Borrowing Arrangements	6 Months Ended
Jun. 26, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements	6. BORROWING ARRANGEMENTS In August 2018, the Company entered into a credit agreement with Barclays Bank that provided a Term Loan, a Revolving Credit Facility, and a Letter of Credit Facility (the “Credit Facilities”). UCT and certain of its subsidiaries have agreed to secure all of their obligations under the Credit Facilities by granting a first priority lien in substantially all of their respective personal property assets (subject to certain exceptions and limitations). In August 2018, the Company borrowed $350.0 million under the Term Loan and used the proceeds, together with cash on hand, to finance the acquisition of QGT and to refinance its previous credit facilities. The Term Loan has a maturity date of August 27, 2025, with monthly interest payments in arrears, quarterly principal payments of 0.625% of the original outstanding principal balance payable beginning January 2019, with the remaining principal paid upon maturity. The Term Loan accrues interest at a rate equal to a base LIBOR rate determined by reference to the London interbank offered rate for dollars, plus 4.5% (subject to certain adjustments quarterly based upon the Company’s consolidated leverage ratio). At June 26, 2020, the Company had an outstanding amount under the Term Loan of $297.8 million, gross of unamortized debt issuance costs of $8.9 million. The Revolving Credit Facility has an initial available commitment of $65.0 million and a maturity date of August 27, 2023. The Company pays a quarterly commitment fee in arrears equal to 0.25% of the average daily available commitment outstanding. In March 2020, the Company drew $40.0 million under the Revolving Credit Facility to fund operations, and as of June 26, 2020, the Company had $40.0 million outstanding under the Revolving Credit Facility. As of June 26, 2020, interest rates on the outstanding Term Loan and Revolving Credit facility were 4.7% and 2.7%, respectively. After December 31, 2021, LIBOR will officially be phased out. The Company will work with its bank to determine alternative risk-free rates. The Credit Agreement requires the Company to maintain certain financial covenants including a consolidated fixed charge coverage ratio (as defined in the New Credit Agreement) as of the last day of any fiscal quarter of at least 1.25 to 1.00, and a consolidated leverage ratio (as defined in the New Credit Agreement) as of the last day of any fiscal quarter of no greater than 3.75 to 1.00. The Company was in compliance with all financial covenants as of the quarter ended June 26, 2020. The Letter of Credit Facility has an initial available commitment of $50.0 million and a maturity date of August 27, 2023. The Company pays quarterly in arrears a fee equal to 2.5% (subject to certain adjustments as per the Term Loans) of the dollar equivalent of all outstanding letters of credit, and a fronting fee equal to 0.125% of the undrawn and unexpired amount of each letter of credit. As of June 26, 2020, the Company had $1.5 million of outstanding letters of credit with beneficiaries such as landlords of certain facility leases and government agencies making up the majority of the outstanding balance. The remaining available commitments are $48.5 million on the Letter of Credit Facility and $25.0 million on the Revolving Credit Facility. The Company’s subsidiary in the Czech Republic, UCT Fluid Delivery Solutions s.r.o., (FDS) has a revolving credit facility which renews annually at the end of the fiscal second quarter. As of June 26, 2020, FDS had an outstanding amount of 0.5 million euros (approximately $0.6 million) with an interest rate of 0.9% under the revolving credit facility. Cinos China has a bank loan with a carrying amount of $0.3 million at June 26, 2020 with an interest rate of 2.4%. According to the terms of the bank agreement, this loan is payable in tranches over the next three years. Cinos Korea has Credit Agreements with various banks that provide Revolving Credit Facilities for a total available commitment of 1.9 billion Korean Won (approximately $1.4 million) with annual renewals beginning from October 2020 through June 2021 and interest rates ranging from 2.5% - 3.7%. During the six months ended June 26, 2020, borrowings under these Revolving Facilities were insignificant and no amounts were outstanding as of June 26, 2020. As of June 26, 2020, the Company’s total bank debt was $338.7 million, net of unamortized debt issuance costs of $8.9 million. As of June 26, 2020, the Company had $25.0 million and 7.8 million euros (approximately $8.7 million) available to borrow on its revolving credit facilities in the U.S. and Czech Republic, respectively. The fair value of the Company’s long term-debt was based on Level 2 inputs, and fair value was determined using quoted prices for similar liabilities in inactive markets. The Company’s carrying value approximates fair value for the Company’s long-term debt.

Borrowing Arrangements

6 Months Ended

Jun. 26, 2020

6. BORROWING ARRANGEMENTS

In August 2018, the Company entered into a credit agreement with Barclays Bank that provided a Term Loan, a Revolving Credit Facility, and a Letter of Credit Facility (the “Credit Facilities”). UCT and certain of its subsidiaries have agreed to secure all of their obligations under the Credit Facilities by granting a first priority lien in substantially all of their respective personal property assets (subject to certain exceptions and limitations). In August 2018, the Company borrowed $350.0 million under the Term Loan and used the proceeds, together with cash on hand, to finance the acquisition of QGT and to refinance its previous credit facilities.

The Term Loan has a maturity date of August 27, 2025, with monthly interest payments in arrears, quarterly principal payments of 0.625% of the original outstanding principal balance payable beginning January 2019, with the remaining principal paid upon maturity. The Term Loan accrues interest at a rate equal to a base LIBOR rate determined by reference to the London interbank offered rate for dollars, plus 4.5% (subject to certain adjustments quarterly based upon the Company’s consolidated leverage ratio). At June 26, 2020, the Company had an outstanding amount under the Term Loan of $297.8 million, gross of unamortized debt issuance costs of $8.9 million.

The Revolving Credit Facility has an initial available commitment of $65.0 million and a maturity date of August 27, 2023. The Company pays a quarterly commitment fee in arrears equal to 0.25% of the average daily available commitment outstanding. In March 2020, the Company drew $40.0 million under the Revolving Credit Facility to fund operations, and as of June 26, 2020, the Company had $40.0 million outstanding under the Revolving Credit Facility.

As of June 26, 2020, interest rates on the outstanding Term Loan and Revolving Credit facility were 4.7% and 2.7%, respectively. After December 31, 2021, LIBOR will officially be phased out. The Company will work with its bank to determine alternative risk-free rates.

The Credit Agreement requires the Company to maintain certain financial covenants including a consolidated fixed charge coverage ratio (as defined in the New Credit Agreement) as of the last day of any fiscal quarter of at least 1.25 to 1.00, and a consolidated leverage ratio (as defined in the New Credit Agreement) as of the last day of any fiscal quarter of no greater than 3.75 to 1.00. The Company was in compliance with all financial covenants as of the quarter ended June 26, 2020.

The Letter of Credit Facility has an initial available commitment of $50.0 million and a maturity date of August 27, 2023. The Company pays quarterly in arrears a fee equal to 2.5% (subject to certain adjustments as per the Term Loans) of the dollar equivalent of all outstanding letters of credit, and a fronting fee equal to 0.125% of the undrawn and unexpired amount of each letter of credit. As of June 26, 2020, the Company had $1.5 million of outstanding letters of credit with beneficiaries such as landlords of certain facility leases and government agencies making up the majority of the outstanding balance. The remaining available commitments are $48.5 million on the Letter of Credit Facility and $25.0 million on the Revolving Credit Facility.

The Company’s subsidiary in the Czech Republic, UCT Fluid Delivery Solutions s.r.o., (FDS) has a revolving credit facility which renews annually at the end of the fiscal second quarter. As of June 26, 2020, FDS had an outstanding amount of 0.5 million euros (approximately $0.6 million) with an interest rate of 0.9% under the revolving credit facility.

Cinos China has a bank loan with a carrying amount of $0.3 million at June 26, 2020 with an interest rate of 2.4%. According to the terms of the bank agreement, this loan is payable in tranches over the next three years.

Cinos Korea has Credit Agreements with various banks that provide Revolving Credit Facilities for a total available commitment of 1.9 billion Korean Won (approximately $1.4 million) with annual renewals beginning from October 2020 through June 2021 and interest rates ranging from 2.5% - 3.7%. During the six months ended June 26, 2020, borrowings under these Revolving Facilities were insignificant and no amounts were outstanding as of June 26, 2020.

As of June 26, 2020, the Company’s total bank debt was $338.7 million, net of unamortized debt issuance costs of $8.9 million. As of June 26, 2020, the Company had $25.0 million and 7.8 million euros (approximately $8.7 million) available to borrow on its revolving credit facilities in the U.S. and Czech Republic, respectively.

The fair value of the Company’s long term-debt was based on Level 2 inputs, and fair value was determined using quoted prices for similar liabilities in inactive markets. The Company’s carrying value approximates fair value for the Company’s long-term debt.