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As Of Filer Filing For·On·As Docs:Size 10/26/21 Entegris Inc. 10-Q 10/02/21 65:7.4M |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 991K
2: EX-31.1 Certification -- §302 - SOA'02 HTML 22K
3: EX-31.2 Certification -- §302 - SOA'02 HTML 22K
4: EX-32.1 Certification -- §906 - SOA'02 HTML 20K
11: R1 Document and Entity Information HTML 71K
12: R2 Condensed Consolidated Balance Sheets HTML 133K
13: R3 Condensed Consolidated Balance Sheets HTML 48K
(Parenthetical)
14: R4 Condensed Consolidated Statements Of Operations HTML 96K
15: R5 Condensed Consolidated Statements Of Comprehensive HTML 45K
Income
16: R6 Condensed Consolidated Statements Of Equity HTML 109K
Condensed Consolidatd Statements of Equity
17: R7 Condensed Consolidated Statements of Equity HTML 21K
(Parenthetical)
18: R8 Condensed Consolidated Statements Of Cash Flows HTML 130K
19: R9 Summary of Significant Accounting Policies HTML 26K
20: R10 Revenues Revenues HTML 36K
21: R11 Acquisition HTML 60K
22: R12 Inventories HTML 26K
23: R13 Goodwill and Intangible Assets HTML 61K
24: R14 Debt HTML 54K
25: R15 Earnings Per Common Share HTML 35K
26: R16 Other expense (income), net HTML 33K
27: R17 Leases HTML 51K
28: R18 Segment Reporting HTML 180K
29: R19 Summary of Significant Accounting Policies HTML 38K
(Policies)
30: R20 Revenues (Tables) HTML 27K
31: R21 Acquisition (Tables) HTML 61K
32: R22 Inventories (Tables) HTML 27K
33: R23 Goodwill and Intangible Assets (Tables) HTML 66K
34: R24 Debt (Tables) HTML 45K
35: R25 Earnings Per Common Share (Tables) HTML 37K
36: R26 Other Expense (Income), net (Tables) HTML 33K
37: R27 Leases (Tables) HTML 56K
38: R28 Segment Reporting (Tables) HTML 180K
39: R29 Summary of Significant Accounting Policies HTML 27K
Additional details (Details)
40: R30 Revenues Revenues - Contract balances (Details) HTML 20K
41: R31 Revenues Revenues - Significant changes in HTML 22K
contract liabilities (Details)
42: R32 Acquisition - Other (Details) HTML 26K
43: R33 Acquisition - GMTI (Details) HTML 65K
44: R34 Acquisition - Sinmat (Details) HTML 76K
45: R35 Inventories (Detail) HTML 28K
46: R36 Goodwill Rollforward (Details) HTML 34K
47: R37 Goodwill and Intangible Assets - Intangible Assets HTML 37K
(Detail)
48: R38 Goodwill and Intangible Assets Goodwill and HTML 34K
Intangible Assets - Estimated Future Amortization
Expense (Detail)
49: R39 Debt Summary Table (Details) HTML 37K
50: R40 Debt Maturity (Details) HTML 38K
51: R41 Debt 2029 Notes (Details) HTML 68K
52: R42 Earnings Per Common Share - Reconciliation of HTML 26K
Share Amount Used in Computation of Basic and
Diluted Earnings Per Share (Eps) (Detail)
53: R43 Earnings per Common Share - Shares Excluded HTML 21K
Underlying Stock Based Award from Calucations of
Diluted EPS (Detail)
54: R44 Other Expense (Income), Net (Details) HTML 27K
55: R45 Leases - Lease Balances (Details) HTML 37K
56: R46 Leases - Components of Lease Expense (Details) HTML 21K
57: R47 Leases - Other Information (Details) HTML 33K
58: R48 Leases - Future Minimum Lease Payments (Details) HTML 38K
59: R49 Segment Reporting - Summary of Financial HTML 37K
Information for Reportable Segments (Details)
60: R50 Segment Reporting - Reconciliation of Total HTML 40K
Segment Profit to Operating Income (Details)
61: R51 Segment Reporting - Summary of Financial HTML 85K
Information by Reportable Segment and Geography
(Details)
63: XML IDEA XML File -- Filing Summary XML 113K
10: XML XBRL Instance -- entg-20211002_htm XML 2.27M
62: EXCEL IDEA Workbook of Financial Reports XLSX 75K
6: EX-101.CAL XBRL Calculations -- entg-20211002_cal XML 177K
7: EX-101.DEF XBRL Definitions -- entg-20211002_def XML 463K
8: EX-101.LAB XBRL Labels -- entg-20211002_lab XML 1.04M
9: EX-101.PRE XBRL Presentations -- entg-20211002_pre XML 670K
5: EX-101.SCH XBRL Schema -- entg-20211002 XSD 105K
64: JSON XBRL Instance as JSON Data -- MetaLinks 289± 407K
65: ZIP XBRL Zipped Folder -- 0001101302-21-000078-xbrl Zip 277K
| entg-20211002 |
| i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
 | ||
| i Delaware | i 41-1941551 | |||||||||||||
| (State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| i 129 Concord Road, | i Billerica, | i Massachusetts | i 01821 | |||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| i Common stock, $0.01 par value per share | i ENTG | i The Nasdaq Stock Market LLC | ||||||||||||
| i Large accelerated filer | ý | Accelerated filer | ☐ | ||||||||||||||
| Non-accelerated filer | ¨ | Smaller reporting company | i ☐ | ||||||||||||||
| Emerging growth company | i ☐ | ||||||||||||||||
| Description | Page | ||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |||||
| (In thousands, except share and per share data) | October 2, 2021 | December 31, 2020 | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | i 475,752 | $ | i 580,893 | |||||||
Trade
accounts and notes receivable, net of allowance for doubtful accounts of $ i 2,356 and $ i 2,384 | i 315,073 | i 264,392 | |||||||||
| Inventories, net | i i 429,016 / | i i 323,944 / | |||||||||
| Deferred tax charges and refundable income taxes | i 21,760 | i 21,136 | |||||||||
| Other current assets | i 34,104 | i 43,892 | |||||||||
| Total current assets | i 1,275,705 | i 1,234,257 | |||||||||
Property,
plant and equipment, net of accumulated depreciation of $ i 632,241 and $ i 574,257 | i 597,630 | i 525,367 | |||||||||
| Other assets: | |||||||||||
| Right-of-use assets | i 56,990 | i 45,924 | |||||||||
| Goodwill | i 749,933 | i 748,037 | |||||||||
Intangible
assets, net of accumulated amortization of $ i 482,098 and $ i 445,795 | i 302,487 | i 337,632 | |||||||||
| Deferred tax assets and other noncurrent tax assets | i 17,565 | i 14,519 | |||||||||
| Other | i 11,965 | i 11,960 | |||||||||
| Total assets | $ | i 3,012,275 | $ | i 2,917,696 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | i 120,611 | $ | i 81,618 | |||||||
| Accrued payroll and related benefits | i 90,684 | i 94,364 | |||||||||
| Other accrued liabilities | i 91,129 | i 82,648 | |||||||||
| Income taxes payable | i 6,989 | i 43,996 | |||||||||
| Total current liabilities | i 309,413 | i 302,626 | |||||||||
Long-term
debt, excluding current maturities, net of unamortized discount and debt issuance costs of $ i 8,296 and $ i 9,217 | i 936,704 | i 1,085,783 | |||||||||
| Pension benefit obligations and other liabilities | i 36,118 | i 36,457 | |||||||||
| Deferred tax liabilities and other noncurrent tax liabilities | i 66,774 | i 73,606 | |||||||||
| Long-term lease liability | i 52,486 | i 39,730 | |||||||||
| Commitments and contingent liabilities | i — | i — | |||||||||
| Equity: | |||||||||||
Preferred
stock, par value $ i i .01 / ; i i 5,000,000 /
shares authorized; i i i i none / / /
issued and outstanding as of October 2, 2021 and December 31, 2020 | i — | i — | |||||||||
Common
stock, par value $ i i .01 / ; i i 400,000,000 /
shares authorized; issued and outstanding shares as of October 2, 2021: i 135,724,073 and i 135,521,673, respectively; issued and
outstanding shares as of December 31, 2020: i 135,148,774 and i 134,946,374, respectively | i 1,357 | i 1,351 | |||||||||
Treasury
stock, at cost: i i 202,400 / shares held as of October 2,
2021 and December 31, 2020 | ( i 7,112) | ( i 7,112) | |||||||||
| Additional paid-in capital | i 866,716 | i 844,850 | |||||||||
| Retained earnings | i 788,830 | i 577,833 | |||||||||
| Accumulated other comprehensive loss | ( i 39,011) | ( i 37,428) | |||||||||
| Total equity | i 1,610,780 | i 1,379,494 | |||||||||
| Total liabilities and equity | $ | i 3,012,275 | $ | i 2,917,696 | |||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands, except per share data) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Net sales | $ | i 579,493 | $ | i 480,987 | $ | i 1,663,689 | $ | i 1,341,719 | |||||||||||||||
| Cost of sales | i 315,289 | i 254,987 | i 899,115 | i 722,869 | |||||||||||||||||||
| Gross profit | i 264,204 | i 226,000 | i 764,574 | i 618,850 | |||||||||||||||||||
| Selling, general and administrative expenses | i 71,032 | i 71,195 | i 215,042 | i 196,958 | |||||||||||||||||||
| Engineering, research and development expenses | i 41,972 | i 36,295 | i 121,692 | i 98,499 | |||||||||||||||||||
| Amortization of intangible assets | i 11,843 | i 11,749 | i 35,616 | i 41,176 | |||||||||||||||||||
| Operating income | i i 139,357 / | i i 106,761 / | i 392,224 | i 282,217 | |||||||||||||||||||
| Interest expense | i 9,395 | i 12,781 | i 31,744 | i 36,345 | |||||||||||||||||||
| Interest income | ( i 56) | ( i 130) | ( i 181) | ( i 664) | |||||||||||||||||||
| Other expense (income), net | i 1,917 | ( i 1,752) | i 29,807 | ( i 1,351) | |||||||||||||||||||
| Income before income tax expense | i 128,101 | i 95,862 | i 330,854 | i 247,887 | |||||||||||||||||||
| Income tax expense | i 10,640 | i 16,559 | i 39,947 | i 39,542 | |||||||||||||||||||
| Net income | $ | i 117,461 | $ | i 79,303 | $ | i 290,907 | $ | i 208,345 | |||||||||||||||
| Basic earnings per common share | $ | i 0.87 | $ | i 0.59 | $ | i 2.15 | $ | i 1.55 | |||||||||||||||
| Diluted earnings per common share | $ | i 0.86 | $ | i 0.58 | $ | i 2.13 | $ | i 1.53 | |||||||||||||||
| Weighted shares outstanding: | |||||||||||||||||||||||
| Basic | i 135,583 | i 134,957 | i 135,383 | i 134,801 | |||||||||||||||||||
| Diluted | i 136,631 | i 136,252 | i 136,556 | i 136,209 | |||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Net income | $ | i 117,461 | $ | i 79,303 | $ | i 290,907 | $ | i 208,345 | |||||||||||||||
| Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
| Foreign currency translation adjustments | i 637 | i 4,765 | ( i 1,622) | ( i 6,772) | |||||||||||||||||||
| Pension liability adjustments | i — | i 9 | i 39 | i 28 | |||||||||||||||||||
| Other comprehensive income (loss) | i 637 | i 4,774 | ( i 1,583) | ( i 6,744) | |||||||||||||||||||
| Comprehensive income | $ | i 118,098 | $ | i 84,077 | $ | i 289,324 | $ | i 201,601 | |||||||||||||||
| (In thousands) | Common shares outstanding | Common stock | Treasury shares | Treasury stock | Additional paid-in capital | Retained earnings | Foreign currency translation adjustments | Defined benefit pension adjustments | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 | i 134,930 | $ | i 1,349 | ( i 202) | $ | ( i 7,112) | $ | i 842,784 | $ | i 366,127 | $ | ( i 36,468) | $ | ( i 791) | $ | i 1,165,889 | |||||||||||||||||||||||||||||||||||||
| Shares issued under stock plans | i 483 | i 5 | — | i — | ( i 10,894) | i — | i — | i — | ( i 10,889) | ||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | i — | — | i — | i 4,994 | i — | i — | i — | i 4,994 | ||||||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | ( i 604) | ( i 6) | — | i — | ( i 3,740) | ( i 25,818) | i — | i — | ( i 29,564) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.08 per share) | — | i — | — | i — | i 15 | ( i 10,773) | i — | i — | ( i 10,758) | ||||||||||||||||||||||||||||||||||||||||||||
| Pension liability adjustment | — | i — | — | i — | i — | i — | i — | i 10 | i 10 | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | — | i — | — | i — | i — | i — | ( i 9,361) | i — | ( i 9,361) | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | i — | — | i — | i — | i 61,006 | i — | i — | i 61,006 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 28, 2020 | i 134,809 | $ | i 1,348 | ( i 202) | $ | ( i 7,112) | $ | i 833,159 | $ | i 390,542 | $ | ( i 45,829) | $ | ( i 781) | $ | i 1,171,327 | |||||||||||||||||||||||||||||||||||||
| Shares issued under stock plans | i 139 | i 1 | i — | ( i 83) | i — | i — | i — | ( i 82) | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | i — | — | i — | i 5,655 | i — | i — | i — | i 5,655 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.08 per share) | — | i — | — | i — | i 8 | ( i 10,988) | i — | i — | ( i 10,980) | ||||||||||||||||||||||||||||||||||||||||||||
| Pension liability adjustment | — | i — | — | i — | i — | i — | i — | i 9 | i 9 | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | — | i — | — | i — | i — | i — | ( i 2,176) | i — | ( i 2,176) | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | i — | — | i — | i — | i 68,036 | i — | i — | i 68,036 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 27, 2020 | i 134,948 | $ | i 1,349 | ( i 202) | $ | ( i 7,112) | $ | i 838,739 | $ | i 447,590 | $ | ( i 48,005) | $ | ( i 772) | $ | i 1,231,789 | |||||||||||||||||||||||||||||||||||||
| Shares issued under stock plans | i 290 | i 3 | i — | ( i 8,689) | i — | i — | i — | ( i 8,686) | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | i — | — | i — | i 5,903 | i — | i — | i — | i 5,903 | ||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of common stock | i — | i — | — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.08 per share) | — | i — | — | i — | i — | ( i 10,782) | i — | i — | ( i 10,782) | ||||||||||||||||||||||||||||||||||||||||||||
| Pension liability adjustment | — | i — | — | i — | i — | i — | i — | i 9 | i 9 | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | — | i — | — | i — | i — | i — | i 4,765 | i — | i 4,765 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | i — | — | i — | i — | i 79,303 | i — | i — | i 79,303 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at September 26, 2020 | i 135,238 | $ | i 1,352 | ( i 202) | $ | ( i 7,112) | $ | i 835,953 | $ | i 516,111 | $ | ( i 43,240) | $ | ( i 763) | $ | i 1,302,301 | |||||||||||||||||||||||||||||||||||||
| (In thousands) | Common shares outstanding | Common stock | Treasury shares | Treasury stock | Additional paid-in capital | Retained earnings | Foreign currency translation adjustments | Defined benefit pension adjustments | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | i 135,149 | $ | i 1,351 | ( i 202) | $ | ( i 7,112) | $ | i 844,850 | $ | i 577,833 | $ | ( i 36,588) | $ | ( i 840) | $ | i 1,379,494 | |||||||||||||||||||||||||||||||||||||
| Shares issued under stock plans | i 392 | i 4 | — | i — | ( i 13,470) | i — | i — | i — | ( i 13,466) | ||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | i — | — | i — | i 7,138 | i — | i — | i — | i 7,138 | ||||||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | ( i 145) | ( i 1) | — | i — | ( i 904) | ( i 14,095) | i — | i — | ( i 15,000) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.08 per share) | — | i — | — | i — | i 8 | ( i 10,840) | i — | i — | ( i 10,832) | ||||||||||||||||||||||||||||||||||||||||||||
| Pension liability adjustment | — | i — | — | i — | i — | i — | i — | i 39 | i 39 | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | — | i — | — | i — | i — | i — | ( i 3,716) | i — | ( i 3,716) | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | i — | — | i — | i — | i 84,676 | i — | i — | i 84,676 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at April 3, 2021 | i 135,396 | $ | i 1,354 | ( i 202) | $ | ( i 7,112) | $ | i 837,622 | $ | i 637,574 | $ | ( i 40,304) | $ | ( i 801) | $ | i 1,428,333 | |||||||||||||||||||||||||||||||||||||
| Shares issued under stock plans | i 559 | i 5 | i — | i 15,185 | i — | i — | i — | i 15,190 | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | i — | — | i — | i 7,519 | i — | i — | i — | i 7,519 | ||||||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | ( i 130) | ( i 1) | — | i — | ( i 813) | ( i 14,186) | i — | i — | ( i 15,000) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.08 per share) | — | i — | — | i — | i 7 | ( i 10,945) | i — | i — | ( i 10,938) | ||||||||||||||||||||||||||||||||||||||||||||
| Pension liability adjustment | — | i — | — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | — | i — | — | i — | i — | i — | i 1,457 | i — | i 1,457 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | i — | — | i — | i — | i 88,770 | i — | i — | i 88,770 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at July 3, 2021 | i 135,825 | $ | i 1,358 | ( i 202) | $ | ( i 7,112) | $ | i 859,520 | $ | i 701,213 | $ | ( i 38,847) | $ | ( i 801) | $ | i 1,515,331 | |||||||||||||||||||||||||||||||||||||
| Shares issued under stock plans | i 65 | i 1 | i — | i 779 | i — | i — | i — | i 780 | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | i — | — | i — | i 7,467 | i — | i — | i — | i 7,467 | ||||||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | ( i 166) | ( i 2) | — | i — | ( i 1,050) | ( i 18,948) | i — | i — | ( i 20,000) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.08 per share) | — | i — | — | i — | i — | ( i 10,896) | i — | i — | ( i 10,896) | ||||||||||||||||||||||||||||||||||||||||||||
| Pension liability adjustment | — | i — | — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation | — | i — | — | i — | i — | i — | i 637 | i — | i 637 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | i — | — | i — | i — | i 117,461 | i — | i — | i 117,461 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at October 2, 2021 | i 135,724 | $ | i 1,357 | ( i 202) | $ | ( i 7,112) | $ | i 866,716 | $ | i 788,830 | $ | ( i 38,210) | $ | ( i 801) | $ | i 1,610,780 | |||||||||||||||||||||||||||||||||||||
| Nine months ended | |||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | |||||||||
| Operating activities: | |||||||||||
| Net income | $ | i 290,907 | $ | i 208,345 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation | i 67,510 | i 62,064 | |||||||||
| Amortization | i 35,616 | i 41,176 | |||||||||
| Share-based compensation expense | i 22,124 | i 16,552 | |||||||||
| Provision for deferred income taxes | ( i 12,307) | i 14,958 | |||||||||
| Loss on extinguishment of debt and modification | i 23,338 | i 2,378 | |||||||||
| Charge for excess and obsolete inventory | i 10,066 | i 11,933 | |||||||||
| Other | i 265 | i 3,836 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Trade accounts and notes receivable | ( i 53,358) | ( i 65,367) | |||||||||
| Inventories | ( i 115,187) | ( i 54,278) | |||||||||
| Accounts payable and accrued liabilities | i 37,577 | i 10,076 | |||||||||
| Other current assets | i 10,575 | i 2,189 | |||||||||
| Income taxes payable and refundable income taxes | ( i 35,275) | ( i 11,995) | |||||||||
| Other | i 2,623 | i 789 | |||||||||
| Net cash provided by operating activities | i 284,474 | i 242,656 | |||||||||
| Investing activities: | |||||||||||
| Acquisition of property, plant and equipment | ( i 133,986) | ( i 79,560) | |||||||||
| Acquisition of businesses, net of cash acquired | ( i 2,250) | ( i 111,145) | |||||||||
| Other | i 4,416 | i 265 | |||||||||
| Net cash used in investing activities | ( i 131,820) | ( i 190,440) | |||||||||
| Financing activities: | |||||||||||
| Proceeds from revolving credit facility | i 51,000 | i 217,000 | |||||||||
| Payments of revolving credit facility | ( i 51,000) | ( i 217,000) | |||||||||
| Proceeds from long-term debt | i 400,000 | i 400,000 | |||||||||
| Payments of long-term debt | ( i 550,000) | ( i 251,000) | |||||||||
| Payments for debt extinguishment costs | ( i 19,080) | i — | |||||||||
| Payments for debt issuance costs | ( i 5,069) | ( i 3,964) | |||||||||
| Payments for dividends | ( i 32,650) | ( i 32,446) | |||||||||
| Issuance of common stock | i 17,872 | i 4,899 | |||||||||
| Repurchase and retirement of common stock | ( i 50,000) | ( i 29,564) | |||||||||
| Taxes paid related to net share settlement of equity awards | ( i 15,368) | ( i 24,556) | |||||||||
| Deferred acquisition payments | i — | ( i 16,125) | |||||||||
| Other | ( i 218) | ( i 2,892) | |||||||||
| Net cash (used in) provided by financing activities | ( i 254,513) | i 44,352 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( i 3,282) | ( i 507) | |||||||||
| (Decrease) increase in cash and cash equivalents | ( i 105,141) | i 96,061 | |||||||||
| Cash and cash equivalents at beginning of period | i 580,893 | i 351,911 | |||||||||
| Cash and cash equivalents at end of period | $ | i 475,752 | $ | i 447,972 | |||||||
| Supplemental Cash Flow Information | Nine months ended | ||||||||||
| (unaudited) | |||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | |||||||||
| Non-cash transactions: | |||||||||||
| Deferred acquisition payments | $ | i 250 | $ | i 2,785 | |||||||
| Equipment purchases in accounts payable | i 15,965 | i 7,543 | |||||||||
| (Decrease) increase in dividends payable | ( i 16) | i 74 | |||||||||
| Schedule of interest and income taxes paid: | |||||||||||
| Interest paid | i 29,759 | i 33,164 | |||||||||
| Income taxes paid, net of refunds received | i 85,409 | i 35,544 | |||||||||
| (In thousands) | October 2, 2021 | December 31, 2020 | |||||||||
| Contract liabilities - current | $ | i 17,049 | $ | i 13,852 | |||||||
| Nine months ended | |||||
| (In thousands) | October 2, 2021 | ||||
| Revenue recognized that was included in the contract liability balance at the beginning of the period | $ | ( i 13,561) | |||
| Increases due to cash received, excluding amounts recognized as revenue during the period | i 16,758 | ||||
| (In thousands): | July 10, 2020 | ||||||||||
| Trade accounts and note receivable, net | $ | i 937 | |||||||||
| Inventories, net | i 1,079 | ||||||||||
| Identifiable intangible assets | i 18,180 | ||||||||||
| Right-of-use assets | i 337 | ||||||||||
| Accounts payable and accrued liabilities | ( i 28) | ||||||||||
| Short-term lease liability | ( i 150) | ||||||||||
| Long-term lease liability | ( i 187) | ||||||||||
| Net assets acquired | i 20,168 | ||||||||||
| Goodwill | i 16,099 | ||||||||||
| Total purchase price, net of cash acquired | $ | i 36,267 | |||||||||
| (In thousands) | Amount | Weighted average life in years | |||||||||
| Developed technology | $ | i 3,570 | i 6.5 | ||||||||
| Trademarks and trade names | i 1,010 | i 11.5 | |||||||||
| Customer relationships | i 13,600 | i 15.5 | |||||||||
| $ | i 18,180 | i 13.5 | |||||||||
| (In thousands): | As of January 10, 2020 | As of June 27, 2020 | |||||||||
| Trade accounts and note receivable, net | $ | i 1,189 | $ | i 1,189 | |||||||
| Inventories, net | i 1,010 | i 1,010 | |||||||||
| Other current assets | i 8 | i 8 | |||||||||
| Property, plant and equipment | i 63 | i 63 | |||||||||
| Identifiable intangible assets | i 41,680 | i 41,680 | |||||||||
| Right-of-use assets | i 1,712 | i 1,712 | |||||||||
| Deferred tax asset | i — | i 102 | |||||||||
| Accounts payable and accrued liabilities | ( i 58) | ( i 58) | |||||||||
| Short-term lease liability | ( i 150) | ( i 150) | |||||||||
| Long-term lease liability | ( i 1,562) | ( i 1,562) | |||||||||
| Net assets acquired | i 43,892 | i 43,994 | |||||||||
| Goodwill | i 31,751 | i 31,651 | |||||||||
| Total purchase price, net of cash acquired | $ | i 75,643 | $ | i 75,645 | |||||||
| (In thousands) | Amount | Weighted average life in years | |||||||||
| Developed technology | $ | i 7,650 | i 7.0 | ||||||||
| Trademarks and trade names | i 130 | i 1.3 | |||||||||
| Customer relationships | i 33,900 | i 15.0 | |||||||||
| $ | i 41,680 | i 13.5 | |||||||||
| (In thousands) | October 2, 2021 | December 31, 2020 | |||||||||
| Raw materials | $ | i 162,314 | $ | i 97,319 | |||||||
| Work-in process | i 42,538 | i 32,316 | |||||||||
| Finished goods | i 224,164 | i 194,309 | |||||||||
| Total inventories, net | $ | i i 429,016 / | $ | i i 323,944 / | |||||||
| (In thousands) | Specialty Chemicals and Engineered Materials | Microcontamination Control | Advanced Materials Handling | Total | |||||||||||||||||||
| December 31, 2020 | $ | i 427,713 | $ | i 247,154 | $ | i 73,170 | $ | i 748,037 | |||||||||||||||
| Addition due to acquisitions | i — | i — | i 932 | i 932 | |||||||||||||||||||
| Foreign currency translation | i 357 | i 607 | i — | i 964 | |||||||||||||||||||
| October 2, 2021 | $ | i 428,070 | $ | i 247,761 | $ | i 74,102 | $ | i 749,933 | |||||||||||||||
| October 2, 2021 | |||||||||||||||||
| (In thousands) | Gross carrying amount | Accumulated amortization | Net
carrying value | ||||||||||||||
| Developed technology | $ | i 284,294 | $ | i 229,840 | $ | i 54,454 | |||||||||||
| Trademarks and trade names | i 30,127 | i 19,864 | i 10,263 | ||||||||||||||
| Customer relationships | i 449,768 | i i 218,634 / | i 231,134 | ||||||||||||||
| Other | i 20,396 | i 13,760 | i 6,636 | ||||||||||||||
| $ | i 784,585 | $ | i 482,098 | $ | i 302,487 | ||||||||||||
| December 31, 2020 | |||||||||||||||||
| (In thousands) | Gross carrying amount | Accumulated amortization | Net carrying value | ||||||||||||||
| Developed technology | $ | i 283,272 | $ | i 221,651 | $ | i 61,621 | |||||||||||
| Trademarks and trade names | i 30,100 | i 18,374 | i 11,726 | ||||||||||||||
| Customer relationships | i 449,659 | i 193,313 | i 256,346 | ||||||||||||||
| Other | i 20,396 | i 12,457 | i 7,939 | ||||||||||||||
| $ | i 783,427 | $ | i 445,795 | $ | i i i 337,632 / / | ||||||||||||
| (In thousands) | Remaining 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Future amortization expense | $ | i 12,272 | i 47,735 | i 47,047 | i 34,433 | i 27,900 | i 133,100 | $ | i 302,487 | ||||||||||||||||||||||||||||||||
| (In thousands) | October 2, 2021 | December 31, 2020 | |||||||||
| Senior unsecured notes due 2029 | $ | i 400,000 | $ | i — | |||||||
| Senior unsecured notes due 2028 | i 400,000 | i 400,000 | |||||||||
| Senior secured term loan facility due 2025 | i 145,000 | i 145,000 | |||||||||
| Senior unsecured notes due 2026 | i — | i 550,000 | |||||||||
| i 945,000 | i 1,095,000 | ||||||||||
| Unamortized discount and debt issuance costs | i 8,296 | i 9,217 | |||||||||
| Total long-term debt | $ | i 936,704 | $ | i 1,085,783 | |||||||
| (In thousands) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Contractual debt obligation maturities* | $ | i — | i — | i — | i — | i 145,000 | i 800,000 | $ | i 945,000 | ||||||||||||||||||||||||||||||||
| Year | Percentage | |||||||
| 2024 | i 102.719 | % | ||||||
| 2025 | i 101.813 | % | ||||||
| 2026 | i 100.906 | % | ||||||
| 2027 and thereafter | i 100.000 | % | ||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Basic—weighted common shares outstanding | i 135,583 | i 134,957 | i 135,383 | i 134,801 | |||||||||||||||||||
| Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock | i 1,048 | i 1,295 | i 1,173 | i 1,408 | |||||||||||||||||||
| Diluted—weighted common shares and common shares equivalent outstanding | i 136,631 | i 136,252 | i 136,556 | i 136,209 | |||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Shares excluded from calculations of diluted EPS | i 148 | i 223 | i 149 | i 245 | |||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Loss (gain) on foreign currency transactions | $ | i 1,919 | $ | ( i 2,881) | $ | i 6,281 | $ | ( i 4,213) | |||||||||||||||
| Loss on extinguishment of debt and modification | i — | i 908 | i 23,338 | i 2,378 | |||||||||||||||||||
| Other, net | ( i 2) | i 221 | i 188 | i 484 | |||||||||||||||||||
| Other expense (income), net | $ | i 1,917 | $ | ( i 1,752) | $ | i 29,807 | $ | ( i 1,351) | |||||||||||||||
(In thousands, except lease term and discount rate) | Classification | October 2, 2021 | December 31, 2020 | ||||||||||||||
| Assets | |||||||||||||||||
| Right-of-use assets | Right-of-use assets | $ | i 56,990 | $ | i 45,924 | ||||||||||||
| Liabilities | |||||||||||||||||
| Short-term lease liability | Other accrued liabilities | i 8,689 | i 9,960 | ||||||||||||||
| Long-term lease liability | Long-term lease liability | i 52,486 | i 39,730 | ||||||||||||||
| Total lease liabilities | $ | i 61,175 | $ | i 49,690 | |||||||||||||
| Lease Term and Discount Rate | |||||||||||||||||
| Weighted average remaining lease term (years) | i 9.8 | i 7.9 | |||||||||||||||
| Weighted average discount rate | i 4.5 | % | i 5.0 | % | |||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
(In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Operating lease cost | $ | i 3,501 | $ | i 3,421 | $ | i 10,309 | $ | i 10,073 | |||||||||||||||
(In thousands) | October 2, 2021 | September 26, 2020 | ||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
| Operating cash flows from leases | $ | i 8,318 | $ | i 8,049 | ||||||||||
| Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
| Operating leases | $ | i 20,963 | $ | i 3,132 | ||||||||||
| (In thousands) | Operating Leases | ||||
| Remaining 2021 | $ | i 3,217 | |||
| 2022 | i 10,460 | ||||
| 2023 | i 8,676 | ||||
| 2024 | i 7,202 | ||||
| 2025 | i 6,408 | ||||
| Thereafter | i 40,511 | ||||
| Total | i 76,474 | ||||
| Less: Interest | i 15,299 | ||||
| Present value of lease liabilities | $ | i 61,175 | |||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| SCEM | $ | i 176,380 | $ | i 150,480 | $ | i 523,287 | $ | i 440,907 | |||||||||||||||
| MC | i 225,877 | i 193,541 | i 660,497 | i 536,560 | |||||||||||||||||||
| AMH | i 186,200 | i 144,370 | i 507,243 | i 386,941 | |||||||||||||||||||
| Inter-segment elimination | ( i 8,964) | ( i 7,404) | ( i 27,338) | ( i 22,689) | |||||||||||||||||||
| Total net sales | $ | i 579,493 | $ | i 480,987 | $ | i 1,663,689 | $ | i 1,341,719 | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Segment profit | |||||||||||||||||||||||
| SCEM | $ | i 41,091 | $ | i 32,600 | $ | i 120,592 | $ | i 98,208 | |||||||||||||||
| MC | i 78,399 | i 64,915 | i 227,097 | i 177,219 | |||||||||||||||||||
| AMH | i 40,503 | i 33,266 | i 114,691 | i 76,707 | |||||||||||||||||||
| Total segment profit | $ | i i 159,993 / | $ | i i 130,781 / | $ | i i 462,380 / | $ | i i 352,134 / | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Total segment profit | $ | i i 159,993 / | $ | i i 130,781 / | $ | i i 462,380 / | $ | i i 352,134 / | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Amortization of intangible assets | i 11,843 | i 11,749 | i 35,616 | i 41,176 | |||||||||||||||||||
| Unallocated general and administrative expenses | i 8,793 | i 12,271 | i 34,540 | i 28,741 | |||||||||||||||||||
| Operating income | i i 139,357 / | i i 106,761 / | i 392,224 | i 282,217 | |||||||||||||||||||
| Interest expense | i 9,395 | i 12,781 | i 31,744 | i 36,345 | |||||||||||||||||||
| Interest income | ( i 56) | ( i 130) | ( i 181) | ( i 664) | |||||||||||||||||||
| Other expense (income), net | i 1,917 | ( i 1,752) | i 29,807 | ( i 1,351) | |||||||||||||||||||
| Income before income tax expense | $ | i 128,101 | $ | i 95,862 | $ | i 330,854 | $ | i 247,887 | |||||||||||||||
| Three months ended October 2, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | SCEM | MC | AMH | Inter-segment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | i 52,551 | $ | i 35,828 | $ | i 60,350 | $ | ( i 8,964) | $ | i 139,765 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Taiwan | i 29,371 | i 57,806 | i 26,615 | i — | i 113,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China | i 25,316 | i 35,003 | i 23,975 | i — | i 84,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Korea | i 23,655 | i 24,763 | i 28,487 | i — | i 76,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Japan | i 21,639 | i 42,440 | i 13,701 | i — | i 77,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Europe | i 13,251 | i 17,583 | i 26,041 | i — | i 56,875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast Asia | i 10,597 | i 12,454 | i 7,031 | i — | i 30,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | i 176,380 | $ | i 225,877 | $ | i 186,200 | $ | ( i 8,964) | $ | i 579,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended September 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | SCEM | MC | AMH | Inter-segment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | i 45,921 | $ | i 47,803 | $ | i 47,748 | $ | ( i 7,404) | $ | i 134,068 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Taiwan | i 26,651 | i 37,602 | i 18,105 | i — | i 82,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China | i 20,334 | i 29,150 | i 16,828 | i — | i 66,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Korea | i 22,389 | i 21,780 | i 30,201 | i — | i 74,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Japan | i 18,487 | i 30,386 | i 11,882 | i — | i 60,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Europe | i 8,111 | i 18,237 | i 12,903 | i — | i 39,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast Asia | i 8,587 | i 8,583 | i 6,703 | i — | i 23,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | i 150,480 | $ | i 193,541 | $ | i 144,370 | $ | ( i 7,404) | $ | i 480,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine months ended October 2, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | SCEM | MC | AMH | Inter-segment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | i 156,290 | $ | i 106,568 | $ | i 161,792 | $ | ( i 27,338) | $ | i 397,312 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Taiwan | i 85,350 | i 155,830 | i 79,286 | i — | i 320,466 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China | i 71,197 | i 118,595 | i 70,418 | i — | i 260,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Korea | i 73,893 | i 83,725 | i 73,769 | i — | i 231,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Japan | i 68,778 | i 114,654 | i 37,875 | i — | i 221,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Europe | i 36,300 | i 44,562 | i 63,171 | i — | i 144,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast Asia | i 31,479 | i 36,563 | i 20,932 | i | i 88,974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | i 523,287 | $ | i 660,497 | $ | i 507,243 | $ | ( i 27,338) | $ | i 1,663,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine months ended September 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | SCEM | MC | AMH | Inter-segment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | $ | i 137,594 | $ | i 109,937 | $ | i 121,147 | $ | ( i 22,689) | $ | i 345,989 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Taiwan | i 78,079 | i 122,443 | i 65,240 | i — | i 265,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China | i 54,159 | i 75,709 | i 41,505 | i — | i 171,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Korea | i 63,636 | i 64,861 | i 66,398 | i — | i 194,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Japan | i 53,819 | i 88,512 | i 34,257 | i — | i 176,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Europe | i 25,465 | i 49,526 | i 37,216 | i — | i 112,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southeast Asia | i 28,155 | i 25,572 | i 21,178 | i — | i 74,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | i 440,907 | $ | i 536,560 | $ | i 386,941 | $ | ( i 22,689) | $ | i 1,341,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 579,493 | 100.0 | % | $ | 480,987 | 100.0 | % | $ | 1,663,689 | 100.0 | % | $ | 1,341,719 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||
| Cost of sales | 315,289 | 54.4 | 254,987 | 53.0 | 899,115 | 54.0 | 722,869 | 53.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross profit | 264,204 | 45.6 | 226,000 | 47.0 | 764,574 | 46.0 | 618,850 | 46.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 71,032 | 12.3 | 71,195 | 14.8 | 215,042 | 12.9 | 196,958 | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineering, research and development expenses | 41,972 | 7.2 | 36,295 | 7.5 | 121,692 | 7.3 | 98,499 | 7.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | 11,843 | 2.0 | 11,749 | 2.4 | 35,616 | 2.1 | 41,176 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 139,357 | 24.0 | 106,761 | 22.2 | 392,224 | 23.6 | 282,217 | 21.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 9,395 | 1.6 | 12,781 | 2.7 | 31,744 | 1.9 | 36,345 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (56) | — | (130) | — | (181) | — | (664) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense (income), net | 1,917 | 0.3 | (1,752) | (0.4) | 29,807 | 1.8 | (1,351) | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 128,101 | 22.1 | 95,862 | 19.9 | 330,854 | 19.9 | 247,887 | 18.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 10,640 | 1.8 | 16,559 | 3.4 | 39,947 | 2.4 | 39,542 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 117,461 | 20.3 | % | $ | 79,303 | 16.5 | % | $ | 290,907 | 17.5 | % | $ | 208,345 | 15.5 | % | |||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | |||||
Net sales in the quarter ended September 26, 2020 | $ | 480,987 | |||
| Increase mainly associated with volume | 97,650 | ||||
| Increase associated with effect of foreign currency translation | 161 | ||||
| Increase associated with acquired businesses | 695 | ||||
Net sales in the quarter ended October 2, 2021 | $ | 579,493 | |||
| Three months ended | |||||||||||||||||
| October 2, 2021 | September 26, 2020 | Percentage increase in sales | |||||||||||||||
| North America | 24 | % | 28 | % | 4 | % | |||||||||||
| Taiwan | 20 | % | 17 | % | 38 | % | |||||||||||
| China | 15 | % | 14 | % | 27 | % | |||||||||||
| South Korea | 13 | % | 15 | % | 3 | % | |||||||||||
| Japan | 13 | % | 13 | % | 28 | % | |||||||||||
| Europe | 10 | % | 8 | % | 45 | % | |||||||||||
| Southeast Asia | 5 | % | 5 | % | 26 | % | |||||||||||
| (In thousands) | |||||
Net sales in the nine months ended September 26, 2020 | $ | 1,341,719 | |||
| Increase mainly associated with volume | 305,097 | ||||
| Increase associated with effect of foreign currency translation | 9,496 | ||||
| Increase associated with acquired businesses | 7,377 | ||||
Net sales in the nine months ended October 2, 2021 | $ | 1,663,689 | |||
| Nine months ended | |||||||||||||||||
| October 2, 2021 | September 26, 2020 | Percentage increase in sales | |||||||||||||||
| North America | 24 | % | 26 | % | 15 | % | |||||||||||
| Taiwan | 19 | % | 20 | % | 21 | % | |||||||||||
| South Korea | 14 | % | 15 | % | 19 | % | |||||||||||
| Japan | 13 | % | 13 | % | 25 | % | |||||||||||
| China | 16 | % | 13 | % | 52 | % | |||||||||||
| Europe | 9 | % | 8 | % | 28 | % | |||||||||||
| Southeast Asia | 5 | % | 6 | % | 19 | % | |||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| October 2, 2021 | September 26, 2020 | Percentage point change | October 2, 2021 | September 26, 2020 | Percentage point change | ||||||||||||||||||||||||||||||
| Gross margin as a percentage of net revenues: | 45.6 | % | 47.0 | % | (1.4) | 46.0 | % | 46.1 | % | (0.1) | |||||||||||||||||||||||||
| (In thousands) | |||||
Selling, general and administrative expenses
in the quarter ended September 26, 2020 | $ | 71,195 | |||
| Employee costs | 2,371 | ||||
| Other decreases, net | (2,534) | ||||
Selling, general and administrative expenses in the quarter ended October 2, 2021 | $ | 71,032 | |||
| (In thousands) | |||||
Selling, general and administrative expenses in the nine months ended September 26, 2020 | $ | 196,958 | |||
| Employee costs | 21,424 | ||||
| Other decreases, net | (3,340) | ||||
Selling, general and administrative expenses in the nine months ended October 2, 2021 | $ | 215,042 | |||
| (In thousands) | |||||
Engineering, research and development expenses in the quarter ended September 26, 2020 | $ | 36,295 | |||
| Employee costs | 2,963 | ||||
| Project materials | 2,186 | ||||
| Other increases, net | 528 | ||||
Engineering, research and development expenses in the quarter ended October 2, 2021 | $ | 41,972 | |||
| (In thousands) | |||||
Engineering,
research and development expenses in the nine months ended September 26, 2020 | $ | 98,499 | |||
| Employee costs | 12,820 | ||||
| Project materials | 7,773 | ||||
| Other increases, net | 2,600 | ||||
Engineering, research and development expenses in the nine months ended October 2, 2021 | $ | 121,692 | |||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||||||||
| Specialty Chemicals and Engineered Materials | |||||||||||||||||||||||||||||
| Net sales | $ | 176,380 | $ | 150,480 | $ | 523,287 | $ | 440,907 | |||||||||||||||||||||
| Segment profit | 41,091 | 32,600 | 120,592 | 98,208 | |||||||||||||||||||||||||
| Microcontamination Control | |||||||||||||||||||||||||||||
| Net sales | $ | 225,877 | $ | 193,541 | $ | 660,497 | $ | 536,560 | |||||||||||||||||||||
| Segment profit | 78,399 | 64,915 | 227,097 | 177,219 | |||||||||||||||||||||||||
| Advanced Materials Handling | |||||||||||||||||||||||||||||
| Net sales | $ | 186,200 | $ | 144,370 | $ | 507,243 | $ | 386,941 | |||||||||||||||||||||
| Segment profit | 40,503 | 33,266 | 114,691 | 76,707 | |||||||||||||||||||||||||
| Unallocated general and administrative expenses | $ | 8,793 | $ | 12,271 | $ | 34,540 | $ | 28,741 | |||||||||||||||||||||
| In thousands | October 2, 2021 | December 31, 2020 | |||||||||
| Cash and cash equivalents | $ | 475,752 | $ | 580,893 | |||||||
| Working capital | 966,292 | 931,631 | |||||||||
| Total debt | 936,704 | 1,085,783 | |||||||||
| Nine months ended | |||||||||||
| (in thousands) | October 2, 2021 | September 26, 2020 | |||||||||
| Net cash provided by operating activities | $ | 284,474 | $ | 242,656 | |||||||
| Net cash used in investing activities | (131,820) | (190,440) | |||||||||
| Net cash (used in) provided by financing activities | (254,513) | 44,352 | |||||||||
| (Decrease) increase in cash and cash equivalents | (105,141) | 96,061 | |||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Net sales | $ | 579,493 | $ | 480,987 | $ | 1,663,689 | $ | 1,341,719 | |||||||||||||||
| Net income | $ | 117,461 | $ | 79,303 | $ | 290,907 | $ | 208,345 | |||||||||||||||
| Net income - as a % of net sales | 20.3 | % | 16.5 | % | 17.5 | % | 15.5 | % | |||||||||||||||
| Adjustments to net income | |||||||||||||||||||||||
| Income tax expense | 10,640 | 16,559 | 39,947 | 39,542 | |||||||||||||||||||
| Interest expense | 9,395 | 12,781 | 31,744 | 36,345 | |||||||||||||||||||
| Interest income | (56) | (130) | (181) | (664) | |||||||||||||||||||
| Other expense (income), net | 1,917 | (1,752) | 29,807 | (1,351) | |||||||||||||||||||
| GAAP – Operating income | 139,357 | 106,761 | 392,224 | 282,217 | |||||||||||||||||||
| Operating margin - as a % of net sales | 24.0 | % | 22.2 | % | 23.6 | % | 21.0 | % | |||||||||||||||
Charge
for fair value write-up of acquired inventory sold | — | 229 | — | 590 | |||||||||||||||||||
Deal and transaction costs | — | 642 | — | 2,576 | |||||||||||||||||||
Integration
costs | 1,290 | 1,260 | 3,966 | 1,663 | |||||||||||||||||||
Severance and restructuring costs | 206 | 971 | 529 | 3,863 | |||||||||||||||||||
Amortization
of intangible assets | 11,843 | 11,749 | 35,616 | 41,176 | |||||||||||||||||||
| Adjusted operating income | 152,696 | 121,612 | 432,335 | 332,085 | |||||||||||||||||||
| Adjusted operating margin - as a % of net sales | 26.3 | % | 25.3 | % | 26.0 | % | 24.8 | % | |||||||||||||||
| Depreciation | 22,841 | 20,777 | 67,510 | 62,064 | |||||||||||||||||||
| Adjusted EBITDA | $ | 175,537 | $ | 142,389 | $ | 499,845 | $ | 394,149 | |||||||||||||||
| Adjusted EBITDA – as a % of net sales | 30.3 | % | 29.6 | % | 30.0 | % | 29.4 | % | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||
| (In thousands, except per share data) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | |||||||||||||||||||
| Net income | $ | 117,461 | $ | 79,303 | $ | 290,907 | $ | 208,345 | |||||||||||||||
| Adjustments to net income | |||||||||||||||||||||||
| Charge for fair value write-up of acquired inventory sold | — | 229 | — | 590 | |||||||||||||||||||
Deal and transaction costs | — | 642 | — | 2,576 | |||||||||||||||||||
| Integration costs | 1,290 | 1,260 | 3,966 | 1,663 | |||||||||||||||||||
| Severance and restructuring costs | 206 | 971 | 529 | 3,863 | |||||||||||||||||||
| Loss on extinguishment of debt and modification | — | 908 | 23,338 | 2,378 | |||||||||||||||||||
| Amortization of intangible assets | 11,843 | 11,749 | 35,616 | 41,176 | |||||||||||||||||||
Tax effect of adjustments to net income and certain discrete tax items1 | (5,417) | (3,602) | (16,749) | (11,979) | |||||||||||||||||||
| Non-GAAP net income | $ | 125,383 | $ | 91,460 | $ | 337,607 | $ | 248,612 | |||||||||||||||
| Diluted earnings per common share | $ | 0.86 | $ | 0.58 | $ | 2.13 | $ | 1.53 | |||||||||||||||
| Effect of adjustments to net income | 0.06 | 0.09 | 0.34 | 0.30 | |||||||||||||||||||
| Diluted non-GAAP earnings per common share | $ | 0.92 | $ | 0.67 | $ | 2.47 | $ | 1.83 | |||||||||||||||
| Period | (a) Total
Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
| July 4, 2021 - August 7, 2021 | 48,000 | $118.42 | 48,000 | $96,102,875 | ||||||||||
| August 8, 2021 - September 4, 2021 | 59,500 | $116.88 | 59,500 | $89,148,784 | ||||||||||
| September 5, 2021 - October 2, 2021 | 57,858 | $127.24 | 57,858 | $81,787,007 | ||||||||||
| Total | 165,358 | $120.95 | 165,358 | $81,787,007 | ||||||||||
| Reg. S-K Item 601(b) Reference | Document Incorporates | Referenced Document on file with the Commission | ||||||||||||
| (4) | Exhibit 4.1 to Entegris, Inc. Current Report on Form 8-K filed with the Securities and Exchange Commission on April 30, 2021 | |||||||||||||
| Reg. S-K Item 601(b) Reference | Exhibit No. | Document Filed Herewith | ||||||||||||
| (31) | 31.1 | |||||||||||||
| (31) | 31.2 | |||||||||||||
| (32) | 32.1 | |||||||||||||
| (101) | 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive
Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||||
| (101) | 101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||||||
| (101) | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||
| (101) | 101.DEF | XBRL
Taxonomy Extension Definition Linkbase Document | ||||||||||||
| (101) | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||
| (101) | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||
| (104) | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||||||||||
| * A management contract or compensatory plan | ||||||||||||||
| ENTEGRIS, INC. | ||||||||
| Date: October 26, 2021 | /s/ Gregory B. Graves | |||||||
| Gregory B. Graves | ||||||||
| Executive Vice President and Chief Financial | ||||||||
| Officer (on behalf of the registrant and as | ||||||||
| principal financial officer) | ||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 5/1/29 | ||||
| 4/15/28 | ||||
| 4/30/26 | ||||
| 11/6/25 | ||||
| 5/1/24 | ||||
| 11/6/23 | ||||
| 12/31/21 | 10-K, SD | |||
| 11/17/21 | 4 | |||
| 11/1/21 | 4 | |||
| 10/27/21 | 8-K | |||
| Filed on: | 10/26/21 | 8-K | ||
| 10/22/21 | ||||
| 10/13/21 | 8-K | |||
| For Period end: | 10/2/21 | |||
| 9/5/21 | ||||
| 9/4/21 | ||||
| 8/8/21 | ||||
| 8/7/21 | ||||
| 7/4/21 | ||||
| 7/3/21 | 10-Q | |||
| 5/4/21 | ||||
| 4/30/21 | 8-K | |||
| 4/3/21 | 10-Q | |||
| 2/16/21 | 4, SC 13G/A | |||
| 2/15/21 | ||||
| 2/5/21 | 10-K | |||
| 12/31/20 | 10-K, SD | |||
| 12/15/20 | 4, 4/A | |||
| 12/14/20 | ||||
| 9/26/20 | 10-Q | |||
| 7/10/20 | ||||
| 6/27/20 | 10-Q | |||
| 3/28/20 | 10-Q | |||
| 1/10/20 | 8-K | |||
| 12/31/19 | 10-K, 5, SD | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/28/22 CMC Materials, Inc. DEFM14A 1:7M Broadridge Fin’l So… Inc 1/28/22 Entegris Inc. 424B3 1:5.2M Broadridge Fin’l So… Inc 1/26/22 Entegris Inc. S-4/A 5:7.2M Broadridge Fin’l So… Inc 1/14/22 Entegris Inc. S-4 5:5.5M Broadridge Fin’l So… Inc |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/30/21 Entegris Inc. 8-K:1,2,8,9 4/30/21 11:1M Donnelley … Solutions/FA |