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Business Segment, Geographic Area, Product Information and Significant Customer Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segment, Geographic Area, Product Information and Significant Customer Information | (22) Business Segment, Geographic Area, Product Information and Significant Customer Information Reportable Segments and Products The Company’s CODM, which is the Company’s Chief Executive Officer, utilizes financial information to make decisions about allocating resources and assessing performance for the entire Company, which is used in the decision-making process to assess performance. The Company has a diverse base of customers across its three end markets, semiconductor, electronics and packaging, and specialty industrial. The CODM utilizes total gross profit for the purposes of making decisions about allocating resources and assessing performance. The Company has three reporting segments, VSD, PSD and MSD as described below. VSD delivers foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging and specialty industrial applications. VSD products are derived from the Company’s core competencies in pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, electronic control technology, reactive gas generation and delivery, power generation and delivery, and vacuum technology. PSD provides a full range of solutions including lasers, beam measurement and profiling, precision motion control, vibration isolation systems, photonics instruments, temperature sensing, opto-mechanical components, optical elements, systems for flexible PCB laser processing, laser-based systems for high-density interconnect PCB and package manufacturing. MSD develops leading process and manufacturing technologies for advanced surface modification, electroless and electrolytic plating, and surface finishing. Applying a comprehensive systems-and-solutions approach, MSD’s portfolio includes chemistry, equipment, software, and services for innovative and high-technology applications in a wide variety of end-markets. The Company derives its segment results directly from the manner in which results are reported in its management reporting system. The accounting policies that the Company uses to derive reportable segment results are substantially the same as those used for external reporting purposes. The Company groups its product offerings by its reportable segments, VSD, PSD, and MSD. For each reportable segment, the Company also provides services relating to the maintenance and repair of its products, installation services and training. The following table sets forth net revenues by reportable segment:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
VSD |  | $ | 1,404 |  |  | $ | 1,966 |  |  | $ | 1,862 |
PSD |  |  | 1,012 |  |  |  | 1,064 |  |  |  | 1,088 |
MSD |  |  | 1,206 |  |  |  | 517 |  |  |  | — |
|  | $ | 3,622 |  |  | $ | 3,547 |  |  | $ | 2,950 |
The following table sets forth a reconciliation of segment gross profit to consolidated net income:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Gross profit by reportable segment: |  |  |  |  |  |  |  |  |
VSD |  | $ | 580 |  |  | $ | 856 |  |  | $ | 868 |
PSD |  |  | 442 |  |  |  | 499 |  |  |  | 512 |
MSD |  |  | 620 |  |  |  | 192 |  |  |  | — |
Total gross profit by reportable segment |  |  | 1,642 |  |  |  | 1,547 |  |  |  | 1,380 |
Operating expenses: |  |  |  |  |  |  |  |  |
Research and development |  |  | 288 |  |  |  | 241 |  |  |  | 200 |
Selling, general and administrative |  |  | 675 |  |  |  | 488 |  |  |  | 385 |
Acquisition and integration costs |  |  | 16 |  |  |  | 52 |  |  |  | 30 |
Restructuring |  |  | 20 |  |  |  | 10 |  |  |  | 11 |
Fees and expenses related to repricing of Term Loan Facility |  |  | 2 |  |  |  | — |  |  |  | — |
Amortization of intangible assets |  |  | 295 |  |  |  | 146 |  |  |  | 55 |
Goodwill and intangible asset impairment |  |  | 1,902 |  |  |  | — |  |  |  | — |
Gain on sale of long-lived assets |  |  | (2 | ) |  |  | (7 | ) |  |  | — |
(Loss) income from operations |  |  | (1,554 | ) |  |  | 617 |  |  |  | 699 |
Interest income |  |  | (17 | ) |  |  | (4 | ) |  |  | — |
Interest expense |  |  | 356 |  |  |  | 177 |  |  |  | 25 |
Loss on extinguishment of debt |  |  | 8 |  |  |  | — |  |  |  | — |
Other expense, net |  |  | 27 |  |  |  | 11 |  |  |  | 9 |
(Loss) income before income taxes |  |  | (1,928 | ) |  |  | 433 |  |  |  | 665 |
(Benefit) provision for income taxes |  |  | (87 | ) |  |  | 100 |  |  |  | 114 |
Net (loss) income |  | $ | (1,841 | ) |  | $ | 333 |  |  | $ | 551 |
The following table set forth capital expenditures by reportable segment:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
VSD |  | $ | 25 |  |  | $ | 96 |  |  | $ | 37 |
PSD |  |  | 30 |  |  |  | 40 |  |  |  | 50 |
MSD |  |  | 32 |  |  |  | 28 |  |  |  | — |
Total capital expenditures |  | $ | 87 |  |  | $ | 164 |  |  | $ | 87 |
The following table sets forth depreciation and amortization by reportable segment:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
VSD |  | $ | 29 |  |  | $ | 24 |  |  | $ | 23 |
PSD |  |  | 74 |  |  |  | 88 |  |  |  | 81 |
MSD |  |  | 294 |  |  |  | 104 |  |  |  | — |
Total depreciation and amortization |  | $ | 397 |  |  | $ | 216 |  |  | $ | 104 |
Total income tax expense is not presented by reportable segment because the necessary information is not available or used by the CODM. The following table sets forth segment assets by reportable segment:
|  | Accounts receivable, net |  |  | Inventory |  |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |
VSD |  | $ | 178 |  |  | $ | 542 |  |  | $ | 720 |
PSD |  |  | 174 |  |  |  | 294 |  |  |  | 468 |
MSD |  |  | 251 |  |  |  | 155 |  |  |  | 406 |
Total segment assets |  | $ | 603 |  |  | $ | 991 |  |  | $ | 1,594 |
|  | Accounts receivable, net |  |  | Inventory |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |
VSD |  | $ | 270 |  |  | $ | 491 |  |  | $ | 761 |
PSD |  |  | 194 |  |  |  | 296 |  |  |  | 490 |
MSD |  |  | 256 |  |  |  | 190 |  |  |  | 446 |
Total segment assets |  | $ | 720 |  |  | $ | 977 |  |  | $ | 1,697 |
The Company adjusted the accounts receivable, net balances as of December 31, 2022 to correct for immaterial errors in the segments. The following is a reconciliation of segment assets to consolidated total assets:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Total segment assets |  | $ | 1,594 |  |  | $ | 1,697 |
Cash and cash equivalents and short-term investments |  |  | 875 |  |  |  | 910 |
Other current assets |  |  | 227 |  |  |  | 187 |
Property, plant and equipment, net |  |  | 784 |  |  |  | 800 |
Right-of-use assets |  |  | 225 |  |  |  | 234 |
Goodwill and intangible assets, net |  |  | 5,173 |  |  |  | 7,481 |
Other assets and long-term assets |  |  | 240 |  |  |  | 186 |
Consolidated total assets |  | $ | 9,118 |  |  | $ | 11,495 |
Geographic Area Information about the Company’s operations by geographic region is presented in the tables below. Net revenues from unaffiliated customers are based on the location in which the sale originated. Intercompany sales between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues.
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Net revenues: |  |  |  |  |  |  |  |  |
United States |  | $ | 1,227 |  |  | $ | 1,450 |  |  | $ | 1,259 |
China |  |  | 680 |  |  |  | 506 |  |  |  | 355 |
South Korea |  |  | 343 |  |  |  | 361 |  |  |  | 386 |
Japan |  |  | 254 |  |  |  | 220 |  |  |  | 197 |
Germany |  |  | 236 |  |  |  | 243 |  |  |  | 144 |
Other |  |  | 882 |  |  |  | 767 |  |  |  | 609 |
|  | $ | 3,622 |  |  | $ | 3,547 |  |  | $ | 2,950 |
The Company adjusted the net revenues by geographic area balances as of December 31, 2022 to correct for immaterial errors by location. 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.
|  | December 31, |
|  | 2023 |  |  | 2022 |
Long-lived assets: |  |  |  |  |  |
United States |  | $ | 459 |  |  | $ | 508 |
Germany |  |  | 149 |  |  |  | 160 |
China |  |  | 163 |  |  |  | 175 |
Other |  |  | 326 |  |  |  | 343 |
|  | $ | 1,097 |  |  | $ | 1,186 |
Goodwill associated with each of the Company’s reportable segments is as follows:
|  | VSD |  |  | PSD |  |  | MSD |  |  | Total |
Reportable segment: |  |  |  |  |  |  |  |  |  |  |  |
Gross goodwill, at December 31, 2022 |  | $ | 336 |  |  | $ | 1,031 |  |  | $ | 3,087 |  |  | $ | 4,454 |
Foreign currency translation and measurement period adjustments |  |  | (1 | ) |  |  | — |  |  |  | (66 | ) |  |  | (67 | )
Gross goodwill, at December 31, 2023 |  |  | 335 |  |  |  | 1,031 |  |  |  | 3,021 |  |  |  | 4,387 |
Accumulated goodwill impairment, at December 31, 2022 |  |  | (141 | ) |  |  | (5 | ) |  |  | — |  |  |  | (146 | )
Impairment charge |  |  | — |  |  |  | (385 | ) |  |  | (1,302 | ) |  |  | (1,687 | )
Accumulated goodwill impairment, at December 31, 2023 |  |  | (141 | ) |  |  | (390 | ) |  |  | (1,302 | ) |  |  | (1,833 | )
Goodwill, net of accumulated impairment, foreign currency translation and measurement period adjustments, at December 31, 2023 |  | $ | 194 |  |  | $ | 641 |  |  | $ | 1,719 |  |  | $ | 2,554 |
The Company sells products and services to thousands of customers worldwide, in a wide range of end markets. Revenues from its top ten customers accounted for 30%, 42% and 46% of net revenues for 2023, 2022, and 2021, respectively. For the year ended December 31, 2023, no customer represented 10% or more of the Company’s net revenues. For the year ended December 31, 2022, the Company had one customer that represented 14% and one customer that represented 10% of net revenues. For the year ended December 31, 2021, the Company had one customer that represented 15% and one customer that represented 11% of net revenues.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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