Balance Sheet Details

12 Months Ended

Dec. 31, 2023

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 31, 2023 and December 25, 2022 were $72.8 million and $81.3 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 31, 2023		December 25, 2022
Billed, current	$	129.8	$	105.9
Unbilled, current	200.5		223.0
Total current accounts receivable	330.3		328.9
Allowance for doubtful accounts	(1.1)		(0.4)
Total accounts receivable and unbilled receivables, net	$	329.2	$	328.5

Substantially all accounts receivable at December 31, 2023, are expected to be collected in 2024. 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 31, 2023		December 25, 2022
Billed	$	21.0	$	15.9
Unbilled	71.0		87.4
Total U.S. Government contract receivables	$	92.0	$	103.3

Inventoried costs (in millions): 

	December 31, 2023		December 25, 2022
Raw materials	$	78.0	$	73.6
Work in process	72.9		50.8
Finished goods	5.3		1.1
Total inventoried costs	$	156.2	$	125.5

Property, plant and equipment, net (in millions)

	December 31, 2023		December 25, 2022
Finance lease right of use assets	$	56.1	$	54.9
Land and buildings	40.8		38.4
Computer equipment and software	51.4		45.7
Machinery and equipment	152.8		129.9
Furniture and office equipment	8.2		7.6
Leasehold improvements	24.0		22.9
Construction in progress	69.7		51.0
Property and equipment	403.0		350.4
Accumulated depreciation and amortization	(159.4)		(137.3)
Total property and equipment, net	$	243.6	$	213.1

Depreciation expense was $26.4 million, $23.1 million and $21.0 million for the years ended December 31, 2023, December 25, 2022, and December 26, 2021, respectively.