XML 33 R24.htm IDEA: XBRL DOCUMENT
v3.23.2

Overview and Basis of Presentation (Policies) | 6 Months Ended
--- | ---
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | Basis of Presentation The accompanying interim consolidated financial statements are unaudited, and certain related information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted in accordance with Rule 10-01 of Regulation S-X. They were prepared following the same policies and procedures used in the preparation of our annual financial statements. The accompanying interim consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of results for the periods presented. The Consolidated Balance Sheet as of December 31, 2022 was derived from the audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2022. The results of operations for the interim periods are not necessarily indicative of the results for the fiscal year. These consolidated financial statements should be read in conjunction with our annual consolidated financial statements for the year ended December 31, 2022 included within our annual report on Form 10-K. In the second quarter of 2023, we determined the lower than previously projected actual and forecasted financial performance of our Semiconductor and Alluxa reporting units, which comprise our entire Advanced Surface Technologies segment, to be a triggering event for an interim goodwill impairment test and, as a result, we performed an assessment for each of these reporting units. We determined the book value of our Alluxa reporting unit exceeded its fair value as of June 30, 2023 and, as a result, we impaired the $60.8 million of goodwill that has been allocated to Alluxa since December 31, 2022. After this full impairment, our Consolidated Balance Sheet as of June 30, 2023 reflects no goodwill related to Alluxa. The fair value of our Semiconductor reporting unit, which has allocated goodwill of $532.2 million as of our interim testing date of June 30, 2023, exceeded its carrying value by approximately 10%. If the annual growth rates in our projected revenues over each of the next four years were 1% lower than currently projected, we estimate the fair value of the Semiconductor reporting unit would exceed its carrying value by approximately 8%. A change in assumptions used in the testing of the Semiconductor reporting unit's goodwill for impairment, such as an increase in the discount rate, inability to meet the projections used in the test, or a decline in market multiples could result in the Semiconductor reporting unit’s fair value dropping below the carrying value of its assets, resulting in impairment. We will continue to monitor the performance of our Semiconductor reporting unit in relation to the June 30, 2023 projections and perform an interim assessment if we determine a triggering event has occurred. We will conduct our annual goodwill impairment assessment of all reporting units with goodwill as of November 1, 2023, unless facts and circumstances arise prior to then that triggers another interim assessment. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amount of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. All intercompany accounts and transactions between our consolidated operations have been eliminated.

X
- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References No definition available. + Details
Name: | us-gaap_BasisOfAccountingPolicyPolicyTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration