V2X (VVX) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36341
Entity Registrant Name	V2X, Inc.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	38-3924636
Entity Address, Address Line One	7901 Jones Branch Drive, Suite 700,
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	(571)
Local Phone Number	481-2000
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	VVX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,185,422
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001601548
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Statement [Abstract]
Revenue	$ 977,852	$ 498,066	$ 1,921,312	$ 954,537
Cost of revenue	890,452	453,305	1,755,082	872,581
Selling, general, and administrative expenses	53,130	29,740	101,381	61,699
Operating income	34,270	15,021	64,849	20,257
Loss on extinguishment of debt	0	0	(22,052)	0
Interest expense, net	(31,950)	(1,963)	(63,694)	(3,643)
Other expense, net	(311)	0	(311)	0
Income (loss) from operations before income taxes	2,009	13,058	(21,208)	16,614
Income tax expense (benefit)	210	2,586	(5,527)	3,287
Net income (loss)	$ 1,799	$ 10,472	$ (15,681)	$ 13,327
Earnings (loss) per share
Basic (in dollars per share)	$ 0.06	$ 0.89	$ (0.51)	$ 1.13
Diluted (in dollars per share)	$ 0.06	$ 0.88	$ (0.51)	$ 1.12
Weighted average common shares outstanding - basic (in shares)	31,033	11,826	30,981	11,793
Weighted average common shares outstanding - basic (in shares)	31,605	11,954	30,981	11,917

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Net income (loss)	$ 1,799	$ 10,472	$ (15,681)	$ 13,327
Changes in derivative instruments:
Tax (expense) benefit	(1,444)	367	(1,296)	272
Net change in derivative instruments	6,214	594	4,015	969
Foreign currency translation adjustments, net of tax	274	(3,637)	2,080	(4,254)
Other comprehensive income (loss), net of tax	6,488	(3,043)	6,095	(3,285)
Total comprehensive income (loss)	8,287	7,429	(9,586)	10,042
Interest Rate Swap
Changes in derivative instruments:
Net change in fair value of cash flow hedges	7,658	227	5,311	667
Foreign Currency Forward Contracts
Changes in derivative instruments:
Net change in fair value of cash flow hedges	$ 0	$ 0	$ 0	$ 30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 70,314	$ 116,067
Receivables	746,562	728,582
Prepaid expenses	77,724	74,234
Other current assets	23,906	13,049
Total current assets	918,506	931,932
Property, plant, and equipment, net	82,284	78,715
Goodwill	1,656,965	1,653,822
Intangible assets, net	452,739	497,951
Right-of-use assets	46,017	52,825
Other non-current assets	22,245	17,858
Total non-current assets	2,260,250	2,301,171
Total Assets	3,178,756	3,233,103
Current liabilities
Accounts payable	416,424	406,706
Compensation and other employee benefits	145,000	168,038
Short-term debt	15,500	11,850
Other accrued liabilities	255,408	196,538
Total current liabilities	832,332	783,132
Long-term debt, net	1,190,023	1,262,811
Deferred tax liabilities	13,773	15,813
Operating lease liabilities	35,490	41,083
Other non-current liabilities	114,420	133,185
Total non-current liabilities	1,353,706	1,452,892
Total liabilities	2,186,038	2,236,024
Commitments and contingencies (Note 8)
Shareholders' Equity
Preferred stock; $0.01 par value; 10,000 shares authorized; No shares issued and outstanding	0	0
Common stock; $0.01 par value; 100,000 shares authorized; 31,081 and 30,470 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	311	305
Additional paid in capital	754,096	748,877
Retained earnings	237,743	253,424
Accumulated other comprehensive income (loss)	568	(5,527)
Total shareholders' equity	992,718	997,079
Total Liabilities and Shareholders' Equity	$ 3,178,756	$ 3,233,103

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Shareholders' Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	31,081,000	30,470,000
Common stock, shares outstanding (in shares)	31,081,000	30,470,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Operating activities
Net income (loss)	$ (15,681)	$ 13,327
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation expense	11,326	3,238
Amortization of intangible assets	45,211	4,423
Loss (gain) on disposal of property, plant, and equipment	522	(15)
Stock-based compensation	20,446	4,725
Amortization of debt issuance costs	4,692	388
Loss on extinguishment of debt	22,052	0
Changes in assets and liabilities:
Receivables	(20,404)	(29,302)
Prepaid expenses	(1,645)	(5,321)
Other assets	436	5,185
Accounts payable	7,647	32,470
Deferred taxes	(5,143)	0
Compensation and other employee benefits	(23,150)	2,507
Other liabilities	31,831	(11,989)
Net cash provided by operating activities	78,140	19,636
Investing activities
Purchases of capital assets	(11,543)	(3,492)
Proceeds from the disposition of assets	5	18
Contribution to joint venture	0	(2,113)
Net cash used in investing activities	(11,538)	(5,587)
Financing activities
Proceeds from issuance of long-term debt	250,000	0
Repayments of long-term debt	(424,888)	(5,200)
Proceeds from revolver	552,750	392,000
Repayments of revolver	(467,750)	(402,000)
Proceeds from exercise of stock options	6	370
Payment of debt issuance costs	(7,507)	(458)
Prepayment premium on early redemption of debt	(1,600)	0
Payments of employee withholding taxes on share-based compensation	(14,618)	(1,696)
Net cash used in financing activities	(113,607)	(16,984)
Exchange rate effect on cash	1,252	(507)
Net change in cash and cash equivalents	(45,753)	(3,442)
Cash and cash equivalents - beginning of period	116,067	38,513
Cash and cash equivalents - end of period	70,314	35,071
Supplemental disclosure of cash flow information:
Interest paid	58,300	3,409
Income taxes paid	2,707	6,112
Purchase of capital assets on account	$ 1,813	$ 13

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes to Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Issued	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Balance (in shares) at Dec. 31, 2021		11,738
Balance at Dec. 31, 2021	$ 350,087	$ 117	$ 88,116	$ 267,754	$ (5,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,855			2,855
Foreign currency translation adjustments	(616)				(616)
Unrealized gain (loss) on cash flow hedge	374				374
Employee stock awards and stock options (in shares)		67
Employee stock awards and stock options	1	$ 1
Taxes withheld on stock compensation awards	(1,626)		(1,626)
Stock-based compensation	3,100		3,100
Balance (in shares) at Apr. 01, 2022		11,805
Balance at Apr. 01, 2022	354,175	$ 118	89,590	270,609	(6,142)
Balance (in shares) at Dec. 31, 2021		11,738
Balance at Dec. 31, 2021	350,087	$ 117	88,116	267,754	(5,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	13,327
Foreign currency translation adjustments	(4,254)
Unrealized gain (loss) on cash flow hedge	969
Balance (in shares) at Jul. 01, 2022		11,846
Balance at Jul. 01, 2022	363,478	$ 118	91,464	281,081	(9,185)
Balance (in shares) at Apr. 01, 2022		11,805
Balance at Apr. 01, 2022	354,175	$ 118	89,590	270,609	(6,142)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,472			10,472
Foreign currency translation adjustments	(3,637)				(3,637)
Unrealized gain (loss) on cash flow hedge	594				594
Employee stock awards and stock options (in shares)		41
Employee stock awards and stock options	369		369
Taxes withheld on stock compensation awards	(70)		(70)
Stock-based compensation	1,575		1,575
Balance (in shares) at Jul. 01, 2022		11,846
Balance at Jul. 01, 2022	363,478	$ 118	91,464	281,081	(9,185)
Balance (in shares) at Dec. 31, 2022		30,470
Balance at Dec. 31, 2022	997,079	$ 305	748,877	253,424	(5,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(17,480)			(17,480)
Foreign currency translation adjustments	1,806				1,806
Unrealized gain (loss) on cash flow hedge	(2,199)				(2,199)
Employee stock awards and stock options (in shares)		535
Employee stock awards and stock options	5	$ 5
Taxes withheld on stock compensation awards	(12,806)		(12,806)
Stock-based compensation	12,066		12,066
Balance (in shares) at Mar. 31, 2023		31,005
Balance at Mar. 31, 2023	978,471	$ 310	748,137	235,944	(5,920)
Balance (in shares) at Dec. 31, 2022		30,470
Balance at Dec. 31, 2022	997,079	$ 305	748,877	253,424	(5,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(15,681)
Foreign currency translation adjustments	2,080
Unrealized gain (loss) on cash flow hedge	4,015
Balance (in shares) at Jun. 30, 2023		31,081
Balance at Jun. 30, 2023	992,718	$ 311	754,096	237,743	568
Balance (in shares) at Mar. 31, 2023		31,005
Balance at Mar. 31, 2023	978,471	$ 310	748,137	235,944	(5,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,799			1,799
Foreign currency translation adjustments	274				274
Unrealized gain (loss) on cash flow hedge	6,214				6,214
Employee stock awards and stock options (in shares)		76
Employee stock awards and stock options	1	$ 1
Taxes withheld on stock compensation awards	(1,812)		(1,812)
Stock-based compensation	7,771		7,771
Balance (in shares) at Jun. 30, 2023		31,081
Balance at Jun. 30, 2023	$ 992,718	$ 311	$ 754,096	$ 237,743	$ 568

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business V2X, Inc., an Indiana Corporation, formerly known as Vectrus, Inc. (Vectrus), is a leading provider of critical mission solutions and support to defense clients globally. The Company operates as one segment and delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients. On March 7, 2022, Vectrus entered into an Agreement and Plan of Merger (the Merger Agreement) with Vertex Aerospace Services Holding Corp., a Delaware corporation (Vertex), Andor Merger Sub Inc., a Delaware corporation (Merger Sub Inc.) and Andor Merger Sub LLC, a Delaware limited liability company (Merger Sub LLC). On July 5, 2022 (the Closing Date), Vectrus completed its merger (Merger) thereby forming V2X, Inc. For a description of the Merger, see Note 3, Merger . Unless the context otherwise requires or unless stated otherwise, references in these notes to "V2X", "we," "us," "our," “combined company”, "the Company" and "our Company" refer to V2X, Inc. and all of its consolidated subsidiaries (including, subsequent to the Merger, Vertex and its consolidated subsidiaries), taken together as a whole. Equity Investments In 2011, the Company entered into a joint venture agreement with Shaw Environmental & Infrastructure, Inc., which is now APTIM Federal Services LLC. Pursuant to the joint venture agreement, High Desert Support Services, LLC (HDSS) was established to pursue and perform work on the Ft. Irwin Installation Support Services Contract, which was awarded to HDSS in October 2012. In 2018, the Company entered into a joint venture agreement with J&J Maintenance. Pursuant to the joint venture agreement, J&J Facilities Support, LLC (J&J) was established to pursue and perform work on various U.S. government contracts. In 2020, the Company entered into a joint venture agreement with Kuwait Resources House for Human Resources Management and Services Company . Pursuant to the joint venture agreement, ServCore Resources and Services Solutions, LLC (ServCore) was established to operate and manage labor and life support services outside of the continental United States at designated locations serviced by V2X and others around the world. The Company accounts for investments in HDSS, J&J, and ServCore under the equity method and has the ability to exercise significant influence but does not hold a controlling interest. The Company's proportionate 25%, 50%, and 40% shares, respectively, of income or losses from HDSS, J&J, and ServCore are recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income (Loss). The Company's investment in these joint ventures is recorded in other non-current assets in the Condensed Consolidated Balance Sheets. When cash distributions are received by the Company from its equity method investments, the cash distribution is compared to cumulative earnings and cumulative cash distributions. Cash distributions received are recorded as a return on investment in operating cash flows within the Condensed Consolidated Statements of Cash Flows to the extent cumulative cash distributions are less than cumulative earnings. Any cash distributions in excess of cumulative earnings are recorded as a return of investment in investing cash flows within the Condensed Consolidated Statements of Cash Flows. As of June 30, 2023 and December 31, 2022 the Company's joint venture investment balance was $6.3 million and $7.0 million, respectively. The Company's proportionate share of income from the HDSS, J&J, and ServCore joint ventures was $2.0 million and $3.8 million for the three and six months ended June 30, 2023 , respectively, and not material for the first and second quarters of 2022. Basis of Presentation The Company's quarterly financial periods end on the Friday closest to the last day of the calendar quarter (June 30, 2023 for the second quarter of 2023 and July 1, 2022 for the second quarter of 2022), except for the last quarter of the fiscal year, which ends on December 31. For ease of presentation, the quarterly financial statements included herein are described as three months ended. The unaudited interim Condensed Consolidated Financial Statements of V2X have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. have been omitted. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Recent Accounting Standards Upd

Recent Accounting Standards Update	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Standards Update	RECENT AC COUNTING STANDARDS UPDATE There have been no accounting standards issued or adopted during the first or second quarters of 2023 that are expected to have a material impact on the Company's financial statements.

Merger

Merger	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Merger	MERGER In accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations , the Company accounted for the below transaction using the acquisition method. The Company conducted valuations of certain acquired assets and liabilities for inclusion in its Condensed Consolidated Balance Sheets as of the date of the Merger. Assets that normally would not be recorded in ordinary operations, such as intangibles related to contractual relationships, were recorded at their estimated fair values. The excess purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. On the Closing Date, Vectrus completed its previously announced Merger with Vertex, forming V2X by acquiring all of the outstanding shares of Vertex. On the Closing Date, Vertex and its consolidated subsidiaries became wholly-owned subsidiaries of the Company. The combined V2X entity from the Merger is a larger and more diversified Company with the ability to compete for more integrated business opportunities and generate revenue across geographies, clients, and contract types in supporting the mission of its customers. Purchase Price Allocation The Merger is accounted for as a business combination. As such, the assets acquired and liabilities assumed are accounted for at fair value, with the excess of the purchase price over the fair value of the net identifiable assets acquired and liabilities assumed recorded as goodwill. The Closing Date fair value of the consideration transferred totaled $634.0 million, which was comprised of the following: (In thousands, except share and per share amounts) Purchase Price Shares of V2X common stock issued 18,591,866 Market price per share of V2X as of Closing Date $ 33.92 Fair value of common shares issued $ 630,636 Fair value of cash consideration 3,315 Total consideration transferred $ 633,951 The following table summarizes the final fair values of the assets acquired and liabilities assumed in the Merger as of the Closing Date. As of June 30, 2023, the Company considered these amounts to be final. (In thousands) Fair Value Cash and cash equivalents $ 196,993 Receivables 331,300 Prepaid expenses 50,838 Property, plant, and equipment 55,678 Intangible assets 480,000 Other non-current assets 17,104 Right-of-use assets 21,062 Accounts payable (121,515) Debt (1,352,303) Compensation and other employee benefits (45,968) Other current and non-current liabilities (334,469) Total identifiable net assets (701,280) Goodwill 1,335,231 Total purchase consideration $ 633,951 As a result of the Merger, the Company recognized $1,335.2 million of goodwill. The goodwill recognized is attributable to operational and general and administrative cost synergies, expanded market opportunities and other benefits that do not qualify for separate recognition. None of the goodwill is expected to be deductible for tax purposes. Intangible assets related to backlog and customer contracts arising from the Merger were also recognized. The fair value of backlog was $316.0 million, and the fair value of the customer contracts was $164.0 million with amortization periods of 4.5 years and 14.0 years, respectively. The receivables of $331.3 million represent fair value and are considered fully collectible. As part of the Merger, V2X acquired certain contracts, including a Transition Services Agreement (TSA) with Crestview Aerospace LLC (Crestview), which was previously divested to American Industrial Partners Capital Fund VI, L.P. (AIP). For the three and six months ended June 30, 2023, the Company recorded $0.7 million and $1.4 million of income related to the TSA with Crestview, respectively, which was recorded as a reduction in cost of revenue. AIP indirectly held approximately 59.5% of V 2X common stock through Vertex Aerospace Holdco LLC as of June 30, 2023. The following unaudited information shows the combined actual results of operations for the three and six months ended June 30, 2023 and pro forma results for the three and six months ended July 1, 2022 as if the Merger had occurred on January 1, 2021. The unaudited pro forma information reflects the effects of applying the Company's accounting policies and certain pro forma adjustments to the combined historical financial information of Vertex. The pro forma adjustments include: a) incremental amortization expense associated with identified intangible assets; b) incremental interest expense resulting from fair value adjustments applied to the Vertex debt that was assumed; and c) a reduction of revenues and operating expenses associated with fair value adjustments made to acquire assets and assumed liabilities, such as contract assets and contract liabilities. This unaudited pro forma information is presented for informational purposes only and may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations. Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 (Unaudited, in thousands) Actual Pro forma Actual Pro forma Revenue $ 977,852 $ 887,377 $ 1,921,312 $ 1,730,118 Net income (loss) $ 1,799 $ 4,004 $ (15,681) $ 15,897

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Performance Obligations Performance obligations represent firm orders by the customer and excludes potential orders under indefinite delivery and indefinite quantity (IDIQ) contracts, unexercised contract options and contracts awarded to us that are being protested by competitors with the U.S. Government Accountability Office (GAO) or in the U.S. Court of Federal Claims (COFC). The level of order activity related to programs can be affected by the timing of government funding authorizations and their project evaluation cycles. Year-over-year comparisons could, at times, be impacted by these factors, among others. Contracts are often modified to account for changes in contract specifications and requirements. If the modification either creates new enforceable rights and obligations or changes the existing enforceable rights and obligations, the modification will be treated as a separate contract. Contract modifications, except for those to exercise option years, have historically not been distinct from the existing contract and have been accounted for as if they were part of that existing contract. The Company's performance obligations are satisfied over time as services are provided throughout the contract term. Revenue is recognized over time using the input method (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Over-time recognition is reinforced by the fact that the Company's customers simultaneously receive and consume the benefits of its services as they are performed. For most U.S. government contracts, this continuous transfer of control to the customer is supported by contract terms that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. This continuous transfer of control requires that progress towards completion of performance obligations is tracked in order to measure and recognize revenue. The Company's contracts are multi-year contracts and typically include an initial period of one year or less with annual one-year (or less) option periods. The number of option periods varies by contract, and there is no guarantee that an option period will be exercised. The right to exercise an option period is at the sole discretion of the U.S. government when the Company is the prime contractor or of the prime contractor when the Company is a subcontractor. The Company expects to recognize a substantial portion of its performance obligations as revenue within the next 12 months. However, the U.S. government or the prime contractor may cancel any contract at any time through a termination for convenience or for cause. Substantially all of the Company's contracts have terms that would permit recovery of all or a portion of the Company's incurred costs and fees for work performed in the event of a termination for convenience. Performance obligations as of June 30, 2023 and December 31, 2022 are presented in the following table: June 30, December 31, (In millions) 2023 2022 Performance Obligations $ 3,696 $ 2,997 As of June 30, 2023, the Company expects to recognize approximately 43% and 57% of these performance obligations as revenue in 2023 and 2024, respectively. Contract Estimates The impact of adjustments in contract estimates on the Company's operating income can be reflected in either revenue or cost of revenue. Cumulative catch-up adjustments for the three and six months ended June 30, 2023 increased operating income by $9.1 million and $22.2 million, respectively. For the three and six months ended July 1, 2022, the adjustments increased operating income by $6.8 million and $7.4 million, respectively. For the three and six months ended June 30, 2023, the cumulative catch-up adjustments to operating income increased revenue by $9.6 million and $23.5 million, respectively. For the three and six months ended July 1, 2022, the cumulative catch-up adjustments to operating income increased revenue by $6.8 million and $7.4 million, respectively. Revenue by Category Generally, the sales price elements for the Company's contracts are cost-plus, cost-reimbursable or firm-fixed-price, all of which are commonly identified with a single contract. On a cost-plus contract, the Company is paid allowable incurred costs plus a profit, which can be fixed or variable depending on the contract’s fee arrangement, up to funding levels predetermined by the Company's customers. On cost-plus contracts, the Company does not bear the risks of unexpected cost overruns, provided that incurred costs do not exceed the predetermined funded amounts. Most of the Company's cost-plus contracts also contain a firm-fixed-price element. Cost-plus contracts with award and incentive fee provisions are primary variable contract fee arrangements. Award fees provide for a fee based on actual performance relative to contractually specified performance criteria. Incentive fees are based on the relationship between total allowable and target cost. Most of the Company's contracts include a cost-reimbursable element to capture costs of consumable materials required for the program. Typically, these costs do not bear fees. On a time-and-materials contract, the Company is reimbursed for labor at fixed hourly rates and generally reimbursed separately for allowable materials, costs and expenses at cost. For this contract type, the Company bears the risk that labor costs and allocable indirect expenses are greater than the fixed hourly rate defined within the contract. On a firm-fixed-price contract, the Company agrees to perform the contractual statement of work for a predetermined contract price. A firm-fixed-price contract typically offers higher profit margin potential than a cost-plus contract, which is commensurate with the greater levels of risk assumed on a firm-fixed-price contract. Although a firm-fixed-price contract generally permits retention of profits if the total actual contract costs are less than the estimated contract costs, the Company bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. Although the overall scope of work required under the contract may not change, profit may be adjusted as experience is gained and as efficiencies are realized or costs are incurred. The following tables present various revenue disaggregations. Revenue by contract type is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change Cost-plus and cost-reimbursable $ 507,282 $ 355,559 42.7 % $ 1,019,217 $ 666,653 52.9 % Firm-fixed-price 438,684 128,348 241.8 % 834,891 256,352 225.7 % Time-and-materials 31,886 14,159 125.2 % 67,204 31,532 113.1 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537 Revenue by geographic region in which the contract is performed is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change United States $ 578,514 $ 158,719 264.5 % $ 1,127,284 $ 325,454 246.4 % Middle East 279,083 250,222 11.5 % 560,204 485,313 15.4 % Asia 65,533 46,386 41.3 % 129,850 62,592 107.5 % Europe 54,722 42,739 28.0 % 103,974 81,178 28.1 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537 Revenue by contract relationship is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change Prime contractor $ 916,060 $ 468,453 95.5 % $ 1,795,239 $ 895,546 100.5 % Subcontractor 61,792 29,613 108.7 % 126,073 58,991 113.7 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537 Revenue by customer is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change Army $ 393,499 $ 326,756 20.4 % $ 784,002 $ 606,869 29.2 % Navy 293,198 64,885 351.9 % 585,888 140,102 318.2 % Air Force 154,001 68,457 125.0 % 283,982 129,930 118.6 % Other 137,154 37,968 261.2 % 267,440 77,636 244.5 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537 Contract Balances The timing of revenue recognition, billings, and cash collections results in billed and unbilled accounts receivable (contract assets) and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. Amounts are billed as work progresses in accordance with agreed-upon contractual terms at periodic intervals (e.g., biweekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company may receive advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These advance billings and payments are not considered significant financing components because they are frequently intended to ensure that both parties are in conformance with the primary contract terms. These assets and liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. As of June 30, 2023 and December 31, 2022, the Company had contract assets of $570.8 million and $487.8 million, respectively. Contract assets primarily consist of unbilled receivables which represent rights to consideration for work completed but not billed as of the reporting date. The balance of unbilled receivables consists of costs and fees that are: (i) billable immediately; (ii) billable on contract completion; or (iii) billable upon other specified events, such as the resolution of a request for equitable adjustment. Refer to Note Receivables for additional information regarding the composition of the Company's receivable balances. As of June 30, 2023 and December 31, 2022, contract liabilities, included in other accrued liabilities in the Condensed Consolidated Balance Sheets, were $62.6 million and $76.4 million, respectively.

Receivables

Receivables	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Receivables	RECEIVABLES Receivables were comprised of the following: (In thousands) June 30, 2023 December 31, 2022 Billed receivables $ 164,677 $ 227,718 Unbilled receivables (contract assets) 570,785 487,758 Other 11,100 13,106 Total receivables $ 746,562 $ 728,582 As of June 30, 2023 and December 31, 2022, substantially all billed receivables are due from the U.S. government, either directly as prime contractor to the U.S. government or as subcontractor to another prime contractor to the U.S. government. Because the Company's billed receivables are with the U.S. government, the Company does not believe it has a material credit risk exposure. Unbilled receivables are contract assets that represent revenue recognized on long-term contracts in excess of amounts billed as of the balance sheet date. The Company expects to bill customers for the majority of the June 30, 2023 contract assets during 2023. Changes in the balance of unbilled receivables are primarily due to the timing differences between performance and customers' payments. SALE OF RECEIVABLES On June 27, 2023, the Company entered into a Master Accounts Receivable Purchase Agreement (MARPA Facility) with MUFG Bank, Ltd. (MUFG) for the sale of certain designated eligible receivables with the U.S. government. Under the MARPA Facility, the Company can sell eligible receivables up to a maximum amount of $150.0 million. The receivables sold under the MARPA Facility are without recourse for any U.S. government credit risk. The Company accounts for these receivable transfers under the MARPA Facility as sales under ASC Topic 860, Transfers and Servicing , and removes the sold receivables from its balance sheet. The fair value of the sold receivables approximated their book value due to their short-term nature. The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore has not recognized a servicing asset or liability as of June 30, 2023. Proceeds from the sale of receivables are reflected as cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. MARPA Facility activity consisted of sales of $113.0 million of receivables representing an increase to cash flows provided by operating activities for the six months ended June 30, 2023. Cash collected, but not remitted to MUFG, of $69.7 million is included in other accrued liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023. As of June 30, 2023, remaining receivables sold were $43.3 million. During the three months ended June 30, 2023, the Company incurred purchase discount fees, net of servicing fees, of $0.2 million, which are presented in other expense, net on the Condensed Consolidated Statements of Income (Loss).

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	DEBT Senior Secured Credit Facilities In September 2014, Vectrus and its wholly-owned subsidiary, Vectrus Systems Corporation (VSC), entered into a senior secured credit agreement. The credit agreement was subsequently amended on December 24, 2020 and January 24, 2022 and is collectively referred to as the Prior Credit Agreement. The credit agreement consisted of a term loan (Amended Term Loan) and a $270.0 million revolving credit facility (Amended Revolver). On the Closing Date, the outstanding debt from the Amended Term Loan and the Amended Revolver, $50.2 million and $40.0 million, respectively, was repaid and related guarantees and liens were discharged and released. Repayment was made using proceeds from the Vertex First Lien Credit Agreement described below. On the Closing Date, certain of the Company's subsidiaries, including VSC (and together with VSC, the Company Guarantor Subsidiaries), that became direct or indirect subsidiaries of Vertex Aerospace Service Corp., a Delaware corporation and wholly-owned indirect subsidiary of Vertex (Vertex Borrower), have provided guarantees of the indebtedness under each of: i. the First Lien Credit Agreement, dated as of December 6, 2021 (as amended by the Amendment No. 1 to First Lien Credit Agreement, dated as of the Closing Date, and as further amended, restated, amended and restated, supplemented and otherwise modified from time to time, the Vertex First Lien Credit Agreement), by and among Vertex Borrower, as borrower, Vertex Aerospace Intermediate LLC, a Delaware limited liability company, direct parent entity of Vertex Borrower and wholly-owned indirect subsidiary of Vertex (Vertex Holdings), the lenders from time to time party thereto and Royal Bank of Canada, as administrative agent; ii. the Second Lien Credit Agreement, dated as of December 6, 2021 (as amended, restated, amended and restated, supplemented and otherwise modified from time to time, the Vertex Second Lien Credit Agreement), Vertex Borrower, as borrower, Vertex Holdings, the lenders from time to time party thereto and Royal Bank of Canada, as administrative agent; and iii. the ABL Credit Agreement, dated as of June 29, 2018 (as amended by the First Amendment to ABL Credit Agreement, dated as of May 17, 2019, as further amended by the Second Amendment to ABL Credit Agreement, dated as of May 17, 2021, and as further amended by the Third Amendment to ABL Credit Agreement, dated as of December 6, 2021, as further amended by the Fourth Amendment to ABL Credit Agreement, dated as of the Closing Date, and as further amended, restated, amended and restated, supplemented and otherwise modified from time to time, the Vertex ABL Credit Agreement), by and among Vertex Borrower, Vertex Holdings, certain other subsidiaries of Vertex Borrower from time to time party thereto as co-borrowers, the lenders from time to time party thereto and Ally Bank, as administrative agent (in such capacity, the ABL Agent). On February 28, 2023, Vertex Borrower entered into a credit agreement (the 2023 Credit Agreement) among the lenders identified therein and Bank of America, N.A., as administrative agent, collateral agent, swingline lender and letter of credit issuer. The 2023 Credit Agreement provides for $750.0 million in senior secured financing, with a first lien on substantially all the Borrower’s assets, consisting of a $500.0 million five-year Revolving Credit Facility (2023 Revolver) and a five-year $250.0 million Term Loan. The proceeds of these Credit Facilities were used to, among other things, (i) repay the First Lien Incremental Term Tranche (as defined below), (ii) repay the entire outstanding amount of the Second Lien Credit Agreement, and (iii) repay the entire outstanding ABL Credit Facility. Vertex First Lien Credit Agreement The Vertex First Lien Credit Agreement provides for senior secured first lien term loans in an aggregate principal amount of $1,185.0 million, consisting of a $925.0 million term loan “B” tranche, (the First Lien Initial Term Tranche) and a $260.0 million incremental term loan “B” tranche (the First Lien Incremental Term Tranche and, together with the First Lien Initial Term Tranche, collectively, the First Lien Term Facility). The entire amount of the proceeds from the (i) First Lien Initial Term Tranche were previously used to finance the acquisition of certain subsidiaries of Raytheon Company, a Delaware corporation, and related transaction costs (the Sky Acquisition in December 2021). As provided in the Merger Agreement, the proceeds of the First Incremental Term Tranche were used by the Vertex Borrower to redeem all of the shares of previously issued preferred stock on the Closing Date (but prior to the Merger). The remaining First Lien Incremental Term Tranche proceeds were used to repay in full all outstanding indebtedness under the Prior Credit Agreement, and other transaction costs. Approximately $54.0 million of cash remained after funding the preferred stock redemption, repayment of the Prior Credit Agreement and other transaction costs. On February 28, 2023, the outstanding balance of the First Incremental Term Tranche of $258.7 million was repaid. The balance of unamortized deferred financing costs related to the First Incremental Term Tranche of $11.9 million was recorded as a loss on extinguishment of debt in the Condensed Consolidated Statements of (Loss) Income for the three months ended March 31, 2023. The remaining loans under the First Lien Term Facility (consisting solely of the Initial Term Loan Tranche) amortize in an amount equal to approximately $2.3 million per quarter for the fiscal quarters ending June 30, 2023, through September 30, 2028, with the balance of $864.9 million due on December 6, 2028. The Vertex Borrower’s obligations under the First Lien Term Facility, which were assumed in the Merger, are guaranteed by Vertex Holdings and Vertex Borrower’s wholly-owned domestic subsidiaries (including the Company Guarantor Subsidiaries, collectively, the Guarantors), subject to customary exceptions and limitations. The Vertex Borrower’s obligations under the First Lien Term Facility and the Guarantors’ obligations under the related guarantees are secured by a first-lien on substantially all of the Vertex Borrower’s and the Guarantors’ assets which exists on a pari passu basis with the lien held by the 2023 Credit Agreement lenders. The borrowings under the First Lien Initial Term Tranche bear interest at rates that, at the Vertex Borrower’s option, can be either a base rate, determined by reference to the greater of (a) the federal funds rate plus 0.50%, (b) the prime lending rate, or (c) an adjusted Eurodollar rate plus 1.00%, plus a margin of 2.50% to 2.75% per annum, or a Eurodollar rate, determined by reference to SOFR, plus a margin of 3.50% to 3.75% per annum, in each case, depending on the consolidated first lien net leverage ratio of the Vertex Borrower and its subsidiaries. As of June 30, 2023, the effective interest rate for the First Lien Initial Term Tranche was 9.73%. The Vertex First Lien Credit Agreement contains customary representations and warranties and affirmative covenants. The Vertex First Lien Credit Agreement also includes negative covenants that limit, among other things, additional indebtedness, additional liens, sales of assets, dividends, investments and advances, prepayments of debt and mergers and acquisitions. The Vertex First Lien Credit Agreement contains customary events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the First Lien Term Facility to be in full force and effect, and a change of control. If an event of default occurs and is continuing, the Vertex Borrower may be required immediately to repay all amounts outstanding under the Vertex First Lien Credit Agreement. As of June 30, 2023, the carrying value of the First Lien Credit Agreement was $913.4 million, excluding deferred discount and unamortized deferred financing costs of $39.0 million. The estimated fair value of the First Lien Credit Agreement as of June 30, 2023 was $914.6 million. The fair value is based on observable inputs of interest rates that are currently available to us for debt with similar terms and maturities for non-public debt (Level 2). Vertex Second Lien Credit Agreement The Vertex Second Lien Credit Agreement provided for senior secured second lien term loans in an aggregate principal amount of $185.0 million (the Second Lien Term Facility). The entire amount of the proceeds from the Second Lien Term Facility were previously used to finance the Sky Acquisition in December 2021. The Company voluntarily prepaid $25.0 million of the Second Lien Term Facility on December 30, 2022 (the Voluntary Prepayment). On February 28, 2023, the remaining Second Lien Term Facility balance of $160.0 million was repaid (the 2023 Payoff) and related guarantees and liens were discharged and released. The balance of unamortized deferred financing costs related to the Second Lien Term Facility of $7.1 million was recorded as a loss on extinguishment of debt in the Condensed Consolidated Statements of (Loss) Income for the three months ended March 31, 2023. Under the terms of the Vertex Second Lien Credit Agreement, the Vertex Borrower was required to remit a prepayment premium of $1.6 million with the 2023 Payoff which was recorded as a loss on extinguishment of debt in the Condensed Consolidated Statements of (Loss) Income for the three months ended March 31, 2023. Vertex ABL Credit Agreement The Vertex ABL Credit Agreement provided for a senior secured revolving loan facility (the ABL Facility) of up to an aggregate amount of $200.0 million (the loans thereunder, the ABL Loans). The Vertex ABL Credit Agreement also provided for (i) a $30.0 million sublimit of availability for letters of credit, and (ii) a $10.0 million sublimit for short-term borrowings on a swingline basis. On February 28, 2023, the outstanding ABL Facility borrowings of $67.5 million were repaid and related guarantees and liens were discharged and released. The balance of unamortized deferred financing costs related to the Vertex ABL Credit Agreement of $1.5 million was recorded as a loss on extinguishment of debt in the Condensed Consolidated Statements of (Loss) Income for the three months ended March 31, 2023. 2023 Credit Agreement The 2023 Credit Agreement provides for $750.0 million in senior secured financing, with a first lien on substantially all the Borrower’s assets and consists of (a) the 2023 Revolver (which includes (i) a $50.0 million sublimit of availability for letters of credit, and (ii) a $50.0 million sublimit for short-term borrowings on a swingline basis) and (b) a five-year $250.0 million Term Loan. The Term Loan portion of the 2023 Credit Agreement amortizes at approximately $1.6 million per quarter for the fiscal quarters ending June 30, 2023 through March 31, 2025, increasing to $3.1 million per quarter for the fiscal quarters ending June 30, 2025 through December 31, 2027, with the balance of $203.1 million due on February 28, 2028. The Vertex Borrower’s obligations under the 2023 Credit Agreement are guaranteed by the Guarantors, subject to customary exceptions and limitations. The Vertex Borrower’s obligations under the 2023 Credit Agreement and the Guarantors’ obligations under the related guarantees are secured by a first priority-lien on substantially all of the Vertex Borrower’s and the Guarantors’ assets (subject to customary exceptions and limitations) which exists on a pari passu basis with the lien held by the First Lien Credit Agreement lenders. The borrowings under the 2023 Credit Agreement bear interest at rates that, at the Vertex Borrower’s option, can be either a base rate, determined by reference to the greater of (a) the federal funds rate plus 0.50%, (b) the prime lending rate, or (c) an adjusted Eurodollar rate plus 1.00%, plus a margin of 1.00% to 2.25% per annum, or a Eurodollar rate, determined by reference to SOFR, plus a margin of 2.00% to 3.25% per annum, in each case, depending on the consolidated total net leverage ratio of the Vertex Borrower and its subsidiaries. As of June 30, 2023, the effective interest rates for the 2023 Revolver and Term Loan portion of the 2023 Credit Agreement were 8.47% and 8.65%, respectively. Unutilized commitments under the 2023 Revolver are subject to a per annum fee ranging from 0.25% to 0.50% depending on the consolidated total net leverage ratio of the Vertex Borrower and its subsidiaries. The Vertex Borrower is also required to pay a letter of credit fronting fee to each letter of credit issuer equal to 0.125% per annum of the amount available to be drawn under each such letter of credit (or such other amount as may be mutually agreed by the Vertex Borrowers and the applicable letter of credit issuer), as well as a fee to all lenders equal to the applicable margin to SOFR of Revolving Credit loans times the average daily amount available to be drawn under all outstanding letters of credit. The 2023 Credit Agreement contains customary representations and warranties, which must be accurate for the Vertex Borrower to borrow under the 2023 Credit Agreement, and affirmative covenants. The 2023 Credit Agreement also includes negative covenants that limit, among other things, additional indebtedness, transactions with affiliates, additional liens, sales of assets, dividends, investments and advances, prepayments of debt, mergers and acquisitions. The 2023 Credit Agreement contains financial covenants requiring (a) the consolidated total net leverage ratio not to exceed 5.00 to 1.00 for the reporting periods ending on or after June 30, 2023, and on or prior to June 30, 2024, with further step downs thereafter, and (b) the consolidated interest coverage ratio be at least 2.00 to 1.00 commencing with the reporting period ending on June 30, 2023. The 2023 Credit Agreement contains customary events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the 2023 Credit Agreement to be in full force and effect, and a change of control. If an event of default occurs and is continuing, the Borrowers may be required immediately to repay all amounts outstanding under the 2023 Credit Agreement. As of June 30, 2023, there were $85.0 million of outstanding borrowings and $16.1 million of outstanding letters of credit under the 2023 Revolver. Availability under the 2023 Revolver was $398.9 million as of June 30, 2023. Unamortized deferred financing costs related to the 2023 Revolver of $4.7 million are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2023, the fair value of the 2023 Revolver approximated the carrying value because the debt bears a floating interest rate. As of June 30, 2023, the carrying value of the Term Loan portion of the 2023 Credit Agreement was $248.4 million, excluding unamortized deferred financing costs of $2.3 million. The estimated fair value of the Term Loan portion of the 2023 Credit Agreement as of June 30, 2023 was $248.1 million. The fair value is based on observable inputs of interest rates that are currently available to us for debt with similar terms and maturities for non-public debt (Level 2). The aggregate scheduled maturities of the First Lien Credit Agreement and 2023 Credit Agreement as of June 30, 2023 are as follows: (In thousands) Payments due 2023 (remainder of the year) $ 7,750 2024 15,500 2025 20,188 2026 21,750 2027 21,750 After 2027 1,159,937 Total $ 1,246,875

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTS During the periods covered by this report, the Company has made no changes to its policies or strategies for the use of derivative instruments and there has been no change in related accounting methods. Derivative instruments, which are designated as cash flow hedges, gains and losses are initially reported as a component of accumulated other comprehensive income (loss) and subsequently recognized in earnings with the corresponding hedged item. Interest Rate Derivative Instruments The Company is exposed to the risk that the earnings and cash flows could be adversely impacted due to fluctuations in interest rates. To mitigate this risk, the Company entered into $350.0 million of interest rate swap contracts during the first six months of 2023. These contracts had a notional value of $348.4 million as of June 30, 2023. These contracts are designated and qualify as effective cash flow hedges. The following table summarizes the amount at fair value and location of the derivative instruments for interest rate hedges in the Condensed Consolidated Balance Sheets as of June 30, 2023: (In thousands) Fair Value (level 2) Balance sheet caption Amount Interest rate swap designated as cash flow hedge Other current assets $ 5,381 Interest rate swap designated as cash flow hedge Other non-current assets $ 269 Interest rate swap designated as cash flow hedge Other non-current liabilities $ 339 Interest rate swap designated as cash flow hedge Accumulated other comprehensive income $ 5,311 There were no interest rate swaps designated as cash flow hedges for the period ended December 31, 2022. The Company regularly assesses the creditworthiness of the counterparty. As of June 30, 2023, the counterparty to the interest rate swaps had performed in accordance with its contractual obligations. Both the counterparty credit risk and the Company's credit risk were considered in the fair value determination. Net interest rate derivative gains of $1.2 million were recognized in interest expense, net, in the Condensed Consolidated Statements of Income (Loss) during the three and six months ended June 30, 2023. Net interest rate derivative losses of $0.4 million were recognized in the Condensed Consolidated Statements of Income (Loss) during the first six months of 2022. The Company expects $5.4 million of existing interest rate swap gains reported in accumulated other comprehensive income as of June 30, 2023 to be recognized in earnings within the next 12 months.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES General From time to time, the Company is involved in various investigations, lawsuits, arbitration, claims, enforcement actions and other legal proceedings, including government investigations and claims, which are incidental to the operation of its business. Some of these proceedings seek remedies relating to employment matters, matters in connection with the Company's contracts and matters arising under laws relating to the protection of the environment. Additionally, U.S. government customers periodically advise the Company of claims and penalties concerning certain potential disallowed costs. When such findings are presented, V2X and the U.S. government representatives engage in discussions to enable V2X to evaluate the merits of these claims as well as to assess the amounts being claimed. Where appropriate, provisions are made to reflect probable losses related to the matters raised by U.S. government representatives. Such assessments, along with any assessments regarding provisions for legal proceedings, are reviewed on a quarterly basis for sufficiency based on the latest information available to us. The Company estimated and accrued $28.6 million and $27.6 million as of June 30, 2023 and December 31, 2022, respectively, in other accrued liabilities in the Condensed Consolidated Balance Sheets for legal proceedings and for claims with respect to its U.S. government contracts as discussed below, including years where the U.S. government has not completed its incurred cost audits. Although the ultimate outcome of any legal matter or claim cannot be predicted with certainty, based on present information, including the assessment of the merits of a particular claim, the Company does not expect that any asserted or unasserted legal or contractual claims or proceedings, individually or in the aggregate, including the lawsuit discussed below, will have a material adverse effect on its cash flows, results of operations or financial condition. U.S. Government Contracts, Investigations and Claims The Company has U.S. government contracts that are funded incrementally on a year-to-year basis. Changes in government policies, priorities or funding levels through agency or program budget reductions by the U.S. Congress or executive agencies could have a material adverse effect on the Company's financial condition or results of operations. Furthermore, contracts with the U.S. government may be terminated or suspended by the U.S. government at any time, with or without cause. Such contract suspensions or terminations could result in non-reimbursable expenses or charges or otherwise adversely affecting the Company's financial condition and results of operations. Departments and agencies of the U.S. government have the authority to investigate various transactions and operations of the Company, and the results of such investigations may lead to administrative, civil or criminal proceedings, the ultimate outcome of which could be fines, penalties, repayments or compensatory or treble damages. U.S. government regulations provide that certain findings against a contractor may lead to suspension or debarment from future U.S. government contracts or the loss of export privileges for a company or an operating division or subdivision. Suspension or debarment could have a material adverse effect on the Company because of its reliance on U.S. government contracts. U.S. government agencies, including the Defense Contract Audit Agency, the Defense Contract Management Agency and others, routinely audit and review the Company's performance on government contracts, indirect rates and pricing practices, and compliance with applicable contracting and procurement laws, regulations and standards. Accordingly, costs billed or billable to U.S. government customers are subject to potential adjustment upon audit by such agencies. The U.S. government agencies also review the adequacy of compliance with government standards for business systems, including accounting, earned value management, estimating, materials management and accounting, purchasing, and property management systems. In the performance of its contracts, the Company routinely requests contract modifications that require additional funding from U.S. government customers. Most often, these requests are due to customer-directed changes in the scope of work. While the Company is entitled to recovery of these costs under its contracts, the administrative process with the U.S. government customer may be protracted. Based on the circumstances, the Company periodically files requests for equitable adjustments (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by the U.S. government customer. The Company believes its outstanding modifications, REAs and other claims will be resolved without material adverse impact to its results of operations, financial condition or cash flows.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The Company maintains an equity incentive plan, the 2014 Omnibus Incentive Plan, as amended and restated effective as of October 27, 2022 (the 2014 Omnibus Plan), to govern awards granted to V2X employees and directors, including nonqualified stock options (NQOs), restricted stock units (RSUs), total shareholder return (TSR) awards, performance share units (PSUs) and other awards. The Company accounts for NQOs, stock-settled RSUs and PSUs as equity-based compensation awards. TSR awards, described below, are accounted for as liability-based compensation awards. Liability-based awards are revalued at the end of each reporting period to reflect changes in fair value. Stock-based compensation expense and the associated tax benefits impacting the Company's Condensed Consolidated Statements of Income (Loss) were as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Compensation costs for equity-based awards $ 7,771 $ 1,575 $ 19,837 $ 4,676 Compensation costs for liability-based awards 304 592 609 50 Total compensation costs, pre-tax $ 8,075 $ 2,167 $ 20,446 $ 4,725 Future tax benefit $ 1,756 $ 466 $ 4,445 $ 1,017 Compensation costs for equity-based awards for the six months ended June 30, 2023 , included $10.8 million related to RSUs issued in connection with the Merger. As of June 30, 2023, total unrecognized compensation costs related to equity-based awards and liability-based awards were $28.0 million and $1.4 million, respectively, which are expected to be recognized ratably over a weighted average period of 1.75 years and 1.37 years, respectively. Total unrecognized compensation costs included $15.6 million of expense related to RSUs granted in connection with the Merger. The following table provides a summary of the activities for NQOs, RSUs and PSUs for the six months ended June 30, 2023: NQOs RSUs PSUs (In thousands, except per share data) Shares Weighted Average Exercise Price Per Share Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2023 42 $ 22.86 1,628 $ 35.47 — $ — Granted — $ — 301 $ 39.70 265 $ 35.66 Exercised — $ — — $ — — $ — Vested — $ — (957) $ 41.95 — $ — Forfeited or expired — $ — (6) $ 40.59 — $ — Outstanding at June 30, 2023 42 $ 22.86 966 $ 36.82 265 $ 35.66 Restricted Stock Units On July 5, 2022, pursuant to the terms of the Merger Agreement, the Company issued an additional 1,346,089 RSUs, with a grant date fair value of $33.92 per share, to certain employees of Vertex. The RSUs have been or will be settled in shares of the Company's common stock, with 517,918 RSUs vesting on the six-month anniversary following the grant date and a quarter of the remaining 828,171 RSUs vesting or having vested on each of four six-month anniversary dates following the grant date. The fair value of each RSU grant to employees and directors was determined based on the closing price of V2X common stock on the date of grant. Stock compensation expense will be recognized ratably over the vesting period of the awards. RSUs awarded to employees, excluding the RSU awards awarded under the Merger Agreement, discussed above, vest in one-third increments on each of the three anniversary dates following the grant date subject to continued employment. Director RSUs are granted on the date of an annual meeting of shareholders and vest on the business day immediately prior to the next annual meeting or the one-year anniversary of the grant date, if earlier. The fair value of each RSU grant was determined based on the closing price of V2X common stock on the date of grant. Stock compensation expense will be recognized ratably over the requisite service period of the RSU awards. As of June 30, 2023, there was $21.8 million of unrecognized RSU related compensation expense. Total Shareholder Return Awards TSR awards are performance-based cash awards that are subject to a three-year performance period. Any payments earned are made in cash following completion of the performance period according to the achievement of specified performance goals. As a result of the Merger and pursuant to the terms of the TSR awards, performance achievement fair value was measured at July 4, 2022 at $4.6 million and the aggregate future award payouts were fixed at that value. There were no cash-based TSR awards granted in the first or second quarters of 2023. As of June 30, 2023, there was $1.4 million of unrecognized TSR related compensation expense. Performance Share Units During the first and second quarters of 2023, the Company granted two types of performance-based awards with market conditions. The first award will vest and the stock will be issued at the end of a three-year period based on the attainment of certain total shareholder return performance measures relative to Aerospace and Defense companies in the S&P 1500 Index and the employee's continued service through the vesting date. The number of shares ultimately awarded, if any, can range up to 200% of the specified target awards. If performance is below the threshold level of performance, no shares will be issued. The second award will vest and stock will be issued at the end of a three-year period based on achievement of certain stock price targets, shareholder return performance measures relative to certain Aerospace and Defense companies in the S&P 1500 Index and the employee's continued service through the vest date. The numbers of shares ultimately awarded, if any, can range up to the specified target awards. As of June 30, 2023, there was $6.2 million of unrecognized PSU related compensation expense.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Effective Tax Rate Income tax expense during interim periods is based on an estimated annual effective income tax rate, plus discrete items that may occur in any given interim periods. The computation of the estimated effective income tax rate at each interim period requires certain estimates and judgment including, but not limited to, forecasted operating income for the year, projections of the income earned and taxed in various jurisdictions, newly enacted tax rate and legislative changes, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. For the three months ended June 30, 2023 and July 1, 2022, the Company recorded an income tax provision of $0.2 million and $2.6 million, respectively, representing effective income tax rates of 10.5% and 19.8%, respectively. For the six months ended June 30, 2023 and July 1, 2022, the Company recorded an income tax benefit of $5.5 million and a provision of $3.3 million, respectively, representing effective income tax rates of 26.1% and 19.8%, respectively. The effective income tax rates vary from the federal statutory rate of 21.0% mainly due to state and foreign taxes, disallowed compensation deduction under Internal Revenue Code Section 162(m), available deductions not reflected in book income, and income tax credits. Uncertain Tax Positions As of June 30, 2023 and December 31, 2022, unrecognized tax benefits from uncertain tax positions were $8.4 million and $8.6 million, respectively. The decrease in uncertain tax positions was principally the result of the release of a position for lapse of statute of limitation.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Share	EARNINGS (LOSS) PER SHARE Basic earnings per share (EPS) is computed by dividing net income, or loss, by the weighted average number of common shares outstanding for the period. Diluted EPS reflects potential dilution that could occur if securities to issue common stock were exercised or converted into common stock. Diluted EPS includes the dilutive effect of stock-based compensation outstanding after application of the treasury stock method. Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, (In thousands, except per share data) 2023 2022 2023 2022 Net income (loss) $ 1,799 $ 10,472 $ (15,681) $ 13,327 Weighted average common shares outstanding 31,033 11,826 30,981 11,793 Add: Dilutive impact of stock options 18 18 — 22 Add: Dilutive impact of restricted stock units 554 110 — 102 Diluted weighted average common shares outstanding 31,605 11,954 30,981 11,917 Earnings (loss) per share Basic $ 0.06 $ 0.89 $ (0.51) $ 1.13 Diluted $ 0.06 $ 0.88 $ (0.51) $ 1.12 The following table summarizes the weighted average of anti-dilutive securities excluded from the diluted earnings per share calculation. Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, (In thousands) 2023 2022 2023 2022 Anti-dilutive restricted stock units 2 25 2 15

Post-Employment Benefit Plans

Post-Employment Benefit Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Post-Employment Benefit Plans	POST-EMPLOYMENT BENEFIT PLANS Deferred Employee Compensation The Company sponsors two non-qualified deferred compensation plans. Under these plans, participants are eligible to defer a portion of their compensation on a tax deferred basis. Plan investments and obligations were recorded in other non-current assets and other non-current liabilities, respectively, in the Condensed Consolidated Balance Sheets, representing the fair value related to the deferred compensation plans. Adjustments to the fair value of the plan investments and obligations are recorded in selling, general, and administrative expenses. The plans assets and liabilities were $2.8 million and $1.5 million as of June 30, 2023 and December 31, 2022, respectively. Multi-Employer Pension Plans

Sale of Receivables

Sale of Receivables	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Sale of Receivables	RECEIVABLES Receivables were comprised of the following: (In thousands) June 30, 2023 December 31, 2022 Billed receivables $ 164,677 $ 227,718 Unbilled receivables (contract assets) 570,785 487,758 Other 11,100 13,106 Total receivables $ 746,562 $ 728,582 As of June 30, 2023 and December 31, 2022, substantially all billed receivables are due from the U.S. government, either directly as prime contractor to the U.S. government or as subcontractor to another prime contractor to the U.S. government. Because the Company's billed receivables are with the U.S. government, the Company does not believe it has a material credit risk exposure. Unbilled receivables are contract assets that represent revenue recognized on long-term contracts in excess of amounts billed as of the balance sheet date. The Company expects to bill customers for the majority of the June 30, 2023 contract assets during 2023. Changes in the balance of unbilled receivables are primarily due to the timing differences between performance and customers' payments. SALE OF RECEIVABLES On June 27, 2023, the Company entered into a Master Accounts Receivable Purchase Agreement (MARPA Facility) with MUFG Bank, Ltd. (MUFG) for the sale of certain designated eligible receivables with the U.S. government. Under the MARPA Facility, the Company can sell eligible receivables up to a maximum amount of $150.0 million. The receivables sold under the MARPA Facility are without recourse for any U.S. government credit risk. The Company accounts for these receivable transfers under the MARPA Facility as sales under ASC Topic 860, Transfers and Servicing , and removes the sold receivables from its balance sheet. The fair value of the sold receivables approximated their book value due to their short-term nature. The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore has not recognized a servicing asset or liability as of June 30, 2023. Proceeds from the sale of receivables are reflected as cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. MARPA Facility activity consisted of sales of $113.0 million of receivables representing an increase to cash flows provided by operating activities for the six months ended June 30, 2023. Cash collected, but not remitted to MUFG, of $69.7 million is included in other accrued liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023. As of June 30, 2023, remaining receivables sold were $43.3 million. During the three months ended June 30, 2023, the Company incurred purchase discount fees, net of servicing fees, of $0.2 million, which are presented in other expense, net on the Condensed Consolidated Statements of Income (Loss).

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Our Business and Basis of Presentation	Business V2X, Inc., an Indiana Corporation, formerly known as Vectrus, Inc. (Vectrus), is a leading provider of critical mission solutions and support to defense clients globally. The Company operates as one segment and delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients. On March 7, 2022, Vectrus entered into an Agreement and Plan of Merger (the Merger Agreement) with Vertex Aerospace Services Holding Corp., a Delaware corporation (Vertex), Andor Merger Sub Inc., a Delaware corporation (Merger Sub Inc.) and Andor Merger Sub LLC, a Delaware limited liability company (Merger Sub LLC). On July 5, 2022 (the Closing Date), Vectrus completed its merger (Merger) thereby forming V2X, Inc. For a description of the Merger, see Note 3, Merger . Unless the context otherwise requires or unless stated otherwise, references in these notes to "V2X", "we," "us," "our," “combined company”, "the Company" and "our Company" refer to V2X, Inc. and all of its consolidated subsidiaries (including, subsequent to the Merger, Vertex and its consolidated subsidiaries), taken together as a whole. Basis of Presentation The Company's quarterly financial periods end on the Friday closest to the last day of the calendar quarter (June 30, 2023 for the second quarter of 2023 and July 1, 2022 for the second quarter of 2022), except for the last quarter of the fiscal year, which ends on December 31. For ease of presentation, the quarterly financial statements included herein are described as three months ended. The unaudited interim Condensed Consolidated Financial Statements of V2X have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. have been omitted. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Equity Investments	Equity Investments In 2011, the Company entered into a joint venture agreement with Shaw Environmental & Infrastructure, Inc., which is now APTIM Federal Services LLC. Pursuant to the joint venture agreement, High Desert Support Services, LLC (HDSS) was established to pursue and perform work on the Ft. Irwin Installation Support Services Contract, which was awarded to HDSS in October 2012. In 2018, the Company entered into a joint venture agreement with J&J Maintenance. Pursuant to the joint venture agreement, J&J Facilities Support, LLC (J&J) was established to pursue and perform work on various U.S. government contracts. In 2020, the Company entered into a joint venture agreement with Kuwait Resources House for Human Resources Management and Services Company . Pursuant to the joint venture agreement, ServCore Resources and Services Solutions, LLC (ServCore) was established to operate and manage labor and life support services outside of the continental United States at designated locations serviced by V2X and others around the world. The Company accounts for investments in HDSS, J&J, and ServCore under the equity method and has the ability to exercise significant influence but does not hold a controlling interest. The Company's proportionate 25%, 50%, and 40% shares, respectively, of income or losses from HDSS, J&J, and ServCore are recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income (Loss). The Company's investment in these joint ventures is recorded in other non-current assets in the Condensed Consolidated Balance Sheets. When cash distributions are received by the Company from its equity method investments, the cash distribution is compared to cumulative earnings and cumulative cash distributions. Cash distributions received are recorded as a return on investment in operating cash flows within the Condensed Consolidated Statements of Cash Flows to the extent cumulative cash distributions are less than cumulative earnings. Any cash distributions in excess of cumulative earnings are recorded as a return of investment in investing cash flows within the Condensed Consolidated Statements of Cash Flows. As of June 30, 2023 and December 31, 2022 the Company's joint venture investment balance was $6.3 million and $7.0 million, respectively. The Company's proportionate share of income from the HDSS, J&J, and ServCore joint ventures was $2.0 million and $3.8 million for the three and six months ended June 30, 2023 , respectively, and not material for the first and second quarters of 2022.

Merger (Tables)

Merger (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Fair Value of the Consideration Transferred	The Closing Date fair value of the consideration transferred totaled $634.0 million, which was comprised of the following: (In thousands, except share and per share amounts) Purchase Price Shares of V2X common stock issued 18,591,866 Market price per share of V2X as of Closing Date $ 33.92 Fair value of common shares issued $ 630,636 Fair value of cash consideration 3,315 Total consideration transferred $ 633,951
Purchase Price Allocation	The following table summarizes the final fair values of the assets acquired and liabilities assumed in the Merger as of the Closing Date. As of June 30, 2023, the Company considered these amounts to be final. (In thousands) Fair Value Cash and cash equivalents $ 196,993 Receivables 331,300 Prepaid expenses 50,838 Property, plant, and equipment 55,678 Intangible assets 480,000 Other non-current assets 17,104 Right-of-use assets 21,062 Accounts payable (121,515) Debt (1,352,303) Compensation and other employee benefits (45,968) Other current and non-current liabilities (334,469) Total identifiable net assets (701,280) Goodwill 1,335,231 Total purchase consideration $ 633,951
Schedule of Pro Forma Information	This unaudited pro forma information is presented for informational purposes only and may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations. Three Months Ended Six Months Ended June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 (Unaudited, in thousands) Actual Pro forma Actual Pro forma Revenue $ 977,852 $ 887,377 $ 1,921,312 $ 1,730,118 Net income (loss) $ 1,799 $ 4,004 $ (15,681) $ 15,897

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Remaining Performance Obligation	Performance obligations as of June 30, 2023 and December 31, 2022 are presented in the following table: June 30, December 31, (In millions) 2023 2022 Performance Obligations $ 3,696 $ 2,997
Disaggregation of Revenue	The following tables present various revenue disaggregations. Revenue by contract type is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change Cost-plus and cost-reimbursable $ 507,282 $ 355,559 42.7 % $ 1,019,217 $ 666,653 52.9 % Firm-fixed-price 438,684 128,348 241.8 % 834,891 256,352 225.7 % Time-and-materials 31,886 14,159 125.2 % 67,204 31,532 113.1 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537 Revenue by geographic region in which the contract is performed is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change United States $ 578,514 $ 158,719 264.5 % $ 1,127,284 $ 325,454 246.4 % Middle East 279,083 250,222 11.5 % 560,204 485,313 15.4 % Asia 65,533 46,386 41.3 % 129,850 62,592 107.5 % Europe 54,722 42,739 28.0 % 103,974 81,178 28.1 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537 Revenue by contract relationship is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change Prime contractor $ 916,060 $ 468,453 95.5 % $ 1,795,239 $ 895,546 100.5 % Subcontractor 61,792 29,613 108.7 % 126,073 58,991 113.7 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537 Revenue by customer is as follows: Three Months Ended Six Months Ended June 30, July 1, % June 30, July 1, % (In thousands) 2023 2022 Change 2023 2022 Change Army $ 393,499 $ 326,756 20.4 % $ 784,002 $ 606,869 29.2 % Navy 293,198 64,885 351.9 % 585,888 140,102 318.2 % Air Force 154,001 68,457 125.0 % 283,982 129,930 118.6 % Other 137,154 37,968 261.2 % 267,440 77,636 244.5 % Total revenue $ 977,852 $ 498,066 $ 1,921,312 $ 954,537

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Receivables	Receivables were comprised of the following: (In thousands) June 30, 2023 December 31, 2022 Billed receivables $ 164,677 $ 227,718 Unbilled receivables (contract assets) 570,785 487,758 Other 11,100 13,106 Total receivables $ 746,562 $ 728,582

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	The aggregate scheduled maturities of the First Lien Credit Agreement and 2023 Credit Agreement as of June 30, 2023 are as follows: (In thousands) Payments due 2023 (remainder of the year) $ 7,750 2024 15,500 2025 20,188 2026 21,750 2027 21,750 After 2027 1,159,937 Total $ 1,246,875

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value	The following table summarizes the amount at fair value and location of the derivative instruments for interest rate hedges in the Condensed Consolidated Balance Sheets as of June 30, 2023: (In thousands) Fair Value (level 2) Balance sheet caption Amount Interest rate swap designated as cash flow hedge Other current assets $ 5,381 Interest rate swap designated as cash flow hedge Other non-current assets $ 269 Interest rate swap designated as cash flow hedge Other non-current liabilities $ 339 Interest rate swap designated as cash flow hedge Accumulated other comprehensive income $ 5,311 There were no interest rate swaps designated as cash flow hedges for the period ended December 31, 2022.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Impact of Stock-Based Compensation in Consolidation and Combined Statements of Income	Stock-based compensation expense and the associated tax benefits impacting the Company's Condensed Consolidated Statements of Income (Loss) were as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Compensation costs for equity-based awards $ 7,771 $ 1,575 $ 19,837 $ 4,676 Compensation costs for liability-based awards 304 592 609 50 Total compensation costs, pre-tax $ 8,075 $ 2,167 $ 20,446 $ 4,725 Future tax benefit $ 1,756 $ 466 $ 4,445 $ 1,017
Schedule of Non-Qualified Stock Options, Activity	The following table provides a summary of the activities for NQOs, RSUs and PSUs for the six months ended June 30, 2023: NQOs RSUs PSUs (In thousands, except per share data) Shares Weighted Average Exercise Price Per Share Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2023 42 $ 22.86 1,628 $ 35.47 — $ — Granted — $ — 301 $ 39.70 265 $ 35.66 Exercised — $ — — $ — — $ — Vested — $ — (957) $ 41.95 — $ — Forfeited or expired — $ — (6) $ 40.59 — $ — Outstanding at June 30, 2023 42 $ 22.86 966 $ 36.82 265 $ 35.66

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Weighted Average Shares Outstanding	Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, (In thousands, except per share data) 2023 2022 2023 2022 Net income (loss) $ 1,799 $ 10,472 $ (15,681) $ 13,327 Weighted average common shares outstanding 31,033 11,826 30,981 11,793 Add: Dilutive impact of stock options 18 18 — 22 Add: Dilutive impact of restricted stock units 554 110 — 102 Diluted weighted average common shares outstanding 31,605 11,954 30,981 11,917 Earnings (loss) per share Basic $ 0.06 $ 0.89 $ (0.51) $ 1.13 Diluted $ 0.06 $ 0.88 $ (0.51) $ 1.12
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the weighted average of anti-dilutive securities excluded from the diluted earnings per share calculation. Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, (In thousands) 2023 2022 2023 2022 Anti-dilutive restricted stock units 2 25 2 15

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) operatingSegment	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of operating segments | operatingSegment		1
Joint venture investment balance	$ 6.3	$ 6.3	$ 7
Distribution from joint ventures	$ 2	$ 3.8
High Desert Support Services, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25%	25%
J&J Maintenance
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Servcore Resources and Services Solutions, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	40%	40%

Merger - Additional Information

Merger - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended
	Jul. 05, 2022	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 1,656,965,000	$ 1,656,965,000	$ 1,653,822,000
V2X | American Industrial Partners Capital Fund VI, L.P.
Acquired Finite-Lived Intangible Assets [Line Items]
Ownership percentage		59.50%	59.50%
Crestview Aerospace
Acquired Finite-Lived Intangible Assets [Line Items]
Revenues		$ 700,000	$ 1,400,000
Vertex Aerospace Services Holding Corp.
Acquired Finite-Lived Intangible Assets [Line Items]
Total purchase consideration	$ 633,951,000
Goodwill	1,335,231,000
Goodwill expected to be deductible for tax purposes	0
Intangible assets	480,000,000
Receivables	331,300,000
Customer contracts | Vertex Aerospace Services Holding Corp.
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 164,000,000
Weighted average remaining useful life	14 years
Backlog | Vertex Aerospace Services Holding Corp.
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 316,000,000
Weighted average remaining useful life	4 years 6 months

Merger - Schedule of Fair Value

Merger - Schedule of Fair Value of the Consideration Transferred (Details) - Vertex Aerospace Services Holding Corp. $ / shares in Units, $ in Thousands	Jul. 05, 2022 USD ($) $ / shares shares
Business Acquisition [Line Items]
Stock price (in dollars per share) | $ / shares	$ 33.92
Fair value of cash consideration	$ 3,315
Total consideration transferred	$ 633,951
Common Stock Issued
Business Acquisition [Line Items]
Shares of V2X common stock issued (in shares) | shares	18,591,866
Fair value of common shares issued	$ 630,636

Merger - Schedule of Purchase P

Merger - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 05, 2022	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,656,965	$ 1,653,822
Vertex Aerospace Services Holding Corp.
Business Acquisition [Line Items]
Cash and cash equivalents	$ 196,993
Receivables	331,300
Prepaid expenses	50,838
Property, plant, and equipment	55,678
Intangible assets	480,000
Other non-current assets	17,104
Right-of-use assets	21,062
Accounts payable	(121,515)
Debt	(1,352,303)
Compensation and other employee benefits	(45,968)
Other current and non-current liabilities	(334,469)
Total identifiable net assets	(701,280)
Goodwill	1,335,231
Total purchase consideration	$ 633,951

Merger - Schedule of Pro Forma

Merger - Schedule of Pro Forma Information (Details) - Vertex Aerospace Services Holding Corp. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Business Acquisition [Line Items]
Pro forma, revenue	$ 977,852	$ 887,377	$ 1,921,312	$ 1,730,118
Pro forma, income	$ 1,799	$ 4,004	$ (15,681)	$ 15,897

Revenue - Revenue Performance O

Revenue - Revenue Performance Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract term	1 year
Renewal option, term	1 year
Performance Obligations	$ 3,696	$ 2,997

Revenue - Revenue Performance_2

Revenue - Revenue Performance Obligations (Percentage and Remaining Period of Time) (Details)	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	43%
Revenue, expected performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	57%
Revenue, expected performance obligation, period	1 year

Revenue - Revenue Contract Esti

Revenue - Revenue Contract Estimates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Revenue from Contract with Customer [Abstract]
Favorable adjustments to operating income	$ 9.1	$ 6.8	$ 22.2	$ 7.4
Favorable adjustments to revenue	$ 9.6	$ 6.8	$ 23.5	$ 7.4

Revenue - Revenue by Contract T

Revenue - Revenue by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 977,852	$ 498,066	$ 1,921,312	$ 954,537
Cost-plus and cost-reimbursable
Disaggregation of Revenue [Line Items]
Total revenue	$ 507,282	355,559	$ 1,019,217	666,653
Revenue, percent change	42.70%		52.90%
Firm-fixed-price
Disaggregation of Revenue [Line Items]
Total revenue	$ 438,684	128,348	$ 834,891	256,352
Revenue, percent change	241.80%		225.70%
Time-and-materials
Disaggregation of Revenue [Line Items]
Total revenue	$ 31,886	$ 14,159	$ 67,204	$ 31,532
Revenue, percent change	125.20%		113.10%

Revenue - Revenue by Geographic

Revenue - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 977,852	$ 498,066	$ 1,921,312	$ 954,537
Middle East
Disaggregation of Revenue [Line Items]
Total revenue	$ 279,083	250,222	$ 560,204	485,313
Revenue, percent change	11.50%		15.40%
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 578,514	158,719	$ 1,127,284	325,454
Revenue, percent change	264.50%		246.40%
Europe
Disaggregation of Revenue [Line Items]
Total revenue	$ 54,722	42,739	$ 103,974	81,178
Revenue, percent change	28%		28.10%
Asia
Disaggregation of Revenue [Line Items]
Total revenue	$ 65,533	$ 46,386	$ 129,850	$ 62,592
Revenue, percent change	41.30%		107.50%

Revenue - Revenue by Contract R

Revenue - Revenue by Contract Relationship (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 977,852	$ 498,066	$ 1,921,312	$ 954,537
Prime contractor
Disaggregation of Revenue [Line Items]
Total revenue	$ 916,060	468,453	$ 1,795,239	895,546
Revenue, percent change	95.50%		100.50%
Subcontractor
Disaggregation of Revenue [Line Items]
Total revenue	$ 61,792	$ 29,613	$ 126,073	$ 58,991
Revenue, percent change	108.70%		113.70%

Revenue - Revenue by Customer (

Revenue - Revenue by Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 977,852	$ 498,066	$ 1,921,312	$ 954,537
Army
Disaggregation of Revenue [Line Items]
Total revenue	$ 393,499	326,756	$ 784,002	606,869
Revenue, percent change	20.40%		29.20%
Air Force
Disaggregation of Revenue [Line Items]
Total revenue	$ 154,001	68,457	$ 283,982	129,930
Revenue, percent change	125%		118.60%
Navy
Disaggregation of Revenue [Line Items]
Total revenue	$ 293,198	64,885	$ 585,888	140,102
Revenue, percent change	351.90%		318.20%
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 137,154	$ 37,968	$ 267,440	$ 77,636
Revenue, percent change	261.20%		244.50%

Revenue - Revenue Contract Bala

Revenue - Revenue Contract Balances (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 570.8	$ 487.8
Contract liabilities	$ 62.6	$ 76.4

Receivables - Schedule of Recei

Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Billed receivables	$ 164,677	$ 227,718
Unbilled receivables (contract assets)	570,785	487,758
Other	11,100	13,106
Total receivables	$ 746,562	$ 728,582

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands				6 Months Ended
	Feb. 28, 2023	Dec. 30, 2022	Jul. 05, 2022	Jun. 30, 2023	Jul. 01, 2022
Debt Instrument [Line Items]
Prepayment premium on early redemption of debt				$ 1,600	$ 0
Letters of credit | 2023 Credit Agreement
Debt Instrument [Line Items]
Outstanding borrowings				$ 16,100
Secured Debt | First Lien Initial Term Tranche
Debt Instrument [Line Items]
Face amount			$ 925,000
Debt voluntary repayment	$ 258,700
Interest expense	11,900
Interest rate				9.73%
Secured Debt | First Lien Incremental Term Tranche
Debt Instrument [Line Items]
Face amount			260,000
Secured Debt | Vertex Second Lien Term Facility
Debt Instrument [Line Items]
Debt voluntary repayment	160,000	$ 25,000
Interest expense	7,100
Total			185,000
Prepayment premium on early redemption of debt	$ 1,600
Secured Debt | Vertex First Lien Credit Agreement
Debt Instrument [Line Items]
Face amount			1,185,000
Proceeds from sale of debt			54,000
Quarterly amortization			2,300
Total				$ 913,400
Deferred debt issuance costs				(39,000)
Fair value				914,600
Secured Debt | Vertex First Lien Term Facility
Debt Instrument [Line Items]
Face amount			$ 864,900
Secured Debt | Fed Funds Effective Rate Overnight Index Swap Rate | First Lien Initial Term Tranche
Debt Instrument [Line Items]
Spread on variable rate			0.50%
Secured Debt | Eurodollar | First Lien Initial Term Tranche
Debt Instrument [Line Items]
Spread on variable rate	1%		1%
Secured Debt | Eurodollar | Minimum | First Lien Initial Term Tranche
Debt Instrument [Line Items]
Spread on variable rate			2.50%
Secured Debt | Eurodollar | Maximum | First Lien Initial Term Tranche
Debt Instrument [Line Items]
Spread on variable rate			2.75%
Secured Debt | Secured Overnight Financing Rate | Minimum | First Lien Initial Term Tranche
Debt Instrument [Line Items]
Spread on variable rate			3.50%
Secured Debt | Secured Overnight Financing Rate | Maximum | First Lien Initial Term Tranche
Debt Instrument [Line Items]
Spread on variable rate			3.75%
Line of Credit | 2023 Credit Agreement
Debt Instrument [Line Items]
Outstanding borrowings				85,000
Deferred debt issuance costs				(4,700)
Remaining borrowing capacity				398,900
Covenant terms, ratio of total indebtedness to combined EBITDA	5
Covenant terms, ratio of EBITDA to interest expense, net,	2
Senior secured credit facilities
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 750,000			$ 270,000
Senior secured credit facilities | Minimum
Debt Instrument [Line Items]
Quarterly amortization	1,600
Senior secured credit facilities | Maximum
Debt Instrument [Line Items]
Quarterly amortization	$ 3,100
Senior secured credit facilities | Secured Debt
Debt Instrument [Line Items]
Interest rate				8.47%
Senior secured credit facilities | Secured Debt | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Spread on variable rate	0.50%
Senior secured credit facilities | Secured Debt | Eurodollar | Minimum
Debt Instrument [Line Items]
Spread on variable rate	1%
Senior secured credit facilities | Secured Debt | Eurodollar | Maximum
Debt Instrument [Line Items]
Spread on variable rate	2.25%
Senior secured credit facilities | Secured Debt | Secured Overnight Financing Rate | Minimum
Debt Instrument [Line Items]
Spread on variable rate	2%
Senior secured credit facilities | Secured Debt | Secured Overnight Financing Rate | Maximum
Debt Instrument [Line Items]
Spread on variable rate	3.25%
Amended revolver
Debt Instrument [Line Items]
Outstanding borrowings				$ 40,000
Term facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 250,000
Outstanding borrowings				50,200
Debt instrument, term	5 years
Face amount	$ 203,100
Term facility | 2023 Credit Agreement
Debt Instrument [Line Items]
Face amount				248,400
Deferred debt issuance costs				2,300
Fair value				$ 248,100
Term facility | Secured Debt
Debt Instrument [Line Items]
Interest rate				8.65%
Term facility | Short-term debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	50,000
Term Facility And Amended Revolver
Debt Instrument [Line Items]
Total				$ 1,246,875
Revolver
Debt Instrument [Line Items]
Outstanding borrowings	$ 500,000
Debt instrument, term	5 years
Revolver | Letters of credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 50,000
Revolver | Letters of credit | Vertex ABL Credit Agreement
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 30,000
Revolver | Short-term debt | Vertex ABL Credit Agreement
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			10,000
Debt voluntary repayment	67,500
Interest expense	$ 1,500
Revolver | Line of Credit | Vertex ABL Credit Agreement
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 200,000
Fronting fee	0.125%
Revolver | Line of Credit | Minimum | 2023 Credit Agreement | Equal To Or Less Than 50%
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Revolver | Line of Credit | Maximum | 2023 Credit Agreement | Equal To Or Less Than 50%
Debt Instrument [Line Items]
Commitment fee percentage	0.50%

Debt - Schedule of Maturities (

Debt - Schedule of Maturities (Details) - Term Facility And Amended Revolver $ in Thousands	Jun. 30, 2023 USD ($)
Payments due
2023 (remainder of the year)	$ 7,750
2024	15,500
2025	20,188
2026	21,750
2027	21,750
After 2027	1,159,937
Total	$ 1,246,875

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jul. 01, 2022
Derivative [Line Items]
Derivative contracts entered into during period		$ 350
Derivative, notional amount	$ 348.4	348.4
Designated as hedging instrument
Derivative [Line Items]
Gain (loss) on derivative instruments, net, pretax	$ 1.2	1.2	$ (0.4)
Gains reclassified to earnings within the next 12 months		$ 5.4

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Hedges in the Condensed Consolidated Balance Sheets (Details) - Cash Flow Hedging - Designated as hedging instrument - Interest Rate Swap $ in Thousands	Jun. 30, 2023 USD ($)
Other current assets
Derivative [Line Items]
Interest rate swap designated as cash flow hedge, liability	$ 5,381
Accumulated other comprehensive income
Derivative [Line Items]
Interest rate swap designated as cash flow hedge, liability	339
Other Noncurrent Assets
Derivative [Line Items]
Interest rate swap designated as cash flow hedge, liability	269
Accumulated Other Comprehensive (Loss) Income
Derivative [Line Items]
Interest rate swap designated as cash flow hedge, liability	$ 5,311

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Contract compliance
Loss Contingencies [Line Items]
Contracts loss contingency accrual	$ 28.6	$ 27.6

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Impact of Stock-Based Compensation in Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation cost for awards	$ 8,075	$ 2,167	$ 20,446	$ 4,725
Future tax benefit	1,756	466	4,445	1,017
Compensation costs for equity-based awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation cost for awards	7,771	1,575	19,837	4,676
Compensation costs for liability-based awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation cost for awards	$ 304	$ 592	$ 609	$ 50

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended				6 Months Ended
	Jul. 05, 2022 date $ / shares shares	Jul. 04, 2022 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jul. 01, 2022 USD ($)	Apr. 01, 2022 USD ($)	Jun. 30, 2023 USD ($) award $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 7,771	$ 12,066	$ 1,575	$ 3,100
Number of performance-based awards | award							2
Percentage of shareholder return award target							200%
Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Total Shareholder Return Awards (TSR)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			1,400				$ 1,400
Vesting period							3 years
Total Shareholder Return Awards (TSR) | Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance achievement fair value		$ 4,600
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			21,800				$ 21,800
Granted (in shares) | shares	1,346,089						301,000
Granted (in dollars per share) | $ / shares	$ 33.92						$ 39.70
RSUs | Vertex Aerospace Services Holding Corp.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			15,600				$ 15,600
RSUs | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	517,918
Vesting period	6 months
RSUs | Share-based Compensation Award, Tranche One | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increments							33.33%
RSUs | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	828,171
Vesting period	6 months
Number of vesting dates | date	4
RSUs | Share-based Compensation Award, Tranche Two | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increments							33.33%
RSUs | Share-based Compensation Award, Tranche Three | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting increments							33.33%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			6,200				$ 6,200
Granted (in shares) | shares							265,000
Granted (in dollars per share) | $ / shares							$ 35.66
Vesting period							3 years
Equity Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			28,000				$ 28,000
Unrecognized compensation costs, period for recognition							1 year 9 months
Equity Based Awards | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation							$ 10,800
Liability Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs			$ 1,400				$ 1,400
Unrecognized compensation costs, period for recognition							1 year 4 months 13 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Non-Qualified Stock Options, Activity (Details) - $ / shares		6 Months Ended
	Jul. 05, 2022	Jun. 30, 2023
NQOs
NQOs, Shares
Outstanding at beginning of period (in shares)		42,000
Outstanding at end of period (in shares)		42,000
NQOs, Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)		$ 22.86
Outstanding at end of period (in dollars per share)		$ 22.86
RSUs
RSUs, Shares
Outstanding at beginning of period (in shares)		1,628,000
Granted (in shares)	1,346,089	301,000
Vested (in shares)		(957,000)
Forfeited or expired (in shares)		(6,000)
Outstanding at end of period (in shares)		966,000
RSUs, Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)		$ 35.47
Granted (in dollars per share)	$ 33.92	39.70
Vested (in dollars per share)		41.95
Forfeited or expired (in dollars per share)		40.59
Outstanding at beginning of period (in dollars per share)		$ 36.82
PSUs
RSUs, Shares
Outstanding at beginning of period (in shares)		0
Granted (in shares)		265,000
Outstanding at end of period (in shares)		265,000
RSUs, Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)		$ 0
Granted (in dollars per share)		35.66
Outstanding at beginning of period (in dollars per share)		$ 35.66

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 210	$ 2,586	$ (5,527)	$ 3,287
Effective income tax rate	10.50%	19.80%	26.10%	19.80%
Unrecognized tax benefits	$ 8,400		$ 8,400		$ 8,600

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jul. 01, 2022	Apr. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 1,799	$ (17,480)	$ 10,472	$ 2,855	$ (15,681)	$ 13,327
Weighted average common shares outstanding (in shares)	31,033		11,826		30,981	11,793
Add: Dilutive impact of stock options (in shares)	18		18		0	22
Add: Dilutive impact of restricted stock units (in shares)	554		110		0	102
Diluted weighted average common shares outstanding (in shares)	31,605		11,954		30,981	11,917
Earnings (loss) per share
Basic (in dollars per share)	$ 0.06		$ 0.89		$ (0.51)	$ 1.13
Diluted (in dollars per share)	$ 0.06		$ 0.88		$ (0.51)	$ 1.12

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Anti-dilutive Options (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Anti-dilutive restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	2	25	2	15

Post-Employment Benefit Plans (

Post-Employment Benefit Plans (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 30, 2023 USD ($) plan	Jul. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Number of compensation plans | plan			2
Plan assets and liabilities	$ 2.8		$ 2.8		$ 1.5
Expense recognized	$ 4.9	$ 0.3	$ 8.2	$ 0.5

Sale of Receivables (Details)

Sale of Receivables (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 27, 2023
Receivables [Abstract]
Availability under receivables purchase agreement	$ 43.3	$ 43.3	$ 150
Sales of receivables		113
Cash collected but not remitted under receivables agreement	69.7	$ 69.7
Purchase discount fees	$ 0.2