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Business Segment, Geographic Area, and Significant Customer Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Net Revenues, Assets and Goodwill by Reportable Segment

The following table sets forth net revenues by reportable segment:

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Vacuum & Analysis		$	457.7			$	314.5			$	893.5			$	633.8
Light & Motion			192.9				166.0				374.9				331.4
Equipment & Solutions			99.3				63.8				175.4				114.8
		$	749.9			$	544.3			$	1,443.8			$	1,080.0

The following table sets forth segment assets by reportable segment:

June 30, 2021		Vacuum & Analysis				Light & Motion				Equipment & Solutions				Corporate, Eliminations & Other				Total
Segment assets:
Accounts receivable		$	257.0			$	131.3			$	66.7			$	(23.3	)		$	431.7
Inventory, net			310.0				157.1				63.3				(3.4	)			527.0
Total segment assets		$	567.0			$	288.4			$	130.0			$	(26.7	)		$	958.7

December 31, 2020		Vacuum & Analysis				Light & Motion				Equipment & Solutions				Corporate, Eliminations & Other				Total
Segment assets:
Accounts receivable		$	229.1			$	122.6			$	51.7			$	(10.7	)		$	392.7
Inventory, net			273.3				166.1				63.7				(1.7	)			501.4
Total segment assets		$	502.4			$	288.7			$	115.4			$	(12.4	)		$	894.1

Goodwill associated with each of the Company’s reportable segments is as follows:

		June 30, 2021				December 31, 2020
Reportable segment:
Vacuum & Analysis		$	195.7			$	196.2
Light & Motion			393.1				395.3
Equipment & Solutions			474.9				474.9
Total goodwill		$	1,063.7			$	1,066.4

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 June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Gross profit by reportable segment:
Vacuum & Analysis		$	212.5			$	139.7			$	417.5			$	280.6
Light & Motion			89.9				76.5				172.0				151.9
Equipment & Solutions			52.8				30.1				87.8				53.4
Total gross profit by reportable segment			355.2				246.3				677.3				485.9
Operating expenses:
Research and development			50.0				42.8				97.2				85.2
Selling, general and administrative			97.2				86.1				193.1				173.3
Acquisition and integration costs			6.0				0.7				12.2				2.9
Restructuring and other			3.0				3.3				7.9				3.7
Amortization of intangible assets			12.7				13.8				25.1				30.1
Asset impairment			—				—				—				1.2
COVID-19 related net credits			—				(1.2	)			—				(1.2	)
Income from operations			186.3				100.8				341.8				190.7
Interest income			0.1				0.3				0.3				1.0
Interest expense			6.4				7.2				12.8				16.1
Other expense, net			7.5				1.5				8.6				1.9
Income before income taxes			172.5				92.4				320.7				173.7
Provision for income taxes			26.0				18.7				51.9				30.9
Net income		$	146.5			$	73.7			$	268.8			$	142.8

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 six months ended June 30, 2021 and 2020:

		Vacuum & Analysis				Light & Motion				Equipment & Solutions				Total
Capital expenditures:
Three Months Ended June 30, 2021		$	7.8			$	5.1			$	3.4			$	16.3
Six Months Ended June 30, 2021		$	16.4			$	16.7			$	9.7			$	42.8
Three Months Ended June 30, 2020		$	15.0			$	4.5			$	1.4			$	20.9
Six Months Ended June 30, 2020		$	19.1			$	8.5			$	3.3			$	30.9

The following table sets forth depreciation and amortization by reportable segment for the three and six months ended June 30, 2021 and 2020:

		Vacuum & Analysis				Light & Motion				Equipment & Solutions				Total
Depreciation and amortization:
Three Months Ended June 30, 2021		$	6.4			$	9.8			$	8.7			$	24.9
Six Months Ended June 30, 2021		$	12.2			$	18.8			$	17.7			$	48.7
Three Months Ended June 30, 2020		$	5.1			$	10.5			$	8.5			$	24.1
Six Months Ended June 30, 2021		$	10.0			$	23.9			$	18.6			$	52.5

Reconciliation of Segment Assets to Consolidated Total Assets

The following is a reconciliation of segment assets to consolidated total assets:

		June 30, 2021				December 31, 2020
Total segment assets		$	958.7			$	894.1
Cash and cash equivalents and short-term investments			1,039.0				836.0
Other current assets			124.0				74.3
Property, plant and equipment, net			303.9				284.3
Right-of-use asset			179.3				184.4
Goodwill and intangible assets, net			1,550.0				1,578.6
Other assets and long-term investments			54.0				52.1
Consolidated total assets		$	4,208.9			$	3,903.8

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.

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Net revenues:
United States		$	291.5			$	245.0			$	574.3			$	476.5
South Korea			104.1				65.0				202.0				141.0
China			101.8				75.2				183.1				124.9
Taiwan			61.3				20.2				120.7				45.5
Japan			46.3				37.2				94.3				77.2
Other Asia			84.3				57.0				154.4				115.9
Europe			60.6				44.7				115.0				99.0
		$	749.9			$	544.3			$	1,443.8			$	1,080.0

Long-lived assets:(1)		June 30, 2021				December 31, 2020
United States		$	380.5			$	364.0
Europe			37.5				45.1
Asia			102.2				94.8
		$	520.2			$	503.9

⁽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.

Summary of Net Revenues by Major Customers

The following customers represented greater than 10% of the Company’s net revenues as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Lam Research Corporation			12.4	%			12.3	%			12.7	%			11.3	%
Applied Materials, Inc.			10.9	%			10.7	%			10.8	%			10.7	%

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