Subsequent Events	9 Months Ended
Sep. 27, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events Legacy Project Settlement On October 31, 2024, the Company entered into a settlement agreement in its Golden Gate Bridge Project (the “GGB Project”). Under the terms of the settlement and through its consolidated joint venture with Danny’s Construction Co. LLC, Shimmick/Danny’s Joint Venture (“SDJV”), SDJV will receive total settlement proceeds of $97 million, a contract change order for reduced scope of work of $6 million and a contract change order for extension of project completion and costs incurred on the GGB Project. The GGB Project owner is required to pay SDJV $25 million within 14 business days of the executed agreement and the remaining $72 million cash payment to SDJV on or before December 17, 2024. After paying subcontractor pass-through claims, Shimmick plans to use the remaining proceeds for ongoing operations, including completion of the GGB Project. The settlement amount and reduction of outstanding scope of work are recorded in Contract assets, current and Contract liabilities, current within the condensed consolidated balance sheets. As a result of the GGB Project settlement and after accounting for subcontractor, legal and other costs as well as previously recorded revenue, the Company recognized an increase in gross margin of $11 million on the project during the three months ended September 27, 2024 within the condensed consolidated statements of operations.

Subsequent Events

9 Months Ended

Sep. 27, 2024

Note 12. Subsequent Events

Legacy Project Settlement

On October 31, 2024, the Company entered into a settlement agreement in its Golden Gate Bridge Project (the “GGB Project”). Under the terms of the settlement and through its consolidated joint venture with Danny’s Construction Co. LLC, Shimmick/Danny’s Joint Venture (“SDJV”), SDJV will receive total settlement proceeds of $97 million, a contract change order for reduced scope of work of $6 million and a contract change order for extension of project completion and costs incurred on the GGB Project. The GGB Project owner is required to pay SDJV $25 million within 14 business days of the executed agreement and the remaining $72 million cash payment to SDJV on or before December 17, 2024. After paying subcontractor pass-through claims, Shimmick plans to use the remaining proceeds for ongoing operations, including completion of the GGB Project.

The settlement amount and reduction of outstanding scope of work are recorded in Contract assets, current and Contract liabilities, current within the condensed consolidated balance sheets.

As a result of the GGB Project settlement and after accounting for subcontractor, legal and other costs as well as previously recorded revenue, the Company recognized an increase in gross margin of $11 million on the project during the three months ended September 27, 2024 within the condensed consolidated statements of operations.