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Business Segment and Geographic Information | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Business Segment and Geographic Information | (15) Business Segment and Geographic Information The Company has three reportable segments: VSD, PSD and MSD. 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 and allocate resources to the three segments. Reportable Segments 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, temperature sensing, and vacuum technology. PSD provides a full range of solutions including lasers, beam measurement and profiling, precision motion control, vibration isolation systems, photonics instruments, opto-mechanical components, optical elements, laser-based systems for flexible printed circuit board (“PCB”) processing, and laser-based systems for high density interconnect PCB and package substrate 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 similar products within its three reportable segments. During the quarter ended March 31, 2024, the Company moved its OSP product line from the PSD segment to the VSD segment. The purpose of this realignment was to better align the OSP products with semiconductor related products within the VSD segment. Prior periods have been recast to reflect this change. The following table sets forth net revenues by reportable segment:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
VSD |  | $ | 332 |  |  | $ | 304 |
PSD |  |  | 254 |  |  |  | 186 |
MSD |  |  | 282 |  |  |  | 304 |
|  | $ | 868 |  |  | $ | 794 |
The following table reconciles gross profit by reportable segment to net income (loss):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Gross profit by reportable segment: |  |  |  |  |  |
VSD |  | $ | 140 |  |  | $ | 113 |
PSD |  |  | 118 |  |  |  | 75 |
MSD |  |  | 157 |  |  |  | 147 |
Total gross profit by reportable segment |  |  | 415 |  |  |  | 335 |
Operating expenses: |  |  |  |  |  |
Research and development |  |  | 70 |  |  |  | 72 |
Selling, general and administrative |  |  | 170 |  |  |  | 174 |
Acquisition and integration costs |  |  | 1 |  |  |  | 6 |
Restructuring |  |  | 3 |  |  |  | 1 |
Fees and expenses related to amendments to the Term Loan Facility |  |  | 3 |  |  |  | — |
Amortization of intangible assets |  |  | 62 |  |  |  | 81 |
Income from operations |  |  | 106 |  |  |  | 1 |
Interest income |  |  | (6 | ) |  |  | (3 | )
Interest expense |  |  | 87 |  |  |  | 85 |
Loss on extinguishment of debt |  |  | 9 |  |  |  | — |
Other (income) expense, net |  |  | (3 | ) |  |  | (2 | )
Income (loss) before income taxes |  |  | 19 |  |  |  | (79 | )
Provision (benefit) for income taxes |  |  | 4 |  |  |  | (37 | )
Net income (loss) |  | $ | 15 |  |  | $ | (42 | )
Interest income, interest expense and income tax provision (benefit) are not presented by reportable segment because the necessary information is not classified within the segments nor used by the CODM. The following table sets forth segment assets by reportable segment:
March 31, 2024 |  | Accounts receivable, net |  |  | Inventories |  |  | Total |
VSD |  | $ | 173 |  |  | $ | 541 |  |  | $ | 714 |
PSD |  |  | 172 |  |  |  | 275 |  |  |  | 447 |
MSD |  |  | 231 |  |  |  | 155 |  |  |  | 386 |
Total segment assets |  | $ | 576 |  |  | $ | 971 |  |  | $ | 1,547 |
December 31, 2023 |  | Accounts receivable, net |  |  | Inventories |  |  | Total |
VSD |  | $ | 181 |  |  | $ | 553 |  |  | $ | 734 |
PSD |  |  | 171 |  |  |  | 283 |  |  |  | 454 |
MSD |  |  | 251 |  |  |  | 155 |  |  |  | 406 |
Total segment assets |  | $ | 603 |  |  | $ | 991 |  |  | $ | 1,594 |
The following table reconciles total segment assets to total assets:
|  | March 31, 2024 |  |  | December 31, 2023 |
Total segment assets |  | $ | 1,547 |  |  | $ | 1,594 |
Cash and cash equivalents and short-term investments |  |  | 846 |  |  |  | 875 |
Other current assets |  |  | 268 |  |  |  | 227 |
Property, plant and equipment, net |  |  | 766 |  |  |  | 784 |
Right-of-use assets, net |  |  | 227 |  |  |  | 225 |
Goodwill and intangible assets, net |  |  | 5,012 |  |  |  | 5,173 |
Other assets |  |  | 265 |  |  |  | 240 |
Total assets |  | $ | 8,931 |  |  | $ | 9,118 |
Geographic Area Information about the Company’s operations by geographic area 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.
|  | Three Months Ended March 31, |
Net revenues: |  | 2024 |  |  | 2023 |
United States |  | $ | 308 |  |  | $ | 254 |
China |  |  | 157 |  |  |  | 147 |
Germany |  |  | 73 |  |  |  | 73 |
South Korea |  |  | 72 |  |  |  | 74 |
Japan |  |  | 49 |  |  |  | 50 |
Other |  |  | 209 |  |  |  | 196 |
|  | $ | 868 |  |  | $ | 794 |
Long-lived assets include property, plant and equipment, net, right-of-use assets, net and certain other assets, and exclude goodwill, intangible assets and long-term tax-related accounts.
Long-lived assets: |  | March 31, 2024 |  |  | December 31, 2023 |
United States |  | $ | 461 |  |  | $ | 459 |
China |  |  | 166 |  |  |  | 163 |
Germany |  |  | 141 |  |  |  | 149 |
Other |  |  | 317 |  |  |  | 326 |
|  | $ | 1,085 |  |  | $ | 1,097 |
Goodwill associated with each of the Company’s reportable segments is as follows:
|  | VSD |  |  | PSD |  |  | MSD |  |  | Total |
Reportable segment: |  |  |  |  |  |  |  |  |  |  |  |
Gross goodwill, at December 31, 2023 |  | $ | 359 |  |  | $ | 1,007 |  |  | $ | 3,021 |  |  | $ | 4,387 |
Foreign currency translation |  |  | (1 | ) |  |  | (1 | ) |  |  | (41 | ) |  |  | (43 | )
Gross goodwill, at March 31, 2024 |  |  | 358 |  |  |  | 1,006 |  |  |  | 2,980 |  |  |  | 4,344 |
Accumulated goodwill impairment, at December 31, 2023 and March 31, 2024 |  |  | (141 | ) |  |  | (390 | ) |  |  | (1,302 | ) |  |  | (1,833 | )
Goodwill, net of accumulated impairment and foreign currency translation, at March 31, 2024 |  | $ | 217 |  |  | $ | 616 |  |  | $ | 1,678 |  |  | $ | 2,511 |

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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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