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Business Segment, Geographic Area and Product Information | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Business Segment, Geographic Are and Product Information | (15) Business Segment, Geographic Area and Product Information Reportable Segments and Products The Company’s Chief Operating Decision Maker (the “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. T he Company has a diverse base of customers across its three end markets, semiconductor, electronics and packaging, and specialty industrial. Segment gross margin is the primary measure used by the CODM to assess segment performance and allocate resources. Gross margin, among other measures, is utilized when making decisions about capital and personnel allocations across segments. The Company has three reportable segments, VSD, PSD and MSD as described below. VSD delivers foundational technology solutions for semiconductor manufacturing, electronics and packaging, and specialty industrial applications. VSD products are derived from the Company’s core competencies in vacuum technologies, including 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 fiber optic temperature and position sensing. PSD provides a broad range of instruments, components and subsystems to leading edge semiconductor manufacturing, electronics and packaging and specialty industrial applications. PSD products are derived from the Company’s core competencies in lasers, photonics, optics, precision motion control and vibration control. 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 and services for innovative and high-technology applications in the electronics and packaging and specialty industrial markets. The Company derives its segment results directly from the manner in which results are reported in its management reporting system. 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, sales of spare parts, installation and training. Unallocated corporate expenses represent those costs not specifically related to the operations of each segment and are managed separately at the corporate level and primarily relate to labor costs of global functions, such as operations and real estate. The following tables set forth the details of gross profit by reportable segment and the reconciliation to income before income taxes:
|  | Three Months Ended June 30, 2026 |
|  | VSD |  |  | PSD |  |  | MSD |  |  | Total |
Product |  | $ | 419 |  |  | $ | 300 |  |  | $ | 385 |  |  | $ | 1,104 |
Services |  |  | 88 |  |  |  | 41 |  |  |  | 15 |  |  |  | 144 |
Revenues by segment |  |  | 507 |  |  |  | 341 |  |  |  | 400 |  |  |  | 1,248 |
Total cost of revenues (exclusive of amortization shown separately below)(1) |  |  | 285 |  |  |  | 167 |  |  |  | 198 |  |  |  | 650 |
Segment gross profit |  |  | 222 |  |  |  | 174 |  |  |  | 202 |  |  |  | 598 |
Segment gross profit percentage |  |  | 43.8 | % |  |  | 50.8 | % |  |  | 50.5 | % |  |  | 47.9 | %
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  |  |  |  |  |  |  |  |  |  | 76 |
Selling, general and administrative |  |  |  |  |  |  |  |  |  |  |  | 200 |
Restructuring and other |  |  |  |  |  |  |  |  |  |  |  | 6 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  | 62 |
Unallocated corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 3 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  | 251 |
Interest income |  |  |  |  |  |  |  |  |  |  |  | (2 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 38 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | 4 |
Other (income) expense, net |  |  |  |  |  |  |  |  |  |  |  | (2 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 213 |
|  | Three Months Ended June 30, 2025 |
|  | VSD |  |  | PSD |  |  | MSD |  |  | Total |
Product |  | $ | 334 |  |  | $ | 204 |  |  | $ | 310 |  |  | $ | 848 |
Services |  |  | 73 |  |  |  | 39 |  |  |  | 13 |  |  |  | 125 |
Revenues by segment |  |  | 407 |  |  |  | 243 |  |  |  | 323 |  |  |  | 973 |
Total cost of revenues (exclusive of amortization shown separately below)(1) |  |  | 229 |  |  |  | 140 |  |  |  | 149 |  |  |  | 518 |
Segment gross profit |  |  | 178 |  |  |  | 103 |  |  |  | 174 |  |  |  | 455 |
Segment gross profit percentage |  |  | 43.7 | % |  |  | 42.4 | % |  |  | 53.9 | % |  |  | 46.8 | %
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  |  |  |  |  |  |  |  |  |  | 76 |
Selling, general and administrative |  |  |  |  |  |  |  |  |  |  |  | 175 |
Restructuring and other |  |  |  |  |  |  |  |  |  |  |  | 5 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  | 62 |
Unallocated corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 2 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  | 135 |
Interest income |  |  |  |  |  |  |  |  |  |  |  | (4 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 55 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | 2 |
Other expense (income), net |  |  |  |  |  |  |  |  |  |  |  | 10 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 72 |
|  | Six Months Ended June 30, 2026 |
|  | VSD |  |  | PSD |  |  | MSD |  |  | Total |
Product |  | $ | 771 |  |  | $ | 563 |  |  | $ | 724 |  |  | $ | 2,058 |
Services |  |  | 162 |  |  |  | 80 |  |  |  | 26 |  |  |  | 268 |
Revenues by segment |  |  | 933 |  |  |  | 643 |  |  |  | 750 |  |  |  | 2,326 |
Total cost of revenues (exclusive of amortization shown separately below)(1) |  |  | 528 |  |  |  | 328 |  |  |  | 365 |  |  |  | 1,221 |
Segment gross profit |  |  | 405 |  |  |  | 315 |  |  |  | 385 |  |  |  | 1,105 |
Segment gross profit percentage |  |  | 43.4 | % |  |  | 49.1 | % |  |  | 51.3 | % |  |  | 47.5 | %
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  |  |  |  |  |  |  |  |  |  | 157 |
Selling, general and administrative |  |  |  |  |  |  |  |  |  |  |  | 389 |
Restructuring and other |  |  |  |  |  |  |  |  |  |  |  | 9 |
Legal settlement |  |  |  |  |  |  |  |  |  |  |  | 3 |
Fees and expenses related to debt activities |  |  |  |  |  |  |  |  |  |  |  | 18 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  | 125 |
Unallocated corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 4 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  | 400 |
Interest income |  |  |  |  |  |  |  |  |  |  |  | (4 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 83 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | 9 |
Other (income) expense, net |  |  |  |  |  |  |  |  |  |  |  | (2 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 314 |
|  | Six Months Ended June 30, 2025 |
|  | VSD |  |  | PSD |  |  | MSD |  |  | Total |
Product |  | $ | 652 |  |  | $ | 430 |  |  | $ | 586 |  |  | $ | 1,668 |
Services |  |  | 141 |  |  |  | 77 |  |  |  | 24 |  |  |  | 242 |
Revenues by segment |  |  | 793 |  |  |  | 507 |  |  |  | 610 |  |  |  | 1,910 |
Total cost of revenues (exclusive of amortization shown separately below)(1) |  |  | 440 |  |  |  | 288 |  |  |  | 280 |  |  |  | 1,008 |
Segment gross profit |  |  | 353 |  |  |  | 219 |  |  |  | 330 |  |  |  | 902 |
Segment gross profit percentage |  |  | 44.5 | % |  |  | 43.3 | % |  |  | 54.2 | % |  |  | 47.2 | %
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  |  |  |  |  |  |  |  |  |  | 145 |
Selling, general and administrative |  |  |  |  |  |  |  |  |  |  |  | 361 |
Restructuring and other |  |  |  |  |  |  |  |  |  |  |  | 21 |
Fees and expenses related to debt activities |  |  |  |  |  |  |  |  |  |  |  | 2 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  | 122 |
Unallocated corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 5 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  | 246 |
Interest income |  |  |  |  |  |  |  |  |  |  |  | (7 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 108 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | 5 |
Other expense (income), net |  |  |  |  |  |  |  |  |  |  |  | 9 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 131 |
(1) The significant expense category and amount align with the segment-level information that is regularly provided to the CODM. The following table sets forth capital expenditures by reportable segment:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
VSD |  | $ | 14 |  |  | $ | 19 |  |  | $ | 26 |  |  | $ | 27 |
PSD |  |  | 10 |  |  |  | 4 |  |  |  | 14 |  |  |  | 7 |
MSD |  |  | 7 |  |  |  | 6 |  |  |  | 13 |  |  |  | 13 |
Total capital expenditures |  | $ | 31 |  |  | $ | 29 |  |  | $ | 53 |  |  | $ | 47 |
The following table sets forth depreciation and amortization by reportable segment:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
VSD |  | $ | 9 |  |  | $ | 11 |  |  | $ | 17 |  |  | $ | 22 |
PSD |  |  | 12 |  |  |  | 13 |  |  |  | 24 |  |  |  | 25 |
MSD |  |  | 64 |  |  |  | 63 |  |  |  | 130 |  |  |  | 125 |
Total depreciation and amortization |  | $ | 85 |  |  | $ | 87 |  |  | $ | 171 |  |  | $ | 172 |
The following tables set forth segment assets by reportable segment:
June 30, 2026 |  | Accounts receivable, net |  |  | Inventories |  |  | Total |
VSD |  | $ | 283 |  |  | $ | 530 |  |  | $ | 813 |
PSD |  |  | 220 |  |  |  | 299 |  |  |  | 519 |
MSD |  |  | 327 |  |  |  | 204 |  |  |  | 531 |
Total segment assets |  | $ | 830 |  |  | $ | 1,033 |  |  | $ | 1,863 |
December 31, 2025 |  | Accounts receivable, net |  |  | Inventories |  |  | Total |
VSD |  | $ | 190 |  |  | $ | 475 |  |  | $ | 665 |
PSD |  |  | 163 |  |  |  | 270 |  |  |  | 433 |
MSD |  |  | 298 |  |  |  | 176 |  |  |  | 474 |
Total segment assets |  | $ | 651 |  |  | $ | 921 |  |  | $ | 1,572 |
The following table reconciles total segment assets to total assets:
|  | June 30, 2026 |  |  | December 31, 2025 |
Total segment assets |  | $ | 1,863 |  |  | $ | 1,572 |
Cash and cash equivalents |  |  | 611 |  |  |  | 675 |
Other current assets |  |  | 300 |  |  |  | 263 |
Property, plant and equipment, net |  |  | 798 |  |  |  | 810 |
Right-of-use assets |  |  | 265 |  |  |  | 270 |
Goodwill and intangible assets, net |  |  | 4,595 |  |  |  | 4,714 |
Other assets |  |  | 509 |  |  |  | 492 |
Total assets |  | $ | 8,941 |  |  | $ | 8,796 |
Geographic Area Information about the Company’s operations by geographic area is presented in the table below. Net revenues from unaffiliated customers are based on the shipped-to location of the end customer. Intercompany sales between geographic areas are recorded at tax transfer prices and have been eliminated from consolidated revenues.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Net revenues: |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
United States |  | $ | 225 |  |  | $ | 187 |  |  | $ | 420 |  |  | $ | 364 |
China |  |  | 292 |  |  |  | 219 |  |  |  | 543 |  |  |  | 438 |
South Korea |  |  | 160 |  |  |  | 122 |  |  |  | 289 |  |  |  | 225 |
Malaysia |  |  | 90 |  |  |  | 54 |  |  |  | 160 |  |  |  | 104 |
Taiwan |  |  | 87 |  |  |  | 66 |  |  |  | 149 |  |  |  | 126 |
Singapore |  |  | 78 |  |  |  | 72 |  |  |  | 151 |  |  |  | 135 |
Japan |  |  | 78 |  |  |  | 59 |  |  |  | 145 |  |  |  | 127 |
Other |  |  | 238 |  |  |  | 194 |  |  |  | 469 |  |  |  | 391 |
|  | $ | 1,248 |  |  | $ | 973 |  |  | $ | 2,326 |  |  | $ | 1,910 |

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