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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
In the third quarter of 2023, the Company realigned its segments into three reportable segments discussed below, which align with the key elements of the advanced semiconductor manufacturing ecosystem. The current annual and succeeding annual periods will disclose the reportable segments with prior periods recast to reflect the change.

•Materials Solutions: MS provides materials-based solutions, such as chemical mechanical planarization (“CMP”) 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.

These segments share common business systems and processes, technology centers and technology roadmaps. With the complementary capabilities across these segments, we believe we are uniquely positioned to create new, co-optimized and increasingly integrated solutions for our customers, which should translate into improved device performance, lower cost of ownership and faster time to market. This capability has been further enhanced with the acquisition of CMC Materials. For example, we can now develop and provide complementary offerings solving customers’ complex manufacturing challenges across the deposition, CMP process and post-CMP modules with co-optimized products from each of our divisions, such as advanced deposition materials, CMP slurries, pads and post-CMP cleaning chemistries from our MS segment, CMP slurry filters from our MC segment, and CMP slurry high-purity packaging and fluid monitoring systems from our AMH segment.

Segment profit is defined as net sales less direct and indirect segment operating expenses, including certain general and administrative costs for the Company’s human resources, finance and information technology functions. The Company generally accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, that is, at approximate market prices. Inter-segment sales are presented as an elimination below. The remaining unallocated expenses consist mainly of the Company’s corporate functions as well as interest expense, interest income, amortization of intangible assets and income tax expense.
Corporate assets consist primarily of cash and cash equivalents, property, plant and equipment, deferred tax assets and deferred tax charges.
Summarized financial information for the Company’s reportable segments is shown in the following tables:
(In thousands)202320222021
Net sales:
MS1,689,467 1,380,208 711,291 
MC1,127,555 1,105,996 919,363 
AMH758,648 846,492 704,946 
Inter-segment elimination(51,744)(50,663)(36,707)
Total net sales$3,523,926 $3,282,033 $2,298,893 
(In thousands)
202320222021
Segment profit:
MS296,375 219,189 167,807 
MC395,348 411,475 321,300 
AMH136,100 183,738 159,995 
Total segment profit$827,823 $814,402 $649,102 
(In thousands)
202320222021
Total assets:
MS6,405,693 7,535,706 1,191,465 
MC1,157,414 1,161,636 946,336 
AMH697,243 801,591 598,547 
Corporate552,241 639,924 455,548 
Total assets$8,812,591 $10,138,857 $3,191,896 
(In thousands)202320222021
Depreciation and amortization:
MS286,632 203,320 66,983 
MC57,432 42,514 41,536 
AMH43,096 33,490 29,648 
Total depreciation and amortization$387,160 $279,324 $138,167 
(In thousands)202320222021
Capital expenditures:
MS141,851 151,331 74,410 
MC227,996 178,800 69,120 
AMH87,000 136,061 67,096 
Total capital expenditures$456,847 $466,192 $210,626 
The following table reconciles total segment profit to income before income taxes and equity in net loss of affiliate:
(In thousands)202320222021
Total segment profit$827,823 $814,402 $649,102 
Less:
Amortization of intangibles214,477 143,953 47,856 
Unallocated general and administrative expenses114,188 190,468 49,478 
Operating income$499,158 $479,981 551,768 
Interest expense312,378 212,669 41,240 
Interest income(11,257)(3,694)(243)
Other expense, net25,367 23,926 31,695 
Income before income tax (benefit) expense$172,670 $247,080 $479,076 
In the following tables, revenue is disaggregated by country or region based on the ship to location of the customer for the years ended December 31, 2023, 2022 and 2021:
2023
(In thousands)MSMCAMHInter-segmentTotal
North America$540,347 $170,816 $231,833 $(51,744)$891,252 
Taiwan231,982 234,078 124,573 — 590,633 
South Korea218,192 120,036 104,957 — 443,185 
Japan104,977 219,340 42,991 — 367,308 
China196,970 229,689 140,245 — 566,904 
Europe229,368 93,059 79,923 — 402,350 
Southeast Asia167,631 60,537 34,126 — 262,294 
$1,689,467 $1,127,555 $758,648 $(51,744)$3,523,926 
2022
(In thousands)MSMCAMHInter-segmentTotal
North America$422,185 $158,627 $265,510 $(50,663)$795,659 
Taiwan202,565 305,899 151,663 — 660,127 
South Korea162,601 129,750 121,726 — 414,077 
Japan107,239 183,485 59,278 — 350,002 
China198,022 184,609 119,325 — 501,956 
Europe150,914 85,696 88,405 — 325,015 
Southeast Asia136,682 57,930 40,585 — 235,197 
$1,380,208 $1,105,996 $846,492 $(50,663)$3,282,033 
2021
(In thousands)MSMCAMHInter-segmentTotal
North America$208,997 $133,653 $219,853 $(36,707)$525,796 
Taiwan117,056 225,086 111,968 — 454,110 
South Korea97,568 114,211 105,493 — 317,272 
Japan89,767 161,569 51,267 — 302,603 
China102,791 164,471 97,157 — 364,419 
Europe50,136 70,011 89,121 — 209,268 
Southeast Asia44,976 50,362 30,087 — 125,425 
$711,291 $919,363 $704,946 $(36,707)$2,298,893 
The following table summarizes property, plant and equipment, net, attributed to significant countries for the years ended December 31, 2023, 2022 and 2021:
(In thousands)202320222021
Property, plant and equipment, net:
North America$747,823 $776,913 $417,549 
South Korea101,107 84,253 58,725 
Japan118,872 104,282 56,357 
Malaysia50,183 46,703 29,443 
China32,884 31,592 32,133 
Taiwan412,346 253,285 58,444 
Other4,828 96,309 1,447 
$1,468,043 $1,393,337 $654,098 
The Company reported net sales of 10 percent or more for one customer in the amount of $382.9 million, $408.6 million and $271.9 million for the years ended December 31, 2023, 2022 and 2021, respectively, all of which include sales from all the Company’s segments.