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Investments

12 Months Ended

Dec. 31, 2021

Investments

Note 4 — Investments

At December 31, 2021 and 2020 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, 2021
U.S. treasuries		$	51,269		$	—		$	(174)		$	51,095
Government agency securities			12,075			—			(23)			12,052
Corporate debt			40,169			—			(134)			40,035
Commercial paper			999			—			—			999
Total		$	104,512		$	—		$	(331)		$	104,181

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 December 31, 2021 and 2020 were as follows:


		December 31, 2021						December 31, 2020
					Gross						Gross
		Estimated			Unrealized			Estimated			Unrealized
		Fair Value			Losses			Fair Value			Losses

			(in thousands)
U.S. treasuries		$	51,095		$	(174)		$	19,991		$	(1)
Government agency securities			12,052			(23)			—			—
Corporate debt			40,035			(134)			32,554			(34)
Total		$	103,182		$	(331)		$	52,545		$	(35)

At December 31, 2021 and 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 December 31, 2021 were as follows:


		December 31, 2021
		Amortized			Estimated
		Cost			Fair Value

			(in thousands)
Due in one year or less		$	53,617		$	53,550
Due after one year through two years			50,895			50,631
Total		$	104,512		$	104,181

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, 2021, 2020, and 2019 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 $2.0 million at December 31, 2021. 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 year 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. During the year ended December 31, 2021, the Company identified impairment indicators on the Company’s other investment, and recorded a non-cash impairment charge of $1.0 million. Both impairment charges were included in “Other income (expense), net” in the Consolidated Statement of Operations.