0001564590-21-023317 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 27, 2021
Cover [Abstract]
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2021
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	MKS INSTRUMENTS, INC.
Entity Central Index Key	0001049502
Trading Symbol	MKSI
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		55,356,545
Entity File Number	0-23621
Entity Tax Identification Number	04-2277512
Entity Address, Address Line One	2 Tech Drive, Suite 201,
Entity Address, City or Town	Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01810
Entity Incorporation, State or Country Code	MA
City Area Code	978
Local Phone Number	645-5500
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 699.8	$ 608.3
Short-term investments	209.7	227.7
Trade accounts receivable, net of allowance for doubtful accounts of $2.2 and $2.0 at March 31, 2021 and December 31, 2020, respectively	420.8	392.7
Inventories	515.2	501.4
Other current assets	77.0	74.3
Total current assets	1,922.5	1,804.4
Property, plant and equipment, net	297.0	284.3
Right-of-use asset	182.7	184.4
Goodwill	1,062.1	1,066.4
Intangible assets, net	498.4	512.2
Long-term investments	6.5	6.5
Other assets	48.7	45.6
Total assets	4,017.9	3,903.8
Current liabilities:
Short-term debt	9.3	14.5
Accounts payable	146.7	110.6
Accrued compensation	76.3	117.9
Income taxes payable	19.9	18.3
Lease liability	13.8	15.8
Deferred revenue and customer advances	35.4	31.2
Other current liabilities	70.5	65.6
Total current liabilities	371.9	373.9
Long-term debt, net	813.3	815.0
Non-current deferred taxes	71.2	59.2
Non-current accrued compensation	47.4	49.5
Non-current lease liability	191.7	187.4
Other non-current liabilities	53.4	57.9
Total liabilities	1,548.9	1,542.9
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred Stock, $0.01 par value per share, 2,000,000 shares authorized; none issued and outstanding
Common Stock, no par value, 200,000,000 shares authorized; 55,257,268 and 55,196,501 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	0.1	0.1
Additional paid-in capital	877.9	873.2
Retained earnings	1,598.5	1,487.3
Accumulated other comprehensive (loss) income	(7.5)	0.3
Total stockholders’ equity	2,469.0	2,360.9
Total liabilities and stockholders’ equity	$ 4,017.9	$ 3,903.8

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2.2	$ 2.0
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	55,257,268	55,196,501
Common stock, shares outstanding	55,257,268	55,196,501

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net revenues:
Net revenues	$ 693.9	$ 535.7
Cost of revenues:
Cost of revenues	371.8	296.1
Gross profit	322.1	239.6
Research and development	47.2	42.4
Selling, general and administrative	95.9	87.2
Acquisition and integration costs	6.2	2.2
Restructuring and other	4.9	0.4
Amortization of intangible assets	12.4	16.3
Asset impairment		1.2
Income from operations	155.5	89.9
Interest income	0.2	0.7
Interest expense	6.4	8.9
Other expense, net	1.1	0.4
Income before income taxes	148.2	81.3
Provision for income taxes	25.9	12.2
Net income	122.3	69.1
Other comprehensive income, net of tax:
Changes in value of financial instruments designated as hedges	11.0	(6.0)
Foreign currency translation adjustments	(18.8)	(11.2)
Unrecognized pension (loss) gain	(0.4)	0.1
Unrealized gain on investments	0.4	0.1
Total comprehensive income	$ 114.5	$ 52.1
Net income per share:
Basic	$ 2.21	$ 1.26
Diluted	$ 2.20	$ 1.25
Weighted average common shares outstanding:
Basic	55,275,000	54,918,000
Diluted	55,600,000	55,200,000
Products [Member]
Net revenues:
Net revenues	$ 605.0	$ 461.2
Cost of revenues:
Cost of revenues	322.6	256.1
Services [Member]
Net revenues:
Net revenues	88.9	74.5
Cost of revenues:
Cost of revenues	$ 49.2	$ 40.0

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2019	$ 2,023.3	$ 0.1	$ 864.3	$ 1,181.2	$ (22.3)
Beginning Balance, Shares at Dec. 31, 2019		54,596,183
Net issuance under stock-based plans	(20.4)		(20.4)
Net issuance under stock-based plans, Shares		276,800
Stock-based compensation	8.5		8.5
Cash dividend	(11.0)			(11.0)
Comprehensive income (net of tax):
Net income	69.1			69.1
Other comprehensive loss	(17.0)				(17.0)
Ending Balance at Mar. 31, 2020	2,052.5	$ 0.1	852.4	1,239.3	(39.3)
Ending Balance, Shares at Mar. 31, 2020		54,872,983
Beginning Balance at Dec. 31, 2020	2,360.9	$ 0.1	873.2	1,487.3	0.3
Beginning Balance, Shares at Dec. 31, 2020		55,196,501
Net issuance under stock-based plans	(5.3)		(5.3)
Net issuance under stock-based plans, Shares		60,767
Stock-based compensation	10.0		10.0
Cash dividend	(11.1)			(11.1)
Comprehensive income (net of tax):
Net income	122.3			122.3
Other comprehensive loss	(7.8)				(7.8)
Ending Balance at Mar. 31, 2021	$ 2,469.0	$ 0.1	$ 877.9	$ 1,598.5	$ (7.5)
Ending Balance, Shares at Mar. 31, 2021		55,257,268

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Cash dividend, per common share	$ 0.20	$ 0.20

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows provided by operating activities:
Net income	$ 122.3	$ 69.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23.8	28.4
Amortization of debt issuance costs, original issue discount, and soft call premium	0.5	1.1
Stock-based compensation	10.0	8.5
Provision for excess and obsolete inventory	4.9	6.2
Provision for doubtful accounts	(0.3)	0.2
Deferred income taxes	9.5	0.6
Asset impairment		1.2
Other	0.1	(0.1)
Changes in operating assets and liabilities:
Trade accounts receivable	(33.1)	(42.5)
Inventories	(24.1)	(20.3)
Other current and non-current assets	6.3	10.1
Accounts payable	36.8	22.7
Accrued compensation	(41.9)	(19.3)
Income taxes payable	0.3	1.0
Other current and non-current liabilities	11.8	8.0
Net cash provided by operating activities	126.9	74.9
Cash flows (used in) provided by investing activities:
Purchases of investments	(185.7)	(30.2)
Maturities of investments	95.3	49.5
Sales of investments	107.7	28.7
Purchases of property, plant and equipment	(26.5)	(10.0)
Net cash (used in) provided by investing activities	(9.2)	38.0
Cash flows used in financing activities:
Net proceeds from borrowings	0.5	12.1
Payments on short-term borrowings	(5.4)	(9.9)
Payments on long-term borrowings	(2.2)	(52.3)
Dividend payments	(11.1)	(11.0)
Net payments related to employee stock awards	(5.3)	(20.4)
Net cash used in financing activities	(23.5)	(81.5)
Effect of exchange rate changes on cash and cash equivalents	(2.7)	(4.0)
Increase in cash and cash equivalents	91.5	27.4
Cash and cash equivalents at beginning of period	608.3	414.6
Cash and cash equivalents at end of period	$ 699.8	$ 442.0

Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1)	Basis of Presentation

The terms “MKS” and the “Company” refer to MKS Instruments, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of March 31, 2021, and for the three months ended March 31, 2021 are unaudited; however, in the opinion of MKS, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented as of December 31, 2020 has been derived from the consolidated audited financial statements as of that date. The unaudited condensed consolidated financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by United States generally accepted accounting principles (“U.S. GAAP”). The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the MKS Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on February 23, 2021.

The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, inventory valuation, warranty costs, stock-based compensation, intangible assets, goodwill, other long-lived assets and other acquisition expenses and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Recently Issued or Adopted Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Accounting Changes And Error Corrections [Abstract]

Recently Issued or Adopted Accounting Pronouncements

2)	Recently Issued or Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This standard provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The standard was effective upon issuance and generally can be applied through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” The amendments in this update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is in the process of evaluating the requirements of this standard and has not yet determined the impact of adoption on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740).” This standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This standard is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this ASU during the first quarter of 2021 and the adoption of this ASU did not have a material impact on its financial position, results of operations and cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

3)	Revenue from Contracts with Customers

Contract assets as of March 31, 2021 and December 31, 2020 were $3.5 and $3.7, respectively, and are included in other current assets.

A rollforward of the Company’s deferred revenue and customer advances is as follows:

	Three Months Ended			Three Months Ended
	March 31, 2021			March 31, 2020
Beginning balance, January 1⁽¹⁾	$	36.7		$	24.8
Additions to deferred revenue and customer advances		25.5			17.7
Amount of deferred revenue and customer advances recognized in income		(22.3	)		(17.1	)
Ending balance, March 31⁽²⁾	$	39.9		$	25.4

⁽¹⁾

Beginning deferred revenue and customer advances as of January 1, 2021 included $18.4 of current deferred revenue, $5.5 of long-term deferred revenue and $12.8 of current customer advances.

⁽²⁾

Ending deferred revenue and customer advances as of March 31, 2021 included $17.3 of current deferred revenue, $4.5 of long-term deferred revenue and $18.1 of current customer advances.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers:

	Three Months Ended March 31, 2021
	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Total
Net revenues:
Products	$	379.2	$	165.0	$	60.8	$	605.0
Services		56.6		17.0		15.3		88.9
Total net revenues	$	435.8	$	182.0	$	76.1	$	693.9

	Three Months Ended March 31, 2020
	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Total
Net revenues:
Products	$	276.2	$	149.7	$	35.3	$	461.2
Services		43.1		15.7		15.7		74.5
Total net revenues	$	319.3	$	165.4	$	51.0	$	535.7

Product revenue, excluding revenue from certain custom products, is recorded at a point in time, while the majority of the service revenue and revenue from certain custom products is recorded over time.

Refer to Note 16 for revenue by reportable segment, geographic area and groupings of similar products.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Investments

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Investments

4)	Investments

The following tables show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments:

As of March 31, 2021:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Short-term investments:
Available-for-sale investments:
Time deposits and certificates of deposit	$	12.8	$	—	$	—	$	12.8
Bankers' acceptance drafts		4.2		—		—		4.2
Commercial paper		60.9		—		—		60.9
U.S. treasury obligations		131.8		—		—		131.8
	$	209.7	$	—	$	—	$	209.7

As of March 31, 2021:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Long-term investments:
Available-for-sale investments:
Group insurance contracts	$	5.6	$	0.9	$	—	$	6.5

As of December 31, 2020:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Short-term investments:
Available-for-sale investments:
Time deposits and certificates of deposit	$	0.7	$	—	$	—	$	0.7
Bankers' acceptance drafts		3.8		—		—		3.8
U.S. treasury obligations		223.2		—		—		223.2
	$	227.7	$	—	$	—	$	227.7

As of December 31, 2020:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Long-term investments:
Available-for-sale investments:
Group insurance contracts	$	5.6	$	0.9	$	—	$	6.5

The tables above, which show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments as of March 31, 2021 and December 31, 2020, reflect the inclusion within short-term investments of investments with contractual maturities greater than one year from the date of purchase. Management has the ability, if necessary, to liquidate any of its investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term on the accompanying balance sheets.

Interest income is accrued as earned. Dividend income is recognized as income on the date the security trades “ex-dividend.” The cost of marketable securities sold is determined by the specific identification method. Realized gains or losses are reflected in income and were not material for the three months ended March 31, 2021 and March 31, 2020.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5)	Fair Value Measurements

In accordance with the provisions of fair value accounting, a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model.

The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments or securities or derivative contracts that are valued using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the Company categorizes such assets and liabilities based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Assets and liabilities of the Company are measured at fair value on a recurring basis as of March 31, 2021 and are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	March 31, 2021		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	1.3	$	1.3	$	—	$	—
Commercial paper		57.2		—		57.2		—
U.S. treasury obligations		48.4		—		48.4		—
Available-for-sale investments:
Time deposits and certificates of deposit		12.8		—		12.8		—
Bankers' acceptance drafts		4.2		—		4.2		—
Commercial paper		60.9		—		60.9		—
U.S. treasury obligations		131.8		—		131.8		—
Group insurance contracts		6.5		—		6.5		—
Derivatives – foreign exchange forward contracts		2.2		—		2.2		—
Derivatives – interest rate hedge-non-current		5.1		—		5.1
Funds in investments and other assets:
Israeli pension assets		18.2		—		18.2		—
Deferred compensation plan assets:
Mutual funds and exchange traded funds		1.4		—		1.4		—
Total assets	$	350.0	$	1.3	$	348.7	$	—
Liabilities:
Derivatives – foreign exchange forward contracts	$	1.9	$	—	$	1.9	$	—
Derivatives – interest rate hedge - non-current		10.6		—		10.6		—
Total liabilities	$	12.5	$	—	$	12.5	$	—
Reported as follows:
Assets:
Cash and cash equivalents⁽¹⁾	$	106.9	$	1.3	$	105.6	$	—
Short-term investments		209.7		—		209.7		—
Other current assets		2.2		—		2.2		—
Total current assets	$	318.8	$	1.3	$	317.5	$	—
Long-term investments	$	6.5	$	—	$	6.5	$	—
Other assets		24.7		—		24.7		—
Total long-term assets	$	31.2	$	—	$	31.2	$	—
Liabilities:
Other current liabilities	$	1.9	$	—	$	1.9	$	—
Other liabilities	$	10.6	$	—	$	10.6	$	—

⁽¹⁾

The cash and cash equivalent amounts presented in the table above do not include cash of $592.9 as of March 31, 2021.

Assets and liabilities of the Company are measured at fair value on a recurring basis as of December 31, 2020 and are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	December 31, 2020		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	1.3	$	1.3	$	—	$	—
Commercial paper		0.3	$	—		0.3		—
U.S. treasury obligations		62.1		—		62.1		—
Available-for-sale securities:
Time deposits and certificates of deposit		0.7		—		0.7		—
Bankers' acceptance drafts		3.8		—		3.8		—
U.S. treasury obligations		223.2		—		223.2		—
Group insurance contracts		6.5		—		6.5		—
Funds in investments and other assets:
Israeli pension assets		18.8		—		18.8		—
Deferred compensation plan assets:
Mutual funds and exchange traded funds		1.7		—		1.7		—
Total assets	$	318.4	$	1.3	$	317.1	$	—
Liabilities:
Derivatives – foreign exchange forward contracts	$	6.5	$	—	$	6.5	$	—
Derivatives – interest rate hedge - non-current		14.0		—		14.0		—
Total liabilities	$	20.5	$	—	$	20.5	$	—
Reported as follows:
Assets:
Cash and cash equivalents⁽¹⁾	$	63.7	$	1.3	$	62.4	$	—
Short-term investments		227.7		—		227.7		—
Total current assets	$	291.4	$	1.3	$	290.1	$	—
Long-term investments	$	6.5	$	—	$	6.5	$	—
Other assets		20.5		—		20.5		—
Total long-term assets	$	27.0	$	—	$	27.0	$	—
Liabilities:
Other current liabilities	$	6.5	$	—	$	6.5	$	—
Other liabilities	$	14.0	$	—	$	14.0	$	—

⁽¹⁾

The cash and cash equivalent amounts presented in the table above do not include cash of $544.6 as of December 31, 2020.

Money Market Funds

Money market funds are cash and cash equivalents and are classified within Level 1 of the fair value hierarchy.

Available-For-Sale Investments

As of March 31, 2021 and December 31, 2020, available-for-sale investments consisted of time deposits, certificates of deposit, bankers’ acceptance drafts, commercial paper, U.S. treasury obligations and group insurance contracts.

The Company measures its debt and equity investments at fair value. The Company’s available-for-sale investments are classified within Level 2 of the fair value hierarchy.

Israeli Pension Assets

Israeli pension assets represent investments in mutual funds, government securities and other time deposits. These investments are set aside for the retirement benefit of the employees of the Company’s Israeli subsidiaries. These funds are classified within Level 2 of the fair value hierarchy.

Derivatives

As a result of the Company’s global operating activities, the Company is exposed to market risks from changes in foreign currency exchange rates and variable interest rates, which may adversely affect its operating results and financial position. When deemed appropriate, the Company minimizes its risks from foreign currency exchange rate and interest rate fluctuations through the use of derivative financial instruments. The principal market in which the Company executes its foreign currency contracts and interest rate swaps is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants are typically large commercial banks. The foreign exchange forward contracts and interest rate hedge are valued using broker quotations or market transactions and are classified within Level 2 of the fair value hierarchy.

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives

6)	Derivatives

The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments and those utilized as economic hedges. The Company operates internationally and, in the normal course of business, is exposed to fluctuations in interest rates and foreign exchange rates. These fluctuations can increase the costs of financing, investing and operating the business. The Company has used derivative instruments, such as foreign exchange forward contracts, to manage certain foreign currency exposure, and interest rate swaps to manage interest rate exposure.

By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions, for which no collateral is required. The Company has policies to monitor the credit risk of these counterparties. While there can be no assurance, the Company does not anticipate any material non-performance by any of these counterparties.

Foreign Exchange Forward Contracts

The Company hedges a portion of its forecasted foreign currency-denominated intercompany sales of inventory, over a maximum period of eighteen months, using foreign exchange forward contracts accounted for as cash-flow hedges related to British, Euro, Japanese, South Korean and Taiwanese currencies. To the extent these derivatives are effective in off-setting the variability of the hedged cash flows, and otherwise meet the hedge accounting criteria, changes in the derivatives’ fair value are not included in current earnings but are included in other comprehensive income (“OCI”) in stockholders’ equity. These changes in fair value will subsequently be reclassified into earnings, as applicable, when the forecasted transaction occurs. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. The cash flows resulting from forward exchange contracts are classified in the condensed consolidated statements of cash flows as part of cash flows from operating activities. The Company does not enter into derivative instruments for trading or speculative purposes.

As of March 31, 2021 and December 31, 2020, the Company had outstanding foreign exchange forward contracts with gross notional values of $169.3 and $176.2, respectively. The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of March 31, 2021 and December 31, 2020:

	March 31, 2021
Currency Hedged (Buy/Sell)	Gross Notional Value		Fair Value ⁽¹⁾
U.S. dollar/Japanese yen	$	58.7	$	1.6
U.S. dollar/South Korean won		58.2		(0.8	)
U.S. dollar/euro		12.8		(0.1	)
U.S. dollar/U.K. pound sterling		6.5		(0.2	)
U.S. dollar/Taiwan dollar		33.1		(0.2	)
Total	$	169.3	$	0.3

	December 31, 2020
Currency Hedged (Buy/Sell)	Gross Notional Value		Fair Value ⁽¹⁾
U.S. dollar/Japanese yen	$	61.5	$	(1.1	)
U.S. dollar/South Korean won		62.2		(3.1	)
U.S. dollar/euro		13.1		(0.6	)
U.S. dollar/U.K. pound sterling		6.1		(0.3	)
U.S. dollar/Taiwan dollar		33.3		(1.4	)
Total	$	176.2	$	(6.5	)

(1)

Represents receivable (payable) amount included in the condensed consolidated balance sheet.

Interest Rate Swap Agreements

The Company entered into various interest rate swap agreements that exchange the variable LIBOR interest rate to a fixed rate in order to manage the exposure to interest rate fluctuations associated with the variable LIBOR interest rate paid on the outstanding balance of the 2019 Incremental Term Loan Facility, as described further in Note 10. The table below summarizes the various interest rate hedges entered into by the Company:

									March 31, 2021		March 31, 2021			December 31, 2020
Swap	Trade Date	Effective Date	Maturity	Fixed Rate			Notional Amount at Effective Date		Notional Amount		Fair Value Asset (Liability)			Fair Value Asset (Liability)
1	April 3, 2019	April 5, 2019	March 31, 2023		2.309	%	$	300.0	$	300.0		(10.6	)		(12.4	)
2	October 29, 2020	October 26, 2021	February 28, 2025		0.485	%	$	200.0	$	—		3.1			(0.7	)
3	October 29, 2020	March 31, 2022	February 28, 2025		0.623	%	$	100.0	$	—		2.0			(0.9	)
									Total		$	(5.5	)	$	(14.0	)

The interest rate swaps are recorded at fair value on the balance sheet and changes in the fair value are recognized in OCI. To the extent that these arrangements are no longer effective hedges, any ineffectiveness measured in the hedging relationships is recorded immediately in earnings in the period it occurs.

The following table provides a summary of the fair value amounts of the Company’s derivative instruments:

Derivatives Designated as Hedging Instruments	March 31, 2021			December 31, 2020
Derivative assets:
Foreign exchange forward contracts⁽¹⁾	$	2.2		$	—
Interest rate hedge⁽²⁾		5.1			—
Derivative liabilities:
Foreign exchange forward contracts⁽¹⁾		(1.9	)		(6.5	)
Interest rate hedge⁽²⁾		(10.6	)		(14.0	)
Total net derivative liability designated as hedging instruments	$	(5.2	)	$	(20.5	)

⁽¹⁾

The derivative asset of $2.2 and derivative liability of $1.9 related to the foreign exchange forward contracts are classified in other current assets and other current liabilities in the condensed consolidated balance sheet as of March 31, 2021. The derivative liability of $6.5 related to the foreign exchange forward contracts is classified in other current liabilities in the condensed consolidated balance sheet as of December 31, 2020. These foreign exchange forward contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet.

⁽²⁾

The interest rate hedge asset of $5.1 is classified in other non-current assets in the condensed consolidated balance sheet as of March 31, 2021. The interest rate hedge liabilities of $10.6 and $14.0 are classified in other non-current liabilities in the condensed consolidated balance sheet as of March 31, 2021 and December 31, 2020, respectively.

The net amount of existing gains as of March 31, 2021 that is expected to be reclassified from OCI into earnings within the next 12 months is immaterial.

The following table provides a summary of the gains (losses) on derivatives designated as cash flow hedging instruments:

	Three Months Ended March 31,
Derivatives Designated as Cash Flow Hedging Instruments	2021			2020
Foreign exchange forward contracts:
Net gain (loss) recognized in accumulated OCI⁽¹⁾	$	11.0		$	(6.0	)
Net (loss) gain reclassified from accumulated OCI into income⁽²⁾	$	(1.5	)	$	0.7

⁽¹⁾

^{Net change in the fair value of the effective portion classified in accumulated OCI.}

⁽²⁾

^{Effective portion classified in cost of products for the three months ended March 31, 2021 and 2020. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.}

The following table provides a summary of the (loss) gain on derivatives not designated as cash flow hedging instruments:

	Three Months Ended March 31,
Derivatives Not Designated as Cash Flow Hedging Instruments	2021			2020
Foreign exchange forward contracts:
Net (loss) gain recognized in income⁽¹⁾	$	(0.8	)	$	0.2

⁽¹⁾

^{The Company enters into foreign exchange forward contracts to hedge against changes in the balance sheet for certain subsidiaries to mitigate the risk associated with certain foreign currency transactions in the ordinary course of business. These derivatives are not designated as cash flow hedging instruments and gains or losses from these derivatives are recorded in other (expense) income in the periods in which they occur.}

Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

7)	Inventories

Inventories consist of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	336.7	$	321.3
Work-in-process		78.4		76.7
Finished goods		100.1		103.4
	$	515.2	$	501.4

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

The Company has various operating leases for real estate and non-real estate items. The non-real estate leases are mainly comprised of automobiles but also include office equipment and other lower-valued items. The Company does not have any finance leases. As most of the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date.

Some of the Company’s real estate lease agreements include Company options to either extend and/or terminate the lease. The cost of these options is included in our operating lease liabilities to the extent that such options are reasonably certain of being exercised. Leases with renewal options allow the Company to extend the lease term typically between 1 to 10 years. When determining the lease term, renewal options reasonably certain of being exercised are included in the lease term. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements made to the property, whether the physical space is difficult to replace, underlying contractual obligations, and specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such an option.

The Company has existing leases that include variable lease and non-lease components that are not included in the right-of-use asset and lease liability, and are reflected as expenses in the periods incurred. Such payments primarily include common area maintenance charges and increases in rent payments that are driven by factors such as future changes in an index (e.g., the Consumer Price Index).

The elements of lease expense were as follows:

	Three Months Ended March 31,
	2021		2020
Lease cost:
Operating lease cost⁽¹⁾	$	7.7	$	7.3
Short-term lease		1.1		1.2
Total lease cost	$	8.8	$	8.5

⁽¹⁾

Operating lease cost includes an immaterial amount of variable expenses and sublease rental income.

The weighted average discount rate and the weighted average remaining lease term were 2.9% and 14.8 years, respectively, as of March 31, 2021. The weighted average discount rate and weighted average remaining lease term were 3.2% and 13.5 years, respectively, as of March 31, 2020. Operating cash flows used for operating leases for the three months ended March 31, 2021 and 2020 were $3.8 and $5.1, respectively. Operating cash flows used for operating leases for the three months ended March 31, 2021 of $3.8 was net of $2.8 in tenant improvement allowance receipts.

Future lease payments under non-cancelable leases as of March 31, 2021 are detailed as follows:

2021 (remaining)	$	14.4
2022		22.0
2023		19.3
2024		18.1
2025		17.1
Thereafter		166.6
Total lease payments		257.5
Less: imputed interest		52.0
Total operating lease liabilities	$	205.5

The remaining 2021 lease payment amount of $14.4 is net of tenant improvement allowances of $3.6. Amounts presented above do not include payments relating to immaterial leases excluded from the balance sheet as part of transition elections adopted upon implementation of ASU 2016-02,“Leases”, on January 1, 2019, as well as operating leases with terms of less than twelve months.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9)	Goodwill and Intangible Assets

Goodwill

The Company’s methodology for allocating the purchase price relating to purchase acquisitions is determined through established and generally accepted valuation techniques. Goodwill is measured as the excess of the cost of the acquisition over the sum of the amounts assigned to tangible and identifiable intangible assets acquired less liabilities assumed. The Company assigns assets acquired (including goodwill) and liabilities assumed to one or more reporting units as of the date of acquisition. Typically acquisitions relate to a single reporting unit and thus do not require the allocation of goodwill to multiple reporting units. If the products obtained in an acquisition are assigned to multiple reporting units, the goodwill is distributed to the respective reporting units as part of the purchase price allocation process.

Goodwill and purchased intangible assets with indefinite useful lives are not amortized but are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The process of evaluating the potential impairment of goodwill and intangible assets requires significant judgment. The Company regularly monitors current business conditions and other factors including, but not limited to, adverse industry or economic trends, restructuring actions and lower projections of profitability that may impact future operating results.

The changes in the carrying amount of goodwill and accumulated impairment loss during the three months ended March 31, 2021 and year ended December 31, 2020 were as follows:

	Three Months Ended March 31, 2021									Twelve Months Ended December 31, 2020
	Gross Carrying Amount			Accumulated Impairment Loss			Net			Gross Carrying Amount		Accumulated Impairment Loss			Net
Beginning balance at January 1	$	1,211.8		$	(145.4	)	$	1,066.4		$	1,202.8	$	(144.3	)	$	1,058.5
Impairment of goodwill⁽¹⁾		—			—			—			—		(1.1	)		(1.1	)
Foreign currency translation		(4.3	)		—			(4.3	)		9.0		—			9.0
Ending balance at March 31, 2021 and December 31, 2020	$	1,207.5		$	(145.4	)	$	1,062.1		$	1,211.8	$	(145.4	)	$	1,066.4

⁽¹⁾

^{During the twelve months ended December 31, 2020, the Company recorded $1.1 of goodwill impairment charges related to the pending closure of a facility in Europe.}

Intangible Assets

Components of the Company’s intangible assets are comprised of the following:

As of March 31, 2021:	Gross		Accumulated Impairment Charges			Accumulated Amortization			Foreign Currency Translation			Net
Completed technology	$	446.4	$	(0.1	)	$	(216.4	)	$	(0.1	)	$	229.8
Customer relationships		308.2		(1.4	)		(109.8	)		0.3			197.3
Patents, trademarks, trade names and other		120.9		—			(49.4	)		(0.2	)		71.3
	$	875.5	$	(1.5	)	$	(375.6	)	$	—		$	498.4

As of December 31, 2020:	Gross		Accumulated Impairment Charges			Accumulated Amortization			Foreign Currency Translation			Net
Completed technology	$	446.4	$	(0.1	)	$	(209.8	)	$	(0.1	)	$	236.4
Customer relationships		308.2		(1.4	)		(104.8	)		1.7			203.7
Patents, trademarks, trade names and other		120.9		—			(48.6	)		(0.2	)		72.1
	$	875.5	$	(1.5	)	$	(363.2	)	$	1.4		$	512.2

Aggregate amortization expense related to acquired intangible assets for the three months ended March 31, 2021 and 2020 was $12.4 and $16.3, respectively. Aggregate net amortization expense related to acquired intangible assets for future years is as follows:

Year	Amount
2021 (remaining)	$	35.6
2022	$	45.5
2023	$	45.1
2024	$	44.2
2025	$	43.2
2026	$	132.8
Thereafter	$	96.1

The Company excluded $55.9 of indefinite-lived trademarks and trade names that were not subject to amortization from the table above.

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

10)

Debt

Senior Secured Term Loan Credit Facility

In connection with the completion of the acquisition of Newport Corporation (“Newport”) in 2016 (the “Newport Merger”), the Company entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with Barclays Bank PLC, as administrative agent and collateral agent, and the lenders from time to time party thereto (the “Lenders”), that provided a senior secured term loan credit facility in the original principal amount of $780.0 (the “2016 Term Loan Facility”), subject to increase at the Company’s option and subject to receipt of lender commitments in accordance with the Term Loan Credit Agreement (the 2016 Term Loan Facility, together with the 2019 Incremental Term Loan Facility and 2019 Term Loan Refinancing Facility (each as defined below), the “Term Loan Facility”). Prior to the effectiveness of Amendment No. 6 (as defined below), the 2016 Term Loan Facility had a maturity date of April 29, 2023. As of March 31, 2021, borrowings under the Term Loan Facility bear interest per annum at one of the following rates selected by the Company: (a) a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the “prime rate” quoted in The Wall Street Journal, (3) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00%, and (4) a floor of 1.75%, plus, in each case, an applicable margin; or (b) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, subject to a LIBOR rate floor of 0.0%, plus an applicable margin. The Company has elected the interest rate as described in clause (b) of the foregoing sentence. The Term Loan Credit Agreement provides that, unless an alternate rate of interest is agreed, all loans will be determined by reference to the base rate if the LIBOR rate cannot be ascertained, if regulators impose material restrictions on the authority of a lender to make LIBOR rate loans, or for other reasons. The 2016 Term Loan Facility was issued with original issue discount of 1.00% of the principal amount thereof.

The Company subsequently entered into four separate repricing amendments to the 2016 Term Loan Facility, which decreased the applicable margin for LIBOR borrowings from 4.0% to 1.75%, with a LIBOR rate floor of 0.75%. As a consequence of the pricing of the 2019 Incremental Term Loan Facility (defined below), the applicable margin for the 2016 Term Loan Facility was increased to 2.00% (from 1.75%) with respect to LIBOR borrowings and 1.00% (from 0.75%) with respect to base rate borrowings.

The Company incurred $28.7 of deferred finance fees, original issue discount and repricing fees related to the term loans under the 2016 Term Loan Facility, which are included in long-term debt in the accompanying condensed consolidated balance sheets and are being amortized to interest expense over the estimated life of the term loans using the effective interest method.

On February 1, 2019, in connection with the completion of the acquisition of Electro Scientific Industries, Inc. (the “ESI Merger”), the Company entered into an amendment (“Amendment No. 5”) to the Term Loan Credit Agreement. Amendment No. 5 provided an additional tranche B-5 term loan commitment in the original principal amount of $650.0 (the “2019 Incremental Term Loan Facility”), all of which was drawn down in connection with the closing of the ESI Merger. Pursuant to Amendment No. 5, the Company also effectuated certain amendments to the Term Loan Credit Agreement which made certain of the negative covenants and other provisions less restrictive. Prior to the effectiveness of Amendment No. 6 (as defined below), the 2019 Incremental Term Loan Facility had a maturity date of February 1, 2026 and bore interest at a rate per annum equal to, at the Company’s option, a base rate or LIBOR rate (as described above) plus, in each case, an applicable margin equal to 1.25% with respect to base rate borrowings and 2.25% with respect to LIBOR borrowings. The 2019 Incremental Term Loan Facility was issued with original issue discount of 1.00% of the principal amount thereof.

The Company incurred $11.4 of deferred finance fees and original issue discount fees related to the term loans under the 2019 Incremental Term Loan Facility, which are included in long-term debt in the accompanying condensed consolidated balance sheets and are being amortized to interest expense over the estimated life of the term loans using the effective interest method.

On September 27, 2019, the Company entered into an amendment (“Amendment No. 6”) to the Term Loan Credit Agreement. Amendment No. 6 refinanced all existing loans outstanding under the 2016 Term Loan Facility and 2019 Incremental Term Loan Facility (“Existing Term Loans”) for a tranche B-6 term loan commitment in the original principal amount of $896.8 (“2019 Term Loan Refinancing Facility”). Each lender of the Existing Term Loans that elected to participate in the 2019 Term Loan Refinancing Facility was deemed to have exchanged the aggregate outstanding principal amount of its Existing Term Loans for an equal aggregate principal amount of tranche B-6 term loans under the 2019 Term Loan Refinancing Facility. On the effective date of Amendment No. 6 and immediately prior to the exchanges described above, the Company made a voluntary prepayment of $50.0, which was applied to the Existing Term Loans on a pro rata basis.

The Company incurred $2.2 of original issue discount fees related to the term loans under the 2019 Term Loan Refinancing Facility, which are included in long-term debt in the accompanying consolidated balance sheets and are being amortized to interest expense over the estimated life of the term loans using the effective interest method.

As of March 31, 2021, the remaining balance of deferred finance fees and original issue discount of the Term Loan Facility was $8.9. A portion of the deferred finance fees and original issue discount have been accelerated in connection with the various debt prepayments and extinguishments between 2016 and 2020.

The 2019 Term Loan Refinancing Facility matures on February 2, 2026, and bears interest at a rate per annum equal to, at the Company’s option, a base rate or LIBOR rate (as described above) plus, in each case, an applicable margin equal to 0.75% with respect to base rate borrowings and 1.75% with respect to LIBOR borrowings. The 2019 Term Loan Refinancing Facility was issued with original issue discount of 0.25% of the principal amount thereof.

The Company is required to make scheduled quarterly payments each equal to 0.25% of the original principal amount of the 2019 Term Loan Refinancing Facility with the balance due on February 2, 2026.

As of March 31, 2021, after total principal prepayments of $575.0 and regularly scheduled principal payments of $23.9, the total outstanding principal balance of the Term Loan Facility was $831.1 and the interest rate was 1.9%.

Under the Term Loan Credit Agreement, the Company is required to prepay outstanding term loans, subject to certain exceptions, with portions of its annual excess cash flow as well as with the net cash proceeds of certain of its asset sales, certain casualty and condemnation events and the incurrence or issuance of certain debt.

All obligations under the Term Loan Facility are guaranteed by certain of the Company’s domestic subsidiaries and are collateralized by substantially all of the Company’s assets and the assets of such subsidiaries, subject to certain exceptions and exclusions.

The Term Loan Credit Agreement contains customary representations and warranties, affirmative and negative covenants and provisions relating to events of default. If an event of default occurs, the lenders under the Term Loan Facility will be entitled to take various actions, including the acceleration of amounts due under the Term Loan Facility and all actions generally permitted to be taken by a secured creditor. At March 31, 2021, the Company was in compliance with all covenants under the Term Loan Credit Agreement.

Interest Rate Swap Agreements

The Company entered into various interest rate swap agreements as described further in Note 6 that exchange the variable LIBOR interest rate to a fixed rate in order to manage the exposure to interest rate fluctuations associated with the variable LIBOR interest rate paid on the outstanding balance of the 2019 Incremental Term Loan Facility.

Senior Secured Asset-Based Revolving Credit Facility

On February 1, 2019, in connection with the completion of the ESI Merger, the Company entered into an asset-based revolving credit agreement with Barclays Bank PLC, as administrative agent and collateral agent, the other borrowers from time to time party thereto, and the lenders and letters of credit issuers from time to time party thereto (the “ABL Credit Agreement”), that provides a senior secured asset-based revolving credit facility of up to $100.0, subject to a borrowing base limitation (the “ABL Facility”). On April 26, 2019, the Company entered into a First Amendment to the ABL Credit Agreement which amended the borrowing base calculation for eligible inventory prior to an initial field examination and appraisal requirements. The borrowing base for the ABL Facility at any time equals the sum of: (a) 85% of certain eligible accounts; plus (b) prior to certain notice and field examination and appraisal requirements, the lesser of (i) 20% of net book value of eligible inventory in the United States and (ii) 30% of the borrowing base, and after the satisfaction of such requirements, the lesser of (i) the lesser of (A) 65% of the lower of cost or market value of certain eligible inventory and (B) 85% of the net orderly liquidation value of certain eligible inventory and (ii) 30% of the borrowing base; minus (c) reserves established by the administrative agent, in each case, subject to additional limitations and examination requirements for eligible accounts and eligible inventory acquired in an acquisition after February 1, 2019. The ABL Facility includes borrowing capacity in the form of letters of credit up to $25.0.

Borrowings under the ABL Facility bear interest at a rate per annum equal to, at the Company’s option, any of the following, plus, in each case, an applicable margin: (a) a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the “prime rate” quoted in The Wall Street Journal, (3) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00% and (4) a floor of 0.00%; and (b) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, with a floor of 0.00%. The initial applicable margin for borrowings under the ABL Facility is 0.50% with respect to base rate borrowings and 1.50% with respect to LIBOR borrowings. Commencing with the completion of the first fiscal quarter ending after the closing of the ABL Facility, the applicable margin for borrowings thereunder is subject to upward or downward adjustment each fiscal quarter, based on the average historical excess availability during the preceding quarter.

In addition to paying interest on any outstanding principal under the ABL Facility, the Company is required to pay a commitment fee in respect of the unutilized commitments thereunder equal to 0.25% per annum. The Company must also pay customary letter of credit fees and agency fees.

Under the ABL Facility, we are required to prepay amounts outstanding under the ABL Facility (1) if amounts outstanding under the ABL Facility exceed the lesser of (a) the commitment amount and (b) the borrowing base, in an amount required to reduce such shortfall, (2) if amounts outstanding under the ABL Facility in any currency other than U.S. dollars exceed the sublimit for such currency, in an amount required to reduce such shortfall, and (3) during any period in which we have excess availability less than the greater of (a) 10.0% of the lesser of (x) the commitment amount and (y) the borrowing base and (b) $8.5 for 3 consecutive business days, until the time when we have excess availability equal to or greater than the greater of (A) 10.0% of the lesser of (i) the commitment amount and (ii) the borrowing base and (B) $8.5 for 30 consecutive days, or during the continuance of an event of default, with immediately available funds in its blocked accounts.

There is no scheduled amortization under the ABL Facility. The principal amount outstanding under the ABL Facility is due and payable in full on the fifth anniversary of the closing date.

All obligations under the ABL Facility are guaranteed by certain of the Company’s domestic subsidiaries and are collateralized by substantially all of the Company’s assets and the assets of such subsidiaries, subject to certain exceptions and exclusions.

From the time when the Company has excess availability less than the greater of (a) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base and (b) $8.5 until the time when the Company has excess availability equal to or greater than the greater of (a) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base and (b) $8.5 for 30 consecutive days, or during the continuance of an event of default, the ABL Credit Agreement requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) tested on the last day of each fiscal quarter of at least 1.0 to 1.0.

The ABL Credit Agreement also contains customary representations and warranties, affirmative covenants and provisions relating to events of default. If an event of default occurs, the lenders under the ABL Facility will be entitled to take various actions, including the acceleration of amounts due under the ABL Facility and all actions permitted to be taken by a secured creditor. The Company has not borrowed against the ABL Facility to date.

Lines of Credit and Borrowing Arrangements

The Company’s Japanese subsidiaries have lines of credit and a financing facility with various financial institutions, many of which generally expire and are renewed at three-month intervals with the remaining having no expiration date. The lines of credit and financing facility provided for aggregate borrowings as of March 31, 2021 of up to an equivalent of $30.4 U.S. dollars. Total borrowings outstanding under these arrangements were $0.3 and $5.5 at March 31, 2021 and December 31, 2020, respectively.

	March 31, 2021		December 31, 2020
Short-term debt:
Japanese lines of credit	$	0.3	$	5.4
Japanese receivables financing facility		—		0.1
Term Loan Facility		9.0		9.0
	$	9.3	$	14.5

	March 31, 2021		December 31, 2020
Long-term debt:
Term Loan Facility, net⁽¹⁾	$	813.2	$	815.0
Other debt		0.1		—
	$	813.3	$	815.0

⁽¹⁾

Net of deferred financing fees, original issuance discount and repricing fees in the aggregate of $8.9 and $9.4 as of March 31, 2021 and December 31, 2020, respectively.

The Company recognized interest expense of $6.4 and $8.9 for the three months ended March 31, 2021 and 2020, respectively.

Contractual maturities of the Company’s debt obligations as of March 31, 2021 are as follows:

Year	Amount
2021 (remaining)	$	7.0
2022		9.0
2023		9.0
2024		9.0
2025		9.0
2026		9.0
Thereafter	$	779.5

Product Warranties

3 Months Ended

Mar. 31, 2021

Guarantees And Product Warranties [Abstract]

Product Warranties

11)	Product Warranties

The Company provides for the estimated costs to fulfill customer warranty obligations upon the recognition of the related revenue. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligations are affected by shipment volume, product failure rates, utilization levels, material usage and supplier warranties on parts delivered to the Company. Should actual product failure rates, utilization levels, material usage, or supplier warranties on parts differ from the Company’s estimates, revisions to the estimated warranty liability would be required.

Product warranty activities were as follows:

	Three Months Ended March 31,
	2021			2020
Beginning of period	$	18.4		$	14.9
Provision for product warranties		10.7			6.7
Direct and other charges to warranty liabilities		(7.5	)		(6.3	)
End of period⁽¹⁾	$	21.6		$	15.3

⁽¹⁾

As of March 31, 2021, short-term product warranties of $18.4 and long-term product warranties of $3.2 were included within other current liabilities and other non-current liabilities, respectively, within the accompanying condensed consolidated balance sheet. As of March 31, 2020, short-term product warranties of $12.2 and long-term product warranties of $3.1 were included within other current liabilities and other non-current liabilities, respectively, within the accompanying condensed consolidated balance sheet.

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12)	Income Taxes

The Company’s effective tax rates for the three months ended March 31, 2021 and 2020 were 17.5% and 15.0%, respectively. The effective tax rate and related income tax expense for the three months ended March 31, 2021 was lower than the U.S. statutory tax rate due to the U.S. deduction for foreign derived intangible income and the geographic mix of income earned by the Company’s international subsidiaries being taxed at rates lower than the U.S. statutory tax rate, offset by the U.S. global intangible low-taxed income inclusion and additional withholding taxes on inter-company distributions due to the United Kingdom’s departure from the European Union.

The Company’s effective tax rate and related income tax expense for the three months ended March 31, 2020, was lower than the U.S. statutory tax rate due to the U.S. deduction for foreign derived intangible income, the federal tax credit for research activities and the geographic mix of income earned by the Company’s international subsidiaries being taxed at rates lower than the U.S. statutory tax rate, offset by the U.S. global intangible low-taxed income inclusion.

As of March 31, 2021 and December 31, 2020, the total amount of gross unrecognized tax benefits, which excludes interest and penalties, was $46.5 and $47.0, respectively. The Company accrues interest expense, and if applicable, penalties, for any uncertain tax positions. Interest and penalties are classified as a component of income tax expense. As of March 31, 2021 and December 31, 2020, the Company had accrued interest on unrecognized tax benefits of approximately $0.7 and $0.7, respectively.

Over the next 12 months it is reasonably possible that the Company may recognize approximately $4.0 of previously net unrecognized tax benefits, excluding interest and penalties, related to various U.S. state and foreign tax positions, primarily as a result of the expiration of certain statutes of limitations.

The Company and its subsidiaries are subject to examination by U.S. federal, state and foreign tax authorities. The U.S. federal statute of limitations remains open for tax years 2017 through the present. The statute of limitations for the Company’s tax filings in other jurisdictions varies between fiscal years 2015 through present. The Company has certain federal credit carry-forwards and state tax loss and credit carry-forwards that are open to examination for tax years 2000 through the present.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share

13)	Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	122.3	$	69.1
Denominator:
Shares used in net income per common share – basic		55,275,000		54,918,000
Effect of dilutive securities		362,000		318,000
Shares used in net income per common share – diluted		55,637,000		55,236,000
Net income per common share:
Basic	$	2.21	$	1.26
Diluted	$	2.20	$	1.25

Basic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the treasury stock method) if securities containing potentially dilutive common shares (restricted stock units (“RSUs”) and stock appreciation rights (“SARs”)) had been converted to such common shares, and if such assumed conversion is dilutive.

For the three months ended March 31, 2021, there were no weighted-average restricted stock units that would have had an anti-dilutive effect on EPS and were excluded from the computation of diluted weighted-average shares. For the three months ended March 31, 2020, there were approximately 36,100 weighted-average restricted stock units that would have had an anti-dilutive effect on EPS and were excluded from the computation of diluted weighted-average shares.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

14)	Stock-Based Compensation

The Company grants RSUs to employees and directors under the 2014 Stock Incentive Plan (the “2014 Plan”). The 2014 Plan is administered by the Compensation Committee of the Company’s Board of Directors. The 2014 Plan is intended to attract and retain employees and directors, and to provide an incentive for these individuals to assist the Company to achieve long-range performance goals and to enable these individuals to participate in the long-term growth of the Company.

The total stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive income was as follows:

	Three Months Ended March 31,
	2021		2020
Cost of revenues	$	1.0	$	1.0
Research and development		1.1		1.1
Selling, general and administrative		7.9		5.9
Acquisition and integration costs		—		0.5
Total pre-tax stock-based compensation expense	$	10.0	$	8.5

At March 31, 2021, the total compensation expense related to unvested stock-based awards granted to employees and directors under the 2014 Plan that had not been recognized was $36.7. The Company determines the fair value of RSUs based on the closing market price of the Company’s common stock on the date of the award and estimates the fair value of SARs and employee stock purchase plan rights using the Black-Scholes valuation model. Such values are recognized as expense on a straight-line basis for time-based awards and using the accelerated graded vesting method for performance-based awards, both over the requisite service periods.

The following table presents the activity for RSUs under the 2014 Plan:

	Three Months Ended March 31, 2021
	Outstanding RSUs			Weighted Average Grant Date Fair Value
RSUs – beginning of period		606,085		$	93.26
Accrued dividend shares		79		$	153.00
Granted		101,668		$	170.60
Vested		(78,506	)	$	97.20
Forfeited		(7,381	)	$	102.00
RSUs – end of period		621,945		$	105.31

The following table presents the activity for SARs under the 2014 Plan:

	Three Months Ended March 31, 2021
	Outstanding SARs			Weighted Average Grant Date Fair Value
SARs – beginning of period		51,589		$	30.64
Exercised		(15,921	)	$	29.92
SARs – end of period		35,668		$	30.96

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Federal Home Loan Banks [Abstract]

Stockholders' Equity

15)	Stockholders’ Equity

Share Repurchase Program

On July 25, 2011, the Company’s Board of Directors approved a share repurchase program for the repurchase of up to an aggregate of $200 of its outstanding common stock from time to time in open market purchases, privately negotiated transactions or through other appropriate means. The timing and quantity of any shares repurchased depends upon a variety of factors, including business conditions, stock market conditions and business development activities, including, but not limited to, merger and acquisition opportunities. These repurchases may be commenced, suspended or discontinued at any time without prior notice. The Company has repurchased approximately 2,588,000 shares of common stock for approximately $127 pursuant to the program since its adoption. During the three months ended March 31, 2021 and 2020, there were no repurchases of common stock.

Cash Dividends

Holders of the Company’s common stock are entitled to receive dividends when they are declared by the Company’s Board of Directors. In addition, the Company accrues dividend equivalents on the RSUs the Company assumed in the ESI Merger when dividends are declared by the Company’s Board of Directors. During the three months ended March 31, 2021, the Company’s Board of Directors declared a cash dividend of $0.20 per share, which totaled $11.1. During the three months ended March 31, 2020, the Company’s Board of Directors declared a cash dividend of $0.20 per share, which totaled $11.0.

Future dividend declarations, if any, as well as the record and payment dates for such dividends, are subject to the final determination of the Company’s Board of Directors. In addition, under the Term Loan Facility and ABL Facility, the Company may be restricted from paying dividends under certain circumstances.

Business Segment, Geographic Area, and Significant Customer Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Business Segment, Geographic Area, and Significant Customer Information

16)	Business Segment, Geographic Area, and Significant Customer Information

The Company is a global provider of instruments, systems, subsystems and process control solutions that measure, monitor, deliver, analyze, power and control critical parameters of advanced manufacturing processes to improve process performance and productivity for its customers. The Company’s products are derived from its core competencies in 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, vacuum technology, lasers, photonics, optics, precision motion control, vibration control and laser-based manufacturing systems solutions. The Company also provides services relating to the maintenance and repair of its products, installation services and training. The Company’s primary served markets include semiconductor, industrial technologies, life and health sciences, and research and defense.

The Company’s Chief Operating Decision Maker (“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.

Reportable Segments

The Vacuum & Analysis segment provides a broad range of instruments, components and subsystems which are derived from the Company’s core competencies in 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 vacuum technology.

The Light & Motion segment provides a broad range of instruments, components and subsystems which are derived from the Company’s core competencies in lasers, photonics, optics, precision motion control and vibration control.

The Equipment & Solutions segment provides a range of products including laser-based systems for PCB manufacturing, which includes flexible interconnect PCB processing systems and high density interconnect solutions for rigid PCB manufacturing and substrate processing and multi-layer ceramic capacitor test systems.

The Company derives its segment results directly from the manner in which results are reported in its management reporting system. The accounting policies that the Company uses to derive reportable segment results are substantially the same as those used for external reporting purposes. The Company groups its similar products within its three reportable segments.

The following table sets forth net revenues by reportable segment:

	Three Months Ended March 31,
	2021		2020
Vacuum & Analysis	$	435.8	$	319.3
Light & Motion		182.0		165.4
Equipment & Solutions		76.1		51.0
	$	693.9	$	535.7

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

	Three Months Ended March 31,
	2021		2020
Gross profit by reportable segment:
Vacuum & Analysis	$	205.0	$	140.8
Light & Motion		82.1		75.6
Equipment & Solutions		35.0		23.2
Total gross profit by reportable segment		322.1		239.6
Operating expenses:
Research and development		47.2		42.4
Selling, general and administrative		95.9		87.2
Acquisition and integration costs		6.2		2.2
Restructuring and other		4.9		0.4
Amortization of intangible assets		12.4		16.3
Asset impairment		—		1.2
Income from operations		155.5		89.9
Interest income		0.2		0.7
Interest expense		6.4		8.9
Other expense, net		1.1		0.4
Income before income taxes		148.2		81.3
Provision for income taxes		25.9		12.2
Net income	$	122.3	$	69.1

The following table sets forth capital expenditures by reportable segment for the three months ended March 31, 2021 and 2020:

Capital expenditures:

Vacuum &

Analysis

Light &

Motion

Equipment &

Solutions

Total

Three Months Ended March 31, 2021

8.6

11.6

6.3

26.5

Three Months Ended March 31, 2020

4.1

4.0

1.9

10.0

The following table sets forth depreciation and amortization by reportable segment for the three months ended March 31, 2021 and 2020:

Depreciation and amortization:

Vacuum &

Analysis

Light &

Motion

Equipment &

Solutions

Total

Three Months Ended March 31, 2021

5.8

9.0

23.8

Three Months Ended March 31, 2020

4.9

13.4

10.1

28.4

Total income tax expense is not presented by reportable segment because the necessary information is not available nor used by the CODM.

The following table sets forth segment assets by reportable segment:

March 31, 2021	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Corporate, Eliminations & Other			Total
Segment assets:
Accounts receivable	$	247.4	$	132.9	$	61.5	$	(21.0	)	$	420.8
Inventory, net		290.5		157.4		69.9		(2.6	)		515.2
Total segment assets	$	537.9	$	290.3	$	131.4	$	(23.6	)	$	936.0

December 21, 2020	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Corporate, Eliminations & Other			Total
Segment assets:
Accounts receivable	$	229.1	$	122.6	$	51.7	$	(10.7	)	$	392.7
Inventory, net		273.3		166.1		63.7		(1.7	)		501.4
Total segment assets	$	502.4	$	288.7	$	115.4	$	(12.4	)	$	894.1

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

	March 31, 2021		December 31, 2020
Total segment assets	$	936.0	$	894.1
Cash and cash equivalents and short-term investments		909.5		836.0
Other current assets		77.0		74.3
Property, plant and equipment, net		297.0		284.3
Right-of-use asset		182.7		184.4
Goodwill and intangible assets, net		1,560.5		1,578.6
Other assets and long-term investments		55.2		52.1
Consolidated total assets	$	4,017.9	$	3,903.8

Geographic Area

Information about the Company’s operations by geographic area is presented in the tables below. Net revenues from unaffiliated customers are based on the location in which the sale originated. Intercompany sales between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues.

	Three Months Ended March 31,
	2021		2020
Net revenues:
United States	$	282.8	$	231.5
South Korea		97.9		76.0
China		81.3		49.7
Taiwan		59.4		25.3
Japan		48.0		40.0
Other Asia		70.1		58.9
Europe		54.4		54.3
	$	693.9	$	535.7

Long-lived assets:⁽¹⁾	March 31, 2021		December 31, 2020
United States	$	379.7	$	364.0
Europe		37.3		94.8
Asia		101.3		45.1
	$	518.3	$	503.9

⁽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.

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

	March 31, 2021		December 31, 2020
Reportable segment:
Vacuum & Analysis	$	195.7	$	196.2
Light & Motion		391.9		395.3
Equipment & Solutions		474.5		474.9
Total goodwill	$	1,062.1	$	1,066.4

Major Customers

The following customers represented greater than 10% of the Company’s net revenues as follows:

	Three Months Ended March 31,
	2021			2020
Lam Research Corporation		13	%		10	%
Applied Materials, Inc.		11	%		11	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Restructuring and Other

3 Months Ended

Mar. 31, 2021

Expense Of Restructuring Activities And Other [Abstract]

Restructuring and Other

17)	Restructuring and Other

Restructuring

The Company recorded restructuring charges of $2.8 during the three months ended March 31, 2021, primarily related to severance costs due to a global cost saving initiative.

The Company recorded restructuring charges of $0.2 during the three months ended March 31, 2020, primarily related to the closure of a facility in Europe.

Restructuring activities were as follows:

	Three Months Ended March 31,
	2021			2020
Beginning of period	$	0.3		$	3.7
Charged to expense		2.8			0.2
Payments and adjustments		(1.1	)		(1.0	)
End of period	$	2.0		$	2.9

Other

The Company recorded charges of $2.1 and $0.7 during the three months ended March 31, 2021 and 2020, respectively, related to duplicate facility costs.

The Company received an insurance reimbursement of $0.5 during the three months ended March 31, 2020 for costs recorded on a legal settlement from a contractual obligation assumed as part of the Newport Merger.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

18)	Commitments and Contingencies

In 2016, two putative class actions lawsuit captioned Dixon Chung v. Newport Corp., et al., Case No. A-16-733154-C, and Hubert C. Pincon v. Newport Corp., et al., Case No. A-16-734039-B, were filed in the District Court, Clark County, Nevada on behalf of a putative class of stockholders of Newport for claims related to the merger agreement (“Newport Merger Agreement”) between the Company, Newport, and a wholly-owned subsidiary of the Company (“Merger Sub”). The lawsuits named as defendants the Company, Newport, Merger Sub, and certain then current and former members of Newport’s board of directors. Both complaints alleged that Newport directors breached their fiduciary duties to Newport’s stockholders by agreeing to sell Newport through an inadequate and unfair process, which led to inadequate and unfair consideration, by agreeing to unfair deal protection devices and by omitting material information from the proxy statement. The complaints also alleged that the Company, Newport and Merger Sub aided and abetted the directors’ alleged breaches of their fiduciary duties. The District Court consolidated the actions, and plaintiffs later filed an amended complaint captioned In re Newport Corporation Shareholder Litigation, Case No. A-16-733154-B, in the District Court, Clark County, Nevada, on behalf of a putative class of Newport’s stockholders for claims related to the Newport Merger Agreement. The amended complaint alleged Newport’s former board of directors breached their fiduciary duties to Newport’s stockholders and that the Company, Newport and Merger Sub had aided and abetted these breaches and sought monetary damages, including pre- and post-judgment interest. In June 2017, the District Court granted defendants’ motion to dismiss and dismissed the amended complaint against all defendants but granted plaintiffs leave to amend.

On July 27, 2017, plaintiffs filed a second amended complaint containing substantially similar allegations but naming only Newport’s former directors as defendants. On August 8, 2017, the District Court dismissed the Company and Newport from the action. The second amended complaint seeks monetary damages, including pre- and post-judgment interest. The District Court granted a motion for class certification on September 27, 2018, appointing Mr. Pincon and Locals 302 and 612 of the International Union of Operating Engineers - Employers Construction Industry Retirement Trust as class representatives. On June 11, 2018, plaintiff Dixon Chung was voluntarily dismissed from the litigation. On August 9, 2019, plaintiffs filed a motion for leave to file a third amended complaint, which was denied on October 10, 2019. On August 23, 2019, defendants filed a motion for summary judgment. On January 23, 2020, the District Court entered its findings of fact, conclusions of law, and order granting defendants’ motion for summary judgment. On February 18, 2020, plaintiffs filed a notice of appeal from the District Court’s order granting defendants’ motion for summary judgment, as well as from the District Court’s prior orders granting defendants’ motion for a bench trial and denying plaintiffs’ motion for leave to file an amended complaint. On November 30, 2020, plaintiffs filed their opening brief in the Nevada Supreme Court in support of their appeal from the District Court’s orders. On January 29, 2021, defendants filed their answering brief, and on March 30, 2021, plaintiffs filed their reply brief. The Nevada Supreme Court has not yet reached a decision on the appeal.

The Company is also subject to various legal proceedings and claims that have arisen in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters, and the matters noted above, will not have a material adverse effect on the Company’s results of operations, financial condition or cash flows.

Recently Issued or Adopted Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Changes And Error Corrections [Abstract]

Recently Issued or Adopted Accounting Pronouncements

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Deferred Revenue and Customer Advances by Arrangement

A rollforward of the Company’s deferred revenue and customer advances is as follows:

	Three Months Ended			Three Months Ended
	March 31, 2021			March 31, 2020
Beginning balance, January 1⁽¹⁾	$	36.7		$	24.8
Additions to deferred revenue and customer advances		25.5			17.7
Amount of deferred revenue and customer advances recognized in income		(22.3	)		(17.1	)
Ending balance, March 31⁽²⁾	$	39.9		$	25.4

⁽¹⁾

Beginning deferred revenue and customer advances as of January 1, 2021 included $18.4 of current deferred revenue, $5.5 of long-term deferred revenue and $12.8 of current customer advances.

⁽²⁾

Ending deferred revenue and customer advances as of March 31, 2021 included $17.3 of current deferred revenue, $4.5 of long-term deferred revenue and $18.1 of current customer advances.

Summary of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers:

	Three Months Ended March 31, 2021
	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Total
Net revenues:
Products	$	379.2	$	165.0	$	60.8	$	605.0
Services		56.6		17.0		15.3		88.9
Total net revenues	$	435.8	$	182.0	$	76.1	$	693.9

	Three Months Ended March 31, 2020
	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Total
Net revenues:
Products	$	276.2	$	149.7	$	35.3	$	461.2
Services		43.1		15.7		15.7		74.5
Total net revenues	$	319.3	$	165.4	$	51.0	$	535.7

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Gross Unrealized Gains and (Losses) Aggregated by Investment Category

The following tables show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments:

As of March 31, 2021:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Short-term investments:
Available-for-sale investments:
Time deposits and certificates of deposit	$	12.8	$	—	$	—	$	12.8
Bankers' acceptance drafts		4.2		—		—		4.2
Commercial paper		60.9		—		—		60.9
U.S. treasury obligations		131.8		—		—		131.8
	$	209.7	$	—	$	—	$	209.7

As of March 31, 2021:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Long-term investments:
Available-for-sale investments:
Group insurance contracts	$	5.6	$	0.9	$	—	$	6.5

As of December 31, 2020:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Short-term investments:
Available-for-sale investments:
Time deposits and certificates of deposit	$	0.7	$	—	$	—	$	0.7
Bankers' acceptance drafts		3.8		—		—		3.8
U.S. treasury obligations		223.2		—		—		223.2
	$	227.7	$	—	$	—	$	227.7

As of December 31, 2020:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Long-term investments:
Available-for-sale investments:
Group insurance contracts	$	5.6	$	0.9	$	—	$	6.5

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities of the Company are measured at fair value on a recurring basis as of March 31, 2021 and are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	March 31, 2021		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	1.3	$	1.3	$	—	$	—
Commercial paper		57.2		—		57.2		—
U.S. treasury obligations		48.4		—		48.4		—
Available-for-sale investments:
Time deposits and certificates of deposit		12.8		—		12.8		—
Bankers' acceptance drafts		4.2		—		4.2		—
Commercial paper		60.9		—		60.9		—
U.S. treasury obligations		131.8		—		131.8		—
Group insurance contracts		6.5		—		6.5		—
Derivatives – foreign exchange forward contracts		2.2		—		2.2		—
Derivatives – interest rate hedge-non-current		5.1		—		5.1
Funds in investments and other assets:
Israeli pension assets		18.2		—		18.2		—
Deferred compensation plan assets:
Mutual funds and exchange traded funds		1.4		—		1.4		—
Total assets	$	350.0	$	1.3	$	348.7	$	—
Liabilities:
Derivatives – foreign exchange forward contracts	$	1.9	$	—	$	1.9	$	—
Derivatives – interest rate hedge - non-current		10.6		—		10.6		—
Total liabilities	$	12.5	$	—	$	12.5	$	—
Reported as follows:
Assets:
Cash and cash equivalents⁽¹⁾	$	106.9	$	1.3	$	105.6	$	—
Short-term investments		209.7		—		209.7		—
Other current assets		2.2		—		2.2		—
Total current assets	$	318.8	$	1.3	$	317.5	$	—
Long-term investments	$	6.5	$	—	$	6.5	$	—
Other assets		24.7		—		24.7		—
Total long-term assets	$	31.2	$	—	$	31.2	$	—
Liabilities:
Other current liabilities	$	1.9	$	—	$	1.9	$	—
Other liabilities	$	10.6	$	—	$	10.6	$	—

⁽¹⁾

The cash and cash equivalent amounts presented in the table above do not include cash of $592.9 as of March 31, 2021.

Assets and liabilities of the Company are measured at fair value on a recurring basis as of December 31, 2020 and are summarized as follows:

			Fair Value Measurements at Reporting Date Using
Description	December 31, 2020		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	1.3	$	1.3	$	—	$	—
Commercial paper		0.3	$	—		0.3		—
U.S. treasury obligations		62.1		—		62.1		—
Available-for-sale securities:
Time deposits and certificates of deposit		0.7		—		0.7		—
Bankers' acceptance drafts		3.8		—		3.8		—
U.S. treasury obligations		223.2		—		223.2		—
Group insurance contracts		6.5		—		6.5		—
Funds in investments and other assets:
Israeli pension assets		18.8		—		18.8		—
Deferred compensation plan assets:
Mutual funds and exchange traded funds		1.7		—		1.7		—
Total assets	$	318.4	$	1.3	$	317.1	$	—
Liabilities:
Derivatives – foreign exchange forward contracts	$	6.5	$	—	$	6.5	$	—
Derivatives – interest rate hedge - non-current		14.0		—		14.0		—
Total liabilities	$	20.5	$	—	$	20.5	$	—
Reported as follows:
Assets:
Cash and cash equivalents⁽¹⁾	$	63.7	$	1.3	$	62.4	$	—
Short-term investments		227.7		—		227.7		—
Total current assets	$	291.4	$	1.3	$	290.1	$	—
Long-term investments	$	6.5	$	—	$	6.5	$	—
Other assets		20.5		—		20.5		—
Total long-term assets	$	27.0	$	—	$	27.0	$	—
Liabilities:
Other current liabilities	$	6.5	$	—	$	6.5	$	—
Other liabilities	$	14.0	$	—	$	14.0	$	—

⁽¹⁾

The cash and cash equivalent amounts presented in the table above do not include cash of $544.6 as of December 31, 2020.

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Primary Net Hedging Positions and Corresponding Fair Values

The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of March 31, 2021 and December 31, 2020:

	March 31, 2021
Currency Hedged (Buy/Sell)	Gross Notional Value		Fair Value ⁽¹⁾
U.S. dollar/Japanese yen	$	58.7	$	1.6
U.S. dollar/South Korean won		58.2		(0.8	)
U.S. dollar/euro		12.8		(0.1	)
U.S. dollar/U.K. pound sterling		6.5		(0.2	)
U.S. dollar/Taiwan dollar		33.1		(0.2	)
Total	$	169.3	$	0.3

Summary of Various Interest Rate Hedges

The table below summarizes the various interest rate hedges entered into by the Company:

									March 31, 2021		March 31, 2021			December 31, 2020
Swap	Trade Date	Effective Date	Maturity	Fixed Rate			Notional Amount at Effective Date		Notional Amount		Fair Value Asset (Liability)			Fair Value Asset (Liability)
1	April 3, 2019	April 5, 2019	March 31, 2023		2.309	%	$	300.0	$	300.0		(10.6	)		(12.4	)
2	October 29, 2020	October 26, 2021	February 28, 2025		0.485	%	$	200.0	$	—		3.1			(0.7	)
3	October 29, 2020	March 31, 2022	February 28, 2025		0.623	%	$	100.0	$	—		2.0			(0.9	)
									Total		$	(5.5	)	$	(14.0	)

Summary of Fair Value Amounts of Company's Derivative Instruments

The following table provides a summary of the fair value amounts of the Company’s derivative instruments:

Derivatives Designated as Hedging Instruments	March 31, 2021			December 31, 2020
Derivative assets:
Foreign exchange forward contracts⁽¹⁾	$	2.2		$	—
Interest rate hedge⁽²⁾		5.1			—
Derivative liabilities:
Foreign exchange forward contracts⁽¹⁾		(1.9	)		(6.5	)
Interest rate hedge⁽²⁾		(10.6	)		(14.0	)
Total net derivative liability designated as hedging instruments	$	(5.2	)	$	(20.5	)

⁽¹⁾

⁽²⁾

Summary of Gain (Losses) on Derivatives Designated as Cash Flow Hedging Instruments

The following table provides a summary of the gains (losses) on derivatives designated as cash flow hedging instruments:

	Three Months Ended March 31,
Derivatives Designated as Cash Flow Hedging Instruments	2021			2020
Foreign exchange forward contracts:
Net gain (loss) recognized in accumulated OCI⁽¹⁾	$	11.0		$	(6.0	)
Net (loss) gain reclassified from accumulated OCI into income⁽²⁾	$	(1.5	)	$	0.7

⁽¹⁾

^{Net change in the fair value of the effective portion classified in accumulated OCI.}

⁽²⁾

Summary of (Loss) Gain on Derivatives Not Designated as Cash Flow Hedging Instruments

The following table provides a summary of the (loss) gain on derivatives not designated as cash flow hedging instruments:

	Three Months Ended March 31,
Derivatives Not Designated as Cash Flow Hedging Instruments	2021			2020
Foreign exchange forward contracts:
Net (loss) gain recognized in income⁽¹⁾	$	(0.8	)	$	0.2

⁽¹⁾

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consist of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	336.7	$	321.3
Work-in-process		78.4		76.7
Finished goods		100.1		103.4
	$	515.2	$	501.4

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Elements of Lease Payments

The elements of lease expense were as follows:

	Three Months Ended March 31,
	2021		2020
Lease cost:
Operating lease cost⁽¹⁾	$	7.7	$	7.3
Short-term lease		1.1		1.2
Total lease cost	$	8.8	$	8.5

⁽¹⁾

Operating lease cost includes an immaterial amount of variable expenses and sublease rental income.

Future Lease Payment Under Non-Cancelable Lease

Future lease payments under non-cancelable leases as of March 31, 2021 are detailed as follows:

2021 (remaining)	$	14.4
2022		22.0
2023		19.3
2024		18.1
2025		17.1
Thereafter		166.6
Total lease payments		257.5
Less: imputed interest		52.0
Total operating lease liabilities	$	205.5

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill and accumulated impairment loss during the three months ended March 31, 2021 and year ended December 31, 2020 were as follows:

	Three Months Ended March 31, 2021									Twelve Months Ended December 31, 2020
	Gross Carrying Amount			Accumulated Impairment Loss			Net			Gross Carrying Amount		Accumulated Impairment Loss			Net
Beginning balance at January 1	$	1,211.8		$	(145.4	)	$	1,066.4		$	1,202.8	$	(144.3	)	$	1,058.5
Impairment of goodwill⁽¹⁾		—			—			—			—		(1.1	)		(1.1	)
Foreign currency translation		(4.3	)		—			(4.3	)		9.0		—			9.0
Ending balance at March 31, 2021 and December 31, 2020	$	1,207.5		$	(145.4	)	$	1,062.1		$	1,211.8	$	(145.4	)	$	1,066.4

⁽¹⁾

^{During the twelve months ended December 31, 2020, the Company recorded $1.1 of goodwill impairment charges related to the pending closure of a facility in Europe.}

Intangible Assets

Components of the Company’s intangible assets are comprised of the following:

As of March 31, 2021:	Gross		Accumulated Impairment Charges			Accumulated Amortization			Foreign Currency Translation			Net
Completed technology	$	446.4	$	(0.1	)	$	(216.4	)	$	(0.1	)	$	229.8
Customer relationships		308.2		(1.4	)		(109.8	)		0.3			197.3
Patents, trademarks, trade names and other		120.9		—			(49.4	)		(0.2	)		71.3
	$	875.5	$	(1.5	)	$	(375.6	)	$	—		$	498.4

As of December 31, 2020:	Gross		Accumulated Impairment Charges			Accumulated Amortization			Foreign Currency Translation			Net
Completed technology	$	446.4	$	(0.1	)	$	(209.8	)	$	(0.1	)	$	236.4
Customer relationships		308.2		(1.4	)		(104.8	)		1.7			203.7
Patents, trademarks, trade names and other		120.9		—			(48.6	)		(0.2	)		72.1
	$	875.5	$	(1.5	)	$	(363.2	)	$	1.4		$	512.2

Estimated Net Amortization Expense

Aggregate net amortization expense related to acquired intangible assets for future years is as follows:

Year	Amount
2021 (remaining)	$	35.6
2022	$	45.5
2023	$	45.1
2024	$	44.2
2025	$	43.2
2026	$	132.8
Thereafter	$	96.1

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

	March 31, 2021		December 31, 2020
Short-term debt:
Japanese lines of credit	$	0.3	$	5.4
Japanese receivables financing facility		—		0.1
Term Loan Facility		9.0		9.0
	$	9.3	$	14.5

Schedule of Long-Term Debt

	March 31, 2021		December 31, 2020
Long-term debt:
Term Loan Facility, net⁽¹⁾	$	813.2	$	815.0
Other debt		0.1		—
	$	813.3	$	815.0

⁽¹⁾

Net of deferred financing fees, original issuance discount and repricing fees in the aggregate of $8.9 and $9.4 as of March 31, 2021 and December 31, 2020, respectively.

Schedule of Contractual Maturities of Debt Obligations

Contractual maturities of the Company’s debt obligations as of March 31, 2021 are as follows:

Year	Amount
2021 (remaining)	$	7.0
2022		9.0
2023		9.0
2024		9.0
2025		9.0
2026		9.0
Thereafter	$	779.5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Product Warranties (Tables)

3 Months Ended

Mar. 31, 2021

Guarantees And Product Warranties [Abstract]

Product Warranty Activities

Product warranty activities were as follows:

	Three Months Ended March 31,
	2021			2020
Beginning of period	$	18.4		$	14.9
Provision for product warranties		10.7			6.7
Direct and other charges to warranty liabilities		(7.5	)		(6.3	)
End of period⁽¹⁾	$	21.6		$	15.3

⁽¹⁾

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	122.3	$	69.1
Denominator:
Shares used in net income per common share – basic		55,275,000		54,918,000
Effect of dilutive securities		362,000		318,000
Shares used in net income per common share – diluted		55,637,000		55,236,000
Net income per common share:
Basic	$	2.21	$	1.26
Diluted	$	2.20	$	1.25

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Total Stock-Based Compensation Expense Included in Company's Condensed Consolidated Statements of Operations and Comprehensive Income

The total stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive income was as follows:

	Three Months Ended March 31,
	2021		2020
Cost of revenues	$	1.0	$	1.0
Research and development		1.1		1.1
Selling, general and administrative		7.9		5.9
Acquisition and integration costs		—		0.5
Total pre-tax stock-based compensation expense	$	10.0	$	8.5

Summary of Activity for RSUs

The following table presents the activity for RSUs under the 2014 Plan:

	Three Months Ended March 31, 2021
	Outstanding RSUs			Weighted Average Grant Date Fair Value
RSUs – beginning of period		606,085		$	93.26
Accrued dividend shares		79		$	153.00
Granted		101,668		$	170.60
Vested		(78,506	)	$	97.20
Forfeited		(7,381	)	$	102.00
RSUs – end of period		621,945		$	105.31

Stock Appreciation Rights (SARs) [Member]

Summary of Activity for SARs

The following table presents the activity for SARs under the 2014 Plan:

	Three Months Ended March 31, 2021
	Outstanding SARs			Weighted Average Grant Date Fair Value
SARs – beginning of period		51,589		$	30.64
Exercised		(15,921	)	$	29.92
SARs – end of period		35,668		$	30.96

Business Segment, Geographic Area, and Significant Customer Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Net Revenues, Assets and Goodwill by Reportable Segment

The following table sets forth net revenues by reportable segment:

	Three Months Ended March 31,
	2021		2020
Vacuum & Analysis	$	435.8	$	319.3
Light & Motion		182.0		165.4
Equipment & Solutions		76.1		51.0
	$	693.9	$	535.7

The following table sets forth segment assets by reportable segment:

March 31, 2021	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Corporate, Eliminations & Other			Total
Segment assets:
Accounts receivable	$	247.4	$	132.9	$	61.5	$	(21.0	)	$	420.8
Inventory, net		290.5		157.4		69.9		(2.6	)		515.2
Total segment assets	$	537.9	$	290.3	$	131.4	$	(23.6	)	$	936.0

December 21, 2020	Vacuum & Analysis		Light & Motion		Equipment & Solutions		Corporate, Eliminations & Other			Total
Segment assets:
Accounts receivable	$	229.1	$	122.6	$	51.7	$	(10.7	)	$	392.7
Inventory, net		273.3		166.1		63.7		(1.7	)		501.4
Total segment assets	$	502.4	$	288.7	$	115.4	$	(12.4	)	$	894.1

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

	March 31, 2021		December 31, 2020
Reportable segment:
Vacuum & Analysis	$	195.7	$	196.2
Light & Motion		391.9		395.3
Equipment & Solutions		474.5		474.9
Total goodwill	$	1,062.1	$	1,066.4

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 March 31,
	2021		2020
Gross profit by reportable segment:
Vacuum & Analysis	$	205.0	$	140.8
Light & Motion		82.1		75.6
Equipment & Solutions		35.0		23.2
Total gross profit by reportable segment		322.1		239.6
Operating expenses:
Research and development		47.2		42.4
Selling, general and administrative		95.9		87.2
Acquisition and integration costs		6.2		2.2
Restructuring and other		4.9		0.4
Amortization of intangible assets		12.4		16.3
Asset impairment		—		1.2
Income from operations		155.5		89.9
Interest income		0.2		0.7
Interest expense		6.4		8.9
Other expense, net		1.1		0.4
Income before income taxes		148.2		81.3
Provision for income taxes		25.9		12.2
Net income	$	122.3	$	69.1

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 months ended March 31, 2021 and 2020:

Capital expenditures:

Vacuum &

Analysis

Light &

Motion

Equipment &

Solutions

Total

Three Months Ended March 31, 2021

8.6

11.6

6.3

26.5

Three Months Ended March 31, 2020

4.1

4.0

1.9

10.0

The following table sets forth depreciation and amortization by reportable segment for the three months ended March 31, 2021 and 2020:

Depreciation and amortization:

Vacuum &

Analysis

Light &

Motion

Equipment &

Solutions

Total

Three Months Ended March 31, 2021

5.8

9.0

23.8

Three Months Ended March 31, 2020

4.9

13.4

10.1

28.4

Reconciliation of Segment Assets to Consolidated Total Assets

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

	March 31, 2021		December 31, 2020
Total segment assets	$	936.0	$	894.1
Cash and cash equivalents and short-term investments		909.5		836.0
Other current assets		77.0		74.3
Property, plant and equipment, net		297.0		284.3
Right-of-use asset		182.7		184.4
Goodwill and intangible assets, net		1,560.5		1,578.6
Other assets and long-term investments		55.2		52.1
Consolidated total assets	$	4,017.9	$	3,903.8

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.

	Three Months Ended March 31,
	2021		2020
Net revenues:
United States	$	282.8	$	231.5
South Korea		97.9		76.0
China		81.3		49.7
Taiwan		59.4		25.3
Japan		48.0		40.0
Other Asia		70.1		58.9
Europe		54.4		54.3
	$	693.9	$	535.7

Long-lived assets:⁽¹⁾	March 31, 2021		December 31, 2020
United States	$	379.7	$	364.0
Europe		37.3		94.8
Asia		101.3		45.1
	$	518.3	$	503.9

⁽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.

Summary of Net Revenues by Major Customers

The following customers represented greater than 10% of the Company’s net revenues as follows:

	Three Months Ended March 31,
	2021			2020
Lam Research Corporation		13	%		10	%
Applied Materials, Inc.		11	%		11	%

Restructuring and Other (Tables)

3 Months Ended

Mar. 31, 2021

Expense Of Restructuring Activities And Other [Abstract]

Schedule of Company's Restructuring Activity

Restructuring activities were as follows:

	Three Months Ended March 31,
	2021			2020
Beginning of period	$	0.3		$	3.7
Charged to expense		2.8			0.2
Payments and adjustments		(1.1	)		(1.0	)
End of period	$	2.0		$	2.9

Recently Issued or Adopted Accounting Pronouncements - Additional Information (Detail) - Accounting Standards Update 2019-12 [Member]	Mar. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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-Name Accounting Standards Codification
-Topic 926
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-Section 65
-Paragraph 2
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=120240428&loc=SL120254526-165497

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 65
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-Subparagraph (c)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 718
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120254519-210437

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (a)

+ Details

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounting Standards Codification Topic 606 adjustment [Member]
Change in Contract with Customer, Liability [Line Items]
Contract assets	$ 3.5	$ 3.7

Revenue from Contracts with Customers - Schedule of Deferred Revenue and Customer Advances by Arrangement (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Change In Contract With Customer Liability [Abstract]
Beginning balance, January 1	$ 36.7	$ 24.8
Additions to deferred revenue and customer advances	25.5	17.7
Amount of deferred revenue and customer advances recognized in income	(22.3)	(17.1)
Ending balance, March 31	$ 39.9	$ 25.4

Revenue from Contracts with Customers - Schedule of Deferred Revenue and Customer Advances by Arrangement (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Change in Contract with Customer, Liability [Line Items]
Long-term deferred revenue	$ 4.5	$ 5.5
Deferred revenue and customer advances	35.4		$ 31.2
Deferred Revenue [Member]
Change in Contract with Customer, Liability [Line Items]
Deferred revenue and customer advances	17.3	18.4
Customer Advances [Member]
Change in Contract with Customer, Liability [Line Items]
Deferred revenue and customer advances	$ 18.1	$ 12.8

Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 693.9	$ 535.7
Products [Member]
Disaggregation of Revenue [Line Items]
Net revenues	605.0	461.2
Services [Member]
Disaggregation of Revenue [Line Items]
Net revenues	88.9	74.5
Vacuum & Analysis [Member]
Disaggregation of Revenue [Line Items]
Net revenues	435.8	319.3
Vacuum & Analysis [Member] \| Products [Member]
Disaggregation of Revenue [Line Items]
Net revenues	379.2	276.2
Vacuum & Analysis [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Net revenues	56.6	43.1
Light & Motion [Member]
Disaggregation of Revenue [Line Items]
Net revenues	182.0	165.4
Light & Motion [Member] \| Products [Member]
Disaggregation of Revenue [Line Items]
Net revenues	165.0	149.7
Light & Motion [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Net revenues	17.0	15.7
Equipment & Solutions [Member]
Disaggregation of Revenue [Line Items]
Net revenues	76.1	51.0
Equipment & Solutions [Member] \| Products [Member]
Disaggregation of Revenue [Line Items]
Net revenues	60.8	35.3
Equipment & Solutions [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Net revenues	$ 15.3	$ 15.7

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Investments - Gross Unrealized Gains and (Losses) Aggregated by Investment Category (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Investments, Cost	$ 209.7	$ 227.7
Investments, Estimated Fair Value	209.7	227.7
Time Deposits and Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments, Cost	12.8	0.7
Investments, Estimated Fair Value	12.8	0.7
Bankers' Acceptance Drafts [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments, Cost	4.2	3.8
Investments, Estimated Fair Value	4.2	3.8
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments, Cost	60.9
Investments, Estimated Fair Value	60.9
U.S. Treasury Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments, Cost	131.8	223.2
Investments, Estimated Fair Value	131.8	223.2
Group Insurance Contracts [Member] \| Long Term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments, Cost	5.6	5.6
Investments, Gross Unrealized Gains	0.9	0.9
Investments, Estimated Fair Value	$ 6.5	$ 6.5

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	$ 209.7	$ 227.7
Short-term investments	209.7	227.7
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	60.9
Other Current Liabilities [Member] \| Foreign Exchange Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities – foreign exchange forward contracts	1.9	6.5
Fair Value Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	106.9	63.7
Total assets	350.0	318.4
Total liabilities	12.5	20.5
Short-term investments	209.7	227.7
Other current assets	2.2
Total current assets	318.8	291.4
Long-term investments	6.5	6.5
Other assets	24.7	20.5
Total long-term assets	31.2	27.0
Fair Value Measurements, Recurring [Member] \| Foreign Exchange Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets – foreign exchange forward contracts	2.2
Derivatives liabilities – foreign exchange forward contracts	1.9	6.5
Fair Value Measurements, Recurring [Member] \| Interest Rate Hedge [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets – interest rate hedge-non-current	5.1
Derivatives liabilities – interest rate hedge - non-current	10.6	14.0
Fair Value Measurements, Recurring [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	57.2	0.3
Available-for-sale investments	60.9
Fair Value Measurements, Recurring [Member] \| Group Insurance Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	6.5	6.5
Fair Value Measurements, Recurring [Member] \| Israeli Pension Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pension assets	18.2	18.8
Fair Value Measurements, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1.3	1.3
Fair Value Measurements, Recurring [Member] \| U.S. Treasury Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	48.4	62.1
Available-for-sale investments	131.8	223.2
Fair Value Measurements, Recurring [Member] \| Time Deposits and Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	12.8	0.7
Fair Value Measurements, Recurring [Member] \| Bankers' Acceptance Drafts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	4.2	3.8
Fair Value Measurements, Recurring [Member] \| Mutual Funds and Exchange Traded Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	1.4	1.7
Fair Value Measurements, Recurring [Member] \| Other Current Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1.9	6.5
Fair Value Measurements, Recurring [Member] \| Other Noncurrent Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	10.6	14.0
Fair Value Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1.3	1.3
Total assets	1.3	1.3
Total current assets	1.3	1.3
Fair Value Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1.3	1.3
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	105.6	62.4
Total assets	348.7	317.1
Total liabilities	12.5	20.5
Short-term investments	209.7	227.7
Other current assets	2.2
Total current assets	317.5	290.1
Long-term investments	6.5	6.5
Other assets	24.7	20.5
Total long-term assets	31.2	27.0
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Foreign Exchange Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets – foreign exchange forward contracts	2.2
Derivatives liabilities – foreign exchange forward contracts	1.9	6.5
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Interest Rate Hedge [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets – interest rate hedge-non-current	5.1
Derivatives liabilities – interest rate hedge - non-current	10.6	14.0
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	57.2	0.3
Available-for-sale investments	60.9
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Group Insurance Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	6.5	6.5
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Israeli Pension Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Pension assets	18.2	18.8
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. Treasury Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	48.4	62.1
Available-for-sale investments	131.8	223.2
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Time Deposits and Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	12.8	0.7
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Bankers' Acceptance Drafts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments	4.2	3.8
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Mutual Funds and Exchange Traded Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	1.4	1.7
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Other Current Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	1.9	6.5
Fair Value Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Other Noncurrent Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	$ 10.6	$ 14.0

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Cash/Non-negotiable time deposits-not subject to fair value disclosure requirements	$ 592.9	$ 544.6

Derivatives - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum period for hedging a portion of forecasted foreign currency denominated intercompany sales of inventory	18 months
Accumulated other comprehensive income realization period	12 months
Foreign Exchange Forward Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross notional values of outstanding forward foreign exchange contracts	$ 169.3	$ 176.2

Derivatives - Summary of Primary Net Hedging Positions and Corresponding Fair Values (Detail) - Foreign Exchange Forward Contracts [Member] - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Currency Hedged (Buy/Sell), Gross Notional Value, Net	$ 169.3	$ 176.2
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net	0.3	(6.5)
U.S. Dollar/Japanese Yen [Member]
Derivative [Line Items]
Currency Hedged (Buy/Sell), Gross Notional Value, Net	58.7	61.5
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net	1.6	(1.1)
U.S. Dollar/South Korean Won [Member]
Derivative [Line Items]
Currency Hedged (Buy/Sell), Gross Notional Value, Net	58.2	62.2
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net	(0.8)	(3.1)
U.S. Dollar/Euro [Member]
Derivative [Line Items]
Currency Hedged (Buy/Sell), Gross Notional Value, Net	12.8	13.1
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net	(0.1)	(0.6)
U.S. Dollar/U.K. Pound Sterling [Member]
Derivative [Line Items]
Currency Hedged (Buy/Sell), Gross Notional Value, Net	6.5	6.1
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net	(0.2)	(0.3)
U.S. Dollar/Taiwan Dollar [Member]
Derivative [Line Items]
Currency Hedged (Buy/Sell), Gross Notional Value, Net	33.1	33.3
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net	$ (0.2)	$ (1.4)

Derivatives - Summary of Various Interest Rate Hedges (Detail) - Incremental Term Loan Facility [Member] - Interest Rate Hedge [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair Value Asset (Liability)	$ (5.5)	$ (14.0)
Swap Agreement One [Member]
Derivative [Line Items]
Trade Date	Apr. 03, 2019
Effective Date	Apr. 05, 2019
Maturity	Mar. 31, 2023
Fixed Rate	2.309%
Notional Amount at Effective Date	$ 300.0
Fair Value Asset (Liability)	$ (10.6)	(12.4)
Swap Agreement Two [Member]
Derivative [Line Items]
Trade Date	Oct. 29, 2020
Effective Date	Oct. 26, 2021
Maturity	Feb. 28, 2025
Fixed Rate	0.485%
Notional Amount at Effective Date	$ 200.0
Fair Value Asset (Liability)	$ 3.1	(0.7)
Swap Agreement Three [Member]
Derivative [Line Items]
Trade Date	Oct. 29, 2020
Effective Date	Mar. 31, 2022
Maturity	Feb. 28, 2025
Fixed Rate	0.623%
Notional Amount at Effective Date	$ 100.0
Fair Value Asset (Liability)	$ 2.0	$ (0.9)

Derivatives - Summary of Fair Value Amounts of Company's Derivative Instruments (Detail) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total net derivative liability designated as hedging instruments	$ (5.2)	$ (20.5)
Foreign Exchange Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2.2
Derivative liabilities	(1.9)	(6.5)
Interest Rate Hedge [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	5.1
Derivative liabilities	$ (10.6)	$ (14.0)

Derivatives - Summary of Fair Value Amounts of Company's Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other Current Assets [Member] \| Foreign Exchange Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Forward foreign exchange contract derivative assets	$ 2.2
Other Current Liabilities [Member] \| Foreign Exchange Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Forward foreign exchange contract derivative liabilities	1.9	$ 6.5
Other Non-current Assets [Member] \| Interest Rate Hedge [Member]
Derivatives, Fair Value [Line Items]
Interest rate hedge derivative assets	5.1
Other Noncurrent Liabilities [Member] \| Interest Rate Hedge [Member]
Derivatives, Fair Value [Line Items]
Interest rate hedge liabilities	$ 10.6	$ 14.0

Derivatives - Summary of Gain (Losses) on Derivatives Designated as Cash Flow Hedging Instruments (Detail) - Cash Flow Hedging [Member] - Foreign Exchange Forward Contracts [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) recognized in accumulated OCI	$ 11.0	$ (6.0)
Net (loss) gain reclassified from accumulated OCI into income	$ (1.5)	$ 0.7

Derivatives - Summary of (Loss) Gain on Derivatives Not Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign Exchange Contracts [Member]
Derivative Instruments Gain Loss Not Designated As Hedging Instruments [Line Items]
Net (loss) gain recognized in income	$ (0.8)	$ 0.2

Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 336.7	$ 321.3
Work-in-process	78.4	76.7
Finished goods	100.1	103.4
Inventories	$ 515.2	$ 501.4

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Line Items]
Lessee, operating leases, option to extend	Leases with renewal options allow the Company to extend the lease term typically between 1 to 10 years
Lessee, operating lease, existence of option to extend [true false]	true
Lessee, operating lease, option to terminate	real estate lease agreements include Company options to either extend and/or terminate the lease
Lessee, operating lease, existence of option to terminate [true false]	true
Weighted average discount rate	2.90%	3.20%
Weighted average remaining lease term	14 years 9 months 18 days	13 years 6 months
Operating cash flows used for operating leases	$ 3.8	$ 5.1
Tenant Improvements allowance receipts	2.8
Remaining 2021 lease payment	14.4
Tenant improvement allowance for 2021	$ 3.6
Minimum [Member]
Leases [Line Items]
Operating leases, options to extend leases term	1 year
Maximum [Member]
Leases [Line Items]
Operating leases, options to extend leases term	10 years

Leases - Lease expense (Detail) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Lease cost:

Operating lease cost

^[1]

$ 7.7

$ 7.3

Short-term lease

1.1

1.2

Total lease cost

$ 8.8

$ 8.5

[1]	Operating lease cost includes an immaterial amount of variable expenses and sublease rental income.

Leases - Schedule of Future Lease Payments (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Leases [Abstract]
2021 (remaining)	$ 14.4
2022	22.0
2023	19.3
2024	18.1
2025	17.1
Thereafter	166.6
Total lease payments	257.5
Less: imputed interest	52.0
Total operating lease liabilities	$ 205.5

Goodwill and Intangible Assets - Goodwill (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance, Goodwill Gross Carrying Amount	$ 1,211.8	$ 1,202.8
Foreign currency translation, Gross Carrying Amount	(4.3)	9.0
Ending balance, Goodwill Gross Carrying Amount	1,207.5	1,211.8
Beginning balance, Accumulated Impairment Loss	(145.4)	(144.3)
Impairment of goodwill, Accumulated Impairment Loss		(1.1)
Ending balance, Accumulated Impairment Loss	(145.4)	(145.4)
Beginning balance, Goodwill Net	1,066.4	1,058.5
Foreign currency translation, Net	(4.3)	9.0
Ending balance, Goodwill Net	$ 1,062.1	$ 1,066.4

Goodwill and Intangible Assets - Goodwill (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment charges related to pending closure of facility in Europe	$ 1.1

Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	$ 875.5	$ 875.5
Accumulated Impairment Charges	(1.5)	(1.5)
Accumulated Amortization	(375.6)	(363.2)
Foreign Currency Translation		1.4
Intangible assets, net	498.4	512.2
Completed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	446.4	446.4
Accumulated Impairment Charges	(0.1)	(0.1)
Accumulated Amortization	(216.4)	(209.8)
Foreign Currency Translation	(0.1)	(0.1)
Intangible assets, net	229.8	236.4
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	308.2	308.2
Accumulated Impairment Charges	(1.4)	(1.4)
Accumulated Amortization	(109.8)	(104.8)
Foreign Currency Translation	0.3	1.7
Intangible assets, net	197.3	203.7
Patents, Trademarks, Trade Names and Other [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	120.9	120.9
Accumulated Amortization	(49.4)	(48.6)
Foreign Currency Translation	(0.2)	(0.2)
Intangible assets, net	$ 71.3	$ 72.1

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill And Intangible Assets [Line Items]
Amortization of intangible assets	$ 12.4	$ 16.3
Trademarks and trade names [member]
Goodwill And Intangible Assets [Line Items]
Un-amortized Intangible assets, net	$ 55.9

Goodwill and Intangible Assets - Estimated Net Amortization Expense (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (remaining)	$ 35.6
2022	45.5
2023	45.1
2024	44.2
2025	43.2
2026	132.8
Thereafter	$ 96.1

Debt - Senior Secured Term Loan Credit Facility - Additional Information (Detail) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Sep. 27, 2019	Feb. 01, 2019	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt instrument, prepaid principal amount			$ 575.0
2016 Term Loan Facility [Member] \| Repricing Amendment [Member] \| LIBOR [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			4.00%
2016 Term Loan Facility [Member] \| Repricing Amendment [Member] \| LIBOR [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			1.75%
2016 Term Loan Facility [Member] \| Repricing Amendment [Member] \| LIBOR Floor Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			0.75%
2016 Term Loan Facility [Member] \| Incremental Term Loan Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			2.00%	1.75%
LIBOR floor rate			1.00%	0.75%
Newport Corporation [Member] \| Secured Debt [Member] \| Floor Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			0.00%
Newport Corporation [Member] \| Secured Debt [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			0.75%
Newport Corporation [Member] \| 2016 Term Loan Facility [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Secured term loan, face amount			$ 780.0
Term loan maturity date			Apr. 29, 2023
Debt instrument, interest rate terms			borrowings under the Term Loan Facility bear interest per annum at one of the following rates selected by the Company: (a) a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the “prime rate” quoted in The Wall Street Journal, (3) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00%, and (4) a floor of 1.75%, plus, in each case, an applicable margin; or (b) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, subject to a LIBOR rate floor of 0.0%, plus an applicable margin. The Company has elected the interest rate as described in clause (b) of the foregoing sentence. The Term Loan Credit Agreement provides that, unless an alternate rate of interest is agreed, all loans will be determined by reference to the base rate if the LIBOR rate cannot be ascertained, if regulators impose material restrictions on the authority of a lender to make LIBOR rate loans, or for other reasons. The 2016 Term Loan Facility was issued with original issue discount of 1.00% of the principal amount thereof.
Debt instrument, interest rate			0.00%
Debt instrument, issue discount percentage on principal			1.00%
Deferred finance fees, original issue discount and re-pricing fee, gross			$ 28.7
Newport Corporation [Member] \| 2016 Term Loan Facility [Member] \| Secured Debt [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			0.50%
Newport Corporation [Member] \| 2016 Term Loan Facility [Member] \| Secured Debt [Member] \| Adjusted One Month LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			1.00%
Newport Corporation [Member] \| 2016 Term Loan Facility [Member] \| Secured Debt [Member] \| Floor Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			1.75%
Newport Corporation [Member] \| 2016 Term Loan Facility [Member] \| Incremental Term Loan Facility [Member]
Debt Instrument [Line Items]
Deferred finance fees, original issue discount and re-pricing fee, gross			$ 11.4
Newport Corporation [Member] \| Incremental Term Loan Facility [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms			The 2019 Term Loan Refinancing Facility matures on February 2, 2026, and bears interest at a rate per annum equal to, at the Company’s option, a base rate or LIBOR rate (as described above) plus, in each case, an applicable margin equal to 0.75% with respect to base rate borrowings and 1.75% with respect to LIBOR borrowings. The 2019 Term Loan Refinancing Facility was issued with original issue discount of 0.25% of the principal amount thereof.
Debt instrument, prepaid principal amount	$ 50.0
Newport Corporation [Member] \| Incremental Term Loan Facility [Member] \| Secured Debt Repricing Amendment 1 [Member]
Debt Instrument [Line Items]
Secured term loan, face amount			$ 831.1
Term loan maturity date			Feb. 02, 2026
Debt instrument, interest rate			1.90%
Debt instrument, prepaid principal amount			$ 23.9
Debt instrument, frequency of periodic payment			quarterly
Debt instrument, periodic payment percentage			0.25%
Newport Corporation [Member] \| 2019 Term Loan Refinancing Facility [Member]
Debt Instrument [Line Items]
Deferred finance fees, original issue discount and re-pricing fee, gross			$ 8.9		$ 2.2
Newport Corporation [Member] \| 2019 Term Loan Refinancing Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			1.75%
Newport Corporation [Member] \| 2019 Term Loan Refinancing Facility [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Secured term loan, face amount	$ 896.8
Term loan maturity date			Feb. 02, 2026
Debt instrument, issue discount percentage on principal			0.25%
Electro Scientific Industries Inc [Member] \| Incremental Term Loan Facility [Member] \| Definitive Merger Agreement [Member]
Debt Instrument [Line Items]
Term loan maturity date		Feb. 01, 2026
Debt instrument, interest rate terms		Prior to the effectiveness of Amendment No. 6 (as defined below), the 2019 Incremental Term Loan Facility had a maturity date of February 1, 2026 and bore interest at a rate per annum equal to, at the Company’s option, a base rate or LIBOR rate (as described above) plus, in each case, an applicable margin equal to 1.25% with respect to base rate borrowings and 2.25% with respect to LIBOR borrowings.
Debt instrument, issue discount percentage on principal		1.00%
Electro Scientific Industries Inc [Member] \| Incremental Term Loan Facility [Member] \| Maximum [Member] \| Definitive Merger Agreement [Member]
Debt Instrument [Line Items]
Business acquisition, term loan debt financing		$ 650.0
Electro Scientific Industries Inc [Member] \| Incremental Term Loan Facility [Member] \| LIBOR [Member] \| Definitive Merger Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		2.25%
Electro Scientific Industries Inc [Member] \| Incremental Term Loan Facility [Member] \| Base Rate [Member] \| Definitive Merger Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1.25%

Debt - Senior Secured Asset-Based Revolving Credit Facility - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Percentage of commitment amount available	10.00%
Availability under credit facility	$ 8,500,000
Number of consecutive business days for borrowing base	30 days
Asset Based Credit Agreement [Member]
Debt Instrument [Line Items]
Percentage of commitment amount available	10.00%
Availability under credit facility	$ 8,500,000
Number of consecutive business days for borrowing base	3 days
Electro Scientific Industries Inc [Member] \| Asset Based Credit Agreement [Member] \| Revolving Lines of Credit [Member]
Debt Instrument [Line Items]
Secured term loan, face amount	$ 100,000,000.0
Electro Scientific Industries Inc [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Percentage of borrowing based on eligible accounts	85.00%
Percentage of borrowing based on lower of net book value of eligible inventory	20.00%
Percentage of borrowing base	30.00%
Percentage of borrowing based on lower of cost or market value of certain eligible inventory	65.00%
Percentage of borrowing based on net orderly liquidation value of certain eligible inventory	85.00%
Electro Scientific Industries Inc [Member] \| Asset Based Credit Agreement [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity in the form of letters of credit	$ 25,000,000.0
Newport Corporation [Member] \| Secured Debt [Member] \| Floor Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	0.00%
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Revolving Lines of Credit [Member]
Debt Instrument [Line Items]
Clause to accelerate the scheduled maturities	Under the ABL Facility, we are required to prepay amounts outstanding under the ABL Facility (1) if amounts outstanding under the ABL Facility exceed the lesser of (a) the commitment amount and (b) the borrowing base, in an amount required to reduce such shortfall, (2) if amounts outstanding under the ABL Facility in any currency other than U.S. dollars exceed the sublimit for such currency, in an amount required to reduce such shortfall, and (3) during any period in which we have excess availability less than the greater of (a) 10.0% of the lesser of (x) the commitment amount and (y) the borrowing base and (b) $8.5 for 3 consecutive business days, until the time when we have excess availability equal to or greater than the greater of (A) 10.0% of the lesser of (i) the commitment amount and (ii) the borrowing base and (B) $8.5 for 30 consecutive days, or during the continuance of an event of default, with immediately available funds in its blocked accounts
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%
Debt instrument, interest rate terms	Borrowings under the ABL Facility bear interest at a rate per annum equal to, at the Company’s option, any of the following, plus, in each case, an applicable margin: (a) a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the “prime rate” quoted in The Wall Street Journal, (3) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00% and (4) a floor of 0.00%; and (b) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, with a floor of 0.00%. The initial applicable margin for borrowings under the ABL Facility is 0.50% with respect to base rate borrowings and 1.50% with respect to LIBOR borrowings. Commencing with the completion of the first fiscal quarter ending after the closing of the ABL Facility, the applicable margin for borrowings thereunder is subject to upward or downward adjustment each fiscal quarter, based on the average historical excess availability during the preceding quarter.
Initial commitment fee percentage	0.25%
Number of consecutive business days for borrowing base	30 days
Debt instrument, collateral	All obligations under the ABL Facility are guaranteed by certain of the Company’s domestic subsidiaries and are collateralized by substantially all of the Company’s assets and the assets of such subsidiaries, subject to certain exceptions and exclusions
Clause to maintain a Fixed Charge Coverage Ratio	From the time when the Company has excess availability less than the greater of (a) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base and (b) $8.5 until the time when the Company has excess availability equal to or greater than the greater of (a) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base and (b) $8.5 for 30 consecutive days, or during the continuance of an event of default, the ABL Credit Agreement requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) tested on the last day of each fiscal quarter of at least 1.0 to 1.0.
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of line of credit facility excess availability commitment fee	10.00%
Line of credit facility excess availability amount	$ 8,500,000
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of line of credit facility excess availability commitment fee	10.00%
Line of credit facility excess availability amount	$ 8,500,000
Fixed charge coverage ratio	1.0
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member] \| Adjusted One Month LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member] \| Floor Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	0.00%
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	0.50%
Newport Corporation [Member] \| Asset Based Credit Agreement [Member] \| Secured Debt [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%

Debt - Lines of Credit and Borrowing Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense	$ 6,400,000	$ 8,900,000
Revolving Lines of Credit [Member] \| Japan [Member]
Debt Instrument [Line Items]
Aggregate borrowings expire and renewal period	3 months
Borrowing capacity in the form of letters of credit	$ 30,400,000
Total borrowings outstanding	$ 300,000		$ 5,500,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Schedule of Short-Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Short Term Debt [Line Items]
Short term debt	$ 9.3	$ 14.5
Term Loan Facility [Member]
Short Term Debt [Line Items]
Short term debt	9.0	9.0
Japan [Member]
Short Term Debt [Line Items]
Short term debt	$ 0.3	5.4
Japan [Member] \| Financing Facility [Member]
Short Term Debt [Line Items]
Short term debt		$ 0.1

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long term debt	$ 813.3	$ 815.0
Other debt	0.1
Term Loan Facility, Net [Member]
Debt Instrument [Line Items]
Long term debt	$ 813.2	$ 815.0

Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Term Loan Facility, Net [Member]
Debt Instrument [Line Items]
Deferred financing fees, original issuance discount and repricing fees	$ 8.9	$ 9.4

Debt - Schedule of Contractual Maturities of Debt Obligations (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Maturities Of Long Term Debt [Abstract]
2021 (remaining)	$ 7.0
2022	9.0
2023	9.0
2024	9.0
2025	9.0
2026	9.0
Thereafter	$ 779.5

Product Warranties - Product Warranty Activities (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Guarantees [Abstract]
Beginning of period	$ 18.4	$ 14.9
Provision for product warranties	10.7	6.7
Direct and other charges to warranty liabilities	(7.5)	(6.3)
End of period	$ 21.6	$ 15.3

Product Warranties - Product Warranty Activities (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Other Current Liabilities [Member]
Product Warranty Liability [Line Items]
Short-term product warranties	$ 18.4	$ 12.2
Other Noncurrent Liabilities [Member]
Product Warranty Liability [Line Items]
Long-term product warranties	$ 3.2	$ 3.1

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	17.50%	15.00%
Amount of gross unrecognized tax benefits excluding interest and penalties	$ 46.5		$ 47.0
Accrued interest on unrecognized tax benefits	0.7		$ 0.7
Net unrecognized tax benefits, excluding interest and penalties, related to foreign tax positions	$ 4.0

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 122.3	$ 69.1
Denominator:
Shares used in net income per common share – basic	55,275,000	54,918,000
Effect of dilutive securities	362,000	318,000
Shares used in net income per common share – diluted	55,637,000	55,236,000
Net income per common share:
Basic	$ 2.21	$ 1.26
Diluted	$ 2.20	$ 1.25

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Name Accounting Standards Codification
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted Stock Units (RSUs) [Member]
Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted earnings per share	0	36,100

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense Included in Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total pre-tax stock-based compensation expense	$ 10.0	$ 8.5
Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total pre-tax stock-based compensation expense	1.0	1.0
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total pre-tax stock-based compensation expense	1.1	1.1
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total pre-tax stock-based compensation expense	$ 7.9	5.9
Acquisition and Integration Costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total pre-tax stock-based compensation expense		$ 0.5

Stock-Based Compensation - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Compensation Related Costs [Abstract]
Total compensation expense related to unvested stock-based awards granted to employees, officers and directors	$ 36.7

Stock-Based Compensation - Summary of Activity for RSUs (Detail) - Stock Incentive Plan 2014 [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs/SARs, beginning of period \| shares	606,085
Granted \| shares	101,668
Vested \| shares	(78,506)
Forfeited \| shares	(7,381)
RSUs/SARs, end of period \| shares	621,945
RSUs/SARs, Weighted Average Grant Date Fair Value, Beginning of period \| $ / shares	$ 93.26
Weighted Average Grant Date Fair Value, Granted \| $ / shares	170.60
Weighted Average Grant Date Fair Value, Vested \| $ / shares	97.20
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	102.00
RSUs/SARs, Weighted Average Grant Date Fair Value, end of period \| $ / shares	$ 105.31
Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued dividend shares \| shares	79
Weighted Average Grant Date Fair Value, Accrued dividend shares \| $ / shares	$ 153.00

Stock-Based Compensation - Summary of Activity for SARs (Detail) - Stock Incentive Plan 2014 [Member] - Stock Appreciation Rights (SARs) [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs/SARs, beginning of period \| shares	51,589
Exercised, Outstanding SARs \| shares	(15,921)
RSUs/SARs, end of period \| shares	35,668
RSUs/SARs, Weighted Average Grant Date Fair Value, Beginning of period \| $ / shares	$ 30.64
Exercised, Weighted Average Grant Date Fair Value \| $ / shares	29.92
RSUs/SARs, Weighted Average Grant Date Fair Value, end of period \| $ / shares	$ 30.96

Stockholders' Equity - Additional Information (Detail) - USD ($)		3 Months Ended
	Jul. 25, 2011	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Common stock, value of shares authorized to repurchase	$ 200,000,000
Stock repurchase, shares	2,588,000	0	0
Value of shares repurchased	$ 127,000,000
Cash dividends per common share		$ 0.20	$ 0.20
Dividend payment to common shareholders		$ 11,100,000	$ 11,000,000.0

Business Segment, Geographic Area, and Significant Customer Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Business Segment, Geographic Area, and Significant Customer Information - Net Revenues by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 693.9	$ 535.7
Vacuum & Analysis [Member]
Segment Reporting Information [Line Items]
Net revenues	435.8	319.3
Light & Motion [Member]
Segment Reporting Information [Line Items]
Net revenues	182.0	165.4
Equipment & Solutions [Member]
Segment Reporting Information [Line Items]
Net revenues	$ 76.1	$ 51.0

- Definition

+ References

+ Details

Business Segment, Geographic Area, and Significant Customer Information - Reconciliation of Segment Gross Profit to Consolidated Net Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Gross profit	$ 322.1	$ 239.6
Research and development	47.2	42.4
Selling, general and administrative	95.9	87.2
Acquisition and integration costs	6.2	2.2
Restructuring and other	4.9	0.4
Amortization of intangible assets	12.4	16.3
Asset impairment		1.2
Income from operations	155.5	89.9
Interest income	0.2	0.7
Interest expense	6.4	8.9
Other expense, net	1.1	0.4
Income before income taxes	148.2	81.3
Provision for income taxes	25.9	12.2
Net income	122.3	69.1
Vacuum & Analysis [Member]
Segment Reporting Information [Line Items]
Gross profit	205.0	140.8
Light & Motion [Member]
Segment Reporting Information [Line Items]
Gross profit	82.1	75.6
Equipment & Solutions [Member]
Segment Reporting Information [Line Items]
Gross profit	$ 35.0	$ 23.2

Business Segment, Geographic Area, and Significant Customer Information - Schedule of Capital Expenditures, Depreciation and Amortization Expense of Intangible Assets by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Capital expenditures	$ 26.5	$ 10.0
Depreciation and amortization	23.8	28.4
Vacuum & Analysis [Member]
Segment Reporting Information [Line Items]
Capital expenditures	8.6	4.1
Depreciation and amortization	5.8	4.9
Light & Motion [Member]
Segment Reporting Information [Line Items]
Capital expenditures	11.6	4.0
Depreciation and amortization	9.0	13.4
Equipment & Solutions [Member]
Segment Reporting Information [Line Items]
Capital expenditures	6.3	1.9
Depreciation and amortization	$ 9.0	$ 10.1

Business Segment, Geographic Area, and Significant Customer Information - Segment Assets by Reportable Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Accounts receivable	$ 420.8	$ 392.7
Inventory, net	515.2	501.4
Total assets	936.0	894.1
Operating Segments [Member] \| Vacuum & Analysis [Member]
Segment Reporting Information [Line Items]
Accounts receivable	247.4	229.1
Inventory, net	290.5	273.3
Total assets	537.9	502.4
Operating Segments [Member] \| Light & Motion [Member]
Segment Reporting Information [Line Items]
Accounts receivable	132.9	122.6
Inventory, net	157.4	166.1
Total assets	290.3	288.7
Operating Segments [Member] \| Equipment & Solutions [Member]
Segment Reporting Information [Line Items]
Accounts receivable	61.5	51.7
Inventory, net	69.9	63.7
Total assets	131.4	115.4
Corporate, Eliminations & Other [Member]
Segment Reporting Information [Line Items]
Accounts receivable	(21.0)	(10.7)
Inventory, net	(2.6)	(1.7)
Total assets	$ (23.6)	$ (12.4)

Business Segment, Geographic Area, and Significant Customer Information - Reconciliation of Segment Assets to Consolidated Total Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total segment assets	$ 936.0	$ 894.1
Cash and cash equivalents	699.8	608.3
Other current assets	77.0	74.3
Property, plant and equipment, net	297.0	284.3
Right-of-use asset	182.7	184.4
Other assets and long-term investments	48.7	45.6
Consolidated total assets	4,017.9	3,903.8
Segment Reconciling Items [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	909.5	836.0
Other current assets	77.0	74.3
Property, plant and equipment, net	297.0	284.3
Right-of-use asset	182.7	184.4
Goodwill and intangible assets, net	1,560.5	1,578.6
Other assets and long-term investments	55.2	52.1
Consolidated total assets	$ 4,017.9	$ 3,903.8

Business Segment, Geographic Area, and Significant Customer Information - Schedule of Net Revenues and Long-Lived Assets by Geographic Regions (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 693.9	$ 535.7
Long-lived assets	518.3		$ 503.9
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	282.8	231.5
Long-lived assets	379.7		364.0
South Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	97.9	76.0
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	81.3	49.7
Taiwan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	59.4	25.3
Other Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	70.1	58.9
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	48.0	40.0
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	54.4	$ 54.3
Long-lived assets	37.3		94.8
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 101.3		$ 45.1

Business Segment, Geographic Area, and Significant Customer Information - Summary of Goodwill Associated with Reportable Segments (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Goodwill	$ 1,062.1	$ 1,066.4	$ 1,058.5
Vacuum & Analysis [Member]
Segment Reporting Information [Line Items]
Goodwill	195.7	196.2
Light & Motion [Member]
Segment Reporting Information [Line Items]
Goodwill	391.9	395.3
Equipment & Solutions [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 474.5	$ 474.9

Business Segment, Geographic Area, and Significant Customer Information - Summary of Net Revenues by Major Customers (Detail) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lam Research Corporation [Member]
Segment Reporting Information [Line Items]
Percentage of total net revenues	13.00%	10.00%
Applied Materials, Inc. [Member]
Segment Reporting Information [Line Items]
Percentage of total net revenues	11.00%	11.00%

Restructuring and Other - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Other Cost [Line Items]
Restructuring charges	$ 2.8	$ 0.2
Other charges related to duplicate facility costs	$ 2.1	0.7
Newport Corporation [Member]
Restructuring Cost and Other Cost [Line Items]
Insurance reimbursement received		$ 0.5

Restructuring and Other - Schedule of Company's Restructuring Activity (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring And Related Activities [Abstract]
Beginning of period	$ 0.3	$ 3.7
Restructuring charges	2.8	0.2
Payments and adjustments	(1.1)	(1.0)
End of period	$ 2.0	$ 2.9