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Assets | 9 Months Ended
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Sep. 30, 2019
Assets |
Assets | Note 3 — Assets ​ Investments ​ Short-term investments are generally classified as available-for-sale and reported at fair value, with unrealized gains and losses, net of tax, presented as a separate component of stockholders’ equity under the caption “Accumulated other comprehensive income” in the Consolidated Balance Sheets. These securities may include U.S. treasuries, government agency securities, corporate debt, and commercial paper, all with maturities of greater than three months when purchased. All realized gains and losses and unrealized losses resulting from declines in fair value that are other than temporary are included in “Other, net” in the Consolidated Statements of Operations. ​ Fair value is the price that would be received for an asset or the amount paid to transfer a liability in an orderly transaction between market participants. Veeco classifies certain assets based on the following fair value hierarchy: ​ Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; ​ Level 2: Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and ​ Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. ​ A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Veeco has evaluated the estimated fair value of financial instruments using available market information and valuations as provided by third-party sources. The use of different market assumptions or estimation methodologies could have a significant effect on the estimated fair value amounts. ​ The following table presents the portion of Veeco’s assets that were measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (in thousands)
September 30, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 59,227 | ​ | $ | — | ​ | $ | — | ​ | $ | 59,227
U.S. treasuries | ​ | ​ | 24,958 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,958
Commercial paper | ​ | ​ | — | ​ | ​ | 10,675 | ​ | ​ | — | ​ | ​ | 10,675
Corporate debt | ​ | ​ | — | ​ | ​ | 3,001 | ​ | ​ | — | ​ | ​ | 3,001
Total | ​ | $ | 84,185 | ​ | $ | 13,676 | ​ | $ | — | ​ | $ | 97,861
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 81,727 | ​ | $ | — | ​ | $ | — | ​ | $ | 81,727
Corporate debt | ​ | ​ | — | ​ | ​ | 5,006 | ​ | ​ | — | ​ | ​ | 5,006
Commercial paper | ​ | ​ | — | ​ | ​ | 8,939 | ​ | ​ | — | ​ | ​ | 8,939
Total | ​ | $ | 81,727 | ​ | $ | 13,945 | ​ | $ | — | ​ | $ | 95,672
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2018 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 65,571 | ​ | $ | — | ​ | $ | — | ​ | $ | 65,571
U.S. treasuries | ​ | ​ | 3,990 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,990
Total | ​ | $ | 69,561 | ​ | $ | — | ​ | $ | — | ​ | $ | 69,561
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 37,184 | ​ | $ | — | ​ | $ | — | ​ | $ | 37,184
Corporate debt | ​ | ​ | — | ​ | ​ | 8,516 | ​ | ​ | — | ​ | ​ | 8,516
Commercial paper | ​ | ​ | — | ​ | ​ | 2,489 | ​ | ​ | — | ​ | ​ | 2,489
Total | ​ | $ | 37,184 | ​ | $ | 11,005 | ​ | $ | — | ​ | $ | 48,189
​ There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2019. ​ At September 30, 2019 and December 31, 2018, the amortized cost and fair value of available-for-sale securities consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
​ | ​ | (in thousands)
September 30, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 81,733 | ​ | $ | 10 | ​ | $ | (16) | ​ | $ | 81,727
Corporate debt | ​ | ​ | 5,007 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 5,006
Commercial paper | ​ | ​ | 8,940 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 8,939
Total | ​ | $ | 95,680 | ​ | $ | 10 | ​ | $ | (18) | ​ | $ | 95,672
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2018 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 37,191 | ​ | $ | — | ​ | $ | (7) | ​ | $ | 37,184
Corporate debt | ​ |  | 8,525 | ​ |  | — | ​ |  | (9) | ​ |  | 8,516
Commercial paper | ​ | ​ | 2,489 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,489
Total | ​ | $ | 48,205 | ​ | $ | — | ​ | $ | (16) | ​ | $ | 48,189
​ Available-for-sale securities in a loss position at September 30, 2019 and December 31, 2018 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019 | ​ | December 31, 2018
​ |  | ​ | ​ |  | Gross |  | ​ |  | Gross
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
​ | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses
​ | ​ | ​ | (in thousands)
U.S. treasuries | ​ | $ | 81,727 | ​ | $ | (16) | ​ | $ | 37,184 | ​ | $ | (7)
Corporate debt | ​ |  | 5,006 | ​ |  | (1) | ​ |  | 8,516 | ​ |  | (9)
Commercial Paper | ​ | ​ | 8,939 | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 95,672 | ​ | $ | (18) | ​ | $ | 45,700 | ​ | $ | (16)
​ At September 30, 2019 and December 31, 2018, there were no short-term investments that had been in a continuous loss position for more than 12 months. ​ The maturities of securities classified as available-for-sale at September 30, 2019 were all due in one year or less. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no realized gains or losses for the three and nine months ended September 30, 2019 and 2018. ​ Accounts Receivable ​ Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million and $0.3 million at September 30, 2019 and December 31, 2018, respectively. ​ Inventories ​ Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Inventories at September 30, 2019 and December 31, 2018 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2019 |  | 2018
​ | ​ | (in thousands)
Materials | ​ | $ | 78,430 | ​ | $ | 90,816
Work-in-process | ​ |  | 40,873 | ​ |  | 42,354
Finished goods | ​ |  | 15,887 | ​ |  | 23,141
Total | ​ | $ | 135,190 | ​ | $ | 156,311
​ Prepaid Expenses and Other Current Assets ​ Prepaid expenses and other current assets primarily consist of supplier deposits, prepaid value-added tax, lease deposits, prepaid insurance, and prepaid licenses. Veeco had deposits with its suppliers of $13.0 million and $12.8 million at September 30, 2019 and December 31, 2018, respectively. ​ Property, Plant, and Equipment ​ Property, plant, and equipment at September 30, 2019 and December 31, 2018 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2019 |  | 2018
​ | ​ | (in thousands)
Land | ​ | $ | 5,061 | ​ | $ | 5,669
Building and improvements | ​ |  | 61,633 | ​ |  | 61,124
Machinery and equipment (1) | ​ |  | 138,169 | ​ |  | 128,385
Leasehold improvements | ​ |  | 6,755 | ​ |  | 9,033
Gross property, plant, and equipment | ​ |  | 211,618 | ​ |  | 204,211
Less: accumulated depreciation and amortization | ​ |  | 133,817 | ​ |  | 123,927
Net property, plant, and equipment | ​ | $ | 77,801 | ​ | $ | 80,284
(1) | Machinery and equipment also includes software, furniture and fixtures
​ For the three and nine months ended September 30, 2019, depreciation expense was $4.2 million and $13.1 million, respectively, and $4.6 million and $13.0 million for the comparable 2018 periods. ​ Goodwill ​ Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. There were no changes to goodwill during the nine months ended September 30, 2019. ​ Intangible Assets ​ Intangible assets consist of purchased technology, customer relationships, patents, trademarks and tradenames, and backlog, and are initially recorded at fair value. Long-lived intangible assets are amortized over their estimated useful lives in a method reflecting the pattern in which the economic benefits are consumed or amortized on a straight-line basis if such pattern cannot be reliably determined. ​ The components of purchased intangible assets were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019 | ​ | December 31, 2018
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​
​ |  | Gross |  | Amortization |  | ​ |  | Gross |  | Amortization |  | ​
​ | ​ | Carrying | ​ | and | ​ | Net | ​ | Carrying | ​ | and | ​ | Net
​ | ​ | Amount | ​ | Impairment | ​ | Amount | ​ | Amount | ​ | Impairment | ​ | Amount
​ | ​ | (in thousands)
Technology | ​ | $ | 350,928 | ​ | $ | 309,651 | ​ | $ | 41,277 | ​ | $ | 337,218 | ​ | $ | 290,808 | ​ | $ | 46,410
Customer relationships | ​ | ​ | 164,595 | ​ | ​ | 139,518 | ​ | ​ | 25,077 | ​ | ​ | 164,595 | ​ | ​ | 136,126 | ​ | ​ | 28,469
In-process R&D | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,710 | ​ | ​ | 10,530 | ​ | ​ | 3,180
Trademarks and tradenames | ​ | ​ | 30,910 | ​ | ​ | 24,917 | ​ | ​ | 5,993 | ​ | ​ | 30,910 | ​ | ​ | 23,899 | ​ | ​ | 7,011
Other | ​ |  | 3,686 | ​ |  | 3,657 | ​ |  | 29 | ​ |  | 3,686 | ​ |  | 3,607 | ​ |  | 79
Total | ​ | $ | 550,119 | ​ | $ | 477,743 | ​ | $ | 72,376 | ​ | $ | 550,119 | ​ | $ | 464,970 | ​ | $ | 85,149
​ Other intangible assets primarily consist of patents, licenses, and backlog. ​
​ | ​ | ​ | ​
Other Assets ​ The Company has a non-marketable investment in Kateeva, Inc. (“Kateeva”), with a carrying value of $21.0 million at September 30, 2019 and December 31, 2018. Additionally, the Company has a non-marketable investment in a separate entity, with a carrying value of $3.5 million at September 30, 2019 and December 31, 2018. The Company does not exert significant influence over these investments, and its ownership interest is less than 20%. Neither equity investment has a readily observable market price, and therefore the Company has elected to measure these investments at cost, adjusted for changes in observable market prices minus impairment. The investments are included in “Other assets” on the Consolidated Balance Sheets. There were no changes in observable market prices for either investment for the nine months ended September 30, 2019. These investments are subject to periodic impairment reviews; as there are no open-market valuations, the impairment analyses require judgment. The analyses include assessments of the companies’ financial condition, the business outlooks for their products and technologies, their projected results and cash flow, business valuation indications from recent rounds of financing, the likelihood of obtaining subsequent rounds of financing, and the impact of equity preferences held by Veeco relative to other investors.

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