Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Feb. 11, 2022	Jul. 02, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	0-16244
Entity Registrant Name	VEECO INSTRUMENTS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2989601
Entity Address, Address Line One	Terminal Drive
Entity Address, City or Town	Plainview
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11803
City Area Code	516
Local Phone Number	677-0200
Title of 12(b) Security	Common Stock
Trading Symbol	VECO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 1,150,234,164
Entity Common Stock, Shares Outstanding		50,653,403
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Melville, New York
Entity Central Index Key	0000103145
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 119,747	$ 129,625
Restricted cash	725	658
Short-term investments	104,181	189,771
Accounts receivable, net	109,609	79,991
Contract assets	18,293	21,246
Inventories	170,858	145,906
Deferred cost of sales	346	433
Prepaid expenses and other current assets	25,628	19,301
Total current assets	549,387	586,931
Property, plant, and equipment, net	99,743	65,271
Operating lease right-of-use assets	28,813	10,275
Intangible assets, net	33,905	46,185
Goodwill	181,943	181,943
Deferred income taxes	1,639	1,440
Other assets	3,546	6,019
Total assets	898,976	898,064
Current liabilities:
Accounts payable	44,456	33,656
Accrued expenses and other current liabilities	79,752	44,876
Customer deposits and deferred revenue	63,136	67,235
Income taxes payable	1,860	914
Total current liabilities	189,204	146,681
Deferred income taxes	4,792	5,240
Long-term debt	229,438	321,115
Long-term operating lease liabilities	32,834	6,305
Other liabilities	5,080	10,349
Total liabilities	461,348	489,690
Stockholders' equity:
Preferred stock, $0.01 par value; 500,000 shares authorized; no shares issued and outstanding.
Common stock, $0.01 par value; 120,000,000 shares authorized; 50,652,864 shares issued and outstanding at December 31, 2021 and 49,723,751 shares issued and outstanding at December 31, 2020	507	497
Additional paid-in capital	1,116,921	1,113,352
Accumulated deficit	(681,283)	(707,321)
Accumulated other comprehensive income	1,483	1,846
Total stockholders' equity	437,628	408,374
Total liabilities and stockholders' equity	$ 898,976	$ 898,064

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	120,000,000	120,000,000
Common stock, shares issued	50,652,864	49,723,751
Common stock, shares outstanding	50,652,864	49,723,751

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Operations
Net sales	$ 583,277	$ 454,163	$ 419,349
Cost of sales	341,003	259,863	261,155
Gross profit	242,274	194,300	158,194
Operating expenses, net:
Research and development	88,680	78,994	90,557
Selling, general, and administrative	84,536	76,251	79,749
Amortization of intangible assets	12,280	15,333	17,085
Restructuring		1,097	6,403
Asset impairment		281	4,020
Other operating expense (income), net	68	(221)	(42)
Total operating expenses, net	185,564	171,735	197,772
Operating income (loss)	56,710	22,565	(39,578)
Interest income	2,340	1,551	4,680
Interest expense	(28,360)	(24,739)	(22,085)
Other income (expense), net	(5,010)	(7,841)	(20,973)
Income (loss) before income taxes	25,680	(8,464)	(77,956)
Income tax expense (benefit)	(358)	(73)	777
Net income (loss)	$ 26,038	$ (8,391)	$ (78,733)
Income (loss) per common share:
Basic (in dollars per share)	$ 0.53	$ (0.17)	$ (1.66)
Diluted (in dollars per share)	$ 0.49	$ (0.17)	$ (1.66)
Weighted average number of shares:
Basic (in shares)	49,073	48,362	47,482
Diluted (in shares)	53,643	48,362	47,482

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 26,038	$ (8,391)	$ (78,733)
Available-for-sale securities:
Change in net unrealized gains or losses	(311)	(53)	49
Unrealized gain (loss) on available-for-sale securities	(311)	(53)	49
Currency translation adjustments:
Change in currency translation adjustments	(52)	5	(19)
Reclassification adjustments for net (gains) losses included in net income			44
Net changes related to currency translation adjustments	(52)	5	25
Total other comprehensive income (loss), net of tax	(363)	(48)	74
Total comprehensive income (loss)	$ 25,675	$ (8,439)	$ (78,659)

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Treasury Stock	Additional Paid-in Capital 2025 Notes	Additional Paid-in Capital 2027 Notes	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	2025 Notes	2027 Notes	Total
Balance at the beginning of the period at Dec. 31, 2018	$ 485	$ (5,872)			$ 1,061,325	$ (619,983)	$ 1,820			$ 437,775
Balance (in shares) at Dec. 31, 2018	48,547	523
Increase (Decrease) in Stockholders' Equity
Net income (loss)						(78,733)				(78,733)
Other comprehensive income (loss), net of tax							74			74
Share-based compensation expense					15,270					15,270
Net issuance under employee stock plans	$ 5	$ 5,872			(5,537)	(214)				126
Net issuance under employee stock plans (in shares)	447	(523)
Balance at the end of the period at Dec. 31, 2019	$ 490				1,071,058	(698,930)	1,894			374,512
Balance (in shares) at Dec. 31, 2019	48,994
Increase (Decrease) in Stockholders' Equity
Net income (loss)						(8,391)				(8,391)
Other comprehensive income (loss), net of tax							(48)			(48)
Share-based compensation expense					12,703					12,703
Net issuance under employee stock plans	$ 7				549					556
Net issuance under employee stock plans (in shares)	730
Extinguishment of equity component of repurchased/exchanged 2023 Notes					(14,714)					(14,714)
Equity component of Notes			$ 20,706	$ 33,363				$ 20,706	$ 33,363
Purchase of capped calls					(10,313)					(10,313)
Balance at the end of the period at Dec. 31, 2020	$ 497				1,113,352	(707,321)	1,846			408,374
Balance (in shares) at Dec. 31, 2020	49,724
Increase (Decrease) in Stockholders' Equity
Net income (loss)						26,038				26,038
Other comprehensive income (loss), net of tax							(363)			(363)
Share-based compensation expense					15,249					15,249
Net issuance under employee stock plans	$ 10				(5,600)					(5,590)
Net issuance under employee stock plans (in shares)	929
Extinguishment of equity component of repurchased/exchanged 2023 Notes					(6,080)					(6,080)
Balance at the end of the period at Dec. 31, 2021	$ 507				$ 1,116,921	$ (681,283)	$ 1,483			$ 437,628
Balance (in shares) at Dec. 31, 2021	50,653

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net income (loss)	$ 26,038	$ (8,391)	$ (78,733)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	26,058	30,697	34,399
Non-cash interest expense	13,819	13,792	12,676
Deferred income taxes	(651)	(299)	360
Share-based compensation expense	15,249	12,703	15,270
Loss on extinguishment of debt	4,029	7,841
Asset impairment		281	4,020
Impairment of equity investments	980		20,973
Provision for bad debts		140	392
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(26,664)	(30,361)	5,796
Inventories and deferred cost of sales	(24,803)	(11,528)	14,969
Prepaid expenses and other current assets	7,621	(2,610)	7,520
Accounts payable and accrued expenses	20,225	15,959	(26,945)
Customer deposits and deferred revenue	(4,099)	12,424	(17,866)
Income taxes receivable and payable, net	947	86	(655)
Other, net	8,993	2,287	408
Net cash provided by (used in) operating activities	67,742	43,021	(7,416)
Cash Flows from Investing Activities
Capital expenditures	(40,643)	(6,802)	(10,873)
Proceeds from the sale of investments	330,702	173,530	127,349
Payments for purchases of investments	(247,256)	(248,023)	(192,988)
Proceeds from held for sale assets, net of costs to sell	1,725	9,503	645
Net cash provided by (used in) investing activities	44,528	(71,792)	(75,867)
Cash Flows from Financing Activities
Proceeds from issuance of 2027 Notes, net of issuance costs		120,095
Purchase of capped calls		(10,313)
Repurchase of 2023 Notes	(115,604)	(81,240)
Debt issuance costs	(835)
Proceeds (net of tax withholdings) from option exercises and employee stock purchase plan	3,402	2,878	3,106
Restricted stock tax withholdings	(8,992)	(2,322)	(2,980)
Net cash provided by (used in) financing activities	(122,029)	29,098	126
Effect of exchange rate changes on cash and cash equivalents	(52)	5	26
Net increase (decrease) in cash, cash equivalents, and restricted cash	(9,811)	332	(83,131)
Cash, cash equivalents, and restricted cash - beginning of period	130,283	129,951	213,082
Cash, cash equivalents, and restricted cash - end of period	120,472	130,283	129,951
Supplemental Disclosure of Cash Flow Information
Interest paid	12,551	12,700	9,408
Net income taxes paid (refunds received)	(139)	329	2,931
Non-cash activities
Capital expenditures included in accounts payable and accrued expenses	9,096	687	249
Net transfer of property, plant and equipment to inventory	63	1,624	(4,916)
Right-of-use assets obtained in exchange for lease obligations	$ 23,777	$ 1,741	$ 5,576

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Significant Accounting Policies

Note 1 — Significant Accounting Policies

(a) Description of Business

Veeco Instruments Inc. (together with its consolidated subsidiaries, “Veeco,” or the “Company”) operates in a single segment: the development, manufacture, sales, and support of semiconductor and thin film process equipment primarily sold to make electronic devices.

(b) Basis of Presentation

The accompanying audited Consolidated Financial Statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company reports interim quarters on a 13-week basis ending on the last Sunday of each period, which is determined at the start of each year. The Company’s fourth quarter always ends on the last day of the calendar year, December 31. During 2021 the interim quarters ended on April 4, July 4, and October 3, and during 2020 the interim quarters ended on March 29, June 28, and September 27. The Company reports these interim quarters as March 31, June 30, and September 30 in its interim consolidated financial statements.

(c) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, these estimates may ultimately differ from actual results. Significant items subject to such estimates and assumptions include: (i) stand-alone selling prices for the Company’s products and services; (ii) allowances for doubtful accounts; (iii) inventory obsolescence; (iv) the useful lives and expected future cash flows of property, plant, and equipment and identifiable intangible assets; (v) the fair value of the Company’s reporting unit and related goodwill; (vi) investment valuations and the valuation of derivatives, deferred tax assets, and assets acquired in business combinations; (vii) the recoverability of long-lived assets; (viii) liabilities for product warranty and legal contingencies; (ix) share-based compensation; (x) lease term and incremental borrowing rates used in determining operating lease assets and liabilities; and (xi) income tax uncertainties.

(d) Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Companies acquired during each reporting period are reflected in the results of the Company effective from their respective dates of acquisition through the end of the reporting period.

(e) Foreign Currencies

Assets and liabilities of the Company’s foreign subsidiaries that operate using functional currencies other than the U.S. dollar are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the Company’s subsidiaries into U.S. dollars, including intercompany transactions of a long-term nature, are reported as currency translation adjustments in “Accumulated other comprehensive income” in the Consolidated Balance Sheets. Foreign currency transaction gains or losses are included in “Other operating expense (income), net” in the Consolidated Statements of Operations.

(f) Revenue Recognition

Revenue is recognized upon the transfer of control of the promised product or service to the customer in an amount that reflects the consideration the Company expects to receive in exchange for such product or service. The Company’s contracts with customers generally do not contain variable consideration. In the rare instances where variable

consideration is included, the Company estimates the amount of variable consideration and determines what portion of that, if any, has a high probability of significant subsequent revenue reversal, and if so, that amount is excluded from the transaction price. The Company’s contracts with customers frequently contain multiple deliverables, such as systems, upgrades, components, spare parts, installation, maintenance, and service plans. Judgment is required to properly identify the performance obligations within a contract and to determine how the revenue should be allocated among the performance obligations. The Company also evaluates whether multiple transactions with the same customer or related parties should be considered part of a single contract based on an assessment of whether the contracts or agreements are negotiated or executed within a short time frame of each other or if there are indicators that the contracts are negotiated in contemplation of one another.

When there are separate units of accounting, the Company allocates revenue to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling prices are determined based on the prices at which the Company separately sells the systems, upgrades, components, spare parts, installation, maintenance, and service plans. For items that are not sold separately, the Company estimates stand-alone selling prices generally using an expected cost plus margin approach.

Most of the Company’s revenue is recognized at a point in time when the performance obligation is satisfied. The Company considers many facts when evaluating each of its sales arrangements to determine the timing of revenue recognition, including its contractual obligations and the nature of the customer’s post-delivery acceptance provisions. The Company’s system sales arrangements, including certain upgrades, generally include field acceptance provisions that may include functional or mechanical test procedures. For many of these arrangements, a customer source inspection of the system is performed in the Company’s facility, test data is sent to the customer documenting that the system is functioning to the agreed upon specifications prior to delivery, or other quality assurance testing is performed internally to ensure system functionality prior to shipment. Historically, such source inspection or test data replicates the field acceptance provisions that are performed at the customer’s site prior to final acceptance of the system. When the Company objectively demonstrates that the criteria specified in the contractual acceptance provisions are achieved prior to delivery either through customer testing or the Company’s historical experience of its tools meeting specifications, transfer of control of the product to the customer is considered to have occurred and revenue is recognized upon system delivery since there is no substantive contingency remaining related to the acceptance provisions at that date. For new products, new applications of existing products, or for products with substantive customer acceptance provisions where the Company cannot objectively demonstrate that the criteria specified in the contractual acceptance provisions have been achieved prior to delivery, revenue and the associated costs are deferred. The Company recognizes such revenue and costs upon obtaining objective evidence that the acceptance provisions can be achieved, assuming all other revenue recognition criteria have been met.

In certain cases, the Company’s contracts with customers contain a billing retention, which is billed by the Company and payable by the customer when field acceptance provisions are completed. Revenue recognized in advance of the amount that has been billed is recorded as a contract asset on the Consolidated Balance Sheets.

The Company recognizes revenue related to maintenance and service contracts over time based upon the respective contract term. Installation revenue is recognized over time as the installation services are performed. The Company recognizes revenue from the sales of components, spare parts, and specified service engagements at a point in time, which is typically consistent with the time of delivery in accordance with the terms of the applicable sales arrangement.

The Company may receive customer deposits on system transactions. The timing of the transfer of goods or services related to the deposits is either at the discretion of the customer or expected to be within one year from the deposit receipt. As such, the Company does not adjust transaction prices for the time value of money. Incremental direct costs incurred related to the acquisition of a customer contract, such as sales commissions, are expensed as incurred since the expected performance period is one year or less.

The Company has elected to treat shipping and handling costs, including those costs incurred to move, package, and prepare the Company’s products for shipment and to move the products to a customer’s designated location, as a fulfillment activity, and the Company includes such costs in “Cost of sales” in the Consolidated Statements of Operations as incurred. These costs are generally comprised of payments to third-party shippers. Taxes assessed by governmental authorities that are collected by the Company from a customer are excluded from revenue.

(g) Warranty Costs

The Company typically provides standard warranty coverage on its systems for one year from the date of final acceptance by providing labor and parts necessary to repair the systems during the warranty period. The Company records the estimated warranty cost when revenue is recognized on the related system. Warranty cost is included in “Cost of sales” in the Consolidated Statements of Operations. The estimated warranty cost is based on the Company’s historical experience with its systems and regional labor costs. The Company calculates the average service hours by region and parts expense per system utilizing actual service records to determine the estimated warranty charge. The Company updates its warranty estimates on a quarterly basis when the actual product performance or field expense differs from original estimates.

(h) Research and Development Costs

Research and development costs are expensed as incurred and include charges for the development of new technology and the transition of existing technology into new products or services.

(i) Advertising Expense

The cost of advertising is expensed as incurred and totaled $0.3 million, $0.4 million, and $0.5 million for the years ended December 31, 2021, 2020, and 2019, respectively.

(j) Accounting for Share-based Compensation

Share-based awards exchanged for employee services are accounted for under the fair value method. Accordingly, share-based compensation cost is measured at the grant date based on the estimated fair value of the award. The expense for awards is recognized over the employee’s requisite service period (generally the vesting period of the award). The Company has elected to treat awards with only service conditions and with graded vesting as one award. Consequently, the total compensation expense is recognized straight-line over the entire vesting period, so long as the compensation cost recognized at any date at least equals the portion of the grant date fair value of the award that is vested at that date.

In addition to stock options, restricted share awards (“RSAs”) and restricted stock units (“RSUs”) with time-based vesting, the Company grants performance share units and awards (“PSUs” and “PSAs”) that have either performance or market conditions. Compensation cost for PSUs and PSAs with performance conditions is recognized over the requisite service period based on the timing and expected level of achievement of the performance targets. A change in the assessment of performance attainment prior to the conclusion of the performance period is recognized in the period of the change in estimate. Compensation cost for PSUs and PSAs with market conditions is recognized over the requisite service period regardless of the expected level of achievement. For all PSUs and PSAs, the number of shares issued to the employee at the conclusion of the service period may vary from the original target based upon the level of attainment of the performance or market conditions.

The Company uses the Black-Scholes option-pricing model to compute the estimated fair value of option awards and purchase rights under the Employee Stock Purchase Plan. The Company uses a Monte Carlo simulation to compute the estimated fair value of awards with market conditions. The Black-Scholes model and Monte Carlo simulation include assumptions regarding dividend yields, expected volatility, expected option term, and risk-free interest rates. See Note 13, “Stock Plans,” for additional information.

(k) Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in income in the period that includes the enactment date.

(l) Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative financial instruments used in hedging activities, and accounts receivable. The Company invests in a variety of financial instruments and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. Historically, the Company has not experienced any material credit losses on its investments.

The Company maintains an allowance reserve for potentially uncollectible accounts for estimated losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount reasonably expected to be collected. The Company also provides allowances based on its write-off history. Finally, the Company also considers its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $0.7 million at both December 31, 2021 and 2020.

To further mitigate the Company’s exposure to uncollectable accounts, the Company may request certain customers provide a negotiable irrevocable letter of credit drawn on a reputable financial institution. These irrevocable letters of credit are typically issued to mature between zero and 90 days from the date the documentation requirements are met, typically when a system ships or upon receipt of final acceptance from the customer. The Company, at its discretion, may monetize these letters of credit on a non-recourse basis after they become negotiable but before maturity. The fees associated with the monetization are included in “Selling, general, and administrative” in the Consolidated Statements of Operations and were immaterial for the years ended December 31, 2021, 2020, and 2019.

(m) Fair Value of Financial Instruments

The carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued expenses reflected in the consolidated financial statements approximate fair value due to their short-term maturities. The fair value of debt for footnote disclosure purposes, including current maturities, if any, is estimated using recently quoted market prices of the instrument, or if not available, a discounted cash flow analysis based on the estimated current incremental borrowing rates for similar types of instruments.

(n) Cash, Cash Equivalents, and Short-term Investments

All financial instruments purchased with an original maturity of three months or less at the time of purchase are considered cash equivalents. Such items may include liquid money market funds, certificate of deposit and time deposit accounts, U.S. treasuries, government agency securities, and corporate debt. Investments that are classified as cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents includes $41.7 million and $86.2 million of cash equivalents at December 31, 2021 and 2020, respectively.

A portion of the Company’s cash and cash equivalents is held by its subsidiaries throughout the world, frequently in each subsidiary’s respective functional currency, which is typically the U.S. dollar. Approximately 32% and 31% of cash and cash equivalents were maintained outside the United States at December 31, 2021 and 2020, respectively.

Short-term investments consist of marketable debt securities, and are generally classified as available-for-sale for use in current operations, if required, and are 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” on the Consolidated Balance Sheets. These securities can 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. The specific identification method is used to determine the realized gains and losses on investments.

Non-marketable equity securities are equity securities without readily observable market prices and are included in “Other assets” in the Consolidated Balance Sheets. Non-marketable securities are measured at cost, adjusted for changes in observable prices minus impairment. Changes in fair value and impairment charges are included in “Other income (expense), net” in the Consolidated Statements of Operations.

(o) Inventories

Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Each quarter the Company assesses the valuation and recoverability of all inventories: materials (raw materials, spare parts, and service inventory); work-in-process; and finished goods. Obsolete inventory or inventory in excess of management’s estimated usage requirement is written down to its estimated net realizable value if less than cost. The Company evaluates usage requirements by analyzing historical usage, anticipated demand, alternative uses of materials, and other qualitative factors. Unanticipated changes in demand for the Company’s products may require a write down of inventory, which would be reflected in cost of sales in the period the revision is made. Inventory acquired as part of a business combination is recorded at fair value on the date of acquisition.

(p) Business Combinations

The Company allocates the fair value of the purchase consideration of the Company’s acquisitions to the tangible assets, intangible assets, including in-process research and development (“IPR&D”), if any, and liabilities assumed, based on estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.

(q) Goodwill and Indefinite-Lived Intangible Assets

Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred over the net fair value of identifiable assets acquired and liabilities assumed. Intangible assets with indefinite useful lives are measured at their respective fair values on the acquisition date. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated research and development (“R&D”) efforts. If and when development is complete, the associated assets would be deemed long-lived and would then be amortized based on their respective estimated useful lives at that point in time. Goodwill and indefinite-lived intangibles are not amortized into results of operations but instead are evaluated for impairment. The Company performs the evaluation in the beginning of the fourth quarter of each year or more frequently if impairment indicators arise.

In testing goodwill for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the reporting unit’s fair value is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the reporting unit to its carrying amount. If the fair value exceeds the carrying amount, goodwill is not impaired. If the carrying amount exceeds fair value, the Company then records an impairment loss equal to the difference, up to the carrying value of goodwill.

The Company determines the fair value of its reporting unit based on a reconciliation of the fair value of the reporting unit to the Company’s adjusted market capitalization. The adjusted market capitalization is calculated by multiplying the average share price of the Company’s common stock for the last ten trading days prior to the measurement date by the number of outstanding common shares and adding a control premium. The control premium is estimated using historical transactions in similar industries.

In testing indefinite-lived intangible assets for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the indefinite-lived intangible asset to its carrying amount. The Company determines the fair value of its indefinite-lived intangible assets using a discounted cash flow method.

(r) Long-lived Assets

Long-lived 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 straight-lined if such pattern cannot be reliably determined.

Property, plant, and equipment are recorded at cost. Depreciation expense is calculated based on the estimated useful lives of the assets by using the straight-line method. Amortization of leasehold improvements is recognized using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, a recoverability test is performed utilizing undiscounted cash flows expected to be generated by that asset or asset group compared to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models or, when available, quoted market values and third-party appraisals.

(s) Leases

Upon the adoption of ASC Topic 842, Leases (“ASC 842”) as of January 1, 2019, the Company determines at contract inception if an arrangement is a lease, or contains a lease, of an identified asset for which the Company has the right to obtain substantially all of the economic benefits from its use and the right to direct its use. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, while lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The implicit discount rate in the Company’s leases generally cannot readily be determined, and therefore the Company uses its incremental borrowing rate based on information available at lease commencement date in determining the present value of future payments. The Company has options to renew or terminate certain leases. These options are included in the determination of lease term when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components in determining ROU assets or lease liabilities for real estate leases.

Additionally, the Company does not recognize ROU assets or lease liabilities for leases with original terms or renewals of one year or less.

(t) Recently Adopted Accounting Standards

The Company adopted ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes in the second quarter of 2020, effective as of the beginning of fiscal year 2020. This ASU simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income Taxes, including, but not limited to, requirements related to the following: a) exception to the incremental approach for intraperiod tax allocation; b) the tax basis step-up in goodwill obtained in a transaction that is not a business combination; c) ownership changes in investments - changes from a subsidiary to an equity method investment; d) separate financial statements of entities not subject to tax; e) interim-period accounting for enacted changes in tax law; and f) the year-to-date loss limitation in interim-period tax accounting. The adoption did not have a material impact on the Company’s consolidated financial statements as of the date of adoption.

(u) Recent Accounting Pronouncements Not Yet Adopted

In August 2020, the FASB issued ASU 2020-06: Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This standard simplifies the accounting for convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature, as well as convertible instruments with a beneficial conversion feature. As a result, entities will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce non-cash interest expense for entities that have issued a convertible instrument that was within the scope of those models before the adoption of ASU 2020-06. Additionally, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share, and precludes the use of the treasury stock method for certain debt instruments. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021. The Company’s 2023 Notes, 2025 Notes, and 2027 Notes all are currently accounted for using the separation models for convertible debt with a cash conversion feature, and therefore upon adoption of ASU 2020-06 in the first quarter of 2022, the Company expects a decrease in non-cash interest expense. Additionally, the Company will be required to use the if-converted method for its current convertible debt when calculating diluted earnings (loss) per share, which will result in an increase in income available to common shareholders, as well as an increase in diluted shares outstanding. The Company expects to use the modified retrospective method of adoption, which will result in an increase in the carrying value of long-term debt of approximately $44.3 million as of January 1, 2022, with a corresponding decrease in stockholders’ equity.

The Company is evaluating other pronouncements recently issued but not yet adopted. The adoption of these pronouncements is not expected to have a material impact on our consolidated financial statements.

Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Income (Loss) Per Share

Income (Loss) Per Share

Note 2 — Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income by the weighted average number of shares used to calculate basic income per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and non-participating share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share in the periods the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. The Company has determined that it has the ability and intent to settle the principal amount of its convertible senior notes in cash, and the excess of the principal portion in shares of its common stock. As such, the Company accounts for the conversion spread using the treasury stock method, and the shares issuable upon conversion of the Notes are not included in the calculation of diluted earnings per share except to the extent that the conversion

value of the Notes exceeds their principal amount and if the effect would be dilutive.

The computations of basic and diluted income (loss) per share for the years ended December 31, 2021, 2020, and 2019 are as follows:


	For the year ended December 31,
	2021		2020		2019

	(in thousands, except per share amounts)
Net income (loss)	$	26,038	$	(8,391)	$	(78,733)
Net income (loss) per common share:
Basic	$	0.53	$	(0.17)	$	(1.66)
Diluted	$	0.49	$	(0.17)	$	(1.66)

Basic weighted average shares outstanding		49,073		48,362		47,482
Effect of potentially dilutive share-based awards		1,090		—		—
Dilutive effect of convertible notes		3,480		—		—
Diluted weighted average shares outstanding		53,643		48,362		47,482

Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive		—		947		531
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive		456		923		1,689
Maximum potential shares to be issued for settlement of the 2023, 2025, and 2027 Notes excluded from the diluted calculation as their effect would be antidilutive due to a net loss or the fact that the conversion value of the Notes did not exceed their principal amount		8,421		17,753		8,618

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Fair Value Measurements

Note 3 — Fair Value Measurements

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. The Company is required to classify certain assets and liabilities 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. The Company 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 Company’s assets that were measured at fair value on a recurring basis at December 31, 2021 and 2020:


	Level 1		Level 2		Level 3		Total

	(in thousands)
December 31, 2021
Cash equivalents
Certificate of deposits and time deposits	$	41,544	$	—	$	—	$	41,544
Money market cash		121		—		—		121
Total	$	41,665	$	—	$	—	$	41,665
Short-term investments
U.S. treasuries	$	51,095	$	—	$	—	$	51,095
Government agency securities		—		12,052		—		12,052
Corporate debt		—		40,035		—		40,035
Commercial paper		—		999		—		999
Total	$	51,095	$	53,086	$	—	$	104,181

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

The Company’s investments classified as Level 1 are based on quoted prices that are available in active markets, as well as certificates of deposits and time deposits that are classified as Level 1 due to their short-term nature. The Company’s investments classified as Level 2 are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments

12 Months Ended

Dec. 31, 2021

Investments

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.

Inventories

12 Months Ended

Dec. 31, 2021

Inventories

Inventories

Note 5 — Inventories

Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Inventories consist of the following:


	December 31,		December 31,
	2021		2020

	(in thousands)
Materials	$	96,027	$	82,679
Work-in-process		54,128		53,979
Finished goods		20,703		9,248
Total	$	170,858	$	145,906

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant, and Equipment

Property, Plant, and Equipment

Note 6 — Property, Plant, and Equipment

Property, plant, and equipment, net, consist of the following:


	December 31,		December 31,
	2021		2020		Average Useful Life

	(in thousands)
Land	$	5,061	$	5,061	N/A
Building and improvements		63,946		62,865	10 – 40 years
Machinery and equipment ⁽¹⁾		145,656		140,493	3 – 10 years
Leasehold improvements		45,979		6,671	3 – 17 years
Gross property, plant, and equipment		260,642		215,090
Less: accumulated depreciation and amortization		160,899		149,819
Net property, plant, and equipment	$	99,743	$	65,271

(1)	Machinery and equipment also includes software, furniture, and fixtures

Depreciation expense was $13.8 million, $15.4 million, and $17.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. During the year ended December 31, 2019, the Company classified vacant land in St. Paul,

Minnesota as held for sale, and subsequently sold the land for approximately $0.6 million, which approximated its carrying value.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 7 — Goodwill and Intangible Assets

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 in goodwill balances during the years ended December 31, 2021 or 2020, while the below table reflects the gross carrying amounts and accumulated impairments as of the respective periods:


	Gross carrying		Accumulated
	amount		impairment		Net amount
	(in thousands)
Balance at December 31, 2021 and 2020	$	430,331	$	248,388	$	181,943

The Company performs its annual goodwill impairment test at the beginning of the fourth quarter each year. As the Company maintains a single goodwill reporting unit, it determines the fair value of its reporting unit based upon the Company’s adjusted market capitalization. The annual test performed at the beginning of the fourth quarter of fiscal 2021, 2020, and 2019 did not result in any potential impairment as the fair value of the reporting unit was determined to exceed the carrying amount of the reporting unit.

The valuation of goodwill will continue to be subject to changes in the Company’s market capitalization and observable market control premiums. This analysis is sensitive to changes in the Company’s stock price and absent other qualitative factors, the Company may be required to record goodwill impairment charges in future periods if the stock price declines and remains depressed for an extended period of time.

The components of purchased intangible assets were as follows:


		December 31, 2021						December 31, 2020
	Average			Accumulated						Accumulated
	Remaining	Gross		Amortization				Gross		Amortization
	Amortization	Carrying		and		Net		Carrying		and		Net
	Period	Amount		Impairment		Amount		Amount		Impairment		Amount

	(in years)	(in thousands)
Technology	3.6	$	327,908	$	310,551	$	17,357	$	327,908	$	302,358	$	25,550
Customer relationships	7.3		146,465		132,970		13,495		146,465		130,131		16,334
Trademarks and tradenames	2.5		30,910		27,857		3,053		30,910		26,614		4,296
Other	-		3,686		3,686		—		3,686		3,681		5
Total	5.0	$	508,969	$	475,064	$	33,905	$	508,969	$	462,784	$	46,185

Other intangible assets primarily consist of patents, licenses, and backlog.

Based on the intangible assets recorded at December 31, 2021, and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated annual amortization expense, is expected to be as follows:


	Amortization
	(in thousands)
2022	$	10,018
2023		8,347
2024		6,708
2025		3,136
2026		2,134
Thereafter		3,562
Total	$	33,905

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

Note 8 — Accrued Expenses and Other Liabilities

The components of accrued expenses and other current liabilities were as follows:


	December 31,		December 31,
	2021		2020

	(in thousands)
Payroll and related benefits	$	35,712	$	26,630
Warranty		7,878		5,058
Operating lease liabilities		4,437		4,148
Interest		2,757		2,574
Professional fees		1,467		1,112
Legal settlement		15,000		—
Sales, use, and other taxes		4,889		2,658
Other		7,612		2,696
Total	$	79,752	$	44,876

Customer deposits and deferred revenue

Customer deposits totaled $46.9 million and $49.3 million at December 31, 2021 and 2020, respectively, which are included in “Customer deposits and deferred revenue” in the Consolidated Balance Sheets. Deferred revenue represents amounts billed, other than deposits, in excess of the revenue that can be recognized on a particular contract at the balance sheet date. Changes in deferred revenue were as follows:


	(in thousands)
Balance - December 31, 2020	$	17,985
Deferral of revenue		6,782
Recognition of unearned revenue		(8,491)
Balance - December 31, 2021	$	16,276

As of December 31, 2021, the Company has approximately $33.6 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 94% is expected to be recognized within one year, with the remaining amounts expected to be recognized between one to three years. The Company has elected to exclude disclosures regarding remaining performance obligations that have an original expected duration of one year or less.

Other liabilities

As part of a prior acquisition, the Company assumed an executive non-qualified deferred compensation plan that allowed qualifying executives to defer cash compensation. The plan was frozen at the time of acquisition and no further contributions have been made. The plan was terminated and fully liquidated during 2021. At December 31, 2020, plan assets approximated $2.4 million, representing the cash surrender value of life insurance policies and is included within “Other assets” in the Consolidated Balance Sheets, while plan liabilities approximated $2.5 million and is included within “Other liabilities” in the Consolidated Balance Sheets.

At December 31, 2021 and 2020, other liabilities also included (i) asset retirement obligations of $2.8 million and $2.7 million, respectively; (ii) income tax payables of $0.4 million and $1.4 million, respectively; and (iii) medical and dental benefits for former executives of $1.8 million and $1.9 million, respectively. Additionally, as a result of the Coronavirus, Aid, Relief, and Economic Security Act, the Company has accrued for and deferred the deposit and payment of its share of social security taxes, resulting in a liability of $3.6 million at December 31, 2020, of which $1.8 million is included within “Accrued expenses and other current liabilities”, and $1.8 million is included within “Other liabilities” in the Consolidated Balance Sheets. At December 31, 2021, a $1.7 million liability remains for these deferred payroll taxes, which is included within “Accrued expenses and other current liabilities.”

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

Note 9 — Commitments and Contingencies

Warranty

Changes in the Company’s product warranty reserves were as follows:


	December 31,
	2021		2020		2019

		(in thousands)
Balance - beginning of the year	$	5,058	$	7,067	$	7,852
Warranties issued		7,102		4,626		5,865
Consumption of reserves		(5,784)		(6,691)		(6,242)
Changes in estimate		1,502		56		(408)
Balance - end of the year	$	7,878	$	5,058	$	7,067

Minimum Lease Commitments

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 December 31, 2021 was 12 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.7%.

The following table provides the maturities of lease liabilities at December 31, 2021:


	Operating
	Leases
	(in thousands)
Payments due by period:
2022	$	4,901
2023		3,979
2024		3,769
2025		3,309
2026		3,496
Thereafter		35,960
Total future minimum lease payments		55,414
Less: Imputed interest		(18,143)
Total	$	37,271

Reported as of December 31, 2021
Accrued expenses and other current liabilities	$	4,437
Long-term operating lease liabilities		32,834
Total	$	37,271

Operating lease cost for the years ended December 31, 2021, 2020, and 2019 was $6.6 million, $5.4 million, and $5.5 million, respectively. Variable lease cost for all years ended December 31, 2021, 2020, and 2019 was $1.7 million. Additionally, the Company has an immaterial amount of short-term leases. Lease expense, which includes operating lease costs and variable lease costs, was $8.4 million, $7.1 million, and $7.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. In addition, the Company is obligated under such leases for certain other expenses, including real estate taxes and insurance. Operating cash outflows from operating leases for the year ended December 31, 2021, 2020, and 2019 were $6.6 million (excluding landlord reimbursements for leasehold improvements of $6.1 million included within “Other, net” in the Consolidated Statements of Cash Flows), $6.9 million, and $7.2 million, respectively.

Legal Proceedings

On June 8, 2018, an Ultratech shareholder who received Veeco stock as part of the consideration for the Ultratech acquisition filed a purported class action complaint in the Superior Court of the State of California, County of Santa Clara, captioned Wolther v. Maheshwari et al., Case No. 18CV329690, on behalf of himself and others who purchased or acquired shares of Veeco pursuant to the registration statement and prospectus which Veeco filed with the SEC in connection with the Ultratech acquisition (the “Wolther Action”). On August 2 and August 8, 2018, two purported class action complaints substantially similar to the Wolther Action were filed on behalf of different plaintiffs in the same court as the Wolther Action. These cases have been consolidated with the Wolther Action, and a consolidated complaint was filed on December 11, 2018. The consolidated complaint seeks to recover damages and fees under Sections 11, 12, and 15 of the Securities Act of 1933 for, among other things, alleged false/misleading statements in the registration statement and prospectus relating to the Ultratech acquisition, relating primarily to the alleged failure to disclose delays in the advanced packaging business, increased MOCVD competition in China, and an intellectual property dispute. In October 2021, Veeco and the court-appointed class representatives signed an agreement to settle the Wolther Action on a class-wide basis for $15.0 million, subject to court approval and class members’ opportunity to object and opt-out, which is included within “Accrued expenses and other current liabilities” in the Consolidated Balance Sheets as of December 31, 2021. The settlement amount will be funded by insurance carriers, the receivable for which is included in “Prepaid expenses and other current assets” in the Consolidated Balance Sheets as of December 31, 2021.

On December 21, 2018, a purported Veeco stockholder filed a derivative action in the Superior Court of the State of California, County of Santa Clara, captioned Vladimir Gusinsky Revocable Trust v. Peeler, et al., Case No. 18CV339925, on behalf of nominal defendant Veeco. The complaint seeks to assert claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment against current and former Veeco directors premised on purported misstatements and omissions in the registration statement relating to the Ultratech acquisition. Veeco is defending this matter vigorously. On January 25, 2021, the court granted the defendants’ demurrer without leave to amend effecting the dismissal of the case. Plaintiff is appealing the dismissal of its case.

The Company is involved in various other 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.

Concentrations of Credit Risk

The Company depends on purchases from its ten largest customers, which accounted for 65% and 62% of net accounts receivable at December 31, 2021 and 2020, respectively.

Customers who accounted for more than 10% of net accounts receivable or net sales are as follows:


	Accounts Receivable			Net Sales
	December 31,			For the Year Ended December 31,
Customer	2021		2020	2021		2020		2019
Customer A	14	%	*	15	%	*		*
Customer B	*		*	10	%	*		*
Customer C	12	%	*	*		*		*
Customer D	10	%	*	*		*		*
Customer E	*		*	*		13	%	11	%

*	Less than 10% of aggregate accounts receivable or net sales

The Company manufactures and sells its products to companies in different geographic locations. Refer to Note 17, “Segment Reporting and Geographic Information,” for additional information. In certain instances, the Company requires deposits from its customers for a portion of the sales price in advance of shipment and performs periodic credit evaluations on its customers. Where appropriate, the Company requires letters of credit on certain non-U.S. sales arrangements. Receivables generally are due within 30 to 90 days from the date of invoice. In some geographies, receivables may be payable up to 150 days from the date of the invoice.

Receivable Purchase Agreement

In December 2020, 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 $15.0 million at any point in time. Pursuant to this agreement, the Company sold $11.6 million of receivables during the year ended December 31, 2020, of which $5.9 million was outstanding at December 31, 2020, and subsequently settled during 2021. There were no further sales of receivables under this agreement during 2021, and therefore the full $15.0 million is available under the agreement for additional sales of receivables as of December 31, 2021. The Company did not sell any receivables under this agreement during 2021. 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.

Suppliers

The Company outsources certain functions to third parties, including the manufacture of several of its systems. While the Company relies on its outsourcing partners to perform their contracted functions, the Company maintains some level of internal manufacturing capability for these systems. In addition, certain of the components and sub-assemblies included in the Company’s products are obtained from a single source or a limited group of suppliers. The failure of the Company’s present outsourcing partners and suppliers to meet their contractual obligations and the Company’s inability to make alternative arrangements or resume the manufacture of these systems could have a material adverse effect on the Company’s revenues, profitability, cash flows, and relationships with its customers.

The Company had deposits with its suppliers of $3.9 million and $7.2 million at December 31, 2021 and 2020, respectively, that were included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets.

Purchase Commitments

The Company had purchase commitments of $193.0 million at December 31, 2021, substantially all of which will come due within one year. Purchase commitments are primarily for inventory used in manufacturing products and are partially offset by existing deposits with suppliers.

Bank Guarantees

The Company has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At December 31, 2021, outstanding bank guarantees and letters of credit totaled $2.7 million and unused bank guarantees and letters of credit of $15.2 million were available to be drawn upon.

Debt

12 Months Ended

Dec. 31, 2021

Debt

Debt

Note 10 — Debt

Convertible Senior Notes

2023 Notes

On January 10, 2017, the Company issued $345.0 million of 2.70% convertible senior unsecured notes due 2023 (the “2023 Notes”). The Company received net proceeds, after deducting underwriting discounts and fees and expenses payable by the Company, of approximately $335.8 million. The 2023 Notes bear interest at a rate of 2.70% per year, payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2017. The 2023 Notes mature on January 15, 2023, unless earlier purchased by the Company, redeemed, or converted.

On May 18, 2020, in connection with the completion of a private offering of $125.0 million aggregate principal amount of 3.75% convertible senior notes due 2027 described below, the Company repurchased and retired approximately $88.3 million in aggregate principal amount of its outstanding 2023 Notes, with a carrying amount of $78.1 million, for approximately $81.2 million of cash. The Company accounted for the partial settlement of the 2023 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $3.0 million for the year ended December 31, 2020, which is included in “Other income (expense), net” in the Consolidated Statements of Operations, as well as a reduction of additional paid-in capital of $0.1 million for the repurchase of the conversion feature.

Additionally, on November 11, 2020, the Company entered into a privately negotiated exchange agreement with a holder of its outstanding 2023 Notes, under which the Company agreed to retire $125.0 million in aggregate original principal amount of the 2023 Notes, with a carrying amount of $113.1 million, in exchange for the issuance of $132.5 million in aggregate principal amount of new 3.50% convertible senior notes due 2025 described below, which had a fair value that approximated the principal amount of notes issued. The Company accounted for the partial settlement of the 2023 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $4.8 million for the year ended

December 31, 2020, which is included in “Other income (expense), net” in the Consolidated Statements of Operations, as well as a reduction of additional paid-in capital of $14.6 million for the exchange of the conversion feature.

Finally, on November 5, 2021, the Company entered into a privately negotiated note purchase agreement with a holder of its outstanding 2023 Notes, under which the Company agreed to repurchase and retire approximately $111.5 million in aggregate original principal amount of the 2023 Notes, with a carrying amount of $105.5 million, for cash consideration of approximately $115.6 million, and approximately $1.0 million of accrued and unpaid interest. The Company accounted for the partial settlement of the 2023 Notes as an extinguishment, and as such, recorded a loss on extinguishment of approximately $4.0 million for the year ended December 31, 2021, which is included in “Other income (expense), net” in the Consolidated Statements of Operations, as well as a reduction of additional paid-in capital of $6.1 million for the repurchase of the conversion feature.

2025 Notes

On November 17, 2020, as part of the privately negotiated exchange agreement described above, the Company issued $132.5 million of 3.50% convertible senior notes due 2025 (the “2025 Notes”). The 2025 Notes bear interest at a rate of 3.50% per year, payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2021. The 2025 Notes mature on January 15, 2025, unless earlier purchased by the Company, redeemed, or converted.

2027 Notes

On May 18, 2020, the Company completed a private offering of $125.0 million of 3.75% convertible senior notes due 2027 (the “2027 Notes”). The Company received net proceeds of approximately $121.9 million, after deducting underwriting discounts and fees and expenses payable by the Company. Additionally, the Company used approximately $10.3 million of cash to purchase capped calls, discussed below. The 2027 Notes bear interest at a rate of 3.75% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on December 1, 2020. The 2027 Notes mature on June 1, 2027, unless earlier purchased by the Company, redeemed, or converted.

The 2023 Notes, 2025 Notes, and 2027 Notes (collectively, the “Notes”) are unsecured obligations of Veeco and rank senior in right of payment to any of Veeco’s subordinated indebtedness; equal in right of payment to all of Veeco’s unsecured indebtedness that is not subordinated; effectively subordinated in right of payment to any of Veeco’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all indebtedness and other liabilities (including trade payables) of Veeco’s subsidiaries.

The Notes are convertible into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election, upon the satisfaction of specified conditions and during certain periods as described below. The initial conversion rates are 24.9800, 41.6667, and 71.5372 shares of the Company’s common stock per $1,000 principal amount of the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, representing initial effective conversion prices of $40.03, $24.00, and $13.98 per share of common stock, respectively. The conversion rates may be subject to adjustment upon the occurrence of certain specified events.

Holders may convert all or any portion of their notes, in multiples of one thousand dollar principal amount, at their option at any time prior to the close of business on the business day immediately preceding October 15, 2022 with respect to the 2023 Notes, October 15, 2024 with respect to the 2025 Notes, and October 1, 2027 with respect to the 2027 Notes, only under the following circumstances:

(i)

During any calendar quarter (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

(ii)

During the five consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per one thousand dollar principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Veeco’s common stock and the conversion rate on each such trading day;

(iii)

If the Company calls any or all of applicable series of the Notes for redemption at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

(iv)

Upon the occurrence of specified corporate events.

For the calendar quarter ended December 31, 2021, the last reported sales price of common stock during the 30 consecutive trading days, based on the criteria outlined in (i) above, was greater than 130% of the conversion price of the 2027 Notes, and as such the 2027 Notes are convertible by the holders until March 31, 2022.

Holders may convert their notes at any time, regardless of the foregoing circumstances, on or after October 15, 2022 with respect to the 2023 Notes, October 15, 2024 with respect to the 2025 Notes, and October 1, 2026 with respect to the 2027 Notes, until the close of business on the business day immediately preceding the respective maturity date.

Upon conversion by the holders, the Company may elect to settle such conversion in shares of its common stock, cash, or a combination thereof. As a result of its cash conversion options, the Company segregated the liability component of the instruments from the equity components. The liability components were measured by estimating the fair value of a non-convertible debt instrument that is similar in its terms to the Notes. The calculation of the fair value of the debt components required the use of Level 3 inputs, including utilization of convertible investors’ credit assumptions and high yield bond indices. Fair value was estimated through discounting future interest and principal payments, an income approach, due under the Notes at a discount rate equal to the estimated borrowing rate for similar non-convertible debt, or 7.0%, 8.0%, and 9.1% with respect to the 2023 Notes, 2025 Notes, and 2027 Notes, respectively. The excess of the aggregate face values of the Notes over the estimated fair values of the liability components of $72.5 million, $21.0 million, and $34.2 million with respect to the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, were recognized as debt discounts and recorded as an increase to additional paid-in capital and will be amortized over the expected lives of the Notes using the effective interest rate method. Amortization of the debt discounts are recognized as non-cash interest expense.

The transaction costs of $9.2 million, $1.9 million, and $3.1 million incurred in connection with the issuance of the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, were allocated to the liability and equity components based on their relative values. Transaction costs allocated to the liability component are being amortized using the effective interest rate method and recognized as non-cash interest expense over the expected terms of the Notes. Transaction costs allocated to the equity component of $1.9 million, $0.3 million, and $0.8 million with respect to the 2023 Notes, 2025 Notes, and 2027 Notes, respectively, reduced the value of the equity components recognized in stockholders' equity.

In connection with the offering of the 2027 Notes, on May 13, 2020, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”), pursuant to capped call confirmations, covering the total principal amount of the 2027 Notes for an aggregate premium of $10.3 million. The Capped Call Transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the 2027 Notes and/or offset any cash payments the Company is required to make in excess of the aggregate principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a cap based on the capped price of the Capped Call Transactions. The Capped Call Transactions exercise price is equal to the initial conversion price of the 2027 Notes, and the capped price of the Capped Call Transactions is approximately $18.46 per share and is subject to certain adjustments under the terms of the capped call confirmations.

The Capped Call Transactions are separate transactions entered into by the Company with the capped call counterparties, are not part of the terms of the 2027 Notes and do not change the holders’ rights under the 2027 Notes. Holders of the

2027 Notes do not have any rights with respect to the Capped Call Transactions. The cost of the Capped Call Transactions is not expected to be tax-deductible as the Company did not elect to integrate the Capped Call Transactions into the 2027 Notes for tax purposes. The Company used a portion of the net proceeds from the offering of the 2027 Notes to pay for the Capped Call Transactions, and the cost of the Capped Call Transactions was recorded as a reduction of the Company’s additional paid-in capital in the accompanying consolidated financial statements.

The carrying values of the Notes are as follows:


		December 31, 2021						December 31, 2020
		Principal Amount		Unamortized debt discount/ transaction costs		Net carrying value		Principal Amount		Unamortized debt discount/ transaction costs		Net carrying value

		(in thousands)
2023 Notes	$	20,173	$	(967)	$	19,206	$	131,695	$	(11,925)	$	119,770
2025 Notes		132,500		(17,302)		115,198		132,500		(22,097)		110,403
2027 Notes		125,000		(29,966)		95,034		125,000		(34,058)		90,942
Net carrying value	$	277,673	$	(48,235)	$	229,438	$	389,195	$	(68,080)	$	321,115

Total interest expense related to the Notes is as follows:


	For the year ended December 31,
	2021		2020		2019

	(in thousands)
Cash Interest Expense
Coupon interest expense - 2023 Notes	$	3,138	$	7,390	$	9,315
Coupon interest expense - 2025 Notes		4,637		554		—
Coupon interest expense - 2027 Notes		4,688		2,904		—
Non-cash Interest Expense
Amortization of debt discount/transaction costs- 2023 Notes		4,932		10,887		12,676
Amortization of debt discount/transaction costs- 2025 Notes		4,795		546		—
Amortization of debt discount/transaction costs- 2027 Notes		4,092		2,359		—
Total Interest Expense	$	26,282	$	24,640	$	21,991

The Company determined the Notes are Level 2 liabilities in the fair value hierarchy and estimated their fair values as $20.4 million, $175.0 million, and $258.9 million at December 31, 2021 for the 2023 Notes, 2025 Notes, and 2027 Notes, respectively.

Revolving Credit Facility

On December 16, 2021, the Company entered into a loan and security agreement providing for a senior secured revolving credit facility in an aggregate principal amount of $150 million (the “Credit Facility”), including a $15 million letter of credit sublimit. The Credit Facility is guaranteed by the Company’s direct material U.S. subsidiaries, subject to customary exceptions. Borrowings under the Credit Facility are secured by a first-priority lien on substantially all of the assets of the Company, subject to customary exceptions. The Credit Facility has a term of five years, maturing on December 16, 2026, or earlier if certain liquidity measures are not met prior to the 2025 Notes maturing. Subject to certain conditions and the receipt of commitments from the lenders, the Loan and Security Agreement allows for revolving commitments under the Credit Facility to be increased by up to $75 million. The existing lenders under the Credit Facility are entitled, but not obligated, to provide such incremental commitments.

Borrowings will bear interest at a floating rate which can be, at the Company’s option, either (a) an alternate base rate plus an applicable rate ranging from 0.50% to 1.25% or (b) a SOFR rate (with a floor of 0.00%) for the specified interest

period plus an applicable rate ranging from 1.50% to 2.25%, in each case, depending on the Company’s Secured Net Leverage Ratio (as defined in the Loan and Security Agreement). The Company will pay an unused commitment fee ranging from 0.25% to 0.35% based on unused capacity under the Credit Facility and the Company’s Secured Net Leverage Ratio. The Company may use the proceeds of borrowings under the Credit Facility to pay transaction fees and expenses, provide for its working capital needs and reimburse drawings under letters of credit and for other general corporate purposes.

The Loan and Security Agreement contains customary affirmative covenants for transactions of this type, including, among others, the provision of financial and other information to the administrative agent, notice to the administrative agent upon the occurrence of certain material events, preservation of existence, maintenance of properties and insurance, compliance with laws, including environmental laws, the provision of additional guarantees, and an affiliate transactions covenant, subject to certain exceptions. The Loan and Security Agreement contains customary negative covenants, including, among others, restrictions on the ability to merge and consolidate with other companies, incur indebtedness, refinance our existing convertible notes, grant liens or security interests on assets, make investments, acquisitions, loans, or advances, pay dividends, and sell or otherwise transfer assets.

The Loan and Security Agreement contains financial maintenance covenants that require the Borrower to maintain an Interest Coverage Ratio (as defined in the Loan and Security Agreement) of not less than 3.00 to 1.00, a Total Net Leverage Ratio (as defined in the Loan and Security Agreement) of not more than 4.50 to 1.00, and a Secured Net Leverage Ratio (as defined in the Loan and Security Agreement) of not more than 2.50 to 1.00, in each case, tested at the end of each fiscal quarter commencing with the fiscal quarter ending March 31, 2022. The Loan and Security Agreement also provides for a number of customary events of default, including, among others: payment defaults to the lenders; voluntary and involuntary bankruptcy proceedings; covenant defaults; material inaccuracies of representations and warranties; certain change of control events; material money judgments; and other customary events of default. The occurrence of an event of default could result in the acceleration of obligations and the termination of lending commitments under the Loan and Security Agreement.

No amounts were outstanding under the Credit Facility as of December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Financial Instruments

Derivative Financial Instruments

Note 11 — Derivative Financial Instruments

The Company is exposed to financial market risks arising from changes in currency exchange rates. Changes in currency exchange rates could affect the Company’s foreign currency denominated monetary assets and liabilities and forecasted cash flows. The Company sometimes enters into monthly forward derivative contracts with the intent of mitigating a portion of this risk. The Company only used derivative financial instruments in the context of hedging and not for speculative purposes and had not designated its foreign exchange derivatives as hedges. Accordingly, changes in fair value from these contracts were recorded as “Other operating expense (income), net” in the Company’s Consolidated Statements of Operations. The Company executed derivative transactions with highly rated financial institutions to mitigate counterparty risk.

The Company did not have any outstanding derivative contracts at December 31, 2021 and 2020.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Stockholders' Equity

Note 12 — Stockholders’ Equity

Accumulated Other Comprehensive Income (“AOCI”)

The following table presents the changes in the balances of each component of AOCI, net of tax:


			Unrealized
			Gains (Losses)
	Foreign		on Available
	Currency		for Sale
	Translation		Securities		Total

	(in thousands)
Balance - December 31, 2018	$	1,836	$	(16)	$	1,820
Other comprehensive income (loss)		25		49		74
Balance - December 31, 2019		1,861		33		1,894
Other comprehensive income (loss)		5		(53)		(48)
Balance - December 31, 2020		1,866		(20)		1,846
Other comprehensive income (loss)		(52)		(311)		(363)
Balance - December 31, 2021	$	1,814	$	(331)	$	1,483

The Company did not allocate additional tax expense (benefit) to other comprehensive income (loss) for all years presented as the Company is in a full valuation allowance position such that a deferred tax asset related to amounts recognized in other comprehensive income is not regarded as realizable on a more-likely-than-not basis.

Preferred Stock

The Board of Directors has authority under the Company’s Certificate of Incorporation to issue shares of preferred stock, par value $0.01, with voting and economic rights to be determined by the Board of Directors. As of December 31, 2021, no preferred shares have been issued.

Treasury Stock

On December 11, 2017, the Company’s Board of Directors authorized a program to repurchase up to $100 million of the Company’s common stock to be completed through December 11, 2019. At the end of the program, $14.3 million of the $100 million had been utilized.

The Company records treasury stock purchases under the cost method using the first-in, first-out (“FIFO”) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital. If the Company reissues treasury stock at an amount below its acquisition cost and if additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is charged to accumulated deficit.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Plans

12 Months Ended

Dec. 31, 2021

Stock Plans

Stock Plans

Note 13 — Stock Plans

Share-based incentive awards are provided to employees under the terms of the Company’s equity incentive compensation plans (the “Plans”), which are administered by the Compensation Committee of the Board of Directors. The 2019 Plan originated as the 2010 Stock Incentive Plan and was originally approved by the Company’s shareholders in May 2010. This Plan was subsequently amended, as approved by shareholders, in 2013, 2016, and 2019 (at which time the Plan was renamed the 2019 Stock Incentive Plan (as amended to date, the “2019 Plan”)). The Company’s employees, non-employee directors, and consultants are eligible to receive awards under the 2019 Plan, which can include non-qualified stock options, incentive stock options, RSAs, RSUs, PSAs, PSUs, share appreciation rights,

dividend equivalent rights, or any combination thereof. The Company settles awards under the Plans with newly issued shares or with shares held in treasury.

In 2013, the Board of Directors granted equity awards to certain employees under the Company’s 2013 Inducement Stock Incentive Plan (the “Inducement Plan”). The Company issued 124,500 stock option shares and 87,000 RSUs under this plan. Stock options under this plan vest over a three year period and have a 10-year term, and RSUs under this plan vest over a two or four year period. At December 31, 2013, the Inducement Plan was merged into the 2019 Plan and is considered an inactive plan with no further shares available for grant. At December 31, 2021, there are 2,000 option shares and no RSUs outstanding under the Inducement Plan.

The Company is authorized to issue up to 13.3 million shares under the 2019 Plan. Option awards are granted with an exercise price equal to the closing price of the Company’s common stock on the trading day prior to the date of grant; option awards generally vest over a three year period and have a seven or ten year term. RSAs and RSUs generally vest over one to five years. Certain option and share awards provide for accelerated vesting if there is a change in control, as defined in the 2019 Plan. At December 31, 2021, there are 0.4 million option shares and 0.7 million RSUs and PSUs outstanding under the 2019 Plan.

The Company is authorized to issue up to 2.25 million shares under the approved 2016 employee stock purchase plan (“ESPP”), including additional shares authorized under plan amendments approved by shareholders in 2019 and 2021. Under the ESPP, substantially all employees in the U.S. may purchase the Company’s common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of the Company’s common stock at the beginning or end of each six-month offer period, as defined in the ESPP, and subject to certain limits. The ESPP was approved by the Company’s shareholders.

Shares Reserved for Future Issuance

At December 31, 2021, the Company has 3.4 million shares reserved to cover exercises of outstanding stock options, vesting of RSUs, and additional grants under the 2019 Plan. At December 31, 2021, the Company has 0.8 million shares reserved to cover future issuances under the ESPP Plan.

Share-Based Compensation

The Company recognized share-based compensation in the following line items in the Consolidated Statements of Operations for the periods indicated:


	For the year ended December 31,
	2021		2020		2019

	(in thousands)
Cost of sales	$	2,373	$	1,870	$	1,903
Research and development		3,850		2,900		3,340
Selling, general, and administrative		9,026		7,933		9,630
Restructuring		—		—		397
Total	$	15,249	$	12,703	$	15,270

The Company did not realize any tax benefits associated with share-based compensation for the years ended December 31, 2021, 2020, and 2019 due to the full valuation allowance on its U.S. deferred tax assets. See Note 16, “Income Taxes” for additional information. The Company capitalized an immaterial amount of share-based compensation into inventory for the years ended December 31, 2021, 2020, and 2019.

Unrecognized share-based compensation costs at December 31, 2021 are summarized below:


	Unrecognized		Weighted
	Share-Based		Average Period
	Compensation		Expected to be
	Costs		Recognized

	(in thousands)		(in years)
Restricted stock units	$	2,064	1.9
Restricted stock awards		16,791	1.9
Performance share units		5,363	2.1
Total unrecognized share-based compensation cost	$	24,218	1.9

Stock Option Awards

Stock options are awards issued to employees that entitle the holder to purchase shares of the Company’s stock at a fixed price. The following table summarizes the equity activity related to stock options:


		Weighted
	Number of	Average
	Shares	Exercise Price
	(in thousands)
Balance - December 31, 2018	1,222	$	34.80
Expired	(103)		33.97
Balance - December 31, 2019	1,119		34.88
Expired	(389)		34.15
Balance - December 31, 2020	730		35.26
Exercised	(2)		23.36
Expired	(285)		40.16
Balance - December 31, 2021	443		32.15

The following table summarizes stock option information at December 31, 2021:


	Options Outstanding and Exercisable
				Weighted
		Aggregate		Average	Weighted
		Intrinsic		Remaining	Average
Range of Exercise Prices	Shares	Value		Contractual Life	Exercise Price
	(in thousands)	(in thousands)		(in years)
$20.00 - $30.00	12	$	—	1.6	$	29.26
$30.01 - $40.00	431		—	0.9		32.22
	443	$	—	1.0		32.15

There were no unvested options outstanding as of December 31, 2021.

The following table summarizes information on options exercised for the periods indicated:


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Cash received from options exercised	$	37	$	—	$	—
Intrinsic value of options exercised	$	6	$	—	$	—

RSAs, RSUs, PSAs, PSUs

RSAs are stock awards issued to employees and directors that are subject to specified restrictions and a risk of forfeiture. RSUs are stock awards issued to employees that entitle the holder to receive shares of common stock as the awards vest. PSAs and PSUs are awards that result in an issuance of shares of common stock to employees if certain performance or market conditions are achieved. All of these awards typically vest over one to four years and vesting is subject to the employee's continued service with the Company and, in the case of performance awards, meeting certain performance or market conditions. The fair value of the awards is determined and fixed based on the closing price of the Company’s common stock on the trading day prior to the date of grant, or, in the case of performance awards with market conditions, fair value is determined using a Monte Carlo simulation.

The following table summarizes the equity activity of non-vested restricted shares and performance shares:


		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2018	2,218	$	20.74
Granted	1,107		11.53
Performance award adjustments	(25)		28.91
Vested	(768)		21.77
Forfeited	(275)		18.48
Balance - December 31, 2019	2,257		16.20
Granted	1,054		9.53
Performance award adjustments	(51)		30.94
Vested	(798)		16.01
Forfeited	(422)		14.87
Balance - December 31, 2020	2,040		12.73
Granted	1,031		24.26
Performance award adjustments	159		18.38
Vested	(1,014)		15.50
Forfeited	(133)		15.08
Balance - December 31, 2021	2,083		17.33

The total fair value of shares that vested during the years ended December 31, 2021, 2020, and 2019 was $22.8 million, $9.0 million, and $8.8 million, respectively. For performance awards, the final number of shares earned will vary depending on the achievement of the actual results relative to the performance or market conditions. Each performance award is included in the table above at the grant date target share amount until the end of the performance period if not previously forfeited.

The fair value of performance awards with market conditions is estimated on the date of grant using a Monte Carlo simulation. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive these awards. The weighted average fair value and the assumptions used in calculating such values during fiscal years 2021, 2020, and 2019 for performance awards with market conditions were based on estimates at the date of grant as follows:


	Year ended December 31,
	2021			2020			2019
Weighted average fair value	$	27.81		$	10.59		$	16.45
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		63	%		60	%		53	%

Risk-free interest rate⁽²⁾			0.34	%		0.54	%		2.37	%
Expected life (in years)⁽³⁾			3.0			3.0			2.8

(1)	Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.

(2)	The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.

(3)	The expected life is the number of years the Company estimates that the awards will be outstanding prior to exercise.

Employee Stock Purchase Plan

For the years ended December 31, 2021, 2020, and 2019 the Company received cash proceeds of $3.4 million, $2.9 million, and $3.1 million, and issued shares of 196,024, 254,703, and 395,941, respectively, under the ESPP Plan. The weighted average estimated values of employee purchase rights as well as the weighted average assumptions that were used in calculating such values during fiscal years 2021, 2020, and 2019 were based on estimates at the date of grant as follows:


	Year ended December 31,
	2021			2020			2019
Weighted average fair value	$	5.90		$	4.81		$	2.96
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		52	%		70	%		60	%
Risk-free interest rate⁽²⁾		0.07	%		0.95	%		2.41	%
Expected life (in years)⁽³⁾		0.5			0.5			0.5

(1)	Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.

(2)	The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.

(3)	The expected life is the number of years the Company estimates that the purchase rights will be outstanding prior to exercise.

Retirement Plans

12 Months Ended

Dec. 31, 2021

Retirement Plans

Retirement Plans

Note 14 — Retirement Plans

The Company maintains a defined contribution plan for the benefit of its U.S. employees. The plan is intended to be tax qualified and contains a qualified cash or deferred arrangement as described under Section 401(k) of the Internal Revenue Code. Eligible participants may elect to contribute a percentage of their base compensation, and the Company may make matching contributions, generally equal to fifty cents for every dollar employees contribute, up to three percent of the employee’s eligible compensation, as limited by current Internal Revenue Code regulations. Generally, the plan calls for vesting in the Company contributions over the initial five years of a participant’s employment. The Company provided employer contributions associated with this plan of approximately $2.6 million, $2.4 million, and $2.4 million for the years ended December 31, 2021, 2020, and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Name Accounting Standards Codification
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+ Details

Dispositions

12 Months Ended

Dec. 31, 2021

Dispositions

Dispositions

Note 15 — Dispositions

In the fourth quarter of 2019, the Company determined that one of its non-core product lines (the “disposal group”) met the held for sale criteria. During the second quarter of 2020, the Company completed the sale of this product line for approximately $11.4 million, with approximately 85% of the transaction price received upon closing, and 15% held in escrow for a period of 18 months and included within “Prepaid expenses and other current assets” in the Consolidated Balance Sheet as of December 31, 2020 and subsequently collected in 2021. Long-lived assets and definite-lived intangible assets were not depreciated or amortized while classified as held for sale. The sale of this disposal group did not represent a strategic shift that will have a material effect on the Company’s operations and financial results, nor is it considered a component of the Company, and as such it did not meet the criteria to be reported as discontinued operations.

For the year ended December 31, 2019, the Company recorded a non-cash impairment charge on these assets held for sale of $4.0 million, included in “Asset impairment” in the Consolidated Statements of Operations, in order to measure the disposal group at the lower of its carrying value or fair value less costs to sell, which resulted in a corresponding held

for sale valuation allowance on its assets held for sale in the Consolidated Balance Sheet. During the second quarter of 2020, the Company recorded additional impairment charges of $0.3 million related to the finalization of the sale of this disposal group.

The major classes of assets that were sold are as follows:



Net assets sold:	(in thousands)
Inventories	$	6,311
Property, plant, and equipment, net		372
Intangible assets, net		6,546
Goodwill		2,359
Deferred revenue		(59)
Total net assets sold	$	15,529
Net proceeds after costs to sell		(11,228)
Total impairment on sale of disposal group	$	4,301

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

Note 16 — Income Taxes

The amounts of income (loss) before income taxes attributable to domestic and foreign operations were as follows:


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Domestic	$	23,561	$	(10,292)	$	(78,486)
Foreign		2,119		1,828		530
Total	$	25,680	$	(8,464)	$	(77,956)

Significant components of the expense (benefit) for income taxes consisted of the following:


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Current:
Federal	$	—	$	—	$	—
Foreign		183		22		304
State and local		110		204		113
Total current expense (benefit) for income taxes		293		226		417
Deferred:
Federal		119		136		162
Foreign		(507)		(320)		116
State and local		(263)		(115)		82
Total deferred expense (benefit) for income taxes		(651)		(299)		360
Total expense (benefit) for income taxes	$	(358)	$	(73)	$	777

The income tax expense (benefit) was reconciled to the tax expense computed at the U.S. federal statutory tax rate as follows:


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Income tax expense (benefit) at U.S. statutory rates	$	5,393	$	(1,777)	$	(16,396)
State taxes, net of U.S. federal impact		(607)		(121)		(835)
Effect of international operations		609		(131)		785
Research and development tax credit		(3,964)		726		(1,692)
Net change in valuation allowance		(2,389)		388		15,098
Change in accrual for unrecognized tax benefits		398		(6)		1,232
Share-based compensation		1,208		2,248		1,947
Asset impairment		—		728		495
Partial extinguishment of 2023 Notes		(1,090)		(2,292)		—
Other		84		164		143
Total expense (benefit) for income taxes	$	(358)	$	(73)	$	777

Deferred income taxes reflect the effect of temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The tax effects of the temporary differences were as follows:


	December 31,
	2021		2020

	(in thousands)
Deferred tax assets:
Inventory valuation	$	11,822	$	10,949
Net operating losses		38,816		51,260
Credit carry forwards		57,810		54,160
Warranty and installation accruals		1,730		1,045
Share-based compensation		4,033		4,587
Customer deposits and deferred revenue		9,908		10,982
Operating leases		8,464		2,281
Other		5,880		4,741
Total deferred tax assets		138,463		140,005
Valuation allowance		(116,054)		(118,443)
Net deferred tax assets		22,409		21,562

Deferred tax liabilities:
Purchased intangible assets		6,633		7,227
Convertible Senior Notes		10,018		13,674
Operating leases		6,539		2,241
Depreciation		2,372		2,220
Total deferred tax liabilities		25,562		25,362
Net deferred taxes	$	(3,153)	$	(3,800)

The Company is no longer permanently reinvesting future earnings from certain foreign jurisdictions and has accrued for foreign tax withholdings of $0.8 million on its unremitted earnings as of December 31, 2021.

At December 31, 2021, the Company had U.S. federal NOL carryforwards of approximately $165.8 million, of which $6.9 million have an indefinite carryforward period, with the remaining expiring in 2036, if not utilized. At December 31, 2021, the Company had U.S. federal research and development credits of $32.1 million that will expire between 2022 and 2041. The Company also has $9.4 million of foreign tax credits that expire in 2027. Additionally, the Company has state and local NOL carryforwards of approximately $104.7 million (a net deferred tax asset of $6.8 million, net of

federal tax benefits and before the valuation allowance) that will expire between 2022 and 2040. Finally, the Company has state credits of $30.6 million, some of which are indefinite and others that will expire between 2024 and 2036.

The Company makes assessments to estimate if sufficient taxable income will be generated in the future to use existing deferred tax assets. As of December 31, 2021, the Company continued to have a cumulative loss in recent years with respect to its U.S. operations. Based on this negative objective evidence, the Company continues to maintain a valuation allowance against its U.S. deferred tax assets. During 2021, the Company’s valuation allowance decreased by approximately $2.4 million.

A roll-forward of the Company’s uncertain tax positions for all U.S. federal, state, and foreign tax jurisdictions was as follows:


	December 31,
	2021		2020		2019

	(in thousands)
Balance at beginning of year	$	12,363	$	12,369	$	11,137
Additions for tax positions related to current year		2,642		1,217		3,075
Additions for tax positions related to prior years		50		47		21
Reductions for tax positions related to prior years		(1,196)		(1,166)		(1,814)
Reductions due to the lapse of the statute of limitations		—		—		—
Settlements		(1,098)		(104)		(50)
Balance at end of year	$	12,761	$	12,363	$	12,369

If the amount of unrecognized tax benefits at December 31, 2021 were recognized, the Company’s income tax provision would decrease by $0.4 million. The gross amount of interest and penalties accrued in income tax payable in the Consolidated Balance Sheets was approximately $0.4 million at both December 31, 2021 and 2020.

The Company, or one of its subsidiaries, files income tax returns in the United States federal jurisdiction, and various state, local, and foreign jurisdictions. All material consolidated federal income tax matters have been concluded for years through 2017 subject to subsequent utilization of NOLs generated in such years. All material state and local income tax matters have been reviewed through 2012. The majority of the Company’s foreign jurisdictions have been reviewed through 2015. The Company’s major foreign jurisdictions’ statutes of limitation remain open with respect to the tax years 2015 through 2020 for Germany, 2017 through 2020 for China, and 2020 for Taiwan and Singapore. The Company does not anticipate that its uncertain tax position will change significantly within the next twelve months subject to the completion of the ongoing tax audits and any resultant settlement.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment Reporting and Geographic Information

12 Months Ended

Dec. 31, 2021

Segment Reporting and Geographic Information

Segment Reporting and Geographic Information

Note 17 — Segment Reporting and Geographic Information

The Company operates and measures its results in one operating segment and therefore has one reportable segment: the development, manufacture, sales, and support of semiconductor and thin film process equipment primarily sold to make electronic devices. The Company’s Chief Operating Decision Maker, the Chief Executive Officer, evaluates performance of the Company and makes decisions regarding the allocation of resources based on total Company results.

Sales by end-market is as follows:


	For the year ended December 31,
	2021		2020		2019

	(in thousands)
Sales by end-market
Semiconductor	$	247,051	$	165,909	$	175,608
Compound Semiconductor		106,972		107,922		85,877
Data Storage		168,760		123,288		84,075
Scientific & Other		60,494		57,044		73,789
Total	$	583,277	$	454,163	$	419,349

The Company’s significant operations outside the United States include sales and service offices in China, Europe, and Rest of APAC. For geographic reporting, sales are attributed to the location in which the customer facility is located.

Sales and long-lived tangible assets by geographic region are as follows:


	Net Sales to Unaffiliated Customers						Long-lived Tangible Assets
	2021		2020		2019		2021		2020		2019

	(in thousands)
United States	$	217,209	$	145,353	$	126,160	$	99,220	$	64,967	$	75,187
EMEA⁽¹⁾		55,129		73,124		57,351		94		120		143
China		105,998		57,589		71,078		67		84		130
Rest of APAC		204,633		177,569		164,363		362		100		251
Rest of World		308		528		397		—		—		—
Total	$	583,277	$	454,163	$	419,349	$	99,743	$	65,271	$	75,711

(1)	EMEA consists of Europe, the Middle East, and Africa

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

Schedule II - Valuation and Qualifying Accounts

Schedule II - Valuation and Qualifying Accounts

Schedule II — Valuation and Qualifying Accounts


			Additions
			Charged
	Balance at		(Credited)		Charged to				Balance at
	Beginning		to Costs and		Other				End of
Deducted from asset accounts:	of Period		Expenses		Accounts		Deductions		Period

	(in thousands)
Year ended December 31, 2021
Allowance for doubtful accounts	$	736	$	—	$	—	$	—	$	736
Valuation allowance in net deferred tax assets		118,443		—		—		(2,389)		116,054
	$	119,179	$	—	$	—	$	(2,389)	$	116,790

Year ended December 31, 2020
Allowance for doubtful accounts	$	602	$	140	$	—	$	(6)	$	736
Valuation allowance in net deferred tax assets		130,053		513		—		(12,123)		118,443
	$	130,655	$	653	$	—	$	(12,129)	$	119,179

Year ended December 31, 2019
Allowance for doubtful accounts	$	270	$	392	$	—	$	(60)	$	602
Valuation allowance in net deferred tax assets		114,955		15,098		—		—		130,053
	$	115,225	$	15,490	$	—	$	(60)	$	130,655

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Significant Accounting Policies
Basis of Presentation	(b) Basis of Presentation The accompanying audited Consolidated Financial Statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company reports interim quarters on a 13-week basis ending on the last Sunday of each period, which is determined at the start of each year. The Company’s fourth quarter always ends on the last day of the calendar year, December 31. During 2021 the interim quarters ended on April 4, July 4, and October 3, and during 2020 the interim quarters ended on March 29, June 28, and September 27. The Company reports these interim quarters as March 31, June 30, and September 30 in its interim consolidated financial statements.
Use of Estimates	(c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, these estimates may ultimately differ from actual results. Significant items subject to such estimates and assumptions include: (i) stand-alone selling prices for the Company’s products and services; (ii) allowances for doubtful accounts; (iii) inventory obsolescence; (iv) the useful lives and expected future cash flows of property, plant, and equipment and identifiable intangible assets; (v) the fair value of the Company’s reporting unit and related goodwill; (vi) investment valuations and the valuation of derivatives, deferred tax assets, and assets acquired in business combinations; (vii) the recoverability of long-lived assets; (viii) liabilities for product warranty and legal contingencies; (ix) share-based compensation; (x) lease term and incremental borrowing rates used in determining operating lease assets and liabilities; and (xi) income tax uncertainties.
Principles of Consolidation	(d) Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Companies acquired during each reporting period are reflected in the results of the Company effective from their respective dates of acquisition through the end of the reporting period.
Foreign Currencies	(e) Foreign Currencies Assets and liabilities of the Company’s foreign subsidiaries that operate using functional currencies other than the U.S. dollar are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the Company’s subsidiaries into U.S. dollars, including intercompany transactions of a long-term nature, are reported as currency translation adjustments in “Accumulated other comprehensive income” in the Consolidated Balance Sheets. Foreign currency transaction gains or losses are included in “Other operating expense (income), net” in the Consolidated Statements of Operations.
Revenue Recognition	(f) Revenue Recognition Revenue is recognized upon the transfer of control of the promised product or service to the customer in an amount that reflects the consideration the Company expects to receive in exchange for such product or service. The Company’s contracts with customers generally do not contain variable consideration. In the rare instances where variable consideration is included, the Company estimates the amount of variable consideration and determines what portion of that, if any, has a high probability of significant subsequent revenue reversal, and if so, that amount is excluded from the transaction price. The Company’s contracts with customers frequently contain multiple deliverables, such as systems, upgrades, components, spare parts, installation, maintenance, and service plans. Judgment is required to properly identify the performance obligations within a contract and to determine how the revenue should be allocated among the performance obligations. The Company also evaluates whether multiple transactions with the same customer or related parties should be considered part of a single contract based on an assessment of whether the contracts or agreements are negotiated or executed within a short time frame of each other or if there are indicators that the contracts are negotiated in contemplation of one another. When there are separate units of accounting, the Company allocates revenue to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling prices are determined based on the prices at which the Company separately sells the systems, upgrades, components, spare parts, installation, maintenance, and service plans. For items that are not sold separately, the Company estimates stand-alone selling prices generally using an expected cost plus margin approach. Most of the Company’s revenue is recognized at a point in time when the performance obligation is satisfied. The Company considers many facts when evaluating each of its sales arrangements to determine the timing of revenue recognition, including its contractual obligations and the nature of the customer’s post-delivery acceptance provisions. The Company’s system sales arrangements, including certain upgrades, generally include field acceptance provisions that may include functional or mechanical test procedures. For many of these arrangements, a customer source inspection of the system is performed in the Company’s facility, test data is sent to the customer documenting that the system is functioning to the agreed upon specifications prior to delivery, or other quality assurance testing is performed internally to ensure system functionality prior to shipment. Historically, such source inspection or test data replicates the field acceptance provisions that are performed at the customer’s site prior to final acceptance of the system. When the Company objectively demonstrates that the criteria specified in the contractual acceptance provisions are achieved prior to delivery either through customer testing or the Company’s historical experience of its tools meeting specifications, transfer of control of the product to the customer is considered to have occurred and revenue is recognized upon system delivery since there is no substantive contingency remaining related to the acceptance provisions at that date. For new products, new applications of existing products, or for products with substantive customer acceptance provisions where the Company cannot objectively demonstrate that the criteria specified in the contractual acceptance provisions have been achieved prior to delivery, revenue and the associated costs are deferred. The Company recognizes such revenue and costs upon obtaining objective evidence that the acceptance provisions can be achieved, assuming all other revenue recognition criteria have been met. In certain cases, the Company’s contracts with customers contain a billing retention, which is billed by the Company and payable by the customer when field acceptance provisions are completed. Revenue recognized in advance of the amount that has been billed is recorded as a contract asset on the Consolidated Balance Sheets. The Company recognizes revenue related to maintenance and service contracts over time based upon the respective contract term. Installation revenue is recognized over time as the installation services are performed. The Company recognizes revenue from the sales of components, spare parts, and specified service engagements at a point in time, which is typically consistent with the time of delivery in accordance with the terms of the applicable sales arrangement. The Company may receive customer deposits on system transactions. The timing of the transfer of goods or services related to the deposits is either at the discretion of the customer or expected to be within one year from the deposit receipt. As such, the Company does not adjust transaction prices for the time value of money. Incremental direct costs incurred related to the acquisition of a customer contract, such as sales commissions, are expensed as incurred since the expected performance period is one year or less. The Company has elected to treat shipping and handling costs, including those costs incurred to move, package, and prepare the Company’s products for shipment and to move the products to a customer’s designated location, as a fulfillment activity, and the Company includes such costs in “Cost of sales” in the Consolidated Statements of Operations as incurred. These costs are generally comprised of payments to third-party shippers. Taxes assessed by governmental authorities that are collected by the Company from a customer are excluded from revenue.
Warranty Costs	(g) Warranty Costs The Company typically provides standard warranty coverage on its systems for one year from the date of final acceptance by providing labor and parts necessary to repair the systems during the warranty period. The Company records the estimated warranty cost when revenue is recognized on the related system. Warranty cost is included in “Cost of sales” in the Consolidated Statements of Operations. The estimated warranty cost is based on the Company’s historical experience with its systems and regional labor costs. The Company calculates the average service hours by region and parts expense per system utilizing actual service records to determine the estimated warranty charge. The Company updates its warranty estimates on a quarterly basis when the actual product performance or field expense differs from original estimates.
Research and Development Costs	(h) Research and Development Costs Research and development costs are expensed as incurred and include charges for the development of new technology and the transition of existing technology into new products or services.
Advertising Expense	(i) Advertising Expense The cost of advertising is expensed as incurred and totaled $0.3 million, $0.4 million, and $0.5 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Accounting for Share-Based Compensation	(j) Accounting for Share-based Compensation Share-based awards exchanged for employee services are accounted for under the fair value method. Accordingly, share-based compensation cost is measured at the grant date based on the estimated fair value of the award. The expense for awards is recognized over the employee’s requisite service period (generally the vesting period of the award). The Company has elected to treat awards with only service conditions and with graded vesting as one award. Consequently, the total compensation expense is recognized straight-line over the entire vesting period, so long as the compensation cost recognized at any date at least equals the portion of the grant date fair value of the award that is vested at that date. In addition to stock options, restricted share awards (“RSAs”) and restricted stock units (“RSUs”) with time-based vesting, the Company grants performance share units and awards (“PSUs” and “PSAs”) that have either performance or market conditions. Compensation cost for PSUs and PSAs with performance conditions is recognized over the requisite service period based on the timing and expected level of achievement of the performance targets. A change in the assessment of performance attainment prior to the conclusion of the performance period is recognized in the period of the change in estimate. Compensation cost for PSUs and PSAs with market conditions is recognized over the requisite service period regardless of the expected level of achievement. For all PSUs and PSAs, the number of shares issued to the employee at the conclusion of the service period may vary from the original target based upon the level of attainment of the performance or market conditions. The Company uses the Black-Scholes option-pricing model to compute the estimated fair value of option awards and purchase rights under the Employee Stock Purchase Plan. The Company uses a Monte Carlo simulation to compute the estimated fair value of awards with market conditions. The Black-Scholes model and Monte Carlo simulation include assumptions regarding dividend yields, expected volatility, expected option term, and risk-free interest rates. See Note 13, “Stock Plans,” for additional information.
Income Taxes	(k) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in income in the period that includes the enactment date.
Concentration of Credit Risk	(l) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative financial instruments used in hedging activities, and accounts receivable. The Company invests in a variety of financial instruments and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. Historically, the Company has not experienced any material credit losses on its investments. The Company maintains an allowance reserve for potentially uncollectible accounts for estimated losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount reasonably expected to be collected. The Company also provides allowances based on its write-off history. Finally, the Company also considers its current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $0.7 million at both December 31, 2021 and 2020. To further mitigate the Company’s exposure to uncollectable accounts, the Company may request certain customers provide a negotiable irrevocable letter of credit drawn on a reputable financial institution. These irrevocable letters of credit are typically issued to mature between zero and 90 days from the date the documentation requirements are met, typically when a system ships or upon receipt of final acceptance from the customer. The Company, at its discretion, may monetize these letters of credit on a non-recourse basis after they become negotiable but before maturity. The fees associated with the monetization are included in “Selling, general, and administrative” in the Consolidated Statements of Operations and were immaterial for the years ended December 31, 2021, 2020, and 2019.
Fair Value of Financial Instruments	(m) Fair Value of Financial Instruments The carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued expenses reflected in the consolidated financial statements approximate fair value due to their short-term maturities. The fair value of debt for footnote disclosure purposes, including current maturities, if any, is estimated using recently quoted market prices of the instrument, or if not available, a discounted cash flow analysis based on the estimated current incremental borrowing rates for similar types of instruments.
Cash, Cash Equivalents, and Short-term Investments	(n) Cash, Cash Equivalents, and Short-term Investments All financial instruments purchased with an original maturity of three months or less at the time of purchase are considered cash equivalents. Such items may include liquid money market funds, certificate of deposit and time deposit accounts, U.S. treasuries, government agency securities, and corporate debt. Investments that are classified as cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents includes $41.7 million and $86.2 million of cash equivalents at December 31, 2021 and 2020, respectively. A portion of the Company’s cash and cash equivalents is held by its subsidiaries throughout the world, frequently in each subsidiary’s respective functional currency, which is typically the U.S. dollar. Approximately 32% and 31% of cash and cash equivalents were maintained outside the United States at December 31, 2021 and 2020, respectively. Short-term investments consist of marketable debt securities, and are generally classified as available-for-sale for use in current operations, if required, and are 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” on the Consolidated Balance Sheets. These securities can 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. The specific identification method is used to determine the realized gains and losses on investments. Non-marketable equity securities are equity securities without readily observable market prices and are included in “Other assets” in the Consolidated Balance Sheets. Non-marketable securities are measured at cost, adjusted for changes in observable prices minus impairment. Changes in fair value and impairment charges are included in “Other income (expense), net” in the Consolidated Statements of Operations.
Inventories	(o) Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Each quarter the Company assesses the valuation and recoverability of all inventories: materials (raw materials, spare parts, and service inventory); work-in-process; and finished goods. Obsolete inventory or inventory in excess of management’s estimated usage requirement is written down to its estimated net realizable value if less than cost. The Company evaluates usage requirements by analyzing historical usage, anticipated demand, alternative uses of materials, and other qualitative factors. Unanticipated changes in demand for the Company’s products may require a write down of inventory, which would be reflected in cost of sales in the period the revision is made. Inventory acquired as part of a business combination is recorded at fair value on the date of acquisition.
Business Combinations	(p) Business Combinations The Company allocates the fair value of the purchase consideration of the Company’s acquisitions to the tangible assets, intangible assets, including in-process research and development (“IPR&D”), if any, and liabilities assumed, based on estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
Goodwill and Indefinite-Lived Intangible Assets	(q) Goodwill and Indefinite-Lived Intangible Assets Goodwill is an asset representing the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred over the net fair value of identifiable assets acquired and liabilities assumed. Intangible assets with indefinite useful lives are measured at their respective fair values on the acquisition date. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated research and development (“R&D”) efforts. If and when development is complete, the associated assets would be deemed long-lived and would then be amortized based on their respective estimated useful lives at that point in time. Goodwill and indefinite-lived intangibles are not amortized into results of operations but instead are evaluated for impairment. The Company performs the evaluation in the beginning of the fourth quarter of each year or more frequently if impairment indicators arise. In testing goodwill for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the reporting unit’s fair value is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the reporting unit to its carrying amount. If the fair value exceeds the carrying amount, goodwill is not impaired. If the carrying amount exceeds fair value, the Company then records an impairment loss equal to the difference, up to the carrying value of goodwill. The Company determines the fair value of its reporting unit based on a reconciliation of the fair value of the reporting unit to the Company’s adjusted market capitalization. The adjusted market capitalization is calculated by multiplying the average share price of the Company’s common stock for the last ten trading days prior to the measurement date by the number of outstanding common shares and adding a control premium. The control premium is estimated using historical transactions in similar industries. In testing indefinite-lived intangible assets for impairment, the Company may first perform a qualitative assessment of whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, and, if so, the Company then quantitatively compares the fair value of the indefinite-lived intangible asset to its carrying amount. The Company determines the fair value of its indefinite-lived intangible assets using a discounted cash flow method.
Long-lived Assets	(r) Long-lived Assets Long-lived 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 straight-lined if such pattern cannot be reliably determined. Property, plant, and equipment are recorded at cost. Depreciation expense is calculated based on the estimated useful lives of the assets by using the straight-line method. Amortization of leasehold improvements is recognized using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, a recoverability test is performed utilizing undiscounted cash flows expected to be generated by that asset or asset group compared to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models or, when available, quoted market values and third-party appraisals.
Leases	(s) Leases Upon the adoption of ASC Topic 842, Leases (“ASC 842”) as of January 1, 2019, the Company determines at contract inception if an arrangement is a lease, or contains a lease, of an identified asset for which the Company has the right to obtain substantially all of the economic benefits from its use and the right to direct its use. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, while lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The implicit discount rate in the Company’s leases generally cannot readily be determined, and therefore the Company uses its incremental borrowing rate based on information available at lease commencement date in determining the present value of future payments. The Company has options to renew or terminate certain leases. These options are included in the determination of lease term when it is reasonably certain that the Company will exercise such options. The Company does not separate lease and non-lease components in determining ROU assets or lease liabilities for real estate leases. Additionally, the Company does not recognize ROU assets or lease liabilities for leases with original terms or renewals of one year or less.
Recently Adopted Accounting Standards	(t) Recently Adopted Accounting Standards The Company adopted ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes in the second quarter of 2020, effective as of the beginning of fiscal year 2020. This ASU simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income Taxes, including, but not limited to, requirements related to the following: a) exception to the incremental approach for intraperiod tax allocation; b) the tax basis step-up in goodwill obtained in a transaction that is not a business combination; c) ownership changes in investments - changes from a subsidiary to an equity method investment; d) separate financial statements of entities not subject to tax; e) interim-period accounting for enacted changes in tax law; and f) the year-to-date loss limitation in interim-period tax accounting. The adoption did not have a material impact on the Company’s consolidated financial statements as of the date of adoption. (u) Recent Accounting Pronouncements Not Yet Adopted In August 2020, the FASB issued ASU 2020-06: Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This standard simplifies the accounting for convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature, as well as convertible instruments with a beneficial conversion feature. As a result, entities will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce non-cash interest expense for entities that have issued a convertible instrument that was within the scope of those models before the adoption of ASU 2020-06. Additionally, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share, and precludes the use of the treasury stock method for certain debt instruments. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021. The Company’s 2023 Notes, 2025 Notes, and 2027 Notes all are currently accounted for using the separation models for convertible debt with a cash conversion feature, and therefore upon adoption of ASU 2020-06 in the first quarter of 2022, the Company expects a decrease in non-cash interest expense. Additionally, the Company will be required to use the if-converted method for its current convertible debt when calculating diluted earnings (loss) per share, which will result in an increase in income available to common shareholders, as well as an increase in diluted shares outstanding. The Company expects to use the modified retrospective method of adoption, which will result in an increase in the carrying value of long-term debt of approximately $44.3 million as of January 1, 2022, with a corresponding decrease in stockholders’ equity. The Company is evaluating other pronouncements recently issued but not yet adopted. The adoption of these pronouncements is not expected to have a material impact on our consolidated financial statements.

Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Income (Loss) Per Share

Schedule of basic and diluted income (loss) per share and weighted average shares


	For the year ended December 31,
	2021		2020		2019

	(in thousands, except per share amounts)
Net income (loss)	$	26,038	$	(8,391)	$	(78,733)
Net income (loss) per common share:
Basic	$	0.53	$	(0.17)	$	(1.66)
Diluted	$	0.49	$	(0.17)	$	(1.66)

Basic weighted average shares outstanding		49,073		48,362		47,482
Effect of potentially dilutive share-based awards		1,090		—		—
Dilutive effect of convertible notes		3,480		—		—
Diluted weighted average shares outstanding		53,643		48,362		47,482

Common share equivalents excluded from the diluted weighted average shares outstanding since the Company incurred a net loss and their effect would be antidilutive		—		947		531
Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive		456		923		1,689
Maximum potential shares to be issued for settlement of the 2023, 2025, and 2027 Notes excluded from the diluted calculation as their effect would be antidilutive due to a net loss or the fact that the conversion value of the Notes did not exceed their principal amount		8,421		17,753		8,618

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Schedule of assets measured on a recurring basis at fair value


	Level 1		Level 2		Level 3		Total

	(in thousands)
December 31, 2021
Cash equivalents
Certificate of deposits and time deposits	$	41,544	$	—	$	—	$	41,544
Money market cash		121		—		—		121
Total	$	41,665	$	—	$	—	$	41,665
Short-term investments
U.S. treasuries	$	51,095	$	—	$	—	$	51,095
Government agency securities		—		12,052		—		12,052
Corporate debt		—		40,035		—		40,035
Commercial paper		—		999		—		999
Total	$	51,095	$	53,086	$	—	$	104,181

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

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments

Schedule of amortized cost and fair value of available-for-sale securities


			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

Schedule of fair value and unrealized losses of available-for-sale securities in a loss position


	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)

Schedule of contractual maturities of securities classified as available-for-sale


	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

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventories

Schedule of inventories


	December 31,		December 31,
	2021		2020

	(in thousands)
Materials	$	96,027	$	82,679
Work-in-process		54,128		53,979
Finished goods		20,703		9,248
Total	$	170,858	$	145,906

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant, and Equipment

Schedule of property, plant, and equipment


	December 31,		December 31,
	2021		2020		Average Useful Life

	(in thousands)
Land	$	5,061	$	5,061	N/A
Building and improvements		63,946		62,865	10 – 40 years
Machinery and equipment ⁽¹⁾		145,656		140,493	3 – 10 years
Leasehold improvements		45,979		6,671	3 – 17 years
Gross property, plant, and equipment		260,642		215,090
Less: accumulated depreciation and amortization		160,899		149,819
Net property, plant, and equipment	$	99,743	$	65,271

(1)	Machinery and equipment also includes software, furniture, and fixtures

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets

Schedule of changes in goodwill


	Gross carrying		Accumulated
	amount		impairment		Net amount
	(in thousands)
Balance at December 31, 2021 and 2020	$	430,331	$	248,388	$	181,943

Schedule of intangible assets excluding goodwill


		December 31, 2021						December 31, 2020
	Average			Accumulated						Accumulated
	Remaining	Gross		Amortization				Gross		Amortization
	Amortization	Carrying		and		Net		Carrying		and		Net
	Period	Amount		Impairment		Amount		Amount		Impairment		Amount

	(in years)	(in thousands)
Technology	3.6	$	327,908	$	310,551	$	17,357	$	327,908	$	302,358	$	25,550
Customer relationships	7.3		146,465		132,970		13,495		146,465		130,131		16,334
Trademarks and tradenames	2.5		30,910		27,857		3,053		30,910		26,614		4,296
Other	-		3,686		3,686		—		3,686		3,681		5
Total	5.0	$	508,969	$	475,064	$	33,905	$	508,969	$	462,784	$	46,185

Schedule of estimated annual amortization expense, excluding in-process R&D for intangible assets with definite useful lives


	Amortization
	(in thousands)
2022	$	10,018
2023		8,347
2024		6,708
2025		3,136
2026		2,134
Thereafter		3,562
Total	$	33,905

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Other Liabilities

Schedule of accrued expenses and other current liabilities


	December 31,		December 31,
	2021		2020

	(in thousands)
Payroll and related benefits	$	35,712	$	26,630
Warranty		7,878		5,058
Operating lease liabilities		4,437		4,148
Interest		2,757		2,574
Professional fees		1,467		1,112
Legal settlement		15,000		—
Sales, use, and other taxes		4,889		2,658
Other		7,612		2,696
Total	$	79,752	$	44,876

Schedule of changes in deferred revenue


	(in thousands)
Balance - December 31, 2020	$	17,985
Deferral of revenue		6,782
Recognition of unearned revenue		(8,491)
Balance - December 31, 2021	$	16,276

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Schedule of changes in product warranty reserves


	December 31,
	2021		2020		2019

		(in thousands)
Balance - beginning of the year	$	5,058	$	7,067	$	7,852
Warranties issued		7,102		4,626		5,865
Consumption of reserves		(5,784)		(6,691)		(6,242)
Changes in estimate		1,502		56		(408)
Balance - end of the year	$	7,878	$	5,058	$	7,067

Schedule of maturities of lease liabilities 2020


	Operating
	Leases
	(in thousands)
Payments due by period:
2022	$	4,901
2023		3,979
2024		3,769
2025		3,309
2026		3,496
Thereafter		35,960
Total future minimum lease payments		55,414
Less: Imputed interest		(18,143)
Total	$	37,271

Reported as of December 31, 2021
Accrued expenses and other current liabilities	$	4,437
Long-term operating lease liabilities		32,834
Total	$	37,271

Schedule of customers who accounted for more than 10% of our aggregate accounts receivable or net sales


	Accounts Receivable			Net Sales
	December 31,			For the Year Ended December 31,
Customer	2021		2020	2021		2020		2019
Customer A	14	%	*	15	%	*		*
Customer B	*		*	10	%	*		*
Customer C	12	%	*	*		*		*
Customer D	10	%	*	*		*		*
Customer E	*		*	*		13	%	11	%

*	Less than 10% of aggregate accounts receivable or net sales

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt

Schedule of carrying value of Convertible Senior Notes


		December 31, 2021						December 31, 2020
		Principal Amount		Unamortized debt discount/ transaction costs		Net carrying value		Principal Amount		Unamortized debt discount/ transaction costs		Net carrying value

		(in thousands)
2023 Notes	$	20,173	$	(967)	$	19,206	$	131,695	$	(11,925)	$	119,770
2025 Notes		132,500		(17,302)		115,198		132,500		(22,097)		110,403
2027 Notes		125,000		(29,966)		95,034		125,000		(34,058)		90,942
Net carrying value	$	277,673	$	(48,235)	$	229,438	$	389,195	$	(68,080)	$	321,115

Schedule of interest expense related to Convertible Senior Notes


	For the year ended December 31,
	2021		2020		2019

	(in thousands)
Cash Interest Expense
Coupon interest expense - 2023 Notes	$	3,138	$	7,390	$	9,315
Coupon interest expense - 2025 Notes		4,637		554		—
Coupon interest expense - 2027 Notes		4,688		2,904		—
Non-cash Interest Expense
Amortization of debt discount/transaction costs- 2023 Notes		4,932		10,887		12,676
Amortization of debt discount/transaction costs- 2025 Notes		4,795		546		—
Amortization of debt discount/transaction costs- 2027 Notes		4,092		2,359		—
Total Interest Expense	$	26,282	$	24,640	$	21,991

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Schedule of the changes in the balances of each component of AOCI, net of tax


			Unrealized
			Gains (Losses)
	Foreign		on Available
	Currency		for Sale
	Translation		Securities		Total

	(in thousands)
Balance - December 31, 2018	$	1,836	$	(16)	$	1,820
Other comprehensive income (loss)		25		49		74
Balance - December 31, 2019		1,861		33		1,894
Other comprehensive income (loss)		5		(53)		(48)
Balance - December 31, 2020		1,866		(20)		1,846
Other comprehensive income (loss)		(52)		(311)		(363)
Balance - December 31, 2021	$	1,814	$	(331)	$	1,483

Stock Plans (Tables)

12 Months Ended

Dec. 31, 2021

Stock Plans

Schedule of share-based compensation expense


	For the year ended December 31,
	2021		2020		2019

	(in thousands)
Cost of sales	$	2,373	$	1,870	$	1,903
Research and development		3,850		2,900		3,340
Selling, general, and administrative		9,026		7,933		9,630
Restructuring		—		—		397
Total	$	15,249	$	12,703	$	15,270

Summary of unrecognized share-based compensation costs


	Unrecognized		Weighted
	Share-Based		Average Period
	Compensation		Expected to be
	Costs		Recognized

	(in thousands)		(in years)
Restricted stock units	$	2,064	1.9
Restricted stock awards		16,791	1.9
Performance share units		5,363	2.1
Total unrecognized share-based compensation cost	$	24,218	1.9

Summary of stock option activity


		Weighted
	Number of	Average
	Shares	Exercise Price
	(in thousands)
Balance - December 31, 2018	1,222	$	34.80
Expired	(103)		33.97
Balance - December 31, 2019	1,119		34.88
Expired	(389)		34.15
Balance - December 31, 2020	730		35.26
Exercised	(2)		23.36
Expired	(285)		40.16
Balance - December 31, 2021	443		32.15

Summary of information about stock option information


	Options Outstanding and Exercisable
				Weighted
		Aggregate		Average	Weighted
		Intrinsic		Remaining	Average
Range of Exercise Prices	Shares	Value		Contractual Life	Exercise Price
	(in thousands)	(in thousands)		(in years)
$20.00 - $30.00	12	$	—	1.6	$	29.26
$30.01 - $40.00	431		—	0.9		32.22
	443	$	—	1.0		32.15

Summary of stock options exercised


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Cash received from options exercised	$	37	$	—	$	—
Intrinsic value of options exercised	$	6	$	—	$	—

Summary of non-vested restricted and performance shares activity


		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2018	2,218	$	20.74
Granted	1,107		11.53
Performance award adjustments	(25)		28.91
Vested	(768)		21.77
Forfeited	(275)		18.48
Balance - December 31, 2019	2,257		16.20
Granted	1,054		9.53
Performance award adjustments	(51)		30.94
Vested	(798)		16.01
Forfeited	(422)		14.87
Balance - December 31, 2020	2,040		12.73
Granted	1,031		24.26
Performance award adjustments	159		18.38
Vested	(1,014)		15.50
Forfeited	(133)		15.08
Balance - December 31, 2021	2,083		17.33

Summary of valuation assumptions for performance awards


	Year ended December 31,
	2021			2020			2019
Weighted average fair value	$	27.81		$	10.59		$	16.45
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		63	%		60	%		53	%

Risk-free interest rate⁽²⁾			0.34	%		0.54	%		2.37	%
Expected life (in years)⁽³⁾			3.0			3.0			2.8

(1)	Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.

(2)	The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.

(3)	The expected life is the number of years the Company estimates that the awards will be outstanding prior to exercise.

Summary of valuation assumptions for employee stock purchase plan


	Year ended December 31,
	2021			2020			2019
Weighted average fair value	$	5.90		$	4.81		$	2.96
Dividend yield		0	%		0	%		0	%
Expected volatility factor⁽¹⁾		52	%		70	%		60	%
Risk-free interest rate⁽²⁾		0.07	%		0.95	%		2.41	%
Expected life (in years)⁽³⁾		0.5			0.5			0.5

Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Dispositions

Schedule of major classes of assets sold



Net assets sold:	(in thousands)
Inventories	$	6,311
Property, plant, and equipment, net		372
Intangible assets, net		6,546
Goodwill		2,359
Deferred revenue		(59)
Total net assets sold	$	15,529
Net proceeds after costs to sell		(11,228)
Total impairment on sale of disposal group	$	4,301

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of income (loss) from continuing operations before income taxes


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Domestic	$	23,561	$	(10,292)	$	(78,486)
Foreign		2,119		1,828		530
Total	$	25,680	$	(8,464)	$	(77,956)

Schedule of components of the expense (benefit) for income taxes


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Current:
Federal	$	—	$	—	$	—
Foreign		183		22		304
State and local		110		204		113
Total current expense (benefit) for income taxes		293		226		417
Deferred:
Federal		119		136		162
Foreign		(507)		(320)		116
State and local		(263)		(115)		82
Total deferred expense (benefit) for income taxes		(651)		(299)		360
Total expense (benefit) for income taxes	$	(358)	$	(73)	$	777

Schedule of reconciliation of the income tax expense computed using the Federal statutory rate to actual income tax provision


	Year ended December 31,
	2021		2020		2019

	(in thousands)
Income tax expense (benefit) at U.S. statutory rates	$	5,393	$	(1,777)	$	(16,396)
State taxes, net of U.S. federal impact		(607)		(121)		(835)
Effect of international operations		609		(131)		785
Research and development tax credit		(3,964)		726		(1,692)
Net change in valuation allowance		(2,389)		388		15,098
Change in accrual for unrecognized tax benefits		398		(6)		1,232
Share-based compensation		1,208		2,248		1,947
Asset impairment		—		728		495
Partial extinguishment of 2023 Notes		(1,090)		(2,292)		—
Other		84		164		143
Total expense (benefit) for income taxes	$	(358)	$	(73)	$	777

Schedule of deferred tax assets and liabilities


	December 31,
	2021		2020

	(in thousands)
Deferred tax assets:
Inventory valuation	$	11,822	$	10,949
Net operating losses		38,816		51,260
Credit carry forwards		57,810		54,160
Warranty and installation accruals		1,730		1,045
Share-based compensation		4,033		4,587
Customer deposits and deferred revenue		9,908		10,982
Operating leases		8,464		2,281
Other		5,880		4,741
Total deferred tax assets		138,463		140,005
Valuation allowance		(116,054)		(118,443)
Net deferred tax assets		22,409		21,562

Deferred tax liabilities:
Purchased intangible assets		6,633		7,227
Convertible Senior Notes		10,018		13,674
Operating leases		6,539		2,241
Depreciation		2,372		2,220
Total deferred tax liabilities		25,562		25,362
Net deferred taxes	$	(3,153)	$	(3,800)

Schedule of reconciliation of beginning and ending amount of uncertain tax positions


	December 31,
	2021		2020		2019

	(in thousands)
Balance at beginning of year	$	12,363	$	12,369	$	11,137
Additions for tax positions related to current year		2,642		1,217		3,075
Additions for tax positions related to prior years		50		47		21
Reductions for tax positions related to prior years		(1,196)		(1,166)		(1,814)
Reductions due to the lapse of the statute of limitations		—		—		—
Settlements		(1,098)		(104)		(50)
Balance at end of year	$	12,761	$	12,363	$	12,369

Segment Reporting and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting and Geographic Information

Schedule of sales by end-market


	For the year ended December 31,
	2021		2020		2019

	(in thousands)
Sales by end-market
Semiconductor	$	247,051	$	165,909	$	175,608
Compound Semiconductor		106,972		107,922		85,877
Data Storage		168,760		123,288		84,075
Scientific & Other		60,494		57,044		73,789
Total	$	583,277	$	454,163	$	419,349

Schedule of sales by geographic region


	Net Sales to Unaffiliated Customers						Long-lived Tangible Assets
	2021		2020		2019		2021		2020		2019

	(in thousands)
United States	$	217,209	$	145,353	$	126,160	$	99,220	$	64,967	$	75,187
EMEA⁽¹⁾		55,129		73,124		57,351		94		120		143
China		105,998		57,589		71,078		67		84		130
Rest of APAC		204,633		177,569		164,363		362		100		251
Rest of World		308		528		397		—		—		—
Total	$	583,277	$	454,163	$	419,349	$	99,743	$	65,271	$	75,711

(1)	EMEA consists of Europe, the Middle East, and Africa

Significant Accounting Policies - Description of Business (Details) - segment	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Significant Accounting Policies
Number of operating segments					1
Fiscal period duration (in days)	91 days	91 days	91 days	91 days

Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Revenue, practical expedient, incremental cost of obtaining contract	true

Significant Accounting Policies - Warranty Costs (Details)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Warranty period	1 year

Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies
Advertising expense	$ 0.3	$ 0.4	$ 0.5

Significant Accounting Policies - Accounting for Share-Based Compensation (Details)	Dec. 31, 2021 item
Significant Accounting Policies
Number of awards with which entity has elected to treat awards with only service conditions and with graded vesting	1

Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Allowance for doubtful accounts receivable	$ 0.7	$ 0.7
Maturity period of irrevocable letters of credit, minimum	0 days
Maturity period of irrevocable letters of credit, maximum	90 days

Significant Accounting Policies - Cash, Cash Equivalents, and Short-term Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Cash equivalents	$ 41.7	$ 86.2
Cash and cash equivalents maintained outside the United States (as a percent)	32.00%	31.00%

Significant Accounting Policies - Goodwill and Indefinite-Lived Intangibles (Details)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Number of trading days used in adjusted market capitalization calculation	10 days

Significant Accounting Policies - Change in Accounting Policy (Details)	Apr. 01, 2020
ASU 2019-12, Simplifying the Accounting for Income Taxes
Accounting Changes
Change in Accounting Principle, Accounting Standards Update, Adopted	true

- Definition

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Significant Accounting Policies - Recent Accounting Pronouncements Not Yet Adopted (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Changes
Long-term debt		$ 229,438	$ 321,115
Stockholders' equity		437,628	$ 408,374	$ 374,512	$ 437,775
ASU 2020-06: Debt
Accounting Changes
Change in Accounting Principle, Accounting Standards Update, Adopted	true
ASU 2020-06: Debt \| Cumulative Effect, Period of Adoption, Adjustment \| Pro Forma
Accounting Changes
Long-term debt		44,300
Stockholders' equity		$ (44,300)

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Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income (Loss) Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (Loss) Per Share
Net income (loss), Basic	$ 26,038	$ (8,391)	$ (78,733)
Net income (loss), Diluted	$ 26,038	$ (8,391)	$ (78,733)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.53	$ (0.17)	$ (1.66)
Diluted (in dollars per share)	$ 0.49	$ (0.17)	$ (1.66)
Weighted average shares reconciliation
Basic weighted average shares outstanding	49,073	48,362	47,482
Effect of potentially dilutive share-based awards	1,090
Dilutive effect of convertible notes	3,480
Diluted weighted average shares outstanding	53,643	48,362	47,482

Income (Loss) Per Share - Shares Excluded from EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common share equivalents
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive		947	531
Potentially dilutive shares
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	456	923	1,689
Convertible Notes
Diluted income (loss) per share
Securities excluded from the diluted calculation as their effect would be antidilutive	8,421	17,753	8,618

Fair Value Measurements (Details) - Assets and liabilities measured on a recurring basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash equivalents
Total Cash equivalents	$ 41,665	$ 86,165
Short-term investments
Total Short-term investments	104,181	189,771
U.S. treasuries
Short-term investments
Total Short-term investments	51,095	149,219
Government agency securities
Short-term investments
Total Short-term investments	12,052
Corporate debt
Short-term investments
Total Short-term investments	40,035	32,554
Commercial paper
Short-term investments
Total Short-term investments	999	7,998
Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	41,544	59,168
Commercial paper
Cash equivalents
Total Cash equivalents		2,000
U.S. treasuries
Cash equivalents
Total Cash equivalents		24,997
Money market cash
Cash equivalents
Total Cash equivalents	121
Level 1
Cash equivalents
Total Cash equivalents	41,665	84,165
Short-term investments
Total Short-term investments	51,095	149,219
Level 1 \| U.S. treasuries
Short-term investments
Total Short-term investments	51,095	149,219
Level 1 \| Certificate of deposits and time deposits
Cash equivalents
Total Cash equivalents	41,544	59,168
Level 1 \| U.S. treasuries
Cash equivalents
Total Cash equivalents		24,997
Level 1 \| Money market cash
Cash equivalents
Total Cash equivalents	121
Level 2
Cash equivalents
Total Cash equivalents		2,000
Short-term investments
Total Short-term investments	53,086	40,552
Level 2 \| Government agency securities
Short-term investments
Total Short-term investments	12,052
Level 2 \| Corporate debt
Short-term investments
Total Short-term investments	40,035	32,554
Level 2 \| Commercial paper
Short-term investments
Total Short-term investments	$ 999	7,998
Level 2 \| Commercial paper
Cash equivalents
Total Cash equivalents		$ 2,000

Investments - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total available-for-sale securities
Amortized Cost	$ 104,512	$ 189,791
Gross Unrealized Gains		15
Gross Unrealized Losses	(331)	(35)
Estimated Fair Value	104,181	189,771
Available-for-sale securities in a loss position
Estimated Fair Value	103,182	52,545
Gross Unrealized Losses	(331)	(35)
Investments that had been in a continuous loss position for more than 12 months	0	0
Contractual maturities - Amortized Cost
Amortized Cost, Due in one year or less	53,617
Amortized Cost, Due after one year through two years	50,895
Amortized Cost	104,512	189,791
Contractual maturities - Estimated Fair Value
Estimated Fair Value, Due in one year or less	53,550
Estimated Fair Value, Due after one year through two years	50,631
Available-for-sale Securities, Debt Securities, Total	104,181	189,771
U.S. treasuries
Total available-for-sale securities
Amortized Cost	51,269	149,206
Gross Unrealized Gains		14
Gross Unrealized Losses	(174)	(1)
Estimated Fair Value	51,095	149,219
Available-for-sale securities in a loss position
Estimated Fair Value	51,095	19,991
Gross Unrealized Losses	(174)	(1)
Contractual maturities - Amortized Cost
Amortized Cost	51,269	149,206
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	51,095	149,219
Government agency securities
Total available-for-sale securities
Amortized Cost	12,075
Gross Unrealized Losses	(23)
Estimated Fair Value	12,052
Available-for-sale securities in a loss position
Estimated Fair Value	12,052
Gross Unrealized Losses	(23)
Contractual maturities - Amortized Cost
Amortized Cost	12,075
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	12,052
Corporate debt
Total available-for-sale securities
Amortized Cost	40,169	32,588
Gross Unrealized Losses	(134)	(34)
Estimated Fair Value	40,035	32,554
Available-for-sale securities in a loss position
Estimated Fair Value	40,035	32,554
Gross Unrealized Losses	(134)	(34)
Contractual maturities - Amortized Cost
Amortized Cost	40,169	32,588
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	40,035	32,554
Commercial paper
Total available-for-sale securities
Amortized Cost	999	7,997
Gross Unrealized Gains		1
Estimated Fair Value	999	7,998
Contractual maturities - Amortized Cost
Amortized Cost	999	7,997
Contractual maturities - Estimated Fair Value
Available-for-sale Securities, Debt Securities, Total	$ 999	$ 7,998

Investments - Other Investment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2019
Other Investment
Impairment of equity investments		$ 980	$ 20,973
Kateeva \| Other income (expense), net
Other Investment
Impairment of equity investments	$ 21,000
Kateeva \| Maximum
Other Investment
Percentage ownership of cost method investee		20.00%
Separate non-marketable investment
Other Investment
Carrying value of investment		$ 2,000
Separate non-marketable investment \| Other income (expense), net
Other Investment
Impairment of equity investments		$ 1,000
Separate non-marketable investment \| Maximum
Other Investment
Percentage ownership of cost method investee		20.00%

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventories
Materials	$ 96,027	$ 82,679
Work-in-process	54,128	53,979
Finished goods	20,703	9,248
Total	$ 170,858	$ 145,906

Property, Plant, and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, plant, and equipment
Gross property, plant and equipment	$ 260,642	$ 215,090
Less: accumulated depreciation and amortization	160,899	149,819
Net property, plant, and equipment	99,743	65,271	$ 75,711
Depreciation expense	13,800	15,400	17,300
Proceeds from sale of land			$ 600
Land
Property, plant, and equipment
Gross property, plant and equipment	5,061	5,061
Building and improvements
Property, plant, and equipment
Gross property, plant and equipment	$ 63,946	62,865
Building and improvements \| Minimum
Property, plant, and equipment
Average Useful Life	10 years
Building and improvements \| Maximum
Property, plant, and equipment
Average Useful Life	40 years
Machinery and equipment
Property, plant, and equipment
Gross property, plant and equipment	$ 145,656	140,493
Machinery and equipment \| Minimum
Property, plant, and equipment
Average Useful Life	3 years
Machinery and equipment \| Maximum
Property, plant, and equipment
Average Useful Life	10 years
Leaseholds improvements
Property, plant, and equipment
Gross property, plant and equipment	$ 45,979	$ 6,671
Leaseholds improvements \| Minimum
Property, plant, and equipment
Average Useful Life	3 years
Leaseholds improvements \| Maximum
Property, plant, and equipment
Average Useful Life	17 years

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2011	Dec. 31, 2021
Goodwill
Change in goodwill	$ 0	$ 0
Gross carrying Amount			$ 430,331
Accumulated Impairment			248,388
Net amount	$ 181,943		$ 181,943

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Average Remaining Amortization Period	5 years
Total definite-lived intangible assets	$ 33,905
Total Gross Intangible Assets	508,969	$ 508,969
Accumulated Amortization and Impairment	475,064	462,784
Total Net Intangible Assets	$ 33,905	46,185
Technology
Intangible assets
Average Remaining Amortization Period	3 years 7 months 6 days
Gross Carrying Amount, Definite-lived intangible assets	$ 327,908	327,908
Accumulated Amortization and Impairment, Definite-lived intangible assets	310,551	302,358
Total definite-lived intangible assets	$ 17,357	25,550
Customer relationship
Intangible assets
Average Remaining Amortization Period	7 years 3 months 18 days
Gross Carrying Amount, Definite-lived intangible assets	$ 146,465	146,465
Accumulated Amortization and Impairment, Definite-lived intangible assets	132,970	130,131
Total definite-lived intangible assets	$ 13,495	16,334
Trademarks and tradenames
Intangible assets
Average Remaining Amortization Period	2 years 6 months
Gross Carrying Amount, Definite-lived intangible assets	$ 30,910	30,910
Accumulated Amortization and Impairment, Definite-lived intangible assets	27,857	26,614
Total definite-lived intangible assets	3,053	4,296
Other Intangible Assets
Intangible assets
Gross Carrying Amount, Definite-lived intangible assets	3,686	3,686
Accumulated Amortization and Impairment, Definite-lived intangible assets	$ 3,686	3,681
Total definite-lived intangible assets		$ 5

Goodwill and Intangible Assets - Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Estimated aggregate amortization expense
2022	$ 10,018
2023	8,347
2024	6,708
2025	3,136
2026	2,134
Thereafter	3,562
Total definite-lived intangible assets	$ 33,905

Accrued Expenses and Other Liabilities - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Payroll and related benefits	$ 35,712	$ 26,630
Warranty	7,878	5,058
Operating lease liabilities	4,437	4,148
Interest	2,757	2,574
Professional fees	1,467	1,112
Legal settlement	15,000
Sales, use, and other taxes	4,889	2,658
Other	7,612	2,696
Total	$ 79,752	$ 44,876
Operating Lease, Liability, Current, Statement of Financial Position	Total	Total

Accrued Expenses and Other Liabilities - Customer deposits and deferred revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Customer deposits and deferred revenue
Customer deposits and deferred revenue	$ 46,900	$ 49,300
Changes in deferred revenue
Beginning balance	17,985
Deferral of revenue	6,782
Recognition of previously deferred revenue	(8,491)
Ending balance	$ 16,276

Accrued Expenses and Other Liabilities - Performance Obligation Amount (Details) $ in Millions	Dec. 31, 2021 USD ($)
Accrued Expenses and Other Liabilities
Remaining performance obligations	$ 33.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Performance obligations
Percentage of remaining performance obligation expected to be recognized	94.00%

Accrued Expenses and Other Liabilities - Performance Obligation Timing (Details)	12 Months Ended
	Dec. 31, 2021
Accrued Expenses and Other Liabilities
Revenue, Practical Expedient, Remaining Performance Obligation	true
Minimum
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Performance obligations
Remaining performance obligations, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligations
Remaining performance obligations, expected timing of satisfaction	2 years

Accrued Expenses and Other Liabilities - Other liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other liabilities
Accrued and deferred deposit payments		$ 3.6
Other Assets
Other liabilities
Deferred compensation plan assets		2.4
Accrued Expenses and Other Current Liabilities
Other liabilities
Accrued and deferred deposit payments		1.8
Deferred payroll taxes	$ 1.7
Other Liabilities
Other liabilities
Deferred compensation plan liabilities		2.5
Asset retirement obligations	2.8	2.7
Income taxes payable	0.4	1.4
Medical and dental benefits	$ 1.8	1.9
Accrued and deferred deposit payments		$ 1.8

Commitments and Contingencies - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Warranty
Balance, beginning of the period	$ 5,058	$ 7,067	$ 7,852
Warranties issued	7,102	4,626	5,865
Consumption of reserves	(5,784)	(6,691)	(6,242)
Changes in estimate	1,502	56	(408)
Balance, end of the period	$ 7,878	$ 5,058	$ 7,067

Commitments and Contingencies - Lease terms (Details)	Dec. 31, 2021
Leases
Lease renewal term	5 years
Remaining lease term	12 years
Weighted average discount rate (as a percent)	5.70%

Commitments and Contingencies - Minimum lease commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Minimum lease commitments, Payments due by period:
2022	$ 4,901
2023	3,979
2024	3,769
2025	3,309
2026	3,496
Thereafter	35,960
Total future minimum lease payments	55,414
Less: Imputed interest	(18,143)
Total operating lease liabilities	37,271
Operating lease liability, current	$ 4,437	$ 4,148
Operating Lease, Liability, Current, Statement of Financial Position	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term operating lease liabilities	$ 32,834	$ 6,305
Total operating lease liabilities	$ 37,271
Operating Lease, Liability, Statement of Financial Position	Long-term operating lease liabilities, Accrued expenses and other current liabilities

Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease cost
Operating lease cost	$ 6.6	$ 5.4	$ 5.5
Variable lease cost	1.7	1.7	1.7
Lease expense	8.4	7.1	7.2
Operating cash flows from operating leases	6.6	$ 6.9	$ 7.2
Amount of reimbursement for leasehold improvements	$ 6.1

Commitments and Contingencies - Legal Proceedings (Details) $ in Millions		1 Months Ended
	Aug. 08, 2018 case	Oct. 31, 2021 USD ($)
Ultratech acquisition litigation
Legal Proceedings
Number of purported class action complaints filed \| case	2
Wolther Action
Legal Proceedings
Settlement amount \| $		$ 15.0

Commitments and Contingencies - Concentration of Credit Risk (Details) - customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable \| Credit Concentration Risk \| Top Ten Customers
Concentration of Credit Risk
Number of customers	10	10
Concentration Risk (as a percent)	65.00%	62.00%
Accounts Receivable \| Credit Concentration Risk \| Customer A
Concentration of Credit Risk
Concentration Risk (as a percent)	14.00%
Accounts Receivable \| Credit Concentration Risk \| Customer C
Concentration of Credit Risk
Concentration Risk (as a percent)	12.00%
Accounts Receivable \| Credit Concentration Risk \| Customer D
Concentration of Credit Risk
Concentration Risk (as a percent)	10.00%
Net Sales \| Customer Concentration Risk \| Customer A
Concentration of Credit Risk
Concentration Risk (as a percent)	15.00%
Net Sales \| Customer Concentration Risk \| Customer B
Concentration of Credit Risk
Concentration Risk (as a percent)	10.00%
Net Sales \| Customer Concentration Risk \| Customer E
Concentration of Credit Risk
Concentration Risk (as a percent)		13.00%	11.00%

Commitments and Contingencies - Receivables (Details)	12 Months Ended
Commitments and Contingencies - Receivables (Details)	Dec. 31, 2021
Minimum \| Geographic location, One
Concentration of Credit Risk
Credit period for accounts receivable	30 days
Maximum \| Geographic location, One
Concentration of Credit Risk
Credit period for accounts receivable	90 days
Maximum \| Geographic location, Two
Concentration of Credit Risk
Credit period for accounts receivable	150 days

Commitments and Contingencies - Receivable Purchase Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Commitments and Contingencies
Maximum amount of trade receivables to be sold under agreement	$ 15.0
Receivables sold	11.6
Receivables sold remaining outstanding	$ 5.9
Amount of trade receivables available to be sold under agreement		$ 15.0

Commitments and Contingencies - Suppliers (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Purchase Commitments
Deposits with suppliers	$ 3.9	$ 7.2

Commitments and Contingencies - Purchase Commitments and Bank Guarantees (Details) $ in Millions	Dec. 31, 2021 USD ($)
Purchase commitments
Purchase commitments due within one year	$ 193.0
Bank guarantees
Bank guarantees and letters of credit outstanding	2.7
Unused bank guarantees and letters of credit	$ 15.2

Debt - 2023. 2025 and 2027 Notes (Details) - USD ($) $ in Thousands					12 Months Ended
	Nov. 05, 2021	Nov. 11, 2020	May 18, 2020	Jan. 10, 2017	Dec. 31, 2021	Dec. 31, 2020	Nov. 17, 2020
Debt
Principal amount					$ 277,673	$ 389,195
Proceeds, net of issuance costs						120,095
Cash paid for repurchase of notes					115,604	81,240
Loss on extinguishment of debt					(4,029)	(7,841)
Purchase of capped calls			$ 10,300			10,313
Reduction of additional paid-in capital for extinguishment of equity component of note repurchased/exchanged					6,080	14,714
2023 Notes
Debt
Principal amount				$ 345,000	20,173	131,695
Interest rate (as a percent)				2.70%
Proceeds, net of issuance costs				$ 335,800
Repurchased and retired amount	$ 111,500	$ 125,000	88,300
Carrying amount of debt extinguished	105,500	113,100	78,100
Cash paid for repurchase of notes	115,600		81,200
Accrued and unpaid interest	1,000
Reduction of additional paid-in capital for extinguishment of equity component of note repurchased/exchanged	6,100	14,600	100
2023 Notes \| Other income (expense), net
Debt
Loss on extinguishment of debt	$ 4,000	$ 4,800	3,000
2025 Notes
Debt
Principal amount					132,500	132,500	$ 132,500
Interest rate (as a percent)							3.50%
2027 Notes
Debt
Principal amount			$ 125,000		$ 125,000	$ 125,000
Interest rate (as a percent)			3.75%
Proceeds, net of issuance costs			$ 121,900

Debt - Convertible Senior Notes (Details)					12 Months Ended
Debt - Convertible Senior Notes (Details)	Nov. 17, 2020 USD ($) $ / shares	May 18, 2020 USD ($) $ / shares	May 13, 2020 USD ($) $ / shares	Jan. 10, 2017 USD ($) $ / shares	Dec. 31, 2021 USD ($) D
Debt
Long-term Debt, Measurement Input	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember		us-gaap:MeasurementInputDiscountRateMember
Transaction costs					$ 835,000
Capped Call Transactions
Debt
Aggregate price of capped call transaction			$ 10,300,000
Cap price of the capped call transactions (in dollars per share) \| $ / shares			$ 18.46
Convertible Notes
Debt
Multiples of principal holders may convert					1,000
Consecutive trading days \| D					30
Stock price trigger (as a percent)					130.00%
Number of consecutive business days					5 days
Trading days					5
Maximum percentage of common stock conversion					98.00%
Convertible Notes \| Minimum
Debt
Trading days \| D					20
2023 Notes
Debt
Conversion rate				0.0249800
Conversion price (in dollars per share) \| $ / shares				$ 40.03
Measurement input				7.0
Debt discount				$ 72,500,000
Transaction costs				9,200,000
Transaction costs allocated to the equity component				$ 1,900,000
2025 Notes
Debt
Conversion rate	0.0416667
Conversion price (in dollars per share) \| $ / shares	$ 24.00
Measurement input	8.0
Debt discount	$ 21,000,000.0
Transaction costs	1,900,000
Transaction costs allocated to the equity component	$ 300,000
2027 Notes
Debt
Conversion rate		0.0715372
Conversion price (in dollars per share) \| $ / shares		$ 13.98
Measurement input		9.1
Debt discount		$ 34,200,000
Transaction costs		3,100,000
Transaction costs allocated to the equity component		$ 800,000

Debt - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Nov. 17, 2020	May 18, 2020	Jan. 10, 2017
Debt
Principal amount	$ 277,673	$ 389,195
Unamortized debt discount/transaction costs	(48,235)	(68,080)
Net carrying value	229,438	321,115
2023 Notes
Debt
Principal amount	20,173	131,695			$ 345,000
Unamortized debt discount/transaction costs	(967)	(11,925)
Net carrying value	19,206	119,770
2025 Notes
Debt
Principal amount	132,500	132,500	$ 132,500
Unamortized debt discount/transaction costs	(17,302)	(22,097)
Net carrying value	115,198	110,403
2027 Notes
Debt
Principal amount	125,000	125,000		$ 125,000
Unamortized debt discount/transaction costs	(29,966)	(34,058)
Net carrying value	$ 95,034	$ 90,942

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	$ 13,819	$ 13,792	$ 12,676
Total Interest Expense	26,282	24,640	21,991
2023 Notes
Cash Interest Expense
Coupon interest expense	3,138	7,390	9,315
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	4,932	10,887	$ 12,676
Estimated fair value	$ 20,400
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2
2025 Notes
Cash Interest Expense
Coupon interest expense	$ 4,637	554
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	4,795	546
Estimated fair value	$ 175,000
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2
2027 Notes
Cash Interest Expense
Coupon interest expense	$ 4,688	2,904
Non-Cash Interest Expense
Amortization of debt discount/transaction costs	4,092	$ 2,359
Estimated fair value	$ 258,900
Convertible Debt, Fair Value by Fair Value Hierarchy Level	Level 2

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 16, 2021	Dec. 31, 2021
Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 150,000
Debt instrument term	5 years
Additional increase in borrowing subject to certain conditions	$ 75,000
Outstanding amount		$ 0
Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee percentage (as a percent)	0.25%
Interest coverage ratio	3.00
Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage (as a percent)	0.35%
Total net leverage ratio	4.50
Secured net leverage ratio	2.50
Credit Facility \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on base rate (as a percent)	0.50%
Credit Facility \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on base rate (as a percent)	1.25%
Credit Facility \| SOFR Overnight Index Swap Rate
Debt Instrument [Line Items]
Floor rate on debt instrument (as a percent)	0.00%
Credit Facility \| SOFR Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on base rate (as a percent)	1.50%
Credit Facility \| SOFR Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on base rate (as a percent)	2.25%
Credit Facility, Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 15,000

Stockholders' Equity - AOCI Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in the balances of each component of AOCI
Balance at the beginning of the period	$ 408,374	$ 374,512	$ 437,775
Other comprehensive income (loss)	(363)	(48)	74
Balance at the end of the period	437,628	408,374	374,512
Accumulated Other Comprehensive Income
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,846	1,894	1,820
Other comprehensive income (loss)	(363)	(48)	74
Balance at the end of the period	1,483	1,846	1,894
Translation adjustment
Changes in the balances of each component of AOCI
Balance at the beginning of the period	1,866	1,861	1,836
Other comprehensive income (loss)	(52)	5	25
Balance at the end of the period	1,814	1,866	1,861
Unrealized gain on available for sale securities
Changes in the balances of each component of AOCI
Balance at the beginning of the period	(20)	33	(16)
Other comprehensive income (loss)	(311)	(53)	49
Balance at the end of the period	$ (331)	$ (20)	$ 33

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Subparagraph (SX 210.5-02(31))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Stockholders' Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0

Stockholders' Equity - Treasury Stock (Details) - USD ($) $ in Millions	24 Months Ended
	Dec. 11, 2019	Dec. 11, 2017
Treasury Stock
Authorized amount of common stock repurchase (in dollars)		$ 100.0
Purchase of common stock	$ 14.3

Stock Plans - 2019 Plan (Details) - shares	12 Months Ended
Stock Plans - 2019 Plan (Details) - shares	Dec. 31, 2021	Dec. 31, 2013	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based compensation
Number of options outstanding (in shares)	443,000		730,000	1,119,000	1,222,000
Inducement Plan
Share-based compensation
Awards available for grant (in shares)		0
2019 Plan
Share-based compensation
Number of shares authorized	13,300,000
Stock options \| Inducement Plan
Share-based compensation
Awards granted (in shares)		124,500
Vesting period		3 years
Expiration term		10 years
Number of options outstanding (in shares)	2,000
Stock options \| 2019 Plan
Share-based compensation
Vesting period	3 years
Number of options outstanding (in shares)	400,000
Stock options \| 2019 Plan \| Minimum
Share-based compensation
Expiration term	7 years
Stock options \| 2019 Plan \| Maximum
Share-based compensation
Expiration term	10 years
Restricted Stock Awards and Restricted Stock Units \| 2019 Plan \| Minimum
Share-based compensation
Vesting period	1 year
Restricted Stock Awards and Restricted Stock Units \| 2019 Plan \| Maximum
Share-based compensation
Vesting period	5 years
Restricted stock units \| Inducement Plan
Share-based compensation
Awards granted (in shares)		87,000
Number of awards outstanding (in shares)	0
Restricted stock units \| Inducement Plan \| Minimum
Share-based compensation
Vesting period		2 years
Restricted stock units \| Inducement Plan \| Maximum
Share-based compensation
Vesting period		4 years
RSUs and PSUs \| 2019 Plan
Share-based compensation
Number of awards outstanding (in shares)	700,000

Stock Plans - ESPP (Details) - ESPP shares in Thousands	12 Months Ended
Stock Plans - ESPP (Details) - ESPP shares in Thousands	Dec. 31, 2016 shares
Share-based compensation
Number of shares authorized	2,250
Share price (as a percent)	85.00%
Offer period	6 months

Stock Plans - Shares Reserved for Future Issuance (Details) shares in Millions	Dec. 31, 2021 shares
2019 Plan
Shares reserved for future issuance
Total shares reserved	3.4
ESPP
Shares reserved for future issuance
Total shares reserved	0.8

Stock Plans - Recognized Share-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Recognized share-based compensation
Total share-based compensation expense	$ 15,249	$ 12,703	$ 15,270
Cost of sales
Recognized share-based compensation
Total share-based compensation expense	2,373	1,870	1,903
Research and development
Recognized share-based compensation
Total share-based compensation expense	3,850	2,900	3,340
Selling, general and administrative
Recognized share-based compensation
Total share-based compensation expense	$ 9,026	$ 7,933	9,630
Restructuring
Recognized share-based compensation
Total share-based compensation expense			$ 397

Stock Plans - Unrecognized Share-based Compensation Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 24,218
Weighted Average Period Expected to be Recognized	1 year 10 months 24 days
Restricted stock units
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 2,064
Weighted Average Period Expected to be Recognized	1 year 10 months 24 days
Restricted Stock Awards
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 16,791
Weighted Average Period Expected to be Recognized	1 year 10 months 24 days
Performance Share Units
Unrecognized share-based compensation costs
Unrecognized Share-Based Compensation Costs	$ 5,363
Weighted Average Period Expected to be Recognized	2 years 1 month 6 days

Stock Plans - Stock Option Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Outstanding at the beginning of the period (in shares)	730	1,119	1,222
Exercised (in shares)	(2)
Expired (in shares)	(285)	(389)	(103)
Outstanding at the end of the period (in shares)	443	730	1,119
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 35.26	$ 34.88	$ 34.80
Exercised (in dollars per share)	23.36
Expired or forfeited (in dollars per share)	40.16	34.15	33.97
Outstanding at the end of the period (in dollars per share)	$ 32.15	$ 35.26	$ 34.88

Stock Plans - Option Exercise Ranges (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Options Outstanding
Outstanding (in shares) \| shares	443
Weighted Average Remaining Contractual Life	1 year
Weighted-Average Exercise Price (in dollars per share)	$ 32.15
Options Exercisable
Outstanding (in shares) \| shares	443
Weighted Average Remaining Contractual life	1 year
Weighted Average Exercise Price (in dollars per share)	$ 32.15
Unvested options outstanding (in shares) \| shares	0
$20.00 - $30.00
Stock plans
Exercise price, low end of range (in dollars per share)	$ 20.00
Exercise price, high end of range (in dollars per share)	$ 30.00
Options Outstanding
Outstanding (in shares) \| shares	12
Weighted Average Remaining Contractual Life	1 year 7 months 6 days
Weighted-Average Exercise Price (in dollars per share)	$ 29.26
Options Exercisable
Outstanding (in shares) \| shares	12
Weighted Average Remaining Contractual life	1 year 7 months 6 days
Weighted Average Exercise Price (in dollars per share)	$ 29.26
$30.01 - $40.00
Stock plans
Exercise price, low end of range (in dollars per share)	30.01
Exercise price, high end of range (in dollars per share)	$ 40.00
Options Outstanding
Outstanding (in shares) \| shares	431
Weighted Average Remaining Contractual Life	10 months 24 days
Weighted-Average Exercise Price (in dollars per share)	$ 32.22
Options Exercisable
Outstanding (in shares) \| shares	431
Weighted Average Remaining Contractual life	10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 32.22

Stock Plans - Stock options exercised (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Stock Plans
Cash received from options exercised	$ 37
Intrinsic value of options exercised	$ 6

Stock Plans - RSAs, RSUs, PSAs and PSUs (Details) - RSAs, RSUs, PSAs and PSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Outstanding at the beginning of the period (in shares)	2,040	2,257	2,218
Granted (in shares)	1,031	1,054	1,107
Performance award adjustments (in shares)	159	(51)	(25)
Vested (in shares)	(1,014)	(798)	(768)
Forfeited (in shares)	(133)	(422)	(275)
Outstanding at the end of the period (in shares)	2,083	2,040	2,257
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 12.73	$ 16.20	$ 20.74
Granted (in dollars per share)	24.26	9.53	11.53
Performance award adjustments (in dollars per share)	18.38	30.94	28.91
Vested (in dollars per share)	15.50	16.01	21.77
Forfeited (in dollars per share)	15.08	14.87	18.48
Outstanding at the end of the period (in dollars per share)	$ 17.33	$ 12.73	$ 16.20
Total fair value of shares vested	$ 22.8	$ 9.0	$ 8.8
Minimum
Weighted Average Grant Date Fair Value
Vesting period	1 year
Maximum
Weighted Average Grant Date Fair Value
Vesting period	4 years

Stock Plans - Performance Awards Assumptions (Details) - Performance awards with market conditions - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assumptions
Weighted average fair value (in dollars per share)	$ 27.81	$ 10.59	$ 16.45
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility factor (as a percent)	63.00%	60.00%	53.00%
Risk-free interest rate (as a percent)	0.34%	0.54%	2.37%
Expected life (in years)	3 years	3 years	2 years 9 months 18 days

Stock Plans - ESPP FV Assumptions (Details) - ESPP - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation
Cash proceeds	$ 3.4	$ 2.9	$ 3.1
Number of shares issued	196,024	254,703	395,941
Assumptions
Weighted average fair value (in dollars per share)	$ 5.90	$ 4.81	$ 2.96
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility factor (as a percent)	52.00%	70.00%	60.00%
Risk-free interest rate (as a percent)	0.07%	0.95%	2.41%
Expected life (in years)	6 months	6 months	6 months

Retirement Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined contribution plan disclosures
Employer's matching contribution for every dollar the employees contribute (as a percent)	50.00%
Employer's matching contribution, vesting period (in years)	5 years
Aggregate employer's contribution to pension plans	$ 2.6	$ 2.4	$ 2.4
Maximum
Defined contribution plan disclosures
Employer's contribution as a percentage of employee's eligible compensation	3.00%

Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended		24 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Dispositions
Asset impairment		$ 281	$ 4,020
One non-core product line \| Assets sold
Dispositions
Consideration	$ 11,400
Transaction price due upon closing (as a percent)	85.00%
Amount held in escrow (as a percent)	15.00%
Period over which portion of transaction price is held in escrow	18 months
Asset impairment	$ 300
Major classes of assets sold
Inventories		6,311		$ 6,311
Property, plant, and equipment, net		372		372
Intangible assets, net		6,546		6,546
Goodwill		2,359		2,359
Deferred revenue		(59)		(59)
Total net assets sold		15,529		15,529
Net proceeds after costs to sell		$ (11,228)		(11,228)
Total impairment on sale of disposal group				$ 4,301
One non-core product line \| Asset held for sale
Dispositions
Asset impairment			$ 4,000

Income Taxes - Income Attributable to Domestic and Foreign Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) from continuing operations before income taxes
Domestic	$ 23,561	$ (10,292)	$ (78,486)
Foreign	2,119	1,828	530
Income (loss) before income taxes	$ 25,680	$ (8,464)	$ (77,956)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Components of Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Foreign	$ 183	$ 22	$ 304
State and local	110	204	113
Total current expense (benefit) for income taxes	293	226	417
Deferred:
Federal	119	136	162
Foreign	(507)	(320)	116
State and local	(263)	(115)	82
Total deferred expense (benefit) for income taxes	(651)	(299)	360
Total expense (benefit) for income taxes	$ (358)	$ (73)	$ 777

Income Taxes - Reconciliation to Statutory Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Income tax expense (benefit) at U.S. statutory rates	$ 5,393	$ (1,777)	$ (16,396)
State taxes, net of U.S. federal impact	(607)	(121)	(835)
Effect of international operations	609	(131)	785
Research and development tax credit	(3,964)	726	(1,692)
Net change in valuation allowance	(2,389)	388	15,098
Change in accrual for unrecognized tax benefits	398	(6)	1,232
Share-based compensation	1,208	2,248	1,947
Asset impairment		728	495
Partial extinguishment of 2023 Notes	(1,090)	(2,292)
Other	84	164	143
Total expense (benefit) for income taxes	$ (358)	$ (73)	$ 777

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Inventory valuation	$ 11,822	$ 10,949
Net operating losses	38,816	51,260
Credit carry forwards	57,810	54,160
Warranty and installation accruals	1,730	1,045
Share-based compensation	4,033	4,587
Customer deposits and deferred revenue	9,908	10,982
Operating leases	8,464	2,281
Other	5,880	4,741
Total deferred tax assets	138,463	140,005
Valuation allowance	(116,054)	(118,443)
Net deferred tax assets	22,409	21,562
Deferred tax liabilities:
Purchased intangible assets	6,633	7,227
Convertible Senior Notes	10,018	13,674
Operating leases	6,539	2,241
Depreciation	2,372	2,220
Total deferred tax liabilities	25,562	25,362
Net deferred taxes	(3,153)	$ (3,800)
Undistributed earnings of foreign subsidiaries
Undistributed earnings of foreign subsidiaries	$ 800

Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating loss carryforwards disclosures
Net deferred tax asset	$ 38,816	$ 51,260
Federal
Operating loss carryforwards disclosures
Net operating loss carryforwards	165,800
Net operating loss carryforwards, Indefinite carryforward period	6,900
State and local
Operating loss carryforwards disclosures
Net operating loss carryforwards	104,700
Net deferred tax asset	$ 6,800

Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Valuation allowance
Increase (decrease) in valuation allowance	$ (2.4)
Federal \| Research and development tax credit carryforward
Tax credit carryforward
Tax credit carry forwards	32.1
State and local
Tax credit carryforward
Tax credit carry forwards	30.6
Foreign tax
Tax credit carryforward
Tax credit carry forwards	$ 9.4

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in unrecognized tax benefits
Balance at beginning of year	$ 12,363	$ 12,369	$ 11,137
Additions for tax positions related to current year	2,642	1,217	3,075
Additions for tax positions relating to prior years	50	47	21
Reductions for tax positions relating to prior years	(1,196)	(1,166)	(1,814)
Settlements	(1,098)	(104)	(50)
Balance at end of year	12,761	12,363	$ 12,369
Unrecognized tax benefits that would impact effective tax rate if recognized	400
Accrued interest and penalties related to unrecognized tax benefits	$ 400	$ 400

Segment Reporting and Geographic Information - Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Revenue reporting by end-market and geographic region
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Net sales	$ 583,277	$ 454,163	$ 419,349
Semiconductor
Revenue reporting by end-market and geographic region
Net sales	247,051	165,909	175,608
Compound Semiconductor
Revenue reporting by end-market and geographic region
Net sales	106,972	107,922	85,877
Data Storage
Revenue reporting by end-market and geographic region
Net sales	168,760	123,288	84,075
Scientific & Other
Revenue reporting by end-market and geographic region
Net sales	$ 60,494	$ 57,044	$ 73,789

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Segment Reporting and Geographic Information - Geographic (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue reporting by end-market and geographic region
Net sales	$ 583,277	$ 454,163	$ 419,349
Long-lived tangible assets	99,743	65,271	75,711
United States
Revenue reporting by end-market and geographic region
Net sales	217,209	145,353	126,160
Long-lived tangible assets	99,220	64,967	75,187
EMEA
Revenue reporting by end-market and geographic region
Net sales	55,129	73,124	57,351
Long-lived tangible assets	94	120	143
China
Revenue reporting by end-market and geographic region
Net sales	105,998	57,589	71,078
Long-lived tangible assets	67	84	130
Rest of APAC
Revenue reporting by end-market and geographic region
Net sales	204,633	177,569	164,363
Long-lived tangible assets	362	100	251
Rest Of World
Revenue reporting by end-market and geographic region
Net sales	$ 308	$ 528	$ 397

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 119,179	$ 130,655	$ 115,225
Charged (Credited) to Costs and Expenses		653	15,490
Deductions	(2,389)	(12,129)	(60)
Balance at End of Period	116,790	119,179	130,655
Allowance for doubtful accounts
Valuation and Qualifying Accounts
Balance at Beginning of Period	736	602	270
Charged (Credited) to Costs and Expenses		140	392
Deductions		(6)	(60)
Balance at End of Period	736	736	602
Valuation allowance in net deferred tax assets
Valuation and Qualifying Accounts
Balance at Beginning of Period	118,443	130,053	114,955
Charged (Credited) to Costs and Expenses		513	15,098
Deductions	(2,389)	(12,123)
Balance at End of Period	$ 116,054	$ 118,443	$ 130,053