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Business Segment, Geographic Area, Product/Service Offerings and Significant Customer Information (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Net Revenues, Assets and Goodwill by Reportable Segment

The following table sets forth net revenues by reportable segment:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Vacuum & Analysis

 

$

361.3

 

 

$

240.7

 

 

$

995.1

 

 

$

710.7

 

Light & Motion

 

 

175.9

 

 

 

172.4

 

 

 

507.3

 

 

 

549.0

 

Equipment & Solutions

 

 

52.6

 

 

 

49.4

 

 

 

167.4

 

 

 

140.4

 

 

 

$

589.8

 

 

$

462.5

 

 

$

1,669.8

 

 

$

1,400.1

 

The following table sets forth segment assets by reportable segment:

 

September 30, 2020

 

Vacuum & Analysis

 

 

Light & Motion

 

 

Equipment

& Solutions

 

 

Corporate,

Eliminations & Other

 

 

Total

 

Segment assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts receivable, net

 

$

202.9

 

 

$

143.7

 

 

$

42.5

 

 

$

(25.2

)

 

$

363.9

 

Inventory, net

 

 

261.0

 

 

 

169.9

 

 

 

64.6

 

 

 

(1.3

)

 

 

494.2

 

Total segment assets

 

$

463.9

 

 

$

313.6

 

 

$

107.1

 

 

$

(26.5

)

 

$

858.1

 

 

December 31, 2019

 

Vacuum & Analysis

 

 

Light & Motion

 

 

Equipment

& Solutions

 

 

Corporate,

Eliminations & Other

 

 

Total

 

Segment assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts receivable, net

 

$

185.9

 

 

$

147.2

 

 

$

40.1

 

 

$

(32.1

)

 

$

341.1

 

Inventory, net

 

 

224.8

 

 

 

163.7

 

 

 

73.5

 

 

 

0.1

 

 

 

462.1

 

Total segment assets

 

$

410.7

 

 

$

310.9

 

 

$

113.6

 

 

$

(32.0

)

 

$

803.2

 

 

Goodwill associated with each of the Company’s reportable segments is as follows:

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Reportable segment:

 

 

 

 

 

 

 

 

Vacuum & Analysis

 

$

196.5

 

 

$

196.7

 

Light & Motion

 

 

391.7

 

 

 

388.5

 

Equipment & Solutions

 

 

473.9

 

 

 

473.3

 

Total goodwill

 

$

1,062.1

 

 

$

1,058.5

 
Reconciliation of Segment Gross Profit to Consolidated Net Income

The following table sets forth a reconciliation of segment gross profit to consolidated net income:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gross profit by reportable segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacuum & Analysis

 

$

163.5

 

 

$

102.8

 

 

$

444.1

 

 

$

303.0

 

Light & Motion

 

 

76.0

 

 

 

79.9

 

 

 

227.8

 

 

 

257.6

 

Equipment & Solutions

 

 

22.5

 

 

 

22.3

 

 

 

76.0

 

 

 

53.5

 

Total gross profit by reportable segment

 

 

262.0

 

 

 

205.0

 

 

 

747.9

 

 

 

614.1

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

42.5

 

 

 

41.7

 

 

 

127.7

 

 

 

122.3

 

Selling, general and administrative

 

 

87.0

 

 

 

82.1

 

 

 

260.3

 

 

 

247.8

 

Acquisition and integration costs

 

 

0.5

 

 

 

2.1

 

 

 

3.4

 

 

 

35.5

 

Restructuring and other

 

 

3.1

 

 

 

1.5

 

 

 

6.8

 

 

 

4.7

 

Amortization of intangible assets

 

 

12.5

 

 

 

17.0

 

 

 

42.6

 

 

 

50.3

 

Asset impairment

 

 

—

 

 

 

—

 

 

 

1.2

 

 

 

—

 

COVID-19 related net credits

 

 

—

 

 

 

—

 

 

 

(1.2

)

 

 

—

 

Fees and expenses related to repricing of Term Loan Facility

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

6.5

 

Gain on sale of long-lived assets

 

 

—

 

 

 

(6.8

)

 

 

—

 

 

 

(6.8

)

Income from operations

 

 

116.4

 

 

 

66.8

 

 

 

307.1

 

 

 

153.8

 

Interest and other expense, net

 

 

7.6

 

 

 

11.4

 

 

 

24.6

 

 

 

31.2

 

Income before income taxes

 

 

108.8

 

 

 

55.4

 

 

 

282.5

 

 

 

122.6

 

Provision for income taxes

 

 

17.1

 

 

 

8.0

 

 

 

48.0

 

 

 

25.0

 

Net income

 

$

91.7

 

 

$

47.4

 

 

$

234.5

 

 

$

97.6

 
Schedule of Capital Expenditures, Depreciation and Amortization Expense of Intangible Assets by Reportable Segment

The following table sets forth capital expenditures by reportable segment for the three and nine months ended September 30, 2020 and 2019:

 

 

 

Vacuum & Analysis

 

 

Light & Motion

 

 

Equipment &

Solutions

 

 

Total

 

Three Months Ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

9.7

 

 

$

12.9

 

 

$

6.4

 

 

$

29.0

 

Nine Months Ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

28.8

 

 

$

21.4

 

 

$

9.7

 

 

$

59.9

 

Three Months Ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

7.4

 

 

$

6.8

 

 

$

2.3

 

 

$

16.5

 

Nine Months Ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

21.6

 

 

$

16.9

 

 

$

6.2

 

 

$

44.7

 

The following table sets forth depreciation and amortization by reportable segment for the three and nine months ended September 30, 2020 and 2019:

 

 

 

Vacuum & Analysis

 

 

Light & Motion

 

 

Equipment &

Solutions

 

 

Total

 

Three Months Ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

5.1

 

 

$

9.6

 

 

$

8.6

 

 

$

23.3

 

Nine Months Ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

15.1

 

 

$

33.5

 

 

$

27.2

 

 

$

75.8

 

Three Months Ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

4.2

 

 

$

13.0

 

 

$

10.0

 

 

$

27.2

 

Nine Months Ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

12.2

 

 

$

40.4

 

 

$

27.3

 

 

$

79.9

 
Reconciliation of Segment Assets to Consolidated Total Assets

The following is a reconciliation of segment assets to consolidated total assets:

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Total segment assets

 

$

858.1

 

 

$

803.2

 

Cash and cash equivalents

 

 

493.3

 

 

 

414.6

 

Short-term investments

 

 

222.4

 

 

 

109.4

 

Other current assets

 

 

95.9

 

 

 

106.3

 

Property, plant and equipment, net

 

 

267.9

 

 

 

241.9

 

Right-of-use asset

 

 

180.1

 

 

 

64.5

 

Goodwill and intangible assets, net

 

 

1,585.4

 

 

 

1,623.1

 

Other assets and long-term investments

 

 

47.8

 

 

 

53.3

 

Consolidated total assets

 

$

3,750.9

 

 

$

3,416.3

 
Schedule of Net Revenues and Long-Lived Assets by Geographic Regions Transfers between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

281.2

 

 

$

211.1

 

 

$

757.7

 

 

$

653.0

 

South Korea

 

 

65.8

 

 

 

41.3

 

 

 

206.8

 

 

 

116.0

 

China

 

 

67.6

 

 

 

46.7

 

 

 

192.5

 

 

 

140.5

 

Japan

 

 

39.9

 

 

 

32.4

 

 

 

117.1

 

 

 

105.5

 

Israel

 

 

34.3

 

 

 

26.4

 

 

 

98.3

 

 

 

76.6

 

Germany

 

 

29.4

 

 

 

36.4

 

 

 

94.3

 

 

 

111.9

 

Other

 

 

71.6

 

 

 

68.2

 

 

 

203.1

 

 

 

196.6

 

 

 

$

589.8

 

 

$

462.5

 

 

$

1,669.8

 

 

$

1,400.1

 

 

Long-lived assets:(1)

 

September 30, 2020

 

 

December 31, 2019

 

United States

 

$

353.1

 

 

$

208.3

 

Europe

 

 

37.3

 

 

 

41.4

 

Asia

 

 

88.7

 

 

 

89.6

 

 

 

$

479.1

 

 

$

339.3

 

 

 

(1)

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.