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Business Combinations and Asset Acquisitions (Tables) - CMC Materials | 12 Months Ended
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Dec. 31, 2023
Business Acquisition |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable | The purchase price of CMC Materials consisted of the following:
(In thousands) |
Cash paid to CMC Materials’ shareholders | $ | 3,836,983 |
Stock paid to CMC Materials’ shareholders | 1,265,690 |
Repayment of CMC Materials’ indebtedness | 918,578 |
Total purchase price | 6,021,251 |
Less cash and cash equivalents acquired | 280,636 |
Total purchase price, net of cash acquired | $ | 5,740,615 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Acquisition as originally reported and as of December 31, 2022:
(In thousands) | As of July 6, 2022 |  |  |
Cash and cash equivalents | $ | 280,636 |  |  |  |
Accounts receivable and other current assets | 207,472 |  |  |  |
Inventory | 256,598 |  |  |  |
Property, plant and equipment | 537,387 |  |  |  |
Identifiable intangible assets | 1,736,219 |  |  |  |
Other noncurrent assets | 39,725 |  |  |  |
Current liabilities | (211,417) |  |  |  |
Deferred tax liabilities and other noncurrent liabilities | (452,805) |  |  |  |
Net assets acquired | 2,393,815 |  |  |  |
Goodwill | 3,627,436 |  |  |  |
Total purchase price | $ | 6,021,251 |  |  |  |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The Company recognized the following intangible assets as part of the acquisition of CMC Materials and finite lived assets will be amortized on a straight-line basis:
(In thousands) | Amount |  | Weighted average life in years
Developed technology | $ | 1,043,000 |  |  | 7.3
Trademarks and trade names | 236,600 |  |  | 14.9
Customer relationships | 414,300 |  |  | 18.3
In-process research and development(1) | 31,400 |  |  |
Other | 10,919 |  |  | 1.2
| $ | 1,736,219 |  |  | 11.0
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information presents the combined results of operations of the Company as if the acquisition of CMC Materials had occurred as of the beginning of the years presented. The unaudited pro forma financial information is not necessarily indicative of what the Company’s consolidated results of operations would have been had the acquisition occurred at the beginning of each year. In addition, the unaudited pro forma financial information does not attempt to project the future results of operations of the combined company. The pro forma information does not include any potential revenue enhancements, cost synergies or other operating efficiencies that could result from the acquisition.
|  | Year Ended
(In thousands) |  | December 31, 2022 |  | December 31, 2021
Net sales |  | $ | 3,920,850 |  |  | $ | 3,518,893 |
Net income (loss) |  | 292,867 |  |  | (145,732) |
Per share amounts: |  |  |  |
Net income (loss) per common share - basic |  | $ | 1.97 |  |  | $ | (0.98) |
Net income (loss) per common share - diluted |  | $ | 1.95 |  |  | $ | (0.98) |

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