Balance Sheet Information

12 Months Ended

Dec. 26, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET INFORMATION

Accounts Receivable Factoring Agreements

The Company has receivables factoring arrangements, pursuant to which certain receivables are sold to banks without recourse in exchange for cash. Transactions under the receivables factoring arrangements are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s balance sheet. Under these receivables factoring arrangements, the Company does not maintain any beneficial interest in the receivables sold. The banks’ purchase of eligible receivables is subject to a maximum amount of uncollected receivables. The Company services the receivables on behalf of the banks, but otherwise maintains no significant continuing involvement with respect to the receivables. Sale proceeds that are representative of the fair value of factored receivables, less a factoring fee, are reflected in cash flows from operating activities on the Consolidated Statements of Cash Flows. The Company did not receive any sale proceeds in excess of the fair value of factored receivables during the periods presented.

The Company had two receivables factoring arrangements during fiscal year 2025. One arrangement allows factoring of up to $25.0 million of uncollected receivables originated within the United States. The second arrangement allowed factoring of up to $12.0 million of uncollected receivables originated within the EMEA and Asia Pacific regions and was cancelled in December 2025. During fiscal year 2025, the Company received cash proceeds of $56.4 million and $11.6 million, respectively, from the sales of accounts receivables under these arrangements. As of December 26, 2025, $17.1 million of receivables factored under these arrangements had been sold and removed from the Company’s Consolidated Balance Sheets.

Inventories

Inventories consisted of the following:


(In millions)	December 26, 2025		December 27, 2024
Raw materials	$	208.3	$	195.4
Work in process	148.4		130.8
Finished goods	34.2		54.8
Total	$	390.9	$	381.0

Property, plant and equipment, net

Property, plant and equipment, net, consisted of the following:


(In millions)	Useful Life (In years)	December 26, 2025		December 27, 2024
Land	n/a	$	5.9	$	5.7
Buildings	50	54.3		52.2
Leasehold improvements	*	148.1		138.7
Machinery and equipment	5 - 10	236.8		222.4
Computer equipment and software	3 - 10	95.9		78.2
Furniture and fixtures	5	4.2		4.8
		545.2		502.0
Accumulated depreciation		(243.0)		(214.0)
Construction in progress		22.4		37.9
Total		$	324.6	$	325.9

* Lesser of estimated useful life or remaining lease term

In fiscal year 2025, the Company received an asset-related government grant of $2.9 million.

Capitalized interest was not significant for the fiscal years ended December 26, 2025, December 27, 2024 and December 29, 2023.