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Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Acquisition [Line Items] |
Schedule of Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information presents the combined results of operations of the Company as if the ESI Merger had occurred on January 1, 2018. The unaudited pro forma financial information is not necessarily indicative of what the Company’s condensed consolidated results of operations actually would have been had the acquisition occurred at the beginning of the year. In addition, the unaudited pro forma financial information does not attempt to project the future results of operations of the combined Company.
|  | Year Ended December 31, |
|  | 2019 |
Total net revenues |  | $ | 1,914.6 |
Net income |  | $ | 171.5 |
Net income per share: |  |  |  |
Basic |  | $ | 3.14 |
Diluted |  | $ | 3.11 |
Photon Control Inc [Member] |
Business Acquisition [Line Items] |
Summary of Purchase Price | The purchase price of Photon Control consisted of the following:
Cash paid for outstanding shares (1) |  | $ | 302.7 |
Less: Cash and cash equivalents acquired |  |  | (34.3 | )
Total purchase price, net of cash and cash equivalents acquired |  | $ | 268.4 |
(1) | Represents cash paid of CAD 3.60 per share for approximately 105.2 shares of Photon Control common stock, without interest and subject to deduction for any required withholding tax.
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the fair values assigned to assets acquired and liabilities assumed at the date of the Photon Control Acquisition:
Current assets |  | $ | 51.4 |
Intangible assets |  |  | 121.2 |
Goodwill |  |  | 168.0 |
Other non-current assets |  |  | 8.6 |
Total assets acquired |  |  | 349.2 |
Current liabilities |  |  | 13.7 |
Non-current deferred taxes |  |  | 32.1 |
Other long-term liabilities |  |  | 0.7 |
Total liabilities assumed |  |  | 46.5 |
Fair value of assets acquired and liabilities assumed |  |  | 302.7 |
Less: Cash and cash equivalents acquired |  |  | (34.3 | )
Total purchase price, net of cash and cash equivalents acquired |  | $ | 268.4 |
Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives | The following table reflects the allocation of the acquired intangible assets and related estimate of useful lives:
Completed technology |  | $ | 110.0 |  |  | 9 years
Customer relationships |  |  | 9.4 |  |  | 10 years
Trade names |  |  | 0.2 |  |  | 0.5 years
Backlog |  |  | 1.6 |  |  | 1.5 years
|  | $ | 121.2 |  |  |
Electro Scientific Industries Inc [Member] |
Business Acquisition [Line Items] |
Summary of Purchase Price | The purchase price of ESI consisted of the following:
Cash paid for outstanding shares (1) |  | $ | 1,032.7 |
Settlement of share-based compensation awards (2) |  |  | 30.6 |
Total purchase price |  |  | 1,063.3 |
Less: cash and cash equivalents acquired |  |  | (44.1 | )
Total purchase price, net of cash and cash equivalents acquired |  | $ | 1,019.2 |
(1) | Represents cash paid of $30.00 per share for approximately 34.4 shares of ESI common stock, without interest and subject to a deduction for any required withholding tax.
(2) | Represents the vested but unissued portion of ESI share-based compensation awards as of the acquisition date of February 1, 2019.
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the fair values assigned to assets acquired and liabilities assumed at the date of the ESI Merger:
Current assets (excluding inventory) |  | $ | 208.0 |
Inventory |  |  | 81.7 |
Intangible assets |  |  | 316.2 |
Goodwill |  |  | 474.0 |
Property, plant and equipment |  |  | 65.5 |
Long-term assets |  |  | 9.6 |
Total assets acquired |  |  | 1,155.0 |
Current liabilities |  |  | 51.5 |
Non-current deferred taxes |  |  | 33.0 |
Other long-term liabilities |  |  | 7.2 |
Total liabilities assumed |  |  | 91.7 |
Fair value of assets acquired and liabilities assumed |  |  | 1,063.3 |
Less: Cash and cash equivalents acquired |  |  | (44.1 | )
Total purchase price, net of cash and cash equivalents acquired |  | $ | 1,019.2 |
Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives | The following table reflects the allocation of the acquired intangible assets and related useful lives:
Completed technology - Laser |  | $ | 255.7 |  |  | 12 years
Completed technology - Non-Laser |  |  | 18.3 |  |  | 10 years
Trademarks and trade names |  |  | 14.4 |  |  | 7 years
Customer relationships |  |  | 25.4 |  |  | 10 years
Backlog |  |  | 2.4 |  |  | 1 year
|  | $ | 316.2 |  |  |
Schedule of Consolidated Net Revenue and Earnings | The Company’s consolidated net revenue and earnings for the year ended December 31, 2019 include the following amounts of revenue and earnings of ESI since the acquisition date:
|  | Year Ended December 31, |
|  | 2019 |
Total net revenues |  | $ | 183.7 |
Net loss |  | $ | (33.5 | )
Net loss per share: |  |  |  |
Basic |  | $ | (0.61 | )
Diluted |  | $ | (0.61 | )

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