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Investments | 12 Months Ended
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Dec. 31, 2020
Investments |
Investments | Note 4 — Investments ​ At December 31, 2020 and 2019 the amortized cost and fair value of marketable securities, which are included in “Short-term investments” on the Consolidated Balance Sheets, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
​ | ​ | (in thousands)
December 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 149,206 | ​ | $ | 14 | ​ | $ | (1) | ​ | $ | 149,219
Corporate debt | ​ | ​ | 32,588 | ​ | ​ | — | ​ | ​ | (34) | ​ | ​ | 32,554
Commercial paper | ​ | ​ | 7,997 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 7,998
Total | ​ | $ | 189,791 | ​ | $ | 15 | ​ | $ | (35) | ​ | $ | 189,771
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 105,096 | ​ | $ | 38 | ​ | $ | (4) | ​ | $ | 105,130
Government agency securities | ​ | ​ | 1,139 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,139
Corporate debt | ​ |  | 6,003 | ​ |  | — | ​ |  | (1) | ​ |  | 6,002
Commercial paper | ​ | ​ | 2,981 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,981
Total | ​ | $ | 115,219 | ​ | $ | 38 | ​ | $ | (5) | ​ | $ | 115,252
​ Available-for-sale securities in a loss position at December 31, 2020 and 2019 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | ​ | December 31, 2019
​ |  | ​ | ​ |  | Gross |  | ​ |  | Gross
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
​ | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses
​ | ​ | ​ | (in thousands)
U.S. treasuries | ​ | $ | 19,991 | ​ | $ | (1) | ​ | $ | 22,943 | ​ | $ | (4)
Corporate debt | ​ |  | 32,554 | ​ |  | (34) | ​ |  | 6,002 | ​ |  | (1)
Total | ​ | $ | 52,545 | ​ | $ | (35) | ​ | $ | 28,945 | ​ | $ | (5)
​ At December 31, 2020 and 2019, 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 December 31, 2020 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. The realized gains or losses for the years ended December 31, 2020, 2019, and 2018 were immaterial. ​ Other Investments ​ Veeco has an ownership interest of less than 20% in a non-marketable investment, Kateeva, Inc. (“Kateeva”), over which Veeco does not exert significant influence. Additionally, the Company has a separate, non-marketable investment in another entity, with a carrying value of $3.0 million at December 31, 2020. The Company does not exert significant influence over this investment and its ownership interest is also 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. These investments are subject to periodic impairment reviews which require judgment. The analyses include assessments of the companies’ financial condition, the business outlooks for their products and technologies, their projected results and cash flows, 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. During the quarter ended December 31, 2019, the Company identified impairment indicators on the Company’s investment in Kateeva, and as a result of a valuation analysis, concluded that its investment in Kateeva is fully impaired, and recorded a non-cash impairment charge of $21.0 million, included in “Other income (expense), net” in the Consolidated Statements of Operations. There were no impairment charges recorded for either investment for the years ended December 31, 2020 or 2018.

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