Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Document Period End Date | Dec. 31, 2019 | ||
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 | 54,866,512 | ||
Entity Public Float | $ 4,224,355,318 | ||
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 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 414,572 | $ 644,345 |
Short-term investments | 109,417 | 73,826 |
Trade accounts receivable, net of allowance for doubtful accounts of $1,783 and $5,243 at December 31, 2019 and 2018, respectively | 341,064 | 295,454 |
Inventories | 462,146 | 384,689 |
Other current assets | 106,348 | 65,790 |
Total current assets | 1,433,547 | 1,464,104 |
Property, plant and equipment, net | 241,871 | 194,367 |
Right-of-use asset | 64,497 | |
Goodwill | 1,058,454 | 586,996 |
Intangible assets, net | 564,630 | 319,807 |
Long-term investments | 5,854 | 10,290 |
Other assets | 47,467 | 38,682 |
Total assets | 3,416,320 | 2,614,246 |
Current liabilities: | ||
Short-term debt | 12,099 | 3,986 |
Accounts payable | 88,397 | 83,825 |
Accrued compensation | 100,851 | 82,350 |
Income taxes payable | 15,448 | 16,358 |
Lease liability | 20,632 | |
Deferred revenue and customer advances | 21,494 | 14,246 |
Other current liabilities | 58,760 | 62,520 |
Total current liabilities | 317,681 | 263,285 |
Long-term debt, net | 871,667 | 343,842 |
Non-current deferred taxes | 72,428 | 48,223 |
Non-current accrued compensation | 43,930 | 55,598 |
Non-current lease liability | 44,759 | |
Other non-current liabilities | 42,511 | 30,111 |
Total liabilities | 1,392,976 | 741,059 |
Commitments and contingencies (Note 23) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued and outstanding | ||
Common stock, no par value, 200,000,000 shares authorized; 54,596,183 and 54,039,554 shares issued and outstanding at December 31, 2019 and 2018, respectively | 113 | 113 |
Additional paid-in capital | 864,305 | 793,932 |
Retained earnings | 1,181,216 | 1,084,797 |
Accumulated other comprehensive loss | (22,290) | (5,655) |
Total stockholders' equity | 2,023,344 | 1,873,187 |
Total liabilities and stockholders' equity | $ 3,416,320 | $ 2,614,246 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,783 | $ 5,243 |
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 | $ 0 | $ 0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 54,596,183 | 54,039,554 |
Common stock, shares outstanding | 54,596,183 | 54,039,554 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net revenues: | |||
Net revenues | $ 1,899,773 | $ 2,075,108 | $ 1,915,977 |
Cost of revenues: | |||
Cost of revenues | 1,069,342 | 1,095,632 | 1,024,526 |
Gross profit | 830,431 | 979,476 | 891,451 |
Research and development | 164,061 | 135,720 | 132,555 |
Selling, general and administrative | 330,346 | 298,118 | 290,056 |
Acquisition and integration costs | 37,262 | 3,113 | 5,332 |
Restructuring and other | 6,983 | 4,567 | 3,920 |
Fees and expenses related to repricing of Term Loan Facility | 6,637 | 378 | 492 |
Amortization of intangible assets | 67,402 | 43,521 | 45,743 |
Gain on sale of long-lived assets | (6,773) | ||
Asset impairment | 4,662 | 6,719 | |
Income from operations | 219,851 | 494,059 | 406,634 |
Interest income | 5,453 | 5,775 | 3,021 |
Interest expense | 44,135 | 16,942 | 30,990 |
Gain on sale of business | 74,856 | ||
Other expense, net | 3,333 | 1,942 | 5,896 |
Income before income taxes | 177,836 | 480,950 | 447,625 |
Provision for income taxes | 37,450 | 88,054 | 108,493 |
Net income | 140,386 | 392,896 | 339,132 |
Other comprehensive income, net of tax: | |||
Changes in value of financial instruments designated as cash flow hedges | (10,013) | 4,942 | (4,568) |
Foreign currency translation adjustments | (6,111) | (14,161) | 37,172 |
Unrecognized pension (loss) gain | (536) | 149 | 323 |
Unrealized gain (loss) on investments | 25 | (37) | 1,072 |
Total comprehensive income | $ 123,751 | $ 383,789 | $ 373,131 |
Net income per share: | |||
Basic | $ 2.57 | $ 7.22 | $ 6.26 |
Diluted | $ 2.55 | $ 7.14 | $ 6.16 |
Weighted average common shares outstanding: | |||
Basic | 54,711,000 | 54,406,000 | 54,137,000 |
Diluted | 55,111,000 | 54,992,000 | 55,074,000 |
Products [Member] | |||
Net revenues: | |||
Net revenues | $ 1,611,297 | $ 1,835,202 | $ 1,701,301 |
Cost of revenues: | |||
Cost of revenues | 913,482 | 969,288 | 906,369 |
Services [Member] | |||
Net revenues: | |||
Net revenues | 288,476 | 239,906 | 214,676 |
Cost of revenues: | |||
Cost of revenues | $ 155,860 | $ 126,344 | $ 118,157 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | |
Beginning Balance at Dec. 31, 2016 | $ 1,241,792 | $ 113 | $ 777,482 | $ 494,744 | $ (30,547) | |
Beginning Balance, Shares at Dec. 31, 2016 | 53,672,861 | |||||
Net issuance under stock-based plans | (12,216) | (12,216) | ||||
Net issuance under stock-based plans, Shares | 682,674 | |||||
Stock-based compensation | 24,378 | 24,378 | ||||
Cash dividend | (38,178) | (38,178) | ||||
Comprehensive income (net of tax): | ||||||
Net income | 339,132 | 339,132 | ||||
Other comprehensive gain (loss) | 33,999 | 33,999 | ||||
Ending Balance at Dec. 31, 2017 | 1,588,907 | $ 113 | 789,644 | 795,698 | 3,452 | |
Ending Balance, Shares at Dec. 31, 2017 | 54,355,535 | |||||
Net issuance under stock-based plans | (11,104) | (11,104) | ||||
Net issuance under stock-based plans, Shares | 502,150 | |||||
Stock-based compensation | 27,262 | 27,262 | ||||
Cash dividend | (42,405) | (42,405) | ||||
Stock repurchase | (75,000) | (11,870) | (63,130) | |||
Stock repurchase, Shares | (818,131) | |||||
Comprehensive income (net of tax): | ||||||
Net income | 392,896 | 392,896 | ||||
Other comprehensive gain (loss) | (9,107) | (9,107) | ||||
Ending Balance at Dec. 31, 2018 | 1,873,187 | $ 113 | 793,932 | 1,084,797 | (5,655) | |
Ending Balance, Shares at Dec. 31, 2018 | 54,039,554 | |||||
Accounting standards codification topic 606 adjustment | 1,738 | 1,738 | ||||
Net issuance under stock-based plans | (11,010) | (11,010) | ||||
Net issuance under stock-based plans, Shares | 556,629 | |||||
Settlement of share-based compensation awards | [1] | 30,630 | 30,630 | |||
Stock-based compensation | 50,318 | 50,318 | ||||
Cash dividend | (43,528) | (43,528) | ||||
Stock dividends accrued | 435 | (435) | ||||
Other | (4) | (4) | ||||
Comprehensive income (net of tax): | ||||||
Net income | 140,386 | 140,386 | ||||
Other comprehensive gain (loss) | (16,635) | (16,635) | ||||
Ending Balance at Dec. 31, 2019 | $ 2,023,344 | $ 113 | $ 864,305 | $ 1,181,216 | $ (22,290) | |
Ending Balance, Shares at Dec. 31, 2019 | 54,596,183 | |||||
[1] | Represents the vested but unissued portion of Electro Scientific Industries, Inc. (“ESI”) share-based compensation awards as of the acquisition date of February 1, 2019 as described further in Note 12. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividend, per common share | $ 0.80 | $ 0.78 | $ 0.71 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 140,386 | $ 392,896 | $ 339,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 110,034 | 79,853 | 82,556 |
Amortization of inventory step-up adjustment to fair value | 7,624 | ||
Amortization of debt issuance cost and original issue discount | 7,074 | 4,718 | 10,699 |
Stock-based compensation | 49,194 | 27,262 | 24,378 |
Provision for excess and obsolete inventory | 24,734 | 22,324 | 20,213 |
Provision for doubtful accounts | (728) | 1,435 | 825 |
Deferred income taxes | (4,215) | (19,388) | (4,831) |
Gain on sale of long-lived asset | (6,773) | ||
Gain on sale of business | (74,856) | ||
Asset impairment | 4,662 | 6,719 | |
Other | 870 | 2,649 | 824 |
Changes in operating assets and liabilities, net of business acquired: | |||
Trade accounts receivable | (93) | (546) | (44,077) |
Inventories | (29,289) | (73,779) | (72,471) |
Income taxes payable | (12,374) | (11,430) | 12,805 |
Other current and non-current assets | (9,830) | (1,639) | (8,631) |
Current and non-current accrued compensation | (4,191) | (8,649) | 32,502 |
Other current and non-current liabilities | (8,424) | (3,948) | 18,030 |
Accounts payable | (24,152) | 2,023 | 11,405 |
Net cash provided by operating activities | 244,509 | 413,781 | 355,222 |
Cash flows (used in) provided by investing activities: | |||
Acquisition of business, net of cash acquired | (988,599) | ||
Net proceeds from sale of business | 72,509 | ||
Purchases of investments | (246,315) | (253,598) | (229,557) |
Maturities of investments | 142,571 | 181,749 | 157,342 |
Sales of investments | 166,915 | 207,542 | 53,564 |
Proceeds from sale of assets | 42,079 | ||
Purchases of property, plant and equipment | (63,904) | (62,941) | (31,287) |
Other | 66 | ||
Net cash (used in) provided by investing activities | (947,253) | 72,752 | 22,637 |
Cash flows provided by (used in) financing activities: | |||
Net proceeds from short and long-term borrowings | 642,207 | 67,669 | 28,551 |
Payments of short-term borrowings | (5,375) | (67,163) | (29,711) |
Payments of long-term borrowings | (106,116) | (50,003) | (228,141) |
Repurchases of common stock | (75,000) | ||
Dividend payments | (43,528) | (42,405) | (38,178) |
Net payments related to employee stock awards | (11,010) | (11,104) | (12,216) |
Net cash provided by (used in) financing activities | 476,178 | (178,006) | (279,695) |
Effect of exchange rate changes on cash and cash equivalents | (3,207) | 1,931 | 1,813 |
(Decrease) increase in cash and cash equivalents | (229,773) | 310,458 | 99,977 |
Cash and cash equivalents at beginning of period | 644,345 | 333,887 | 233,910 |
Cash and cash equivalents at end of period | 414,572 | 644,345 | 333,887 |
Cash paid during the period for: | |||
Interest | 39,899 | 14,593 | 20,467 |
Income Taxes Paid | $ 35,512 | $ 91,765 | $ 104,691 |
Business Description
Business Description | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | 1) Business Description MKS Instruments, Inc. (“MKS” or the “Company”) was founded in 1961 and 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 our 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, research and defense. The Company groups its product/service offerings into three groups. These three groups are: Advanced Manufacturing Components, Advanced Manufacturing Systems and Global Service. Effective February 1, 2019, in conjunction with the Company’s acquisition of ESI as described further in Note 12, we created a third reportable segment known as the Equipment & Solutions segment in addition to its two then-existing reportable segments: the Vacuum & Analysis segment and the Light & Motion segment. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2) Basis of Presentation The consolidated financial statements include the accounts of MKS Instruments, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these 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 financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3) Summary of Significant Accounting Policies Leases The Company adopted Accounting Standards Update (“ASU”) 2016-02 right-of-use short-term and long- term lease liabilities, respectively. The right-of-use re-classified right-of-use The Company has various operating leases for real estate and non-real non-real The Company has existing leases that include variable lease and non-lease right-of-use The Company has lease arrangements with lease and non-lease non-lease non-lease non-lease right-of-use Revenue from Contracts with Customers The Company adopted Accounting Standards Codification (“ASC”) 606 (“ASC 606”) on January 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for the twelve months ended December 31, 2019 and 2018 reflect the application of ASC 606 guidance while the reported results for 2017 were prepared under the guidance of ASC 605, Revenue Recognition. The Company recorded a net increase to opening retained earnings of $1,738 as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to its service business and certain custom products. The impact to revenue for the year ended December 31, 2018 as a result of applying ASC 606 was immaterial. The adoption of ASC 606 represents a change in accounting principle that will more closely align revenue recognition with the delivery of the Company’s goods or services and will provide financial statement readers with enhanced disclosures. To achieve this core principle, the Company applies the following steps: • Identify the contract with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to performance obligations in the contract • Recognize revenue when or as the Company satisfies a performance obligation Revenue under ASC 606 is recognized when or as obligations under the terms of a contract with the Company’s customer has been satisfied and control has transferred to the customer. The majority of the Company’s performance obligations, and associated revenue, are transferred to customers at a point in time, generally upon shipment of a product to the customer or receipt of the product by the customer and without significant judgments. Installation services are not significant and are usually completed in a short period of time (normally less than two weeks) and therefore, recorded at a point in time when the installation services are completed, rather than over time as they are not material. Extended warranty, service contracts, and repair services, which are transferred to the customer over time, are recorded as revenue as the services are performed. For repair services, the Company makes an accrual at quarter end based upon historical repair times within its product groups to record revenue based upon the estimated number of days completed to date, which is consistent with ratable recognition. Customized products with no alternative future use to the Company, and that have an enforceable right to payment for performance completed to date, are also recorded over time. The Company considers this to be a faithful depiction of the transfer to the customer of revenue over time as the work is performed or service is delivered, ratably over time. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Performance obligations promised in a contract are identified based on the products or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the product or service is separately identifiable from other promises in the contract. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company’s normal payment terms are 30 to 60 days but vary by the type and location of its customers and the products or services offered. The time between invoicing and when payment is due is not significant. For certain products and services and customer types, the Company requires payment before the products or services are delivered to, or performed for, the customer. Contracts with Multiple Performance Obligations The Company periodically enters into contracts with its customers in which a customer may purchase a combination of goods and or services, such as products with installation services or extended warranty obligations. These contracts include multiple promises that the Company evaluates to determine if the promises are separate performance obligations. Once the Company determines the performance obligations, the Company then determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the method the Company expects to better predict the amount of consideration to which it will be entitled. There are no constraints on the variable consideration recorded. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price charged separately to customers or using an expected cost plus margin method. The corresponding revenues are recognized when or as the related performance obligations are satisfied, which are noted above. The impact of variable consideration was immaterial during 2019 and 2018. Deferred Revenues The Company’s standard assurance warranty period is normally 12 to 24 months. The Company sells separately-priced service contracts and extended warranty contracts related to certain of its products, especially its laser products. The separately priced contracts generally range from 12 to 60 months. The Company normally receives payment at the inception of the contract and recognizes revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract. The Company has elected to use the practical expedient related to disclosing the remaining performance obligations as of December 31, 2019 and 2018, as the majority have a duration of less than one year. Costs to Obtain and Fulfill a Contract Under ASC 606, the Company expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administration expenses. The Company has elected to recognize the costs for freight and shipping when control over products has transferred to the customer as an expense in cost of sales. Product revenue, excluding revenue from certain custom products, is recorded at a point in time, while the majority of service revenue and revenue from certain custom products is recorded over time. Accounts Receivable Allowances Accounts receivable allowances include sales returns and bad debt allowances. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. The Company makes estimates evaluating its allowance for doubtful accounts. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues that it has identified. Research and Development Research and development costs are expensed as incurred and consist mainly of compensation-related expenses and project materials. The Company’s research and development efforts include numerous projects, which generally have a duration of 3 to 30 months. Acquired in-process Advertising Costs Advertising costs are expensed as incurred and were immaterial in 2019, 2018 and 2017. Stock-Based Compensation The accounting for share-based compensation expense requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. For restricted stock units (“RSUs”), the fair value is measured on the date of grant and expensed normally over a period. The Company also provides employees the opportunity to purchase shares through an employee stock purchase plan. For shares issued under its employee stock purchase plan, the Company has estimated the fair value on the date of grant using the Black-Scholes pricing model, which is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards, expected life, risk-free interest rate and expected dividends. The Company is also required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Management determined that blended volatility, a combination of historical and implied volatility, is more reflective of market conditions and a better indicator of expected volatility than historical or implied volatility alone. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, stock-based compensation expense could be materially different in the future. Accumulated Other Comprehensive Income For foreign subsidiaries where the functional currency is the local currency, assets and liabilities are translated into U.S. dollars at the current exchange rate on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. Translation adjustments resulting from this process are recorded to Accumulated Other Comprehensive Income (“OCI”). Unrealized gains and losses on securities classified as available-for-sale Net Income Per Share Basic net income per share is based on the weighted average number of common shares outstanding and diluted net income per share is based on the weighted average number of common shares outstanding and all potential dilutive common equivalent shares outstanding. The dilutive effect of RSUs and SARs are determined under the treasury stock method using the average market price for the period. Common equivalent shares are included in the per share calculations when the effect of their inclusion would be dilutive. Cash and Cash Equivalents and Investments All highly liquid investments with a maturity date of three months or less at the date of purchase are considered to be cash equivalents. The appropriate classification of investments in securities is determined at the time of purchase. Debt securities that the Company does not have the intent and ability to hold to maturity are classified as “available-for-sale” The Company classifies investments with maturity dates greater than twelve months in short-term investments rather than long-term investments. This method classifies these securities as current based on the nature of the securities and the availability for use in current operations. The Company believes this method is preferable because it is more reflective of the Company’s assessment of its overall liquidity position. The Company reviews its investment portfolio on a quarterly basis to identify and evaluate individual investments that have indications of possible impairment. The factors considered in determining whether a loss is other-than-temporary include: the length of time and extent to which fair market value has been below the cost basis, the financial condition and near-term prospects of the issuer, credit quality, and the Company’s ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. In 2019, the Company determined that the fair value of an investment in a minority interest of a private company had significantly declined in value and therefore, recorded an impairment charge of $4,662 for the remainder of its investment. Concentrations of Credit Risk The Company’s significant concentrations of credit risk consist principally of cash and cash equivalents, investments, forward exchange contracts and trade accounts receivable. The Company maintains cash and cash equivalents with financial institutions including some banks with which it had borrowings. The Company maintains investments primarily in U.S. Treasury and government agency securities and corporate debt securities. The Company enters into forward currency contracts with high credit-quality financial institutions in order to minimize credit risk exposure. The Company’s largest customers are primarily concentrated in the semiconductor industry, and a limited number of these customers account for a significant portion of the Company’s revenues. The Company regularly monitors the creditworthiness of its customers and believes it has adequately provided for potential credit loss exposures. Credit is extended for all customers based primarily on financial condition, and collateral is not required. During the years 2019, 2018 and 2017, approximately 49%, 55% and 57% of the Company’s net revenues, respectively, were from sales to semiconductor capital equipment manufacturers and semiconductor device manufacturers. There were no customers that represented 10% or more of the Company’s accounts receivable balance as of December 31, 2019 and 2018. Inventories Inventories are stated at the lower of cost or market, cost being determined using a standard costing system which approximates cost based on a first-in, first-out Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property, plant and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recognized in earnings. Depreciation is provided on the straight-line method over the estimated useful lives of ten fifty years three eighteen years Acquisition Accounting The fair value of the consideration exchanged in an acquisition is allocated to tangible assets and identifiable intangible assets acquired and liabilities assumed at acquisition date fair value. Goodwill is measured as the excess of the consideration transferred over the net fair value of identifiable assets acquired and liabilities assumed. The accounting for an acquisition involves a considerable amount of judgement and estimation. Cost, income, market or a combination of approaches may be used to establish the fair value of consideration exchanged, assets acquired, and liabilities assumed, depending on the nature of those items. The valuation approach is determined in accordance with generally accepted valuation methods. Key areas of estimation and judgment may include the selection of valuation approaches, cost of capital, market characteristics, cost structure, impacts of synergies, and estimates of terminal value, among other factors. While the Company uses best estimates and assumptions as part of the purchase price allocation process to estimate the value of assets acquired and liabilities assumed, estimates are inherently uncertain and subject to refinement. During the measurement period, which maybe up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill, to the extent that adjustments are identified to the preliminary purchase price allocation. Upon conclusion of the measurement period, or final determination of the value of the assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to results of operations. Intangible Assets Intangible assets resulting from the acquisitions of businesses are estimated by management based on the fair value of assets acquired. These include acquired customer lists, technology, patents, trade names, covenants not to compete and IPR&D. Intangible assets are amortized from one Goodwill Goodwill is the amount by which the cost of acquired net assets exceeded the fair value of those net assets on the date of acquisition. The Company allocates goodwill to reporting units at the time of acquisition or when there is a change in the reporting structure and bases that allocation on which reporting units will benefit from the acquired assets and liabilities. Reporting units are defined as operating segments or one level below an operating segment, referred to as a component. The Company assesses goodwill for impairment on an annual basis as of October 31 or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The estimated fair value of the Company’s reporting units are based on discounted cash flow models derived from internal earnings and internal and external market forecasts. Determining fair value requires the exercise of significant judgment, including judgments about appropriate discount and terminal growth rates, as well as forecasted revenue growth rates and gross profit and operating margins. Discount rates are based on a weighted average cost of capital (“WACC”), which represents the average rate a business must pay its providers of debt and equity. The WACC used to test goodwill is derived from a group of comparable companies. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. The Company makes every effort to forecast these future cash flows as accurately as possible with the information available at the time the forecast is developed. In performing the Company’s annual goodwill impairment test, the Company is permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying amount, including goodwill. In performing the qualitative assessment, the Company considers certain events and circumstances specific to the reporting unit and to the entity as a whole, such as macroeconomic conditions, industry and market considerations, overall financial performance and cost factors when evaluating whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company is also permitted to bypass the qualitative assessment and proceed directly to the quantitative test. If the Company chooses to undertake the qualitative assessment and concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company would then proceed to the quantitative impairment test. In the quantitative assessment, the Company compares the fair value of the reporting unit to its carrying amount, which includes goodwill. If the fair value exceeds the carrying value, no impairment loss exists. If the fair value is less than the carrying amount, a goodwill impairment loss is measured and recorded. Effective July 1, 2018, the Company reassigned goodwill to certain reporting units within the Light & Motion reportable segment resulting from a reorganization of the composition of reporting units. The goodwill was reassigned to the reporting units affected using the relative fair value approach. In conjunction with this goodwill reassignment, the Company performed an interim quantitative impairment test as of July 1, 2018 for all of its reporting units and concluded that the fair values of each reporting unit exceeded their respective carrying values. Effective January 1, 2019, the Company reassigned goodwill to certain reporting units within the Light & Motion reportable segment resulting from a reorganization of the composition of reporting units. The goodwill was reassigned to the reporting units affected using the relative fair value approach. The Company also concluded that the fair value of each reporting unit exceeded its respective carrying value. As of October 31, 2019, the Company performed its annual impairment assessment of goodwill by performing a quantitative impairment analysis of its Equipment & Solutions reporting unit and a qualitative analysis for all other reporting units and determined that it is more likely than not that the fair values of the reporting units exceed their carrying amount. Impairment of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets whenever events and changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. This periodic review may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to their operating performance and future undiscounted cash flows of the underlying business. If the future undiscounted cash flows are less than their carrying value, impairment exists. The impairment is measured as the difference between the carrying value and the fair value of the underlying asset. Fair values are based on estimates of market prices and assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. Foreign Exchange The functional currency of the majority of the Company’s foreign subsidiaries is the applicable local currency. For those subsidiaries, assets and liabilities are translated to U.S. dollars at year-end Net foreign exchange (gain) loss resulting from re-measurement were $(31), $2,497 and $6,132 for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in other expense (income). These amounts do not reflect the corresponding gain (loss) from foreign exchange contracts. See Note 9 “Derivatives” regarding foreign exchange contracts. Employee Benefit Plans The majority of the Company’s employees participate in defined contribution plans (401(k) plans) whereby the Company matches a certain percentage of salary based upon the amount of each participant’s annual contribution and their total compensation. The Company also has defined benefit retirement plans at certain of its foreign subsidiaries. The Company accounts for these plans based on the provisions of ASC Topic 715, “Compensation-Retirement Benefits.” Some of the key assumptions used to calculate the pension expense and projected benefit obligation include the discount rate, rate of forecasted salary increases, the expected long-term rate of return on plan assets and the mortality lives of participants. The obligation for these claims and the related periodic cots are measured using actuarial techniques and assumptions. Actuarial gains and losses are deferred and amortized over future periods. Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and also for operating loss and tax credit carry-forwards. On a quarterly basis, the Company evaluates both the positive and negative evidence that affects the realizability of net deferred tax assets and assesses the need for a valuation allowance. The future benefit to be derived from its deferred tax assets is dependent upon its ability to generate sufficient future taxable income in each jurisdiction of the right type to realize the assets. The Company records a valuation allowance to reduce its net deferred tax assets to the amount that is expected to be realized. To the extent the Company establishes a valuation allowance an expense will be recorded as a component of the provision for income taxes on the statement of operations. Accounting for income taxes requires a two-step re-evaluates Income tax effects resulting from changes in tax are generally accounted for by the Company in the period in which the law is enacted and the effects are recorded as a component of provision for income taxes from continuing operations. On December 22, 2017, the Securities and Exchange Commission Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to provide guidance for reporting entities’ ability to timely complete the accounting for certain income tax effects of the Act and allowed a measurement period up to one year from the enactment date of the “Act”. The Company obtained, prepared and analyzed the information needed to complete the accounting requirements under ASC Topic 740 and as a result, in accordance with SAB 118, the Company finalized and recorded the effects of the Act during the quarter ended December 31, 2018. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 4) Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, In October 2018, the FASB issued ASU 2018-16, In August 2018, the FASB issued ASU 2018-15, Other-Internal-Use 350-40): internal-use internal-use In August 2017, the FASB issued ASU 2017-12, In February 2016, the FASB issued ASU 2016-02, 2016-02 right-of-use right-of-use re-classified right-of-use Financial Statements. In June 2016, the FASB issued ASU 2016-13, consideration of a broader range of information to estimate expected credit losses over the lifetime of the asset. There have been several consequential subsequent amendments to this standard. This standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect adoption of this ASU to have a material impact on its consolidated financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Leases | 5) Leases A right-of-use The elements of lease expense were as follows: Twelve Months Lease cost: Operating lease(1) $ 23,176 Leases with a term less than 12 months 4,305 Total lease cost $ 27,481 (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 3.8% and 4.9 years, respectively, for the period ended December 31, 2019. Operating cash flows used for operating leases for the twelve months ended December 31, 2019 was $23,356. In 2019, the Company sold two buildings in Boulder, Colorado, and three buildings in Portland, Oregon, as part of sale and leaseback transactions, and will lease back the buildings over varying terms into 2021. Total net cash proceeds received for these two transactions were $41,179 and the Company recognized a net gain on the sale of these long-lived assets of $6,773. Future lease payments under non-cancelable Year Ending December 31, Amount 2020 $ 22,299 2021 14,862 2022 9,006 2023 7,563 2024 6,660 Thereafter 11,387 Total lease payments 71,777 Less: imputed interest 6,386 Total operating lease liabilities $ 65,391 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, Minimum lease payments under operating leases as of December 31, 2018, prior to adoption of ASU 2016-02 Year Ending December 31, Amount 2019 $ 20,106 2020 17,142 2021 10,325 2022 5,573 2023 4,410 Thereafter 8,739 Total minimum lease payments $ 66,295 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 6) Revenue from Contracts with Customers Contract assets as of December 31, 2019 and 2018 were $3,527 and $3,624, respectively, and included in other current assets. A rollforward of the Company’s deferred revenue and customer advances is as follows: Years Ended December 31, 2019 2018 Beginning balance, January 1(1) $ 17,474 $ 27,800 Deferred revenue and customer advances assumed in ESI Merger 4,629 — Additions to deferred revenue and customer advances 77,727 73,171 Amount of deferred revenue and customer advances recognized in income (75,046 ) (83,497 ) Ending balance, December 31(2) $ 24,784 $ 17,474 ( 1 Beginning deferred revenue and customer advances as of January 1, 2019 included $8,134 of current deferred revenue, $3,228 of long-term deferred revenue and $6,112 of current customer advances. ( 2 Ending deferred revenue and customer advances as of December 31, 2019 included Disaggregation of Revenue The following table summarizes revenue from contracts with customers: Year Ended December 31, 2019 Vacuum & Analysis Light & Motion Equipment & Total Net revenues: Products $ 819,078 $ 663,730 $ 128,489 $ 1,611,297 Services 171,445 61,840 55,191 288,476 Total net revenues $ 990,523 $ 725,570 $ 183,680 $ 1,899,773 Year Ended December 31, 2018 Vacuum & Analysis Light & Motion Equipment & Total Net revenues: Products $ 1,080,343 $ 754,859 $ — $ 1,835,202 Services 180,519 59,387 — 239,906 Total net revenues $ 1,260,862 $ 814,246 $ — $ 2,075,108 Year Ended December 31, 2017 Vacuum & Analysis Light & Motion Equipment & Total Net revenues: Products $ 1,047,639 $ 653,662 $ — $ 1,701,301 Services 159,818 54,858 — 214,676 Total net revenues $ 1,207,457 $ 708,520 $ — $ 1,915,977 Refer to Note 21 for revenue by reportable segment, geography and groupings of similar products. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 7) Investments Investments classified as short-term consist of the following: Years Ended December 31, 2019 2018 Available-for-sale Time deposits and certificates of deposit $ 13,045 $ 102 Bankers’ acceptance drafts 4,043 989 Asset-backed securities — 9,113 Commercial paper 61,205 19,359 Corporate obligations — 9,352 U.S. treasury obligations 5,000 13,298 U.S. agency obligations 26,124 21,613 $ 109,417 $ 73,826 Investments classified as long-term consist of the following: Years Ended December 31, 2019 2018 Available-for-sale Group insurance contracts $ 5,854 $ 5,890 Cost method investments: Minority interest in a private company(1) — 4,400 $ 5,854 $ 10,290 (1) During 2019, the Company recognized $4,700 of impairment charges, which included an impairment of $4,400 of a long-term cost method investment in a private company. The following table shows the gross unrealized gains and (losses) aggregated by investment category for available-for-sale As of December 31, 2019: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Short-term investments: Available-for-sale Time deposits and certificates of deposit $ 13,045 $ — $ — $ 13,045 Bankers’ acceptance drafts 4,043 — — 4,043 Commercial paper 61,498 — (293 ) 61,205 U.S. treasury obligations 4,999 1 — 5,000 U.S. agency obligations 26,123 2 (1 ) 26,124 $ 109,708 $ 3 $ (294 ) $ 109,417 As of December 31, 2019: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Long-term investments: Available-for-sale Group insurance contracts $ 5,261 $ 593 $ — $ 5,854 As of December 31, 2018: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Short-term investments: Available-for-sale Time deposits and certificates of deposit $ 102 $ — $ — $ 102 Bankers’ acceptance drafts 989 — — 989 Asset-backed securities 9,121 1 (9 ) 9,113 Commercial paper 19,504 — (145 ) 19,359 Corporate obligations 9,367 — (15 ) 9,352 U.S. treasury obligations 13,294 4 — 13,298 U.S. agency obligations 21,617 2 (6 ) 21,613 $ 73,994 $ 7 $ (175 ) $ 73,826 As of December 31, 2018: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Long-term investments: Available-for-sale Group insurance contracts $ 5,546 $ 344 $ — $ 5,890 The tables above, which show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale 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 and realized gains or losses are reflected in income and were not material in 2019, 2018 and 2017. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8) 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. Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2019, are summarized as follows: Fair Value Measurements at Reporting Date Using Description December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 288 $ 288 $ — $ — Time deposits and certificates of deposit 2,190 — 2,190 — Commercial paper 42,559 — 42,559 — U.S. treasury obligations 2,700 — 2,700 U.S. agency obligations 17,071 — 17,071 — Restricted cash – money market funds 333 333 — — Available-for-sale Time deposits and certificates of deposit 13,045 — 13,045 — Bankers’ acceptance drafts 4,043 — 4,043 — Commercial paper 61,205 — 61,205 — U.S. treasury obligations 5,000 — 5,000 — U.S. agency obligations 26,124 — 26,124 — Group insurance contracts 5,854 — 5,854 — Derivatives – currency forward contracts 1,074 — 1,074 — Derivatives – interest rate hedge - current 843 — 843 — Funds in investments and other assets: Israeli pension assets 16,713 — 16,713 — Deferred compensation plan assets: Mutual funds and exchange traded funds 2,002 — 2,002 — Money market securities 485 — 485 — Total assets $ 201,529 $ 621 $ 200,908 $ — Liabilities: Derivatives – currency forward contracts $ 259 $ — $ 259 $ — Derivatives – interest rate hedge – non-current 6,510 — 6,510 — Total liabilities $ 6,769 $ — $ 6,769 $ — Reported as follows: Assets: Cash and cash equivalents, including restricted cash(1) $ 65,141 $ 621 $ 64,520 $ — Short-term investments 109,417 — 109,417 — Other current assets 1,917 — 1,917 — Total current assets $ 176,475 $ 621 $ 175,854 $ — Long-term investments $ 5,854 $ — $ 5,854 $ — Other assets 19,200 — 19,200 — Total long-term assets $ 25,054 $ — $ 25,054 $ — Liabilities: Other current liabilities $ 259 $ — $ 259 $ — Other liabilities $ 6,510 $ — $ 6,510 $ — (1) The cash and cash equivalent amounts presented in the table above does not include cash of $349,431 as of December 31, 2019. Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2018, are summarized as follows: Fair Value Measurements at Reporting Date Using Description December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 180,340 $ 180,340 $ — $ — Time deposits and certificates of deposit 850 — 850 — Commercial paper 2,687 — 2,687 — U.S. agency obligations 3,418 — 3,418 — Restricted cash – money market funds 110 110 — — Available-for-sale Time deposits and certificates of deposit 102 — 102 — Bankers’ acceptance drafts 989 — 989 — Asset-backed securities 9,113 — 9,113 — Commercial paper 19,359 — 19,359 — Corporate obligations 9,352 — 9,352 — U.S. treasury obligations 13,298 — 13,298 — U.S. agency obligations 21,613 — 21,613 — Group insurance contracts 5,890 — 5,890 — Derivatives – currency forward contracts 2,485 — 2,485 — Funds in investments and other assets: Israeli pension assets 14,408 — 14,408 — Derivatives – interest rate hedge – non-current 6,083 — 6,083 — Total assets $ 290,097 $ 180,450 $ 109,647 $ — Liabilities: Derivatives – currency forward contracts $ 1,168 $ — $ 1,168 $ — Reported as follows: Assets: Cash and cash equivalents, including restricted cash(1) $ 187,405 $ 180,450 $ 6,955 $ — Short-term investments 73,826 — 73,826 — Other current assets 2,485 — 2,485 — Total current assets $ 263,716 $ 180,450 $ 83,266 $ — Long-term investments(2) $ 5,890 $ — $ 5,890 $ — Other assets 20,491 — 20,491 — Total long-term assets $ 26,381 $ — $ 26,381 $ — Liabilities: Other current liabilities $ 1,168 $ — $ 1,168 $ — (1) The cash and cash equivalent amounts presented in the table above do not include cash of $456,940 as of December 31, 2018. (2) The long-term investments presented in the table above do not include our minority interest investment in a private company, which is accounted for under the cost method. 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 As of December 31, 2019, available-for-sale The Company measures its debt and equity investments at fair value. The Company’s available-for-sale 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 at 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 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 9) 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 forward foreign currency exchange 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. Interest Rate Swap Agreement s On September 30, 2016, the Company entered into an interest rate swap agreement to fix the rate on approximately 50% of its then-outstanding balance under the 2016 Term Loan Facility, as described further in Note 15. This hedge fixes the interest rate paid on the hedged debt at 1.198% per annum plus the applicable credit spread, which was 1.75% as of December 31, 2019, through September 30, 2020. At December 31, 2019, the notional amount of this transaction was $250,000 and it had a fair value asset of $843. At December 31, 2018, the notional amount of this transaction was $290,000 and had a fair value asset of $6,083. On April 3, 2019, the Company entered into an interest rate swap agreement, which has a maturity date of March 31, 2023, to fix the rate on $300,000 of the then-outstanding balance of the 2019 Incremental Term Loan Facility, as described further in Note 15. The rate was fixed at 2.309% per annum plus the applicable credit spread, which was 1.75% at December 31, 2019. At December 31, 2019, the notional amount of this transaction was $300,000 and had a fair value liability of $6,510. 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 an effective hedge, any ineffectiveness measured in the hedging relationships is recorded currently in earnings in the period it occurs. Foreign Exchange Contracts The Company hedges a portion of its forecasted foreign currency-denominated intercompany sales of inventory, over a maximum period of eighteen months using forward foreign exchange contracts accounted for as cash-flow hedges related to Japanese, South Korean, British, Euro and Taiwanese currencies. To the extent these derivatives are effective in off-setting As of December 31, 2019 and 2018, the Company had outstanding forward foreign exchange contracts with gross notional values of $ and $ , respectively. The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of December 31, 2019 and December 31, 2018 December 31, 2019 Currency Hedged (Buy/Sell) Gross Notional Value Fair Value (1) U.S. Dollar/Japanese Yen $ 45,899 $ 43 U.S. Dollar/South Korean Won 51,733 167 U.S. Dollar/Euro 15,670 221 U.S. Dollar/U.K. Pound Sterling 8,279 (166 ) U.S. Dollar/Taiwan Dollar 33,093 (450 ) Total $ 154,674 $ (185 ) December 31, 2018 Currency Hedged (Buy/Sell) Gross Notional Value Fair Value (1) U.S. Dollar/Japanese Yen $ 43,770 $ (478 ) U.S. Dollar/South Korean Won 59,149 570 U.S. Dollar/Euro 23,515 688 U.S. Dollar/U.K. Pound Sterling 11,827 323 U.S. Dollar/Taiwan Dollar 21,133 214 Total $ 159,394 $ 1,317 (1) Represents the (payable) receivable amount included in the consolidated balance sheet. The following table provides a summary of the fair value amounts of the Company’s derivative instruments: Years Ended December 31, Derivatives Designated as Hedging Instruments 2019 2018 Derivative asset: Forward exchange contracts(1) $ 1,074 $ 2,485 Foreign currency interest rate hedge(2) 843 6,083 Derivative liability: Forward exchange contracts(1) (1,259 ) (1,168 ) Foreign currency interest rate hedge(2) (6,510 ) — Total net derivative (liability) asset designated as hedging instruments $ (5,852 ) $ 7,400 (1) The derivative asset of $1,074 and derivative liability of $1,259 related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2019. The derivative asset of and derivative liability of related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2018. These forward foreign exchange 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 foreign currency interest rate hedge asset of is classified in other current assets in the consolidated balance sheet as of December 31, 2019. The foreign currency interest rate hedge liability of is classified in other non-current liabilities in the consolidated balance sheet as of December 31, 2019. The foreign currency rate hedge asset of $6,083 is classified in other assets in the consolidated balance sheet as of December 31, 2018. The net amount of existing gains as of December 31, 2019 that is expected to be reclassified from OCI into earnings within the next 12 The following table provides a summary of the (losses) gains on derivatives designated as cash flow hedging instruments: Derivatives Designated as Cash Flow Hedging Instruments Years Ended December 31, 2019 2018 2017 Forward exchange contracts: Net (loss) gain recognized in OCI, net of tax(1) $ (10,013 ) $ 4,942 $ (4,568 ) Net gain (loss) reclassified from OCI into income(2) $ 5,658 $ (3,367 ) $ (2,685 ) (1) Net change in the fair value of the effective portion classified in OCI. (2) Effective portion classified in The following table provides a summary of losses on derivatives not designated as cash flow hedging instruments: Years Ended December 31, Derivatives Not Designated as Hedging Instruments 2019 2018 2017 Forward exchange contracts: Net (loss) gain $ (1,314 ) $ 105 $ (3,416 ) (1) The Company enters into forward foreign exchange 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 immediately in other expense, net in 2019, 2018 and 2017. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 10 Inventories Inventories consist of the following: Years Ended December 31, 2019 2018 Raw material $ 288,771 $ 235,593 Work-in-process 79,367 61,908 Finished goods 94,008 87,188 $ 462,146 $ 384,689 Inventory-related excess and obsolete charges of $ , $ and $ were recorded in cost of products in the years ended December 31, 2019, 2018 and 2017, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 11) Property, Plant and Equipment Property, plant and equipment consist of the following: Years Ended December 31, 2019 2018 Land $ 11,926 $ 11,448 Buildings 113,303 104,023 Machinery and equipment 396,193 330,821 Furniture and fixtures, office equipment and software 186,651 149,145 Leasehold improvements 80,389 66,569 Construction in progress 46,926 44,823 835,388 706,829 Less: accumulated depreciation 593,517 512,462 $ 241,871 $ 194,367 Depreciation of property, plant and equipment totaled $42,632, $36,332 and $36,813 for the years ended 2019, 2018 and 2017, respectively. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 1 2 Acquisitions and Dispositions Electro Scientific Industries, Inc. On February 1, 2019, the Company completed its acquisition of Electro Scientific Industries, Inc. (“ESI”) pursuant to an Agreement and Plan of Merger, dated as of October 29, 2018 (the “Merger Agreement”), by and among the Company, EAS Equipment, Inc., formerly a Delaware corporation and a wholly-owned subsidiary of the Company, and ESI (the “ESI Merger”). At the effective time of the ESI Merger and pursuant to the terms and conditions of the Merger Agreement, each share of ESI’s common stock that was issued and outstanding immediately prior to the effective time of the ESI Merger was converted into the right to receive $30.00 in cash, without interest and subject to deduction of any required withholding tax. The aggregate consideration was $1,032,671, which excludes related transaction fees and expenses, and non-cash 2019 Incremental Term Loan Facility, as defined and as described further in Note 15. ESI provides laser-based manufacturing systems solutions for the micro-machining industry that enable customers to optimize production. Its market is composed primarily of flexible and rigid PCB processing/fabrication, semiconductor wafer processing and passive component manufacturing and testing. ESI solutions incorporate specialized laser technology and proprietary control software to efficiently process the materials and components that are an integral part of electronic devices and systems. The purchase price of ESI consisted of the following: Cash paid for outstanding shares(1) $ 1,032,671 Settlement of share-based compensation awards(2) 30,630 Total purchase price 1,063,301 Less: cash and cash equivalents acquired (44,072 ) Total purchase price, net of cash and cash equivalents acquired $ 1,019,229 (1) Represents cash paid of $30.00 per share for approximately 34,422,361 (2) Represents the vested but unissued portion of ESI share-based compensation awards as of the acquisition date of February 1, 2019. Under the acquisition method of accounting, the total estimated acquisition consideration is allocated to the acquired tangible and intangible assets and assumed liabilities of ESI based on their fair values as of the acquisition date. Any excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed is allocated to goodwill. The Company expects that none of such goodwill and intangible assets will be deductible for tax purposes. The following table summarizes the allocation of the purchase price to the fair values assigned to assets acquired and liabilities assumed at the date of the ESI Merger: Current assets (excluding inventory) $ 208,009 Inventory 81,696 Intangible assets 316,200 Goodwill 473,951 Property, plant and equipment 65,489 Long-term assets 9,633 Total assets acquired 1,154,978 Current liabilities 51,479 Non-current 33,039 Other long-term liabilities 7,159 Total liabilities assumed 91,677 Fair value of assets acquired , 1,063,301 Less: Cash and cash equivalents acquired (44,072 ) Total purchase price, net of cash and cash equivalents acquired $ 1,019,229 The fair value write-up For the year ended December 31, 2019, the Company recorded of incremental cost of sales charges associated with the fair value write-up The fair value write-up be amortized over the estimated useful life of the applicable assets, excluding the fair value write-up value-in-use, The acquired intangible assets are being amortized on a straight-line basis, which approximates the economic use of the asset. The following table reflects the allocation of the acquired intangible assets and related estim a Completed technology - $ 255,700 12 years Completed technology - Non-Laser 18,300 10 years Trademarks and trade names 14,400 7 years Customer relationships 25,400 10 years Backlog 2,400 1 year $ 316,200 While the Company uses its best estimates and assumptions as part of the purchase price allocation process to value the assets acquired and liabilities assumed on the acquisition date, its estimates and assumptions are subject to refinement. The net fair value of the acquired intangibles was determined using the income approach. In performing these valuations, the key underlying judgments and assumptions used included the appropriate discount rates as well as forecasted revenue growth rates and gross profit and operating margins. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. The finalization of the purchase accounting assessment will result in a change in the valuation of assets acquired and liabilities assumed and may have a material impact on the Company’s results of operations and financial position. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with a corresponding offset to goodwill to reflect additional information received about facts and circumstances which existed at the date of acquisition. The Company records adjustments to the assets acquired and liabilities assumed subsequent to the purchase price allocation period in the Company’s operating results in the period in which the adjustments are determined. The size and breadth of the ESI Merger will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the fair value of certain tangible and intangible assets acquired and liabilities assumed as of the acquisition date and the related tax impacts of any changes made. The Company believes that the measurement period is complete at December 31, 2019. The Company believes the amount of goodwill relative to identifiable intangible assets relates to several factors, including broadening its position in key industrial end markets to complementary solutions, and leveraging component and systems expertise to provide robust solutions to meet customer evolving technology needs. The results of this acquisition were included in the Company’s consolidated statement of operations beginning on February 1, 2019. ESI constitutes the Company’s Equipment & Solutions reportable segment (see Note 21). Certain executives in acquisition and integration costs as compensation expense and stock-based compensation expense, respectively, for the year ended December 31, 2019 associated with these severance provisions. The restricted stock units and stock appreciation rights that were eligible for accelerated vesting if the executive exercised his or her rights but were not issued as of each reporting period-end, The Company’s consolidated net revenue and earnings for the year ended December 31, 2019 include the following amounts of revenue and earnings of ESI since the acquisition date: Year December 31, 2019 Total net revenues $ 183,680 Net loss $ (33,446 ) Net loss Basic $ (0.61 ) Diluted $ (0.61 ) The following unaudited pro forma financial information presents the combined results of operations of the Company as if the ESI Merger had occurred on January 1, 2018. The unaudited pro forma financial information is not necessarily indicative of what the Company’s condensed consolidated results of operations actually would have been had the acquisition occurred at the beginning of each year. In addition, the unaudited pro forma financial information does not attempt to project the future results of operations of the combined Company. Year s December 31, 2019 2018 Total net revenues $ 1,914,561 $ 2,445,711 Net income $ 171,537 $ 424,778 Net income Basic $ 3.14 $ 7.81 Diluted $ 3.11 $ 7.72 (1) Incremental amortization and depreciation expense related to the estimated fair value of identifiable intangible assets and property, plant and equipment from the purchase price allocation. (2) Revenue and cost of goods sold adjustments as a result of the reduction in deferred revenue and the cost related to their estimated fair value. (3) Incremental interest expense related to the Company’s 2019 Incremental Term Loan Facility, as defined in Note 15. (4) The exclusion of acquisition costs and inventory step-up (5) The estimated tax impact of the above adjustments. Sale of Data Analytics Solutions In April 2017, the Company completed the sale of its Data Analytics Solutions business for total proceeds of $72,509, net of cash sold and recorded a gain of $74,856. This business, which had revenues in 2016 of $12,700 and was included in the Vacuum & Analysis segment, was no longer a part of the Company’s long-term strategic objectives. The business did not qualify as a discontinued operation as this sale did not represent a strategic shift in the Company’s business, nor did the sale have a major effect on the Company’s operations. Therefore, the results of operations for all periods are included in the Company’s income from operations. The assets and liabilities of this business have not been reclassified or segregated in the consolidated balance sheet or consolidated statements of cash flows as the amounts were immaterial. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 1 3 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. Effective July 1, 2018, the Company reassigned goodwill to certain reporting units within the Light & Motion reportable segment resulting from a reorganization of the composition of reporting units. The goodwill was reassigned to the reporting units affected using the relative fair value approach. In conjunction with this goodwill reassignment, the Company performed an interim quantitative impairment test as of July 1, 2018 for all of its reporting units and concluded that the fair values of each reporting unit exceeded their respective carrying values. Effective January 1, 2019, the Company reassigned goodwill to certain reporting units within the Light & Motion reportable segment resulting from a reorganization of the composition of goodwill reporting units. The goodwill was reassigned to the reporting units affected using the relative fair value approach. The Company also concluded that the fair value of each reporting unit exceeded its respective carrying value. The changes in the carrying amount of goodwill and accumulated impairment losses were as follows: 2019 2018 Gross Carrying Amount Accumulated Impairment Loss Net Gross Carrying Amount Accumulated Impairment Loss Net Beginning balance at January 1 $ 731,272 $ (144,276 ) $ 586,996 $ 735,323 $ (144,276 ) $ 591,047 Acquired goodwill(1) 473,951 — 473,951 — — — Foreign currency translation (2,493 ) — (2,493 ) (4,051 ) — (4,051 ) Ending balance at December 31 $ 1,202,730 $ (144,276 ) $ 1,058,454 $ 731,272 $ (144,276 ) $ 586,996 (1) During the twelve months ended December 31, 2019, the Company recorded $ 473,951 Intangible Assets Components of the Company’s acquired intangible assets are comprised of the following: As of December 31, 2019 Gross Accumulated Charges Accumulated Amortization Foreign Currency Translation Net Completed technology(1) $ 446,431 $ (105 ) $ (178,310 ) $ (208 ) $ 267,808 Customer relationships(1) 308,144 (1,406 ) (84,167 ) (1,361 ) 221,210 Patents, trademarks, trade names and other 120,895 — (45,505 ) 222 75,612 $ 875,470 $ (1,511 ) $ (307,982 ) $ (1,347 ) $ 564,630 (1) During the twelve months ended December 31, 2019, the Company recorded $ 316,200 274,000 25,400 16,800 6,428 3,445 right-of-use As of December 31, 2018 Gross Accumulated Charges Accumulated Amortization Foreign Currency Translation Net Completed technology $ 172,431 $ (105 ) $ (137,283 ) $ (73 ) $ 34,970 Customer relationships 282,744 (1,406 ) (63,788 ) (269 ) 217,281 Patents, trademarks, trade names and other 110,523 — (42,954 ) (13 ) 67,556 $ 565,698 $ (1,511 ) $ (244,025 ) $ (355 ) $ 319,807 Aggregate amortization expense related to acquired intangible assets for the years 2019, 2018 and 2017 was $67,402, $43,521 and $45,743, respectively. The amortization expense in 2019, 2018 and 2017 is net of $0, $885 and $811, respectively, of amortization income from unfavorable lease commitments. Aggregate net amortization expense related to acquired intangible assets for future years is: Year Amount 2020 $ 55,808 2021 47,720 2022 45,254 2023 44,902 2024 43,985 Thereafter $ 271,061 The Company excluded $55,900 of indefinite-lived trademarks and tradenames that were not subject to amortization from the table above. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 1 4 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 obligation is 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: Years Ended December 31, 2019 2018 Beginning balance $ 10,399 $ 10,104 Assumed product warranty liability from ESI Merger 7,177 — Provision for product warranties 17,397 15,987 Direct and other charges to warranty liability (20,100 ) (15,692 ) Ending balance(1) $ 14,873 $ 10,399 (1) Short-term product warranty of $ 12,085 2,788 9,986 413 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 1 5 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 $780,000 (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 December 31, 2019, 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 The Wall Street Journal 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. On September 30, 2016, the Company entered into an interest rate swap agreement, which has a maturity date of September 30, 2020, to fix the rate on $335,000 of the then-outstanding balance of the 2016 Term Loan Facility. The rate was fixed at 1.198% per annum plus the applicable credit spread, which was 1.75% at December 31, 2019. At December 31, 2019, the notional amount of this transaction was $250,000 and it had a fair value asset of $843. The Company incurred $28,747 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 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 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 $650,000 (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 On April 3, 2019, the Company entered into an interest rate swap agreement, which has a maturity date of March 31, 2023, to fix the rate on $300,000 of the then-outstanding balance of the 2019 Incremental Term Loan Facility. The rate was fixed at 2.309% per annum plus the applicable credit spread, which was 1.75% at December 31, 2019. At December 31, 2019, the notional amount of this transaction was $300,000 and it had a fair value liability of $6,510. The Company incurred $11,362 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 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 commitment in the original principal amount of $896,839 (“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 $50,000, which was applied to the Existing Term Loans on a pro rata basis. The Company incurred $2,242 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 December 31, 2019, the remaining balance of deferred finance fees and original issue discount of the Term Loan Facility was $11,810. A portion of the deferred finance fees and original issue discount have been accelerated in connection with the various debt prepayments and extinguishments during 2016, 2017, 2018 and 2019. 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. If, on or prior to the date that is six months after the closing date of Amendment No. 6, the Company prepays any loans under the 2019 Term Loan Refinancing Facility in connection with a repricing transaction, the Company must pay a prepayment premium of 1.00% of the aggregate principal amount of the loans so prepaid. As of December 31, 2019, after total principal prepayments of $525,000 and regularly scheduled principal payments of $12,646, the total outstanding principal balance of the Term Loan Facility was $892,354 and the interest rate was 3.45%. 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. As a result of prepayments of term loan debt of $100,000 during 2019, the Company was not required to make a prepayment of excess cash flow for the period ended December 31, 2019. 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 December 31, 2019, the Company was in compliance with all covenants under the Term Loan Credit Agreement. 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 a asset-based facility to $100,000, 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 $25,000. 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 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. The revolving credit facility being terminated concurrently with our entry into the ABL Facility, the Company wrote off $216 of previously capitalized debt issuance costs. If at any time the aggregate amount of outstanding loans, protective advances, unreimbursed letter of credit drawings and undrawn letters of credit under the ABL Facility exceeds the lesser of (a) the commitment amount and (b) the borrowing base, we are required to repay outstanding loans and/or cash collateralize letters of credit, with no reduction of the commitment amount. During any period that the amount available under the ABL Facility is less than the greater of (i) $8,500 and (ii) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base for three consecutive business days, until the time when excess availability has been at least the greater of (i) $8,500 and (ii) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base, in each case, for 30 consecutive calendar days (a “Cash Dominion Period”), or during the continuance of an event of default, the Company is required to repay outstanding loans and/or cash collateralize letters of credit with the cash that it is required to deposit daily in a collection account maintained with the administrative agent under the ABL Facility. During a Cash Dominion Period, the Company may make borrowings under the ABL Facility subject to the satisfaction of customary funding conditions. 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 our 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) $8,500, 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) $8,500 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 this ABL Facility to date. Lines of Credit and Short-Term Borrowing Arrangements One of the Company’s Japanese subsidiaries has lines of credit and short-term borrowing arrangements with two financial institutions, which arrangements generally expire and are renewed at three-month intervals. The lines of credit provided for aggregate borrowings as of December 31, 2019 of up to an equivalent of $21,126 U.S. dollars. One of the borrowing arrangements has an interest rate based on the Tokyo Interbank Offer Rate at the time of borrowing and the other has an interest rate based on the Japanese Short-Term Prime Lending Rate. There were no borrowings outstanding under these arrangements at December 31, 2019 and 2018. The Company assumed various revolving lines of credit and a financing facility with the completion of the Newport Merger. These revolving lines of credit and financing facility have no expiration date and provided for aggregate borrowings as of December 31, 2019 of up to an equivalent of $11,482 U.S. dollars. These lines of credit have a base interest rate of 1.25% plus a Japanese Yen overnight LIBOR rate. Total borrowings outstanding under these arrangements were $3,131 and $3,389 at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Short-term debt: Japanese lines of credit $ 2,558 $ 2,724 Japanese receivables financing facility 573 665 Other debt — 597 Term Loan Facility 8,968 — $ 12,099 $ 3,986 December 31, 2019 December 31, 2018 Long-term debt: Other debt $ 94 $ 86 Term Loan Facility, net(1) 871,573 343,756 $ 871,667 $ 343,842 (1) Net of deferred financing fees, original issuance discount and re-pricing 11,810 4,708 The Company recognized interest expense of $44,135, $16,942 and $30,990 for the twelve months ended December 31, 2019, 2018 and 2017, respectively. Contractual maturities of the Company’s debt obligations as of December 31, 2019 are as follows: Year Amount 2020 $ 12,099 2021 9,062 2022 8,968 2023 8,968 2024 8,968 Thereafter 847,511 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 6 Income Taxes The Tax Cuts and Jobs Act (“the Act”), which was enacted January 1, 2018, required companies to pay a one-time A reconciliation of the Company’s effective tax rate to the U.S. federal statutory rate is as follows: Years Ended December 31, 2019 2018 2017 U.S. Federal income tax statutory rate 21.0 % 21.0 % 35.0 % Federal tax credits (2.9 ) (0.7 ) (0.7 ) State income taxes, net of federal benefit 2.3 1.3 1.0 Effect of foreign operations taxed at various rates (4.4 ) (1.3 ) (12.1 ) Qualified production activity tax benefit — — (1.4 ) Executive compensation 5.8 — — Gain on intercompany sale of assets 2.9 — — Benefit of a capital loss (1.2 ) — — Foreign derived intangible income deduction (3.8 ) (2.1 ) — Global intangible low taxed income, net of foreign tax credits 2.6 0.4 — Transition tax, net of foreign tax credits — (0.1 ) 6.4 Revaluation of deferred income taxes (1.4 ) (0.3 ) (5.0 ) Revaluation of prepaid taxes — 1.6 — Stock-based compensation (0.3 ) (1.3 ) (2.5 ) Deferred tax asset valuation allowance 0.1 — (0.1 ) Release of income tax reserves (including interest) (0.8 ) (0.4 ) (0.4 ) Foreign dividends, net of foreign tax credits 0.6 (1.0 ) 3.3 Other 0.6 1.2 0.7 21.1 % 18.3 % 24.2 % The effective tax rate for 2019 includes a correction of an out of period error with respect to deferred tax assets related to limitations on the deduction of executive compensation in the amount of $5,023. This correction, which should have been recorded during the three months ended September 30, 2018, increased the Company’s effective tax rate for the year ended December 31, 2019 by approximately 2.8%. The components of income from operations before income taxes and the related provision for income taxes consist of the following: Years Ended December 31, 2019 2018 2017 Income before income taxes: United States $ 2,279 $ 287,309 $ 224,979 Foreign 175,557 193,641 222,646 $ 177,836 $ 480,950 $ 447,625 Current taxes: United States $ 6,790 $ 41,428 $ 77,023 State 2,068 8,094 6,149 Foreign 32,807 57,920 30,152 41,665 107,442 113,324 Deferred taxes: United States (1,743 ) (2,533 ) (16,250 ) State and Foreign (2,472 ) (16,855 ) 11,419 (4,215 ) (19,388 ) (4,831 ) Provision for income taxes $ 37,450 $ 88,054 $ 108,493 The significant components of the deferred tax assets and deferred tax liabilities are as follows: Years Ended December 31, 2019 2018 Deferred tax assets: Carry-forward losses and credits $ 59,189 $ 23,675 Inventory and warranty reserves 29,661 17,945 Accrued expenses and other reserves 12,607 10,260 Stock-based compensation 8,580 5,351 Executive supplemental retirement benefits 1,556 5,972 Lease liability 15,284 — Unrealized net loss 2,741 — Other 2,347 2,396 Total deferred tax assets $ 131,965 $ 65,599 Deferred tax liabilities: Acquired intangible assets and goodwi ll $ (128,144 ) $ (74,120 ) Depreciation and amortization (14,072 ) (8,332 ) Loan costs (2,317 ) (1,108 ) Right-of-use (14,415 ) — Foreign withholding taxes (5,008 ) (3,176 ) Unrealized net gain — (1,952 ) Total deferred tax liabilities (163,956 ) (88,688 ) Valuation allowance (27,360 ) (17,936 ) Net deferred tax liabilities $ (59,351 ) $ (41,025 ) Due to the reduction in U.S. federal statutory tax rate from the enactment of the Act, the Company recorded a provisional adjustment reducing its net deferred tax liabilities by $ 22,345 2,614 As of December 31, 2019, the C d 64,983 . 14,230 C f e 98,280 57,588 2037 Although the Company believes that its tax positions are consistent with applicable U.S. federal, state and international laws, it maintains certain tax reserves as of December 31, 2019 in the event its tax positions were to be challenged by the applicable tax authority and additional tax assessed upon audit. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Years Ended December 31, 2019 2018 2017 Balance at beginning of year $ 32,684 $ 27,345 $ 25,465 Increases 9,324 934 640 Increases for the current year 3,219 6,091 4,340 Reductions related to expiration of statutes of limitations and audit settlements (1,734 ) (1,686 ) (3,100 ) Balance at end of year $ 43,493 $ 32,684 $ 27,345 As of December 31, 2019, the total gross unrecognized tax benefits, which excludes interest and penalties, was $43,493. As of December 31, 2018, the total gross unrecognized tax benefits, which excludes interest and penalties, The net increase was primarily attributable to the addition of historical gross unrecognized tax benefits for ESI as a result of the ESI Merger during the quarter ended March 31, 2019. The Company accrues interest and, if applicable, penalties for any uncertain tax positions. Interest and penalties are classified as a component of income tax expense. As of December 31, 2019, 2018 and 2017, the Company had accrued interest on unrecognized tax benefits of approximately $527, $568 and $327, respectively. Over the next 12 months it is reasonably possible that the Company may recognize $1,463 of previously net unrecognized tax benefits, excluding interest and penalties, related to various U.S. federal, state and foreign tax positions primarily due to the expiration of statutes of limitations. The Company and its subsidiaries are subject to examination by U.S. federal, state and foreign tax authorities. The U.S. Internal Revenue Service commenced an examination of the Company’s U.S. federal income tax filings for tax years 2015 and 2016 during the quarter ended September 30, 2017. This audit was effectively settled during the quarter ended March 31, 2018, and the impact was not material. Also, during the quarter ended March 31, 2018, the Company received notification from the U.S. Internal Revenue Service of their intent to audit its U.S. subsidiary, Newport, for the tax year 2015. This audit commenced during the quarter ended June 30, 2018 and was effectively settled during the quarter ended June 30, 2019, with a no change result. The U.S. statute of limitations remains open for tax years 2016 through the present. The statute of limitations for the Company’s tax filings in other jurisdictions varies between fiscal years 2014 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. On a quarterly basis, the Company evaluates both positive and negative evidence that affects the realizability of net deferred tax assets and assesses the need for a valuation allowance. The future benefit to be derived from its deferred tax assets is dependent upon its ability to generate sufficient future taxable income to realize the assets. During 2019, the Company increased its valuation allowance by $9,424. This increase was primarily attributable to the addition of historical valuation allowances for ESI and its subsidiaries which were included as a result of the ESI Merger during the quarter ended March 31, 2019. During 2018, the Company increased its valuation allowance by $4,307, primarily related to certain tax credit and net operating loss carry-forward amounts. During 2017, the Company increased its valuation allowance by $1,102, primarily related to certain state tax credits. No provision has been made for deferred taxes related to remaining historical outside basis differences in certain of the Company’s non-US Certain of the Company’s subsidiaries have obtained tax rate reductions or tax holidays under incentive programs offered under government programs. A Singapore subsidiary of ESI obtained a tax holiday in Singapore. The benefits of the holiday w ere ($0.04 per share) in 2019. The tax holiday in Singapore is expected to expire at the end of June 2021. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 1 7 Stock-Based Compensation Employee Stock Purchase Plans The 2014 ESPP Plan was adopted by the Board of Directors on February 10, 2014 and approved by the Company’s stockholders on May 5, 2014. The 2014 ESPP Plan authorizes the issuance of up to an aggregate of 2,500,000 n commences , or (2) 90% of the closing price on the day that the o 105,506 shares, respectively, of common stock to employees who participated in the 2014 ESPP Plan at exercise prices of $64.31 and $63.78 per share in 2019, $84.11 and $70.61 per share in 2018, and $46.37 and $74.12 per share in 2017. As of December 31, 2019, there were 1,800,324 shares reserved for future issuance under the 2014 ESPP Plan. Equity Incentive Plans The Company grants restricted stock units (“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 2014 Plan was adopted by the Board of Directors on February 10, 2014 and was approved by the Company’s stockholders on May 5, 2014. Up to 18,000,000 100 counted as one share is returned to the 2014 Plan, each applicable share reserve will be credited with one share. To the extent that a share that was subject to an award that counts as 2.4 shares is returned to the 2014 Plan, each applicable share reserve will be credited with 2.4 shares. As of December 31, 2019, there were 13,268,546 shares reserved for future issuance under the 2014 Plan. Time-based RSUs granted to employees in 2019, 2018 and 2017 generally vest 33% per year beginning on the first anniversary of the date of grant. Performance-based RSUs granted to the Company’s executive officers in 2019, 2018 and 2017 were based on the Company’s achievement of non-GAAP non-cash In connection with the completion of the Newport Merger, the Company assumed: • all RSUs granted under any Newport equity plan that were outstanding immediately prior to the effective time of the Newport Merger, and as to which shares of Newport common stock were not fully distributed in connection with the closing of the Newport Merger (the “Newport RSUs”), and • all SARs granted under any Newport equity plan, whether vested or unvested, that were outstanding immediately prior to the effective time of the Newport Merger (the “Newport SARs”). As of the effective time of the Newport Merger, based on a formula provided in the Newport Merger Agreement, (a) the Newport RSUs were converted automatically into RSUs with respect to shares of the Company’s common stock (the “Newport Assumed RSUs”), and (b) the Newport SARs were converted automatically into SARs with respect to shares of the Company’s common stock (the “ Newport Assumed SARs”). Included in the total number of Newport Assumed RSUs were 36,599 RSUs for outside directors that were part of the Newport Deferred Compensation Plan (the “ Newport DC Plan”), from which Newport DC Plan, and an additional 57 shares of the Company’s common stock were added to the Newport DC Plan due to reinvested dividends. As of December 31, 2018, 6,694 Company RSUs remained outstanding under the Newport DC Plan, and an additional 66 shares of the Company’s common stock were added to the Newport DC Plan due to reinvested dividends. As of December 31, 2017, 12,134 Company RSUs remained outstanding under the Newport DC Plan, and an additional 122 shares of the Company’s common stock were added to the Newport DC Plan due to reinvested dividends. These Newport Assumed RSUs will not become issued shares until their respective release dates. The shares of the Company’s common stock that are subject to the Newport Assumed SARs and the Newport Assumed RSUs are issuable pursuant to the Company’s 2014 Plan. The 1,260,525 shares of the Company’s common stock that are issuable pursuant to the Newport Assumed RSUs and the Newport Assumed SARs under the 2014 Plan were registered under the Securities Act of 1933, as amended (“Securities Act”), on a registration statement on Form S-8. S-8. In connection with the completion of the ESI Merger, the Company assumed: • all RSUs that vest based solely on the satisfaction of service conditions, granted under any ESI equity plan, arrangement or agreement (“ESI Plan”) that were outstanding immediately prior to the effective time of the ESI Merger, and as to which shares of ESI common stock were not fully distributed in connection with the closing of the ESI Merger (“ESI Time-Based RSUs”), • all RSUs that were granted subject to vesting based on both the achievement of performance goals and the satisfaction of service conditions granted under any ESI Plan that were outstanding immediately prior to the effective time of the ESI Merger (“ESI Performance-Based RSUs and collectively with the ESI Time-Based RSUs, the “ESI RSUs”), and • all SARs granted under any ESI Plan, whether vested or unvested, that were outstanding immediately prior to the effective time of the ESI Merger and held by an individual who was a service provider of ESI as of the date on which the effective time of the ESI Merger occurred (the “ESI SARs”). As of the effective time of the ESI Merger, based on a formula in the ESI Merger Agreement, (a) such ESI RSUs were converted automatically into RSUs with respect to shares of the Company’s common stock (the “ESI Assumed RSUs”), and (b) such ESI SARs were converted automatically into SARs with respect to shares of the Company’s common stock (the “ESI Assumed SARs”). Included in the total number of ESI Assumed RSUs are 326,283 shares of the Company’s common stock for employees and outside directors that are part of the ESI Deferred Compensation plan (the “ESI DC Plan”). These shares will not become issued shares until their respective release dates. As of December 31, 2019, 327,328 Company RSUs remained outstanding under the ESI DC Plan, and an additional 3,086 shares of the Company’s common stock were added to the ESI DC Plan due to reinvested dividends. The 748,920 shares of the Company’s common stock that are issuable pursuant to the ESI Assumed RSUs and the ESI Assumed SARs under the 2014 Plan were registered under the Securities Act on a registration statement on Form S-8. shares of the Company’s common stock reserved for issuance under the 2014 Plan and the 1,260,525 shares of the Company’s common stock that were issuable in connection with the Newport Merger, all of which shares were previously registered under the Securities Act on a registration statement on Form S-8. The following table presents the activity for RSUs under the Plans: Year Ended December 31, 2019 RSUs Weighted Average Grant Date Fair Value RSUs — beginning of period 647,394 $ 74.04 Assumed from ESI Merger 736,133 $ 84.10 Accrued dividend shares 5,222 $ 85.67 Granted 434,970 $ 87.11 Vested (577,688 ) $ 70.27 Forfeited or expired (143,498 ) $ 89.55 RSUs — end of period 1,102,533 $ 85.93 The following table presents the activity for SARs under the Plans: Year Ended December 31, 2019 Outstanding and Weighted Average Base Value SARs — beginning of period 177,538 $ 28.52 Assumed from ESI Merger 12,787 $ 17.38 Exercised (77,473 ) $ 26.29 Forfeited or expired (3,998 ) $ 23.00 SARs Outstanding — end of period 108,854 $ 29.05 At December 31, 2019, the Company’s outstanding and exercisable SARs, the weighted-average base value, the weighted average remaining contractual life and the aggregate intrinsic value thereof, were as follows: Number of Shares Weighted Average Weighted Average Remaining Contractual Life Aggregate Intrinsic Value SARs outstanding and exercisable 108,854 $ 29.05 1.6 $ 8,813 The Company settles employee RSU vesting and SARs exercises with newly issued shares of the Company’s common stock. Stock-Based Compensation Expense The Company recognized the full impact of its share-based payment plans in the consolidated statements of operations and comprehensive income for the years 2019, 2018 and 2017. As of December 31, 2019, the Company capitalized $1,595 of such cost on its consolidated balance sheet. As of December 31, 2018, and 2017, the Company capitalized $471 of such cost on its consolidated balance sheet. The following table reflects the effect of recording stock-based compensation for the years 2019, 2018 and 2017: Years Ended December 31, 2019 2018 2017 Stock-based compensation expense by type of award: RSUs $ 47,005 $ 24,883 $ 22,428 SARs 73 98 529 Employee stock purchase plan 2,116 2,281 1,421 Total stock-based compensation $ 49,194 27,262 24,378 Windfall tax effect on stock-based compensation (2,244 ) (8,277 ) (11,071 ) Net effect on net income $ 46,950 $ 18,985 $ 13,307 Effect on net earnings per share: Basic $ 0.86 $ 0.35 $ 0.25 Diluted $ 0.85 $ 0.35 $ 0.24 The pre-tax Years Ended December 31, 2019 2018 2017 Cost of revenues $ 2,789 $ 3,516 $ 3,894 Research and development expense 3,847 2,750 2,816 Selling, general and administrative expense 20,457 20,996 17,668 Acquisition and integration related expense 21,728 — — Restructuring related expense 373 — — Total pre-tax $ 49,194 $ 27,262 $ 24,378 Valuation Assumptions 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 stock appreciation rights 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, net of estimated forfeitures except for retirement eligible employees in which the Company expenses the fair value of the grant in the period in which the grant was awarded. The estimation of stock-based awards that will ultimately vest requires significant judgment. The Company considers many factors when estimating expected forfeitures, including types of awards and historical experience. Actual results, and future changes in estimates, may differ substantially from the Company’s current estimates. The weighted average fair value per share of employee stock purchase plan rights granted in 2019, 2018 and 2017 was $16.04, $21.74, and $13.14, respectively. The fair value of the employees’ purchase plan rights was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions: Years Ended December 31, 2019 2018 2017 Employee stock purchase plan rights: Expected life (years) 0.5 0.5 0.5 Risk-free interest rate 2.4 % 1.8 % 0.8 % Expected volatility 38.7 % 38.6 % 26.5 % Expected annual dividends per share $ 0.80 $ 0.76 $ 0.69 Expected volatilities for 2019, 2018 and 2017 are based on a combination of implied and historical volatilities of the Company’s common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The total intrinsic value of SARs exercised and the total fair value of RSUs vested during 2019, 2018 and 2017 was approximately $68,123, $61,626 and $60,302, respectively. As of December 31, 2019, the unrecognized compensation cost related to RSUs and SARs was approximately $26,137 and will be recognized over an estimated weighted average amortization period of 1.0 year. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | 18) Stockholders’ Equity Stock 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 $200,000 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 will depend 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. During 2019, there were no repurchases of common stock. During 2018, the Company repurchased approximately 818,000 shares of its common stock for $75,000 at an average price of $91.67 per share. During 2017, there were no repurchases of common stock. The Company has repurchased approximately 2,588,000 shares of common stock for approximately $127,000 pursuant to the program since its adoption. 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 described in Note 17 above when dividends are declared by the Company’s Board of Directors. The Company’s Board of Directors declared a cash dividend of $0.20 per share during each quarter of 2019, which totaled $43,528 or $0.80 per share. The Company’s Board of Directors declared a cash dividend of $0.18 per share during the first quarter of 2018 and $0.20 per share during each of the second, third and fourth quarters of 2018, which totaled $42,405 or $0.78 per share. 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. On February 10, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share to be paid on March 6, 2020 to Stockholders of record as of February 24, 2020. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 1 9 Employee Benefit Plans The Company has a 401(k) profit-sharing plan for U.S. employees meeting certain requirements in which eligible employees may contribute between 1% and 50% of their annual compensation to this plan, and, with respect to employees who are age 50 and older, certain specified additional amounts, limited by an annual maximum amount determined by the Internal Revenue Service. The Company, at its discretion, makes certain matching contributions to these plans based on participating employees’ annual contribution to the plans and their total compensation. The Company’s contributions were $6,944, $6,093 and $5,651 for 2019, 2018 and 2017, respectively. The Company maintains a bonus plan which provides cash awards to key employees, at the discretion of the compensation committee of the Board of Directors, based upon the Company’s operating results. In addition, the Company’s foreign locations also have various bonus plans based upon local operating results and employee performance. The total bonus expense was $32,172, $38,254 and $46,783 for 2019, 2018 and 2017, respectively. The Company provides supplemental retirement benefits for a number of former retired executives. The total cost of these benefits was $3,211, $4,609 and $3,478 for 2019, 2018 and 2017, respectively. The current accumulated benefit obligation was $21,341 and was included in other current liabilities and the non-current non-current was $20,644 at December 31, 2018 and The Company also assumed a deferred compensation plan from each of the Newport Merger and the ESI Merger. Participants in the Newport deferred compensation plan were not permitted to make any new elections beginning with 2018 compensation. Participants in the ESI deferred compensation plan were not permitted to make any new elections beginning with 2020 compensation. Defined Benefit Pension Plans As a result of the Newport Merger, the Company assumed all assets and liabilities of Newport’s defined benefit pension plans, which cover substantially all of its full-time employees in France, Germany, Israel and Japan. In addition, there are certain pension assets and liabilities relating to former employees in the United Kingdom. The German plan is unfunded, as permitted under the plan and applicable laws. As a result of the ESI merger, the Company assumed all assets and liabilities of ESI’s defined benefit pension plans, which cover substantially all of its full time employees in Taiwan, Korea and Japan. For financial reporting purposes, the calculation of net periodic pension costs was based upon a number of actuarial assumptions including a discount rate for plan obligations, an assumed rate of return on pension plan assets and an assumed rate of compensation increase for employees covered by the plan. All of these assumptions were based upon management’s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact future expense recognition and the cash funding requirements of the Company’s pension plans. The net periodic benefit costs for the plans included the following components: Year Ended December 31, 2019 2018 Service cost $ 828 $ 657 Interest cost on projected benefit obligations 471 433 Expected return on plan assets (111 ) (115 ) Amortization of actuarial net loss 136 127 $ 1,324 $ 1,102 The changes in projected benefit obligations and plan assets, as well as the ending balance sheet amounts for the Company’s defined benefit plans, were as follows: Year Ended December 31, 2019 2018 Change in projected benefit obligations: Projected benefit obligations, beginning of year $ 24,885 $ 25,736 Assumed in ESI Merger 3,522 — Service cost 828 657 Interest cost 471 433 Actuarial loss (gain) 2,057 (98 ) Benefits paid (1,469 ) (895 ) Currency translation adjustments (242 ) (948 ) Projected benefit obligations, end of year $ 30,052 $ 24,885 Change in plan assets: Fair value of plan assets, beginning of year $ 7,822 $ 8,152 Assumed in ESI Merger 1,272 — Company contributions 1,846 324 Gain (loss) on plan assets 591 (56 ) Benefits paid (569 ) (369 ) Currency translation adjustments 131 (229 ) Fair value of plan assets, end of year 11,093 7,822 Net underfunded status $ (18,959 ) $ (17,063 ) As of December , , the estimated benefit payments for the Company’s defined benefit plans for the next years were as follows: Estimated benefit 2020 $ 1,133 2021 1,302 2022 1,217 2023 1,537 2024 1,483 2025-2029 8,646 $ 15,318 The Company expects to contribute $2,086 to the plans during 2020. The weighted-average rates used to determine the net periodic benefit costs were as follows: December 31, 2019 December 31, 2018 Discount rate 1.4 % 1.9 % Rate of increase in salary levels 2.2 % 2.1 % Expected long-term rate of return on assets 2.1 % 1.9 % In determining the expected long-term rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes, and economic and other indicators of future performance. Plan assets were held in the following categories as a percentage of total plan assets: Year Ended December 31, 2019 Year Ended December 31, 2018 Amount Percentage Amount Percentage Cash $ 430 4 % $ 193 2 % Debt securities 8,023 72 4,855 62 Equity securities 1,519 14 1,342 17 Other 1,121 10 1,432 19 $ 11,093 100 % $ 7,822 100 % In general, the Company’s asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk while providing adequate liquidity to meet immediate and future benefit payment requirements. The Company’s Israeli plans account for the deferred vested benefits using the shut-down method of accounting, which resulted in assets of $16,713 and vested benefit obligations of $19,692 as of December 31, 2019 and assets of $14,409 and vested benefit obligations of $17,552 as of December 31, 2018. Under the shut-down method, the liability is calculated as if it were payable as of the balance sheet date, on an undiscounted basis. Other Pension-Related Assets As of December 31, 2019 and 2018, the Company had assets with an aggregate market value of $5,854 and $5,890, respectively, for |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 20 Net Income Per Share The following is a reconciliation of basic to diluted net income per share: Years Ended December 31, 2019 2018 2017 Numerator: Net income $ 140,386 $ 392,896 $ 339,132 Denominator: Shares used in net income per common share — basic 54,711,000 54,406,000 54,137,000 Effect of dilutive securities 400,000 586,000 937,000 Shares used in net income per common share — diluted 55,111,000 54,992,000 55,074,000 Net income per common share: Basic $ 2.57 $ 7.22 $ 6.26 Diluted $ 2.55 $ 7.14 $ 6.16 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 (RSUs and SARs) had been converted to such common shares, and if such assumed conversion is dilutive. In 2019, 2018 and 2017, the potential dilutive effect of 65,664 79,500 404 |
Business Segment, Geographic Ar
Business Segment, Geographic Area, Product Information and Significant Customer Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segment, Geographic Area, Product Information and Significant Customer Information | 2 Business Segment, Geographic Area, Product Information 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, research and defense. The Company’s Chief Operating Decision Maker (“CODM”) 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. Effective February 1, 2019, in conjunction with its acquisition of ESI, the Company created a third reportable segment known as the Equipment & Solutions segment in addition to its two then-existing reportable segments: the Vacuum & Analysis segment and the Light & Motion segment. 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 laser-based manufacturing systems solutions for the micro-machining industry that enable customers to optimize production. The Equipment & Solutions segment’s primary served markets include flexible and rigid PCB processing/fabrication, semiconductor wafer processing, and passive component manufacturing and testing. The Equipment & Solutions segment’s systems incorporate specialized laser technology and proprietary control software to efficiently process the materials and components that are an integral part of electronic devices and 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 does not disclose external or intersegment revenues separately by reportable segment as this information is not presented to the CODM for decision making purposes. The following table sets forth net revenues by reportable segment: Years Ended December 31, 2019 2018 2017 Vacuum & Analysis $ 990,523 $ 1,260,862 $ 1,207,457 Light & Motion 725,570 814,246 708,520 Equipment & Solutions 183,680 — — $ 1,899,773 $ 2,075,108 $ 1,915,977 The following table sets forth a reconciliation of segment gross profit to consolidated net income: Years Ended December 31, 2019 2018 2017 Gross profit by reportable segment: Vacuum & Analysis $ 426,464 $ 577,552 $ 551,078 Light & Motion 336,764 401,924 340,373 Equipment & Solutions 67,203 — — Total gross profit by reportable segment 830,431 979,476 891,451 Operating expenses: Research and development 164,061 135,720 132,555 Selling, general and administrative 330,346 298,118 290,056 Acquisition and integration costs 37,262 3,113 5,332 Restructuring and other 6,983 4,567 3,920 Fees and expenses related to repricing of Term Loan Facility 6,637 378 492 Amortization of intangible assets 67,402 43,521 45,743 Gain on sale of long-lived assets (6,773 ) — — Asset impairment 4,662 — 6,719 Income from operations 219,851 494,059 406,634 Interest income 5,453 5,775 3,021 Interest expense 44,135 16,942 30,990 Gain on sale of business — — 74,856 Other expense, net 3,333 1,942 5,896 Income before income taxes 177,836 480,950 447,625 Provision for income taxes 37,450 88,054 108,493 Net income $ 140,386 $ 392,896 $ 339,132 The following table set forth capital expenditures by reportable segment for the years ended December 31, 2019, 2018 and 2017: Vacuum & Analysis Light & Motion Equipment & Total December 31, 2019: Capital expenditures $ 34,130 $ 23,045 $ 6,729 $ 63,904 December 31, 2018: Capital expenditures $ 40,144 $ 22,797 $ — $ 62,941 December 31, 2017: Capital expenditures $ 17,111 $ 14,176 $ — $ 31,287 The following table sets forth depreciation and amortization by reportable segment for the years ended December 31, 2019, 2018 and 2017: Vacuum & Analysis Light & Motion Equipment & Total December 31, 2019: Depreciation and amortization $ 16,826 $ 53,857 $ 39,351 $ 110,034 December 31, 2018: Depreciation and amortization $ 20,808 $ 59,045 $ — $ 79,853 December 31, 2017: Depreciation and amortization $ 20,297 $ 62,259 $ — $ 82,556 Total income tax expense is not presented by reportable segment because the necessary information is not available or used by the CODM. The following table sets forth segment assets by reportable segment: Vacuum & Analysis Light & Equipment & Corporate, Eliminations and Other Total December 31, 2019: Segment assets: Accounts receivable $ 185,889 $ 147,150 $ 40,125 $ (32,100 ) $ 341,064 Inventory 224,815 163,768 73,458 105 462,146 Total segment assets $ 410,704 $ 310,918 $ 113,583 $ (31,995 ) $ 803,210 Vacuum & Analysis Light & Equipment & Corporate, Eliminations and Other Total December 31, 2018: Segment assets: Accounts receivable $ 171,604 $ 140,658 $ — $ (16,808 ) $ 295,454 Inventory 222,965 161,658 — 66 384,689 Total segment assets $ 394,569 $ 302,316 $ — $ (16,742 ) $ 680,143 The following is a reconciliation of segment assets to consolidated total assets: Years Ended December 31, 2019 2018 Total segment assets $ 803,210 $ 680,143 Cash and cash equivalents and short-term investments 523,989 718,171 Other current assets 106,348 65,790 Property, plant and equipment, net 241,871 194,367 Right-of-use asset 64,497 — Goodwill and intangible assets, net 1,623,084 906,803 Other assets and long-term assets 53,321 48,972 Consolidated total assets $ 3,416,320 $ 2,614,246 Geographic Information about the Company’s operations in different geographic regions is presented in the tables below. Net revenues to unaffiliated customers are based on the location in which the sale originated. Transfers between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues. Years Ended December 31, Net revenues: 2019 2018 2017 United States $ 888,370 $ 1,022,660 $ 955,284 China 178,618 127,681 97,072 South Korea 167,651 203,567 212,763 Japan 143,081 193,264 167,318 Germany 150,584 159,508 122,339 Other 371,469 368,428 361,201 $ 1,899,773 $ 2,075,108 $ 1,915,977 Years Ended Long-lived assets:(1) 201 9 201 8 United States $ 208,323 $ 146,687 Europe 41,433 26,794 Asia 89,567 50,572 $ 339,323 $ 224,053 (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 our reportable segments is as follows: Years Ended December 31, 2019 2018 Reportable segment: Vacuum & Analysis $ 196,717 $ 197,126 Light & Motion 388,463 389,870 Equipment & Solutions 473,274 — Total goodwill $ 1,058,454 $ 586,996 Worldwide Product Information Worldwide net revenue for each group of products is Years Ended December 31, 2019 2018 2017 Advanced Manufacturing Components $ 1,482,808 $ 1,835,202 $ 1,701,301 Global Service 288,476 239,906 214,676 Advanced Manufacturing Systems 128,489 — — $ 1,899,773 $ 2,075,108 $ 1,915,977 Advanced manufacturing components are comprised of product revenues from the Company’s Vacuum & Analysis and Light & Motion segments. Global service is comprised of total service revenues for all three of the Company’s reportable segments. Advanced manufacturing systems is comprised of product revenues for the Company’s Equipment & Solutions segment. Major Customers N accounted for greater than 10% of the Company’s net revenues for 2019. Applied Materials, Inc. accounted for 12% and 13% and Lam Research Corporation accounted for 11% and 12% of the Company’s net revenues for the years ended 2018 and 2017, respectively. |
Restructuring and Other
Restructuring and Other | 12 Months Ended |
Dec. 31, 2019 | |
Expense Of Restructuring Activities And Other [Abstract] | |
Restructuring and Other | 2 2 Restructuring and Other Restructuring During 2019, the Company recorded restructuring charges of $5,532, primarily related to costs incurred from the pending closure of a facility in Europe and also to severance costs related to an organization-wide reduction in workforce, the consolidation of service functions in Asia and the movement of certain products to lower costs regions. During 2018, the Company recorded restructuring charges of $3,567, primarily related to severance costs related to a worldwide reduction in workforce including severance costs related to transferring a portion of the Company’s The activity related to the Company’s restructuring accrual is shown below: 2019 2018 Balance at January 1 $ 2,632 $ 3,244 Charged to expense 5,532 3,567 Payments and adjustments (4,428 ) (4,179 ) Balance at December 31 $ 3,736 $ 2,632 Other During 2019, the Company recorded a charge of $1,451 related to a legal settlement from a contractual obligation assumed as part of the Newport Merger . During 2018, the Company recorded a charge of $1,000 for environmental costs related to a U.S. Environmental Protection Agency-designated Superfund site, as part of the Newport Merger . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 2 3 Commitments and Contingencies In 2016, two putative class actions lawsuit captioned Dixon Chung v. Newport Corp., et al., Case No. A-16-733154-C, A-16-734039-B, A-16-733154-B, pre- 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 Court dismissed the Company and Newport from the action. The second amended complaint seeks monetary damages, including pre- and order granting defendants’ motion for summary judgment. On February 18, 2020, plaintiffs filed a notice of appeal from the court’s order granting defendants’ motion for summary judgment, as well as from the court’s prior orders granting defendants’ motion for a bench trial and denying plaintiffs’ motion for leave to file an amended complaint. The Company is subject to various legal proceedings and claims, which have arisen in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our results of operations, financial condition or cash flows. The Company leases certain of its facilities and machinery and equipment under operating leases expiring in various years through 2184. Refer to Note 5 for schedule of future lease payments under non-cancelable As of December 31, 2019, the Company has entered into purchase commitments for certain inventory components and other equipment and services used in its normal operations. The majority of these purchase commitments covered by these arrangements are for periods of and aggregate to approximately $ . To the extent permitted by Massachusetts law, the Company’s Restated Articles of Organization, as amended, require the Company to indemnify any of its current or former officers or directors or any person who has served or is serving in any capacity with respect to any of the Company’s employee benefit plans. The Company believes that the estimated exposure for these indemnification obligations is currently not material. Accordingly, the Company has no material liabilities recorded for these requirements as of December 31, 2019. The Company also enters into agreements in the ordinary course of business which include indemnification provisions. Pursuant to these agreements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified party, generally its customers, for losses suffered or incurred by the indemnified party in connection with certain patent or other intellectual property infringement claims, and, in some instances, other claims, by any third party with respect to the Company’s As part of past acquisitions and divestitures of businesses or assets, the Company has provided a variety of indemnifications to the sellers and purchasers for certain events or occurrences that took place prior to the date of the acquisition or divestiture. Typically, certain of the indemnifications expire after a defined period of time following the transaction, but certain indemnifications may survive indefinitely. The maximum potential amount of future payments the Company could be required to make for such obligations is undeterminable at this time. Other than obligations recorded as liabilities at the time of the acquisitions, historically the Company has not made significant payments for these indemnifications. Accordingly, no material liabilities have been recorded for these obligations. In conjunction with certain asset sales, the Company may provide routine indemnifications whose terms range in duration and often are not explicitly defined. Where appropriate, an obligation for such indemnification is recorded as a liability. Because the amounts of liability under these types of indemnifications are not explicitly stated, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of the asset sale, historically the Company has not made significant payments for these indemnifications. |
Supplemental Financial Data
Supplemental Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Financial Data | MKS Instruments, Inc. Supplemental Financial Data Quarter Ended March 31 June 30 Sept. 30 Dec. 31 (Table in thousands, except per share data) (Unaudited) 2019 Statement of Operations Data Net revenues $ 463,561 $ 474,110 $ 462,451 $ 499,651 Gross profit 198,118 211,027 205,004 216,282 Income from operations 23,066 63,902 66,820 66,063 Net income $ 12,455 $ 37,739 $ 47,428 $ 42,764 Net income per share: Basic $ 0.23 $ 0.69 $ 0.86 $ 0.78 Diluted $ 0.23 $ 0.69 $ 0.86 $ 0.77 Cash dividends paid per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2018 Statement of Operations Data Net revenues $ 554,275 $ 573,140 $ 487,152 $ 460,541 Gross profit 262,855 274,877 231,860 209,884 Income from operations 131,639 151,291 117,045 94,084 Net income $ 105,121 $ 122,862 $ 93,277 $ 71,636 Net income per share: Basic $ 1.93 $ 2.25 $ 1.71 $ 1.33 Diluted $ 1.90 $ 2.22 $ 1.70 $ 1.32 Cash dividends paid per common share $ 0.18 $ 0.20 $ 0.20 $ 0.20 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | MKS Instruments, Inc. SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Additions Description Balance at Beginning of Year Acquisition Beginning Balance Charged to Costs and Expenses Charged Accounts Deductions & Write-offs Balance at End of Year (in thousands) Allowance for doubtful accounts: Years ended December 31, 2019 $ 5,243 $ 201 $ (728 ) $ — $ (2,933 ) $ 1,783 2018 $ 4,135 $ — $ 1,435 $ — $ (327 ) $ 5,243 2017 $ 3,909 $ — $ 825 $ — $ (599 ) $ 4,135 Additions Description Balance at Beginning of Year Acquisition Beginning Balance Charged to Costs and Expenses Charged Accounts Deductions & Write-offs Balance at End of Year (in thousands) Allowance for sales returns: Years ended December 31, 2019 $ 1,033 $ — $ 200 $ — $ 162 $ 1,395 2018 $ 1,295 $ — $ 124 $ — $ (386 ) $ 1,033 2017 $ 1,138 $ — $ (142 ) $ — $ 299 $ 1,295 Additions Description Balance at Beginning of Year Acquisition Beginning Balance Charged to Costs and Expenses Charged Accounts Deductions Balance at End of Year (in thousands) Valuation allowance on deferred tax asset: Years ended December 31, 2019 $ 17,936 $ 5,876 $ 4,934 $ — $ (1,386 ) $ 27,360 2018 $ 13,629 $ — $ 4,825 $ — $ (518 ) $ 17,936 2017 $ 12,527 $ — $ 1,603 $ — $ (501 ) $ 13,629 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Leases | Leases The Company adopted Accounting Standards Update (“ASU”) 2016-02 right-of-use short-term and long- term lease liabilities, respectively. The right-of-use re-classified right-of-use The Company has various operating leases for real estate and non-real non-real The Company has existing leases that include variable lease and non-lease right-of-use The Company has lease arrangements with lease and non-lease non-lease non-lease non-lease right-of-use |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company adopted Accounting Standards Codification (“ASC”) 606 (“ASC 606”) on January 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for the twelve months ended December 31, 2019 and 2018 reflect the application of ASC 606 guidance while the reported results for 2017 were prepared under the guidance of ASC 605, Revenue Recognition. The Company recorded a net increase to opening retained earnings of $1,738 as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to its service business and certain custom products. The impact to revenue for the year ended December 31, 2018 as a result of applying ASC 606 was immaterial. The adoption of ASC 606 represents a change in accounting principle that will more closely align revenue recognition with the delivery of the Company’s goods or services and will provide financial statement readers with enhanced disclosures. To achieve this core principle, the Company applies the following steps: • Identify the contract with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to performance obligations in the contract • Recognize revenue when or as the Company satisfies a performance obligation Revenue under ASC 606 is recognized when or as obligations under the terms of a contract with the Company’s customer has been satisfied and control has transferred to the customer. The majority of the Company’s performance obligations, and associated revenue, are transferred to customers at a point in time, generally upon shipment of a product to the customer or receipt of the product by the customer and without significant judgments. Installation services are not significant and are usually completed in a short period of time (normally less than two weeks) and therefore, recorded at a point in time when the installation services are completed, rather than over time as they are not material. Extended warranty, service contracts, and repair services, which are transferred to the customer over time, are recorded as revenue as the services are performed. For repair services, the Company makes an accrual at quarter end based upon historical repair times within its product groups to record revenue based upon the estimated number of days completed to date, which is consistent with ratable recognition. Customized products with no alternative future use to the Company, and that have an enforceable right to payment for performance completed to date, are also recorded over time. The Company considers this to be a faithful depiction of the transfer to the customer of revenue over time as the work is performed or service is delivered, ratably over time. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Performance obligations promised in a contract are identified based on the products or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the product or service is separately identifiable from other promises in the contract. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company’s normal payment terms are 30 to 60 days but vary by the type and location of its customers and the products or services offered. The time between invoicing and when payment is due is not significant. For certain products and services and customer types, the Company requires payment before the products or services are delivered to, or performed for, the customer. Contracts with Multiple Performance Obligations The Company periodically enters into contracts with its customers in which a customer may purchase a combination of goods and or services, such as products with installation services or extended warranty obligations. These contracts include multiple promises that the Company evaluates to determine if the promises are separate performance obligations. Once the Company determines the performance obligations, the Company then determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the method the Company expects to better predict the amount of consideration to which it will be entitled. There are no constraints on the variable consideration recorded. The Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price charged separately to customers or using an expected cost plus margin method. The corresponding revenues are recognized when or as the related performance obligations are satisfied, which are noted above. The impact of variable consideration was immaterial during 2019 and 2018. Deferred Revenues The Company’s standard assurance warranty period is normally 12 to 24 months. The Company sells separately-priced service contracts and extended warranty contracts related to certain of its products, especially its laser products. The separately priced contracts generally range from 12 to 60 months. The Company normally receives payment at the inception of the contract and recognizes revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract. The Company has elected to use the practical expedient related to disclosing the remaining performance obligations as of December 31, 2019 and 2018, as the majority have a duration of less than one year. Costs to Obtain and Fulfill a Contract Under ASC 606, the Company expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administration expenses. The Company has elected to recognize the costs for freight and shipping when control over products has transferred to the customer as an expense in cost of sales. Product revenue, excluding revenue from certain custom products, is recorded at a point in time, while the majority of service revenue and revenue from certain custom products is recorded over time. |
Accounts Receivable Allowances | Accounts Receivable Allowances Accounts receivable allowances include sales returns and bad debt allowances. The Company monitors and tracks the amount of product returns and reduces revenue at the time of shipment for the estimated amount of such future returns, based on historical experience. The Company makes estimates evaluating its allowance for doubtful accounts. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues that it has identified. |
Research and Development | Research and Development Research and development costs are expensed as incurred and consist mainly of compensation-related expenses and project materials. The Company’s research and development efforts include numerous projects, which generally have a duration of 3 to 30 months. Acquired in-process |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and were immaterial in 2019, 2018 and 2017. |
Stock-Based Compensation | Stock-Based Compensation The accounting for share-based compensation expense requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. For restricted stock units (“RSUs”), the fair value is measured on the date of grant and expensed normally over a period. The Company also provides employees the opportunity to purchase shares through an employee stock purchase plan. For shares issued under its employee stock purchase plan, the Company has estimated the fair value on the date of grant using the Black-Scholes pricing model, which is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards, expected life, risk-free interest rate and expected dividends. The Company is also required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Management determined that blended volatility, a combination of historical and implied volatility, is more reflective of market conditions and a better indicator of expected volatility than historical or implied volatility alone. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, stock-based compensation expense could be materially different in the future. |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income For foreign subsidiaries where the functional currency is the local currency, assets and liabilities are translated into U.S. dollars at the current exchange rate on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. Translation adjustments resulting from this process are recorded to Accumulated Other Comprehensive Income (“OCI”). Unrealized gains and losses on securities classified as available-for-sale |
Net Income Per Share | Net Income Per Share Basic net income per share is based on the weighted average number of common shares outstanding and diluted net income per share is based on the weighted average number of common shares outstanding and all potential dilutive common equivalent shares outstanding. The dilutive effect of RSUs and SARs are determined under the treasury stock method using the average market price for the period. Common equivalent shares are included in the per share calculations when the effect of their inclusion would be dilutive. |
Cash and Cash Equivalents and Investments | Cash and Cash Equivalents and Investments All highly liquid investments with a maturity date of three months or less at the date of purchase are considered to be cash equivalents. The appropriate classification of investments in securities is determined at the time of purchase. Debt securities that the Company does not have the intent and ability to hold to maturity are classified as “available-for-sale” The Company classifies investments with maturity dates greater than twelve months in short-term investments rather than long-term investments. This method classifies these securities as current based on the nature of the securities and the availability for use in current operations. The Company believes this method is preferable because it is more reflective of the Company’s assessment of its overall liquidity position. The Company reviews its investment portfolio on a quarterly basis to identify and evaluate individual investments that have indications of possible impairment. The factors considered in determining whether a loss is other-than-temporary include: the length of time and extent to which fair market value has been below the cost basis, the financial condition and near-term prospects of the issuer, credit quality, and the Company’s ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. In 2019, the Company determined that the fair value of an investment in a minority interest of a private company had significantly declined in value and therefore, recorded an impairment charge of $4,662 for the remainder of its investment. |
Concentrations of Credit Risk | Concentrations of Credit Risk The Company’s significant concentrations of credit risk consist principally of cash and cash equivalents, investments, forward exchange contracts and trade accounts receivable. The Company maintains cash and cash equivalents with financial institutions including some banks with which it had borrowings. The Company maintains investments primarily in U.S. Treasury and government agency securities and corporate debt securities. The Company enters into forward currency contracts with high credit-quality financial institutions in order to minimize credit risk exposure. The Company’s largest customers are primarily concentrated in the semiconductor industry, and a limited number of these customers account for a significant portion of the Company’s revenues. The Company regularly monitors the creditworthiness of its customers and believes it has adequately provided for potential credit loss exposures. Credit is extended for all customers based primarily on financial condition, and collateral is not required. During the years 2019, 2018 and 2017, approximately 49%, 55% and 57% of the Company’s net revenues, respectively, were from sales to semiconductor capital equipment manufacturers and semiconductor device manufacturers. There were no customers that represented 10% or more of the Company’s accounts receivable balance as of December 31, 2019 and 2018. |
Inventories | Inventories Inventories are stated at the lower of cost or market, cost being determined using a standard costing system which approximates cost based on a first-in, first-out |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property, plant and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recognized in earnings. Depreciation is provided on the straight-line method over the estimated useful lives of ten fifty years three eighteen years |
Acquisition Accounting | Acquisition Accounting The fair value of the consideration exchanged in an acquisition is allocated to tangible assets and identifiable intangible assets acquired and liabilities assumed at acquisition date fair value. Goodwill is measured as the excess of the consideration transferred over the net fair value of identifiable assets acquired and liabilities assumed. The accounting for an acquisition involves a considerable amount of judgement and estimation. Cost, income, market or a combination of approaches may be used to establish the fair value of consideration exchanged, assets acquired, and liabilities assumed, depending on the nature of those items. The valuation approach is determined in accordance with generally accepted valuation methods. Key areas of estimation and judgment may include the selection of valuation approaches, cost of capital, market characteristics, cost structure, impacts of synergies, and estimates of terminal value, among other factors. While the Company uses best estimates and assumptions as part of the purchase price allocation process to estimate the value of assets acquired and liabilities assumed, estimates are inherently uncertain and subject to refinement. During the measurement period, which maybe up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill, to the extent that adjustments are identified to the preliminary purchase price allocation. Upon conclusion of the measurement period, or final determination of the value of the assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to results of operations. |
Intangible Assets | Intangible Assets Intangible assets resulting from the acquisitions of businesses are estimated by management based on the fair value of assets acquired. These include acquired customer lists, technology, patents, trade names, covenants not to compete and IPR&D. Intangible assets are amortized from one |
Goodwill | Goodwill Goodwill is the amount by which the cost of acquired net assets exceeded the fair value of those net assets on the date of acquisition. The Company allocates goodwill to reporting units at the time of acquisition or when there is a change in the reporting structure and bases that allocation on which reporting units will benefit from the acquired assets and liabilities. Reporting units are defined as operating segments or one level below an operating segment, referred to as a component. The Company assesses goodwill for impairment on an annual basis as of October 31 or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The estimated fair value of the Company’s reporting units are based on discounted cash flow models derived from internal earnings and internal and external market forecasts. Determining fair value requires the exercise of significant judgment, including judgments about appropriate discount and terminal growth rates, as well as forecasted revenue growth rates and gross profit and operating margins. Discount rates are based on a weighted average cost of capital (“WACC”), which represents the average rate a business must pay its providers of debt and equity. The WACC used to test goodwill is derived from a group of comparable companies. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. The Company makes every effort to forecast these future cash flows as accurately as possible with the information available at the time the forecast is developed. In performing the Company’s annual goodwill impairment test, the Company is permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying amount, including goodwill. In performing the qualitative assessment, the Company considers certain events and circumstances specific to the reporting unit and to the entity as a whole, such as macroeconomic conditions, industry and market considerations, overall financial performance and cost factors when evaluating whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company is also permitted to bypass the qualitative assessment and proceed directly to the quantitative test. If the Company chooses to undertake the qualitative assessment and concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company would then proceed to the quantitative impairment test. In the quantitative assessment, the Company compares the fair value of the reporting unit to its carrying amount, which includes goodwill. If the fair value exceeds the carrying value, no impairment loss exists. If the fair value is less than the carrying amount, a goodwill impairment loss is measured and recorded. Effective July 1, 2018, the Company reassigned goodwill to certain reporting units within the Light & Motion reportable segment resulting from a reorganization of the composition of reporting units. The goodwill was reassigned to the reporting units affected using the relative fair value approach. In conjunction with this goodwill reassignment, the Company performed an interim quantitative impairment test as of July 1, 2018 for all of its reporting units and concluded that the fair values of each reporting unit exceeded their respective carrying values. Effective January 1, 2019, the Company reassigned goodwill to certain reporting units within the Light & Motion reportable segment resulting from a reorganization of the composition of reporting units. The goodwill was reassigned to the reporting units affected using the relative fair value approach. The Company also concluded that the fair value of each reporting unit exceeded its respective carrying value. As of October 31, 2019, the Company performed its annual impairment assessment of goodwill by performing a quantitative impairment analysis of its Equipment & Solutions reporting unit and a qualitative analysis for all other reporting units and determined that it is more likely than not that the fair values of the reporting units exceed their carrying amount. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets whenever events and changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. This periodic review may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to their operating performance and future undiscounted cash flows of the underlying business. If the future undiscounted cash flows are less than their carrying value, impairment exists. The impairment is measured as the difference between the carrying value and the fair value of the underlying asset. Fair values are based on estimates of market prices and assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. |
Foreign Exchange | Foreign Exchange The functional currency of the majority of the Company’s foreign subsidiaries is the applicable local currency. For those subsidiaries, assets and liabilities are translated to U.S. dollars at year-end Net foreign exchange (gain) loss resulting from re-measurement were $(31), $2,497 and $6,132 for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in other expense (income). These amounts do not reflect the corresponding gain (loss) from foreign exchange contracts. See Note 9 “Derivatives” regarding foreign exchange contracts. |
Employee Benefit Plans | Employee Benefit Plans The majority of the Company’s employees participate in defined contribution plans (401(k) plans) whereby the Company matches a certain percentage of salary based upon the amount of each participant’s annual contribution and their total compensation. The Company also has defined benefit retirement plans at certain of its foreign subsidiaries. The Company accounts for these plans based on the provisions of ASC Topic 715, “Compensation-Retirement Benefits.” Some of the key assumptions used to calculate the pension expense and projected benefit obligation include the discount rate, rate of forecasted salary increases, the expected long-term rate of return on plan assets and the mortality lives of participants. The obligation for these claims and the related periodic cots are measured using actuarial techniques and assumptions. Actuarial gains and losses are deferred and amortized over future periods. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and also for operating loss and tax credit carry-forwards. On a quarterly basis, the Company evaluates both the positive and negative evidence that affects the realizability of net deferred tax assets and assesses the need for a valuation allowance. The future benefit to be derived from its deferred tax assets is dependent upon its ability to generate sufficient future taxable income in each jurisdiction of the right type to realize the assets. The Company records a valuation allowance to reduce its net deferred tax assets to the amount that is expected to be realized. To the extent the Company establishes a valuation allowance an expense will be recorded as a component of the provision for income taxes on the statement of operations. Accounting for income taxes requires a two-step re-evaluates Income tax effects resulting from changes in tax are generally accounted for by the Company in the period in which the law is enacted and the effects are recorded as a component of provision for income taxes from continuing operations. On December 22, 2017, the Securities and Exchange Commission Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to provide guidance for reporting entities’ ability to timely complete the accounting for certain income tax effects of the Act and allowed a measurement period up to one year from the enactment date of the “Act”. The Company obtained, prepared and analyzed the information needed to complete the accounting requirements under ASC Topic 740 and as a result, in accordance with SAB 118, the Company finalized and recorded the effects of the Act during the quarter ended December 31, 2018. |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, In October 2018, the FASB issued ASU 2018-16, In August 2018, the FASB issued ASU 2018-15, Other-Internal-Use 350-40): internal-use internal-use In August 2017, the FASB issued ASU 2017-12, In February 2016, the FASB issued ASU 2016-02, 2016-02 right-of-use right-of-use re-classified right-of-use Financial Statements. In June 2016, the FASB issued ASU 2016-13, |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule Of Elements Of Lease Payments | The elements of lease expense were as follows: Twelve Months Lease cost: Operating lease(1) $ 23,176 Leases with a term less than 12 months 4,305 Total lease cost $ 27,481 (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 Year Ending December 31, Amount 2020 $ 22,299 2021 14,862 2022 9,006 2023 7,563 2024 6,660 Thereafter 11,387 Total lease payments 71,777 Less: imputed interest 6,386 Total operating lease liabilities $ 65,391 |
Minimum Lease Payments under Operating Lease | Minimum lease payments under operating leases as of December 31, 2018, prior to adoption of ASU 2016-02 Year Ending December 31, Amount 2019 $ 20,106 2020 17,142 2021 10,325 2022 5,573 2023 4,410 Thereafter 8,739 Total minimum lease payments $ 66,295 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Years Ended December 31, 2019 2018 Beginning balance, January 1(1) $ 17,474 $ 27,800 Deferred revenue and customer advances assumed in ESI Merger 4,629 — Additions to deferred revenue and customer advances 77,727 73,171 Amount of deferred revenue and customer advances recognized in income (75,046 ) (83,497 ) Ending balance, December 31(2) $ 24,784 $ 17,474 ( 1 Beginning deferred revenue and customer advances as of January 1, 2019 included $8,134 of current deferred revenue, $3,228 of long-term deferred revenue and $6,112 of current customer advances. ( 2 Ending deferred revenue and customer advances as of December 31, 2019 included |
Summary of Revenue from Contracts with Customers | The following table summarizes revenue from contracts with customers: Year Ended December 31, 2019 Vacuum & Analysis Light & Motion Equipment & Total Net revenues: Products $ 819,078 $ 663,730 $ 128,489 $ 1,611,297 Services 171,445 61,840 55,191 288,476 Total net revenues $ 990,523 $ 725,570 $ 183,680 $ 1,899,773 Year Ended December 31, 2018 Vacuum & Analysis Light & Motion Equipment & Total Net revenues: Products $ 1,080,343 $ 754,859 $ — $ 1,835,202 Services 180,519 59,387 — 239,906 Total net revenues $ 1,260,862 $ 814,246 $ — $ 2,075,108 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term and Long-Term Investments Available-for-Sale and Cost Method Investments | Investments classified as short-term consist of the following: Years Ended December 31, 2019 2018 Available-for-sale Time deposits and certificates of deposit $ 13,045 $ 102 Bankers’ acceptance drafts 4,043 989 Asset-backed securities — 9,113 Commercial paper 61,205 19,359 Corporate obligations — 9,352 U.S. treasury obligations 5,000 13,298 U.S. agency obligations 26,124 21,613 $ 109,417 $ 73,826 Investments classified as long-term consist of the following: Years Ended December 31, 2019 2018 Available-for-sale Group insurance contracts $ 5,854 $ 5,890 Cost method investments: Minority interest in a private company(1) — 4,400 $ 5,854 $ 10,290 (1) During 2019, the Company recognized $4,700 of impairment charges, which included an impairment of $4,400 of a long-term cost method investment in a private company. |
Gross Unrealized Gains and (Losses) Aggregated by Investment Category | The following table shows the gross unrealized gains and (losses) aggregated by investment category for available-for-sale As of December 31, 2019: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Short-term investments: Available-for-sale Time deposits and certificates of deposit $ 13,045 $ — $ — $ 13,045 Bankers’ acceptance drafts 4,043 — — 4,043 Commercial paper 61,498 — (293 ) 61,205 U.S. treasury obligations 4,999 1 — 5,000 U.S. agency obligations 26,123 2 (1 ) 26,124 $ 109,708 $ 3 $ (294 ) $ 109,417 As of December 31, 2019: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Long-term investments: Available-for-sale Group insurance contracts $ 5,261 $ 593 $ — $ 5,854 As of December 31, 2018: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Short-term investments: Available-for-sale Time deposits and certificates of deposit $ 102 $ — $ — $ 102 Bankers’ acceptance drafts 989 — — 989 Asset-backed securities 9,121 1 (9 ) 9,113 Commercial paper 19,504 — (145 ) 19,359 Corporate obligations 9,367 — (15 ) 9,352 U.S. treasury obligations 13,294 4 — 13,298 U.S. agency obligations 21,617 2 (6 ) 21,613 $ 73,994 $ 7 $ (175 ) $ 73,826 As of December 31, 2018: Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Long-term investments: Available-for-sale Group insurance contracts $ 5,546 $ 344 $ — $ 5,890 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2019, are summarized as follows: Fair Value Measurements at Reporting Date Using Description December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 288 $ 288 $ — $ — Time deposits and certificates of deposit 2,190 — 2,190 — Commercial paper 42,559 — 42,559 — U.S. treasury obligations 2,700 — 2,700 U.S. agency obligations 17,071 — 17,071 — Restricted cash – money market funds 333 333 — — Available-for-sale Time deposits and certificates of deposit 13,045 — 13,045 — Bankers’ acceptance drafts 4,043 — 4,043 — Commercial paper 61,205 — 61,205 — U.S. treasury obligations 5,000 — 5,000 — U.S. agency obligations 26,124 — 26,124 — Group insurance contracts 5,854 — 5,854 — Derivatives – currency forward contracts 1,074 — 1,074 — Derivatives – interest rate hedge - current 843 — 843 — Funds in investments and other assets: Israeli pension assets 16,713 — 16,713 — Deferred compensation plan assets: Mutual funds and exchange traded funds 2,002 — 2,002 — Money market securities 485 — 485 — Total assets $ 201,529 $ 621 $ 200,908 $ — Liabilities: Derivatives – currency forward contracts $ 259 $ — $ 259 $ — Derivatives – interest rate hedge – non-current 6,510 — 6,510 — Total liabilities $ 6,769 $ — $ 6,769 $ — Reported as follows: Assets: Cash and cash equivalents, including restricted cash(1) $ 65,141 $ 621 $ 64,520 $ — Short-term investments 109,417 — 109,417 — Other current assets 1,917 — 1,917 — Total current assets $ 176,475 $ 621 $ 175,854 $ — Long-term investments $ 5,854 $ — $ 5,854 $ — Other assets 19,200 — 19,200 — Total long-term assets $ 25,054 $ — $ 25,054 $ — Liabilities: Other current liabilities $ 259 $ — $ 259 $ — Other liabilities $ 6,510 $ — $ 6,510 $ — (1) The cash and cash equivalent amounts presented in the table above does not include cash of $349,431 as of December 31, 2019. Assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2018, are summarized as follows: Fair Value Measurements at Reporting Date Using Description December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 180,340 $ 180,340 $ — $ — Time deposits and certificates of deposit 850 — 850 — Commercial paper 2,687 — 2,687 — U.S. agency obligations 3,418 — 3,418 — Restricted cash – money market funds 110 110 — — Available-for-sale Time deposits and certificates of deposit 102 — 102 — Bankers’ acceptance drafts 989 — 989 — Asset-backed securities 9,113 — 9,113 — Commercial paper 19,359 — 19,359 — Corporate obligations 9,352 — 9,352 — U.S. treasury obligations 13,298 — 13,298 — U.S. agency obligations 21,613 — 21,613 — Group insurance contracts 5,890 — 5,890 — Derivatives – currency forward contracts 2,485 — 2,485 — Funds in investments and other assets: Israeli pension assets 14,408 — 14,408 — Derivatives – interest rate hedge – non-current 6,083 — 6,083 — Total assets $ 290,097 $ 180,450 $ 109,647 $ — Liabilities: Derivatives – currency forward contracts $ 1,168 $ — $ 1,168 $ — Reported as follows: Assets: Cash and cash equivalents, including restricted cash(1) $ 187,405 $ 180,450 $ 6,955 $ — Short-term investments 73,826 — 73,826 — Other current assets 2,485 — 2,485 — Total current assets $ 263,716 $ 180,450 $ 83,266 $ — Long-term investments(2) $ 5,890 $ — $ 5,890 $ — Other assets 20,491 — 20,491 — Total long-term assets $ 26,381 $ — $ 26,381 $ — Liabilities: Other current liabilities $ 1,168 $ — $ 1,168 $ — (1) The cash and cash equivalent amounts presented in the table above do not include cash of $456,940 as of December 31, 2018. (2) The long-term investments presented in the table above do not include our minority interest investment in a private company, which is accounted for under the cost method. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and December 31, 2018 December 31, 2019 Currency Hedged (Buy/Sell) Gross Notional Value Fair Value (1) U.S. Dollar/Japanese Yen $ 45,899 $ 43 U.S. Dollar/South Korean Won 51,733 167 U.S. Dollar/Euro 15,670 221 U.S. Dollar/U.K. Pound Sterling 8,279 (166 ) U.S. Dollar/Taiwan Dollar 33,093 (450 ) Total $ 154,674 $ (185 ) December 31, 2018 Currency Hedged (Buy/Sell) Gross Notional Value Fair Value (1) U.S. Dollar/Japanese Yen $ 43,770 $ (478 ) U.S. Dollar/South Korean Won 59,149 570 U.S. Dollar/Euro 23,515 688 U.S. Dollar/U.K. Pound Sterling 11,827 323 U.S. Dollar/Taiwan Dollar 21,133 214 Total $ 159,394 $ 1,317 (1) Represents the (payable) receivable amount included in the consolidated balance sheet. |
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: Years Ended December 31, Derivatives Designated as Hedging Instruments 2019 2018 Derivative asset: Forward exchange contracts(1) $ 1,074 $ 2,485 Foreign currency interest rate hedge(2) 843 6,083 Derivative liability: Forward exchange contracts(1) (1,259 ) (1,168 ) Foreign currency interest rate hedge(2) (6,510 ) — Total net derivative (liability) asset designated as hedging instruments $ (5,852 ) $ 7,400 (1) The derivative asset of $1,074 and derivative liability of $1,259 related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2019. The derivative asset of and derivative liability of related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2018. These forward foreign exchange 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 foreign currency interest rate hedge asset of is classified in other current assets in the consolidated balance sheet as of December 31, 2019. The foreign currency interest rate hedge liability of is classified in other non-current liabilities in the consolidated balance sheet as of December 31, 2019. The foreign currency rate hedge asset of $6,083 is classified in other assets in the consolidated balance sheet as of December 31, 2018. |
Summary of Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments | Derivatives Designated as Cash Flow Hedging Instruments Years Ended December 31, 2019 2018 2017 Forward exchange contracts: Net (loss) gain recognized in OCI, net of tax(1) $ (10,013 ) $ 4,942 $ (4,568 ) Net gain (loss) reclassified from OCI into income(2) $ 5,658 $ (3,367 ) $ (2,685 ) (1) Net change in the fair value of the effective portion classified in OCI. (2) Effective portion classified in |
Summary of Losses on Derivatives Not Designated as Cash Flow Hedging Instruments | The following table provides a summary of losses on derivatives not designated as cash flow hedging instruments: Years Ended December 31, Derivatives Not Designated as Hedging Instruments 2019 2018 2017 Forward exchange contracts: Net (loss) gain $ (1,314 ) $ 105 $ (3,416 ) (1) The Company enters into forward foreign exchange 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 immediately in other expense, net in 2019, 2018 and 2017. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: Years Ended December 31, 2019 2018 Raw material $ 288,771 $ 235,593 Work-in-process 79,367 61,908 Finished goods 94,008 87,188 $ 462,146 $ 384,689 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: Years Ended December 31, 2019 2018 Land $ 11,926 $ 11,448 Buildings 113,303 104,023 Machinery and equipment 396,193 330,821 Furniture and fixtures, office equipment and software 186,651 149,145 Leasehold improvements 80,389 66,569 Construction in progress 46,926 44,823 835,388 706,829 Less: accumulated depreciation 593,517 512,462 $ 241,871 $ 194,367 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Purchase Price | The purchase price of ESI consisted of the following: Cash paid for outstanding shares(1) $ 1,032,671 Settlement of share-based compensation awards(2) 30,630 Total purchase price 1,063,301 Less: cash and cash equivalents acquired (44,072 ) Total purchase price, net of cash and cash equivalents acquired $ 1,019,229 (1) Represents cash paid of $30.00 per share for approximately 34,422,361 (2) Represents the vested but unissued portion of ESI share-based compensation awards as of the acquisition date of February 1, 2019. |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the fair values assigned to assets acquired and liabilities assumed at the date of the ESI Merger: Current assets (excluding inventory) $ 208,009 Inventory 81,696 Intangible assets 316,200 Goodwill 473,951 Property, plant and equipment 65,489 Long-term assets 9,633 Total assets acquired 1,154,978 Current liabilities 51,479 Non-current 33,039 Other long-term liabilities 7,159 Total liabilities assumed 91,677 Fair value of assets acquired , 1,063,301 Less: Cash and cash equivalents acquired (44,072 ) Total purchase price, net of cash and cash equivalents acquired $ 1,019,229 |
Schedule of Consolidated Net Revenue and Earnings | The Company’s consolidated net revenue and earnings for the year ended December 31, 2019 include the following amounts of revenue and earnings of ESI since the acquisition date: Year December 31, 2019 Total net revenues $ 183,680 Net loss $ (33,446 ) Net loss Basic $ (0.61 ) Diluted $ (0.61 ) |
Schedule of Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information presents the combined results of operations of the Company as if the ESI Merger had occurred on January 1, 2018. The unaudited pro forma financial information is not necessarily indicative of what the Company’s condensed consolidated results of operations actually would have been had the acquisition occurred at the beginning of each year. In addition, the unaudited pro forma financial information does not attempt to project the future results of operations of the combined Company. Year s December 31, 2019 2018 Total net revenues $ 1,914,561 $ 2,445,711 Net income $ 171,537 $ 424,778 Net income Basic $ 3.14 $ 7.81 Diluted $ 3.11 $ 7.72 |
Precisive, LLC [Member] | |
Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives | The following table reflects the allocation of the acquired intangible assets and related estim a Completed technology - $ 255,700 12 years Completed technology - Non-Laser 18,300 10 years Trademarks and trade names 14,400 7 years Customer relationships 25,400 10 years Backlog 2,400 1 year $ 316,200 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The changes in the carrying amount of goodwill and accumulated impairment losses were as follows: 2019 2018 Gross Carrying Amount Accumulated Impairment Loss Net Gross Carrying Amount Accumulated Impairment Loss Net Beginning balance at January 1 $ 731,272 $ (144,276 ) $ 586,996 $ 735,323 $ (144,276 ) $ 591,047 Acquired goodwill(1) 473,951 — 473,951 — — — Foreign currency translation (2,493 ) — (2,493 ) (4,051 ) — (4,051 ) Ending balance at December 31 $ 1,202,730 $ (144,276 ) $ 1,058,454 $ 731,272 $ (144,276 ) $ 586,996 (1) During the twelve months ended December 31, 2019, the Company recorded $ 473,951 |
Intangible Assets | Intangible Assets Components of the Company’s acquired intangible assets are comprised of the following: As of December 31, 2019 Gross Accumulated Charges Accumulated Amortization Foreign Currency Translation Net Completed technology(1) $ 446,431 $ (105 ) $ (178,310 ) $ (208 ) $ 267,808 Customer relationships(1) 308,144 (1,406 ) (84,167 ) (1,361 ) 221,210 Patents, trademarks, trade names and other 120,895 — (45,505 ) 222 75,612 $ 875,470 $ (1,511 ) $ (307,982 ) $ (1,347 ) $ 564,630 (1) During the twelve months ended December 31, 2019, the Company recorded $ 316,200 274,000 25,400 16,800 6,428 3,445 right-of-use As of December 31, 2018 Gross Accumulated Charges Accumulated Amortization Foreign Currency Translation Net Completed technology $ 172,431 $ (105 ) $ (137,283 ) $ (73 ) $ 34,970 Customer relationships 282,744 (1,406 ) (63,788 ) (269 ) 217,281 Patents, trademarks, trade names and other 110,523 — (42,954 ) (13 ) 67,556 $ 565,698 $ (1,511 ) $ (244,025 ) $ (355 ) $ 319,807 |
Estimated Net Amortization Expense | Aggregate net amortization expense related to acquired intangible assets for future years is: Year Amount 2020 $ 55,808 2021 47,720 2022 45,254 2023 44,902 2024 43,985 Thereafter $ 271,061 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranty Activities | Product warranty activities were as follows: Years Ended December 31, 2019 2018 Beginning balance $ 10,399 $ 10,104 Assumed product warranty liability from ESI Merger 7,177 — Provision for product warranties 17,397 15,987 Direct and other charges to warranty liability (20,100 ) (15,692 ) Ending balance(1) $ 14,873 $ 10,399 (1) Short-term product warranty of $ 12,085 2,788 9,986 413 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Debt | December 31, 2019 December 31, 2018 Short-term debt: Japanese lines of credit $ 2,558 $ 2,724 Japanese receivables financing facility 573 665 Other debt — 597 Term Loan Facility 8,968 — $ 12,099 $ 3,986 |
Schedule of Long-Term Debt | December 31, 2019 December 31, 2018 Long-term debt: Other debt $ 94 $ 86 Term Loan Facility, net(1) 871,573 343,756 $ 871,667 $ 343,842 (1) Net of deferred financing fees, original issuance discount and re-pricing 11,810 4,708 |
Schedule of Contractual Maturities of Debt Obligations | Contractual maturities of the Company’s debt obligations as of December 31, 2019 are as follows: Year Amount 2020 $ 12,099 2021 9,062 2022 8,968 2023 8,968 2024 8,968 Thereafter 847,511 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Company's Effective Tax Rate to U.S. Federal Statutory Rate | A reconciliation of the Company’s effective tax rate to the U.S. federal statutory rate is as follows: Years Ended December 31, 2019 2018 2017 U.S. Federal income tax statutory rate 21.0 % 21.0 % 35.0 % Federal tax credits (2.9 ) (0.7 ) (0.7 ) State income taxes, net of federal benefit 2.3 1.3 1.0 Effect of foreign operations taxed at various rates (4.4 ) (1.3 ) (12.1 ) Qualified production activity tax benefit — — (1.4 ) Executive compensation 5.8 — — Gain on intercompany sale of assets 2.9 — — Benefit of a capital loss (1.2 ) — — Foreign derived intangible income deduction (3.8 ) (2.1 ) — Global intangible low taxed income, net of foreign tax credits 2.6 0.4 — Transition tax, net of foreign tax credits — (0.1 ) 6.4 Revaluation of deferred income taxes (1.4 ) (0.3 ) (5.0 ) Revaluation of prepaid taxes — 1.6 — Stock-based compensation (0.3 ) (1.3 ) (2.5 ) Deferred tax asset valuation allowance 0.1 — (0.1 ) Release of income tax reserves (including interest) (0.8 ) (0.4 ) (0.4 ) Foreign dividends, net of foreign tax credits 0.6 (1.0 ) 3.3 Other 0.6 1.2 0.7 21.1 % 18.3 % 24.2 % |
Components of Income from Operations Before Income Taxes and Related Provision for Income Taxes | The components of income from operations before income taxes and the related provision for income taxes consist of the following: Years Ended December 31, 2019 2018 2017 Income before income taxes: United States $ 2,279 $ 287,309 $ 224,979 Foreign 175,557 193,641 222,646 $ 177,836 $ 480,950 $ 447,625 Current taxes: United States $ 6,790 $ 41,428 $ 77,023 State 2,068 8,094 6,149 Foreign 32,807 57,920 30,152 41,665 107,442 113,324 Deferred taxes: United States (1,743 ) (2,533 ) (16,250 ) State and Foreign (2,472 ) (16,855 ) 11,419 (4,215 ) (19,388 ) (4,831 ) Provision for income taxes $ 37,450 $ 88,054 $ 108,493 |
Significant Components of Deferred Tax Assets and Deferred Tax Liabilities | The significant components of the deferred tax assets and deferred tax liabilities are as follows: Years Ended December 31, 2019 2018 Deferred tax assets: Carry-forward losses and credits $ 59,189 $ 23,675 Inventory and warranty reserves 29,661 17,945 Accrued expenses and other reserves 12,607 10,260 Stock-based compensation 8,580 5,351 Executive supplemental retirement benefits 1,556 5,972 Lease liability 15,284 — Unrealized net loss 2,741 — Other 2,347 2,396 Total deferred tax assets $ 131,965 $ 65,599 Deferred tax liabilities: Acquired intangible assets and goodwi ll $ (128,144 ) $ (74,120 ) Depreciation and amortization (14,072 ) (8,332 ) Loan costs (2,317 ) (1,108 ) Right-of-use (14,415 ) — Foreign withholding taxes (5,008 ) (3,176 ) Unrealized net gain — (1,952 ) Total deferred tax liabilities (163,956 ) (88,688 ) Valuation allowance (27,360 ) (17,936 ) Net deferred tax liabilities $ (59,351 ) $ (41,025 ) |
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Years Ended December 31, 2019 2018 2017 Balance at beginning of year $ 32,684 $ 27,345 $ 25,465 Increases 9,324 934 640 Increases for the current year 3,219 6,091 4,340 Reductions related to expiration of statutes of limitations and audit settlements (1,734 ) (1,686 ) (3,100 ) Balance at end of year $ 43,493 $ 32,684 $ 27,345 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Activity for RSUs | The following table presents the activity for RSUs under the Plans: Year Ended December 31, 2019 RSUs Weighted Average Grant Date Fair Value RSUs — beginning of period 647,394 $ 74.04 Assumed from ESI Merger 736,133 $ 84.10 Accrued dividend shares 5,222 $ 85.67 Granted 434,970 $ 87.11 Vested (577,688 ) $ 70.27 Forfeited or expired (143,498 ) $ 89.55 RSUs — end of period 1,102,533 $ 85.93 |
Summary of Activity for Outstanding and Exercisable Stock Appreciation Rights | At December 31, 2019, the Company’s outstanding and exercisable SARs, the weighted-average base value, the weighted average remaining contractual life and the aggregate intrinsic value thereof, were as follows: Number of Shares Weighted Average Weighted Average Remaining Contractual Life Aggregate Intrinsic Value SARs outstanding and exercisable 108,854 $ 29.05 1.6 $ 8,813 |
Effect of Recording Stock-Based Compensation | The following table reflects the effect of recording stock-based compensation for the years 2019, 2018 and 2017: Years Ended December 31, 2019 2018 2017 Stock-based compensation expense by type of award: RSUs $ 47,005 $ 24,883 $ 22,428 SARs 73 98 529 Employee stock purchase plan 2,116 2,281 1,421 Total stock-based compensation $ 49,194 27,262 24,378 Windfall tax effect on stock-based compensation (2,244 ) (8,277 ) (11,071 ) Net effect on net income $ 46,950 $ 18,985 $ 13,307 Effect on net earnings per share: Basic $ 0.86 $ 0.35 $ 0.25 Diluted $ 0.85 $ 0.35 $ 0.24 |
Pre-Tax Effect Within Consolidated Statements of Operations of Recording Stock-Based Compensation | The pre-tax Years Ended December 31, 2019 2018 2017 Cost of revenues $ 2,789 $ 3,516 $ 3,894 Research and development expense 3,847 2,750 2,816 Selling, general and administrative expense 20,457 20,996 17,668 Acquisition and integration related expense 21,728 — — Restructuring related expense 373 — — Total pre-tax $ 49,194 $ 27,262 $ 24,378 |
Fair Value of Employees' Purchase Rights Estimated using Black-Scholes Option-Pricing Model | The fair value of the employees’ purchase plan rights was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions: Years Ended December 31, 2019 2018 2017 Employee stock purchase plan rights: Expected life (years) 0.5 0.5 0.5 Risk-free interest rate 2.4 % 1.8 % 0.8 % Expected volatility 38.7 % 38.6 % 26.5 % Expected annual dividends per share $ 0.80 $ 0.76 $ 0.69 |
Stock Appreciation Rights (SARs) [Member] | |
Summary of Activity for Outstanding and Exercisable Stock Appreciation Rights | The following table presents the activity for SARs under the Plans: Year Ended December 31, 2019 Outstanding and Weighted Average Base Value SARs — beginning of period 177,538 $ 28.52 Assumed from ESI Merger 12,787 $ 17.38 Exercised (77,473 ) $ 26.29 Forfeited or expired (3,998 ) $ 23.00 SARs Outstanding — end of period 108,854 $ 29.05 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Summary of Net Periodic Benefit Costs | The net periodic benefit costs for the plans included the following components: Year Ended December 31, 2019 2018 Service cost $ 828 $ 657 Interest cost on projected benefit obligations 471 433 Expected return on plan assets (111 ) (115 ) Amortization of actuarial net loss 136 127 $ 1,324 $ 1,102 |
Summary of Changes in Projected Benefit Obligations and Plan Assets, and Ending Balances of Defined Benefit Plans | The changes in projected benefit obligations and plan assets, as well as the ending balance sheet amounts for the Company’s defined benefit plans, were as follows: Year Ended December 31, 2019 2018 Change in projected benefit obligations: Projected benefit obligations, beginning of year $ 24,885 $ 25,736 Assumed in ESI Merger 3,522 — Service cost 828 657 Interest cost 471 433 Actuarial loss (gain) 2,057 (98 ) Benefits paid (1,469 ) (895 ) Currency translation adjustments (242 ) (948 ) Projected benefit obligations, end of year $ 30,052 $ 24,885 Change in plan assets: Fair value of plan assets, beginning of year $ 7,822 $ 8,152 Assumed in ESI Merger 1,272 — Company contributions 1,846 324 Gain (loss) on plan assets 591 (56 ) Benefits paid (569 ) (369 ) Currency translation adjustments 131 (229 ) Fair value of plan assets, end of year 11,093 7,822 Net underfunded status $ (18,959 ) $ (17,063 ) |
Summary of Estimated Benefit Payments for Defined Benefit Plans for Next 10 Years | As of December , , the estimated benefit payments for the Company’s defined benefit plans for the next years were as follows: Estimated benefit 2020 $ 1,133 2021 1,302 2022 1,217 2023 1,537 2024 1,483 2025-2029 8,646 $ 15,318 |
Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs | The weighted-average rates used to determine the net periodic benefit costs were as follows: December 31, 2019 December 31, 2018 Discount rate 1.4 % 1.9 % Rate of increase in salary levels 2.2 % 2.1 % Expected long-term rate of return on assets 2.1 % 1.9 % |
Schedule of Defined Benefit Plan Assets | Plan assets were held in the following categories as a percentage of total plan assets: Year Ended December 31, 2019 Year Ended December 31, 2018 Amount Percentage Amount Percentage Cash $ 430 4 % $ 193 2 % Debt securities 8,023 72 4,855 62 Equity securities 1,519 14 1,342 17 Other 1,121 10 1,432 19 $ 11,093 100 % $ 7,822 100 % |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following is a reconciliation of basic to diluted net income per share: Years Ended December 31, 2019 2018 2017 Numerator: Net income $ 140,386 $ 392,896 $ 339,132 Denominator: Shares used in net income per common share — basic 54,711,000 54,406,000 54,137,000 Effect of dilutive securities 400,000 586,000 937,000 Shares used in net income per common share — diluted 55,111,000 54,992,000 55,074,000 Net income per common share: Basic $ 2.57 $ 7.22 $ 6.26 Diluted $ 2.55 $ 7.14 $ 6.16 |
Business Segment, Geographic _2
Business Segment, Geographic Area, Product Information and Significant Customer Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Net Revenues, Assets and Goodwill by Reportable Segment | The following table sets forth net revenues by reportable segment: Years Ended December 31, 2019 2018 2017 Vacuum & Analysis $ 990,523 $ 1,260,862 $ 1,207,457 Light & Motion 725,570 814,246 708,520 Equipment & Solutions 183,680 — — $ 1,899,773 $ 2,075,108 $ 1,915,977 The following table sets forth segment assets by reportable segment: Vacuum & Analysis Light & Equipment & Corporate, Eliminations and Other Total December 31, 2019: Segment assets: Accounts receivable $ 185,889 $ 147,150 $ 40,125 $ (32,100 ) $ 341,064 Inventory 224,815 163,768 73,458 105 462,146 Total segment assets $ 410,704 $ 310,918 $ 113,583 $ (31,995 ) $ 803,210 Vacuum & Analysis Light & Equipment & Corporate, Eliminations and Other Total December 31, 2018: Segment assets: Accounts receivable $ 171,604 $ 140,658 $ — $ (16,808 ) $ 295,454 Inventory 222,965 161,658 — 66 384,689 Total segment assets $ 394,569 $ 302,316 $ — $ (16,742 ) $ 680,143 Goodwill associated with each of our reportable segments is as follows: Years Ended December 31, 2019 2018 Reportable segment: Vacuum & Analysis $ 196,717 $ 197,126 Light & Motion 388,463 389,870 Equipment & Solutions 473,274 — Total goodwill $ 1,058,454 $ 586,996 |
Reconciliation of Segment Gross Profit to Consolidated Net Income | The following table sets forth a reconciliation of segment gross profit to consolidated net income: Years Ended December 31, 2019 2018 2017 Gross profit by reportable segment: Vacuum & Analysis $ 426,464 $ 577,552 $ 551,078 Light & Motion 336,764 401,924 340,373 Equipment & Solutions 67,203 — — Total gross profit by reportable segment 830,431 979,476 891,451 Operating expenses: Research and development 164,061 135,720 132,555 Selling, general and administrative 330,346 298,118 290,056 Acquisition and integration costs 37,262 3,113 5,332 Restructuring and other 6,983 4,567 3,920 Fees and expenses related to repricing of Term Loan Facility 6,637 378 492 Amortization of intangible assets 67,402 43,521 45,743 Gain on sale of long-lived assets (6,773 ) — — Asset impairment 4,662 — 6,719 Income from operations 219,851 494,059 406,634 Interest income 5,453 5,775 3,021 Interest expense 44,135 16,942 30,990 Gain on sale of business — — 74,856 Other expense, net 3,333 1,942 5,896 Income before income taxes 177,836 480,950 447,625 Provision for income taxes 37,450 88,054 108,493 Net income $ 140,386 $ 392,896 $ 339,132 |
Schedule of Capital Expenditures, Depreciation and Amortization Expense of Intangible Assets by Reportable Segment | The following table set forth capital expenditures by reportable segment for the years ended December 31, 2019, 2018 and 2017: Vacuum & Analysis Light & Motion Equipment & Total December 31, 2019: Capital expenditures $ 34,130 $ 23,045 $ 6,729 $ 63,904 December 31, 2018: Capital expenditures $ 40,144 $ 22,797 $ — $ 62,941 December 31, 2017: Capital expenditures $ 17,111 $ 14,176 $ — $ 31,287 The following table sets forth depreciation and amortization by reportable segment for the years ended December 31, 2019, 2018 and 2017: Vacuum & Analysis Light & Motion Equipment & Total December 31, 2019: Depreciation and amortization $ 16,826 $ 53,857 $ 39,351 $ 110,034 December 31, 2018: Depreciation and amortization $ 20,808 $ 59,045 $ — $ 79,853 December 31, 2017: Depreciation and amortization $ 20,297 $ 62,259 $ — $ 82,556 |
Reconciliation of Segment Assets to Consolidated Total Assets | The following is a reconciliation of segment assets to consolidated total assets: Years Ended December 31, 2019 2018 Total segment assets $ 803,210 $ 680,143 Cash and cash equivalents and short-term investments 523,989 718,171 Other current assets 106,348 65,790 Property, plant and equipment, net 241,871 194,367 Right-of-use asset 64,497 — Goodwill and intangible assets, net 1,623,084 906,803 Other assets and long-term assets 53,321 48,972 Consolidated total assets $ 3,416,320 $ 2,614,246 |
Schedule of Net Revenues and Long-Lived Assets by Geographic Regions | Transfers between geographic areas are at tax transfer prices and have been eliminated from consolidated net revenues. Years Ended December 31, Net revenues: 2019 2018 2017 United States $ 888,370 $ 1,022,660 $ 955,284 China 178,618 127,681 97,072 South Korea 167,651 203,567 212,763 Japan 143,081 193,264 167,318 Germany 150,584 159,508 122,339 Other 371,469 368,428 361,201 $ 1,899,773 $ 2,075,108 $ 1,915,977 Years Ended Long-lived assets:(1) 201 9 201 8 United States $ 208,323 $ 146,687 Europe 41,433 26,794 Asia 89,567 50,572 $ 339,323 $ 224,053 (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. |
Worldwide Net Revenue for Each Group of Products | Worldwide net revenue for each group of products is Years Ended December 31, 2019 2018 2017 Advanced Manufacturing Components $ 1,482,808 $ 1,835,202 $ 1,701,301 Global Service 288,476 239,906 214,676 Advanced Manufacturing Systems 128,489 — — $ 1,899,773 $ 2,075,108 $ 1,915,977 |
Restructurings (Tables)
Restructurings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Company's Restructuring Activity | The activity related to the Company’s restructuring accrual is shown below: 2019 2018 Balance at January 1 $ 2,632 $ 3,244 Charged to expense 5,532 3,567 Payments and adjustments (4,428 ) (4,179 ) Balance at December 31 $ 3,736 $ 2,632 |
Supplemental Financial Data (Ta
Supplemental Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Supplemental Financial Data | MKS Instruments, Inc. Supplemental Financial Data Quarter Ended March 31 June 30 Sept. 30 Dec. 31 (Table in thousands, except per share data) (Unaudited) 2019 Statement of Operations Data Net revenues $ 463,561 $ 474,110 $ 462,451 $ 499,651 Gross profit 198,118 211,027 205,004 216,282 Income from operations 23,066 63,902 66,820 66,063 Net income $ 12,455 $ 37,739 $ 47,428 $ 42,764 Net income per share: Basic $ 0.23 $ 0.69 $ 0.86 $ 0.78 Diluted $ 0.23 $ 0.69 $ 0.86 $ 0.77 Cash dividends paid per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2018 Statement of Operations Data Net revenues $ 554,275 $ 573,140 $ 487,152 $ 460,541 Gross profit 262,855 274,877 231,860 209,884 Income from operations 131,639 151,291 117,045 94,084 Net income $ 105,121 $ 122,862 $ 93,277 $ 71,636 Net income per share: Basic $ 1.93 $ 2.25 $ 1.71 $ 1.33 Diluted $ 1.90 $ 2.22 $ 1.70 $ 1.32 Cash dividends paid per common share $ 0.18 $ 0.20 $ 0.20 $ 0.20 |
Business Description - Addition
Business Description - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019ProductSegment | |
Number Of Product Groups And Reportable Segments [Line Items] | |
Number of product groups | Product | 3 |
Number of reportable segments | 2 |
Reportable Geographical Components [Member] | |
Number Of Product Groups And Reportable Segments [Line Items] | |
Number of reportable segments | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||
Minimum period of company's research and development projects | 3 months | ||||
Maximum period of company's research and development projects | 30 months | ||||
Vesting period | 3 years | ||||
Amortization period of leasehold improvements | shorter of the lease term or the estimated useful life of the leased asset. | ||||
Minimum percentage of recognition of tax benefits from uncertain tax positions | 50.00% | ||||
Retained earnings opening balance sheet adjustment for Topic 606 adoption | $ 1,181,216 | $ 1,084,797 | |||
Right-of-Use Asset,Operating Lease | 64,497 | ||||
Short-term lease liability | 20,632 | ||||
Non-current lease liability | 44,759 | ||||
Accounting Standards Codification Topic 606 adjustment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Retained earnings opening balance sheet adjustment for Topic 606 adoption | $ 1,738 | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Right-of-Use Asset,Operating Lease | $ 71,042 | ||||
Short-term lease liability | 20,192 | ||||
Non-current lease liability | $ 54,147 | ||||
Other Expense [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Net foreign exchange losses from re-measurement | $ 31 | $ 2,497 | $ 6,132 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 10.00% | ||||
Customer Concentration Risk [Member] | Semiconductor Products [Member] | Sales Revenue, Net [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 49.00% | 55.00% | 57.00% | ||
Minimum [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Intangible assets amortized period | 1 year | ||||
Minimum [Member] | Accounting Standards Codification Topic 606 adjustment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Company's normal payment terms | 30 days | ||||
Warranty period | 12 months | ||||
Term of separately priced contracts | 12 months | ||||
Minimum [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | |||
Minimum [Member] | Building [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 10 years | ||||
Minimum [Member] | Machinery and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Minimum [Member] | Office Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Maximum [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Intangible assets amortized period | 18 years | ||||
Maximum [Member] | Accounting Standards Codification Topic 606 adjustment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Company's normal payment terms | 60 days | ||||
Warranty period | 24 months | ||||
Term of separately priced contracts | 60 months | ||||
Maximum [Member] | Building [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 50 years | ||||
Maximum [Member] | Machinery and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 18 years | ||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 18 years | ||||
Maximum [Member] | Office Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 18 years |
Recently Issued Accounting Pr_3
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 64,497 | |
Short-term lease liability | 20,632 | |
Long-term lease liability | $ 44,759 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 71,042 | |
Short-term lease liability | 20,192 | |
Long-term lease liability | $ 54,147 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Right-of-Use Asset,Operating Lease | $ 64,497 |
Short-term lease liability | 20,632 |
Long-term lease liability | $ 44,759 |
Weighted average discount rate | 3.80% |
Weighted average remaining lease term | 4 years 10 months 24 days |
Operating cash flows used for operating leases | $ 23,356 |
Gain loss on sale lease back | 6,773 |
Proceeds received on sale lease back transactions | 41,179 |
Undiscounted lease libility amount | $ 126,400 |
Year of lease commencement | 2020 |
Minimum [Member] | |
Expected lease term | 20 years |
Maximum [Member] | |
Expected lease term | 21 years |
Leases - Lease expense (Detail)
Leases - Lease expense (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Lease, Cost [Abstract] | ||
Operating lease(1) | $ 23,176 | [1] |
Leases with a term less than 12 months | 4,305 | |
Total lease cost | $ 27,481 | |
[1] | Operating lease cost includes an immaterial amount of variable expenses and sublease rental income. |
Leases - Schedule Of Future Lea
Leases - Schedule Of Future Lease Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 22,299 |
2021 | 14,862 |
2022 | 9,006 |
2023 | 7,563 |
2024 | 6,660 |
Thereafter | 11,387 |
Total lease payments | 71,777 |
Less: imputed interest | 6,386 |
Total operating lease liabilities | $ 65,391 |
Leases - Minimum Lease Payments
Leases - Minimum Lease Payments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 20,106 |
2020 | 17,142 |
2021 | 10,325 |
2022 | 5,573 |
2023 | 4,410 |
Thereafter | 8,739 |
Total minimum lease payments | $ 66,295 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Standards Codification Topic 606 adjustment [Member] | ||
Change in Contract with Customer, Liability [Line Items] | ||
Contract assets | $ 3,527 | $ 3,624 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Deferred Revenue and Customer Advances by Arrangement (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Contract with Customer, Liability [Line Items] | ||
Beginning balance, January 1 | $ 17,474 | $ 27,800 |
Additions to deferred revenue and customer advances | 77,727 | 73,171 |
Amount of deferred revenue and customer advances recognized in income | (75,046) | (83,497) |
Ending balance, December 31 | 24,784 | $ 17,474 |
Electro Scientific Industries Inc [Member] | ||
Change in Contract with Customer, Liability [Line Items] | ||
Deferred revenue and customer advances assumed | $ 4,629 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Schedule of Deferred Revenue and Customer Advances by Arrangement (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Change in Contract with Customer, Liability [Line Items] | |||
Deferred revenue and customer advances | $ 21,494 | $ 14,246 | |
Long-term deferred revenue | 3,290 | $ 3,228 | |
Deferred Revenue [Member] | |||
Change in Contract with Customer, Liability [Line Items] | |||
Deferred revenue and customer advances | 12,441 | 8,134 | |
Customer Advances [Member] | |||
Change in Contract with Customer, Liability [Line Items] | |||
Deferred revenue and customer advances | $ 9,053 | $ 6,112 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 499,651 | $ 462,451 | $ 474,110 | $ 463,561 | $ 460,541 | $ 487,152 | $ 573,140 | $ 554,275 | $ 1,899,773 | $ 2,075,108 | $ 1,915,977 |
Vacuum & Analysis [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 990,523 | 1,260,862 | 1,207,457 | ||||||||
Light & Motion [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 725,570 | 814,246 | 708,520 | ||||||||
Equipment & Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 183,680 | ||||||||||
Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 1,611,297 | 1,835,202 | 1,701,301 | ||||||||
Products [Member] | Vacuum & Analysis [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 819,078 | 1,080,343 | 1,047,639 | ||||||||
Products [Member] | Light & Motion [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 663,730 | 754,859 | 653,662 | ||||||||
Products [Member] | Equipment & Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 128,489 | ||||||||||
Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 288,476 | 239,906 | 214,676 | ||||||||
Services [Member] | Vacuum & Analysis [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 171,445 | 180,519 | 159,818 | ||||||||
Services [Member] | Light & Motion [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 61,840 | $ 59,387 | $ 54,858 | ||||||||
Services [Member] | Equipment & Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 55,191 |
Investments - Investments Class
Investments - Investments Classified as Short-Term Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | $ 109,417 | $ 73,826 |
Time Deposits and Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 13,045 | 102 |
Bankers' Acceptance Drafts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 4,043 | 989 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 9,113 | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 61,205 | 19,359 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 9,352 | |
U.S. Treasury Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | 5,000 | 13,298 |
U.S. Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value of available-for-sale investments | $ 26,124 | $ 21,613 |
Investments - Investments Cla_2
Investments - Investments Classified as Long-Term Available-for-Sale Investments and Long-Term Cost Method Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities and Cost-method Investments [Line Items] | ||
Investments classified as long-term | $ 5,854 | $ 10,290 |
Available-for-Sale Investments [Member] | Group Insurance Contracts [Member] | ||
Schedule of Available-for-sale Securities and Cost-method Investments [Line Items] | ||
Investments classified as long-term | $ 5,854 | 5,890 |
Cost-method Investments [Member] | Minority Interest in Private Company [Member] | ||
Schedule of Available-for-sale Securities and Cost-method Investments [Line Items] | ||
Investments classified as long-term | $ 4,400 |
Investments - Investments Cla_3
Investments - Investments Classified as Long-Term Available-for-Sale Investments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Cost method investments impairment charges | $ 4,400,000 | |
Impairment Charges | $ 4,700 |
Investments - Gross Unrealized
Investments - Gross Unrealized Gains and (Losses) Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | $ 109,708 | $ 73,994 |
Investments, Gross Unrealized Gains | 3 | 7 |
Investments, Gross Unrealized (Losses) | (294) | (175) |
Investments, Estimated Fair Value | 109,417 | 73,826 |
Time Deposits and Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 13,045 | 102 |
Investments, Estimated Fair Value | 13,045 | 102 |
Bankers' Acceptance Drafts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 4,043 | 989 |
Investments, Estimated Fair Value | 4,043 | 989 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 9,121 | |
Investments, Gross Unrealized Gains | 1 | |
Investments, Gross Unrealized (Losses) | (9) | |
Investments, Estimated Fair Value | 9,113 | |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 61,498 | 19,504 |
Investments, Gross Unrealized (Losses) | (293) | (145) |
Investments, Estimated Fair Value | 61,205 | 19,359 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 9,367 | |
Investments, Gross Unrealized (Losses) | (15) | |
Investments, Estimated Fair Value | 9,352 | |
U.S. Treasury Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 4,999 | 13,294 |
Investments, Gross Unrealized Gains | 1 | 4 |
Investments, Estimated Fair Value | 5,000 | 13,298 |
U.S. Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 26,123 | 21,617 |
Investments, Gross Unrealized Gains | 2 | 2 |
Investments, Gross Unrealized (Losses) | (1) | (6) |
Investments, Estimated Fair Value | 26,124 | 21,613 |
Group Insurance Contracts [Member] | Long Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Cost | 5,261 | 5,546 |
Investments, Gross Unrealized Gains | 593 | 344 |
Investments, Gross Unrealized (Losses) | 0 | |
Investments, Estimated Fair Value | $ 5,854 | $ 5,890 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | $ 109,417 | $ 73,826 |
Short-term investments | 109,417 | 73,826 |
Other assets | 47,467 | 38,682 |
Other current liabilities | (185) | 1,317 |
Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | 1,074 | 2,485 |
Derivatives - liabilities | 1,259 | 1,168 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash - money market funds | 333 | |
Total assets | 201,529 | 290,097 |
Cash and cash equivalents, including restricted cash (1) | 65,141 | 187,405 |
Short-term investments | 109,417 | 73,826 |
Total current assets | 176,475 | 263,716 |
Available-for-sale investments | 5,854 | 5,890 |
Other assets | 19,200 | 20,491 |
Total long-term assets | 25,054 | 26,381 |
Derivatives - liabilities | 1,168 | |
Total liabilities | 6,769 | |
Other current liabilities | 259 | |
Other Liabilities | 6,510 | |
Fair Value Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | 1,074 | 2,485 |
Fair Value Measurements, Recurring [Member] | Interest Rate Hedge [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives – interest rate hedge – non-current | 6,083 | |
Derivatives – interest rate hedge - current | 843 | |
Derivatives - interest rate hedge - non-current | 6,510 | |
Fair Value Measurements, Recurring [Member] | Currency Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | 1,917 | 2,485 |
Derivatives - liabilities | 259 | 1,168 |
Money Market Funds [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 288 | 180,340 |
Restricted cash - money market funds | 110 | |
Deferred compensation plan assets | 485 | |
Time Deposits and Certificates of Deposit [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,190 | 850 |
Available-for-sale investments | 13,045 | 102 |
U.S. Agency Obligations [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 17,071 | 3,418 |
Available-for-sale investments | 26,124 | 21,613 |
Bankers' Acceptance Drafts [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 4,043 | 989 |
Asset-Backed Securities [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 9,113 | |
U.S. Treasury Obligations [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,700 | |
Available-for-sale investments | 5,000 | 13,298 |
Mutual Funds and Exchange Traded Funds [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 2,002 | |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash - money market funds | 333 | |
Total assets | 621 | 180,450 |
Cash and cash equivalents, including restricted cash (1) | 621 | 180,450 |
Total current assets | 621 | 180,450 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Money Market Funds [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 288 | 180,340 |
Restricted cash - money market funds | 110 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 200,908 | 109,647 |
Cash and cash equivalents, including restricted cash (1) | 64,520 | 6,955 |
Short-term investments | 109,417 | 73,826 |
Total current assets | 175,854 | 83,266 |
Available-for-sale investments | 5,854 | 5,890 |
Other assets | 19,200 | 20,491 |
Total long-term assets | 25,054 | 26,381 |
Derivatives - liabilities | 1,168 | |
Total liabilities | 6,769 | |
Other current liabilities | 259 | |
Other Liabilities | 6,510 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | 1,074 | 2,485 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | Interest Rate Hedge [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives – interest rate hedge – non-current | 6,083 | |
Derivatives – interest rate hedge - current | 843 | |
Derivatives - interest rate hedge - non-current | 6,510 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | Currency Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives - currency forward contracts | 1,917 | 2,485 |
Derivatives - liabilities | 259 | 1,168 |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 485 | |
Significant Other Observable Inputs (Level 2) [Member] | Time Deposits and Certificates of Deposit [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,190 | 850 |
Available-for-sale investments | 13,045 | 102 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Obligations [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 17,071 | 3,418 |
Available-for-sale investments | 26,124 | 21,613 |
Significant Other Observable Inputs (Level 2) [Member] | Bankers' Acceptance Drafts [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 4,043 | 989 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 9,113 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Obligations [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,700 | |
Available-for-sale investments | 5,000 | 13,298 |
Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds and Exchange Traded Funds [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 2,002 | |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 61,205 | 19,359 |
Commercial Paper [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 42,559 | 2,687 |
Available-for-sale investments | 61,205 | 19,359 |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 42,559 | 2,687 |
Available-for-sale investments | 61,205 | 19,359 |
Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 9,352 | |
Corporate Obligations [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 9,352 | |
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 9,352 | |
Group Insurance Contracts [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 5,854 | |
Available-for-sale investments | 5,890 | |
Group Insurance Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 5,854 | |
Available-for-sale investments | 5,890 | |
Israeli Pension Assets [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Pension assets | 16,713 | 14,408 |
Israeli Pension Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Pension assets | $ 16,713 | $ 14,408 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash/Non-negotiable time deposits-not subject to fair value disclosure requirements | $ 349,431 | $ 456,940 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2019 | Apr. 03, 2019 | Dec. 31, 2018 |
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 | |||
Gross notional values of outstanding forward foreign exchange contracts | $ 154,674 | $ 159,394 | ||
Accumulated other comprehensive income realization period | 12 months | |||
Interest Rate Hedge [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Percentage of debt which is subject to interest rate swap fixed rate | 50.00% | |||
Interest rate swap agreement, maturity date | Sep. 30, 2020 | |||
Interest rate swap agreement, notional amount | $ 250,000 | 290,000 | ||
Interest rate swap agreement, interest rate description | the Company entered into an interest rate swap agreement to fix the rate on approximately 50% of its then-outstanding balance under the 2016 Term Loan Facility, as described further in Note 15. This hedge fixes the interest rate paid on the hedged debt at 1.198% per annum plus the applicable credit spread, which was 1.75% as of December 31, 2019, through September 30, 2020. At December 31, 2019, the notional amount of this transaction was $250,000 and it had a fair value asset of $843. At December 31, 2018, the notional amount of this transaction was $290,000 and had a fair value asset of $6,083. | |||
Interest rate swap agreement, fair value | $ 843 | $ 6,083 | ||
Interest Rate Hedge [Member] | Newport [Member] | Term Loan Credit Agreement [Member] | Secured Debt Repricing Amendment 1 [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest rate swap agreement, interest rate | 1.198% | 2.309% | ||
Interest rate swap agreement, credit spread rate | 1.75% | |||
Interest rate swap agreement, notional amount | $ 300,000 | $ 300,000 | ||
Interest rate swap agreement, fair value | $ 6,510 | |||
Cash Flow Hedging [Member] | Interest Rate Hedge [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest rate swap agreement, interest rate | 1.198% |
Derivatives - Summary of Primar
Derivatives - Summary of Primary Net Hedging Positions and Corresponding Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | $ 154,674 | $ 159,394 |
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net | (185) | 1,317 |
Forward Exchange Contracts [Member] | U.S. Dollar/Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 45,899 | 43,770 |
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net | 43 | (478) |
Forward Exchange Contracts [Member] | U.S. Dollar/South Korean Won [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 51,733 | 59,149 |
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net | 167 | 570 |
Forward Exchange Contracts [Member] | U.S. Dollar/Euro [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 15,670 | 23,515 |
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net | 221 | 688 |
Forward Exchange Contracts [Member] | U.S. Dollar/U.K. Pound Sterling [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 8,279 | 11,827 |
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net | (166) | 323 |
Forward Exchange Contracts [Member] | U.S. Dollar/Taiwan Dollar [Member] | ||
Derivative [Line Items] | ||
Currency Hedged (Buy/Sell), Gross Notional Value, Net | 33,093 | 21,133 |
Currency Hedged (Buy/Sell), Fair Value, (Liability)/Asset, Net | $ (450) | $ 214 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Value Amounts of Company's Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Total net derivative (liability) asset designated as hedging instruments | $ (185) | $ 1,317 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total net derivative (liability) asset designated as hedging instruments | (5,852) | 7,400 |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,074 | 2,485 |
Derivative liabilities | (1,259) | (1,168) |
Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,074 | 2,485 |
Derivative liabilities | (1,259) | (1,168) |
Interest Rate Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 843 | $ 6,083 |
Derivative liabilities | $ (6,510) |
Derivatives - Summary of Fair_2
Derivatives - Summary of Fair Value Amounts of Company's Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets classified in other current assets | $ 1,074 | $ 2,485 |
Derivative liabilities classified in other current liabilities | 1,259 | 1,168 |
Interest Rate Hedge [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets in other assets | 6,083 | $ 6,510 |
Derivative liabilities in other liabilities | $ 843 |
Derivatives - Summary of Gains
Derivatives - Summary of Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments (Detail) - Forward Exchange Contracts [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) recognized in OCI | $ (10,013) | $ 4,942 | $ (4,568) |
Net loss reclassified from OCI into income | $ 5,658 | $ (3,367) | $ (2,685) |
Derivatives - Summary of Losses
Derivatives - Summary of Losses on Derivatives Not Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Forward Exchange Contracts [Member] | |||
Derivative Instruments Gain Loss Not Designated As Hedging Instruments [Line Items] | |||
Net gain (loss) recognized in income | $ (1,314) | $ 105 | $ (3,416) |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 288,771 | $ 235,593 |
Work-in-process | 79,367 | 61,908 |
Finished goods | 94,008 | 87,188 |
Inventories | $ 462,146 | $ 384,689 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |||
Inventory related excess and obsolete charges | $ 24,734 | $ 22,324 | $ 20,213 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 835,388 | $ 706,829 |
Less: accumulated depreciation | 593,517 | 512,462 |
Property, plant and equipment, net | 241,871 | 194,367 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 11,926 | 11,448 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 113,303 | 104,023 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 396,193 | 330,821 |
Furniture And Fixtures Office Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 186,651 | 149,145 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 80,389 | 66,569 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 46,926 | $ 44,823 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation of property, plant and equipment | $ 42,632 | $ 36,332 | $ 36,813 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2019 | Apr. 30, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition share price | $ 30 | |||||||||||||
Stock-based compensation expense | $ 49,194 | $ 27,262 | $ 24,378 | |||||||||||
Net revenues | $ 499,651 | $ 462,451 | $ 474,110 | $ 463,561 | $ 460,541 | $ 487,152 | $ 573,140 | $ 554,275 | 1,899,773 | $ 2,075,108 | 1,915,977 | |||
Total proceeds from sale of business unit, net of cash sold | $ 72,509 | 72,509 | ||||||||||||
Pre-tax gain | $ 74,856 | $ 74,856 | ||||||||||||
Data Analytics Solutions Business [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net revenues | $ 12,700 | |||||||||||||
Electro Scientific Industries Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition share price | $ 30 | |||||||||||||
Business acquisition, total cash consideration | $ 1,032,671 | |||||||||||||
Non Cash Consideration related to share based compensation awards | 30,630 | |||||||||||||
Total Purchase Consideration | $ 1,063,301 | |||||||||||||
Fair value write-up of acquired finished goods inventory | $ 7,624 | |||||||||||||
Incremental costs of sales charge | 7,624 | |||||||||||||
Fair value excluding write-up of acquired property, plant and equipment | $ 39,267 | 39,267 | ||||||||||||
Compensation expense | 2,701 | |||||||||||||
Stock-based compensation expense | $ 14,023 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Summary of Purchase Price (Detail) - USD ($) $ in Thousands | Feb. 01, 2019 | Dec. 31, 2019 |
Acquisition Date [Line Items] | ||
Total purchase price, net of cash and cash equivalents acquired | $ 988,599 | |
Electro Scientific Industries Inc [Member] | ||
Acquisition Date [Line Items] | ||
Cash paid for outstanding shares | $ 1,032,671 | |
Settlement of share-based compensation awards | 30,630 | |
Total purchase price | 1,063,301 | |
Less: cash and cash equivalents acquired | (44,072) | |
Total purchase price, net of cash and cash equivalents acquired | $ 1,019,229 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Summary of Purchase Price (Parenthetical) (Detail) | Feb. 01, 2019$ / sharesshares |
Business Combinations [Abstract] | |
Business acquisition share price | $ / shares | $ 30 |
Business acquisition number of shares acquired | shares | 34,422,361 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Feb. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquisition Date [Line Items] | ||||
Goodwill | $ 1,058,454 | $ 586,996 | $ 591,047 | |
Total purchase price, net of cash and cash equivalents acquired | $ 988,599 | |||
Electro Scientific Industries Inc [Member] | ||||
Acquisition Date [Line Items] | ||||
Current assets (excluding inventory) | $ 208,009 | |||
Inventory | 81,696 | |||
Intangible assets | 316,200 | |||
Goodwill | 473,951 | |||
Property, plant and equipment | 65,489 | |||
Long-term assets | 9,633 | |||
Total assets acquired | 1,154,978 | |||
Current liabilities | 51,479 | |||
Non-current deferred taxes | 33,039 | |||
Other long-term liabilities | 7,159 | |||
Total liabilities assumed | 91,677 | |||
Fair value of assets acquired and liabilities assumed | 1,063,301 | |||
Less: Cash and cash equivalents acquired | (44,072) | |||
Total purchase price, net of cash and cash equivalents acquired | $ 1,019,229 |
Acquisitions and Dispositions_5
Acquisitions and Dispositions - Allocation of Acquired Intangible Assets and Liabilities Related Estimates of Useful Lives (Detail) - Electro Scientific Industries Inc [Member] - USD ($) $ in Thousands | Feb. 01, 2019 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, purchase price | $ 316,200 | |
Completed Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, purchase price | $ 274,000 | |
Completed Technology [Member] | Lasers Products [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, purchase price | $ 255,700 | |
Estimated useful life of finite-lived intangible assets | 12 years | |
Completed Technology [Member] | Non Laser Products [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, purchase price | $ 18,300 | |
Estimated useful life of finite-lived intangible assets | 10 years | |
Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, purchase price | $ 14,400 | |
Estimated useful life of finite-lived intangible assets | 7 years | |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, purchase price | $ 25,400 | $ 25,400 |
Estimated useful life of finite-lived intangible assets | 10 years | |
Backlog [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, purchase price | $ 2,400 | |
Estimated useful life of finite-lived intangible assets | 1 year |
Acquisitions and Dispositions_6
Acquisitions and Dispositions - Schedule of Consolidated Net Revenue and Earnings (Detail) - Electro Scientific Industries Inc [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($)$ / shares | |
Acquisition Date [Line Items] | |
Total net revenues | $ | $ | $ 183,680 |
Net loss | $ | $ (33,446) |
Net loss per share: | $ | |
Basic | $ / shares | $ / shares | $ (0.61) |
Diluted | $ / shares | $ / shares | $ (0.61) |
Acquisitions and Dispositions_7
Acquisitions and Dispositions - Schedule of Unaudited Pro Forma Financial Information (Detail) - Electro Scientific Industries Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Acquisition Date [Line Items] | ||
Total net revenues | $ 1,914,561 | $ 2,445,711 |
Net income | $ 171,537 | $ 424,778 |
Net income per share: | ||
Basic | $ 3.14 | $ 7.81 |
Diluted | $ 3.11 | $ 7.72 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance, Goodwill Gross Carrying Amount | $ 731,272 | $ 735,323 |
Acquired goodwill | 473,951 | |
Foreign currency translation, Gross Carrying Amount | (2,493) | (4,051) |
Ending balance, Goodwill Gross Carrying Amount | 1,202,730 | 731,272 |
Beginning balance, Accumulated Impairment Loss | (144,276) | (144,276) |
Ending balance, Accumulated Impairment Loss | (144,276) | (144,276) |
Beginning balance, Goodwill Net | 586,996 | 591,047 |
Acquired goodwill | 473,951 | |
Foreign currency translation, Net | (2,493) | (4,051) |
Ending balance, Goodwill Net | $ 1,058,454 | $ 586,996 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill [Line Items] | |
Acquired goodwill | $ 473,951 |
Electro Scientific Industries Inc [Member] | |
Goodwill [Line Items] | |
Acquired goodwill | $ 473,951 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $ 875,470 | $ 565,698 |
Impairment Charges | (1,511) | (1,511) |
Accumulated Amortization | (307,982) | (244,025) |
Foreign Currency Translation | (1,347) | (355) |
Intangible assets, net | 564,630 | 319,807 |
Completed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 446,431 | 172,431 |
Impairment Charges | (105) | (105) |
Accumulated Amortization | (178,310) | (137,283) |
Foreign Currency Translation | (208) | (73) |
Intangible assets, net | 267,808 | 34,970 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 308,144 | 282,744 |
Impairment Charges | (1,406) | (1,406) |
Accumulated Amortization | (84,167) | (63,788) |
Foreign Currency Translation | (1,361) | (269) |
Intangible assets, net | 221,210 | 217,281 |
Patents, Trademarks, Trade Names and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 120,895 | 110,523 |
Accumulated Amortization | (45,505) | (42,954) |
Foreign Currency Translation | 222 | (13) |
Intangible assets, net | $ 75,612 | $ 67,556 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Feb. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | $ 307,982 | $ 244,025 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | 84,167 | 63,788 | |
Patents, Trademarks, Trade Names and Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | 45,505 | $ 42,954 | |
Electro Scientific Industries Inc [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, purchase price | $ 316,200 | ||
Accumulated Amortization | 316,200 | ||
Finite lived intangible asset , gross favorable lease | 6,428 | ||
Electro Scientific Industries Inc [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, purchase price | $ 25,400 | 25,400 | |
Electro Scientific Industries Inc [Member] | Patents, Trademarks, Trade Names and Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | 3,445 | ||
Electro Scientific Industries Inc [Member] | Completed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, purchase price | 274,000 | ||
Electro Scientific Industries Inc [Member] | Trademarks Tradenames and Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, purchase price | $ 16,800 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization of intangible assets | $ 67,402 | $ 43,521 | $ 45,743 |
Amortization income from unfavorable lease commitments | $ 885 | $ 811 | |
Trademarks and trade names [member] | |||
Un-amortized Intangible assets, net | $ 55,900 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets - Estimated Net Amortization Expense (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 55,808 |
2021 | 47,720 |
2022 | 45,254 |
2023 | 44,902 |
2024 | 43,985 |
Thereafter | $ 271,061 |
Product Warranties - Product Wa
Product Warranties - Product Warranty Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Product Warranty Liability [Line Items] | ||
Beginning balance | $ 10,399 | $ 10,104 |
Provision for product warranties | 17,397 | 15,987 |
Direct and other charges to warranty liability | (20,100) | (15,692) |
Ending balance | 14,873 | $ 10,399 |
Electro Scientific Industries Inc [Member] | ||
Product Warranty Liability [Line Items] | ||
Assumed product warranty liability from ESI Merger | $ 7,177 |
Product Warranties - Product _2
Product Warranties - Product Warranty Activities (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantees [Abstract] | ||
Short-term product warranty | $ 12,085 | $ 9,986 |
Long-term product warranty | $ 2,788 | $ 413 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Sep. 27, 2019USD ($) | Feb. 01, 2019USD ($) | Dec. 31, 2019USD ($)Institution | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 03, 2019USD ($) | Sep. 30, 2016USD ($) |
Debt Instrument [Line Items] | |||||||
Debt instrument, prepaid principal amount | $ 525,000,000 | ||||||
Debt instrument, pre-payment premium percentage | 1.00% | ||||||
Interest expense | $ 44,135,000 | $ 16,942,000 | $ 30,990,000 | ||||
Debt Instrument Outstanding Balance Prepaid | 100,000,000 | ||||||
Interest Rate Hedge [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate swap agreement, notional amount | $ 250,000,000 | 290,000,000 | |||||
Revolving Lines of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity in the form of letters of credit | 11,482,000 | ||||||
Revolving Lines of Credit [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit base interest rate | 1.25% | ||||||
Jaban [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity in the form of letters of credit | 21,126,000 | ||||||
Total borrowings outstanding | $ 0 | 0 | |||||
Number of financial institutions for available lines of credit and borrowing arrangements | Institution | 2 | ||||||
Aggregate borrowings expire and renewal period | 3 months | ||||||
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 [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 4.00% | ||||||
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] | 2019 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 [Member] | Secured Debt [Member] | Interest Rate Floor [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 0.00% | ||||||
Newport [Member] | Secured Debt [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 0.75% | ||||||
Newport [Member] | Revolving Lines of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total borrowings outstanding | $ 3,131,000 | $ 3,389,000 | |||||
Newport [Member] | Asset Based Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost capitalized | $ 785,000 | ||||||
Contractual term | 5 years | ||||||
Capitalized debt issuance cost | $ 216,000 | ||||||
Newport [Member] | Asset Based Credit Agreement [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
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. | ||||||
Debt instrument, interest rate | 0.50% | ||||||
Percentage of borrowing based on eligible accounts | 85.00% | ||||||
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% | ||||||
Percentage of borrowing base | 30.00% | ||||||
Initial commitment fee percentage | 0.25% | ||||||
Newport [Member] | Asset Based Credit Agreement [Member] | Secured Debt [Member] | Federal Funds Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 0.50% | ||||||
Newport [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 [Member] | Asset Based Credit Agreement [Member] | Secured Debt [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 1.50% | ||||||
Newport [Member] | Asset Based Credit Agreement [Member] | Revolving Lines of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured term loan, face amount | $ 100,000,000 | ||||||
Clause to accelerate the scheduled maturities | If at any time the aggregate amount of outstanding loans, protective advances, unreimbursed letter of credit drawings and undrawn letters of credit under the ABL Facility exceeds the lesser of (a) the commitment amount and (b) the borrowing base, we are required to repay outstanding loans and/or cash collateralize letters of credit, with no reduction of the commitment amount. During any period that the amount available under the ABL Facility is less than the greater of (i) $8,500 and (ii) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base for three consecutive business days, until the time when excess availability has been at least the greater of (i) $8,500 and (ii) 10.0% of the lesser of (1) the commitment amount and (2) the borrowing base, in each case, for 30 consecutive calendar days (a “Cash Dominion Period”), or during the | ||||||
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) $8,500, 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) $8,500 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 [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 | ||||||
Newport [Member] | 2016 Term Loan Facility [Member] | Federal Funds Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 0.50% | ||||||
Newport [Member] | 2016 Term Loan Facility [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured term loan, face amount | $ 780,000 | ||||||
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 in1Siva The Wall Street Journal, (3) a London Interbank Offer Rate ("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 | $ 28,747,000,000 | ||||||
Newport [Member] | 2016 Term Loan Facility [Member] | Secured Debt [Member] | Interest Rate Hedge [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate swap agreement, notional amount | $ 300,000,000 | $ 335,000,000 | |||||
Interest rate swap agreement, interest rate | 1.198% | ||||||
Interest rate swap agreement, credit spread rate | 1.75% | ||||||
Interest rate swap agreement, fair value | $ 6,510,000 | ||||||
Newport [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 [Member] | 2016 Term Loan Facility [Member] | Secured Debt [Member] | Floor Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 1.75% | ||||||
Newport [Member] | 2016 Term Loan Facility [Member] | 2019 Incremental Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred finance fees, original issue discount and re-pricing fee, gross | $ 11,362,000 | ||||||
Newport [Member] | 2016 Term Loan Facility [Member] | Secured Debt Repricing Amendment 1 [Member] | Interest Rate Hedge [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate swap agreement, notional amount | $ 300,000,000 | $ 300,000,000 | |||||
Interest rate swap agreement, interest rate | 2.309% | 1.198% | |||||
Interest rate swap agreement, credit spread rate | 1.75% | ||||||
Newport [Member] | 2019 Incremental Term Loan Facility [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured term loan, face amount | $ 896,839,000 | ||||||
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 | $ 50,000,000 | ||||||
Newport [Member] | 2019 Incremental Term Loan Facility [Member] | Secured Debt Repricing Amendment 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured term loan, face amount | $ 892,354,000 | ||||||
Debt instrument, interest rate | 3.45% | ||||||
Debt instrument, prepaid principal amount | $ 12,646,000 | ||||||
Term loan maturity date | Feb. 2, 2026 | ||||||
Debt instrument, quarterly payment percentage | 0.25 | ||||||
Newport [Member] | 2019 Incremental Term Loan Facility [Member] | Secured Debt Repricing Amendment 1 [Member] | Interest Rate Hedge [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate swap agreement, fair value | $ 843,000 | ||||||
Newport [Member] | 2019 Term Loan Refinancing Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred finance fees, original issue discount and re-pricing fee, gross | $ 11,810,000 | $ 2,242,000 | |||||
Newport [Member] | 2019 Term Loan Refinancing Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 1.75% | ||||||
Newport [Member] | 2019 Term Loan Refinancing Facility [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, issue discount percentage on principal | 0.25% | ||||||
Electro Scientific Industries Inc [Member] | 2016 Term Loan Facility [Member] | Secured Debt [Member] | Interest Rate Hedge [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate swap agreement, notional amount | $ 300,000,000 | ||||||
Interest rate swap agreement, interest rate | 2.309% | ||||||
Electro Scientific Industries Inc [Member] | 2016 Term Loan Facility [Member] | Secured Debt [Member] | Interest Rate Floor [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan maturity date | Mar. 31, 2023 | ||||||
Electro Scientific Industries Inc [Member] | 2019 Incremental Term Loan Facility [Member] | Definitive Merger Agreement[Member] | |||||||
Debt Instrument [Line Items] | |||||||
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% | ||||||
Term loan maturity date | Feb. 1, 2026 | ||||||
Electro Scientific Industries Inc [Member] | 2019 Incremental Term Loan Facility [Member] | Maximum [Member] | Definitive Merger Agreement[Member] | |||||||
Debt Instrument [Line Items] | |||||||
Business acquisition, term loan debt financing | $ 650,000,000 | ||||||
Electro Scientific Industries Inc [Member] | 2019 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] | 2019 Incremental Term Loan Facility [Member] | Base Rate [Member] | Definitive Merger Agreement[Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 1.25% |
Debt - Schedule of Short Term D
Debt - Schedule of Short Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Short term debt | $ 12,099 | $ 3,986 |
Term Loan Facility [Member] | ||
Short-term Debt [Line Items] | ||
Short term debt | 8,968 | |
Japan [Member] | ||
Short-term Debt [Line Items] | ||
Short term debt | 2,558 | 2,724 |
Japan [Member] | Line of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Short term debt | $ 573 | 665 |
Austrian [Member] | Loans Due Through March 2020 and other debt [Member] | ||
Short-term Debt [Line Items] | ||
Short term debt | $ 597 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long term debt | $ 871,667 | $ 343,842 |
Term Loan Facility, Net [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 871,573 | 343,756 |
Loans Due Through March 2020 and other debt [Member] | Austrian [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 94 | $ 86 |
Debt - Schedule of Long Term _2
Debt - Schedule of Long Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Term Loan Facility, Net [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financing fees, original issuance discount and re-pricing fee | $ 11,810 | $ 4,708 |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Maturities of Debt Obligations (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Maturities of Long-term Debt [Abstract] | |
2020 | $ 12,099 |
2021 | 9,062 |
2022 | 8,968 |
2023 | 8,968 |
2024 | 8,968 |
Thereafter | $ 847,511 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
U.S. Federal income tax statutory rate | 21.00% | 21.00% | 35.00% | |
Additional deferred tax provision | $ 2,614 | $ 22,345 | ||
Gross tax research other tax credit carryforwards | 64,983 | |||
Accrued interest on unrecognized tax benefits | 527 | 568 | $ 327 | |
Gross unrecognized tax benefits excluding interest and penalties | $ 43,493 | 32,684 | 27,345 | $ 25,465 |
Net unrecognized tax benefits, excluding interest and penalties, related to foreign tax positions | 1,463 | |||
Change in valuation allowance | 9,424 | 4,307 | $ 1,102 | |
Income tax reconciliation nondeductible expense executive compensation | $ 5,023 | |||
Benefits Of The Tax Holi day Per Share | $ 0.04 | |||
Inland Revenue, Singapore (IRAS) [Member] | ||||
Income Taxes [Line Items] | ||||
Benefits of the tax holiday | $ 2,200 | |||
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
U.S. Federal income tax statutory rate | 2.80% | |||
Indefinite [Member] | ||||
Income Taxes [Line Items] | ||||
Gross tax research other tax credit carryforwards | $ 14,230 | |||
Federal State and Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit expiration period | 2037 | |||
Federal State and Foreign [Member] | Indefinite [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards | $ 57,588 | |||
Federal State and Foreign [Member] | 2017 [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards | $ 98,280 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Company's Effective Tax Rate to U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal income tax statutory rate | 21.00% | 21.00% | 35.00% |
Federal tax credits | (2.90%) | (0.70%) | (0.70%) |
State income taxes, net of federal benefit | 2.30% | 1.30% | 1.00% |
Effect of foreign operations taxed at various rates | (4.40%) | (1.30%) | (12.10%) |
Qualified production activity tax benefit | (1.40%) | ||
Executive compensation | 5.80% | ||
Gain on intercompany sale of assets | 2.90% | ||
Benefit of a capital loss | (1.20%) | ||
Foreign derived intangible income | (3.80%) | (2.10%) | |
Global intangible low taxed income, net of foreign tax credits | 2.60% | 0.40% | |
Transition tax, net of foreign tax credits | (0.10%) | 6.40% | |
Revaluation of U.S. deferred income taxes | (1.40%) | (0.30%) | (5.00%) |
Revaluation of prepaid taxes | 1.60% | ||
Stock based compensation | (0.30%) | (1.30%) | (2.50%) |
Deferred tax asset valuation allowance | 0.10% | (0.10%) | |
Release of income tax reserves (including interest) | (0.80%) | (0.40%) | (0.40%) |
Taxes on foreign dividends, net of foreign tax credits | 0.60% | (1.00%) | 3.30% |
Other | 0.60% | 1.20% | 0.70% |
Total | 21.10% | 18.30% | 24.20% |
Income Taxes - Components of In
Income Taxes - Components of Income from Operations Before Income Taxes and Related Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income before income taxes: | |||
United States | $ 2,279 | $ 287,309 | $ 224,979 |
Foreign | 175,557 | 193,641 | 222,646 |
Income from continuing operations before income taxes | 177,836 | 480,950 | 447,625 |
Current taxes: | |||
United States | 6,790 | 41,428 | 77,023 |
State | 2,068 | 8,094 | 6,149 |
Foreign | 32,807 | 57,920 | 30,152 |
Current taxes, Total | 41,665 | 107,442 | 113,324 |
Deferred taxes: | |||
United States | (1,743) | (2,533) | (16,250) |
State and Foreign | (2,472) | (16,855) | 11,419 |
Deferred taxes, Total | (4,215) | (19,388) | (4,831) |
Provision for income taxes | $ 37,450 | $ 88,054 | $ 108,493 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Carry-forward losses and credits | $ 59,189 | $ 23,675 |
Inventory and warranty reserves | 29,661 | 17,945 |
Accrued expenses and other reserves | 12,607 | 10,260 |
Stock-based compensation | 8,580 | 5,351 |
Executive supplemental retirement benefits | 1,556 | 5,972 |
Lease liability | 15,284 | |
Deferred tax assets utilization loss | 2,741 | |
Other | 2,347 | 2,396 |
Total deferred tax assets | 131,965 | 65,599 |
Deferred tax liabilities: | ||
Acquired intangible assets and goodwill | (128,144) | (74,120) |
Depreciation and amortization | (14,072) | (8,332) |
Loan costs | (2,317) | (1,108) |
Right of use asset | (14,415) | |
Foreign withholding taxes | (5,008) | (3,176) |
Unrealized net gain | (1,952) | |
Total deferred tax liabilities | (163,956) | (88,688) |
Valuation allowance | (27,360) | (17,936) |
Net deferred tax (liabilities) assets | $ (59,351) | $ (41,025) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 32,684 | $ 27,345 | $ 25,465 |
Increases/(decreases) for prior years | 9,324 | 934 | 640 |
Increases for the current year | 3,219 | 6,091 | 4,340 |
Reductions related to expiration of statutes of limitations and audit settlements | (1,734) | (1,686) | (3,100) |
Balance at end of year | $ 43,493 | $ 32,684 | $ 27,345 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2017 | Apr. 29, 2016 | May 31, 2018 | May 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 18,000,000 | ||||||
Restricted stock units, weighted average grant date fair value | $ 16.04 | $ 21.74 | $ 13.14 | ||||
Capitalization of share based payment costs | $ 1,595 | $ 471 | $ 471 | ||||
Vesting period | 3 years | ||||||
Common Stock, Shares, Issued | 54,596,183 | 54,039,554 | |||||
2014 ESPP Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 1,800,324 | ||||||
Shares authorized for issuance | 2,500,000 | ||||||
Percentage of payroll deduction to compensation | up to 10% | ||||||
Percentage of Common Stock through payroll deductions | 10.00% | ||||||
Amount of payroll deduction | $ 21,250 | ||||||
Amount of payroll deduction increased | $ 22,500 | ||||||
Percentage of closing price of the Common Stock | 85.00% | 90.00% | |||||
Common Stock, Shares, Issued | 126,407 | 105,672 | 105,506 | ||||
2014 ESPP Plan [Member] | Offer Terminate [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of closing price of the Common Stock | 90.00% | 85.00% | |||||
2014 ESPP Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, exercise price | $ 64.31 | $ 84.11 | $ 46.37 | ||||
2014 ESPP Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, exercise price | $ 63.78 | $ 70.61 | $ 74.12 | ||||
Stock Incentive Plan 2014 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 13,268,546 | ||||||
Shares available for future grant | 18,000,000 | ||||||
Percentage of exercise price fair value option grant in period | 100.00% | ||||||
Number of shares returned for each common stock | 2.4 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued as per merger agreement | 1,260,525 | ||||||
Restricted stock units, weighted average grant date fair value | $ 87.11 | ||||||
Total intrinsic value of options, stock appreciation rights exercised and fair value of RSUs vested | $ 68,123 | $ 61,626 | $ 60,302 | ||||
Total compensation expense related to restricted stock unites and stock appreciation rights | $ 26,137 | ||||||
Estimated weighted average amortization period | 1 year | ||||||
Dividend reinvestment | 57 | 66 | 122 | ||||
Number of RSUs outstanding | 5,794 | 6,694 | 12,134 | ||||
Vesting percentage per year of RSUs from date of grant | 33.00% | ||||||
Shares available for future grant | 18,000,000 | ||||||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage per year of RSUs from date of grant | 33.00% | 33.00% | 33.00% | ||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Level of performance target achieved | 0.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Level of performance target achieved | 150.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Newport Deferred Compensation [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Dividend reinvestment | 3,086 | ||||||
Number of RSUs outstanding | 327,328 | ||||||
Restricted Stock Units (RSUs) [Member] | Newport Deferred Compensation [Member] | Outside Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Newport RSUs converted to MKS RSUs at Merger date | 36,599 | ||||||
Newport RSUs converted to MKS RSUs at Merger date and released | 5,561 | 5,515 | 967 | ||||
Restricted Stock Units (RSUs) [Member] | ESI Plan member [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued as per merger agreement | 748,920 | ||||||
Restricted Stock Units (RSUs) [Member] | ESI Plan member [Member] | Outside Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Newport RSUs converted to MKS RSUs at Merger date | 326,283 | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total intrinsic value of options, stock appreciation rights exercised and fair value of RSUs vested | $ 68,123 | $ 61,626 | $ 60,302 | ||||
Total compensation expense related to restricted stock unites and stock appreciation rights | $ 26,137 | ||||||
Estimated weighted average amortization period | 1 year | ||||||
RSUs Granted to Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation arrangement by share based payment award vesting period description | employees who meet certain retirement eligibility requirements will vest in full upon each such employee’s retirement and are expensed immediately | ||||||
RSUs Granted To Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation arrangement by share based payment award vesting period description | RSUs granted to directors generally vest at the earliest of (1) one day prior to the next annual meeting, (2) 13 months from date of grant, or (3) the effective date of a change in control of the Company. | ||||||
Newport [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued as per merger agreement | 360,674 | ||||||
Newport [Member] | Restricted Stock Units (RSUs) [Member] | ESI Plan member [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued as per merger agreement | 736,133 | ||||||
Newport [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued as per merger agreement | 899,851 | ||||||
Newport [Member] | Stock Appreciation Rights (SARs) [Member] | ESI Plan member [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued as per merger agreement | 12,787 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity for RSUs (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value, Granted | $ 16.04 | $ 21.74 | $ 13.14 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs/SARs - beginning of period | 647,394 | ||
Granted | 434,970 | ||
Vested | (577,688) | ||
Forfeited or expired | (143,498) | ||
RSUs/SARs - end of period | 1,102,533 | 647,394 | |
RSUs/SARs, Weighted Average Grant Date Fair Value, Beginning of period | $ 74.04 | ||
Weighted Average Grant Date Fair Value, Granted | 87.11 | ||
Weighted Average Grant Date Fair Value, Vested | 70.27 | ||
Weighted Average Grant Date Fair Value, Forfeited | 89.55 | ||
RSUs/SARs, Weighted Average Grant Date Fair Value, end of period | $ 85.93 | $ 74.04 | |
Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued dividend shares | 5,222 | ||
Weighted Average Grant Date Fair Value, Accrued dividend shares | $ 85.67 | ||
Electro Scientific Industries Inc [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Assumed shares from ESI Merger | 736,133 | ||
Weighted Average Grant Date Fair Value, Assumed shares from ESI Merger | $ 84.10 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity for SARs (Detail) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs/SARs - beginning of period | shares | 177,538 |
Assumed SARs from ESI Merger, outstanding SARs | shares | 12,787 |
Exercised, Outstanding SARs | shares | (77,473) |
Forfeited or expired, outstanding SARs | shares | (3,998) |
RSUs/SARs - end of period | shares | 108,854 |
RSUs/SARs, Weighted Average Grant Date Fair Value, Beginning of period | $ / shares | $ 28.52 |
Assumed SARs from ESI Merger, Weighted Average Grant Date Fair Value | $ / shares | 17.38 |
Exercised, Weighted Average Grant Date Fair Value | $ / shares | 26.29 |
Forfeited or expired, Weighted Average Grant Date Fair Value | $ / shares | 23 |
RSUs/SARs, Weighted Average Grant Date Fair Value, end of period | $ / shares | $ 29.05 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Activity for Outstanding and Exercisable SARs (Detail) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
SARs outstanding and exercisable | shares | 108,854 |
SARs outstanding and exercisable | $ / shares | $ 29.05 |
SARs outstanding and exercisable | 1 year 7 months 6 days |
SARs outstanding and exercisable | $ | $ 8,813 |
Stock-Based Compensation - Effe
Stock-Based Compensation - Effect of Recording Stock-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 49,194 | $ 27,262 | $ 24,378 |
Windfall tax effect on stock-based compensation | (2,244) | (8,277) | (11,071) |
Net effect on net income | $ 46,950 | $ 18,985 | $ 13,307 |
Basic | $ 0.86 | $ 0.35 | $ 0.25 |
Diluted | $ 0.85 | $ 0.35 | $ 0.24 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 47,005 | $ 24,883 | $ 22,428 |
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 73 | 98 | 529 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 2,116 | $ 2,281 | $ 1,421 |
Stock-Based Compensation - Pre-
Stock-Based Compensation - Pre-Tax Effect Within Consolidated Statements of Operations of Recording Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 49,194 | $ 27,262 | $ 24,378 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total pre-tax stock-based compensation expense | 2,789 | 3,516 | 3,894 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total pre-tax stock-based compensation expense | 3,847 | 2,750 | 2,816 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total pre-tax stock-based compensation expense | 20,457 | $ 20,996 | $ 17,668 |
Acquisition and Integration Related Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total pre-tax stock-based compensation expense | 21,728 | ||
Restructuring Related Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 373 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Employees' Purchase Rights Estimated Using Black-Scholes Option-Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected life (years) | 6 months | 6 months | 6 months |
Risk-free interest rate | 2.40% | 1.80% | 0.80% |
Expected volatility | 38.70% | 38.60% | 26.50% |
Expected annual dividends per share | $ 0.80 | $ 0.76 | $ 0.69 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 10, 2020 | Jul. 25, 2011 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stockholders Equity [Line Items] | |||||||||||||
Common stock, value of shares authorized to repurchase | $ 200,000 | ||||||||||||
Stock repurchase, shares | 2,588,000 | ||||||||||||
Value of shares repurchased | $ (127,000,000) | $ (75,000,000) | |||||||||||
Cash dividends per common share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.18 | $ 0.80 | $ 0.78 | |||
Dividend payment to common shareholders | $ 43,528,000 | $ 42,405,000 | $ 38,178,000 | ||||||||||
Average price of repurchased shares | $ 91.67 | ||||||||||||
Common Stock [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Stock repurchase, shares | 0 | 818,000 | |||||||||||
Subsequent Event [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Dividend declared date | Feb. 10, 2020 | ||||||||||||
Cash dividend to be paid | $ 0.20 | ||||||||||||
Dividend to be paid date | Mar. 6, 2020 | ||||||||||||
Dividend declared, shareholders of record date | Feb. 24, 2020 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee contribution to Company's profit sharing plan percentage | 1.00% | |||
Employee contribution to Company's profit sharing plan percentage | 50.00% | |||
Minimum age limit for specified additional amount | 50 years | |||
Company's contributions | $ 6,944 | $ 6,093 | $ 5,651 | |
Bonus expense | 32,172 | 38,254 | 46,783 | |
Supplemental retirement benefits cost | 3,211 | 4,609 | $ 3,478 | |
Accumulated benefit obligation | 20,644 | |||
Accumulated benefit obligation noncurrent | 2,471 | |||
Accumulated benefit obligation current | 21,341 | |||
Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company's contributions | $ 2,086 | |||
Israel [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan assets | 16,713 | 14,409 | ||
Defined benefit plan, vested benefit obligations | 19,692 | 17,552 | ||
Germany [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan assets | $ 5,854 | $ 5,890 | ||
Germany [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan assets guaranteed rate of return | 2.25% | |||
Germany [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan assets guaranteed rate of return | 4.25% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 828 | $ 657 |
Interest cost on projected benefit obligations | 471 | 433 |
Expected return on plan assets | (111) | (115) |
Amortization of actuarial net loss | 136 | 127 |
Net periodic benefit costs | $ 1,324 | $ 1,102 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Changes in Projected Benefit Obligations and Plan Assets, and Ending Balances of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in projected benefit obligations: | ||
Service cost | $ 828 | $ 657 |
Interest cost | 471 | 433 |
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 7,822 | |
Fair value of plan assets, end of year | 11,093 | 7,822 |
Newport [Member] | ||
Change in projected benefit obligations: | ||
Projected benefit obligations, beginning of year | 24,885 | 25,736 |
Assumed from ESI Merger | 3,522 | |
Service cost | 828 | 657 |
Interest cost | 471 | 433 |
Actuarial loss (gain) | 2,057 | (98) |
Benefits paid | (1,469) | (895) |
Currency translation adjustments | (242) | (948) |
Projected benefit obligations, end of year | 30,052 | 24,885 |
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 7,822 | 8,152 |
Assumed from ESI Merger | 1,272 | |
Company contributions | 1,846 | 324 |
Gain (loss) on plan assets | 591 | (56) |
Benefits paid | (569) | (369) |
Currency translation adjustments | 131 | (229) |
Fair value of plan assets, end of year | 11,093 | 7,822 |
Net underfunded status | $ (18,959) | $ (17,063) |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Estimated Benefit Payments for Defined Benefit Plans for Next 10 Years (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2020 | $ 1,133 |
2021 | 1,302 |
2022 | 1,217 |
2023 | 1,537 |
2024 | 1,483 |
2025-2029 | 8,646 |
Estimated benefit payments for next 10 years, total | $ 15,318 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 1.40% | 1.90% |
Rate of increase in salary levels | 2.20% | 2.10% |
Expected long-term rate of return on assets | 2.10% | 1.90% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Defined Benefit Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan assets, amount | $ 11,093 | $ 7,822 |
Defined benefit plan assets, percentage | 100.00% | 100.00% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan assets, amount | $ 430 | $ 193 |
Defined benefit plan assets, percentage | 4.00% | 2.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan assets, amount | $ 8,023 | $ 4,855 |
Defined benefit plan assets, percentage | 72.00% | 62.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan assets, amount | $ 1,519 | $ 1,342 |
Defined benefit plan assets, percentage | 14.00% | 17.00% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan assets, amount | $ 1,121 | $ 1,432 |
Defined benefit plan assets, percentage | 10.00% | 19.00% |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net income | $ 42,764 | $ 47,428 | $ 37,739 | $ 12,455 | $ 71,636 | $ 93,277 | $ 122,862 | $ 105,121 | $ 140,386 | $ 392,896 | $ 339,132 |
Denominator: | |||||||||||
Shares used in net income per common share – basic | 54,711,000 | 54,406,000 | 54,137,000 | ||||||||
Effect of dilutive securities | 400,000 | 586,000 | 937,000 | ||||||||
Shares used in net income per common share – diluted | 55,111,000 | 54,992,000 | 55,074,000 | ||||||||
Net income per common share: | |||||||||||
Basic | $ 0.78 | $ 0.86 | $ 0.69 | $ 0.23 | $ 1.33 | $ 1.71 | $ 2.25 | $ 1.93 | $ 2.57 | $ 7.22 | $ 6.26 |
Diluted | $ 0.77 | $ 0.86 | $ 0.69 | $ 0.23 | $ 1.32 | $ 1.70 | $ 2.22 | $ 1.90 | $ 2.55 | $ 7.14 | $ 6.16 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units (RSUs) [Member] | |||
Earnings Per Share [Line Items] | |||
Number of shares excluded from computation of diluted earnings per share | 65,664 | 79,500 | 404 |
Business Segment, Geographic _3
Business Segment, Geographic Area, Product Information and Significant Customer Information - Net Revenues by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 499,651 | $ 462,451 | $ 474,110 | $ 463,561 | $ 460,541 | $ 487,152 | $ 573,140 | $ 554,275 | $ 1,899,773 | $ 2,075,108 | $ 1,915,977 |
Vacuum & Analysis [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 990,523 | 1,260,862 | 1,207,457 | ||||||||
Light & Motion [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 725,570 | $ 814,246 | $ 708,520 | ||||||||
Equipment & Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 183,680 |
Business Segment, Geographic _4
Business Segment, Geographic Area, Product Information and Significant Customer Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of reportable segments | 2 | ||
Applied Materials, Inc. [Member] | |||
Percentage of total net revenues | 12.00% | 13.00% | |
Lam Research Corporation [Member] | |||
Percentage of total net revenues | 11.00% | 12.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Percentage of total net revenues | 10.00% |
Business Segment, Geographic _5
Business Segment, Geographic Area, Product Information and Significant Customer Information - Reconciliation of Segment Gross Profit to Consolidated Net Income (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||||||||||
Gross profit | $ 216,282 | $ 205,004 | $ 211,027 | $ 198,118 | $ 209,884 | $ 231,860 | $ 274,877 | $ 262,855 | $ 830,431 | $ 979,476 | $ 891,451 | |
Research and development | 164,061 | 135,720 | 132,555 | |||||||||
Selling, general and administrative | 330,346 | 298,118 | 290,056 | |||||||||
Acquisition and integration costs | 37,262 | 3,113 | 5,332 | |||||||||
Restructuring and other | 6,983 | 4,567 | 3,920 | |||||||||
Fees and expenses related to repricing of term loan | 6,637 | 378 | 492 | |||||||||
Amortization of intangible assets | 67,402 | 43,521 | 45,743 | |||||||||
Gain on sale of long-lived assets | (6,773) | |||||||||||
Asset impairment | 4,662 | 6,719 | ||||||||||
Income from operations | 66,063 | 66,820 | 63,902 | 23,066 | 94,084 | 117,045 | 151,291 | 131,639 | 219,851 | 494,059 | 406,634 | |
Interest income | 5,453 | 5,775 | 3,021 | |||||||||
Interest Expense | 44,135 | 16,942 | 30,990 | |||||||||
Gain on sale of business | $ 74,856 | 74,856 | ||||||||||
Other expense, net | 3,333 | 1,942 | 5,896 | |||||||||
Income from operations before income taxes | 177,836 | 480,950 | 447,625 | |||||||||
Provision for income taxes | 37,450 | 88,054 | 108,493 | |||||||||
Net income | $ 42,764 | $ 47,428 | $ 37,739 | $ 12,455 | $ 71,636 | $ 93,277 | $ 122,862 | $ 105,121 | 140,386 | 392,896 | 339,132 | |
Vacuum & Analysis [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gross profit | 426,464 | 577,552 | 551,078 | |||||||||
Light & Motion [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gross profit | 336,764 | $ 401,924 | $ 340,373 | |||||||||
Equipment & Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gross profit | $ 67,203 |
Business Segment, Geographic _6
Business Segment, Geographic Area, Product Information and Significant Customer Information - Schedule of Capital Expenditures, Depreciation and Amortization Expense of Intangible Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 63,904 | $ 62,941 | $ 31,287 |
Depreciation and amortization | 110,034 | 79,853 | 82,556 |
Vacuum & Analysis [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 34,130 | 40,144 | 17,111 |
Depreciation and amortization | 16,826 | 20,808 | 20,297 |
Light & Motion [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 23,045 | 22,797 | 14,176 |
Depreciation and amortization | 53,857 | $ 59,045 | $ 62,259 |
Equipment & Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 6,729 | ||
Depreciation and amortization | $ 39,351 |
Business Segment, Geographic _7
Business Segment, Geographic Area, Product Information and Significant Customer Information - Segment Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Accounts receivable | $ 341,064 | $ 295,454 |
Inventory | 462,146 | 384,689 |
Total assets | 3,416,320 | 2,614,246 |
Vacuum & Analysis [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | 185,889 | 171,604 |
Inventory | 224,815 | 222,965 |
Total assets | 410,704 | 394,569 |
Light & Motion [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | 147,150 | 140,658 |
Inventory | 163,768 | 161,658 |
Total assets | 310,918 | 302,316 |
Equipment & Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | 40,125 | |
Inventory | 73,458 | |
Total assets | 113,583 | |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | 341,064 | 295,454 |
Inventory | 462,146 | 384,689 |
Total assets | 803,210 | 680,143 |
Corporate, Eliminations & Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable | (32,100) | (16,808) |
Inventory | 105 | 66 |
Total assets | $ (31,995) | $ (16,742) |
Business Segment, Geographic _8
Business Segment, Geographic Area, Product Information and Significant Customer Information - Reconciliation of Segment Assets to Consolidated Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $ 3,416,320 | $ 2,614,246 |
Other current assets | 106,348 | 65,790 |
Property, plant and equipment, net | 241,871 | 194,367 |
Other assets and long-term assets | 47,467 | 38,682 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 803,210 | 680,143 |
Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash and cash equivalents, restricted cash and investments | 523,989 | 718,171 |
Other current assets | 106,348 | 65,790 |
Property, plant and equipment, net | 241,871 | 194,367 |
Right-of-use asset | 64,497 | |
Goodwill and intangible assets, net | 1,623,084 | 906,803 |
Other assets and long-term assets | $ 53,321 | $ 48,972 |
Business Segment, Geographic _9
Business Segment, Geographic Area, Product Information and Significant Customer Information - Schedule of Net Revenues and Long-Lived Assets by Geographic Regions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 499,651 | $ 462,451 | $ 474,110 | $ 463,561 | $ 460,541 | $ 487,152 | $ 573,140 | $ 554,275 | $ 1,899,773 | $ 2,075,108 | $ 1,915,977 |
Long-lived assets | 339,323 | 339,323 | 224,053 | ||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 888,370 | 1,022,660 | 955,284 | ||||||||
Long-lived assets | 208,323 | 208,323 | 146,687 | ||||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 178,618 | 127,681 | 97,072 | ||||||||
South Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 167,651 | 203,567 | 212,763 | ||||||||
Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 143,081 | 193,264 | 167,318 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 150,584 | 159,508 | 122,339 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | 41,433 | 41,433 | 26,794 | ||||||||
Other Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | $ 89,567 | 89,567 | 50,572 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 371,469 | $ 368,428 | $ 361,201 |
Business Segment, Geographic_10
Business Segment, Geographic Area, Product Information and Significant Customer Information - Summary of Goodwill Associated with Reportable Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 1,058,454 | $ 586,996 | $ 591,047 |
Vacuum & Analysis [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 196,717 | 197,126 | |
Light & Motion [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 388,463 | $ 389,870 | |
Equipment & Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 473,274 |
Business Segment, Geographic_11
Business Segment, Geographic Area, Product Information and Significant Customer Information - Worldwide Net Revenue for Each Group of Products (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 499,651 | $ 462,451 | $ 474,110 | $ 463,561 | $ 460,541 | $ 487,152 | $ 573,140 | $ 554,275 | $ 1,899,773 | $ 2,075,108 | $ 1,915,977 |
Advanced Manufacturing Components [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | 1,482,808 | 1,835,202 | 1,701,301 | ||||||||
Global Service [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | 288,476 | $ 239,906 | $ 214,676 | ||||||||
Advanced Manufacturing Systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 128,489 |
Restructurings- Additional Info
Restructurings- Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring charges | $ 5,532 | $ 3,567 |
Environmental costs | $ 1,000 | |
Newport [Member] | ||
Contractual Obligation | $ 1,451 |
Restructurings - Schedule of Co
Restructurings - Schedule of Company's Restructuring Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | ||
Balance at January 1 | $ 2,632 | $ 3,244 |
Charged to expense | 5,532 | 3,567 |
Payments and adjustments | (4,428) | (4,179) |
Balance at December 31 | $ 3,736 | $ 2,632 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitments covered by aggregate value | $ 258,137 |
Purchase commitments | less than one year |
Supplemental Financial Data (De
Supplemental Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Operations Data | |||||||||||
Net revenues | $ 499,651 | $ 462,451 | $ 474,110 | $ 463,561 | $ 460,541 | $ 487,152 | $ 573,140 | $ 554,275 | $ 1,899,773 | $ 2,075,108 | $ 1,915,977 |
Gross profit | 216,282 | 205,004 | 211,027 | 198,118 | 209,884 | 231,860 | 274,877 | 262,855 | 830,431 | 979,476 | 891,451 |
Income from operations | 66,063 | 66,820 | 63,902 | 23,066 | 94,084 | 117,045 | 151,291 | 131,639 | 219,851 | 494,059 | 406,634 |
Net income | $ 42,764 | $ 47,428 | $ 37,739 | $ 12,455 | $ 71,636 | $ 93,277 | $ 122,862 | $ 105,121 | $ 140,386 | $ 392,896 | $ 339,132 |
Net income per share: | |||||||||||
Basic | $ 0.78 | $ 0.86 | $ 0.69 | $ 0.23 | $ 1.33 | $ 1.71 | $ 2.25 | $ 1.93 | $ 2.57 | $ 7.22 | $ 6.26 |
Diluted | 0.77 | 0.86 | 0.69 | 0.23 | 1.32 | 1.70 | 2.22 | 1.90 | 2.55 | 7.14 | $ 6.16 |
Cash dividends paid per common share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.18 | $ 0.80 | $ 0.78 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 5,243 | $ 4,135 | $ 3,909 |
Additions Acquisition Beginning Balance | 201 | ||
Additions Charged to Costs and Expenses | (728) | 1,435 | 825 |
Deductions & Write-offs | (2,933) | (327) | (599) |
Balance at End of Year | 1,783 | 5,243 | 4,135 |
Valuation Allowance for Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,033 | 1,295 | 1,138 |
Additions Charged to Costs and Expenses | 200 | 124 | (142) |
Deductions & Write-offs | 162 | (386) | 299 |
Balance at End of Year | 1,395 | 1,033 | 1,295 |
Valuation Allowance on Deferred Tax Asset [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 17,936 | 13,629 | 12,527 |
Additions Acquisition Beginning Balance | $ 5,876 | ||
Additions Charged to Costs and Expenses | 4,825 | 1,603 | |
Deductions & Write-offs | (518) | (501) | |
Balance at End of Year | $ 17,936 | $ 13,629 |