MKS Instruments Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MKS Instruments, Inc. has filed its 2023 10-K annual report detailing financial performance and business operations.</b>

AI Summary

MKS INSTRUMENTS INC (MKSI) filed a Annual Report (10-K) with the SEC on February 27, 2024. MKS Instruments, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations. Key financial data and risk factors are detailed within the report. The company is incorporated in Massachusetts (MA) and headquartered in Andover, MA. The report includes information on various financial instruments and liabilities.

Why It Matters

For investors and stakeholders tracking MKS INSTRUMENTS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of MKS Instruments' financial health and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, risks, and future outlook, particularly in the industrial instruments sector.

Risk Assessment

Risk Level: medium — MKS INSTRUMENTS INC shows moderate risk based on this filing. The company operates in the industrial instruments sector, which can be subject to market volatility and technological shifts, as indicated by the SIC code 3823.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand MKS Instruments' performance and potential challenges in the industrial instruments market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-02-27 — Filing Date (Date the 10-K was filed)
• 000-23621 — SEC File Number (SEC file number for MKS Instruments Inc.)
• 2022-08-17 — Revolving Credit Facility Date (Date associated with the revolving credit facility)
• 2024-01-22 — Subsequent Event Date (Date of a subsequent event)

Key Players & Entities

• MKS INSTRUMENTS INC (company) — Filer name
• 0000950170-24-021071 (other) — Accession number
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 3823 (other) — Standard Industrial Classification
• MA (location) — State of incorporation and business address
• 978-645-5500 (phone) — Business phone number
• AtotechLimited (company) — Mentioned in context of completed technology rights

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risks related to customer concentration, particularly within the Semiconductor Products segment.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: 10-K Filing Date — The date MKS Instruments, Inc. officially submitted its annual report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for MKS Instruments, Inc.)

Standard Industrial Classification (SIC)

A system used to classify business establishments that was used in the United States by federal agencies for collecting, analyzing, and publishing statistical data. (Indicates MKS Instruments, Inc. operates in the 'Industrial Instruments for Measurement, Display, and Control' sector (3823).)

Filing Documents

• mksi-20231231.htm (10-K) — 4589KB
• mksi-ex10_9.htm (EX-10.9) — 101KB
• mksi-ex10_10.htm (EX-10.10) — 111KB
• mksi-ex21_1.htm (EX-21.1) — 61KB
• mksi-ex23_1.htm (EX-23.1) — 3KB
• mksi-ex31_1.htm (EX-31.1) — 14KB
• mksi-ex31_2.htm (EX-31.2) — 14KB
• mksi-ex32_1.htm (EX-32.1) — 12KB
• mksi-ex97_1.htm (EX-97.1) — 31KB
• img122355447_0.jpg (GRAPHIC) — 44KB
• 0000950170-24-021071.txt (&nbsp;) — 21598KB
• mksi-20231231.xsd (EX-101.SCH) — 2545KB
• mksi-20231231_htm.xml (XML) — 4922KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6. Reserved 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108 Item 9A.

Controls and Procedures

Controls and Procedures 108 Item 9B. Other Information 109 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 PART III Item 10. Directors, Executive Officers and Corporate Governance 110 Item 11.

Executive Compensation

Executive Compensation 110 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 Item 13. Certain Relationships and Related Transactions and Director Independence 110 Item 14. Principal Accountant Fees and Services 110 PART IV Item 15. Exhibits and Financial Statement Schedules 111 Item 16. Form 10-K Summary 114

SIGNATURES

SIGNATURES 116 1 Special Note Regarding Fo rward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financial performance, business prospects and growth of MKS Instruments, Inc. ("MKS", the "Company", "our", or "we"). These statements are only predictions based on current assumptions and expectations. Any statements that are not statements of historical fact (including statements containing the words "will," "projects," "intends," "believes," "plans," "anticipates," "expects," "estimates," "forecasts," "continues" and similar expressions) should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements that we make are the need to generate sufficient cash flows to service and repay the substantial indebtedness we incurred in connection with our acquisition of Atotech Limited ("Atotech" and such transaction, the "Atotech Acquisition"), which we completed in August 2022; the terms of our existing credit facilities under which we incurred such debt; our entry into the chemicals technology business through the Atotech Acquisition, in which we did not have previous experience and which may expose us to significant additional liabilities; the risk that we are unable to integrate the Atotech Acquisition successfully or realize the anticipated synergies, cost savings and other benefits of the Atotech Acquisition; legal, reputational, financial and contractual risks resulting from the ransomware incident we identified in February 2023, and other risks related to cybersecurity, data privacy and intellectual property;

B usiness

Item 1. B usiness MKS Instruments, Inc. ("MKS", the "Company", "our", or "we") was founded in 1961 as a Massachusetts corporation. We enable technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world's leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Where You Can Find More Information We file reports, proxy statements and other documents with the Securities and Exchange Commission ("SEC"). Our SEC filings are available to you on the SEC's website at http://www.sec.gov. Our website is http://www.mks.com. We are not including the information contained in our website as part of, or incorporating it by reference into, this Annual Report on Form 10-K. We make available free of charge through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. Atotech Acquisition On August 17, 2022 (the "Effective Date"), we completed the acquisition of Atotech Limited ("Atotech"), through the acquisition of the entir

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View this 10-K filing on SEC EDGAR