0001101302-23-000082 | 10-Q | XBRL Viewer

Assets Held For Sale (Tables)

6 Months Ended

Jul. 01, 2023

Disclosure of Long-Lived Assets Held-for-sale

PIM Assets-held-for sale comprise the following as of July 1, 2023:


(In thousands)
Assets:	July 1, 2023
Current assets	$	51,612
Property, Plant and Equipment, net	110,944
Intangible assets, net	76,692
Goodwill	12,707
Other assets	1,352
Total assets-held-for sale	$	253,307

Liabilities:
Accounts payable	$	6,628
Accrued expenses	6,584
Long-term liabilities	1,235
Total liabilities-held-for sale	$	14,447

Income before income taxes attributable to the PIM business was $12.7 million and $21.3 million for the three and six months ended July 1, 2023, respectively.

EC [Member]

Disposal (Line Items)

Disposal Groups, Including Discontinued Operations

EC Assets-held-for sale comprise the following as of July 1, 2023:


(In thousands)
Assets:	July 1, 2023
Current assets	$	106,063
Property, Plant and Equipment, net	170,180
Intangible assets, net	263,686
Goodwill	250,775
Other assets	7,936
Total assets-held-for sale	$	798,640

Liabilities:
Accounts payable	$	16,706
Accrued expenses	14,449
Long-term liabilities	70,182
Total liabilities-held-for sale	$	101,337

QED [Member]

Disposal (Line Items)

Schedule of Business Acquisitions by Acquisition, Consideration

The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment:


(In thousands)	March 1, 2023
Fair value of sale consideration	$	137,500
Final working capital adjustment	1,031
Cash transferred to the buyer on the closing balance sheet	(1,465)
Direct costs to sell	(2,780)
Fair value of sale consideration	$	134,286

Schedule of Noncash or Part Noncash Divestitures

Disposal Groups, Including Discontinued Operations

The major classes of assets and liabilities sold consisted of the following:


(In thousands)	March 1, 2023
Assets:
Current assets	$	19,219
Property, plant and equipment, net	2,663
Goodwill	90,005
Intangible assets, net	48,661
Other assets	842
Total assets	$	161,390

Liabilities:
Accounts payable	$	1,340
Accrued expenses	8,750
Long-term liabilities	2,067
Total liabilities	$	12,157

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Assets Held For Sale

3 Months Ended

Jul. 01, 2023

Asset, Held-for-Sale, Not Part of Disposal Group [Abstract]

Assets Held For Sale

ASSET HELD-FOR-SALE AND DIVESTITURE

Asset Held-For-Sale - PIM

On October 11, 2022, the Company announced entry into a definitive agreement to sell its Pipeline and Industrials Materials (“PIM”) business, which became part of the Company with the acquisition of CMC Materials, to Infineum USA L.P. (“Infineum”). The PIM business specializes in the manufacture and sale of drag reducing agents and a range of valve maintenance products and services, and reports into the Specialty Chemicals and Engineered Materials segment of the Company. Effective February 10, 2023, the Company terminated the definitive agreement. In accordance with the terms of the agreement, the Company received a $12.0 million termination fee from Infineum in the first quarter of 2023 and incurred a transaction adviser fee of $1.1 million. The net amount of $10.9 million is recorded in Other expense, net in the condensed consolidated statement of operations. At the time of the termination, the transaction had not received clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”).

During the fourth quarter of 2022, the related assets and liabilities were classified as held-for-sale in the Company’s consolidated balance sheet and measured at the lower of their carrying amount or fair value less cost to sell. The assets and liabilities continue to be classified as held-for-sale at July 1, 2023.

The planned disposition of the PIM business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements since the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

PIM Assets-held-for sale comprise the following as of July 1, 2023:


(In thousands)
Assets:	July 1, 2023
Current assets	$	51,612
Property, Plant and Equipment, net	110,944
Intangible assets, net	76,692
Goodwill	12,707
Other assets	1,352
Total assets-held-for sale	$	253,307

Liabilities:
Accounts payable	$	6,628
Accrued expenses	6,584
Long-term liabilities	1,235
Total liabilities-held-for sale	$	14,447

Income before income taxes attributable to the PIM business was $12.7 million and $21.3 million for the three and six months ended July 1, 2023, respectively.

Asset held-for-sale - EC Business

On May 10, 2023, the Company announced entry into a definitive agreement to sell its Electronic Chemicals (“EC”) business, which became part of the Company with the acquisition of CMC Materials, to FUJIFILMS Holdings America Corporation for $700.0 million, subject to customary adjustments with respect to cash, working capital, indebtedness and transaction expenses. The EC business specializes in purification, formulation, blending, packaging and distribution of high-purity process chemicals used within the semiconductor and microelectronic manufacturing processes. The divestiture is currently expected to close before the end of 2023, subject to receipt of required regulatory approvals and other customary closing conditions. The EC business reports into the Advanced Planarization Solutions segment of the Company. The Company recognized a loss on the assets held-for-sale of $13.6 million on the sale for the EC business for the three and six months ended July 1, 2023. The loss is included in Selling, general and administrative expenses in the condensed consolidated statement of operations.

The planned disposition of the EC business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements since the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

EC Assets-held-for sale comprise the following as of July 1, 2023:


(In thousands)
Assets:	July 1, 2023
Current assets	$	106,063
Property, Plant and Equipment, net	170,180
Intangible assets, net	263,686
Goodwill	250,775
Other assets	7,936
Total assets-held-for sale	$	798,640

Liabilities:
Accounts payable	$	16,706
Accrued expenses	14,449
Long-term liabilities	70,182
Total liabilities-held-for sale	$	101,337

Loss before income taxes attributable to the EC business was $3.1 million and $86.6 million for the three and six months ended July 1, 2023. The loss before income taxes attributed to the EC business for the three and six months ended July 1, 2023 included the $13.6 million loss on held for sale as noted above and the six months ended included the $88.9 million goodwill impairment, see Note 5.

Divestiture - QED

During the first quarter of 2023, the Company announced entry into a definitive agreement to sell QED Technologies International, Inc. (“QED”), which offers magnetorheological finishing polishing and subaperture stitching interferometry metrology manufacturing solutions. to Quad-C Management, Inc. QED was a part of the Specialty Chemicals and Engineered Materials segment and became part of the Company with the acquisition of CMC Materials.

The Company completed the divestiture of QED on March 1, 2023 and received proceeds of $134.3 million after adjustments with respect to cash, working capital, indebtedness and transaction expenses. The disposition of QED did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment:


(In thousands)	March 1, 2023
Fair value of sale consideration	$	137,500
Final working capital adjustment	1,031
Cash transferred to the buyer on the closing balance sheet	(1,465)
Direct costs to sell	(2,780)
Fair value of sale consideration	$	134,286

The carrying amount of net assets associated with the QED business was approximately $149.2 million. The major classes of assets and liabilities sold consisted of the following:


(In thousands)	March 1, 2023
Assets:
Current assets	$	19,219
Property, plant and equipment, net	2,663
Goodwill	90,005
Intangible assets, net	48,661
Other assets	842
Total assets	$	161,390

Liabilities:
Accounts payable	$	1,340
Accrued expenses	8,750
Long-term liabilities	2,067
Total liabilities	$	12,157

As a result of the QED divestiture, the Company recognized a pre-tax loss of $1.3 million and $14.9 million presented in selling, general and administrative expenses on the condensed consolidated statements of operations for the three and six months ended July 1, 2023, respectively. The Company recorded an income tax benefit associated with the QED divestiture of approximately $6.8 million.

Termination - Alliance Agreement

On June 5, 2023, the Company announced the termination of an Alliance Agreement (the “Alliance Agreement”) between the Company and MacDermid Enthone Inc., a global business unit of Element Solutions Inc (“MacDermid Enthone”). Under the Alliance Agreement, Entegris had been granted the exclusive right to distribute MacDermid Enthone's Viaform products, subject to certain conditions. In connection with the termination of the Alliance Agreement, Entegris will receive a payment of $200.0 million, subject to certain adjustments, with $170.0 million that was paid on June 2, 2023 upon the termination of the alliance agreement and $30.0 million payable upon completion of customer transitions. The Company recognized a pre-tax gain of $154.8 million presented in gain on termination of alliance agreement on the condensed consolidated statements of operations for the three and six months ended July 1, 2023.

Condensed Consolidated Statements Of Equity Condensed Consolidatd Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock, Common	Additional Paid-in Capital	Retained Earnings	Foreign currency translation adjustments	Defined benefit pension adjustments	Interest Rate Swap - Cash flow hedge
Balance (in shares) at Dec. 31, 2021		135,719	202
Balance at Dec. 31, 2021	$ 1,713,781	$ 1,357	$ (7,112)	$ 879,845	$ 879,776	$ (38,863)	$ (1,222)	$ 0
Shares issued under stock plans (in shares)		366
Shares issued under stock plans	(12,738)	$ 4	0	(12,742)	0	0	0	0
Share-based compensation expense	9,285	0	0	9,285	0	0	0	0
Dividends, Common Stock, Cash	(13,660)	0	0	0	(13,660)	0	0	0
Pension liability adjustments	73	0	0	0	0	0	73	0
Foreign currency translation adjustments	(2,128)	0	0	0	0	(2,128)	0	0
Net income	125,705	$ 0	$ 0	0	125,705	0	0	0
Balance (in shares) at Apr. 02, 2022		136,085	202
Balance at Apr. 02, 2022	$ 1,820,318	$ 1,361	$ (7,112)	876,388	991,821	(40,991)	(1,149)	0
Common Stock, Dividends, Per Share, Declared	$ 0.10
Balance (in shares) at Dec. 31, 2021		135,719	202
Balance at Dec. 31, 2021	$ 1,713,781	$ 1,357	$ (7,112)	879,845	879,776	(38,863)	(1,222)	0
Interest Rate Swap - Cash flow hedge	0
Pension liability adjustments	73
Foreign currency translation adjustments	(11,142)
Net income	225,196
Balance (in shares) at Jul. 02, 2022		136,173	202
Balance at Jul. 02, 2022	1,912,714	$ 1,362	$ (7,112)	891,967	1,077,651	(50,005)	(1,149)	0
Balance (in shares) at Apr. 02, 2022		136,085	202
Balance at Apr. 02, 2022	1,820,318	$ 1,361	$ (7,112)	876,388	991,821	(40,991)	(1,149)	0
Shares issued under stock plans (in shares)		88
Shares issued under stock plans	5,398	$ 1	0	5,397	0	0	0	0
Share-based compensation expense	10,182	0	0	10,182	0	0	0	0
Dividends, Common Stock, Cash	(13,661)	0	0	0	(13,661)	0	0	0
Interest Rate Swap - Cash flow hedge	0
Pension liability adjustments	0
Foreign currency translation adjustments	(9,014)	0	0	0	0	(9,014)	0	0
Net income	99,491	$ 0	$ 0	0	99,491	0	0	0
Balance (in shares) at Jul. 02, 2022		136,173	202
Balance at Jul. 02, 2022	$ 1,912,714	$ 1,362	$ (7,112)	891,967	1,077,651	(50,005)	(1,149)	0
Common Stock, Dividends, Per Share, Declared	$ 0.10
Balance (in shares) at Dec. 31, 2022		149,339	202
Balance at Dec. 31, 2022	$ 3,218,000	$ 1,493	$ (7,112)	2,205,325	1,031,391	(49,083)	(83)	36,069
Shares issued under stock plans (in shares)		530
Shares issued under stock plans	8,987	$ 6	0	8,981	0	0	0	0
Share-based compensation expense	30,678	0	0	30,678	0	0	0	0
Dividends, Common Stock, Cash	(15,092)	0	0	0	(15,092)	0	0	0
Interest Rate Swap - Cash flow hedge	(9,955)	0	0	0	0	0	0	(9,955)
Pension liability adjustments	37	0	0	0	0	0	37	0
Foreign currency translation adjustments	23,734	0	0	0	0	23,734	0	0
Net income	(88,166)	$ 0	$ 0	0	(88,166)	0	0	0
Balance (in shares) at Apr. 01, 2023		149,869	202
Balance at Apr. 01, 2023	$ 3,168,223	$ 1,499	$ (7,112)	2,244,984	928,133	(25,349)	(46)	26,114
Common Stock, Dividends, Per Share, Declared	$ 0.10
Balance (in shares) at Dec. 31, 2022		149,339	202
Balance at Dec. 31, 2022	$ 3,218,000	$ 1,493	$ (7,112)	2,205,325	1,031,391	(49,083)	(83)	36,069
Interest Rate Swap - Cash flow hedge	(239)
Pension liability adjustments	37
Foreign currency translation adjustments	(14,277)
Net income	109,480
Balance (in shares) at Jul. 01, 2023		150,308	202
Balance at Jul. 01, 2023	3,352,205	$ 1,503	$ (7,112)	2,274,572	1,110,818	(63,360)	(46)	35,830
Balance (in shares) at Apr. 01, 2023		149,869	202
Balance at Apr. 01, 2023	3,168,223	$ 1,499	$ (7,112)	2,244,984	928,133	(25,349)	(46)	26,114
Shares issued under stock plans (in shares)		439
Shares issued under stock plans	18,134	$ 4	0	18,130	0	0	0	0
Share-based compensation expense	11,458	0	0	11,458	0	0	0	0
Dividends, Common Stock, Cash	(14,961)		0	0	(14,961)	0	0	0
Interest Rate Swap - Cash flow hedge	9,716		0	0	0	0	0	9,716
Pension liability adjustments	0
Foreign currency translation adjustments	(38,011)		0	0	0	(38,011)	0	0
Net income	197,646		$ 0	0	197,646	0	0	0
Balance (in shares) at Jul. 01, 2023		150,308	202
Balance at Jul. 01, 2023	$ 3,352,205	$ 1,503	$ (7,112)	$ 2,274,572	$ 1,110,818	$ (63,360)	$ (46)	$ 35,830
Common Stock, Dividends, Per Share, Declared	$ 0.10

CMC Materials Acquisition Financing Debt (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 20, 2023	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022	Jul. 06, 2022
Debt Instrument [Line Items]
Total debt, net		$ 5,492,011		$ 5,492,011		$ 5,784,893
Long-term Debt, Gross		5,613,499		5,613,499		5,925,000
Gain (Loss) on Extinguishment and modification of Debt		4,481	$ 0	8,361	$ 0
Loss on extinguishment of debt and modification		(4,481)	$ 0	(8,361)	0
Repayments of Debt	$ 135,000	$ 176,500		293,671	0
Loss on extinguishment for Bridge loan				700
Loss on extinguishment of debt				(7,269)	0
Loss on extinguishment of debt				$ (7,269)	$ 0
Secured Debt
Debt Instrument [Line Items]
Long-term Debt, Gross							$ 2,495,000
Term Loan Rate		2.75%		2.75%
Debt Instrument, Description of Variable Rate Basis		1.75
Long-Term Debt
Debt Instrument [Line Items]
Long-Term Line of Credit		$ 0		$ 0		0
Senior secured term loan facility due 2029
Debt Instrument [Line Items]
Long-term Debt, Gross		2,318,499		2,318,499		$ 2,495,000
Gain (Loss) on Extinguishment and modification of Debt		(3,800)		(7,600)
Loss on extinguishment of debt and modification		$ 3,800		$ 7,600

Goodwill Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended
Goodwill Impairment (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 01, 2023	Jul. 02, 2022	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 88,872	$ 0	$ 0
Impairment of EC goodwill	$ 88,900
Business Combination, Price of Acquisition, Expected		$ 700,000

Subsequent Events (Details)	Aug. 23, 2023 $ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Quarterly cash dividend	$ 0.10

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Other Tax Expense (Benefit)	$ (4,400)
Year-to-date effective tax rate	(9.10%)	15.00%	4.30%	14.20%
Income tax (benefit) expense	$ (16,491)	$ 17,517	$ 4,978	$ 37,392

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jul. 01, 2023

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statement of cash flows.


(In thousands)	July 1, 2023		December 31, 2022
Cash and cash equivalents	$	565,878	$	561,559
Restricted cash	1,139		1,880
Total cash, cash equivalents and restricted cash	$	567,017	$	563,439

The restricted cash represents cash held in a “Rabbi” trust. Prior to the acquisition of CMC Materials, CMC Materials’ change in control severance protection agreements required CMC Materials to establish a Rabbi trust prior to a change in control and fully fund the trust to cover all the severance benefits that may become payable under the agreements.

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The Company recognizes the change in fair value of its foreign currency forward contracts in the condensed consolidated statement of operations.

The notional amounts of our derivative instruments are as follows:


(In thousands)	July 1, 2023		December 31, 2022
Derivatives designated as hedging instruments:
Interest rate swap contract - cash flow hedge	$	1,650,000	$	1,950,000


Derivatives not designated as hedging instruments:
Foreign exchange contracts to purchase U.S. dollars	$	—	$	3,995
Foreign exchange contracts to sell U.S. dollars	—		26,225

Fair Value, by Balance Sheet Grouping

The fair values of our derivative instruments included in the condensed consolidated balance sheets are as follows:


(In thousands)	Derivative Assets				Derivative Liabilities
Condensed Consolidated Balance Sheet Location	July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge
Other current assets	$	34,382	$	32,481	$	—	$	—
Other assets - long-term	11,899		14,108		—		—
Derivatives not designated as hedging instruments -Foreign exchange contracts
Other current assets	$	—	726		$	—	$	—
Other accrued liabilities	—		—		—		193

Schedule of Other Operating Cost and Expense, by Component

The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:


		Gain Recognized in Condensed Consolidated Statements of Income
(In thousands)	Condensed Consolidated Statements of Operations Location	Three months ended				Six months ended
Derivatives designated as hedging instruments:		July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Interest rate swap contract-cash flow hedge	Interest expense, net	$	(9,638)	$	—	$	(17,551)	$	—

Derivatives not designated as hedging instruments:



Foreign exchange contracts	Other expense, net	$	(245)	$	—	$	(374)	$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects of our derivative instruments on Accumulated Other Comprehensive Income:


	Gain (Loss) recognized in Other Comprehensive Income (Loss)
(In thousands)	Three months ended				Six months ended
Derivatives designated as hedging instruments:	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Interest rate swap contract - Cash flow hedge	$	9,716	$	—	$	(239)	$	—

Inventories

6 Months Ended

Jul. 01, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of the following:


(In thousands)	July 1, 2023		December 31, 2022
Raw materials	$	315,616	$	337,576
Work-in-process	55,978		60,182
Finished goods (1)	368,757		415,057
Total inventories, net	$	740,351	$	812,815

(1) Includes consignment inventories held by customers of $23.9 million and $46.2 million at July 1, 2023 and December 31, 2022, respectively.

Fair Value Measures and Disclosures-Fair Value Levels (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 34,400
Total Assets	9,913,024	$ 10,138,857
Total debt, net	5,492,011	5,784,893
Long-term Debt, Fair Value	5,223,304	5,428,900
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	565,878	561,559
Restricted cash	1,139	1,880
Total Assets	567,017	563,439
Fair Value, Inputs, Level 1 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0	0
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Derivative Assets (Liabilities), at Fair Value, Net		46,589
Total Assets	46,281	47,315
Derivative financial instruments - Forward exchange contracts		193
Liabilities		193
Fair Value, Inputs, Level 2 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	46,281
Fair Value, Inputs, Level 2 \| Foreign Exchange Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net		726
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Total Assets	0	0
Fair Value, Inputs, Level 3 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0	0
Fair Value, Inputs, Level 1, Level 2, and Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	565,878	561,559
Restricted cash	1,139	1,880
Total Assets	613,298	610,754
Derivative financial instruments - Forward exchange contracts		193
Liabilities		193
Fair Value, Inputs, Level 1, Level 2, and Level 3 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 46,281	46,589
Fair Value, Inputs, Level 1, Level 2, and Level 3 \| Foreign Exchange Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net		$ 726

Earnings Per Common Share

6 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per common share (“EPS”) is calculated based on the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share is calculated based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the applicable period. The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per common share:


	Three months ended		Six months ended
(In thousands)	July 1, 2023	July 2, 2022	July 1, 2023	July 2, 2022
Basic—weighted common shares outstanding	149,825	135,895	149,626	135,783
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	1,012	559	983	720
Diluted—weighted common shares and common shares equivalent outstanding	150,837	136,454	150,609	136,503

The Company excluded the following shares underlying stock-based awards from the calculations of diluted EPS because their inclusion would have been anti-dilutive for the three and six months ended July 1, 2023 and July 2, 2022:

Three months ended

Six months ended

(In thousands)

July 1, 2023

July 2, 2022

July 1, 2023

July 2, 2022

Shares excluded from calculations of diluted EPS

580

595

791

519

Revenues Revenues

6 Months Ended

Jul. 01, 2023

Revenues [Abstract]

Revenue from Contract with Customer

REVENUESThe following table provides information about current contract liabilities from contracts with customers. The contract liabilities are included in other accrued liabilities balance in the condensed consolidated balance sheet.


(In thousands)	July 1, 2023		July 2, 2022
Balance at beginning of period	$	60,476	$	23,050
Revenue recognized that was included in the contract liability balance at the beginning of the period	(43,905)		(15,585)
Increases due to cash received, excluding amounts recognized as revenue during the period	79,621		25,770
Contract liabilities included as part of disposition	(6,226)		—

Balance at end of period	$	89,966	$	33,235

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Inventories (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 315,616	$ 337,576
Work-in-process	55,978	60,182
Finished goods (1)	368,757	415,057
Total inventories, net	740,351	812,815
Consignment inventory held by	$ 23,900	$ 46,200

Segment Reporting - Summary of Financial Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Oct. 01, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 901,000	$ 692,489	$ 1,823,396	$ 1,342,135	$ 1,342,135
Total Segment Profit	352,229	192,751	466,869	386,910
Goodwill impairment included in APS segment	88,900
Gain (Loss) on Contract Termination	154,800		154,754	0
Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	200,073	179,412	398,077	345,188	345,188
Total Segment Profit	173,319	35,539	176,587	73,231
Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	240,561	28,317	490,887	58,962	58,962
Total Segment Profit	42,419	10,179	9,629	21,338
Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	283,614	274,133	552,911	540,770	540,770
Total Segment Profit	100,661	100,107	196,658	198,725
Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	190,356	224,084	409,209	422,197	422,197
Total Segment Profit	35,830	46,926	83,995	93,616
intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	$ (13,604)	$ (13,457)	$ (27,688)	$ (24,982)	$ (24,982)

QED sale (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
QED sale (Details) - USD ($) $ in Thousands	Mar. 10, 2023	Feb. 10, 2023	Jul. 01, 2023	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Disposal (Line Items)
Business Exit Costs		$ (12,000)
Proceeds from sale of business				$ (134,286)	$ 0
Carrying value of net assets	$ 149,200
Liabilities held-for-sale			$ 115,784	115,784		$ 10,637
Loss before income taxes			(1,300)	(14,900)
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal			6,800
QED [Member]
Disposal (Line Items)
Proceeds from Divestiture of Businesses	134,286			134,300
Business Combination, Consideration Transferred	137,500
Final working capital adjustment	1,031
Business Combination, Consideration Transferred, Other	(1,465)
Business Exit Costs	(2,780)
Current assets	19,219
Property, Plant and Equipment, net	2,663
Goodwill	90,005
Intangible assets, net	48,661
Other assets	842
Total assets-held-for sale	161,390
Accounts payable	1,340
Accrued expenses	8,750
Long-term liabilities			$ 2,067	$ 2,067
Liabilities held-for-sale	$ 12,157

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jul. 01, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Entegris, Inc. (“Entegris”, “the Company”, “us”, “we”, or “our”) is a leading supplier of advanced materials and process solutions for the semiconductor and other high-technology industries. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Intercompany profits, transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liability, income taxes and related accounts, and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and contain all adjustments considered necessary, and are of a normal recurring nature, to present fairly the financial position as of July 1, 2023 and December 31, 2022, and the results of operations and comprehensive income for the three and six months ended July 1, 2023 and July 2, 2022, the equity statements as of and for the three and six months ended July 1, 2023 and July 2, 2022, and cash flows for the six months ended July 1, 2023 and July 2, 2022. Our recently acquired subsidiary, CMC Materials LLC (formerly known as CMC Materials, Inc.) (“CMC Materials”), follows a monthly reporting calendar. The second quarter of 2023 for CMC Materials ended on June 30, 2023, whereas the Company’s second quarter ended on July 1, 2023. The Company believes that use of the different fiscal periods for this entity has not had a material impact on the Company’s condensed consolidated financial position, results of operations, or liquidity. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis and consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended July 1, 2023 are not necessarily indicative of the results to be expected for the full year. Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements. Recently Issued Accounting Pronouncements The Company currently has no material recent accounting pronouncements yet to be adopted.

Goodwill and Intangible Assets Goodwill and Intangible Assets - Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2023	$ 102,710
2024	194,774
2025	188,318
2026	185,381
2027	181,694
Thereafter	568,833
Total	$ 1,421,710	$ 1,841,955

Revenues (Tables)

6 Months Ended

Jul. 01, 2023

Revenues [Abstract]

Contract with Customer, Asset and Liability

The following table provides information about current contract liabilities from contracts with customers. The contract liabilities are included in other accrued liabilities balance in the condensed consolidated balance sheet.


(In thousands)	July 1, 2023		July 2, 2022
Balance at beginning of period	$	60,476	$	23,050
Revenue recognized that was included in the contract liability balance at the beginning of the period	(43,905)		(15,585)
Increases due to cash received, excluding amounts recognized as revenue during the period	79,621		25,770
Contract liabilities included as part of disposition	(6,226)		—

Balance at end of period	$	89,966	$	33,235

Earnings Per Common Share - Reconciliation of Share Amount Used in Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Weighted shares outstanding:
Basic-weighted common shares outstanding	149,825	135,895	149,626	135,783
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	1,012	559	983	720
Diluted-weighted common shares and common shares equivalent outstanding	150,837	136,454	150,609	136,503

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.10	$ 0.10	$ 0.10	$ 0.10

Consolidated Statements Of Comprehensive Income Paranthetical - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Net income	$ 197,646	$ 109,480
Interest Rate Swap - Cash flow hedge	9,716	(239)
Other comprehensive (loss) income	(28,295)	(14,479)
Other Comprehensive Income (Loss), Tax	2,834	$ (69)
Retained Earnings
Net income	197,646
Interest Rate Swap - Cash flow hedge	$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023	Jul. 01, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Gross carrying Amount	$ 2,142,046	$ 2,142,046	$ 2,142,046	$ 2,478,827
Accumulated amortization	720,336	720,336	720,336	636,872
Net carrying value	1,421,710	1,421,710	1,421,710	1,841,955
Goodwill [Line Items]
Assets held-for-sale	(254,660)	(254,660)	(254,660)
Purchase Accounting Adjustments	1,000		(1,021)
Impairment of goodwill		88,872
Goodwill, Written off Related to Sale of Business Unit			(90,005)
Goodwill, Held for Sale, Fair Value disclosure	254,700	254,700	254,700
Specialty Chemicals and Electronic Materials SCEM
Goodwill [Line Items]
Assets held-for-sale	3,885	3,885	3,885
Purchase Accounting Adjustments			3,409
Goodwill, Written off Related to Sale of Business Unit			(90,005)
Advanced Planarization Solutions
Goodwill [Line Items]
Assets held-for-sale	250,775	250,775	250,775
Purchase Accounting Adjustments			(4,430)
Goodwill, Written off Related to Sale of Business Unit			0
Microcontamination Control MC
Goodwill [Line Items]
Assets held-for-sale	0	0	0
Purchase Accounting Adjustments			0
Goodwill, Written off Related to Sale of Business Unit			0
Advanced Materials Handling AMH
Goodwill [Line Items]
Assets held-for-sale	0	0	0
Purchase Accounting Adjustments			0
Goodwill, Written off Related to Sale of Business Unit			0
Developed Technology
Finite-Lived Intangible Assets
Gross carrying Amount	1,262,685	1,262,685	1,262,685	1,302,101
Accumulated amortization	384,845	384,845	384,845	313,876
Net carrying value	877,840	877,840	877,840	988,225
Trademarks and Trade names
Finite-Lived Intangible Assets
Gross carrying Amount	172,272	172,272	172,272	250,473
Accumulated amortization	32,610	32,610	32,610	29,565
Net carrying value	139,662	139,662	139,662	220,908
Customer Relationships
Finite-Lived Intangible Assets
Gross carrying Amount	673,765	673,765	673,765	863,947
Accumulated amortization	282,644	282,644	282,644	273,039
Net carrying value	391,121	391,121	391,121	590,908
In Process Research and Development
Finite-Lived Intangible Assets
Gross carrying Amount	9,400	9,400	9,400	31,100
Accumulated amortization	0	0	0	0
Net carrying value	9,400	9,400	9,400	31,100
Other Intangible Assets
Finite-Lived Intangible Assets
Gross carrying Amount	23,924	23,924	23,924	31,206
Accumulated amortization	20,237	20,237	20,237	20,392
Net carrying value	$ 3,687	$ 3,687	$ 3,687	$ 10,814

Debt

6 Months Ended

Jul. 01, 2023

Debt Disclosure [Abstract]

Debt Disclosure

DEBT

The Company’s debt as of July 1, 2023 and December 31, 2022 consists of the following:


(In thousands)	July 1, 2023		December 31, 2022
Senior secured term loan facility due 2029	2,318,499		2,495,000
Senior secured notes due 2029	1,600,000		1,600,000
Senior unsecured notes due 2030	895,000		895,000
Senior unsecured notes due 2029	400,000		400,000
Senior unsecured notes due 2028	400,000		400,000
Bridge credit facility due 2023	—		135,000

Revolving facility due 2027	—		—
Total debt (par value)	5,613,499		5,925,000
Unamortized discount and debt issuance costs	121,488		140,107
Total debt, net	$	5,492,011	$	5,784,893
Less short-term debt, including current portion of long-term debt	—		151,965
Total long-term debt, net	$	5,492,011	$	5,632,928

Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of July 1, 2023 are as follows:


(In thousands)	Remaining 2023		2024	2025	2026	2027	Thereafter	Total
Contractual debt obligation maturities(1)	$	—	—	—	—	—	5,613,499	$	5,613,499

(1) Subject to Excess Cash Flow payments to the lenders.

On March 10, 2023, the Company and certain of its subsidiaries entered into Amendment No. 1 (the “Amendment”) with the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which amended the Credit and Guaranty Agreement, dated as of November 6, 2018 (as amended and restated as of July 6, 2022 and as further amended, restated, amended and restated, supplemented, modified and otherwise in effect prior to the effectiveness of the Amendment, the “Existing Credit Agreement” and, the Existing Credit Agreement as amended by the Amendment, the “Amended Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent.

The Amendment provides for, among other things, the refinancing of the Company’s outstanding term B loans under the Existing Credit Agreement in an aggregate principal amount of $2.495 billion (the “Original Tranche B Term Loans”) with a new tranche of term B loans under the Amended Credit Agreement in an aggregate principal amount of $2.495 billion (the “New Tranche B Term Loans”). The New Tranche B Term Loans will bear interest under the Amended Credit Agreement at a rate per annum equal to, at the Company’s option, either (i) Term SOFR plus an applicable margin of 2.75% or (ii) a base rate plus an applicable margin of 1.75%. Consistent with the Original Tranche B Term Loans, the new Tranche B Term Loans will mature on July 6, 2029. Other than as described herein (and more fully described in the Amendment), the terms of the Amended Credit Agreement are substantially similar to the terms of the Existing Credit Agreement. Additionally, as of July 1, 2023, during the fiscal year 2023, the Company has repaid $176.5 million of the outstanding borrowings under the New Tranche B Term Loans. In connection with this repayment and entry into the Amendment, the Company incurred a pre-tax loss on extinguishment and modification of debt of $3.8 million and $7.6 million for the three and six months ended July 1, 2023, which is included in Other expense, net on the condensed consolidated statements of operations.

On April 20, 2023, the Company repaid the principal amount of the $135.0 million bridge credit facility. In connection with the repayment of this debt, the Company incurred a pre-tax loss on extinguishment of debt of $0.7 million for the three and six months ended July 1, 2023, which is included in Other expense, net on the condensed consolidated statements of operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Debt Maturity (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Remaining 2023	$ 0
2024	0
2025	0
2026	0
2027	0
Thereafter	5,613,499
Long-term Debt, Gross	$ 5,613,499	$ 5,925,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	$ 1,650,000			$ 1,650,000		$ 1,950,000
Derivative [Line Items]
Derivative, Notional Amount	1,650,000			1,650,000		1,950,000
Derivative Assets (Liabilities), at Fair Value, Net	34,400			34,400
Interest Rate Swap - Cash flow hedge	9,716	$ (9,955)	$ 0	(239)	$ 0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax				(239)	0
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(245)		0	(374)	0
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Other Current Assets
Derivative [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0			0		726
Total Liabilities	0			0		0
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Accrued Liabilities
Derivative [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0			0		0
Total Liabilities	0			0		193
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Long
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	0			0		3,995
Derivative [Line Items]
Derivative, Notional Amount	0			0		3,995
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Short
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	0			0		26,225
Derivative [Line Items]
Derivative, Notional Amount	0			0		26,225
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(9,638)		$ 0	(17,551)	$ 0
Interest Rate Swap \| Designated as Hedging Instrument \| Other Current Assets
Derivative [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	34,382			34,382		32,481
Total Liabilities	0			0		0
Interest Rate Swap \| Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	11,899			11,899		14,108
Total Liabilities	$ 0			$ 0		$ 0

Segment Reporting (Tables)

6 Months Ended

Jul. 01, 2023

Segment Reporting [Abstract]

Summary of Financial Information for Reportable Segments

Summarized financial information for the Company’s reportable segments is shown in the following tables.


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net sales
SCEM	$	200,073	$	179,412	$	398,077	$	345,188
APS	240,561		28,317		490,887		58,962
MC	283,614		274,133		552,911		540,770
AMH	190,356		224,084		409,209		422,197

Inter-segment elimination	(13,604)		(13,457)		(27,688)		(24,982)
Total net sales	$	901,000	$	692,489	$	1,823,396	$	1,342,135


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Segment profit
SCEM (1)	$	173,319	$	35,539	$	176,587	$	73,231
APS (2)	42,419		10,179		9,629		21,338
MC	100,661		100,107		196,658		198,725
AMH	35,830		46,926		83,995		93,616

Total segment profit	$	352,229	$	192,751	$	466,869	$	386,910

1) SCEM segment profit is inclusive of a $154.8 million gain, net on termination of alliance agreement for three and six months ended July 1, 2023. See Note 5 to the Company’s condensed consolidated financial statements for further discussion.

2)APS segment loss is inclusive of a $88.9 million goodwill impairment charge for the six months ended July 1, 2023. See Note 3 to the Company’s condensed consolidated financial statements for further discussion.

Reconciliation of Total Segment Profit to Operating Income

The following table reconciles total segment profit to income before income tax (benefit) expense:


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Total segment profit	$	352,229	$	192,751	$	466,869	$	386,910
Less:
Amortization of intangible assets	54,680		12,494		112,254		25,145
Unallocated general and administrative expenses	29,935		22,287		73,535		40,449
Operating income	267,614		157,970		281,080		321,316
Interest expense	80,908		32,001		167,054		44,877
Interest income	(2,303)		(658)		(3,628)		(670)
Other expense, net	7,724		9,619		3,066		14,521
Income before income tax (benefit) expense	$	181,285	$	117,008	$	114,588	$	262,588

Schedule of Revenue from External Customers, by Geographical Areas

In the following tables, revenue is disaggregated by customers’ country or region based on the ship to location of the customer for the three and six months ended July 1, 2023 and July 2, 2022, respectively.


	Three months ended July 1, 2023
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	83,249	$	57,632	$	45,947	$	56,275	$	(13,604)	$	229,499
Taiwan	23,947		33,179		53,987		28,780		—		139,893
China	17,697		33,006		54,701		35,213		—		140,617
South Korea	21,037		34,848		29,824		27,184		—		112,893
Japan	16,987		8,727		57,789		11,768		—		95,271
Europe	23,738		42,067		24,647		21,902		—		112,354
Southeast Asia	13,418		31,102		16,719		9,234		—		70,473
	$	200,073	$	240,561	$	283,614	$	190,356	$	(13,604)	$	901,000


	Three months ended July 2, 2022
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	55,024	$	5,742	$	35,913	$	73,279	$	(13,457)	$	156,501
Taiwan	28,314		5,494		84,132		39,292		—		157,232
China	28,450		4,365		43,720		31,802		—		108,337
South Korea	18,456		6,333		29,443		30,019		—		84,251
Japan	20,582		813		46,939		15,501		—		83,835
Europe	13,376		2,045		21,319		25,329		—		62,069
Southeast Asia	15,210		3,525		12,667		8,862		—		40,264
	$	179,412	$	28,317	$	274,133	$	224,084	$	(13,457)	$	692,489


	Six months ended July 1, 2023
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	164,568	$	123,642	$	87,713	$	131,873	$	(27,688)	$	480,108
Taiwan	47,982		67,338		108,222		65,442		—		288,984
China	34,044		64,619		110,372		67,013		—		276,048
South Korea	41,682		70,574		59,653		61,640		—		233,549
Japan	37,264		17,806		107,542		23,084		—		185,696
Europe	46,894		82,338		51,651		43,886		—		224,769
Southeast Asia	25,643		64,570		27,758		16,271		—		134,242
	$	398,077	$	490,887	$	552,911	$	409,209	$	(27,688)	$	1,823,396


	Six months ended July 2, 2022
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	105,136	$	12,934	$	71,268	$	137,620	$	(24,982)	$	301,976
Taiwan	55,577		10,735		162,175		73,010		—		301,497
China	50,993		8,346		84,241		58,630		—		202,210
South Korea	36,861		12,382		63,135		60,028		—		172,406
Japan	43,097		1,597		94,598		28,365		—		167,657
Europe	24,607		4,503		39,693		47,575		—		116,378
Southeast Asia	28,917		8,465		25,660		16,969		—		80,011
	$	345,188	$	58,962	$	540,770	$	422,197	$	(24,982)	$	1,342,135

Other expense (income), net

6 Months Ended

Jul. 01, 2023

Other Income and Expenses [Abstract]

Other expense (income), net

OTHER EXPENSE, NETOther expense, net for the three and six months ended July 1, 2023 and July 2, 2022 consists of the following:


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022

Infineum termination fee, net	$	—	$	—	$	(10,876)	$	—
Loss on foreign currency transactions	3,885		10,046		$	6,286	$	14,623
Loss on extinguishment of debt and modification	4,481		—		8,361		—
Other, net	(642)		(427)		(705)		(102)
Other expense, net	$	7,724	$	9,619	$	3,066	$	14,521

Intangible Assets, Goodwill and Other	3 Months Ended
Intangible Assets, Goodwill and Other	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Disclosure	GOODWILL IMPAIRMENT During the first quarter of 2023, while the criteria had not been met to classify the reporting unit as held for sale, the Company was exploring market interest in a potential sale of the Electronic Chemicals (“EC”) reporting unit within the Advanced Planarization Solutions segment. In connection with the sale process, management determined that certain impairment indicators were present and evaluated goodwill, intangible assets, and long-lived assets for impairment in connection with the quarter ending April 1, 2023. Long-lived assets, including finite-lived intangible assets The Company compared the estimated undiscounted future cash flows generated by the asset group to the carrying amount of the asset group for the reporting unit and determined that the undiscounted cash flows are expected to exceed the carrying value on a held and used basis, therefore no impairment was recorded on the long-lived asset or finite-lived intangible assets. The Company considered if the triggering event would cause a potential change to the useful life of the assets and did not consider a modification to the useful life necessary. Goodwill The Company compared the reporting unit’s fair value to its carrying amount, including goodwill as of April 1, 2023. As the reporting unit’s carrying amount, including goodwill, exceeded its fair value, the Company determined the goodwill was impaired and recorded an impairment of $88.9 million during the first quarter of 2023. The impairment is classified as goodwill impairment in the Company's condensed consolidated statement of operations. The goodwill impairment is non-taxable. The fair value of the reporting unit was determined using a market-based approach, which was aligned to the expected selling price of approximately $700.0 million. We consider this a Level 3 measurement in the fair value hierarchy. During the second quarter of 2023, the EC reporting unit met the classification for held for sale, see Note 5. There was no goodwill impairment related to the EC reporting unit in the second quarter of 2023.

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Net Sales	$ 901,000	$ 692,489	$ 1,823,396	$ 1,342,135
Cost of sales	516,834	382,092	1,037,545	721,918
Gross profit	384,166	310,397	785,851	620,217
Selling, general and administrative expenses	145,596	90,685	315,463	177,793
Engineering, research and development expenses	71,030	49,248	142,936	95,963
Amortization of intangible assets	54,680	12,494	112,254	25,145
Impairment of goodwill	0		88,872	0
Gain on termination of alliance agreement	(154,754)	0	(154,754)	0
Operating income	267,614	157,970	281,080	321,316
Interest expense	80,908	32,001	167,054	44,877
Interest income	(2,303)	(658)	(3,628)	(670)
Other expense, net	7,724	9,619	3,066	14,521
Income before income tax (benefit) expense	181,285	117,008	114,588	262,588
Income tax (benefit) expense	(16,491)	17,517	4,978	37,392
Equity in net loss of affiliates	130	0	130	0
Net income	$ 197,646	$ 99,491	$ 109,480	$ 225,196
Basic earnings per common share	$ 1.32	$ 0.73	$ 0.73	$ 1.66
Diluted earnings per common share	$ 1.31	$ 0.73	$ 0.73	$ 1.65
Weighted shares outstanding:
Basic	149,825	135,895	149,626	135,783
Diluted	150,837	136,454	150,609	136,503
Retained Earnings
Net income	$ 197,646	$ 99,491

Revenues Revenues - Significant changes in contract liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Revenues [Abstract]
Balance at beginning of period	$ 60,476	$ 23,050
Revenue recognized that was included in the contract liability balance at the beginning of the period	(43,905)	(15,585)
Increases due to cash received, excluding amounts recognized as revenue during the period	79,621	25,770
Contract liabilities included as part of disposition	(6,226)	0
Balance at end of period	$ 89,966	$ 33,235

Segment Reporting

6 Months Ended

Jul. 01, 2023

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company’s financial segment reporting reflects an organizational alignment intended to leverage the Company’s unique breadth of capabilities to create mission-critical specialty chemicals, chemical mechanical planarization solutions, microcontamination control products, specialty chemicals and advanced materials handling solutions that maximize manufacturing yields, reduce manufacturing costs and enable higher device performance for its customers. While these segments have separate products and technical know-how, they share common business systems and processes, technology centers, and strategic and technology roadmaps. The Company leverages its expertise from these four segments to create new and increasingly integrated solutions for its customers. The Company reports its financial performance in the following segments:

•Specialty Chemicals and Engineered Materials: SCEM provides high-performance and high-purity process chemistries, gases and materials, and safe and efficient materials delivery systems to support semiconductor and other advanced manufacturing processes.

•Advanced Planarization Solutions: APS provides complementary chemical mechanical planarization solutions, advanced materials and high-purity wet chemicals; including CMP slurries, pads, formulated cleans and other electronic chemicals.

•Microcontamination Control: MC offers solutions to filter and purify critical liquid and gaseous chemistries used in semiconductor manufacturing processes and other high-technology industries.

•Advanced Materials Handling: AMH develops solutions to monitor, protect, transport and deliver critical liquid chemistries, wafers and other substrates for a broad set of applications in the semiconductor industry, life sciences and other high-technology industries.

Summarized financial information for the Company’s reportable segments is shown in the following tables.


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net sales
SCEM	$	200,073	$	179,412	$	398,077	$	345,188
APS	240,561		28,317		490,887		58,962
MC	283,614		274,133		552,911		540,770
AMH	190,356		224,084		409,209		422,197

Inter-segment elimination	(13,604)		(13,457)		(27,688)		(24,982)
Total net sales	$	901,000	$	692,489	$	1,823,396	$	1,342,135


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Segment profit
SCEM (1)	$	173,319	$	35,539	$	176,587	$	73,231
APS (2)	42,419		10,179		9,629		21,338
MC	100,661		100,107		196,658		198,725
AMH	35,830		46,926		83,995		93,616

Total segment profit	$	352,229	$	192,751	$	466,869	$	386,910

The following table reconciles total segment profit to income before income tax (benefit) expense:


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Total segment profit	$	352,229	$	192,751	$	466,869	$	386,910
Less:
Amortization of intangible assets	54,680		12,494		112,254		25,145
Unallocated general and administrative expenses	29,935		22,287		73,535		40,449
Operating income	267,614		157,970		281,080		321,316
Interest expense	80,908		32,001		167,054		44,877
Interest income	(2,303)		(658)		(3,628)		(670)
Other expense, net	7,724		9,619		3,066		14,521
Income before income tax (benefit) expense	$	181,285	$	117,008	$	114,588	$	262,588


	Three months ended July 1, 2023
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	83,249	$	57,632	$	45,947	$	56,275	$	(13,604)	$	229,499
Taiwan	23,947		33,179		53,987		28,780		—		139,893
China	17,697		33,006		54,701		35,213		—		140,617
South Korea	21,037		34,848		29,824		27,184		—		112,893
Japan	16,987		8,727		57,789		11,768		—		95,271
Europe	23,738		42,067		24,647		21,902		—		112,354
Southeast Asia	13,418		31,102		16,719		9,234		—		70,473
	$	200,073	$	240,561	$	283,614	$	190,356	$	(13,604)	$	901,000


	Three months ended July 2, 2022
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	55,024	$	5,742	$	35,913	$	73,279	$	(13,457)	$	156,501
Taiwan	28,314		5,494		84,132		39,292		—		157,232
China	28,450		4,365		43,720		31,802		—		108,337
South Korea	18,456		6,333		29,443		30,019		—		84,251
Japan	20,582		813		46,939		15,501		—		83,835
Europe	13,376		2,045		21,319		25,329		—		62,069
Southeast Asia	15,210		3,525		12,667		8,862		—		40,264
	$	179,412	$	28,317	$	274,133	$	224,084	$	(13,457)	$	692,489


	Six months ended July 1, 2023
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	164,568	$	123,642	$	87,713	$	131,873	$	(27,688)	$	480,108
Taiwan	47,982		67,338		108,222		65,442		—		288,984
China	34,044		64,619		110,372		67,013		—		276,048
South Korea	41,682		70,574		59,653		61,640		—		233,549
Japan	37,264		17,806		107,542		23,084		—		185,696
Europe	46,894		82,338		51,651		43,886		—		224,769
Southeast Asia	25,643		64,570		27,758		16,271		—		134,242
	$	398,077	$	490,887	$	552,911	$	409,209	$	(27,688)	$	1,823,396


	Six months ended July 2, 2022
(In thousands)	SCEM		APS		MC		AMH		Inter-segment		Total
North America	$	105,136	$	12,934	$	71,268	$	137,620	$	(24,982)	$	301,976
Taiwan	55,577		10,735		162,175		73,010		—		301,497
China	50,993		8,346		84,241		58,630		—		202,210
South Korea	36,861		12,382		63,135		60,028		—		172,406
Japan	43,097		1,597		94,598		28,365		—		167,657
Europe	24,607		4,503		39,693		47,575		—		116,378
Southeast Asia	28,917		8,465		25,660		16,969		—		80,011
	$	345,188	$	58,962	$	540,770	$	422,197	$	(24,982)	$	1,342,135

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Assets Held For Sale and Divestitures (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023	Jul. 02, 2022	Jun. 02, 2023
Discontinued Operations and Disposal Groups [Abstract]
Gain (Loss) on Contract Termination	$ 154,800	$ 154,754	$ 0
Proceeds from termination of alliance agreement	200,000	169,251	$ 0
Partial proceeds on contract termination				$ 170,000
Receivable from contract termination	$ 30,000	$ 30,000

Earnings Per Common Share (Tables)

6 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

Reconcilation of Share Amount Used in Computaion of Basic and Diluted Earnings Per Share (EPS)

The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per common share:


	Three months ended		Six months ended
(In thousands)	July 1, 2023	July 2, 2022	July 1, 2023	July 2, 2022
Basic—weighted common shares outstanding	149,825	135,895	149,626	135,783
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	1,012	559	983	720
Diluted—weighted common shares and common shares equivalent outstanding	150,837	136,454	150,609	136,503

Shares Excluded Underlying Stock Based Awards from Calculations of Diluted EPS

Three months ended

Six months ended

(In thousands)

July 1, 2023

July 2, 2022

July 1, 2023

July 2, 2022

Shares excluded from calculations of diluted EPS

580

595

791

519

Other Expense (Income), net (Tables)

6 Months Ended

Jul. 01, 2023

Other Income and Expenses [Abstract]

Other expense (income), net

Other expense, net for the three and six months ended July 1, 2023 and July 2, 2022 consists of the following:


	Three months ended				Six months ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022

Infineum termination fee, net	$	—	$	—	$	(10,876)	$	—
Loss on foreign currency transactions	3,885		10,046		$	6,286	$	14,623
Loss on extinguishment of debt and modification	4,481		—		8,361		—
Other, net	(642)		(427)		(705)		(102)
Other expense, net	$	7,724	$	9,619	$	3,066	$	14,521

Infineum termination fee, net

On October 11, 2022, the Company and Infineum entered into a definitive agreement for the sale of the Company’s PIM business. On February 10, 2023, the Company terminated the definitive agreement. In accordance with the terms of the definitive agreement, the Company received a $12.0 million termination fee from Infineum in the first quarter of 2023 and incurred a transaction fee of $1.1 million to the third-party financial adviser it had engaged to assist with the transaction.

Business Combinations and Asset Acquisitions (Tables) - CMC Materials

6 Months Ended

Jul. 01, 2023

Business Acquisition [Line Items]

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable

The purchase price of CMC Materials consisted of the following:


(In thousands):
Cash paid to CMC Materials’ shareholders	$	3,836,983
Stock paid to CMC Materials’ shareholders	1,265,690
Repayment of CMC Materials’ indebtedness	918,578
Total purchase price	6,021,251
Less cash and cash equivalents acquired	280,636
Total purchase price, net of cash acquired	$	5,740,615

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Acquisition:


(In thousands):	July 6, 2022
Cash and cash equivalents	$	280,636
Accounts receivable and other current assets	207,472
Inventory	256,598
Property, plant and equipment	537,387
Identifiable intangible assets	1,736,219
Other noncurrent assets	39,725
Current liabilities	(211,417)
Deferred tax liabilities and other noncurrent liabilities	(452,805)
Net assets acquired	2,393,815
Goodwill	3,627,436
Total purchase price	$	6,021,251

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The Company recognized the following intangible assets as part of the acquisition of CMC Materials and finite-lived assets are amortized on a straight-line basis:


(In thousands)	Amount		Weighted average life in years
Developed technology	$	1,043,000	7.3
Trademarks and trade names	236,600		14.9
Customer relationships	414,300		18.3
In-process research and development (1)	31,400
Other	10,919		1.0
	$	1,736,219	11.0

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presents the combined results of operations of the Company as if the acquisition of CMC Materials had occurred January 1, 2021. The unaudited pro forma financial information is not necessarily indicative of what the Company’s condensed consolidated results of operations actually would have been had the acquisition occurred at the beginning of each year. In addition, the unaudited pro forma financial information does not attempt to project the future results of operations of the combined company. The pro forma information does not include any potential revenue enhancements, cost synergies or other operating efficiencies that could result from the acquisition.


	Three months ended			Six months ended
(In thousands, except share data)		July 2, 2022			July 2, 2022
Net sales		$	1,011,862		$	1,980,953
Net income		70,417			170,681

Per share amounts:
Net income per common share - basic		$	0.47		$	1.15
Net income per common share - diluted		$	0.47		$	1.13

Other Expense (Income), Net (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 10, 2023	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Other Income and Expenses [Abstract]
Termination fee, net		$ 0	$ 0	$ (10,876)	$ 0
Loss on foreign currency transactions		3,885	10,046	6,286	14,623
Gain (Loss) on Extinguishment and modification of Debt		4,481	0	8,361	0
Other Nonrecurring (Income) Expense		(642)	(427)	(705)	(102)
Other Nonoperating Income (Expense)		$ 7,724	$ 9,619	$ 3,066	$ 14,521
Transaction advisor fee	$ 1,100
Business Exit Costs	$ 12,000

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jul. 01, 2023 shares	Jul. 01, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plan Arrangements On May 19, 2023, James A. O’Neill, our Senior Vice President and Chief Technology Officer, entered into a Rule 10b5-1 Plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. O’Neill’s plan provides for the sale of up to 1,918 shares of the Company’s common stock. The plan expires on May 17, 2024, or upon the earlier completion of all authorized transactions under the plan.
Name	James A. O’Neill
Title	Senior Vice President and Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 19, 2023
Termination Date	May 17, 2024
Aggregate Available	1,918	1,918

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill activity for each of the Company’s reportable segments that carry goodwill, Specialty Chemicals and Engineered Materials (“SCEM”), Advanced Planarization Solutions (“APS”), Microcontamination Control (“MC”), and Advanced Materials Handling (“AMH”), and was as follows at December 31, 2022 and July 1 2023:


(In thousands)	SCEM		APS		MC		AMH		Total
December 31, 2022	$	561,328	$	3,530,813	$	242,088	$	74,102	$	4,408,331

Goodwill impairment	—		(88,872)		—		—		(88,872)
Disposition of business	(90,005)		—		—		—		(90,005)
Purchase accounting adjustments	3,409		(4,430)		—		—		(1,021)

Assets held-for-sale	(3,885)		(250,775)		—		—		(254,660)
Foreign currency translation	(33)		—		(3,493)		—		(3,526)
July 1, 2023	$	470,814	$	3,186,736	$	238,595	$	74,102	$	3,970,247

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Identifiable intangible assets at July 1, 2023 and December 31, 2022 consist of the following:


July 1, 2023
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,262,685	$	384,845	$	877,840
Trademarks and trade names	172,272		32,610		139,662
Customer relationships	673,765		282,644		391,121
In-process research and development (1)	9,400		—		9,400
Other	23,924		20,237		3,687
	$	2,142,046	$	720,336	$	1,421,710


December 31, 2022
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,302,101	$	313,876	$	988,225
Trademarks and trade names	250,473		29,565		220,908
Customer relationships	863,947		273,039		590,908
In-process research and development (1)	31,100		—		31,100
Other	31,206		20,392		10,814
	$	2,478,827	$	636,872	$	1,841,955

(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we determine the useful life and begin amortizing the assets.

Estimated Future Amortization Expense

Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at July 1, 2023:


(In thousands)	Remaining 2023		2024	2025	2026	2027	Thereafter	Total
Future amortization expense	$	102,710	194,774	188,318	185,381	181,694	568,833	$	1,421,710

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 565,878	$ 561,559
Restricted cash	1,139	1,880
Trade accounts and notes receivable, net of allowance for credit losses of $4,384 and $5,443	435,973	535,485
Inventories, net	740,351	812,815
Deferred tax charges and refundable income taxes	55,461	47,618
Assets held-for-sale	1,051,947	246,531
Other current assets	117,799	129,297
Total current assets	2,968,548	2,335,185
Property, plant and equipment, net of accumulated depreciation of $830,906 and $770,093	1,364,760	1,393,337
Other assets:
Right-of-use assets	81,048	94,940
Goodwill	3,970,247	4,408,331
Intangible assets, net of accumulated amortization of $720,336 and $636,872	1,421,710	1,841,955
Deferred tax assets and other noncurrent tax assets	66,682	28,867
Other	40,029	36,242
Total assets	9,913,024	10,138,857
Current liabilities:
Short-term debt, including current portion of long-term debt	0	151,965
Accounts payable	132,157	172,488
Accrued payroll and related benefits	92,994	142,340
Accrued interest payable	24,939	25,571
Liabilities held-for-sale	115,784	10,637
Other accrued liabilities	193,851	160,873
Income taxes payable	86,564	98,057
Total current liabilities	646,289	761,931
Long-term debt, excluding current maturities, net of unamortized discount and debt issuance costs of $121,488 and $140,107	5,492,011	5,632,928
Pension benefit obligations and other liabilities	52,046	54,090
Deferred tax liabilities and other noncurrent tax liabilities	301,068	391,192
Long-term lease liability	69,405	80,716
Equity:
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued and outstanding as of July 1, 2023 and December 31, 2022	0	0
Common stock, par value $.01; 400,000,000 shares authorized; issued and outstanding shares as of July 1, 2023: 150,308,245 and 150,105,845, respectively; issued and outstanding shares as of December 31, 2022: 149,339,486 and 149,137,086, respectively	1,503	1,493
Treasury stock, at cost: 202,400 shares held as of July 1, 2023 and December 31, 2022	(7,112)	(7,112)
Additional paid-in capital	2,274,572	2,205,325
Retained earnings	1,110,818	1,031,391
Accumulated other comprehensive loss	(27,576)	(13,097)
Total equity	3,352,205	3,218,000
Total liabilities and equity	$ 9,913,024	$ 10,138,857

Acquisition

Jul. 06, 2022

Business Combinations [Abstract]

Business Combination Disclosure

ACQUISITION

CMC Materials

On July 6, 2022 (the “Closing Date”), the Company completed its acquisition of CMC Materials for approximately $6.0 billion in cash and stock (the “Acquisition”) pursuant to an Agreement and Plan of Merger dated as of December 14, 2021 (the “Acquisition Agreement”). As a result of the Acquisition, CMC Materials became a wholly owned subsidiary of the Company. The Acquisition was accounted for under the acquisition method of accounting and the results of operations of CMC Materials are included in the Company's condensed consolidated financial statements as of and since July 6, 2022. CMC Materials reports into the Advanced Planarization Solutions and Specialty Chemicals and Engineered Materials segments of the Company. Direct costs of $39.5 million associated with the acquisition of CMC Materials, consisting primarily of professional and consulting fees, were expensed as incurred in fiscal year 2022. These costs are classified as selling, general and administrative expense in the Company's condensed consolidated statement of operations.

CMC Materials is a global supplier of consumable materials, primarily to semiconductor manufacturers. The Company's products play a critical role in the production of advanced semiconductor devices, helping to enable the manufacture of smaller, faster and more complex devices by its customers. The acquisition broadened the Company’s solutions set and enables the Company to bring to market a broader array of innovative and high-value solutions, at a faster pace, to help customers improve productivity, performance and total cost of ownership.

The purchase price of CMC Materials consisted of the following:


(In thousands):
Cash paid to CMC Materials’ shareholders	$	3,836,983
Stock paid to CMC Materials’ shareholders	1,265,690
Repayment of CMC Materials’ indebtedness	918,578
Total purchase price	6,021,251
Less cash and cash equivalents acquired	280,636
Total purchase price, net of cash acquired	$	5,740,615

Under the terms of the Acquisition Agreement, the Company paid $133.00 per share for all outstanding shares of CMC Materials (excluding treasury shares). In addition, the Company settled all outstanding share-based compensation awards held by CMC Materials’ employees at the same per share price except for certain unvested performance units that were replaced by the Company’s restricted share units. The acquisition method of accounting requires the Company to include the amount associated with pre-combination service as purchase price for the acquisition, reflected in the table immediately above.

The Acquisition was funded with existing cash balances as well as funds raised by the Company through the issuance of debt in the form of a new term loan facility in the aggregate principal amount of $2,495.0 million, senior secured notes due 2029 in an aggregate principal amount of $1,600.0 million, senior unsecured notes due 2030 in an aggregate principal amount of $895.0 million, and a 364-Day Bridge Credit Facility in the aggregate principal amount of $275.0 million.

The following table summarizes the allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Acquisition:


(In thousands):	July 6, 2022
Cash and cash equivalents	$	280,636
Accounts receivable and other current assets	207,472
Inventory	256,598
Property, plant and equipment	537,387
Identifiable intangible assets	1,736,219
Other noncurrent assets	39,725
Current liabilities	(211,417)
Deferred tax liabilities and other noncurrent liabilities	(452,805)
Net assets acquired	2,393,815
Goodwill	3,627,436
Total purchase price	$	6,021,251

The final valuation of assets acquired and liabilities assumed in connection with the Acquisition was completed in the second quarter of 2023.

The fair value of acquired inventories was $256.6 million and was valued at the estimated selling price less the cost of disposal and reasonable profit for the selling effort. The fair value write-up of acquired finished goods inventory was $61.9 million. This amount was recorded as an incremental cost of sales charge, amortized over the expected turn of the acquired inventory, during the year ended December 31, 2022.

The fair value of acquired property, plant and equipment of $537.4 million is valued at its fair value assuming held and used,

unless market data was available supporting the fair value.

The Company recognized the following intangible assets as part of the acquisition of CMC Materials and finite-lived assets are amortized on a straight-line basis:


(In thousands)	Amount		Weighted average life in years
Developed technology	$	1,043,000	7.3
Trademarks and trade names	236,600		14.9
Customer relationships	414,300		18.3
In-process research and development (1)	31,400
Other	10,919		1.0
	$	1,736,219	11.0

(1) In-process research and development assets are treated as indefinite-lived until the completion or abandonment of the associated research and development project, at which time the appropriate useful lives would be determined.

The fair value of acquired identifiable finite intangible assets was determined using an income method, which utilizes discounted cash flows to identify the fair value of each of the identifiable intangible assets. The Company normally utilizes the “income method,” which starts with a forecast of all of the expected future net cash flows attributable to the subject intangible asset. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. Depending on the asset valued, the key assumptions included one or more of the following: (1) future revenue growth rates, (2) future gross margin, (3) future selling, general and administrative expenses, (4) royalty rates, and (5) discount rates. The valuations were based on the information that was available as of the acquisition date and the expectations and assumptions that have been deemed reasonable by the Company’s management. There are inherent uncertainties and management judgment required in these determinations. The fair value measurements of the assets acquired and liabilities assumed were based on valuations involving significant unobservable inputs, or Level 3 in the fair value hierarchy.

The purchase price of CMC Materials exceeded the fair value of the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $3,627.4 million. Cash flows used to determine the purchase price included strategic and synergistic benefits (investment value) specific to the Company, which resulted in a purchase price in excess of the fair value of identifiable net assets. The purchase price also included the fair values of other assets that were not identifiable, not separately recognizable under accounting rules (e.g., assembled workforce) or of immaterial value in addition to a going-concern element that represents the Company's ability to earn a higher rate of return on the group of assets than would be expected on the separate assets as determined during the valuation process. This additional investment value resulted in goodwill. No amount of goodwill is expected to be deductible for tax purposes.

Pro Forma Results (Unaudited)


	Three months ended			Six months ended
(In thousands, except share data)		July 2, 2022			July 2, 2022
Net sales		$	1,011,862		$	1,980,953
Net income		70,417			170,681

Per share amounts:
Net income per common share - basic		$	0.47		$	1.15
Net income per common share - diluted		$	0.47		$	1.13

The unaudited pro forma financial information above gives effect to the following:

•The elimination of transactions between Entegris and CMC Materials, which upon completion of the Acquisition would be considered intercompany. This reflects the elimination of intercompany sales and associated intercompany accounts.

•Incremental amortization and depreciation expense related to the estimated fair value of identifiable intangible assets and property, plant and equipment from the purchase price allocation.

•Interest expense on the new debt raised to fund in part the consideration paid to effect the Acquisition using the effective interest rates.

•The elimination of interest expense associated with the repayment of the $145.0 million senior secured term loan facility due 2025.

•The amortization of deferred financing costs and original issue discount associated with the aggregate new debt facilities.

•Transaction and integration costs directly attributable to the Acquisition were reclassed as of the beginning of the comparable prior annual reporting period.

•The income tax effect of the transaction accounting adjustments related to the Acquisition calculated using a blended statutory income tax rate of 22.5%.

•

Goodwill Rollforward (Details) $ in Thousands		6 Months Ended
Goodwill Rollforward (Details) $ in Thousands	Jul. 01, 2023 USD ($)	Jul. 01, 2023 USD ($)
Goodwill [Line Items]
Goodwill - Beginning		$ 4,408,331
Goodwill, Impaired, Accumulated Impairment Loss	$ (88,900)	(88,900)
Goodwill, Written off Related to Sale of Business Unit		(90,005)
Purchase Accounting Adjustments	1,000	(1,021)
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	254,660	254,660
Foreign currency translation	3,500	(3,526)
Goodwill - End	3,970,247	3,970,247
Goodwill, Other Increase (Decrease)		438,100
Specialty Chemicals and Electronic Materials SCEM
Goodwill [Line Items]
Goodwill - Beginning		561,328
Goodwill, Impaired, Accumulated Impairment Loss	0	0
Goodwill, Written off Related to Sale of Business Unit		(90,005)
Purchase Accounting Adjustments		3,409
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	(3,885)	(3,885)
Foreign currency translation		(33)
Goodwill - End	470,814	470,814
Advanced Planarization Solutions
Goodwill [Line Items]
Goodwill - Beginning		3,530,813
Goodwill, Impaired, Accumulated Impairment Loss	(88,872)	(88,872)
Goodwill, Written off Related to Sale of Business Unit		0
Purchase Accounting Adjustments		(4,430)
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	(250,775)	(250,775)
Foreign currency translation		0
Goodwill - End	3,186,736	3,186,736
Microcontamination Control MC
Goodwill [Line Items]
Goodwill - Beginning		242,088
Goodwill, Impaired, Accumulated Impairment Loss	0	0
Goodwill, Written off Related to Sale of Business Unit		0
Purchase Accounting Adjustments		0
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	0	0
Foreign currency translation		(3,493)
Goodwill - End	238,595	238,595
Advanced Materials Handling AMH
Goodwill [Line Items]
Goodwill - Beginning		74,102
Goodwill, Impaired, Accumulated Impairment Loss	0	0
Goodwill, Written off Related to Sale of Business Unit		0
Purchase Accounting Adjustments		0
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	0	0
Foreign currency translation		0
Goodwill - End	$ 74,102	$ 74,102

2029 and 2030 Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022	Jul. 06, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 5,613,499	$ 5,925,000
Senior secured notes due 2029
Debt Instrument [Line Items]
Long-term Debt, Gross	1,600,000	1,600,000	$ 1,600,000
Senior unsecured notes due 2030
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 895,000	$ 895,000	$ 895,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Summary of Financial Information by Reportable Segment and Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Oct. 01, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 901,000	$ 692,489	$ 1,823,396	$ 1,342,135	$ 1,342,135
Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	200,073	179,412	398,077	345,188	345,188
Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	240,561	28,317	490,887	58,962	58,962
Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	283,614	274,133	552,911	540,770	540,770
Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	190,356	224,084	409,209	422,197	422,197
intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	(13,604)	(13,457)	(27,688)	(24,982)	(24,982)
North America
Segment Reporting Information [Line Items]
Net Sales	229,499	156,501	480,108	301,976	301,976
North America \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	83,249	55,024	164,568	105,136	105,136
North America \| Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	57,632	5,742	123,642	12,934	12,934
North America \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	45,947	35,913	87,713	71,268	71,268
North America \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	56,275	73,279	131,873	137,620	137,620
North America \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	(13,604)	(13,457)	(27,688)	(24,982)	(24,982)
Taiwan
Segment Reporting Information [Line Items]
Net Sales	139,893	157,232	288,984	301,497	301,497
Taiwan \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	23,947	28,314	47,982	55,577	55,577
Taiwan \| Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	33,179	5,494	67,338	10,735	10,735
Taiwan \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	53,987	84,132	108,222	162,175	162,175
Taiwan \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	28,780	39,292	65,442	73,010	73,010
Taiwan \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0			0
China
Segment Reporting Information [Line Items]
Net Sales	140,617	108,337	276,048	202,210	202,210
China \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	17,697	28,450	34,044	50,993	50,993
China \| Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	33,006	4,365	64,619	8,346	8,346
China \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	54,701	43,720	110,372	84,241	84,241
China \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	35,213	31,802	67,013	58,630	58,630
China \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0			0
South Korea
Segment Reporting Information [Line Items]
Net Sales	112,893	84,251	233,549	172,406	172,406
South Korea \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	21,037	18,456	41,682	36,861	36,861
South Korea \| Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	34,848	6,333	70,574	12,382	12,382
South Korea \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	29,824	29,443	59,653	63,135	60,028
South Korea \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	27,184	30,019	61,640	60,028	12,382
South Korea \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0			0
Japan
Segment Reporting Information [Line Items]
Net Sales	95,271	83,835	185,696	167,657	167,657
Japan \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	16,987	20,582	37,264	43,097	43,097
Japan \| Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	8,727	813	17,806	1,597	1,597
Japan \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	57,789	46,939	107,542	94,598	28,365
Japan \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	11,768	15,501	23,084	28,365	28,365
Japan \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0			0
Europe
Segment Reporting Information [Line Items]
Net Sales	112,354	62,069	224,769	116,378	116,378
Europe \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	23,738	13,376	46,894	24,607	24,607
Europe \| Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	42,067	2,045	82,338	4,503	4,503
Europe \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	24,647	21,319	51,651	39,693	39,693
Europe \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	21,902	25,329	43,886	47,575	47,575
Europe \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0			0
Southeast Asia
Segment Reporting Information [Line Items]
Net Sales	70,473	40,264	134,242	80,011	80,011
Southeast Asia \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	13,418	15,210	25,643	28,917	28,917
Southeast Asia \| Advanced Planarization Solutions
Segment Reporting Information [Line Items]
Net Sales	31,102	3,525	64,570	8,465	8,465
Southeast Asia \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	16,719	12,667	27,758	25,660	25,660
Southeast Asia \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	9,234	8,862	$ 16,271	$ 16,969	16,969
Southeast Asia \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	$ 0	$ 0			$ 0

Derivative Instruments and Hedging Activities

6 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

DERIVATIVE INSTRUMENTS

The Company is exposed to various market risks, including risks associated with interest rates and foreign currency exchange rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments.

Cash Flow Hedges - Interest Rate Swap Contract

In July 2022, the Company entered into a floating-to-fixed swap agreement on its variable rate debt under the Term Loan Facility. The interest rate swap was designated specifically to the Term Loan Facility and qualifies as a cash flow hedge. The notional amount is scheduled to decrease quarterly and will expire on December 30, 2025. As cash flow hedges, unrealized gains are recognized as assets and unrealized losses are recognized as liabilities. Unrealized gains and losses are designated as effective or ineffective based on a comparison of the changes in fair value of the interest rate swaps and changes in fair value of

the underlying exposures being hedged. The effective portion is recorded as a component of accumulated other comprehensive income (loss) and will be reflected in earnings during the period the hedged transaction effects earnings, while the ineffective portion is recorded as a component of Interest expense.

Foreign Currency Contracts Not Designated as Hedges

The notional amounts of our derivative instruments are as follows:


(In thousands)	July 1, 2023		December 31, 2022
Derivatives designated as hedging instruments:
Interest rate swap contract - cash flow hedge	$	1,650,000	$	1,950,000


Derivatives not designated as hedging instruments:
Foreign exchange contracts to purchase U.S. dollars	$	—	$	3,995
Foreign exchange contracts to sell U.S. dollars	—		26,225

The fair values of our derivative instruments included in the condensed consolidated balance sheets are as follows:


(In thousands)	Derivative Assets				Derivative Liabilities
Condensed Consolidated Balance Sheet Location	July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge
Other current assets	$	34,382	$	32,481	$	—	$	—
Other assets - long-term	11,899		14,108		—		—
Derivatives not designated as hedging instruments -Foreign exchange contracts
Other current assets	$	—	726		$	—	$	—
Other accrued liabilities	—		—		—		193

The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:


		Gain Recognized in Condensed Consolidated Statements of Income
(In thousands)	Condensed Consolidated Statements of Operations Location	Three months ended				Six months ended
Derivatives designated as hedging instruments:		July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Interest rate swap contract-cash flow hedge	Interest expense, net	$	(9,638)	$	—	$	(17,551)	$	—

Derivatives not designated as hedging instruments:



Foreign exchange contracts	Other expense, net	$	(245)	$	—	$	(374)	$	—

The following table summarizes the effects of our derivative instruments on Accumulated Other Comprehensive Income:


	Gain (Loss) recognized in Other Comprehensive Income (Loss)
(In thousands)	Three months ended				Six months ended
Derivatives designated as hedging instruments:	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Interest rate swap contract - Cash flow hedge	$	9,716	$	—	$	(239)	$	—

We expect approximately $34.4 million to be reclassified from accumulated other comprehensive income into interest expense, net during the next twelve months related to our interest rate swap based on projected rates of the SOFR forward curve as of July 1, 2023.

Earnings per Common Share - Shares Excluded Underlying Stock Based Award from Calucations of Diluted EPS (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Shares excluded from calculations of diluted EPS	580	595	791	519

EC Held for sale (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended		9 Months Ended
EC Held for sale (Details) - USD ($) $ in Thousands	May 10, 2023	Jul. 01, 2023	Jul. 01, 2023	Jul. 02, 2022	Oct. 01, 2022	Dec. 31, 2022
Disposal (Line Items)
Liabilities held-for-sale		$ 115,784	$ 115,784			$ 10,637
Loss before income taxes		(1,300)	(14,900)
Impairment of goodwill		0	88,872	$ 0	$ 0
Impairment of EC goodwill		88,900
Impairment of goodwill			88,872	$ 0
Impairment of EC goodwill		88,900
EC [Member]
Disposal (Line Items)
Proceeds from Divestiture of Businesses		700,000
Gain (Loss) on Sale of Project	$ 13,600	13,600
Current assets		106,063	106,063
Property, Plant and Equipment, net		170,180	170,180
Intangible assets, net		263,686	263,686
Goodwill		250,775	250,775
Other assets		7,936	7,936
Total assets-held-for sale		798,640	798,640
Accounts payable		16,706	16,706
Long-term liabilities		70,182	70,182
Liabilities held-for-sale		101,337	101,337
Loss before income taxes		3,100	86,600
Short term lease obligations		$ 14,449	14,449
Impairment of EC goodwill			88,900
Impairment of EC goodwill			$ 88,900

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jul. 01, 2023
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Entegris, Inc. (“Entegris”, “the Company”, “us”, “we”, or “our”) is a leading supplier of advanced materials and process solutions for the semiconductor and other high-technology industries.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Intercompany profits, transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liability, income taxes and related accounts, and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and contain all adjustments considered necessary, and are of a normal recurring nature, to present fairly the financial position as of July 1, 2023 and December 31, 2022, and the results of operations and comprehensive income for the three and six months ended July 1, 2023 and July 2, 2022, the equity statements as of and for the three and six months ended July 1, 2023 and July 2, 2022, and cash flows for the six months ended July 1, 2023 and July 2, 2022. Our recently acquired subsidiary, CMC Materials LLC (formerly known as CMC Materials, Inc.) (“CMC Materials”), follows a monthly reporting calendar. The second quarter of 2023 for CMC Materials ended on June 30, 2023, whereas the Company’s second quarter ended on July 1, 2023. The Company believes that use of the different fiscal periods for this entity has not had a material impact on the Company’s condensed consolidated financial position, results of operations, or liquidity. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis and consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended July 1, 2023 are not necessarily indicative of the results to be expected for the full year.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements. Recently Issued Accounting Pronouncements The Company currently has no material recent accounting pronouncements yet to be adopted.

CMC Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended		9 Months Ended
	Jul. 06, 2022	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Oct. 01, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Long-term Debt, Gross		$ 5,613,499			$ 5,613,499			$ 5,925,000
Goodwill	$ 3,627,436	3,970,247			3,970,247			4,408,331
Charge for fair value mark-up of acquired inventory sold	61,900
Net Sales		901,000		$ 692,489	1,823,396	$ 1,342,135	$ 1,342,135
Business Acquisition, Pro Forma Revenue				1,011,862		1,980,953
Business Acquisition, Pro Forma Net Income (Loss)				$ 70,417		$ 170,681
Business Acquisition, Pro Forma Earnings Per Share, Basic				$ 0.47		$ 1.15
Business Acquisition, Pro Forma Earnings Per Share, Diluted				$ 0.47		$ 1.13
Payments of long-term debt	145,000
Income tax (benefit) expense		(16,491)		$ 17,517	4,978	$ 37,392
Net Sales		901,000		$ 692,489	1,823,396	$ 1,342,135	$ 1,342,135
Asset Acquisition, Consideration Transferred	6,000,000
Secured Debt
Business Acquisition [Line Items]
Long-term Debt, Gross	2,495,000
Senior secured notes due 2029
Business Acquisition [Line Items]
Long-term Debt, Gross	1,600,000	1,600,000			1,600,000			1,600,000
Bridge credit facility due 2023
Business Acquisition [Line Items]
Bridge credit facility due 2023	275,000	0			0			135,000
Senior unsecured notes due 2030
Business Acquisition [Line Items]
Long-term Debt, Gross	895,000	$ 895,000			$ 895,000			$ 895,000
CMC Materials
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs			$ 39,500
Cash paid to CMC Materials’ shareholders	3,836,983
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	1,265,690
Payments for Deposits Applied to Debt Retirements	918,578
Payments to acquire business	6,021,251
Cash Acquired from Acquisition	280,636
Acquisition of businesses, net of cash acquired	$ 5,740,615
Business Acquisition, Share Price	$ 133.00
Cash and Cash Equivalents, Fair Value Disclosure	$ 280,636
Trade accounts and notes receivable, net	207,472
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	256,598
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	537,387
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	1,736,219
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	39,725
Current liabilities	(211,417)
Deferred tax liabilities and other noncurrent liabilities	(452,805)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total	2,393,815
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total	6,021,251
Fair value of acquired inventories	256,600
Fair value of acquired property, plant and equipment	$ 537,400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years
CMC Materials \| Developed Technology
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,043,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 3 months 18 days
CMC Materials \| Trademarks and Trade names
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 236,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years 10 months 24 days
CMC Materials \| Customer Relationships
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 414,300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	18 years 3 months 18 days
CMC Materials \| In Process Research and Development
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 31,400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life
CMC Materials \| Other Intangible Assets
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 10,919
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	1 year

Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jul. 01, 2023

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy

RESTRICTED CASH


(In thousands)	July 1, 2023		December 31, 2022
Cash and cash equivalents	$	565,878	$	561,559
Restricted cash	1,139		1,880
Total cash, cash equivalents and restricted cash	$	567,017	$	563,439

Restricted Assets Disclosure


(In thousands)	July 1, 2023		December 31, 2022
Cash and cash equivalents	$	565,878	$	561,559
Restricted cash	1,139		1,880
Total cash, cash equivalents and restricted cash	$	567,017	$	563,439

The restricted cash represents cash held in a “Rabbi” trust.

PIM Held for sale (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
PIM Held for sale (Details) - USD ($) $ in Thousands	Feb. 10, 2023	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Disposal (Line Items)
Business Exit Costs	$ 12,000
Termination fee, net		$ 0	$ 0	$ 10,876	$ 0
Transaction advisor fee	1,100
Liabilities held-for-sale		115,784		115,784		$ 10,637
PIM [Member]
Disposal (Line Items)
Termination fee, net	$ 10,900
Current assets		51,612		51,612
Property, Plant and Equipment, net		110,944		110,944
Intangible assets, net		76,692		76,692
Goodwill		12,707		12,707
Other assets		1,352		1,352
Total assets-held-for sale		253,307		253,307
Accounts payable		6,628		6,628
Accrued expenses		6,584		6,584
Long-term liabilities		1,235		1,235
Liabilities held-for-sale		14,447		14,447
Results of Operations, Income before Income Taxes		$ 12,700		$ 21,300

Fair Value Measures and Disclosures (Tables)

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following table presents financial instruments, other than debt, that we measure at fair value on a recurring basis. See Note 9 of this Report on Form 10-Q for a discussion of our debt. In instances where the inputs used to measure the fair value of an asset fall into more than one level of the hierarchy, we have classified it based on the lowest level input that is significant to the determination of the fair value.


	Fair Value Measurements at Reporting Date Using
(In thousands):	Level 1				Level 2				Level 3				Total
Assets:	July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022
Cash and cash equivalents	$	565,878	$	561,559	$	—	$	—	$	—	$	—	$	565,878	$	561,559
Restricted cash	1,139		1,880		—		—		—		—		1,139		1,880
Derivative financial instruments - Interest rate swap - cash flow hedge	—		—		46,281		46,589		—		—		46,281		46,589
Derivative financial instruments -Forward exchange contracts	—		—		—		726		—		—		—		726
Total Assets	$	567,017	$	563,439	$	46,281	$	47,315	$	—	$	—	$	613,298	$	610,754

Liabilities:
Derivative financial instruments - Forward exchange contracts	$	—	$	—	$	—	$	193	$	—	$	—	$	—	$	193
Total Liabilities	$	—	$	—	$	—	$	193	$	—	$	—	$	—	$	193

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value and carrying value of our debt as of July 1, 2023 and December 31, 2022 were as follows:


	July 1, 2023				December 31, 2022
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt, net	$	5,492,011	$	5,223,304	$	5,784,893	$	5,428,900

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Operating activities:
Net income	$ 109,480	$ 225,196
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	90,494	48,286
Amortization	112,254	25,145
Share-based compensation expense	42,136	19,467
Provision for deferred income taxes	(66,814)	(23,472)
Impairment of goodwill	88,872	0
Loss on extinguishment of debt	7,269	0
Loss from sale of business and held-for-sale	28,577	0
Gain (Loss) on Contract Termination	(154,754)	0
Charge for excess and obsolete inventory	23,287	13,916
Other	26,239	18,243
Changes in operating assets and liabilities:
Trade accounts and notes receivable	17,941	(57,309)
Inventories	(5,009)	(124,941)
Accounts payable and accrued liabilities	(23,595)	27,145
Other current assets	(1,534)	(2,592)
Income taxes payable and refundable income taxes	(15,570)	(3,548)
Other	(384)	9,162
Net cash provided by operating activities	278,889	174,698
Investing activities:
Acquisition of property, plant and equipment	(250,043)	(192,097)
Proceeds from sale of business	134,286	0
Proceeds from termination of alliance agreement	169,251	0
Other	366	1,123
Net cash provided by (used in) investing activities	53,860	(190,974)
Financing activities:
Proceeds from revolving credit facility and short-term debt	0	201,000
Payments of revolving credit facility and short-term debt	(135,000)	(193,000)
Proceeds from long-term debt	117,170	2,405,314
Payments for debt issuance costs	(3,475)	(10,579)
Repayments of Debt	(293,671)	0
Payments for dividends	(30,150)	(27,484)
Issuance of common stock	36,767	8,977
Taxes paid related to net share settlement of equity awards	(9,646)	(16,317)
Other	(578)	(587)
Net cash (used in) provided by financing activities	(318,583)	2,367,324
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10,588)	(10,382)
Increase in cash, cash equivalents and restricted cash	(3,578)	(2,340,666)
Cash, cash equivalents and restricted cash at beginning of period	563,439	402,565
Cash, cash equivalents and restricted cash at end of period	567,017	2,743,231
Supplemental Cash Flow Information
Original issue discount credit due from lender	0	65,389
Equipment purchases in accounts payable	22,607	23,394
Dividend payable	557	495
Schedule of interest and taxes paid
Interest paid less capitalized interest	260,282	15,699
Income taxes paid, net of refunds received	$ 85,913	$ 62,168

Income Taxes	6 Months Ended
Income Taxes	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the company updates an estimate of the annual effective tax rate, and if the estimated tax rate changes, we make a cumulative adjustment. The Company recorded income tax (benefit) expense of $(16.5) million and $5.0 million for the three and six months ended July 1, 2023, respectively, compared to income tax expense of $17.5 million and $37.4 million for the three and six months ended July 2, 2022, respectively. The Company’s effective income tax rate was (9.1)% and 4.3% for the three and six months ended July 1, 2023, respectively, compared to 15.0% and 14.2% for the three and six months ended July 2, 2022, respectively. The changes in our effective tax rate for the three and six months ended July 1, 2023 compared to the prior year are primarily driven by changes to income mix post-acquisition of CMC, and a discrete net benefit of $4.4 million related to incremental expense on completed divestitures offset by a tax benefit on the classification of assets as held-for-sale in the three and six month periods ended July 1, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-Section S99
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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+ Details

Debt (Tables)

6 Months Ended

Jul. 01, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt as of July 1, 2023 and December 31, 2022 consists of the following:


(In thousands)	July 1, 2023		December 31, 2022
Senior secured term loan facility due 2029	2,318,499		2,495,000
Senior secured notes due 2029	1,600,000		1,600,000
Senior unsecured notes due 2030	895,000		895,000
Senior unsecured notes due 2029	400,000		400,000
Senior unsecured notes due 2028	400,000		400,000
Bridge credit facility due 2023	—		135,000

Revolving facility due 2027	—		—
Total debt (par value)	5,613,499		5,925,000
Unamortized discount and debt issuance costs	121,488		140,107
Total debt, net	$	5,492,011	$	5,784,893
Less short-term debt, including current portion of long-term debt	—		151,965
Total long-term debt, net	$	5,492,011	$	5,632,928

Schedule of Maturities of Long-term Debt

Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of July 1, 2023 are as follows:


(In thousands)	Remaining 2023		2024	2025	2026	2027	Thereafter	Total
Contractual debt obligation maturities(1)	$	—	—	—	—	—	5,613,499	$	5,613,499

Segment Reporting - Reconciliation of Total Segment Profit to Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting [Abstract]
Total Segment Profit	$ 352,229	$ 192,751	$ 466,869	$ 386,910
Amortization	54,680	12,494	112,254	25,145
Unallocated general and administrative expenses	29,935	22,287	73,535	40,449
Operating income	267,614	157,970	281,080	321,316
Interest expense	80,908	32,001	167,054	44,877
Interest income	(2,303)	(658)	(3,628)	(670)
Other expense, net	7,724	9,619	3,066	14,521
Income before income tax (benefit) expense	$ 181,285	$ 117,008	$ 114,588	$ 262,588

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Fair Value Measures and Disclosures

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE OF FINANCIAL INSTRUMENTSThe Company is required to record certain assets and liabilities at fair value. The valuation methods used for determining the fair value of these financial instruments by hierarchy are as follows:

Level 1 Cash and cash equivalents consist of various bank accounts used to support our operations and investments in institutional money-market funds that are traded in active markets. The restricted cash represents cash held in a “Rabbi” trust, further described in Note 6.

Level 2 Derivative financial instruments include an interest rate swap contract and foreign exchange contracts. The fair value of our derivative instruments is estimated using standard valuation models and market-based observable inputs over the contractual term, including the prevailing SOFR based yield curves for the interest rate swap, and forward rates and/or the Overnight Index Swap curve for forward foreign exchange contracts, among others.

Level 3 No Level 3 financial instruments.


	Fair Value Measurements at Reporting Date Using
(In thousands):	Level 1				Level 2				Level 3				Total
Assets:	July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022
Cash and cash equivalents	$	565,878	$	561,559	$	—	$	—	$	—	$	—	$	565,878	$	561,559
Restricted cash	1,139		1,880		—		—		—		—		1,139		1,880
Derivative financial instruments - Interest rate swap - cash flow hedge	—		—		46,281		46,589		—		—		46,281		46,589
Derivative financial instruments -Forward exchange contracts	—		—		—		726		—		—		—		726
Total Assets	$	567,017	$	563,439	$	46,281	$	47,315	$	—	$	—	$	613,298	$	610,754

Liabilities:
Derivative financial instruments - Forward exchange contracts	$	—	$	—	$	—	$	193	$	—	$	—	$	—	$	193
Total Liabilities	$	—	$	—	$	—	$	193	$	—	$	—	$	—	$	193

Other Fair Value Disclosures

The estimated fair value and carrying value of our debt as of July 1, 2023 and December 31, 2022 were as follows:


	July 1, 2023				December 31, 2022
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt, net	$	5,492,011	$	5,223,304	$	5,784,893	$	5,428,900

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net income	$ 197,646	$ (88,166)	$ 99,491	$ 125,705	$ 109,480	$ 225,196

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Net income	$ 197,646	$ 99,491	$ 109,480	$ 225,196
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(38,011)	(9,014)	(14,277)	(11,142)
Pension liability adjustments	0	0	37	73
Interest Rate Swap - Cash flow hedge	9,716	0	(239)	0
Other comprehensive (loss) income	(28,295)	(9,014)	(14,479)	(11,069)
Comprehensive income	$ 169,351	$ 90,477	$ 95,001	$ 214,127

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jul. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Segment Realignment In the third quarter of 2023, in order to align its segment financial reporting with a change in its business structure, the Company will implement a realignment of its segments. Following the segment realignment, the Company’s three reportable segments will be as follows (1) Advanced Materials Handling, (2) Microcontamination Control, and (3) a new division that combines SCEM and APS. The succeeding interim and annual periods will disclose the reportable segments with prior periods recast to reflect the change. The Company will evaluate any impairment implications from the segment changes and related reporting unit changes, if any, during the period in which the changes take effect. Dividend On July 19, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share to be paid on August 23, 2023 to shareholders of record on the close of business on August 2, 2023.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 01, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	001-32598
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	129 Concord Road,
Entity Address, City or Town	Billerica,
Entity Address, State or Province	MA
Entity Tax Identification Number	41-1941551
Entity Address, Postal Zip Code	01821
City Area Code	978
Local Phone Number	436-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	ENTG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		150,108,285
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	ENTEGRIS INC
Entity Central Index Key	0001101302
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Trade accounts and notes receivable, allowance for doubtful accounts	$ 4,384	$ 5,443
Property, plant and equipment, accumulated depreciation	830,906	770,093
Intangible assets, Accumulated amortization	720,336	636,872
Unamortized discount and debt issuance costs	$ 121,488	$ 140,107
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	150,308,245	149,339,486
Common stock, shares outstanding	150,105,845	149,137,086
Treasury stock, shares outstanding	202,400	202,400

Inventories (Tables)

6 Months Ended

Jul. 01, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(In thousands)	July 1, 2023		December 31, 2022
Raw materials	$	315,616	$	337,576
Work-in-process	55,978		60,182
Finished goods (1)	368,757		415,057
Total inventories, net	$	740,351	$	812,815

(1) Includes consignment inventories held by customers of $23.9 million and $46.2 million at July 1, 2023 and December 31, 2022, respectively.

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022	Jul. 02, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 565,878	$ 561,559
Restricted cash	1,139	1,880
Total cash, cash equivalents and restricted cash	$ 567,017	$ 563,439	$ 2,743,231	$ 402,565

Debt Summary Table (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022	Jul. 06, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 5,613,499	$ 5,925,000
Unamortized discount and debt issuance costs	121,488	140,107
Total debt, net	5,492,011	5,784,893
Short-term debt, including current portion of long-term debt	0	151,965
Long-term debt, excluding current maturities, net of unamortized discount and debt issuance costs of $121,488 and $140,107	5,492,011	5,632,928
Senior secured term loan facility due 2029
Debt Instrument [Line Items]
Long-term Debt, Gross	2,318,499	2,495,000
Senior secured notes due 2029
Debt Instrument [Line Items]
Long-term Debt, Gross	1,600,000	1,600,000	$ 1,600,000
Senior unsecured notes due 2030
Debt Instrument [Line Items]
Long-term Debt, Gross	895,000	895,000	895,000
Senior unsecured notes due 2029
Debt Instrument [Line Items]
Long-term Debt, Gross	400,000	400,000
Senior unsecured notes due 2028
Debt Instrument [Line Items]
Long-term Debt, Gross	400,000	400,000
Bridge credit facility due 2023
Debt Instrument [Line Items]
Bridge credit facility due 2023	$ 0	$ 135,000	275,000
Secured Debt
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 2,495,000

Goodwill and Intangible Assets

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

GOODWILL AND INTANGIBLE ASSETS


(In thousands)	SCEM		APS		MC		AMH		Total
December 31, 2022	$	561,328	$	3,530,813	$	242,088	$	74,102	$	4,408,331

Goodwill impairment	—		(88,872)		—		—		(88,872)
Disposition of business	(90,005)		—		—		—		(90,005)
Purchase accounting adjustments	3,409		(4,430)		—		—		(1,021)

Assets held-for-sale	(3,885)		(250,775)		—		—		(254,660)
Foreign currency translation	(33)		—		(3,493)		—		(3,526)
July 1, 2023	$	470,814	$	3,186,736	$	238,595	$	74,102	$	3,970,247

The changes in our goodwill balance of $438.1 million reflect (1) the goodwill impairment of our EC reporting unit of $88.9 million, as described in Note 3, (2) the sale of the QED business and related goodwill of that business of $90.0 million, see Note 5, (3) purchase accounting adjustments of $1.0 million, (4) goodwill reclassified to asset held-for-sale of $254.7 million as described in Note 5 and (5) foreign currency translation of $3.5 million.

Identifiable intangible assets at July 1, 2023 and December 31, 2022 consist of the following:


July 1, 2023
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,262,685	$	384,845	$	877,840
Trademarks and trade names	172,272		32,610		139,662
Customer relationships	673,765		282,644		391,121
In-process research and development (1)	9,400		—		9,400
Other	23,924		20,237		3,687
	$	2,142,046	$	720,336	$	1,421,710


December 31, 2022
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,302,101	$	313,876	$	988,225
Trademarks and trade names	250,473		29,565		220,908
Customer relationships	863,947		273,039		590,908
In-process research and development (1)	31,100		—		31,100
Other	31,206		20,392		10,814
	$	2,478,827	$	636,872	$	1,841,955

Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at July 1, 2023:


(In thousands)	Remaining 2023		2024	2025	2026	2027	Thereafter	Total
Future amortization expense	$	102,710	194,774	188,318	185,381	181,694	568,833	$	1,421,710