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Subsequent Events | 3 Months Ended
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Apr. 01, 2023
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS Dividend On April 19, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share to be paid on May 24, 2023 to shareholders of record on the close of business on May 3, 2023. Debt Repayment On April 20, 2023, the Company repaid the remaining principal of $135.0 million on the Bridge Credit Facility. Disposition On May 10, 2023, the Company announced the execution of a definitive agreement to sell its Electronic Chemicals (“EC”) business, which became part of the Company with the recent acquisition of CMC Materials, to FUJIFILMS Holdings America Corporation for $700.0 million, subject to customary adjustments with respect to cash, working capital, indebtedness and transaction expenses. The EC business specializes in purification, formulation, blending, packaging and distribution of high-purity chemicals used within the semiconductor and microelectronic manufacturing processes. The divestiture is currently expected to close before the end of 2023, subject to receipt of required regulatory approvals and other customary closing conditions. The Company does not expect a material gain or loss from the sale of the EC business.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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