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

9 Months Ended

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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