Balance Sheet Details

12 Months Ended

Dec. 27, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

Balance Sheet Details

The detail of certain assets in the consolidated balance sheets consists of the following:

Cash and cash equivalents

The Company’s cash equivalents consist of overnight cash sweep accounts that are invested on a daily basis. Cash and cash equivalents at December 27, 2020 and December 29, 2019 were $380.8 million and $172.6 million, respectively, and approximated their fair value.

Accounts receivable, net and Unbilled receivables, net

Receivables including amounts due under long-term contracts are summarized as follows (in millions):

	December 27, 2020		December 29, 2019
Billed, current	$	97.0	$	86.6
Unbilled, current	177.1		179.7
Total current accounts receivable	274.1		266.3
Allowance for doubtful accounts	(1.8)		(1.9)
Total accounts receivable and unbilled receivables, net	$	272.3	$	264.4

Substantially all accounts receivable at December 27, 2020, are expected to be collected in 2021. The Company does not believe it has significant exposure to credit risk, as accounts receivable and the related unbilled amounts are primarily from contracts associated with the U.S. Government.

U.S. Government contract receivables where the Company is the prime contractor included in accounts receivable, net (in millions):

	December 27, 2020		December 29, 2019
Billed	$	19.5	$	16.6
Unbilled	77.9		86.4
Total U.S. Government contract receivables	$	97.4	$	103.0

Inventoried costs (in millions): 

	December 27, 2020		December 29, 2019
Raw materials	$	47.3	$	39.1
Work in process	30.1		20.3
Finished goods	3.8		1.7
Total inventoried costs	$	81.2	$	61.1

Property, plant and equipment, net (in millions)

	December 27, 2020		December 29, 2019
Finance lease right of use assets	$	40.6	$	39.6
Land and buildings	$	19.1	$	12.2
Computer equipment and software	37.0		32.7
Machinery and equipment	105.3		78.7
Furniture and office equipment	7.9		7.1
Leasehold improvements	15.0		12.3
Construction in progress	18.2		16.0
Property and equipment	243.1		198.6
Accumulated depreciation and amortization	(99.3)		(81.7)
Total property and equipment, net	$	143.8	$	116.9

Depreciation expense was $17.8 million, $16.0 million and $12.0 million for the years ended December 27, 2020, December 29, 2019, and December 30, 2018, respectively.