Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 06, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | ONTO INNOVATION INC. | ||
Trading Symbol | ONTO | ||
Entity Central Index Key | 0000704532 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 50,282,160 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 811,997,653 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-39110 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 16 Jonspin Road | ||
Entity Address, City or Town | Wilmington | ||
Entity Address, State or Province | MA | ||
City Area Code | 978 | ||
Local Phone Number | 253-6200 | ||
Entity Address, Postal Zip Code | 01887 | ||
Entity Tax Identification Number | 94-2276314 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K incorporate by reference information from the definitive proxy statement for the registrant’s annual meeting of stockholders scheduled to be held on May 12, 2020. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue | $ 305,896 | $ 273,784 | $ 255,098 |
Cost of revenue | 170,868 | 125,505 | 120,503 |
Gross profit | 135,028 | 148,279 | 134,595 |
Operating expenses: | |||
Research and development | 48,358 | 39,953 | 37,694 |
Sales and marketing | 28,251 | 22,010 | 20,795 |
General and administrative | 53,017 | 33,698 | 27,878 |
Amortization | 10,445 | 1,534 | 1,940 |
Patent litigation income | (13,000) | ||
Total operating expenses | 140,071 | 97,195 | 75,307 |
Operating income (loss) | (5,043) | 51,084 | 59,288 |
Interest income, net | 3,666 | 2,206 | 971 |
Other income (expense), net | 780 | 56 | (457) |
Income (loss) before provision (benefit) for income taxes | (597) | 53,346 | 59,802 |
Provision (benefit) for income taxes | (2,507) | 8,250 | 26,893 |
Net income | $ 1,910 | $ 45,096 | $ 32,909 |
Earnings per share: | |||
Basic | $ 0.06 | $ 1.77 | $ 1.30 |
Diluted | $ 0.06 | $ 1.74 | $ 1.27 |
Weighted average number of shares outstanding: | |||
Basic | 29,729 | 25,470 | 25,325 |
Diluted | 30,007 | 25,895 | 25,865 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 1,910 | $ 45,096 | $ 32,909 |
Other comprehensive income (loss), net of tax: | |||
Change in net unrealized gains (losses) on investments | (44) | 136 | (89) |
Change in currency translation adjustments | 709 | (194) | 1,663 |
Total comprehensive income | $ 2,575 | $ 45,038 | $ 34,483 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 130,673 | $ 112,388 |
Marketable securities | 189,563 | 62,684 |
Accounts receivable, less allowance of $1,247 in 2019 and $691 in 2018 | 123,656 | 64,194 |
Inventories | 176,134 | 96,820 |
Prepaid expenses and other current assets | 21,638 | 14,821 |
Total current assets | 641,664 | 350,907 |
Property, plant and equipment, net | 98,420 | 18,874 |
Goodwill | 307,148 | 22,495 |
Identifiable intangible assets, net | 371,953 | 7,448 |
Deferred income taxes | 1,456 | 12,810 |
Other assets | 27,939 | 5,506 |
Total assets | 1,448,580 | 418,040 |
Current liabilities: | ||
Accounts payable | 27,738 | 16,981 |
Accrued liabilities | 26,204 | 13,700 |
Deferred revenue | 12,629 | 6,767 |
Other current liabilities | 19,172 | 7,543 |
Total current liabilities | 85,743 | 44,991 |
Deferred and other tax liabilities | 67,040 | |
Other non-current liabilities | 31,771 | 11,161 |
Total liabilities | 184,554 | 56,152 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 3,000 and 4,021 shares authorized, no shares issued and outstanding at December 31, 2019 and 2018, respectively. | 0 | 0 |
Common stock, $0.001 par value, 97,000 and 80,420 shares authorized, 50,184 and 24,855 issued and outstanding at December 31, 2019 and 2018, respectively. | 50 | 31 |
Additional paid-in capital | 1,269,437 | 369,893 |
Accumulated other comprehensive loss | (598) | (1,263) |
Accumulated deficit | (4,863) | (6,773) |
Total stockholders’ equity | 1,264,026 | 361,888 |
Total liabilities and stockholders’ equity | $ 1,448,580 | $ 418,040 |
Consolidated Balance Sheet St_2
Consolidated Balance Sheet Statement (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 1,247 | $ 691 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3,000,000 | 4,021,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 97,000,000 | 80,420,000 |
Common stock, shares issued | 50,184,000 | 24,855,000 |
Common stock, shares outstanding | 50,184,000 | 24,855,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 1,910 | $ 45,096 | $ 32,909 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||
Depreciation | 5,965 | 4,848 | 3,990 |
Amortization of intangibles | 10,445 | 1,534 | 1,940 |
Share-based compensation | 10,585 | 6,062 | 5,670 |
Acquired inventory step-up amortization | 15,370 | ||
Provision for doubtful accounts and inventory valuation | 11,202 | 3,335 | 3,608 |
Deferred income taxes | (4,116) | 2,163 | 17,207 |
Other, net | 2,098 | 1,265 | 590 |
Change in operating assets and liabilities net of assets acquired and liabilities assumed in merger: | |||
Accounts receivable | (9,721) | 706 | 430 |
Income taxes | 7,648 | 1,056 | (4,727) |
Inventories | (9,338) | (31,545) | (4,218) |
Prepaid expenses and other assets | (5,079) | (3,101) | (1,686) |
Accounts payable | (12,138) | 3,512 | 3,198 |
Accrued and other liabilities | (6,685) | 163 | 5,260 |
Net cash and cash equivalents provided by operating activities | 18,146 | 35,094 | 64,171 |
Cash flows from investing activities: | |||
Purchases of marketable securities | (127,462) | (140,018) | (164,661) |
Proceeds from sales of marketable securities | 94,486 | 186,332 | 143,349 |
Purchases of property, plant and equipment | (6,802) | (7,542) | (10,210) |
Cash acquired from merger | 43,882 | ||
Cash advance on convertible note receivable | (5,000) | ||
Purchase of intangible assets | (1,000) | ||
Net cash and cash equivalents provided by (used in) investing activities | 4,104 | 33,772 | (32,522) |
Cash flows from financing activities: | |||
Redemption of stock warrants | (1,025) | ||
Purchases of common stock | (744) | (21,069) | |
Tax payments related to shares withheld for share-based compensation plans | (2,540) | (1,921) | (1,358) |
Payment of contingent consideration for acquired business | (1,758) | (1,543) | (792) |
Issuance of shares through share-based compensation plans | 844 | 624 | 623 |
Net cash and cash equivalents used in financing activities | (4,198) | (23,909) | (2,552) |
Effect of exchange rate changes on cash and cash equivalents | 233 | (339) | 814 |
Net increase in cash and cash equivalents | 18,285 | 44,618 | 29,911 |
Cash and cash equivalents at beginning of year | 112,388 | 67,770 | 37,859 |
Cash and cash equivalents at end of year | 130,673 | 112,388 | 67,770 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid (received), net | $ (3,848) | $ 4,301 | 14,605 |
Litigation settlement received | $ 13,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance Value at Dec. 31, 2016 | $ 293,735 | $ 31 | $ 381,189 | $ (2,779) | $ (84,706) |
Beginning Balance Shares at Dec. 31, 2016 | 25,033,000 | ||||
Issuance of shares through share-based compensation plans, net | 624 | $ 1 | 623 | ||
Issuance of shares through share-based compensation plans, net, Shares | 348,000 | ||||
Net income | 32,909 | 32,909 | |||
Share-based compensation | 5,670 | 5,670 | |||
Cumulative effect of a change in accounting for share-based compensation | 72 | (72) | |||
Share-based compensation plan withholdings | (1,358) | (1,358) | |||
Share-based compensation plan withholdings, Shares | (47,000) | ||||
Redemption of stock warrants, shares | 82,000 | ||||
Currency translation | 1,663 | 1,663 | |||
Unrealized gain (loss) on investments | (89) | (89) | |||
Ending Balance Value at Dec. 31, 2017 | 333,154 | $ 32 | 386,196 | (1,205) | (51,869) |
Ending Balance Shares at Dec. 31, 2017 | 25,416,000 | ||||
Issuance of shares through share-based compensation plans, net | 624 | 624 | |||
Issuance of shares through share-based compensation plans, net, Shares | 358,000 | ||||
Repurchase of common stock | (21,069) | $ (1) | (21,068) | ||
Repurchase of common stock, Shares | (853,000) | ||||
Net income | 45,096 | 45,096 | |||
Share-based compensation | 6,062 | 6,062 | |||
Share-based compensation plan withholdings | (1,921) | (1,921) | |||
Share-based compensation plan withholdings, Shares | (66,000) | ||||
Currency translation | (194) | (194) | |||
Unrealized gain (loss) on investments | 136 | 136 | |||
Ending Balance Value at Dec. 31, 2018 | $ 361,888 | $ 31 | 369,893 | (1,263) | (6,773) |
Ending Balance Shares at Dec. 31, 2018 | 24,855,000 | 24,855,000 | |||
Effect of merger | $ 890,131 | $ 19 | 890,112 | ||
Effect of merger, Shares | 25,060,000 | ||||
Issuance of shares through share-based compensation plans, net | 2,131 | 2,131 | |||
Issuance of shares through share-based compensation plans, net, Shares | 377,000 | ||||
Repurchase of common stock | (744) | (744) | |||
Repurchase of common stock, Shares | (30,000) | ||||
Net income | 1,910 | 1,910 | |||
Share-based compensation | 10,585 | 10,585 | |||
Share-based compensation plan withholdings | (2,540) | (2,540) | |||
Share-based compensation plan withholdings, Shares | (78,000) | ||||
Currency translation | 709 | 709 | |||
Unrealized gain (loss) on investments | (44) | (44) | |||
Ending Balance Value at Dec. 31, 2019 | $ 1,264,026 | $ 50 | $ 1,269,437 | $ (598) | $ (4,863) |
Ending Balance Shares at Dec. 31, 2019 | 50,184,000 | 50,184,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization And Nature Of Operations [Abstract] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations: Onto Innovation Inc. (“Onto Innovation” or the “Company”) is a worldwide leader in the design, development, manufacture and support of process control tools that perform macro-defect inspections and metrology, lithography systems, and process control analytical software used by semiconductor and advanced packaging device manufacturers. The Company’s products are also used in a number of other high technology industries including: silicon wafer substrates; light emitting diode (“LED”); vertical-cavity surface-emitting laser (“VCSEL”); micro-electromechanical system (“MEMS”); CMOS image sensor (“CIS”); power device; RF filter; data storage; and certain industrial and scientific applications. The Company provides process and yield management solutions used in bare silicon wafer production and wafer processing facilities, often referred to as “front-end” manufacturing and device packaging and test facilities, (or “back-end” manufacturing), respectively through a portfolio of standalone systems for macro-defect inspection, packaging lithography, probe card test and analysis, as well as transparent and opaque thin film measurements. Our automated and integrated metrology systems measure critical dimensions, device structures, topography, shape, and various thin film properties, including three-dimensional features and film thickness, as well as optical, electrical and material properties. Our primary area of focus are products that provide critical yield-enhancing information, which is used by microelectronic device manufacturers to drive down costs and to decrease the time to market of their devices. All of Onto Innovation’s systems feature sophisticated software and production-worthy automation. In addition, the Company’s advanced process control software portfolio includes powerful solutions for standalone tools, groups of tools, factory-wide, and enterprise-wide suites to enhance productivity and achieve significant cost savings. Onto Innovation’s systems are backed by worldwide customer service and applications support. The Company has branch sales and service offices or subsidiaries in Korea, Japan, China, Taiwan, Singapore and in several countries in Europe. The Company operates in a single reportable segment and is a provider of process characterization equipment and software for wafer fabs and advanced packaging facilities. Basis of Presentation. As further discussed in Note 3 of Notes to the Consolidated Financial Statements, Rudolph Technologies, Inc. (“Rudolph”) and Nanometrics Incorporated (“Nanometrics”) completed a merger effective October 25, 2019 (the “Merger”). Upon consummation of the Merger, the combined company was renamed Onto Innovation. The Merger was accounted for as a reverse acquisition where Rudolph was the accounting acquirer and Nanometrics was the legal acquirer in accordance with Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations” (“ASC 805”). Accordingly, Rudolph’s historical results of operations replaced the Nanometrics historical results of operations for all periods prior to the merger. Specifically, the accompanying Consolidated Financial Statements for all periods prior to the Merger are those of Rudolph and for the period after the Merger, also include Nanometrics. The Consolidated Financial Statements reflect the assets and liabilities of Rudolph at historical cost basis and the assets and liabilities of Nanometrics are reflected at fair value under the acquisition method. While Rudolph applied the acquisition method of accounting to Nanometrics, the legal capital in the current and prior periods has been retroactively adjusted to reflect the legal capital of Nanometrics. Accordingly, earnings per share has been retroactively restated for periods prior to the merger date. Reclassifications . In conjunction with the Merger, the Company assessed the need to realign its financial statement presentation and certain income statement classifications were adjusted with prior periods reclassified to conform with current period presentation. The changes made were as follows: • Amounts related to sales and marketing are now presented on a separate line on the Consolidated Statements of Operations and were previously reported under the caption “Selling, general and administrative.” • Amounts related to applications engineering are now presented under the caption, “Sales and marketing” on the Consolidated Statements of Operations and were previously reported under the caption “Research and development.” • Certain line items on the prior period Consolidated Balance Sheet were combined to conform to current period presentation. For additional information on the Company’s balance sheet details, see Note 9 of Notes to the Consolidated Financial Statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies: Consolidation. The consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Revenue Recognition . Revenue is recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company has elected to account for shipping and handling activities as the fulfillment of a promise to transfer goods to the customer and therefore records these activities under the caption “Cost of revenue.” Sales tax and any other taxes collected concurrent with revenue producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. These accounting policy elections are consistent with the manner in which the Company has historically recorded these items. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers or the expected cost-plus margin. Systems and Software Revenue Revenue from systems is recognized when the Company transfers control of the product to the customer. To indicate transfer of control, the Depending on the terms of the systems arrangement, the Company may also defer the recognition of a portion of the consideration expected to be received because the Company has to satisfy a future obligation (e.g., installation, training and extended warranties). The Company uses an observable price to determine the standalone selling price for separate performance obligations or a cost-plus margin approach when one is not available. Revenue from software licenses provides the customer with a right to use the software as it exists when made available to the customer. Revenue from software licenses are recognized upfront at the point in time when the software is made available to the customer. Revenue from licensing support and maintenance is recognized as the support and maintenance are provided, which is over the contract period. Payment for software licensing, support and maintenance is generally due in 30 days. Parts Revenue Revenue from parts is recognized when the Company transfers control of the product, which typically occurs when the Company ships the product from its facilities to the customer. Payment for parts is generally due in 30 days. Services Revenue Revenue from services primarily consists of service contracts, which provide additional maintenance coverage beyond the Company’s assurance warranty on its products, service labor, consulting and training. Revenue from service contracts is recognized ratably over the term of the service contract. Revenue from service labor, consulting and training is recognized as services are performed. Payment for services is generally due in 30 days. Revenue from installation services is recognized at a point in time when installation is complete. Practical Expedients The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general and administrative expenses. The Company does not adjust the amount of consideration for the effects of a significant financing component as the payment terms are generally one year or less. The Company does not disclose the value of remaining performance obligations for contracts with an original expected length of one year or less and contracts for which the Company recognizes revenue in the amount to which it has the right to invoice. For additional information on the Company’s revenue recognition, see Note 11 of Notes to the Consolidated Financial Statements. Business We account for business combinations under the acquisition method of accounting, which requires us to recognize separately from goodwill the assets acquired, and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in our consolidated statements of operations. Accounting for business combinations requires our management to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, restructuring liabilities, pre-acquisition contingencies, and contingent consideration, where applicable. Although we believe the assumptions and estimates we have made in the past have been reasonable and appropriate, they are based, in part, on historical experience and information obtained from the management of the acquired companies and are inherently uncertain. Estimates in valuing certain acquired intangible assets under the income approach include growth in future expected cash flows from product sales, acquired technologies, technology obsolescence rates, estimated cash flows from the projects when completed and discount rates. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. For additional information on the Company’s business combinations, see Note 3 of Notes to the Consolidated Financial Statements. Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include the allowances for doubtful accounts and convertible notes receivable, excess and obsolete inventory, fair value of assets acquired and liabilities assumed in a business combination, recoverability and useful lives of property, plant and equipment and identifiable intangible assets, recoverability of goodwill, recoverability of deferred tax assets, liabilities for product warranty, contingencies, including litigation reserves and share-based payments and liabilities for tax uncertainties. Actual results could differ from those estimates. Cash and Cash Equivalents. Cash and cash equivalents include cash and highly liquid debt instruments with original maturities of three months or less when purchased. Marketable The Company determined that all of its investment securities are to be classified as available-for-sale. Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in stockholders’ equity under the caption “Accumulated other comprehensive loss.” Realized gains and losses and, interest and dividends on available-for-sale securities are included in interest income and other, net. Available-for-sale securities are classified as current assets regardless of their maturity date if they are available for use in current operations. The Company reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recove ry in market value. When a decline in fair value is determined to be other-than-temporary, unrealized losses on available-for-sale securities are charged against earnings. The specific identification method is used to determine the gains and losses on mark etable securities. For additional information on the Company’s marketable securities, see Note 5 of Notes to the Consolidated Financial Statements. Allowance The Company evaluates the collectability of accounts receivable based on a combination of factors. Where the Company is aware of circumstances that may impair a specific customer’s ability to meet its financial obligation, the Company records a specific allowance against amounts due, thereby reducing the net recognized receivable to the amount management reasonably believes will be collected. For all other customers, the Company recognizes allowances for doubtful accounts based on the length of time the receivables are outstanding, industry and geographic concentrations, the current business environment and historical experience. Inventories . Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less predictable costs of completion, disposal and transportation. Cost is generally determined on a first-in, first-out basis, and includes material, labor and manufacturing overhead costs. The Company reviews and sets standard costs as needed, but at a minimum, on an annual basis, at current manufacturing costs in order to approximate actual costs. The Company evaluates inventories for excess quantities and obsolescence. The Company establishes inventory reserves when conditions exist that suggest that inventory may be in excess of anticipated demand or is obsolete based upon assumptions about historical and future demand for the Company’s products and market conditions. In addition, inventories are evaluated for potential obsolescence due to the effect of known and anticipated engineering design changes. Once a reserve has been established, it is maintained until the item to which it relates is scrapped or sold. The Company regularly evaluates its ability to realize the value of inventory based on a combination of factors including the following: historical usage rates, forecasted sales of usage, product end-of-life dates, estimated current and future market values and new product introductions. When recorded, reserves are intended to reduce the carrying value of the Company’s inventory to its net realizable value. If actual demand for the Company’s products deteriorates, or market conditions are less favorable than those that the Company projects, additional reserves may be required. Charges to Cost of revenue for excess and obsolete inventories totaled $10,841 in 2019. Included in this amount is a charge of $5,945 recorded in the fourth quarter related to excess inventory from a deemphasized product line and the rationalization of service inventory after the Merger. In 2018 and 2017, the Company recorded charges of $3,042 and $3,833, respectively. Property, Plant and Equipment. Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets, which are five to twenty-two years for buildings, three to ten years for machinery and equipment, three to ten years for furniture and fixtures, three years for computer equipment, and three to seven years for software. Leasehold improvements are amortized using the straight-line method over the lesser of the lease term or the estimated useful life of the related asset. Repairs and maintenance costs are expensed as incurred and major renewals and betterments are capitalized Impairment of Long-Lived Assets. Long-lived assets, such as property, plant, and equipment, and identifiable acquired intangible assets with definite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be gene rated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is generally based on disc ounted cash flows. For the year ended December 31, 2019, there was an impairment to an item in property, plant and equipment of $ 507 , which was recorded in general and administrative expenses in the Consolidated Statements of Operations. There were no impairments of long-lived assets for the years ended December 31, 2018 and 2017. Goodwill and Intangible Assets. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. Goodwill and indefinite lived assets are tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company has one operating segment. No goodwill impairment occurred in 2019, 2018, or 2017. Goodwill is reviewed for impairment using either a qualitative assessment or a quantitative goodwill impairment test. If the Company chooses to perform a qualitative assessment and determine the fair value more likely than not exceeds the carrying value, no further evaluation is necessary. When the Company performs the quantitative goodwill impairment test, it compares fair value to carrying value, which includes goodwill. If fair value exceeds carrying value, the goodwill is not considered impaired. If the carrying value is higher than the fair value, the difference would be recognized as an impairment loss. For additional information on the Company’s goodwill and purchased intangible assets, see Note 6 of Notes to the Consolidated Financial Statements. Concentration of Credit Risk. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of accounts receivable, cash and cash equivalents and marketable securities. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for sales on credit. The Company maintains allowances for potential credit losses. The Company maintains cash and cash equivalents and marketable securities with higher credit quality issuers and monitors the amount of credit exposure to any one issuer. The Company's investment policy provides guidelines and limits regarding credit quality, investment concentration, investment type, and maturity that the Company believes will provide liquidity while reducing risk of loss of capital. Investments are of a short-term nature and include investments in commercial paper, corporate debt securities, asset-backed securities, U.S. Treasury, U.S. Government, and U.S. Agency debt. The Company sells its products primarily to end users in the United States, Asia and Europe and, generally, does not require its customers to provide collateral or other security to support accounts receivable. Management performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for estimated potential bad debt losses. The Company’s customer base is highly concentrated and historically, a relatively small number of customers have accounted for a significant portion of its revenues. The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on its future financial position, results of operations or cash flows: advances and trends in new technologies and industry standards; competitive pressures in the form of new products or price reductions on current products; changes in product mix; changes in the overall demand for products offered; changes in third-party manufacturers; changes in key suppliers; changes in certain strategic relationships or customer relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; fluctuations in foreign currency exchange rates; risk associated with changes in domestic and international economic and/or political regulations; availability of necessary components or sub-assemblies; disruption of manufacturing facilities; and its ability to attract and retain employees necessary to support its growth. Certain components and sub-assemblies used in the Company’s products are purchased from a sole supplier or a limited group of suppliers. The Company currently purchases its spectroscopic ellipsometer and robotics used in its advanced measurement systems from a sole supplier or a limited group of suppliers located in the United States. Any shortage or interruption in the supply of any of the components or sub-assemblies used in its products or its inability to procure these components or sub-assemblies from alternate sources on acceptable terms could have a material adverse e ffect on its business, financial condition and results of operations. Warranties. The Company generally provides a warranty on its products for a period of twelve to fourteen months against defects in material and workmanship. The Company provides for the estimated cost of product warranties at the time revenue is recognized. The estimated future warranty obligations are affected by the warranty periods, sales volumes, product failure rates, material usage and labor and replacement costs incurred in correcting a product failure. If actual product failure rates, material usage, labor or replacement costs differ from the Company’s estimates, revisions to the estimated warranty obligations would be required. The warranty accrual represents the best estimate of the amount necessary to settle future and existing claims on products sold as of the balance sheet date. The Company periodically assesses the adequacy of its recorded warranty reserve and adjusts the amounts in accordance with changes in these factors. Income Taxes . The Company accounts for income taxes using the asset and liability approach for deferred taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. A valuation allowance is recorded to reduce a deferred tax asset to that portion which more likely than not will be realized. For additional information on the Company’s income taxes, see Note 14 of Notes to the Consolidated Financial Statements. Translation of Foreign Currencies. The Company has branch operations or wholly-owned subsidiaries in the United States, Europe, Japan, China, Taiwan, Singapore and South Korea. Its international subsidiaries and branches operate primarily through the use of local functional currencies. A substantial portion of the Company’s international systems sales are denominated in U.S. dollars with the exception of Japan. Consequently, we have relatively little exposure to foreign currency exchange risk with respect to these sales. Assets and liabilities are translated at exchange rates in effect at the balance sheet date, and income and expense accounts and cash flow items are translated at average monthly exchange rates during the period. Net exchange gains or losses resulting from the translation of foreign financial statements and the effect of exchange rates on intercompany transactions of a long-term investment nature are recorded directly as a separate component of stockholders’ equity under the caption, “Accumulated other comprehensive loss.” Any foreign currency gains or losses related to transactions are included in operating results. The Company had accumulated exchange losses resulting from the translation of foreign operation financial statements of $564 and $1,273 as of December 31, 2019 and 2018, respectively. Share-based Compensation . The Company measures the cost of employee services received in exchange for the award of equity instruments based on the fair value of the award at the date of grant. Compensation expense is recognized using the straight-line attribution method to recognize share-based compensation over the service period of the award, with adjustments recorded for forfeitures as they occur. For additional information on the Company’s share-based compensation plans, see Note 12 of Notes to the Consolidated Financial Statements. Research and Development Costs . Expenditures for research and development are expensed as incurred. Fair Value of Financial Instruments . The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their short maturities. The estimated fair value of these obligations is based, primarily, on a market approach, comparing the Company’s interest rates to those rates the Company believes it would reasonably receive upon re-entry into the market. Judgment is required to estimate the fair value using available market information and appropriate valuation methods. For additional information on the Company’s fair value of financial instruments, see Note 4 of Notes to the Consolidated Financial Statements. Derivative Instruments and Hedging Activities . The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At December 31, 2019 and 2018, these contracts included the future sale of Japanese Yen to purchase U.S. dollars. The foreign currency forward contracts were entered into by the Company’s Japanese subsidiary to hedge a portion of certain intercompany obligations. Post-merger with Nanometrics, the Company enters into forward contracts for several other currencies including the Korean Won, Taiwanese dollar and Chinese Yuan Renminbi. The forward contracts are not designated as hedges for accounting purposes and therefore, the change in fair value is recorded in general and administrative expenses in the Consolidated Statements of Operations. The Company records its forward contracts at fair value in either prepaid expenses and other current assets or other current liabilities in the Consolidated Balance Sheets. The dollar equivalent of the U.S. dollar forward contracts and related fair values as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Notional amount 38,887 6,746 Fair value of asset (liability) 120 (32 ) During the years ended December 31, 2019 and 2017, the Company recorded gains of $ $343 and $105 on maturities of forward contracts, respectively. During the year ended December 31, 2018, the Company recognized a loss of $81 on maturities of forward contracts. The aggregate notional amounts of matured contracts were $58,522, $8,465 and $9,582 for 2019, 2018 and 2017, respectively. Contingencies and Litigation . The Company is subject to the possibility of losses from various contingencies, including certain legal proceedings, lawsuits and other claims. The Company accrues for a loss contingency when it concludes that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. If the Company concludes that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. The Company expenses as incurred the costs of defending legal claims against the Company. The Company does not recognize gain contingencies until realized. See Note 10 of the Notes to the Consolidated Financial Statements, “Commitments and Contingencies” for a detailed description. Recent Accounting Pronouncements. Recently Adopted Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. The ASU is effective for the fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU No. 2018-07 did not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. Effective January 1, 2019, the Company adopted ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new guidance allows companies to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. The guidance also requires certain new disclosures regardless of a company’s election. The standard is effective for annual periods beginning after December 15, 2018 and for interim periods within those annual periods, with earlier adoption permitted. The adoption of ASU No. 2018-02 did not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU eliminates Step 2 from the goodwill impairment test. Accordingly, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess, limited to the total amount of goo dwill allocated to the reporting unit. The ASU is effective for the fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with earlier adoption permitted. The adoption of ASU No. 2017-04 during 2019 did not hav e a material impact on the Company’s consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” ASU No. 2016-02 requires that lessees recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. On January 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective method which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company also elected the package of practical expedients. There was not a cumulative-effect adjustment to the Company’s beginning retained earnings as a result of adopting ASU No. 2016-02. The Company has recognized additional operating lease assets and obligations of $14,426 as of January 1, 2019. As a result of the Merger, operating lease assets and obligations of $9,658 were assumed from the former Nanometrics. The Company elected to not reassess prior conclusions related to the identification, classification and accounting for initial direct costs for leases that commenced prior to January 1, 2019. For additional disclosure and detail, see Note 7 of the Notes to the Consolidated Financial Statements, “Leasing Arrangements.” Recently Issued In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU is part of the FASB’s larger disclosure framework project intended to improve the effectiveness of financial statement footnote disclosure. ASU No. 2018-13 modifies required fair value disclosures related primarily to level 3 investments. This ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The adoption of ASU No. 2018-13 is not expected to have a material effect on the Company’s consolidated financial position, results of operations, and cash flows. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification (“ASC”) 718. The ASU is effective for the fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The adoption of ASU No. 2017-09 is not expected to have a material effect on the Company’s consolidated financial position, results of operations, and cash flows, if any. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which represents a new credit loss standard that will change the impairment model for most financial assets and certain other financial instruments. Specifically, this guidance will require entities to utilize a new “expected loss” model as it relates to trade receivables, notes receivable and other commitments to extend credit held by a reporting entity . In addition, entities will be required to recognize an allowance for estimated credit losses on available-for-sale debt securities, regardless of the length of time that a security has been in an unrealized loss position. This guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods, with early adoption permitted. The Company expects that the adoption of this guidance will not have a materia l impact on its consolidated financial position, results of operations, and cash flows. Recently issued accounting guidance not discussed above is not applicable or did not have, or is not expected to have, a material impact to the Company. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination | 3. Business Combination: Pursuant to the Agreement and Plan of Merger dated as of June 23, 2019 (the “Merger Agreement”), among Rudolph Technologies, Inc. (“Rudolph”), Nanometrics Incorporated, (“Nanometrics”) and PV Equipment Inc., a wholly-owned subsidiary of Nanometrics, (“Merger Sub”) Merger Sub merged with and into Rudolph, with Rudolph continuing as a wholly-owned subsidiary of Onto Innovation (formerly Nanometrics) and the surviving corporation of the merger (the “Merger”). The Merger was effective on October 25, 2019 (the “Effective Time”). At the Effective Time, each share of Rudolph common stock, par value $0.001 per share, issued and outstanding immediately prior to the Effective Time (other than shares owned by Rudolph or Nanometrics) was converted into the right to receive 0.8042 (the “Exchange Ratio”) shares of common stock, par value $0.001 per share, of Onto Innovation common stock, par value $0.001 per share, and cash in lieu of any fractional shares of Onto Innovation common stock any former holder of Rudolph common stock would otherwise be entitled to receive. Immediately following the Effective Time of the Merger, Rudolph’s and Nanometrics’ common stockholders each owned approximately 50% of the outstanding common stock of the combined company on a fully diluted basis. The Merger creates a company that is an end-to-end metrology, inspection, process control software, and lithography equipment provider for the semiconductor industry and other advanced markets with a global support organization whose technology development teams, and product portfolio creates unique end-to-end solutions across the entire semiconductor fabrication process. The company will be able to provide improved device yield at reduced manufacturing cycle time, supporting the accelerated product life cycles in the semiconductor and other advanced markets. The combined company accounts for the Merger as a reverse acquisition, using the acquisition method of accounting in accordance with generally accepted accounting principles, with Rudolph being treated as the acquiring entity for accounting purposes. In identifying Rudolph as the accounting acquiring entity, Rudolph and Nanometrics reviewed the accounting guidance as provided in ASC 805, which takes into account the type of consideration, the structure of the merger and the other transactions contemplated by the merger agreement, relative outstanding share ownership, the composition of the combined company board of directors, designation of certain senior management positions of the combined company, mainly the Chief Executive Officer and the Chief Financial Officer, relative voting rights, relative size as measured by assets, revenue or earnings as well as other metrics an investor would use for evaluating the respective company’s current and future financial performance, which of the combining entities initiated the combination and where the combined company’s headquarters will be located. The acquisition method of accounting is based on ASC 805, and uses the fair value concepts defined in ASC Topic 820, “Fair Value Measurement” (“ASC 820”). The purchase price allocation described herein is preliminary and is based on the information that was available to make estimates of the fair value and may change as further information becomes available and additional analysis are completed. While the Company believes that such information provides a reasonable basis for estimating the fair values, more evidence and information may be obtained during the measurement period that results in changes to the estimated fair value amounts. The measurement period ends on the earlier of one year after the Effective Time or the date information about the facts and circumstances that existed at the Effective Time becomes available. Such adjustments, if necessary, will be recognized during the period in which that amounts are determined. These adjustments may include: (1) changes in the fair value of certain intangible assets acquired; and (2) changes in deferred tax assets and liabilities rel ated to the fair value estimates. At the Effective Time of the Merger, Nanometrics changed its name to Onto Innovation Inc., and its shares began trading on the New York Stock Exchange (the “NYSE”) on October 28, 2019 (NYSE: ONTO). At the close of trading on October 25, 2019, Rudolph common stock ceased being listed on the NYSE. The accompanying consolidated financial statements for all periods presented are those of Rudolph with those of Nanometrics included only from the Effective Time through year-end. The acquisition was nontaxable to the Company and certain of the assets acquired, including goodwill, will not be deductible for tax purposes. The acquired assets and liabilities of Nanometrics were recorded at their respective fair values including an amount for goodwill, which represents the purchase price paid in excess of the fair value of the net tangible and intangible assets acquired and liabilities assumed, and is attributable primarily to expected synergies, economies of scale and the assembled workforce of Nanometrics. ASC 805 requires, among other things, that assets acquired, and liabilities assumed, be recognized at their fair values as of the Effective Time. In addition, ASC 805 requires that the consideration transferred be measured at the Effective Time of the Merger at the then-current market price. The market price of the shares of Rudolph common stock at the Effective Time was $28.50, which was based on the closing price of shares of Rudolph common stock on the NYSE on Friday, October 25, 2019, the last day of trading prior to the Effective Time. ASC 820 defines the term “fair value” and sets forth the valuation requirements for any asset or liability measured at fair value, expands related disclosure requirements and specifies a hierarchy of valuation techniques based on the nature of the inputs used to develop the fair value measurements. Fair value is defined in ASC 829 as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” This is an exit price concept for the valuation of the asset or liability. In addition, market participants are assumed to be buyers and sellers in the principal (or most advantageous) market for the asset or liability. Fair value measurements for an asset assume the highest and best use by these market participants, As a result of these standards, the Company may be required to record the fair value of assets which are not intended to be used or sold and/or to value assets at fair values that do not reflect the Company’s intended use for those assets. Many of these fair value measurements can be highly subjective, and it is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. The aggregate purchase price of $890,131 consisted of 25,060 shares of common stock valued at $884,801 and the fair value of assumed Nanometrics equity awards of $5,330. Under ASC 805, acquisition-related transaction costs (e.g., advisory, legal, investment banking and other professional fees) are not included as a component of consideration transferred but are accounted for as expenses in the periods in which such costs are incurred. Total transaction costs incurred by the Company were $9,907 during the year ended December 31, 2019 and are included in general and administrative expense in the Consolidated Statements of Operations. The following table summa rizes the preliminary allocation of the total purchase consideration to the initial estimated fair values of the assets acquired and liabilities assumed as of October 25, 2019: Cash and cash equivalents $43,882 Marketable securities 94,389 Account receivables 49,917 Inventories 98,478 Prepaid expenses and other current assets 7,734 Property, plant and equipment 77,451 Operating lease right-of-use assets 9,658 Identifiable intangible assets 374,900 Deferred income taxes 1,352 Other assets 850 Total assets acquired 758,611 Accounts payable (23,361) Payroll and related expenses (20,290) Deferred revenue (5,931) Other current liabilities (10,739) Income taxes payable (2,699) Other non-current liabilities (90,113) Net assets acquired 605,478 Goodwill 284,653 Total purchase consideration $890,131 The fair value of accounts receivable, net, consisted of gross contractual accounts receivable reduced by approximately $200 for receivables not expected to be collected as of the acquisition date. The inventory acquired consisted primarily of work in process, for which fair value was measured based on determining its net realizable value as such value represents an exit price in an orderly transaction between market participants, and raw materials. Factors that required judgment in determining the net realizable value for the inventory included determining estimated selling prices, cost to complete, costs to dispose, operating profit, and discount rates, among others. The Company recorded a $26,486 step-up of inventory to its fair value as of the Merger date based on the preliminary valuation. The preliminary allocation of the intangible assets subject to amortization is as follows: Estimated Fair Value Weighted Average Useful Life (years) Developed technology $260,500 6.6 In-process research and development 46,600 indefinite Customer relationships 53,000 13.1 Backlog 6,700 1.1 Trademarks and trade names 8,100 7.5 Total intangible assets $374,900 Acquired intangible assets reported above are being amortized using the straight-line method over their estimated useful lives, which approximates the pattern of how the economic life is expected to be used. This includes amounts allocated to customer relationships because of anticipated high customer retention rates that are common in the semiconductor capital equipment industry. Developed technology relates to Nanometrics’ product family and was valued using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the developed technology less charges representing the contribution of other assets to those cash flows. The average estimated useful life of developed technologies was determined to be 6.6 years and was based on the technology cycle related to each developed technology, as well as the cash flows over the respective forecast peri od. The fair value of the in-process research and development (“IPRD”) was determined using the multi-period excess earnings method under the income approach. Such method reflects the present value of the projected cash flows that are expected to be generated by the IPRD, less costs to complete the development and charges representing the contribution of other assets to those cash flows. Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to new and existing customers and was valued using the distributor method under the income approach. This method reflects the present value of projected distributor margins to be derived from sales to existing customers less charges representing the contribution of other assets to those cash flows. The estimated useful life of the customer relationships was determined to be 13.1 years and was based on historical customer turnover rates. Order backlog represents the fair value of future projected revenue that will be derived from outstanding orders from customers that have not yet been shipped and was valued using the multi-period excess earnings method under the income approach, which reflects the present value of such outstanding orders less charges representing the contribution of other assets to those cash flows. The estimated useful life of the order backlog was determined to be 1.1 years and was based on historical order fulfilment rates. Trademarks and trade names relate to the “Nanometrics” trademarks and trade names and were fair valued by applying the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted revenue under the trademarks and trade names. The estimated useful life of the trademarks and trade names was determined to be 7.5 years and was based on the expected life of the trademarks and trade names and the cash flows anticipated over the forecast period. Factors that required a judgment in determining the fair value for the acquired intangible assets included estimating future cash flows, revenue and gross margin assumptions, technology lives, future operating expenses, and discount rates, among others. The Company has determined that the estimated useful life of the acquired in-process research and development is currently indeterminate; thus, it has been categorized as indefinite and will be reviewed annually for impairment, along with the Company’s other long-lived assets with indefinite lives, unless its estimated useful life is known. The Company believes the amounts of purchased intangible assets recorded above represent the fair values of and approximate the amounts a market participant would pay for such assets as of the Effective Time. The results of operations of Nanometrics are reported in the Company’s consolidated financial statements from the Effective Time and include $66,261 of total net sales and an operating loss of $7,065 for the year ended December 31, 2019. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information summarizes the combined results of operations of Rudolph and Nanometrics, on a pro forma basis, as if the companies had combined at the beginning of fiscal year 2018. The pro forma financial information is presented for informational purposes only and may not necessarily reflect the actual results of operations that would have been achieved if the Merger had taken place on January 1, 2018, nor are they necessarily reflective of future results of operations. The pro forma information for all periods presented also includes adjustments to amortization charges for acquired intangible assets, depreciation charges for stepped-up fair value of acquired fixed assets, related tax effects and other adjustments. The reported financial information for the year ended December 31, 2019 includes the results of Rudolph for the year then-ended and the results of Nanometrics from the Effective Time through December 31, 2019. The reported financial infor mation for the year ended December 31, 2018 is the historical results of Rudolph: Year Ended December 31, 2019 2018 Reported Pro Forma Reported Pro Forma Net revenue $ 305,896 $ 525,455 $ 273,784 $ 598,307 Net income attributable to Onto Innovation 1,910 901 45,096 36,246 The pro forma results have been adjusted to eliminate $37,900 of merger-related costs incurred by Rudolph and Nanometrics that would have been incurred in 2017 had the Merger occurred on January 1, 2018. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements: The Company applies a three-level valuation hierarchy for fair value measurements. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s fair value measurement classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at December 31, 2019 and December 31, 2018: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 81,108 $ — $ 81,108 $ — Asset-backed securities 10,779 — 10,779 — Certificates of deposit 30,507 — 30,507 — Commercial paper 30,708 — 30,708 — Corporate bonds 36,461 — 36,461 — Foreign currency forward contracts 120 — 120 — Total assets $ 189,683 $ — $ 189,683 $ — Liabilities: Contingent consideration - acquisitions $ 569 $ — $ — $ 569 Total liabilities $ 569 $ — $ — $ 569 December 31, 2018 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 62,684 $ — $ 62,684 $ — Total assets $ 62,684 $ — $ 62,684 $ — Liabilities: Contingent consideration - acquisitions $ 2,060 $ — $ — $ 2,060 Foreign currency forward contracts 32 — 32 — Total liabilities $ 2,092 $ — $ 32 $ 2,060 The Company’s available-for-sale debt securities 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. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Investment prices are obtained from third party pricing providers, which model prices utilizing the above observable inputs, for each asset class. Level 3 liabilities consisted of contingent consideration related to an acquisition for which the Company uses a discounted cash flow model to value these liabilities. The Level 3 assumptions used in the discounted cash flow model for the contingent consideration included projected revenue, timing of cash flows and estimates of discount rates of 0.0% and 9.2% for the years ended December 31, 2019 and 2018, respectively. A significant decrease in the projected revenue or increase in discount rates could result in a significantly lower fair value measurement for the contingent consideration. This table presents a reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Balance at December 31, 2018 $ 2,060 Total loss due to remeasurement included in general and administrative expense 267 Additions — Payments (1,758 ) Transfer into (out of) Level 3 — Balance at December 31, 2019 $ 569 See Note 5 for additional discussion regarding the fair value of the Company’s marketable securities. Fair Value of Other Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates fair value because of the short-term maturity of these instruments. The estimated fair value of these obligations is based, primarily, on a market approach, comparing the Company’s interest rates to those rates the Company believes it would reasonably receive upon re-entry into the market. Judgment is required to estimate the fair value using available market information and appropriate valuation methods. The carrying amount of the convertible notes receivable approximates fair value based on current interest rates for instruments with similar characteristics. Convertible notes receivable are initially recognized at fair value. The Company does not subsequently adjust the fair value of these convertible notes receivable unless it is determined that the convertible note receivable is impaired. The Company considers the issuer’s financial condition, payment history, and other relevant factors when assessing the collectability of the convertible note and to reserve the portion of such convertible note for which collection does not appear likely. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Marketable Securities [Abstract] | |
Marketable Securities | 5. Marketable Securities: The Company has evaluated its investment policies and determined that all of its marketable securities, which are comprised of debt securities, are to be classified as available-for-sale. The Company’s available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive loss.” Realized gains and losses on available-for-sale securities are included in “Other income (expense)” on the Consolidated Statements of Operations. The Company records other-than-temporary impairment charges for its available-for-sale debt securities when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method. The Company has determined that the gross unrealized losses on its marketable securities at December 31, 2019 and 2018 are temporary in nature. The Company reviews its investment portfolio to identify and evaluate marketable securities that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value. At December 31, 2019 and 2018, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value December 31, 2019 Municipal notes and bonds $ 80,926 $ 188 $ 6 $ 81,108 Asset-backed securities 10,767 12 — 10,779 Certificates of deposit 30,500 7 — 30,507 Commercial paper 30,707 1 — 30,708 Corporate bonds 36,409 52 — 36,461 Total marketable securities $ 189,309 $ 260 $ 6 $ 189,563 December 31, 2018 Municipal notes and bonds $ 62,681 $ 43 $ 40 $ 62,684 Total marketable securities $ 62,681 $ 43 $ 40 $ 62,684 The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Consolidated Balance Sheet classification, is as follows at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 152,649 $ 152,852 $ 47,767 $ 47,732 Due after one through five years 36,660 36,711 14,914 14,952 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 189,309 $ 189,563 $ 62,681 $ 62,684 The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at December 31, 2019 and 2018. In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2019 Municipal notes and bonds $ 14,166 $ 6 $ — $ — Total marketable securities $ 14,166 $ 6 $ — $ — December 31, 2018 Municipal notes and bonds $ 27,952 $ 30 $ 4,671 $ 10 Total marketable securities $ 27,952 $ 30 $ 4,671 $ 10 See Note 4 for additional discussion regarding the fair value of the Company’s marketable securities. |
Goodwill and Purchased Intangib
Goodwill and Purchased Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Purchased Intangible Assets | 6. Goodwill and Purchased Intangible Assets: Goodwill The changes in the carrying amount of goodwill are as follows: Balance at December 31, 2017, net of accumulated impairment charge of $192,872 $ 22,495 Goodwill acquired during the period — Balance at December 31, 2018 22,495 Goodwill acquired during the period (Note 3) 284,653 Balance at December 31, 2019 $ 307,148 Purchased Intangible Assets Purchased intangible assets as of December 31, 2019 and 2018 are as follows: Gross Carrying Amount Accumulated Amortization Net December 31, 2019 Finite-lived intangible assets: Developed technology $ 326,726 $ 67,861 $ 258,865 Customer and distributor relationships 69,261 11,078 58,183 Trademarks and trade names 12,461 4,156 8,305 Total finite-lived intangible assets 408,448 83,095 325,353 In-process research and development 46,600 — 46,600 Total identifiable intangible assets $ 455,048 $ 83,095 $ 371,953 December 31, 2018 Finite-lived intangible assets: Developed technology $ 66,177 $ 59,692 $ 6,485 Customer and distributor relationships 9,560 9,082 478 Trademarks and trade names 4,361 3,876 485 Total identifiable intangible assets $ 80,098 $ 72,650 $ 7,448 Intangible asset amortization expense amounted to $10,445 |
Leasing Arrangements
Leasing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Leasing Arrangements | 7. Leasing Arrangements: The Company leases space for its corporate headquarters, manufacturing, sales and service operations, vehicles and information technology equipment under operating leases. All of the Company’s leases are operating leases. The Company elected not to apply Accounting Standard Codification Topic 842 (“ASC 842”) to arrangements with lease terms of less than 12 months. Operating lease right-of-use assets and obligations are reflected within the captions “Operating lease right-of-use assets,” “Current operating lease obligations,” and “Non-current operating lease obligations,” respectively, on the Consolidated Balance Sheets. Operating lease costs were $4,124 during the twelve months ended December 31, 2019. These costs are primarily related to long-term operating leases, but also include immaterial amounts for short-term leases less than 12 months. Operating lease costs are recognized on a straight-line basis over the terms of the leases. Additional operating lease right-of-use assets of $2,946 were recognized as non-cash asset additions that resulted from new operating lease liabilities as of the twelve months ended December 31, 2019. Cash paid for amounts included in the measurement of operating lease liabilities was $ 3,872 during the twelve months ended December 31, 2019 and is included in operating cash flows. The Company often has the option to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at the Company’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at the Company’s discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if it is reasonably certain to exercise the option on the basis of economic factors. The weighted average of the remaining lease term for operating leases as of December 31, 2019 was 6.7 years. The discount rate implicit within the Company’s leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for our leases is determined based on the lease term in which lease payments are made. The weighted average discount rate used to measure operating lease liabilities as of December 31, 2019 was 4.5%. The following table presents information about the amount and timing of cash flows arising from the Company’s operating leases as of December 31, 2019: Maturity of Lease Liabilities Lease Payments 2020 $ 5,901 2021 4,659 2022 4,059 2023 3,398 2024 2,939 Thereafter 8,196 Total undiscounted operating lease payments 29,152 Less: Imputed interest 4,276 Present value of operating lease liabilities $ 24,876 |
Convertible Note Receivable
Convertible Note Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Convertible Note Receivable | 8. Convertible Notes Receivable: On May 31, 2018, the Company entered into a convertible loan agreement with Simax Precision Technologies Limited (“the borrower”), which allowed them to borrow up to $15,000 in multiple promissory notes with an interest rate of 4.25% per annum payable on a semi-annual basis. The Company expected to be a supplier of lithography modules to Simax, which is used in the manufacture, sale and service of lithography systems. At December 31, 2019, the Company had $5,000 in outstanding convertible notes receivable with the borrower. During the fourth quarter 2019, the Company and the borrower began negotiations to end their relationship as it pertains to this agreement. The Company determined that it is unlikely that a portion of the convertible note receivable will be collectable, and a reserve in the amount of $2,000 was recorded during the period ended December 31, 2019. In addition, the Company ceased recognizing interest income on these convertible notes receivable as of September 30, 2019. |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Detail [Abstract] | |
Balance Sheet Details | 9 . Balance Sheet Details: Inventories Inventories are comprised of the following: December 31, 2019 2018 Materials $ 108,492 $ 61,025 Work-in-process 42,694 21,910 Finished goods 24,948 13,885 Total inventories $ 176,134 $ 96,820 Property, Plant and Equipment Property, plant and equipment, net, is comprised of the following: December 31, 2019 2018 Land and building $ 47,222 $ 2,584 Machinery and equipment 56,504 29,097 Furniture and fixtures 3,968 3,226 Computer equipment and software 15,770 7,906 Leasehold improvements 13,069 9,448 136,533 52,261 Accumulated depreciation (38,113 ) (33,387 ) Total property, plant and equipment, net $ 98,420 $ 18,874 Depreciation expense amounted to $5,965, $4,848 and $3,990 for the years ended December 31, 2019, 2018 and 2017, respectively. Other assets Other assets is comprised of the following: December 31, 2019 2018 Convertible notes receivable, net of allowance of $2,000 $ 3,000 $ 5,000 Operating lease right-of-use assets 23,588 — Other 1,351 506 Total other assets $ 27,939 $ 5,506 Accrued liabilities Accrued liabilities is comprised of the following: December 31, 2019 2018 Payroll and related expenses $ 19,365 $ 10,648 Warranty 6,348 2,441 Other 491 611 Total accrued liabilities $ 26,204 $ 13,700 Other current liabilities Other current liabilities is comprised of the following: December 31, 2019 2018 Contingent consideration - acquisitions $ 569 $ 1,422 Income tax payable 2,783 — Current operating lease obligations 4,906 — Customer deposits 1,994 1,135 Accrued inventory 1,614 1,103 Accrued professional fees 1,520 532 Other 5,786 3,351 Total other current liabilities $ 19,172 $ 7,543 Other non-current liabilities Other non-current liabilities is comprised of the following: December 31, 2019 2018 Unrecognized tax benefits (including interest) $ 6,384 $ 5,409 Non-current operating lease obligations 19,970 — Contingent consideration - acquisitions — 638 Deferred revenue 2,464 1,314 Other 2,953 3,800 Total non-current liabilities $ 31,771 $ 11,161 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies: Factoring The Company maintains arrangements under which eligible accounts receivable in Japan are sold without recourse to unrelated third-party financial institutions. These receivables were not included in the consolidated balance sheets as the criteria for sale treatment had been met. The Company sold $9,018 of receivables during the year ended December 31, 2019. There were no material gains or losses on the sale of such receivables. There were no amounts due from such third-party financial institutions at December 31, 2019. Intellectual Property Indemnification Obligations The Company has entered into agreements with customers that include limited intellectual property indemnification obligations that are customary in the industry. These guarantees generally require the Company to compensate the other party for certain damages and costs incurred as a result of third-party intellectual property claims arising from these transactions. The nature of the intellectual property indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to its customers. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. Warranty Reserves The Company generally provides a warranty on its products for a period of 12 to 14 months against defects in material and workmanship. The Company estimates the costs that may be incurred during the warranty period and records a liability in the amount of such costs at the time revenue is recognized. The Company’s estimate is based primarily on historical experience. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Settlements of warranty reserves are generally associated with sales that occurred during the 12 to 14 months prior to the year-end and warranty accruals are related to sales during the same year. Changes in the Company’s warranty reserves are as follows: Year Ended December 31, 2019 2018 Balance, beginning of the period $ 2,441 $ 2,427 Accruals 4,265 3,486 Warranty liability assumed in Merger 4,227 — Usage (4,585 ) (3,472 ) Balance, end of the period $ 6,348 $ 2,441 Legal Matters From time to time, the Company is subject to legal proceedings and claims in the ordinary course of business. The following reflects an overview of the material activities with regard to these matters. Optical Solutions Inc. v. Nanometrics Incorporated (Case No. 18-cv-00417-BLF) Following the announcement of the proposed merger transaction between Nanometrics Incorporated and Rudolph Technologies, Inc., two purported class action complaints and three complaints were filed on behalf of Rudolph’s stockholders against Rudolph and its directors; of those five complaints, three were filed in the United States District Court for the District of Delaware, one in the United States District Court for the District of New Jersey, and one in the United States District Court for the District of Massachusetts. One of those five complaints also named Nanometrics and the subsidiary formed to effectuate the proposed merger transaction as defendants. A sixth complaint was filed on behalf of a Nanometrics stockholder against Nanometrics and its directors in the United States District Court for the Northern District of California. The complaints are captioned as follows: Stein v. Rudolph Technologies, Inc., et al. (D. Del.); Rosenblatt et al. v. Rudolph Technologies, Inc., et al. (D. Del.); Stein et al. v. Rudolph Technologies, Inc., et al. (D. Del.); Parikh v. Rudolph Technologies, Inc., et al. (D.N.J.); Roy v. Rudolph Technologies, Inc., et al. (D. Mass.); and Bryden-Moore v. Nanometrics Inc., et al. (N.D. Cal.). The Company refers to these actions collectively as the “Shareholder Actions.” The complaints in the Shareholder Actions generally asserted claims under Sections 14(a) and 20(a) of the Exchange Act challenging the adequacy of certain disclosures made in the version of the joint proxy statement/prospectus filed with the SEC on August 15, 2019, or, solely with respect to the complaint captioned Roy v. Rudolph Technologies, Inc., et al. (D. Mass.), the version of the joint proxy statement/prospectus filed with the SEC on September 10, 2019. The complaints generally sought, among other relief, an injunction preventing Rudolph from holding the Rudolph special meeting or consummating the transaction, an injunction preventing the Company from consummating the transaction, damages in the event that the merger is consummated, and attorneys’ fees. On October 11, 2019, plaintiffs in each of the Shareholder Actions agreed in principle to dismiss their claims in connection with the issuance of certain supplemental disclosures regarding the transaction and reserved the right to seek attorneys’ fees. The supplemental disclosures were filed with the Securities and Exchange Commission that same day. Subsequently, each of the plaintiffs filed a Notice of Voluntary Dismissal and a negotiation regarding the collective plaintiffs’ mootness fee claims was finalized. The payment for the plaintiffs’ mootness fee claims, which was immaterial, was thereafter made and the Shareholder Actions have been closed. Royalty Agreements Under various licensing agreements, the Company is obligated to pay royalties based on net sales of products sold. There are no minimum annual royalty payments. Royalty expense amounted to $1,429, $1,904 and $1,117 for the years ended December 31, 2019, 2018 and 2017, respectively. Open and Committed Purchase Orders The Company has open and committed purchase orders of $97,877 as of December 31, 2019. Line of Credit The Company has a credit agreement with a bank that provides for a line of credit which is secured by the marketable securities the Company has with the bank. The Company is permitted to borrow up to 70% of the value of eligible securities held at the time the line of credit is accessed. The available line of credit as of December 31, 2019 was approximately $91,258 with an available interest rate of 3.3%. The credit agreement is available to the Company until such time that either party terminates the arrangement at their discretion. The Company has not utilized the line of credit to date. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 11. Revenue The following table represents a disaggregation of revenue by timing of revenue: Year Ended December 31, 2019 2018 Point-in-time $ 286,130 $ 257,124 Over-time 19,766 16,660 Total revenue $ 305,896 $ 273,784 See Note 16 of the Notes to the Consolidated Financial Statements for additional discussion of the Company’s disaggregated revenue in detail. Contract Liabilities The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations. These amounts are recorded as deferred revenue in the Consolidated Balance Sheets. Changes in deferred revenue were as follows: Year Ended December 31, 2019 2018 Balance, beginning of the period $ 8,080 $ 7,206 Deferred revenue assumed in Merger 5,931 — Deferral of revenue 28,651 19,326 Recognition of deferred revenue (27,569 ) (18,452 ) Balance, ending of the period $ 15,093 $ 8,080 |
Share-Based Compensation and Em
Share-Based Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation and Employee Benefit Plans | 12. Share-Based Compensation and Employee Benefit Plans: Share-Based Compensation Plans The Company’s share-based compensation plans are intended to attract and retain employees and to provide an incentive for them to assist the Company to achieve long-range performance goals and to enable them to participate in long-term growth of the Company. The Company settles restricted stock unit awards and stock option exercises with newly issued common shares. Rudolph Technologies, Inc. 2018 Stock Plan (the “2018 Plan”) . The 2018 Plan provides for the grant of 2,709 stock awards and stock options to employees, directors and consultants at an exercise price equal to or greater than the fair market value of the common stock on the date of grant. Restricted stock units granted under the 2018 Plan typically vest over a three to five-year five-year grant. As of December 31, 2019 and 2018, there were shares of common stock available for issuance pursuant to future grants under the 2018 Plan totali ng 2,478 and 2,680 , respectively. Rudolph Technologies, Inc. 2009 Stock Plan (the “2009 Plan”) five-year three to five-year Nanometrics Incorporated 2005 Amended and Restated Equity Incentive Plan (the “2005 Plan”) . The 2005 Plan provides for the grant of 4,714 stock options and other stock awards to employees, directors and consultants at an exercise price equal to the fair market value of the common stock on the date of grant. Options granted under the 2005 Plan typically grade vest over a three-year three-year The following table reflects share-based compensation expense by type of award: Year Ended December 31, 2019 2018 2017 Share-based compensation expense: Restricted stock units, including all performance and market based awards $ 10,421 $ 6,062 $ 5,433 Stock options and employee stock purchase options 164 — 237 Total share-based compensation 10,585 6,062 5,670 Tax effect on share-based compensation 2,283 1,362 2,052 Net effect on net income $ 8,302 $ 4,700 $ 3,618 Effect on earnings per share: Basic $ (0.28 ) $ (0.18 ) $ (0.14 ) Diluted $ (0.28 ) $ (0.18 ) $ (0.14 ) Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity with respect to the years ended December 31, 2019, 2018 and 2017 follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 914 $ 15.29 Granted 225 $ 28.23 Vested (258 ) $ 14.80 Forfeited (65 ) $ 17.14 Nonvested at December 31, 2017 816 $ 18.50 Granted 228 $ 34.80 Vested (325 ) $ 17.73 Forfeited (80 ) $ 22.12 Nonvested at December 31, 2018 639 $ 24.26 Granted 271 $ 29.58 Assumed in Merger 598 $ 31.43 Vested (366 ) $ 25.69 Forfeited (35 ) $ 26.44 Nonvested at December 31, 2019 1,107 $ 28.89 As of December 31, 2019, there was $22,230 of total unrecognized compensation cost related to restricted stock units granted under the plans. That cost is expected to be recognized over a weighted average period of 1.9 years. Stock Option Activity A summary of the Company’s stock option activity with respect to the years ended December 31, 2019, 2018 and 2017 follows: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at December 31, 2016 173 $ 12.67 Granted — — Exercised (114 ) 11.37 Expired — — Forfeited — — Outstanding at December 31, 2017 59 15.20 Granted — — Exercised (22 ) 15.20 Expired — — Forfeited — — Outstanding at December 31, 2018 37 $ 15.20 Granted — — Assumed in Merger 12 16.27 Exercised (2 ) 14.96 Expired — — Forfeited — — Outstanding at December 31, 2019 47 $ 15.49 2.4 $ 985 Vested or expected to vest at December 31, 2019 47 $ 15.49 2.4 $ 985 Exercisable at December 31, 2019 47 $ 15.49 2.4 $ 985 The total intrinsic value of the stock options exercised during 2019, 2018 and 2017 was $51, $384 and $853, respectively. As of December 31, 2019, there was no unrecognized compensation cost related to stock options granted under the plans. The options outstanding and exercisable at December 31, 2019 were in the following exercise price ranges: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $14.08 - $14.08 1 0.7 $ 14.08 1 $ 14.08 $15.20 - $15.20 35 3.0 $ 15.20 35 $ 15.20 $15.61 - $18.22 9 0.5 $ 16.37 9 $ 16.37 $18.79 - $18.79 1 1.2 $ 18.79 1 $ 18.79 $14.08 - $18.79 47 2.4 $ 15.49 47 $ 15.49 Employee Stock Purchase Plan Rudolph Technologies, Inc. 2018 Employee Stock Purchase Plan (the “2018 ESPP”). The 2018 ESPP was terminated in the third quarter of 2019 as a result of the Merger. Under the terms of the ESPP, eligible employees may have had up to 15% of eligible compensation deducted from their pay and applied to the purchase of shares of Company common stock. The price the employee would pay for each share of stock was 95 % of the fair market value of Company common stock at the end of the applicable six-month purchase period. The ESPP was intended to qualify under Section 423 of the Internal Revenu e Code and was a non-compensatory plan as defined by FASB ASC 718, “Stock Compensation.” No stock-based compensation expense attributable to the 2018 ESPP was recorded for the years ended December 31, 2019, 2018 and 2017. Nanometrics Incorporated Amended and Restated 2003 Employee Stock Purchase Plan (the “2003 ESPP”). Under the terms of the 2003 ESPP, eligible employees may have up to 10% of eligible compensation deducted from their pay and applied to the purchase of shares of Company common stock. The price the employee pays for each share of stock is 85% of the lesser of the fair market value of Company common stock at the beginning or the end of the applicable six-month purchase period. The 2003 ESPP is intended to qualify under Section 423 of the Internal Revenue Code and is a compensatory plan as defined by FASB ASC 718, “Stock Compensation.” Stock-based compensation expense attributable to the 2003 ESPP was $165 for the year ended December 31, 2019. Through the Company’s employee stock purchase plans, employees purchased 72, 13 and 11 shares during the twelve months ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, there were 236 and 1,206, shares available for issuance under the Company’s employee stock purchase plans, respectively. 401(k) Savings Plan The Company has a 401(k) savings plan that allows employees to contribute up to 100% of their annual compensation to the Plan on a pre-tax or after-tax basis, limited to a maximum annual amount as set periodically by the Internal Revenue Service. The plan provides a 50% match of all employee contributions up to 6 percent of the employee’s salary. Matching contributions to the plan totaled $1,317, $1,118 and $1,047 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2019 | |
Other Income Expense [Abstract] | |
Other Income (Expense), Net | 13. Other Income (Expense), Net: Other income (expense), net is comprised of the following: Year Ended December 31, 2019 2018 2017 Foreign currency exchange gains (losses), net $ 676 $ (255 ) $ (457 ) Gain on casualty insurance claim — 302 — Rental income 2 — — Other 102 9 — Total other income (expense), net $ 780 $ 56 $ (457 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes: The components of income tax expense are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ (27 ) $ 4,423 $ 6,020 State 88 1,038 507 Foreign 1,548 626 3,159 1,609 6,087 9,686 Deferred: Federal (4,730 ) 1,961 17,034 State 506 (73 ) 643 Foreign 108 275 (470 ) (4,116 ) 2,163 17,207 Total income tax expense (benefit) $ (2,507 ) $ 8,250 $ 26,893 The income before tax is comprised of the following: Year Ended December 31, 2019 2018 2017 Domestic operations $ (7,087 ) $ 49,089 $ 57,079 Foreign operations $ 6,490 $ 4,257 $ 2,723 The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. federal income tax rate of 21% for the years ended December 31, 2019 and 2018, and 35% for years ended December 31, 2017 to income before provision for income taxes as follows: Year Ended December 31, 2019 2018 2017 Federal income tax provision at statutory rate $ (125 ) $ 11,203 $ 20,931 State taxes, net of federal effect 113 747 573 Foreign taxes, net of federal effect (1,277 ) 17 (238 ) Domestic manufacturing benefit — — (1,569 ) Foreign Derived Intangible Income ("FDII") Deduction (2,278 ) (2,217 ) — Global Intangible Low-Taxes Income ("GILTI") inclusion 1,786 113 — Non-deductible officer's compensation 826 526 — Research & development tax credit (2,126 ) (2,298 ) (1,559 ) Remeasurement of deferred tax balances, related to the Tax Act — (33 ) 8,020 Transition tax on foreign earnings, related to the Tax Act — 138 (106 ) Other 574 54 841 Provision (benefit) for income taxes $ (2,507 ) $ 8,250 $ 26,893 Effective tax rate 420 % 15 % 45 % Deferred tax assets and liabilities are comprised of the following: December 31, 2019 2018 Deferred Tax Assets: Reserves and accruals $ 8,254 $ 4,880 Deferred revenue 1,219 1,201 Share-based compensation 2,955 1,259 Tax credit carryforward 11,307 2,484 Net operating losses 6,008 1,692 Depreciation and amortization 7,151 4,298 Operating lease right-of-use assets (1) 4,965 — Other 1,128 777 Gross deferred tax assets 42,987 16,591 Less: valuation allowance (14,160 ) (3,172 ) Total deferred tax assets after valuation allowance 28,827 13,419 Deferred Tax Liabilities: Depreciation and amortization (89,286 ) (609 ) Operating lease liabilities (1) (4,709 ) — Other (416 ) — Gross deferred tax liabilities (94,411 ) (609 ) Net deferred tax assets (liabilities) $ (65,584 ) $ 12,810 (1) At December 31, 2019 and 2018, the Company had recorded valuation allowances of $14,160 and $3,172, respectively, on a certain portion of the Company’s deferred tax assets to reflect the deferred tax assets at the net amount that is more likely than not to be realized. The Company maintained a full valuation allowance on its remaining foreign tax credits in the amount of $2,366, as well as maintaining a full valuation allowances against its China, Switzerland and United Kingdom deferred tax assets of $478, $3,434 and $443, respectively. The Company also maintained a valuation allowance against a portion of its California deferred tax assets of $7,439. In assessing the realizability of deferred tax assets, the Company uses a more likely than not standard. If it is determined that it is more-likely-than-not that deferred tax assets will not be realized, a valuation allowance must be established against the deferred tax assets. The ultimate realization of the assets is dependent on the generation of future taxable income during the periods in which the associated temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies when making this assessment. In making the determination that it is more likely than not that the Company’s deferred tax assets will be realized as of December 31, 2019, the Company relied primarily on the reversal of deferred tax liabilities as well as projected future taxable income. At December 31, 2019, the Company had federal, state and foreign net operating loss carryforwards of $1,997, $25,630 and $20,986, respectively. The federal, state and foreign net operating loss carryforwards expire on various dates beginning in 2020 through 2035. At December 31, 2019, the Company had federal and state research & development credits and foreign tax credit carryforwards of $6,859, $9,948 and $2,366, respectively. The state research & development credits are set to expire at various dates beginning in 2025. The foreign tax credit is set to expire at various dates through December 31, 2029. As of December 31, 2019, the Company has provided U.S. income taxes on all its foreign earnings. The Company continues to permanently reinvest the cash held offshore to support its working capital needs. Accordingly, no additional foreign withholding taxes that may be required from certain jurisdictions in the event of a cash distribution have been provided for. The total amount of unrecognized tax benefits are as follows: December 31, 2019 2018 2017 Balance, beginning of the period $ 5,528 $ 4,880 $ 4,827 Gross increases—tax positions in prior period 9,989 496 171 Gross decreases—tax positions in prior period (932 ) (61 ) (362 ) Gross increases—current-period tax positions 558 213 244 Lapse of statute of limitations — — — Balance, end of the period $ 15,143 $ 5,528 $ 4,880 The unrecognized tax benefit at December 31, 2019 and 2018 were $15,143 and $5,528, respectively, of which $10,649 and $4,995, respectively, would be reflected as an adjustment to income tax expense if recognized. The year over year increase from 2018 to 2019 is primarily due to additional unrecognized tax benefits related to federal tax exposures. It is reasonably possible that certain amounts of unrecognized tax benefits may reverse in the next 12 months; however, the Company does not expect such reversals to have a significant impact on its results of operations or financial position. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2019, 2018 and 2017, the Company recognized approximately $236, $199 and $246, respectively, in interest and penalties expense associated with uncertain tax positions. As of December 31, 2019 and 2018, the Company had accrued interest and penalties expense related to unrecognized tax benefits of $1,681 and $1,445, respectively. The Company is subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. The Company is subject to ordinary statute of limitation rules of three and four years for federal and state returns, respectively. However, due to tax attribute carryforwards, the Company is subject to examination for tax years 2003 forward for U.S. federal tax purposes. The Company is also subject to examination in various states for tax years 2002 forward. The Company is subject to examination for tax years 2011 forward for various foreign jurisdictions. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from any future examinations of these years. In the normal course of business, the Company is subject to tax audits in various jurisdictions, and such jurisdictions may assess additional income taxes or other taxes against it. Although the Company believes its tax estimates are reasonable, the final determination of tax audits and any related litigation could be materially different from the Company’ s historical income tax provisions and accruals. The results of an audit or litigation could have a material adverse effect on the Company’ s results of operations or cash flows in the period or periods for which that determination is made. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 15. Accumulated Other Comprehensive Loss: Comprehensive income includes net income, foreign currency translation adjustments, and net unrealized gains and losses on available-for-sale debt securities. See the Consolidated Statements of Comprehensive Income for the effect of the components of comprehensive income on the Company’s net income. The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized (gains) losses on marketable securities Accumulated other comprehensive loss (income) Balance at December 31, 2017 $ 1,079 $ 126 $ 1,205 Net current period other comprehensive loss 194 (136 ) 58 Reclassifications — — — Balance at December 31, 2018 1,273 (10 ) 1,263 Net current period other comprehensive income (709 ) 44 (665 ) Reclassifications — — — Balance at December 31, 2019 $ 564 $ 34 $ 598 |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Information | 16. Segment Reporting and Geographic Information: The Company is engaged in the design, development, manufacture and support of high-performance control metrology, defect inspection, advanced packaging lithography and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment: the design, development, manufacture and support of high-performance process control defect inspection and metrology, advanced packaging lithography and process control software systems used by microelectronics device manufacturers. Therefore, the Company has one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The CEO allocates resources and assesses performance of the business and other activities at the reportable segment level. The following table lists the different sources of revenue: Year Ended December 31, 2019 2018 2017 Systems and software $ 255,723 84 % $ 234,241 86 % $ 216,884 85 % Parts 34,892 11 % 28,658 10 % 27,143 11 % Services 15,281 5 % 10,885 4 % 11,071 4 % Total revenue $ 305,896 100 % $ 273,784 100 % $ 255,098 100 % The Company’s significant operations outside the United States include sales, service and application offices in Asia and Europe. For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Year Ended December 31, 2019 2018 2017 Revenue from third parties: United States $ 46,717 $ 43,944 $ 36,104 Taiwan 66,601 45,312 63,079 South Korea 43,997 51,750 44,180 Singapore 10,699 14,371 12,775 Japan 29,816 22,361 18,943 Germany 4,899 14,913 15,580 China 80,017 63,243 35,925 Other Europe 18,124 12,260 23,768 Other Asia 5,026 5,630 4,744 Total revenue $ 305,896 $ 273,784 $ 255,098 In 2019, sales to Taiwan Semiconductor Manufacturing Co. Ltd and SK Hynix Inc. accounted for 13.4% and 13.1%, respectively, of the Company’s revenue. In 2018, sales to SK Hynix Inc. accounted for 12.2% of the Company’s revenue. No individual end user customer accounted for more than 10% of the Company’s revenue in 2017. The Company does not have purchase contracts with any of its customers that obligate them to continue to purchase its products. At December 31, 2019, one customer, Taiwan Semiconductor Manufacturing Co. Ltd., accounted for more than 10% of net accounts receivable. At December 31, 2018, no individual customer accounted for more than 10% of net accounts receivable. Substantially all of the Company’s long-lived assets are located within the United States of America. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. Earnings Per Share: Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner and also gives effect to all dilutive common stock equivalent shares outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with U.S. GAAP, these shares were not included in calculating diluted earnings per share. For the year ended December 31, 2019, the weighted average number of restricted stock units and stock options excluded from the computation of diluted earnings per share were 69 and 0, respectively. For the year ended December 31, 2018, the weighted average number of restricted stock units and stock options excluded from the computation of diluted earnings per share were 52 and 0, respectively. For the year ended December 31, 2017, the weighted average number of restricted stock units and stock options excluded from the computation of diluted earnings per share were 8 and 0, respectively. The Company’s basic and diluted earnings per share amounts are as follows: December 31, 2019 2018 2017 Numerator: Net income $ 1,910 $ 45,096 $ 32,909 Denominator: Basic earnings per share - weighted average shares outstanding 29,729 25,470 25,325 Effect of potential dilutive securities: Restricted stock units and stock options - dilutive shares 278 426 539 Warrants - dilutive shares — — 1 Diluted earnings per share - weighted average shares outstanding 30,007 25,895 25,865 Earnings per share: Basic $ 0.06 $ 1.77 $ 1.30 Diluted $ 0.06 $ 1.74 $ 1.27 |
Share Repurchase Authorization
Share Repurchase Authorization | 12 Months Ended |
Dec. 31, 2019 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Authorization | 18. Shares Repurchase Authorization: In October 2018, the Rudolph Board of Directors approved a share repurchase authorization, which allowed Rudolph to repurchase up to $40,000 worth of shares of the Rudolph’s common stock. The authorization provided for repurchases to be made in the open market or through negotiated transactions from time to time. The share repurchase authorization was terminated on October 25, 2019 due to the closing of the Merger. The following table summarizes the Company’s stock repurchases: Year Ended December 31, 2019 2018 2017 Shares of common stock repurchased 37 1,061 — Cost of stock repurchased $ 744 $ 21,069 $ - Average price paid per share $ 19.85 $ 19.86 $ - Following the Merger, the Company assumed the share repurchase authorization approved on March 14, 2019, by the former Nanometrics Board of Directors. This share repurchase authorization allows for the Company to purchase up to $80,000 worth of shares of its common stock. Under the terms of this share repurchase authorization, shares may be repurchased through open market or privately negotiated transactions. No shares have been repurchased under this repurchase authorization as of December 31, 2019. |
Quarterly Consolidated Financia
Quarterly Consolidated Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Consolidated Financial Data Unaudited [Abstract] | |
Quarterly Consolidated Financial Data (unaudited) | 19. Quarterly Consolidated Financial Data (unaudited): The following tables present certain unaudited consolidated quarterly financial information for the years ended December 31, 2019 and 2018. In the opinion of the Company’s management, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not necessarily indicative of results for the full year or for any future period. Year-over-year quarterly comparisons of the Company’s results of operations may not be meaningful, as the sequential quarterly comparisons set forth below tend to reflect the cyclical activity of the semiconductor industry as a whole. Other quarterly fluctuations in expenses are related directly to sales activity and volume and may also reflect the timing of operating expenses incurred throughout the year, and changes in tax rates. Quarters Ended March 31, 2019 June 30, 2019 September 2019 December 31, 2019 Total Revenue $ 60,892 $ 61,511 $ 62,935 $ 120,558 $ 305,896 Gross profit 32,019 31,911 31,511 39,587 $ 135,028 Income (loss) before income taxes 8,795 6,121 6,908 (22,421 ) $ (597 ) Net income (loss) 7,576 5,526 6,560 (17,752 ) $ 1,910 Income (loss) per share: Basic $ 0.31 $ 0.22 $ 0.26 $ (0.41 ) $ 0.06 Diluted $ 0.30 $ 0.22 $ 0.26 $ (0.41 ) $ 0.06 Weighted average number of shares outstanding: Basic 24,863 25,032 25,079 43,609 29,729 Diluted 25,144 25,250 25,305 43,609 30,007 Quarters Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Revenue $ 73,096 $ 77,476 $ 60,432 $ 62,780 $ 273,784 Gross profit 42,421 41,736 31,454 32,668 148,279 Income before income taxes 17,674 17,290 8,368 10,014 53,346 Net income 15,130 14,697 7,187 8,082 45,096 Income per share: Basic $ 0.59 $ 0.57 $ 0.28 $ 0.32 $ 1.77 Diluted $ 0.58 $ 0.56 $ 0.28 $ 0.32 $ 1.74 Weighted average number of shares outstanding: Basic 25,463 25,621 25,655 25,146 25,470 Diluted 25,989 26,086 26,063 25,449 25,895 |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS (In thousands) Column A Column B Column C Column D Column E Description Balance at Beginning of Period Charged to (Recovery of) Costs and Expense Charged to Other Accounts (net) Deductions Balance at End of Period Year 2019: Allowance for doubtful accounts $ 691 $ 363 $ — $ (193 ) $ 1,247 Deferred tax valuation allowance 3,172 942 10,046 — 14,160 Allowance for convertible notes receivable — 2,000 — — 2,000 Year 2018: Allowance for doubtful accounts $ 460 $ 293 $ — $ 62 $ 691 Deferred tax valuation allowance 2,447 725 — — 3,172 Year 2017: Allowance for doubtful accounts $ 680 $ (222 ) $ — $ (2 ) $ 460 Deferred tax valuation allowance 1,924 626 (103 ) — 2,447 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Consolidation | Consolidation. The consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Revenue Recognition | Revenue Recognition . Revenue is recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company has elected to account for shipping and handling activities as the fulfillment of a promise to transfer goods to the customer and therefore records these activities under the caption “Cost of revenue.” Sales tax and any other taxes collected concurrent with revenue producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. These accounting policy elections are consistent with the manner in which the Company has historically recorded these items. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers or the expected cost-plus margin. Systems and Software Revenue Revenue from systems is recognized when the Company transfers control of the product to the customer. To indicate transfer of control, the Depending on the terms of the systems arrangement, the Company may also defer the recognition of a portion of the consideration expected to be received because the Company has to satisfy a future obligation (e.g., installation, training and extended warranties). The Company uses an observable price to determine the standalone selling price for separate performance obligations or a cost-plus margin approach when one is not available. Revenue from software licenses provides the customer with a right to use the software as it exists when made available to the customer. Revenue from software licenses are recognized upfront at the point in time when the software is made available to the customer. Revenue from licensing support and maintenance is recognized as the support and maintenance are provided, which is over the contract period. Payment for software licensing, support and maintenance is generally due in 30 days. Parts Revenue Revenue from parts is recognized when the Company transfers control of the product, which typically occurs when the Company ships the product from its facilities to the customer. Payment for parts is generally due in 30 days. Services Revenue Revenue from services primarily consists of service contracts, which provide additional maintenance coverage beyond the Company’s assurance warranty on its products, service labor, consulting and training. Revenue from service contracts is recognized ratably over the term of the service contract. Revenue from service labor, consulting and training is recognized as services are performed. Payment for services is generally due in 30 days. Revenue from installation services is recognized at a point in time when installation is complete. Practical Expedients The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general and administrative expenses. The Company does not adjust the amount of consideration for the effects of a significant financing component as the payment terms are generally one year or less. The Company does not disclose the value of remaining performance obligations for contracts with an original expected length of one year or less and contracts for which the Company recognizes revenue in the amount to which it has the right to invoice. For additional information on the Company’s revenue recognition, see Note 11 of Notes to the Consolidated Financial Statements. |
Business Combinations | Business We account for business combinations under the acquisition method of accounting, which requires us to recognize separately from goodwill the assets acquired, and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in our consolidated statements of operations. Accounting for business combinations requires our management to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, restructuring liabilities, pre-acquisition contingencies, and contingent consideration, where applicable. Although we believe the assumptions and estimates we have made in the past have been reasonable and appropriate, they are based, in part, on historical experience and information obtained from the management of the acquired companies and are inherently uncertain. Estimates in valuing certain acquired intangible assets under the income approach include growth in future expected cash flows from product sales, acquired technologies, technology obsolescence rates, estimated cash flows from the projects when completed and discount rates. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. For additional information on the Company’s business combinations, see Note 3 of Notes to the Consolidated Financial Statements. |
Estimates | Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include the allowances for doubtful accounts and convertible notes receivable, excess and obsolete inventory, fair value of assets acquired and liabilities assumed in a business combination, recoverability and useful lives of property, plant and equipment and identifiable intangible assets, recoverability of goodwill, recoverability of deferred tax assets, liabilities for product warranty, contingencies, including litigation reserves and share-based payments and liabilities for tax uncertainties. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents include cash and highly liquid debt instruments with original maturities of three months or less when purchased. |
Marketable Securities | Marketable The Company determined that all of its investment securities are to be classified as available-for-sale. Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in stockholders’ equity under the caption “Accumulated other comprehensive loss.” Realized gains and losses and, interest and dividends on available-for-sale securities are included in interest income and other, net. Available-for-sale securities are classified as current assets regardless of their maturity date if they are available for use in current operations. The Company reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recove ry in market value. When a decline in fair value is determined to be other-than-temporary, unrealized losses on available-for-sale securities are charged against earnings. The specific identification method is used to determine the gains and losses on mark etable securities. For additional information on the Company’s marketable securities, see Note 5 of Notes to the Consolidated Financial Statements. |
Allowance for Doubtful Accounts | Allowance The Company evaluates the collectability of accounts receivable based on a combination of factors. Where the Company is aware of circumstances that may impair a specific customer’s ability to meet its financial obligation, the Company records a specific allowance against amounts due, thereby reducing the net recognized receivable to the amount management reasonably believes will be collected. For all other customers, the Company recognizes allowances for doubtful accounts based on the length of time the receivables are outstanding, industry and geographic concentrations, the current business environment and historical experience. |
Inventories | Inventories . Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less predictable costs of completion, disposal and transportation. Cost is generally determined on a first-in, first-out basis, and includes material, labor and manufacturing overhead costs. The Company reviews and sets standard costs as needed, but at a minimum, on an annual basis, at current manufacturing costs in order to approximate actual costs. The Company evaluates inventories for excess quantities and obsolescence. The Company establishes inventory reserves when conditions exist that suggest that inventory may be in excess of anticipated demand or is obsolete based upon assumptions about historical and future demand for the Company’s products and market conditions. In addition, inventories are evaluated for potential obsolescence due to the effect of known and anticipated engineering design changes. Once a reserve has been established, it is maintained until the item to which it relates is scrapped or sold. The Company regularly evaluates its ability to realize the value of inventory based on a combination of factors including the following: historical usage rates, forecasted sales of usage, product end-of-life dates, estimated current and future market values and new product introductions. When recorded, reserves are intended to reduce the carrying value of the Company’s inventory to its net realizable value. If actual demand for the Company’s products deteriorates, or market conditions are less favorable than those that the Company projects, additional reserves may be required. Charges to Cost of revenue for excess and obsolete inventories totaled $10,841 in 2019. Included in this amount is a charge of $5,945 recorded in the fourth quarter related to excess inventory from a deemphasized product line and the rationalization of service inventory after the Merger. In 2018 and 2017, the Company recorded charges of $3,042 and $3,833, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets, which are five to twenty-two years for buildings, three to ten years for machinery and equipment, three to ten years for furniture and fixtures, three years for computer equipment, and three to seven years for software. Leasehold improvements are amortized using the straight-line method over the lesser of the lease term or the estimated useful life of the related asset. Repairs and maintenance costs are expensed as incurred and major renewals and betterments are capitalized |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets. Long-lived assets, such as property, plant, and equipment, and identifiable acquired intangible assets with definite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be gene rated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is generally based on disc ounted cash flows. For the year ended December 31, 2019, there was an impairment to an item in property, plant and equipment of $ 507 , which was recorded in general and administrative expenses in the Consolidated Statements of Operations. There were no impairments of long-lived assets for the years ended December 31, 2018 and 2017. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. Goodwill and indefinite lived assets are tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company has one operating segment. No goodwill impairment occurred in 2019, 2018, or 2017. Goodwill is reviewed for impairment using either a qualitative assessment or a quantitative goodwill impairment test. If the Company chooses to perform a qualitative assessment and determine the fair value more likely than not exceeds the carrying value, no further evaluation is necessary. When the Company performs the quantitative goodwill impairment test, it compares fair value to carrying value, which includes goodwill. If fair value exceeds carrying value, the goodwill is not considered impaired. If the carrying value is higher than the fair value, the difference would be recognized as an impairment loss. For additional information on the Company’s goodwill and purchased intangible assets, see Note 6 of Notes to the Consolidated Financial Statements. |
Concentration of Credit Risk | Concentration of Credit Risk. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of accounts receivable, cash and cash equivalents and marketable securities. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for sales on credit. The Company maintains allowances for potential credit losses. The Company maintains cash and cash equivalents and marketable securities with higher credit quality issuers and monitors the amount of credit exposure to any one issuer. The Company's investment policy provides guidelines and limits regarding credit quality, investment concentration, investment type, and maturity that the Company believes will provide liquidity while reducing risk of loss of capital. Investments are of a short-term nature and include investments in commercial paper, corporate debt securities, asset-backed securities, U.S. Treasury, U.S. Government, and U.S. Agency debt. The Company sells its products primarily to end users in the United States, Asia and Europe and, generally, does not require its customers to provide collateral or other security to support accounts receivable. Management performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for estimated potential bad debt losses. The Company’s customer base is highly concentrated and historically, a relatively small number of customers have accounted for a significant portion of its revenues. The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on its future financial position, results of operations or cash flows: advances and trends in new technologies and industry standards; competitive pressures in the form of new products or price reductions on current products; changes in product mix; changes in the overall demand for products offered; changes in third-party manufacturers; changes in key suppliers; changes in certain strategic relationships or customer relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; fluctuations in foreign currency exchange rates; risk associated with changes in domestic and international economic and/or political regulations; availability of necessary components or sub-assemblies; disruption of manufacturing facilities; and its ability to attract and retain employees necessary to support its growth. Certain components and sub-assemblies used in the Company’s products are purchased from a sole supplier or a limited group of suppliers. The Company currently purchases its spectroscopic ellipsometer and robotics used in its advanced measurement systems from a sole supplier or a limited group of suppliers located in the United States. Any shortage or interruption in the supply of any of the components or sub-assemblies used in its products or its inability to procure these components or sub-assemblies from alternate sources on acceptable terms could have a material adverse e ffect on its business, financial condition and results of operations. |
Warranties | Warranties. The Company generally provides a warranty on its products for a period of twelve to fourteen months against defects in material and workmanship. The Company provides for the estimated cost of product warranties at the time revenue is recognized. The estimated future warranty obligations are affected by the warranty periods, sales volumes, product failure rates, material usage and labor and replacement costs incurred in correcting a product failure. If actual product failure rates, material usage, labor or replacement costs differ from the Company’s estimates, revisions to the estimated warranty obligations would be required. The warranty accrual represents the best estimate of the amount necessary to settle future and existing claims on products sold as of the balance sheet date. The Company periodically assesses the adequacy of its recorded warranty reserve and adjusts the amounts in accordance with changes in these factors. |
Income Taxes | Income Taxes . The Company accounts for income taxes using the asset and liability approach for deferred taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. A valuation allowance is recorded to reduce a deferred tax asset to that portion which more likely than not will be realized. For additional information on the Company’s income taxes, see Note 14 of Notes to the Consolidated Financial Statements. |
Translation of Foreign Currencies | Translation of Foreign Currencies. The Company has branch operations or wholly-owned subsidiaries in the United States, Europe, Japan, China, Taiwan, Singapore and South Korea. Its international subsidiaries and branches operate primarily through the use of local functional currencies. A substantial portion of the Company’s international systems sales are denominated in U.S. dollars with the exception of Japan. Consequently, we have relatively little exposure to foreign currency exchange risk with respect to these sales. Assets and liabilities are translated at exchange rates in effect at the balance sheet date, and income and expense accounts and cash flow items are translated at average monthly exchange rates during the period. Net exchange gains or losses resulting from the translation of foreign financial statements and the effect of exchange rates on intercompany transactions of a long-term investment nature are recorded directly as a separate component of stockholders’ equity under the caption, “Accumulated other comprehensive loss.” Any foreign currency gains or losses related to transactions are included in operating results. The Company had accumulated exchange losses resulting from the translation of foreign operation financial statements of $564 and $1,273 as of December 31, 2019 and 2018, respectively. |
Share-based Compensation | Share-based Compensation . The Company measures the cost of employee services received in exchange for the award of equity instruments based on the fair value of the award at the date of grant. Compensation expense is recognized using the straight-line attribution method to recognize share-based compensation over the service period of the award, with adjustments recorded for forfeitures as they occur. For additional information on the Company’s share-based compensation plans, see Note 12 of Notes to the Consolidated Financial Statements. |
Research and Development Costs | Research and Development Costs . Expenditures for research and development are expensed as incurred. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments . The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their short maturities. The estimated fair value of these obligations is based, primarily, on a market approach, comparing the Company’s interest rates to those rates the Company believes it would reasonably receive upon re-entry into the market. Judgment is required to estimate the fair value using available market information and appropriate valuation methods. For additional information on the Company’s fair value of financial instruments, see Note 4 of Notes to the Consolidated Financial Statements. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities . The Company, when it considers it to be appropriate, enters into forward contracts to hedge the economic exposures arising from foreign currency denominated transactions. At December 31, 2019 and 2018, these contracts included the future sale of Japanese Yen to purchase U.S. dollars. The foreign currency forward contracts were entered into by the Company’s Japanese subsidiary to hedge a portion of certain intercompany obligations. Post-merger with Nanometrics, the Company enters into forward contracts for several other currencies including the Korean Won, Taiwanese dollar and Chinese Yuan Renminbi. The forward contracts are not designated as hedges for accounting purposes and therefore, the change in fair value is recorded in general and administrative expenses in the Consolidated Statements of Operations. The Company records its forward contracts at fair value in either prepaid expenses and other current assets or other current liabilities in the Consolidated Balance Sheets. The dollar equivalent of the U.S. dollar forward contracts and related fair values as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Notional amount 38,887 6,746 Fair value of asset (liability) 120 (32 ) During the years ended December 31, 2019 and 2017, the Company recorded gains of $ $343 and $105 on maturities of forward contracts, respectively. During the year ended December 31, 2018, the Company recognized a loss of $81 on maturities of forward contracts. The aggregate notional amounts of matured contracts were $58,522, $8,465 and $9,582 for 2019, 2018 and 2017, respectively. |
Contingencies and Litigation | Contingencies and Litigation . The Company is subject to the possibility of losses from various contingencies, including certain legal proceedings, lawsuits and other claims. The Company accrues for a loss contingency when it concludes that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. If the Company concludes that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. The Company expenses as incurred the costs of defending legal claims against the Company. The Company does not recognize gain contingencies until realized. See Note 10 of the Notes to the Consolidated Financial Statements, “Commitments and Contingencies” for a detailed description. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. Recently Adopted Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. The ASU is effective for the fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU No. 2018-07 did not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. Effective January 1, 2019, the Company adopted ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new guidance allows companies to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. The guidance also requires certain new disclosures regardless of a company’s election. The standard is effective for annual periods beginning after December 15, 2018 and for interim periods within those annual periods, with earlier adoption permitted. The adoption of ASU No. 2018-02 did not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows. In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU eliminates Step 2 from the goodwill impairment test. Accordingly, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to the excess, limited to the total amount of goo dwill allocated to the reporting unit. The ASU is effective for the fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with earlier adoption permitted. The adoption of ASU No. 2017-04 during 2019 did not hav e a material impact on the Company’s consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” ASU No. 2016-02 requires that lessees recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. On January 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective method which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company also elected the package of practical expedients. There was not a cumulative-effect adjustment to the Company’s beginning retained earnings as a result of adopting ASU No. 2016-02. The Company has recognized additional operating lease assets and obligations of $14,426 as of January 1, 2019. As a result of the Merger, operating lease assets and obligations of $9,658 were assumed from the former Nanometrics. The Company elected to not reassess prior conclusions related to the identification, classification and accounting for initial direct costs for leases that commenced prior to January 1, 2019. For additional disclosure and detail, see Note 7 of the Notes to the Consolidated Financial Statements, “Leasing Arrangements.” Recently Issued In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU is part of the FASB’s larger disclosure framework project intended to improve the effectiveness of financial statement footnote disclosure. ASU No. 2018-13 modifies required fair value disclosures related primarily to level 3 investments. This ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. The adoption of ASU No. 2018-13 is not expected to have a material effect on the Company’s consolidated financial position, results of operations, and cash flows. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification (“ASC”) 718. The ASU is effective for the fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The adoption of ASU No. 2017-09 is not expected to have a material effect on the Company’s consolidated financial position, results of operations, and cash flows, if any. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which represents a new credit loss standard that will change the impairment model for most financial assets and certain other financial instruments. Specifically, this guidance will require entities to utilize a new “expected loss” model as it relates to trade receivables, notes receivable and other commitments to extend credit held by a reporting entity . In addition, entities will be required to recognize an allowance for estimated credit losses on available-for-sale debt securities, regardless of the length of time that a security has been in an unrealized loss position. This guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods, with early adoption permitted. The Company expects that the adoption of this guidance will not have a materia l impact on its consolidated financial position, results of operations, and cash flows. Recently issued accounting guidance not discussed above is not applicable or did not have, or is not expected to have, a material impact to the Company. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Forward Contracts and Related Fair Values | The dollar equivalent of the U.S. dollar forward contracts and related fair values as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Notional amount 38,887 6,746 Fair value of asset (liability) 120 (32 ) |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocation of the Total Purchase Consideration to Initial Estimated Fair Values of the Assets Acquired and Liabilities Assumed | The following table summa rizes the preliminary allocation of the total purchase consideration to the initial estimated fair values of the assets acquired and liabilities assumed as of October 25, 2019: Cash and cash equivalents $43,882 Marketable securities 94,389 Account receivables 49,917 Inventories 98,478 Prepaid expenses and other current assets 7,734 Property, plant and equipment 77,451 Operating lease right-of-use assets 9,658 Identifiable intangible assets 374,900 Deferred income taxes 1,352 Other assets 850 Total assets acquired 758,611 Accounts payable (23,361) Payroll and related expenses (20,290) Deferred revenue (5,931) Other current liabilities (10,739) Income taxes payable (2,699) Other non-current liabilities (90,113) Net assets acquired 605,478 Goodwill 284,653 Total purchase consideration $890,131 |
Preliminary Allocation of the Intangible Assets | The preliminary allocation of the intangible assets subject to amortization is as follows: Estimated Fair Value Weighted Average Useful Life (years) Developed technology $260,500 6.6 In-process research and development 46,600 indefinite Customer relationships 53,000 13.1 Backlog 6,700 1.1 Trademarks and trade names 8,100 7.5 Total intangible assets $374,900 |
Schedule of Pro Forma and Reported Financial Information | The reported financial information for the year ended December 31, 2019 includes the results of Rudolph for the year then-ended and the results of Nanometrics from the Effective Time through December 31, 2019. The reported financial infor mation for the year ended December 31, 2018 is the historical results of Rudolph: Year Ended December 31, 2019 2018 Reported Pro Forma Reported Pro Forma Net revenue $ 305,896 $ 525,455 $ 273,784 $ 598,307 Net income attributable to Onto Innovation 1,910 901 45,096 36,246 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis at December 31, 2019 and December 31, 2018: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 81,108 $ — $ 81,108 $ — Asset-backed securities 10,779 — 10,779 — Certificates of deposit 30,507 — 30,507 — Commercial paper 30,708 — 30,708 — Corporate bonds 36,461 — 36,461 — Foreign currency forward contracts 120 — 120 — Total assets $ 189,683 $ — $ 189,683 $ — Liabilities: Contingent consideration - acquisitions $ 569 $ — $ — $ 569 Total liabilities $ 569 $ — $ — $ 569 December 31, 2018 Assets: Available-for-sale debt securities: Municipal notes and bonds $ 62,684 $ — $ 62,684 $ — Total assets $ 62,684 $ — $ 62,684 $ — Liabilities: Contingent consideration - acquisitions $ 2,060 $ — $ — $ 2,060 Foreign currency forward contracts 32 — 32 — Total liabilities $ 2,092 $ — $ 32 $ 2,060 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | This table presents a reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Balance at December 31, 2018 $ 2,060 Total loss due to remeasurement included in general and administrative expense 267 Additions — Payments (1,758 ) Transfer into (out of) Level 3 — Balance at December 31, 2019 $ 569 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities by Category | At December 31, 2019 and 2018, marketable securities are categorized as follows: Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value December 31, 2019 Municipal notes and bonds $ 80,926 $ 188 $ 6 $ 81,108 Asset-backed securities 10,767 12 — 10,779 Certificates of deposit 30,500 7 — 30,507 Commercial paper 30,707 1 — 30,708 Corporate bonds 36,409 52 — 36,461 Total marketable securities $ 189,309 $ 260 $ 6 $ 189,563 December 31, 2018 Municipal notes and bonds $ 62,681 $ 43 $ 40 $ 62,684 Total marketable securities $ 62,681 $ 43 $ 40 $ 62,684 |
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date | The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Consolidated Balance Sheet classification, is as follows at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 152,649 $ 152,852 $ 47,767 $ 47,732 Due after one through five years 36,660 36,711 14,914 14,952 Due after five through ten years — — — — Due after ten years — — — — Total marketable securities $ 189,309 $ 189,563 $ 62,681 $ 62,684 |
Summary of Estimated Fair Value and Gross Unrealized Holding Losses of Marketable Securities in Unrealized Loss Position | The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at December 31, 2019 and 2018. In Unrealized Loss Position For Less Than 12 Months In Unrealized Loss Position For Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2019 Municipal notes and bonds $ 14,166 $ 6 $ — $ — Total marketable securities $ 14,166 $ 6 $ — $ — December 31, 2018 Municipal notes and bonds $ 27,952 $ 30 $ 4,671 $ 10 Total marketable securities $ 27,952 $ 30 $ 4,671 $ 10 |
Goodwill and Purchased Intang_2
Goodwill and Purchased Intangible Assets - (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are as follows: Balance at December 31, 2017, net of accumulated impairment charge of $192,872 $ 22,495 Goodwill acquired during the period — Balance at December 31, 2018 22,495 Goodwill acquired during the period (Note 3) 284,653 Balance at December 31, 2019 $ 307,148 |
Schedule of Purchased Intangible Assets | Purchased intangible assets as of December 31, 2019 and 2018 are as follows: Gross Carrying Amount Accumulated Amortization Net December 31, 2019 Finite-lived intangible assets: Developed technology $ 326,726 $ 67,861 $ 258,865 Customer and distributor relationships 69,261 11,078 58,183 Trademarks and trade names 12,461 4,156 8,305 Total finite-lived intangible assets 408,448 83,095 325,353 In-process research and development 46,600 — 46,600 Total identifiable intangible assets $ 455,048 $ 83,095 $ 371,953 December 31, 2018 Finite-lived intangible assets: Developed technology $ 66,177 $ 59,692 $ 6,485 Customer and distributor relationships 9,560 9,082 478 Trademarks and trade names 4,361 3,876 485 Total identifiable intangible assets $ 80,098 $ 72,650 $ 7,448 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Summary of Maturity of Lease Liabilities | The following table presents information about the amount and timing of cash flows arising from the Company’s operating leases as of December 31, 2019: Maturity of Lease Liabilities Lease Payments 2020 $ 5,901 2021 4,659 2022 4,059 2023 3,398 2024 2,939 Thereafter 8,196 Total undiscounted operating lease payments 29,152 Less: Imputed interest 4,276 Present value of operating lease liabilities $ 24,876 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Detail [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following: December 31, 2019 2018 Materials $ 108,492 $ 61,025 Work-in-process 42,694 21,910 Finished goods 24,948 13,885 Total inventories $ 176,134 $ 96,820 |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net, is comprised of the following: December 31, 2019 2018 Land and building $ 47,222 $ 2,584 Machinery and equipment 56,504 29,097 Furniture and fixtures 3,968 3,226 Computer equipment and software 15,770 7,906 Leasehold improvements 13,069 9,448 136,533 52,261 Accumulated depreciation (38,113 ) (33,387 ) Total property, plant and equipment, net $ 98,420 $ 18,874 |
Schedule of Other Assets | Other assets Other assets is comprised of the following: December 31, 2019 2018 Convertible notes receivable, net of allowance of $2,000 $ 3,000 $ 5,000 Operating lease right-of-use assets 23,588 — Other 1,351 506 Total other assets $ 27,939 $ 5,506 |
Schedule of Accrued Liabilities | Accrued liabilities is comprised of the following: December 31, 2019 2018 Payroll and related expenses $ 19,365 $ 10,648 Warranty 6,348 2,441 Other 491 611 Total accrued liabilities $ 26,204 $ 13,700 |
Schedule of Other Current Liabilities | Other current liabilities is comprised of the following: December 31, 2019 2018 Contingent consideration - acquisitions $ 569 $ 1,422 Income tax payable 2,783 — Current operating lease obligations 4,906 — Customer deposits 1,994 1,135 Accrued inventory 1,614 1,103 Accrued professional fees 1,520 532 Other 5,786 3,351 Total other current liabilities $ 19,172 $ 7,543 |
Schedule of Other Non-Current Liabilities | Other non-current liabilities is comprised of the following: December 31, 2019 2018 Unrecognized tax benefits (including interest) $ 6,384 $ 5,409 Non-current operating lease obligations 19,970 — Contingent consideration - acquisitions — 638 Deferred revenue 2,464 1,314 Other 2,953 3,800 Total non-current liabilities $ 31,771 $ 11,161 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Changes in Warranty Reserves | Changes in the Company’s warranty reserves are as follows: Year Ended December 31, 2019 2018 Balance, beginning of the period $ 2,441 $ 2,427 Accruals 4,265 3,486 Warranty liability assumed in Merger 4,227 — Usage (4,585 ) (3,472 ) Balance, end of the period $ 6,348 $ 2,441 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table represents a disaggregation of revenue by timing of revenue: Year Ended December 31, 2019 2018 Point-in-time $ 286,130 $ 257,124 Over-time 19,766 16,660 Total revenue $ 305,896 $ 273,784 |
Schedule of Changes in Deferred Revenue | Changes in deferred revenue were as follows: Year Ended December 31, 2019 2018 Balance, beginning of the period $ 8,080 $ 7,206 Deferred revenue assumed in Merger 5,931 — Deferral of revenue 28,651 19,326 Recognition of deferred revenue (27,569 ) (18,452 ) Balance, ending of the period $ 15,093 $ 8,080 |
Share-Based Compensation and _2
Share-Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-based Compensation Expense by Type of Award | The following table reflects share-based compensation expense by type of award: Year Ended December 31, 2019 2018 2017 Share-based compensation expense: Restricted stock units, including all performance and market based awards $ 10,421 $ 6,062 $ 5,433 Stock options and employee stock purchase options 164 — 237 Total share-based compensation 10,585 6,062 5,670 Tax effect on share-based compensation 2,283 1,362 2,052 Net effect on net income $ 8,302 $ 4,700 $ 3,618 Effect on earnings per share: Basic $ (0.28 ) $ (0.18 ) $ (0.14 ) Diluted $ (0.28 ) $ (0.18 ) $ (0.14 ) |
Summary of Restricted Stock Unit Activity | A summary of the Company’s restricted stock unit activity with respect to the years ended December 31, 2019, 2018 and 2017 follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2016 914 $ 15.29 Granted 225 $ 28.23 Vested (258 ) $ 14.80 Forfeited (65 ) $ 17.14 Nonvested at December 31, 2017 816 $ 18.50 Granted 228 $ 34.80 Vested (325 ) $ 17.73 Forfeited (80 ) $ 22.12 Nonvested at December 31, 2018 639 $ 24.26 Granted 271 $ 29.58 Assumed in Merger 598 $ 31.43 Vested (366 ) $ 25.69 Forfeited (35 ) $ 26.44 Nonvested at December 31, 2019 1,107 $ 28.89 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity with respect to the years ended December 31, 2019, 2018 and 2017 follows: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at December 31, 2016 173 $ 12.67 Granted — — Exercised (114 ) 11.37 Expired — — Forfeited — — Outstanding at December 31, 2017 59 15.20 Granted — — Exercised (22 ) 15.20 Expired — — Forfeited — — Outstanding at December 31, 2018 37 $ 15.20 Granted — — Assumed in Merger 12 16.27 Exercised (2 ) 14.96 Expired — — Forfeited — — Outstanding at December 31, 2019 47 $ 15.49 2.4 $ 985 Vested or expected to vest at December 31, 2019 47 $ 15.49 2.4 $ 985 Exercisable at December 31, 2019 47 $ 15.49 2.4 $ 985 |
Summary of Options Outstanding and Exercisable in Following Exercise Price Ranges | The options outstanding and exercisable at December 31, 2019 were in the following exercise price ranges: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $14.08 - $14.08 1 0.7 $ 14.08 1 $ 14.08 $15.20 - $15.20 35 3.0 $ 15.20 35 $ 15.20 $15.61 - $18.22 9 0.5 $ 16.37 9 $ 16.37 $18.79 - $18.79 1 1.2 $ 18.79 1 $ 18.79 $14.08 - $18.79 47 2.4 $ 15.49 47 $ 15.49 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income Expense [Abstract] | |
Schedule of Other Income (Expense), Net | Other income (expense), net is comprised of the following: Year Ended December 31, 2019 2018 2017 Foreign currency exchange gains (losses), net $ 676 $ (255 ) $ (457 ) Gain on casualty insurance claim — 302 — Rental income 2 — — Other 102 9 — Total other income (expense), net $ 780 $ 56 $ (457 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ (27 ) $ 4,423 $ 6,020 State 88 1,038 507 Foreign 1,548 626 3,159 1,609 6,087 9,686 Deferred: Federal (4,730 ) 1,961 17,034 State 506 (73 ) 643 Foreign 108 275 (470 ) (4,116 ) 2,163 17,207 Total income tax expense (benefit) $ (2,507 ) $ 8,250 $ 26,893 |
Income before Tax | The income before tax is comprised of the following: Year Ended December 31, 2019 2018 2017 Domestic operations $ (7,087 ) $ 49,089 $ 57,079 Foreign operations $ 6,490 $ 4,257 $ 2,723 |
Income Before Provision for Income Taxes | The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. federal income tax rate of 21% for the years ended December 31, 2019 and 2018, and 35% for years ended December 31, 2017 to income before provision for income taxes as follows: Year Ended December 31, 2019 2018 2017 Federal income tax provision at statutory rate $ (125 ) $ 11,203 $ 20,931 State taxes, net of federal effect 113 747 573 Foreign taxes, net of federal effect (1,277 ) 17 (238 ) Domestic manufacturing benefit — — (1,569 ) Foreign Derived Intangible Income ("FDII") Deduction (2,278 ) (2,217 ) — Global Intangible Low-Taxes Income ("GILTI") inclusion 1,786 113 — Non-deductible officer's compensation 826 526 — Research & development tax credit (2,126 ) (2,298 ) (1,559 ) Remeasurement of deferred tax balances, related to the Tax Act — (33 ) 8,020 Transition tax on foreign earnings, related to the Tax Act — 138 (106 ) Other 574 54 841 Provision (benefit) for income taxes $ (2,507 ) $ 8,250 $ 26,893 Effective tax rate 420 % 15 % 45 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are comprised of the following: December 31, 2019 2018 Deferred Tax Assets: Reserves and accruals $ 8,254 $ 4,880 Deferred revenue 1,219 1,201 Share-based compensation 2,955 1,259 Tax credit carryforward 11,307 2,484 Net operating losses 6,008 1,692 Depreciation and amortization 7,151 4,298 Operating lease right-of-use assets (1) 4,965 — Other 1,128 777 Gross deferred tax assets 42,987 16,591 Less: valuation allowance (14,160 ) (3,172 ) Total deferred tax assets after valuation allowance 28,827 13,419 Deferred Tax Liabilities: Depreciation and amortization (89,286 ) (609 ) Operating lease liabilities (1) (4,709 ) — Other (416 ) — Gross deferred tax liabilities (94,411 ) (609 ) Net deferred tax assets (liabilities) $ (65,584 ) $ 12,810 (1) |
Unrecognized Tax Benefits | The total amount of unrecognized tax benefits are as follows: December 31, 2019 2018 2017 Balance, beginning of the period $ 5,528 $ 4,880 $ 4,827 Gross increases—tax positions in prior period 9,989 496 171 Gross decreases—tax positions in prior period (932 ) (61 ) (362 ) Gross increases—current-period tax positions 558 213 244 Lapse of statute of limitations — — — Balance, end of the period $ 15,143 $ 5,528 $ 4,880 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, are as follows: Foreign currency translation adjustments Net unrealized (gains) losses on marketable securities Accumulated other comprehensive loss (income) Balance at December 31, 2017 $ 1,079 $ 126 $ 1,205 Net current period other comprehensive loss 194 (136 ) 58 Reclassifications — — — Balance at December 31, 2018 1,273 (10 ) 1,263 Net current period other comprehensive income (709 ) 44 (665 ) Reclassifications — — — Balance at December 31, 2019 $ 564 $ 34 $ 598 |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers by Products and Services | The following table lists the different sources of revenue: Year Ended December 31, 2019 2018 2017 Systems and software $ 255,723 84 % $ 234,241 86 % $ 216,884 85 % Parts 34,892 11 % 28,658 10 % 27,143 11 % Services 15,281 5 % 10,885 4 % 11,071 4 % Total revenue $ 305,896 100 % $ 273,784 100 % $ 255,098 100 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | For geographical revenue reporting, revenue is attributed to the geographic location to which the product is shipped. Revenue by geographic region is as follows: Year Ended December 31, 2019 2018 2017 Revenue from third parties: United States $ 46,717 $ 43,944 $ 36,104 Taiwan 66,601 45,312 63,079 South Korea 43,997 51,750 44,180 Singapore 10,699 14,371 12,775 Japan 29,816 22,361 18,943 Germany 4,899 14,913 15,580 China 80,017 63,243 35,925 Other Europe 18,124 12,260 23,768 Other Asia 5,026 5,630 4,744 Total revenue $ 305,896 $ 273,784 $ 255,098 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The Company’s basic and diluted earnings per share amounts are as follows: December 31, 2019 2018 2017 Numerator: Net income $ 1,910 $ 45,096 $ 32,909 Denominator: Basic earnings per share - weighted average shares outstanding 29,729 25,470 25,325 Effect of potential dilutive securities: Restricted stock units and stock options - dilutive shares 278 426 539 Warrants - dilutive shares — — 1 Diluted earnings per share - weighted average shares outstanding 30,007 25,895 25,865 Earnings per share: Basic $ 0.06 $ 1.77 $ 1.30 Diluted $ 0.06 $ 1.74 $ 1.27 |
Share Repurchase Authorization
Share Repurchase Authorization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share Repurchase Program [Abstract] | |
Summary of Stock Repurchases | The following table summarizes the Company’s stock repurchases: Year Ended December 31, 2019 2018 2017 Shares of common stock repurchased 37 1,061 — Cost of stock repurchased $ 744 $ 21,069 $ - Average price paid per share $ 19.85 $ 19.86 $ - |
Quarterly Consolidated Financ_2
Quarterly Consolidated Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Consolidated Financial Data Unaudited [Abstract] | |
Schedule of Consolidated Quarterly Financial Information | The following tables present certain unaudited consolidated quarterly financial information for the years ended December 31, 2019 and 2018 Quarters Ended March 31, 2019 June 30, 2019 September 2019 December 31, 2019 Total Revenue $ 60,892 $ 61,511 $ 62,935 $ 120,558 $ 305,896 Gross profit 32,019 31,911 31,511 39,587 $ 135,028 Income (loss) before income taxes 8,795 6,121 6,908 (22,421 ) $ (597 ) Net income (loss) 7,576 5,526 6,560 (17,752 ) $ 1,910 Income (loss) per share: Basic $ 0.31 $ 0.22 $ 0.26 $ (0.41 ) $ 0.06 Diluted $ 0.30 $ 0.22 $ 0.26 $ (0.41 ) $ 0.06 Weighted average number of shares outstanding: Basic 24,863 25,032 25,079 43,609 29,729 Diluted 25,144 25,250 25,305 43,609 30,007 Quarters Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Revenue $ 73,096 $ 77,476 $ 60,432 $ 62,780 $ 273,784 Gross profit 42,421 41,736 31,454 32,668 148,279 Income before income taxes 17,674 17,290 8,368 10,014 53,346 Net income 15,130 14,697 7,187 8,082 45,096 Income per share: Basic $ 0.59 $ 0.57 $ 0.28 $ 0.32 $ 1.77 Diluted $ 0.58 $ 0.56 $ 0.28 $ 0.32 $ 1.74 Weighted average number of shares outstanding: Basic 25,463 25,621 25,655 25,146 25,470 Diluted 25,989 26,086 26,063 25,449 25,895 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Textual (Details) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 25, 2019USD ($) | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cost of revenues for excess and obsolete inventories | $ 5,945,000 | $ 10,841,000 | $ 3,042,000 | $ 3,833,000 | ||
Property plant and equipment method | straight-line method | |||||
Impairment of long-lived assets | 0 | 0 | ||||
Number of operating segments | Segment | 1 | |||||
Goodwill impairment | $ 0 | 0 | 0 | |||
Accumulated exchange losses resulting from translation of foreign operation | 564,000 | 564,000 | 1,273,000 | |||
Derivative instruments, (loss) gain recognized in income, net | 343,000 | (81,000) | 105,000 | |||
Aggregate notional amounts | 38,887,000 | 38,887,000 | 6,746,000 | |||
Operating lease assets | 23,588,000 | 23,588,000 | ||||
Operating lease obligations | 24,876,000 | 24,876,000 | ||||
Rudolph Technologies, Inc. [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease assets assumed | $ 9,658,000 | |||||
Topic 842 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease assets | $ 14,426,000 | |||||
Operating lease obligations | 14,426,000 | |||||
Topic 842 [Member] | Rudolph Technologies, Inc. [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease assets assumed | 9,658,000 | |||||
Operating lease obligations assumed | $ 9,658,000 | |||||
Forward Contracts Matured [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Aggregate notional amounts | $ 58,522,000 | 58,522,000 | $ 8,465,000 | $ 9,582,000 | ||
General and Administrative Expense [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Impairment of long-lived assets | $ 507,000 | |||||
Computer Equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 3 years | |||||
Minimum [Member] | Building [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 5 years | |||||
Minimum [Member] | Machinery and equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 3 years | |||||
Minimum [Member] | Furniture and fixtures [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 3 years | |||||
Minimum [Member] | Software [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 3 years | |||||
Maximum [Member] | Building [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 22 years | |||||
Maximum [Member] | Machinery and equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 10 years | |||||
Maximum [Member] | Furniture and fixtures [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 10 years | |||||
Maximum [Member] | Software [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives of depreciable assets | 7 years | |||||
Systems Revenue [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of days for payment due from customer | 30 days | |||||
Systems Revenue [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of invoice amount due | 80.00% | |||||
Assurance warranty period against defects | 12 months | |||||
Systems Revenue [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of invoice amount due | 90.00% | |||||
Assurance warranty period against defects | 14 months | |||||
Software Revenue [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of days for payment due from customer | 30 days | |||||
Parts Revenue [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of days for payment due from customer | 30 days | |||||
Service Revenue [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of days for payment due from customer | 30 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Forward Contracts and Related Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Notional amount | $ 38,887 | $ 6,746 |
Fair value of asset (liability) | $ 120 | $ (32) |
Business Combination - Textual
Business Combination - Textual (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Oct. 25, 2019$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Net sales | $ 120,558 | $ 62,935 | $ 61,511 | $ 60,892 | $ 62,780 | $ 60,432 | $ 77,476 | $ 73,096 | $ 305,896 | $ 273,784 | $ 255,098 | |
Operating loss | 5,043 | $ (51,084) | (59,288) | |||||||||
Rudolph Technologies, Inc. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Common stock, par value | $ / shares | $ 0.001 | |||||||||||
Common stock conversion ratio | 0.8042 | |||||||||||
Business acquisition, related costs | $ 37,900 | |||||||||||
Business combination aggregate purchase price | 890,131 | |||||||||||
Account receivable not expected to be collected | 200 | 200 | ||||||||||
Step-up of inventory to fair value as of merger date | 26,486 | |||||||||||
Net sales | 66,261 | |||||||||||
Operating loss | $ 7,065 | |||||||||||
Rudolph Technologies, Inc. [Member] | Developed technology [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated useful life | 6 years 7 months 6 days | |||||||||||
Rudolph Technologies, Inc. [Member] | Customer relationships [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated useful life | 13 years 1 month 6 days | |||||||||||
Rudolph Technologies, Inc. [Member] | Backlog [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated useful life | 1 year 1 month 6 days | |||||||||||
Rudolph Technologies, Inc. [Member] | Trademarks and trade names [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated useful life | 7 years 6 months | |||||||||||
Rudolph Technologies, Inc. [Member] | Nanometrics Equity Awards [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business combination fair value of assumed equity awards included in aggregate purchase | $ 5,330 | |||||||||||
Rudolph Technologies, Inc. [Member] | General and Administrative Expense [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, related costs | 9,907 | 9,907 | ||||||||||
Rudolph Technologies, Inc. [Member] | Common Stock [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Closing price of shares | $ / shares | $ 28.50 | |||||||||||
Business combination equity interests issued or issuable | $ 884,801 | $ 884,801 | ||||||||||
Business combination common stock shares issued | shares | 25,060 | |||||||||||
Rudolph Technologies, Inc. [Member] | Combined Entity [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 50.00% | |||||||||||
Parent Company [Member] | Combined Entity [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 50.00% |
Business Combination - Summary
Business Combination - Summary of Preliminary Allocation of the Total Purchase Consideration to Initial Estimated Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 25, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 307,148 | $ 22,495 | $ 22,495 | |
Rudolph Technologies, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 43,882 | |||
Marketable securities | 94,389 | |||
Account receivables | 49,917 | |||
Inventories | 98,478 | |||
Prepaid expenses and other current assets | 7,734 | |||
Property, plant and equipment | 77,451 | |||
Operating lease right-of-use assets | 9,658 | |||
Identifiable intangible assets | $ 374,900 | 374,900 | ||
Deferred income taxes | 1,352 | |||
Other assets | 850 | |||
Total assets acquired | 758,611 | |||
Accounts payable | (23,361) | |||
Payroll and related expenses | (20,290) | |||
Deferred revenue | (5,931) | |||
Other current liabilities | (10,739) | |||
Income taxes payable | (2,699) | |||
Other non-current liabilities | (90,113) | |||
Net assets acquired | 605,478 | |||
Goodwill | 284,653 | |||
Total purchase consideration | $ 890,131 |
Business Combination - Prelimin
Business Combination - Preliminary Allocation of the Intangible Assets (Details) - Rudolph Technologies, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Oct. 25, 2019 | |
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 374,900 | $ 374,900 |
In-process research and development [Member] | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 46,600 | |
Weighted Average Useful Life (years) | indefinite | |
Developed technology [Member] | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 260,500 | |
Weighted Average Useful Life (years) | 6 years 7 months 6 days | |
Customer relationships [Member] | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 53,000 | |
Weighted Average Useful Life (years) | 13 years 1 month 6 days | |
Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 6,700 | |
Weighted Average Useful Life (years) | 1 year 1 month 6 days | |
Trademarks and trade names [Member] | ||
Business Acquisition [Line Items] | ||
Estimated Fair Value | $ 8,100 | |
Weighted Average Useful Life (years) | 7 years 6 months |
Acquisition - Schedule of Pro F
Acquisition - Schedule of Pro Forma and Reported Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Revenue | $ 120,558 | $ 62,935 | $ 61,511 | $ 60,892 | $ 62,780 | $ 60,432 | $ 77,476 | $ 73,096 | $ 305,896 | $ 273,784 | $ 255,098 |
Net income attributable to Onto Innovation Reported | $ (17,752) | $ 6,560 | $ 5,526 | $ 7,576 | $ 8,082 | $ 7,187 | $ 14,697 | $ 15,130 | 1,910 | 45,096 | $ 32,909 |
Rudolph Technologies, Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 66,261 | ||||||||||
Net revenue Pro Forma | 525,455 | 598,307 | |||||||||
Net income attributable to Onto Innovation Pro Forma | $ 901 | $ 36,246 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 189,563 | $ 62,684 |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 120 | |
Total assets | 189,683 | 62,684 |
Contingent consideration - acquisitions | 569 | 2,060 |
Foreign currency forward contracts | 32 | |
Total liabilities | 569 | 2,092 |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 81,108 | 62,684 |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 10,779 | |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 30,507 | |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 30,708 | |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 36,461 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 0 | |
Total assets | 0 | 0 |
Contingent consideration - acquisitions | 0 | 0 |
Foreign currency forward contracts | 0 | |
Total liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 120 | |
Total assets | 189,683 | 62,684 |
Contingent consideration - acquisitions | 0 | 0 |
Foreign currency forward contracts | 32 | |
Total liabilities | 0 | 32 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 81,108 | 62,684 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 10,779 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 30,507 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 30,708 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 36,461 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contracts | 0 | |
Total assets | 0 | 0 |
Contingent consideration - acquisitions | 569 | 2,060 |
Foreign currency forward contracts | 0 | |
Total liabilities | 569 | 2,060 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Municipal notes and bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 0 |
Fair Value Measurements - Textu
Fair Value Measurements - Textual (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input Discount Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated discount rates | 0 | 0.092 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance at December 31, 2018 | $ 2,060 |
Total loss due to remeasurement included in general and administrative expense | 267 |
Additions | 0 |
Payments | (1,758) |
Transfer into (out of) Level 3 | 0 |
Balance at December 31, 2019 | $ 569 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 189,309 | $ 62,681 |
Gross Unrealized Holding Gains | 260 | 43 |
Gross Unrealized Holding Losses | 6 | 40 |
Fair Value | 189,563 | 62,684 |
Municipal notes and bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 80,926 | 62,681 |
Gross Unrealized Holding Gains | 188 | 43 |
Gross Unrealized Holding Losses | 6 | 40 |
Fair Value | 81,108 | $ 62,684 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,767 | |
Gross Unrealized Holding Gains | 12 | |
Gross Unrealized Holding Losses | 0 | |
Fair Value | 10,779 | |
Certificates of deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,500 | |
Gross Unrealized Holding Gains | 7 | |
Gross Unrealized Holding Losses | 0 | |
Fair Value | 30,507 | |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,707 | |
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 0 | |
Fair Value | 30,708 | |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 36,409 | |
Gross Unrealized Holding Gains | 52 | |
Gross Unrealized Holding Losses | 0 | |
Fair Value | $ 36,461 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities Classified by Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available For Sale Securities Debt Maturities Fair Value [Abstract] | ||
Amortized Cost, Due within one year | $ 152,649 | $ 47,767 |
Amortized Cost, Due after one through five years | 36,660 | 14,914 |
Amortized Cost, Due after five through ten years | 0 | 0 |
Amortized Cost, Due after ten years | 0 | 0 |
Amortized Cost | 189,309 | 62,681 |
Fair Value, Due within one year | 152,852 | 47,732 |
Fair Value, Due after one through five years | 36,711 | 14,952 |
Fair Value, Due after five through ten years | 0 | 0 |
Fair Value, Due after ten years | 0 | 0 |
Fair Value, Total marketable securities | $ 189,563 | $ 62,684 |
Marketable Securities - Summary
Marketable Securities - Summary of Estimated Fair Value and Gross Unrealized Holding Losses of Marketable Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | $ 14,166 | $ 27,952 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 6 | 30 |
In Unrealized Loss Position For Greater Than 12 Months, Fair Value | 0 | 4,671 |
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses | 0 | 10 |
Municipal notes and bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
In Unrealized Loss Position For Less Than 12 Months, Fair Value | 14,166 | 27,952 |
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Losses | 6 | 30 |
In Unrealized Loss Position For Greater Than 12 Months, Fair Value | 0 | 4,671 |
In Unrealized Loss Position For Greater Than 12 Months, Gross Unrealized Losses | $ 0 | $ 10 |
Goodwill and Purchased Intang_3
Goodwill and Purchased Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 22,495 | $ 22,495 |
Goodwill acquired during the period (Note 3) | 284,653 | 0 |
Ending balance | $ 307,148 | $ 22,495 |
Goodwill and Purchased Intang_4
Goodwill and Purchased Intangible Assets - Changes in the Carrying Amount of Goodwill (Parenthetical) (Details) | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Accumulated impairment charge | $ 192,872 |
Goodwill and Purchased Intang_5
Goodwill and Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | $ 408,448 | |
Finite-lived intangibles assets, Accumulated Amortization | 83,095 | |
Finite-lived intangibles assets, Net | 325,353 | |
Identifiable intangibles assets, Gross Carrying Amount | 455,048 | $ 80,098 |
Identifiable intangibles assets, Accumulated Amortization | 83,095 | 72,650 |
Identifiable intangibles assets, Net | 371,953 | 7,448 |
Developed technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | 326,726 | 66,177 |
Finite-lived intangibles assets, Accumulated Amortization | 67,861 | 59,692 |
Finite-lived intangibles assets, Net | 258,865 | 6,485 |
Customer relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | 69,261 | 9,560 |
Finite-lived intangibles assets, Accumulated Amortization | 11,078 | 9,082 |
Finite-lived intangibles assets, Net | 58,183 | 478 |
Trademarks and trade names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-lived intangibles assets, Gross Carrying Amount | 12,461 | 4,361 |
Finite-lived intangibles assets, Accumulated Amortization | 4,156 | 3,876 |
Finite-lived intangibles assets, Net | 8,305 | $ 485 |
In-process research and development [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Identifiable intangibles assets, Gross Carrying Amount | 46,600 | |
Identifiable intangibles assets, Net | $ 46,600 |
Goodwill and Purchased Intang_6
Goodwill and Purchased Intangible Assets - Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization of intangibles | $ 10,445 | $ 1,534 | $ 1,940 |
Estimated amortization expense, next twelve months | 53,741 | ||
Estimated amortization expense, 2021 | 48,009 | ||
Estimated amortization expense, 2022 | 47,610 | ||
Estimated amortization expense, 2023 | 47,135 | ||
Estimated amortization expense, 2024 | $ 41,450 |
Leasing Arrangements - Textual
Leasing Arrangements - Textual (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee Disclosure [Abstract] | |
Operating lease cost | $ 4,124 |
Additional operating lease,right-of-use assets resulted from new operating lease liabilities | 2,946 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3,872 |
Weighted average remaining lease term of operating leases | 6 years 8 months 12 days |
Weighted average discount rate of operating lease liabilities | 4.50% |
Leasing Arrangements - Summary
Leasing Arrangements - Summary of Maturity of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lessee Disclosure [Abstract] | |
2020 | $ 5,901 |
2021 | 4,659 |
2022 | 4,059 |
2023 | 3,398 |
2024 | 2,939 |
Thereafter | 8,196 |
Total undiscounted operating lease payments | 29,152 |
Less: Imputed interest | 4,276 |
Present value of operating lease liabilities | $ 24,876 |
Convertible Notes Receivable -
Convertible Notes Receivable - Textual (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2018 | |
Loans And Leases Receivable Disclosure [Line Items] | |||
Convertible notes receivable | $ 3,000,000 | $ 5,000,000 | |
Convertible Loan Agreement [Member] | Simax Precision Technologies Limited [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Funds available in multiple promissory notes | $ 15,000,000 | ||
Convertible notes rate of interest | 4.25% | ||
Convertible notes receivable | 5,000,000 | ||
Convertible notes receivable, reserve amount | $ 2,000,000 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Details [Abstract] | ||
Materials | $ 108,492 | $ 61,025 |
Work-in-process | 42,694 | 21,910 |
Finished goods | 24,948 | 13,885 |
Total inventories | $ 176,134 | $ 96,820 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 136,533 | $ 52,261 |
Accumulated depreciation | (38,113) | (33,387) |
Total property, plant and equipment, net | 98,420 | 18,874 |
Land and building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 47,222 | 2,584 |
Machinery and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 56,504 | 29,097 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,968 | 3,226 |
Computer equipment and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,770 | 7,906 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,069 | $ 9,448 |
Balance Sheet Details - Textual
Balance Sheet Details - Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance Sheet Detail [Abstract] | |||
Depreciation | $ 5,965 | $ 4,848 | $ 3,990 |
Balance Sheet Details - Sched_3
Balance Sheet Details - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Convertible notes receivable | $ 3,000 | $ 5,000 |
Operating lease assets | 23,588 | |
Other | 1,351 | 506 |
Total other assets | $ 27,939 | $ 5,506 |
Balance Sheet Details - Sched_4
Balance Sheet Details - Schedule of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Allowance for convertible notes receivable | $ 2,000 | $ 2,000 |
Balance Sheet Details - Sched_5
Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities Current [Abstract] | ||
Payroll and related expenses | $ 19,365 | $ 10,648 |
Warranty | 6,348 | 2,441 |
Other | 491 | 611 |
Total accrued liabilities | $ 26,204 | $ 13,700 |
Balance Sheet Details - Sched_6
Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Current [Abstract] | ||
Contingent consideration - acquisitions | $ 569 | $ 1,422 |
Income tax payable | 2,783 | |
Current operating lease obligations | 4,906 | |
Customer deposits | 1,994 | 1,135 |
Accrued inventory | 1,614 | 1,103 |
Accrued professional fees | 1,520 | 532 |
Other | 5,786 | 3,351 |
Total other current liabilities | $ 19,172 | $ 7,543 |
Balance Sheet Details - Sched_7
Balance Sheet Details - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Noncurrent [Abstract] | ||
Unrecognized tax benefits (including interest) | $ 6,384 | $ 5,409 |
Non-current operating lease obligations | 19,970 | |
Contingent consideration - acquisitions | 638 | |
Deferred revenue | 2,464 | 1,314 |
Other | 2,953 | 3,800 |
Total non-current liabilities | $ 31,771 | $ 11,161 |
Commitments and Contingencies -
Commitments and Contingencies - Textual (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies [Line Items] | |||
Sold receivables amount | $ 9,018,000 | ||
Due from unrelated third parties | 0 | ||
Liabilities recorded for obligations | 0 | ||
Royalty expense | 1,429,000 | $ 1,904,000 | $ 1,117,000 |
Purchase commitment, remaining minimum amount committed | $ 97,877,000 | ||
Percentage of maximum borrowing capacity of value of eligible securities | 70.00% | ||
Available line of credit | $ 91,258,000 | ||
Available interest rate on line of credit | 3.30% | ||
Minimum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Warranty period | 12 months | ||
Maximum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Warranty period | 14 months |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Changes in Warranty Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance, beginning of the period | $ 2,441 | $ 2,427 |
Accruals | 4,265 | 3,486 |
Warranty liability assumed in Merger | 4,227 | |
Usage | (4,585) | (3,472) |
Balance, end of the period | $ 6,348 | $ 2,441 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Timing of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 120,558 | $ 62,935 | $ 61,511 | $ 60,892 | $ 62,780 | $ 60,432 | $ 77,476 | $ 73,096 | $ 305,896 | $ 273,784 | $ 255,098 |
Transferred at Point in Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 286,130 | 257,124 | |||||||||
Transferred over Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 19,766 | $ 16,660 |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | ||
Balance, beginning of the period | $ 8,080 | $ 7,206 |
Deferred revenue assumed in Merger | 5,931 | |
Deferral of revenue | 28,651 | 19,326 |
Recognition of deferred revenue | (27,569) | (18,452) |
Balance, ending of the period | $ 15,093 | $ 8,080 |
Share-Based Compensation and _3
Share-Based Compensation and Employee Benefit Plans - Textual (Details) - USD ($) shares in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of stock options exercised | $ 51,000 | $ 384,000 | $ 853,000 | |
Unrecognized compensation cost - option | 0 | |||
Stock based compensation expense | $ 10,585,000 | $ 6,062,000 | $ 5,670,000 | |
Shares purchased under ESPP | 72 | 13 | 11 | |
Employee stock purchase plan available | 236 | 1,206 | ||
Percentage of contribution for annual compensation | 100.00% | |||
Percentage of match of all employee contribution | 50.00% | |||
Total matching contribution to plan | $ 1,317,000 | $ 1,118,000 | $ 1,047,000 | |
Rudolph 2018 Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Price of common stock as percentage of fair market value | 95.00% | |||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | |
Nanometrics 2003 Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Price of common stock as percentage of fair market value | 85.00% | |||
Stock based compensation expense | $ 165,000 | |||
Maximum percentage of salary withholdings | 10.00% | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of match on employee salary | 6.00% | |||
Maximum [Member] | Rudolph 2018 Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Eligible compensation deduction percentage on pay for purchase of common stock | 15.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost related to restricted stock units granted | $ 22,230,000 | |||
Unrecognized compensation cost related to restricted stock units, weighted average period | 1 year 10 months 24 days | |||
Rudolph 2018 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share authorized available for grants | 2,709 | |||
Shares of common stock available for issuance pursuant to future grants | 2,478 | 2,680 | ||
Rudolph 2018 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 3 years | |||
Rudolph 2018 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 5 years | |||
Rudolph 2018 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 1 year | |||
Rudolph 2018 Stock Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 5 years | |||
Options expiration period | 10 years | |||
Rudolph 2009 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share authorized available for grants | 4,711 | |||
Shares of common stock available for issuance pursuant to future grants | 0 | 0 | ||
Rudolph 2009 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 3 years | |||
Rudolph 2009 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 5 years | |||
Rudolph 2009 Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 1 year | |||
Rudolph 2009 Stock Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 5 years | |||
Options expiration period | 10 years | |||
Nanometrics 2005 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share authorized available for grants | 4,714 | |||
Shares of common stock available for issuance pursuant to future grants | 1,253 | |||
Nanometrics 2005 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 3 years | |||
Nanometrics 2005 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 1 year | |||
Nanometrics 2005 Equity Incentive Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of vesting | 3 years | |||
Options expiration period | 10 years |
Share-Based Compensation and _4
Share-Based Compensation and Employee Benefit Plans - Summary of Share-based Compensation Expense by Type of Award (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 10,585 | $ 6,062 | $ 5,670 |
Tax effect on share-based compensation | 2,283 | 1,362 | 2,052 |
Net effect on net income | $ 8,302 | $ 4,700 | $ 3,618 |
Effect on earnings per share: | |||
Basic | $ (0.28) | $ (0.18) | $ (0.14) |
Diluted | $ (0.28) | $ (0.18) | $ (0.14) |
Restricted Stock Units, Including All Performance and Market Based Awards [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 10,421 | $ 6,062 | $ 5,433 |
Stock Options and Employee Stock Purchase Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 164 | $ 237 |
Share-Based Compensation and _5
Share-Based Compensation and Employee Benefit Plans - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Activity for RSUs [Roll Forward] | |||
Number of Shares, Beginning balance (in shares) | 639,000 | 816,000 | 914,000 |
Number of Shares, Granted (in shares) | 271,000 | 228,000 | 225,000 |
Number of Shares, Assumed in Merger (in shares) | 598,000 | ||
Number of Shares, Vested (in shares) | (366,000) | (325,000) | (258,000) |
Number of Shares, Forfeited (in shares) | (35,000) | (80,000) | (65,000) |
Number of Shares, Ending balance (in shares) | 1,107,000 | 639,000 | 816,000 |
Weighted Average Grant Date Fair Value for RSUs [Roll Forward] | |||
Weighted Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 24.26 | $ 18.50 | $ 15.29 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 29.58 | 34.80 | 28.23 |
Weighted Average Grant Date Fair Value, Assumed in Merger (in dollars per share) | 31.43 | ||
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 25.69 | 17.73 | 14.80 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 26.44 | 22.12 | 17.14 |
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 28.89 | $ 24.26 | $ 18.50 |
Share-Based Compensation and _6
Share-Based Compensation and Employee Benefit Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Activity of Stock Option [Roll Forward] | |||
Shares, Outstanding, Beginning balance (in shares) | 37,000 | 59,000 | 173,000 |
Shares, Assumed in Merger (in shares) | 12,000 | ||
Shares, Exercised (in shares) | (2,000) | (22,000) | (114,000) |
Shares, Outstanding, Ending balance (in shares) | 47,000 | 37,000 | 59,000 |
Shares, Vested or expected to vest (in shares) | 47,000 | ||
Shares, Exercisable (in shares) | 47,000 | ||
Weighted Average Exercise Price Per Share for Stock Option [Roll Forward] | |||
Weighted Average Exercise Price Per Share, Beginning balance (in dollars per share) | $ 15.20 | $ 15.20 | $ 12.67 |
Weighted Average Exercise Price Per Share, Assumed in Merger (in dollars per share) | 16.27 | ||
Weighted Average Exercise Price Per Share, Exercised (in dollars per share) | 14.96 | 15.20 | 11.37 |
Weighted Average Exercise Price Per Share, Ending balance (in dollars per share) | 15.49 | $ 15.20 | $ 15.20 |
Weighted Average Exercise Price Per Share, Vested or expected to vest (in dollars per share) | 15.49 | ||
Weighted Average Exercise Price Per Share, Exercisable (in dollars per share) | $ 15.49 | ||
Weighted Average Remaining Contractual Term, Outstanding | 2 years 4 months 24 days | ||
Weighted Average Remaining Contractual Term, Vested or expected to vest | 2 years 4 months 24 days | ||
Weighted Average Remaining Contractual Term, Exercisable | 2 years 4 months 24 days | ||
Aggregate Intrinsic Value, Outstanding | $ 985 | ||
Aggregate Intrinsic Value, Vested or expected to vest | 985 | ||
Aggregate Intrinsic Value, Exercisable | $ 985 |
Share-Based Compensation and _7
Share-Based Compensation and Employee Benefit Plans - Summary of Options Outstanding and Exercisable in Following Exercise Price Ranges (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number Outstanding (in shares) | 47,000 | 37,000 | 59,000 | 173,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 4 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.49 | $ 15.20 | $ 15.20 | $ 12.67 |
Options Exercisable, Number Exercisable (in shares) | 47,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.49 | |||
$14.08 - $14.08 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 14.08 | |||
Exercise Price, Upper Range Limit | $ 14.08 | |||
Options Outstanding, Number Outstanding (in shares) | 1,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 8 months 12 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 14.08 | |||
Options Exercisable, Number Exercisable (in shares) | 1,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 14.08 | |||
$15.20 - $15.20 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 15.20 | |||
Exercise Price, Upper Range Limit | $ 15.20 | |||
Options Outstanding, Number Outstanding (in shares) | 35,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.20 | |||
Options Exercisable, Number Exercisable (in shares) | 35,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.20 | |||
$15.61 - $18.22 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 15.61 | |||
Exercise Price, Upper Range Limit | $ 18.22 | |||
Options Outstanding, Number Outstanding (in shares) | 9,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 months | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 16.37 | |||
Options Exercisable, Number Exercisable (in shares) | 9,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 16.37 | |||
$18.79 - $18.79 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 18.79 | |||
Exercise Price, Upper Range Limit | $ 18.79 | |||
Options Outstanding, Number Outstanding (in shares) | 1,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 12 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 18.79 | |||
Options Exercisable, Number Exercisable (in shares) | 1,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 18.79 | |||
$14.08 - $18.79 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price, Lower Range Limit | 14.08 | |||
Exercise Price, Upper Range Limit | $ 18.79 | |||
Options Outstanding, Number Outstanding (in shares) | 47,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 4 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.49 | |||
Options Exercisable, Number Exercisable (in shares) | 47,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.49 |
Other Income (Expense), Net - S
Other Income (Expense), Net - Schedule of Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income Expense [Abstract] | |||
Foreign currency exchange gains (losses), net | $ 676 | $ (255) | $ (457) |
Gain on casualty insurance claim | 0 | 302 | 0 |
Rental income | 2 | 0 | 0 |
Other | 102 | 9 | 0 |
Total other income (expense), net | $ 780 | $ 56 | $ (457) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (27) | $ 4,423 | $ 6,020 |
State | 88 | 1,038 | 507 |
Foreign | 1,548 | 626 | 3,159 |
Total current | 1,609 | 6,087 | 9,686 |
Deferred: | |||
Federal | (4,730) | 1,961 | 17,034 |
State | 506 | (73) | 643 |
Foreign | 108 | 275 | (470) |
Total deferred | (4,116) | 2,163 | 17,207 |
Total income tax expense (benefit) | $ (2,507) | $ 8,250 | $ 26,893 |
Income Taxes - Income before Ta
Income Taxes - Income before Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ (7,087) | $ 49,089 | $ 57,079 |
Foreign operations | $ 6,490 | $ 4,257 | $ 2,723 |
Income Taxes - Textual (Details
Income Taxes - Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
U.S. federal income tax rate, percent | 21.00% | 21.00% | 35.00% | |
Deferred tax assets, valuation allowance | $ 14,160 | $ 3,172 | ||
Maximum amount company recognize from unrecognized tax benefit | 15,143 | 5,528 | $ 4,880 | $ 4,827 |
Unrecognized tax benefits that would reflect as adjustment to income tax expense if recognized | 10,649 | 4,995 | ||
Unrecognized tax benefits, income tax penalties and interest expense | 236 | 199 | $ 246 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 1,681 | $ 1,445 | ||
California [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax assets, valuation allowance | 7,439 | |||
Foreign [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance foreign tax credit | 2,366 | |||
Operating loss carryforwards | 20,986 | |||
Research and development tax credit carryforward | $ 2,366 | |||
Foreign [Member] | Research and Development Credit [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward expiration date | Dec. 31, 2029 | |||
Foreign [Member] | China [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance foreign tax credit | $ 478 | |||
Foreign [Member] | Switzerland [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance foreign tax credit | 3,434 | |||
Foreign [Member] | United Kingdom [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance foreign tax credit | 443 | |||
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 1,997 | |||
Research and development tax credit carryforward | 6,859 | |||
State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 25,630 | |||
Research and development tax credit carryforward | $ 9,948 |
Income Taxes - Income Before Pr
Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Federal income tax provision at statutory rate | $ (125) | $ 11,203 | $ 20,931 |
State taxes, net of federal effect | 113 | 747 | 573 |
Foreign taxes, net of federal effect | (1,277) | 17 | (238) |
Domestic manufacturing benefit | (1,569) | ||
Foreign Derived Intangible Income ("FDII") Deduction | (2,278) | (2,217) | |
Global Intangible Low-Taxes Income ("GILTI") inclusion | 1,786 | 113 | |
Non-deductible officer's compensation | 826 | 526 | |
Research & development tax credit | (2,126) | (2,298) | (1,559) |
Remeasurement of deferred tax balances, related to the Tax Act | (33) | 8,020 | |
Transition tax on foreign earnings, related to the Tax Act | 138 | (106) | |
Other | 574 | 54 | 841 |
Total income tax expense (benefit) | $ (2,507) | $ 8,250 | $ 26,893 |
Effective tax rate | 420.00% | 15.00% | 45.00% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||
Reserves and accruals | $ 8,254 | $ 4,880 |
Deferred revenue | 1,219 | 1,201 |
Share-based compensation | 2,955 | 1,259 |
Tax credit carryforward | 11,307 | 2,484 |
Net operating losses | 6,008 | 1,692 |
Depreciation and amortization | 7,151 | 4,298 |
Operating lease right-of-use assets | 4,965 | |
Other | 1,128 | 777 |
Gross deferred tax assets | 42,987 | 16,591 |
Less: valuation allowance | (14,160) | (3,172) |
Total deferred tax assets after valuation allowance | 28,827 | 13,419 |
Deferred Tax Liabilities: | ||
Depreciation and amortization | (89,286) | (609) |
Operating lease liabilities | (4,709) | |
Other | (416) | |
Gross deferred tax liabilities | (94,411) | (609) |
Net deferred tax (liabilities) | $ (65,584) | |
Net deferred tax assets | $ 12,810 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance, beginning of the period | $ 5,528 | $ 4,880 | $ 4,827 |
Gross increases—tax positions in prior period | 9,989 | 496 | 171 |
Gross decreases—tax positions in prior period | (932) | (61) | (362) |
Gross increases—current-period tax positions | 558 | 213 | 244 |
Balance, end of the period | $ 15,143 | $ 5,528 | $ 4,880 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ (361,888) | $ (333,154) |
Ending balance | (1,264,026) | (361,888) |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 1,273 | 1,079 |
Net current period other comprehensive income (loss) | (709) | 194 |
Reclassifications | 0 | 0 |
Ending balance | 564 | 1,273 |
Net Unrealized (Gains) Losses on Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (10) | 126 |
Net current period other comprehensive income (loss) | 44 | (136) |
Reclassifications | 0 | 0 |
Ending balance | 34 | (10) |
Accumulated Other Comprehensive Loss (Income) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 1,263 | 1,205 |
Net current period other comprehensive income (loss) | (665) | 58 |
Reclassifications | 0 | 0 |
Ending balance | $ 598 | $ 1,263 |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Information - Textual (Details) | 12 Months Ended | |
Dec. 31, 2019SegmentCustomer | Dec. 31, 2018Customer | |
Concentration Risk [Line Items] | ||
Number of reportable segments | Segment | 1 | |
Customer Concentration Risk [Member] | Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Segment reporting, disclosure of major customer | No individual end user customer accounted for more than 10% of the Company’s revenue in 2017. The Company does not have purchase contracts with any of its customers that obligate them to continue to purchase its products. | |
Customer Concentration Risk [Member] | Revenue [Member] | Taiwan Semiconductor [Member] | ||
Concentration Risk [Line Items] | ||
Customer concentration risk percentage | 13.40% | |
Customer Concentration Risk [Member] | Revenue [Member] | SK Hynix Inc. [Member] | ||
Concentration Risk [Line Items] | ||
Customer concentration risk percentage | 13.10% | 12.20% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Customer concentration risk percentage | 10.00% | 10.00% |
Number of major customer | Customer | 1 | 0 |
Segment Reporting and Geograp_4
Segment Reporting and Geographic Information - Schedule of Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 120,558 | $ 62,935 | $ 61,511 | $ 60,892 | $ 62,780 | $ 60,432 | $ 77,476 | $ 73,096 | $ 305,896 | $ 273,784 | $ 255,098 |
Sales [Member] | Product [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Systems and Software [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 255,723 | $ 234,241 | $ 216,884 | ||||||||
Systems and Software [Member] | Sales [Member] | Product [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 84.00% | 86.00% | 85.00% | ||||||||
Parts Revenue [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 34,892 | $ 28,658 | $ 27,143 | ||||||||
Parts Revenue [Member] | Sales [Member] | Product [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 11.00% | 10.00% | 11.00% | ||||||||
Service Revenue [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 15,281 | $ 10,885 | $ 11,071 | ||||||||
Service Revenue [Member] | Sales [Member] | Product [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 5.00% | 4.00% | 4.00% |
Segment Reporting and Geograp_5
Segment Reporting and Geographic Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 120,558 | $ 62,935 | $ 61,511 | $ 60,892 | $ 62,780 | $ 60,432 | $ 77,476 | $ 73,096 | $ 305,896 | $ 273,784 | $ 255,098 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 46,717 | 43,944 | 36,104 | ||||||||
Taiwan [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 66,601 | 45,312 | 63,079 | ||||||||
South Korea [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 43,997 | 51,750 | 44,180 | ||||||||
Singapore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 10,699 | 14,371 | 12,775 | ||||||||
Japan [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 29,816 | 22,361 | 18,943 | ||||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 4,899 | 14,913 | 15,580 | ||||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 80,017 | 63,243 | 35,925 | ||||||||
Other Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 18,124 | 12,260 | 23,768 | ||||||||
Other Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 5,026 | $ 5,630 | $ 4,744 |
Earnings Per Share - Textual (D
Earnings Per Share - Textual (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Weighted average number of shares excluded from the computation of diluted earnings per share | 0 | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Weighted average number of shares excluded from the computation of diluted earnings per share | 69 | 52 | 8 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ (17,752) | $ 6,560 | $ 5,526 | $ 7,576 | $ 8,082 | $ 7,187 | $ 14,697 | $ 15,130 | $ 1,910 | $ 45,096 | $ 32,909 |
Basic earnings per share - weighted average shares outstanding | 43,609 | 25,079 | 25,032 | 24,863 | 25,146 | 25,655 | 25,621 | 25,463 | 29,729 | 25,470 | 25,325 |
Restricted stock units and stock options - dilutive shares | 278 | 426 | 539 | ||||||||
Warrants - dilutive shares | 1 | ||||||||||
Diluted earnings per share - weighted average shares outstanding | 43,609 | 25,305 | 25,250 | 25,144 | 25,449 | 26,063 | 26,086 | 25,989 | 30,007 | 25,895 | 25,865 |
Earnings per share: | |||||||||||
Basic | $ (0.41) | $ 0.26 | $ 0.22 | $ 0.31 | $ 0.32 | $ 0.28 | $ 0.57 | $ 0.59 | $ 0.06 | $ 1.77 | $ 1.30 |
Diluted | $ (0.41) | $ 0.26 | $ 0.22 | $ 0.30 | $ 0.32 | $ 0.28 | $ 0.56 | $ 0.58 | $ 0.06 | $ 1.74 | $ 1.27 |
Share Repurchase Authorizatio_2
Share Repurchase Authorization - Textual (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 14, 2019 | Oct. 31, 2018 | |
Shares Repurchase Authorization [Line Items] | ||||
Shares of common stock repurchased | 37,000 | 1,061,000 | ||
Share Repurchase Program October 2018 [Member] | ||||
Shares Repurchase Authorization [Line Items] | ||||
Stock repurchase, authorization termination date | Oct. 25, 2019 | |||
Share Repurchase Program March 2019 [Member] | ||||
Shares Repurchase Authorization [Line Items] | ||||
Shares of common stock repurchased | 0 | |||
Maximum [Member] | Share Repurchase Program October 2018 [Member] | ||||
Shares Repurchase Authorization [Line Items] | ||||
Stock repurchase, authorized amount | $ 40,000,000 | |||
Maximum [Member] | Share Repurchase Program March 2019 [Member] | ||||
Shares Repurchase Authorization [Line Items] | ||||
Stock repurchase, authorized amount | $ 80,000,000 |
Share Repurchase Authorizatio_3
Share Repurchase Authorization - Summary of Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Repurchase Program [Abstract] | ||
Shares of common stock repurchased | 37,000 | 1,061,000 |
Cost of stock repurchased | $ 744 | $ 21,069 |
Average price paid per share | $ 19.85 | $ 19.86 |
Quarterly Consolidated Financ_3
Quarterly Consolidated Financial Data (unaudited) - Schedule of Consolidated Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Consolidated Financial Data Unaudited [Abstract] | |||||||||||
Revenue | $ 120,558 | $ 62,935 | $ 61,511 | $ 60,892 | $ 62,780 | $ 60,432 | $ 77,476 | $ 73,096 | $ 305,896 | $ 273,784 | $ 255,098 |
Gross profit | 39,587 | 31,511 | 31,911 | 32,019 | 32,668 | 31,454 | 41,736 | 42,421 | 135,028 | 148,279 | 134,595 |
Income (loss) before income taxes | (22,421) | 6,908 | 6,121 | 8,795 | 10,014 | 8,368 | 17,290 | 17,674 | (597) | 53,346 | 59,802 |
Net income | $ (17,752) | $ 6,560 | $ 5,526 | $ 7,576 | $ 8,082 | $ 7,187 | $ 14,697 | $ 15,130 | $ 1,910 | $ 45,096 | $ 32,909 |
Earnings per share: | |||||||||||
Basic | $ (0.41) | $ 0.26 | $ 0.22 | $ 0.31 | $ 0.32 | $ 0.28 | $ 0.57 | $ 0.59 | $ 0.06 | $ 1.77 | $ 1.30 |
Diluted | $ (0.41) | $ 0.26 | $ 0.22 | $ 0.30 | $ 0.32 | $ 0.28 | $ 0.56 | $ 0.58 | $ 0.06 | $ 1.74 | $ 1.27 |
Weighted average number of shares outstanding: | |||||||||||
Basic | 43,609 | 25,079 | 25,032 | 24,863 | 25,146 | 25,655 | 25,621 | 25,463 | 29,729 | 25,470 | 25,325 |
Diluted | 43,609 | 25,305 | 25,250 | 25,144 | 25,449 | 26,063 | 26,086 | 25,989 | 30,007 | 25,895 | 25,865 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance For Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 691 | $ 460 | $ 680 |
Charged to (Recovery of) Costs and Expense | 363 | 293 | (222) |
Deductions | (193) | 62 | (2) |
Balance at End of Period | 1,247 | 691 | 460 |
Deferred Tax Valuation Allowance [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 3,172 | 2,447 | 1,924 |
Charged to (Recovery of) Costs and Expense | 942 | 725 | 626 |
Charged to Other Accounts (net) | 10,046 | (103) | |
Balance at End of Period | 14,160 | $ 3,172 | $ 2,447 |
Allowance for Convertible Notes Receivable [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Charged to (Recovery of) Costs and Expense | 2,000 | ||
Balance at End of Period | $ 2,000 |