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Balance Sheet Information
6 Months Ended
Jun. 25, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Balance Sheet Information

3. BALANCE SHEET INFORMATION

Inventories consisted of the following:

 

 

June 25,

 

 

December 25,

 

(In millions)

 

2021

 

 

2020

 

Raw materials

 

$

155.7

 

 

$

102.9

 

Work in process

 

 

89.6

 

 

 

64.5

 

Finished goods

 

 

56.7

 

 

 

13.0

 

Total

 

$

302.0

 

 

$

180.4

 

 

Property, plant and equipment, net, consisted of the following:

 

 

 

Useful Life

 

June 25,

 

 

December 25,

 

(In millions)

 

(in years)

 

2021

 

 

2020

 

Land

 

 

 

$

4.8

 

 

$

3.8

 

Buildings

 

50

 

 

39.5

 

 

 

37.2

 

Machinery and equipment

 

5-10

 

 

115.0

 

 

 

73.8

 

Leasehold improvements

 

*

 

 

53.2

 

 

 

46.7

 

Computer equipment and software

 

3-10

 

 

48.1

 

 

 

42.5

 

Furniture and fixtures

 

5

 

 

4.9

 

 

 

4.4

 

 

 

 

 

 

265.5

 

 

 

208.4

 

Accumulated depreciation

 

 

 

 

(97.0

)

 

 

(84.0

)

Construction in progress

 

 

 

 

49.8

 

 

 

34.8

 

Total

 

 

 

$

218.3

 

 

$

159.2

 

 

 

* Lesser of estimated useful life or remaining lease term

Restructuring

During the first quarter of fiscal year 2020, the Company made a strategic decision to fully integrate Quantum Global Technologies, LLC’s (“QGT”) corporate office responsibilities from Quakertown, PA to UCT’s corporate office in Hayward, CA. As a result, the Company recorded a restructuring charge of $0.9 and $1.9 million for the three and six months ended June 26, 2020, respectively, in general and administrative expense, primarily related to employee severance as well as the impaired value of the facility lease and losses on sale of equipment.

Insurance Proceeds

In September 2018, a fire in a facility owned by Cinos Korea destroyed certain assets, including equipment, the building and inventory owned by one of its customers. During the first fiscal quarter of 2021, the Company received final insurance proceeds related to the Cinos fire of $7.3 million, which was recorded for the six months ended June 26, 2021 in the accompanying Condensed Consolidated Statements of Operations as other income (expense), net. No insurance proceeds were received in the comparable period in the prior year.