Concentration of risk	12 Months Ended
Dec. 30, 2023
Concentration of risk
15. Concentration of risk	15. CONCENTRATION OF RISK Credit Risk Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. The primary credit risk for the Company is its accounts receivable due from customers. The Company has established credit limits for customers and monitors their balances to mitigate the risk of loss. As of December 30, 2023, and December 31, 2022, there was one significant concentration of credit risk. One customer represented 12% of total accounts receivable for 2023 and one customer represented 14% of total accounts receivable in 2022. The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable. In 2023, this customer had revenues totaling $29.2 million (10% of Engineered Solutions segment total revenue). In 2022, no customer had sales exceeding 10% of total Engineered Solutions total revenue. Interest Rate Risk The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt, which bears interest at variable rates based on term SOFR, plus an adjustment of ten basis points, plus an applicable margin of 1.875% to 2.625%, depending on the Company’s senior net leverage ratio. See Note 6 – Debt for more information regarding the Company’s debt facility. Currency Exchange Rate Risk The Company’s currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB, and Hong Kong dollar. Because of the Company’s limited exposure to any single foreign market, any exchange gains or losses have not been material and are not expected to be material in the future. As a result, the Company does not attempt to mitigate its foreign currency exposure through the acquisition of any speculative or leveraged financial instruments.

Concentration of risk

12 Months Ended

Dec. 30, 2023

15. CONCENTRATION OF RISK

Credit Risk

Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. The primary credit risk for the Company is its accounts receivable due from customers. The Company has established credit limits for customers and monitors their balances to mitigate the risk of loss. As of December 30, 2023, and December 31, 2022, there was one significant concentration of credit risk. One customer represented 12% of total accounts receivable for 2023 and one customer represented 14% of total accounts receivable in 2022. The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable. In 2023, this customer had revenues totaling $29.2 million (10% of Engineered Solutions segment total revenue). In 2022, no customer had sales exceeding 10% of total Engineered Solutions total revenue.

Interest Rate Risk

The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt, which bears interest at variable rates based on term SOFR, plus an adjustment of ten basis points, plus an applicable margin of 1.875% to 2.625%, depending on the Company’s senior net leverage ratio. See Note 6 – Debt for more information regarding the Company’s debt facility.

Currency Exchange Rate Risk

The Company’s currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB, and Hong Kong dollar. Because of the Company’s limited exposure to any single foreign market, any exchange gains or losses have not been material and are not expected to be material in the future. As a result, the Company does not attempt to mitigate its foreign currency exposure through the acquisition of any speculative or leveraged financial instruments.