ENTEGRIS INC, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
COVER - shares
shares in Millions
 3 Months Ended
Mar. 28, 2026
Apr. 27, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 28, 2026  
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, $0.01 par value per share  
Trading Symbol ENTG  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   152.5
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001101302  
Current Fiscal Year End Date --12-31  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 442.7 $ 360.4
Trade accounts receivable, net of allowance for credit losses of $4.5 and $4.8 529.5 458.7
Inventories, net 644.4 643.2
Deferred tax charges and refundable income taxes 29.0 35.1
Other current assets 140.4 140.8
Total current assets 1,786.0 1,638.2
Property, plant and equipment, net of accumulated depreciation of $1,240.0 and $1,219.2 1,636.6 1,636.1
Right-of-use assets - Operating lease 98.6 90.2
Right-of-use assets - Finance lease 17.9 18.5
Goodwill 3,947.6 3,946.7
Intangible assets, net of accumulated amortization of $1,232.4 and $1,186.0 860.7 906.9
Deferred tax assets and other noncurrent tax assets 110.0 91.6
Other noncurrent assets 17.7 22.3
Total assets 8,475.1 8,350.5
Current liabilities:    
Accounts payable 209.0 171.5
Accrued payroll and related benefits 79.5 96.5
Accrued interest payable 64.9 24.3
Other accrued liabilities 111.5 113.9
Income taxes payable 90.7 82.4
Total current liabilities 555.6 488.6
Long-term debt, net of unamortized discount and debt issuance costs of $43.8 and $47.4 3,651.2 3,697.6
Pension benefit obligations and other liabilities 71.3 71.5
Deferred tax liabilities and other noncurrent tax liabilities 41.5 40.8
Long-term lease liability - Operating lease 89.7 81.6
Long-term lease liability - Finance lease 16.6 17.0
Equity:    
Preferred stock, par value $0.01; 5.0 shares authorized; none issued and outstanding as of March 28, 2026 and December 31, 2025 0.0 0.0
Common stock, par value $0.01; 400.0 shares authorized; issued and outstanding shares as of March 28, 2026: 152.5 and 152.3, respectively; issued and outstanding shares as of December 31, 2025: 152.1 and 151.9, respectively 1.5 1.5
Treasury stock, at cost: 0.2 shares held as of March 28, 2026 and December 31, 2025 (7.1) (7.1)
Additional paid-in capital 2,492.6 2,472.0
Retained earnings 1,635.2 1,558.4
Accumulated other comprehensive loss (73.0) (71.4)
Total equity 4,049.2 3,953.4
Total liabilities and equity $ 8,475.1 $ 8,350.5
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 28, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Trade accounts receivable, allowance for credit losses $ 4.5 $ 4.8
Property, plant and equipment, accumulated depreciation 1,240.0 1,219.2
Intangible assets, accumulated amortization 1,232.4 1,186.0
Long-term debt, unamortized discount and debt issuance costs $ 43.8 $ 47.4
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) 152.5 152.1
Common stock, shares outstanding (in shares) 152.3 151.9
Treasury stock, shares outstanding (in shares) 0.2 0.2
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Income Statement [Abstract]    
Net sales $ 811.9 $ 773.2
Cost of sales 431.1 416.7
Gross profit 380.8 356.5
Selling, general and administrative expenses 117.6 103.3
Engineering, research and development expenses 75.3 84.8
Amortization of intangible assets 46.3 46.1
Operating income 141.6 122.3
Interest expense 48.9 51.0
Interest income (1.9) (1.4)
Other expense, net 1.4 1.3
Income before income tax expense 93.2 71.4
Income tax expense 1.0 8.2
Equity in net loss of affiliates 0.2 0.3
Net income $ 92.0 $ 62.9
Basic earnings per common share (in dollars per share) $ 0.60 $ 0.42
Diluted earnings per common share (in dollars per share) $ 0.60 $ 0.41
Weighted average shares outstanding:    
Basic (in shares) 152.3 151.4
Diluted (in shares) 153.2 152.0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 92.0 $ 62.9
Other comprehensive (loss) income, net of tax:    
Foreign currency translation adjustments (1.6) 5.4
Defined benefit pension adjustments 0.0 (0.1)
Interest rate swap - cash flow hedge, change in fair value - loss, net of tax benefit of $0.0 and $0.6 for the three months ended March 28, 2026 and March 29, 2025, respectively 0.0 (1.9)
Other comprehensive (loss) income, net of tax (1.6) 3.4
Comprehensive income $ 90.4 $ 66.3
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Statement of Comprehensive Income [Abstract]    
Interest rate swap - cash flow hedge, benefit $ (0.0) $ 0.6
v3.26.1
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, 2024   151.3            
Treasury shares, beginning balance (in shares) at Dec. 31, 2024     (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024   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, 2025 152.1 152.1            
Treasury shares, beginning balance (in shares) at Dec. 31, 2025 (0.2)   (0.2)          
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2025 151.9 151.9            
Beginning balance at Dec. 31, 2025 $ 3,953.4 $ 1.5 $ (7.1) 2,472.0 1,558.4 (71.2) (0.2) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Shares issued under stock plans (in shares)   0.4            
Shares issued under stock plans 3.9     3.9        
Share-based compensation expense 16.7     16.7        
Dividends declared (15.2)       (15.2)      
Interest rate swap - cash flow hedge 0.0              
Pension liability adjustment 0.0              
Foreign currency translation (1.6)         (1.6)    
Net income $ 92.0       92.0      
Common stock, shares issued, ending balance (in shares) at Mar. 28, 2026 152.5 152.5            
Treasury shares, ending balance (in shares) at Mar. 28, 2026 (0.2)   (0.2)          
Common stock, shares outstanding, ending balance (in shares) at Mar. 28, 2026 152.3 152.3            
Ending balance at Mar. 28, 2026 $ 4,049.2 $ 1.5 $ (7.1) $ 2,492.6 $ 1,635.2 $ (72.8) $ (0.2) $ 0.0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared per share (in dollars per share) $ 0.10 $ 0.10
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Operating activities:    
Net income $ 92.0 $ 62.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 34.1 49.9
Amortization 46.3 46.1
Share-based compensation expense 16.7 13.4
Provision for deferred income taxes (18.5) (16.2)
Loss on extinguishment of debt 0.5 0.0
Charge for excess and obsolete inventory 13.9 11.8
Amortization of debt issuance costs and original issuance discounts 3.3 3.5
Other 2.5 3.9
Changes in operating assets and liabilities:    
Trade accounts receivable (72.1) (1.5)
Inventories (15.3) (45.2)
Accounts payable and accrued liabilities 63.8 9.6
Other current assets (3.3) (3.6)
Income taxes payable and refundable income taxes 14.4 5.6
Other 4.7 0.2
Net cash provided by operating activities 183.0 140.4
Investing activities:    
Acquisition of property, plant and equipment (41.5) (108.0)
Proceeds from government incentives 2.0 0.0
Other 1.1 (0.3)
Net cash used in investing activities (38.4) (108.3)
Financing activities:    
Proceeds from revolving credit facility 65.0 180.0
Payments of revolving credit facility (65.0) (180.0)
Payments of long-term debt (50.0) 0.0
Payments for dividends (15.4) (15.4)
Proceeds from issuance of common stock 14.3 1.4
Taxes paid related to net share settlement of equity awards (10.1) (8.0)
Other (0.4) (0.4)
Net cash used in financing activities (61.6) (22.4)
Effect of exchange rate changes on cash and cash equivalents (0.7) 2.0
Increase in cash and cash equivalents 82.3 11.7
Cash and cash equivalents at beginning of period 360.4 329.2
Cash and cash equivalents at end of period 442.7 340.9
Non-cash transactions:    
Equipment purchases in accounts payable 18.6 27.2
Dividend payable 0.8 0.6
Schedule of interest and income taxes paid:    
Interest paid, net of capitalized interest 4.6 0.0
Income taxes paid, net of refunds received $ 2.1 $ 19.2
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 28, 2026
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 March 28, 2026 and December 31, 2025, the results of operations and comprehensive income for the three months ended March 28, 2026 and March 29, 2025, the equity statements as of and for the three months ended March 28, 2026 and March 29, 2025, and cash flows for the three months ended March 28, 2026 and March 29, 2025.
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, 2025. The results of operations for the three months ended March 28, 2026 are not necessarily indicative of the results to be expected for the full year.
The unit captions to certain tables in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 referenced amounts in thousands. Such amounts are in millions, consistent with the Company's narrative presentation of its financial results elsewhere in that report. The underlying amounts are unchanged, and no revision to any reported balance, result, or cash flow is necessary. Prior-period amounts presented herein are shown in millions.
Property, Plant and Equipment Property, plant and equipment are carried at cost and are depreciated using the straight-line method over their estimated useful lives. When assets are retired or disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the period incurred. Maintenance and repairs are expensed as incurred, while significant additions and improvements are capitalized. Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable based on estimated future undiscounted cash flows. The amount of impairment, if any, is measured as the difference between the net book value and the estimated fair value of the asset(s).
In January 2026, we completed an assessment of the useful lives of our property, plant and equipment and adjusted the estimated useful lives of certain property, plant and equipment to more closely reflect the expected economic lives of these assets. These adjustments followed an analysis of our actual usage of assets, including the technological and physical obsolescence of these assets, our ability to continue to use equipment, historical usage trends, and anticipated capital plans and technology roadmaps, as well as industry trends and practices. Based on this analysis, we determined that the increase in useful lives was warranted and consistent with the Company’s historical and anticipated use of these assets. The updated estimated useful lives of certain assets for financial reporting purposes are as follows: buildings and improvements, 5 to 35 years increased to 12 to 40 years; manufacturing equipment, 5 to 10 years increased to 14 years; canisters and cylinders, 3 to 12 years increased to 3 to 19 years; molds, 3 to 5 years increased to 9 years and lab equipment, 3 to 8 years increased to 9 years. The effect of this change in estimate on assets in service as of December 31, 2025 during the three months ended March 28, 2026 was a reduction in depreciation expense of $19.0 million and a benefit to net income of approximately $8.0 million, or $0.05 per basic and diluted share.
Recently Adopted Accounting Pronouncements The Company currently has no material recently adopted accounting pronouncements.
Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“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
v3.26.1
REVENUES
 3 Months Ended
Mar. 28, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES
2. REVENUES
The following table provides information about disaggregated net sales by customer category:
Three months ended
(In millions)March 28, 2026March 29, 2025
Semiconductor:
Fabs$493.2 $473.1 
Equipment and Engineering136.2 112.9 
Chemical and Materials85.8 78.1 
Semi Distributor and Other50.1 70.0 
Non-Semi46.6 39.1 
Total net sales$811.9 $773.2 
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)March 28, 2026March 29, 2025
Balance at beginning of period$49.9 $41.7 
Revenue recognized that was included in the contract liability balance at the beginning of the period(26.4)(29.0)
Increases due to cash received, excluding amounts recognized as revenue during the period
10.9 26.0 
Balance at end of period$34.4 $38.7 
v3.26.1
INVENTORIES
 3 Months Ended
Mar. 28, 2026
Inventory Disclosure [Abstract]  
INVENTORIES
3. INVENTORIES
Inventories consisted of the following:
(In millions)March 28, 2026December 31, 2025
Raw materials$241.3 $240.0 
Work-in-process70.6 55.4 
Finished goods (1)
332.5 347.8 
Total inventories, net$644.4 $643.2 
(1) Includes consignment inventories held by customers of $30.3 million and $25.1 million at March 28, 2026 and December 31, 2025, respectively.
v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
4. GOODWILL AND INTANGIBLE ASSETS
Goodwill activity for each of the Company’s reportable segments, Materials Solutions (“MS”) and Advanced Purity Solutions (“APS”), was as follows at March 28, 2026 and December 31, 2025:

(In millions)MSAPSTotal
December 31, 2025$3,631.3 $315.4 $3,946.7 
Foreign currency translation— 0.9 0.9 
March 28, 2026$3,631.3 $316.3 $3,947.6 
Identifiable intangible assets at March 28, 2026 and December 31, 2025 consisted of the following:
March 28, 2026
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,264.6 $783.9 $480.7 
Trademarks and trade names172.1 62.4 109.7 
Customer relationships630.9 361.5 269.4 
Other25.5 24.6 0.9 
$2,093.1 $1,232.4 $860.7 
December 31, 2025
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,264.5 $747.3 $517.2 
Trademarks and trade names172.1 59.7 112.4 
Customer relationships630.8 354.5 276.3 
Other25.5 24.5 1.0 
$2,092.9 $1,186.0 $906.9 
Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at March 28, 2026:

(In millions)Remaining 20262027202820292030ThereafterTotal
Future amortization expense$137.5 $179.8 $177.4 $111.6 $39.3 $215.1 $860.7 
v3.26.1
DEBT
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
DEBT
5. DEBT
The Company’s debt as of March 28, 2026 and December 31, 2025 consisted of the following:

(In millions)March 28, 2026December 31, 2025
Senior secured term loans B due 2029 at 5.43% (1)
$400.0 $450.0 
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)3,695.0 3,745.0 
Less: Unamortized discount and debt issuance costs(43.8)(47.4)
Total debt, net3,651.2 3,697.6 
Less: Current portion of long-term debt— — 
Total long-term debt, net$3,651.2 $3,697.6 
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of March 28, 2026 were as follows:
(In millions)Remaining 2026 2027202820292030ThereafterTotal
Long-term debt obligation maturities*
$— $— $400.0 $2,400.0 $895.0 $— $3,695.0 
* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.
(1) Our senior secured term loan due 2029 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%.
(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 as of March 28, 2026. There were no borrowings outstanding under the Revolving Facility as of March 28, 2026 and December 31, 2025.
During the three months ended March 28, 2026, the Company repaid a total of $50.0 million of the outstanding borrowings under the term loans B. In connection with these repayments, the Company incurred a pre-tax loss on extinguishment of debt of $0.5 million for the three months ended March 28, 2026, which is included in Other expense, net in the condensed consolidated statements of operations.
v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
6. 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 No Level 2 financial instruments.
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 5 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:March 28, 2026December 31, 2025March 28, 2026December 31, 2025March 28, 2026December 31, 2025March 28, 2026December 31, 2025
Cash and cash equivalents$442.7 $360.4 $— $— $— $— $442.7 $360.4 
Total$442.7 $360.4 $— $— $— $— $442.7 $360.4 
Other Fair Value Disclosures
The estimated fair value and carrying value of our debt as of March 28, 2026 and December 31, 2025 were as follows:
March 28, 2026December 31, 2025
(In millions)Carrying ValueFair ValueCarrying ValueFair Value
Total debt, net$3,651.2 $3,619.1 $3,697.6 $3,738.0 
v3.26.1
EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
7. 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 ended
(In millions)March 28, 2026March 29, 2025
Basic—weighted average common shares outstanding152.3151.4
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock0.90.6
Diluted—weighted average common shares and common shares equivalent outstanding153.2152.0
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 months ended March 28, 2026 and March 29, 2025:
 Three months ended
(In millions)March 28, 2026March 29, 2025
Shares excluded from calculations of diluted EPS0.3 0.6 
v3.26.1
OTHER EXPENSE, NET
 3 Months Ended
Mar. 28, 2026
Other Income and Expenses [Abstract]  
OTHER EXPENSE, NET
8. OTHER EXPENSE, NET
Other expense (income), net for the three months ended March 28, 2026 and March 29, 2025 consisted of the following:
 Three months ended
(In millions)March 28, 2026March 29, 2025
Loss on foreign currency transactions$0.8 $2.1 
Loss on extinguishment of debt0.5 — 
Other expense (income)0.1 (0.8)
Other expense, net$1.4 $1.3 
v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
9. SEGMENT INFORMATION
Our business is organized and operated in two operating segments as discussed below. 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 months ended March 28, 2026 and March 29, 2025:
Three months ended
March 28, 2026
(In millions)MSAPSInter-segmentTotal
Net sales$351.1 $463.6 $(2.8)$811.9 
Cost of sales194.2 239.7 (2.8)431.1 
Operating expenses81.0 90.3 — 171.3 
Segment profit$75.9 $133.6 $— $209.5 

Three months ended
March 29, 2025
(In millions)MSAPSInter-segmentTotal
Net sales$341.4 $433.9 $(2.1)$773.2 
Cost of sales183.4 235.4 (2.1)416.7 
Operating expenses83.0 90.4 — 173.4 
Segment profit$75.0 $108.1 $— $183.1 


The following table reconciles total segment profit to income before income tax expense for the three months ended March 28, 2026 and March 29, 2025:
(In millions)March 28, 2026March 29, 2025
Total segment profit$209.5 183.1 
Less:
Amortization of intangible assets46.3 46.1 
Unallocated general and administrative expenses21.6 14.7 
Operating income141.6 122.3 
Interest expense48.9 51.0 
Interest income(1.9)(1.4)
Other (income) expense, net1.4 1.3 
Income before income tax expense$93.2 $71.4 
The following tables summarize depreciation and capital expenditures for the Company’s reportable segments for the three months ended March 28, 2026 and March 29, 2025:
(In millions)March 28, 2026March 29, 2025
Depreciation:
MS$14.2 $22.4 
APS19.9 27.5 
Total depreciation $34.1 $49.9 

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 months ended March 28, 2026 and March 29, 2025, respectively.
Three months ended March 28, 2026
(In millions)MS APSInter-segment Total
North America$59.2 $78.1 $(2.8)$134.5 
Taiwan73.5 134.4 — 207.9 
China61.9 85.4 — 147.3 
South Korea53.9 56.1 — 110.0 
Japan40.0 49.6 — 89.6 
Europe26.4 28.0 — 54.4 
Southeast Asia36.2 32.0 — 68.2 
$351.1 $463.6 $(2.8)$811.9 

Three months ended March 29, 2025
(In millions)MS APSInter-segmentTotal
North America$66.2 $84.9 $(2.1)$149.0 
Taiwan62.0 113.7 — 175.7 
China71.4 82.0 — 153.4 
South Korea49.5 52.5 — 102.0 
Japan31.9 38.3 — 70.2 
Europe24.8 37.2 — 62.0 
Southeast Asia35.6 25.3 — 60.9 
$341.4 $433.9 $(2.1)$773.2 
v3.26.1
RESTRUCTURING COSTS
 3 Months Ended
Mar. 28, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS
10. RESTRUCTURING COSTS

During 2025 and 2026, 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 $4.1 million and $2.4
million for the three months ended March 28, 2026 and March 29, 2025, respectively, primarily related to (i) an internal reorganization, combining two complementary divisions into one and realigning our 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 months ended March 28, 2026 and March 2029, 2025 and were as follows:
Three months ended March 28, 2026Three months ended March 29, 2025
(In millions)Employee Termination BenefitsEmployee Termination Benefits
Cost of sales$0.3 $0.2 
Selling, general and administrative0.7 1.6 
Engineering, research and development3.1 0.6 
Total$4.1 $2.4 

Restructuring charges by reportable segment as well as unallocated corporate level charges for the three months ended March 28, 2026 and March 29, 2025 were as follows:
Three months ended March 28, 2026Three months ended March 29, 2025
(In millions)Employee Termination BenefitsEmployee Termination Benefits
MS$1.2 $0.1 
APS1.5 2.3 
Unallocated corporate1.4 — 
Total$4.1 $2.4 
v3.26.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 28, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
11. SUBSEQUENT EVENTS
Dividend
On April 15, 2026, the Company’s board of directors declared a quarterly cash dividend of $0.10 per share to be paid on May 20, 2026, to shareholders of record on the close of business on April 29, 2026.

Revolving facility

On April 29, 2026. the Company amended the Revolving Facility to provide for, among other things, lending commitments in an aggregate principal amount of up to $750.0 million, up from $575.0 million, and to extend the maturity to April 29, 2031 from July 6, 2027.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 28, 2026
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
Clint Haris [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On February 13, 2026, Clint Haris, our Senior Vice President and President, Advanced Purity Solutions, 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. Haris’ plan provides for the sale of up to 12,678 shares of the Company’s common stock. The plan expires on February 19, 2027, or upon the earlier completion of all authorized transactions under the plan.
Name Clint Haris
Title Senior Vice President and President
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 13, 2026
Expiration Date February 19, 2027
Arrangement Duration 371 days
Aggregate Available 12,678
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 28, 2026
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 March 28, 2026 and December 31, 2025, the results of operations and comprehensive income for the three months ended March 28, 2026 and March 29, 2025, the equity statements as of and for the three months ended March 28, 2026 and March 29, 2025, and cash flows for the three months ended March 28, 2026 and March 29, 2025.
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, 2025. The results of operations for the three months ended March 28, 2026 are not necessarily indicative of the results to be expected for the full year.
The unit captions to certain tables in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 referenced amounts in thousands. Such amounts are in millions, consistent with the Company's narrative presentation of its financial results elsewhere in that report. The underlying amounts are unchanged, and no revision to any reported balance, result, or cash flow is necessary. Prior-period amounts presented herein are shown in millions.
Property, Plant and Equipment
Property, Plant and Equipment Property, plant and equipment are carried at cost and are depreciated using the straight-line method over their estimated useful lives. When assets are retired or disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the period incurred. Maintenance and repairs are expensed as incurred, while significant additions and improvements are capitalized. Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable based on estimated future undiscounted cash flows. The amount of impairment, if any, is measured as the difference between the net book value and the estimated fair value of the asset(s).
In January 2026, we completed an assessment of the useful lives of our property, plant and equipment and adjusted the estimated useful lives of certain property, plant and equipment to more closely reflect the expected economic lives of these assets. These adjustments followed an analysis of our actual usage of assets, including the technological and physical obsolescence of these assets, our ability to continue to use equipment, historical usage trends, and anticipated capital plans and technology roadmaps, as well as industry trends and practices. Based on this analysis, we determined that the increase in useful lives was warranted and consistent with the Company’s historical and anticipated use of these assets. The updated estimated useful lives of certain assets for financial reporting purposes are as follows: buildings and improvements, 5 to 35 years increased to 12 to 40 years; manufacturing equipment, 5 to 10 years increased to 14 years; canisters and cylinders, 3 to 12 years increased to 3 to 19 years; molds, 3 to 5 years increased to 9 years and lab equipment, 3 to 8 years increased to 9 years. The effect of this change in estimate on assets in service as of December 31, 2025 during the three months ended March 28, 2026 was a reduction in depreciation expense of $19.0 million and a benefit to net income of approximately $8.0 million, or $0.05 per basic and diluted share.
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 November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“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
v3.26.1
REVENUES (Tables)
 3 Months Ended
Mar. 28, 2026
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 ended
(In millions)March 28, 2026March 29, 2025
Semiconductor:
Fabs$493.2 $473.1 
Equipment and Engineering136.2 112.9 
Chemical and Materials85.8 78.1 
Semi Distributor and Other50.1 70.0 
Non-Semi46.6 39.1 
Total net sales$811.9 $773.2 
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)March 28, 2026March 29, 2025
Balance at beginning of period$49.9 $41.7 
Revenue recognized that was included in the contract liability balance at the beginning of the period(26.4)(29.0)
Increases due to cash received, excluding amounts recognized as revenue during the period
10.9 26.0 
Balance at end of period$34.4 $38.7 
v3.26.1
INVENTORIES (Tables)
 3 Months Ended
Mar. 28, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following:
(In millions)March 28, 2026December 31, 2025
Raw materials$241.3 $240.0 
Work-in-process70.6 55.4 
Finished goods (1)
332.5 347.8 
Total inventories, net$644.4 $643.2 
(1) Includes consignment inventories held by customers of $30.3 million and $25.1 million at March 28, 2026 and December 31, 2025, respectively.
v3.26.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill activity for each of the Company’s reportable segments, Materials Solutions (“MS”) and Advanced Purity Solutions (“APS”), was as follows at March 28, 2026 and December 31, 2025:

(In millions)MSAPSTotal
December 31, 2025$3,631.3 $315.4 $3,946.7 
Foreign currency translation— 0.9 0.9 
March 28, 2026$3,631.3 $316.3 $3,947.6 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
Identifiable intangible assets at March 28, 2026 and December 31, 2025 consisted of the following:
March 28, 2026
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,264.6 $783.9 $480.7 
Trademarks and trade names172.1 62.4 109.7 
Customer relationships630.9 361.5 269.4 
Other25.5 24.6 0.9 
$2,093.1 $1,232.4 $860.7 
December 31, 2025
(In millions)Gross carrying
amount		Accumulated
amortization		Net carrying
value
Developed technology$1,264.5 $747.3 $517.2 
Trademarks and trade names172.1 59.7 112.4 
Customer relationships630.8 354.5 276.3 
Other25.5 24.5 1.0 
$2,092.9 $1,186.0 $906.9 
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 March 28, 2026:

(In millions)Remaining 20262027202820292030ThereafterTotal
Future amortization expense$137.5 $179.8 $177.4 $111.6 $39.3 $215.1 $860.7 
v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s debt as of March 28, 2026 and December 31, 2025 consisted of the following:

(In millions)March 28, 2026December 31, 2025
Senior secured term loans B due 2029 at 5.43% (1)
$400.0 $450.0 
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)3,695.0 3,745.0 
Less: Unamortized discount and debt issuance costs(43.8)(47.4)
Total debt, net3,651.2 3,697.6 
Less: Current portion of long-term debt— — 
Total long-term debt, net$3,651.2 $3,697.6 
(1) Our senior secured term loan due 2029 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%.
(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 as of March 28, 2026. There were no borrowings outstanding under the Revolving Facility as of March 28, 2026 and December 31, 2025.
Schedule of Maturities of Long-term Debt
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of March 28, 2026 were as follows:
(In millions)Remaining 2026 2027202820292030ThereafterTotal
Long-term debt obligation maturities*
$— $— $400.0 $2,400.0 $895.0 $— $3,695.0 
* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.
v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 28, 2026
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 5 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:March 28, 2026December 31, 2025March 28, 2026December 31, 2025March 28, 2026December 31, 2025March 28, 2026December 31, 2025
Cash and cash equivalents$442.7 $360.4 $— $— $— $— $442.7 $360.4 
Total$442.7 $360.4 $— $— $— $— $442.7 $360.4 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The estimated fair value and carrying value of our debt as of March 28, 2026 and December 31, 2025 were as follows:
March 28, 2026December 31, 2025
(In millions)Carrying ValueFair ValueCarrying ValueFair Value
Total debt, net$3,651.2 $3,619.1 $3,697.6 $3,738.0 
v3.26.1
EARNINGS PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Share Amount Used in Computation 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 ended
(In millions)March 28, 2026March 29, 2025
Basic—weighted average common shares outstanding152.3151.4
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock0.90.6
Diluted—weighted average common shares and common shares equivalent outstanding153.2152.0
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 months ended March 28, 2026 and March 29, 2025:
 Three months ended
(In millions)March 28, 2026March 29, 2025
Shares excluded from calculations of diluted EPS0.3 0.6 
v3.26.1
OTHER EXPENSE, NET (Tables)
 3 Months Ended
Mar. 28, 2026
Other Income and Expenses [Abstract]  
Schedule of Other expense (income), net
Other expense (income), net for the three months ended March 28, 2026 and March 29, 2025 consisted of the following:
 Three months ended
(In millions)March 28, 2026March 29, 2025
Loss on foreign currency transactions$0.8 $2.1 
Loss on extinguishment of debt0.5 — 
Other expense (income)0.1 (0.8)
Other expense, net$1.4 $1.3 
v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 28, 2026
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 months ended March 28, 2026 and March 29, 2025:
Three months ended
March 28, 2026
(In millions)MSAPSInter-segmentTotal
Net sales$351.1 $463.6 $(2.8)$811.9 
Cost of sales194.2 239.7 (2.8)431.1 
Operating expenses81.0 90.3 — 171.3 
Segment profit$75.9 $133.6 $— $209.5 

Three months ended
March 29, 2025
(In millions)MSAPSInter-segmentTotal
Net sales$341.4 $433.9 $(2.1)$773.2 
Cost of sales183.4 235.4 (2.1)416.7 
Operating expenses83.0 90.4 — 173.4 
Segment profit$75.0 $108.1 $— $183.1 
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 months ended March 28, 2026 and March 29, 2025:
(In millions)March 28, 2026March 29, 2025
Total segment profit$209.5 183.1 
Less:
Amortization of intangible assets46.3 46.1 
Unallocated general and administrative expenses21.6 14.7 
Operating income141.6 122.3 
Interest expense48.9 51.0 
Interest income(1.9)(1.4)
Other (income) expense, net1.4 1.3 
Income before income tax expense$93.2 $71.4 
The following tables summarize depreciation and capital expenditures for the Company’s reportable segments for the three months ended March 28, 2026 and March 29, 2025:
(In millions)March 28, 2026March 29, 2025
Depreciation:
MS$14.2 $22.4 
APS19.9 27.5 
Total depreciation $34.1 $49.9 
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 months ended March 28, 2026 and March 29, 2025, respectively.
Three months ended March 28, 2026
(In millions)MS APSInter-segment Total
North America$59.2 $78.1 $(2.8)$134.5 
Taiwan73.5 134.4 — 207.9 
China61.9 85.4 — 147.3 
South Korea53.9 56.1 — 110.0 
Japan40.0 49.6 — 89.6 
Europe26.4 28.0 — 54.4 
Southeast Asia36.2 32.0 — 68.2 
$351.1 $463.6 $(2.8)$811.9 

Three months ended March 29, 2025
(In millions)MS APSInter-segmentTotal
North America$66.2 $84.9 $(2.1)$149.0 
Taiwan62.0 113.7 — 175.7 
China71.4 82.0 — 153.4 
South Korea49.5 52.5 — 102.0 
Japan31.9 38.3 — 70.2 
Europe24.8 37.2 — 62.0 
Southeast Asia35.6 25.3 — 60.9 
$341.4 $433.9 $(2.1)$773.2 
v3.26.1
RESTRUCTURING COSTS (Tables)
 3 Months Ended
Mar. 28, 2026
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 months ended March 28, 2026 and March 2029, 2025 and were as follows:
Three months ended March 28, 2026Three months ended March 29, 2025
(In millions)Employee Termination BenefitsEmployee Termination Benefits
Cost of sales$0.3 $0.2 
Selling, general and administrative0.7 1.6 
Engineering, research and development3.1 0.6 
Total$4.1 $2.4 

Restructuring charges by reportable segment as well as unallocated corporate level charges for the three months ended March 28, 2026 and March 29, 2025 were as follows:
Three months ended March 28, 2026Three months ended March 29, 2025
(In millions)Employee Termination BenefitsEmployee Termination Benefits
MS$1.2 $0.1 
APS1.5 2.3 
Unallocated corporate1.4 — 
Total$4.1 $2.4 
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Jan. 31, 2026
Dec. 31, 2025
Change in Accounting Estimate [Line Items]        
Decrease in depreciation $ (34.1) $ (49.9)    
Increase to net income $ 92.0 $ 62.9    
Increase to basic earnings per common share (in dollars per share) $ 0.60 $ 0.42    
Increase to diluted earnings per common share (in dollars per share) $ 0.60 $ 0.41    
Equipment        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life     14 years  
Tools, Dies and Molds        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life     9 years  
Office Equipment        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life     9 years  
Service Life        
Change in Accounting Estimate [Line Items]        
Decrease in depreciation $ 19.0      
Increase to net income $ 8.0      
Increase to basic earnings per common share (in dollars per share) $ 0.05      
Increase to diluted earnings per common share (in dollars per share) $ 0.05      
Minimum | Building Improvements        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life     12 years 5 years
Minimum | Equipment        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life       5 years
Minimum | Containers        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life     3 years 3 years
Minimum | Tools, Dies and Molds        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life       3 years
Minimum | Office Equipment        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life       3 years
Maximum | Building Improvements        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life     40 years 35 years
Maximum | Equipment        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life       10 years
Maximum | Containers        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life     19 years 12 years
Maximum | Tools, Dies and Molds        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life       5 years
Maximum | Office Equipment        
Change in Accounting Estimate [Line Items]        
Property, plant and equipment, useful life       8 years
v3.26.1
REVENUES - Schedule of Disaggregated Net Sales by Customer (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Disaggregation of Revenue [Line Items]    
Net sales $ 811.9 $ 773.2
Fabs    
Disaggregation of Revenue [Line Items]    
Net sales 493.2 473.1
Equipment and Engineering    
Disaggregation of Revenue [Line Items]    
Net sales 136.2 112.9
Chemical and Materials    
Disaggregation of Revenue [Line Items]    
Net sales 85.8 78.1
Semi Distributor and Other    
Disaggregation of Revenue [Line Items]    
Net sales 50.1 70.0
Non-Semi    
Disaggregation of Revenue [Line Items]    
Net sales $ 46.6 $ 39.1
v3.26.1
REVENUES - Schedule of Contract Liabilities from Contract with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Movement in Contract with Customer Liability [Roll Forward]    
Balance at beginning of period $ 49.9 $ 41.7
Revenue recognized that was included in the contract liability balance at the beginning of the period (26.4) (29.0)
Increases due to cash received, excluding amounts recognized as revenue during the period 10.9 26.0
Balance at end of period $ 34.4 $ 38.7
v3.26.1
INVENTORIES (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 241.3 $ 240.0
Work-in-process 70.6 55.4
Finished goods 332.5 347.8
Total inventories, net 644.4 643.2
Consignment inventories held by customers $ 30.3 $ 25.1
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Activity (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2026
USD ($)
Goodwill [Roll Forward]  
Goodwill beginning balance $ 3,946.7
Foreign currency translation 0.9
Goodwill ending balance 3,947.6
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 315.4
Foreign currency translation 0.9
Goodwill ending balance $ 316.3
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets    
Gross carrying amount $ 2,093.1 $ 2,092.9
Accumulated amortization 1,232.4 1,186.0
Net carrying value 860.7 906.9
Developed technology    
Finite-Lived Intangible Assets    
Gross carrying amount 1,264.6 1,264.5
Accumulated amortization 783.9 747.3
Net carrying value 480.7 517.2
Trademarks and trade names    
Finite-Lived Intangible Assets    
Gross carrying amount 172.1 172.1
Accumulated amortization 62.4 59.7
Net carrying value 109.7 112.4
Customer relationships    
Finite-Lived Intangible Assets    
Gross carrying amount 630.9 630.8
Accumulated amortization 361.5 354.5
Net carrying value 269.4 276.3
Other    
Finite-Lived Intangible Assets    
Gross carrying amount 25.5 25.5
Accumulated amortization 24.6 24.5
Net carrying value $ 0.9 $ 1.0
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Remaining 2026 $ 137.5  
2027 179.8  
2028 177.4  
2029 111.6  
2030 39.3  
Thereafter 215.1  
Net carrying value $ 860.7 $ 906.9
v3.26.1
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt (par value) $ 3,695.0 $ 3,745.0
Less: Unamortized discount and debt issuance costs (43.8) (47.4)
Total debt, net 3,651.2 3,697.6
Less: Current portion of long-term debt 0.0 0.0
Total long-term debt, net 3,651.2 3,697.6
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 5.43%  
Total debt (par value) $ 400.0 450.0
Senior secured term loans B due 2029 at 5.01% | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 1.75%  
Senior secured term loans B due 2029 at 5.01% | Base Rate    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 0.75%  
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
Line of credit facility, maximum borrowing capacity $ 575.0  
v3.26.1
DEBT - Schedule of Annual Maturities of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
Remaining 2026 $ 0.0  
2027 0.0  
2028 400.0  
2029 2,400.0  
2030 895.0  
Thereafter 0.0  
Total $ 3,695.0 $ 3,745.0
v3.26.1
DEBT - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Debt Disclosure [Abstract]    
Repayments $ 50.0  
Loss on extinguishment of debt $ 0.5 $ 0.0
v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 442.7 $ 360.4
Total 442.7 360.4
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total debt, net 3,651.2 3,697.6
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total debt, net 3,619.1 3,738.0
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 442.7 360.4
Total 442.7 360.4
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0.0 0.0
Total 0.0 0.0
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0.0 0.0
Total $ 0.0 $ 0.0
v3.26.1
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
Mar. 28, 2026
Mar. 29, 2025
Earnings Per Share [Abstract]    
Basic—weighted average common shares outstanding (in shares) 152.3 151.4
Weighted average common shares assumed upon exercise of stock options and vesting of restricted common stock (in shares) 0.9 0.6
Diluted—weighted average common shares and common shares equivalent outstanding (in shares) 153.2 152.0
v3.26.1
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
Mar. 28, 2026
Mar. 29, 2025
Earnings Per Share [Abstract]    
Shares excluded from calculations of diluted EPS (in shares) 0.3 0.6
v3.26.1
OTHER EXPENSE, NET (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Other Income and Expenses [Abstract]    
Loss on foreign currency transactions $ 0.8 $ 2.1
Loss on extinguishment of debt 0.5 0.0
Other expense (income) 0.1 (0.8)
Other expense, net $ 1.4 $ 1.3
v3.26.1
SEGMENT INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 28, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.26.1
SEGMENT INFORMATION - Schedule of Financial Information for Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Segment Reporting Information [Line Items]    
Net sales $ 811.9 $ 773.2
Cost of sales 431.1 416.7
Operating expenses 171.3 173.4
Segment profit 209.5 183.1
Total depreciation 34.1 49.9
Inter-segment    
Segment Reporting Information [Line Items]    
Net sales (2.8) (2.1)
Cost of sales (2.8) (2.1)
Operating expenses 0.0 0.0
Segment profit 0.0 0.0
MS    
Segment Reporting Information [Line Items]    
Total depreciation 14.2 22.4
MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 351.1 341.4
Cost of sales 194.2 183.4
Operating expenses 81.0 83.0
Segment profit 75.9 75.0
APS    
Segment Reporting Information [Line Items]    
Total depreciation 19.9 27.5
APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 463.6 433.9
Cost of sales 239.7 235.4
Operating expenses 90.3 90.4
Segment profit $ 133.6 $ 108.1
v3.26.1
SEGMENT INFORMATION - Schedule of Reconciliation of Total Segment Profit to Operating Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Segment Reporting [Abstract]    
Total segment profit $ 209.5 $ 183.1
Less:    
Amortization of intangible assets 46.3 46.1
Unallocated general and administrative expenses 21.6 14.7
Operating income 141.6 122.3
Interest expense 48.9 51.0
Interest income (1.9) (1.4)
Other (income) expense, net 1.4 1.3
Income before income tax expense $ 93.2 $ 71.4
v3.26.1
SEGMENT INFORMATION - Schedule of Financial Information by Reportable Segment and Geography (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Segment Reporting Information [Line Items]    
Net sales $ 811.9 $ 773.2
Inter-segment    
Segment Reporting Information [Line Items]    
Net sales (2.8) (2.1)
MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 351.1 341.4
APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 463.6 433.9
North America    
Segment Reporting Information [Line Items]    
Net sales 134.5 149.0
North America | Inter-segment    
Segment Reporting Information [Line Items]    
Net sales (2.8) (2.1)
North America | MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 59.2 66.2
North America | APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 78.1 84.9
Taiwan    
Segment Reporting Information [Line Items]    
Net sales 207.9 175.7
Taiwan | Inter-segment    
Segment Reporting Information [Line Items]    
Net sales 0.0 0.0
Taiwan | MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 73.5 62.0
Taiwan | APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 134.4 113.7
China    
Segment Reporting Information [Line Items]    
Net sales 147.3 153.4
China | Inter-segment    
Segment Reporting Information [Line Items]    
Net sales 0.0 0.0
China | MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 61.9 71.4
China | APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 85.4 82.0
South Korea    
Segment Reporting Information [Line Items]    
Net sales 110.0 102.0
South Korea | Inter-segment    
Segment Reporting Information [Line Items]    
Net sales 0.0 0.0
South Korea | MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 53.9 49.5
South Korea | APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 56.1 52.5
Japan    
Segment Reporting Information [Line Items]    
Net sales 89.6 70.2
Japan | Inter-segment    
Segment Reporting Information [Line Items]    
Net sales 0.0 0.0
Japan | MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 40.0 31.9
Japan | APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 49.6 38.3
Europe    
Segment Reporting Information [Line Items]    
Net sales 54.4 62.0
Europe | Inter-segment    
Segment Reporting Information [Line Items]    
Net sales 0.0 0.0
Europe | MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 26.4 24.8
Europe | APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 28.0 37.2
Southeast Asia    
Segment Reporting Information [Line Items]    
Net sales 68.2 60.9
Southeast Asia | Inter-segment    
Segment Reporting Information [Line Items]    
Net sales 0.0 0.0
Southeast Asia | MS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 36.2 35.6
Southeast Asia | APS | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales $ 32.0 $ 25.3
v3.26.1
RESTRUCTURING COSTS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Restructuring Cost and Reserve [Line Items]    
Employee Termination Benefits $ 4.1 $ 2.4
Restructuring charges 4.1 2.4
Unallocated corporate    
Restructuring Cost and Reserve [Line Items]    
Employee Termination Benefits 1.4 0.0
MS | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Employee Termination Benefits 1.2 0.1
APS | Operating Segments    
Restructuring Cost and Reserve [Line Items]    
Employee Termination Benefits 1.5 2.3
Cost of sales    
Restructuring Cost and Reserve [Line Items]    
Employee Termination Benefits $ 0.3 0.2
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of sales  
Selling, general and administrative    
Restructuring Cost and Reserve [Line Items]    
Employee Termination Benefits $ 0.7 1.6
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative expenses  
Engineering, research and development    
Restructuring Cost and Reserve [Line Items]    
Employee Termination Benefits $ 3.1 $ 0.6
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Engineering, research and development expenses  
v3.26.1
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Apr. 15, 2026
Mar. 28, 2026
Mar. 29, 2025
Apr. 29, 2026
Subsequent Event [Line Items]        
Dividends declared per share (in dollars per share)   $ 0.10 $ 0.10  
Line of credit facility, maximum borrowing capacity   $ 575.0    
Revolving facility due 2027        
Subsequent Event [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 575.0    
Subsequent Event        
Subsequent Event [Line Items]        
Dividends declared per share (in dollars per share) $ 0.10      
Subsequent Event | Revolving facility due 2027        
Subsequent Event [Line Items]        
Line of credit facility, maximum borrowing capacity       $ 750.0