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v3.20.2

Business Segment, Geographic Area, Product/Service Offerings and Significant Customer Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Net Revenues, Assets and Goodwill by Reportable Segment | The following table sets forth net revenues by reportable segment:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Vacuum & Analysis |  | $ | 361.3 |  |  | $ | 240.7 |  |  | $ | 995.1 |  |  | $ | 710.7 |
Light & Motion |  |  | 175.9 |  |  |  | 172.4 |  |  |  | 507.3 |  |  |  | 549.0 |
Equipment & Solutions |  |  | 52.6 |  |  |  | 49.4 |  |  |  | 167.4 |  |  |  | 140.4 |
|  | $ | 589.8 |  |  | $ | 462.5 |  |  | $ | 1,669.8 |  |  | $ | 1,400.1 |
The following table sets forth segment assets by reportable segment:
September 30, 2020 |  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Corporate, Eliminations & Other |  |  | Total |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, net |  | $ | 202.9 |  |  | $ | 143.7 |  |  | $ | 42.5 |  |  | $ | (25.2 | ) |  | $ | 363.9 |
Inventory, net |  |  | 261.0 |  |  |  | 169.9 |  |  |  | 64.6 |  |  |  | (1.3 | ) |  |  | 494.2 |
Total segment assets |  | $ | 463.9 |  |  | $ | 313.6 |  |  | $ | 107.1 |  |  | $ | (26.5 | ) |  | $ | 858.1 |
December 31, 2019 |  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Corporate, Eliminations & Other |  |  | Total |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, net |  | $ | 185.9 |  |  | $ | 147.2 |  |  | $ | 40.1 |  |  | $ | (32.1 | ) |  | $ | 341.1 |
Inventory, net |  |  | 224.8 |  |  |  | 163.7 |  |  |  | 73.5 |  |  |  | 0.1 |  |  |  | 462.1 |
Total segment assets |  | $ | 410.7 |  |  | $ | 310.9 |  |  | $ | 113.6 |  |  | $ | (32.0 | ) |  | $ | 803.2 |
Goodwill associated with each of the Company’s reportable segments is as follows:
|  | September 30, 2020 |  |  | December 31, 2019 |
Reportable segment: |  |  |  |  |  |  |  |
Vacuum & Analysis |  | $ | 196.5 |  |  | $ | 196.7 |
Light & Motion |  |  | 391.7 |  |  |  | 388.5 |
Equipment & Solutions |  |  | 473.9 |  |  |  | 473.3 |
Total goodwill |  | $ | 1,062.1 |  |  | $ | 1,058.5 |
Reconciliation of Segment Gross Profit to Consolidated Net Income | The following table sets forth a reconciliation of segment gross profit to consolidated net income:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Gross profit by reportable segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vacuum & Analysis |  | $ | 163.5 |  |  | $ | 102.8 |  |  | $ | 444.1 |  |  | $ | 303.0 |
Light & Motion |  |  | 76.0 |  |  |  | 79.9 |  |  |  | 227.8 |  |  |  | 257.6 |
Equipment & Solutions |  |  | 22.5 |  |  |  | 22.3 |  |  |  | 76.0 |  |  |  | 53.5 |
Total gross profit by reportable segment |  |  | 262.0 |  |  |  | 205.0 |  |  |  | 747.9 |  |  |  | 614.1 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 42.5 |  |  |  | 41.7 |  |  |  | 127.7 |  |  |  | 122.3 |
Selling, general and administrative |  |  | 87.0 |  |  |  | 82.1 |  |  |  | 260.3 |  |  |  | 247.8 |
Acquisition and integration costs |  |  | 0.5 |  |  |  | 2.1 |  |  |  | 3.4 |  |  |  | 35.5 |
Restructuring and other |  |  | 3.1 |  |  |  | 1.5 |  |  |  | 6.8 |  |  |  | 4.7 |
Amortization of intangible assets |  |  | 12.5 |  |  |  | 17.0 |  |  |  | 42.6 |  |  |  | 50.3 |
Asset impairment |  |  | — |  |  |  | — |  |  |  | 1.2 |  |  |  | — |
COVID-19 related net credits |  |  | — |  |  |  | — |  |  |  | (1.2 | ) |  |  | — |
Fees and expenses related to repricing of Term Loan Facility |  |  | — |  |  |  | 0.6 |  |  |  | — |  |  |  | 6.5 |
Gain on sale of long-lived assets |  |  | — |  |  |  | (6.8 | ) |  |  | — |  |  |  | (6.8 | )
Income from operations |  |  | 116.4 |  |  |  | 66.8 |  |  |  | 307.1 |  |  |  | 153.8 |
Interest and other expense, net |  |  | 7.6 |  |  |  | 11.4 |  |  |  | 24.6 |  |  |  | 31.2 |
Income before income taxes |  |  | 108.8 |  |  |  | 55.4 |  |  |  | 282.5 |  |  |  | 122.6 |
Provision for income taxes |  |  | 17.1 |  |  |  | 8.0 |  |  |  | 48.0 |  |  |  | 25.0 |
Net income |  | $ | 91.7 |  |  | $ | 47.4 |  |  | $ | 234.5 |  |  | $ | 97.6 |
Schedule of Capital Expenditures, Depreciation and Amortization Expense of Intangible Assets by Reportable Segment | The following table sets forth capital expenditures by reportable segment for the three and nine months ended September 30, 2020 and 2019:
|  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Total |
Three Months Ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 9.7 |  |  | $ | 12.9 |  |  | $ | 6.4 |  |  | $ | 29.0 |
Nine Months Ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 28.8 |  |  | $ | 21.4 |  |  | $ | 9.7 |  |  | $ | 59.9 |
Three Months Ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 7.4 |  |  | $ | 6.8 |  |  | $ | 2.3 |  |  | $ | 16.5 |
Nine Months Ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 21.6 |  |  | $ | 16.9 |  |  | $ | 6.2 |  |  | $ | 44.7 |
The following table sets forth depreciation and amortization by reportable segment for the three and nine months ended September 30, 2020 and 2019:
|  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Total |
Three Months Ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 5.1 |  |  | $ | 9.6 |  |  | $ | 8.6 |  |  | $ | 23.3 |
Nine Months Ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 15.1 |  |  | $ | 33.5 |  |  | $ | 27.2 |  |  | $ | 75.8 |
Three Months Ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 4.2 |  |  | $ | 13.0 |  |  | $ | 10.0 |  |  | $ | 27.2 |
Nine Months Ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 12.2 |  |  | $ | 40.4 |  |  | $ | 27.3 |  |  | $ | 79.9 |
Reconciliation of Segment Assets to Consolidated Total Assets | The following is a reconciliation of segment assets to consolidated total assets:
|  | September 30, 2020 |  |  | December 31, 2019 |
Total segment assets |  | $ | 858.1 |  |  | $ | 803.2 |
Cash and cash equivalents |  |  | 493.3 |  |  |  | 414.6 |
Short-term investments |  |  | 222.4 |  |  |  | 109.4 |
Other current assets |  |  | 95.9 |  |  |  | 106.3 |
Property, plant and equipment, net |  |  | 267.9 |  |  |  | 241.9 |
Right-of-use asset |  |  | 180.1 |  |  |  | 64.5 |
Goodwill and intangible assets, net |  |  | 1,585.4 |  |  |  | 1,623.1 |
Other assets and long-term investments |  |  | 47.8 |  |  |  | 53.3 |
Consolidated total assets |  | $ | 3,750.9 |  |  | $ | 3,416.3 |
Schedule of Net Revenues and Long-Lived Assets by Geographic Regions | Transfers between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 281.2 |  |  | $ | 211.1 |  |  | $ | 757.7 |  |  | $ | 653.0 |
South Korea |  |  | 65.8 |  |  |  | 41.3 |  |  |  | 206.8 |  |  |  | 116.0 |
China |  |  | 67.6 |  |  |  | 46.7 |  |  |  | 192.5 |  |  |  | 140.5 |
Japan |  |  | 39.9 |  |  |  | 32.4 |  |  |  | 117.1 |  |  |  | 105.5 |
Israel |  |  | 34.3 |  |  |  | 26.4 |  |  |  | 98.3 |  |  |  | 76.6 |
Germany |  |  | 29.4 |  |  |  | 36.4 |  |  |  | 94.3 |  |  |  | 111.9 |
Other |  |  | 71.6 |  |  |  | 68.2 |  |  |  | 203.1 |  |  |  | 196.6 |
|  | $ | 589.8 |  |  | $ | 462.5 |  |  | $ | 1,669.8 |  |  | $ | 1,400.1 |
Long-lived assets:(1) |  | September 30, 2020 |  |  | December 31, 2019 |
United States |  | $ | 353.1 |  |  | $ | 208.3 |
Europe |  |  | 37.3 |  |  |  | 41.4 |
Asia |  |  | 88.7 |  |  |  | 89.6 |
|  | $ | 479.1 |  |  | $ | 339.3 |
| (1) | Long-lived assets include property, plant and equipment, net, right-of-use assets, and certain other assets, and exclude goodwill, intangible assets and long-term tax-related accounts.

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