Balance Sheet Details

12 Months Ended

Dec. 25, 2022

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 25, 2022 and December 26, 2021 were $81.3 million and $349.4 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 25, 2022		December 26, 2021
Billed, current	$	105.9	$	94.2
Unbilled, current	223.0		190.9
Total current accounts receivable	328.9		285.1
Allowance for doubtful accounts	(0.4)		(0.4)
Total accounts receivable and unbilled receivables, net	$	328.5	$	284.7

Substantially all accounts receivable at December 25, 2022, are expected to be collected in 2023. 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 25, 2022		December 26, 2021
Billed	$	15.9	$	11.3
Unbilled	87.4		93.6
Total U.S. Government contract receivables	$	103.3	$	104.9

Inventoried costs (in millions): 

	December 25, 2022		December 26, 2021
Raw materials	$	73.6	$	58.5
Work in process	50.8		28.5
Finished goods	1.1		4.7
Total inventoried costs	$	125.5	$	91.7

Property, plant and equipment, net (in millions)

	December 25, 2022		December 26, 2021
Finance lease right of use assets	$	54.9	$	46.4
Land and buildings	38.4		19.8
Computer equipment and software	45.7		40.0
Machinery and equipment	129.9		109.1
Furniture and office equipment	7.6		7.6
Leasehold improvements	22.9		16.9
Construction in progress	51.0		45.3
Property and equipment	350.4		285.1
Accumulated depreciation and amortization	(137.3)		(116.8)
Total property and equipment, net	$	213.1	$	168.3

Depreciation expense was $23.1 million, $21.0 million and $17.8 million for the years ended December 25, 2022, December 26, 2021, and December 27, 2020, respectively.