0001101302-21-000078 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 02, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 02, 2021
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		135,514,586
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	ENTEGRIS INC
Entity Central Index Key	0001101302
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 475,752	$ 580,893
Trade accounts and notes receivable, net of allowance for doubtful accounts of $2,356 and $2,384	315,073	264,392
Inventories, net	429,016	323,944
Deferred tax charges and refundable income taxes	21,760	21,136
Other current assets	34,104	43,892
Total current assets	1,275,705	1,234,257
Property, plant and equipment, net of accumulated depreciation of $632,241 and $574,257	597,630	525,367
Other assets:
Right-of-use assets	56,990	45,924
Goodwill	749,933	748,037
Intangible assets, net of accumulated amortization of $482,098 and $445,795	302,487	337,632
Deferred tax assets and other noncurrent tax assets	17,565	14,519
Other	11,965	11,960
Total assets	3,012,275	2,917,696
Current liabilities:
Accounts payable	120,611	81,618
Accrued payroll and related benefits	90,684	94,364
Other accrued liabilities	91,129	82,648
Income taxes payable	6,989	43,996
Total current liabilities	309,413	302,626
Long-term debt, excluding current maturities, net of unamortized discount and debt issuance costs of $8,296 and $9,217	936,704	1,085,783
Pension benefit obligations and other liabilities	36,118	36,457
Deferred tax liabilities and other noncurrent tax liabilities	66,774	73,606
Long-term lease liability	52,486	39,730
Commitments and contingent liabilities	0	0
Equity:
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued and outstanding as of October 2, 2021 and December 31, 2020	0	0
Common stock, par value $.01; 400,000,000 shares authorized; issued and outstanding shares as of October 2, 2021: 135,724,073 and 135,521,673, respectively; issued and outstanding shares as of December 31, 2020: 135,148,774 and 134,946,374, respectively	1,357	1,351
Treasury stock, at cost: 202,400 shares held as of October 2, 2021 and December 31, 2020	(7,112)	(7,112)
Additional paid-in capital	866,716	844,850
Retained earnings	788,830	577,833
Accumulated other comprehensive loss	(39,011)	(37,428)
Total equity	1,610,780	1,379,494
Total liabilities and equity	$ 3,012,275	$ 2,917,696

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Trade accounts and notes receivable, allowance for doubtful accounts	$ 2,356	$ 2,384
Property, plant and equipment, accumulated depreciation	632,241	574,257
Intangible assets, Accumulated amortization	482,098	445,795
Unamortized discount and debt issuance costs	$ 8,296	$ 9,217
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	135,724,073	135,148,774
Common stock, shares outstanding	135,521,673	134,946,374
Treasury stock, shares outstanding	202,400	202,400

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Net Sales	$ 579,493	$ 480,987	$ 1,663,689	$ 1,341,719
Cost of sales	315,289	254,987	899,115	722,869
Gross profit	264,204	226,000	764,574	618,850
Selling, general and administrative expenses	71,032	71,195	215,042	196,958
Engineering, research and development expenses	41,972	36,295	121,692	98,499
Amortization of intangible assets	11,843	11,749	35,616	41,176
Operating income	139,357	106,761	392,224	282,217
Interest expense	9,395	12,781	31,744	36,345
Interest income	(56)	(130)	(181)	(664)
Other expense (income), net	1,917	(1,752)	29,807	(1,351)
Income before income tax expense	128,101	95,862	330,854	247,887
Income tax expense	10,640	16,559	39,947	39,542
Net income	$ 117,461	$ 79,303	$ 290,907	$ 208,345
Basic earnings per common share	$ 0.87	$ 0.59	$ 2.15	$ 1.55
Diluted earnings per common share	$ 0.86	$ 0.58	$ 2.13	$ 1.53
Weighted shares outstanding:
Basic	135,583	134,957	135,383	134,801
Diluted	136,631	136,252	136,556	136,209

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Net income	$ 117,461	$ 79,303	$ 290,907	$ 208,345
Other comprehensive loss, net of tax
Foreign currency translation adjustments	637	4,765	(1,622)	(6,772)
Pension liability adjustments	0	9	39	28
Other comprehensive income (loss)	637	4,774	(1,583)	(6,744)
Comprehensive income	$ 118,098	$ 84,077	$ 289,324	$ 201,601

- Definition

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

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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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
Balance (in shares) at Dec. 31, 2019		134,930	(202)
Balance at Dec. 31, 2019	$ 1,165,889	$ 1,349	$ (7,112)	$ 842,784	$ 366,127	$ (36,468)	$ (791)
Shares issued under stock plans (in shares)		483
Shares issued under stock plans	(10,889)	$ 5	0	(10,894)	0	0	0
Share-based compensation expense	4,994	$ 0	0	4,994	0	0	0
Repurchase and retirements of common stock (in shares)		(604)
Repurchase and retirements of common stock	(29,564)	$ (6)	0	(3,740)	(25,818)	0	0
Dividends declared	(10,758)	0	0	15	(10,773)	0	0
Pension liability adjustments	10	0	0	0	0	0	10
Foreign currency translation adjustments	(9,361)	0	0	0	0	(9,361)	0
Net income	61,006	$ 0	$ 0	0	61,006	0	0
Balance (in shares) at Mar. 28, 2020		134,809	(202)
Balance at Mar. 28, 2020	$ 1,171,327	$ 1,348	$ (7,112)	833,159	390,542	(45,829)	(781)
Common Stock, Dividends, Per Share, Declared	$ 0.08
Balance (in shares) at Dec. 31, 2019		134,930	(202)
Balance at Dec. 31, 2019	$ 1,165,889	$ 1,349	$ (7,112)	842,784	366,127	(36,468)	(791)
Pension liability adjustments	28
Foreign currency translation adjustments	(6,772)
Net income	208,345
Balance (in shares) at Sep. 26, 2020		135,238	(202)
Balance at Sep. 26, 2020	1,302,301	$ 1,352	$ (7,112)	835,953	516,111	(43,240)	(763)
Balance (in shares) at Mar. 28, 2020		134,809	(202)
Balance at Mar. 28, 2020	1,171,327	$ 1,348	$ (7,112)	833,159	390,542	(45,829)	(781)
Shares issued under stock plans (in shares)		139
Shares issued under stock plans	(82)	$ 1	0	(83)	0	0	0
Share-based compensation expense	5,655	0	0	5,655	0	0	0
Dividends declared	(10,980)	0	0	8	(10,988)	0	0
Pension liability adjustments	9	0	0	0	0	0	9
Foreign currency translation adjustments	(2,176)	0	0	0	0	(2,176)	0
Net income	68,036	$ 0	$ 0	0	68,036	0	0
Balance (in shares) at Jun. 27, 2020		134,948	(202)
Balance at Jun. 27, 2020	$ 1,231,789	$ 1,349	$ (7,112)	838,739	447,590	(48,005)	(772)
Common Stock, Dividends, Per Share, Declared	$ 0.08
Shares issued under stock plans (in shares)		290
Shares issued under stock plans	$ (8,686)	$ 3	0	(8,689)	0	0	0
Share-based compensation expense	5,903	$ 0	0	5,903	0	0	0
Repurchase and retirements of common stock (in shares)		0
Repurchase and retirements of common stock	0	$ 0	0	0	0	0	0
Dividends declared	(10,782)	0	0	0	(10,782)	0	0
Pension liability adjustments	9	0	0	0	0	0	9
Foreign currency translation adjustments	4,765	0	0	0	0	4,765	0
Net income	79,303	$ 0	$ 0	0	79,303	0	0
Balance (in shares) at Sep. 26, 2020		135,238	(202)
Balance at Sep. 26, 2020	$ 1,302,301	$ 1,352	$ (7,112)	835,953	516,111	(43,240)	(763)
Common Stock, Dividends, Per Share, Declared	$ 0.08
Balance (in shares) at Dec. 31, 2020		135,149	(202)
Balance at Dec. 31, 2020	$ 1,379,494	$ 1,351	$ (7,112)	844,850	577,833	(36,588)	(840)
Shares issued under stock plans (in shares)		392
Shares issued under stock plans	(13,466)	$ 4	0	(13,470)	0	0	0
Share-based compensation expense	7,138	$ 0	0	7,138	0	0	0
Repurchase and retirements of common stock (in shares)		(145)
Repurchase and retirements of common stock	(15,000)	$ (1)	0	(904)	(14,095)	0	0
Dividends declared	(10,832)	0	0	8	(10,840)	0	0
Pension liability adjustments	39	0	0	0	0	0	39
Foreign currency translation adjustments	(3,716)	0	0	0	0	(3,716)	0
Net income	84,676	$ 0	$ 0	0	84,676	0	0
Balance (in shares) at Apr. 03, 2021		135,396	(202)
Balance at Apr. 03, 2021	$ 1,428,333	$ 1,354	$ (7,112)	837,622	637,574	(40,304)	(801)
Common Stock, Dividends, Per Share, Declared	$ 0.08
Balance (in shares) at Dec. 31, 2020		135,149	(202)
Balance at Dec. 31, 2020	$ 1,379,494	$ 1,351	$ (7,112)	844,850	577,833	(36,588)	(840)
Pension liability adjustments	39
Foreign currency translation adjustments	(1,622)
Net income	290,907
Balance (in shares) at Oct. 02, 2021		135,724	(202)
Balance at Oct. 02, 2021	1,610,780	$ 1,357	$ (7,112)	866,716	788,830	(38,210)	(801)
Balance (in shares) at Apr. 03, 2021		135,396	(202)
Balance at Apr. 03, 2021	1,428,333	$ 1,354	$ (7,112)	837,622	637,574	(40,304)	(801)
Shares issued under stock plans (in shares)		559
Shares issued under stock plans	15,190	$ 5	0	15,185	0	0	0
Share-based compensation expense	7,519	$ 0	0	7,519	0	0	0
Repurchase and retirements of common stock (in shares)		(130)
Repurchase and retirements of common stock	(15,000)	$ (1)	0	(813)	(14,186)	0	0
Dividends declared	(10,938)	0	0	7	(10,945)	0	0
Pension liability adjustments	0	0	0	0	0	0	0
Foreign currency translation adjustments	1,457	0	0	0	0	1,457	0
Net income	88,770	$ 0	$ 0	0	88,770	0	0
Balance (in shares) at Jul. 03, 2021		135,825	(202)
Balance at Jul. 03, 2021	$ 1,515,331	$ 1,358	$ (7,112)	859,520	701,213	(38,847)	(801)
Common Stock, Dividends, Per Share, Declared	$ 0.08
Shares issued under stock plans (in shares)		65
Shares issued under stock plans	$ 780	$ 1	0	779	0	0	0
Share-based compensation expense	7,467	$ 0	0	7,467	0	0	0
Repurchase and retirements of common stock (in shares)		(166)
Repurchase and retirements of common stock	(20,000)	$ (2)	0	(1,050)	(18,948)	0	0
Dividends declared	(10,896)	0	0	0	(10,896)	0	0
Pension liability adjustments	0	0	0	0	0	0	0
Foreign currency translation adjustments	637	0	0	0	0	637	0
Net income	117,461	$ 0	$ 0	0	117,461	0	0
Balance (in shares) at Oct. 02, 2021		135,724	(202)
Balance at Oct. 02, 2021	$ 1,610,780	$ 1,357	$ (7,112)	$ 866,716	$ 788,830	$ (38,210)	$ (801)
Common Stock, Dividends, Per Share, Declared	$ 0.08

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Operating activities:
Net income	$ 290,907	$ 208,345
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	67,510	62,064
Amortization	35,616	41,176
Share-based compensation expense	22,124	16,552
Provision for deferred income taxes	(12,307)	14,958
Loss on extinguishment of debt and modification	23,338	2,378
Charge for excess and obsolete inventory	10,066	11,933
Other	265	3,836
Changes in operating assets and liabilities:
Trade accounts and notes receivable	(53,358)	(65,367)
Inventories	(115,187)	(54,278)
Accounts payable and accrued liabilities	37,577	10,076
Other current assets	10,575	2,189
Income taxes payable and refundable income taxes	(35,275)	(11,995)
Other	2,623	789
Net cash provided by operating activities	284,474	242,656
Investing activities:
Acquisition of property, plant and equipment	(133,986)	(79,560)
Acquisition of businesses, net of cash acquired	(2,250)	(111,145)
Other	4,416	265
Net cash used in investing activities	(131,820)	(190,440)
Financing activities:
Proceeds from revolving credit facility	51,000	217,000
Payments of revolving credit facility	(51,000)	(217,000)
Proceeds from long-term debt	400,000	400,000
Payments of long-term debt	(550,000)	(251,000)
Payments for debt extinguishment costs	(19,080)	0
Payments for debt issuance costs	(5,069)	(3,964)
Payments for dividends	(32,650)	(32,446)
Issuance of common stock	17,872	4,899
Repurchase and retirement of common stock	(50,000)	(29,564)
Taxes paid related to net share settlement of equity awards	(15,368)	(24,556)
Deferred acquisition payments	0	(16,125)
Other	(218)	(2,892)
Net cash (used in) provided by financing activities	(254,513)	44,352
Effect of exchange rate changes on cash and cash equivalents	(3,282)	(507)
(Decrease) increase in cash and cash equivalents	(105,141)	96,061
Cash and cash equivalents at beginning of period	580,893	351,911
Cash and cash equivalents at end of period	475,752	447,972
Supplemental Cash Flow Information
Deferred acquisition payments	250	2,785
Equipment purchases in accounts payable	15,965	7,543
(Decrease) increase in dividends payable	(16)	74
Schedule of interest and taxes paid
Interest paid	29,759	33,164
Income taxes paid, net of refunds received	$ 85,409	$ 35,544

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Oct. 02, 2021
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 October 2, 2021 and December 31, 2020, and the results of operations and comprehensive income for the three and nine months ended October 2, 2021 and September 26, 2020, the equity statements as of and for the three and nine months ended October 2, 2021 and September 26, 2020, and cash flows for the nine months ended October 2, 2021 and September 26, 2020. 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 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 Form 10-K for the year ended December 31, 2020. The results of operations for the three and nine months ended October 2, 2021 are not necessarily indicative of the results to be expected for the full year. Fair Value of Financial Instruments The carrying value of accounts receivable, accounts payable, accrued payroll and related benefits, and other accrued liabilities approximates fair value due to the short maturity of those items. As of October 2, 2021, the Company has cash equivalents of $15.0 million, consisting of money market funds. The fair value of cash equivalents was determined based on Level 1 inputs, which include unadjusted quoted prices in active markets for identical assets. The fair value of long-term debt, including current maturities, was $959.8 million at October 2, 2021, compared to the carrying amount of long-term debt, including current maturities, of $936.7 million at October 2, 2021. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” under ASC 740, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. The Company adopted this new guidance in the first quarter of fiscal 2021. The adoption of ASU 2019-12 did not have a material impact on the condensed consolidated financial statements. Recently Issued Accounting Pronouncements The Company currently has no material recent accounting pronouncements yet to be adopted.

Revenues Revenues

9 Months Ended

Oct. 02, 2021

Revenues [Abstract]

Revenue from Contract with Customer

REVENUES

Revenue Recognition Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales.

The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less.

When the Company receives consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, the Company records deferred revenue, which represents a contract liability. Such deferred revenue typically results from advance payments received on sales of the Company’s products. The Company makes the required disclosures with respect to deferred revenue below.

The Company does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Nature of goods and services The following is a description of principal activities from which the Company generates its revenues. The Company has three reportable segments. For more detailed information about reportable segments, see note 10 to the condensed consolidated financial statements. For each of the three reportable segments, the recognition of revenue regarding the nature of goods and services provided by the segments are similar and described below. The Company recognizes revenue for product sales at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment or delivery, depending on the terms of the underlying contracts. For product sales contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognizes the related revenue as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations.

The Company generally recognizes revenue for sales of services when the Company has satisfied the performance obligation. The payment terms and revenue recognized is based on time and materials.

The Company also enters into arrangements to license its intellectual property. These arrangements typically permit the customer to use a specialized manufacturing process or patented technology and in return the Company receives a royalty fee. The Company recognizes revenue for a sales-based or usage-based royalty promised in exchange for a license of intellectual property when the subsequent sale or usage occurs.

The Company offers certain customers cash discounts and volume rebates as sales incentives. The discounts and volume rebates are recorded as a reduction in sales at the time revenue is recognized in an amount estimated based on historical experience and contractual obligations. The Company periodically reviews the assumptions underlying its estimates of discounts and volume rebates and adjusts its revenues accordingly.

In addition, the Company offers free product rebates to certain customers. The Company utilizes an adjusted market approach to estimate the stand-alone selling price of the loyalty program and allocates a portion of the consideration received to the free product offering. The free product offering is redeemable upon future purchases of the Company’s products. The amount associated with free product rebates is recorded as deferred revenue on the balance sheet and is recognized as revenue when the free product is redeemed or when the likelihood of redemption is remote. The Company has deemed that the amount is immaterial for disclosure.

The Company provides for the estimated costs of fulfilling its obligations under product warranties at the time the related revenue is recognized. The Company estimates the costs based on historical failure rates, projected repair costs, and knowledge of specific product failures (if any). The specific warranty terms and conditions vary depending upon the product sold and the country in which the Company does business, but generally include parts and labor over a period generally ranging from 90 days to one year. The Company regularly reevaluates its estimates to assess the adequacy of the recorded warranty liabilities and adjusts the amounts as necessary.

The Company’s contracts are generally short-term in nature. Most contracts’ terms do not exceed twelve months. Payment terms vary by the type and location of the Company’s customers and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. Those customers that prepay are represented by the contract liabilities below until the performance obligations are satisfied.

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


(In thousands)	October 2, 2021		December 31, 2020
Contract liabilities - current	$	17,049	$	13,852

Significant changes in the contract liabilities balances during the period are as follows:


	Nine months ended
(In thousands)	October 2, 2021
Revenue recognized that was included in the contract liability balance at the beginning of the period	$	(13,561)
Increases due to cash received, excluding amounts recognized as revenue during the period	16,758

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Acquisition

9 Months Ended

Sep. 26, 2020

Business Combinations [Abstract]

Business Combination Disclosure

ACQUISITIONS

During the nine months ended October 2, 2021, the Company completed an acquisition for $2.5 million, substantially all of which was paid in cash and qualified as a business combination. This acquisition has been included in the Company’s condensed consolidated results of operations since its acquisition date. The effect of this business combination was not material to the Company’s condensed consolidated results of operations.

Global Measurement Technologies, Inc.

On July 10, 2020, the Company acquired Global Measurement Technologies, Inc., an analytical instrument provider for critical processes in semiconductor production, and its manufacturing partner Clean Room Plastics, Inc. (collectively, “GMTI”). GMTI reports into the Advanced Materials Handling segment of the Company. Costs associated with the acquisition of GMTI were $0.4 million and $1.0 million for the three and nine months ended September 26, 2020, respectively, and were expensed as incurred. These costs are included in the selling, general and administrative expenses in the Company’s condensed consolidated statement of operations. The acquisition was accounted for under the acquisition method of accounting, and GMTI’s results of operations are included in the Company’s condensed consolidated financial statements as of and since July 10, 2020. The acquisition does not constitute a material business combination.

The purchase price for GMTI includes cash consideration of $36.3 million, net of cash acquired, which was funded from the Company’s existing cash on hand.

The purchase price of GMTI exceeds the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $16.1 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. This additional investment value resulted in goodwill, which is deductible for income tax purposes.

During the quarter ended September 26, 2020, the Company finalized its fair value determination of the assets acquired and the liabilities assumed. The following table summarizes the final 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 10, 2020
Trade accounts and note receivable, net	$	937
Inventories, net	1,079
Identifiable intangible assets	18,180
Right-of-use assets	337

Accounts payable and accrued liabilities	(28)
Short-term lease liability	(150)
Long-term lease liability	(187)
Net assets acquired	20,168
Goodwill	16,099
Total purchase price, net of cash acquired	$	36,267

The Company recognized the following finite-lived intangible assets as part of the acquisition of GMTI:


(In thousands)	Amount		Weighted average life in years
Developed technology	$	3,570	6.5
Trademarks and trade names	1,010		11.5
Customer relationships	13,600		15.5
	$	18,180	13.5

Sinmat

On January 10, 2020, the Company acquired Sinmat, a chemical mechanical polishing slurry manufacturer. Sinmat reports into the Specialty Chemicals and Engineered Materials segment of the Company. The acquisition was accounted for under the acquisition method of accounting and Sinmat’s results of operations are included in the Company’s condensed consolidated financial statements as of and since January 10, 2020. Costs associated with the acquisition of Sinmat were $0.7 million for the nine months ended September 26, 2020 and were expensed as incurred. These costs are included in the selling, general and administrative expenses in the Company’s condensed consolidated statement of operations. The acquisition does not constitute a material business combination.

The purchase price for Sinmat includes cash consideration of $76.2 million, or $75.6 million net of cash acquired, which was funded from the Company’s existing cash on hand.

The purchase price of Sinmat exceeds the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $31.7 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. This additional investment value resulted in goodwill, which is deductible for income tax purposes.

During the quarter ended June 27, 2020, the Company finalized its fair value determination of the assets acquired and the liabilities assumed. The following table summarizes the provisional and final allocations of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the acquisition date and as adjusted as of June 27, 2020, respectively:


(In thousands):	As of January 10, 2020		As of June 27, 2020
Trade accounts and note receivable, net	$	1,189	$	1,189
Inventories, net	1,010		1,010
Other current assets	8		8
Property, plant and equipment	63		63
Identifiable intangible assets	41,680		41,680
Right-of-use assets	1,712		1,712
Deferred tax asset	—		102
Accounts payable and accrued liabilities	(58)		(58)
Short-term lease liability	(150)		(150)
Long-term lease liability	(1,562)		(1,562)
Net assets acquired	43,892		43,994
Goodwill	31,751		31,651
Total purchase price, net of cash acquired	$	75,643	$	75,645

The Company recognized the following finite-lived intangible assets as part of the acquisition of Sinmat:


(In thousands)	Amount		Weighted average life in years
Developed technology	$	7,650	7.0
Trademarks and trade names	130		1.3
Customer relationships	33,900		15.0
	$	41,680	13.5

Inventories

9 Months Ended

Oct. 02, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of the following:


(In thousands)	October 2, 2021		December 31, 2020
Raw materials	$	162,314	$	97,319
Work-in process	42,538		32,316
Finished goods	224,164		194,309
Total inventories, net	$	429,016	$	323,944

Goodwill and Intangible Assets

9 Months Ended

Oct. 02, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill activity for each of the Company’s reportable segments that carry goodwill, Specialty Chemicals and Engineered Materials (“SCEM”), Microcontamination Control (“MC”) and Advanced Materials Handling (“AMH”), for each period was as follows:


(In thousands)	Specialty Chemicals and Engineered Materials		Microcontamination Control		Advanced Materials Handling		Total
December 31, 2020	$	427,713	$	247,154	$	73,170	$	748,037
Addition due to acquisitions	—		—		932		932

Foreign currency translation	357		607		—		964
October 2, 2021	$	428,070	$	247,761	$	74,102	$	749,933

Identifiable intangible assets at October 2, 2021 and December 31, 2020 consist of the following:


October 2, 2021
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	284,294	$	229,840	$	54,454
Trademarks and trade names	30,127		19,864		10,263
Customer relationships	449,768		218,634		231,134
Other	20,396		13,760		6,636
	$	784,585	$	482,098	$	302,487


December 31, 2020
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	283,272	$	221,651	$	61,621
Trademarks and trade names	30,100		18,374		11,726
Customer relationships	449,659		193,313		256,346
Other	20,396		12,457		7,939
	$	783,427	$	445,795	$	337,632

Future amortization expense during the remainder of 2021, each of the succeeding four years and thereafter relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at October 2, 2021:


(In thousands)	Remaining 2021		2022	2023	2024	2025	Thereafter	Total
Future amortization expense	$	12,272	47,735	47,047	34,433	27,900	133,100	$	302,487

Debt

9 Months Ended

Oct. 02, 2021

Debt Disclosure [Abstract]

Debt Disclosure

DEBT

Long-term debt as of October 2, 2021 and December 31, 2020 consists of the following:


(In thousands)	October 2, 2021		December 31, 2020
Senior unsecured notes due 2029	$	400,000	$	—
Senior unsecured notes due 2028	400,000		400,000
Senior secured term loan facility due 2025	145,000		145,000
Senior unsecured notes due 2026	—		550,000
	945,000		1,095,000
Unamortized discount and debt issuance costs	8,296		9,217
Total long-term debt	$	936,704	$	1,085,783

Annual maturities of long-term debt, excluding unamortized discount and issuance costs, due as of October 2, 2021 are as follows:


(In thousands)	2021		2022	2023	2024	2025	Thereafter	Total
Contractual debt obligation maturities*	$	—	—	—	—	145,000	800,000	$	945,000

*Subject to Excess Cash Flow payments to the lenders.

2029 Senior Unsecured Notes

On April 30, 2021, the Company issued $400 million aggregate principal amount of 3.625% senior unsecured notes due May 1, 2029 (the “2029 Notes”). The 2029 Notes were issued under an indenture dated as of April 30, 2021 (the “2029 Notes Indenture”) by and among the Company, certain subsidiaries of the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee”). Interest on the 2029 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2021. The Company incurred debt issuance costs of $4.1 million in connection with the 2029 Notes. These costs are reported in the condensed consolidated balance sheet as a direct deduction from the face amount of the 2029 Notes.

The Company used the net proceeds of the offering, together with cash on hand and $51 million borrowed under the Company’s senior secured revolving credit facility (the “Revolving Facility”), to pay the redemption price for the redemption in full of the $550 million aggregate principal amount of senior unsecured notes due 2026 (the “2026 Notes”) and to pay certain fees and expenses related to the offering. In connection with the redemption of the 2026 Notes, the Company incurred a loss on extinguishment of debt of $23.1 million, which is included in Other expense (income), net on the condensed consolidated statement of operations.

The 2029 Notes are guaranteed, jointly and severally, fully and unconditionally, on a senior unsecured basis, by the Company’s existing and future domestic subsidiaries, other than certain excluded subsidiaries, to the extent that such subsidiaries guarantee indebtedness under the Company’s senior secured term loan facility and Revolving Facility (together, the “Senior Secured Credit Facilities”) or the Company’s 4.375% senior unsecured notes due 2028 (the “2028 Notes”), and any other subsidiary of the Company, to the extent it incurs certain additional indebtedness (collectively, the “Guarantors”).

The 2029 Notes and the guarantees thereof are the Company’s and the Guarantors’ senior unsecured obligations, respectively, and will (i) rank equally in right of payment with all of the Company’s and the Guarantors’ existing and future senior indebtedness (including the 2028 Notes); (ii) rank senior to any subordinated indebtedness that the Company or the Guarantors may incur; (iii) be effectively subordinated to all of the Company’s or the Guarantors’ existing and future secured indebtedness (including the Senior Secured Credit Facilities), in each case, to the extent of the value of the assets securing such indebtedness; and (iv) be structurally subordinated in right of payment to all existing and future obligations of the Company’s subsidiaries that do not guarantee the 2029 Notes.

At any time prior to May 1, 2024, the Company may, at its option, on any one or more occasions, redeem up to 40% of the aggregate principal amount of the 2029 Notes, at a redemption price equal to 103.625% of the principal amount of the 2029 Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, with an amount of cash equal to the net cash proceeds of an equity offering, as defined in the 2029 Notes Indenture, by the Company; provided that (1) at least 60% of the aggregate principal amount of 2029 Notes issued under the 2029 Notes Indenture remains outstanding immediately after the occurrence of each such redemption; and (2) the redemption occurs within 120 days of the date of the closing of such equity offering.

Additionally, at any time prior to May 1, 2024, the 2029 Notes may be redeemed, in whole or in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of the 2029 Notes redeemed, plus a “make whole” premium, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date.

On or after May 1, 2024, the Company may, on any one or more occasions, redeem all or a part of the 2029 Notes, at its option, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 2029 Notes redeemed, to, but not including, the applicable date of redemption, if redeemed during the 12-month period beginning on May 1 of the years indicated below:


Year	Percentage
2024	102.719	%
2025	101.813	%
2026	100.906	%
2027 and thereafter	100.000	%

Upon the occurrence of certain change of control events accompanied by certain ratings events, the Company will be required to offer to repurchase all of the outstanding 2029 Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase.

The 2029 Notes Indenture contains covenants that, among other things, limit the Company’s ability and/or the ability of the Company’s subsidiaries to:

•incur liens;

•engage in sales-and-leaseback transactions; and

•consolidate, merge with or convey, transfer or lease all or substantially all of the Company’s and its subsidiaries’ assets to another person.

The 2029 Notes Indenture also, subject to certain exceptions, limits the ability of any non-Guarantor subsidiary of the Company to incur indebtedness. These covenants are subject to a number of other limitations and exceptions as set forth in the 2029 Notes Indenture. The Company was in compliance with all of the above covenants at October 2, 2021.

The 2029 Notes Indenture provides for events of default which, if certain of them occur, would permit the Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding 2029 Notes to declare the principal of, and interest or premium, if any, and any other monetary obligations on, all the then-outstanding 2029 Notes to be due and payable immediately.

Amendment of Revolving Facility

In connection with its issuance of the 2029 Notes, the Company amended the Revolving Facility to provide for, among other things, lending commitments in an aggregate principal amount of up to $400.0 million, up from $300.0 million, and to extend the maturity to April 30, 2026 from November 6, 2023.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Earnings Per Common Share

9 Months Ended

Oct. 02, 2021

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 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 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		Nine months ended
(In thousands)	October 2, 2021	September 26, 2020	October 2, 2021	September 26, 2020
Basic—weighted common shares outstanding	135,583	134,957	135,383	134,801
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	1,048	1,295	1,173	1,408
Diluted—weighted common shares and common shares equivalent outstanding	136,631	136,252	136,556	136,209

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 nine months ended October 2, 2021 and September 26, 2020:

Three months ended

Nine months ended

(In thousands)

October 2, 2021

September 26, 2020

October 2, 2021

September 26, 2020

Shares excluded from calculations of diluted EPS

148

223

149

245

Other expense (income), net

9 Months Ended

Oct. 02, 2021

Other Income and Expenses [Abstract]

Other expense (income), net

OTHER EXPENSE (INCOME), NETOther expense (income), net for the three and nine months ended October 2, 2021 and September 26, 2020 consists of the following:


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020

Loss (gain) on foreign currency transactions	$	1,919	$	(2,881)	$	6,281	$	(4,213)
Loss on extinguishment of debt and modification	—		908		23,338		2,378
Other, net	(2)		221		188		484
Other expense (income), net	$	1,917	$	(1,752)	$	29,807	$	(1,351)

Leases

9 Months Ended

Oct. 02, 2021

Leases [Abstract]

Leases, Operating Leases

LEASES

As of October 2, 2021, the Company was obligated under operating lease agreements for certain sales offices and manufacturing facilities, manufacturing equipment, vehicles, information technology equipment and warehouse space. As of October 2, 2021, the Company does not have material finance leases. The Company’s leases have remaining lease terms of 1 year to 20 years, some of which may include options to extend the lease for up to 6 years, and some of which may include options to terminate the leases within 1 year.

As of October 2, 2021 and December 31, 2020, the Company’s operating lease components with initial or remaining terms in excess of one year were classified on the condensed consolidated balance sheet as follows, together with certain supplemental balance sheet information:


(In thousands, except lease term and discount rate)	Classification	October 2, 2021			December 31, 2020
Assets
Right-of-use assets	Right-of-use assets	$	56,990		$	45,924
Liabilities
Short-term lease liability	Other accrued liabilities	8,689			9,960
Long-term lease liability	Long-term lease liability	52,486			39,730
Total lease liabilities		$	61,175		$	49,690
Lease Term and Discount Rate
Weighted average remaining lease term (years)		9.8			7.9
Weighted average discount rate		4.5		%	5.0		%

Expense for leases less than 12 months for the three and nine months ended October 2, 2021 and September 26, 2020 were not material. The components of lease expense for the three and nine months ended October 2, 2021 and September 26, 2020 are as follows:


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020

Operating lease cost	$	3,501	$	3,421	$	10,309	$	10,073

The Company combines the amortization of the right-of-use assets and the change in the operating lease liability in the same line item in the condensed consolidated statement of cash flows. Other information related to the Company’s operating leases for the nine months ended October 2, 2021 and September 26, 2020 are as follows:


(In thousands)	October 2, 2021		September 26, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from leases	$	8,318	$	8,049
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	20,963	$	3,132

Future minimum lease payments for noncancellable operating leases as of October 2, 2021, were as follows:


(In thousands)	Operating Leases
Remaining 2021	$	3,217
2022	10,460
2023	8,676
2024	7,202
2025	6,408
Thereafter	40,511
Total	76,474
Less: Interest	15,299
Present value of lease liabilities	$	61,175

Segment Reporting

9 Months Ended

Oct. 02, 2021

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 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 three segments to create new and increasingly integrated solutions for its customers. The Company’s business is reported 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 delivery systems to support semiconductor and other advanced manufacturing processes.

•Microcontamination Control: MC offers solutions to filter and purify critical liquid chemistries and gases 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, 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				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Net sales
SCEM	$	176,380	$	150,480	$	523,287	$	440,907
MC	225,877		193,541		660,497		536,560
AMH	186,200		144,370		507,243		386,941
Inter-segment elimination	(8,964)		(7,404)		(27,338)		(22,689)
Total net sales	$	579,493	$	480,987	$	1,663,689	$	1,341,719


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Segment profit
SCEM	$	41,091	$	32,600	$	120,592	$	98,208
MC	78,399		64,915		227,097		177,219
AMH	40,503		33,266		114,691		76,707
Total segment profit	$	159,993	$	130,781	$	462,380	$	352,134

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


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Total segment profit	$	159,993	$	130,781	$	462,380	$	352,134
Less:
Amortization of intangible assets	11,843		11,749		35,616		41,176
Unallocated general and administrative expenses	8,793		12,271		34,540		28,741
Operating income	139,357		106,761		392,224		282,217
Interest expense	9,395		12,781		31,744		36,345
Interest income	(56)		(130)		(181)		(664)
Other expense (income), net	1,917		(1,752)		29,807		(1,351)
Income before income tax expense	$	128,101	$	95,862	$	330,854	$	247,887

In the following tables, revenue is disaggregated by customers’ country or region for the three and nine months ended October 2, 2021 and September 26, 2020, respectively.


	Three months ended October 2, 2021
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	52,551	$	35,828	$	60,350	$	(8,964)	$	139,765
Taiwan	29,371		57,806		26,615		—		113,792
China	25,316		35,003		23,975		—		84,294
South Korea	23,655		24,763		28,487		—		76,905
Japan	21,639		42,440		13,701		—		77,780
Europe	13,251		17,583		26,041		—		56,875
Southeast Asia	10,597		12,454		7,031		—		30,082
	$	176,380	$	225,877	$	186,200	$	(8,964)	$	579,493


	Three months ended September 26, 2020
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	45,921	$	47,803	$	47,748	$	(7,404)	$	134,068
Taiwan	26,651		37,602		18,105		—		82,358
China	20,334		29,150		16,828		—		66,312
South Korea	22,389		21,780		30,201		—		74,370
Japan	18,487		30,386		11,882		—		60,755
Europe	8,111		18,237		12,903		—		39,251
Southeast Asia	8,587		8,583		6,703		—		23,873
	$	150,480	$	193,541	$	144,370	$	(7,404)	$	480,987


	Nine months ended October 2, 2021
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	156,290	$	106,568	$	161,792	$	(27,338)	$	397,312
Taiwan	85,350		155,830		79,286		—		320,466
China	71,197		118,595		70,418		—		260,210
South Korea	73,893		83,725		73,769		—		231,387
Japan	68,778		114,654		37,875		—		221,307
Europe	36,300		44,562		63,171		—		144,033
Southeast Asia	31,479		36,563		20,932				88,974
	$	523,287	$	660,497	$	507,243	$	(27,338)	$	1,663,689


	Nine months ended September 26, 2020
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	137,594	$	109,937	$	121,147	$	(22,689)	$	345,989
Taiwan	78,079		122,443		65,240		—		265,762
China	54,159		75,709		41,505		—		171,373
South Korea	63,636		64,861		66,398		—		194,895
Japan	53,819		88,512		34,257		—		176,588
Europe	25,465		49,526		37,216		—		112,207
Southeast Asia	28,155		25,572		21,178		—		74,905
	$	440,907	$	536,560	$	386,941	$	(22,689)	$	1,341,719

- 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

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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 02, 2021
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 October 2, 2021 and December 31, 2020, and the results of operations and comprehensive income for the three and nine months ended October 2, 2021 and September 26, 2020, the equity statements as of and for the three and nine months ended October 2, 2021 and September 26, 2020, and cash flows for the nine months ended October 2, 2021 and September 26, 2020. 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 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 Form 10-K for the year ended December 31, 2020. The results of operations for the three and nine months ended October 2, 2021 are not necessarily indicative of the results to be expected for the full year.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value of accounts receivable, accounts payable, accrued payroll and related benefits, and other accrued liabilities approximates fair value due to the short maturity of those items. As of October 2, 2021, the Company has cash equivalents of $15.0 million, consisting of money market funds. The fair value of cash equivalents was determined based on Level 1 inputs, which include unadjusted quoted prices in active markets for identical assets. The fair value of long-term debt, including current maturities, was $959.8 million at October 2, 2021, compared to the carrying amount of long-term debt, including current maturities, of $936.7 million at October 2, 2021.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” under ASC 740, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. The Company adopted this new guidance in the first quarter of fiscal 2021. The adoption of ASU 2019-12 did not have a material impact on the condensed consolidated financial statements. Recently Issued Accounting Pronouncements The Company currently has no material recent accounting pronouncements yet to be adopted.

Revenues (Tables)

9 Months Ended

Oct. 02, 2021

Revenues [Abstract]

Contract with Customer, Asset and Liability


(In thousands)	October 2, 2021		December 31, 2020
Contract liabilities - current	$	17,049	$	13,852

Significant changes for contract balances

Significant changes in the contract liabilities balances during the period are as follows:


	Nine months ended
(In thousands)	October 2, 2021
Revenue recognized that was included in the contract liability balance at the beginning of the period	$	(13,561)
Increases due to cash received, excluding amounts recognized as revenue during the period	16,758

Acquisition (Tables)

9 Months Ended

Oct. 02, 2021

GMTI Acquisition [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition


(In thousands):	July 10, 2020
Trade accounts and note receivable, net	$	937
Inventories, net	1,079
Identifiable intangible assets	18,180
Right-of-use assets	337

Accounts payable and accrued liabilities	(28)
Short-term lease liability	(150)
Long-term lease liability	(187)
Net assets acquired	20,168
Goodwill	16,099
Total purchase price, net of cash acquired	$	36,267

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

The Company recognized the following finite-lived intangible assets as part of the acquisition of GMTI:


(In thousands)	Amount		Weighted average life in years
Developed technology	$	3,570	6.5
Trademarks and trade names	1,010		11.5
Customer relationships	13,600		15.5
	$	18,180	13.5

Sinmat Acquisition

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition


(In thousands):	As of January 10, 2020		As of June 27, 2020
Trade accounts and note receivable, net	$	1,189	$	1,189
Inventories, net	1,010		1,010
Other current assets	8		8
Property, plant and equipment	63		63
Identifiable intangible assets	41,680		41,680
Right-of-use assets	1,712		1,712
Deferred tax asset	—		102
Accounts payable and accrued liabilities	(58)		(58)
Short-term lease liability	(150)		(150)
Long-term lease liability	(1,562)		(1,562)
Net assets acquired	43,892		43,994
Goodwill	31,751		31,651
Total purchase price, net of cash acquired	$	75,643	$	75,645

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

The Company recognized the following finite-lived intangible assets as part of the acquisition of Sinmat:


(In thousands)	Amount		Weighted average life in years
Developed technology	$	7,650	7.0
Trademarks and trade names	130		1.3
Customer relationships	33,900		15.0
	$	41,680	13.5

Inventories (Tables)

9 Months Ended

Oct. 02, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(In thousands)	October 2, 2021		December 31, 2020
Raw materials	$	162,314	$	97,319
Work-in process	42,538		32,316
Finished goods	224,164		194,309
Total inventories, net	$	429,016	$	323,944

Goodwill and Intangible Assets (Tables)

9 Months Ended

Oct. 02, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill


(In thousands)	Specialty Chemicals and Engineered Materials		Microcontamination Control		Advanced Materials Handling		Total
December 31, 2020	$	427,713	$	247,154	$	73,170	$	748,037
Addition due to acquisitions	—		—		932		932

Foreign currency translation	357		607		—		964
October 2, 2021	$	428,070	$	247,761	$	74,102	$	749,933

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Identifiable intangible assets at October 2, 2021 and December 31, 2020 consist of the following:


October 2, 2021
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	284,294	$	229,840	$	54,454
Trademarks and trade names	30,127		19,864		10,263
Customer relationships	449,768		218,634		231,134
Other	20,396		13,760		6,636
	$	784,585	$	482,098	$	302,487


December 31, 2020
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	283,272	$	221,651	$	61,621
Trademarks and trade names	30,100		18,374		11,726
Customer relationships	449,659		193,313		256,346
Other	20,396		12,457		7,939
	$	783,427	$	445,795	$	337,632

Estimated Future Amortization Expense


(In thousands)	Remaining 2021		2022	2023	2024	2025	Thereafter	Total
Future amortization expense	$	12,272	47,735	47,047	34,433	27,900	133,100	$	302,487

Debt (Tables)

9 Months Ended

Oct. 02, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt as of October 2, 2021 and December 31, 2020 consists of the following:


(In thousands)	October 2, 2021		December 31, 2020
Senior unsecured notes due 2029	$	400,000	$	—
Senior unsecured notes due 2028	400,000		400,000
Senior secured term loan facility due 2025	145,000		145,000
Senior unsecured notes due 2026	—		550,000
	945,000		1,095,000
Unamortized discount and debt issuance costs	8,296		9,217
Total long-term debt	$	936,704	$	1,085,783

Schedule of Maturities of Long-term Debt

Annual maturities of long-term debt, excluding unamortized discount and issuance costs, due as of October 2, 2021 are as follows:


(In thousands)	2021		2022	2023	2024	2025	Thereafter	Total
Contractual debt obligation maturities*	$	—	—	—	—	145,000	800,000	$	945,000

Debt Instrument Redemption


Year	Percentage
2024	102.719	%
2025	101.813	%
2026	100.906	%
2027 and thereafter	100.000	%

Earnings Per Common Share (Tables)

9 Months Ended

Oct. 02, 2021

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		Nine months ended
(In thousands)	October 2, 2021	September 26, 2020	October 2, 2021	September 26, 2020
Basic—weighted common shares outstanding	135,583	134,957	135,383	134,801
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	1,048	1,295	1,173	1,408
Diluted—weighted common shares and common shares equivalent outstanding	136,631	136,252	136,556	136,209

Shares Excluded Underlying Stock Based Awards from Calculations of Diluted EPS

Three months ended

Nine months ended

(In thousands)

October 2, 2021

September 26, 2020

October 2, 2021

September 26, 2020

Shares excluded from calculations of diluted EPS

148

223

149

245

Other Expense (Income), net (Tables)

9 Months Ended

Oct. 02, 2021

Other Income and Expenses [Abstract]

Other expense (income), net

Other expense (income), net for the three and nine months ended October 2, 2021 and September 26, 2020 consists of the following:


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020

Loss (gain) on foreign currency transactions	$	1,919	$	(2,881)	$	6,281	$	(4,213)
Loss on extinguishment of debt and modification	—		908		23,338		2,378
Other, net	(2)		221		188		484
Other expense (income), net	$	1,917	$	(1,752)	$	29,807	$	(1,351)

Leases (Tables)

9 Months Ended

Oct. 02, 2021

Leases [Abstract]

Lease Balance Sheet Information


(In thousands, except lease term and discount rate)	Classification	October 2, 2021			December 31, 2020
Assets
Right-of-use assets	Right-of-use assets	$	56,990		$	45,924
Liabilities
Short-term lease liability	Other accrued liabilities	8,689			9,960
Long-term lease liability	Long-term lease liability	52,486			39,730
Total lease liabilities		$	61,175		$	49,690
Lease Term and Discount Rate
Weighted average remaining lease term (years)		9.8			7.9
Weighted average discount rate		4.5		%	5.0		%

Components of Lease Expense

The components of lease expense for the three and nine months ended October 2, 2021 and September 26, 2020 are as follows:


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020

Operating lease cost	$	3,501	$	3,421	$	10,309	$	10,073

Lessee, measurement of lease liabilities and ROU obtained


(In thousands)	October 2, 2021		September 26, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from leases	$	8,318	$	8,049
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	20,963	$	3,132

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments for noncancellable operating leases as of October 2, 2021, were as follows:


(In thousands)	Operating Leases
Remaining 2021	$	3,217
2022	10,460
2023	8,676
2024	7,202
2025	6,408
Thereafter	40,511
Total	76,474
Less: Interest	15,299
Present value of lease liabilities	$	61,175

Segment Reporting (Tables)

9 Months Ended

Oct. 02, 2021

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				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Net sales
SCEM	$	176,380	$	150,480	$	523,287	$	440,907
MC	225,877		193,541		660,497		536,560
AMH	186,200		144,370		507,243		386,941
Inter-segment elimination	(8,964)		(7,404)		(27,338)		(22,689)
Total net sales	$	579,493	$	480,987	$	1,663,689	$	1,341,719


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Segment profit
SCEM	$	41,091	$	32,600	$	120,592	$	98,208
MC	78,399		64,915		227,097		177,219
AMH	40,503		33,266		114,691		76,707
Total segment profit	$	159,993	$	130,781	$	462,380	$	352,134

Reconciliation of Total Segment Profit to Operating Income

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


	Three months ended				Nine months ended
(In thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Total segment profit	$	159,993	$	130,781	$	462,380	$	352,134
Less:
Amortization of intangible assets	11,843		11,749		35,616		41,176
Unallocated general and administrative expenses	8,793		12,271		34,540		28,741
Operating income	139,357		106,761		392,224		282,217
Interest expense	9,395		12,781		31,744		36,345
Interest income	(56)		(130)		(181)		(664)
Other expense (income), net	1,917		(1,752)		29,807		(1,351)
Income before income tax expense	$	128,101	$	95,862	$	330,854	$	247,887

Schedule of Revenue from External Customers, by Geographical Areas

In the following tables, revenue is disaggregated by customers’ country or region for the three and nine months ended October 2, 2021 and September 26, 2020, respectively.


	Three months ended October 2, 2021
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	52,551	$	35,828	$	60,350	$	(8,964)	$	139,765
Taiwan	29,371		57,806		26,615		—		113,792
China	25,316		35,003		23,975		—		84,294
South Korea	23,655		24,763		28,487		—		76,905
Japan	21,639		42,440		13,701		—		77,780
Europe	13,251		17,583		26,041		—		56,875
Southeast Asia	10,597		12,454		7,031		—		30,082
	$	176,380	$	225,877	$	186,200	$	(8,964)	$	579,493


	Three months ended September 26, 2020
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	45,921	$	47,803	$	47,748	$	(7,404)	$	134,068
Taiwan	26,651		37,602		18,105		—		82,358
China	20,334		29,150		16,828		—		66,312
South Korea	22,389		21,780		30,201		—		74,370
Japan	18,487		30,386		11,882		—		60,755
Europe	8,111		18,237		12,903		—		39,251
Southeast Asia	8,587		8,583		6,703		—		23,873
	$	150,480	$	193,541	$	144,370	$	(7,404)	$	480,987


	Nine months ended October 2, 2021
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	156,290	$	106,568	$	161,792	$	(27,338)	$	397,312
Taiwan	85,350		155,830		79,286		—		320,466
China	71,197		118,595		70,418		—		260,210
South Korea	73,893		83,725		73,769		—		231,387
Japan	68,778		114,654		37,875		—		221,307
Europe	36,300		44,562		63,171		—		144,033
Southeast Asia	31,479		36,563		20,932				88,974
	$	523,287	$	660,497	$	507,243	$	(27,338)	$	1,663,689


	Nine months ended September 26, 2020
(In thousands)	SCEM		MC		AMH		Inter-segment		Total
North America	$	137,594	$	109,937	$	121,147	$	(22,689)	$	345,989
Taiwan	78,079		122,443		65,240		—		265,762
China	54,159		75,709		41,505		—		171,373
South Korea	63,636		64,861		66,398		—		194,895
Japan	53,819		88,512		34,257		—		176,588
Europe	25,465		49,526		37,216		—		112,207
Southeast Asia	28,155		25,572		21,178		—		74,905
	$	440,907	$	536,560	$	386,941	$	(22,689)	$	1,341,719

Summary of Significant Accounting Policies Additional details (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Long-term Debt, Fair Value	$ 959,800
Long-term Debt	936,704	$ 1,085,783
Cash Equivalents	$ 15,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Revenues Revenues - Contract balances (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Revenues [Abstract]
Contract liabilities - current	$ 17,049	$ 13,852

Revenues Revenues - Significant changes in contract liabilities (Details) $ in Thousands	9 Months Ended
	Oct. 02, 2021 USD ($)
Revenues [Abstract]
Revenue recognized that was included in the contract liability balance at beginning of period	$ (13,561)
Increases due to cash received, excluding amounts recognized as revenue during the period	$ 16,758

Acquisition - Other (Details) - USD ($) $ in Thousands	9 Months Ended
Acquisition - Other (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Sep. 26, 2020
Business Combination and Asset Acquisition [Abstract]
Acquisition of businesses, net of cash acquired	$ 2,250	$ 111,145
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition of businesses, net of cash acquired	2,250	$ 111,145
Other 2021 Acquisitions
Business Combination and Asset Acquisition [Abstract]
Acquisition of businesses, net of cash acquired	2,500
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition of businesses, net of cash acquired	$ 2,500

Acquisition - GMTI (Details) - USD ($)		3 Months Ended	9 Months Ended
Acquisition - GMTI (Details) - USD ($)	Jul. 10, 2020	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020	Sep. 28, 2019	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill			$ 749,933,000			$ 748,037,000
Acquisition of businesses, net of cash acquired			$ 2,250,000	$ 111,145,000
GMTI Acquisition [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years 6 months
Trade accounts and notes receivable, net	$ 937,000
Inventories, net	1,079,000
Identifiable Intangible Assets	18,180,000
Right-of-use assets	337,000
Accounts Payable and accrued liabilities	(28,000)
Short-term lease liability	(150,000)
Long-term lease liability	(187,000)
Net assets acquired	20,168,000
Goodwill	16,099,000
Total purchase price, net of cash acquired	$ 36,267,000
Date of acquisition	Jul. 10, 2020
Acquisition of businesses, net of cash acquired	$ 36,300,000
Costs associated with acquisition		$ 400,000			$ 1,000,000
GMTI Acquisition [Member] \| Developed Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years 6 months
Identifiable Intangible Assets	$ 3,570,000
GMTI Acquisition [Member] \| Trademarks and Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years 6 months
Identifiable Intangible Assets	$ 1,010,000
GMTI Acquisition [Member] \| Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years 6 months
Identifiable Intangible Assets	$ 13,600,000

Acquisition - Sinmat (Details) - USD ($) $ in Thousands		6 Months Ended		9 Months Ended
Acquisition - Sinmat (Details) - USD ($) $ in Thousands	Jan. 10, 2020	Jul. 03, 2021	Jun. 27, 2020	Oct. 02, 2021	Sep. 26, 2020	Dec. 31, 2020
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition of businesses, net of cash acquired				$ 2,250	$ 111,145
Goodwill				$ 749,933		$ 748,037
Sinmat Acquisition
Business Combination, Separately Recognized Transactions [Line Items]
Date of acquisition	Jan. 10, 2020
Costs associated with acquisition					$ 700
Payments to acquire business			$ 76,200
Acquisition of businesses, net of cash acquired			75,600
Trade accounts and notes receivable, net	$ 1,189		1,189
Inventories, net	1,010		1,010
Other current assets	8		8
Property, Plant, and Equipment	63		63
Identifiable Intangible Assets	41,680	$ 41,680	41,680
Right-of-use assets	1,712		1,712
Deferred tax assets	0		102
Accounts Payable and accrued liabilities	(58)		(58)
Short-term lease liability	(150)		(150)
Long-term lease liability	(1,562)		(1,562)
Net assets acquired	43,892		43,994
Goodwill	31,751		31,651
Total purchase price, net of cash acquired	$ 75,643		$ 75,645
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		13 years 6 months
Sinmat Acquisition \| Developed Technology
Business Combination, Separately Recognized Transactions [Line Items]
Identifiable Intangible Assets		$ 7,650
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		7 years
Sinmat Acquisition \| Trademarks and Trade names
Business Combination, Separately Recognized Transactions [Line Items]
Identifiable Intangible Assets		$ 130
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		1 year 3 months 18 days
Sinmat Acquisition \| Customer Relationships
Business Combination, Separately Recognized Transactions [Line Items]
Identifiable Intangible Assets		$ 33,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		15 years

Inventories (Detail) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 162,314	$ 97,319
Work-in process	42,538	32,316
Finished goods	224,164	194,309
Total inventories, net	$ 429,016	$ 323,944

Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
Goodwill Rollforward (Details) $ in Thousands	Oct. 02, 2021 USD ($)
Goodwill [Line Items]
Goodwill - Beginning	$ 748,037
Addition due to acquisitions	932
Foreign currency translation	964
Goodwill - End	749,933
Specialty Chemicals and Electronic Materials SCEM
Goodwill [Line Items]
Goodwill - Beginning	427,713
Addition due to acquisitions	0
Foreign currency translation	357
Goodwill - End	428,070
Microcontamination Control MC
Goodwill [Line Items]
Goodwill - Beginning	247,154
Addition due to acquisitions	0
Foreign currency translation	607
Goodwill - End	247,761
Advanced Materials Handling AMH
Goodwill [Line Items]
Goodwill - Beginning	73,170
Addition due to acquisitions	932
Foreign currency translation	0
Goodwill - End	$ 74,102

Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets
Gross carrying Amount	$ 784,585	$ 783,427
Accumulated amortization	482,098	445,795
Net carrying value	302,487	337,632
Developed Technology
Finite-Lived Intangible Assets
Gross carrying Amount	284,294	283,272
Accumulated amortization	229,840	221,651
Net carrying value	54,454	61,621
Trademarks and Trade names
Finite-Lived Intangible Assets
Gross carrying Amount	30,127	30,100
Accumulated amortization	19,864	18,374
Net carrying value	10,263	11,726
Customer Relationships
Finite-Lived Intangible Assets
Gross carrying Amount	449,768	449,659
Accumulated amortization	218,634	193,313
Net carrying value	231,134	256,346
Other Intangible Assets
Finite-Lived Intangible Assets
Gross carrying Amount	20,396	20,396
Accumulated amortization	13,760	12,457
Net carrying value	$ 6,636	$ 7,939

Goodwill and Intangible Assets Goodwill and Intangible Assets - Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2021	$ 12,272
2022	47,735
2023	47,047
2024	34,433
2025	27,900
Thereafter	133,100
Total	$ 302,487	$ 337,632

Debt Summary Table (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 945,000	$ 1,095,000
Unamortized discount and debt issuance costs	8,296	9,217
Long-term Debt	936,704	1,085,783
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Long-term Debt, Gross	400,000	0
senior unsecured notes due 2028
Debt Instrument [Line Items]
Long-term Debt, Gross	400,000	400,000
Secured Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	145,000	145,000
Senior Unsecured Notes 2026
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 0	$ 550,000

- Definition

+ References + Details

Debt Maturity (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2021	$ 0
2022	0
2023	0
2024	0
2025	145,000
Thereafter	800,000
Long-term Debt, Gross	$ 945,000	$ 1,095,000

Debt 2029 Notes (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Debt 2029 Notes (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Oct. 02, 2021	Sep. 26, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 945,000		$ 1,095,000
Payments for debt issuance costs		5,069	$ 3,964
Proceeds from Lines of Credit		51,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 400,000		300,000
Line of Credit Facility, Expiration Date	Nov. 06, 2023	Apr. 30, 2026
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 400,000		0
Debt Instrument, Interest Rate, Stated Percentage		3.625%
Payments for debt issuance costs		$ 4,100
Debt Instrument, Redemption Price, Percentage		100.00%
Redemption price, change of control		101.00%
Debt Instrument, Covenant Compliance		The Company was in compliance with all of the above covenants
Event of default percentage		25.00%
Senior Unsecured Notes Due 2029 \| Redemption after 2024
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		102.719%
Senior Unsecured Notes Due 2029 \| Redemption after 2025
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		101.813%
Senior Unsecured Notes Due 2029 \| Redemption after 2026
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100.906%
Senior Unsecured Notes Due 2029 \| Redemption after 2027 and thereafter
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100.00%
Senior Unsecured Notes Due 2029 \| Redemption prior to May 1, 2024
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		103.625%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		40.00%
Debt instrument, redemption price, percentage of principle amount remaining outstanding		60.00%
Senior Unsecured Notes 2026
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 0		550,000
Loss on extinguishment of debt and modification		23,100
senior unsecured notes due 2028
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 400,000		$ 400,000
Debt Instrument, Interest Rate, Stated Percentage		4.375%

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		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Weighted shares outstanding:
Basic-weighted common shares outstanding	135,583	134,957	135,383	134,801
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock	1,048	1,295	1,173	1,408
Diluted-weighted common shares and common shares equivalent outstanding	136,631	136,252	136,556	136,209

Earnings per Common Share - Shares Excluded Underlying Stock Based Award from Calucations of Diluted EPS (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Earnings Per Share [Abstract]
Shares excluded from calculations of diluted EPS	148	223	149	245

Other Expense (Income), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Other Income and Expenses [Abstract]
Foreign Currency Transaction Gain (Loss), Realized	$ 1,919	$ (2,881)	$ 6,281	$ (4,213)
Loss on extinguishment of debt and modification	0	908	23,338	2,378
Other expense (income), net	(2)	221	188	484
Nonoperating Income (Expense)	$ (1,917)	$ 1,752	$ (29,807)	$ 1,351

Leases - Lease Balances (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 56,990	$ 45,924
Long-term lease liability	52,486	39,730
Total lease liabilities	$ 61,175	$ 49,690
Weighted Average Remaining Lease Term (years)	9 years 9 months 18 days	7 years 10 months 24 days
Weighted Average Discount Rate	4.50%	5.00%
Right-of-use assets
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 56,990	$ 45,924
Accrued Liabilities
Lessee, Lease, Description [Line Items]
Short-term lease liability	8,689	9,960
Long-term lease
Lessee, Lease, Description [Line Items]
Long-term lease liability	$ 52,486	$ 39,730

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Leases [Abstract]
Operating lease cost	$ 3,501	$ 3,421	$ 10,309	$ 10,073

Leases - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Lessee, Lease, Description [Line Items]
Lease term renewal	6 years
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 20,963	$ 3,132
Lease termination option term	options to terminate the leases within 1 year
Operating cash flows from leases	$ 8,318	$ 8,049
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	20 years

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Dec. 31, 2020
Leases [Abstract]
Remaining 2021	$ 3,217
2022	10,460
2023	8,676
2024	7,202
2025	6,408
Thereafter	40,511
Total	76,474
Less: Interest	15,299
Present value of lease liabilities	$ 61,175	$ 49,690

Segment Reporting - Summary of Financial Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Segment Reporting Information [Line Items]
Net Sales	$ 579,493	$ 480,987	$ 1,663,689	$ 1,341,719
Total Segment Profit	159,993	130,781	462,380	352,134
Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	176,380	150,480	523,287	440,907
Total Segment Profit	41,091	32,600	120,592	98,208
Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	225,877	193,541	660,497	536,560
Total Segment Profit	78,399	64,915	227,097	177,219
Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	186,200	144,370	507,243	386,941
Total Segment Profit	40,503	33,266	114,691	76,707
intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	$ (8,964)	$ (7,404)	$ (27,338)	$ (22,689)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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

Segment Reporting - Reconciliation of Total Segment Profit to Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Segment Reporting [Abstract]
Total Segment Profit	$ 159,993	$ 130,781	$ 462,380	$ 352,134
Amortization	11,843	11,749	35,616	41,176
Unallocated general and administrative expenses	8,793	12,271	34,540	28,741
Operating income	139,357	106,761	392,224	282,217
Interest expense	9,395	12,781	31,744	36,345
Interest income	(56)	(130)	(181)	(664)
Other expense (income), net	1,917	(1,752)	29,807	(1,351)
Income before income tax expense	$ 128,101	$ 95,862	$ 330,854	$ 247,887

- 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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+ Details

Segment Reporting - Summary of Financial Information by Reportable Segment and Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Segment Reporting Information [Line Items]
Net Sales	$ 579,493	$ 480,987	$ 1,663,689	$ 1,341,719
Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	176,380	150,480	523,287	440,907
Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	225,877	193,541	660,497	536,560
Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	186,200	144,370	507,243	386,941
intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	(8,964)	(7,404)	(27,338)	(22,689)
North America
Segment Reporting Information [Line Items]
Net Sales	139,765	134,068	397,312	345,989
North America \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	52,551	45,921	156,290	137,594
North America \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	35,828	47,803	106,568	109,937
North America \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	60,350	47,748	161,792	121,147
North America \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	(8,964)	(7,404)	(27,338)	(22,689)
Taiwan
Segment Reporting Information [Line Items]
Net Sales	113,792	82,358	320,466	265,762
Taiwan \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	29,371	26,651	85,350	78,079
Taiwan \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	57,806	37,602	155,830	122,443
Taiwan \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	26,615	18,105	79,286	65,240
Taiwan \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
South Korea
Segment Reporting Information [Line Items]
Net Sales	76,905	74,370	231,387	194,895
South Korea \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	23,655	22,389	73,893	63,636
South Korea \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	24,763	21,780	83,725	64,861
South Korea \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	28,487	30,201	73,769	66,398
South Korea \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Japan
Segment Reporting Information [Line Items]
Net Sales	77,780	60,755	221,307	176,588
Japan \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	21,639	18,487	68,778	53,819
Japan \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	42,440	30,386	114,654	88,512
Japan \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	13,701	11,882	37,875	34,257
Japan \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
China
Segment Reporting Information [Line Items]
Net Sales	84,294	66,312	260,210	171,373
China \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	25,316	20,334	71,197	54,159
China \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	35,003	29,150	118,595	75,709
China \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	23,975	16,828	70,418	41,505
China \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Europe
Segment Reporting Information [Line Items]
Net Sales	56,875	39,251	144,033	112,207
Europe \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	13,251	8,111	36,300	25,465
Europe \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	17,583	18,237	44,562	49,526
Europe \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	26,041	12,903	63,171	37,216
Europe \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Southeast Asia
Segment Reporting Information [Line Items]
Net Sales	30,082	23,873	88,974	74,905
Southeast Asia \| Specialty Chemicals and Electronic Materials SCEM
Segment Reporting Information [Line Items]
Net Sales	10,597	8,587	31,479	28,155
Southeast Asia \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	12,454	8,583	36,563	25,572
Southeast Asia \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	7,031	6,703	20,932	21,178
Southeast Asia \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	$ 0	$ 0		$ 0