Business Segment, Geographic Area, Product/Service Offerings and Significant Customer Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Net Revenues, Assets and Goodwill by Reportable Segment

The following table sets forth net revenues by reportable segment:

	Years Ended December 31,
	2020		2019		2018
Vacuum & Analysis	$	1,405.9	$	990.5	$	1,260.8
Light & Motion		689.6		725.6		814.3
Equipment & Solutions		234.5		183.7		—
	$	2,330.0	$	1,899.8	$	2,075.1

The following table sets forth segment assets by reportable segment:

	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Corporate, Eliminations and Other			Total
December 31, 2020:
Segment assets:
Accounts receivable	$	229.1	$	122.6	$	51.7	$	(10.7	)	$	392.7
Inventory		273.3		166.1		63.7		(1.7	)		501.4
Total segment assets	$	502.4	$	288.7	$	115.4	$	(12.4	)	$	894.1

	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Corporate, Eliminations and Other			Total
December 31, 2019:
Segment assets:
Accounts receivable	$	185.9	$	147.2	$	40.1	$	(32.1	)	$	341.1
Inventory		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:

	Years Ended December 31,
	2020		2019
Reportable segment:
Vacuum & Analysis	$	196.2	$	196.7
Light & Motion		395.3		388.5
Equipment & Solutions		474.9		473.3
Total goodwill	$	1,066.4	$	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:

	Years Ended December 31,
	2020			2019			2018
Gross profit by reportable segment:
Vacuum & Analysis	$	633.7		$	426.4		$	577.6
Light & Motion		309.8			336.8			401.9
Equipment & Solutions		106.0			67.2			—
Total gross profit by reportable segment		1,049.5			830.4			979.5
Operating expenses:
Research and development		173.1			164.1			135.7
Selling, general and administrative		353.1			330.3			298.1
Acquisition and integration costs		3.8			37.3			3.1
Restructuring and other		9.4			7.0			4.6
Amortization of intangible assets		55.2			67.4			43.5
Asset impairment		2.3			4.7			—
COVID-19 related net credits		(1.2	)		—			—
Fees and expenses related to repricing of Term Loan Facility		—			6.6			0.4
Gain on sale of long-lived assets		—			(6.8	)		—
Income from operations		453.8			219.8			494.1
Interest income		1.4			5.4			5.8
Interest expense		29.1			44.1			16.9
Other expense, net		3.1			3.3			2.0
Income before income taxes		423.0			177.8			481.0
Provision for income taxes		72.9			37.4			88.1
Net income	$	350.1		$	140.4		$	392.9

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

The following table set forth capital expenditures by reportable segment for the years ended December 31, 2020, 2019 and 2018:

Capital expenditures:	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Total
December 31, 2020:	$	36.0	$	32.1	$	16.8	$	84.9
December 31, 2019:	$	34.1	$	23.0	$	6.8	$	63.9
December 31, 2018:	$	40.1	$	22.8	$	—	$	62.9

The following table sets forth depreciation and amortization by reportable segment for the years ended December 31, 2020, 2019 and 2018:

Depreciation and amortization:	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Total
December 31, 2020:	$	20.3	$	43.2	$	35.7	$	99.2
December 31, 2019:	$	16.8	$	53.9	$	39.3	$	110.0
December 31, 2018:	$	20.8	$	59.0	$	—	$	79.8

Reconciliation of Segment Assets to Consolidated Total Assets

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

	Years Ended December 31,
	2020		2019
Total segment assets	$	894.1	$	803.2
Cash and cash equivalents and short-term investments		836.0		524.0
Other current assets		74.3		106.3
Property, plant and equipment, net		284.3		241.9
Right-of-use assets		184.4		64.5
Goodwill and intangible assets, net		1,578.6		1,623.1
Other assets and long-term assets		52.1		53.3
Consolidated total assets	$	3,903.8	$	3,416.3

Schedule of Net Revenues and Long-Lived Assets by Geographic Regions

Intercompany sales between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues.

	Years Ended December 31,
	2020		2019		2018
Net revenues:
United States	$	1,058.9	$	888.4	$	1,022.7
South Korea		278.8		167.7		203.6
China		273.5		178.6		127.7
Other Asia		519.6		435.8		477.1
Europe		199.2		229.3		244.0
	$	2,330.0	$	1,899.8	$	2,075.1

	Years Ended December 31,
	2020		2019
Long-lived assets: (1)
United States	$	364.0	$	208.3
Asia		94.8		89.6
Europe		45.1		41.4
	$	503.9	$	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. The increase in long-lived assets in the United States for 2020 reflects right-of-use assets from new leases, mainly at three locations.

Summary of Net Revenues by Major Customers

The Company had two customers with net revenues greater than 10% of total net revenues at December 31, 2020 and 2018 as shown below. No individual customers accounted for greater than 10% of the Company’s net revenues for 2019.

	Years Ended December 31,
	2020	2019	2018
Lam Research Corporation	13.5%	8.5%	10.8%
Applied Materials, Inc.	10.6%	9.3%	11.7%