Ultra Clean Holdings, Inc.
For the period ended Sep 26, 2025. Filed Oct 29, 2025.
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Sep 26, 2025 · Filed Oct 29, 2025
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Balance Sheet Information
- BALANCE SHEET INFORMATION
Accounts Receivable Factoring Agreements
The Company has receivables factoring arrangements, pursuant to which certain receivables are sold to banks without recourse in exchange for cash. Transactions under the receivables factoring arrangements are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company’s balance sheet. Under these receivables factoring arrangements, the Company does not maintain any beneficial interest in the receivables sold. The banks’ purchase of eligible receivables is subject to a maximum amount of uncollected receivables. The Company services the receivables on behalf of the banks, but otherwise maintains no significant continuing involvement with respect to the receivables. Sale proceeds that are representative of the fair value of factored receivables, less a factoring fee, are reflected in cash flows from operating activities on the Consolidated Statements of Cash Flows, while sale proceeds in excess of the fair value of factored receivables are reflected in cash flows from financing activities on the Consolidated Statements of Cash Flows.
The Company currently hastwo active receivables factoring arrangements. One arrangement allows for the factoring of up to $25.0 million of uncollected receivables originated within the United States. The second arrangement allows for the factoring of up to $12.0 million of uncollected receivables originated within the EMEA and Asia Pacific regions. During the three and nine months ended September 26, 2025, the Company received cash proceeds of $21.5 million and $50.9 million, respectively, from the sales of accounts receivables under its factoring arrangements. As of September 26, 2025, there were a total of $24.0 million of uncollected receivables that had been sold and removed from the Company’s Condensed Consolidated Balance Sheets.
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Inventories
Inventories consisted of the following:
| (In millions) | September 26,2025 | December 27,2024 |
|---|---|---|
| Raw materials | $208.1 | $195.4 |
| Work in process | 142.6 | 130.8 |
| Finished goods | 31.5 | 54.8 |
| Total | $382.2 | $381.0 |
Property, plant and equipment, net
Property, plant and equipment, net, consisted of the following:
| (In millions) | September 26,2025 | December 27,2024 |
|---|---|---|
| Land | $6.1 | $5.7 |
| Buildings | 55.0 | 52.2 |
| Leasehold improvements | 149.7 | 138.7 |
| Machinery and equipment | 232.1 | 222.4 |
| Computer equipment and software | 85.3 | 78.2 |
| Furniture and fixtures | 4.7 | 4.8 |
| 532.9 | 502.0 | |
| Accumulated depreciation | (233.3) | (214.0) |
| Construction in progress | 29.5 | 37.9 |
| Total | $329.1 | $325.9 |
During the three months ended September 26, 2025, the Company received an asset-related government grant of $2.9 million, which was recorded as a reduction of the carrying amount of the related property, plant and equipment.
Capitalized interest was not significant for the nine months ended September 26, 2025, or for the fiscal year ended December 27, 2024.
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