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Segment Reporting
 9 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Segment Reporting
The Company currently 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.

Effective October 30, 2024, the Company realigned its segments in order to align its segment financial reporting with a change in its business structure. Following the operating segment realignment, the Company’s two reportable segments are as follows: (1) Materials Solutions and (2) a new division that combines MC and AMH. See Note 14 for further discussion.
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.

Summarized financial information for the Company’s reportable segments is shown in the following tables.
 Three months endedNine months ended
(In thousands)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net sales
MS$346,634 $435,538 $1,039,003 $1,324,502 
MC286,995 286,217 848,628 839,128 
AMH182,177 180,248 533,256 589,457 
Inter-segment elimination(8,112)(13,764)(29,516)(41,452)
Total net sales$807,694 $888,239 $2,391,371 $2,711,635 
 Three months endedNine months ended
(In thousands)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Segment profit
MS (1)
$71,706 $56,955 $209,098 $243,171 
MC96,704 101,132 276,968 297,790 
AMH30,611 31,642 84,197 115,637 
Total segment profit$199,021 $189,729 $570,263 $656,598 
(1) MS segment profit is inclusive of a $154.8 million gain, net on termination of alliance agreement for the nine months ended September 30, 2023, a $28.6 million loss on sale of business and held-for-sale assets for the nine months ended September 30, 2023, a $15.9 million and $104.8 million goodwill impairment charge relating to the EC reporting unit for the three and nine months ended September 30, 2023, respectively, and a $13.0 million long-lived asset impairment charge for the nine months ended September 28, 2024.

The following table reconciles total segment profit to income before income tax expense (benefit):
 Three months endedNine months ended
(In thousands)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Total segment profit$199,021 $189,729 $570,263 $656,598 
Less:
Amortization of intangible assets46,226 51,239 143,898 163,493 
Unallocated general and administrative expenses16,554 21,429 42,426 94,964 
Operating income136,241 117,061 383,939 398,141 
Interest expense51,666 77,820 162,726 244,874 
Interest income(1,247)(2,226)(5,401)(5,854)
Other (income) expense, net(212)10,243 17,050 13,309 
Income before income tax expense (benefit)$86,034 $31,224 $209,564 $145,812 
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 nine months ended September 28, 2024 and September 30, 2023, respectively.
Three months ended September 28, 2024
(In thousands)MS MCAMHInter-segment Total
North America$73,196 $48,163 $48,852 $(8,112)$162,099 
Taiwan59,984 69,559 31,780 — 161,323 
China62,747 61,392 47,808 — 171,947 
South Korea53,357 31,432 20,486 — 105,275 
Japan33,977 35,307 7,956 — 77,240 
Europe25,551 26,428 16,190 — 68,169 
Southeast Asia37,822 14,714 9,105 — 61,641 
$346,634 $286,995 $182,177 $(8,112)$807,694 
Three months ended September 30, 2023
(In thousands)MS MCAMHInter-segmentTotal
North America$141,427 $42,115 $52,130 $(13,764)$221,908 
Taiwan61,094 61,710 28,249 — 151,053 
China47,012 60,009 38,409 — 145,430 
South Korea50,085 28,978 23,303 — 102,366 
Japan26,364 57,472 10,279 — 94,115 
Europe63,346 19,951 17,213 — 100,510 
Southeast Asia46,210 15,982 10,665 — 72,857 
$435,538 $286,217 $180,248 $(13,764)$888,239 

Nine months ended September 28, 2024
(In thousands)MS MCAMHInter-segment Total
North America$248,770 $136,529 $160,867 $(29,516)$516,650 
Taiwan173,452 211,365 91,662 — 476,479 
China181,700 185,413 123,737 — 490,850 
South Korea150,673 93,694 63,173 — 307,540 
Japan93,030 102,828 23,692 — 219,550 
Europe87,723 74,395 48,435 — 210,553 
Southeast Asia103,655 44,404 21,690 — 169,749 
$1,039,003 $848,628 $533,256 $(29,516)$2,391,371 
Nine months ended September 30, 2023
(In thousands)MSMCAMHInter-segmentTotal
North America$429,637 $129,827 $184,003 $(41,452)$702,015 
Taiwan176,414 169,933 93,691 — 440,038 
China145,675 170,381 105,422 — 421,478 
South Korea162,341 88,631 84,943 — 335,915 
Japan81,434 165,014 33,363 — 279,811 
Europe192,578 71,602 61,099 — 325,279 
Southeast Asia136,423 43,740 26,936 — 207,099 
$1,324,502 $839,128 $589,457 $(41,452)$2,711,635