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Business Segment, Geographic Area, and Significant Customer Information (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Vacuum & Analysis |  | $ | 483.1 |  |  | $ | 361.3 |  |  | $ | 1,376.6 |  |  | $ | 995.1 |
Light & Motion |  |  | 208.7 |  |  |  | 175.9 |  |  |  | 583.6 |  |  |  | 507.3 |
Equipment & Solutions |  |  | 50.1 |  |  |  | 52.6 |  |  |  | 225.5 |  |  |  | 167.4 |
|  | $ | 741.9 |  |  | $ | 589.8 |  |  | $ | 2,185.7 |  |  | $ | 1,669.8 |
The following table sets forth segment assets by reportable segment:
September 30, 2021 |  | Vacuum & Analysis |  |  | Light & Motion |  |  | Equipment & Solutions |  |  | Corporate, Eliminations & Other |  |  | Total |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 292.2 |  |  | $ | 139.1 |  |  | $ | 36.7 |  |  | $ | (24.6 | ) |  | $ | 443.4 |
Inventories |  |  | 317.9 |  |  |  | 170.9 |  |  |  | 64.1 |  |  |  | (2.5 | ) |  |  | 550.4 |
Total segment assets |  | $ | 610.1 |  |  | $ | 310.0 |  |  | $ | 100.8 |  |  | $ | (27.1 | ) |  | $ | 993.8 |
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 |
Inventories |  |  | 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:
|  | September 30, 2021 |  |  | December 31, 2020 |
Reportable segment: |  |  |  |  |  |  |  |
Vacuum & Analysis |  | $ | 195.2 |  |  | $ | 196.2 |
Light & Motion |  |  | 556.3 |  |  |  | 395.3 |
Equipment & Solutions |  |  | 474.7 |  |  |  | 474.9 |
Total goodwill |  | $ | 1,226.2 |  |  | $ | 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Gross profit by reportable segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vacuum & Analysis |  | $ | 226.3 |  |  | $ | 163.5 |  |  | $ | 643.8 |  |  | $ | 444.1 |
Light & Motion |  |  | 100.6 |  |  |  | 76.0 |  |  |  | 272.6 |  |  |  | 227.8 |
Equipment & Solutions |  |  | 21.5 |  |  |  | 22.5 |  |  |  | 109.3 |  |  |  | 76.0 |
Total gross profit by reportable segment |  |  | 348.4 |  |  |  | 262.0 |  |  |  | 1,025.7 |  |  |  | 747.9 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 51.7 |  |  |  | 42.5 |  |  |  | 148.9 |  |  |  | 127.7 |
Selling, general and administrative |  |  | 95.8 |  |  |  | 87.0 |  |  |  | 288.9 |  |  |  | 260.3 |
Acquisition and integration costs |  |  | 8.6 |  |  |  | 0.5 |  |  |  | 20.8 |  |  |  | 3.4 |
Restructuring and other |  |  | 2.0 |  |  |  | 3.1 |  |  |  | 9.9 |  |  |  | 6.8 |
Amortization of intangible assets |  |  | 15.0 |  |  |  | 12.5 |  |  |  | 40.1 |  |  |  | 42.6 |
Asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.2 |
COVID-19 related net credits |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.2 | )
Income from operations |  |  | 175.3 |  |  |  | 116.4 |  |  |  | 517.1 |  |  |  | 307.1 |
Interest income |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.4 |  |  |  | 1.1 |
Interest expense |  |  | 6.3 |  |  |  | 6.6 |  |  |  | 19.1 |  |  |  | 22.7 |
Other expense, net |  |  | 2.9 |  |  |  | 1.1 |  |  |  | 11.5 |  |  |  | 3.0 |
Income before income taxes |  |  | 166.2 |  |  |  | 108.8 |  |  |  | 486.9 |  |  |  | 282.5 |
Provision for income taxes |  |  | 33.8 |  |  |  | 17.1 |  |  |  | 85.7 |  |  |  | 48.0 |
Net income |  | $ | 132.4 |  |  | $ | 91.7 |  |  | $ | 401.2 |  |  | $ | 234.5 |
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, 2021 and 2020:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Vacuum & Analysis |  | $ | 10.8 |  |  | $ | 9.7 |  |  | $ | 27.2 |  |  | $ | 28.8 |
Light & Motion |  |  | 8.3 |  |  |  | 12.9 |  |  |  | 25.0 |  |  |  | 21.4 |
Equipment & Solutions |  |  | 1.4 |  |  |  | 6.4 |  |  |  | 11.1 |  |  |  | 9.7 |
Total capital expenditures |  | $ | 20.5 |  |  | $ | 29.0 |  |  | $ | 63.3 |  |  | $ | 59.9 |
The following table sets forth depreciation and amortization by reportable segment for the three and nine months ended September 30, 2021 and 2020:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Vacuum & Analysis |  | $ | 5.1 |  |  | $ | 5.1 |  |  | $ | 17.3 |  |  | $ | 15.1 |
Light & Motion |  |  | 13.5 |  |  |  | 9.6 |  |  |  | 32.3 |  |  |  | 33.5 |
Equipment & Solutions |  |  | 8.8 |  |  |  | 8.6 |  |  |  | 26.5 |  |  |  | 27.2 |
Total depreciation and amortization |  | $ | 27.4 |  |  | $ | 23.3 |  |  | $ | 76.1 |  |  | $ | 75.8 |
Reconciliation of Segment Assets to Consolidated Total Assets | The following is a reconciliation of segment assets to consolidated total assets:
|  | September 30, 2021 |  |  | December 31, 2020 |
Total segment assets |  | $ | 993.8 |  |  | $ | 894.1 |
Cash and cash equivalents and short-term investments |  |  | 879.6 |  |  |  | 836.0 |
Other current assets |  |  | 121.5 |  |  |  | 74.3 |
Property, plant and equipment, net |  |  | 316.8 |  |  |  | 284.3 |
Right-of-use assets |  |  | 184.5 |  |  |  | 184.4 |
Goodwill and intangible assets, net |  |  | 1,815.7 |  |  |  | 1,578.6 |
Other assets and long-term investments |  |  | 54.0 |  |  |  | 52.1 |
Consolidated total assets |  | $ | 4,365.9 |  |  | $ | 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 348.4 |  |  | $ | 281.2 |  |  | $ | 922.7 |  |  | $ | 757.7 |
South Korea |  |  | 90.6 |  |  |  | 65.8 |  |  |  | 292.6 |  |  |  | 206.8 |
China |  |  | 80.4 |  |  |  | 67.6 |  |  |  | 263.5 |  |  |  | 192.5 |
Taiwan |  |  | 44.1 |  |  |  | 27.8 |  |  |  | 164.8 |  |  |  | 73.3 |
Japan |  |  | 46.9 |  |  |  | 39.9 |  |  |  | 141.2 |  |  |  | 117.1 |
Other Asia |  |  | 74.0 |  |  |  | 59.4 |  |  |  | 228.4 |  |  |  | 175.3 |
Europe |  |  | 57.5 |  |  |  | 48.1 |  |  |  | 172.5 |  |  |  | 147.1 |
|  | $ | 741.9 |  |  | $ | 589.8 |  |  | $ | 2,185.7 |  |  | $ | 1,669.8 |
Long-lived assets:(1) |  | September 30, 2021 |  |  | December 31, 2020 |
North America |  | $ | 402.4 |  |  | $ | 364.0 |
Europe |  |  | 34.5 |  |  |  | 45.1 |
Asia |  |  | 102.1 |  |  |  | 94.8 |
|  | $ | 539.0 |  |  | $ | 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Lam Research Corporation |  |  | 18.4 | % |  |  | 14.1 | % |  |  | 14.6 | % |  |  | 12.3 | %
Applied Materials, Inc. |  |  | 10.6 | % |  |  | 11.0 | % |  |  | 10.7 | % |  |  | 10.8 | %

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