ENTEGRIS INC, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
COVER - shares
shares in Millions
 9 Months Ended
Sep. 27, 2025
Oct. 27, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 27, 2025  
Document Transition Report false  
Entity File Number 001-32598  
Entity Registrant Name Entegris, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-1941551  
Entity Address, Address Line One 129 Concord Road,  
Entity Address, City or Town Billerica,  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 01821  
City Area Code 978  
Local Phone Number 436-6500  
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol ENTG  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   151.6
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001101302  
Current Fiscal Year End Date --12-31  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Sep. 27, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 399.8 $ 329.2
Trade accounts and notes receivable, net of allowance for credit losses of $3.1 and $3.1 493.2 495.3
Inventories, net 646.8 638.1
Deferred tax charges and refundable income taxes 45.8 39.6
Assets held-for-sale 4.1 5.5
Other current assets 107.2 108.6
Total current assets 1,696.9 1,616.3
Property, plant and equipment, net of accumulated depreciation of $1,197.6 and $1,057.4 1,654.5 1,622.9
Right-of-use assets - Operating lease 55.5 62.5
Right-of-use assets - Finance lease 19.0 20.9
Goodwill 3,945.2 3,943.6
Intangible assets, net of accumulated amortization of $1,139.1 and $999.6 953.3 1,091.7
Deferred tax assets and other noncurrent tax assets 53.1 12.5
Other noncurrent assets 24.3 24.2
Total assets 8,401.8 8,394.6
Current liabilities:    
Accounts payable 146.5 193.3
Accrued payroll and related benefits 94.2 114.7
Accrued interest payable 70.2 24.3
Liabilities held-for-sale 1.0 1.2
Other accrued liabilities 119.8 111.2
Income taxes payable 61.0 80.5
Total current liabilities 492.7 525.2
Long-term debt, net of unamortized discount and debt issuance costs of $52.2 and $63.9 3,842.8 3,981.1
Pension benefit obligations and other liabilities 69.0 54.5
Deferred tax liabilities and other noncurrent tax liabilities 41.2 70.2
Long term lease liability - Operating lease 47.9 53.7
Long term lease liability - Finance lease 17.4 18.4
Equity:    
Preferred stock, par value $0.01; 5.0 shares authorized; none issued and outstanding as of September 27, 2025 and December 31, 2024 0.0 0.0
Common stock, par value $0.01; 400.0 shares authorized; issued and outstanding shares as of September 27, 2025: 151.8 and 151.6, respectively; issued and outstanding shares as of December 31, 2024: 151.3 and 151.1, respectively 1.5 1.5
Treasury stock, at cost: 0.2 shares held as of September 27, 2025 and December 31, 2024 (7.1) (7.1)
Additional paid-in capital 2,439.7 2,385.3
Retained earnings 1,524.4 1,383.9
Accumulated other comprehensive loss (67.7) (72.1)
Total equity 3,890.8 3,691.5
Total liabilities and equity $ 8,401.8 $ 8,394.6
Common stock, shares outstanding (in shares) 151.6 151.1
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 27, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Trade accounts and notes receivable, allowance for credit losses $ 3.1 $ 3.1
Property, plant and equipment, accumulated depreciation 1,197.6 1,057.4
Intangible assets, accumulated amortization 1,139.1 999.6
Long-term debt, unamortized discount and debt issuance costs $ 52.2 $ 63.9
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 5.0 5.0
Preferred stock, shares issued (in shares) 0.0 0.0
Preferred stock, shares outstanding (in shares) 0.0 0.0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 400.0 400.0
Common stock, shares issued (in shares) 151.8 151.3
Common stock, shares outstanding (in shares) 151.6 151.1
Treasury stock, shares outstanding (in shares) 0.2 0.2
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Statement [Abstract]        
Net sales $ 807.1 $ 807.7 $ 2,372.7 $ 2,391.4
Cost of sales 455.8 435.9 1,313.4 1,292.0
Gross profit 351.3 371.8 1,059.3 1,099.4
Selling, general and administrative expenses 101.8 108.5 320.2 337.0
Engineering, research and development expenses 80.9 80.9 250.0 234.6
Amortization of intangible assets 46.0 46.2 138.1 143.9
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 expense (income), net 4.2 (0.2) 5.3 17.1
Income before income tax expense 72.3 86.0 199.5 209.5
Income tax expense 1.5 8.2 12.5 18.3
Equity in net loss of affiliates 0.3 0.3 0.8 0.7
Net income $ 70.5 $ 77.5 $ 186.2 $ 190.5
Basic earnings per common share (in dollars per share) $ 0.46 $ 0.51 $ 1.23 $ 1.26
Diluted earnings per common share (in dollars per share) $ 0.46 $ 0.51 $ 1.22 $ 1.25
Weighted average shares outstanding:        
Basic (in shares) 151.8 151.2 151.6 150.8
Diluted (in shares) 152.3 151.9 152.1 151.8
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 70.5 $ 77.5 $ 186.2 $ 190.5
Other comprehensive (loss) income, net of tax:        
Foreign currency translation adjustments (3.5) 12.1 9.1 (2.7)
Defined benefit pension adjustments 0.0 0.0 (0.1) (0.4)
Interest rate swap - cash flow hedge, change in fair value - loss, net of tax benefit of $0.3 and $1.3 for the three and nine months ended September 27, 2025, respectively, and $2.9 and $4.0 for the three and nine months ended September 28, 2024, respectively (1.1) (9.9) (4.6) (13.6)
Other comprehensive (loss) income, net of tax (4.6) 2.2 4.4 (16.7)
Comprehensive income $ 65.9 $ 79.7 $ 190.6 $ 173.8
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Statement of Comprehensive Income [Abstract]        
Interest rate swap - cash flow hedge, benefit $ 0.3 $ 2.9 $ 1.3 $ 4.0
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common stock
Treasury stock
Additional paid-in capital
Retained earnings
Foreign currency translation adjustments
Defined benefit pension adjustments
Interest rate swap - cash flow hedge
Common stock, shares issued, beginning balance (in shares) at Dec. 31, 2023   150.6            
Treasury shares, beginning balance (in shares) at Dec. 31, 2023     (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023   150.4            
Beginning balance at Dec. 31, 2023 $ 3,408.6 $ 1.5 $ (7.1) $ 2,305.4 $ 1,151.7 $ (61.8) $ 0.3 $ 18.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares issued under stock plans (in shares)   0.4            
Shares issued under stock plans (5.5)     (5.5)        
Share-based compensation expense 7.9     7.9        
Dividends declared (15.0)       (15.0)      
Interest rate swap - cash flow hedge (1.0)             (1.0)
Pension liability adjustment (0.4)           (0.4)  
Foreign currency translation (9.7)         (9.7)    
Net income 45.3       45.3      
Common stock, shares issued, ending balance (in shares) at Mar. 30, 2024   151.0            
Treasury shares, ending balance (in shares) at Mar. 30, 2024     (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Mar. 30, 2024   150.8            
Ending balance at Mar. 30, 2024 3,430.2 $ 1.5 $ (7.1) 2,307.8 1,182.0 (71.5) (0.1) 17.6
Common stock, shares issued, beginning balance (in shares) at Dec. 31, 2023   150.6            
Treasury shares, beginning balance (in shares) at Dec. 31, 2023     (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023   150.4            
Beginning balance at Dec. 31, 2023 3,408.6 $ 1.5 $ (7.1) 2,305.4 1,151.7 (61.8) 0.3 18.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Interest rate swap - cash flow hedge (13.6)              
Pension liability adjustment (0.4)              
Foreign currency translation (2.7)              
Net income 190.5              
Common stock, shares issued, ending balance (in shares) at Sep. 28, 2024   151.3            
Treasury shares, ending balance (in shares) at Sep. 28, 2024     (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Sep. 28, 2024   151.1            
Ending balance at Sep. 28, 2024 3,592.5 $ 1.5 $ (7.1) 2,360.9 1,296.8 (64.5) (0.1) 5.0
Common stock, shares issued, beginning balance (in shares) at Mar. 30, 2024   151.0            
Treasury shares, beginning balance (in shares) at Mar. 30, 2024     (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Mar. 30, 2024   150.8            
Beginning balance at Mar. 30, 2024 3,430.2 $ 1.5 $ (7.1) 2,307.8 1,182.0 (71.5) (0.1) 17.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares issued under stock plans (in shares)   0.1            
Shares issued under stock plans 0.6     0.6        
Share-based compensation expense 26.9     26.9        
Dividends declared (15.2)       (15.2)      
Interest rate swap - cash flow hedge (2.7)             (2.7)
Foreign currency translation (5.1)         (5.1)    
Net income 67.7       67.7      
Common stock, shares issued, ending balance (in shares) at Jun. 29, 2024   151.1            
Treasury shares, ending balance (in shares) at Jun. 29, 2024     (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Jun. 29, 2024   150.9            
Ending balance at Jun. 29, 2024 3,502.4 $ 1.5 $ (7.1) 2,335.3 1,234.5 (76.6) (0.1) 14.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares issued under stock plans (in shares)   0.2            
Shares issued under stock plans 10.1     10.1        
Share-based compensation expense 15.5     15.5        
Dividends declared (15.2)       (15.2)      
Interest rate swap - cash flow hedge (9.9)             (9.9)
Pension liability adjustment 0.0              
Foreign currency translation 12.1         12.1    
Net income 77.5       77.5      
Common stock, shares issued, ending balance (in shares) at Sep. 28, 2024   151.3            
Treasury shares, ending balance (in shares) at Sep. 28, 2024     (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Sep. 28, 2024   151.1            
Ending balance at Sep. 28, 2024 $ 3,592.5 $ 1.5 $ (7.1) 2,360.9 1,296.8 (64.5) (0.1) 5.0
Common stock, shares issued, beginning balance (in shares) at Dec. 31, 2024 151.3 151.3            
Treasury shares, beginning balance (in shares) at Dec. 31, 2024 (0.2)   (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 151.1 151.1            
Beginning balance at Dec. 31, 2024 $ 3,691.5 $ 1.5 $ (7.1) 2,385.3 1,383.9 (77.6) 0.0 5.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares issued under stock plans (in shares)   0.2            
Shares issued under stock plans (6.6)     (6.6)        
Share-based compensation expense 13.4     13.4        
Dividends declared (15.2)       (15.2)      
Interest rate swap - cash flow hedge (1.9)             (1.9)
Pension liability adjustment (0.1)           (0.1)  
Foreign currency translation 5.4         5.4    
Net income 62.9       62.9      
Common stock, shares issued, ending balance (in shares) at Mar. 29, 2025   151.5            
Treasury shares, ending balance (in shares) at Mar. 29, 2025     (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Mar. 29, 2025   151.3            
Ending balance at Mar. 29, 2025 $ 3,749.4 $ 1.5 $ (7.1) 2,392.1 1,431.6 (72.2) (0.1) 3.6
Common stock, shares issued, beginning balance (in shares) at Dec. 31, 2024 151.3 151.3            
Treasury shares, beginning balance (in shares) at Dec. 31, 2024 (0.2)   (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 151.1 151.1            
Beginning balance at Dec. 31, 2024 $ 3,691.5 $ 1.5 $ (7.1) 2,385.3 1,383.9 (77.6) 0.0 5.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Interest rate swap - cash flow hedge (4.6)              
Pension liability adjustment (0.1)              
Foreign currency translation 9.1              
Net income $ 186.2              
Common stock, shares issued, ending balance (in shares) at Sep. 27, 2025 151.8 151.8            
Treasury shares, ending balance (in shares) at Sep. 27, 2025 (0.2)   (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Sep. 27, 2025 151.6 151.6            
Ending balance at Sep. 27, 2025 $ 3,890.8 $ 1.5 $ (7.1) 2,439.7 1,524.4 (68.5) (0.1) 0.9
Common stock, shares issued, beginning balance (in shares) at Mar. 29, 2025   151.5            
Treasury shares, beginning balance (in shares) at Mar. 29, 2025     (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Mar. 29, 2025   151.3            
Beginning balance at Mar. 29, 2025 3,749.4 $ 1.5 $ (7.1) 2,392.1 1,431.6 (72.2) (0.1) 3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares issued under stock plans (in shares)   0.1            
Shares issued under stock plans (2.0)     (2.0)        
Share-based compensation expense 18.6     18.6        
Dividends declared (15.3)       (15.3)      
Interest rate swap - cash flow hedge (1.6)             (1.6)
Foreign currency translation 7.2         7.2    
Net income 52.8       52.8      
Common stock, shares issued, ending balance (in shares) at Jun. 28, 2025   151.6            
Treasury shares, ending balance (in shares) at Jun. 28, 2025     (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Jun. 28, 2025   151.4            
Ending balance at Jun. 28, 2025 3,809.1 $ 1.5 $ (7.1) 2,408.7 1,469.1 (65.0) (0.1) 2.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares issued under stock plans (in shares)   0.2            
Shares issued under stock plans 12.6     12.6        
Share-based compensation expense 18.4     18.4        
Dividends declared (15.2)       (15.2)      
Interest rate swap - cash flow hedge (1.1)             (1.1)
Pension liability adjustment 0.0              
Foreign currency translation (3.5)         (3.5)    
Net income $ 70.5       70.5      
Common stock, shares issued, ending balance (in shares) at Sep. 27, 2025 151.8 151.8            
Treasury shares, ending balance (in shares) at Sep. 27, 2025 (0.2)   (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Sep. 27, 2025 151.6 151.6            
Ending balance at Sep. 27, 2025 $ 3,890.8 $ 1.5 $ (7.1) $ 2,439.7 $ 1,524.4 $ (68.5) $ (0.1) $ 0.9
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Sep. 27, 2025
Jun. 28, 2025
Mar. 29, 2025
Sep. 28, 2024
Jun. 29, 2024
Mar. 30, 2024
Statement of Stockholders' Equity [Abstract]            
Dividends declared per share (in dollars per share) $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Operating activities:    
Net income $ 186.2 $ 190.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 151.6 139.8
Amortization 138.1 143.9
Share-based compensation expense 50.4 50.3
Provision for deferred income taxes (54.8) (47.1)
Loss on extinguishment of debt 1.7 11.4
Gain from sale of businesses 0.0 (4.3)
Charge for excess and obsolete inventory 26.7 29.9
Impairment of long-lived assets 6.3 13.0
Amortization of debt issuance costs and original issuance discounts 10.5 11.4
Other 11.6 4.5
Changes in operating assets and liabilities:    
Trade accounts and notes receivable 7.5 (52.1)
Inventories (34.4) (68.8)
Accounts payable and accrued liabilities 34.5 52.6
Other current assets 8.1 0.5
Income taxes payable and refundable income taxes (41.5) (23.7)
Other 0.9 3.8
Net cash provided by operating activities 503.4 455.6
Investing activities:    
Acquisition of property, plant and equipment (241.2) (208.1)
Proceeds from government incentives 8.2 0.0
Proceeds from sale of business, net 0.0 250.8
Other (1.5) (1.9)
Net cash (used in) provided by investing activities (234.5) 40.8
Financing activities:    
Proceeds from revolving credit facility 532.0 30.0
Payments of revolving credit facility (532.0) (30.0)
Proceeds from long-term debt 0.0 224.5
Payments of long-term debt (150.0) (698.3)
Payments for dividends (45.7) (45.5)
Issuance of common stock 3.6 13.6
Taxes paid related to net share settlement of equity awards (10.6) (16.1)
Other (1.4) (1.8)
Net cash used in financing activities (204.1) (523.6)
Effect of exchange rate changes on cash and cash equivalents 5.8 2.4
Increase (decrease) in cash and cash equivalents 70.6 (24.8)
Cash and cash equivalents at beginning of period 329.2 456.9
Cash and cash equivalents at end of period 399.8 432.1
Non-cash transactions:    
Equipment purchases in accounts payable 17.2 35.1
Share issuance in exchange for extinguishment of Employee Stock Purchase Plan liability 11.0 7.7
Dividend payable 0.8 0.7
Schedule of interest and income taxes paid:    
Interest paid, net of capitalized interest 94.7 99.7
Income taxes paid, net of refunds received $ 108.6 $ 92.3
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 27, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations Entegris, Inc. (“Entegris”, the “Company”, “us”, “we”, or “our”) is a leading supplier of critical advanced materials and process solutions for the semiconductor and other high-technology industries.
Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany profits, transactions and balances have been eliminated in consolidation.
Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liabilities, income taxes and related accounts, and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates.
Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and contain all adjustments considered necessary, and are of a normal recurring nature, to present fairly the Company’s financial position as of September 27, 2025 and December 31, 2024, the results of operations and comprehensive income for the three and nine months ended September 27, 2025 and September 28, 2024, the equity statements as of and for the three and nine months ended September 27, 2025 and September 28, 2024, and cash flows for the nine months ended September 27, 2025 and September 28, 2024.
The condensed consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Quarterly Report should be read in conjunction with Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The results of operations for the three and nine months ended September 27, 2025 are not necessarily indicative of the results to be expected for the full year.
Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements.
Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The updated standard is effective for our annual reporting periods beginning in fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. Prospective or retrospective application of the amendments in this ASU is permitted. The updated standard is effective for our annual reporting periods beginning in fiscal year 2027 and interim reporting periods beginning in the first quarter of fiscal year 2028, with early adoption permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.
v3.25.3
REVENUES
 9 Months Ended
Sep. 27, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
2. REVENUES
The following table provides information about disaggregated net sales by customer category:
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Semiconductor:
Fabs$494.5 $494.2 $1,456.7 $1,444.4 
Equipment and Engineering115.2 121.3 347.6 361.9 
Chemical and Materials81.3 82.2 236.3 239.3 
Semi Distributor and Other75.0 68.6 210.8 193.9 
Non-Semi41.1 41.4 121.3 151.9 
Total net sales$807.1 $807.7 $2,372.7 $2,391.4 
The following table provides information about current contract liabilities from contracts with customers. The contract liabilities are included in Other accrued liabilities in the condensed consolidated balance sheets.

(In millions)September 27, 2025September 28, 2024
Balance at beginning of period$41.7 $69.1 
Revenue recognized that was included in the contract liability balance at the beginning of the period(36.4)(51.6)
Increases due to cash received, excluding amounts recognized as revenue during the period
43.5 28.7 
Balance at end of period$48.8 $46.2 
v3.25.3
LONG-LIVED ASSET IMPAIRMENT
 9 Months Ended
Sep. 27, 2025
Asset Impairment Charges [Abstract]  
LONG-LIVED ASSET IMPAIRMENT
3. LONG-LIVED ASSET IMPAIRMENT
The Company recorded an impairment charge of $13.0 million related to the long-lived assets of a small, industrial specialty chemicals business that reports within the Materials Solutions (“MS”) segment due to a change in the fair value of the reporting unit for the three months ended March 30, 2024. The impairment is classified as Selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. No further impairment charge was recorded during the three and nine months ended September 27, 2025. The fair value of the reporting unit was determined using a market-based approach. We consider this a Level 3 measurement in the fair value hierarchy. This business remains classified as an asset held-for-sale as of September 27, 2025. See Note 4 for further discussion.
During the second fiscal quarter of 2025, the Company recorded an impairment charge of $6.3 million related to long-lived assets as a result of restructuring initiatives that took place during the quarter. See Note 14 for further discussion.
v3.25.3
ASSETS HELD-FOR-SALE AND DIVESTITURE
 9 Months Ended
Sep. 27, 2025
Asset, Held-for-Sale, Not Part of Disposal Group [Abstract]  
ASSETS HELD-FOR-SALE AND DIVESTITURE
4. ASSETS HELD-FOR-SALE AND DIVESTITURE
Assets Held-For-Sale - Other

During the fourth quarter of 2023, the Company began the process to sell a small, industrial specialty chemicals business that reports within the MS segment. The related assets and liabilities of the business were classified as held-for-sale in the Company’s condensed consolidated balance sheets and measured at the lower of their carrying amount or fair value less cost to sell. The assets and liabilities continue to be marketed for sale and are classified as held-for-sale at September 27, 2025.

The proposed disposition of the business did not, and as of September 27, 2025, does not meet the criteria to be classified as a discontinued operation in the Company’s financial statements since the proposed disposition does not represent a strategic shift that had, or is expected to have, a major effect on the Company’s operations and financial results.

Assets held-for-sale and liabilities held-for-sale recorded on the balance sheet were $4.1 million and $1.0 million, respectively, as of September 27, 2025. The loss before income taxes attributable to the business was not significant for the three and nine months ended September 27, 2025 and September 28, 2024, except for the impairment charge of $13.0 million as noted in Note 3 for the nine months ended September 28, 2024.
Divestiture - Pipeline and Industrial Materials
During the first fiscal quarter of 2024, the Company completed the sale of its Pipeline and Industrial Materials (“PIM”) business, which became part of the Company with the acquisition of CMC Materials, to SCF Partners, Inc. The PIM business specializes in the manufacture and sale of drag reducing agents and a range of valve maintenance products and services for the oil and gas industry, and reported into the MS segment of the Company.

The Company received gross cash proceeds of $263.2 million, or net proceeds of $256.2 million, and may receive up to $25.0 million in cash earn-out payments contingent upon the performance of the PIM business in 2025 and 2026. The carrying amount of net assets associated with the PIM business was approximately $252.8 million. As a result of the sale of the PIM business, the Company recognized a pre-tax loss (gain) of $0.0 million and of $(4.3) million, inclusive of a $1.0 million gain reclassified from Accumulated other comprehensive loss for foreign currency translation, presented in Selling, general and administrative expenses in the condensed consolidated statements of operations for the three and nine months ended September 28, 2024. The Company recorded income tax expense associated with the PIM divestiture of approximately $0.0 million and $1.0 million for the three and nine months ended September 28, 2024.

The disposition of the PIM business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements since the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.
v3.25.3
INVENTORIES
 9 Months Ended
Sep. 27, 2025
Inventory Disclosure [Abstract]  
INVENTORIES
5. INVENTORIES
Inventories consisted of the following:
(In millions)September 27, 2025December 31, 2024
Raw materials$238.9 $231.0 
Work-in-process51.9 59.6 
Finished goods (1)
356.0 347.5 
Total inventories, net$646.8 $638.1 
(1) Includes consignment inventories held by customers of $27.1 million and $24.0 million at September 27, 2025 and December 31, 2024, respectively.
v3.25.3
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
6. GOODWILL AND INTANGIBLE ASSETS
As described in Note 12, the Company realigned its segments in the fourth fiscal quarter of 2024. The Company combined its previous segments, Advanced Materials Handling and Microcontamination Control, into the new Advanced Purity Solutions (“APS”) segment. All prior periods have been recast to reflect the change.
Goodwill activity for each of the Company’s reportable segments, MS and APS, was as follows at September 27, 2025 and December 31, 2024:

(In millions)MSAPSTotal
December 31, 2024$3,631.3 $312.3 $3,943.6 
Foreign currency translation— 1.6 1.6 
September 27, 2025$3,631.3 $313.9 $3,945.2 
Identifiable intangible assets at September 27, 2025 and December 31, 2024 consisted of the following:
September 27, 2025
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,264.2 $710.7 $553.5 
Trademarks and trade names172.0 56.9 115.1 
Customer relationships630.7 347.5 283.2 
Other25.5 24.0 1.5 
$2,092.4 $1,139.1 $953.3 
December 31, 2024
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,256.7 $601.7 $655.0 
Trademarks and trade names172.0 48.8 123.2 
Customer relationships630.5 326.5 304.0 
In-process research and development (1)
6.6 — 6.6 
Other25.5 22.6 2.9 
$2,091.3 $999.6 $1,091.7 
(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we move the asset to developed technology, determine the useful life and begin amortizing the assets.
Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at September 27, 2025:

(In millions)Remaining 20252026202720282029ThereafterTotal
Future amortization expense$46.5 $183.6 $179.9 $177.4 $111.7 $254.2 $953.3 
v3.25.3
DEBT
 9 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
DEBT
7. DEBT
The Company’s debt as of September 27, 2025 and December 31, 2024 consisted of the following:

(In millions)September 27, 2025December 31, 2024
Senior secured term loans B due 2029 at 5.01% (1)
$600.0 $750.0 
Senior secured notes due 2029 at 4.75%
1,600.0 1,600.0 
Senior unsecured notes due 2030 at 5.95%
895.0 895.0 
Senior unsecured notes due 2029 at 3.625%
400.0 400.0 
Senior unsecured notes due 2028 at 4.375%
400.0 400.0 
Revolving facility due 2027 (2)
— — 
Total debt (par value)3,895.0 4,045.0 
Less: Unamortized discount and debt issuance costs(52.2)(63.9)
Total debt, net3,842.8 3,981.1 
Less: Current portion of long-term debt— — 
Total long-term debt, net$3,842.8 $3,981.1 
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of September 27, 2025 were as follows:
(In millions)Remaining 2025 2026202720282029ThereafterTotal
Long-term debt obligation maturities*
$— $— $— $400.0 $2,600.0 $895.0 $3,895.0 
* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.
(1) The Company entered into a floating-to-fixed swap contract on its variable rate debt under our senior secured term loan facility due 2029 (the “Term Loan Facility”). The effective interest rate after consideration of this floating-to-fixed swap contract was 5.01%. Refer to Note 9 for a description of our interest rate swap contract.
(2) Our senior secured revolving credit facility due 2027 (the “Revolving Facility”) bears interest at a rate per annum equal to, at the Company’s option, either (i) SOFR, plus an applicable margin of 1.75%, or (ii) a base rate plus an applicable margin of 0.75%. The Revolving Facility has commitments of $575.0 million. There were no borrowings outstanding under the Revolving Facility as of September 27, 2025 and December 31, 2024.
During the three and nine months ended September 27, 2025, the Company repaid a total of $150.0 million and $150.0 million of the outstanding borrowings under the term loans B. In connection with these repayments and entry into the Third Amendment, the Company incurred a pre-tax loss on extinguishment of debt of $1.7 million and $1.7 million for the three and nine months ended September 27, 2025, respectively, which is included in Other expense, net in the condensed consolidated statements of operations.
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
8. FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company is required to record certain assets and liabilities at fair value. The valuation methods used for determining the fair value of these financial instruments by hierarchy are as follows:
Level 1 Cash and cash equivalents consist of various bank accounts used to support our operations and investments in institutional money-market funds that are traded in active markets.
Level 2 Derivative financial instruments include an interest rate swap contract. The fair value of our derivative instruments is estimated using standard valuation models and market-based observable inputs over the contractual term, including the prevailing SOFR-based yield curves for the interest rate swap, and forward rates. The fair value of our debt is estimated based on independent broker/dealer bids or by comparison to other debt securities having similar durations, yields and credit
ratings.
Level 3 No Level 3 financial instruments.

The following table presents financial instruments, other than debt, that we measure at fair value on a recurring basis. See Note 7 to our condensed consolidated financial statements for a discussion of our debt. In instances where the inputs used to measure the fair value of an asset fall into more than one level of the hierarchy, we have classified it based on the lowest level input that is significant to the determination of the fair value.
Fair Value Measurements at Reporting Date Using
(In millions)Level 1Level 2Level 3Total
Assets:September 27, 2025December 31, 2024September 27, 2025December 31, 2024September 27, 2025December 31, 2024September 27, 2025December 31, 2024
Cash and cash equivalents$399.8 $329.2 $— $— $— $— $399.8 $329.2 
Derivative financial instruments - interest rate swap - cash flow hedge— — 1.2 7.1 — — 1.2 7.1 
Total$399.8 $329.2 $1.2 $7.1 $— $— $401.0 $336.3 
Other Fair Value Disclosures
The estimated fair value and carrying value of our debt as of September 27, 2025 and December 31, 2024 were as follows:
September 27, 2025December 31, 2024
(In millions)Carrying ValueFair ValueCarrying ValueFair Value
Total debt, net$3,842.8 $3,857.8 $3,981.1 $3,909.3 
v3.25.3
DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
9. DERIVATIVE INSTRUMENTS
The Company is exposed to various market risks, including risks associated with interest rates and foreign currency exchange rates. One objective of the Company’s risk management program is to mitigate these risks using derivative instruments.
Cash Flow Hedges - Interest Rate Swap Contract
In July 2022, the Company entered into a floating-to-fixed swap agreement on its variable rate debt under our Term Loan Facility. The interest rate swap was designated specifically to the Term Loan Facility and qualifies as a cash flow hedge. The notional amount is scheduled to decrease quarterly and will expire on December 30, 2025. As with cash flow hedges, unrealized gains are recognized as assets and unrealized losses are recognized as liabilities. Unrealized gains and losses are designated as effective or ineffective based on a comparison of the changes in fair value of the interest rate swaps and changes in fair value of the underlying exposures being hedged. The effective portion is recorded as a component of Accumulated other comprehensive loss in the condensed consolidated balance sheets and will be reflected in earnings during the period the hedged transaction
effects earnings, while the ineffective portion is recorded as a component of Interest expense in the condensed consolidated statements of operations.
The notional amounts of our derivative instruments were as follows:
(In millions)
Derivatives designated as hedging instruments:September 27, 2025December 31, 2024
Interest rate swap contract - cash flow hedge$450.0 $750.0 
The fair values of our derivative instruments included in the condensed consolidated balance sheets were as follows:
(In millions)Derivative Assets
Derivatives designated as hedging instruments:Condensed Consolidated Balance Sheets LocationSeptember 27, 2025December 31, 2024
Interest rate swap contract - cash flow hedgeOther current assets$1.2 $7.1 
The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:
(Gain) loss recognized in Condensed Consolidated Statements of Operations
(In millions)Three months endedNine months ended
Derivatives designated as hedging instruments:
Condensed Consolidated Statements of Operations Location
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Interest rate swap contract - cash flow hedgeInterest expense$(1.5)$(5.6)$(6.7)$(23.2)
The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:
Loss recognized in Accumulated other comprehensive loss
(In millions)Three months endedNine months ended
Derivatives designated as hedging instruments:September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Interest rate swap contract - cash flow hedge$(1.1)$(9.9)$(4.6)$(13.6)
We expect approximately $1.2 million to be reclassified from Accumulated other comprehensive loss into Interest expense through December 31, 2025, related to our interest rate swap based on projected rates of the SOFR forward curve as of September 27, 2025.
v3.25.3
EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 27, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
10. EARNINGS PER COMMON SHARE
Basic earnings per common share (“EPS”) is calculated based on the weighted average number of shares of common stock outstanding during the applicable period. Diluted EPS is calculated based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the applicable period. The following table presents a reconciliation of the share amounts used in the computation of basic and diluted EPS:
 Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Basic—weighted average common shares outstanding151.8151.2151.6150.8
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock0.50.70.51.0
Diluted—weighted average common shares and common shares equivalent outstanding152.3151.9152.1151.8
The Company excluded the following shares underlying stock-based awards from the calculations of diluted EPS because their inclusion would have been anti-dilutive for the three and nine months ended September 27, 2025 and September 28, 2024:
 Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Shares excluded from calculations of diluted EPS1.0 0.6 0.9 0.4 
v3.25.3
OTHER EXPENSE (INCOME), NET
 9 Months Ended
Sep. 27, 2025
Other Income and Expenses [Abstract]  
OTHER EXPENSE (INCOME), NET
11. OTHER EXPENSE (INCOME), NET
Other expense (income), net for the three and nine months ended September 27, 2025 and September 28, 2024 consisted of the following:
 Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Loss (gain) on foreign currency transactions$2.5 $(2.1)4.5 2.2 
Loss on extinguishment of debt and modification1.7 — 1.7 12.3 
Other expense (income)— 1.9 (0.9)2.6 
Other expense (income), net$4.2 $(0.2)$5.3 $17.1 
v3.25.3
SEGMENT INFORMATION
 9 Months Ended
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)MSAPSInter-segmentTotal
Net sales$348.6 $460.8 $(2.3)$807.1 
Cost of sales203.4 254.7 (2.3)455.8 
Operating expenses80.0 87.9 — 167.9 
Segment profit$65.2 $118.2 $— $183.4 

Three months ended
September 28, 2024
(In millions)MSAPSInter-segmentTotal
Net sales$346.7 $463.1 $(2.1)$807.7 
Cost of sales190.4 247.6 (2.1)435.9 
Operating expenses84.6 88.1 — 172.7 
Segment profit$71.7 $127.4 $— $199.1 

Nine months ended
September 27, 2025
(In millions)MSAPSInter-segmentTotal
Net sales$1,044.9 $1,334.6 $(6.8)$2,372.7 
Cost of sales584.9 735.3 (6.8)1,313.4 
Operating expenses247.3 277.1 — 524.4 
Segment profit$212.7 $322.2 $— $534.9 

Nine months ended
September 28, 2024
(In millions)MSAPSInter-segmentTotal
Net sales$1,039.0 $1,359.0 $(6.6)$2,391.4 
Cost of sales570.6 728.0 (6.6)1,292.0 
Operating expenses259.3 269.8 — 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 endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Total segment profit$183.4 199.1 $534.9 $570.3 
Less:
Amortization of intangible assets46.0 46.2 138.1 143.9 
Unallocated general and administrative expenses14.8 16.7 45.8 42.5 
Operating income122.6 136.2 351.0 383.9 
Interest expense47.9 51.6 151.3 162.7 
Interest income(1.8)(1.2)(5.1)(5.4)
Other (income) expense, net4.2 (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 endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Depreciation:
MS$21.7 $22.3 $67.1 $68.2 
APS28.7 24.8 84.571.6 
Total depreciation $50.4 $47.1 $151.6 $139.8 

Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Capital expenditures:
MS$28.1 $17.8 $89.2 $56.7 
APS38.7 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 APSInter-segment Total
North America$67.3 $70.6 $(2.3)$135.6 
Taiwan74.3 111.9 — 186.2 
China60.4 117.5 — 177.9 
South Korea49.4 60.4 — 109.8 
Japan35.4 43.1 — 78.5 
Europe25.8 31.7 — 57.5 
Southeast Asia36.0 25.6 — 61.6 
$348.6 $460.8 $(2.3)$807.1 

Three months ended September 28, 2024
(In millions)MS APSInter-segmentTotal
North America$73.2 $91.0 $(2.1)$162.1 
Taiwan60.0 101.3 — 161.3 
China62.8 109.2 — 172.0 
South Korea53.3 52.0 — 105.3 
Japan34.0 43.2 — 77.2 
Europe25.5 42.6 — 68.1 
Southeast Asia37.9 23.8 — 61.7 
$346.7 $463.1 $(2.1)$807.7 
Nine months ended September 27, 2025
(In millions)MS APSInter-segment Total
North America$203.1 $232.2 $(6.8)$428.5 
Taiwan207.1 330.3 — 537.4 
China203.3 293.0 — 496.3 
South Korea151.4 168.5 — 319.9 
Japan99.6 131.3 — 230.9 
Europe74.2 102.7 — 176.9 
Southeast Asia106.2 76.6 — 182.8 
$1,044.9 $1,334.6 $(6.8)$2,372.7 

Nine months ended September 28, 2024
(In millions)MS APSInter-segmentTotal
North America$248.8 $274.5 $(6.6)$516.7 
Taiwan173.5 303.0 — 476.5 
China181.7 309.2 — 490.9 
South Korea150.6 156.9 — 307.5 
Japan93.0 126.5 — 219.5 
Europe87.7 122.8 — 210.5 
Southeast Asia103.7 66.1 — 169.8 
$1,039.0 $1,359.0 $(6.6)$2,391.4 
v3.25.3
GOVERNMENT GRANTS
 9 Months Ended
Sep. 27, 2025
Government Assistance [Abstract]  
GOVERNMENT GRANTS
13. GOVERNMENT GRANTS
CHIPS and Science Act Agreement
On December 3, 2024, the Company entered into a definitive agreement to receive funding under the CHIPS and Science Act of 2022 (“CHIPS Act”). The agreement provides the Company with up to $77.0 million intended to support capital expenditures related to the construction of a manufacturing facility in Colorado Springs, Colorado, research and development, and workforce training initiatives.
The grant is subject to certain conditions, including compliance with applicable federal regulations, progress milestones, and reporting requirements as set forth by the U.S. Department of Commerce. As of September 27, 2025, the Company has received $8.2 million in disbursements with a corresponding reduction to property, plant and equipment.
v3.25.3
RESTRUCTURING COSTS
 9 Months Ended
Sep. 27, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS
14. RESTRUCTURING COSTS

During the first three fiscal quarters of 2025, the Company initiated certain business restructuring activities aimed at improving operational efficiency and aligning resources with strategic priorities. These activities resulted in restructuring charges of $1.7 million and $17.4 million for the three and nine months ended September 27, 2025, respectively, primarily related to (i) an internal reorganization, combining two complementary divisions into one and realigning its customer facing organization, which occurred in the fourth quarter of 2024, and (ii) commencing in the second quarter of 2025, workforce reductions and the abandonment of certain capital equipment no longer necessary for the Company’s long-term objectives. These restructuring activities are deemed to be discrete initiatives that are different from the Company’s ongoing productivity improvements.

The charges related to these restructuring activities were recognized in the condensed consolidated statements of operations for the three and nine months ended September 27, 2025 as follows:
Three months ended September 27, 2025Nine months ended September 27, 2025
(In millions)Employee Termination BenefitsAsset Impairment ChargesTotalEmployee Termination BenefitsAsset Impairment ChargesTotal
Cost of sales$0.3 $— $0.3 $2.6 $— $2.6 
Selling, general and administrative0.4 — 0.4 5.4 6.3 11.7 
Engineering, research and development1.0 — 1.0 3.1 — 3.1 
Total$1.7 $— $1.7 $11.1 $6.3 $17.4 

Restructuring charges by reportable segment as well as unallocated corporate level charges for the three and nine months ended September 27, 2025 were as follows:
Three months ended September 27, 2025Nine months ended September 27, 2025
(In millions)Employee Termination BenefitsAsset Impairment ChargesTotalEmployee Termination BenefitsAsset Impairment ChargesTotal
MS$0.7 $— $0.7 $3.8 $— $3.8 
APS1.0 — 1.0 6.9 6.3 13.2 
Unallocated corporate— — — 0.4 — 0.4 
Total$1.7 $— $1.7 $11.1 $6.3 $17.4 
v3.25.3
SUBSEQUENT EVENT
 9 Months Ended
Sep. 27, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENT
15. SUBSEQUENT EVENT
Dividend
On October 15, 2025, the Company’s board of directors declared a quarterly cash dividend of $0.10 per share to be paid on November 19, 2025, to shareholders of record on the close of business on October 29, 2025.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 27, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Joseph Colella [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On August 8, 2025 Joseph Colella, our Senior Vice President, General Counsel and Secretary, entered into a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Colella’s plan provides for the sale of up to 9,392 shares of the Company’s common stock. The plan expires on August 14, 2026, or upon the earlier completion of all authorized transactions under the plan.
Name Joseph Colella
Title Senior Vice President, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 8, 2025
Expiration Date August 14, 2026
Arrangement Duration 371 days
Aggregate Available 9,392
v3.25.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 27, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany profits, transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liabilities, income taxes and related accounts, and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates.
Basis of Presentation
Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and contain all adjustments considered necessary, and are of a normal recurring nature, to present fairly the Company’s financial position as of September 27, 2025 and December 31, 2024, the results of operations and comprehensive income for the three and nine months ended September 27, 2025 and September 28, 2024, the equity statements as of and for the three and nine months ended September 27, 2025 and September 28, 2024, and cash flows for the nine months ended September 27, 2025 and September 28, 2024.
The condensed consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Quarterly Report should be read in conjunction with Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The results of operations for the three and nine months ended September 27, 2025 are not necessarily indicative of the results to be expected for the full year.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements.
Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The updated standard is effective for our annual reporting periods beginning in fiscal year 2025, with early adoption permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. Prospective or retrospective application of the amendments in this ASU is permitted. The updated standard is effective for our annual reporting periods beginning in fiscal year 2027 and interim reporting periods beginning in the first quarter of fiscal year 2028, with early adoption permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures.
v3.25.3
REVENUES (Tables)
 9 Months Ended
Sep. 27, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Net Sales by Customer
The following table provides information about disaggregated net sales by customer category:
Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Semiconductor:
Fabs$494.5 $494.2 $1,456.7 $1,444.4 
Equipment and Engineering115.2 121.3 347.6 361.9 
Chemical and Materials81.3 82.2 236.3 239.3 
Semi Distributor and Other75.0 68.6 210.8 193.9 
Non-Semi41.1 41.4 121.3 151.9 
Total net sales$807.1 $807.7 $2,372.7 $2,391.4 
Schedule of Contract Liabilities from Contract with Customers
The following table provides information about current contract liabilities from contracts with customers. The contract liabilities are included in Other accrued liabilities in the condensed consolidated balance sheets.

(In millions)September 27, 2025September 28, 2024
Balance at beginning of period$41.7 $69.1 
Revenue recognized that was included in the contract liability balance at the beginning of the period(36.4)(51.6)
Increases due to cash received, excluding amounts recognized as revenue during the period
43.5 28.7 
Balance at end of period$48.8 $46.2 
v3.25.3
INVENTORIES (Tables)
 9 Months Ended
Sep. 27, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following:
(In millions)September 27, 2025December 31, 2024
Raw materials$238.9 $231.0 
Work-in-process51.9 59.6 
Finished goods (1)
356.0 347.5 
Total inventories, net$646.8 $638.1 
(1) Includes consignment inventories held by customers of $27.1 million and $24.0 million at September 27, 2025 and December 31, 2024, respectively.
v3.25.3
GOODWILL AND INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill activity for each of the Company’s reportable segments, MS and APS, was as follows at September 27, 2025 and December 31, 2024:

(In millions)MSAPSTotal
December 31, 2024$3,631.3 $312.3 $3,943.6 
Foreign currency translation— 1.6 1.6 
September 27, 2025$3,631.3 $313.9 $3,945.2 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
Identifiable intangible assets at September 27, 2025 and December 31, 2024 consisted of the following:
September 27, 2025
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,264.2 $710.7 $553.5 
Trademarks and trade names172.0 56.9 115.1 
Customer relationships630.7 347.5 283.2 
Other25.5 24.0 1.5 
$2,092.4 $1,139.1 $953.3 
December 31, 2024
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,256.7 $601.7 $655.0 
Trademarks and trade names172.0 48.8 123.2 
Customer relationships630.5 326.5 304.0 
In-process research and development (1)
6.6 — 6.6 
Other25.5 22.6 2.9 
$2,091.3 $999.6 $1,091.7 
(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we move the asset to developed technology, determine the useful life and begin amortizing the assets.
Schedule of Estimated Future Amortization Expense
Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at September 27, 2025:

(In millions)Remaining 20252026202720282029ThereafterTotal
Future amortization expense$46.5 $183.6 $179.9 $177.4 $111.7 $254.2 $953.3 
v3.25.3
DEBT (Tables)
 9 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s debt as of September 27, 2025 and December 31, 2024 consisted of the following:

(In millions)September 27, 2025December 31, 2024
Senior secured term loans B due 2029 at 5.01% (1)
$600.0 $750.0 
Senior secured notes due 2029 at 4.75%
1,600.0 1,600.0 
Senior unsecured notes due 2030 at 5.95%
895.0 895.0 
Senior unsecured notes due 2029 at 3.625%
400.0 400.0 
Senior unsecured notes due 2028 at 4.375%
400.0 400.0 
Revolving facility due 2027 (2)
— — 
Total debt (par value)3,895.0 4,045.0 
Less: Unamortized discount and debt issuance costs(52.2)(63.9)
Total debt, net3,842.8 3,981.1 
Less: Current portion of long-term debt— — 
Total long-term debt, net$3,842.8 $3,981.1 
(1) The Company entered into a floating-to-fixed swap contract on its variable rate debt under our senior secured term loan facility due 2029 (the “Term Loan Facility”). The effective interest rate after consideration of this floating-to-fixed swap contract was 5.01%. Refer to Note 9 for a description of our interest rate swap contract.
(2) Our senior secured revolving credit facility due 2027 (the “Revolving Facility”) bears interest at a rate per annum equal to, at the Company’s option, either (i) SOFR, plus an applicable margin of 1.75%, or (ii) a base rate plus an applicable margin of 0.75%. The Revolving Facility has commitments of $575.0 million. There were no borrowings outstanding under the Revolving Facility as of September 27, 2025 and December 31, 2024.
Schedule of Maturities of Long-term Debt
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of September 27, 2025 were as follows:
(In millions)Remaining 2025 2026202720282029ThereafterTotal
Long-term debt obligation maturities*
$— $— $— $400.0 $2,600.0 $895.0 $3,895.0 
* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The following table presents financial instruments, other than debt, that we measure at fair value on a recurring basis. See Note 7 to our condensed consolidated financial statements for a discussion of our debt. In instances where the inputs used to measure the fair value of an asset fall into more than one level of the hierarchy, we have classified it based on the lowest level input that is significant to the determination of the fair value.
Fair Value Measurements at Reporting Date Using
(In millions)Level 1Level 2Level 3Total
Assets:September 27, 2025December 31, 2024September 27, 2025December 31, 2024September 27, 2025December 31, 2024September 27, 2025December 31, 2024
Cash and cash equivalents$399.8 $329.2 $— $— $— $— $399.8 $329.2 
Derivative financial instruments - interest rate swap - cash flow hedge— — 1.2 7.1 — — 1.2 7.1 
Total$399.8 $329.2 $1.2 $7.1 $— $— $401.0 $336.3 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The estimated fair value and carrying value of our debt as of September 27, 2025 and December 31, 2024 were as follows:
September 27, 2025December 31, 2024
(In millions)Carrying ValueFair ValueCarrying ValueFair Value
Total debt, net$3,842.8 $3,857.8 $3,981.1 $3,909.3 
v3.25.3
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Forward Foreign Currency Contract
The notional amounts of our derivative instruments were as follows:
(In millions)
Derivatives designated as hedging instruments:September 27, 2025December 31, 2024
Interest rate swap contract - cash flow hedge$450.0 $750.0 
Schedule of Fair Value, by Balance Sheet Grouping
The fair values of our derivative instruments included in the condensed consolidated balance sheets were as follows:
(In millions)Derivative Assets
Derivatives designated as hedging instruments:Condensed Consolidated Balance Sheets LocationSeptember 27, 2025December 31, 2024
Interest rate swap contract - cash flow hedgeOther current assets$1.2 $7.1 
Schedule of Other Operating Cost and Expense, by Component
The following table summarizes the effects of our derivative instruments on our condensed consolidated statements of operations:
(Gain) loss recognized in Condensed Consolidated Statements of Operations
(In millions)Three months endedNine months ended
Derivatives designated as hedging instruments:
Condensed Consolidated Statements of Operations Location
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Interest rate swap contract - cash flow hedgeInterest expense$(1.5)$(5.6)$(6.7)$(23.2)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss:
Loss recognized in Accumulated other comprehensive loss
(In millions)Three months endedNine months ended
Derivatives designated as hedging instruments:September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Interest rate swap contract - cash flow hedge$(1.1)$(9.9)$(4.6)$(13.6)
v3.25.3
EARNINGS PER COMMON SHARE (Tables)
 9 Months Ended
Sep. 27, 2025
Earnings Per Share [Abstract]  
Schedule of Reconcilation of Share Amount Used in Computaion of Basic and Diluted Earnings Per Share (EPS) The following table presents a reconciliation of the share amounts used in the computation of basic and diluted EPS:
 Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Basic—weighted average common shares outstanding151.8151.2151.6150.8
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock0.50.70.51.0
Diluted—weighted average common shares and common shares equivalent outstanding152.3151.9152.1151.8
Schedule of Shares Excluded Underlying Stock Based Awards from Calculations of Diluted EPS
The Company excluded the following shares underlying stock-based awards from the calculations of diluted EPS because their inclusion would have been anti-dilutive for the three and nine months ended September 27, 2025 and September 28, 2024:
 Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Shares excluded from calculations of diluted EPS1.0 0.6 0.9 0.4 
v3.25.3
OTHER EXPENSE (INCOME), NET (Tables)
 9 Months Ended
Sep. 27, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Expense (Income), Net
Other expense (income), net for the three and nine months ended September 27, 2025 and September 28, 2024 consisted of the following:
 Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Loss (gain) on foreign currency transactions$2.5 $(2.1)4.5 2.2 
Loss on extinguishment of debt and modification1.7 — 1.7 12.3 
Other expense (income)— 1.9 (0.9)2.6 
Other expense (income), net$4.2 $(0.2)$5.3 $17.1 
v3.25.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information for Reportable Segments
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)MSAPSInter-segmentTotal
Net sales$348.6 $460.8 $(2.3)$807.1 
Cost of sales203.4 254.7 (2.3)455.8 
Operating expenses80.0 87.9 — 167.9 
Segment profit$65.2 $118.2 $— $183.4 

Three months ended
September 28, 2024
(In millions)MSAPSInter-segmentTotal
Net sales$346.7 $463.1 $(2.1)$807.7 
Cost of sales190.4 247.6 (2.1)435.9 
Operating expenses84.6 88.1 — 172.7 
Segment profit$71.7 $127.4 $— $199.1 

Nine months ended
September 27, 2025
(In millions)MSAPSInter-segmentTotal
Net sales$1,044.9 $1,334.6 $(6.8)$2,372.7 
Cost of sales584.9 735.3 (6.8)1,313.4 
Operating expenses247.3 277.1 — 524.4 
Segment profit$212.7 $322.2 $— $534.9 

Nine months ended
September 28, 2024
(In millions)MSAPSInter-segmentTotal
Net sales$1,039.0 $1,359.0 $(6.6)$2,391.4 
Cost of sales570.6 728.0 (6.6)1,292.0 
Operating expenses259.3 269.8 — 529.1 
Segment profit$209.1 $361.2 $— $570.3 
Schedule of Reconciliation of Total Segment Profit to Operating Income
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 endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Total segment profit$183.4 199.1 $534.9 $570.3 
Less:
Amortization of intangible assets46.0 46.2 138.1 143.9 
Unallocated general and administrative expenses14.8 16.7 45.8 42.5 
Operating income122.6 136.2 351.0 383.9 
Interest expense47.9 51.6 151.3 162.7 
Interest income(1.8)(1.2)(5.1)(5.4)
Other (income) expense, net4.2 (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 endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Depreciation:
MS$21.7 $22.3 $67.1 $68.2 
APS28.7 24.8 84.571.6 
Total depreciation $50.4 $47.1 $151.6 $139.8 

Three months endedNine months ended
(In millions)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Capital expenditures:
MS$28.1 $17.8 $89.2 $56.7 
APS38.7 64.4 152.0 151.4 
Total capital expenditures$66.8 $82.2 $241.2 $208.1 
Schedule of Revenue from External Customers, by Geographical Areas
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 APSInter-segment Total
North America$67.3 $70.6 $(2.3)$135.6 
Taiwan74.3 111.9 — 186.2 
China60.4 117.5 — 177.9 
South Korea49.4 60.4 — 109.8 
Japan35.4 43.1 — 78.5 
Europe25.8 31.7 — 57.5 
Southeast Asia36.0 25.6 — 61.6 
$348.6 $460.8 $(2.3)$807.1 

Three months ended September 28, 2024
(In millions)MS APSInter-segmentTotal
North America$73.2 $91.0 $(2.1)$162.1 
Taiwan60.0 101.3 — 161.3 
China62.8 109.2 — 172.0 
South Korea53.3 52.0 — 105.3 
Japan34.0 43.2 — 77.2 
Europe25.5 42.6 — 68.1 
Southeast Asia37.9 23.8 — 61.7 
$346.7 $463.1 $(2.1)$807.7 
Nine months ended September 27, 2025
(In millions)MS APSInter-segment Total
North America$203.1 $232.2 $(6.8)$428.5 
Taiwan207.1 330.3 — 537.4 
China203.3 293.0 — 496.3 
South Korea151.4 168.5 — 319.9 
Japan99.6 131.3 — 230.9 
Europe74.2 102.7 — 176.9 
Southeast Asia106.2 76.6 — 182.8 
$1,044.9 $1,334.6 $(6.8)$2,372.7 

Nine months ended September 28, 2024
(In millions)MS APSInter-segmentTotal
North America$248.8 $274.5 $(6.6)$516.7 
Taiwan173.5 303.0 — 476.5 
China181.7 309.2 — 490.9 
South Korea150.6 156.9 — 307.5 
Japan93.0 126.5 — 219.5 
Europe87.7 122.8 — 210.5 
Southeast Asia103.7 66.1 — 169.8 
$1,039.0 $1,359.0 $(6.6)$2,391.4 
v3.25.3
RESTRUCTURING COSTS (Tables)
 9 Months Ended
Sep. 27, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The charges related to these restructuring activities were recognized in the condensed consolidated statements of operations for the three and nine months ended September 27, 2025 as follows:
Three months ended September 27, 2025Nine months ended September 27, 2025
(In millions)Employee Termination BenefitsAsset Impairment ChargesTotalEmployee Termination BenefitsAsset Impairment ChargesTotal
Cost of sales$0.3 $— $0.3 $2.6 $— $2.6 
Selling, general and administrative0.4 — 0.4 5.4 6.3 11.7 
Engineering, research and development1.0 — 1.0 3.1 — 3.1 
Total$1.7 $— $1.7 $11.1 $6.3 $17.4 

Restructuring charges by reportable segment as well as unallocated corporate level charges for the three and nine months ended September 27, 2025 were as follows:
Three months ended September 27, 2025Nine months ended September 27, 2025
(In millions)Employee Termination BenefitsAsset Impairment ChargesTotalEmployee Termination BenefitsAsset Impairment ChargesTotal
MS$0.7 $— $0.7 $3.8 $— $3.8 
APS1.0 — 1.0 6.9 6.3 13.2 
Unallocated corporate— — — 0.4 — 0.4 
Total$1.7 $— $1.7 $11.1 $6.3 $17.4 
v3.25.3
REVENUES - Schedule of Disaggregated Net Sales by Customer (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Disaggregation of Revenue [Line Items]        
Net sales $ 807.1 $ 807.7 $ 2,372.7 $ 2,391.4
Fabs        
Disaggregation of Revenue [Line Items]        
Net sales 494.5 494.2 1,456.7 1,444.4
Equipment and Engineering        
Disaggregation of Revenue [Line Items]        
Net sales 115.2 121.3 347.6 361.9
Chemical and Materials        
Disaggregation of Revenue [Line Items]        
Net sales 81.3 82.2 236.3 239.3
Semi Distributor and Other        
Disaggregation of Revenue [Line Items]        
Net sales 75.0 68.6 210.8 193.9
Non-Semi        
Disaggregation of Revenue [Line Items]        
Net sales $ 41.1 $ 41.4 $ 121.3 $ 151.9
v3.25.3
REVENUES - Schedule of Contract Liabilities from Contract with Customers (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Movement in Contract with Customer Liability [Roll Forward]    
Balance at beginning of period $ 41.7 $ 69.1
Revenue recognized that was included in the contract liability balance at the beginning of the period (36.4) (51.6)
Increases due to cash received, excluding amounts recognized as revenue during the period 43.5 28.7
Balance at end of period $ 48.8 $ 46.2
v3.25.3
LONG-LIVED ASSET IMPAIRMENT (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Jun. 28, 2025
Mar. 30, 2024
Sep. 27, 2025
Asset Impairment Charges [Abstract]        
Impairment, long-lived asset, held-for-use $ 0.0   $ 13.0 $ 0.0
Impairment charges $ 0.0 $ 6.3   $ 6.3
v3.25.3
ASSETS HELD-FOR-SALE AND DIVESTITURE (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Mar. 30, 2024
Sep. 27, 2025
Sep. 28, 2024
Dec. 31, 2024
Disposal (Line Items)            
Assets held-for-sale $ 4.1     $ 4.1   $ 5.5
Liabilities held-for-sale 1.0     1.0   $ 1.2
Impairment, long-lived asset, held-for-use 0.0   $ 13.0 0.0    
Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Disposal (Line Items)            
Cash proceeds received, gross     263.2      
Proceeds from sale of businesses, net     256.2      
Carrying value of net assets     252.8      
Chemical Business | MS | Disposal Group, Held-for-Sale, Not Discontinued Operations            
Disposal (Line Items)            
Assets held-for-sale 4.1     4.1    
Liabilities held-for-sale $ 1.0     $ 1.0    
Impairment, long-lived asset, held-for-use   $ 13.0     $ 13.0  
PIM | Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Disposal (Line Items)            
Cash earn-out payments     $ 25.0      
Pre-tax loss (gain) on sale   0.0     (4.3)  
Gain reclassified from accumulated other comprehensive loss for foreign currency translation         1.0  
Tax effect on divestiture   $ 0.0     $ 1.0  
v3.25.3
INVENTORIES (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 238.9 $ 231.0
Work-in-process 51.9 59.6
Finished goods 356.0 347.5
Total inventories, net 646.8 638.1
Consignment inventories held by customers $ 27.1 $ 24.0
v3.25.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Activity (Details)
$ in Millions
 9 Months Ended
Sep. 27, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill beginning balance $ 3,943.6
Foreign currency translation 1.6
Goodwill ending balance 3,945.2
MS  
Goodwill [Roll Forward]  
Goodwill beginning balance 3,631.3
Foreign currency translation 0.0
Goodwill ending balance 3,631.3
APS  
Goodwill [Roll Forward]  
Goodwill beginning balance 312.3
Foreign currency translation 1.6
Goodwill ending balance $ 313.9
v3.25.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets    
Gross carrying amount $ 2,092.4 $ 2,091.3
Accumulated amortization 1,139.1 999.6
Net carrying value 953.3 1,091.7
Developed technology    
Finite-Lived Intangible Assets    
Gross carrying amount 1,264.2 1,256.7
Accumulated amortization 710.7 601.7
Net carrying value 553.5 655.0
Trademarks and trade names    
Finite-Lived Intangible Assets    
Gross carrying amount 172.0 172.0
Accumulated amortization 56.9 48.8
Net carrying value 115.1 123.2
Customer relationships    
Finite-Lived Intangible Assets    
Gross carrying amount 630.7 630.5
Accumulated amortization 347.5 326.5
Net carrying value 283.2 304.0
In-process research and development    
Finite-Lived Intangible Assets    
Gross carrying amount   6.6
Accumulated amortization   0.0
Net carrying value   6.6
Other    
Finite-Lived Intangible Assets    
Gross carrying amount 25.5 25.5
Accumulated amortization 24.0 22.6
Net carrying value $ 1.5 $ 2.9
v3.25.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Remaining 2025 $ 46.5  
2026 183.6  
2027 179.9  
2028 177.4  
2029 111.7  
Thereafter 254.2  
Net carrying value $ 953.3 $ 1,091.7
v3.25.3
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt (par value) $ 3,895.0 $ 4,045.0
Less: Unamortized discount and debt issuance costs (52.2) (63.9)
Total debt, net 3,842.8 3,981.1
Less: Current portion of long-term debt 0.0 0.0
Total long-term debt, net 3,842.8 3,981.1
Line of credit facility, maximum borrowing capacity $ 575.0  
Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 1.75%  
Base Rate    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 0.75%  
Senior secured term loans B due 2029 at 5.01%    
Debt Instrument [Line Items]    
Term loan rate 5.01%  
Total debt (par value) $ 600.0 750.0
Senior secured notes due 2029 at 4.75%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 4.75%  
Total debt (par value) $ 1,600.0 1,600.0
Senior unsecured notes due 2030 at 5.95%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.95%  
Total debt (par value) $ 895.0 895.0
Senior unsecured notes due 2029 at 3.625%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.625%  
Total debt (par value) $ 400.0 400.0
Senior unsecured notes due 2028 at 4.375%    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 4.375%  
Total debt (par value) $ 400.0 400.0
Revolving facility due 2027    
Debt Instrument [Line Items]    
Revolving facility due 2027 $ 0.0 $ 0.0
v3.25.3
DEBT - Schedule of Annual Maturities of Long-term Debt (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Remaining 2025 $ 0.0  
2026 0.0  
2027 0.0  
2028 400.0  
2029 2,600.0  
Thereafter 895.0  
Total $ 3,895.0 $ 4,045.0
v3.25.3
DEBT - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 27, 2025
Sep. 28, 2024
Debt Disclosure [Abstract]      
Repayments $ 150.0 $ 150.0  
Loss on extinguishment of debt $ 1.7 $ 1.7 $ 11.4
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 399.8 $ 329.2
Derivative financial instruments - interest rate swap - cash flow hedge 1.2 7.1
Total 401.0 336.3
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total debt, net 3,842.8 3,981.1
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total debt, net 3,857.8 3,909.3
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 399.8 329.2
Derivative financial instruments - interest rate swap - cash flow hedge 0.0 0.0
Total 399.8 329.2
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0.0 0.0
Derivative financial instruments - interest rate swap - cash flow hedge 1.2 7.1
Total 1.2 7.1
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0.0 0.0
Derivative financial instruments - interest rate swap - cash flow hedge 0.0 0.0
Total $ 0.0 $ 0.0
v3.25.3
DERIVATIVE INSTRUMENTS - Schedule of National Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 31, 2024
Interest Rate Swap    
Derivative [Line Items]    
Interest rate swap contract - cash flow hedge $ 450.0 $ 750.0
v3.25.3
DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Dec. 31, 2024
Derivative [Line Items]          
Derivative Assets $ 1.2   $ 1.2   $ 7.1
Loss recognized in Accumulated other comprehensive loss (1.1) $ (9.9) (4.6) $ (13.6)  
Interest Rate Swap | Designated as Hedging Instrument          
Derivative [Line Items]          
Derivative Assets 1.2   1.2   $ 7.1
Interest Rate Swap | Designated as Hedging Instrument | Interest Expense          
Derivative [Line Items]          
(Gain) loss recognized in Condensed Consolidated Statements of Operations $ (1.5) $ (5.6) $ (6.7) $ (23.2)  
v3.25.3
DERIVATIVE INSTRUMENTS - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 27, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash flow hedge gain (loss) to be reclassified within 12 months $ (1.2)
v3.25.3
EARNINGS PER COMMON SHARE - Schedule of Reconciliation of Share Amount Used in Computation of Basic and Diluted Earnings Per Share (EPS) (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Earnings Per Share [Abstract]        
Basic—weighted average common shares outstanding (in shares) 151.8 151.2 151.6 150.8
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock (in shares) 0.5 0.7 0.5 1.0
Diluted—weighted average common shares and common shares equivalent outstanding (in shares) 152.3 151.9 152.1 151.8
v3.25.3
EARNINGS PER COMMON SHARE - Schedule of Shares Excluded Underlying Stock Based Award from Calculations of Diluted EPS (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Earnings Per Share [Abstract]        
Shares excluded from calculations of diluted EPS (in shares) 1.0 0.6 0.9 0.4
v3.25.3
OTHER EXPENSE (INCOME), NET (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Other Income and Expenses [Abstract]        
Loss (gain) on foreign currency transactions $ 2.5 $ (2.1) $ 4.5 $ 2.2
Loss on extinguishment of debt and modification 1.7 0.0 1.7 12.3
Other expense (income) 0.0 1.9 (0.9) 2.6
Other expense (income), net $ 4.2 $ (0.2) $ 5.3 $ 17.1
v3.25.3
SEGMENT INFORMATION - Narrative (Details)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
division
Sep. 27, 2025
segment
Sep. 28, 2024
division
Segment Reporting [Abstract]      
Number of complementary divisions | division 1   2
Number of operating segments | segment   2  
v3.25.3
SEGMENT INFORMATION - Schedule of Financial Information for Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information [Line Items]        
Net sales $ 807.1 $ 807.7 $ 2,372.7 $ 2,391.4
Cost of sales 455.8 435.9 1,313.4 1,292.0
Operating expenses 167.9 172.7 524.4 529.1
Segment profit 183.4 199.1 534.9 570.3
Total depreciation 50.4 47.1 151.6 139.8
Total capital expenditures 66.8 82.2 241.2 208.1
Inter-segment        
Segment Reporting Information [Line Items]        
Net sales (2.3) (2.1) (6.8) (6.6)
Cost of sales (2.3) (2.1) (6.8) (6.6)
Operating expenses 0.0 0.0 0.0 0.0
Segment profit 0.0 0.0 0.0 0.0
MS        
Segment Reporting Information [Line Items]        
Total depreciation 21.7 22.3 67.1 68.2
Total capital expenditures 28.1 17.8 89.2 56.7
MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 348.6 346.7 1,044.9 1,039.0
Cost of sales 203.4 190.4 584.9 570.6
Operating expenses 80.0 84.6 247.3 259.3
Segment profit 65.2 71.7 212.7 209.1
APS        
Segment Reporting Information [Line Items]        
Total depreciation 28.7 24.8 84.5 71.6
Total capital expenditures 38.7 64.4 152.0 151.4
APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 460.8 463.1 1,334.6 1,359.0
Cost of sales 254.7 247.6 735.3 728.0
Operating expenses 87.9 88.1 277.1 269.8
Segment profit $ 118.2 $ 127.4 $ 322.2 $ 361.2
v3.25.3
SEGMENT INFORMATION - Schedule of Reconciliation of Total Segment Profit to Operating Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting [Abstract]        
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
v3.25.3
SEGMENT INFORMATION - Schedule of Financial Information by Reportable Segment and Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information [Line Items]        
Net sales $ 807.1 $ 807.7 $ 2,372.7 $ 2,391.4
Inter-segment        
Segment Reporting Information [Line Items]        
Net sales (2.3) (2.1) (6.8) (6.6)
MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 348.6 346.7 1,044.9 1,039.0
APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 460.8 463.1 1,334.6 1,359.0
North America        
Segment Reporting Information [Line Items]        
Net sales 135.6 162.1 428.5 516.7
North America | Inter-segment        
Segment Reporting Information [Line Items]        
Net sales (2.3) (2.1) (6.8) (6.6)
North America | MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 67.3 73.2 203.1 248.8
North America | APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 70.6 91.0 232.2 274.5
Taiwan        
Segment Reporting Information [Line Items]        
Net sales 186.2 161.3 537.4 476.5
Taiwan | Inter-segment        
Segment Reporting Information [Line Items]        
Net sales 0.0 0.0 0.0 0.0
Taiwan | MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 74.3 60.0 207.1 173.5
Taiwan | APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 111.9 101.3 330.3 303.0
China        
Segment Reporting Information [Line Items]        
Net sales 177.9 172.0 496.3 490.9
China | Inter-segment        
Segment Reporting Information [Line Items]        
Net sales 0.0 0.0 0.0 0.0
China | MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 60.4 62.8 203.3 181.7
China | APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 117.5 109.2 293.0 309.2
South Korea        
Segment Reporting Information [Line Items]        
Net sales 109.8 105.3 319.9 307.5
South Korea | Inter-segment        
Segment Reporting Information [Line Items]        
Net sales 0.0 0.0 0.0 0.0
South Korea | MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 49.4 53.3 151.4 150.6
South Korea | APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 60.4 52.0 168.5 156.9
Japan        
Segment Reporting Information [Line Items]        
Net sales 78.5 77.2 230.9 219.5
Japan | Inter-segment        
Segment Reporting Information [Line Items]        
Net sales 0.0 0.0 0.0 0.0
Japan | MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 35.4 34.0 99.6 93.0
Japan | APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 43.1 43.2 131.3 126.5
Europe        
Segment Reporting Information [Line Items]        
Net sales 57.5 68.1 176.9 210.5
Europe | Inter-segment        
Segment Reporting Information [Line Items]        
Net sales 0.0 0.0 0.0 0.0
Europe | MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 25.8 25.5 74.2 87.7
Europe | APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 31.7 42.6 102.7 122.8
Southeast Asia        
Segment Reporting Information [Line Items]        
Net sales 61.6 61.7 182.8 169.8
Southeast Asia | Inter-segment        
Segment Reporting Information [Line Items]        
Net sales 0.0 0.0 0.0 0.0
Southeast Asia | MS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 36.0 37.9 106.2 103.7
Southeast Asia | APS | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales $ 25.6 $ 23.8 $ 76.6 $ 66.1
v3.25.3
GOVERNMENT GRANTS (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Dec. 03, 2024
Government Assistance [Abstract]      
Capital-related grants     $ 77.0
Proceeds from government incentives $ 8.2 $ 0.0  
v3.25.3
RESTRUCTURING COSTS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Jun. 28, 2025
Sep. 27, 2025
Restructuring Cost and Reserve [Line Items]      
Employee Termination Benefits $ 1.7   $ 11.1
Asset Impairment Charges 0.0 $ 6.3 6.3
Total 1.7   17.4
Unallocated corporate      
Restructuring Cost and Reserve [Line Items]      
Employee Termination Benefits 0.0   0.4
Asset Impairment Charges 0.0   0.0
Total 0.0   0.4
MS | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Employee Termination Benefits 0.7   3.8
Asset Impairment Charges 0.0   0.0
Total 0.7   3.8
APS | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Employee Termination Benefits 1.0   6.9
Asset Impairment Charges 0.0   6.3
Total 1.0   13.2
Cost of sales      
Restructuring Cost and Reserve [Line Items]      
Employee Termination Benefits 0.3   2.6
Asset Impairment Charges 0.0   0.0
Total 0.3   2.6
Selling, general and administrative      
Restructuring Cost and Reserve [Line Items]      
Employee Termination Benefits 0.4   5.4
Asset Impairment Charges 0.0   6.3
Total 0.4   11.7
Engineering, research and development      
Restructuring Cost and Reserve [Line Items]      
Employee Termination Benefits 1.0   3.1
Asset Impairment Charges 0.0   0.0
Total $ 1.0   $ 3.1
v3.25.3
SUBSEQUENT EVENT (Details) - $ / shares
 3 Months Ended
Oct. 15, 2025
Sep. 27, 2025
Jun. 28, 2025
Mar. 29, 2025
Sep. 28, 2024
Jun. 29, 2024
Mar. 30, 2024
Subsequent Event [Line Items]              
Dividends declared per share (in dollars per share)   $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10
Subsequent Event              
Subsequent Event [Line Items]              
Dividends declared per share (in dollars per share) $ 0.10