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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies |
Commitments and Contingencies | Note 6 — Commitments and Contingencies ​ Leases ​ The Company’s operating leases primarily include real estate leases for properties used for manufacturing, R&D activities, sales and service, and administration, as well as certain equipment leases. Some leases may include options to renew for a period of up to 5 years, while others may include options to terminate the lease. The weighted average remaining lease term of the Company’s operating leases as of March 31, 2024 was 11 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.6%. ​ The following table provides the maturities of lease liabilities at March 31, 2024: ​
​ | ​ | ​ | ​
​ | ​ | Operating
​ |  | Leases
​ | ​ | (in thousands)
Payments due by period: | ​ | ​ | ​
2024 | ​ | $ | 2,557
2025 | ​ | ​ | 4,138
2026 | ​ | ​ | 4,097
2027 | ​ | ​ | 3,640
2028 | ​ | ​ | 3,422
Thereafter | ​ | ​ | 30,824
Total future minimum lease payments | ​ | ​ | 48,678
Less: Imputed interest | ​ | ​ | (13,774)
Total | ​ | $ | 34,904
​ | ​ | ​ | ​
Reported as of March 31, 2024 | ​ | ​ | ​
Accrued expenses and other current liabilities | ​ | $ | 3,955
Long-term operating lease liabilities | ​ | ​ | 30,949
Total | ​ | $ | 34,904
​ Operating lease costs for the three months ended March 31, 2024 and 2023 were $1.2 million and $1.4 million, respectively. Variable lease costs for the three months ended March 31, 2024 and 2023 were $0.4 million and $0.3 million, respectively. Additionally, the Company has an immaterial amount of short-term leases. Operating cash outflows from operating leases for the three months ended March 31, 2024 and 2023 were $1.6 million and $1.4 million, respectively. ​ Receivable Purchase Agreement ​ The Company entered into a receivable purchase agreement with a financial institution to sell certain of its trade receivables from customers without recourse, up to $30.0 million at any point in time. Pursuant to this agreement, the Company did not sell any receivables during the three months ended March 31, 2024, and $18.9 million was available under the agreement for additional sales of receivables as of March 31, 2024. The Company sold $8.3 million of receivables under this agreement for the three months ended March 31, 2023. The net sale of accounts receivable under the agreement is reflected as a reduction of accounts receivable in the Company’s Consolidated Balance Sheet at the time of sale and any fees for the sale of trade receivables were not material for the periods presented. ​ Purchase Commitments ​ Veeco has purchase commitments of $200.8 million at March 31, 2024, substantially all of which become due within one year. ​ Bank Guarantees ​ Veeco has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At March 31, 2024, outstanding bank guarantees and standby letters of credit totaled $23.7 million, and unused bank guarantees and letters of credit of $17.0 million were available to be drawn upon. ​ Legal Proceedings ​ The Company is involved in various legal proceedings arising in the normal course of business. The Company does not believe that the ultimate resolution of these matters will have a material adverse effect on its consolidated financial position, results of operations, or cash flows.

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