0001101302-24-000053 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating activities:
Net income	$ 112,962	$ 109,480
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	92,750	90,494
Amortization	97,672	112,254
Share-based compensation expense	34,797	42,136
Provision for deferred income taxes	(24,088)	(66,814)
Impairment of goodwill	0	88,872
Loss on extinguishment of debt	11,385	7,269
(Gain) loss from sale of businesses and held-for-sale assets, net	(4,311)	28,577
Gain on termination of alliance agreement	0	154,754
Charge for excess and obsolete inventory	21,122	23,287
Impairment of Long-Lived Assets to be Disposed of	12,967	0
Amortization of debt issuance costs and original issuance discounts	7,797	11,668
Other	6,378	14,571
Changes in operating assets and liabilities:
Trade accounts receivable	(11,908)	17,941
Inventories	(50,659)	(5,009)
Accounts payable and accrued liabilities	(42,634)	(23,595)
Other current assets	3,112	(1,534)
Income taxes payable and refundable income taxes	(16,923)	(15,570)
Other	7,979	(384)
Net cash provided by operating activities	258,398	278,889
Investing activities:
Acquisition of property, plant and equipment	(125,889)	(250,043)
Proceeds from sale of businesses, net	249,600	134,286
Proceeds from termination of alliance agreement	0	169,251
Other	(1,917)	366
Net cash provided by investing activities	121,794	53,860
Financing activities:
Proceeds from revolving credit facility and short-term debt	30,000	0
Payments of revolving credit facility and short-term debt	(30,000)	(135,000)
Proceeds from long-term debt	224,537	117,170
Payments of long-term debt	698,311	293,671
Payments for debt issuance costs	0	(3,475)
Payments for dividends	(30,355)	(30,150)
Issuance of common stock	10,467	36,767
Taxes paid related to net share settlement of equity awards	(15,306)	(9,646)
Other	(902)	(578)
Net cash used in financing activities	(509,870)	(318,583)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7,243)	(10,588)
(Decrease) increase in cash, cash equivalents and restricted cash	(136,921)	3,578
Cash, cash equivalents and restricted cash at beginning of period	456,929	563,439
Cash, cash equivalents and restricted cash at end of period	320,008	567,017
Supplemental Cash Flow Information
Due from buyer on sale of business	1,189	0
Equipment purchases in accounts payable	23,708	22,607
Dividend payable	613	557
Schedule of interest and taxes paid
Interest paid, net of capitalized interest	107,034	260,282
Income taxes paid, net of refunds received	$ 53,002	$ 85,913

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

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

Cash Flow Hedges - Interest Rate Swap Contract

In July 2022, the Company entered into a floating-to-fixed swap agreement on its variable rate debt under our senior secured term loan facility due 2029 (the “Term Loan Facility”). The interest rate swap was designated specifically to the Term Loan Facility and qualifies as a cash flow hedge. The notional amount is scheduled to decrease quarterly and will expire on December 30, 2025. As with cash flow hedges, unrealized gains are recognized as assets and unrealized losses are recognized as liabilities. Unrealized gains and losses are designated as effective or ineffective based on a comparison of the changes in fair value of the interest rate swaps and changes in fair value of the underlying exposures being hedged. The effective portion is recorded as a component of Accumulated other comprehensive loss in the condensed consolidated balance sheets and will be reflected in earnings during the period the hedged transaction effects earnings, while the ineffective portion is recorded as a component of Interest expense in the condensed consolidated statements of operations.

Foreign Currency Contracts Not Designated as Hedges

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

The notional amounts of our derivative instruments were as follows:


(In thousands)
Derivatives designated as hedging instruments:	June 29, 2024		December 31, 2023
Interest rate swap contract - cash flow hedge	$	900,000	$	1,350,000

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


(In thousands)
Condensed Consolidated Balance Sheets Location	Derivative Assets
Derivatives designated as hedging instruments - Interest rate swap contract - cash flow hedge	June 29, 2024		December 31, 2023
Other current assets	$	16,578	$	21,451
Other assets	2,695		2,618

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


		Gain Recognized in Condensed Consolidated Statements of Operations
(In thousands)		Three months ended				Six months ended
Derivatives designated as hedging instruments:	Condensed Consolidated Statements of Operations Location	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Interest rate swap contract - cash flow hedge	Interest expense	$	(6,353)	$	(9,638)	$	(17,654)	$	(17,551)

Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other expense, net	$	—	$	(245)	$	—	$	(374)

The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:


	(Loss) Gain recognized in Other comprehensive loss
(In thousands)	Three months ended				Six months ended
Derivatives designated as hedging instruments:	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Interest rate swap contract - cash flow hedge	$	(2,641)	$	9,716	$	(3,714)	$	(239)

We expect approximately $16.6 million to be reclassified from Accumulated other comprehensive loss into Interest expense, net during the next twelve months related to our interest rate swap based on projected rates of the SOFR forward curve as of June 29, 2024.

Subsequent Events (Details)	Jul. 17, 2024 $ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Quarterly cash dividend	$ 0.10

Inventories (Detail) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 253,642	$ 248,656
Work-in-process	55,124	49,704
Finished goods (1)	324,607	308,691
Total inventories, net	633,373	607,051
Consignment inventory held by	$ 22,700	$ 20,800

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 320,008	$ 456,929
Trade accounts receivable, net of allowance for credit losses of $5,509 and $6,412	457,107	457,052
Inventories, net	633,373	607,051
Deferred tax charges and refundable income taxes	52,690	63,879
Assets held-for-sale	6,195	278,753
Other current assets	107,413	113,663
Total current assets	1,576,786	1,977,327
Property, plant and equipment, net of accumulated depreciation of $983,070 and $908,089	1,495,098	1,468,043
Other assets:
Right-of-use assets - Operating lease	61,396	57,990
Right-of-use assets - Finance lease	22,314	22,409
Goodwill	3,943,893	3,945,860
Intangible assets, net of accumulated amortization of $906,496 and $808,298	1,184,955	1,281,969
Deferred tax assets and other noncurrent tax assets	24,059	31,432
Other assets	28,085	27,561
Total assets	8,336,586	8,812,591
Current liabilities:
Accounts payable	141,579	134,211
Accrued payroll and related benefits	90,303	109,559
Accrued interest payable	24,360	24,759
Liabilities held-for-sale	662	19,223
Other accrued liabilities	120,538	148,840
Income taxes payable	62,416	77,403
Total current liabilities	439,858	513,995
Long-term debt, net of unamortized discount and debt issuance costs of $72,767 and $91,633	4,122,233	4,577,141
Pension benefit obligations and other liabilities	53,789	53,733
Deferred tax liabilities and other noncurrent tax liabilities	146,516	190,142
Long term lease liability - Operating lease	52,332	49,719
Long term lease liability - Finance lease	19,468	19,267
Equity:
Preferred stock, par value $0.01; 5,000 shares authorized; none issued and outstanding as of June 29, 2024 and December 31, 2023	0	0
Common stock, par value $0.01; 400,000 shares authorized; issued and outstanding shares as of June 29, 2024: 151,029 and 150,827, respectively; issued and outstanding shares as of December 31, 2023: 150,566 and 150,364, respectively	1,510	1,506
Treasury stock, at cost: 202 shares held as of June 29, 2024 and December 31, 2023	(7,112)	(7,112)
Additional paid-in capital	2,335,321	2,305,367
Retained earnings	1,234,487	1,151,765
Accumulated other comprehensive loss	(61,816)	(42,932)
Total equity	3,502,390	3,408,594
Total liabilities and equity	$ 8,336,586	$ 8,812,591

Earnings Per Common Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

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


	Three months ended		Six months ended
(In thousands)	June 29, 2024	July 1, 2023	June 29, 2024	July 1, 2023
Basic—weighted average common shares outstanding	150,801	149,825	150,675	149,626
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock	1,018	1,012	1,094	983
Diluted—weighted average common shares and common shares equivalent outstanding	151,819	150,837	151,769	150,609

The Company excluded the following shares underlying stock-based awards from the calculations of diluted EPS because their inclusion would have been anti-dilutive for the three and six months ended June 29, 2024 and July 1, 2023:

Three months ended

Six months ended

(In thousands)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Shares excluded from calculations of diluted EPS

506

580

280

791

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 29, 2024
Accounting Policies [Abstract]
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 Company’s financial position as of June 29, 2024 and December 31, 2023, the results of operations and comprehensive income for the three and six months ended June 29, 2024 and July 1, 2023, the equity statements as of and for the three and six months ended June 29, 2024 and July 1, 2023, and cash flows for the six months ended June 29, 2024 and July 1, 2023. 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 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, 2023. The results of operations for the three and six months ended June 29, 2024 are not necessarily indicative of the results to be expected for the full year. Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal year 2024 and interim periods beginning in the first quarter of fiscal year 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for our annual periods beginning in fiscal year 2025. The guidance does not affect recognition or measurement in our condensed consolidated financial statements.

Segment Reporting

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company’s financial segment reporting reflects an organizational alignment intended to align with the key elements of the advanced semiconductor manufacturing ecosystem. While these segments have separate products and technical know-how, they share common business systems and processes, technology centers and technology roadmaps. With the complementary capabilities across these segments, the Company believes it is uniquely positioned to create new, co-optimized and increasingly integrated solutions for its customers, which should translate into improved device performance, lower cost of ownership and faster time to market. The Company reports its financial performance in the following segments:

•Materials Solutions: MS provides materials-based solutions, such as chemical mechanical planarization slurries and pads, deposition materials, process chemistries and gases, formulated cleans, etchants and other specialty materials that enable our customers to achieve better device performance and faster time to yield, while providing for lower total cost of ownership.

•Microcontamination Control: MC offers advanced solutions that improve customers’ yield, device reliability and cost by filtering and purifying critical liquid chemistries and gases used in semiconductor manufacturing processes and other high-technology industries.

•Advanced Materials Handling: AMH develops solutions that improve customers’ yields by protecting critical materials during manufacturing, transportation, and storage, including products that 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.

The Company accounts for inter-segment sales similar to third-party transactions and the sales price reflects current market prices. Inter-segment sales are eliminated in consolidation and are not included in consolidated sales on the financial statements.

In the third quarter of 2023, in order to align its segment financial reporting with a change in its business structure, the Company realigned its segments. All prior period amounts related to the segment change have been recast for comparability.

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


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales
MS	$	342,333	$	440,634	$	692,369	$	888,964
MC	293,769		283,614		561,633		552,911
AMH	188,225		190,356		351,079		409,209
Inter-segment elimination	(11,675)		(13,604)		(21,404)		(27,688)
Total net sales	$	812,652	$	901,000	$	1,583,677	$	1,823,396


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Segment profit
MS (1)	$	70,268	$	215,738	$	137,392	$	186,216
MC	93,709		100,661		180,264		196,658
AMH	28,980		35,830		53,586		83,995
Total segment profit	$	192,957	$	352,229	$	371,242	$	466,869

(1) MS segment profit is inclusive of a $154.8 million gain, net on termination of alliance agreement for the three and six months ended July 1, 2023, a $14.9 million and $28.6 million loss on sale of business and held-for-sale assets for the three and six months ended July 1, 2023, respectively, a $88.9 million goodwill impairment charge relating to the EC reporting unit for the six months ended July 1, 2023 and a $13.0 million long-lived asset impairment charge for the six months ended June 29, 2024.

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


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Total segment profit	$	192,957	$	352,229	$	371,242	$	466,869
Less:
Amortization of intangible assets	47,513		54,680		97,672		112,254
Unallocated general and administrative expenses	15,338		29,935		25,872		73,535
Operating income	130,106		267,614		247,698		281,080
Interest expense	53,687		80,908		111,060		167,054
Interest income	(1,160)		(2,303)		(4,154)		(3,628)
Other expense, net	2,977		7,724		17,262		3,066
Income before income tax expense (benefit)	$	74,602	$	181,285	$	123,530	$	114,588

In the following tables, revenue is disaggregated by customers’ country or region based on the ship to location of the customer for the three and six months ended June 29, 2024 and July 1, 2023, respectively.


	Three months ended June 29, 2024
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	78,830	$	52,907	$	61,230	$	(11,675)	$	181,292
Taiwan	58,594		72,715		28,718		—		160,027
China	63,783		60,333		45,038		—		169,154
South Korea	50,461		31,127		21,056		—		102,644
Japan	28,624		36,195		8,031		—		72,850
Europe	27,864		24,160		17,072		—		69,096
Southeast Asia	34,177		16,332		7,080		—		57,589
	$	342,333	$	293,769	$	188,225	$	(11,675)	$	812,652


	Three months ended July 1, 2023
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	140,881	$	45,947	$	56,275	$	(13,604)	$	229,499
Taiwan	57,126		53,987		28,780		—		139,893
China	50,703		54,701		35,213		—		140,617
South Korea	55,885		29,824		27,184		—		112,893
Japan	25,714		57,789		11,768		—		95,271
Europe	65,805		24,647		21,902		—		112,354
Southeast Asia	44,520		16,719		9,234		—		70,473
	$	440,634	$	283,614	$	190,356	$	(13,604)	$	901,000


	Six months ended June 29, 2024
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	175,574	$	88,366	$	112,015	$	(21,404)	$	354,551
Taiwan	113,468		141,806		59,882		—		315,156
China	118,953		124,021		75,929		—		318,903
South Korea	97,316		62,262		42,687		—		202,265
Japan	59,053		67,521		15,736		—		142,310
Europe	62,172		47,967		32,245		—		142,384
Southeast Asia	65,833		29,690		12,585		—		108,108
	$	692,369	$	561,633	$	351,079	$	(21,404)	$	1,583,677

	Six months ended July 1, 2023
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	288,210	$	87,713	$	131,873	$	(27,688)	$	480,108
Taiwan	115,320		108,222		65,442		—		288,984
China	98,663		110,372		67,013		—		276,048
South Korea	112,256		59,653		61,640		—		233,549
Japan	55,070		107,542		23,084		—		185,696
Europe	129,232		51,651		43,886		—		224,769
Southeast Asia	90,213		27,758		16,271		—		134,242
	$	888,964	$	552,911	$	409,209	$	(27,688)	$	1,823,396

- 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.

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+ Details

Condensed Consolidated Statements Of Equity Condensed Consolidatd Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock, Common	Additional Paid-in Capital	Retained Earnings	Foreign currency translation adjustments	Defined benefit pension adjustments	Interest rate swap - cash flow hedge
Beginning Balance at Dec. 31, 2022	$ 3,218,000	$ 1,493	$ (7,112)	$ 2,205,325	$ 1,031,391	$ (49,083)	$ (83)	$ 36,069
Common Stock , Issued, Beginning at Dec. 31, 2022		149,339
Balance (in shares) Beginning at Dec. 31, 2022		149,137	(202)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under stock plans (in shares)		530
Shares issued under stock plans	8,987	$ 6		8,981
Share-based compensation expense	30,678			30,678
Dividends, Common Stock, Cash	(15,092)				(15,092)
Interest rate swap - cash flow hedge	(9,955)							(9,955)
Pension liability adjustments	37						37
Foreign currency translation adjustments	23,734					23,734
Net income	(88,166)				(88,166)
Ending Balance at Apr. 01, 2023	3,168,223	$ 1,499	$ (7,112)	2,244,984	928,133	(25,349)	(46)	26,114
Common Stock , Issued, Ending at Apr. 01, 2023		149,869
Balance (in shares) Ending at Apr. 01, 2023		149,667	(202)
Beginning Balance at Dec. 31, 2022	3,218,000	$ 1,493	$ (7,112)	2,205,325	1,031,391	(49,083)	(83)	36,069
Common Stock , Issued, Beginning at Dec. 31, 2022		149,339
Balance (in shares) Beginning at Dec. 31, 2022		149,137	(202)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Interest rate swap - cash flow hedge	(239)
Pension liability adjustments	37
Foreign currency translation adjustments	(14,277)
Net income	109,480
Ending Balance at Jul. 01, 2023	3,352,205	$ 1,503	$ (7,112)	2,274,572	1,110,818	(63,360)	(46)	35,830
Common Stock , Issued, Ending at Jul. 01, 2023		150,308
Balance (in shares) Ending at Jul. 01, 2023		150,106	(202)
Beginning Balance at Apr. 01, 2023	3,168,223	$ 1,499	$ (7,112)	2,244,984	928,133	(25,349)	(46)	26,114
Common Stock , Issued, Beginning at Apr. 01, 2023		149,869
Balance (in shares) Beginning at Apr. 01, 2023		149,667	(202)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under stock plans (in shares)		439
Shares issued under stock plans	18,134	$ 4		18,130
Share-based compensation expense	11,458			11,458
Dividends, Common Stock, Cash	(14,961)				(14,961)			0
Interest rate swap - cash flow hedge	9,716							9,716
Pension liability adjustments	0
Foreign currency translation adjustments	(38,011)					(38,011)
Net income	197,646				197,646
Ending Balance at Jul. 01, 2023	3,352,205	$ 1,503	$ (7,112)	2,274,572	1,110,818	(63,360)	(46)	35,830
Common Stock , Issued, Ending at Jul. 01, 2023		150,308
Balance (in shares) Ending at Jul. 01, 2023		150,106	(202)
Beginning Balance at Dec. 31, 2023	3,408,594	$ 1,506	$ (7,112)	2,305,367	1,151,765	(61,880)	314	18,634
Common Stock , Issued, Beginning at Dec. 31, 2023		150,566
Balance (in shares) Beginning at Dec. 31, 2023		150,364	(202)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under stock plans (in shares)		405
Shares issued under stock plans	(5,455)	$ 4		(5,459)
Share-based compensation expense	7,908			7,908
Dividends, Common Stock, Cash	(15,040)				(15,040)
Interest rate swap - cash flow hedge	(1,073)							(1,073)
Pension liability adjustments	(379)						(379)
Foreign currency translation adjustments	(9,651)					(9,651)	0
Net income	45,266				45,266		0
Ending Balance at Mar. 30, 2024	3,430,170	$ 1,510	$ (7,112)	2,307,816	1,181,991	(71,531)	(65)	17,561
Common Stock , Issued, Ending at Mar. 30, 2024		150,971
Balance (in shares) Ending at Mar. 30, 2024		150,769	(202)
Beginning Balance at Dec. 31, 2023	3,408,594	$ 1,506	$ (7,112)	2,305,367	1,151,765	(61,880)	314	18,634
Common Stock , Issued, Beginning at Dec. 31, 2023		150,566
Balance (in shares) Beginning at Dec. 31, 2023		150,364	(202)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Interest rate swap - cash flow hedge	(3,714)
Pension liability adjustments	(379)
Foreign currency translation adjustments	(14,791)
Net income	112,962
Ending Balance at Jun. 29, 2024	3,502,390	$ 1,510	$ (7,112)	2,335,321	1,234,487	(76,671)	(65)	14,920
Common Stock , Issued, Ending at Jun. 29, 2024		151,029
Balance (in shares) Ending at Jun. 29, 2024		150,827	(202)
Beginning Balance at Mar. 30, 2024	3,430,170	$ 1,510	$ (7,112)	2,307,816	1,181,991	(71,531)	(65)	17,561
Common Stock , Issued, Beginning at Mar. 30, 2024		150,971
Balance (in shares) Beginning at Mar. 30, 2024		150,769	(202)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under stock plans (in shares)		58
Shares issued under stock plans	616			616
Share-based compensation expense	26,889			26,889
Dividends, Common Stock, Cash	(15,200)				(15,200)
Interest rate swap - cash flow hedge	(2,641)							(2,641)
Pension liability adjustments	0
Foreign currency translation adjustments	(5,140)					(5,140)	0
Net income	67,696				67,696
Ending Balance at Jun. 29, 2024	$ 3,502,390	$ 1,510	$ (7,112)	$ 2,335,321	$ 1,234,487	$ (76,671)	$ (65)	$ 14,920
Common Stock , Issued, Ending at Jun. 29, 2024		151,029
Balance (in shares) Ending at Jun. 29, 2024		150,827	(202)

Other Expense (Income), Net (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 10, 2023	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Other Income and Expenses [Abstract]
Infineum termination fee, net		$ 0	$ 0	$ 0	$ 10,876
Loss on foreign currency transactions		2,653	3,885	4,295	6,286
Loss on extinguishment of debt and modification		796	4,481	12,347	8,361
Other Nonrecurring (Income) Expense		(472)	(642)	620	(705)
Other Nonoperating Income (Expense)		$ 2,977	$ 7,724	$ 17,262	$ 3,066
Business Exit Costs	$ 12,000
Transaction advisor fee	$ 1,100

Intangible Assets, Goodwill and Other	6 Months Ended
Intangible Assets, Goodwill and Other	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Disclosure	Electronic Chemicals During the first quarter of 2023, while the criteria to classify the reporting unit as held-for-sale had not been met, the Company was exploring market interest in a potential sale of the Electronic Chemicals (“EC”) reporting unit within the Materials Solutions (“MS”) segment. In connection with the sale process, management determined that certain impairment indicators were present and evaluated goodwill, intangible assets, and long-lived assets for impairment in connection with the quarter ended April 1, 2023. The Company completed the divestiture of the EC business on October 2, 2023. Long-lived assets, including finite-lived intangible assets During the first quarter of 2023, the Company compared the estimated undiscounted future cash flows generated by the asset group to the carrying amount of the asset group for the reporting unit and determined that the undiscounted cash flows were expected to exceed the carrying value on a held and used basis. Therefore, no impairment was recorded on the long-lived assets or finite-lived intangible assets. The Company considered if the triggering event would cause a potential change to the useful life of the assets and determined no modification to the useful life of the assets was necessary. Goodwill The Company compared the reporting unit’s fair value to its carrying amount, including goodwill as of April 1, 2023. As the reporting unit’s carrying amount, including goodwill, exceeded its fair value, the Company determined the goodwill was impaired and recorded an impairment of $88.9 million during the quarter ended April 1, 2023. The impairment was classified as Goodwill impairment in the Company’s condensed consolidated statements of operations. The goodwill impairment was non taxable. The fair value of the reporting unit was determined using a market-based approach, which was aligned to the expected selling price of approximately $700.0 million. We consider this a Level 3 measurement in the fair value hierarchy. There was no goodwill impairment charge recorded during the three and six months ended June 29, 2024. Other business The Company recorded an impairment charge of $13.0 million related to the long-lived assets of a small, industrial specialty chemicals business that reports within the MS segment due to a change in the fair value of the reporting unit for the three months ended March 30, 2024. The impairment is classified as Selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. No further impairment charge was recorded in the three months ended June 29, 2024. The fair value of the reporting unit was determined using a market-based approach. We consider this a Level 3 measurement in the fair value hierarchy. This business remains classified as an asset held-for-sale as of June 29, 2024; see Note 4 for further discussion.

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ (245)	$ 0	$ (374)
Interest Rate Swap \| Designated as Hedging Instrument \| Other Current Assets
Derivative [Line Items]
Derivative Assets, at Fair Value, Net	16,578		16,578		$ 21,451
Interest Rate Swap \| Designated as Hedging Instrument \| Other Noncurrent Assets
Derivative [Line Items]
Derivative Assets, at Fair Value, Net	2,695		2,695		$ 2,618
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(6,353)	(9,638)	(17,654)	(17,551)
Interest rate swap contract - cash flow hedge	$ (2,641)	$ 9,716	$ (3,714)	$ (239)

Inventories

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(In thousands)	June 29, 2024		December 31, 2023
Raw materials	$	253,642	$	248,656
Work-in-process	55,124		49,704
Finished goods (1)	324,607		308,691
Total inventories, net	$	633,373	$	607,051

(1) Includes consignment inventories held by customers of $22.7 million and $20.8 million at June 29, 2024 and December 31, 2023, respectively.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 29, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	001-32598
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	129 Concord Road,
Entity Address, City or Town	Billerica,
Entity Address, State or Province	MA
Entity Tax Identification Number	41-1941551
Entity Address, Postal Zip Code	01821
City Area Code	978
Local Phone Number	436-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	ENTG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		150,978,385
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	ENTEGRIS INC
Entity Central Index Key	0001101302
Current Fiscal Year End Date	--12-31

Debt Information (Details) - Debt - USD ($) $ in Millions		3 Months Ended	6 Months Ended
Debt Information (Details) - Debt - USD ($) $ in Millions	Mar. 28, 2024	Jun. 29, 2024	Jun. 29, 2024
Debt Instrument [Line Items]
Loss on extinguishment of debt and modification, pre tax		$ 0.8	$ 12.3
Repayments of Long-Term Debt	$ 354.5	$ 55.0	$ 473.8
Debt Instrument, Basis Spread on Variable Rate		0.75%	1.75%

- Definition

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

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+ Details

Earnings Per Common Share - Reconciliation of Share Amount Used in Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Weighted average shares outstanding:
Basic—weighted average common shares outstanding	150,801	149,825	150,675	149,626
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock	1,018	1,012	1,094	983
Diluted—weighted average common shares and common shares equivalent outstanding	151,819	150,837	151,769	150,609

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net income	$ 67,696	$ 197,646	$ 112,962	$ 109,480
Other comprehensive loss, net of tax
Foreign currency translation adjustments	(5,140)	(38,011)	(14,791)	(14,277)
Pension liability adjustments	0	0	(379)	37
Interest rate swap - cash flow hedge	(2,641)	9,716	(3,714)	(239)
Other comprehensive loss	(7,781)	(28,295)	(18,884)	(14,479)
Comprehensive income	$ 59,915	$ 169,351	$ 94,078	$ 95,001

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 29, 2024
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 Company’s financial position as of June 29, 2024 and December 31, 2023, the results of operations and comprehensive income for the three and six months ended June 29, 2024 and July 1, 2023, the equity statements as of and for the three and six months ended June 29, 2024 and July 1, 2023, and cash flows for the six months ended June 29, 2024 and July 1, 2023. 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 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, 2023. The results of operations for the three and six months ended June 29, 2024 are not necessarily indicative of the results to be expected for the full year.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal year 2024 and interim periods beginning in the first quarter of fiscal year 2025. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for our annual periods beginning in fiscal year 2025. The guidance does not affect recognition or measurement in our condensed consolidated financial statements.

Income Taxes	6 Months Ended
Income Taxes	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates an estimate of the annual effective tax rate, and if the estimated tax rate changes, we make a cumulative adjustment. Income tax expense was $6.7 million and $10.1 million in the three and six months ended June 29, 2024, respectively, compared to income tax (benefit) expense of $(16.5) million and $5.0 million in the three and six months ended July 1, 2023, respectively. The Company’s year-to-date effective income tax rate was 9.0% and 8.2% for the three and six months ended June 29, 2024, respectively, compared to (9.1)% and 4.3% for the three and six months ended July 1, 2023, respectively. The changes in the effective tax rate for the three months ended June 29, 2024 compared to the prior year primarily relate to discrete divestiture activity recorded during the quarter ended July 1, 2023 and the integration of the CMC Materials acquisition. The year-to-date income tax expense in 2024 and 2023 included a discrete benefit of $3.1 million and discrete expense of $0.3 million, respectively, recorded in connection with share-based compensation. The Organization for Economic Co-operation and Development introduced Base Erosion and Profit Shifting Pillar 2 rules that seek to impose a global minimum income tax rate of 15%. Numerous countries have enacted legislation in connection therewith that is effective on January 1, 2024. We have evaluated the impact of this legislation based on Entegris’ current global operations and it is not expected to have a material impact on the annual effective tax rate and there was not a material impact to the three and six months ended June 29, 2024. We will continue to update our analysis and monitor the ongoing legislation throughout the year.

- Definition

The entire disclosure for income tax.

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+ Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill activity for each of the Company’s reportable segments that carry goodwill, Material Solutions (“MS”), Microcontamination Control (“MC”), and Advanced Materials Handling (“AMH”), was as follows at June 29, 2024 and December 31, 2023:


(In thousands)	MS		MC		AMH		Total
December 31, 2023	$	3,631,350	$	240,408	$	74,102	$	3,945,860






Foreign currency translation	(43)		(1,924)		—		(1,967)
June 29, 2024	$	3,631,307	$	238,484	$	74,102	$	3,943,893

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Identifiable intangible assets at June 29, 2024 and December 31, 2023 consisted of the following:


June 29, 2024
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,256,795	$	528,808	$	727,987
Trademarks and trade names	171,979		43,320		128,659
Customer relationships	630,532		312,591		317,941
In-process research and development (1)	6,600		—		6,600
Other	25,545		21,777		3,768
	$	2,091,451	$	906,496	$	1,184,955


December 31, 2023
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,256,469	$	455,720	$	800,749
Trademarks and trade names	172,031		37,877		134,154
Customer relationships	630,743		293,782		336,961
In-process research and development (1)	7,100		—		7,100
Other	23,924		20,919		3,005
	$	2,090,267	$	808,298	$	1,281,969

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

Estimated Future Amortization Expense

Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at June 29, 2024:


(In thousands)	Remaining 2024		2025	2026	2027	2028	Thereafter	Total
Future amortization expense	$	93,178	185,572	182,505	178,789	176,379	368,532	$	1,184,955

- Definition

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

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+ Details

Revenues (Tables)

6 Months Ended

Jun. 29, 2024

Revenues [Abstract]

Contract with Customer, Asset and Liability

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



(In thousands)	June 29, 2024		July 1, 2023
Balance at beginning of period	$	69,051	$	60,476
Revenue recognized that was included in the contract liability balance at the beginning of the period	(47,511)		(43,905)
Increases due to cash received, excluding amounts recognized as revenue during the period	31,640		79,621
Contract liabilities included as part of dispositions and held-for-sale	—		(6,226)
Balance at end of period	$	53,180	$	89,966

Revenues Revenues - Significant changes in contract liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Revenues [Abstract]
Balance at beginning of period	$ 69,051	$ 60,476
Revenue recognized that was included in the contract liability balance at the beginning of the period	(47,511)	(43,905)
Increases due to cash received, excluding amounts recognized as revenue during the period	31,640	79,621
Contract liabilities included as part of dispositions and held-for-sale	0	(6,226)
Balance at end of period	$ 53,180	$ 89,966

Assets Held For Sale and Divestitures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets held-for-sale	$ 6,195	$ 278,753
Liabilities held-for-sale	662	$ 19,223
Asset Impairment Charges	$ 13,000

Fair Value Measures and Disclosures (Tables)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following table presents financial instruments, other than debt, that we measure at fair value on a recurring basis. See Note 7 to our condensed consolidated financial statements for a discussion of our debt. In instances where the inputs used to measure the fair value of an asset fall into more than one level of the hierarchy, we have classified it based on the lowest level input that is significant to the determination of the fair value.


	Fair Value Measurements at Reporting Date Using
(In thousands):	Level 1				Level 2				Level 3				Total
Assets:	June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023
Cash and cash equivalents	$	320,008	$	456,929	$	—	$	—	$	—	$	—	$	320,008	$	456,929

Derivative financial instruments - Interest rate swap - cash flow hedge	—		—		19,273		24,069		—		—		19,273		24,069

Total	$	320,008	$	456,929	$	19,273	$	24,069	$	—	$	—	$	339,281	$	480,998

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value and carrying value of our debt as of June 29, 2024 and December 31, 2023 were as follows:


	June 29, 2024				December 31, 2023
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt, net	$	4,122,233	$	4,045,931	$	4,577,141	$	4,536,238

Debt

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Debt Disclosure

The Company’s debt as of June 29, 2024 and December 31, 2023 consisted of the following:


(In thousands)	June 29, 2024		December 31, 2023
Senior secured term loans B due 2029 at 4.71% (1)	900,000		1,373,774
Senior secured notes due 2029 at 4.75%	1,600,000		1,600,000
Senior unsecured notes due 2030 at 5.95%	895,000		895,000
Senior unsecured notes due 2029 at 3.625%	400,000		400,000
Senior unsecured notes due 2028 at 4.375%	400,000		400,000


Revolving facility due 2027 at 7.08% (2)	—		—
Total debt (par value)	4,195,000		4,668,774
Unamortized discount and debt issuance costs	72,767		91,633
Total debt, net	4,122,233		4,577,141
Less short-term debt, including current portion of long-term debt	—		—
Total long-term debt, net	$	4,122,233	$	4,577,141

Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of June 29, 2024 were as follows:


(In thousands)	Remaining 2024		2025	2026	2027	2028	Thereafter	Total
Contractual debt obligation maturities*	$	—	—	—	—	400,000	3,795,000	4,195,000

* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.

(1) The Company entered into a floating-to-fixed swap contract on its variable rate debt under our senior secured term loan facility due 2029. The effective interest rate after consideration of this floating-to-fixed swap contract was 4.71%. Refer to Note 9 for a description of our interest rate swap contract.

(2) Our senior secured revolving credit facility due 2027 (the “Revolving Facility”) bears interest at a rate per annum equal to SOFR, plus an applicable margin of 1.75%. The Revolving Facility has commitments of $575.0 million.

Senior secured term loans B due 2029

On March 28, 2024, the Company and certain of its subsidiaries entered into Amendment No. 3 (the “Third Amendment”), with the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which amended the Credit and Guaranty Agreement, dated as of November 6, 2018 (as amended and restated as of July 6, 2022 and as subsequently amended on each of March 10, 2023 and September 11, 2023, the “Existing Credit Agreement” and, the Existing Credit Agreement as amended by the Third Amendment, the “Amended Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent.

The Third Amendment provides for, among other things, the reduction of the applicable rate of the Company’s outstanding senior secured term loans B under the Existing Credit Agreement. After giving effect to the Third Amendment, such outstanding term loans B bear interest, at a rate per annum equal to, at the Company’s option, either (i) Term SOFR plus an applicable margin of 1.75% or (ii) a base rate plus an applicable margin of 0.75%. Other than as described herein (and more fully described in the Third Amendment), the terms of the Amended Credit Agreement are substantially similar to the terms of the Existing Credit Agreement. In connection with the Third Amendment, the Company made a prepayment of $354.5 million on the term loans B.

During the three and six months ended June 29, 2024, the Company repaid a total of $55.0 million and $473.8 million of the outstanding borrowings under the term loans B. In connection with these repayments and entry into the Third Amendment, the Company incurred a pre-tax loss on extinguishment and modification of debt of $0.8 million and $12.3 million for the three and six months ended June 29, 2024, respectively, which is included in Other expense, net in the condensed consolidated statements of operations.

- Definition

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

+ References

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

Segment Reporting - Summary of Financial Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Net Sales	$ 812,652	$ 901,000	$ 1,583,677	$ 1,823,396
Total Segment Profit	192,957	352,229	371,242	466,869
Goodwill, Impairment Loss	0	0	0	88,872
Asset Impairment Charges			13,000
Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	342,333	440,634	692,369	888,964
Total Segment Profit	70,268	215,738	137,392	186,216
Gain on termination of alliance agreement				154,800
Loss on disposal of business		14,900		28,600
Goodwill, Impairment Loss				88,900
Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	293,769	283,614	561,633	552,911
Total Segment Profit	93,709	100,661	180,264	196,658
Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	188,225	190,356	351,079	409,209
Total Segment Profit	28,980	35,830	53,586	83,995
intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	$ (11,675)	$ (13,604)	$ (21,404)	$ (27,688)

Subsequent Events	3 Months Ended
Subsequent Events	Jun. 29, 2024
Subsequent Events [Abstract]
Subsequent Events	Dividend On July 17, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.10 per share to be paid on August 21, 2024 to shareholders of record on the close of business on July 31, 2024.

Goodwill and Intangible Assets Goodwill and Intangible Assets - Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 93,178
Finite-Lived Intangible Asset, Expected Amortization, Year Two	185,572
Finite-Lived Intangible Asset, Expected Amortization, Year Three	182,505
Finite-Lived Intangible Asset, Expected Amortization, Year Four	178,789
Finite-Lived Intangible Asset, Expected Amortization, Year Five	176,379
Thereafter	368,532
Total	$ 1,184,955	$ 1,281,969

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net income	$ 67,696	$ 45,266	$ 197,646	$ (88,166)	$ 112,962	$ 109,480

- Definition

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

+ References

+ Details

Segment Reporting - Reconciliation of Total Segment Profit to Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting [Abstract]
Total Segment Profit	$ 192,957	$ 352,229	$ 371,242	$ 466,869
Amortization	47,513	54,680	97,672	112,254
Unallocated general and administrative expenses	15,338	29,935	25,872	73,535
Operating income	130,106	267,614	247,698	281,080
Interest expense	53,687	80,908	111,060	167,054
Interest income	(1,160)	(2,303)	(4,154)	(3,628)
Other expense, net	2,977	7,724	17,262	3,066
Income before income tax expense (benefit)	$ 74,602	$ 181,285	$ 123,530	$ 114,588

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of long-lived assets	$ 13,000
Proceeds from Divestiture of Businesses			$ 700,000
Impairment of Goodwill		$ 88,900

Assets Held For Sale

3 Months Ended

Jun. 29, 2024

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

Assets Held For Sale

Asset Held-For-Sale - Other

During the fourth quarter of 2023, the Company began the process to sell a small, industrial specialty chemicals business that reports within the MS segment. The related assets and liabilities of the business were classified as held-for-sale in the Company’s condensed consolidated balance sheets and measured at the lower of their carrying amount or fair value less cost to sell. The assets and liabilities continue to be marketed for sale and are classified as held-for-sale at June 29, 2024.

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

Assets held-for-sale and liabilities held-for-sale recorded on the balance sheet were $6.2 million and $0.7 million, respectively, as of June 29, 2024. The loss before income taxes attributable to the business was not significant for the three and six months ended June 29, 2024, respectively, except for the impairment charge of $13.0 million as noted in Note 3 for the six months ended June 29, 2024.

Divestiture - Pipeline and Industrial Materials

During the first quarter of 2024, the Company completed the sale of its Pipeline and Industrial Materials (“PIM”) business, which became part of the Company with the acquisition of CMC Materials, to SCF Partners, Inc. The PIM business specializes in the manufacture and sale of drag reducing agents and a range of valve maintenance products and services for the oil and gas industry, and reported into the MS segment of the Company.

The Company received gross cash proceeds of $263.2 million, or expected net proceeds of $256.2 million, which remains subject to customary final post-closing adjustment and up to $25.0 million in cash earn-out payments contingent upon the performance of the PIM business in 2025 and 2026.

The Company’s policy is to account for the contingent consideration arrangement in accordance with ASC 450, Contingencies (Subtopic 450-30). Under this approach, the Company recognizes the contingent consideration receivable in earnings after the contingency is resolved. Accordingly, to determine the initial gain on the sale of the PIM business, the Company did not include an amount related to the contingent consideration arrangement as part of the consideration received.

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


(In thousands)	March 1, 2024
Cash proceeds received, gross	$	263,208
Preliminary working capital adjustment	1,189
Cash transferred to the buyer on the closing balance sheet	(230)
Direct costs to sell	(8,005)
Fair value of sale consideration	$	256,162

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

The carrying amount of net assets associated with the PIM business was approximately $252.8 million. The major classes of assets and liabilities sold consisted of the following:


(In thousands)
Assets:	March 1, 2024
Current assets	$	58,684
Property, plant and equipment, net	118,146
Intangible assets, net	76,692
Goodwill	12,707
Other assets	2,500
Total assets held-for-sale	$	268,729

Liabilities:
Accounts payable	$	9,485
Accrued expenses	4,672
Long-term liabilities	1,737
Total liabilities held-for-sale	$	15,894

As a result of the sale of the PIM business, the Company recognized a pre-tax loss (gain) of $0.5 million and $(4.3) million, inclusive of a $1.0 million gain reclassified from Accumulated other comprehensive loss for foreign currency translation, presented in Selling, general and administrative expenses in the condensed consolidated statements of operations for the three and six months ended June 29, 2024, respectively. The Company recorded an income tax (benefit) expense associated with the PIM divestiture of approximately $(0.1) million and $1.0 million for the three and six months ended June 29, 2024, respectively.

Segment Reporting (Tables)

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Summary of Financial Information for Reportable Segments

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


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales
MS	$	342,333	$	440,634	$	692,369	$	888,964
MC	293,769		283,614		561,633		552,911
AMH	188,225		190,356		351,079		409,209
Inter-segment elimination	(11,675)		(13,604)		(21,404)		(27,688)
Total net sales	$	812,652	$	901,000	$	1,583,677	$	1,823,396


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Segment profit
MS (1)	$	70,268	$	215,738	$	137,392	$	186,216
MC	93,709		100,661		180,264		196,658
AMH	28,980		35,830		53,586		83,995
Total segment profit	$	192,957	$	352,229	$	371,242	$	466,869

Reconciliation of Total Segment Profit to Operating Income

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


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Total segment profit	$	192,957	$	352,229	$	371,242	$	466,869
Less:
Amortization of intangible assets	47,513		54,680		97,672		112,254
Unallocated general and administrative expenses	15,338		29,935		25,872		73,535
Operating income	130,106		267,614		247,698		281,080
Interest expense	53,687		80,908		111,060		167,054
Interest income	(1,160)		(2,303)		(4,154)		(3,628)
Other expense, net	2,977		7,724		17,262		3,066
Income before income tax expense (benefit)	$	74,602	$	181,285	$	123,530	$	114,588

Schedule of Revenue from External Customers, by Geographical Areas


	Three months ended June 29, 2024
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	78,830	$	52,907	$	61,230	$	(11,675)	$	181,292
Taiwan	58,594		72,715		28,718		—		160,027
China	63,783		60,333		45,038		—		169,154
South Korea	50,461		31,127		21,056		—		102,644
Japan	28,624		36,195		8,031		—		72,850
Europe	27,864		24,160		17,072		—		69,096
Southeast Asia	34,177		16,332		7,080		—		57,589
	$	342,333	$	293,769	$	188,225	$	(11,675)	$	812,652


	Three months ended July 1, 2023
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	140,881	$	45,947	$	56,275	$	(13,604)	$	229,499
Taiwan	57,126		53,987		28,780		—		139,893
China	50,703		54,701		35,213		—		140,617
South Korea	55,885		29,824		27,184		—		112,893
Japan	25,714		57,789		11,768		—		95,271
Europe	65,805		24,647		21,902		—		112,354
Southeast Asia	44,520		16,719		9,234		—		70,473
	$	440,634	$	283,614	$	190,356	$	(13,604)	$	901,000


	Six months ended June 29, 2024
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	175,574	$	88,366	$	112,015	$	(21,404)	$	354,551
Taiwan	113,468		141,806		59,882		—		315,156
China	118,953		124,021		75,929		—		318,903
South Korea	97,316		62,262		42,687		—		202,265
Japan	59,053		67,521		15,736		—		142,310
Europe	62,172		47,967		32,245		—		142,384
Southeast Asia	65,833		29,690		12,585		—		108,108
	$	692,369	$	561,633	$	351,079	$	(21,404)	$	1,583,677

	Six months ended July 1, 2023
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	288,210	$	87,713	$	131,873	$	(27,688)	$	480,108
Taiwan	115,320		108,222		65,442		—		288,984
China	98,663		110,372		67,013		—		276,048
South Korea	112,256		59,653		61,640		—		233,549
Japan	55,070		107,542		23,084		—		185,696
Europe	129,232		51,651		43,886		—		224,769
Southeast Asia	90,213		27,758		16,271		—		134,242
	$	888,964	$	552,911	$	409,209	$	(27,688)	$	1,823,396

Other Expense (Income), net (Tables)

6 Months Ended

Jun. 29, 2024

Other Income and Expenses [Abstract]

Other expense (income), net

Other expense, net for the three and six months ended June 29, 2024 and July 1, 2023 consisted of the following:


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023

Infineum termination fee, net	$	—	$	—	$	—	$	(10,876)
Loss on foreign currency transactions	2,653		3,885		4,295		6,286
Loss on extinguishment of debt and modification	796		4,481		12,347		8,361
Other, net	(472)		(642)		620		(705)
Other expense, net	$	2,977	$	7,724	$	17,262	$	3,066

Debt Maturity (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-Term Debt, Maturity, Remainder of Fiscal Year	$ 0
Long-Term Debt, Maturity, Year One	0
Long-Term Debt, Maturity, Year Two	0
Long-Term Debt, Maturity, Year Three	0
Long-Term Debt, Maturity, Year Four	400,000
Thereafter	3,795,000
Long-term Debt, Gross	$ 4,195,000	$ 4,668,774

- Definition

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

+ References

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Accounts and Financing Receivable, Allowance for Credit Loss	$ 5,509	$ 6,412
Property, plant and equipment, accumulated depreciation	983,070	908,089
Intangible assets, Accumulated amortization	906,496	808,298
Unamortized discount and debt issuance costs	$ 72,767	$ 91,633
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000	5,000
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	400,000
Common stock, shares issued	151,029	150,566
Common stock, shares outstanding	150,827	150,364
Treasury stock, shares outstanding	202	202

Consolidated Statements Of Comprehensive Income Paranthetical - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Supplemental Income Statement Elements [Abstract]
Other Comprehensive Income (Loss), Tax	$ (770)	$ (1,083)	$ 2,834	$ (69)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Revenues Revenues

6 Months Ended

Jun. 29, 2024

Revenues [Abstract]

Revenue from Contract with Customer



(In thousands)	June 29, 2024		July 1, 2023
Balance at beginning of period	$	69,051	$	60,476
Revenue recognized that was included in the contract liability balance at the beginning of the period	(47,511)		(43,905)
Increases due to cash received, excluding amounts recognized as revenue during the period	31,640		79,621
Contract liabilities included as part of dispositions and held-for-sale	—		(6,226)
Balance at end of period	$	53,180	$	89,966

- Definition

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

+ References

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

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Bertrand Loy [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plan Arrangements During the quarter ended June 29, 2024, no director or officer, as defined in Rule 16a-1 under the Exchange Act, adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K.

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The notional amounts of our derivative instruments were as follows:


(In thousands)
Derivatives designated as hedging instruments:	June 29, 2024		December 31, 2023
Interest rate swap contract - cash flow hedge	$	900,000	$	1,350,000

Fair Value, by Balance Sheet Grouping

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


(In thousands)
Condensed Consolidated Balance Sheets Location	Derivative Assets
Derivatives designated as hedging instruments - Interest rate swap contract - cash flow hedge	June 29, 2024		December 31, 2023
Other current assets	$	16,578	$	21,451
Other assets	2,695		2,618

Schedule of Other Operating Cost and Expense, by Component

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


		Gain Recognized in Condensed Consolidated Statements of Operations
(In thousands)		Three months ended				Six months ended
Derivatives designated as hedging instruments:	Condensed Consolidated Statements of Operations Location	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Interest rate swap contract - cash flow hedge	Interest expense	$	(6,353)	$	(9,638)	$	(17,654)	$	(17,551)

Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other expense, net	$	—	$	(245)	$	—	$	(374)

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

The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:


	(Loss) Gain recognized in Other comprehensive loss
(In thousands)	Three months ended				Six months ended
Derivatives designated as hedging instruments:	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Interest rate swap contract - cash flow hedge	$	(2,641)	$	9,716	$	(3,714)	$	(239)

Goodwill Rollforward (Details) $ in Thousands	6 Months Ended
Goodwill Rollforward (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Goodwill [Line Items]
Goodwill - Beginning	$ 3,945,860
Foreign currency translation	(1,967)
Goodwill - End	3,943,893
Materials Solutions MS
Goodwill [Line Items]
Goodwill - Beginning	3,631,350
Foreign currency translation	(43)
Goodwill - End	3,631,307
Microcontamination Control MC
Goodwill [Line Items]
Goodwill - Beginning	240,408
Foreign currency translation	(1,924)
Goodwill - End	238,484
Advanced Materials Handling AMH
Goodwill [Line Items]
Goodwill - Beginning	74,102
Foreign currency translation	0
Goodwill - End	$ 74,102

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

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

+ References

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+ Details

Goodwill and Intangible Assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets


(In thousands)	MS		MC		AMH		Total
December 31, 2023	$	3,631,350	$	240,408	$	74,102	$	3,945,860






Foreign currency translation	(43)		(1,924)		—		(1,967)
June 29, 2024	$	3,631,307	$	238,484	$	74,102	$	3,943,893

Identifiable intangible assets at June 29, 2024 and December 31, 2023 consisted of the following:


June 29, 2024
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,256,795	$	528,808	$	727,987
Trademarks and trade names	171,979		43,320		128,659
Customer relationships	630,532		312,591		317,941
In-process research and development (1)	6,600		—		6,600
Other	25,545		21,777		3,768
	$	2,091,451	$	906,496	$	1,184,955


December 31, 2023
(In thousands)	Gross carrying amount		Accumulated amortization		Net carrying value
Developed technology	$	1,256,469	$	455,720	$	800,749
Trademarks and trade names	172,031		37,877		134,154
Customer relationships	630,743		293,782		336,961
In-process research and development (1)	7,100		—		7,100
Other	23,924		20,919		3,005
	$	2,090,267	$	808,298	$	1,281,969

Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at June 29, 2024:


(In thousands)	Remaining 2024		2025	2026	2027	2028	Thereafter	Total
Future amortization expense	$	93,178	185,572	182,505	178,789	176,379	368,532	$	1,184,955

Segment Reporting - Summary of Financial Information by Reportable Segment and Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Net Sales	$ 812,652	$ 901,000	$ 1,583,677	$ 1,823,396
Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	342,333	440,634	692,369	888,964
Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	293,769	283,614	561,633	552,911
Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	188,225	190,356	351,079	409,209
intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	(11,675)	(13,604)	(21,404)	(27,688)
North America
Segment Reporting Information [Line Items]
Net Sales	181,292	229,499	354,551	480,108
North America \| Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	78,830	140,881	175,574	288,210
North America \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	52,907	45,947	88,366	87,713
North America \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	61,230	56,275	112,015	131,873
North America \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	(11,675)	(13,604)	(21,404)	(27,688)
Taiwan
Segment Reporting Information [Line Items]
Net Sales	160,027	139,893	315,156	288,984
Taiwan \| Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	58,594	57,126	113,468	115,320
Taiwan \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	72,715	53,987	141,806	108,222
Taiwan \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	28,718	28,780	59,882	65,442
Taiwan \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
China
Segment Reporting Information [Line Items]
Net Sales	169,154	140,617	318,903	276,048
China \| Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	63,783	50,703	118,953	98,663
China \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	60,333	54,701	124,021	110,372
China \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	45,038	35,213	75,929	67,013
China \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
South Korea
Segment Reporting Information [Line Items]
Net Sales	102,644	112,893	202,265	233,549
South Korea \| Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	50,461	55,885	97,316	112,256
South Korea \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	31,127	29,824	62,262	59,653
South Korea \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	21,056	27,184	42,687	61,640
South Korea \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Japan
Segment Reporting Information [Line Items]
Net Sales	72,850	95,271	142,310	185,696
Japan \| Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	28,624	25,714	59,053	55,070
Japan \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	36,195	57,789	67,521	107,542
Japan \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	8,031	11,768	15,736	23,084
Japan \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Europe
Segment Reporting Information [Line Items]
Net Sales	69,096	112,354	142,384	224,769
Europe \| Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	27,864	65,805	62,172	129,232
Europe \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	24,160	24,647	47,967	51,651
Europe \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	17,072	21,902	32,245	43,886
Europe \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Southeast Asia
Segment Reporting Information [Line Items]
Net Sales	57,589	70,473	108,108	134,242
Southeast Asia \| Materials Solutions MS
Segment Reporting Information [Line Items]
Net Sales	34,177	44,520	65,833	90,213
Southeast Asia \| Microcontamination Control MC
Segment Reporting Information [Line Items]
Net Sales	16,332	16,719	29,690	27,758
Southeast Asia \| Advanced Materials Handling AMH
Segment Reporting Information [Line Items]
Net Sales	7,080	9,234	12,585	16,271
Southeast Asia \| intersegment elimination
Segment Reporting Information [Line Items]
Net Sales	$ 0	$ 0	$ 0	$ 0

Other expense (income), net

6 Months Ended

Jun. 29, 2024

Other Income and Expenses [Abstract]

Other Nonoperating Income and Expense

Other expense, net for the three and six months ended June 29, 2024 and July 1, 2023 consisted of the following:


	Three months ended				Six months ended
(In thousands)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023

Infineum termination fee, net	$	—	$	—	$	—	$	(10,876)
Loss on foreign currency transactions	2,653		3,885		4,295		6,286
Loss on extinguishment of debt and modification	796		4,481		12,347		8,361
Other, net	(472)		(642)		620		(705)
Other expense, net	$	2,977	$	7,724	$	17,262	$	3,066

Infineum termination fee, net

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

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Year-to-date effective tax rate	9.00%	8.20%	(9.10%)	4.30%
Income tax expense (benefit)	$ 6,689	$ (16,491)	$ 10,145	$ 4,978
Discrete tax (benefit) expense	$ (3,100)	$ 300
Pillar two global minimum tax rate	15.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Debt (Tables)

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt as of June 29, 2024 and December 31, 2023 consisted of the following:


(In thousands)	June 29, 2024		December 31, 2023
Senior secured term loans B due 2029 at 4.71% (1)	900,000		1,373,774
Senior secured notes due 2029 at 4.75%	1,600,000		1,600,000
Senior unsecured notes due 2030 at 5.95%	895,000		895,000
Senior unsecured notes due 2029 at 3.625%	400,000		400,000
Senior unsecured notes due 2028 at 4.375%	400,000		400,000


Revolving facility due 2027 at 7.08% (2)	—		—
Total debt (par value)	4,195,000		4,668,774
Unamortized discount and debt issuance costs	72,767		91,633
Total debt, net	4,122,233		4,577,141
Less short-term debt, including current portion of long-term debt	—		—
Total long-term debt, net	$	4,122,233	$	4,577,141

Schedule of Maturities of Long-term Debt

Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of June 29, 2024 were as follows:


(In thousands)	Remaining 2024		2025	2026	2027	2028	Thereafter	Total
Contractual debt obligation maturities*	$	—	—	—	—	400,000	3,795,000	4,195,000

Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Gross carrying Amount	$ 2,091,451	$ 2,090,267
Accumulated amortization	906,496	808,298
Net carrying value	1,184,955	1,281,969
Developed Technology
Finite-Lived Intangible Assets
Gross carrying Amount	1,256,795	1,256,469
Accumulated amortization	528,808	455,720
Net carrying value	727,987	800,749
Trademarks and Trade names
Finite-Lived Intangible Assets
Gross carrying Amount	171,979	172,031
Accumulated amortization	43,320	37,877
Net carrying value	128,659	134,154
Customer Relationships
Finite-Lived Intangible Assets
Gross carrying Amount	630,532	630,743
Accumulated amortization	312,591	293,782
Net carrying value	317,941	336,961
In Process Research and Development
Finite-Lived Intangible Assets
Gross carrying Amount	6,600	7,100
Accumulated amortization	0	0
Net carrying value	6,600	7,100
Other Intangible Assets
Finite-Lived Intangible Assets
Gross carrying Amount	25,545	23,924
Accumulated amortization	21,777	20,919
Net carrying value	$ 3,768	$ 3,005

- Definition

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

+ References + Details

Inventories (Tables)

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(In thousands)	June 29, 2024		December 31, 2023
Raw materials	$	253,642	$	248,656
Work-in-process	55,124		49,704
Finished goods (1)	324,607		308,691
Total inventories, net	$	633,373	$	607,051

(1) Includes consignment inventories held by customers of $22.7 million and $20.8 million at June 29, 2024 and December 31, 2023, respectively.

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.10	$ 0.10	$ 0.10	$ 0.10

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 29, 2024

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 EPS:


	Three months ended		Six months ended
(In thousands)	June 29, 2024	July 1, 2023	June 29, 2024	July 1, 2023
Basic—weighted average common shares outstanding	150,801	149,825	150,675	149,626
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock	1,018	1,012	1,094	983
Diluted—weighted average common shares and common shares equivalent outstanding	151,819	150,837	151,769	150,609

Shares Excluded Underlying Stock Based Awards from Calculations of Diluted EPS

Three months ended

Six months ended

(In thousands)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Shares excluded from calculations of diluted EPS

506

580

280

791

Fair Value Measures and Disclosures

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

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

Level 1 Cash and cash equivalents consist of various bank accounts used to support our operations and investments in institutional money-market funds that are traded in active markets.

Level 2 Derivative financial instruments include an interest rate swap contract. The fair value of our derivative instruments is estimated using standard valuation models and market-based observable inputs over the contractual term, including the prevailing SOFR-based yield curves for the interest rate swap, and forward rates. The fair value of our debt is estimated

based on independent broker/dealer bids or by comparison to other debt securities having similar durations, yields and credit

ratings.

Level 3 No Level 3 financial instruments.


	Fair Value Measurements at Reporting Date Using
(In thousands):	Level 1				Level 2				Level 3				Total
Assets:	June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023
Cash and cash equivalents	$	320,008	$	456,929	$	—	$	—	$	—	$	—	$	320,008	$	456,929

Derivative financial instruments - Interest rate swap - cash flow hedge	—		—		19,273		24,069		—		—		19,273		24,069

Total	$	320,008	$	456,929	$	19,273	$	24,069	$	—	$	—	$	339,281	$	480,998

Other Fair Value Disclosures

The estimated fair value and carrying value of our debt as of June 29, 2024 and December 31, 2023 were as follows:


	June 29, 2024				December 31, 2023
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt, net	$	4,122,233	$	4,045,931	$	4,577,141	$	4,536,238

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measures and Disclosures-Fair Value Levels (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt, net	$ 4,122,233	$ 4,577,141
Long-term Debt, Fair Value	4,045,931	4,536,238
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	320,008	456,929
Total	320,008	456,929
Fair Value, Inputs, Level 1 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets, at Fair Value, Net	0	0
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Total	19,273	24,069
Fair Value, Inputs, Level 2 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets, at Fair Value, Net	19,273	24,069
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Total	0	0
Fair Value, Inputs, Level 3 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets, at Fair Value, Net	0	0
Fair Value, Inputs, Level 1, Level 2, and Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	320,008	456,929
Total	339,281	480,998
Fair Value, Inputs, Level 1, Level 2, and Level 3 \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets, at Fair Value, Net	$ 19,273	$ 24,069

PIM Disposal (Details) - PIM [Member] - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Mar. 01, 2024	Jun. 29, 2024	Jun. 29, 2024
Disposal (Line Items)
Current assets	$ 58,684
Property, plant and equipment, net	118,146
Intangible assets, net	76,692
Goodwill	12,707
Other assets	2,500
Total assets held-for-sale	268,729
Accounts payable	9,485
Accrued expenses	4,672
Long-term liabilities	1,737
Total liabilities held-for-sale	15,894
Carrying value of net assets	252,800
Cash proceeds received, gross	263,208
Preliminary working capital adjustment	1,189
Cash transferred to the buyer on the closing balance sheet	(230)
Direct costs to sell	(8,005)
Fair value of sale consideration	256,162
Disposal Group, Including Discontinued Operation, Consideration	$ 25,000
Pre-tax gain (loss) on sale		$ 500	$ (4,300)
Gain reclassified from accumulated other comprehensive income		1,000
Tax effect on divestiture		$ (100)	$ 1,000

Assets Held For Sale (Tables)

6 Months Ended

Jun. 29, 2024

Disposal (Line Items)

Schedule of Consideration, Divestitures

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


(In thousands)	March 1, 2024
Cash proceeds received, gross	$	263,208
Preliminary working capital adjustment	1,189
Cash transferred to the buyer on the closing balance sheet	(230)
Direct costs to sell	(8,005)
Fair value of sale consideration	$	256,162

Disposal Groups, Including Discontinued Operations

The carrying amount of net assets associated with the PIM business was approximately $252.8 million. The major classes of assets and liabilities sold consisted of the following:


(In thousands)
Assets:	March 1, 2024
Current assets	$	58,684
Property, plant and equipment, net	118,146
Intangible assets, net	76,692
Goodwill	12,707
Other assets	2,500
Total assets held-for-sale	$	268,729

Liabilities:
Accounts payable	$	9,485
Accrued expenses	4,672
Long-term liabilities	1,737
Total liabilities held-for-sale	$	15,894

- Definition

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

+ References

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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net Sales	$ 812,652	$ 901,000	$ 1,583,677	$ 1,823,396
Cost of sales	436,833	516,834	856,038	1,037,545
Gross profit	375,819	384,166	727,639	785,851
Selling, general and administrative expenses	116,315	145,596	228,508	315,463
Engineering, research and development expenses	81,885	71,030	153,761	142,936
Amortization of intangible assets	47,513	54,680	97,672	112,254
Goodwill, Impairment Loss	0	0	0	88,872
Gain on termination of alliance agreement	0	154,754	0	154,754
Operating income	130,106	267,614	247,698	281,080
Interest expense	53,687	80,908	111,060	167,054
Interest income	(1,160)	(2,303)	(4,154)	(3,628)
Other expense, net	2,977	7,724	17,262	3,066
Income before income tax expense (benefit)	74,602	181,285	123,530	114,588
Income tax expense (benefit)	6,689	(16,491)	10,145	4,978
Equity in net loss of affiliates	217	130	423	130
Net income	$ 67,696	$ 197,646	$ 112,962	$ 109,480
Basic earnings per common share	$ 0.45	$ 1.32	$ 0.75	$ 0.73
Diluted earnings per common share	$ 0.45	$ 1.31	$ 0.74	$ 0.73
Weighted average shares outstanding:
Basic	150,801	149,825	150,675	149,626
Diluted	151,819	150,837	151,769	150,609

Debt Summary Table (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 4,195,000	$ 4,668,774
Unamortized discount and debt issuance costs	72,767	91,633
Total debt, net	4,122,233	4,577,141
Less short-term debt, including current portion of long-term debt	0	0
Long-term debt, net of unamortized discount and debt issuance costs of $72,767 and $91,633	4,122,233	4,577,141
Line of Credit Facility, Maximum Borrowing Capacity	575,000
Senior secured term loans B due 2029 at 4.71% (1)
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 900,000	1,373,774
Term Loan Rate	4.71%
Senior secured notes due 2029 at $4.75%
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,600,000	1,600,000
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Senior unsecured notes due 2030 at $5.95%
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 895,000	895,000
Debt Instrument, Interest Rate, Stated Percentage	5.95%
Senior unsecured notes due 2029 at $3.625%
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000	400,000
Debt Instrument, Interest Rate, Stated Percentage	3.625%
Senior unsecured notes due 2028 at $4.375%
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000	400,000
Debt Instrument, Interest Rate, Stated Percentage	4.375%
Revolving facility due 2027 at 7.08% (2)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.08%
Long-Term Line of Credit	$ 0	$ 0

Earnings per Common Share - Shares Excluded Underlying Stock Based Award from Calucations of Diluted EPS (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Shares excluded from calculations of diluted EPS	506	580	280	791

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Notional Amount	$ 900,000	$ 1,350,000