ENTEGRIS INC

For the period ended Sep 28, 2024. Filed Nov 4, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 28, 2024 · Filed Nov 4, 2024

ENTG$138.57-1.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)	September 28, 2024	December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$432,072	$456,929
Trade accounts receivable, net of allowance for credit losses of $4,901 and $6,412	503,165	457,052
Inventories, net	643,034	607,051
Deferred tax charges and refundable income taxes	26,941	63,879
Assets held-for-sale	7,004	278,753
Other current assets	102,873	113,663
Total current assets	1,715,089	1,977,327
Property, plant and equipment, net of accumulated depreciation of $1,026,206 and $908,089	1,542,356	1,468,043
Right-of-use assets - Operating lease	63,634	57,990
Right-of-use assets - Finance lease	21,154	22,409
Goodwill	3,946,575	3,945,860
Intangible assets, net of accumulated amortization of $953,421 and $808,298	1,138,630	1,281,969
Deferred tax assets and other noncurrent tax assets	20,340	31,432
Other assets	24,979	27,561
Total assets	$8,472,757	$8,812,591
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$65,000	$—
Accounts payable	174,189	134,211
Accrued payroll and related benefits	108,279	109,559
Accrued interest payable	75,818	24,759
Liabilities held-for-sale	925	19,223
Other accrued liabilities	118,239	148,840
Income taxes payable	44,241	77,403
Total current liabilities	586,691	513,995
Long-term debt, net of unamortized discount and debt issuance costs of $69,310 and $91,633	4,060,690	4,577,141
Pension benefit obligations and other liabilities	58,069	53,733
Deferred tax liabilities and other noncurrent tax liabilities	101,780	190,142
Long term lease liability - Operating lease	54,540	49,719
Long term lease liability - Finance lease	18,477	19,267
Equity:
Preferred stock, par value $0.01; 5,000 shares authorized; none issued and outstanding as of September 28, 2024 and December 31, 2023	—	—
Common stock, par value $0.01; 400,000 shares authorized; issued and outstanding shares as of September 28, 2024: 151,193 and 150,991, respectively; issued and outstanding shares as of December 31, 2023: 150,566 and 150,364, respectively	1,512	1,506
Treasury stock, at cost: 202 shares held as of September 28, 2024 and December 31, 2023	(7,112)	(7,112)
Additional paid-in capital	2,360,923	2,305,367
Retained earnings	1,296,839	1,151,765
Accumulated other comprehensive loss	(59,652)	(42,932)
Total equity	3,592,510	3,408,594
Total liabilities and equity	$8,472,757	$8,812,591

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three months ended		Nine months ended
(In thousands, except per share data)	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Net sales	$807,694	$888,239	$2,391,371	$2,711,635
Cost of sales	435,869	521,165	1,291,907	1,558,710
Gross profit	371,825	367,074	1,099,464	1,152,925
Selling, general and administrative expenses	108,455	116,051	336,963	431,514
Engineering, research and development expenses	80,903	66,810	234,664	209,746
Amortization of intangible assets	46,226	51,239	143,898	163,493
Goodwill impairment	—	15,913	—	104,785
Gain on termination of alliance agreement	—	—	—	(154,754)
Operating income	136,241	117,061	383,939	398,141
Interest expense	51,666	77,820	162,726	244,874
Interest income	(1,247)	(2,226)	(5,401)	(5,854)
Other (income) expense, net	(212)	10,243	17,050	13,309
Income before income tax expense (benefit)	86,034	31,224	209,564	145,812
Income tax expense (benefit)	8,190	(2,127)	18,335	2,851
Equity in net loss of affiliates	262	139	685	269
Net income	$77,582	$33,212	$190,544	$142,692
Basic earnings per common share	$0.51	$0.22	$1.26	$0.95
Diluted earnings per common share	$0.51	$0.22	$1.26	$0.95
Weighted average shares outstanding:
Basic	151,196	150,127	150,849	149,793
Diluted	151,924	151,229	151,820	150,816

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three months ended		Nine months ended
(In thousands)	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Net income	$77,582	$33,212	$190,544	$142,692
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	12,108	(9,174)	(2,683)	(23,451)
Pension liability adjustments	(71)	(33)	(450)	4
Interest rate swap - cash flow hedge, change in fair value - loss, net of tax benefit of $(2,880) and $(3,963) for the three and nine months ended September 28, 2024, respectively, and $(598) and $(667) for the three and nine months ended September 30, 2023 respectively	(9,873)	(2,050)	(13,587)	(2,289)
Other comprehensive income (loss), net of tax	2,164	(11,257)	(16,720)	(25,736)
Comprehensive income	$79,746	$21,955	$173,824	$116,956

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)	Commonsharesissued	Treasury shares	Commonsharesoutstanding	Commonstock	Treasury stock	Additionalpaid-incapital	Retained earnings	Foreign currency translation adjustments	Defined benefit pension adjustments	Interest rate swap - cash flow hedge	Total
Balance at December 31, 2022	149,339	(202)	149,137	$1,493	$(7,112)	$2,205,325	$1,031,391	$(49,083)	$(83)	$36,069	$3,218,000
Shares issued under stock plans	530	—	530	6	—	8,981	—	—	—	—	8,987
Share-based compensation expense	—	—	—	—	—	30,678	—	—	—	—	30,678
Dividends declared ($0.10 per share)	—	—	—	—	—	—	(15,092)	—	—	—	(15,092)
Interest rate swap - cash flow hedge	—	—	—	—	—	—	—	—	—	(9,955)	(9,955)
Pension liability adjustment	—	—	—	—	—	—	—	—	37	—	37
Foreign currency translation	—	—	—	—	—	—	—	23,734	—	—	23,734
Net loss	—	—	—	—	—	—	(88,166)	—	—	—	(88,166)
Balance at April 1, 2023	149,869	(202)	149,667	$1,499	$(7,112)	$2,244,984	$928,133	$(25,349)	$(46)	$26,114	$3,168,223
Shares issued under stock plans	439	—	439	4	—	18,130	—	—	—	—	18,134
Share-based compensation expense	—	—	—	—	—	11,458	—	—	—	—	11,458
Dividends declared ($0.10 per share)	—	—	—	—	—	—	(14,961)	—	—	—	(14,961)
Interest rate swap - cash flow hedge	—	—	—	—	—	—	—	—	—	9,716	9,716
Pension liability adjustment	—	—	—	—	—	—	—	—	—	—	—
Foreign currency translation	—	—	—	—	—	—	—	(38,011)	—	—	(38,011)
Net income	—	—	—	—	—	—	197,646	—	—	—	197,646
Balance at July 1, 2023	150,308	(202)	150,106	$1,503	$(7,112)	$2,274,572	$1,110,818	$(63,360)	$(46)	$35,830	$3,352,205
Shares issued under stock plans	49	—	49	1	—	(1,029)	—	—	—	—	(1,028)
Share-based compensation expense	—	—	—	—	—	10,280	—	—	—	—	10,280
Dividends declared ($0.10 per share)	—	—	—	—	—	—	(15,123)	—	—	—	(15,123)
Interest rate swap - cash flow hedge	—	—	—	—	—	—	—	—	—	(2,050)	(2,050)
Pension liability adjustment	—	—	—	—	—	—	—	—	(33)	—	(33)
Foreign currency translation	—	—	—	—	—	—	—	(9,174)	—	—	(9,174)
Net income	—	—	—	—	—	—	33,212	—	—	—	33,212
Balance at September 30, 2023	150,357	(202)	150,155	$1,504	$(7,112)	$2,283,823	$1,128,907	$(72,534)	$(79)	$33,780	$3,368,289

(In thousands)	Commonsharesissued	Treasury shares	Commonsharesoutstanding	Commonstock	Treasury stock	Additionalpaid-incapital	Retained earnings	Foreign currency translation adjustments	Defined benefit pension adjustments	Interest rate swap - cash flow hedge	Total
Balance at December 31, 2023	150,566	(202)	150,364	$1,506	$(7,112)	$2,305,367	$1,151,765	$(61,880)	$314	$18,634	$3,408,594
Shares issued under stock plans	405	—	405	4	—	(5,459)	—	—	—	—	(5,455)
Share-based compensation expense	—	—	—	—	—	7,908	—	—	—	—	7,908
Dividends declared ($0.10 per share)	—	—	—	—	—	—	(15,040)	—	—	—	(15,040)
Interest rate swap - cash flow hedge	—	—	—	—	—	—	—	—	—	(1,073)	(1,073)
Pension liability adjustment	—	—	—	—	—	—	—	—	(379)	—	(379)
Foreign currency translation	—	—	—	—	—	—	—	(9,651)	—	—	(9,651)
Net income	—	—	—	—	—	—	45,266	—	—	—	45,266
Balance at March 30, 2024	150,971	(202)	150,769	$1,510	$(7,112)	$2,307,816	$1,181,991	$(71,531)	$(65)	$17,561	$3,430,170
Shares issued under stock plans	58	—	58	—	—	616	—	—	—	—	616
Share-based compensation expense	—	—	—	—	—	26,889	—	—	—	—	26,889
Dividends declared ($0.10 per share)	—	—	—	—	—	—	(15,200)	—	—	—	(15,200)
Interest rate swap - cash flow hedge	—	—	—	—	—	—	—	—	—	(2,641)	(2,641)
Foreign currency translation	—	—	—	—	—	—	—	(5,140)	—	—	(5,140)
Net income	—	—	—	—	—	—	67,696	—	—	—	67,696
Balance at June 29, 2024	151,029	(202)	150,827	$1,510	$(7,112)	$2,335,321	$1,234,487	$(76,671)	$(65)	$14,920	$3,502,390
Shares issued under stock plans	164	—	164	2	—	10,050	—	—	—	—	10,052
Share-based compensation expense	—	—	—	—	—	15,552	—	—	—	—	15,552
Dividends declared ($0.10 per share)	—	—	—	—	—	—	(15,230)	—	—	—	(15,230)
Interest rate swap - cash flow hedge	—	—	—	—	—	—	—	—	—	(9,873)	(9,873)
Pension liability adjustment	—	—	—	—	—	—	—	—	(71)	—	(71)
Foreign currency translation	—	—	—	—	—	—	—	12,108	—	—	12,108
Net income	—	—	—	—	—	—	77,582	—	—	—	$77,582
Balance at September 28, 2024	151,193	(202)	150,991	$1,512	$(7,112)	$2,360,923	$1,296,839	$(64,563)	$(136)	$5,047	$3,592,510

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.