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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
The following table summarizes property, plant and equipment, net as of December 30, 2023 and December 31, 2022:
 December 30, 2023December 31, 2022
(in millions of U.S. dollars)Estimated Useful Life in YearsCostAccumulated DepreciationNetCostAccumulated DepreciationNet
Landn/a$79.5 $— $79.5 $76.7 $— $76.7 
Buildings
10 - 40
79.5 38.4 41.1 77.0 35.2 41.8 
Machinery and equipment
5 - 15
120.4 64.0 56.4 104.5 59.5 45.0 
Plates, films and molds
1 - 10
0.8 0.4 0.4 0.8 0.4 0.4 
Vehicles and transportation equipment
3 - 15
128.8 88.0 40.8 112.0 79.1 32.9 
Leasehold improvements 1
16.8 11.1 5.7 14.6 10.3 4.3 
IT systems
3 - 7
22.7 16.9 5.8 20.2 14.8 5.4 
Furniture and fixtures
3 - 10
6.4 5.7 0.7 6.3 5.4 0.9 
Customer equipment 2
2 - 15
456.2 221.2 235.0 449.4 197.8 251.6 
Returnable bottles 3
1.5 - 5
125.1 79.0 46.1 100.6 55.8 44.8 
Finance leases 4
91.2 46.2 45.0 80.3 34.6 45.7 
Total$1,127.4 $570.9 $556.5 $1,042.4 $492.9 $549.5 
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1Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life.
2Customer equipment consists of coolers, refill equipment, brewers, refrigerators, water purification devices and storage racks held on site at customer locations.
3Returnable bottles are those bottles on site at customer locations.
4Our recorded assets under finance leases relate to machinery and equipment, customer equipment, IT systems and vehicles and transportation equipment.
The amounts above include construction-in-progress of $4.6 million and $1.4 million as of December 30, 2023, December 31, 2022, respectively.
Depreciation expense, which includes depreciation recorded for assets under finance leases, was $152.7 million, $140.0 million, and $120.7 million for the years ended December 30, 2023, December 31, 2022, and January 1, 2022, respectively.
Property Sales
For the year ended December 30, 2023, the Company completed the sale of five owned real properties for an aggregate sales price, net of closing costs, of $31.0 million, resulting in a gain of $21.0 million included within gain on sale of property on the Consolidated Statements of Operations.
During the second quarter of 2022, we classified four of our owned real properties as held for sale. On December 29, 2022, the Company completed the sale of two of the properties for an aggregate sales price, net of closing costs, of $50.1 million. As of December 31, 2022, $4.6 million of the proceeds were being held in escrow for the future purchase of property which was completed during 2023. These funds were included in cash and cash equivalents on the Consolidated Balance Sheet as of December 31, 2022. The transactions qualified for sale recognition under the sale-leaseback accounting requirements and the Company recorded a gain of $38.8 million included within gain on sale of property on the Consolidated Statements of Operations.
As part of the transactions, we entered into a leaseback of each of the properties (for a term of three years and five years, respectively). The leases are classified as operating leases and the Company recorded aggregate right-of-use assets and liabilities of $11.6 million. The Company entered into a sublease for one of the properties which resulted in an impairment of the right-of-use asset of $5.2 million recorded within selling, general and administrative expenses on the Consolidated Statements of Operations.
As of December 30, 2023 and December 31, 2022, we had $3.2 million and $10.3 million, respectively, related to properties held for sale which is included within prepaid expenses and other current assets on the Consolidated Balance Sheets.