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v3.22.1

Business Segment, Geographic Area, and Significant Customer Information (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Net Revenues, Assets and Goodwill by Reportable Segment | The following table sets forth net revenues by reportable segment:
|  | Three Months Ended |
|  | March 31, 2022 |  |  | March 31, 2021 |
Vacuum Solutions Division |  | $ | 474 |  |  | $ | 436 |
Photonics Solutions Division |  |  | 228 |  |  |  | 182 |
Equipment Solutions Division |  |  | 40 |  |  |  | 76 |
|  | $ | 742 |  |  | $ | 694 |
The following table sets forth segment assets by reportable segment:
March 31, 2022 |  | Accounts receivable |  |  | Inventory |  |  | Total |
Vacuum Solutions Division |  | $ | 335 |  |  | $ | 386 |  |  | $ | 721 |
Photonics Solutions Division |  |  | 182 |  |  |  | 188 |  |  |  | 370 |
Equipment Solutions Division |  |  | 37 |  |  |  | 63 |  |  |  | 100 |
Corporate, Eliminations & Other |  |  | (74 | ) |  |  | (1 | ) |  |  | (75 | )
Total segment assets |  | $ | 480 |  |  | $ | 636 |  |  | $ | 1,116 |
December 31, 2021 |  | Accounts receivable |  |  | Inventory |  |  | Total |
Vacuum Solutions Division |  | $ | 285 |  |  | $ | 339 |  |  | $ | 624 |
Photonics Solutions Division |  |  | 146 |  |  |  | 177 |  |  |  | 323 |
Equipment Solutions Division |  |  | 36 |  |  |  | 62 |  |  |  | 98 |
Corporate, Eliminations & Other |  |  | (24 | ) |  |  | (1 | ) |  |  | (25 | )
Total segment assets |  | $ | 443 |  |  | $ | 577 |  |  | $ | 1,020 |
Goodwill associated with each of the Company's reportable segments is as follows:
|  | March 31, 2022 |  |  | December 31, 2021 |
Reportable segment: |  |  |  |  |  |
Vacuum Solutions Division |  | $ | 195 |  |  | $ | 195 |
Photonics Solutions Division |  |  | 557 |  |  |  | 558 |
Equipment Solutions Division |  |  | 475 |  |  |  | 475 |
Total goodwill |  | $ | 1,227 |  |  | $ | 1,228 |
Reconciliation of Gross Profit by Reportable Segment to Net Income | The following table sets forth a reconciliation of gross profit by reportable segment to net income:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Gross profit by reportable segment: |  |  |  |  |  |
Vacuum Solutions Division |  | $ | 206 |  |  | $ | 205 |
Photonics Solutions Division |  |  | 113 |  |  |  | 82 |
Equipment Solutions Division |  |  | 15 |  |  |  | 35 |
Total gross profit by reportable segment |  |  | 334 |  |  |  | 322 |
Operating expenses: |  |  |  |  |  |
Research and development |  |  | 52 |  |  |  | 47 |
Selling, general and administrative |  |  | 92 |  |  |  | 96 |
Acquisition and integration costs |  |  | 8 |  |  |  | 6 |
Restructuring and other |  |  | 2 |  |  |  | 5 |
Amortization of intangible assets |  |  | 15 |  |  |  | 12 |
Gain on sale of long-lived assets |  |  | (7 | ) |  |  | — |
Income from operations |  |  | 172 |  |  |  | 156 |
Interest expense |  |  | 6 |  |  |  | 6 |
Other (income) expense, net |  |  | (5 | ) |  |  | 2 |
Income before income taxes |  |  | 171 |  |  |  | 148 |
Provision for income taxes |  |  | 28 |  |  |  | 26 |
Net income |  | $ | 143 |  |  | $ | 122 |
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 months ended March 31, 2022 and 2021:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Vacuum Solutions Division |  | $ | 10 |  |  | $ | 9 |
Photonics Solutions Division |  |  | 8 |  |  |  | 12 |
Equipment Solutions Division |  |  | 1 |  |  |  | 6 |
Total capital expenditures |  | $ | 19 |  |  | $ | 27 |
The following table sets forth depreciation and amortization by reportable segment for the three months ended March 31, 2022 and 2021:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Vacuum Solutions Division |  | $ | 6 |  |  | $ | 6 |
Photonics Solutions Division |  |  | 13 |  |  |  | 9 |
Equipment Solutions Division |  |  | 9 |  |  |  | 9 |
Total depreciation and amortization |  | $ | 28 |  |  | $ | 24 |
Reconciliation of Segment Assets to Total Assets | The following is a reconciliation of segment assets to total assets:
|  | March 31, 2022 |  |  | December 31, 2021 |
Total segment assets |  | $ | 1,116 |  |  | $ | 1,020 |
Cash and cash equivalents and short-term investments |  |  | 1,053 |  |  |  | 1,042 |
Other current assets |  |  | 89 |  |  |  | 85 |
Property, plant and equipment, net |  |  | 331 |  |  |  | 326 |
Right-of-use assets |  |  | 180 |  |  |  | 184 |
Goodwill and intangible assets, net |  |  | 1,788 |  |  |  | 1,804 |
Other assets and long-term investments |  |  | 92 |  |  |  | 79 |
Total assets |  | $ | 4,649 |  |  | $ | 4,540 |
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 March 31, |
Net revenues: |  | 2022 |  |  | 2021 |
North America (1) |  | $ | 351 |  |  | $ | 283 |
South Korea |  |  | 83 |  |  |  | 98 |
China |  |  | 67 |  |  |  | 81 |
Taiwan |  |  | 35 |  |  |  | 59 |
Japan |  |  | 51 |  |  |  | 48 |
Other Asia |  |  | 94 |  |  |  | 70 |
Europe |  |  | 61 |  |  |  | 55 |
|  | $ | 742 |  |  | $ | 694 |
North America includes revenue from the United States and an immaterial amount of revenue from Canada.
Long-lived assets: (1) |  | March 31, 2022 |  |  | December 31, 2021 |
North America (2) |  | $ | 443 |  |  | $ | 425 |
Asia |  |  | 103 |  |  |  | 106 |
Europe |  |  | 36 |  |  |  | 36 |
|  | $ | 582 |  |  | $ | 567 |
(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. (2) North America includes long-lived assets of $271, $164, and $8 in the United States, Mexico, and Canada, respectively, for the period ended March 31, 2022. North America includes long-lived assets of $284, $133, and $8 in the United States, Mexico, and Canada, respectively, for the period ended December 31, 2021.
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 March 31, |
|  | 2022 |  |  | 2021 |
Lam Research Corporation |  |  | 17 | % |  |  | 14 | %
Applied Materials, Inc. |  |  | 12 | % |  |  | 11 | %

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