Balance Sheet Details

12 Months Ended

Dec. 26, 2021

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 26, 2021 and December 27, 2020 were $349.4 million and $380.8 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 26, 2021		December 27, 2020
Billed, current	$	94.2	$	97.0
Unbilled, current	190.9		177.1
Total current accounts receivable	285.1		274.1
Allowance for doubtful accounts	(0.4)		(1.8)
Total accounts receivable and unbilled receivables, net	$	284.7	$	272.3

Substantially all accounts receivable at December 26, 2021, are expected to be collected in 2022. 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 26, 2021		December 27, 2020
Billed	$	11.3	$	19.5
Unbilled	93.6		77.9
Total U.S. Government contract receivables	$	104.9	$	97.4

Inventoried costs (in millions): 

	December 26, 2021		December 27, 2020
Raw materials	$	58.5	$	47.3
Work in process	28.5		30.1
Finished goods	4.7		3.8
Total inventoried costs	$	91.7	$	81.2

Property, plant and equipment, net (in millions)

	December 26, 2021		December 27, 2020
Finance lease right of use assets	$	46.4	$	40.6
Land and buildings	19.8		19.1
Computer equipment and software	40.0		37.0
Machinery and equipment	109.1		105.3
Furniture and office equipment	7.6		7.9
Leasehold improvements	16.9		15.0
Construction in progress	45.3		18.2
Property and equipment	285.1		243.1
Accumulated depreciation and amortization	(116.8)		(99.3)
Total property and equipment, net	$	168.3	$	143.8

Depreciation expense was $21.0 million, $17.8 million and $16.0 million for the years ended December 26, 2021, December 27, 2020, and December 29, 2019, respectively.