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SEGMENT INFORMATION | 9 Months Ended
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Sep. 27, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION In the fourth fiscal quarter of 2024, the Company announced an internal reorganization, combining two complementary divisions into one and realigning its customer facing organization. Our business is now organized and operated in two operating segments as discussed below. All prior periods have been recast to reflect the change. These segments share common business systems and processes, technology centers and technology roadmaps. •The Materials Solutions segment, or MS, provides materials-based solutions, such as chemical vapor and atomic layer deposition materials, chemical mechanical planarization (“CMP”) slurries and pads, ion implantation specialty gases, formulated etch and clean materials, 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. •The Advanced Purity Solutions segment, or APS, offers filtration, purification and contamination-control solutions that improve customers’ yield, device reliability and cost by ensuring the purity of critical liquid chemistries and gases and the cleanliness of wafers and other substrates used throughout semiconductor manufacturing processes, the semiconductor ecosystem and other high-technology industries. The Company’s method for measuring profitability on a reportable segment basis is segment profit. 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 accounts for inter-segment sales and transfers as if the sales or transfers were to third parties. 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. The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. For each of the reportable segments, the CODM uses segment profit (based on each segment’s target model) for determining the allocation of resources (including employees, financial, or capital resources) to the segments to achieve the Company’s strategic plan and to assess the performance of each segment by monitoring actual results against performance targets established in the Company’s annual budget and forecasting process. Total assets by segment are not presented as that information is not used to allocate resources or assess performance at the segment level and is not regularly reviewed by the Company’s CODM. Summarized financial information for the Company’s reportable segments is shown in the following tables for the three and nine months ended September 27, 2025 and September 28, 2024:
| Three months ended
| September 27, 2025
(In millions) | MS |  | APS |  | Inter-segment |  | Total
Net sales | $ | 348.6 |  |  | $ | 460.8 |  |  | $ | (2.3) |  |  | $ | 807.1 |
Cost of sales | 203.4 |  |  | 254.7 |  |  | (2.3) |  |  | 455.8 |
Operating expenses | 80.0 |  |  | 87.9 |  |  | — |  |  | 167.9 |
Segment profit | $ | 65.2 |  |  | $ | 118.2 |  |  | $ | — |  |  | $ | 183.4 |
| Three months ended
| September 28, 2024
(In millions) | MS |  | APS |  | Inter-segment |  | Total
Net sales | $ | 346.7 |  |  | $ | 463.1 |  |  | $ | (2.1) |  |  | $ | 807.7 |
Cost of sales | 190.4 |  |  | 247.6 |  |  | (2.1) |  |  | 435.9 |
Operating expenses | 84.6 |  |  | 88.1 |  |  | — |  |  | 172.7 |
Segment profit | $ | 71.7 |  |  | $ | 127.4 |  |  | $ | — |  |  | $ | 199.1 |
| Nine months ended
| September 27, 2025
(In millions) | MS |  | APS |  | Inter-segment |  | Total
Net sales | $ | 1,044.9 |  |  | $ | 1,334.6 |  |  | $ | (6.8) |  |  | $ | 2,372.7 |
Cost of sales | 584.9 |  |  | 735.3 |  |  | (6.8) |  |  | 1,313.4 |
Operating expenses | 247.3 |  |  | 277.1 |  |  | — |  |  | 524.4 |
Segment profit | $ | 212.7 |  |  | $ | 322.2 |  |  | $ | — |  |  | $ | 534.9 |
| Nine months ended
| September 28, 2024
(In millions) | MS |  | APS |  | Inter-segment |  | Total
Net sales | $ | 1,039.0 |  |  | $ | 1,359.0 |  |  | $ | (6.6) |  |  | $ | 2,391.4 |
Cost of sales | 570.6 |  |  | 728.0 |  |  | (6.6) |  |  | 1,292.0 |
Operating expenses | 259.3 |  |  | 269.8 |  |  | — |  |  | 529.1 |
Segment profit | $ | 209.1 |  |  | $ | 361.2 |  |  | $ | — |  |  | $ | 570.3 |
The following table reconciles total segment profit to income before income tax expense for the three and nine months ended September 27, 2025 and September 28, 2024:
| Three months ended |  | Nine months ended
(In millions) | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Total segment profit | $ | 183.4 |  |  | 199.1 |  |  | $ | 534.9 |  |  | $ | 570.3 |
Less: |  |  |  |  |  |  |
Amortization of intangible assets | 46.0 |  |  | 46.2 |  |  | 138.1 |  |  | 143.9 |
Unallocated general and administrative expenses | 14.8 |  |  | 16.7 |  |  | 45.8 |  |  | 42.5 |
Operating income | 122.6 |  |  | 136.2 |  |  | 351.0 |  |  | 383.9 |
Interest expense | 47.9 |  |  | 51.6 |  |  | 151.3 |  |  | 162.7 |
Interest income | (1.8) |  |  | (1.2) |  |  | (5.1) |  |  | (5.4) |
Other (income) expense, net | 4.2 |  |  | (0.2) |  |  | 5.3 |  |  | 17.1 |
Income before income tax expense | $ | 72.3 |  |  | $ | 86.0 |  |  | $ | 199.5 |  |  | $ | 209.5 |
The following tables summarize depreciation and capital expenditures for the Company’s reportable segments for the three and nine months ended September 27, 2025 and September 28, 2024:
| Three months ended |  | Nine months ended |  |
(In millions) | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024 |  |
Depreciation: |  |  |  |  |  |  |  |  |
MS | $ | 21.7 |  |  | $ | 22.3 |  |  | $ | 67.1 |  |  | $ | 68.2 |  |  |
APS | 28.7 |  |  | 24.8 |  |  | 84.5 |  | 71.6 |  |  |
Total depreciation | $ | 50.4 |  |  | $ | 47.1 |  |  | $ | 151.6 |  |  | $ | 139.8 |  |  |
| Three months ended |  | Nine months ended
(In millions) | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Capital expenditures: |  |  |  |  |  |  |
MS | $ | 28.1 |  |  | $ | 17.8 |  |  | $ | 89.2 |  |  | $ | 56.7 |
APS | 38.7 |  |  | 64.4 |  |  | 152.0 |  |  | 151.4 |
Total capital expenditures | $ | 66.8 |  |  | $ | 82.2 |  |  | $ | 241.2 |  |  | $ | 208.1 |
In the following tables, net sales are disaggregated by customers’ country or region based on the ship to location of the customer for the three and nine months ended September 27, 2025 and September 28, 2024, respectively.
| Three months ended September 27, 2025
(In millions) | MS |  | APS |  | Inter-segment |  | Total
North America | $ | 67.3 |  |  | $ | 70.6 |  |  | $ | (2.3) |  |  | $ | 135.6 |
Taiwan | 74.3 |  |  | 111.9 |  |  | — |  |  | 186.2 |
China | 60.4 |  |  | 117.5 |  |  | — |  |  | 177.9 |
South Korea | 49.4 |  |  | 60.4 |  |  | — |  |  | 109.8 |
Japan | 35.4 |  |  | 43.1 |  |  | — |  |  | 78.5 |
Europe | 25.8 |  |  | 31.7 |  |  | — |  |  | 57.5 |
Southeast Asia | 36.0 |  |  | 25.6 |  |  | — |  |  | 61.6 |
| $ | 348.6 |  |  | $ | 460.8 |  |  | $ | (2.3) |  |  | $ | 807.1 |
| Three months ended September 28, 2024
(In millions) | MS |  | APS |  | Inter-segment |  | Total
North America | $ | 73.2 |  |  | $ | 91.0 |  |  | $ | (2.1) |  |  | $ | 162.1 |
Taiwan | 60.0 |  |  | 101.3 |  |  | — |  |  | 161.3 |
China | 62.8 |  |  | 109.2 |  |  | — |  |  | 172.0 |
South Korea | 53.3 |  |  | 52.0 |  |  | — |  |  | 105.3 |
Japan | 34.0 |  |  | 43.2 |  |  | — |  |  | 77.2 |
Europe | 25.5 |  |  | 42.6 |  |  | — |  |  | 68.1 |
Southeast Asia | 37.9 |  |  | 23.8 |  |  | — |  |  | 61.7 |
| $ | 346.7 |  |  | $ | 463.1 |  |  | $ | (2.1) |  |  | $ | 807.7 |
| Nine months ended September 27, 2025
(In millions) | MS |  | APS |  | Inter-segment |  | Total
North America | $ | 203.1 |  |  | $ | 232.2 |  |  | $ | (6.8) |  |  | $ | 428.5 |
Taiwan | 207.1 |  |  | 330.3 |  |  | — |  |  | 537.4 |
China | 203.3 |  |  | 293.0 |  |  | — |  |  | 496.3 |
South Korea | 151.4 |  |  | 168.5 |  |  | — |  |  | 319.9 |
Japan | 99.6 |  |  | 131.3 |  |  | — |  |  | 230.9 |
Europe | 74.2 |  |  | 102.7 |  |  | — |  |  | 176.9 |
Southeast Asia | 106.2 |  |  | 76.6 |  |  | — |  |  | 182.8 |
| $ | 1,044.9 |  |  | $ | 1,334.6 |  |  | $ | (6.8) |  |  | $ | 2,372.7 |
| Nine months ended September 28, 2024
(In millions) | MS |  | APS |  | Inter-segment |  | Total
North America | $ | 248.8 |  |  | $ | 274.5 |  |  | $ | (6.6) |  |  | $ | 516.7 |
Taiwan | 173.5 |  |  | 303.0 |  |  | — |  |  | 476.5 |
China | 181.7 |  |  | 309.2 |  |  | — |  |  | 490.9 |
South Korea | 150.6 |  |  | 156.9 |  |  | — |  |  | 307.5 |
Japan | 93.0 |  |  | 126.5 |  |  | — |  |  | 219.5 |
Europe | 87.7 |  |  | 122.8 |  |  | — |  |  | 210.5 |
Southeast Asia | 103.7 |  |  | 66.1 |  |  | — |  |  | 169.8 |
| $ | 1,039.0 |  |  | $ | 1,359.0 |  |  | $ | (6.6) |  |  | $ | 2,391.4 |

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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