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Segment Reporting | 3 Months Ended
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Apr. 01, 2023
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING The Company’s financial segment reporting reflects an organizational alignment intended to leverage the Company’s unique breadth of capabilities to create mission-critical microcontamination control products, specialty chemicals and advanced materials handling solutions that maximize manufacturing yields, reduce manufacturing costs and enable higher device performance for its customers. While these segments have separate products and technical know-how, they share common business systems and processes, technology centers, and strategic and technology roadmaps. The Company leverages its expertise from these four segments to create new and increasingly integrated solutions for its customers. The Company reports its financial performance in the following segments: •Specialty Chemicals and Engineered Materials: SCEM provides high-performance and high-purity process chemistries, gases and materials, and safe and efficient materials delivery systems to support semiconductor and other advanced manufacturing processes. •Advanced Planarization Solutions: APS provides complementary chemical mechanical planarization solutions, advanced materials and high-purity wet chemicals; including CMP slurries, pads, formulated cleans and other electronic chemicals. •Microcontamination Control: MC offers solutions to filter and purify critical liquid and gaseous chemistries used in semiconductor manufacturing processes and other high-technology industries. •Advanced Materials Handling: AMH develops solutions to monitor, protect, transport and deliver critical liquid chemistries, wafers and other substrates for a broad set of applications in the semiconductor industry, life sciences and other high-technology industries. Summarized financial information for the Company’s reportable segments is shown in the following tables.
| Three months ended |  |
(In thousands) | April 1, 2023 |  | April 2, 2022 |  |  |  |
Net sales |  |  |  |  |  |  |
SCEM | $ | 198,004 |  |  | $ | 165,776 |  |  |  |  |
APS | 250,326 |  |  | 30,645 |  |  |  |  |
MC | 269,297 |  |  | 266,637 |  |  |  |  |
AMH | 218,853 |  |  | 198,113 |  |  |  |  |
Inter-segment elimination | (14,084) |  |  | (11,525) |  |  |  |  |
Total net sales | $ | 922,396 |  |  | $ | 649,646 |  |  |  |  |
| Three months ended |  |
(In thousands) | April 1, 2023 |  | April 2, 2022 |  |  |  |
Segment profit (loss) |  |  |  |  |  |  |
SCEM | $ | 3,268 |  |  | $ | 37,692 |  |  |  |  |
APS (1) | (32,790) |  |  | 11,159 |  |  |  |  |
MC | 95,997 |  |  | 98,618 |  |  |  |  |
AMH | 48,165 |  |  | 46,690 |  |  |  |  |
Total segment profit | $ | 114,640 |  |  | $ | 194,159 |  |  |  |  |
(1) APS segment loss is inclusive of $88.9 million goodwill impairment charge. See Note 3. The following table reconciles total segment profit (loss) to income before income tax (benefit) expense:
| Three months ended |  |  |
(In thousands) | April 1, 2023 |  | April 2, 2022 |  |  |  |  |
Total segment profit | $ | 114,640 |  |  | $ | 194,159 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Amortization of intangible assets | 57,574 |  |  | 12,651 |  |  |  |  |  |
Unallocated general and administrative expenses | 43,600 |  |  | 18,162 |  |  |  |  |  |
Operating income | 13,466 |  |  | 163,346 |  |  |  |  |  |
Interest expense | 86,146 |  |  | 12,876 |  |  |  |  |  |
Interest income | (1,325) |  |  | (12) |  |  |  |  |  |
Other (income) expense, net | (4,658) |  |  | 4,902 |  |  |  |  |  |
(Loss) income before income tax expense | $ | (66,697) |  |  | $ | 145,580 |  |  |  |  |  |
In the following tables, revenue is disaggregated by customers’ country or region based on the ship to location of the customer for the three months ended April 1, 2023 and April 2, 2022, respectively.
| Three months ended April 1, 2023 |  |
(In thousands) | SCEM |  | APS |  | MC |  | AMH |  | Inter-segment |  | Total |  |  |  |  |  |  |  |  |  |
North America | $ | 81,319 |  |  | $ | 66,010 |  |  | $ | 41,766 |  |  | $ | 75,598 |  |  | $ | (14,084) |  |  | $ | 250,609 |  |  |  |  |  |  |  |  |  |  |
Taiwan | 24,034 |  |  | 34,159 |  |  | 54,236 |  |  | 36,661 |  |  | — |  |  | 149,090 |  |  |  |  |  |  |  |  |  |  |
China | 16,347 |  |  | 31,613 |  |  | 55,671 |  |  | 31,800 |  |  | — |  |  | 135,431 |  |  |  |  |  |  |  |  |  |  |
South Korea | 20,645 |  |  | 35,726 |  |  | 29,829 |  |  | 34,456 |  |  | — |  |  | 120,656 |  |  |  |  |  |  |  |  |  |  |
Japan | 20,277 |  |  | 9,079 |  |  | 49,753 |  |  | 11,316 |  |  | — |  |  | 90,425 |  |  |  |  |  |  |  |  |  |  |
Europe | 23,156 |  |  | 40,271 |  |  | 27,004 |  |  | 21,984 |  |  | — |  |  | 112,415 |  |  |  |  |  |  |  |  |  |  |
Southeast Asia | 12,226 |  |  | 33,468 |  |  | 11,038 |  |  | 7,038 |  |  | — |  |  | 63,770 |  |  |  |  |  |  |  |  |  |  |
| $ | 198,004 |  |  | $ | 250,326 |  |  | $ | 269,297 |  |  | $ | 218,853 |  |  | $ | (14,084) |  |  | $ | 922,396 |  |  |  |  |  |  |  |  |  |  |
| Three months ended April 2, 2022 |  |
(In thousands) | SCEM |  | APS |  | MC |  | AMH |  | Inter-segment |  | Total |  |  |  |  |  |  |  |  |  |
North America | $ | 50,112 |  |  | $ | 7,192 |  |  | $ | 35,355 |  |  | $ | 64,341 |  |  | $ | (11,525) |  |  | $ | 145,475 |  |  |  |  |  |  |  |  |  |  |
Taiwan | 27,263 |  |  | 5,241 |  |  | 78,043 |  |  | 33,718 |  |  | — |  |  | 144,265 |  |  |  |  |  |  |  |  |  |  |
China | 22,544 |  |  | 3,980 |  |  | 40,521 |  |  | 26,828 |  |  | — |  |  | 93,873 |  |  |  |  |  |  |  |  |  |  |
South Korea | 18,405 |  |  | 6,049 |  |  | 33,692 |  |  | 30,009 |  |  | — |  |  | 88,155 |  |  |  |  |  |  |  |  |  |  |
Japan | 22,514 |  |  | 785 |  |  | 47,659 |  |  | 12,864 |  |  | — |  |  | 83,822 |  |  |  |  |  |  |  |  |  |  |
Europe | 11,231 |  |  | 2,458 |  |  | 18,374 |  |  | 22,246 |  |  | — |  |  | 54,309 |  |  |  |  |  |  |  |  |  |  |
Southeast Asia | 13,707 |  |  | 4,940 |  |  | 12,993 |  |  | 8,107 |  |  | — |  |  | 39,747 |  |  |  |  |  |  |  |  |  |  |
| $ | 165,776 |  |  | $ | 30,645 |  |  | $ | 266,637 |  |  | $ | 198,113 |  |  | $ | (11,525) |  |  | $ | 649,646 |  |  |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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