposit towards the purchase during the year ended December 31, 2022 . The balance of the Purchase Price will be due and payable upon the closing of the transaction, which is currently expected to occur i n mid-2025.

Intangible Assets, net

Intangible Assets, net	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	9. Intangible Assets, net Intangible assets, net, consist of the following: June 29, December 30, (in millions) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Intangible assets subject to amortization: Customer relationships $ 177.5 $ (15.3) $ 162.2 $ 209.2 $ (31.5) $ 177.7 Acquired technologies 131.0 (19.0) 112.0 174.7 (45.3) 129.4 Capitalized software development costs 50.6 (6.7) 43.9 53.9 (15.2) 38.7 Licenses 35.9 (5.4) 30.5 39.7 (7.4) 32.3 Patents 42.1 (16.4) 25.7 39.2 (15.2) 24.0 Trademarks 19.0 (7.0) 12.0 20.1 (7.4) 12.7 Non-compete agreements 3.4 (0.4) 3.0 6.3 (2.6) 3.7 Licenses-related party 7.5 (6.9) 0.6 7.5 (6.7) 0.8 Other 1.7 (1.1) 0.6 1.7 (1.1) 0.6 Total intangible assets subject to amortization, net $ 468.7 $ (78.2) $ 390.5 $ 552.3 $ (132.4) $ 419.9 Intangible assets not subject to amortization: Trademarks $ 215.6 $ 242.4 Impairment charge — (10.0) Total trademarks 215.6 232.4 Intangible assets, net $ 606.1 $ 652.3 Finite lived intangible assets have a weighted-average amortization period ranging from twelve years to fourteen years. Total amortization expense for the three months ended June 29, 2024 and July 1, 2023 was $13.1 million and $14.4 million, respectively. Total amortization expense for the six months ended June 29, 2024 and July 1, 2023 was $26.9 million and $28.7 million, respectively. Total renewal costs for patents and trademarks for the three months ended June 29, 2024 and July 1, 2023 were $0.3 million and $0.2 million, respectively. Total renewal costs for patents and trademarks for the six months ended June 29, 2024 and July 1, 2023 were $0.7 million and $0.5 million, respectively. As of June 29, 2024, the weighted-average number of years until the next renewal was two years for patents and six years for trademarks. Estimated amortization expense for each of the next fiscal years is as follows: Fiscal year Amount 2024 (balance of year) $ 26.8 2025 52.1 2026 47.6 2027 39.8 2028 39.5 Thereafter 184.7 Total $ 390.5 Indefinite-lived intangible assets are subject to annual impairment testing, unless circumstances dictate more frequent testing, if impairment indicators exist. In the third quarter of 2023, declines in the Company’s stock price and certain worsening macro-economic market conditions, including continued slowing in demand for consumer audio products, contributed to a significant decline in the Company’s market capitalization, which led the Company to conclude a trigger event had occurred. As a result, the Company performed a quantitative impairment assessment, which resulted in recording a $7.0 million impairment charge for indefinite-lived trademarks in the non-healthcare reporting unit. In conjunction with this third quarter interim impairment quantitative assessment, the Company concluded that both the healthcare reporting unit’s and non-healthcare reporting unit’s respective estimated fair values exceeded their carrying values. Furthermore, recoverability tests performed for other long-lived assets with finite lives indicated no recoverability issues. During the fourth quarter of 2023, the Company performed its annual impairment analysis by first electing to complete a qualitative assessment of its indefinite-lived intangible assets. Based on this assessment, the Company determined it was not more likely than not that the fair value of the indefinite lived intangibles within the non-healthcare reporting unit exceeded their carrying values. Accordingly, the Company proceeded to perform a quantitative impairment assessment, which resulted in recording a $3.0 million impairment charge for indefinite-lived trademarks. For purposes of the impairment test, the fair value of indefinite-lived assets were determined using the same methodology as described in Note 18, “Business Combinations.” The estimates and assumptions applied represent a Level 3 measurement because they are supported by limited or no market activity and reflect the Company’s assumptions in measuring fair value. During the fourth quarter of 2023, the Company also performed its annual goodwill impairment analysis by first electing to complete a qualitative assessment for its healthcare and non-healthcare reporting units. Based on this assessment, the Company concluded that it was more likely than not that the fair value of the healthcare reporting unit was greater than its carrying value. Accordingly, no further testing was required for the healthcare reporting unit. However, the Company concluded that it was not more likely than not that the fair value of the non-healthcare reporting unit was greater than its carrying value. Therefore, the Company proceeded to perform a quantitative assessment for its non-healthcare reporting unit. When a quantitative assessment is required for the impairment test for goodwill, the Company uses a combination of both an income and a market approach to determine the fair value of the reporting unit. The income approach utilized the estimated discounted cash flows for the reporting unit, while the market approach utilized comparable company information. Estimates and assumptions used in the income approach to calculate projected future discounted cash flows included revenue growth rates, operating margins and a discount rate for the reporting unit. Discount rates were determined using a weighted average cost of capital for risk factors specific to the reporting unit and other market and industry data. The assumptions used are inherently subject to uncertainty and the Company noted that slight changes in these assumptions could have a significant impact on the concluded value. The estimates and assumptions applied represent a Level 3 measurement because they are supported by limited or no market activity and reflect the Company’s assumptions in measuring fair value.

Goodwill

Goodwill	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	10. Goodwill Changes in goodwill were as follows: Six Months Ended (in millions) Healthcare Non-healthcare Total Goodwill, beginning of period $ 98.6 $ 309.1 $ 407.7 Foreign currency translation adjustment (1.0) (17.7) (18.7) Goodwill, end of period $ 97.6 $ 291.4 $ 389.0

Lessee ROU Assets and Lease Lia

Lessee ROU Assets and Lease Liabilities	6 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Lessee ROU Assets and Lease Liabilities	11. Lessee ROU Assets and Lease Liabilities The Company leases certain facilities in North and South America, Europe, the Middle East and Asia-Pacific regions under operating lease agreements expiring at various dates through January 2032. In addition, the Company leases equipment in the U.S. and Europe pursuant to leases that are classified as operating leases and expire at various dates through November 2028. The majority of these leases are non-cancellable and generally do not contain any material restrictive covenants, material residual value guarantees, or other material guarantees. The Company recognizes lease costs under these agreements using a straight-line method based on total lease payments. Certain facility leases contain predetermined price escalations and in some cases renewal options, the longest of which is for five years. The Company generally estimates the applicabl e discount rate used to determine the net present value of lease payments based on available information at the lease commencement date. As of June 29, 2024, the weighted-average discount rate used by the Company for all operating leases was approximately 4.6%. The balance sheet classifications for amounts related to the Company’s operating leases for which it is the lessee are as follows: (in millions) Balance sheet classification June 29, December 30, Lessee ROU assets Other non-current assets $ 76.1 $ 59.1 Lessee current lease liabilities Other current liabilities 20.1 18.2 Lessee non-current lease liabilities Other non-current liabilities 61.7 45.8 Total operating lease liabilities $ 81.8 $ 64.0 As of June 29, 2024 and December 30, 2023, accumulated amortization for lessee ROU assets was $52.5 million and $48.9 million, respectively. The weighted-average remaining lease term for the Company’s operating leases was 5.4 years as of June 29, 2024. As of June 29, 2024, estimated future operating lease payments for each of the following fiscal years were as follows: Fiscal year Amount 2024 (balance of year) $ 11.6 2025 21.6 2026 17.0 2027 12.4 2028 11.7 Thereafter (1) 19.6 Total 93.9 Imputed interest (12.1) Present value $ 81.8 ______________ (1) Includes optional renewal period for certain leases. During the three months ended June 29, 2024 and July 1, 2023, operating lease costs were approximately $6.3 million and $5.2 million, respectively. During the six months ended June 29, 2024 and July 1, 2023, operating lease costs were approximately $11.9 million and $10.3 million, respectively. During the three months ended March 30, 2024, as part of the Company’s on-going rationalization of its operational footprint of the non-healthcare business, one operating lease was identified as under-utilized and considered temporarily idled due to the inability to sublease the property timely while having three years remaining on the lease term. The ROU asset had a net carrying value of approximately $5.8 million and the undiscounted future expected cash flows total $1.5 million. The recoverability test failed due to the undiscounted cash flows being less than the carrying value of the ROU asset. As a result, the Company recorded an impairment charge of approximately $3.9 million during the three months ended March 30, 2024, which was recorded in selling, general, and administrative expenses in the condensed consolidated statement of operations.

Other Non-Current Assets

Other Non-Current Assets	6 Months Ended
	Jun. 29, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Non-Current Assets	12. Other Non-Current Assets Other non-current assets consist of the following: (in millions) June 29, December 30, Lessee ROU assets, net $ 76.1 $ 59.1 Derivative assets - non-current (1) 13.5 11.4 Prepaid deposits and other 8.2 6.4 Strategic investments 6.9 7.2 Restricted cash (2) 3.2 2.2 Equity investments - fair value 2.3 2.7 Other non-current assets 0.2 0.3 Total non-current assets $ 110.4 $ 89.3 ______________ (1) Excludes accrued interest. (2) Restricted cash includes cash held in certain subsidiaries in jurisdictions outside of the U.S. such as China, which may be subject to transfer restrictions depending on jurisdictions.

Deferred Revenue and Other Cont

Deferred Revenue and Other Contract Liabilities, Current	6 Months Ended
	Jun. 29, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Deferred Revenue and Other Contract Liabilities, Current	13. Deferred Revenue and Other Contract Liabilities, Current Deferred revenue and other contract liabilities, current, consist of the following: (in millions) June 29, December 30, Deferred revenue $ 63.8 $ 63.8 Accrued rebates and allowances 32.2 37.5 Accrued customer reimbursements 10.1 12.4 Total deferred revenue and other contract liabilities 106.1 113.7 Less: Non-current portion of deferred revenue (26.3) (26.4) Deferred revenue and other contract liabilities, current $ 79.8 $ 87.3 Deferred revenue relates to contracted amounts that have been invoiced to customers for which remaining performance obligations must be completed before the Company can recognize revenue. Generally, both healthcare and non-healthcare segments record deferred revenue when revenue is to be recognized subsequent to invoicing. Healthcare Deferred Revenue Healthcare deferred revenue primarily relates to undelivered equipment, sensors and services under deferred equipment agreements, extended warranty agreements, and maintenance agreements. Expected revenue from remaining contractual performance obligations (Unrecognized Contract Revenue) includes deferred revenue, as well as other amounts that will be invoiced and recognized as revenue in future periods when the Company completes its performance obligations. Unrecognized Contract Revenue excludes revenue allocable to monitoring-related equipment that is effectively leased to customers under deferred equipment agreements and other contractual obligations for which neither party has performed. The estimated timing of this revenue is based, in part, on management’s estimates and assumptions about when its performance obligations will be completed. As a result, the actual timing of this revenue in future periods may vary, possibly materially. As of June 29, 2024, the Company had approximately $1,601.9 million of Unrecognized Contract Revenue related to executed contracts with an original duration of one year or more. The Company expects to recognize approximately $416.6 million of this amount as revenue within the next twelve months and the remaining balance thereafter. Non-Healthcare Deferred Revenue In October 2020, the Company’s subsidiary, B&W Group Ltd. (B&W), entered into an amendment to a licensing agreement, whereby B&W received a $20.0 million royalty prepayment in relation to sound system units manufactured under the Bowers & Wilkins brand for various high-end car manufacturers with a total commitment of $35.0 million to be received by September 30, 2028. As of June 29, 2024, deferred revenu e was $13.5 million. Changes in deferred revenue were as follows: (in millions) Six Months Ended Deferred revenue, beginning of the period $ 63.8 Revenue deferred during the period 15.9 Recognition of revenue deferred in prior periods (15.9) Deferred revenue, end of the period $ 63.8

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Jun. 29, 2024
Accrued Liabilities [Abstract]
Other Current Liabilities	14. Other Current Liabilities Other current liabilities consist of the following: (in millions) June 29, December 30, Long-term debt, current $ 35.1 $ 34.3 Accrued expenses 28.5 26.3 Accrued indirect taxes payable 23.8 23.9 Accrued legal fees 21.3 9.9 Lessee lease liabilities, current 20.1 18.2 Income tax payable 14.6 16.1 Accrued property taxes 9.2 10.2 Other current liabilities 9.1 6.7 Accrued warranty 9.1 8.6 Related party payables 3.9 4.2 Accrued donations 3.5 4.0 Total other current liabilities $ 178.2 $ 162.4

Debt

Debt	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
Debt	15. Debt (in millions) June 29, December 30, Term loan - current portion $ 15.0 $ 11.3 Japanese loans - current portion 20.1 23.0 Debt, current portion 35.1 34.3 Term loan - long-term 264.9 271.4 Revolver - long-term 474.5 591.5 Japanese loans - long-term 7.1 8.8 Debt, long-term 746.5 871.7 Total debt $ 781.6 $ 906.0 Credit Facility On April 11, 2022, the Company entered into a credit agreement (Credit Facility) with financial institutions party thereto as initial lenders (collectively, the Initial Lenders), Citibank, N.A., as Administrative Agent, Citibank, N.A., JPMorgan Chase Bank, N.A., Bank of the West and BofA Securities, Inc., as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A., Bank of the West and BofA Securities, Inc., as co-syndication agents. The Credit Facility provides for an unsecured term loan of $300.0 million (Term Loan) and $500.0 million of ongoing unsecured revolving commitments (Revolver), with an option, subject to certain conditions, for the Company to increase the aggregate borrowing capacity by an additional $400.0 million (plus additional unlimited amounts if certain incurrence tests are met) in the future with the Initial Lenders and additional lenders, as required. Debt issuance costs of $8.4 million were recorded as a reduction to the carrying amount of the Credit Facility and are being amortized to interest expense using the effective interest method. The Credit Facility also provides for a sublimit of up to $50.0 million for the issuance of letters of credit. Borrowings under the Credit Facility will be deemed, at the Company’s election, either: (a) an Alternate Base Rate (ABR) Loan, which bears interest at the ABR, plus a spread of 0.000% to 0.750% based upon a Company leverage ratio, or (b) a Term SOFR Loan, which bears interest at the Adjusted Term SOFR Rate (as defined below), plus a spread of 1.000% to 1.750% based upon a Company net leverage ratio. Pursuant to the terms of the Credit Facility, the ABR is equal to the greatest of (i) the prime rate, (ii) the Federal Reserve Bank of New York effective rate plus 0.50%, and (iii) the one-month Adjusted Term SOFR plus 1.0%. The Adjusted Term SOFR Rate is equal to the Term SOFR Rate (as defined in the Credit Facility) for the applicable interest period plus a spread adjustment of 0.10%, 0.15% and 0.25% for the interest periods ending one, three and six months, respectively. The Company is also obligated under the Credit Facility to pay an unused fee ranging from 0.150% to 0.275% per annum, based upon a Company leverage ratio, with respect to any non-utilized portion of the Credit Facility. The Company is subject to certain covenants, including financial covenants related to a net leverage ratio and an interest charge coverage ratio, and other customary negative covenants. The Credit Facility also includes customary events of default which, upon the occurrence of any such event of default, provide the Initial Lenders (and any additional lenders) with the right to take either or both of the following actions: (a) immediately terminate the commitments, and (b) declare the loans then outstanding immediately due and payable in full. All unpaid principal under the Credit Facility will become due and payable on April 12, 2027. On May 16, 2022, the Company entered into the First Amendment to the Credit Agreement (First Amendment) with the Initial Lenders and Citibank, N.A., as the administrative agent, which amended the Credit Facility. The First Amendment provides for an additional $205 million of unsecured revolving commitments, increasing the aggregate amount of the Revolver from $500 million to $705 million. Borrowing rates, financial covenants, affirmative and negative covenants and other restricted terms remain unchanged from the Credit Facility. All unpaid principal under the First Amendment will become due and payable on April 12, 2027. The Company was in full compliance with all covenants contained in its debt agreements and Credit Facility agreements as of June 29, 2024. For the three months ended June 29, 2024 and July 1, 2023, the Company incurred total interest expense of $10.6 million and $11.0 million under the Credit Facility, respectively. For the six months ended June 29, 2024 and July 1, 2023, the Company incurred total interest expense of $21.8 million and $22.0 million under the Credit Facility, respectively. Furthermore, in connection with the Sound United acquisition, the Company assumed three outstanding loans as follows: Japanese Revolving Loan In March 2020, the Company entered into a secured revolving loan (Japanese Revolving Loan) with Mizuho bank, which allows the Company to borrow up to ¥800 million (approximately $5.0 million). The Japanese Revolving Loan is an evergreen agreement that terminates upon request by either the financial institution or the borrower and is collateralized with land and buildings in Shirakawa-Shi owned by the borrower. Interest accrues at a rate equal to the Mizuho Tokyo Interbank Offered Rate (TIBOR) plus a fixed spread of 0.50% per annum. In connection with the execution of the Japanese Revolving Loan, the Company incurred debt issuance costs of ¥7.2 million (approximately $0.1 million). On February 28, 2023, the Company and Mizuho Bank executed an amendment to the Japanese Revolving Loan, to increase the maximum aggregate revolving loan to ¥3.0 billion (approximately $18.6 million). Under the amendment, the facility accrues interest at a rate equal to the TIBOR plus a fixed spread of 0.75% per annum. The Company also paid an upfront fee of ¥22.0 million (approximately $0.1 million) on the incremental amount of the revolving Credit Facility. The Japanese Revolving Loan agreement contains customary affirmative and negative covenants, such as financial reporting requirements and customary covenants that restrict the borrower’s ability to, among other things, provide collateral for obligations borne by the borrower, and determine the eligibility to declare, and amount of potential dividends to be paid during a given fiscal year. As of June 29, 2024, the Company was in compliance with all covenants under the Japanese Revolving Loan agreements. Japanese Government Loans In May and June 2020, the Company received ¥1.48 billion (approximately $9.2 million) in non-collateralized Japanese Government Loan facilities (Japanese Government Loans) as part of its local Japanese stimulus program. Interest accrues at a weighted average rate of 1.33% and is repayable in installments with various maturities through June 2035. The non-current portion of the Japanese Government Loans is presented under long-term debt and the current portion is presented under short-term debt on the accompanying condensed consolidated balance sheets. The Company incurred no debt issuance costs in connection with the Japanese Government Loans. Japanese Equipment Loans In April and May 2021, the Company entered into collateralized Japanese Equipment Loans of ¥150 million (approximately $0.9 million), payable in installments through March 2031 with an interest of 0.58%, and ¥80 million (approximately $0.5 million) payable in installments through April 2028 with interest of 1.2%. The non-current portion of the Japanese Equipment Loans is presented under long-term debt and the current portion is presented under short-term debt on the accompanying condensed consolidated balance sheets. The Company incurred no debt issuance costs in connection with these Japanese Equipment Loans. As of June 29, 2024, the aggregate maturities of principal on all debt for each of the next five years and thereafter are as follows: Fiscal year Amount 2024 (balance of year) $ 27.0 2025 16.5 2026 16.5 2027 718.3 2028 1.0 Thereafter 2.3 Total $ 781.6

Other Non-Current Liabilities

Other Non-Current Liabilities	6 Months Ended
	Jun. 29, 2024
Other Liabilities Disclosure [Abstract]
Other Non-Current Liabilities	16. Other Non-Current Liabilities Other non-current liabilities consist of the following: (in millions) June 29, December 30, Lessee non-current lease liabilities $ 61.7 $ 45.8 Unrecognized tax benefits 28.8 24.4 Deferred revenue, non-current 26.3 26.4 Projected benefit obligation 9.1 9.5 Income tax payable, non-current — 7.1 Indirect tax payable, non-current — 8.4 Other 4.4 7.9 Total other non-current liabilities $ 130.3 $ 129.5 Unrecognized tax benefits relate to the Company’s long-term portion of tax liability associated with uncertain tax positions. Authoritative guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. See Note 23, “Income Taxes”, for further details.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	17. Derivative Instruments and Hedging Activities Derivative Instruments - Cash Flow Hedges The Company’s cash flow hedges are designed to mitigate the risk of exposure to variability in expected future cash flows of recognized assets, liabilities or any unrecognized forecasted transactions. Since July 2022, the Company has entered into various interest rate swaps that are designated as cash flow hedges on a substantial portion of the Company’s outstanding debt. The interest rate swaps reduce the variability of cash flow payments for the Company by converting the variable interest rate on the Company’s long-term debt to an average fixed interest rate of 3.26%. These contracts, carried at fair value, have maturities of approximately three years. All hedging relationships were highly effective at achieving offsetting changes in cash flows attributable to the risk being hedged. The Company used a regression analysis at hedge inception to assess the effectiveness of cash flow hedge and periodically thereafter. The Company records gains and losses from the changes in the fair value of these instruments as a component of other comprehensive (loss) income. Deferred gains or losses from these designated cash flow hedges are reclassified into earnings in the period that the hedged items affect earnings. The Company does not offset fair value amounts recognized for derivative instruments in its condensed consolidated balance sheets for presentation purposes. The following table summarizes the fair value of the hedging instruments, presented on a gross basis, as of June 29, 2024 and December 30, 2023. Condensed Consolidated (in millions) Balance sheet classification June 29, December 30, Interest rate contracts, inclusive of accrued interest Other non-current assets $ 13.6 $ 11.6 Interest rate contracts, inclusive of accrued interest Other non-current liabilities — (3.6) Total $ 13.6 $ 8.0 The following table summarizes the gains (losses) reclassified from accumulated other comprehensive (loss) income to the condensed consolidated financial statements for the three months and six months ended June 29, 2024 and July 1, 2023. Cash flow hedges Condensed Consolidated Three Months Ended Six Months Ended (in millions) Location of gains (losses) June 29, July 1, June 29, July 1, Interest rate contracts Non-operating (loss) $ 4.1 $ 3.8 $ 8.3 $ 6.8 Total $ 4.1 $ 3.8 $ 8.3 $ 6.8 The following tables summarize the changes in accumulated other comprehensive income (loss) related to the hedging instruments for the three months and six months ended June 29, 2024 and July 1, 2023. Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Beginning balance $ 14.3 $ 13.6 $ 7.8 $ 19.3 Amount recognized in other comprehensive (loss) 3.3 11.3 14.0 8.6 Amount reclassified into earnings (4.1) (3.8) (8.3) (6.8) Ending balance $ 13.5 $ 21.1 $ 13.5 $ 21.1 For the three months ended June 29, 2024, the unrealized loss, net of tax was $0.6 million. For the three months ended July 1, 2023, the unrealized gain, net of tax was $5.6 million. For the six months ended June 29, 2024, the unrealized gain, net of tax was $4.3 million. For the six months ended July 1, 2023, the unrealized gain, net of tax was $1.3 million. The Company expects to reclassify a net amount of gains of $10.8 million from accumulated other comprehensive (loss) income to non-operating (loss) income within the next 12 months.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combinations	18. Business Combinations Sound United Acquisition On April 11, 2022, the Company completed the acquisition of Sound United. Sound United is a leading innovator of premium, high-performance audio products for consumers around the world, which operates iconic consumer brands: Bowers & Wilkins ® , Denon ™ , Marantz ™ , HEOS ™ , Classé ™ , Polk Audio ™ , Boston Acoustics ™ and Definitive Technology ™ . The brands are linked by a commitment to the highest production standards and a focus on unparalleled audio quality and audio performance. Sound United delivers significant competitive benefits through its platform advantages including global distribution across online, retail, and custom installation channels; a cloud-connected home ecosystem; and a state-of-the-art research and development function focused on creating the highest-quality consumer products with world-class industrial design. The Company acquired 100% of the equity interests of Sound United for $1.0575 billion in cash, subject to adjustments based on Sound United’s net working capital, transaction expenses, cash and debt as of the closing of the acquisition, payable by the Company in cash. The transaction was primarily funded with the proceeds from the Credit Facility. See Note 15, “Debt”, for additional information about the Credit Facility. There was no contingent consideration resulting from the transaction. The results of operations of Sound United subsequent to the acquisition date and the acquired assets and assumed liabilities, including the allocation of goodwill and intangible assets, are included in the non-healthcare segment. For the three months ended June 29, 2024 and July 1, 2023, the Company recorded revenue of $151.8 million and $174.1 million, respectively, and a net loss of $6.8 million and $5.7 million from Sound United, respectively. For the six months ended July 1, 2023, the Company recorded revenue of $304.2 million and $390.7 million, respectively, and a net loss of $25.7 million and $3.3 million from Sound United, respectively. Acquisition Costs The Company recognized no transaction costs related to the Sound United acquisition for each of the three and six months ended June 29, 2024 and July 1, 2023. Purchase Price Allocations The purchase price allocation for the Sound United acquisition is final. Goodwill was calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from intangible assets acquired that do not qualify for separate recognition, including the assembled workforce. Goodwill is not expected to be deductible for tax purposes. The measurement period adjustments resulted primarily from valuation inputs pertaining to certain acquired assets based on facts and circumstances that existed as of the acquisition date and did not result from events subsequent to the acquisition date. The table below summarizes the final allocation of fair value of assets acquired and liabilities assumed. (in millions) Sound United Cash consideration $ 1,057.5 Purchase price $ 1,057.5 Assets acquired: Cash and cash equivalents $ 82.6 Accounts receivables 108.5 Inventories 238.6 Prepaid expenses and other current assets 30.0 Property, plant and equipment 113.2 Intangible assets 649.0 Goodwill 318.0 Long-term other assets 7.4 Total assets acquired $ 1,547.3 Liabilities assumed: Accounts payable $ (118.8) Accrued liabilities and other current liabilities (148.9) Deferred tax liabilities (145.1) Other long-term liabilities (77.0) Total liabilities assumed $ (489.8) Identifiable Intangible Assets The following table sets forth the components of identifiable intangible assets acquired and the weighted average amortization period as of the acquisition date: Weighted average April 11, Trademarks/tradenames 10 $ 6.0 Customer relationships 17 196.0 Developed technology 8 156.0 Contractual license agreements 15 29.0 Subtotal 14 years $ 387.0 Indefinite trademarks/tradenames N/A 262.0 Total $ 649.0 In determining the fair value of the identifiable intangible assets, the Company utilized various forms of the income approach, depending on the asset being valued. The estimation of fair value requires significant judgment related to cash flow forecasts, discount rates reflecting the risk inherent in each cash flow stream, competitive trends, market comparables and other factors. Other inputs included historical data, current and anticipated market conditions, and growth rates. Contractual license agreements have a weighted-average amortization period of five years until the next renewal term. The intangible assets were valued using the following valuation approaches: Customer relationships The fair value of customer relationships was determined using the multi-period excess earnings method. The multi-period excess earnings method involves forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate. Trademarks/tradenames The fair values of the trademark/tradenames were determined using the relief-from-royalty method under the income approach. This involves forecasting avoided royalties, reducing them by taxes, and discounting the resulting net cash flows to a present value using an appropriate discount rate. Judgment was applied for a number of assumptions in valuing the identified intangible assets, including revenue and cash flow forecasts, survival rates, technology life, royalty rate, obsolescence and discount rate. Developed technology The fair values of the developed technology were determined using the relief-from-royalty method under the income approach. This involves forecasting avoided royalties, reducing them by taxes, and discounting the resulting net cash flows to a present value using an appropriate discount rate. Judgment was applied for a number of assumptions in valuing the identified intangible assets including revenue and cash flow forecasts, survival rates, technology life, royalty rate, obsolescence and discount rate. Contractual licensing agreements The fair value of the contractual license agreements was determined using a variation of the multi-period excess earnings method. This method involves forecasting the net earnings expected to be generated by the asset and then discounting the resulting net cash flows to a present value using an appropriate discount rate.

Equity

Equity	6 Months Ended
	Jun. 29, 2024
Equity [Abstract]
Equity	19. Equity Series A Junior Participating Preferred Stock and Stockholder Rights Plan In September 2022, the Company authorized and declared a dividend of one preferred stock purchase right (Right) for each outstanding share of its common stock to stockholders of record at the close of business on September 20, 2022 (the Record Date) pursuant to a Rights Agreement, dated as of September 9, 2022 (Rights Agreement), with Broadridge Corporate Issuer Solutions, Inc. as Rights Agent. In addition, one Right was issued with each share of common stock that became outstanding after the Record Date. Each Right entitled the registered holder to purchase from the Company one thousandth of one share of the Company’s Series A junior participating preferred stock, par value $0.001 per share, at a purchase price equal to $1,000.00 per Right, subject to adjustment. Generally, the Rights were to become exercisable in the event any person or group of affiliated or associated persons acquires beneficial ownership of 10% (20% in the case of a passive institutional investor), subject to certain exceptions. On March 22, 2023, the Company and the Rights Agent entered into an amendment (Rights Agreement Amendment) to the Rights Agreement. The Rights Agreement Amendment accelerated the expiration of the Rights to 5:00 P.M., New York time, on March 22, 2023, and the Rights Agreement terminated at such time. At the time of the termination of the Rights Agreement, all Rights distributed to holders of the Company’s common stock pursuant to the Rights Agreement expired. Stock Repurchase Program In June 2022, the Board approved a stock repurchase program, authorizing the Company to purchase up to 5.0 million shares of its common stock on or before December 31, 2027 (2022 Repurchase Program). The 2022 Repurchase Program became effective in July 2022. The Company expects to fund the 2022 Repurchase Program through its available cash, cash expected to be generated from future operations, the Credit Facility and other potential sources of capital. The 2022 Repurchase Program can be carried out at the discretion of a committee comprised of the Company’s CEO and CFO through open market pu rchases, one or more Rule 10b5-1 trading plans, block trades and privately negotiated transactions. No shares were repurchased pursuant to the 2022 Repurchase Program during the six months ended June 29, 2024. As of June 29, 2024, 5.0 million shares remained available for repurchase pursuant to the 2022 Repurchase Program.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	20. Stock-Based Compensation Total stock-based compensation expense (benefit) for the three months ended June 29, 2024 and July 1, 2023 was $13.5 million and $(8.6) million, respectively. Total stock-based compensation expense (benefit) for the six months ended June 29, 2024 and July 1, 2023 was $23.1 million and $(1.3) million, respectively. The stock-based compensation expense amounts for each of the three and six months ended June 29, 2024 and July 1, 2023 reflect adjustments for the expected life-to-date achievement of certain PSUs. The Company reassesses the expected achievement of such PSU awards based upon the achievement of certain pre-established multi-year performance criteria approved by the Board at the date of grant. As of June 29, 2024, an aggregate of 9.6 million shares of common stock were reserved for future issuance under the Company’s equity plans, of which 3.1 million shares were available for future grant under the Masimo Corporation 2017 Equity Incentive Plan (2017 Equity Plan). Additional information related to the Company’s current equity incentive plans, stock-based award activity and valuation of stock-based awards is included below. Equity Incentive Plans 2017 Equity Incentive Plan On June 1, 2017, the Company’s stockholders ratified and approved the 2017 Equity Plan. The 2017 Equity Plan permits the grant of stock options, restricted stock, RSUs, stock appreciation rights, PSUs, performance shares, performance bonus awards and other stock or cash awards to employees, directors and consultants of the Company and employees and consultants of any parent or subsidiary of the Company. Upon effectiveness, an aggregate of 5.0 million shares were available for issuance under the 2017 Equity Plan. In May 2020, the Company’s stockholders approved an increase of 2.5 million shares to the 2017 Equity Plan. The aggregate number of shares that may be awarded under the 2017 Equity Plan is 7.5 million shares. The 2017 Equity Plan provides that at least 95% of the equity awards issued under the 2017 Equity Plan must vest over a period of not less than one year following the date of grant. The exercise price per share of each option granted under the 2017 Equity Plan may not be less than the fair market value of a share of the Company’s common stock on the date of grant, which is generally equal to the closing price of the Company’s common stock on the Nasdaq Global Select Market on the grant date. 2007 Stock Incentive Plan Effective June 1, 2017, upon the approval and ratification of the 2017 Equity Plan, the Company’s 2007 Stock Incentive Plan (2007 Equity Plan) terminated, provided that awards outstanding under the 2007 Equity Plan will continue to be governed by the terms of that plan. In addition, upon the effectiveness of the 2017 Equity Plan, an aggregate of 5.0 million shares of the Company’s common stock registered under prior registration statements for issuance pursuant to the 2007 Equity Plan were deregistered and concurrently registered under the 2017 Equity Plan. Stock-Based Award Activity Stock Options The number and weighted-average exercise price of options issued and outstanding under all of the Company’s equity plans are as follows: Six Months Ended (in millions, except for weighted-average exercise prices) Shares Weighted-Average Options outstanding, beginning of period 2.8 $ 87.79 Granted 0.1 126.49 Canceled — 164.32 Exercised (0.3) 37.53 Options outstanding, end of period 2.6 $ 93.89 Options exercisable, end of period 2.3 $ 83.48 Total stock option expense for the three months ended June 29, 2024 and July 1, 2023 was $1.9 million and $2.2 million, respectively. Total stock option expense for the six months ended June 29, 2024 and July 1, 2023 was $4.0 million and $4.6 million, respectively. As of June 29, 2024, the Company had $17.6 million of unrecognized compensation cost related to non-vested stock options that are expected to vest over a weighted-average period of approximately 3.1 years. RSUs The number of RSUs issued and outstanding under all of the Company’s equity plans are as follows: Six Months Ended (in millions, except for weighted-average grant date fair value amounts) Units Weighted-Average Grant RSUs outstanding, beginning of period 3.5 $ 105.87 Granted 0.2 126.70 Expired — 153.49 Vested (0.1) 176.44 RSUs outstanding, end of period 3.6 $ 104.57 Total RSU expense for the three months ended June 29, 2024 and July 1, 2023 was $8.3 million and $5.2 million, respectively. Total RSU expense for the six months ended June 29, 2024 and July 1, 2023 was $15.5 million and $9.4 million, respectively. As of June 29, 2024, the Company had $96.8 million of unrecognized compensation cost related to non-vested RSU awards expected to be recognized and vest over a weighted-average period of approximately 3.4 years. PSUs The number of PSUs outstanding under all of the Company’s equity plans are as follows: Six Months Ended (in millions, except for weighted-average grant date fair value amounts) Units Weighted-Average Grant PSUs outstanding, beginning of period 0.3 $ 190.04 Granted (1) 0.1 164.19 Expired — 250.73 Vested — 250.73 PSUs outstanding, end of period 0.4 $ 170.69 ______________ (1) On February 28, 2024, the Audit Committee approved the weighted payout percentage of 28% for the 2021 PSU awards (three-year performance period), which were based upon the actual fiscal 2023 performance against pre-established performance objectives. Included in the granted amount are those additional PSUs earned based on actual performance achieved. These PSUs were originally awarded at target. During the six months ended June 29, 2024, the Company awarded 155,156 PSUs that will vest three years from the award date, based on the achievement of certain pre-established multi-year performance criteria approved by the Board. Estimates of stock-based compensation expense for an award with performance conditions are based on the probable outcome of the performance conditions and the cumulative effect of any changes in the probability outcomes is recorded in the period in which the changes occur. If earned, the PSUs granted will vest upon achievement of the performance criteria, which include a relative total shareholder return (TSR) component, in the year following the evaluation and confirmation of the performance achievement criteria. The Company’s TSR is based on the Company’s common stock percentile ranking relative to the constituents of the Nasdaq Composite Index for the performance period beginning on January 1, 2024 and ending on December 31, 2026. The number of shares that may be earned can range from 0% to 200% of the target amount. The fair value of market-based RSUs is determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. The fair value of performance-based PSUs is determined using the closing price of the Company’s common stock on the grant date. Based on management’s estimate of the number of units expected to vest, total PSU expense (benefit) for the three months ended June 29, 2024 and July 1, 2023 was $3.3 million and $(16.0) million, respectively. Total PSU expense (benefit) for the six months ended June 29, 2024 and July 1, 2023 was $3.6 million and $(15.3) million, respectively. The PSU expense amounts for the three months ended June 29, 2024 relate to adjustments for the expected life-to-date performance of the PSU. As of June 29, 2024, the Company had $32.9 million of unrecognized compensation cost related to non-vested PSU awards expected to be recognized and vest over a weighted-average period of approximately 1.7 years. Valuation of Stock-Based Award Activity The fair value of each RSU and PSU is determined based on the closing price of the Company’s common stock on the grant date. The Black-Scholes option pricing model is used to estimate the fair value of options granted under the Company’s stock-based compensation plans. The range of assumptions used and the resulting weighted-average fair value of options granted at the date of grant were as follows: Three Months Ended Six Months Ended June 29, 2024 (1) July 1 2023 (1) June 29, July 1, Risk-free interest rate —% —% 4.2% 4.2% Expected term (in years) — — 5.9 5.9 Estimated volatility —% —% 42.6% 36.7% Expected dividends —% —% —% —% Weighted-average fair value of options granted $— $— $59.60 $75.08 ______________ (1) No options were granted during the three months ended June 29, 2024 and July 1, 2023. The aggregate intrinsic value of options is calculated as the positive difference, if any, between the market value of the Company’s common stock on the date of exercise or the respective period end, as appropriate, and the exercise price of the options. The aggregate intrinsic value of options outstanding with an exercise price less than the closing price of the Company’s common stock as of June 29, 2024 was $117.2 million. The aggregate intrinsic value of options exercisable with an exercise price less than the closing price of the Company’s common stock as of June 29, 2024 was $117.2 million.

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 29, 2024
Postemployment Benefits [Abstract]
Employee Benefits	21. Employee Benefits Defined Contribution Plans In the U.S. the Company sponsors one qualified defined contribution plan or 401(k) plan, the Masimo Retirement Savings Plan (MRSP), covering the Company’s full-time U.S. employees who meet certain eligibility requirements. On April 11, 2022, in connection with the Sound United acquisition, the MRSP was amended to allow for participation by eligible Sound United employees. The MRSP matches 100% of a participant’s salary deferral, up to 3% of each participant’s compensation for the pay period, subject to a maximum amount. The Company may also contribute to the MRSP on a discretionary basis. The Company contributed $1.3 million to the MRSP for each of the three months ended June 29, 2024 and July 1, 2023, all in the form of matching contributions. The Company contributed $2.5 million and $2.7 million to the MRSP for the six months ended June 29, 2024 and July 1, 2023, respectively, all in the form of matching contributions. In addition, some of the Company’s international subsidiaries also have defined contribution plans to which both the employee and employers are eligible to make contributions. The Company contributed $1.3 million and $1.4 million to these plans for the three months ended June 29, 2024 and July 1, 2023, respectively. The Company contributed $2.9 million and $2.8 million to these plans for the six months ended June 29, 2024 and July 1, 2023, respectively. Defined Benefit Plans The Company sponsors several international noncontributory defined benefit plans. In connection with the Sound United acquisition, the Company assumed sponsorship of several international defined benefit plans and post-retirement benefit plans. All defined benefit plans and post-retirement benefit plans assumed by the Company were closed to new participants prior to the Sound United acquisition. The service cost component for the defined benefit plans are recorded in operating expenses in the condensed consolidated statement of operations. All other cost components are recorded in other income (expense), net in the condensed consolidated statement of operations. The Company’s net periodic defined benefit costs for each of the three and six months ended June 29, 2024, and July 1, 2023 were immaterial.

Non-operating Loss

Non-operating Loss	6 Months Ended
	Jun. 29, 2024
Nonoperating Income (Expense) [Abstract]
Non-operating Loss	22. Non-operating Loss Non-operating loss consists of the following: Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Realized and unrealized foreign currency gains (losses) $ 1.4 $ 6.6 $ 3.2 $ 6.0 Interest income 1.2 0.7 2.4 1.4 Interest expense (11.0) (11.8) (23.1) (23.7) Total non-operating loss $ (8.4) $ (4.5) $ (17.5) $ (16.3)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	23. Income Taxes The Company has provided for income taxes in fiscal year 2024 interim periods based on the estimated effective income tax rate for the complete fiscal year, as adjusted for discrete tax events, including excess tax benefits or deficiencies related to stock-based compensation, in the period such events occur. The estimated annual effective tax rate is computed based on the expected annual pretax income of the consolidated entities located within each taxing jurisdiction based on legislation enacted as of the balance sheet date. For the three months ended June 29, 2024 and July 1, 2023, the Company recorded discrete tax benefits of approximately $2.0 million and $0.5 million, respectively, related to excess tax benefits realized from stock-based compensation. For the six months ended June 29, 2024 and July 1, 2023, the Company recorded discrete tax benefits of approximately $3.3 million and $2.9 million, respectively, related to excess tax benefits realized from stock-based compensation. Deferred tax assets and liabilities are determined based on the future tax consequences associated with temporary differences between income and expenses reported for accounting and tax purposes. A valuation allowance for deferred tax assets is recorded to the extent that the Company cannot determine that the ultimate realization of the net deferred tax assets is more likely than not. Realization of deferred tax assets is principally dependent upon the achievement of future taxable income, the estimation of which requires significant judgment by the Company’s management. The judgment of the Company’s management regarding future profitability may change due to many factors, including future market conditions and the Company’s ability to successfully execute its business plans or tax planning strategies. These changes, if any, may require material adjustments to these deferred tax asset balances. As of June 29, 2024, the liability for income taxes associated with uncertain tax positions was approximately $37.3 million. If fully recognized, approximately $34.7 million (net of federal benefit on state taxes) would impact the Company’s effective tax rate. It is reasonably possible that the amount of unrecognized tax benefits in various jurisdictions may change in the next twelve months due to the expiration of statutes of limitation and audit settlements. However, due to the uncertainty surrounding the timing of these events, an estimate of the change within the next twelve months cannot currently be made. The Company conducts business in multiple jurisdictions and, as a result, one or more of the Company’s subsidiaries files income tax returns in U.S. federal, various state, local and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters through fiscal year 2019. All material state, local and foreign income tax matters have been concluded through fiscal year 2016. The Company does not believe that the results of any tax authority examination would have a significant impact on its consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	24. Commitments and Contingencies Employment and Severance Agreements In July 2017, the Company entered into the First Amendment to that certain Amended and Restated Employment Agreement entered into between the Company and Mr. Kiani on November 4, 2015 (as amended, the Amended Employment Agreement). Pursuant to the terms of the Amended Employment Agreement, upon a “Qualifying Termination” (as defined in the Amended Employment Agreement), Mr. Kiani will be entitled to receive a cash severance benefit equal to two times the sum of his then-current base salary and the average annual bonus paid to Mr. Kiani during the immediately preceding three years, the full amount of the “Award Shares” (as defined in the Amended Employment Agreement) and the full amount of the “Cash Payment” (as defined in the Amended Employment Agreement). In addition, in the event of a “Change-in-Control” (as defined in the Amended Employment Agreement) prior to a Qualifying Termination, on each of the first and second anniversaries of the Change-in-Control, 50% of the Cash Payment and 50% of the Award Shares will vest, subject in each case to Mr. Kiani’s continuous employment through each such anniversary date; however, in the event of a Qualifying Termination or a termination of Mr. Kiani’s employment due to death or disability prior to either of such anniversaries, any unvested amount of the Cash Payment and all of the unvested Award Shares shall vest and be paid in full. Additionally, in the event of a Change-in-Control prior to a Qualifying Termination, Mr. Kiani’s stock options and any other equity awards will vest in accordance with their terms, but in no event later than in two equal installments on each of the one year and two year anniversaries of the Change-in- Control, subject in each case to Mr. Kiani’s continuous employment through each such anniversary date. On January 14, 2022, the Company entered into the Second Amendment to the Amended Employment Agreement (Second Amendment) with Mr. Kiani. The Second Amendment provides that the RSUs granted to Mr. Kiani pursuant to the Amended Employment Agreement will vest in full upon the termination of Mr. Kiani’s employment with the Company pursuant to Mr. Kiani’s death or disability. On February 8, 2023, Mr. Kiani agreed that the valid election to the Company’s Board of Directors (Board) at the Company’s 2023 Annual Meeting of Stockholders (2023 Annual Meeting) of any two individuals nominated by the Company’s stockholders in lieu of two of the Company’s then-current Board members would not be deemed to constitute a “Change in Control” for purposes of Section 9(iii) of the Amended Employment Agreement. On March 22, 2023, in connection with the Board’s unanimous selection of H Michael Cohen as Lead Independent Director, Mr. Kiani voluntarily irrevocably and permanently waived his right to treat the appointment of any lead independent director as “Good Reason”, to terminate his employment under the Amended Employment Agreement, and his right to receive contractual separation payments on this basis. On June 5, 2023, Mr. Kiani, pursuant to a Limited Waiver (Waiver), unconditionally, irrevocably and permanently waived his right, pursuant to the Amended Employment Agreement, to assert that a “Change in Control” has occurred pursuant to Section 9(iii) of the Amended Employment Agreement unless the individuals who constituted the Board at the beginning of the twelve (12) month period immediately preceding such change, as defined in Section 9(iii) of the Amended Employment Agreement, cease for any reason to constitute one-half or more of the directors then in office. In addition, Mr. Kiani agreed that, for purposes of determining whether such a “Change in Control” has occurred, any individual elected to the Board at the Company’s 2023 Annual Meeting will be treated as a member of the Board at the beginning of the twelve (12) month period. As a result of Mr. Kiani’s execution of the Waiver on June 5, 2023, which waived certain of the “Change in Control” provisions in the Amended Employment Agreement, the Company remeasured the expense related to the Award Shares and Cash Payment that would be recognized in the Company’s condensed consolidated financial statements upon the occurrence of a Qualifying Termination under the Amended Employment Agreement, as amended by the Second Amendment, and the expense was determined to be approximately $479.7 million. As of June 29, 2024, the Company had severance plan participation agreements with six executive officers. The participation agreements (the Agreements) are governed by the terms and conditions of the Company’s 2007 Severance Protection Plan (the Severance Plan), which became effective on July 19, 2007 and which was amended effective December 31, 2008. Under each of the Agreements, the applicable executive officer may be entitled to receive certain salary, equity, medical and life insurance benefits if he is terminated by the Company without cause or if he terminates his employment for good reason under certain circumstances. Each executive officer is also required to give the Company six months’ advance notice of his resignation under certain circumstances. Willow Cross-Licensing Agreement Provisions The Company’s Cross-Licensing Agreement with Willow contains annual minimum aggregate royalty obligations for use of the rainbow ® licensed technology. The current annual minimum royalty obligation is $5.0 million. Upon a change in control (as defined in the Willow Licensing Agreement) of the Company or Willow: (i) all rights to the “Masimo” trademark will be assigned to Willow if the surviving or acquiring entity ceases to use “Masimo” as a company name and trademark; (ii) the option to license technology developed by Willow for use in blood glucose monitoring will be deemed automatically exercised and a $2.5 million license fee for this technology will become immediately payable to Willow; and (iii) the minimum aggregate annual royalties payable to Willow for carbon monoxide, methemoglobin, fractional arterial oxygen saturation, hemoglobin and/or glucose measurements will increase to $15.0 million per year until the exclusivity period of the agreement ends, plus up to $2.0 million for each additional vital sign measurement with no maximum ceiling for non-vital sign measurements. Purchase Commitments Pursuant to contractual obligations with vendors, the Company had $271.7 million of purchase commitments as of June 29, 2024 that are expected to be purchased within one year. These purchase commitments have been made for certain inventory items in order to secure sufficient levels of those items, other critical inventory and manufacturing supplies, and to achieve better pricing. In addition, the Company has certain purchase commitments related to its purchase of a property in Vancouver, British Columbia. For additional information, see Note 8, “Property and Equipment, net”. Other Contractual Commitments In the normal course of business, the Company may provide bank guarantees to support government hospital tenders in certain foreign jurisdictions. As of June 29, 2024, the Company had approximately $5.0 million in outstanding unsecured bank guarantees. In certain circumstances, the Company also provides limited indemnification within its various customer contracts whereby the Company indemnifies the parties to whom it sells its products with respect to potential infringement of intellectual property, and against bodily injury caused by a defective Company product. It is not possible to predict the maximum potential amount of future payments under these or similar agreements, due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved. As of June 29, 2024, the Company had not incurred any significant costs related to contractual indemnification of its customers. Fee Agreements On January 1, 2024, the Company entered into a one year alternative fee agreement (Fee Agreement) with respect to certain on-going legal fees and costs charged by a vendor. The Fee Agreement imposes certain limits on a quarterly and annual basis for actual legal fees incurred by the vendor that are payable based on work performed related to litigation matters against Apple (see the heading “Litigation” under Note 24, “Commitments and Contingencies” for further details). If the vendor is successful in obtaining a favorable judgement for the Company on any claim or counterclaim after exhaustion or dismissal of any appeals, or upon settlement resulting in monetary consideration to the Company, the vendor will be paid a success fee equal to three times the amount of the excess of the annual legal fee limit within 60 days after entry of a judgement or the effective date of any settlement. Amounts due to the vendor under this Fee Agreement will be recognized when probable and reasonably estimable. In connection with the potential separation of the Company’s consumer business, the Company entered into contingent or discretionary fee agreements with various service providers, advisors and consultants. The Company is unable to reasonably estimate the contingent fees due under these agreements at this time. Amounts due will be recognized when probable and reasonably estimable. Endorsement Agreements The Company entered into two endorsement agreements, effective on February 1, 2024 and April 12, 2024, respectively, with terms ranging from 18 months to 36 months, for an approximate total commitment of $11.5 million, plus applicable taxes. One of these agreements also contains certain royalty payment provisions based on sales of particular products, with a minimum guaranteed royalty payment of $0.5 million. As of June 29, 2024, the outstanding amount of the obligations under these endorsement agreements was an aggregate of $9.3 million. Concentrations of Risk The Company is exposed to credit loss for the amount of its cash deposits with financial institutions in excess of federally insured limits. The Company invests a portion of its excess cash with major financial institutions. As of June 29, 2024, the Company had $129.6 million of bank balances, of which $9.1 million was covered by either the U.S. Federal Deposit Insurance Corporation limit or foreign countries’ deposit insurance organizations. The Company’s ability to sell its healthcare products to U.S. hospitals depends in part on its relationships with GPOs. Many existing and potential healthcare customers for the Company’s products become members of GPOs. GPOs negotiate pricing arrangements and contracts, sometimes exclusively, with medical supply manufacturers and distributors, and these negotiated prices are made available to a GPO’s affiliated hospitals and other members. During the three months ended June 29, 2024 and July 1, 2023, revenue from the sale of the Company’s healthcare products to customers that are members of GPOs approximated 59.8% and 58.5% of healthcare revenue, respectively. During the six months ended June 29, 2024 and July 1, 2023, revenue from the sale of the Company’s healthcare products to customers that are members of GPOs approximated 58.2% and 54.1% of healthcare revenue, respectively. For the three months ended June 29, 2024 and July 1, 2023, the Company had sales through one just-in-time healthcare distributor that represented 20.8% and 12.0% of consolidated revenue, respectively. For the six months ended June 29, 2024 and July 1, 2023, the Company had sales through one just-in-time healthcare distributor that represented 18.5% and 10.3% of consolidated revenue, respectively. For each of the three and six months ended June 29, 2024 and July 1, 2023, there were no revenue concentrations for the Company’s non-healthcare business. As of June 29, 2024 and December 30, 2023, one healthcare customer represented 10.8% and 18.1%, respectively, of the Company’s consolidated accounts receivable balance. The receivable balance related to such healthcare customer is fully secured by a letter of credit. As of June 29, 2024 and December 30, 2023, there were no customer concentration risks associated with the Company’s non-healthcare business. Litigation On January 9, 2020, the Company filed a complaint against Apple Inc. (Apple) in the United States District Court for the Central District of California for infringement of a number of patents, for trade secret misappropriation, and for ownership and correction of inventorship of a number of Apple patents listing one of its former employees as an inventor. The Company is seeking damages, injunctive relief, and declaratory judgment regarding ownership of the Apple patents. Apple filed petitions for Inter Partes review (IPR) of the asserted patents in the U.S. Patent and Trademark Office (PTO). The PTO instituted IPR of the asserted patents. On October 13, 2020, the District Court stayed the patent infringement claims pending completion of the IPR proceedings. In the IPR proceedings, one or more of the challenged claims of three of the asserted patents were found valid. The challenged claims of nine of the asserted patents were found invalid. On appeal, the U.S. Court of Appeals for the Federal Circuit affirmed all the IPR decisions except it reversed a finding of invalidity for certain dependent claims of one Masimo patent. From April 4, 2023 through May 1, 2023, the District Court held a jury trial on the trade secret, ownership, and inventorship claims. The District Court granted Apple’s motion for judgment as a matter of law on certain trade secrets and denied the remainder of Apple’s motion. On May 1, 2023, the District Court declared a mistrial because the jury was unable to reach a unanimous verdict. The stay of the patent infringement claims has been lifted and the District Court scheduled a trial on all remaining claims beginning on November 5, 2024. On June 30, 2021, the Company filed a complaint with the U.S. International Trade Commission (ITC) against Apple for infringement of a number of other patents. The Company filed an amended complaint on July 12, 2021. On August 13, 2021, the ITC issued a Notice of Institution of Investigation on the asserted patents. From June 6, 2022 to June 10, 2022, the ITC conducted an evidentiary hearing. In July and August 2022, Apple filed petitions for IPR of the asserted patents in the PTO. On January 10, 2023, a United States Administrative Law Judge in Washington, D.C. ruled that Apple violated Section 337 of the Tariff Act of 1930 (Section 337), as amended, by importing and selling within the United States certain Apple Watches with light-based pulse oximetry functionality and components, which infringe one of the Company’s pulse oximeter patents. On January 24, 2023, the United States Administrative Law Judge further recommended that the ITC issue an exclusion order and a cease and desist order on certain Apple Watches. On October 26, 2023, the ITC issued a Notice of Final Determination finding a violation of Section 337 by Apple. The ITC determined that the appropriate form of relief is a Limited Exclusion Order (LEO) prohibiting the unlicensed entry of infringing wearable electronic devices with light-based pulse oximetry functionality manufactured by or on behalf of Apple, and a Cease and Desist Order (CDO). The LEO and CDO went into effect after the 60-day Presidential review period expired. The LEO and CDO are currently in effect. Apple’s appeal to the Federal Circuit is pending. On January 30, 2023, the PTO denied institution of IPR proceedings for the Company’s pulse oximeter patents that the ITC ruled were infringed. With respect to the other patents asserted at the ITC, the PTO denied institution of IPR proceedings for one patent and instituted IPR proceedings for two patents in January and February 2023. In the IPR proceedings, one or more of the challenged claims were found valid, while others were found invalid. The time period for appeal is pending. On January 12, 2024, the U.S. Customs and Border Protection Exclusion Order Enforcement Branch issued a ruling letter allowing importation of certain Apple Watches with the blood oxygen feature disabled. On October 20, 2022, Apple filed two complaints against the Company in the U.S. District Court for the District of Delaware alleging that the Masimo W1 ™ watch infringes six utility and four design patents. Apple is seeking damages and injunctive relief. On December 12, 2022, the Company counterclaimed for monopolization, attempted monopolization, false advertising (and related causes of action) and infringement of ten patents. The Company is seeking damages and injunctive relief. On May 5, 2023, the Court ordered that the two cases be coordinated through the pre-trial stage. The Court held a case management conference in March 2024. The Court scheduled a trial on Apple’s patent claims and a portion of Masimo’s antitrust counterclaims to begin on October 21, 2024. The Company intends to vigorously pursue all of its claims against Apple and believes the Company has good and substantial defenses to Apple’s claims, but there is no guarantee that the Company will be successful in these efforts. On August 22, 2023, a putative class action complaint was filed by Sergio Vazquez against the Company and members of its management alleging violations of the federal securities laws. On November 14, 2023, the court appointed Boston Retirement System, Central Pennsylvania Teamsters Pension Fund-Defined Benefit Plan, and Central Pennsylvania Teamsters Pension Fund-Retirement Income Plan 1987 as lead plaintiffs. The lead plaintiffs filed an amended complaint on February 12, 2024. The amended complaint alleges that the Company and members of its management, from May 4, 2022 through August 8, 2023, disseminated materially false and misleading statements and/or concealed material adverse facts relating to the performance of its healthcare business and the success of the Company’s legacy Sound United business. The Company moved to dismiss the amended complaint on April 29, 2024. Briefing on the motion is scheduled to conclude by July 26, 2024. The Company believes it has good and substantial defenses to the claims in the amended complaint, but there is no guarantee that the Company will be successful in these efforts. On May 1, 2024, a purported stockholder, Linda McClellan filed a derivative action in the U.S. District Court for the Southern District of California against certain of the Company’s current and former executives and directors, and the Company as nominal defendant. The complaint alleges, among other things, that the defendants breached their fiduciary duties owed to the Company by allowing or permitting false or misleading statements to be disseminated regarding the performance of the Company’s healthcare business and the success of the Company’s legacy Sound United business. The complaint also asserts causes of action for violations of Section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C.§ 78j(b)) and Rule 10b-5 promulgated thereunder, aiding and abetting breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. The Company received a subpoena from the Department of Justice (DOJ) dated February 21, 2024 seeking documents and information related to the Company’s Rad-G ® and Rad-97 ® products, including information relating to complaints surrounding the products and the Company’s decision to recall select Rad-G ® products in 2024. The Company received a civil investigative demand from the DOJ pursuant to the False Claims Act, 31 U.S.C. §§ 3729-3733, dated March 25, 2024, seeking documents and information related to customer returns of the Company’s Rad-G ® and Rad-97 ® products, including returns related to the Company’s recall of select Rad-G ® products in 2024. The Company received a subpoena from the Securities and Exchange Commission dated March 26, 2024 seeking documents and information relating to allegations of potential accounting irregularities and internal control deficiencies from employees within the Company’s accounting department. With respect to each of the subpoenas and the investigative demand described above, the Company is cooperating with the government and may expend significant financial and managerial resources in connection with responding to the subpoenas and investigative demand and any related investigation or any other future requests for information. On July 15, 2024, the Company commenced litigation against Politan Capital Management LP and certain of its affiliates (Politan), including Mr. Koffey and Ms. Brennan, members of our Board, in the United States District Court for the Central District of California seeking, among other things, an order declaring that Politan’s proxy materials for the Company’s upcoming 2024 Annual Meeting of Stockholders (2024 Annual Meeting) violate Section 14(a) of the Securities Exchange Act of 1934, as amended, an order enjoining Politan from voting any proxies received by means of Politan’s misleading proxy material, an order invalidating any proxies Politan or other persons acting in concert with it obtained pursuant to the misleading proxy material and an injunction requiring Politan to correct material misstatements and omissions in Politan’s proxy materials for the 2024 Annual Meeting. The complaint also alleges, among other things, that Mr. Koffey has assisted plaintiff’s counsel in separate litigation against the Company’s interests and in breach of his fiduciary duties to the Company’s stockholders and that Mr. Koffey and Ms. Brennan breached their fiduciary duties to the Company by providing false or misleading information and omitting material facts to the Company’s stockholders through Politan’s proxy materials. On July 19, 2024, the Company filed a motion for preliminary injunction and request for expedited discovery, which the District Court granted. The District Court will hear argument on the preliminary injunction motion on September 9, 2024. On July 17, 2024, Politan commenced litigation against the Company, Mr. Kiani, Mr. Reynolds and Mr. Chapek, members of the Board, in the Court of Chancery of the State of Delaware alleging that Mr. Kiani, Mr. Reynolds and Mr. Chapek breached their fiduciary duties to the Company by moving the date of the 2024 Annual Meeting from July 25, 2024 to September 19, 2024, and seeking, among other things, to have the Company set the record date and hold the 2024 Annual Meeting as soon as possible, without further adjournment or postponement. On July 19, 2024, the Court of Chancery denied Politan’s request to reschedule the 2024 Annual Meeting to an earlier date. The Company believes it has good and substantial defenses to the claims in the Politan complaint, but there is no guarantee that the Company will be successful in these efforts. For each of the foregoing matters, the Company is unable to determine whether any loss ultimately will occur or to estimate the range of such loss; therefore, no amount of loss accrued by the Company in the accompanying condensed consolidated financial statements. From time to time, the Company may be involved in other litigation and investigations relating to claims and matters arising out of its operations in the normal course of business. The Company believes that it currently is not a party to any other legal proceedings which, individually or in the aggregate, would have a material adverse eff ect on its consolidated financial position, results of operations or cash flows.

Segment and Enterprise Reportin

Segment and Enterprise Reporting	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Segment and Enterprise Reporting	25. Segment and Enterprise Reporting The Company’s reportable segments are determined based upon the Company’s organizational structure and the way in which the Company’s Chief Operating Decision Maker (CODM), the CEO, makes operating decisions and assesses financial performance. The CODM considered several factors including, but not limited to, customer base, technology, and homogeneity of products. The two segments are: • Healthcare - develops, manufactures, and markets a variety of noninvasive monitoring technologies and hospital automation solutions and therapeutics. This segment includes the Company’s core legacy hospital business and new Masimo-technology-enabled consumer products that are distributed through many channels including e-commerce sites, leading national retailers and specialty chains globally. • Non-healthcare - designs, develops, manufactures, markets and sells a broad portfolio of premium, high-performance audio products and services. Income from operations for each segme nt includes all geographic revenues, related cost of net revenues and operating expenses directly attributable to the segment. The Company uses gross profit, as presented in the Company’s finan cial reports, as the primary measure of segment profitability. The Company uses the same accounting policies to generate segment results as the Company does for consolidated results. Segment information presented herein reflects the impact of these changes for all periods pr esented. For the three and six months ended June 29, 2024, intercompany revenues between the Healthcare and Non-healthcare segments were $0.5 million and $1.1 million, respectively. For the three and six months ended July 1, 2023, there were no intercompany revenues between healthcare and non-healthcare. All inter-segment transactions and balances are eliminated in consolidation for all periods presented below. Selected information by reportable segment is presented below for each of the three and six months ended June 29, 2024 and July 1, 2023: Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Revenues by segment: Healthcare $ 343.9 $ 281.1 $ 683.5 $ 627.8 Non-healthcare 152.4 174.2 305.6 392.5 Total revenue by segment $ 496.3 $ 455.3 $ 989.1 $ 1,020.3 Gross profit: Healthcare $ 214.9 $ 169.0 $ 426.3 $ 383.8 Non-healthcare 54.0 58.5 98.5 136.3 Other (1) (14.1) (6.3) (28.3) (14.1) Gross profit $ 254.8 $ 221.2 $ 496.5 $ 506.0 ____________________________ (1) Management excludes certain corporate expenses from segment gross profit. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment gross profit because management evaluates the operating results of the segments excluding such items. The Company’s depreciation and amortization by segment are as follows: Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Total depreciation and amortization by segment: Healthcare $ 10.2 $ 9.3 $ 19.9 $ 18.4 Non-healthcare 13.7 15.8 28.3 32.9 Total depreciation and amortization by segment $ 23.9 $ 25.1 $ 48.2 $ 51.3

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net income	$ 16	$ 18.9	$ 15.7	$ 21.3	$ 34.9	$ 37

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. The accompanying condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, including normal recurring accruals, necessary to present fairly the Company’s condensed consolidated financial statements. The accompanying condensed consolidated balance sheet as of December 30, 2023 was derived from the Company’s audited consolidated financial statements at that date. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (fiscal year 2023), filed with the SEC on February 28, 2024. The results for the three and six months ended June 29, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending December 28, 2024 (fiscal year 2024) or for any other interim period or for any future year.
Fiscal Periods	Fiscal Periods The Company follows a conventional 52/53 week fiscal year. Under a conventional 52/53 week fiscal year, a 52 week fiscal year includes four quarters of 13 weeks while a 53 week fiscal year includes three 13 week fiscal quarters and one 14 week fiscal quarter. The Company’s last 53 week fiscal year was fiscal year 2020. Fiscal year 2024 is a 52 week fiscal year ending December 28, 2024. All references to years in these notes to condensed consolidated financial statements are fiscal years unless otherwise noted.
Reclassifications	Reclassifications Certain amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current period presentation, including certain balance sheet asset accounts in the consolidated financial statements for the year ended December 30, 2023. There was no impact on previously reported total assets, liabilities, stockholders’ equity or net income.
Use of Estimates	Use of Estimates The Company prepares its financial statements in conformity with GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the determination of standalone selling prices, variable consideration, total consideration allocated to each performance obligation within a contract, inventory valuation, valuation of the Company’s equity awards, valuation of identifiable assets and liabilities connected with business combinations, impairment of long-lived assets, intangible assets and goodwill; derivative and equity instruments, deferred taxes and any associated valuation allowances, deferred revenue, accounting for pensions, uncertain income tax positions, litigation costs, and related accruals. See Note 24, “Commitments and Contingencies”. Actual results could differ from such estimates.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations , which requires that once control is obtained, assets acquired, liabilities assumed and noncontrolling interests in the acquired entity, if applicable, are recorded at their respective fair values at the date of acquisition, with the exception of acquired contract assets and contract liabilities (i.e., deferred revenue) from contracts with customers. These are recognized and measured in accordance with ASC Topic 606, Revenue from Contracts with Customers.
Fair Value Measurements	Fair Value Measurements The Company accounts for certain financial instruments at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its financial instruments using the framework prescribed by ASC Topic 820, Fair Value Measurements and Disclosures , and considers the estimated amount the Company would receive or pay to transfer these instruments at the reporting date with respect to current currency exchange rates, interest rates, the creditworthiness of the counterparty for unrealized gain positions and the Company’s creditworthiness for unrealized loss positions. In certain instances, the Company may utilize financial models to measure the fair value of its financial instruments. In doing so, the Company uses inputs that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability and inputs derived principally from, or corroborated by, observable market data by correlation or other means. Recurring Fair Value Measurement On a recurring basis, the Company measures certain financial assets and financial liabilities at fair value based upon quoted market prices. Where quoted market prices or other observable inputs are not available, the Company applies valuation techniques to estimate fair value. Authoritative guidance describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active; or other inputs that can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at June 29, 2024: Total Carrying Fair Value Measurement Hierarchy (in millions) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 94.5 $ 94.5 $ — $ — Money market funds 35.1 35.1 — — Equity securities 1.5 1.5 — — Pension assets 22.9 16.8 6.1 — Derivative instruments - cash flow hedges (1) 13.6 13.6 — — Derivative instruments - warrants 0.8 0.8 — — Total assets $ 168.4 $ 162.3 $ 6.1 $ — ______________ (1) Includes accrued interest. The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at December 30, 2023: Total Carrying Fair Value Measurement Hierarchy (in millions) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 87.0 $ 87.0 $ — $ — Money market funds 76.0 76.0 — — Pension assets 23.1 16.8 6.3 — Equity securities 1.7 1.7 — — Derivative instruments - cash flow hedges (1) 11.6 11.6 — — Derivative instruments - warrants 1.0 1.0 — — Total assets $ 200.4 $ 194.1 $ 6.3 $ — ______________ (1) Includes accrued interest. The Company invests in checking, savings and money market fund accounts, which are classified within Level 1 of the fair value hierarchy as they are valued using quoted market prices. These investments are classified as cash and cash equivalents within the Company’s accompanying condensed consolidated balance sheets, in accordance with GAAP and its accounting policies. The Company has certain strategic investments in privately-held companies (non-marketable equity securities) and companies that have completed initial public offerings (marketable equity securities). The Company’s marketable equity securities, whose price is based on quoted market price in an active market, are classified within Level 1 of the fair value hierarchy. Equity securities are classified as current, short-term investments, or non-current, recorded in other non-current assets, based on the nature of the securities and their availability for use in current operations. The changes in the fair value of those equity securities are measured at each reporting date and changes in the value of these investments between reporting dates are recorded within non-operating loss. The Company’s pension assets consist of Level 1 and Level 2 investments. The fair value of Level 2 assets is based on observable inputs such as prices or quotes for similar assets, adjusted for any differences in terms or conditions that may affect the value of the instrument being valued. The valuation techniques used for Level 2 assets may include the use of models or other valuation techniques, but these methods are all based on observable market inputs. The Company also has investments in certain derivative instruments, which are measured at fair value and classified within Level 1 of the fair value hierarchy. Non-Recurring Fair Value Measurements For certain other financial assets and liabilities, including restricted cash, accounts receivable, accounts payable and other current assets and liabilities, the carrying amounts approximate their fair value primarily due to the relatively short maturity of these balances. The Company also measures certain non-financial assets at fair value on a non-recurring basis, primarily goodwill, intangible assets and operating lease right-of-use assets, in connection with periodic evaluations for potential impairment.
Cash and Cash Equivalents	Cash and Cash Equivalents Th e Company considers all highly liquid investments with an original maturity from the date of purchase of three months or less, or highly liquid investments that are readily convertible into known amounts of cash, to be cash equivalents. The Company carries cash and cash equivalents at cost, which approximates fair value, and they are Level 1 under the fair value hierarchy.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable consist of trade receivables recorded at the time of invoicing of product sales, reduced by reserves for estimated bad debts and returns. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Credit is extended based on an evaluation of the customer’s financial condition. Collateral is generally not required. The Company records an allowance for credit losses that it does not expect to collect based on relevant information, including historical experience, current conditions, and reasonable and supportable forecasts. Accounts are charged off against the allowance when the Company believes they are uncollectible. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Based on the risk characteristics, the Company has identified U.S. and international customers as separate portfolios for both segments, and measures expected credit losses on such receivables using an aging methodology .
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using a standard cost method, which approximates the first in, first out method, and includes material, labor and overhead costs. Inventory valuation adjustments are recorded for inventory items that have become excess or obsolete or are no longer used in current production and for inventory items that have a market price less than the carrying value in inventory. The Company generally determines inventory valuation adjustments based on an evaluation of the expected future use of its inventory on an item by item basis and applies historical obsolescence rates to estimate the loss on inventory expected to have a recovery value below cost. The Company also records other specific inventory valuation adjustments when it becomes aware of unique events or circumstances that result in an expected recovery value below cost. For inventory items that have been written down, the reduced value becomes the new cost basis.
Property and Equipment	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 improvements Lesser of useful life or term of lease Machinery, equipment and tooling 3 to 20 years Operating lease assets Lesser of useful life or term of lease Transportation, vehicles and other 1 to 20 years Land is not depreciated and construction-in-progress is not depreciated until placed in service. Normal repair and maintenance costs are expensed as incurred, whereas significant improvements that materially increase values or extend useful lives are capitalized and depreciated over the remaining estimated useful lives of the related assets. Upon sale or retirement of depreciable assets, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss on the sale or retirement is recognized in income.
Lessee Right-of-Use (ROU) Assets and Lease Liabilities	Lessee Right-of-Use (ROU) Assets and Lease Liabilities The Company determines if an arrangement contains a lease at inception. ROU assets represent the Company’s right to use an asset underlying an operating lease for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from an operating lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company generally estimates the applicable discount rate used to determine the net present value of lease payments based on available information at the lease commencement date. Many of the Company’s lessee agreements include options to extend the lease, which the Company does not include in its lease terms unless they are reasonably certain to be exercised. The Company utilizes a portfolio approach to account for the ROU assets and liabilities associated with certain equipment leases. The Company has also made an accounting policy election not to separate lease and non-lease components for its real estate leases and to exclude short-term leases with a term of twelve months or less from its ROU assets and lease liabilities. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term.
Intangible Assets	Intangible Assets Intangible assets consist primarily of patents, trademarks, software development costs, customer relationships and acquired technology. Costs related to patents and trademarks, which include legal and application fees, are capitalized and amortized over the estimated useful lives using the straight-line method. Patent and trademark amortization commences once final approval of the patent or trademark has been obtained. Patent costs are amortized over the lesser of 10 years or the patent’s remaining legal life, which assumes renewals, and trademark costs are amortized over 17 years, and their associated amortization cost is included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations. For intangibles purchased in an asset acquisition or business combination, which mainly include patents, trademarks, customer relationships and acquired technologies, the useful life is determined largely by valuation estimates of remaining economic life. The Company’s policy is to renew its patents and trademarks. Costs to renew patents and trademarks are capitalized and amortized over the remaining useful life of the intangible asset. The Company periodically evaluates the amortization period and carrying basis of patents and trademarks to determine whether any events or circumstances warrant a revised estimated useful life or reduction in value. Capitalized application costs are charged to operations when it is determined that the patent or trademark will not be obtained or is abandoned. Software development costs are accounted for in accordance with ASC Topic 985-20, Software - Costs of Software to be Sold, Leased, or Marketed. Once technological feasibility has been established, qualifying costs incurred in development are capitalized until available for general release to customers, and subsequently reported at the lower of unamortized cost or net realizable value. Intangibles purchased as part of an asset acquisition or business combination historically have included patents, trademarks, customer relationships, developed technologies and contractual licenses. In certain circumstances the Company has also acquired non-compete agreements tied to certain employment relationships. The useful life for all of these is largely determined by valuation estimates of remaining economic life. In connection with the Sound United acquisition, the Company acquired certain trademarks/tradenames, which are intangible assets with indefinite useful lives. These brands are expected to maintain brand value for an indefinite period of time.
Impairment of Goodwill, Intangible Assets and Other Long-Lived Assets	Impairment of Goodwill, Intangible Assets and Other Long-Lived Assets Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the acquired net tangible and intangible assets. Goodwill is not amortized, but instead is tested annually for impairment, or more frequently when events or changes in circumstances indicate that goodwill might be impaired. In assessing goodwill impairment, the Company has the option to first assess the qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company has two reporting units, healthcare and non-healthcare. The Company’s qualitative assessment of the recoverability of goodwill considers various macro-economic, industry-specific and Company-specific factors, including: (i) severe adverse industry or economic trends; (ii) significant Company-specific actions; (iii) current, historical or projected deterioration of the Company’s financial performance; or (iv) a sustained decrease in the Company’s market capitalization below its net book value. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, or if the Company elects to bypass the qualitative analysis, then the Company performs a quantitative analysis that compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired; otherwise, a goodwill impairment loss is recognized for the lesser of: (a) the amount that the carrying amount of such reporting unit exceeds its fair value; or (b) the amount of the goodwill allocated to such reporting unit. The annual impairment test is performed during the fourth fiscal quarter. Similar to goodwill, indefinite-lived intangible assets are not amortized but instead are subject to annual impairment testing, unless circumstances dictate more frequent testing, if impairment indicators exist. Impairment for indefinite-lived assets exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value. Determining whether impairment indicators exist and estimating the fair value of the Company’s indefinite-lived intangible assets if necessary for impairment testing require significant judgment. Qualitative factors considered in this assessment include industry and market conditions, overall financial performance, and other relevant events and factors. The Company reviews finite lived intangible assets and long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted operating cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.
Employee Defined Benefit Plans	Employee Defined Benefit Plans The Company maintains noncontributory defined benefit plans that cover certain employees in certain international locations. The Company recognizes the funded status, or the difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the condensed consolidated balance sheet, with a corresponding adjustment to accumulated other comprehensive loss. If the projected benefit obligation exceeds the fair value of plan assets, the difference or underfunded status represents the pension liability. The Company records a net periodic pension cost in the condensed consolidated statement of operations. The liabilities and annual income or expense are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of asset return. The Company’s accounting policy includes an annual re-measurement of pension assets and obligations. In addition, the Company r e-measures pension assets and obligations for significant events, as of the nearest month-end date on the calendar. The fair values of plan assets are determined based on prevailing market prices. See Note 21, “Employee Benefits”, for further details.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, under which the Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for net operating loss and tax credit carryforwards. Tax positions that meet a more-likely-than-not recognition threshold are recognized in the first reporting period that it becomes more-likely-than-not such tax position will be sustained upon examination. A tax position that meets this more-likely-than-not recognition threshold is recorded at the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Previously recognized income tax positions that fail to meet the recognition threshold in a subsequent period are derecognized in that period. Differences between actual results and the Company’s assumptions, or changes in the Company’s assumptions in future periods, are recorded in the period they become known. The Company records potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. As a multinational corporation, the Company is subject to complex tax laws and regulations in various jurisdictions. The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws themselves are subject to change as a result of changes in fiscal policy, changes in legislation, evolution of regulations and court rulings. Therefore, the actual liability for U.S. or foreign taxes may be materially different from the Company’s estimates, which could result in the need to record additional liabilities or potentially to reverse previously recorded tax liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is recorded against any deferred tax assets when, in the judgment of management, it is more likely than not that all or part of a deferred tax asset will not be realized. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including recent financial performance, scheduled reversals of temporary differences, projected future taxable income, availability of taxable income in carryback periods and tax planning strategies. Income taxes are highly susceptible to changes from period to period, requiring management to make assumptions about the Company’s future income over the lives of its deferred tax assets and the impact of changes in valuation allowances. Any difference in the assumptions, judgments and estimates mentioned above could result in changes to the Company’s results of operations.
Revenue Recognition, Deferred Revenue and Other Contract Liabilities	Revenue Recognition, Deferred Revenue and Other Contract Liabilities The Company generally recognizes revenue following a single, principles-based five-step model to be applied to all contracts with customers and generally provides for the recognition of revenue in an amount that reflects the consideration to which the Company expects to be entitled, net of allowances for estimated returns, discounts or sales incentives, as well as taxes collected from customers that are remitted to government authorities, when control over the promised goods or services are transferred to the customer. Healthcare segment While the majority of the Company’s healthcare segment revenue contracts and transactions contain standard business terms and conditions, there are some transactions that contain non-standard business terms and conditions. As a result, contract interpretation, judgment and analysis are required to determine the appropriate accounting, including: (i) the amount of the total consideration, as well as variable consideration, (ii) whether the arrangement contains an embedded lease, and if so, whether such embedded lease is a sales-type lease or an operating lease, (iii) the identification of the distinct performance obligations contained within the arrangement, (iv) how the arrangement consideration should be allocated to each performance obligation when multiple performance obligations exist, including the determination of standalone selling price, and (v) when to recognize revenue on the performance obligations. Changes in judgments on these assumptions and estimates could materially impact the timing of revenue recognition. Revenue from fixed lease payments related to equipment supplied under sales-type lease arrangements is recognized once control over the equipment is transferred to the customer, while revenue from fixed lease payments related to equipment supplied under operating-type lease arrangements is generally recognized on a straight-line basis over the term of the lease and variable lease payments are recognized as they occur. The Company derives the majority of its healthcare segment revenue from four primary sources: (i) direct sales under deferred equipment agreements with end-user hospitals where the Company provides up-front monitoring equipment at no up-front charge in exchange for a multi-year sensor purchase commitment; (ii) other direct sales of noninvasive monitoring solutions to end-user hospitals, emergency medical response organizations and other direct customers; (iii) sales of noninvasive monitoring solutions to distributors who then typically resell to end-user hospitals, emergency medical response organizations and other customers; and (iv) sales of integrated circuit boards to OEM customers who incorporate the Company’s embedded software technology into their multiparameter monitoring devices. Subject to customer credit considerations, the majority of such sales are made on open accounts using industry standard payment terms based on the geography within which the specific customer is located. The Company enters into agreements to sell its monitoring solutions and services, sometimes as a part of arrangements with multiple performance obligations that include various combinations of product sales, equipment leases, software and services. In the case of contracts with multiple performance obligations, the authoritative guidance provides that the total consideration be allocated to each performance obligation on the basis of relative standalone selling prices. When a standalone selling price is not readily observable, the Company estimates the standalone selling price by considering multiple factors including, but not limited to, features and functionality of the product, geographies, type of customer, contractual prices pursuant to Group Purchasing Organization (GPO) contracts, the Company’s pricing and discount practices, and other market conditions. Sales under deferred equipment agreements are generally structured such that the Company agrees to provide certain monitoring-related equipment, software, installation, training and/or warranty support at no up-front charge in exchange for the customer’s commitment to purchase sensors over the term of the agreement, which generally ranges from three years to six years. The Company allocates contract consideration under deferred equipment agreements containing fixed annual sensor purchase commitments to the underlying lease and non-lease components at contract inception. In determining whether any underlying lease components are related to a sales-type lease or an operating lease, the Company evaluates the customer’s rights and ability to control the use of the underlying equipment throughout the contract term, including any equipment substitution rights retained by the Company, as well as the Company’s expectations surrounding potential contract/lease extensions or renewals and the customer’s likelihood to exercise any purchase options. Beginning in 2022, for contracts that contain variable lease payments that are not dependent on an index or rate, the Company classifies as operating leases any lease components that would have otherwise been classified as sales-type leases that would result in a selling loss upon lease commencement. Revenue allocable to non-lease performance obligations is generally recognized as such non-lease performance obligations are satisfied. Revenue allocable to lease components under sales-type lease arrangements is generally recognized when control over the equipment is transferred to the customer. Revenue allocable to lease components under operating lease arrangements is generally recognized over the term of the operating lease. The Company generally does not expect to derive any significant value in excess of such asset’s unamortized book value from equipment underlying its operating lease arrangements after the end of the agreement. Revenue from the sale of products and software to end-user hospitals, emergency medical response organizations, other direct customers, distributors and OEM customers, is recognized by the Company when control of the performance obligations thereunder transfers to the customer based upon the terms of the contract or underlying purchase order. Revenue related to OEM rainbow ® parameter software licenses is recognized by the Company upon the OEM’s shipment of its product to its customer, as reported to the Company by the OEM. The Company provides certain customers with various sales incentives that may take the form of discounts or rebates. The Company records estimates related to these programs as a reduction to revenue at the time of sale. In general, customers do not have a right of return for credit or refund. However, the Company allows returns under certain circumstances. At the end of each period, the Company estimates and accrues for these returns as a reduction to revenue. The Company estimates the revenue constraints related to these forms of variable consideration based on various factors, including expected purchasing volumes, prior sales and returns history, and specific contractual terms and limitations. Non-healthcare segment Non-healthcare segment revenue is related to hardware and embedded software that is integrated into final products that are manufactured and sold by the Company. Products and related software are accounted for as a single performance obligation and all intended functionality is available to the customer upon purchase. Non-healthcare segment revenue is recognized upon transfer of control of promised products or service to customers, which is either upon shipment or upon delivery to the customers, depending on delivery terms. The Company offers sales incentives and has customer programs consisting primarily of discounts and market development fund programs, and records them as contra revenue. Estimates for sales incentives are developed using the most likely amount and are included in the transaction price to the extent that a significant reversal of revenue would not result once the uncertainty is resolved. In developing these estimates, the Company also considers the susceptibility of the incentive to outside influences, the length of time until the uncertainty is resolved and the Company’s experience with similar contracts. Reductions in revenue related to discounts are allocated to products on a relative basis based on their respective standard selling price if there are undelivered products in a contract. Judgement is required to determine the timing and amount of recognition of marketing funds which the Company estimates based on past practice of providing similar funds. Payment terms and conditions vary among the Company’s distribution channels although terms generally include a requirement of payment within 30 to 60 days of product shipment. Sales made directly to customers from the Company’s website are paid at the time of product shipment. Prior to determining payment terms for each customer, an evaluation of such customer’s credit risk is performed. Contractual allowances are an offset to accounts receivable. T he Company recognizes non-healthcare royalty revenue associated with certain prepaid license arrangements. The Company recognizes non-healthcare revenue from the prepaid license arrangements based upon sales-based royalties when a subsequent sale occurs.
Shipping and Handling Costs and Fees	Shipping and Handling Costs and Fees All shipping and handling costs are expensed as incurred and are recorded as a component of cost of goods sold in the accompanying condensed consolidated statements of operations. Charges for shipping and handling billed to customers are included as a component of revenue.
Taxes Collected From Customers and Remitted to Governmental Authorities	Taxes Collected From Customers and Remitted to Governmental Authorities The Company’s policy is to present revenue net of taxes collected from customers and remitted to governmental authorities.
Deferred Costs and Other Contract Assets	Deferred Costs and Other Contract Assets The costs of monitoring-related equipment provided to customers under operating lease arrangements within the Company’s deferred equipment agreements are generally deferred and amortized to cost of goods sold over the life of the underlying contracts. Some of the Company’s deferred equipment agreements also contain provisions for certain allowances to be made directly to the end-user hospital customer at the inception of the arrangement. These allowances are generally allocated to the lease and non-lease components and recognized as a reduction to revenue as the underlying performance obligations are satisfied. The Company generally invoices its customers under deferred equipment agreements as sensors are provided to the customer. However, the Company may recognize revenue for certain non-lease performance obligations under deferred equipment agreements with fixed annual commitments at the time such performance obligations are satisfied and prior to the customer being invoiced. When this occurs, the Company records an unbilled contract receivable related to such revenue until the customer has been invoiced pursuant to the terms of the underlying deferred equipment agreement. The incremental costs of obtaining a contract with a customer are capitalized and deferred if the Company expects such costs to be recoverable over the life of the contract and the contract term is greater than one year. Such deferred costs generally relate to certain incentive sales commissions earned by the Company’s internal sales team in connection with the execution of deferred equipment agreements and are amortized to expense over the expected term of the underlying contract.
Warranty	Warranty The Company generally provides a warranty against defects in material and workmanship for a period ranging from six months to forty-eight months, depending on the product type. In traditional sales activities, including direct and OEM sales, the Company establishes an accrued liability for the estimated warranty costs at the time of revenue recognition, with a corresponding provision to cost of goods sold. Customers may also purchase extended warranty coverage or service level upgrades separately or as part of a deferred equipment agreement. Revenue related to extended warranty coverage and service level upgrades is generally recognized over the life of the contract, which reasonably approximates the period over which such services will be provided. The related extended warranty and service level upgrade costs are expensed as incurred. Changes in the product warranty accrual were as follows: Six Months Ended (in millions) June 29, July 1, Product warranty accrual, beginning of period $ 8.6 $ 10.6 Accrual for warranties issued 4.8 5.6 Changes in pre-existing warranties (including changes in estimates) 1.5 (5.9) Settlements made (5.8) (1.0) Product warranty accrual, end of period $ 9.1 $ 9.3
Advertising Costs	Advertising Costs Advertising costs include certain advertising, marketing and endorsement agreement fees. Advertising and marketing costs are expensed as incurred. Endorsement fees associated with product endorsers are expensed on a straight-line basis over the term of the agreement. Advertising costs are included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations. Prepayments made under endorsement agreements are included in other current assets or other non-current assets, depending on the period to which the prepayment applies. Certain endorsement agreements provide for royalty payments to endorsers based on sales of particular products, which the Company records in selling, general and administrative expense as the related sales occur. Advertising costs for the three months ended June 29, 2024 and July 1, 2023 were $14.9 million and $14.4 million, respectively. Advertising costs for the six months ended June 29, 2024 and July 1, 2023 were $26.8 million and $28.9 million, respectively.
Litigation Costs and Contingencies	Litigation Costs and Contingencies The Company records a charge equal to at least the minimum estimated liability for a loss contingency or litigation settlement when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements, and (ii) the range of loss can be reasonably estimated. The determination of whether a loss contingency, litigation settlement or contingent fee is probable or reasonably possible involves a significant amount of management judgment, as does the estimation of the range of loss given the nature of contingencies or any associated contingent fees related to a settlement of a legal matter. Liabilities related to litigation settlements with multiple elements are recorded based on the fair value of each element. Legal and other litigation related expenses are recognized as the services are provided. Contingent legal fee expenses are recognized when probable and reasonably estimable. The Company records insurance and other indemnity recoveries for litigation expenses when both of the following conditions are met: (a) the recovery is probable, and (b) collectability is reasonably assured. Insurance recoveries are only recorded to the extent the litigation costs to which they relate have been incurred and recognized in the financial statements.
Foreign Currency Translation	Foreign Currency Translation The Company’s international headquarters is in Switzerland, and its functional currency is the U.S. Dollar. The Company has many other foreign subsidiaries, and the largest transactions in foreign currency translations occur in the Japanese Yen, the British Pou nd, the Chinese Yuan a nd the European Euro.
Derivatives Instruments and Hedging Activities	Derivatives Instruments and Hedging Activities The Company addresses market risk from changes in interest rates risks through risk management programs, which include the use of derivative instruments. The Company’s exposure to a counterparty’s credit risk is generally limited to the amounts of the net obligation to the counterparty. The Company established policies to enter into contracts only with major investment-grade financial institutions to mitigate such counterparty credit risk. The Company also established a policy to further monitor the counterparty risks throughout the life of the instruments. None of the derivative instruments currently held by the Company were entered into for speculative trading purposes. All derivative financial instruments are recognized as either assets or liabilities at fair value in the condensed consolidated balance sheets and are classified as short-term or long-term based on the tenor of the instrument. The Company has elected not to separate a derivative instrument into current and long-term portions. A derivative instrument whose fair value is a net liability is classified as current in total. A derivative instrument whose fair value is a net asset and whose current portion is an asset is classified as non-current in total. For a derivative instrument that meets the criteria to qualify for hedge accounting, the Company marks the fair value of the derivative instrument to market periodically through other comprehensive (loss) income. When the hedged items are recorded to income (loss), the associated deferred gains (losses) of the derivatives in accumulated other comprehensive (loss) income will be reclassified into earnings. Any fluctuation in the fair value of a derivative instrument that does not meet the criteria for hedge accounting is recorded to earnings (expense) in the period it occurs.
Comprehensive (Loss) Income	Comprehensive (Loss) Income Comprehensive (loss) income includes foreign currency translation adjustments, changes to pension benefits, unrealized gains (losses) on cash flow hedges and any related tax benefits (expenses) that have been excluded from net income and reflected in stockholders’ equity.
Net Income Per Share	Net Income Per Share A computation of basic and diluted net income per share is as follows: Three Months Ended Six Months Ended (in millions, except per share amounts) June 29, July 1, June 29, July 1, Net income $ 16.0 $ 15.7 $ 34.9 $ 37.0 Basic net income per share: Weighted-average shares outstanding - basic 53.1 52.8 53.1 52.7 Net income per basic share $ 0.30 $ 0.30 $ 0.66 $ 0.70 Diluted net income per share: Weighted-average shares outstanding - basic 53.1 52.8 53.1 52.7 Diluted share equivalents: stock options, RSUs and PSUs 1.2 1.6 1.2 1.6 Weighted-average shares outstanding - diluted 54.3 54.4 54.3 54.3 Net income per diluted share $ 0.29 $ 0.29 $ 0.64 $ 0.68 Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Net income per diluted share is computed by dividing the net income by the weighted-average number of shares and potential shares outstanding during the period, if the effect of potential shares is dilutive. Potential shares include incremental shares of stock issuable upon the exercise of stock options and the vesting of both restricted share units (RSUs) and performance stock units (PSUs). For the three months ended June 29, 2024 and July 1, 2023, weighted options to purchase 1.4 million and 0.7 million shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the effect of including such shares would have been antidilutive in the applicable period. For the six months ended June 29, 2024 and July 1, 2023, weighted options to purchase 1.4 million and 0.7 million shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the effect of including such shares would have been antidilutive in the applicable period. Certain RSUs were considered contingently issuable shares as their vesting is contingent upon the occurrence of certain future events. Since such events had not occurred and were not considered probable of occurring as of each of June 29, 2024 and July 1, 2023, 2.7 million weighted-average shares related to such RSUs have been excluded from the calculation of potential shares for the three and six month periods then ended. For additional information with respect to these RSUs, please see “Employment and Severance Agreements” in Note 24, “Commitments and Contingencies”.
Recently Adopted and Recently Announced Accounting Pronouncements	Recently Adopted and Recently Announced Accounting Pronouncements There have been no material changes to the accounting policies discussed in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed with the SEC on February 28, 2024, other than the following update: In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new standard is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and other segment items and requires entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The amendment also requires disclosure of the title and position of the chief operating decision maker (“CODM”) and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted with retrospective application to all prior periods presented. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is continuing to evaluate the impact of this standard on its consolidated financial statements upon adoption.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 29, 2024
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 29, 2024: Total Carrying Fair Value Measurement Hierarchy (in millions) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 94.5 $ 94.5 $ — $ — Money market funds 35.1 35.1 — — Equity securities 1.5 1.5 — — Pension assets 22.9 16.8 6.1 — Derivative instruments - cash flow hedges (1) 13.6 13.6 — — Derivative instruments - warrants 0.8 0.8 — — Total assets $ 168.4 $ 162.3 $ 6.1 $ — ______________ (1) Includes accrued interest. The following tables represent the Company’s financial assets, measured at fair value on a recurring basis at December 30, 2023: Total Carrying Fair Value Measurement Hierarchy (in millions) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 87.0 $ 87.0 $ — $ — Money market funds 76.0 76.0 — — Pension assets 23.1 16.8 6.3 — Equity securities 1.7 1.7 — — Derivative instruments - cash flow hedges (1) 11.6 11.6 — — Derivative instruments - warrants 1.0 1.0 — — Total assets $ 200.4 $ 194.1 $ 6.3 $ — ______________ (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 improvements Lesser of useful life or term of lease Machinery, equipment and tooling 3 to 20 years Operating lease assets Lesser of useful life or term of lease Transportation, vehicles and other 1 to 20 years Property and equipment, net, consists of the following: (in millions) June 29, December 30, Machinery, equipment and tooling $ 178.6 $ 169.7 Building and building improvements 150.1 151.0 Operating lease assets 120.2 92.2 Land (1) 54.2 66.2 Computer equipment and software 45.4 45.5 Leasehold improvements 40.3 37.5 Transportation, vehicles and other 33.0 34.0 Furniture and office equipment 18.9 20.4 Demonstration units 11.8 11.1 Construction-in-progress (CIP) 55.6 59.2 Total property and equipment 708.1 686.8 Accumulated depreciation (294.2) (262.4) Property and equipment, net (1) $ 413.9 $ 424.4 ______________ (1) At March 30, 2024, property, plant and equipment, net, excluded $11.4 million of idle undeveloped land held outside of the U,S. which was classified as held for sale within the healthcare segment. In May 2024, the Company completed the sale of the land, resulting in a gain of $0.9 million, which was recorded net of transaction costs, foreign currency translation and cumulative translation adjustments to non-operating income (loss).
Schedule of Changes in Product Warranty Accrual	Changes in the product warranty accrual were as follows: Six Months Ended (in millions) June 29, July 1, Product warranty accrual, beginning of period $ 8.6 $ 10.6 Accrual for warranties issued 4.8 5.6 Changes in pre-existing warranties (including changes in estimates) 1.5 (5.9) Settlements made (5.8) (1.0) Product warranty accrual, end of period $ 9.1 $ 9.3
Schedule of Reconciliation of Basic and Diluted Net Income Per Share	A computation of basic and diluted net income per share is as follows: Three Months Ended Six Months Ended (in millions, except per share amounts) June 29, July 1, June 29, July 1, Net income $ 16.0 $ 15.7 $ 34.9 $ 37.0 Basic net income per share: Weighted-average shares outstanding - basic 53.1 52.8 53.1 52.7 Net income per basic share $ 0.30 $ 0.30 $ 0.66 $ 0.70 Diluted net income per share: Weighted-average shares outstanding - basic 53.1 52.8 53.1 52.7 Diluted share equivalents: stock options, RSUs and PSUs 1.2 1.6 1.2 1.6 Weighted-average shares outstanding - diluted 54.3 54.4 54.3 54.3 Net income per diluted share $ 0.29 $ 0.29 $ 0.64 $ 0.68
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information includes the following: Six Months Ended (in millions) June 29, July 1, Cash paid during the year for: Interest expense $ 22.2 $ 23.3 Income taxes 25.5 24.0 Operating lease liabilities 12.1 10.6 Non-cash operating activities: ROU assets obtained in exchange for lease liabilities $ 23.2 $ 1.7 Non-cash investing activities: Unpaid purchases of property and equipment $ 2.8 $ 1.2 Unpaid strategic investments 0.2 0.9 Non-cash financing activities: Unsettled common stock proceeds from option exercises $ 0.1 $ 0.1 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 129.6 $ 150.7 Restricted cash 6.0 7.9 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 135.6 $ 158.6

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	Inventories consist of the following: (in millions) June 29, December 30, Raw materials $ 243.4 $ 229.7 Work-in-process 28.4 30.0 Finished goods 241.2 285.3 Total inventories $ 513.0 $ 545.0

Other Current Assets (Tables)

Other Current Assets (Tables)	6 Months Ended
	Jun. 29, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Non-Current Assets	Other current assets consist of the following: (in millions) June 29, December 30, Prepaid income taxes $ 44.2 $ 29.3 Prepaid expenses 40.8 58.3 Lease receivable, current 28.6 30.2 Indirect taxes receivable 25.6 28.6 Contract assets, current 7.4 6.7 Other receivables 6.8 6.8 Prepaid rebates and royalties, current 4.9 4.8 Restricted cash (1) 2.8 3.0 Other current assets 0.8 0.7 Total other current assets $ 161.9 $ 168.4 ______________ (1) Restricted cash includes funds received from the Bill and Melinda Gates Foundation. As the Company incurs costs associated with research and development related to this project, on a quarterly basis, the Company reclasses amounts from the grant to offset costs incurred. Other non-current assets consist of the following: (in millions) June 29, December 30, Lessee ROU assets, net $ 76.1 $ 59.1 Derivative assets - non-current (1) 13.5 11.4 Prepaid deposits and other 8.2 6.4 Strategic investments 6.9 7.2 Restricted cash (2) 3.2 2.2 Equity investments - fair value 2.3 2.7 Other non-current assets 0.2 0.3 Total non-current assets $ 110.4 $ 89.3 ______________ (1) Excludes accrued interest. (2) Restricted cash includes cash held in certain subsidiaries in jurisdictions outside of the U.S. such as China, which may be subject to transfer restrictions depending on jurisdictions.

Lease Receivable (Tables)

Lease Receivable (Tables)	6 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Schedule of Sale-Type Lease Receivable	Lease receivable from sales-type leases consists of the following: (in millions) June 29, December 30, Lease receivable $ 95.4 $ 101.9 Allowance for credit loss (0.3) (0.3) Lease receivable, net 95.1 101.6 Less: current portion of lease receivable (28.6) (30.2) Lease receivable, non-current $ 66.5 $ 71.4
Schedule of Sales-type Lease, Lease Receivable, Maturity	As of June 29, 2024, estimated future maturities of customer sales-type lease receivables and operating lease payments for each of the following fiscal years are as follows: Future Lease Receivables/Payments Fiscal year Sales-Type Leases Operating Leases 2024 (balance of year) $ 15.2 $ 6.1 2025 26.0 11.4 2026 20.5 10.6 2027 14.7 8.9 2028 8.9 6.2 Thereafter 9.8 9.9 Total $ 95.1 $ 53.1 Less: imputed interest (1) — Present value of total lease payments $ 95.1 ______________ (1) The calculation of the rates implicit in the leases resulted in negative discount rates. Therefore, the Company as a lessor used a 0% discount rate to measure the net investment in the lease.

Deferred Costs and Other Cont_2

Deferred Costs and Other Contract Assets (Tables)	6 Months Ended
	Jun. 29, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs and Other Contract Assets	Deferred costs and other contract assets consist of the following: (in millions) June 29, December 30, Deferred commissions $ 21.7 $ 21.8 Unbilled contract receivables 19.8 17.0 Prepaid contract allowances 15.9 17.0 Deferred equipment agreements, net 1.4 1.5 Deferred costs and other contract assets $ 58.8 $ 57.3

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 29, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant 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 improvements Lesser of useful life or term of lease Machinery, equipment and tooling 3 to 20 years Operating lease assets Lesser of useful life or term of lease Transportation, vehicles and other 1 to 20 years Property and equipment, net, consists of the following: (in millions) June 29, December 30, Machinery, equipment and tooling $ 178.6 $ 169.7 Building and building improvements 150.1 151.0 Operating lease assets 120.2 92.2 Land (1) 54.2 66.2 Computer equipment and software 45.4 45.5 Leasehold improvements 40.3 37.5 Transportation, vehicles and other 33.0 34.0 Furniture and office equipment 18.9 20.4 Demonstration units 11.8 11.1 Construction-in-progress (CIP) 55.6 59.2 Total property and equipment 708.1 686.8 Accumulated depreciation (294.2) (262.4) Property and equipment, net (1) $ 413.9 $ 424.4 ______________ (1) At March 30, 2024, property, plant and equipment, net, excluded $11.4 million of idle undeveloped land held outside of the U,S. which was classified as held for sale within the healthcare segment. In May 2024, the Company completed the sale of the land, resulting in a gain of $0.9 million, which was recorded net of transaction costs, foreign currency translation and cumulative translation adjustments to non-operating income (loss).

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets, net, consist of the following: June 29, December 30, (in millions) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Intangible assets subject to amortization: Customer relationships $ 177.5 $ (15.3) $ 162.2 $ 209.2 $ (31.5) $ 177.7 Acquired technologies 131.0 (19.0) 112.0 174.7 (45.3) 129.4 Capitalized software development costs 50.6 (6.7) 43.9 53.9 (15.2) 38.7 Licenses 35.9 (5.4) 30.5 39.7 (7.4) 32.3 Patents 42.1 (16.4) 25.7 39.2 (15.2) 24.0 Trademarks 19.0 (7.0) 12.0 20.1 (7.4) 12.7 Non-compete agreements 3.4 (0.4) 3.0 6.3 (2.6) 3.7 Licenses-related party 7.5 (6.9) 0.6 7.5 (6.7) 0.8 Other 1.7 (1.1) 0.6 1.7 (1.1) 0.6 Total intangible assets subject to amortization, net $ 468.7 $ (78.2) $ 390.5 $ 552.3 $ (132.4) $ 419.9 Intangible assets not subject to amortization: Trademarks $ 215.6 $ 242.4 Impairment charge — (10.0) Total trademarks 215.6 232.4 Intangible assets, net $ 606.1 $ 652.3
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated amortization expense for each of the next fiscal years is as follows: Fiscal year Amount 2024 (balance of year) $ 26.8 2025 52.1 2026 47.6 2027 39.8 2028 39.5 Thereafter 184.7 Total $ 390.5

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in goodwill were as follows: Six Months Ended (in millions) Healthcare Non-healthcare Total Goodwill, beginning of period $ 98.6 $ 309.1 $ 407.7 Foreign currency translation adjustment (1.0) (17.7) (18.7) Goodwill, end of period $ 97.6 $ 291.4 $ 389.0

Lessee ROU Assets and Lease L_2

Lessee ROU Assets and Lease Liabilities (Tables)	6 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Schedule of Lessee Operating Lease Balance Sheet Classification	The balance sheet classifications for amounts related to the Company’s operating leases for which it is the lessee are as follows: (in millions) Balance sheet classification June 29, December 30, Lessee ROU assets Other non-current assets $ 76.1 $ 59.1 Lessee current lease liabilities Other current liabilities 20.1 18.2 Lessee non-current lease liabilities Other non-current liabilities 61.7 45.8 Total operating lease liabilities $ 81.8 $ 64.0
Schedule of Lessee, Operating Lease, Liability, Maturity	As of June 29, 2024, estimated future operating lease payments for each of the following fiscal years were as follows: Fiscal year Amount 2024 (balance of year) $ 11.6 2025 21.6 2026 17.0 2027 12.4 2028 11.7 Thereafter (1) 19.6 Total 93.9 Imputed interest (12.1) Present value $ 81.8 ______________ (1) Includes optional renewal period for certain leases.

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	6 Months Ended
	Jun. 29, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Non-Current Assets	Other current assets consist of the following: (in millions) June 29, December 30, Prepaid income taxes $ 44.2 $ 29.3 Prepaid expenses 40.8 58.3 Lease receivable, current 28.6 30.2 Indirect taxes receivable 25.6 28.6 Contract assets, current 7.4 6.7 Other receivables 6.8 6.8 Prepaid rebates and royalties, current 4.9 4.8 Restricted cash (1) 2.8 3.0 Other current assets 0.8 0.7 Total other current assets $ 161.9 $ 168.4 ______________ (1) Restricted cash includes funds received from the Bill and Melinda Gates Foundation. As the Company incurs costs associated with research and development related to this project, on a quarterly basis, the Company reclasses amounts from the grant to offset costs incurred. Other non-current assets consist of the following: (in millions) June 29, December 30, Lessee ROU assets, net $ 76.1 $ 59.1 Derivative assets - non-current (1) 13.5 11.4 Prepaid deposits and other 8.2 6.4 Strategic investments 6.9 7.2 Restricted cash (2) 3.2 2.2 Equity investments - fair value 2.3 2.7 Other non-current assets 0.2 0.3 Total non-current assets $ 110.4 $ 89.3 ______________ (1) Excludes accrued interest. (2) Restricted cash includes cash held in certain subsidiaries in jurisdictions outside of the U.S. such as China, which may be subject to transfer restrictions depending on jurisdictions.

Deferred Revenue and Other Co_2

Deferred Revenue and Other Contract Liabilities, Current (Tables)	6 Months Ended
	Jun. 29, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Contract with Customer, Asset and Liability	Deferred revenue and other contract liabilities, current, consist of the following: (in millions) June 29, December 30, Deferred revenue $ 63.8 $ 63.8 Accrued rebates and allowances 32.2 37.5 Accrued customer reimbursements 10.1 12.4 Total deferred revenue and other contract liabilities 106.1 113.7 Less: Non-current portion of deferred revenue (26.3) (26.4) Deferred revenue and other contract liabilities, current $ 79.8 $ 87.3 Changes in deferred revenue were as follows: (in millions) Six Months Ended Deferred revenue, beginning of the period $ 63.8 Revenue deferred during the period 15.9 Recognition of revenue deferred in prior periods (15.9) Deferred revenue, end of the period $ 63.8

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 29, 2024
Accrued Liabilities [Abstract]
Schedule of Other Current Liabilities	Other current liabilities consist of the following: (in millions) June 29, December 30, Long-term debt, current $ 35.1 $ 34.3 Accrued expenses 28.5 26.3 Accrued indirect taxes payable 23.8 23.9 Accrued legal fees 21.3 9.9 Lessee lease liabilities, current 20.1 18.2 Income tax payable 14.6 16.1 Accrued property taxes 9.2 10.2 Other current liabilities 9.1 6.7 Accrued warranty 9.1 8.6 Related party payables 3.9 4.2 Accrued donations 3.5 4.0 Total other current liabilities $ 178.2 $ 162.4

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
Schedule of Debt	(in millions) June 29, December 30, Term loan - current portion $ 15.0 $ 11.3 Japanese loans - current portion 20.1 23.0 Debt, current portion 35.1 34.3 Term loan - long-term 264.9 271.4 Revolver - long-term 474.5 591.5 Japanese loans - long-term 7.1 8.8 Debt, long-term 746.5 871.7 Total debt $ 781.6 $ 906.0
Schedule of Maturities of Long-term Debt	As of June 29, 2024, the aggregate maturities of principal on all debt for each of the next five years and thereafter are as follows: Fiscal year Amount 2024 (balance of year) $ 27.0 2025 16.5 2026 16.5 2027 718.3 2028 1.0 Thereafter 2.3 Total $ 781.6

Other Non-Current Liabilities (

Other Non-Current Liabilities (Tables)	6 Months Ended
	Jun. 29, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Components Of Other Liabilities Long Term Table	Other non-current liabilities consist of the following: (in millions) June 29, December 30, Lessee non-current lease liabilities $ 61.7 $ 45.8 Unrecognized tax benefits 28.8 24.4 Deferred revenue, non-current 26.3 26.4 Projected benefit obligation 9.1 9.5 Income tax payable, non-current — 7.1 Indirect tax payable, non-current — 8.4 Other 4.4 7.9 Total other non-current liabilities $ 130.3 $ 129.5

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the fair value of the hedging instruments, presented on a gross basis, as of June 29, 2024 and December 30, 2023. Condensed Consolidated (in millions) Balance sheet classification June 29, December 30, Interest rate contracts, inclusive of accrued interest Other non-current assets $ 13.6 $ 11.6 Interest rate contracts, inclusive of accrued interest Other non-current liabilities — (3.6) Total $ 13.6 $ 8.0
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The following table summarizes the gains (losses) reclassified from accumulated other comprehensive (loss) income to the condensed consolidated financial statements for the three months and six months ended June 29, 2024 and July 1, 2023. Cash flow hedges Condensed Consolidated Three Months Ended Six Months Ended (in millions) Location of gains (losses) June 29, July 1, June 29, July 1, Interest rate contracts Non-operating (loss) $ 4.1 $ 3.8 $ 8.3 $ 6.8 Total $ 4.1 $ 3.8 $ 8.3 $ 6.8
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables summarize the changes in accumulated other comprehensive income (loss) related to the hedging instruments for the three months and six months ended June 29, 2024 and July 1, 2023. Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Beginning balance $ 14.3 $ 13.6 $ 7.8 $ 19.3 Amount recognized in other comprehensive (loss) 3.3 11.3 14.0 8.6 Amount reclassified into earnings (4.1) (3.8) (8.3) (6.8) Ending balance $ 13.5 $ 21.1 $ 13.5 $ 21.1

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The table below summarizes the final allocation of fair value of assets acquired and liabilities assumed. (in millions) Sound United Cash consideration $ 1,057.5 Purchase price $ 1,057.5 Assets acquired: Cash and cash equivalents $ 82.6 Accounts receivables 108.5 Inventories 238.6 Prepaid expenses and other current assets 30.0 Property, plant and equipment 113.2 Intangible assets 649.0 Goodwill 318.0 Long-term other assets 7.4 Total assets acquired $ 1,547.3 Liabilities assumed: Accounts payable $ (118.8) Accrued liabilities and other current liabilities (148.9) Deferred tax liabilities (145.1) Other long-term liabilities (77.0) Total liabilities assumed $ (489.8) The following table sets forth the components of identifiable intangible assets acquired and the weighted average amortization period as of the acquisition date: Weighted average April 11, Trademarks/tradenames 10 $ 6.0 Customer relationships 17 196.0 Developed technology 8 156.0 Contractual license agreements 15 29.0 Subtotal 14 years $ 387.0 Indefinite trademarks/tradenames N/A 262.0 Total $ 649.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Number and Weighted Average Exercise Price of Options Issued and Outstanding under all Stock Option Plans	The number and weighted-average exercise price of options issued and outstanding under all of the Company’s equity plans are as follows: Six Months Ended (in millions, except for weighted-average exercise prices) Shares Weighted-Average Options outstanding, beginning of period 2.8 $ 87.79 Granted 0.1 126.49 Canceled — 164.32 Exercised (0.3) 37.53 Options outstanding, end of period 2.6 $ 93.89 Options exercisable, end of period 2.3 $ 83.48
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	The number of RSUs issued and outstanding under all of the Company’s equity plans are as follows: Six Months Ended (in millions, except for weighted-average grant date fair value amounts) Units Weighted-Average Grant RSUs outstanding, beginning of period 3.5 $ 105.87 Granted 0.2 126.70 Expired — 153.49 Vested (0.1) 176.44 RSUs outstanding, end of period 3.6 $ 104.57
Schedule of Nonvested Performance-based Units Activity	The number of PSUs outstanding under all of the Company’s equity plans are as follows: Six Months Ended (in millions, except for weighted-average grant date fair value amounts) Units Weighted-Average Grant PSUs outstanding, beginning of period 0.3 $ 190.04 Granted (1) 0.1 164.19 Expired — 250.73 Vested — 250.73 PSUs outstanding, end of period 0.4 $ 170.69 ______________ (1) On February 28, 2024, the Audit Committee approved the weighted payout percentage of 28% for the 2021 PSU awards (three-year performance period), which were based upon the actual fiscal 2023 performance against pre-established performance objectives. Included in the granted amount are those additional PSUs earned based on actual performance achieved. These PSUs were originally awarded at target.
Schedule of Range of Assumptions Used and Resulting Weighted-Average Fair Value of Options Granted at Date of Grant	The range of assumptions used and the resulting weighted-average fair value of options granted at the date of grant were as follows: Three Months Ended Six Months Ended June 29, 2024 (1) July 1 2023 (1) June 29, July 1, Risk-free interest rate —% —% 4.2% 4.2% Expected term (in years) — — 5.9 5.9 Estimated volatility —% —% 42.6% 36.7% Expected dividends —% —% —% —% Weighted-average fair value of options granted $— $— $59.60 $75.08 ______________ (1) No options were granted during the three months ended June 29, 2024 and July 1, 2023.

Non-operating Loss (Tables)

Non-operating Loss (Tables)	6 Months Ended
	Jun. 29, 2024
Nonoperating Income (Expense) [Abstract]
Schedule of Non-operating Loss	Non-operating loss consists of the following: Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Realized and unrealized foreign currency gains (losses) $ 1.4 $ 6.6 $ 3.2 $ 6.0 Interest income 1.2 0.7 2.4 1.4 Interest expense (11.0) (11.8) (23.1) (23.7) Total non-operating loss $ (8.4) $ (4.5) $ (17.5) $ (16.3)

Segment and Enterprise Report_2

Segment and Enterprise Reporting (Tables)	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Selected information by reportable segment is presented below for each of the three and six months ended June 29, 2024 and July 1, 2023: Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Revenues by segment: Healthcare $ 343.9 $ 281.1 $ 683.5 $ 627.8 Non-healthcare 152.4 174.2 305.6 392.5 Total revenue by segment $ 496.3 $ 455.3 $ 989.1 $ 1,020.3 Gross profit: Healthcare $ 214.9 $ 169.0 $ 426.3 $ 383.8 Non-healthcare 54.0 58.5 98.5 136.3 Other (1) (14.1) (6.3) (28.3) (14.1) Gross profit $ 254.8 $ 221.2 $ 496.5 $ 506.0 ____________________________ (1) Management excludes certain corporate expenses from segment gross profit. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment gross profit because management evaluates the operating results of the segments excluding such items. The Company’s depreciation and amortization by segment are as follows: Three Months Ended Six Months Ended (in millions) June 29, July 1, June 29, July 1, Total depreciation and amortization by segment: Healthcare $ 10.2 $ 9.3 $ 19.9 $ 18.4 Non-healthcare 13.7 15.8 28.3 32.9 Total depreciation and amortization by segment $ 23.9 $ 25.1 $ 48.2 $ 51.3

Description of the Company (Det

Description of the Company (Details)	6 Months Ended
	Jun. 29, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - Recurring - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Assets
Cash and cash equivalents	$ 94.5	$ 87
Money market funds	35.1	76
Equity securities	1.5	1.7
Pension assets	22.9	23.1
Total assets	168.4	200.4
Cash Flow Hedges
Assets
Derivative instruments	13.6	11.6
Warrants
Assets
Derivative instruments	0.8	1
Level 1
Assets
Cash and cash equivalents	94.5	87
Money market funds	35.1	76
Equity securities	1.5	1.7
Pension assets	16.8	16.8
Total assets	162.3	194.1
Level 1 | Cash Flow Hedges
Assets
Derivative instruments	13.6	11.6
Level 1 | Warrants
Assets
Derivative instruments	0.8	1
Level 2
Assets
Cash and cash equivalents	0	0
Money market funds	0	0
Equity securities	0	0
Pension assets	6.1	6.3
Total assets	6.1	6.3
Level 2 | Cash Flow Hedges
Assets
Derivative instruments	0	0
Level 2 | Warrants
Assets
Derivative instruments	0	0
Level 3
Assets
Cash and cash equivalents	0	0
Money market funds	0	0
Equity securities	0	0
Pension assets	0	0
Total assets	0	0
Level 3 | Cash Flow Hedges
Assets
Derivative instruments	0	0
Level 3 | Warrants
Assets
Derivative instruments	$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Detail)	Jun. 29, 2024
Minimum | Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Minimum | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years
Minimum | Demonstration units
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years
Minimum | Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years
Minimum | Machinery, equipment and tooling
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum | Transportation, vehicles and other
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	1 year
Maximum | Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	39 years
Maximum | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	12 years
Maximum | Demonstration units
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum | Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	15 years
Maximum | Machinery, equipment and tooling
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	20 years
Maximum | Transportation, vehicles and other
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	20 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Detail) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024 USD ($) shares	Jul. 01, 2023 USD ($) shares	Jun. 29, 2024 USD ($) segment reportingUnit shares	Jul. 01, 2023 USD ($) shares
Summary Of Significant Accounting Policies [Line Items]
Number of reporting units | reportingUnit			2
Number of sources of product revenue | segment			4
Advertising expense | $	$ 14.9	$ 14.4	$ 26.8	$ 28.9
Options to purchase of shares of common stock	1.4	0.7	1.4	0.7
Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Share-based compensation arrangement, grants in period (in shares)			0.2
Chief Executive Officer | Restricted Stock Units (RSUs)
Summary Of Significant Accounting Policies [Line Items]
Share-based compensation arrangement, grants in period (in shares)			2.7	2.7
Minimum
Summary Of Significant Accounting Policies [Line Items]
Revenue remaining performance obligation, expected timing of satisfaction	3 years		3 years
Payment terms			30 days
Warranty period for defects in material and workmanship			6 months
Maximum
Summary Of Significant Accounting Policies [Line Items]
Revenue remaining performance obligation, expected timing of satisfaction	6 years		6 years
Payment terms			60 days
Warranty period for defects in material and workmanship			48 months
Patents
Summary Of Significant Accounting Policies [Line Items]
Finite lived intangible asset useful life			10 years
Trademarks
Summary Of Significant Accounting Policies [Line Items]
Finite lived intangible asset useful life			17 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Changes in Product Warranty Accrual (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty accrual, beginning of period	$ 8.6	$ 10.6
Accrual for warranties issued	4.8	5.6
Changes in pre-existing warranties (including changes in estimates)	1.5	(5.9)
Settlements made	(5.8)	(1)
Product warranty accrual, end of period	$ 9.1	$ 9.3

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Reconciliation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net income per share:
Net income	$ 16	$ 18.9	$ 15.7	$ 21.3	$ 34.9	$ 37
Basic net income per share:
Weighted-average shares outstanding - basic (in shares)	53.1		52.8		53.1	52.7
Net income per basic share (in dollars per share)	$ 0.30		$ 0.30		$ 0.66	$ 0.70
Diluted net income per share:
Weighted-average shares outstanding - basic (in shares)	53.1		52.8		53.1	52.7
Diluted share equivalent: stock options, RSUs and PSUs (in shares)	1.2		1.6		1.2	1.6
Weighted-average shares outstanding - diluted (in shares)	54.3		54.4		54.3	54.3
Net income per diluted share (in dollars per share)	$ 0.29		$ 0.29		$ 0.64	$ 0.68

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023	Dec. 31, 2022
Cash paid during the year for:
Interest expense	$ 22.2	$ 23.3
Income taxes	25.5	24
Operating lease liabilities	12.1	10.6
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities	23.2	1.7
Non-cash investing activities:
Unpaid purchases of property and equipment	2.8	1.2
Unpaid strategic investments	0.2	0.9
Non-cash financing activities:
Unsettled common stock proceeds from option exercises	0.1	0.1
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	129.6	150.7	$ 163
Restricted cash	6	7.9
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 135.6	$ 158.6	$ 168.2	$ 209.6

Related Party Transactions (Det

Related Party Transactions (Details) ft² in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($) ft²	Jul. 01, 2023 USD ($)	Dec. 30, 2023 USD ($)	Jul. 03, 2021 USD ($)
Related Party
Related Party Transaction [Line Items]
Other current liabilities, related party		$ 3,900,000		$ 3,900,000		$ 4,200,000
Willow Laboratories
Related Party Transaction [Line Items]
Payment for administrative fees		100,000	$ 100,000	200,000	$ 200,000
Sublease income		300,000	300,000	600,000	600,000
Willow Laboratories | Related Party
Related Party Transaction [Line Items]
Payments for royalties		4,200,000	4,300,000	9,000,000	9,900,000
Other current liabilities, related party		3,800,000		$ 3,800,000		4,100,000
Leased Property
Related Party Transaction [Line Items]
Property plant and equipment, occupied square feet | ft²				34
Not for Profit Organization
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction (less than)		0	0	$ 1,000,000	1,000,000
Like Minded Media Ventures
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction (less than)		0	300,000	0	900,000
Like Minded Media Ventures | Related Party
Related Party Transaction [Line Items]
Other current liabilities, related party		0		0		$ 0
Like Minded Labs
Related Party Transaction [Line Items]
Finite-lived license agreements, gross							$ 3,000,000
Vantrix Corp | Purchase Commitment
Related Party Transaction [Line Items]
Related party transaction, purchases from related party	$ 500,000
Vantrix Corp | Options Held
Related Party Transaction [Line Items]
Related party transaction, purchases from related party	$ 1,100,000
Reimbursement Fee | Chief Executive Officer
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction (less than)		$ 0	$ 100,000	0	$ 100,000
Minimum | Related Party
Related Party Transaction [Line Items]
Payments for royalties				$ 5,000,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 243.4	$ 229.7
Work-in-process	28.4	30
Finished goods	241.2	285.3
Total inventories	$ 513	$ 545

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid income taxes	$ 44.2	$ 29.3
Prepaid expenses	40.8	58.3
Lease receivable, current	28.6	30.2
Indirect taxes receivable	25.6	28.6
Contract assets, current	7.4	6.7
Other receivables	6.8	6.8
Prepaid rebates and royalties, current	4.9	4.8
Restricted cash	2.8	3
Other current assets	0.8	0.7
Total other current assets	$ 161.9	$ 168.4

Lease Receivable - Narrative (D

Lease Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Variable lease income	$ 9	$ 10	$ 25	$ 29

Lease Receivable - Schedule of

Lease Receivable - Schedule of Sale-Type Lease Receivable (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Leases [Abstract]
Lease receivable	$ 95.4	$ 101.9
Allowance for credit loss	(0.3)	(0.3)
Lease receivable, net	95.1	101.6
Less: current portion of lease receivable	(28.6)	(30.2)
Lease receivable, non-current	$ 66.5	$ 71.4

Lease Receivable - Schedule o_2

Lease Receivable - Schedule of Sales-type Lease, Lease Receivable, Maturity (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Sales-Type Leases
2024 (balance of year)	$ 15.2
2025	26
2026	20.5
2027	14.7
2028	8.9
Thereafter	9.8
Lease receivable, net	95.1	$ 101.6
Less: imputed interest	0
Lease receivable, net	95.1
Operating Leases
2024 (balance of year)	6.1
2025	11.4
2026	10.6
2027	8.9
2028	6.2
Thereafter	9.9
Total	$ 53.1
Discount rate used to measure the net investment in lease	0%

Deferred Costs and Other Cont_3

Deferred Costs and Other Contract Assets (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred commissions	$ 21.7	$ 21.8
Unbilled contract receivables	19.8	17
Prepaid contract allowances	15.9	17
Deferred equipment agreements, net	1.4	1.5
Deferred costs and other contract assets	$ 58.8	$ 57.3

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 30, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment		$ 708.1		$ 686.8
Accumulated depreciation		(294.2)		(262.4)
Property and equipment, net		413.9		424.4
Idle undeveloped land held for sale			$ 11.4
Machinery, equipment and tooling
Property, Plant and Equipment [Line Items]
Total property and equipment		178.6		169.7
Building and building improvements
Property, Plant and Equipment [Line Items]
Total property and equipment		150.1		151
Operating lease assets
Property, Plant and Equipment [Line Items]
Total property and equipment		120.2		92.2
Land
Property, Plant and Equipment [Line Items]
Total property and equipment		54.2		66.2
Gain on sale of land	$ 0.9
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment		45.4		45.5
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment		40.3		37.5
Transportation, vehicles and other
Property, Plant and Equipment [Line Items]
Total property and equipment		33		34
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment		18.9		20.4
Demonstration units
Property, Plant and Equipment [Line Items]
Total property and equipment		11.8		11.1
Construction-in-progress (CIP)
Property, Plant and Equipment [Line Items]
Total property and equipment		$ 55.6		$ 59.2

Property and Equipment, net - N

Property and Equipment, net - Narrative (Detail) $ in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Feb. 14, 2022 CAD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Dec. 31, 2022 CAD ($)
Property, Plant and Equipment [Line Items]
Depreciation		$ 10.8	$ 10.7	$ 21.3	$ 22.6
Amortization of equipment leased to customers		6.3	4.2	12.7	7.2
Accumulated amortization of equipment leased to customers		$ 1.1	$ 1.5	$ 1.1	$ 1.5
Property, plant and equipment, additions	$ 123
Escrow deposit						$ 21

Intangible Assets, net - Schedu

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Jun. 29, 2024	Dec. 30, 2023
Intangible assets subject to amortization:
Gross Carrying Amount	$ 552.3		$ 468.7	$ 552.3
Accumulated Amortization	(132.4)		(78.2)	(132.4)
Net Carrying Amount	419.9		$ 390.5	$ 419.9
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]			Operating Expenses	Operating Expenses
Intangible assets not subject to amortization:
Trademarks	232.4		$ 215.6	$ 232.4
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]			Operating Expenses	Operating Expenses
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	652.3		$ 606.1	$ 652.3
Trademarks
Intangible assets not subject to amortization:
Trademarks	242.4		215.6	242.4
Impairment charge	(3)	$ (7)	0	(10)
Total trademarks	232.4		215.6	232.4
Customer relationships
Intangible assets subject to amortization:
Gross Carrying Amount	209.2		177.5	209.2
Accumulated Amortization	(31.5)		(15.3)	(31.5)
Net Carrying Amount	177.7		162.2	177.7
Acquired technologies
Intangible assets subject to amortization:
Gross Carrying Amount	174.7		131	174.7
Accumulated Amortization	(45.3)		(19)	(45.3)
Net Carrying Amount	129.4		112	129.4
Capitalized software development costs
Intangible assets subject to amortization:
Gross Carrying Amount	53.9		50.6	53.9
Accumulated Amortization	(15.2)		(6.7)	(15.2)
Net Carrying Amount	38.7		43.9	38.7
Licenses
Intangible assets subject to amortization:
Gross Carrying Amount	39.7		35.9	39.7
Accumulated Amortization	(7.4)		(5.4)	(7.4)
Net Carrying Amount	32.3		30.5	32.3
Licenses | Willow Laboratories
Intangible assets subject to amortization:
Gross Carrying Amount	7.5		7.5	7.5
Accumulated Amortization	(6.7)		(6.9)	(6.7)
Net Carrying Amount	0.8		0.6	0.8
Patents
Intangible assets subject to amortization:
Gross Carrying Amount	39.2		42.1	39.2
Accumulated Amortization	(15.2)		(16.4)	(15.2)
Net Carrying Amount	24		25.7	24
Trademarks
Intangible assets subject to amortization:
Gross Carrying Amount	20.1		19	20.1
Accumulated Amortization	(7.4)		(7)	(7.4)
Net Carrying Amount	12.7		12	12.7
Non-compete agreements
Intangible assets subject to amortization:
Gross Carrying Amount	6.3		3.4	6.3
Accumulated Amortization	(2.6)		(0.4)	(2.6)
Net Carrying Amount	3.7		3	3.7
Other
Intangible assets subject to amortization:
Gross Carrying Amount	1.7		1.7	1.7
Accumulated Amortization	(1.1)		(1.1)	(1.1)
Net Carrying Amount	$ 0.6		$ 0.6	$ 0.6

Intangible Assets, net - Narrat

Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 13.1			$ 14.4	$ 26.9	$ 28.7
Trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment charge		$ 3	$ 7		$ 0		$ 10
Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life					12 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life					14 years
Patents And Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, cost incurred to renew or extend	$ 0.3			$ 0.2	$ 0.7	$ 0.5
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted average number of years until the next renewal					2 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted average number of years until the next renewal					6 years

Intangible Assets, net - Sche_2

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (balance of year)	$ 26.8
2025	52.1
2026	47.6
2027	39.8
2028	39.5
Thereafter	184.7
Net Carrying Amount	$ 390.5	$ 419.9

Goodwill (Details)

Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 407.7
Foreign currency translation adjustment	(18.7)
Goodwill, end of period	389
Healthcare
Goodwill [Roll Forward]
Goodwill, beginning of period	98.6
Foreign currency translation adjustment	(1)
Goodwill, end of period	97.6
Non-healthcare
Goodwill [Roll Forward]
Goodwill, beginning of period	309.1
Foreign currency translation adjustment	(17.7)
Goodwill, end of period	$ 291.4

Lessee ROU Assets and Lease L_3

Lessee ROU Assets and Lease Liabilities - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 29, 2024 USD ($)	Mar. 30, 2024 USD ($) lease	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Dec. 30, 2023 USD ($)
Leases [Abstract]
Lessee, operating lease, renewal term	5 years			5 years
Operating lease, weighted average discount rate	4.60%			4.60%
Accumulated amortization for lessee ROU assets	$ 52.5			$ 52.5		$ 48.9
Weighted average remaining lease term	5 years 4 months 24 days			5 years 4 months 24 days
Operating lease, cost	$ 6.3		$ 5.2	$ 11.9	$ 10.3
Segment Reporting Information [Line Items]
Lessee ROU assets, net	$ 76.1			$ 76.1		$ 59.1
Non-healthcare
Segment Reporting Information [Line Items]
Number of under-utilized operating lease | lease		1
Remaining lease term		3 years
Lessee ROU assets, net		$ 5.8
Undiscounted future expected cash flows		1.5
Impairment charge		$ 3.9

Lessee ROU Assets and Lease L_4

Lessee ROU Assets and Lease Liabilities - Schedule of Lessee Operating Lease Balance Sheet Classification (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Leases [Abstract]
Lessee ROU assets	$ 76.1	$ 59.1
Lessee current lease liabilities	20.1	18.2
Lessee non-current lease liabilities	61.7	45.8
Total operating lease liabilities	$ 81.8	$ 64
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Lessee ROU Assets and Lease L_5

Lessee ROU Assets and Lease Liabilities - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Leases [Abstract]
2024 (balance of year)	$ 11.6
2025	21.6
2026	17
2027	12.4
2028	11.7
Thereafter	19.6
Total	93.9
Imputed interest	(12.1)
Present value	$ 81.8	$ 64

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Other Assets Long Term [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total non-current assets	Total non-current assets
Lessee ROU assets, net	$ 76.1	$ 59.1
Prepaid deposits and other	8.2	6.4
Strategic investments	6.9	7.2
Restricted cash	3.2	2.2
Equity investments - fair value	2.3	2.7
Other non-current assets	0.2	0.3
Total non-current assets	110.4	89.3
Cash Flow Hedges
Other Assets Long Term [Line Items]
Derivative assets - non-current	$ 13.5	$ 11.4

Deferred Revenue and Other Co_3

Deferred Revenue and Other Contract Liabilities, Current - Schedule of Deferred Revenue and Other Contract Liabilities, Current (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Deferred revenue	$ 63.8	$ 63.8
Accrued rebates and allowances	32.2	37.5
Accrued customer reimbursements	10.1	12.4
Total deferred revenue and other contract liabilities	106.1	113.7
Less: Non-current portion of deferred revenue	(26.3)	(26.4)
Deferred revenue and other contract liabilities, current	$ 79.8	$ 87.3

Deferred Revenue and Other Co_4

Deferred Revenue and Other Contract Liabilities, Current - Narrative (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Oct. 31, 2020
Deferred Income [Line Items]
Deferred revenue	$ 63.8	$ 63.8
Bowers and Wilkins
Deferred Income [Line Items]
Royalty prepayment			$ 20
Deferred revenue	13.5		$ 35
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Deferred Income [Line Items]
Unrecognized contract revenue	$ 1,601.9
Revenue remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30 | Twelve Months and Thereafter
Deferred Income [Line Items]
Unrecognized contract revenue	$ 416.6
Revenue remaining performance obligation, expected timing of satisfaction	12 months

Deferred Revenue and Other Co_5

Deferred Revenue and Other Contract Liabilities, Current - Schedule of Changes in Deferred Revenue (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of the period	$ 63.8
Revenue deferred during the period	15.9
Recognition of revenue deferred in prior periods	(15.9)
Deferred revenue, end of the period	$ 63.8

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Other Current Liabilities [Line Items]
Long-term debt, current	$ 35.1	$ 34.3
Accrued expenses	28.5	26.3
Accrued indirect taxes payable	23.8	23.9
Accrued legal fees	21.3	9.9
Lessee lease liabilities, current	20.1	18.2
Income tax payable	14.6	16.1
Accrued property taxes	9.2	10.2
Accrued warranty	9.1	8.6
Accrued donations	3.5	4
Total other current liabilities	178.2	162.4
Nonrelated Party
Other Current Liabilities [Line Items]
Other current liabilities, related party payables	9.1	6.7
Related Party
Other Current Liabilities [Line Items]
Other current liabilities, related party payables	$ 3.9	$ 4.2

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Debt, current portion	$ 35.1	$ 34.3
Debt, long-term	746.5	871.7
Total debt	781.6	906
Term Loan
Debt Instrument [Line Items]
Debt, current portion	15	11.3
Debt, long-term	264.9	271.4
Revolver
Debt Instrument [Line Items]
Debt, long-term	474.5	591.5
Japanese Loans
Debt Instrument [Line Items]
Debt, current portion	20.1	23
Debt, long-term	$ 7.1	$ 8.8

Debt - Narrative (Details)

Debt - Narrative (Details)

1 Months Ended

3 Months Ended

6 Months Ended

Feb. 28, 2023 USD ($)

Apr. 11, 2022 USD ($)

Mar. 31, 2020 USD ($)

Jun. 29, 2024 USD ($)

Jul. 01, 2023 USD ($)

Jun. 29, 2024 USD ($)

Jul. 01, 2023 USD ($)

Feb. 28, 2023 JPY (¥)

May 16, 2022 USD ($)

May 31, 2021 USD ($)

May 31, 2021 JPY (¥)

Apr. 30, 2021 USD ($)

Apr. 30, 2021 JPY (¥)

Jun. 30, 2020 USD ($)

Jun. 30, 2020 JPY (¥)

Mar. 31, 2020 JPY (¥)

New Credit Facility Agreement

Debt Instrument [Line Items]

Accordion feature, increase limit

$ 400,000,000

New Credit Facility Agreement | Adjusted Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Variable rate

1%

New Credit Facility Agreement | Fed Funds Effective Rate Overnight Index Swap Rate

Debt Instrument [Line Items]

Variable rate

0.50%

New Credit Facility Agreement | Adjusted Secured Overnight Financing Rate (SOFR), One-Month Interest Period

Debt Instrument [Line Items]

Variable rate

0.10%

New Credit Facility Agreement | Adjusted Secured Overnight Financing Rate (SOFR), Three-Month Interest Period

Debt Instrument [Line Items]

Variable rate

0.15%

New Credit Facility Agreement | Adjusted Secured Overnight Financing Rate (SOFR), Six-Month Interest Period

Debt Instrument [Line Items]

Variable rate

0.25%

New Credit Facility Agreement | Minimum

Debt Instrument [Line Items]

Commitment fee percentage

0.15%

New Credit Facility Agreement | Minimum | Alternate Base Rate

Debt Instrument [Line Items]

Variable rate

0%

New Credit Facility Agreement | Minimum | Adjusted Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Variable rate

1%

New Credit Facility Agreement | Maximum

Debt Instrument [Line Items]

Commitment fee percentage

0.275%

New Credit Facility Agreement | Maximum | Alternate Base Rate

Debt Instrument [Line Items]

Variable rate

0.75%

New Credit Facility Agreement | Maximum | Adjusted Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Variable rate

1.75%

Japanese Government Loans

Debt Instrument [Line Items]

Debt instrument face amount

$ 9,200,000

¥ 1,480,000,000

Average interest rate

1.33%

1.33%

Japanese Equipment Loans

Debt Instrument [Line Items]

Debt instrument face amount

$ 500,000

¥ 80,000,000

$ 900,000

¥ 150,000,000

Average interest rate

1.20%

1.20%

0.58%

0.58%

Revolving Credit Facility

Debt Instrument [Line Items]

Interest expense

$ 10,600,000

$ 11,000,000

$ 21,800,000

$ 22,000,000

Revolving Credit Facility | New Credit Facility Agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 500,000,000

$ 705,000,000

Accordion feature, increase limit

$ 205,000,000

Revolving Credit Facility | Line of Credit | Japanese Revolving Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 18,600,000

$ 5,000,000

¥ 3,000,000,000

¥ 800,000,000

Debt issuance costs

$ 100,000

$ 100,000

¥ 22,000,000

¥ 7,200,000

Variable rate

0.75%

0.50%

Revolving Credit Facility | Line of Credit | Initial Lenders

Debt Instrument [Line Items]

Debt issuance costs

8,400,000

Unsecured Debt | New Credit Facility Agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

300,000,000

Letter of Credit | New Credit Facility Agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 50,000,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Millions	Jun. 29, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (balance of year)	$ 27
2025	16.5
2026	16.5
2027	718.3
2028	1
Thereafter	2.3
Total	$ 781.6

Other Non-Current Liabilities_2

Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Other Liabilities Disclosure [Abstract]
Lessee non-current lease liabilities	$ 61.7	$ 45.8
Unrecognized tax benefits	28.8	24.4
Deferred revenue, non-current	26.3	26.4
Projected benefit obligation	9.1	9.5
Income tax payable, non-current	0	7.1
Indirect tax payable, non-current	0	8.4
Other	4.4	7.9
Total other non-current liabilities	$ 130.3	$ 129.5

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net of tax gain (loss) on derivatives	$ (0.6)	$ 4.9	$ 5.6	$ (4.3)	$ 4.3	$ 1.3
Forecast | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net of tax gain (loss) on derivatives							$ 10.8
Designated as Hedging Instrument | Interest rate contracts, inclusive of accrued interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average fixed interest rate related to derivative contracts	3.26%				3.26%
Maturities of derivative contracts					3 years

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedging instruments	$ 13.6	$ 8
Interest rate contracts, inclusive of accrued interest | Other non-current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedging instruments	13.6	11.6
Interest rate contracts, inclusive of accrued interest | Other non-current liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedging instruments	$ 0	$ (3.6)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) reclassified from accumulated other comprehensive income	$ 4.1	$ 3.8	$ 8.3	$ 6.8
Designated as Hedging Instrument | Interest rate contracts, inclusive of accrued interest | Non-operating (loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) reclassified from accumulated other comprehensive income	$ 4.1	$ 3.8	$ 8.3	$ 6.8

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 14.3	$ 13.6	$ 7.8	$ 19.3
Amount recognized in other comprehensive (loss)	3.3	11.3	14	8.6
Amount reclassified into earnings	(4.1)	(3.8)	(8.3)	(6.8)
Ending balance	$ 13.5	$ 21.1	$ 13.5	$ 21.1

Business Combinations - Narrati

Business Combinations - Narrative (Details) - Sound United - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 11, 2022	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Business Acquisition [Line Items]
Percentage of voting interests acquired	100%
Cash consideration	$ 1,057.5
Revenue		$ 151.8	$ 174.1	$ 304.2	$ 390.7
Net loss		6.8	5.7	25.7	3.3
Transaction costs		$ 0	$ 0	$ 0	$ 0
Contractual license agreements
Business Acquisition [Line Items]
Weighted average amortization period before renewal (in years)	5 years

Business Combinations - Fair Va

Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Apr. 11, 2022	Jun. 29, 2024	Dec. 30, 2023
Assets acquired:
Goodwill		$ 389	$ 407.7
Sound United
Business Acquisition [Line Items]
Cash consideration	$ 1,057.5
Purchase price	1,057.5
Assets acquired:
Cash and cash equivalents	82.6
Accounts receivables	108.5
Inventories	238.6
Prepaid expenses and other current assets	30
Property, plant and equipment	113.2
Intangible assets	649
Goodwill	318
Long-term other assets	7.4
Total assets acquired	1,547.3
Liabilities assumed:
Accounts payable	(118.8)
Accrued liabilities and other current liabilities	(148.9)
Deferred tax liabilities	(145.1)
Other long-term liabilities	(77)
Total liabilities assumed	$ (489.8)

Business Combinations - Schedul

Business Combinations - Schedule of Acquired Intangible Assets (Details) - Sound United $ in Millions	Apr. 11, 2022 USD ($)
Business Acquisition [Line Items]
Weighted average amortization period (in years)	14 years
Finite lived intangible assets	$ 387
Indefinite intangible assets	262
Total	$ 649
Trademarks/tradenames
Business Acquisition [Line Items]
Weighted average amortization period (in years)	10 years
Finite lived intangible assets	$ 6
Customer relationships
Business Acquisition [Line Items]
Weighted average amortization period (in years)	17 years
Finite lived intangible assets	$ 196
Developed technology
Business Acquisition [Line Items]
Weighted average amortization period (in years)	8 years
Finite lived intangible assets	$ 156
Contractual license agreements
Business Acquisition [Line Items]
Weighted average amortization period (in years)	15 years
Finite lived intangible assets	$ 29

Equity (Details)

Equity (Details) - $ / shares	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023	Sep. 20, 2022	Jun. 30, 2022
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Repurchase of common stock (in shares)	0
Rights to Purchase Series A Junior Participating Preferred Stock
Class of Stock [Line Items]
Preferred stock purchase right declared for each share of common stock			1
Preferred stock, par value (in dollars per share)			$ 0.001
Purchase price per each right (in dollars per share)			$ 1,000
Rights to Purchase Series A Junior Participating Preferred Stock | Minimum
Class of Stock [Line Items]
Threshold percentage to exercise purchase right			10%
Rights to Purchase Series A Junior Participating Preferred Stock | Maximum
Class of Stock [Line Items]
Threshold percentage to exercise purchase right			20%
Common Stock | 2022 Repurchase Program
Class of Stock [Line Items]
Number of common shares authorized to be repurchased under new stock repurchase program				5,000,000
Stock repurchase program, remaining number of shares available for repurchase (in shares)	5,000,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2020	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Jun. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense (benefit)		$ 13.5	$ (8.6)	$ 23.1	$ (1.3)
Common stock, capital shares reserved for future issuance (in shares)		9,600,000		9,600,000
Options available for grant, end of period (in shares)		3,100,000		3,100,000
Award vesting period				three
Aggregate intrinsic value of options outstanding		$ 117.2		$ 117.2
Aggregate exercisable intrinsic value of options outstanding		117.2		117.2
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense (benefit)		1.9	2.2	4	4.6
Share-based payment arrangement, cost not yet recognized, amount		17.6		$ 17.6
Share-based payment arrangement, period for recognition (in years)				3 years 1 month 6 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense (benefit)		8.3	5.2	$ 15.5	9.4
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		96.8		$ 96.8
Share-based compensation arrangement outstanding, weighted average remaining contractual terms (in years)				3 years 4 months 24 days
Granted (in units)				200,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense (benefit)		3.3	$ (16)	$ 3.6	$ (15.3)
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 32.9		$ 32.9
Share-based compensation arrangement outstanding, weighted average remaining contractual terms (in years)				1 year 8 months 12 days
Granted (in units)				100,000
Performance Shares | Minimum | 2021 PSU Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in units)				155,156
Share-based compensation arrangement by share-based payment award, range of percentage payout		0%		0%
Performance Shares | Maximum | 2021 PSU Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, range of percentage payout		200%		200%
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of additional shares authorized (in shares)	2,500,000
2017 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for grant, end of period (in shares)						5,000,000
2017 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for grant, end of period (in shares)	7,500,000
2007 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for grant, end of period (in shares)	5,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Number and Weighted Average Exercise Price of Options Issued and Outstanding under all Stock Option Plans (Detail) - $ / shares shares in Millions	6 Months Ended
	Jun. 29, 2024
Shares
Options outstanding, beginning of period (in shares)	2.8
Granted (in shares)	0.1
Canceled (in shares)	0
Exercised (in shares)	(0.3)
Options outstanding, end of period (in shares)	2.6
Options exercisable, end of period (in shares)	2.3
Weighted-Average Exercise Price
Options outstanding, beginning of period (in usd per share)	$ 87.79
Granted (in usd per share)	126.49
Canceled (in usd per share)	164.32
Exercised (in usd per share)	37.53
Options outstanding, end of period (in usd per share)	93.89
Options exercisable, end of period (in dollars per share)	$ 83.48

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Units Activity (Detail) - $ / shares shares in Millions		6 Months Ended
	Feb. 28, 2024	Jun. 29, 2024	Dec. 30, 2023
Restricted Stock Units (RSUs)
Units
Beginning of period (in shares)		3.5
Granted (in units)		0.2
Expired (in units)		0
Vested (in units)		(0.1)
End of period (in shares)		3.6
Weighted-Average Grant Date Fair Value
Beginning of period (in dollars per share)		$ 104.57	$ 105.87
Granted (in dollars per share)		126.70
Canceled (in dollars per share)		153.49
Vested (in dollars per share)		176.44
End of period, fair value (in dollars per share)		$ 104.57
Performance Shares
Units
Beginning of period (in shares)		0.3
Granted (in units)		0.1
Expired (in units)		0
Vested (in units)		0
End of period (in shares)		0.4
Weighted-Average Grant Date Fair Value
Beginning of period (in dollars per share)		$ 170.69	$ 190.04
Granted (in dollars per share)		164.19
Canceled (in dollars per share)		250.73
Vested (in dollars per share)		250.73
End of period, fair value (in dollars per share)		$ 170.69
Weighted payout percentage	28%
Award vesting period	3 years

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Range of Assumptions Used and Resulting Weighted-Average Fair Value of Options Granted at Date of Grant (Detail) - $ / shares	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Range of assumptions used and resulting weighted-average fair value of options granted at the date of grant
Risk-free interest rate	4.20%	4.20%
Expected term (in years)	5 years 10 months 24 days	5 years 10 months 24 days
Estimated volatility	42.60%	36.70%
Expected dividends	0%	0%
Weighted-average fair value of options granted (in dollars per share)	$ 59.60	$ 75.08

Employee Benefits (Details)

Employee Benefits (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024 USD ($) plan	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($) plan	Jul. 01, 2023 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, number of plans | plan	1		1
Masimo Retirement Savings Plan
Defined Contribution Plan Disclosure [Line Items]
Percent of employees' gross pay			100%
Percent of match			3%
Company's contribution to employee retirement savings plan	$ 1.3	$ 1.3	$ 2.5	$ 2.7
Masimo Retirement Savings Plan | Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Company's contribution to employee retirement savings plan	$ 1.3	$ 1.4	$ 2.9	$ 2.8

Non-operating Loss (Details)

Non-operating Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Nonoperating Income (Expense) [Abstract]
Realized and unrealized foreign currency gains (losses)	$ 1.4	$ 6.6	$ 3.2	$ 6
Interest income	1.2	0.7	2.4	1.4
Interest expense	(11)	(11.8)	(23.1)	(23.7)
Total non-operating loss	$ (8.4)	$ (4.5)	$ (17.5)	$ (16.3)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Other tax benefit	$ 2	$ 0.5	$ 3.3	$ 2.9
Gross unrecognized tax benefit	37.3		37.3
Unrecognized tax benefit that would affect effective tax rate	$ 34.7		$ 34.7

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions			1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 30, 2023 patent	Oct. 13, 2020 patent	Feb. 28, 2023 patent	Jul. 31, 2017	Jun. 29, 2024 USD ($) executiveOfficer distributor customer	Jul. 01, 2023 distributor	Jun. 29, 2024 USD ($) executiveOfficer customer distributor	Jul. 01, 2023 distributor	Apr. 12, 2024 USD ($) agreement	Dec. 30, 2023 customer	Oct. 20, 2022 complaint
Contingencies And Commitments [Line Items]
Severance plan participation agreements | executiveOfficer					6		6
Required notice of resignation							6 months
Royalty obligation					$ 5		$ 5
License fee					2.5		2.5
Change in control					15		15
Royalty guarantees, commitments, additional, change in control					2		2
Remaining commitment					271.7		271.7
Other commitment					5		5
Number of endorsement agreements | agreement									2
Principal amount of endorsement agreement									$ 11.5
Endorsement agreement minimum guaranteed royalty payment							0.5
Endorsement agreement outstanding obligation					9.3		9.3
Bank balances					129.6		129.6
Bank balance covered by federal deposit insurance corporation limit					$ 9.1		$ 9.1
Minimum
Contingencies And Commitments [Line Items]
Endorsement agreement term (in months)									18 months
Maximum
Contingencies And Commitments [Line Items]
Endorsement agreement term (in months)									36 months
Masimo Vs. Apple Inc
Contingencies And Commitments [Line Items]
Number of patents found infringed | patent	1		2
Masimo Vs. Apple Inc | Pending Litigation
Contingencies And Commitments [Line Items]
Asserted patents found valid | patent		3
Asserted patents found invalid | patent		9
Apple, Inc. Patent Infringement | Pending Litigation
Contingencies And Commitments [Line Items]
Number of complaints | complaint											2
Revenue Benchmark
Contingencies And Commitments [Line Items]
Distributors | distributor					1	1	1	1
Accounts Receivable
Contingencies And Commitments [Line Items]
Concentration risk, AR balance one customer | customer					1		1			1
GPO Members | Revenue Benchmark | Customer Concentration Risk
Contingencies And Commitments [Line Items]
Concentration risk, percentage					59.80%	58.50%	58.20%	54.10%
Just in time distributor one | Revenue Benchmark | Customer Concentration Risk
Contingencies And Commitments [Line Items]
Concentration risk, percentage					20.80%	12%	18.50%	10.30%
Customer One | Accounts Receivable | Customer Concentration Risk
Contingencies And Commitments [Line Items]
Percentage of accounts receivable balance					10.80%		10.80%			18.10%
Chief Executive Officer
Contingencies And Commitments [Line Items]
Severance payment period				3 years
Qualifying termination							$ 479.7
Chief Executive Officer | Cash Distribution
Contingencies And Commitments [Line Items]
Severance terms				50%
Chief Executive Officer | Restricted Stock Units (RSUs)
Contingencies And Commitments [Line Items]
Severance terms				50%

Segment and Enterprise Report_3

Segment and Enterprise Reporting - Schedule of Segment Reporting Information, by Segment (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($) segment	Jul. 01, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			2
Number of reportable segments | segment			2
Segment Reporting Information [Line Items]
Total revenue by segment	$ 496.3	$ 455.3	$ 989.1	$ 1,020.3
Gross profit:	254.8	221.2	496.5	506
Depreciation and amortization	23.9	25.1	48.2	51.3
Intersegment
Segment Reporting Information [Line Items]
Total revenue by segment	0.5	0	1.1	0
Operating Segments
Segment Reporting Information [Line Items]
Total revenue by segment	496.3	455.3	989.1	1,020.3
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gross profit:	(14.1)	(6.3)	(28.3)	(14.1)
Healthcare
Segment Reporting Information [Line Items]
Depreciation and amortization	10.2	9.3	19.9	18.4
Healthcare | Operating Segments
Segment Reporting Information [Line Items]
Total revenue by segment	343.9	281.1	683.5	627.8
Gross profit:	214.9	169	426.3	383.8
Non-healthcare
Segment Reporting Information [Line Items]
Depreciation and amortization	13.7	15.8	28.3	32.9
Non-healthcare | Operating Segments
Segment Reporting Information [Line Items]
Total revenue by segment	152.4	174.2	305.6	392.5
Gross profit:	$ 54	$ 58.5	$ 98.5	$ 136.3