Balance Sheet Details

12 Months Ended

Dec. 25, 2011

Balance Sheet Details

Balance Sheet Details

Note 4. Balance Sheet Details

The detail of certain assets in the consolidated balance sheets consists of the following (in millions).

Cash and cash equivalents

The Company’s cash equivalents consist of overnight cash sweep accounts that are invested on a daily basis. The cash and cash equivalents at December 26, 2010 and December 25, 2011 were as follows:

	December 26, 2010				December 25, 2011
	Amortized Cost Basis		Fair Value Basis		Amortized Cost Basis		Fair Value Basis
Cash and cash equivalents	$	10.8	$	10.8	$	69.6	$	69.6

Net unrealized and realized gains recorded during the years ended December 26, 2010 and December 25, 2011 were immaterial.

Accounts receivable, net

Receivables including amounts due under long-term contracts are summarized as follows:

	December 26, 2010			December 25, 2011
Billed, current	$	85.0		$	128.7
Unbilled, current	41.5			118.6
Total current accounts receivable	126.5			247.3
Allowance for doubtful accounts	(0.7		)	(2.0		)
Total current accounts receivable, net	125.8			245.3
Unbilled, long-term (included in other assets)	0.3			0.3
Total accounts receivable, net	$	126.1		$	245.6

Unbilled receivables represent the balance of recoverable costs and accrued profit, comprised principally of revenue recognized on contracts for which billings have not been presented to the customer because the amounts were earned but not contractually billable as of the balance sheet date. Retainages receivable were $4.9 million as of December 26, 2010 and $3.9 million as of December 25, 2011 and are included in accounts receivable, net in the consolidated balance sheets.

U.S. Government contract receivables (included in accounts receivable, net)

	December 26, 2010		December 25, 2011
Billed	$	22.4	$	41.2
Unbilled	17.0		43.3
Total U.S. Government contract receivables	$	39.4	$	84.5

Inventoried costs, net of progress payments

	December 26, 2010			December 25, 2011
Raw materials	$	16.5		$	43.3
Work in process	7.9			25.7
Finished goods	1.1			6.9
Supplies and other	5.8			4.0
Less: U.S. Government advances, performance-based payments, and progress payments	(5.4		)	(3.3		)
Total inventoried costs, net	$	25.9		$	76.6

Property and equipment, net

	December 26, 2010			December 25, 2011
Land and buildings	$	9.1		$	20.6
Computer equipment and software	10.0			17.8
Machinery and equipment	12.1			37.5
Furniture and office equipment	6.2			8.3
Facility under capital lease	1.0			1.0
Leasehold improvements	4.2			8.2
Construction in progress	—			1.7
Property and equipment	42.6			95.1
Accumulated depreciation and amortization	(14.2		)	(22.6		)
Total property and equipment, net	$	28.4		$	72.5

Depreciation expense was $2.6 million, $3.7 million and $10.0 million for the years ended December 27, 2009, December 26, 2010, and December 25, 2011, respectively.