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Discontinued Operations | 12 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 3. Discontinued Operations Disposition of Semiconductor Automation Business On September 20, 2021, the Company entered into a definitive agreement to sell its semiconductor automation business to THL. On February 1, 2022, the Company completed the sale of the semiconductor automation business for $2.9 billion in cash. Net income from discontinued operations for the fiscal year ended September 30, 2022 is inclusive of the gain on sale of $2.6 billion. As part of the transaction, the Company recorded an $18.1 million liability related to retention bonuses and cash settled stock-based awards for former employees of the Company that were conveyed with the transaction. The Company paid $0.6 million in the quarter ended September 30, 2022, and will remit the remaining payment to THL during fiscal 2023, at the end of the retention period and THL will directly pay the Company’s former employees. Following the completion of the sale, the Company no longer serves the semiconductor market. In connection with the closing of the sale, the Company and THL entered into a transition services agreement, to which both the Company and THL will provide each other with certain transition services related to finance and accounting, information technology, human resources, compliance, facilities, legal and research and development support, for time periods ranging from three to 24 months. In addition, the Company entered into two separate lease agreements for leases back to the Company for portions of the facilities that have served as its corporate headquarters in Chelmsford, Massachusetts, and were sold to THL as part of the sale agreement. Each lease provides for a term of 24 months, which may be terminated earlier by the Company upon 90 days’ notice to THL. The transition services agreement and lease agreements approximate fair value and there is no material impact to the Company’s results. During the fourth quarter of fiscal 2021, the Company determined that the semiconductor automation business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results are reflected in the Company’s financial statements as a discontinued operation, and assets and liabilities were classified as assets and liabilities held for sale. The following table presents the financial results of automation business discontinued operations with respect to the automation business (in thousands): ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended September 30,
​ | ​ | ​ | 2022 |  | 2021 | ​ | ​ | 2020
Revenue | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Products | ​ | ​ | $ | 244,962 | ​ | $ | 624,358 | ​ | ​ | $ | 463,309
Services | ​ | ​ | ​ | 19,468 | ​ | ​ | 55,698 | ​ | ​ | ​ | 45,427
Total revenue | ​ | ​ | ​ | 264,430 | ​ | ​ | 680,056 | ​ | ​ | $ | 508,736
Cost of revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | ​ | ​ | 141,165 | ​ | ​ | 354,786 | ​ | ​ | ​ | 274,727
Services | ​ | ​ | ​ | 11,159 | ​ | ​ | 29,750 | ​ | ​ | ​ | 26,134
Total cost of revenue | ​ | ​ | ​ | 152,324 | ​ | ​ | 384,536 | ​ | ​ | ​ | 300,861
Gross profit | ​ | ​ | ​ | 112,106 | ​ | ​ | 295,520 | ​ | ​ | ​ | 207,875
Operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ | ​ | ​ | 18,486 | ​ | ​ | 48,647 | ​ | ​ | ​ | 41,245
Selling, general and administrative | ​ | ​ | ​ | 30,622 | ​ | ​ | 70,634 | ​ | ​ | ​ | 50,881
Restructuring charges | ​ | ​ | ​ | - | ​ | ​ | 230 | ​ | ​ | ​ | 692
Total operating expenses | ​ | ​ | ​ | 49,108 | ​ | ​ | 119,511 | ​ | ​ | ​ | 92,818
Operating income | ​ | ​ | ​ | 62,998 | ​ | ​ | 176,009 | ​ | ​ | ​ | 115,057
Other income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain on divestiture | ​ | ​ | ​ | 2,561,820 | ​ | ​ | 133 | ​ | ​ | ​ | 207
Income before income taxes | ​ | ​ | ​ | 2,624,818 | ​ | ​ | 176,142 | ​ | ​ | ​ | 115,264
Income tax provision | ​ | ​ | ​ | 480,673 | ​ | ​ | 35,357 | ​ | ​ | ​ | 23,867
Net income from discontinued operations | ​ | ​ | $ | 2,144,145 | ​ | $ | 140,785 | ​ | ​ | $ | 91,397
​ ​ On July 1, 2019, the Company sold its semiconductor cryogenics business. During the fiscal year ended September 30, 2021, the Company recorded a $1.3 million negative working capital adjustment to the gain on divestiture that was previously recorded in the fourth fiscal quarter of 2019. This adjustment is shown within other income, net within the income statement for the semiconductor automation business. ​ The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to the semiconductor automation business that are included in the Consolidated Statements of Cash Flows (in thousands): ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended September 30,
​ | ​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | ​ | 2020
Depreciation and amortization | ​ | ​ | $ | - | ​ | $ | 8,472 | ​ | ​ | $ | 11,374
Capital expenditures | ​ | ​ | ​ | 2,862 | ​ | ​ | 6,414 | ​ | ​ | ​ | 4,815
Stock-based compensation | ​ | ​ | ​ | - | ​ | ​ | 7,405 | ​ | ​ | ​ | 5,501
​ ​ ​ The carrying value of the assets and liabilities of the discontinued operations with respect to the semiconductor automation business on the Consolidated Balance Sheets as of September 30, 2021 was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 2021
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | ​ | ​ | ​ | ​ | $ | 45,000
Accounts receivable, net | ​ | ​ | ​ | ​ | ​ | ​ | 142,256
Inventories | ​ | ​ | ​ | ​ | ​ | ​ | 110,735
Other current assets | ​ | ​ | ​ | ​ | ​ | ​ | 13,394
Total current assets of discontinued operation | ​ | ​ | ​ | ​ | ​ | $ | 311,385
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment, net | ​ | ​ | ​ | ​ | ​ | $ | 32,058
Long-term deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​ | 3,167
Goodwill | ​ | ​ | ​ | ​ | ​ | ​ | 81,477
Intangibles, net | ​ | ​ | ​ | ​ | ​ | ​ | 44,468
Other assets | ​ | ​ | ​ | ​ | ​ | ​ | 22,658
Total long-term assets of discontinued operation | ​ | ​ | ​ | ​ | ​ | $ | 183,828
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable | ​ | ​ | ​ | ​ | ​ | $ | 68,074
Deferred revenue | ​ | ​ | ​ | ​ | ​ | ​ | 7,141
Accrued warranty and retrofit costs | ​ | ​ | ​ | ​ | ​ | ​ | 6,081
Accrued compensation and benefits | ​ | ​ | ​ | ​ | ​ | ​ | 18,144
Accrued Income Taxes | ​ | ​ | ​ | ​ | ​ | ​ | 11,702
Accrued expenses and other current liabilities | ​ | ​ | ​ | ​ | ​ | ​ | 18,014
Total current liabilities of discontinued operation | ​ | ​ | ​ | ​ | ​ | $ | 129,156
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term tax reserves | ​ | ​ | ​ | ​ | ​ | ​ | 2,356
Long-term deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​ | 6,548
Long-term pension liabilities | ​ | ​ | ​ | ​ | ​ | ​ | 5,490
Long-term operating lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | 15,425
Other long-term liabilities | ​ | ​ | ​ | ​ | ​ | ​ | 2,625
Total long-term liabilities of discontinued operation | ​ | ​ | ​ | ​ | ​ | $ | 32,444
​ ​ Acquisition within the Semiconductor Automation Business On April 29, 2021, the Company acquired Precise Automation Inc., a leading developer of collaborative robots and automation subsystems headquartered in Fremont, California. The total cash purchase price for the acquisition was approximately $69.8 million. Precise provides the semiconductor automation business with a product offering and technology portfolio to take advantage of the opportunities in the collaborative robot market. The allocation of the consideration included $38.7 million of technology, $2.5 million of customer relationships, $33.1 million of goodwill, $6.2 million of deferred tax liabilities, and several other assets and liabilities. The Company applied variations of the income approach to estimate the fair values of the intangible assets acquired. The completed technology was valued using excess earnings method and the customer relationships was valued using distributor margin method, both of which have a useful life of 11 years. The intangible assets acquired are amortized over the total weighted average period of 11 years using methods that approximate the pattern in which the economic benefits are expected to be realized. The Company has included the financial results of the acquired operations within income from discontinued operations on its Consolidated Statements of Operations. The goodwill and intangible assets are not tax deductible
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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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