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v3.20.4

Business Segment, Geographic Area, Product/Service Offerings and Significant Customer Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Net Revenues, Assets and Goodwill by Reportable Segment | The following table sets forth net revenues by reportable segment:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Vacuum & Analysis |  | $ | 1,405.9 |  |  | $ | 990.5 |  |  | $ | 1,260.8 |
Light & Motion |  |  | 689.6 |  |  |  | 725.6 |  |  |  | 814.3 |
Equipment & Solutions |  |  | 234.5 |  |  |  | 183.7 |  |  |  | — |
|  | $ | 2,330.0 |  |  | $ | 1,899.8 |  |  | $ | 2,075.1 |
The following table sets forth segment assets by reportable segment:
|  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Corporate, Eliminations and Other |  |  | Total |
December 31, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 229.1 |  |  | $ | 122.6 |  |  | $ | 51.7 |  |  | $ | (10.7 | ) |  | $ | 392.7 |
Inventory |  |  | 273.3 |  |  |  | 166.1 |  |  |  | 63.7 |  |  |  | (1.7 | ) |  |  | 501.4 |
Total segment assets |  | $ | 502.4 |  |  | $ | 288.7 |  |  | $ | 115.4 |  |  | $ | (12.4 | ) |  | $ | 894.1 |
|  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Corporate, Eliminations and Other |  |  | Total |
December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 185.9 |  |  | $ | 147.2 |  |  | $ | 40.1 |  |  | $ | (32.1 | ) |  | $ | 341.1 |
Inventory |  |  | 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:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Reportable segment: |  |  |  |  |  |  |  |
Vacuum & Analysis |  | $ | 196.2 |  |  | $ | 196.7 |
Light & Motion |  |  | 395.3 |  |  |  | 388.5 |
Equipment & Solutions |  |  | 474.9 |  |  |  | 473.3 |
Total goodwill |  | $ | 1,066.4 |  |  | $ | 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:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Gross profit by reportable segment: |  |  |  |  |  |  |  |  |  |  |  |
Vacuum & Analysis |  | $ | 633.7 |  |  | $ | 426.4 |  |  | $ | 577.6 |
Light & Motion |  |  | 309.8 |  |  |  | 336.8 |  |  |  | 401.9 |
Equipment & Solutions |  |  | 106.0 |  |  |  | 67.2 |  |  |  | — |
Total gross profit by reportable segment |  |  | 1,049.5 |  |  |  | 830.4 |  |  |  | 979.5 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 173.1 |  |  |  | 164.1 |  |  |  | 135.7 |
Selling, general and administrative |  |  | 353.1 |  |  |  | 330.3 |  |  |  | 298.1 |
Acquisition and integration costs |  |  | 3.8 |  |  |  | 37.3 |  |  |  | 3.1 |
Restructuring and other |  |  | 9.4 |  |  |  | 7.0 |  |  |  | 4.6 |
Amortization of intangible assets |  |  | 55.2 |  |  |  | 67.4 |  |  |  | 43.5 |
Asset impairment |  |  | 2.3 |  |  |  | 4.7 |  |  |  | — |
COVID-19 related net credits |  |  | (1.2 | ) |  |  | — |  |  |  | — |
Fees and expenses related to repricing of Term Loan Facility |  |  | — |  |  |  | 6.6 |  |  |  | 0.4 |
Gain on sale of long-lived assets |  |  | — |  |  |  | (6.8 | ) |  |  | — |
Income from operations |  |  | 453.8 |  |  |  | 219.8 |  |  |  | 494.1 |
Interest income |  |  | 1.4 |  |  |  | 5.4 |  |  |  | 5.8 |
Interest expense |  |  | 29.1 |  |  |  | 44.1 |  |  |  | 16.9 |
Other expense, net |  |  | 3.1 |  |  |  | 3.3 |  |  |  | 2.0 |
Income before income taxes |  |  | 423.0 |  |  |  | 177.8 |  |  |  | 481.0 |
Provision for income taxes |  |  | 72.9 |  |  |  | 37.4 |  |  |  | 88.1 |
Net income |  | $ | 350.1 |  |  | $ | 140.4 |  |  | $ | 392.9 |
Schedule of Capital Expenditures, Depreciation and Amortization Expense of Intangible Assets by Reportable Segment | The following table set forth capital expenditures by reportable segment for the years ended December 31, 2020, 2019 and 2018:
Capital expenditures: |  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Total |
December 31, 2020: |  | $ | 36.0 |  |  | $ | 32.1 |  |  | $ | 16.8 |  |  | $ | 84.9 |
December 31, 2019: |  | $ | 34.1 |  |  | $ | 23.0 |  |  | $ | 6.8 |  |  | $ | 63.9 |
December 31, 2018: |  | $ | 40.1 |  |  | $ | 22.8 |  |  | $ | — |  |  | $ | 62.9 |
The following table sets forth depreciation and amortization by reportable segment for the years ended December 31, 2020, 2019 and 2018:
Depreciation and amortization: |  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Total |
December 31, 2020: |  | $ | 20.3 |  |  | $ | 43.2 |  |  | $ | 35.7 |  |  | $ | 99.2 |
December 31, 2019: |  | $ | 16.8 |  |  | $ | 53.9 |  |  | $ | 39.3 |  |  | $ | 110.0 |
December 31, 2018: |  | $ | 20.8 |  |  | $ | 59.0 |  |  | $ | — |  |  | $ | 79.8 |
Reconciliation of Segment Assets to Consolidated Total Assets | The following is a reconciliation of segment assets to consolidated total assets:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Total segment assets |  | $ | 894.1 |  |  | $ | 803.2 |
Cash and cash equivalents and short-term investments |  |  | 836.0 |  |  |  | 524.0 |
Other current assets |  |  | 74.3 |  |  |  | 106.3 |
Property, plant and equipment, net |  |  | 284.3 |  |  |  | 241.9 |
Right-of-use assets |  |  | 184.4 |  |  |  | 64.5 |
Goodwill and intangible assets, net |  |  | 1,578.6 |  |  |  | 1,623.1 |
Other assets and long-term assets |  |  | 52.1 |  |  |  | 53.3 |
Consolidated total assets |  | $ | 3,903.8 |  |  | $ | 3,416.3 |
Schedule of Net Revenues and Long-Lived Assets by Geographic Regions | Intercompany sales between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues.
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,058.9 |  |  | $ | 888.4 |  |  | $ | 1,022.7 |
South Korea |  |  | 278.8 |  |  |  | 167.7 |  |  |  | 203.6 |
China |  |  | 273.5 |  |  |  | 178.6 |  |  |  | 127.7 |
Other Asia |  |  | 519.6 |  |  |  | 435.8 |  |  |  | 477.1 |
Europe |  |  | 199.2 |  |  |  | 229.3 |  |  |  | 244.0 |
|  | $ | 2,330.0 |  |  | $ | 1,899.8 |  |  | $ | 2,075.1 |
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Long-lived assets: (1) |  |  |  |  |  |  |  |
United States |  | $ | 364.0 |  |  | $ | 208.3 |
Asia |  |  | 94.8 |  |  |  | 89.6 |
Europe |  |  | 45.1 |  |  |  | 41.4 |
|  | $ | 503.9 |  |  | $ | 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. The increase in long-lived assets in the United States for 2020 reflects right-of-use assets from new leases, mainly at three locations.
Summary of Net Revenues by Major Customers | The Company had two customers with net revenues greater than 10% of total net revenues at December 31, 2020 and 2018 as shown below. No individual customers accounted for greater than 10% of the Company’s net revenues for 2019.
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Lam Research Corporation |  | 13.5% |  |  | 8.5% |  |  | 10.8% |
Applied Materials, Inc. |  | 10.6% |  |  | 9.3% |  |  | 11.7% |

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