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Assets | 6 Months Ended
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Jun. 30, 2021
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 operating expense (income), 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 June 30, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (in thousands)
June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 60,479 | ​ | $ | — | ​ | $ | — | ​ | $ | 60,479
Corporate debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Commercial paper | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Money market cash | ​ | ​ | 320 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 320
Total | ​ | $ | 60,799 | ​ | $ | — | ​ | $ | — | ​ | $ | 60,799
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 124,129 | ​ | $ | — | ​ | $ | — | ​ | $ | 124,129
Government agency securities | ​ | ​ | — | ​ | ​ | 7,255 | ​ | ​ | — | ​ | ​ | 7,255
Corporate debt | ​ | ​ | — | ​ | ​ | 65,666 | ​ | ​ | — | ​ | ​ | 65,666
Commercial paper | ​ | ​ | — | ​ | ​ | 17,585 | ​ | ​ | — | ​ | ​ | 17,585
Total | ​ | $ | 124,129 | ​ | $ | 90,506 | ​ | $ | — | ​ | $ | 214,635
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 59,168 | ​ | $ | — | ​ | $ | — | ​ | $ | 59,168
Commercial paper | ​ | ​ | — | ​ | ​ | 2,000 | ​ | ​ | — | ​ | ​ | 2,000
U.S. treasuries | ​ | ​ | 24,997 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,997
Total | ​ | $ | 84,165 | ​ | $ | 2,000 | ​ | $ | — | ​ | $ | 86,165
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 149,219 | ​ | $ | — | ​ | $ | — | ​ | $ | 149,219
Corporate debt | ​ | ​ | — | ​ | ​ | 32,554 | ​ | ​ | — | ​ | ​ | 32,554
Commercial paper | ​ | ​ | — | ​ | ​ | 7,998 | ​ | ​ | — | ​ | ​ | 7,998
Total | ​ | $ | 149,219 | ​ | $ | 40,552 | ​ | $ | — | ​ | $ | 189,771
​ There were no transfers between fair value measurement levels during the three and six months ended June 30, 2021. ​ At June 30, 2021 and December 31, 2020, 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)
June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 124,140 | ​ | $ | 4 | ​ | $ | (15) | ​ | $ | 124,129
Government agency securities | ​ | ​ | 7,258 | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | 7,255
Corporate debt | ​ | ​ | 65,676 | ​ | ​ | 26 | ​ | ​ | (36) | ​ | ​ | 65,666
Commercial paper | ​ | ​ | 17,585 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,585
Total | ​ | $ | 214,659 | ​ | $ | 30 | ​ | $ | (54) | ​ | $ | 214,635
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ Available-for-sale securities in a loss position at June 30, 2021 and December 31, 2020 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021 | ​ | December 31, 2020
​ |  | ​ | ​ |  | Gross |  | ​ |  | Gross
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
​ | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses
​ | ​ | ​ | (in thousands)
U.S. treasuries | ​ | $ | 61,520 | ​ | $ | (15) | ​ | $ | 19,991 | ​ | $ | (1)
Government agency securities | ​ | ​ | 7,255 | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | —
Corporate debt | ​ |  | 41,569 | ​ |  | (36) | ​ |  | 32,554 | ​ |  | (34)
Total | ​ | $ | 110,344 | ​ | $ | (54) | ​ | $ | 52,545 | ​ | $ | (35)
​ At June 30, 2021 and December 31, 2020, there were no short-term investments that had been in a continuous loss position for more than 12 months. ​ The contractual maturities of securities classified as available-for-sale at June 30, 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021
​ | ​ | Amortized | ​ | Estimated
​ | ​ | Cost | ​ | Fair Value
​ | ​ | ​ | (in thousands)
Due in one year or less | ​ | $ | 152,949 | ​ | $ | 152,932
Due after one year through two years | ​ | ​ | 55,693 | ​ |  | 55,679
Due after two years through three years | ​ | ​ | 6,017 | ​ | ​ | 6,024
Total | ​ | $ | 214,659 | ​ | $ | 214,635
​ 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 minimal realized gains or losses for the six months ended June 30, 2021 and no realized gains or losses for the six months ended June 30, 2020. ​ Accounts Receivable ​ Accounts receivable is presented net of an allowance for doubtful accounts of $0.7 million at June 30, 2021 and December 31, 2020. The Company considered its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. ​ Inventories ​ Inventories at June 30, 2021 and December 31, 2020 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2021 |  | 2020
​ | ​ | (in thousands)
Materials | ​ | $ | 91,389 | ​ | $ | 82,679
Work-in-process | ​ |  | 59,769 | ​ |  | 53,979
Finished goods | ​ |  | 12,883 | ​ |  | 9,248
Total | ​ | $ | 164,041 | ​ | $ | 145,906
​ 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, prepaid licenses, and other receivables. The balance as of June 30, 2021 includes a current receivable of $4.1 million related to landlord reimbursement for leasehold improvements associated with the Company’s new leased facility in San Jose, California. In addition, Veeco had deposits with its suppliers of $4.5 million and $7.2 million at June 30, 2021 and December 31, 2020, respectively. ​ Property, Plant, and Equipment ​ Property, plant, and equipment at June 30, 2021 and December 31, 2020 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2021 |  | 2020
​ | ​ | (in thousands)
Land | ​ | $ | 5,061 | ​ | $ | 5,061
Building and improvements | ​ |  | 63,117 | ​ |  | 62,865
Machinery and equipment (1) | ​ |  | 144,585 | ​ |  | 140,493
Leasehold improvements | ​ |  | 26,036 | ​ |  | 6,671
Gross property, plant, and equipment | ​ |  | 238,799 | ​ |  | 215,090
Less: accumulated depreciation and amortization | ​ |  | 156,591 | ​ |  | 149,819
Net property, plant, and equipment | ​ | $ | 82,208 | ​ | $ | 65,271
(1) | Machinery and equipment also includes software, furniture and fixtures
​ For the three and six months ended June 30, 2021, depreciation expense was $3.5 million and $6.9 million, respectively, and $3.8 million and $7.7 million, respectively, for the comparable 2020 periods. ​ Goodwill ​ Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. The Company continues to assess potential triggering events related to the value of its goodwill and concluded that there were no indicators of impairment during the six months ended June 30, 2021. ​ 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 Company continues to assess potential triggering events related to the value of its intangible assets and concluded that there were no indicators of impairment during the three and six months ended June 30, 2021. ​ The components of purchased intangible assets were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021 | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​
​ |  | Gross |  | Amortization |  | ​ |  | Gross |  | Amortization |  | ​
​ | ​ | Carrying | ​ | and | ​ | Net | ​ | Carrying | ​ | and | ​ | Net
​ | ​ | Amount | ​ | Impairment | ​ | Amount | ​ | Amount | ​ | Impairment | ​ | Amount
​ | ​ | (in thousands)
Technology | ​ | $ | 327,908 | ​ | $ | 306,624 | ​ | $ | 21,284 | ​ | $ | 327,908 | ​ | $ | 302,358 | ​ | $ | 25,550
Customer relationships | ​ | ​ | 146,465 | ​ | ​ | 131,552 | ​ | ​ | 14,913 | ​ | ​ | 146,465 | ​ | ​ | 130,131 | ​ | ​ | 16,334
Trademarks and tradenames | ​ | ​ | 30,910 | ​ | ​ | 27,254 | ​ | ​ | 3,656 | ​ | ​ | 30,910 | ​ | ​ | 26,614 | ​ | ​ | 4,296
Other | ​ |  | 3,686 | ​ |  | 3,684 | ​ |  | 2 | ​ |  | 3,686 | ​ |  | 3,681 | ​ |  | 5
Total | ​ | $ | 508,969 | ​ | $ | 469,114 | ​ | $ | 39,855 | ​ | $ | 508,969 | ​ | $ | 462,784 | ​ | $ | 46,185
​ Other intangible assets primarily consist of patents, licenses, and backlog.
​ | ​ | ​ | ​
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