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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________
FORM 10-Q
______________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 2, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-32598
https://cdn.kscope.io/e2bb64c509ad91e09deb6059dae2befc-entg-20220702_g1.jpg
_______________________________________
Entegris, Inc.
(Exact name of registrant as specified in its charter)
 _________________________________________
Delaware 41-1941551
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
129 Concord Road,Billerica,Massachusetts 01821
(Address of principal executive offices) (Zip Code)
(978) 436-6500
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
 _______________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareENTGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ýAccelerated filer 
Non-accelerated filer ¨Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ý
As of July 29, 2022, there were 148,964,227 shares of the registrant’s common stock outstanding.



Table of Contents
ENTEGRIS, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
FOR THE QUARTER ENDED JULY 2, 2022
DescriptionPage
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Cautionary Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “would” or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include statements about the ongoing impacts of the COVID-19 pandemic and the conflict in Ukraine on the Company’s operations and markets, including supply chain issues and inflationary pressures related thereto; future period guidance or projections; the Company’s performance relative to its markets, including the drivers of such performance; market and technology trends, including the duration and drivers of any growth trends; the development of new products and the success of their introductions; the focus of the Company’s engineering, research and development projects; the Company’s ability to execute on our business strategies, including with respect to Company’s expansion of its manufacturing presence in Taiwan; the Company’s capital allocation strategy, which may be modified at any time for any reason, including share repurchases, dividends, debt repayments and potential acquisitions; the impact of the acquisitions the Company has made and commercial partnerships the Company has established, including the acquisition of CMC Materials, Inc. (“CMC Materials”); trends relating to the fluctuation of currency exchange rates; future capital and other expenditures, including estimates thereof; the Company’s expected tax rate; the impact, financial or otherwise, of any organizational changes; the impact of accounting pronouncements; quantitative and qualitative disclosures about market risk; and other matters. These forward-looking statements are based on current management expectations and assumptions only as of the date of this Quarterly Report, are not guarantees of future performance and involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, but are not limited to, weakening of global and/or regional economic conditions, generally or specifically in the semiconductor industry, which could decrease the demand for the Company’s products and solutions; the level of, and obligations associated with, the Company’s indebtedness, including the debts incurred in connection with the acquisition of CMC Materials; risks related to the acquisition and integration of CMC Materials, including unanticipated difficulties or expenditures relating thereto, the ability to achieve the anticipated synergies and value-creation contemplated by the acquisition of CMC Materials and the diversion of management time on transaction-related matters; risks related to the COVID-19 pandemic on the global economy and financial markets, as well as on the Company, its customers and suppliers, which may impact its sales, gross margin, customer demand
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and its ability to supply its products to its customers; raw material shortages, supply and labor constraints, price increases or inflationary pressures; operational, political and legal risks of the Company’s international operations; the Company’s dependence on sole source and limited source suppliers; the Company’s ability to meet rapid demand shifts; the Company’s ability to continue technological innovation and introduce new products to meet customers’ rapidly changing requirements; substantial competition; the Company’s concentrated customer base; the Company’s ability to identify, complete and integrate acquisitions, joint ventures or other transactions; the Company’s ability to effectively implement any organizational changes; the Company’s ability to protect and enforce intellectual property rights; the ongoing conflict in Ukraine and the global response thereto; the increasing complexity of certain manufacturing processes; changes in government regulations of the countries in which the Company operates, including the imposition of tariffs, export controls and other trade laws and restrictions and changes to foreign and national security policy, especially as they relate to China; fluctuation of currency exchange rates; fluctuations in the market price of the Company’s stock; and other risk factors and additional information described in the Company’s filings with the Securities and Exchange Commission, including under the heading “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on February 4, 2022, in Item 1A of the Company’s Quarterly Report on Form 10-Q for the period ended April 2, 2022, filed on April 26, 2022, and in the Company’s other periodic filings. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company undertakes no obligation to update publicly any forward-looking statements or information contained herein, which speak as of their respective dates.
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PART 1.    FINANCIAL INFORMATION
Item 1. Financial Statements

ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) 
(In thousands, except share and per share data)July 2, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$252,950 $402,565 
Restricted cash2,490,281  
Trade accounts and notes receivable, net of allowance for credit losses of $3,161 and $2,349
381,251 347,413 
Inventories, net583,766 475,213 
Deferred tax charges and refundable income taxes38,907 35,312 
Other current assets129,003 52,867 
Total current assets3,876,158 1,313,370 
Property, plant and equipment, net of accumulated depreciation of $696,495 and $653,104
779,631 654,098 
Other assets:
Right-of-use assets68,389 66,563 
Goodwill789,540 793,702 
Intangible assets, net of accumulated amortization of $519,911 and $494,601
308,871 335,113 
Deferred tax assets and other noncurrent tax assets26,549 17,671 
Other12,033 11,379 
Total assets$5,861,171 $3,191,896 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$146,441 $130,734 
Accrued payroll and related benefits69,623 108,818 
Accrued interest payable33,743 6,073 
Other accrued liabilities94,805 84,240 
Income taxes payable48,523 49,136 
Total current liabilities393,135 379,001 
Long-term debt, excluding current maturities, net of unamortized discount and debt issuance costs of $39,199 and $7,973
3,408,801 937,027 
Pension benefit obligations and other liabilities35,631 37,816 
Deferred tax liabilities and other noncurrent tax liabilities49,997 64,170 
Long-term lease liability60,893 60,101 
Commitments and contingent liabilities  
Equity:
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued and outstanding as of July 2, 2022 and December 31, 2021
  
Common stock, par value $.01; 400,000,000 shares authorized; issued and outstanding shares as of July 2, 2022: 136,172,896 and 135,970,496, respectively; issued and outstanding shares as of December 31, 2021: 135,719,366 and 135,516,966, respectively
1,362 1,357 
Treasury stock, at cost: 202,400 shares held as of July 2, 2022 and December 31, 2021
(7,112)(7,112)
Additional paid-in capital891,967 879,845 
Retained earnings 1,077,651 879,776 
Accumulated other comprehensive loss(51,154)(40,085)
Total equity1,912,714 1,713,781 
Total liabilities and equity$5,861,171 $3,191,896 
See the accompanying notes to condensed consolidated financial statements.
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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 Three months endedSix months ended
(In thousands, except per share data)July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Net sales$692,489 $571,352 $1,342,135 $1,084,196 
Cost of sales382,092 305,968 721,918 583,826 
Gross profit310,397 265,384 620,217 500,370 
Selling, general and administrative expenses90,685 72,621 177,793 144,010 
Engineering, research and development expenses49,248 41,972 95,963 79,720 
Amortization of intangible assets12,494 11,902 25,145 23,773 
Operating income157,970 138,889 321,316 252,867 
Interest expense32,001 10,697 44,877 22,349 
Interest income(658)(54)(670)(125)
Other expense, net9,619 23,560 14,521 27,890 
Income before income tax expense 117,008 104,686 262,588 202,753 
Income tax expense17,517 15,916 37,392 29,307 
Net income $99,491 $88,770 $225,196 $173,446 
Basic earnings per common share$0.73 $0.66 $1.66 $1.28 
Diluted earnings per common share$0.73 $0.65 $1.65 $1.27 
Weighted shares outstanding:
Basic135,895135,498135,783135,283
Diluted136,454136,533136,503136,518
See the accompanying notes to condensed consolidated financial statements.

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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three months endedSix months ended
(In thousands)July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Net income$99,491 $88,770 $225,196 $173,446 
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments(9,014)1,457 (11,142)(2,259)
Pension liability adjustments  73 39 
Other comprehensive (loss) income(9,014)1,457 (11,069)(2,220)
Comprehensive income $90,477 $90,227 $214,127 $171,226 
See the accompanying notes to condensed consolidated financial statements.

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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)Common
shares
outstanding
Common
stock
Treasury sharesTreasury stockAdditional
paid-in
capital
Retained earnings Foreign currency translation adjustmentsDefined benefit pension adjustmentsTotal
Balance at December 31, 2020135,149 $1,351 202 $(7,112)$844,850 $577,833 $(36,588)$(840)$1,379,494 
Shares issued under stock plans392 4 —  (13,470)   (13,466)
Share-based compensation expense—  —  7,138    7,138 
Repurchase and retirement of common stock(145)(1)—  (904)(14,095)  (15,000)
Dividends declared ($0.08 per share)
—  —  8 (10,840)  (10,832)
Pension liability adjustment—  —     39 39 
Foreign currency translation—  —    (3,716) (3,716)
Net income—  —   84,676   84,676 
Balance at April 3, 2021135,396 $1,354 202 $(7,112)$837,622 $637,574 $(40,304)$(801)$1,428,333 
Shares issued under stock plans559 5  15,185    15,190 
Share-based compensation expense—  —  7,519    7,519 
Repurchase and retirement of common stock(130)(1)—  (813)(14,186)  (15,000)
Dividends declared ($0.08 per share)
—  —  7 (10,945)  (10,938)
Foreign currency translation—  —    1,457  1,457 
Net income—  —   88,770   88,770 
Balance at July 3, 2021135,825 $1,358 202 $(7,112)$859,520 $701,213 $(38,847)$(801)$1,515,331 

(In thousands)Common
shares
outstanding
Common
stock
Treasury sharesTreasury stockAdditional
paid-in
capital
Retained earnings Foreign currency translation adjustmentsDefined benefit pension adjustmentsTotal
Balance at December 31, 2021135,719 $1,357 202 $(7,112)$879,845 $879,776 $(38,863)$(1,222)$1,713,781 
Shares issued under stock plans366 4 —  (12,742)   (12,738)
Share-based compensation expense—  —  9,285    9,285 
Dividends declared ($0.10 per share)
—  —   (13,660)  (13,660)
Pension liability adjustment—  —     73 73 
Foreign currency translation—  —    (2,128) (2,128)
Net income—  —   125,705   125,705 
Balance at April 2, 2022136,085 $1,361 202 $(7,112)$876,388 $991,821 $(40,991)$(1,149)$1,820,318 
Shares issued under stock plans88 1  5,397    5,398 
Share-based compensation expense—  —  10,182    10,182 
Dividends declared ($0.10 per share)
—  —   (13,661)  (13,661)
Foreign currency translation—  —    (9,014) (9,014)
Net income—  —   99,491   99,491 
Balance at July 2, 2022136,173 $1,362 202 $(7,112)$891,967 $1,077,651 $(50,005)$(1,149)$1,912,714 
See the accompanying notes to condensed consolidated financial statements.
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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 Six months ended
(In thousands)July 2, 2022July 3, 2021
Operating activities:
Net income $225,196 $173,446 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation48,286 44,669 
Amortization25,145 23,773 
Share-based compensation expense19,467 14,657 
Provision for deferred income taxes(23,472)(4,920)
Loss on extinguishment of debt and modification 23,338 
Charge for excess and obsolete inventory13,916 5,873 
Other18,243 (1,156)
Changes in operating assets and liabilities:
Trade accounts and notes receivable(57,309)(48,231)
Inventories(124,941)(69,723)
Accounts payable and accrued liabilities27,145 (15,347)
Other current assets(2,592)10,882 
Income taxes payable and refundable income taxes(3,548)(26,442)
Other9,162 4,151 
Net cash provided by operating activities174,698 134,970 
Investing activities:
Acquisition of property, plant and equipment(192,097)(85,101)
Acquisition of businesses, net of cash acquired (2,250)
Other1,123 90 
Net cash used in investing activities(190,974)(87,261)
Financing activities:
Proceeds from revolving credit facility201,000 51,000 
Payments of revolving credit facility(193,000)(51,000)
Proceeds from long-term debt2,405,314 400,000 
Payments of long-term debt (550,000)
Payments for debt extinguishment costs (19,080)
Payments for debt issuance costs(10,579)(4,691)
Payments for dividends(27,484)(21,797)
Issuance of common stock8,977 16,817 
Repurchase and retirement of common stock (30,000)
Taxes paid related to net share settlement of equity awards(16,317)(15,093)
Other(587)(110)
Net cash provided by (used in) financing activities2,367,324 (223,954)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10,382)(3,615)
Increase (decrease) in cash, cash equivalents and restricted cash2,340,666 (179,860)
Cash, cash equivalents and restricted cash at beginning of period402,565 580,893 
Cash, cash equivalents and restricted cash at end of period$2,743,231 $401,033 
See the accompanying notes to condensed consolidated financial statements.
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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
Supplemental Cash Flow InformationSix months ended
(unaudited)
(In thousands)July 2, 2022July 3, 2021
Non-cash transactions:
Deferred acquisition payments$ $250 
       Original issue discount credit due from lender65,389  
Equipment purchases in accounts payable23,394 9,165 
Increase in dividends payable163 27 
Schedule of interest and income taxes paid:
Interest paid less capitalized interest15,699 28,778 
Income taxes paid, net of refunds received62,168 58,297 
See the accompanying notes to condensed consolidated financial statements.
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ENTEGRIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations Entegris, Inc. (“Entegris”, “the Company”, “us”, “we”, or “our”) is a leading supplier of advanced materials and process solutions for the semiconductor and other high-technology industries.
Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Intercompany profits, transactions and balances have been eliminated in consolidation.
Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liability, income taxes and related accounts, and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and contain all adjustments considered necessary, and are of a normal recurring nature, to present fairly the financial position as of July 2, 2022 and December 31, 2021, and the results of operations and comprehensive income for the three and six months ended July 2, 2022 and July 3, 2021, the equity statements as of and for the three and six months ended July 2, 2022 and July 3, 2021, and cash flows for the six months ended July 2, 2022 and July 3, 2021.
The condensed consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Management’s Discussion and Analysis and consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three and six months ended July 2, 2022 are not necessarily indicative of the results to be expected for the full year.
Fair Value of Financial Instruments The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued payroll and related benefits, and other accrued liabilities approximates fair value due to the short maturity of those items. The fair value of long-term debt, including current maturities, was $3,141.8 million at July 2, 2022, compared to the carrying amount of long-term debt, including current maturities, of $3,408.8 million at July 2, 2022.
Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements.
Recently Issued Accounting Pronouncements The Company currently has no material recent accounting pronouncements yet to be adopted.


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2. REVENUES
The following table provides information about current contract liabilities from contracts with customers. The contract liabilities are included in other accrued liabilities balance in the condensed consolidated balance sheet.
(In thousands)July 2, 2022July 3, 2021
Balance at beginning of period$23,050 $13,852 
Revenue recognized that was included in the contract liability balance at the beginning of the period(15,585)(12,306)
Increases due to cash received, excluding amounts recognized as revenue during the period25,770 17,060 
Balance at end of period$33,235 $18,606 

3. ACQUISITIONS
CMC Materials
On July 6, 2022 (the “Closing Date”), the Company completed its acquisition of CMC Materials, Inc. (“CMC Materials” or “CMC”). The Company acquired all of the issued and outstanding common shares of CMC Materials for $133.00 in cash and 0.4506 shares of the Company’s common stock per share, (the “Merger Consideration”), representing a total purchase price (inclusive of debt retired and cash assumed) at close of approximately $5.7 billion (based on the Company’s closing price on June 30, 2022), including $3.8 billion in cash paid to CMC Materials’ stockholders, the issuance of 12.9 million shares of the Company’s common stock (excluding unvested CMC stock options and unvested CMC restricted stock units, restricted shares and performance share unit equity awards assumed), approximately $0.9 billion of debt retired and approximately $200 million of acquired cash. The Company financed the cash portion of the purchase price through debt financing. Certain information necessary to complete the preliminary purchase price allocation related to the acquisition was not yet available as of the date of this Quarterly Report.
Precision Microchemicals
On November 30, 2021, the Company completed its acquisition of the Precision Microchemicals business from BASF SE. As of the date of this Quarterly Report, the Precision Microchemicals business reports into the Specialty Chemicals and Engineered Materials segment of the Company. The acquisition was accounted for under the acquisition method of accounting, and the Precision Microchemicals business results of operations are included in the Company’s consolidated financial statements as of and since November 30, 2021. The acquisition does not constitute a material business combination.
The purchase price for the Precision Microchemical business included cash consideration of $89.7 million (net of cash acquired), which was funded from the Company’s existing cash on hand.
The purchase price of the Precision Microchemical business exceeded the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $42.8 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 expected to be deductible for income tax purposes.
The fair value of acquired identifiable intangible assets was determined using Level 3 inputs for the “income approach” on an individual asset basis. The key assumptions used in the calculation of the discounted cash flows include future revenue growth rates, future gross margin, future selling, general and administrative expense, royalty rates, and discount rates. The valuations and the underlying assumptions have been deemed reasonable by the Company’s management. There are inherent uncertainties and management judgment required in these determinations.
During the quarter ended April 2, 2022, 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
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assets acquired and liabilities assumed at the date of the acquisition:
(In thousands):November 30, 2021As of April 2, 2022
Inventories, net$967 $967 
Other current assets19 19 
Identifiable intangible assets44,910 44,910 
Right-of-use assets1,912 1,912 
Property, plant and equipment1,002 1,002 
Other noncurrent assets18 18 
Accounts payable and accrued liabilities(43)(30)
Short-term lease liability(170)(170)
Long-term lease liability(1,742)(1,742)
Net assets acquired46,873 46,886 
Goodwill42,819 42,824 
Total purchase price, net of cash acquired$89,692 $89,710 
The Company recognized the following finite-lived intangible assets as part of the acquisition of the Precision Microchemicals business:
(In thousands)AmountWeighted
average life in
years
Developed technology$9,600 9.0
Trademarks and trade names3,400 15.0
Customer relationships31,800 15.5
Other110 
$44,910 14.1
4. RESTRICTED CASH
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statement of cash flows.
(In thousands)July 2, 2022December 31, 2021
Cash and cash equivalents$252,950 $402,565 
Restricted cash2,490,281  
Total cash, cash equivalents and restricted cash$2,743,231 $402,565 
The restricted cash represents cash held in an escrow account designated to fund the CMC Materials acquisition, further described in footnote 3. The Company deposited the net proceeds from the offerings of the Senior Unsecured Notes due 2030 and Senior Secured Notes due 2029, further described in footnote 7, along with certain additional funds, into an escrow account designated for the purchase. The restricted cash is not available to the Company for general corporate purposes.
5. INVENTORIES
Inventories consist of the following:
 
(In thousands)July 2, 2022December 31, 2021
Raw materials$258,188 $191,986 
Work-in-process49,866 40,257 
Finished goods275,712 242,970 
Total inventories, net$583,766 $475,213 

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6. 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 MaterialsMicrocontamination ControlAdvanced Materials HandlingTotal
December 31, 2021$470,875 $248,725 $74,102 $793,702 
Purchase accounting adjustments5   5 
Foreign currency translation(64)(4,103) (4,167)
July 2, 2022$470,816 $244,622 $74,102 $789,540 
Identifiable intangible assets at July 2, 2022 and December 31, 2021 consist of the following:
July 2, 2022
(In thousands)Gross carrying
amount
Accumulated
amortization
Net carrying
value
Developed technology$293,829 $238,523 $55,306 
Trademarks and trade names33,442 21,290 12,152 
Customer relationships481,224 245,190 236,034 
Other20,287 14,908 5,379 
$828,782 $519,911 $308,871 
December 31, 2021
(In thousands)Gross carrying
amount
Accumulated
amortization
Net carrying
value
Developed technology$293,982 $232,722 $61,260 
Trademarks and trade names33,553 20,340 13,213 
Customer relationships481,674 227,350 254,324 
Other20,505 14,189 6,316 
$829,714 $494,601 $335,113 
Future amortization expense during the remainder of 2022, 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 July 2, 2022:
(In thousands)Remaining 20222023202420252026ThereafterTotal
Future amortization expense$25,553 50,280 37,490 31,129 28,901 135,518 $308,871 

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7. DEBT
Long-term debt as of July 2, 2022 and December 31, 2021 consists of the following:
(In thousands)July 2, 2022December 31, 2021
Senior unsecured notes due 2030$895,000 $ 
Senior secured notes due 20291,600,000  
Senior unsecured notes due 2029400,000 400,000 
Senior unsecured notes due 2028400,000 400,000 
Senior secured term loan facility due 20251
145,000 145,000 
Revolving facility due 20268,000  
3,448,000 945,000 
Unamortized discount and debt issuance costs39,199 7,973 
Total long-term debt$3,408,801 $937,027 
Annual maturities of long-term debt, excluding unamortized discount and issuance costs, due as of July 2, 2022 are as follows:
(In thousands)202220232024
20251
2026ThereafterTotal
Contractual debt obligation maturities*$   145,000 8,000 3,295,000 $