CMC Materials (CCMP) 10-Q 3 Feb 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2021	Jan. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-30205
Entity Registrant Name	CMC Materials, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4324765
Entity Address, Address Line One	870 North Commons Drive
Entity Address, City or Town	Aurora
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60504
City Area Code	630
Local Phone Number	375-6631
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CCMP
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		28,577,622
Entity Central Index Key	0001102934
Current Fiscal Year End Date	--09-30
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 317,046	$ 287,863
Cost of sales	191,210	164,959
Gross profit	125,836	122,904
Operating expenses:
Research, development and technical	13,328	12,428
Selling, general and administrative	56,483	55,920
Impairment charges	9,435	7,347
Entegris Transaction-related expenses	6,050	0
Total operating expenses	85,296	75,695
Operating income	40,540	47,209
Interest expense, net	9,743	9,585
Other (expense) income, net	(152)	1,452
Income before income taxes	30,645	39,076
Provision for income taxes	3,217	7,546
Net income	$ 27,428	$ 31,530
Basic earnings per share (in dollars per share)	$ 0.96	$ 1.08
Diluted earnings per share (in dollars per share)	$ 0.95	$ 1.07
Weighted average basic shares outstanding (in shares)	28,451	29,123
Weighted average diluted shares outstanding (in shares)	28,821	29,598

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 27,428	$ 31,530
Other comprehensive income:
Foreign currency translation adjustment	(2,629)	21,543
Income tax benefit	37	82
Total foreign currency translation adjustment, net of tax	(2,592)	21,625
Unrealized gain (loss) on cash flow hedges:
Change in fair value	5,471	(6,449)
Reclassification adjustment into earnings	3,577	3,374
Income tax (expense) benefit	(2,066)	689
Total unrealized gain (loss) on cash flow hedges, net of tax	6,982	(2,386)
Other comprehensive income, net of tax	4,390	19,239
Comprehensive income	$ 31,818	$ 50,769

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 200,023	$ 185,979
Accounts receivable, less allowance for credit losses of $480 at December 31, 2021 and $527 at September 30, 2021	166,957	150,099
Inventories	174,445	173,464
Prepaid expenses and other current assets	32,387	25,439
Total current assets	573,812	534,981
Property, plant and equipment, net	351,602	354,771
Goodwill	567,267	576,902
Other intangible assets, net	605,601	625,434
Deferred income taxes	6,467	6,813
Other long-term assets	54,370	51,984
Total assets	2,159,119	2,150,885
Current liabilities:
Accounts payable	59,478	52,748
Current portion of long-term debt	13,313	13,313
Accrued expenses and other current liabilities	121,263	139,797
Total current liabilities	194,054	205,858
Long-term debt, net of current portion	901,093	903,031
Deferred income taxes	74,499	74,930
Other long-term liabilities	86,653	88,129
Total liabilities	1,256,299	1,271,948
Commitments and contingencies
Stockholders’ equity:
Common Stock Authorized: 200,000 shares, $0.001 par value; Issued: 40,466 shares at December 31, 2021, and 40,221 shares at September 30, 2021	40	40
Capital in excess of par value of common stock	1,072,076	1,052,869
Retained earnings	446,193	431,968
Accumulated other comprehensive income	9,181	4,791
Treasury stock at cost, 11,898 shares at December 31, 2021, and 11,795 shares at September 30, 2021	(624,670)	(610,731)
Total stockholders’ equity	902,820	878,937
Total liabilities and stockholders’ equity	$ 2,159,119	$ 2,150,885

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 480	$ 527
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	40,466,000	40,221,000
Treasury stock (in shares)	11,898,000	11,795,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 27,428	$ 31,530
Adjustments to reconcile Net income to net cash provided by operating activities:
Depreciation and amortization	32,702	31,891
Impairment charges	9,435	7,347
Share-based compensation expense	6,003	5,851
Amortization of terminated interest rate swap contract	2,786	929
Deferred income tax benefit	(2,178)	(4,342)
Amortization of debt issuance costs	850	776
Non-cash foreign exchange gain	(598)	(867)
Accretion on Asset Retirement Obligations	150	146
Loss (gain) on disposal of assets	22	(65)
Other	384	(945)
Changes in operating assets and liabilities:
Accounts receivable	(17,467)	(3,989)
Inventories	(1,294)	4,023
Prepaid expenses and other assets	(9,096)	2,290
Accounts payable	9,326	1,190
Accrued expenses and other liabilities	(13,221)	(21,727)
Net cash provided by operating activities	45,232	54,038
Cash flows from investing activities:
Additions to property, plant and equipment	(13,193)	(11,939)
Proceeds from the sale of assets	5	353
Net cash used in investing activities	(13,188)	(11,586)
Cash flows from financing activities:
Dividends paid	(13,375)	(13,260)
Proceeds from issuance of stock	13,204	5,023
Repurchases of common stock under Share Repurchase Program	(10,600)	(9,201)
Repurchases of common stock withheld for taxes	(3,339)	(5,220)
Repayment of long-term debt	(2,663)	(2,663)
Other financing activities	(232)	(43)
Net cash used in financing activities	(17,005)	(25,364)
Effect of exchange rate changes on cash	(995)	4,453
Increase in cash and cash equivalents	14,044	21,541
Cash and cash equivalents at beginning of period	185,979	257,354
Cash and cash equivalents at end of period	200,023	278,895
Supplemental Cash Flow Information:
Purchases of property, plant and equipment in accrued liabilities and accounts payable at the end of the period	2,356	3,645
Cash paid during the period for lease liabilities	1,844	1,997
Right of use asset obtained in exchange for lease liabilities	$ 82	$ 454

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock:	Capital in Excess of Par:	Retained Earnings:	Accumulated Other Comprehensive Income (Loss):	Treasury Stock:
Beginning balance, common stock (in shares) at Sep. 30, 2020		39,914
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		178
Ending balance, common stock (in shares) at Dec. 31, 2020		40,092
Balance at beginning of period at Sep. 30, 2020		$ 40	$ 1,019,803	$ 553,718	$ (14,104)	$ (485,144)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			5,851
Exercise of stock options			1,437
Issuance of common stock under stock plans		0
Issuance of common stock under Employee Stock Purchase Plan			3,371
Issuance of restricted stock under Deposit Share Program			215
Net income	$ 31,530			31,530
Dividends				(12,807)
Foreign currency translation adjustment	21,625				21,625
Cash flow hedges	(2,386)				(2,386)
Repurchases of common stock under Share Repurchase Program						(9,201)
Repurchases of common stock - other						(5,220)
Balance at end of period at Dec. 31, 2020	$ 1,108,728	$ 40	1,030,677	572,441	5,135	$ (499,565)
Beginning balance, treasure stock (in shares) at Sep. 30, 2020						10,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock under Share Repurchase Program (in shares)						62
Repurchase of commons stock - other (in shares)						35
Ending balance, treasury stock (in shares) at Dec. 31, 2020						10,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per share of common stock (in dollars per share)	$ 0.44
Beginning balance, common stock (in shares) at Sep. 30, 2021		40,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		245
Ending balance, common stock (in shares) at Dec. 31, 2021		40,466
Balance at beginning of period at Sep. 30, 2021	$ 878,937	$ 40	1,052,869	431,968	4,791	$ (610,731)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense			6,003
Exercise of stock options			9,493
Issuance of common stock under stock plans		0
Issuance of common stock under Employee Stock Purchase Plan			3,711
Issuance of restricted stock under Deposit Share Program			0
Net income	27,428			27,428
Dividends				(13,203)
Foreign currency translation adjustment	(2,592)				(2,592)
Cash flow hedges	6,982				6,982
Repurchases of common stock under Share Repurchase Program						(10,600)
Repurchases of common stock - other						(3,339)
Balance at end of period at Dec. 31, 2021	$ 902,820	$ 40	$ 1,072,076	$ 446,193	$ 9,181	$ (624,670)
Beginning balance, treasure stock (in shares) at Sep. 30, 2021	11,795					11,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock under Share Repurchase Program (in shares)						79
Repurchase of commons stock - other (in shares)						24
Ending balance, treasury stock (in shares) at Dec. 31, 2021	11,898					11,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per share of common stock (in dollars per share)	$ 0.46

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	1. BACKGROUND AND BASIS OF PRESENTATION CMC Materials, Inc. (“CMC”, “the Company”, “us”, “we”, or “our”) is a leading global supplier of consumable materials, primarily to semiconductor manufacturers. The Company's products play a critical role in the production of advanced semiconductor devices, helping to enable the manufacture of smaller, faster and more complex devices by its customers. On April 1, 2021 (“Acquisition Date”), the Company completed the acquisition of 100% of International Test Solutions, LLC (“ITS”) (“Acquisition”), which has expanded the Company’s portfolio of critical enabling solutions in the semiconductor manufacturing process. The Consolidated Financial Statements included in this Report on Form 10-Q include the financial results of ITS from the Acquisition Date. The Acquisition would not have materially affected the Company’s results of operations or financial position for the prior period presented. We operate our business within two reportable segments: Electronic Materials and Performance Materials. The Electronic Materials segment consists of our chemical mechanical planarization (“CMP”) slurries, CMP pads, electronic chemicals, and materials technologies businesses. The Performance Materials segment consists of our pipeline and industrial materials (“PIM”), wood treatment, and QED Technologies International, Inc. (“QED”) businesses. The unaudited Consolidated Financial Statements have been prepared by CMC pursuant to the rules of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. In the opinion of management, these unaudited Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of CMC’s financial position, cash flows, and results of operations for the periods presented. The results may not be indicative of the results that may be expected for the fiscal year ending September 30, 2022. This Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. The Consolidated Financial Statements include the accounts of CMC and its subsidiaries. All intercompany transactions and balances between the companies have been eliminated. In the Consolidated Statements of Income of this Report on Form 10-Q, the presentation for Interest income has been changed for the three months ended December 31, 2020 to conform to the current presentation. The amounts for the three months ended December 31, 2020 related to Interest income are now presented under “Interest expense, net.” In the Consolidated Statements of Cash Flows of this Report on Form 10-Q, the presentation for amortization of terminated interest rate swap contract previously included in “Other” under Cash flows from operating activities is now presented separately under “Amortization of terminated interest rate swap contract” for the three months ended December 31, 2020 to conform to the current presentation. USE OF ESTIMATES The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from these estimates under different assumptions or conditions. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS ASU No. 2019-12 “Income Taxes” (Topic 740): Simplifying the Accounting for Income Taxes, was issued to simplify Topic 740 through improving consistency and removing certain exceptions to general principles. The Company adopted this standard effective October 1, 2021, which did not have a material impact on our results of operations or financial condition. ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET ADOPTED ASU No. 2020-04 “Reference Rate Reform” (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by the reference rate reform, if certain criteria are met. The provisions of this standard are available for election through December 31, 2022. We are currently evaluating the impact of the reference rate reform on our contracts and the resulting impact of adopting this standard on our financial statements.

Merger Agreement

Merger Agreement	3 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Merger Agreement	2. MERGER AGREEMENT On December 14, 2021, the Company entered into an agreement and plan of merger (“Merger Agreement”) with Entegris, Inc. (“Entegris”) and Yosemite Merger Sub, Inc., a wholly owned subsidiary of Entegris (“Merger Sub”) under which Entegris will acquire the Company in a cash and stock transaction. The Merger Agreement provides that (1) Merger Sub will merge with and into the Company (the “ Merger

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	3. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company disaggregates revenue by product area and segment as it best depicts the nature and amount of the Company’s revenue. See Note 16 of this Report on Form 10-Q for more information. The following table provides information about contract liability balances: Consolidated Balance Sheet Location December 31, 2021 September 30, 2021 Contract liabilities (current) Accrued expenses and other current liabilities $ 12,517 $ 8,883 Contract liabilities (noncurrent) Other long-term liabilities 3,170 1,788

Severance and Exit Costs

Severance and Exit Costs	3 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Severance and Exit Costs	4. SEVERANCE AND EXIT COSTS During the first quarter of fiscal 2022, the Company initiated a strategic cost optimization program (“Future Forward”) designed to implement structural changes to enhance operational efficiencies. Future Forward includes targeted position eliminations and other actions to reduce expenses. As a result of the Future Forward program, the Company recorded employee severance expenses of $2,979 for the three months ended December 31, 2021, related to unallocated corporate expenses, of which $969 is presented within Cost of sales and $2,010 is presented within Selling, general and administrative in the Consolidated Statements of Income. As of December 31, 2021, liabilities related to Future Forward of $2,572 were classified as current and presented within Accrued expenses and other current liabilities within the Consolidated Balance Sheets. Additional Future Forward initiatives may be implemented during fiscal 2022 that may result in additional expense or charges.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. 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. Other long-term investments represent the fair value of investments under our supplemental employee retirement plan (“SERP”). The fair value of the investments is determined through quoted market prices within actively traded markets. Level 2 Derivative financial instruments include foreign exchange contracts and 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 one-month London Inter-bank Offered Rate (“LIBOR”) based yield curves for the interest rate swap, and forward rates and/or the Overnight Index Swap curve for forward foreign exchange contracts, among others. 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 11 of this Report on Form 10-Q 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. Level 1 Level 2 Level 3 Total Fair Value December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 Assets: Cash and cash equivalents $ 200,023 $ 185,979 $ — $ — $ — $ — $ 200,023 $ 185,979 Other long-term investments 1,641 1,439 — — — — 1,641 1,439 Derivative financial instruments — — 16,764 12,335 — — 16,764 12,335 Total assets $ 201,664 $ 187,418 $ 16,764 $ 12,335 $ — $ — $ 218,428 $ 199,753 Liabilities: Derivative financial instruments — — 1,346 3,383 — — 1,346 3,383 Total liabilities $ — $ — $ 1,346 $ 3,383 $ — $ — $ 1,346 $ 3,383

Inventories

Inventories	3 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories	6. INVENTORIES Inventories consisted of the following: December 31, 2021 September 30, 2021 Raw materials $ 70,718 $ 67,969 Work in process 17,134 17,358 Finished goods 86,593 88,137 Total $ 174,445 $ 173,464

Goodwill

Goodwill	3 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	7. GOODWILL Goodwill activity for each of the Company’s reportable segments for the three months ended December 31, 2021 is as follows: Electronic Materials Performance Materials Total Balance at September 30, 2021, net of accumulated impairment of $227,126 $ 444,233 $ 132,669 $ 576,902 Foreign currency translation impact (249) 49 (200) Impairment (See Note 8) — (9,435) (9,435) Balance at December 31, 2021, net of accumulated impairment of $236,561 $ 443,984 $ 123,283 $ 567,267 During the three months ended December 31, 2021 and 2020, the Company recorded goodwill impairment charges of $9,435 and $4,081, respectively, related to the wood treatment reporting unit within the performance materials segment, due to the previously announced planned closure of the wood treatment business. See Note 8 of this Report on Form 10-Q for a discussion of the wood treatment impairments.

Wood Treatment

Wood Treatment	3 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Wood Treatment	8. WOOD TREATMENT As a result of our previously announced planned closure of the Company's wood treatment business and the finite remaining cash flow through the closure date, the Company concluded that it was more likely than not that the fair value of the wood treatment reporting unit was below its carrying value, requiring the wood treatment asset group and reporting unit to be tested for impairment. The Matamoros, Mexico facility ceased producing prior to December 31, 2021. As a result, the Company recorded a non-cash, pre-tax impairment charge of $9,435 for the three months ended December 31, 2021. The Company recorded long-lived asset and goodwill impairment charges of $7,347 for the three months ended December 31, 2020. There was no remaining carrying value of goodwill or long-lived assets for the wood treatment business as of December 31, 2021. The impairment charges, included in the Performance Materials segment, are presented within Impairment charges in the Consolidated Statements of Income for the three months ended December 31, 2021 and 2020. The goodwill impairment charge is not tax deductible, therefore there is no related tax benefit for the three months ended December 31, 2021 and 2020.

Other Long-Term Assets

Other Long-Term Assets	3 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Long-Term Assets	9. OTHER LONG-TERM ASSETS December 31, 2021 September 30, 2021 Right of use assets $ 27,566 $ 29,302 Interest rate swap (See Note 12) 16,764 12,335 Prepaid unamortized debt issuance cost - revolver 2,277 2,201 SERP investments 1,641 1,439 Vendor contract assets 1,188 1,329 Other long-term assets 4,934 5,378 Total $ 54,370 $ 51,984

Accrued Expenses And Other Curr

Accrued Expenses And Other Current Liabilities	3 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses And Other Current Liabilities	10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES December 31, 2021 September 30, 2021 Accrued compensation $ 29,248 $ 47,360 Income taxes payable 17,268 16,836 Dividends payable 13,655 13,827 Contract liabilities (current) 12,517 8,883 Asset retirement obligation (current) 12,076 11,933 Current portion of operating lease liability 7,677 7,646 Taxes, other than income taxes 7,021 6,620 Current portion of terminated swap liability (See Note 12) 5,855 5,855 Goods and services received, not yet invoiced 4,534 3,866 Accrued interest 1,895 1,846 Interest rate swap liability (See Note 12) 1,161 2,995 Other 8,356 12,130 Total $ 121,263 $ 139,797

Debt

Debt	3 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	11. DEBT December 31, 2021 September 30, 2021 Senior Secured Term Loan Facility, one-month LIBOR plus 2.00% $ 925,712 $ 928,375 Less: Unamortized debt issuance costs (11,306) (12,031) Total debt 914,406 916,344 Less: Current maturities and short-term debt (13,313) (13,313) Total long-term debt excluding current maturities $ 901,093 $ 903,031 The Company’s credit agreement as amended (“Amended Credit Agreement”) includes a Senior Secured Term Loan Facility (“Term Loan Facility”) and a revolving credit facility (“Revolving Credit Facility”). As of December 31, 2021, there were no borrowings outstanding under the Revolving Credit Facility and our available credit was $350,000, which includes our letter of credit sub-facility. At December 31, 2021 and September 30, 2021, the fair value of the Term Loan Facility, using level 2 inputs, approximated its carrying value as the loan bears a floating market rate of interest. As of December 31, 2021, scheduled principal repayments of the Term Loan Facility were: Fiscal Year Principal Repayments Remainder of 2022 $ 10,650 2023 10,650 2024 10,650 2025 10,650 2026 883,112 Total $ 925,712

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	12. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to various market risks, including risks associated with interest rates and foreign currency exchange rates. We enter into certain derivative transactions to mitigate the volatility associated with these exposures. CASH FLOW HEDGES - INTEREST RATE SWAP CONTRACT During the first quarter of fiscal 2021, the Company entered into a new interest rate swap agreement to extend the duration of its existing swap arrangement and to take advantage of lower interest rates. The existing interest rate swap, which was in a loss position of $35.3 million, was terminated, and the hedging relationship was de-designated. The liability for the terminated interest rate swap is not measured at fair value. The current and long-term portion of the liability for the terminated swap are recorded in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, on the Consolidated Balance Sheet and will be paid over the remaining term of the new swap. The loss amount for the terminated swap is included in Accumulated other comprehensive income and will be amortized on a straight-lined basis into interest expense through January 31, 2024, the remaining term of the original swap. The new interest rate swap is a floating-to-fixed interest rate swap contract to hedge the variability in LIBOR-based interest payments on a portion of our outstanding variable rate debt. The notional amount is scheduled to decrease quarterly and will expire on January 29, 2027. The new interest rate swap was designated as a cash flow hedge based on certain quantitative and qualitative assessments and we have determined that the hedge is highly effective and qualifies for hedge accounting. FOREIGN CURRENCY CONTRACTS NOT DESIGNATED AS HEDGES We enter into forward foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The notional amounts of our derivative instruments are as follows: December 31, 2021 September 30, 2021 Derivatives designated as hedging instruments: Interest rate swap contract - new agreement $ 553,613 $ 555,210 Derivatives not designated as hedging instruments: Foreign exchange contracts to purchase U.S. dollars $ 4,020 $ 4,225 Foreign exchange contracts to sell U.S. dollars 26,915 23,235 The fair values of our derivative instruments included in the Consolidated Balance Sheets are as follows: Derivative Assets Derivative Liabilities Consolidated Balance Sheet Location December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 Derivatives designated as hedging instruments: Interest rate swap contract Other long-term assets $ 16,764 $ 12,335 $ — $ — Accrued expenses and other current liabilities — — 1,161 2,995 Other long-term liabilities — — — — Derivatives not designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets $ — $ — $ — $ — Accrued expenses and other current liabilities — — 185 388 The following table summarizes the effects of our derivative instruments on our Consolidated Statements of Income: (Loss) Gain Recognized in Statement of Income Consolidated Statement of Income Location Three Months Ended December 31, 2021 2020 Derivatives designated as hedging instruments: Interest rate swap contract Interest expense, net $ (791) $ (2,445) Terminated interest rate swap contract Interest expense, net (2,786) (929) Derivatives not designated as hedging instruments: Foreign exchange contracts Other (expense) income, net $ (712) $ 122 The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive income: Amount of Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended December 31, 2021 2020 Derivatives designated as hedging instruments: Interest rate swap contract $ 5,471 $ (6,449) We expect approximately $12,305 to be reclassified from Accumulated other comprehensive income into Interest expense, net during the next twelve months related to our interest rate swap based on projected rates of the LIBOR forward curve as of December 31, 2021. This amount includes the amortization of the loss associated with the terminated swap arrangement.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES In connection with the acquisition of KMG, through our subsidiary KMG-Bernuth, Inc. (“KMG-Bernuth”), as of November 15, 2018, we assumed a contingency related to the Star Lake Canal Superfund Site near Beaumont, Texas (“Star Lake”). In 2014, prior to the acquisition of KMG, the United States Environmental Protection Agency (“EPA”) had notified KMG-Bernuth that the EPA considered it to be a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, in connection with Star Lake. Although KMG-Bernuth has not conceded liability with respect to Star Lake, and has asserted to the EPA and other parties its defenses to any liability, KMG-Bernuth and seven other cooperating parties entered into an agreement with the EPA in September 2016 to complete a remedial design of the remediation actions for the site and recorded a reserve at that time. As of December 31, 2021, the remaining reserve for the anticipated remediation was $2,711. Separately, in fiscal 2019, a fire, which involved non-hazardous waste materials and caused no injuries, occurred at a warehouse at the KMG-Bernuth wood treatment facility in Tuscaloosa, Alabama. Although we believe we have completed cleanup efforts related to the fire incident, there are potential other related costs that cannot be reasonably estimated as of this time due to the nature of federally-regulated requirements for the products produced there. In addition, we continue to work with our insurance carriers on possible recovery of losses and costs related to the fire incident. At this point we cannot reasonably estimate whether we will receive any additional insurance recoveries, or if so, the amount of such recoveries. PURCHASE OBLIGATIONS We have $11,030 of contractual commitments through December 2022 under an abrasive particle supply agreement and a contractual commitment of $11,486 to purchase non-water based carrier fluid.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. INCOME TAXES The Company recorded income tax expense of $3,217 for the three months ended December 31, 2021, compared to $7,546 for the three months ended December 31, 2020. The Company’s effective income tax rate was 10.5% for the three months ended December 31, 2021 compared to 19.3% for the three months ended December 31, 2020. The change in our effective tax rate for the three months ended December 31, 2021 compared to the prior year is primarily attributable to a higher tax benefit related to share-based compensation and a lower unfavorable impact from the non-deductible goodwill impairment charges related to wood treatment.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	15. EARNINGS PER SHARE Three Months Ended December 31, 2021 2020 Numerator: Net income available to common shares $ 27,428 $ 31,530 Denominator: Weighted average common shares 28,451 29,123 Weighted average effect of dilutive securities 370 475 Diluted weighted average common shares 28,821 29,598 Earnings per share: Basic $ 0.96 $ 1.08 Diluted $ 0.95 $ 1.07 Shares excluded from the calculation of Diluted earnings per share as their inclusion would have been anti-dilutive under the treasury stock method are as follows: Three Months Ended December 31, 2021 2020 Outstanding stock options 132 15

Segment Reporting

Segment Reporting	3 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	16. SEGMENT REPORTING We identify our segments based on our management structure and the financial information used by our chief executive officer, who is our chief operating decision maker, to assess segment performance and allocate resources among our operating units. We have the following two reportable segments: ELECTRONIC MATERIALS Electronic Materials includes products and solutions for the semiconductor industry and consists of our CMP slurries, CMP pads, electronic chemicals, and materials technologies businesses. PERFORMANCE MATERIALS Performance Materials consists of our PIM, wood treatment, and QED businesses. Our chief operating decision maker evaluates segment performance based upon revenue and segment adjusted EBITDA. Segment adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, adjusted for certain items that affect comparability from period to period. These adjustments include acquisition and integration-related expenses, impairment charges, net restructuring charges related to the wood treatment business, costs related to the Pandemic, net of grants received, Future Forward-related expenses, and Entegris Transaction-related expenses. We exclude these items from earnings when presenting adjusted EBITDA because we believe they are not indicative of a segment’s regular, ongoing operating performance. Adjusted EBITDA is also a performance metric for our fiscal 2022 Short-Term Incentive Program (“STIP”). In addition, our chief operating decision maker does not use assets by segment to evaluate performance or allocate resources, and therefore, we do not disclose assets by segment. The two segments operate independently and serve different markets and customers, as a result there are no sales between segments. Revenue from external customers by segment are as follows: Three Months Ended December 31, 2021 2020 Electronic Materials: CMP slurries $ 146,141 $ 134,721 Electronic chemicals 91,139 80,006 CMP pads 24,039 22,071 Materials technologies 6,332 — Total Electronic Materials 267,651 236,798 Performance Materials: PIM 26,635 25,907 Wood treatment 14,958 17,323 QED 7,802 7,835 Total Performance Materials 49,395 51,065 Total $ 317,046 $ 287,863 Capital expenditures by segment are as follows: Three Months Ended December 31, 2021 2020 Electronic Materials $ 7,136 $ 5,434 Performance Materials 1,610 1,310 Corporate 1,794 3,475 Total $ 10,540 $ 10,219 Adjusted EBITDA by segment is as follows: Three Months Ended December 31, 2021 2020 Net income $ 27,428 $ 31,530 Interest expense, net 9,743 9,585 Income taxes 3,217 7,546 Depreciation and amortization 32,702 31,891 EBITDA 73,090 80,552 Impairment charges 9,435 7,347 Entegris Transaction-related expenses 6,050 — Future Forward-related expenses 2,979 — Acquisition and integration-related expenses 307 2,369 Net costs related to restructuring of the wood treatment business 26 26 Costs related to the Pandemic, net of grants received — 1,262 Consolidated adjusted EBITDA $ 91,887 $ 91,556 Segment adjusted EBITDA: Electronic Materials $ 88,082 $ 80,756 Performance Materials 15,001 22,975 Unallocated corporate expenses (11,196) (12,175) Consolidated adjusted EBITDA $ 91,887 $ 91,556 The unallocated portions of corporate functions, including finance, legal, human resources, information technology, and corporate development, are not directly attributable to a reportable segment.

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	USE OF ESTIMATES The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from these estimates under different assumptions or conditions.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issues But Not Yet Adopted	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS ASU No. 2019-12 “Income Taxes” (Topic 740): Simplifying the Accounting for Income Taxes, was issued to simplify Topic 740 through improving consistency and removing certain exceptions to general principles. The Company adopted this standard effective October 1, 2021, which did not have a material impact on our results of operations or financial condition. ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET ADOPTED ASU No. 2020-04 “Reference Rate Reform” (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by the reference rate reform, if certain criteria are met. The provisions of this standard are available for election through December 31, 2022. We are currently evaluating the impact of the reference rate reform on our contracts and the resulting impact of adopting this standard on our financial statements.

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Reconciliation of Contract Liability Balances	The following table provides information about contract liability balances: Consolidated Balance Sheet Location December 31, 2021 September 30, 2021 Contract liabilities (current) Accrued expenses and other current liabilities $ 12,517 $ 8,883 Contract liabilities (noncurrent) Other long-term liabilities 3,170 1,788

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The following table presents financial instruments, other than debt, that we measure at fair value on a recurring basis. See Note 11 of this Report on Form 10-Q 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. Level 1 Level 2 Level 3 Total Fair Value December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 Assets: Cash and cash equivalents $ 200,023 $ 185,979 $ — $ — $ — $ — $ 200,023 $ 185,979 Other long-term investments 1,641 1,439 — — — — 1,641 1,439 Derivative financial instruments — — 16,764 12,335 — — 16,764 12,335 Total assets $ 201,664 $ 187,418 $ 16,764 $ 12,335 $ — $ — $ 218,428 $ 199,753 Liabilities: Derivative financial instruments — — 1,346 3,383 — — 1,346 3,383 Total liabilities $ — $ — $ 1,346 $ 3,383 $ — $ — $ 1,346 $ 3,383

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: December 31, 2021 September 30, 2021 Raw materials $ 70,718 $ 67,969 Work in process 17,134 17,358 Finished goods 86,593 88,137 Total $ 174,445 $ 173,464

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Activity	Goodwill activity for each of the Company’s reportable segments for the three months ended December 31, 2021 is as follows: Electronic Materials Performance Materials Total Balance at September 30, 2021, net of accumulated impairment of $227,126 $ 444,233 $ 132,669 $ 576,902 Foreign currency translation impact (249) 49 (200) Impairment (See Note 8) — (9,435) (9,435) Balance at December 31, 2021, net of accumulated impairment of $236,561 $ 443,984 $ 123,283 $ 567,267

Other Long-Term Assets (Tables)

Other Long-Term Assets (Tables)	3 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Long-term Assets	December 31, 2021 September 30, 2021 Right of use assets $ 27,566 $ 29,302 Interest rate swap (See Note 12) 16,764 12,335 Prepaid unamortized debt issuance cost - revolver 2,277 2,201 SERP investments 1,641 1,439 Vendor contract assets 1,188 1,329 Other long-term assets 4,934 5,378 Total $ 54,370 $ 51,984

Accrued Expenses And Other Cu_2

Accrued Expenses And Other Current Liabilities (Tables)	3 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses And Other Current Liabilities	December 31, 2021 September 30, 2021 Accrued compensation $ 29,248 $ 47,360 Income taxes payable 17,268 16,836 Dividends payable 13,655 13,827 Contract liabilities (current) 12,517 8,883 Asset retirement obligation (current) 12,076 11,933 Current portion of operating lease liability 7,677 7,646 Taxes, other than income taxes 7,021 6,620 Current portion of terminated swap liability (See Note 12) 5,855 5,855 Goods and services received, not yet invoiced 4,534 3,866 Accrued interest 1,895 1,846 Interest rate swap liability (See Note 12) 1,161 2,995 Other 8,356 12,130 Total $ 121,263 $ 139,797

Debt (Tables)

Debt (Tables)	3 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Total Debt	December 31, 2021 September 30, 2021 Senior Secured Term Loan Facility, one-month LIBOR plus 2.00% $ 925,712 $ 928,375 Less: Unamortized debt issuance costs (11,306) (12,031) Total debt 914,406 916,344 Less: Current maturities and short-term debt (13,313) (13,313) Total long-term debt excluding current maturities $ 901,093 $ 903,031
Schedule of Principal Repayments of Debt	As of December 31, 2021, scheduled principal repayments of the Term Loan Facility were: Fiscal Year Principal Repayments Remainder of 2022 $ 10,650 2023 10,650 2024 10,650 2025 10,650 2026 883,112 Total $ 925,712

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The notional amounts of our derivative instruments are as follows: December 31, 2021 September 30, 2021 Derivatives designated as hedging instruments: Interest rate swap contract - new agreement $ 553,613 $ 555,210 Derivatives not designated as hedging instruments: Foreign exchange contracts to purchase U.S. dollars $ 4,020 $ 4,225 Foreign exchange contracts to sell U.S. dollars 26,915 23,235
Schedule of Derivative Instruments in the Consolidated Balance Sheets	The fair values of our derivative instruments included in the Consolidated Balance Sheets are as follows: Derivative Assets Derivative Liabilities Consolidated Balance Sheet Location December 31, 2021 September 30, 2021 December 31, 2021 September 30, 2021 Derivatives designated as hedging instruments: Interest rate swap contract Other long-term assets $ 16,764 $ 12,335 $ — $ — Accrued expenses and other current liabilities — — 1,161 2,995 Other long-term liabilities — — — — Derivatives not designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets $ — $ — $ — $ — Accrued expenses and other current liabilities — — 185 388
Schedule of Derivative Instruments on Consolidated Statements of Income	The following table summarizes the effects of our derivative instruments on our Consolidated Statements of Income: (Loss) Gain Recognized in Statement of Income Consolidated Statement of Income Location Three Months Ended December 31, 2021 2020 Derivatives designated as hedging instruments: Interest rate swap contract Interest expense, net $ (791) $ (2,445) Terminated interest rate swap contract Interest expense, net (2,786) (929) Derivatives not designated as hedging instruments: Foreign exchange contracts Other (expense) income, net $ (712) $ 122 The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive income: Amount of Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended December 31, 2021 2020 Derivatives designated as hedging instruments: Interest rate swap contract $ 5,471 $ (6,449)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three Months Ended December 31, 2021 2020 Numerator: Net income available to common shares $ 27,428 $ 31,530 Denominator: Weighted average common shares 28,451 29,123 Weighted average effect of dilutive securities 370 475 Diluted weighted average common shares 28,821 29,598 Earnings per share: Basic $ 0.96 $ 1.08 Diluted $ 0.95 $ 1.07
Schedule of Shares Exclude From Calculation of Diluted Earnings Per Share	Shares excluded from the calculation of Diluted earnings per share as their inclusion would have been anti-dilutive under the treasury stock method are as follows: Three Months Ended December 31, 2021 2020 Outstanding stock options 132 15

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Revenue	Revenue from external customers by segment are as follows: Three Months Ended December 31, 2021 2020 Electronic Materials: CMP slurries $ 146,141 $ 134,721 Electronic chemicals 91,139 80,006 CMP pads 24,039 22,071 Materials technologies 6,332 — Total Electronic Materials 267,651 236,798 Performance Materials: PIM 26,635 25,907 Wood treatment 14,958 17,323 QED 7,802 7,835 Total Performance Materials 49,395 51,065 Total $ 317,046 $ 287,863
Schedule of Capital Expenditures by Segment	Capital expenditures by segment are as follows: Three Months Ended December 31, 2021 2020 Electronic Materials $ 7,136 $ 5,434 Performance Materials 1,610 1,310 Corporate 1,794 3,475 Total $ 10,540 $ 10,219
Schedule of Segment Adjusted EBITDA	Adjusted EBITDA by segment is as follows: Three Months Ended December 31, 2021 2020 Net income $ 27,428 $ 31,530 Interest expense, net 9,743 9,585 Income taxes 3,217 7,546 Depreciation and amortization 32,702 31,891 EBITDA 73,090 80,552 Impairment charges 9,435 7,347 Entegris Transaction-related expenses 6,050 — Future Forward-related expenses 2,979 — Acquisition and integration-related expenses 307 2,369 Net costs related to restructuring of the wood treatment business 26 26 Costs related to the Pandemic, net of grants received — 1,262 Consolidated adjusted EBITDA $ 91,887 $ 91,556 Segment adjusted EBITDA: Electronic Materials $ 88,082 $ 80,756 Performance Materials 15,001 22,975 Unallocated corporate expenses (11,196) (12,175) Consolidated adjusted EBITDA $ 91,887 $ 91,556

Background and Basis of Prese_3

Background and Basis of Presentation (Details) - segment	3 Months Ended
	Dec. 31, 2021	Apr. 01, 2021
Business Acquisition [Line Items]
Number of reportable segments	2
ITS
Business Acquisition [Line Items]
Acquisition of ITS		100.00%

Merger Agreement (Details)

Merger Agreement (Details) - Entegris, Inc. $ / shares in Units, $ in Millions	Dec. 14, 2021USD ($)$ / sharesshares
Asset Acquisition, Contingent Consideration [Line Items]
Cash per share (in dollars per share) | $ / shares	$ 133
Right to receive shares (in shares) | shares	0.4506
Contract termination fees | $	$ 187

Revenue From Contracts With C_3

Revenue From Contracts With Customers - Reconciliation of Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Contract with Customer, Liability [Abstract]
Contract liabilities (current)	$ 12,517	$ 8,883
Contract liabilities (noncurrent)	$ 3,170	$ 1,788

Severance and Exit Costs (Detai

Severance and Exit Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 26	$ 26
Restructuring current liability	2,572
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,979
Employee Severance | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	969
Employee Severance | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,010

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Assets:
Derivative financial instruments	$ 16,764	$ 12,335
Recurring
Assets:
Cash and cash equivalents	200,023	185,979
Other long-term investments	1,641	1,439
Derivative financial instruments	16,764	12,335
Total assets	218,428	199,753
Liabilities:
Derivative financial instruments	1,346	3,383
Total liabilities	1,346	3,383
Recurring | Level 1
Assets:
Cash and cash equivalents	200,023	185,979
Other long-term investments	1,641	1,439
Derivative financial instruments	0	0
Total assets	201,664	187,418
Liabilities:
Derivative financial instruments	0	0
Total liabilities	0	0
Recurring | Level 2
Assets:
Cash and cash equivalents	0	0
Other long-term investments	0	0
Derivative financial instruments	16,764	12,335
Total assets	16,764	12,335
Liabilities:
Derivative financial instruments	1,346	3,383
Total liabilities	1,346	3,383
Recurring | Level 3
Assets:
Cash and cash equivalents	0	0
Other long-term investments	0	0
Derivative financial instruments	0	0
Total assets	0	0
Liabilities:
Derivative financial instruments	0	0
Total liabilities	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials	$ 70,718	$ 67,969
Work in process	17,134	17,358
Finished goods	86,593	88,137
Total	$ 174,445	$ 173,464

Goodwill - Goodwill Rollforward

Goodwill - Goodwill Rollforward (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Jul. 01, 2021
Goodwill [Line Items]
Accumulated impairment amounts	$ 236,561,000		$ 227,126,000
Goodwill [Roll Forward]
Goodwill, beginning balance	576,902,000
Foreign currency translation impact	(200,000)
Impairment	(9,435,000)
Goodwill, ending balance	567,267,000
Wood treatment
Goodwill [Roll Forward]
Impairment	(9,435,000)	$ (4,081,000)
Goodwill, ending balance	0
PIM Reporting Unit
Goodwill [Roll Forward]
Fair value in excess of carrying value, percent				5.00%
Electronic Materials
Goodwill [Roll Forward]
Goodwill, beginning balance	444,233,000
Foreign currency translation impact	(249,000)
Impairment	0
Goodwill, ending balance	443,984,000
Performance Materials
Goodwill [Roll Forward]
Goodwill, beginning balance	132,669,000
Foreign currency translation impact	49,000
Impairment	(9,435,000)
Goodwill, ending balance	$ 123,283,000

Wood Treatment - Narrative (Det

Wood Treatment - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill impairment loss	$ 9,435,000
Goodwill	567,267,000		$ 576,902,000
Income taxes	3,217,000	$ 7,546,000
Wood treatment
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill impairment loss	9,435,000	4,081,000
Goodwill	0
Goodwill and long lived asset impairment charges		7,347,000
Income taxes	$ 0	$ 0

Other Long-Term Assets (Details

Other Long-Term Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Other long-term assets [Abstract]
Right of use assets	$ 27,566	$ 29,302
Interest rate swap	16,764	12,335
Prepaid unamortized debt issuance cost - revolver	2,277	2,201
SERP investments	1,641	1,439
Vendor contract assets	1,188	1,329
Other long-term assets	4,934	5,378
Total	$ 54,370	$ 51,984

Accrued Expenses And Other Cu_3

Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 29,248	$ 47,360
Income taxes payable	17,268	16,836
Dividends payable	13,655	13,827
Contract liabilities (current)	12,517	8,883
Asset retirement obligation (current)	12,076	11,933
Current portion of operating lease liability	7,677	7,646
Taxes, other than income taxes	7,021	6,620
Current portion of terminated swap liability	5,855	5,855
Goods and services received, not yet invoiced	4,534	3,866
Accrued interest	1,895	1,846
Interest rate swap liability	1,161	2,995
Other	8,356	12,130
Total	$ 121,263	$ 139,797

Debt - Total Debt (Details)

Debt - Total Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ (11,306)	$ (12,031)
Total	914,406	916,344
Less: Current maturities and short-term debt	(13,313)	(13,313)
Long-term debt, net of current portion	901,093	903,031
Senior secured term loan facility
Debt Instrument [Line Items]
Long-term debt	$ 925,712	$ 928,375
Senior secured term loan facility | LIBOR | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Debt - Narrative (Details)

Debt - Narrative (Details) - Revolving credit facility - Line of credit	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding	$ 0
Amended Credit Agreement
Debt Instrument [Line Items]
Available credit remaining	$ 350,000,000

Debt - Principal Repayments (De

Debt - Principal Repayments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Principal Repayments
Total	$ 914,406	$ 916,344
Term loan facility
Principal Repayments
Remainder of 2022	10,650
2023	10,650
2024	10,650
2025	10,650
2026	883,112
Total	$ 925,712

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - Interest rate swap contract - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments [Abstract]
Interest rate swap, in loss position		$ 35,300
Reclassified from accumulated other comprehensive income into interest expense	$ 12,305

Derivative Financial Instrume_4

Derivative Financial Instruments - Notional Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Interest rate swap contract | Derivatives designated as hedging instruments:
Derivative [Line Items]
Derivative notional amount	$ 553,613	$ 555,210
Foreign exchange contracts | Buy | Derivatives not designated as hedging instruments:
Derivative [Line Items]
Derivative notional amount	4,020	4,225
Foreign exchange contracts | Sell | Derivatives not designated as hedging instruments:
Derivative [Line Items]
Derivative notional amount	$ 26,915	$ 23,235

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Value of Derivative Instruments in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Derivatives designated as hedging instruments: | Interest rate swap contract | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 16,764	$ 12,335
Derivative Liabilities	0	0
Derivatives designated as hedging instruments: | Interest rate swap contract | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	1,161	2,995
Derivatives designated as hedging instruments: | Interest rate swap contract | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	0	0
Derivatives not designated as hedging instruments: | Foreign exchange contracts | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	185	388
Derivatives not designated as hedging instruments: | Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivatives designated as hedging instruments: | Interest rate swap contract | Interest expense, net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
(Loss) Gain Recognized in Statement of Income	$ (791)	$ (2,445)
Derivatives designated as hedging instruments: | Terminated interest rate swap contract | Interest expense, net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
(Loss) Gain Recognized in Statement of Income	(2,786)	(929)
Derivatives not designated as hedging instruments: | Foreign exchange contracts | Other (expense) income, net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
(Loss) Gain Recognized in Statement of Income	$ (712)	$ 122

Derivative Financial Instrume_7

Derivative Financial Instruments - Effect of Derivative Instruments on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ 5,471	$ (6,449)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021USD ($)
Abrasive particle supply agreement
Environmental Exit Cost [Line Items]
Purchase obligation	$ 11,030
Non-water Based Carrier Fluid
Environmental Exit Cost [Line Items]
Purchase obligation	11,486
KMG-Bernuth
Environmental Exit Cost [Line Items]
Estimated reserve, remaining	$ 2,711

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,217	$ 7,546
Effective tax rate	10.50%	19.30%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income available to common shares	$ 27,428	$ 31,530
Denominator:
Weighted average common shares (in shares)	28,451	29,123
Weighted average effect of dilutive securities
Weighted average effect of dilutive securities (in shares)	370	475
Diluted weighted average common shares (in shares)	28,821	29,598
Earnings per share:
Basic (in dollars per share)	$ 0.96	$ 1.08
Diluted (in dollars per share)	$ 0.95	$ 1.07
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	132	15

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Revenue fro

Segment Reporting - Revenue from External Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 317,046	$ 287,863
Electronic Materials | Operating segment
Segment Reporting Information [Line Items]
Revenue	267,651	236,798
Electronic Materials | CMP slurries | Operating segment
Segment Reporting Information [Line Items]
Revenue	146,141	134,721
Electronic Materials | Electronic chemicals | Operating segment
Segment Reporting Information [Line Items]
Revenue	91,139	80,006
Electronic Materials | CMP pads | Operating segment
Segment Reporting Information [Line Items]
Revenue	24,039	22,071
Electronic Materials | Materials technologies | Operating segment
Segment Reporting Information [Line Items]
Revenue	6,332	0
Performance Materials | Operating segment
Segment Reporting Information [Line Items]
Revenue	49,395	51,065
Performance Materials | PIM | Operating segment
Segment Reporting Information [Line Items]
Revenue	26,635	25,907
Performance Materials | Wood treatment | Operating segment
Segment Reporting Information [Line Items]
Revenue	14,958	17,323
Performance Materials | QED | Operating segment
Segment Reporting Information [Line Items]
Revenue	$ 7,802	$ 7,835

Segment Reporting - Capital Exp

Segment Reporting - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital expenditures	$ 10,540	$ 10,219
Operating segment | Electronic Materials
Segment Reporting Information [Line Items]
Capital expenditures	7,136	5,434
Operating segment | Performance Materials
Segment Reporting Information [Line Items]
Capital expenditures	1,610	1,310
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,794	$ 3,475

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation from Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net income	$ 27,428	$ 31,530
Interest expense, net	9,743	9,585
Income taxes	3,217	7,546
Depreciation and amortization	32,702	31,891
EBITDA	73,090	80,552
Impairment charges	9,435	7,347
Entegris Transaction-related expenses	6,050	0
Net costs related to restructuring	26	26
Acquisition and integration-related expenses	307	2,369
Costs related to the Pandemic, net of grants received	0	1,262
Consolidated adjusted EBITDA	91,887	91,556
Future Forward Program
Segment Reporting Information [Line Items]
Net costs related to restructuring	2,979	0
Operating segment | Electronic Materials
Segment Reporting Information [Line Items]
Consolidated adjusted EBITDA	88,082	80,756
Operating segment | Performance Materials
Segment Reporting Information [Line Items]
Consolidated adjusted EBITDA	15,001	22,975
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expenses	$ (11,196)	$ (12,175)