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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
20. 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. With our complementary capabilities, we believe we are uniquely positioned to create new, co-optimized and increasingly integrated solutions for our customers, which should translate into improved device performance, lower cost of ownership and faster time to market.

•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 years ended December 31, 2025, 2024 and 2023:
2025
(In thousands)MSAPSInter-segmentTotal
Net sales$1,406.7 $1,799.1 $(9.2)$3,196.6 
Cost of sales790.8 995.1 (9.2)1,776.7 
Operating expenses339.3 377.6 — 716.9 
Segment profit$276.6 $426.4 $— $703.0 
2024
(In thousands)MSAPSInter-segmentTotal
Net sales$1,400.1 $1,850.2 $(9.1)$3,241.2 
Cost of sales769.2 994.4 (9.1)1,754.5 
Operating expenses344.7 359.7 — 704.4 
Segment profit$286.2 $496.1 $— $782.3 

2023
(In thousands)MSAPSInter-segmentTotal
Net sales$1,689.5 $1,846.6 $(12.2)$3,523.9 
Cost of sales1,060.6 977.9 (12.2)2,026.3 
Operating expenses332.5 337.3 — 669.8 
Segment profit$296.4 $531.4 $— $827.8 

The following table reconciles total segment profit to income before income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023:
(In thousands)202520242023
Total segment profit$703.0 $782.3 $827.8 
Less:
Amortization of intangibles184.4 190.1 214.5 
Unallocated general and administrative expenses62.7 58.3 114.1 
Operating income$455.9 $533.9 499.2 
Interest expense199.8 215.2 312.4 
Interest income(7.9)(7.3)(11.3)
Other expense, net9.4 4.0 25.4 
Income before income tax expense (benefit)$254.6 $322.0 $172.7 


The following tables summarize depreciation for the Company’s reportable segments for the years ended December 31, 2025, 2024 and 2023:
(In thousands)202520242023
Depreciation:
MS$89.8 $90.2 $95.4 
APS115.5 97.9 77.3 
Total depreciation $205.3 $188.1 $172.7 

In the following tables, revenue is disaggregated by country or region based on the ship to location of the customer for the years ended December 31, 2025, 2024 and 2023:
2025
(In thousands)MSAPSInter-segmentTotal
North America$270.3 $300.4 $(9.2)$561.5 
Taiwan279.1 456.8 — 735.9 
China268.1 389.6 — 657.7 
South Korea205.1 223.4 — 428.5 
Japan139.8 177.8 — 317.6 
Europe100.7 138.7 — 239.4 
Southeast Asia143.6 112.4 — 256.0 
$1,406.7 $1,799.1 $(9.2)$3,196.6 
2024
(In thousands)MSAPSInter-segmentTotal
North America$316.0 $364.7 $(9.1)$671.6 
Taiwan238.8 423.9 — 662.7 
China257.0 414.2 — 671.2 
South Korea202.6 216.2 — 418.8 
Japan128.5 180.9 — 309.4 
Europe115.8 159.7 — 275.5 
Southeast Asia141.4 90.6 — 232.0 
$1,400.1 $1,850.2 $(9.1)$3,241.2 
2023
(In thousands)MSAPSInter-segmentTotal
North America$540.4 $363.0 $(12.2)$891.2 
Taiwan232.0 358.7 — 590.7 
China197.0 369.9 — 566.9 
South Korea218.2 225.0 — 443.2 
Japan105.0 262.3 — 367.3 
Europe229.4 173.0 — 402.4 
Southeast Asia167.5 94.7 — 262.2 
$1,689.5 $1,846.6 $(12.2)$3,523.9 
The following table summarizes property, plant and equipment, net, attributed to significant country or region for the years ended December 31, 2025, 2024 and 2023:
(In thousands)202520242023
Property, plant and equipment, net:
North America$864.7 $876.8 $747.8 
Taiwan446.8 434.6 412.3 
South Korea134.3 117.7 101.1 
Japan116.7 114.8 118.9 
Malaysia41.9 44.3 50.2 
China27.8 30.4 32.9 
Other3.9 4.3 4.8 
$1,636.1 $1,622.9 $1,468.0 

The Company reported net sales of 10 percent or more for one customer in the amount of $526.8 million, $508.0 million and $382.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, all of which include sales from both of the Company’s segments.