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 | 1 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) | October 1, 2022 | | January 1, 2022 | | Building and building improvements | $ | 150.0 | | | $ | 142.1 | | | Machinery, equipment and tooling | 140.0 | | | 103.5 | | | Land | 64.0 | | | 57.0 | | | Computer equipment and software | 41.6 | | | 32.5 | | | Transportation, vehicles and other | 32.7 | | | 33.1 | | | Leasehold improvements | 30.9 | | | 21.9 | | | | | | | | Operating lease assets(1) | 22.8 | | | — | | | Furniture and office equipment | 17.8 | | | 14.2 | | | Demonstration units | 10.4 | | | 0.9 | | | Construction-in-progress (CIP) | 45.9 | | | 25.1 | | | Total property and equipment | 556.1 | | | 430.3 | | | Accumulated depreciation | (183.9) | | | (157.5) | | | Property and equipment, net | $ | 372.2 | | | $ | 272.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ______________(1) Effective January 2, 2022, the Company adopted ASU 2021-05, resulting in the Company recording these operating lease assets within property, plant, and equipment.
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