Accounts Receivable Securitization Facility |
3 Months Ended |
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Mar. 29, 2026 | |
| Transfers and Servicing [Abstract] | |
| Accounts Receivable Securitization Facility | Accounts Receivable Securitization Facility In September 2024, the Company entered into a three-year accounts receivable securitization facility for an aggregate amount of up to $125.0 million (the “Securitization Facility”), with PNC Bank, National Association (“PNC"), to enhance the Company's financial flexibility by providing additional liquidity. Under the Securitization Facility, certain designated subsidiaries of the Company may sell or contribute their accounts receivable and contract assets generated in the ordinary course of their businesses and certain related assets to an indirect wholly owned bankruptcy-remote Special Purpose Entity (“SPE”) of the Company created specifically for this purpose. The SPE is a variable interest entity, and the Company is the primary beneficiary and therefore consolidates the SPE. The SPE transfers ownership and control of accounts receivable to PNC for payments as set forth in the agreement. The Company accounts for accounts receivable sold to the banking counterparty as a sale of financial assets and has derecognized the accounts receivable from the condensed consolidated balance sheet for the current period. The total outstanding balance of accounts receivable that had been sold and derecognized was $125.0 million as of March 29, 2026. The Company had no unused capacity on the Securitization Facility as of both March 29, 2026 and December 28, 2025. As of March 29, 2026, the SPE owned $39.6 million in accounts receivable and $116.8 million in contract assets that were not sold to PNC. As of December 28, 2025, the corresponding amounts were $60.2 million and $115.6 million. These balances are primarily included in accounts receivable, net and contract assets in the Company’s condensed consolidated balance sheet, with certain non-current balances included in other assets. During the fiscal three-month periods ended March 29, 2026 and March 30, 2025, the Company incurred $1.6 million and $1.8 million, respectively, in yield fees on the Securitization Facility, which were recorded in interest expense, net on the Company’s condensed consolidated statements of operations. On May 4, 2026, the Company signed an amendment to the Securitization Facility which increased the capacity from $125.0 million to $165.0 million.
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