Balance Sheet Information

3 Months Ended

Mar. 27, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET INFORMATION

Accounts Receivable Factoring Agreement

The Company has a receivables factoring arrangement pursuant to which certain receivables are sold to a bank without recourse in exchange for cash. Transactions under this arrangement 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 this arrangement, the Company does not maintain any beneficial interest in the receivables sold, and the bank’s purchase of eligible receivables is subject to a maximum amount of $25.0 million of uncollected receivables originated within the

United States. The Company services the receivables on behalf of the bank but otherwise maintains no significant continuing involvement with respect to the receivables. Sale proceeds, which are representative of the fair value of factored receivables, less a factoring fee, are reflected in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows, and the Company did not receive any proceeds in excess of the fair value of factored receivables during the periods presented. During the three-month period ended March 27, 2026, the Company received cash proceeds of $19.0 million from the sales of accounts receivables under this arrangement. As of March 27, 2026, $19.0 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)	March 27, 2026		December 26, 2025
Raw materials	$	267.0	$	208.3
Work in process	178.8		148.4
Finished goods	36.1		34.2
Total	$	481.9	$	390.9

Property, plant and equipment, net

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


(In millions)	March 27, 2026		December 26, 2025
Land	$	5.7	$	5.9
Buildings	53.3		54.3
Leasehold improvements	149.9		148.1
Machinery and equipment	238.3		236.8
Computer equipment and software	96.8		95.9
Furniture and fixtures	4.3		4.2
	548.3		545.2
Accumulated depreciation	(252.9)		(243.0)
Construction in progress	24.0		22.4
Total	$	319.4	$	324.6

Capitalized interest was not significant for the three months ended March 27, 2026, or for the fiscal year ended December 26, 2025.