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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 $ 1,366,070
Total identified intangible assets 1,553,570
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 187,500 [1]
Existing technology  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 1,008,000 [2]
Weighted Average Useful Lives (in years) 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 $ 227,000 [3]
Weighted Average Useful Lives (in years) 8 years [3]
Backlog  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 37,500 [4]
Weighted Average Useful Lives (in years) 1 year [4]
Trade name  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Identified finite-lived intangible assets $ 91,500 [5]
Weighted Average Useful Lives (in years) 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 [6]
Weighted Average Useful Lives (in years) 7 years [6]
Minimum | Backlog  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Range of Useful Lives (in years) 3 months [4]
Maximum | Backlog  
Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]  
Range of Useful Lives (in years) 12 months [4]
[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. The economic useful life was determined based on the technology cycle related to each developed technology, as well as the cash flows over the forecast period.
[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 which involves isolating the net earnings attributable to the asset being measured based on present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. The economic useful life was determined based on historical customer attrition rates.
[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 canceled 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. The fair value was determined using the Multi-Period Excess Earning Method. The economic useful life is based on the time to fulfill the outstanding order backlog obligation.
[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.
[6] The favorable / unfavorable components of the acquired leases were determined using the income approach which involves present valuing the difference in future cash flows between the contracted lease payments and the rent payable to a market participant over the lease terms. The economic useful life is based on the remaining lease term.