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Business Combinations - Orbotech Estimated Fair Value and Weighted Average Useful Life of Acquired Intangible Assets (Details)

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Business Combinations - Orbotech Estimated Fair Value and Weighted Average Useful Life of Acquired Intangible Assets (Details) - Orbotech
$ in Thousands
Feb. 20, 2019
USD ($)
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 1,445,570
Total identified intangible assets 1,629,070
In-process research and development  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
In-process research and development 183,500 [1]
Existing technology  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 1,023,000 [2]
Weighted Average Useful Lives 8 years [2]
Customer-related assets  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 299,000 [3]
Weighted Average Useful Lives 8 years [3]
Backlog  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 29,000 [4]
Weighted Average Useful Lives 1 year
Trade name  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 92,500 [5]
Weighted Average Useful Lives 7 years [5]
Off Market Lease  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 2,070 [5]
Weighted Average Useful Lives 7 years
[1] The fair value of in-process research and development (“IPR&D”) was determined using the relief-from-royalty method under the income approach, which estimates the cost savings generated by a company related to the ownership of an asset for which it would otherwise have had to pay royalties or license fees on revenues earned through the use of the asset.
[2] Existing technology was identified from the products of Orbotech and its fair value was determined using the Relief-from-Royalty Method under the income approach, which estimates the cost savings generated by a company related to the ownership of an asset for which it would otherwise have had to pay royalties or license fees on revenues earned through the use of the asset. The discount rate used was determined at the time of measurement based on an analysis of the implied internal rate of return of the transaction, weighted average cost of capital and weighted average return on assets.
[3] Customer contracts and related relationships represent the fair value of the existing relationships with the Orbotech customers and its fair value was determined using the Multi-Period Excess Earning Method
[4] Backlog primarily relates to the dollar value of purchase arrangements with customers, effective, as of a given point in time, that are based on mutually agreed terms which, in some cases, may still be subject to completion of written documentation and may be changed or cancelled by the customer, often without penalty. Orbotech’s backlog consists of these arrangements with assigned shipment dates expected, in most cases, within three to twelve months.
[5] Trade name primarily relates to the “Orbotech” trade name. The fair value was determined by applying the relief-from-royalty method under the income approach. The economic useful life was determined based on the expected life of the trade name.