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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, plant and equipment as of December 31 were as follows (in thousands):


	2019			2018
Land	$	3,600		$	2,089
Buildings and improvements		45,791			45,170
Machinery and equipment		220,405			208,135
Furniture and fixtures		8,231			7,239
Construction in-progress and deposits		4,362			9,251

		282,389			271,884
Accumulated depreciation and amortization		(229,698	)		(221,452	)
Right of use asset — net		4,261			—

Net balance	$	56,952		$	50,432

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 84,668,000	$ 70,557,000
Accounts receivable, less allowance of $59 in 2019 and $224 in 2018	38,115,000	43,673,000
Inventories, net	49,187,000	47,370,000
Other current assets	7,096,000	3,460,000
Total current assets	179,066,000	165,060,000
Long-term deferred tax assets	205,000	265,000
Long-term investment, net	2,510,000	2,526,000
Property, plant and equipment, net	56,952,000	50,432,000
Other assets	1,994,000	2,785,000
Total assets	240,727,000	221,068,000
Current liabilities:
Accounts payable	9,005,000	16,149,000
Accrued compensation and benefits	10,410,000	10,657,000
Accrued expenses	2,690,000	2,631,000
Sales allowances	741,000	548,000
Short-term lease liabilities	1,520,000
Accrued severance and other charges		234,000
Income taxes payable	57,000	710,000
Short-term deferred revenue and customer prepayments	5,507,000	5,069,000
Total current liabilities	29,930,000	35,998,000
Long-term deferred revenue	1,054,000	232,000
Contingent consideration obligations	451,000	408,000
Long-term income taxes payable	567,000	238,000
Long-term lease liabilities	2,855,000	102,000
Total liabilities	34,857,000	36,978,000
Vicor Corporation stockholders' equity:
Additional paid-in capital	201,251,000	193,457,000
Retained earnings	143,098,000	129,000,000
Accumulated other comprehensive loss	(383,000)	(394,000)
Treasury stock at cost: 11,634,806 shares in 2019 and 11,635,739 shares in 2018	(138,927,000)	(138,927,000)
Total Vicor Corporation stockholders' equity	205,562,000	183,656,000
Noncontrolling interest	308,000	434,000
Total equity	205,870,000	184,090,000
Total liabilities and equity	240,727,000	221,068,000
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118,000	118,000
Total equity	118,000	118,000
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 405,000	$ 402,000

Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Statement of Comprehensive Income [Abstract]

Consolidated net income

$ 14,109

$ 31,846

$ 258

Foreign currency translation gains, net of tax benefit

^[1]

Unrealized (losses) gains on available-for-sale securities, net of tax

^[1]

(20)

(6)

Other comprehensive income

Consolidated comprehensive income

14,122

31,938

347

Less: Comprehensive income attributable to noncontrolling interest

129

Comprehensive income attributable to Vicor Corporation

$ 14,109

$ 31,809

$ 250

[1]

The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized (losses) gains on available for sale securities are completely offset by a tax valuation allowance as of December 31, 2019, 2018, and 2017. Therefore, there is no income tax benefit (provision) recognized in any of the three years ended December 31, 2019.

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost	$ 3,000,000	$ 3,000,000
Gross Unrealized Losses	490,000	474,000
Estimated Fair Value	$ 2,510,000	$ 2,526,000

Stock-Based Compensation and Employee Benefit Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ 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 stock-based compensation	$ 3,036	$ 3,396	$ 1,735
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	342	237	187
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,979	2,517	1,125
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 715	$ 642	$ 423

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total Vicor Corporation Stockholders' Equity [Member]	Noncontrolling Interest [Member]	Class B Common Stock [Member]
Beginning Balance at Dec. 31, 2016	$ 131,017	$ 397	$ 176,344	$ 93,438	$ (561)	$ (138,927)	$ 130,809	$ 208	$ 118
Sales of Common Stock	3,300	4	3,296				3,300
Stock-based compensation expense	1,735		1,735				1,735
Other	20		20				20
Components of comprehensive income, net of tax
Net income	258			167			167	91
Other comprehensive income	89				83		83	6
Total comprehensive income	347						250	97
Ending Balance at Dec. 31, 2017	136,419	401	181,395	93,605	(478)	(138,927)	136,114	305	118
Sales of Common Stock	6,782	6	6,776				6,782
Stock-based compensation expense	3,396		3,396				3,396
Issuances of stock through employee stock purchase plan	1,874	1	1,873				1,874
Cumulative effect of adoption of new accounting principle (Topic 606)	3,670			3,670			3,670
Other	11	(6)	17				11
Components of comprehensive income, net of tax
Net income	31,846			31,725			31,725	121
Other comprehensive income	92				84		84	8
Total comprehensive income	31,938						31,809	129
Ending Balance at Dec. 31, 2018	184,090	402	193,457	129,000	(394)	(138,927)	183,656	434	118
Sales of Common Stock	2,437	2	2,435				2,437
Stock-based compensation expense	3,036		3,036				3,036
Issuances of stock through employee stock purchase plan	2,305	1	2,304				2,305
Noncontrolling interest dividend paid	(139)							(139)
Other	19		19				19
Components of comprehensive income, net of tax
Net income	14,109			14,098			14,098	11
Other comprehensive income	13				11		11	2
Total comprehensive income	14,122						14,109	13
Ending Balance at Dec. 31, 2019	$ 205,870	$ 405	$ 201,251	$ 143,098	$ (383)	$ (138,927)	$ 205,562	$ 308	$ 118

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - 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]
Revenue	$ 63,125	$ 70,772	$ 63,355	$ 65,725	$ 73,720	$ 78,035	$ 74,196	$ 65,269	$ 262,977	$ 291,220	$ 227,830
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									187,896	186,704
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									75,081	104,516
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue									121,628	110,779
United States [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									98,822	77,995
United States [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									22,806	32,784
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue									27,262	27,689
Europe [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									22,172	23,484
Europe [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									5,090	4,205
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue									108,827	147,078
Asia Pacific [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									62,720	80,097
Asia Pacific [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									46,107	66,981
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue									5,260	5,674
All Other [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									4,182	5,128
All Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									$ 1,078	$ 546

Stock-Based Compensation and Employee Benefit Plans - Summary of the Activity under the VI Chip Stock Option Plans (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2019 shares
Vi Chip Plan [Member] \| Chief Executive Officer [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Granted, shares	5,500,000

Significant Accounting Policies - Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share	164,367	67,247	53,913

Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7. INTANGIBLE ASSETS

Patent costs, which are included in Other assets in the accompanying Consolidated Balance Sheets, as of December 31 were as follows (in thousands):


	2019			2018
Patent costs	$	1,992		$	1,979
Accumulated amortization		(1,483	)		(1,380	)

	$	509		$	599

Definite lived intangible assets, such as patent rights, are amortized and tested for impairment if a triggering event occurs.

Amortization expense was approximately $108,000, $119,000 and $130,000 in 2019, 2018 and 2017, respectively. The estimated future amortization expense from patent assets held as of December 31, 2019, is projected to be $104,000, $95,000, $63,000, $52,000 and $44,000, in fiscal years 2020, 2021, 2022, 2023, and 2024, respectively.

Contingent Consideration Obligation - (Detail)	3 Months Ended
Contingent Consideration Obligation - (Detail)	Dec. 31, 2019 USD ($)
Contingent Consideration Obligations [Member] \| Fair Value, Inputs, Level 3 [Member]
Contingent Consideration Obligation [Line Items]
Increased in liability reassessment obligation	$ 280,000

Other Income (Expense), Net - Components of Other Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Income and Expenses [Abstract]
Rental income	$ 792,000	$ 792,000	$ 792,000
Interest income	300,000	257,000	124,000
Foreign currency losses, net	(108,000)	(260,000)	323,000
Gain on disposal of equipment	38,000	57,000	14,000
Credit gains on available-for-sale securities	4,000	7,000	11,000
Other	40,000	21,000	(2,000)
Total other income (expense), net	$ 1,066,000	$ 874,000	$ 1,262,000

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Research and development tax credit carryforwards	$ 27,607,000	$ 23,244,000
Investment tax credit carryforwards	2,102,000	1,976,000
Stock-based compensation	1,587,000	3,133,000
Inventory reserves	1,522,000	2,109,000
Vacation accrual	1,280,000	1,218,000
Deferred revenue, net	796,000	66,000
Lease liabilities	679,000
UNICAP	351,000	275,000
Net operating loss carryforwards	328,000	1,091,000
International deferred tax assets	205,000	265,000
Sales allowances	172,000	128,000
Unrealized loss on investments	132,000	132,000
Contingent consideration liabilities	98,000	88,000
Warranty reserves	66,000	35,000
Bad debt reserves	14,000	52,000
Other	225,000	233,000
Total deferred tax assets	37,164,000	34,045,000
Less: Valuation allowance for deferred tax assets	(30,363,000)	(30,031,000)
Net deferred tax assets	6,801,000	4,014,000
Deferred tax liabilities:
Depreciation	(5,296,000)	(3,144,000)
ROU assets	(653,000)
Prepaid expenses	(552,000)	(473,000)
Patent amortization	(91,000)	(107,000)
Other	(4,000)	(25,000)
Total deferred tax liabilities	(6,596,000)	(3,749,000)
Net deferred tax assets (liabilities)	$ 205,000	$ 265,000

Leases - Maturities of Lease Payments (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
2020	$ 874
2021	901
2022	928
2023	955
2024	402
Total lease payments to be received	$ 4,060

Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Available-for-sale Securities, Debt Maturities [Abstract]
Due in twenty to forty years, Cost	$ 3,000
Due in twenty to forty years, Estimated Fair Value	$ 2,510

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 38,115	$ 43,673
Short-term deferred revenue and customer prepayments	(5,507)	(5,069)
Long-term deferred revenue	(1,054)	(232)
Deferred expenses	1,897	501
Sales allowances	(741)	$ (548)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable	(5,558)
Short-term deferred revenue and customer prepayments	(438)
Long-term deferred revenue	(822)
Deferred expenses	1,396
Sales allowances	$ (193)

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

16.

INCOME TAXES

The tax provision includes estimated federal, state and foreign income taxes on the Company’s

pre-tax

income. The tax provisions also may include discrete items, principally related to increases or decreases in tax reserves, tax provision vs. tax return differences and accrued interest for potential liabilities.

On December 22, 2017, H.R.1., known as the Tax Cuts and Jobs Act (the “Tax Act”), was signed into law. The Tax Act did not have a significant impact on the Company’s consolidated financial statements for the year ended December 31, 2017. However, the reduction of the U.S. federal corporate tax rate from 35% to 21

which was effective January 1, 2018, is reflected in the Company’s deferred tax table below. Effective for the 2018 tax year, the Tax Act implements certain additional provisions including the Global Intangible

Low-Taxes

Income (“GILTI”) inclusion and the Foreign Derived Intangible Income (“FDII”) deduction. The Company is electing to account for the GILTI inclusion as a period cost.

Also, on December 22, 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The Company did not record any adjustments in the year ended December 31, 2018 to these provisional amounts that were material to its financial statements. As of December 31, 2018, the Company’s accounting treatment with regards to the Tax Act was complete.

The reconciliation of the federal statutory rate on the income (loss) before income taxes to the effective income tax rate for the years ended December 31 is as follows:


	2019			2018			2017
Statutory federal tax rate		21.0	%		21.0	%		(34.0	)%
State income taxes, net of federal income tax benefit		(8.1	)		3.6			97.2
Increase (decrease) in valuation allowance		2.2			(9.1	)		(936.1	)
Permanent items		(3.9	)		(5.9	)		(861.2	)
Tax credits		(15.6	)		(5.5	)		(1,222.3	)
Provision vs. tax return differences		9.0			(1.7	)		—
Foreign rate differential and deferred items		0.6			0.7			(91.8	)
Change in tax reserves		—			0.1			(5.1	)
Rate change due to tax reform		—			—			3,441.1
Refundable income taxes—AMT credit		—			—			(751.0	)
Other		—			0.1			(0.1	)

		5.2	%		3.3	%		(363.3	)%

In 2019, the Company utilized net operating loss carryforwards and tax credits to offset federal income tax expense.

In 2018, the Company utilized net operating loss carryforwards to offset federal income tax expense.

In 2017, the Company did not recognize a tax benefit for the majority of its losses as it maintained a full valuation allowance against all net domestic deferred tax assets due to the inability to project net future taxable income, as described below. The benefit for income taxes in 2017 was primarily due to the Company’s

alternative minimum tax (“AMT”)

credit carryforwards of approximately $736,000 becoming fully refundable in future years, due to the repeal of the corporate AMT under the Tax Act.

For financial reporting purposes, income (loss) before income taxes for the years ended December 31 include the following components (in thousands):


	2019		2018		2017
Domestic	$	13,493	$	31,455	$	(1,591	)
Foreign		1,394		1,478		1,493

	$	14,887	$	32,933	$	(98	)

Significant components of the provision (benefit) for income taxes for the years ended December 31 are as follows (in thousands):


	2019		2018			2017
Current:
Federal	$	—	$	—		$	(736	)
State		268		231			156
Foreign		450		911			396

		718		1,142			(184	)
Deferred:
Foreign		60		(55	)		(172	)

		60		(55	)		(172	)

	$	778	$	1,087		$	(356	)

The Tax Act eliminates the deferral of U.S. income tax on accumulated foreign earnings by imposing a

one-time

mandatory transition tax on such earnings. As a result, a provisional amount of approximately $122,000 was recorded in 2017 as additional tax expense related to approximately $813,000 of untaxed accumulated unremitted foreign earnings.

As noted above, the additional tax of $122,000 was fully offset by existing net operating losses in the U.S. Effective for the Company’s 2018 tax year, foreign earnings were taxed in the U.S. under GILTI and FDII provisions of the Tax Act. As of December 31, 2019 and 2018, unremitted foreign earnings, which were not significant, were permanently

re-invested

in the Company’s foreign subsidiaries. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company could be subject to immaterial withholding taxes payable to the various foreign countries.

As noted above, the change in the U.S. federal corporate tax rate, which was effective January 1, 2018, is reflected in the Company’s deferred tax table below. Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands):


	2019			2018
Deferred tax assets:
Research and development tax credit carryforwards	$	27,607		$	23,244
Investment tax credit carryforwards		2,102			1,976
Stock-based compensation		1,587			3,133
Inventory reserves		1,522			2,109
Vacation accrual		1,280			1,218
Deferred revenue, net		796			66
Lease liabilities		679			—
UNICAP		351			275
Net operating loss carryforwards		328			1,091
International deferred tax assets		205			265
Sales allowances		172			128
Unrealized loss on investments		132			132
Contingent consideration liabilities		98			88
Warranty reserves		66			35
Bad debt reserves		14			52
Other		225			233

Total deferred tax assets		37,164			34,045
Less: Valuation allowance for deferred tax assets		(30,363	)		(30,031	)

Net deferred tax assets		6,801			4,014
Deferred tax liabilities:
Depreciation		(5,296	)		(3,144	)
ROU assets		(653	)		—
Prepaid expenses		(552	)		(473	)
Patent amortization		(91	)		(107	)
Other		(4	)		(25	)

Total deferred tax liabilities		(6,596	)		(3,749	)

Net deferred tax assets (liabilities)	$	205		$	265

As of December 31, 2019, the Company has a valuation allowance of approximately $30,363,000 against all domestic deferred tax assets, for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance. While recent positive operating results caused the Company to be in a cumulative income position as of December 31, 2019, its overall profitability has been declining since the third quarter of 2018, primarily due to overall reduced bookings for both Advanced and Brick products, reflecting U.S.-China trade/tariff dynamics and elements of macro uncertainty. The uncertain impact of the coronavirus on the supply chain and certain process issues with the production of Advanced Products is contributing to near-term uncertainty. As a result, management has concluded a full valuation allowance against all net domestic deferred tax assets is still warranted as of December 31, 2019. The valuation allowance against these deferred tax assets may require

adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance. If the positive quarterly earnings continue and the Company’s concerns about industry uncertainty, process issues with the production of Advanced Products are resolved, and order volumes are alleviated to the point that the Company believes future profits can be more reliably forecasted, the Company may release all or a portion of the valuation in the near-term. Certain state tax credits, though, will likely never be uncovered by the valuation allowance. If and when the Company determines the valuation allowance should be released (i.e., reduced), the adjustment would result in a tax benefit reported in that period’s Consolidated Statements of Operations, the effect of which would be an increase in reported net income.

The state and federal research and development tax credit carryforwards of approximately $14,451,000 and $17,744,000, respectively, expire beginning in 2020 for state purposes and in 2025 for federal purposes. The Company has operating loss carryforwards in certain states of approximately $4,913,000, which expire beginning in 2022 through 2037.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2019			2018			2017
Balance on January 1	$	1,462		$	1,104		$	946
Additions based on tax positions related to the current year		571			245			138
Additions for tax positions of prior years		43			120			29
Settlements		—			—			(1	)
Lapse of statute		(6	)		(7	)		(8	)

Balance on December 31	$	2,070		$	1,462		$	1,104

The Company has reviewed the tax positions taken, or to be taken, in its tax returns for all tax years currently open to examination by a taxing authority. The total amount of unrecognized tax benefits, that is the aggregate tax effect of differences between tax return positions and the benefits recognized in the Company’s financial statements, as of December 31, 2019, 2018, and 2017 of $2,070,000, $1,462,000, and $1,104,000, respectively, if recognized, may decrease the Company’s income tax provision and effective tax rate. None of the unrecognized tax benefits as of December 31, 2019, are expected to significantly change during the next twelve months.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. During the years ended December 31, 2019, 2018, and 2017, the Company recognized approximately $7,000, $7,000, and $6,000, respectively, in net interest expense. As of December 31, 2019 and 2018, the Company had accrued approximately $41,000 and $35,000, respectively, for the potential payment of interest.

The Company files income tax returns in the United States and various foreign tax jurisdictions. These tax returns are generally open to examination by the relevant tax authorities from three to seven years from the date they are filed. The tax filings relating to the Company’s federal and state taxes are currently open to examination for tax years 2016 through 2018 and 2010 through 2018, respectively. In addition, 2012 and 2014 tax years resulted in losses and the Company generated federal research and development credits in tax years 2005 through 2015. These years may also be subject to examination when the losses or credits are carried forward and utilized in future years.

The Company’s subsidiary in Italy, Vicor Italy S.r.l. (“Vicor Italy”), underwent a tax inspection during 2014 for tax years 2009 through 2013, covering corporation, regional and value added taxes. Vicor Italy received a

preliminary tax audit report dated June 30, 2014. The Company filed a response to the preliminary tax audit report in the third quarter of 2014. The statute of limitations for the tax authorities in Italy to file an assessment, if any, expired on December 31, 2019 for all years under the inspection. Due to the

non-response

by Italian authorities after nearly six years, and the lapse of all five years under examination, the Company does not believe there will be any impact to the Company’s financial statements.

In May 2017, the Company received notice from the Internal Revenue Service that its federal corporate tax return for tax year 2015 had been selected for examination. The examination was completed in May 2018 resulting in no tax liability to the Company. In January 2018, the Company received notice from the New York State Department of Taxation and Finance that its New York State tax returns for tax years 2014 through 2016 were selected for audit. The audit was completed in the third quarter of 2018, resulting in an immaterial assessment.

There are no income tax examinations or audits currently in process.

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019 USD ($) Customer	Dec. 31, 2018 USD ($) Customer	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)
Revenue, Major Customer [Line Items]
Operating leases right of use assets	$ 4,261,000			$ 4,329,000
Operating Lease, Liability	4,375,000			$ 4,455,000
Foreign currency gains (losses)	$ (108,000)	$ (260,000)	$ 323,000
Maturity period of cash and cash equivalents	less than three months
Available-for-sale securities, failed auction, value	$ 3,000,000
Number of customers accounted for trade account receivable \| Customer	1	1
Cost of advertising	$ 2,749,000	$ 2,610,000	$ 2,150,000
Percentage likelihood of tax benefit settlement	50.00%
Retained Earnings (Accumulated Deficit)	$ 143,098,000	129,000,000
Accounting Standards Update 2014-09 [Member]
Revenue, Major Customer [Line Items]
Deferred revenue current	$ 76,000	991,000
Accounting Standards Update 2014-09 [Member] \| Adjustments [Member]
Revenue, Major Customer [Line Items]
Retained Earnings (Accumulated Deficit)		$ (5,408,000)			$ 3,670,000
Customer One [Member]
Revenue, Major Customer [Line Items]
Percentage of trade account receivable	14.30%	14.30%
Maximum [Member]
Revenue, Major Customer [Line Items]
Estimated useful life of intangible assets	20 years
Customer Payments Period	60 days
Minimum [Member]
Revenue, Major Customer [Line Items]
Customer Payments Period	30 days

Stockholders' Equity - Additional information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock repurchased as per November plan				$ 30,000,000
Stock repurchase program amount available	$ 8,541,000
Stock repurchase	0	0	0
Cash dividends paid to outside shareholders	$ 139,000
Subsidiaries [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividends on subsidiary common stock	3,602,000	$ 632,000
Cash dividends paid to the Company	3,463,000
Cash dividends paid to outside shareholders	$ 139,000
2000 Plan, Vicor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance	20,895,747	21,233,659	21,976,340

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2019

Other Income and Expenses [Abstract]

Other Income (Expense), Net

15.

OTHER INCOME (EXPENSE), NET

The major changes in the components of Other income (expense), net for the years ended December 31 were as follows (in thousands):


	2019			2018			2017
Rental income	$	792		$	792		$	792
Interest income		300			257			124
Foreign currency losses, net		(108	)		(260	)		323
Gain on disposal of equipment		38			57			14
Credit gains on available-for-sale securities		4			7			11
Other		40			21			(2	)

	$	1,066		$	874		$	1,262

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 35,901	$ 37,696
Work-in-process	5,184	4,740
Finished goods	8,102	4,934
Net balance	$ 49,187	$ 47,370

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Contingent Consideration Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, fair value on recurring basis	$ (451,000)	$ (408,000)
Failed Auction Security [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,510,000	2,526,000
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	9,630,000	9,433,000
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	9,630,000	9,433,000
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Contingent Consideration Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, fair value on recurring basis	(451,000)	(408,000)
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Failed Auction Security [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,510,000	$ 2,526,000

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Detail) - Failed Auction Security [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 2,510
Cumulative Probability of Earning Maximum Rate Until Maturity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Valuation Technique	Discounted cash flow
Unobservable Input	Cumulative probability of earning the maximum rate until maturity
Weighted Average Interest Rate	0.11%
Cumulative Probability of Principal Return Prior to Maturity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Cumulative probability of principal return prior to maturity
Weighted Average Interest Rate	93.66%
Cumulative Probability of Default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Cumulative probability of default
Weighted Average Interest Rate	6.24%
Liquidity Risk Premium [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Liquidity risk premium
Weighted Average Interest Rate	5.00%
Recovery Rate in Default [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	Recovery rate in default
Weighted Average Interest Rate	40.00%

Significant Accounting Policies -Summary of Cumulative Effect of Adoption on Consolidated Statement of Operations (Detail) - 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
Net revenues	$ 63,125	$ 70,772	$ 63,355	$ 65,725	$ 73,720	$ 78,035	$ 74,196	$ 65,269	$ 262,977	$ 291,220	$ 227,830
Cost of revenues									140,011	152,249	126,174
Gross margin	29,761	33,002	29,117	31,086	33,873	39,004	35,883	30,211	122,966	138,971	101,656
Income before income taxes									14,887	32,933	(98)
Provision for income taxes									778	1,087	(356)
Consolidated net income	1,315	5,932	2,556	4,306	6,907	13,048	7,909	3,982	14,109	31,846	258
Net income attributable to Vicor Corporation	$ 1,312	$ 5,937	$ 2,563	$ 4,286	$ 6,910	$ 13,012	$ 7,860	$ 3,943	$ 14,098	31,725	$ 167
Accounting Standards Update 2014-09 [Member] \| Adjustments [Member]
Net revenues										(3,946)
Cost of revenues										(2,149)
Gross margin										(1,797)
Income before income taxes										(1,797)
Provision for income taxes										(59)
Consolidated net income										(1,738)
Net income attributable to Vicor Corporation										(1,738)
Accounting Standards Update 2014-09 [Member] \| Balances without adoption of Topic 606 [Member]
Net revenues										287,274
Cost of revenues										150,100
Gross margin										137,174
Income before income taxes										31,136
Provision for income taxes										1,028
Consolidated net income										30,108
Net income attributable to Vicor Corporation										$ 29,987

Intangible Assets - Schedule of Patent Cost and Other Asset (Detail) - Patents [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Patent costs	$ 1,992	$ 1,979
Accumulated amortization	(1,483)	(1,380)
Finite-lived intangible assets, net	$ 509	$ 599

Stock-Based Compensation and Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of Option	10 years
Employee's compensation plan	The Company matches employee contributions to the plan at a rate of 50%, up to the first 3% of an employee’s compensation.
Employee contributions	20.00%
Company contribution to the plan	$ 1,001,000	$ 976,000	$ 937,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employees pre-tax salary	1.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employees pre-tax salary	80.00%
2000 Plan, Vicor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance	10,000,000
Non-qualified stock options granted to non-employees	85.00%
Annual forfeiture rate	5.25%	5.25%	5.25%
Share exercisable	1,475,947	888,257	707,244
Weighted average exercise prices	$ 8.74	$ 8.93	$ 8.01
Total Intrinsic value	$ 6,636,000	$ 22,938,000	$ 4,395,000
Options Exercised	2,437,000	6,782,000	3,295,000
Fair value of stock options that vested	1,657,000	$ 2,921,000	$ 774,000
Total unrecognized compensation cost	$ 4,121,000
Compensation cost recognized over a weighted-average period	1 year 8 months 12 days
Expected recognized expenses, Year One	$ 1,897,000
Expected recognized expenses, Year Two	1,261,000
Expected recognized expenses, Year Three	669,000
Expected recognized expenses, Year Four	184,000
Expected recognized expenses, Year Five	$ 110,000
Weighted-average fair value	$ 14.30	$ 17.46	$ 8.71
Stock Bonus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock purchase by non-employees	109,964
2017 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-qualified stock options granted to non-employees	85.00%
Maximum number of shares authorized for issuances	2,000,000
Maximum percentage of payroll deductions on employee's compensation	15.00%
Offering period of employee stock purchase plan	6 months

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	10. STOCKHOLDERS’ EQUITY Each share of Common Stock entitles the holder thereof to one vote on all matters submitted to the stockholders. Each share of Class B Common Stock entitles the holder thereof to ten votes on all such matters. Shares of Class B Common Stock are not transferable by a stockholder except to or among the stockholder’s spouse, certain of the stockholder’s relatives, and certain other defined transferees. Class B Common Stock is not listed or traded on any exchange or in any market. Class B Common Stock is convertible at the option of the holder thereof at any time and without cost to the stockholder into shares of Common Stock on a one-for-one basis. In November 2000, the Board of Directors of the Company authorized the repurchase of up to $30,000,000 of the Company’s Common Stock (the “November 2000 Plan”). The plan authorizes the Company to make repurchases from time to time in the open market or through privately negotiated transactions. The timing of this program and the amount of the stock that may be repurchased is at the discretion of management based on its view of economic and financial market conditions. There were no repurchases under the November 2000 Plan in 2019, 2018, and 2017. On December 31, 2019, the Company had approximately $8,541,000 available for share repurchases under the November 2000 Plan. Dividends are declared at the discretion of the Company’s Board of Directors and depend on actual cash from operations, the Company’s financial condition and capital requirements and any other factors the Company’s Board of Directors may consider relevant at the time. Common Stock and Class B Common Stock participate in dividends and earnings equally. During the year ended December 31, 2019, three subsidiaries paid a total of $3,602,000 in cash dividends, of which $3,463,000 was paid to the Company and eliminated in consolidation and $ 139,000 was paid to outside shareholders. Dividends paid to outside shareholders are accounted for as a reduction in noncontrolling interest. During the year ended December 31, 2018, one subsidiary paid a total of $632,000 in cash dividends, all of which was paid to the Company. On December 31, 2019, 2018, and 2017, there were 20,895,747, 21,233,659, and 21,976,340, respectively, shares of Vicor Common Stock reserved for issuance upon exercise of Vicor stock options, upon conversion of Class B Common Stock and under the ESPP.

Leases - Additional information (Detail) - USD ($)	12 Months Ended
Leases - Additional information (Detail) - USD ($)	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Operating leases right of use assets	$ 4,261,000	$ 4,329,000
Short-term lease liabilities	1,520,000
Long-term lease liabilities	2,855,000		$ 102,000
Short-term lease cost	$ 1,870,000
Weighted-average remaining lease term	3 years 10 months 24 days
Weighted-average discount rate	3.78%
Additional interest factor	1.375%
Lease liabilities paid	$ 247,000
ROU assets in exchange for new operating lease liabilities	1,761,000
Lease income	$ 856,000

Significant Accounting Policies - Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail) - 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
Numerator:
Net income attributable to Vicor Corporation	$ 1,312	$ 5,937	$ 2,563	$ 4,286	$ 6,910	$ 13,012	$ 7,860	$ 3,943	$ 14,098	$ 31,725	$ 167
Denominator:
Denominator for basic net income per share- weighted average shares									40,330	39,872	39,228
Effect of dilutive securities:
Employee stock options									1,347	857	705
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions									41,677	40,729	39,933
Basic net income (loss) per share	$ 0.03	$ 0.15	$ 0.06	$ 0.11	$ 0.17	$ 0.32	$ 0.20	$ 0.10	$ 0.35	$ 0.80	$ 0.00
Diluted net income (loss) per share	$ 0.03	$ 0.14	$ 0.06	$ 0.10	$ 0.17	$ 0.32	$ 0.19	$ 0.10	$ 0.34	$ 0.78	$ 0.00

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Income Taxes - Schedule of Reconciliation of Federal Statutory Rate on Loss before Income Taxes and before Gain from Sale of Equity Method Investment Rate to Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	(34.00%)
State income taxes, net of federal income tax benefit	(8.10%)	3.60%	97.20%
Increase (decrease) in valuation allowance	2.20%	(9.10%)	(936.10%)
Permanent items	(3.90%)	(5.90%)	(861.20%)
Tax credits	(15.60%)	(5.50%)	(1222.30%)
Provision vs. tax return differences	9.00%	(1.70%)
Foreign rate differential and deferred items	0.60%	0.70%	(91.80%)
Change in tax reserves		0.10%	(5.10%)
Rate change due to tax reform			3441.10%
Refundable income taxes - AMT credit			(751.00%)
Other		0.10%	(0.10%)
Effective income tax rate	5.20%	3.30%	(363.30%)

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements.

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2019 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2019
Cash equivalents:
Money market funds	$	9,630	$	—	$	—		$	9,630
Long-term investments:
Failed Auction Security		—		—		2,510			2,510
Liabilities:
Contingent consideration obligations		—		—		(451	)		(451	)

Assets measured at fair value on a recurring basis included the following as of December 31, 2018 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2018
Cash equivalents:
Money market funds	$	9,433	$	—	$	—		$	9,433
Long-term investments:
Failed Auction Security		—		—		2,526			2,526
Liabilities:
Contingent consideration obligations		—		—		(408	)		(408	)

of December 31, 2019, there was insufficient observable auction rate security market information available to determine the fair value of the Failed Auction Security using Level 1 or Level 2 inputs. As such, the Company’s investment in the Failed Auction Security was deemed to require valuation using Level 3 inputs. Management, after consulting with advisors, valued the Failed Auction Security using analyses and pricing models similar to those used by market participants (i.e., buyers, sellers, and the broker-dealers responsible for execution of the Dutch auction pricing mechanism by which each issue’s interest rate was set). Management utilized a probability weighted discounted cash flow (“DCF”) model to determine the estimated fair value of this security as of December 31, 2019. The major assumptions used in preparing the DCF model included: estimates for the amount and timing of future interest and principal payments based on default probability assumptions used to measure the credit loss of 1.0%; the rate of return required by investors to own this type of security in the current environment, which we estimate to be 5.0% above the risk free rate of return; and an estimated time frame of three to five years for successful auctions for this type of security to occur. In making these assumptions, management considered relevant factors including: the formula applicable to each security defining the interest rate paid to investors in the event of a failed auction (the “Penalty Rate”); forward projections of the interest rate benchmarks specified in such formulas; the likely timing of principal repayments; the probability of full repayment considering the guarantees by the U.S. Department of Education of the underlying student loans, guarantees by other third parties, and additional credit enhancements provided through other means; and publicly available pricing data for recently issued student loan asset-backed securities not subject to auctions. In developing its estimate of the rate of return required by investors to own these securities, management compared the Penalty Rate of the Failed Auction Security with yields of actively traded long-term bonds with similar characteristics and, reflecting the limited liquidity for auction rate securities and the discounts to par value seen in recent tender offers by issuers and arm’s length market transactions between informed buyers and sellers, estimated the implied yield (i.e., the discount to par value) necessary to complete a sale of the Failed Auction Security. Management has calculated an increase or decrease in the liquidity risk premium of 5.0% referenced above of 1.0% (i.e., 100 basis points) as used in the model, would decrease or increase, respectively, the fair value of the Failed Auction Security by approximately $100,000.

The

significant unobservable inputs used in the fair value measurement of the Company’s Failed Auction Security are the cumulative probability of earning the maximum rate until maturity, the cumulative probability of principal return prior to maturity, the cumulative probability of default, the liquidity risk premium, and the recovery rate in default. Significant increases (decreases) in any of those inputs in isolation would result in changes in fair value measurement. Significant increases (decreases) in the cumulative probability of earning the maximum rate until maturity, the cumulative probability of principal return prior to maturity, and the recovery

rate in default would result in a higher (lower) fair value measurement, while increases (decreases) in the cumulative probability of default and the liquidity risk premium would result in a (lower) higher fair value measurement.

Generally, the interrelationships are such that a change in the assumption used for the cumulative probability of principal return prior to maturity is accompanied by a directionally similar change in the assumption used for the cumulative probability of earning the maximum rate until maturity and a directionally opposite change in the assumptions used for the cumulative probability of default and the liquidity risk premium. The recovery rate in default is somewhat independent and based upon the securities’ specific underlying assets and published recovery rate indices.

Quantitative information about Level 3 fair value measurements as of December 31, 2019 are as follows (dollars in thousands):


	Fair Value		Valuation Technique		Unobservable Input	Weighted Average
Failed Auction Security	$	2,510		Discounted cash flow	Cumulative probability of earning the maximum rate until maturity		0.11	%
					Cumulative probability of principal return prior to maturity		93.66	%
					Cumulative probability of default		6.24	%
					Liquidity risk premium		5.00	%
					Recovery rate in default		40.00	%

The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the year ended December 31, 2019 was as follows (in thousands):


Balance at the beginning of the period	$	2,526
Credit gain on available-for-sale security included in Other income (expense), net		4
Gain included in Other comprehensive income (loss)		(20	)

Balance at the end of the period	$	2,510

The Company has classified its contingent consideration obligations as Level 3 because the fair value for this liability was determined using unobservable inputs. The liability is based on estimated sales of legacy products over the period of royalty payments at the royalty rate (see Note 9), discounted using the Company’s estimated cost of capital.

The change in the estimated fair value calculated for the liabilities valued on a recurring basis utilizing Level 3 inputs (i.e., the Contingent consideration obligations) for the year ended December 31, 2019 was as follows (in thousands):


Balance at the beginning of the period	$	408
Increase in estimated contingent consideration obligations (see Note 9)		280
Payments		(237	)

Balance at the end of the period	$	451

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2019.

- Definition

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

+ References + Details

Income Taxes - Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes and before the Gain from Sale of Equity Method Investment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Domestic	$ 13,493	$ 31,455	$ (1,591)
Foreign	1,394	1,478	1,493
Income (loss) before income taxes	$ 14,887	$ 32,933	$ (98)

Leases - Schedule of future minimum rental commitments under non-cancelable operating leases with remaining terms (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
2019	$ 1,962
2020	1,502
2021	688
2122	447
2023 and thereafter	830
Operating Leases, Future Minimum Payments Due	$ 5,429

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

13. LEASES

Substantially

all of the Company’s leases are classified as operating leases. The majority of the Company’s leases are for office and manufacturing space, along with several automobiles and certain equipment. Leases with initial terms of less than twelve months are not recorded on the balance sheet. Expense for these leases is recognized on a straight-line basis over the lease term. The Company’s leases have remaining terms of less than one year to just over six years. The majority of the Company’s leases do not have options to renew, although several have renewal terms to extend the lease for one five-year term, and one lease contains two five-year renewal options. None of the renewal options are included in determining the term of the lease, used for calculating the associated lease liabilities. None of the Company’s leases include variable payments, residual value guarantees or restrictive covenants. A number of the Company’s leases for office and manufacturing space include provision for common area maintenance (“CAM”). The Company accounts for CAM separately from lease payments, and therefore costs for CAM are not included in the determination of lease liabilities. The Company is a party to one arrangement as the lessor, for its former Westcor facility located in Sunnyvale, California, with a third party. The lessee under this lease has one option to renew the lease for a term of five years.

As of December 31, 2019, the balance of ROU assets was approximately $4,261,000, and the balances of short-term and long-term lease liabilities were approximately $1,520,000 and $2,855,000, respectively. For the year ended December 31, 2019, the Company recorded operating lease cost, including short-term lease cost, of approximately $1,870,000. The ROU assets are included in “Property, plant and equipment, net” in the accompanying Consolidated Balance Sheets.

The maturities of the Company’s lease liabilities are as follows (in thousands):


2020	$	1,657
2021		995
2022		695
2023		606
2024		587
Thereafter		171

Total lease payments	$	4,711
Less: Imputed interest		336

Present value of lease liabilities	$	4,375

As of December 31, 2019, the weighted-average remaining lease term was 3.9 years and the weighted-average discount rate was 3.78% for the Company’s operating leases. The Company developed the discount rates used based on a London Interbank Offered Rate (“LIBOR”) over a term approximating the term of the related lease, plus an additional interest factor, which was generally 1.375%.

For the year ended December 31, 2019, the Company paid approximately $247,000 for amounts included in the measurement of lease liabilities through operating cash flows, and obtained approximately $1,761,000 in ROU assets for the year ended December 31, 2019, in exchange for new operating lease liabilities.

As of December 31, 2018, prior to the adoption of Topic 842,

Leases

, future minimum rental commitments under

non-cancelable

operating leases with remaining terms in excess of one year were as follows (in thousands):


Year
2019	$	1,962
2020		1,502
2021		688
2022		447
2023 and thereafter		830

	$5,429

The maturities of the lease payments to be received by the Company under

the lease agreement

for

its

leased facility in California are as follows (in thousands):


2020	$	874
2021		901
2022		928
2023		955
2024		402

Total lease payments to be received	$	4,060

For the year ended December 31, 2019, the Company recorded lease income under this lease of approximately $856,000.

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, Beginning Balance	$ 1,462,000	$ 1,104,000	$ 946,000
Additions based on tax positions related to the current year	571,000	245,000	138,000
Additions for tax positions of prior years	43,000	120,000	29,000
Settlements			(1,000)
Lapse of statute	(6,000)	(7,000)	(8,000)
Unrecognized tax benefits, Ending Balance	$ 2,070,000	$ 1,462,000	$ 1,104,000

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost and are depreciated and amortized over a period of three to 39 years generally under the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.

Property, plant and equipment as of December 31 were as follows (in thousands):


	2019			2018
Land	$	3,600		$	2,089
Buildings and improvements		45,791			45,170
Machinery and equipment		220,405			208,135
Furniture and fixtures		8,231			7,239
Construction in-progress and deposits		4,362			9,251

		282,389			271,884
Accumulated depreciation and amortization		(229,698	)		(221,452	)
Right of use asset — net		4,261			—

Net balance	$	56,952		$	50,432

Depreciation expense for the years ended December 31, 2019, 2018 and 2017 was approximately $10,226,000, $9,135,000, and $8,763,000 respectively. As of December 31, 2019, the Company had approximately $3,222,000 of capital expenditure commitments.

Stock-Based Compensation and Employee Benefit Plans - Summary of the Activity under the 2000 Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options transferred in merger with Vicor Weighted Average Exercise Price	$ 6.79
2000 Plan, Vicor [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options Outstanding, Beginning balance	1,382,981
Options Outstanding, Granted	115,753
Options transferred from VI Chip Merger	1,476,371
Options Outstanding, Forfeited and expired	(36,228)
Options Outstanding, Exercised	(250,981)
Options Outstanding, Ending balance	2,687,896
Options Outstanding, Exercisable	1,475,947	888,257	707,244
Options Outstanding, Vested or expected to vest	2,601,076
Weighted Average Exercise Price, Beginning balance	$ 13.41
Weighted Average Exercise Price, Granted	31.76
Weighted Average Exercise Price, Forfeited and expired	21.37
Weighted Average Exercise Price, Exercised	9.71
Weighted Average Exercise Price, Ending balance	10.81
Weighted Average Exercise Price, Exercisable	8.74	$ 8.93	$ 8.01
Weighted Average Exercise Price, Vested or expected to vest	$ 10.65
Weighted-Average Remaining Contractual Life in Years, Outstanding	4 years 7 months 24 days
Weighted-Average Remaining Contractual Life in Years, Exercisable	4 years 1 month 6 days
Weighted-Average Remaining Contractual Life in Years, Vested or expected to vest	4 years 7 months 13 days
Aggregate Intrinsic Value, Outstanding	$ 96,665
Aggregate Intrinsic Value, Exercisable	56,079
Aggregate Intrinsic Value, Vested or expected to vest	$ 93,938

Long-Term Investments - Rollforward of Credit (Gain) Loss Recognized in Earnings on Available-for-Sale Auction Rate Securities (Detail) - Failed Auction Security [Member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Balance at the beginning of the period	$ 41,000	$ 48,000	$ 59,000
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized	(4,000)	(7,000)	(11,000)
Balance at the end of the period	$ 37,000	$ 41,000	$ 48,000

Stock-Based Compensation and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Stock-Based Compensation Expense

Stock-based compensation expense for the years ended December 31 was as follows (in thousands):


	2019		2018		2017
Cost of revenues	$	342	$	237	$	187
Selling, general and administrative		1,979		2,517		1,125
Research and development		715		642		423

Total stock-based compensation	$	3,036	$	3,396	$	1,735

Summary of Compensation Expense by Type of Award

Compensation expense by type of award for the years ended December 31 was as follows (in thousands):


	2019		2018		2017
Stock options	$	2,072	$	2,649	$	1,546
ESPP		964		747		189

Total stock-based compensation	$	3,036	$	3,396	$	1,735

Weighted-Average Assumptions for Non Performance-Based Fair Value for Stock Options

The fair value for

non-performance-based

stock options awarded under the 2000 Plan for the years shown below was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:


	2019			2018			2017
Risk-free interest rate		1.8	%		2.9	%		2.1	%
Expected dividend yield		—			—			—
Expected volatility		42	%		44	%		43	%
Expected lives (years)		6.3			6.4			7.1

2000 Plan, Vicor [Member]

Stock-Based Compensation Expense

A summary of the activity under the 2000 Plan as of December 31, 2019 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data):


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding on December 31, 2018		1,382,981		$	13.41
Granted		115,753		$	31.76
Options transferred from VI Chip Merge r		1,476,371		$	6.79
Forfeited and expired		(36,228	)	$	21.37
Exercised		(250,981	)	$	9.71

Outstanding on December 31, 2019		2,687,896		$	10.81		4.65	$	96,665

Exercisable on December 31, 2019		1,475,947		$	8.74		4.10	$	56,079

Vested or expected to vest as of December 31, 2019(1)		2,601,076		$	10.65		4.62	$	93,938

(1)	In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.

Vi Chip Plan [Member]

Stock-Based Compensation Expense

A summary of the activity under the 2007 VI Chip Plan as of June 28, 2019, the date of the merger with and into Vicor and changes during the period then ended,

presented below:


	Options Outstanding			Weighted- Average Exercise Price
Outstanding on December 31, 2018 (1)		10,414,000		$	0.96
Granted		—
Forfeited and expired		—
Exercised		—
Options transferred in merger with Vicor		(10,414,000	)	$	0.96

Outstanding on June 28, 2019		—

(1)	Of the total VI Chip options outstanding on December 31, 2018, 5,500,000 options had been granted to Dr. Vinciarelli, the Company’s Chief Executive Officer.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2019 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2019
Cash equivalents:
Money market funds	$	9,630	$	—	$	—		$	9,630
Long-term investments:
Failed Auction Security		—		—		2,510			2,510
Liabilities:
Contingent consideration obligations		—		—		(451	)		(451	)

Assets measured at fair value on a recurring basis included the following as of December 31, 2018 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of December 31, 2018
Cash equivalents:
Money market funds	$	9,433	$	—	$	—		$	9,433
Long-term investments:
Failed Auction Security		—		—		2,526			2,526
Liabilities:
Contingent consideration obligations		—		—		(408	)		(408	)

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of December 31, 2019 are as follows (dollars in thousands):


	Fair Value		Valuation Technique		Unobservable Input	Weighted Average
Failed Auction Security	$	2,510		Discounted cash flow	Cumulative probability of earning the maximum rate until maturity		0.11	%
					Cumulative probability of principal return prior to maturity		93.66	%
					Cumulative probability of default		6.24	%
					Liquidity risk premium		5.00	%
					Recovery rate in default		40.00	%

Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs


Balance at the beginning of the period	$	2,526
Credit gain on available-for-sale security included in Other income (expense), net		4
Gain included in Other comprehensive income (loss)		(20	)

Balance at the end of the period	$	2,510

Change in Estimated Fair Value Calculated for Liabilities Valued on Recurring Basis Utilizing Level 3 Inputs


Balance at the beginning of the period	$	408
Increase in estimated contingent consideration obligations (see Note 9)		280
Payments		(237	)

Balance at the end of the period	$	451

Severance and Other Charges - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018
Schedule Of Sale Of Subsidiary [Abstract]
Severance charges	$ 350,000
Severance And Other Charges Credits		$ 402,000

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2019

Other Income and Expenses [Abstract]

Components of Other Income

15.

OTHER INCOME (EXPENSE), NET

The major changes in the components of Other income (expense), net for the years ended December 31 were as follows (in thousands):


	2019			2018			2017
Rental income	$	792		$	792		$	792
Interest income		300			257			124
Foreign currency losses, net		(108	)		(260	)		323
Gain on disposal of equipment		38			57			14
Credit gains on available-for-sale securities		4			7			11
Other		40			21			(2	)

	$	1,066		$	874		$	1,262

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 19, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	VICOR CORP
Entity Central Index Key	0000751978
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Trading Symbol	VICR
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	0-18277
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2742817
Entity Address, Address Line One	25 Frontage Road
Entity Address, City or Town	Andover
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	470-2900
Security Exchange Name	NASDAQ
Entity Address, State or Province	MA
Title of 12(b) Security	Common Stock
Entity Public Float			$ 549,713,000
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,844,478
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,758,218

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Revenue, Major Customer [Line Items]

Summary of Cumulative Effect of Adoption on Consolidated Statement of Operations

a)	Consolidated Balance Sheet Items


	As of December 31, 2018
	As reported		Adjustments			Balances without adoption of Topic 606
Accounts receivable, net	$	43,673	$	(72	)	$	43,601
Inventories, net		47,370		(110	)		47,260
Total assets		221,068		(182	)		220,886
Income taxes payable		710		(59	)		651
Deferred revenue		5,069		5,768			10,837
Sales allowances		548		(483	)		65
Total liabilities		36,978		5,226			42,204
Retained earnings		129,000		(5,408	)		123,592
Total equity		184,090		(5,408	)		178,682
Total liabilities and equity		221,068		(182	)		220,886

b)	Consolidated Statement of Operations Items


	Year Ended December 31, 2018
	As reported		Adjustments			Balances without adoption of Topic 606
Net revenues	$	291,220		$(3,946)		$	287,274
Cost of revenues		152,249		(2,149	)		150,100

Gross margin		138,971		(1,797	)		137,174
Income before income taxes		32,933		(1,797	)		31,136
Provision for income taxes		1,087		(59	)		1,028
Consolidated net income		31,846		(1,738	)		30,108
Net income attributable to Vicor Corporation		31,725		(1,738	)		29,987

Computation Of Basic And Diluted Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net income per share for the years ended December 31 (in thousands, except per share amounts):


	2019		2018		2017
Numerator:
Net income attributable to Vicor Corporation	$	14,098	$	31,725	$	167

Denominator:
Denominator for basic net income per share-weighted average shares (1)		40,330		39,872		39,228
Effect of dilutive securities:
Employee stock options (2)		1,347		857		705

Denominator for diluted net income per share-adjusted weighted-average shares and assumed conversions (3)		41,677		40,729		39,933

Basic net income per share	$	0.35	$	0.80	$	0.00

Diluted net income per share	$	0.34	$	0.78	$	0.00

(1)	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding.

(2)	Options to purchase 164,367, 67,247 and 53,913 shares of Common Stock in 2019, 2018, and 2017, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive.

(3)	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options.

Stock-Based Compensation and Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation and Employee Benefit Plans

12.

STOCK

-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS

Vicor currently grants options for the purchase of Common Stock (i.e., “stock options”) under the following equity compensation plan that is stockholder-approved:

Amended

and Restated 2000 Stock Option and Incentive Plan, as amended and restated (the “2000 Plan”)

— Under the 2000 Plan, the Board of Directors or the Compensation Committee of the Board of Directors may grant stock incentive awards based on the Company’s Common Stock, including stock options, stock appreciation rights, restricted stock, performance shares, unrestricted stock, deferred stock, and dividend equivalent rights. Awards may be granted to employees and other key persons, including

non-employee

directors.

Incentive stock options may be granted to employees at a price at least equal to the fair market value per share of the Common Stock on the date of grant, and

non-qualified

options may be granted to

non-employee

directors at a price at least equal to 85% of the fair market value of the Common Stock on the date of grant. A total of 10,000,000 shares of Common Stock have been reserved for issuance under the 2000 Plan. The period of time during which an option may be exercised and the vesting periods are determined by the Compensation Committee. The term of each option may not exceed 10 years from the date of grant.

VI Chip Corporation (“VI Chip”) was a privately held, majority-owned subsidiary of Vicor until June 28, 2019, at which date it was merged with and into Vicor, and its separate corporate existence ceased (see Note 18). Until that time, VI Chip could grant stock options under the

VI Chip Corporation Amended and Restated 2007 Stock Option and Incentive Plan

(the “2007 VI Chip Plan”), that had been approved by its Board of Directors. All awards thereunder were approved by the Compensation Committee of the Company’s Board of Directors. To effect the merger, holders of VI Chip Common Stock and VI Chip stock options received an equivalent value of Vicor Common Stock and Vicor stock options, respectively, pursuant (with respect to the stock options) to the assumption of the 2007 VI Chip Plan, and options outstanding thereunder, by Vicor. No additional awards will be granted under the assumed and restated 2007 VI Chip Plan.

Picor Corporation (“Picor”) was a privately held, majority-owned subsidiary of Vicor until May 30, 2018, at which date it was merged with and into Vicor, and its separate corporate existence ceased (see Note 18). Until that time, Picor could grant stock options under the

Picor Corporation Amended and Restated 2001 Stock Option and Incentive Plan

(the “2001 Picor Plan”) that had been approved by its Board of Directors. All awards thereunder were approved by the Compensation Committee of the Company’s Board of Directors. To effect the merger, holders of Picor Common Stock and Picor stock options received an equivalent value of Vicor Common Stock and Vicor stock options, respectively, pursuant (with respect to the stock options) to the assumption of the 2001 Picor Plan, and options outstanding thereunder, by Vicor. No additional awards will be granted under the assumed and restated 2001 Picor Plan.

All time-based (i.e.,

non-performance-based)

options for the purchase of Vicor common stock are granted at an exercise price equal to or greater than the market price for Vicor Common Stock at the date of the grant. All time-based (i.e.,

non-performance-based)

options for the purchase of VI Chip Common Stock and Picor Common Stock prior to the mergers and assumptions of the 2017 VI Chip Plan and of the 2001 Picor Plan, respectively, had been granted at an exercise price equal to or greater than the estimated fair market value of the respective share price, based on valuation methodologies consistent with U.S. GAAP and the requirements of Section 409A of the Internal Revenue Code, as amended (“the Code”).

Vicor Corporation 2017 Employee Stock Purchase Plan (the “Plan” or the “ESPP”)

. Under the ESPP, the Company has reserved 2,000,000 shares of Common Stock for issuance to eligible employees who elect to participate. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. The ESPP operates in successive periods of approximately six months, each referred to as an “offering period.” Generally, offering periods commence on or around September 1 and

March 1 and end on or around the following February 28 or August 31, respectively. Under the ESPP, an option is granted to participating employees on the first day of an offering period to purchase shares of the Company’s Common Stock at the end of that offering period at a purchase price equal to 85% of the lesser of the fair market value of a share of Common Stock on either the first day or the last day of that offering period. The purchase of shares is funded by means of periodic payroll deductions, which may not exceed 15.0% of the employee’s eligible compensation, as defined in the Plan. Among other provisions, the Plan limits the number of shares that can be purchased by a participant during any offering period and cumulatively for any calendar year.

Stock-based compensation expense for the years ended December 31 was as follows (in thousands):


	2019		2018		2017
Cost of revenues	$	342	$	237	$	187
Selling, general and administrative		1,979		2,517		1,125
Research and development		715		642		423

Total stock-based compensation	$	3,036	$	3,396	$	1,735

The increase in stock-based compensation in 2018 compared to 2017 was due to an increase in stock options granted between July 1, 2017 and December 31, 2018, an increase in the fair value of those stock option awards due to an increase in the market price of Vicor Common Stock during that period and ESPP expense, which was recorded for only part of 2017.

Compensation expense by type of award for the years ended December 31 was as follows (in thousands):


	2019		2018		2017
Stock options	$	2,072	$	2,649	$	1,546
ESPP		964		747		189

Total stock-based compensation	$	3,036	$	3,396	$	1,735

The fair value for

non-performance-based

stock options awarded under the 2000 Plan for the years shown below was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:


	2019			2018			2017
Risk-free interest rate		1.8	%		2.9	%		2.1	%
Expected dividend yield		—			—			—
Expected volatility		42	%		44	%		43	%
Expected lives (years)		6.3			6.4			7.1

Risk-free interest rate:

The Company uses the yield on

zero-coupon

U.S. Treasury “Strip” securities for a period that is commensurate with the expected term assumption for each vesting period.

Expected dividend yield:

The Company determines the expected dividend yield by annualizing the most recent prior cash dividends declared by the Company’s Board of Directors, if any, and dividing that result by the closing stock price on the date of that dividend declaration. Dividends are not paid on options.

Expected volatility:

Vicor uses historical volatility to estimate the grant-date fair value of the options, using the expected term for the period over which to calculate the volatility (see below). The Company does not expect its future volatility to differ from its historical volatility. The computation of the Company’s volatility is based on a simple average calculation of monthly volatilities over the expected term.

Expected term:

The Company uses historical employee exercise and option expiration data to estimate the expected term assumption for the Black-Scholes grant-date valuation. The Company believes this historical data is currently the best estimate of the expected term of options, and all groups of the Company’s employees exhibit similar exercise behavior.

Forfeiture rate:

The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. The forfeiture analysis is

re-evaluated

annually and the forfeiture rate is adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those shares that vest.

ased on an analysis of historical forfeitures, the Company applied an annual forfeiture rate of 5.25

% in 2019, 2018, and 2017, estimating approximately 85% of its options will actually vest in those three years.

Vicor Stock Options

A summary of the activity under the 2000 Plan as of December 31, 2019 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data):


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding on December 31, 2018		1,382,981		$	13.41
Granted		115,753		$	31.76
Options transferred from VI Chip Merge r		1,476,371		$	6.79
Forfeited and expired		(36,228	)	$	21.37
Exercised		(250,981	)	$	9.71

Outstanding on December 31, 2019		2,687,896		$	10.81		4.65	$	96,665

Exercisable on December 31, 2019		1,475,947		$	8.74		4.10	$	56,079

Vested or expected to vest as of December 31, 2019(1)		2,601,076		$	10.65		4.62	$	93,938

(1)	In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.

As of December 31, 2018 and 2017 the Company had options exercisable for 888,257 and 707,244 shares respectively, for which the weighted average exercise prices were $8.93 and $8.01, respectively.

During the years ended December 31, 2019, 2018, and 2017

the total intrinsic value of Vicor options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the options) was approximately $6,636,000, $22,938,000, and $4,395,000, respectively. The total amount of cash received by the Company from options exercised in 2019, 2018, and 2017, was $2,437,000, $6,782,000, and $3,295,000, respectively. The total grant-date fair value of stock options granted during the years ended December 31, 2019, 2018, and 2017 was approximately $1,657,000, $2,921,000, and $774,000, respectively.

As of December 31, 2019, there was approximately $4,121,000 of total

unrecognized

compensation cost related to unvested

non-performance

based awards for Vicor. That cost is expected to be recognized over a weighted-average period of 1.7 years for those awards. The expense will be recognized as follows: $1,897,000 in 2020, $1,261,000 in 2021, $669,000 in 2022, $184,000 in 2023, and $110,000 in 2024.

The weighted-average fair value of Vicor options granted was $14.30, $17.46, and $8.71, in 2019, 2018, and 2017, respectively.

VI Chip Stock Options

A summary of the activity under the 2007 VI Chip Plan as of June 28, 2019, the date of the merger with and into Vicor and changes during the period then ended,

presented below:


	Options Outstanding			Weighted- Average Exercise Price
Outstanding on December 31, 2018 (1)		10,414,000		$	0.96
Granted		—
Forfeited and expired		—
Exercised		—
Options transferred in merger with Vicor		(10,414,000	)	$	0.96

Outstanding on June 28, 2019		—

(1)	Of the total VI Chip options outstanding on December 31, 2018, 5,500,000 options had been granted to Dr. Vinciarelli, the Company’s Chief Executive Officer.

401(k) Plan

The Company sponsors a savings plan available to all domestic employees, which qualifies under Section 401(k) of the Internal Revenue Code. Employees may contribute to the plan in amounts representing from 1% to 80% of their

pre-tax

salary, subject to statutory limitations. The Company matches employee contributions to the plan at a rate of 50%, up to the first 3% of an employee’s compensation. The Company’s matching contributions currently vest at a rate of 20% per year, based upon years of service. The Company’s contributions to the plan were approximately $1,001,000, $976,000, and $937,000 in 2019, 2018, and 2017, respectively.

Stock Bonus Plan

Under the Company’s 1985 Stock Bonus Plan, as amended, shares of Common Stock may be awarded to employees from time to time as determined by the Board of Directors. On December 31, 2019, 109,964 shares were available for further award. All shares awarded to employees under this plan have vested. No further awards are contemplated under this plan at the present time.

Stock-Based Compensation and Employee Benefit Plans - Summary of the Activity under the Chip Stock Option Plans (Detail) - Vi Chip Plan [Member]	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options Outstanding, Beginning balance \| shares	10,414,000
Options transferred in merger with Vicor \| shares	(10,414,000)
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 0.96
Weighted Average Exercise Price, Exercised \| $ / shares	$ 0.96

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Dec. 31, 2019 USD ($) Vote $ / shares shares	Dec. 31, 2018 USD ($) Vote $ / shares shares
Accounts receivable, allowance \| $	$ 59	$ 224
Treasury stock, shares	11,634,806	11,635,739
Class B Common Stock [Member]
Common Stock, votes per share \| Vote	10	10
Common Stock, par value \| $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	14,000,000	14,000,000
Common Stock, shares issued	11,758,218	11,758,218
Common Stock, shares outstanding	11,758,218	11,758,218
Common Stock [Member]
Common Stock, votes per share \| Vote	1	1
Common Stock, par value \| $ / shares	$ 0.01	$ 0.01
Common Stock, shares authorized	62,000,000	62,000,000
Common Stock, shares issued	40,403,058	40,066,710
Common Stock, shares outstanding	28,768,252	28,430,971

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Consolidated net income	$ 14,109	$ 31,846	$ 258
Adjustments to reconcile consolidated net income to net cash provided by (used for) operating activities:
Depreciation and amortization	10,334	9,254	8,893
Stock-based compensation expense	3,036	3,396	1,735
Increase (decrease) in long-term income taxes payable	329	43	(1)
Deferred income taxes	60	(55)	(172)
Increase (decrease) in long-term deferred revenue	822	(71)	(71)
Increase in other long-term liabilities		9	93
Gain on disposal of equipment	(38)	(57)	(14)
(Benefit) provision for doubtful accounts	(144)	65	6
Credit gain on available-for-sale securities	(4)	(7)	(11)
Increase in refundable income taxes			(736)
Increase in contingent consideration obligations	280		650
Change in current assets and liabilities, net	(6,576)	(8,252)	(13,094)
Net cash provided by (used for) operating activities	22,208	36,171	(2,464)
Investing activities:
Additions to property, plant and equipment	(12,485)	(18,211)	(12,545)
Proceeds from sale of equipment	38	57	14
(Decrease) increase in other assets	(35)	(85)	5
Net cash used for investing activities	(12,482)	(18,239)	(12,526)
Financing activities:
Proceeds from issuance of Common Stock	4,742	8,656	3,300
Payment of contingent consideration obligations	(237)	(270)	(225)
Noncontrolling interest dividend paid	(139)
Net cash provided by financing activities	4,366	8,386	3,075
Effect of foreign exchange rates on cash	19	9	(25)
Net increase (decrease) in cash and cash equivalents	14,111	26,327	(11,940)
Cash and cash equivalents at beginning of year	70,557	44,230	56,170
Cash and cash equivalents at end of year	84,668	70,557	44,230
Change in current assets and liabilities, excluding effects of deconsolidation of subsidiary:
Accounts receivable	5,714	(8,834)	(9,210)
Inventories, net	(1,812)	(10,827)	(9,309)
Other current assets	(2,895)	176	(357)
Accounts payable and accrued liabilities	(7,339)	7,450	3,186
Accrued severance and other charges	(234)	234
Short-term lease payable	12
Income taxes payable	(653)	410	208
Deferred revenue	631	3,139	2,388
Change in current assets and liabilities, net	(6,576)	(8,252)	(13,094)
Supplemental disclosures:
Cash paid during the year for income taxes, net of refunds	$ 2,194	$ 743	$ 373

Revenues (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Net Revenues Based On Geography Location

The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands):


	Twelve Months Ended December 31, 2019
	Brick Products		Advanced Products		Total
United States	$	98,822	$	22,806	$	121,628
Europe		22,172		5,090		27,262
Asia Pacific		62,720		46,107		108,827
All other		4,182		1,078		5,260

	$	187,896	$	75,081	$	262,977


	Twelve Months Ended December 31, 2018
	Brick Products		Advanced Products		Total
United States	$	77,995	$	32,784	$	110,779
Europe		23,484		4,205		27,689
Asia Pacific		80,097		66,981		147,078
All other		5,128		546		5,674

	$	186,704	$	104,516	$	291,220

Summary of Net Revenues Disaggregated by Geography

The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands):


	Twelve Months Ended December 31, 2019
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	159,135	$	63,567	$	222,702
Stocking distributors, net of sales allowances		27,797		9,802		37,599
Non-recurring engineering		843		1,614		2,457
Royalties		121		24		145
Other		—		74		74

	$	187,896	$	75,081	$	262,977


	Twelve Months Ended December 31, 2018
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	163,206	$	91,579	$	254,785
Stocking distributors, net of sales allowances		22,362		9,370		31,732
Non-recurring engineering		1,066		3,356		4,422
Royalties		70		140		210
Othe r		—		71		71

	$	186,704	$	104,516	$	291,220

Summary of Chnges in Contract Assets And Liabilities

The following table presents the changes in certain contract assets and (liabilities) (in thousands):


	December 31, 2019			December 31, 2018			Change
Accounts receivable	$	38,115		$	43,673		$	(5,558	)
Short-term deferred revenue and customer prepayment s		(5,507	)		(5,069	)		(438	)
Long-term deferred revenue		(1,054	)		(232	)		(822	)
Deferred expenses		1,897			501			1,396
Sales allowances		(741	)		(548	)		(193	)

Schedule of Net Revenues from Unaffiliated Customers by Country Based on the Location of the Customer

Net revenues from unaffiliated customers by country, based on the location of the customer, for the years ended December 31 were as follows (in thousands):


	2019		2018		2017
United States	$	121,628	$	110,779	$	83,871
Europe		27,262		27,689		24,078
Asia Pacific		108,827		147,078		114,365
All other		5,260		5,674		5,516

	$	262,977	$	291,220	$	227,830

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. COMMITMENTS AND contingencies The Company is the defendant in a patent infringement lawsuit originally filed on January 28, 2011 by SynQor, Inc. (“SynQor”) in the U.S. District Court for the Eastern District of Texas (the “Texas Action”). The complaint, as amended, alleges that the Company’s products, including but not limited to, unregulated bus converters used in intermediate bus architecture power supply systems, infringe SynQor’s U.S. patent numbers 7,072,190, 7,272,021, 7,564,702, and 8,023,290 (“the ‘190 patent”, “the ‘021 patent”, “the ‘702 patent”, and “the ‘290 patent”, respectively). SynQor’s compliant sought an injunction against further infringement and an award of unspecified compensatory and enhanced damages, interest, costs and attorney fees. The Company has denied that its products infringe any of the SynQor patents, and has asserted that the SynQor patents are invalid and/or unenforceable. The Company has also asserted counterclaims seeking damages from SynQor for deceptive trade practices and tortious interference with prospective economic advantage arising from SynQor’s attempted enforcement of its patents against the Company. On May 23, 2016, after extensive discovery, the Texas Action was stayed by the court pending completion of certain inter partes reexamination (“IPRx”) proceedings at the United States Patent and Trademark Office (“USPTO”) (including any appeals from such proceedings to the Federal Circuit (as defined below)) concerning the SynQor patents, which are described below. That stay remains in force. In 2011, in response to the filing of the Texas Action, the Company’s IPRx proceedings at the USPTO challenged the validity of all claims that were asserted against the Company by SynQor. The current status of these proceedings is as follows. Regarding the ‘190 patent IPRx, the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”) issued a decision on March 13, 2015, determining that certain claims were invalid and remanding the matter to the Patent Trial and Appeal Board (“PTAB”) of the USPTO for further proceedings. On February 20, 2019, the PTAB issued a decision finding that all of the remaining challenged claims were unpatentable. SynQor has appealed that decision to the Federal Circuit, and the appeal remains pending. On August 30, 2017, the Federal Circuit issued rulings with regard to the IPRx proceedings for the ’021, ‘702 and ‘290 patents. With respect to the ‘021 patent, the Federal Circuit affirmed the PTAB’s determination that all of the challenged claims of the ‘021 patent were invalid. The Federal Circuit remanded the case to the PTAB for further consideration of the patentability of certain claims that had been added by amendment during the reexamination. On February 20, 2019, the PTAB issued a decision affirming the examiner’s rejections of all challenged claims. SynQor has filed an appeal of that decision in the Federal Circuit, and that appeal remains pending. With respect to the ‘702 patent, the Federal Circuit affirmed the PTAB’s determination that all of the challenged claims of the ‘702 patent were patentable. With respect to the ‘290 patent, the Federal Circuit vacated the PTAB’s decision upholding the patentability of the ‘290 patent claims, and remanded the case to the PTAB for further consideration. On February 20, 2019, the PTAB issued a decision reversing its prior affirmance of the examiner’s non-adoption of rejections with respect to the ‘290 patent, and entering rejections of all of the claims of the ‘290 patent. On May 20, 2019, as permitted by USPTO rules, SynQor requested the USPTO to reopen prosecution of this proceeding to address the new rejections made by the PTAB. While prosecution was reopened, the examiner has yet to issue a further substantive ruling. On October 31, 2017, the Company filed a request with the USPTO for ex parte reexamination (“EPRx”) of the asserted claims of the ‘702 patent, based on different prior art references than had been at issue in the previous IPRx of the ‘702 patent. On September 12, 2018, a patent examiner found that all of the asserted claims were invalid. SynQor has appealed that ruling to the PTAB, where the appeal remains pending. On August 6, 2018, the Company filed a request with the USPTO for EPRx of the asserted claims of the ‘190 patent, based on different prior art references than had been at issue in the previous IPRx of the ‘190 patent. On August 9, 2019, the USPTO issued a final rejection of all of the asserted claims of the ‘190 patent. SynQor has appealed that ruling to the PTAB, where the appeal remains pending. On January 23, 2018, the 20-year terms of the ‘190 patent, the ‘021 patent, the ‘702 patent and the ‘290 patent expired. As a consequence of these expirations, the Company cannot be liable under any of the SynQor patents for allegedly infringing activities occurring after the patents’ respective expiration dates. In addition, any amended claims that may issue as a result of any of the still-pending reexamination proceedings will have no effective term and cannot be the basis for any liability by the Company. The Company continues to believe none of its products, including its unregulated bus converters, infringe any valid claim of the asserted SynQor patents, either alone or when used in an intermediate bus architecture implementation. The Company believes SynQor’s claims lack merit and, therefore, it continues to vigorously defend itself against SynQor’s patent infringement allegations. The Company does not believe a loss is probable for this matter. If a loss were to be incurred, however, the Company cannot estimate the amount of possible loss or range of possible loss at this time. In addition to the SynQor matter, the Company is involved in certain other litigation and claims incidental to the conduct of its business. While the outcome of lawsuits and claims against the Company cannot be predicted with certainty, management does not expect any current litigation or claims will have a material adverse impact on the Company’s financial position or results of operations.

Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Securities

The following is a summary of the

available-for-sale

security (in thousands):


December 31, 2019	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security	$	3,000	$	—	$	490	$	2,510


December 31, 2018
Failed Auction Security	$	3,000	$	—	$	474	$	2,526

Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities

The amortized cost and estimated fair value of the

available-for-sale

security on December 31, 2019, by contractual maturities, are shown below (in thousands):


	Cost		Estimated Fair Value
Due in twenty to forty years	$	3,000	$	2,510

Rollforward of Credit (Gain) Loss Recognized in Earnings on Failed Auction Security

The following table represents a rollforward of the activity related to the credit loss recognized in earnings on the

available-for-sale

auction rate security held by the Company for the years ended December 31 (in thousands):


	2019			2018			2017
Balance at the beginning of the period	$	41		$	48		$	59
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized		(4	)		(7	)		(11	)

Balance at the end of the period	$	37		$	41		$	48

Contingent Consideration Obligation	12 Months Ended
Contingent Consideration Obligation	Dec. 31, 2019
Contingent Consideration Obligation [Abstract]
Contingent Consideration Obligation	9. CONTINGENT CONSIDERATION OBLIGATIONS In connection with noncontrolling interest transactions completed in 2015 and 2016, the Company entered into arrangements with the selling principals such that the principals would receive quarterly royalty payments through June 30, 2021 for the sale of certain legacy products manufactured by the remaining Vicor Custom Power entities. The Company increased the liability by approximately $280,000 in the fourth quarter of 2019 based on a reassessment of the total remaining obligation under the royalty arrangements. The amount i s included in selling, general, and administrative expenses.

VI Chip And Picor Mergers	12 Months Ended
VI Chip And Picor Mergers	Dec. 31, 2019
Business Combinations [Abstract]
VI Chip And Picor Mergers	18. VI CHIP AND PICOR MERGERS On June 28, 2019, the Company’s Board of Directors unanimously approved the merger of VI Chip, a subsidiary of Vicor that was fully consolidated for financial reporting purposes, with and into the Company. The merger was completed as of June 28, 2019, at which time the separate corporate existence of VI Chip ceased. To effect the merger, holders of VI Chip common stock and VI Chip stock options received an equivalent value of Vicor Common Stock and Vicor stock options, respectively, pursuant (with respect to the stock options) to the assumption of the 2007 VI Chip Plan, and options outstanding thereunder, by the Company. On May 25, 2018, the Company’s Board of Directors unanimously approved the merger of Picor, a subsidiary of Vicor that was fully consolidated for financial reporting purposes, with and into the Company. The merger was completed as of May 30, 2018, at which time the separate corporate existence of Picor ceased. To effect the merger, holders of Picor Common Stock and Picor stock options received an equivalent value of Vicor Common Stock and Vicor stock options, respectively, pursuant (with respect to the stock options) to the assumption of the 2001 Picor Plan, and options outstanding thereunder, by the Company. There was no net impact on the Company’s consolidated financial statements for the years ended December 31, 2019 and 2018 as a result of the mergers.

Product Warranties

12 Months Ended

Dec. 31, 2019

Guarantees and Product Warranties [Abstract]

Product Warranties

8. PRODUCT WARRANTIES

Product warranty activity for the years ended December 31 was as follows (in thousands):


	2019			2018			2017
Balance at the beginning of the period	$	268		$	290		$	214
Accruals for warranties for products sold in the period		250			173			346
Fulfillment of warranty obligations		(140	)		(117	)		(194	)
Revisions of estimated obligations		(6	)		(78	)		(76	)

Balance at the end of the period	$	372		$	268		$	290

Severance and Other Charges	12 Months Ended
Severance and Other Charges	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Severance and Other Charges	14. Severance and other Charges In May 2018, the Company’s management authorized the closure of its Granite Power Technologies, Inc. (“GPT”) subsidiary, which was part of the former Brick Business Unit (“BBU”) segment , by the end of 2018. The closure was completed in December 2018. GPT, located in Manchester, N.H., was one of three Vicor Custom Power (“VCP”) entities. Certain of GPT’s products will continue to be manufactured and sold by the two remaining VCP entities. As a result, the Company recorded a pre-tax charge of $350,000 in the second quarter of 2018, for the cost of severance and other employee-related costs involving cash payments based on each employee’s respective length of service. This was recorded as “Severance and other charges” in the Consolidated Statement of Operations. The related liability is presented as “Accrued severance and other charges” in the Consolidated Balance Sheets. Adjustments to reduce the liability were due to certain GPT employees accepting positions with Vicor, and for severance payments made to employees who had left GPT after the authorization of the closure. Adjustments to increase the liability, and the expense, were due to an early termination fee under GPT’s lease and for freight costs to transport GPT inventory and fixed assets to the two remaining VCP entities. The adjustments were recorded in the third and fourth quarters of 2018 for a total expense of $402,000 in 2018, as reported in the Consolidated Statement of Operations.

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Net revenues	$ 262,977,000	$ 291,220,000	$ 227,830,000
Cost of revenues	140,011,000	152,249,000	126,174,000
Gross margin	122,966,000	138,971,000	101,656,000
Operating expenses:
Selling, general and administrative	62,557,000	62,224,000	58,092,000
Research and development	46,588,000	44,286,000	44,924,000
Severance and other charges		402,000
Total operating expenses	109,145,000	106,912,000	103,016,000
Income (loss) from operations	13,821,000	32,059,000	(1,360,000)
Other income (expense), net:
Total unrealized gains (losses) on available-for-sale securities, net	(16,000)	1,000	17,000
Portion of losses (gains) recognized in other comprehensive income (loss)	20,000	6,000	(6,000)
Net credit gains recognized in earnings	4,000	7,000	11,000
Other income (expense), net	1,062,000	867,000	1,251,000
Total other income (expense), net	1,066,000	874,000	1,262,000
Income (loss) before income taxes	14,887,000	32,933,000	(98,000)
Less: Provision (benefit) for income taxes	778,000	1,087,000	(356,000)
Consolidated net income	14,109,000	31,846,000	258,000
Less: Net income attributable to noncontrolling interest	11,000	121,000	91,000
Net income attributable to Vicor Corporation	$ 14,098,000	$ 31,725,000	$ 167,000
Net income per common share attributable to Vicor Corporation:
Basic	$ 0.35	$ 0.80	$ 0.00
Diluted	$ 0.34	$ 0.78	$ 0.00
Shares used to compute net income per common share attributable to Vicor Corporation:
Basic	40,330	39,872	39,228
Diluted	41,677	40,729	39,933

Fair Value Measurements - Change in Estimated Fair Value Calculated for Liabilities Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - Contingent Consideration Obligations [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning of the period	$ 408
Increase in estimated contingent consideration obligations	280
Payments	(237)
Balance at the end of the period	$ 451

Stock-Based Compensation and Employee Benefit Plans - Weighted-Average Assumptions for Non Performance-Based Fair Value for Stock Options (Detail) - Non Performance-Based Stock Options [Member] - VI Chip [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Risk-free interest rate	1.80%	2.90%	2.10%
Expected volatility	42.00%	44.00%	43.00%
Expected lives (years)	6 years 3 months 18 days	6 years 4 months 24 days	7 years 1 month 6 days

Revenues - Additional Information (Detail)	3 Months Ended	12 Months Ended
Revenues - Additional Information (Detail)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 Customer	Dec. 31, 2018 Customer	Dec. 31, 2017 Customer
Decrease in net revenues \| $	$ 10,595,000
Number of customers \| Customer		1	1	1
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Percentage of total net revenues		12.70%	13.40%	13.00%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| China [Member]
Percentage of total net revenues		22.10%	37.40%	35.80%

Revenues

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenues

11. REVENUES

Revenue from the sale of Advanced Products represents the sum of third-party sales of the products sold under the Advanced Products line, which were sold under the former Picor and VI Chip operating segments during periods prior to the second quarter of 2019. Revenue from the sale of Brick Products represents the sum of third-party sales of the products sold under the Brick Products line, which were also sold under the former Brick Business Unit operating segment, inclusive of such sales of our Vicor Custom Power and VJCL subsidiaries. See Note 19

Segment Information

for a discussion of changes to the Company’s segment reporting.

The following tables present the Company’s net revenues disaggregated by geography based on the location of the customer, by product line (in thousands):


	Twelve Months Ended December 31, 2019
	Brick Products		Advanced Products		Total
United States	$	98,822	$	22,806	$	121,628
Europe		22,172		5,090		27,262
Asia Pacific		62,720		46,107		108,827
All other		4,182		1,078		5,260

	$	187,896	$	75,081	$	262,977


	Twelve Months Ended December 31, 2018
	Brick Products		Advanced Products		Total
United States	$	77,995	$	32,784	$	110,779
Europe		23,484		4,205		27,689
Asia Pacific		80,097		66,981		147,078
All other		5,128		546		5,674

	$	186,704	$	104,516	$	291,220

The following tables present the Company’s net revenues disaggregated by the category of revenue, by product line (in thousands):


	Twelve Months Ended December 31, 2019
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	159,135	$	63,567	$	222,702
Stocking distributors, net of sales allowances		27,797		9,802		37,599
Non-recurring engineering		843		1,614		2,457
Royalties		121		24		145
Other		—		74		74

	$	187,896	$	75,081	$	262,977


	Twelve Months Ended December 31, 2018
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	163,206	$	91,579	$	254,785
Stocking distributors, net of sales allowances		22,362		9,370		31,732
Non-recurring engineering		1,066		3,356		4,422
Royalties		70		140		210
Othe r		—		71		71

	$	186,704	$	104,516	$	291,220

The following table presents the changes in certain contract assets and (liabilities) (in thousands):


	December 31, 2019			December 31, 2018			Change
Accounts receivable	$	38,115		$	43,673		$	(5,558	)
Short-term deferred revenue and customer prepayment s		(5,507	)		(5,069	)		(438	)
Long-term deferred revenue		(1,054	)		(232	)		(822	)
Deferred expenses		1,897			501			1,396
Sales allowances		(741	)		(548	)		(193	)

The

decrease

in accounts receivable was primarily due to a decrease in net revenues of approximately $10,595,000 in the fourth quarter of 2019 compared to the fourth quarter of 2018.

Deferred expenses are included in Other current assets, in the accompanying Consolidated Balance Sheets.

Net revenues from unaffiliated customers by country, based on the location of the customer, for the years ended December 31 were as follows (in thousands):


	2019		2018		2017
United States	$	121,628	$	110,779	$	83,871
Europe		27,262		27,689		24,078
Asia Pacific		108,827		147,078		114,365
All other		5,260		5,674		5,516

	$	262,977	$	291,220	$	227,830

During 2019, 2018, and 2017, one customer accounted for approximately 12.7%, 13.4%, and 13.0% of net revenues, respectively, which included

net revenues

from

both business product lines in each of the three years.

Net revenues from customers in China (including Hong Kong),

the Company’s

largest international market, accounted for approximately 22.1% of total net revenues in 2019, 37.4% in 2018 and 35.8% in 2017, respectively.

Property, Plant and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 10,226,000	$ 9,135,000	$ 8,763,000
Capital expenditure commitments	$ 3,222,000
Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization period	39 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization period	3 years

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

20. QUARTERLY RESULTS OF OPERATIONS (Unaudited)

The following table sets forth certain unaudited quarterly financial data for the years ended December 31 (in thousands, except per share amounts):


	First		Second			Third			Fourth		Total
2019:
Net revenues	$	65,725	$	63,355		$	70,772		$	63,125	$	262,977
Gross margin		31,086		29,117			33,002			29,761		122,966
Consolidated net income		4,306		2,556			5,932			1,315		14,109
Net income (loss) attributable to noncontrolling interest		20		(7	)		(5	)		3		11
Net income attributable to Vicor Corporation		4,286		2,563			5,937			1,312		14,098
Net income per share attributable to Vicor Corporation:
Basic		0.11		0.06			0.15			0.03		0.35
Diluted		0.10		0.06			0.14			0.03		0.34


	First		Second		Third		Fourth			Total
2018:
Net revenues	$	65,269	$	74,196	$	78,035	$	73,720		$	291,220
Gross margin		30,211		35,883		39,004		33,873			138,971
Consolidated net income		3,982		7,909		13,048		6,907			31,846
Net income (loss) attributable to noncontrolling interest		39		49		36		(3	)		121
Net income attributable to Vicor Corporation		3,943		7,860		13,012		6,910			31,725
Net income per share attributable to Vicor Corporation:
Basic		0.10		0.20		0.32		0.17			0.80
Diluted		0.10		0.19		0.32		0.17			0.78

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. DESCRIPTION OF BUSINESS Vicor Corporation (the “Company” or “Vicor”) designs, develops, manufactures, and markets modular power components and power systems for converting electrical power. The Company also licenses certain rights to its technology in return for recurring royalties. The principal markets for the Company’s power converters and systems are large original equipment manufacturers (“OEMs”), original design manufacturers (“ODMs”) and their contract manufacturers, and smaller, lower volume users, which are broadly distributed across several major market areas.

Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories as of December 31 were as follows (in thousands):


	2019		2018
Raw materials	$	35,901	$	37,696
Work-in-process		5,184		4,740
Finished goods		8,102		4,934

	$	49,187	$	47,370

Fair Value Measurements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019 USD ($)
Fair Value Disclosures [Abstract]
Percent of credit loss	1.00%
Rate of return required	5.00%
Estimated timeframe for auctions of securities minimum	3 years
Estimated timeframe for auctions of securities maximum	5 years
Percentage of liquidity risk premium	5.00%
Increase or decrease in the liquidity risk premium	1.00%
Increase or decrease, respectively, the fair value of the Failed Auction Securities	$ 100,000
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0

Schedule II - Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts [Member] - USD ($)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Period

$ 224,000

$ 159,000

$ 153,000

Charge (Recovery) to Costs and Expenses

(144,000)

65,000

6,000

Other Charges, Deductions

^[1]

(21,000)

Balance at End of Period

$ 59,000

$ 224,000

$ 159,000

[1]	Reflects uncollectible accounts written off, net of recoveries.

Significant Accounting Policies - Summary of Cumulative Effect of Adoption on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable, net		$ 43,673
Inventories, net	$ 49,187	47,370
Total assets	240,727	221,068
Income taxes payable	57	710
Deferred revenue	5,507	5,069
Sales allowances	741	548
Total liabilities	34,857	36,978
Retained earnings	143,098	129,000
Total equity	205,870	184,090		$ 136,419	$ 131,017
Total liabilities and equity	240,727	221,068
Accounting Standards Update 2014-09 [Member]
Deferred revenue	438
Sales allowances	$ 193
Accounting Standards Update 2014-09 [Member] \| Adjustments [Member]
Accounts receivable, net		(72)
Inventories, net		(110)
Total assets		(182)
Income taxes payable		(59)
Deferred revenue		5,768
Sales allowances		(483)
Total liabilities		5,226
Retained earnings		(5,408)	$ 3,670
Total equity		(5,408)
Total liabilities and equity		(182)
Accounting Standards Update 2014-09 [Member] \| Balances without adoption of Topic 606 [Member]
Accounts receivable, net		43,601
Inventories, net		47,260
Total assets		220,886
Income taxes payable		651
Deferred revenue		10,837
Sales allowances		65
Total liabilities		42,204
Retained earnings		123,592
Total equity		178,682
Total liabilities and equity		$ 220,886

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

VICOR CORPORATION

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2019, 2018 and 2017


Description	Balance at Beginning of Period		Charge (Recovery) to Costs and Expenses			Other Charges, Deductions (1)			Balance at End of Period
Allowance for doubtful accounts:
Year ended:
December 31, 2019	$	224,000	$	(144,000	)	$	(21,000	)	$	59,000
December 31, 2018		159,000		65,000			—			224,000
December 31, 2017		153,000		6,000			—			159,000

(1)	Reflects uncollectible accounts written off, net of recoveries.

Fair Value Measurements - Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,526
Credit gain on available-for-sale security included in Other income (expense), net	4
Gain included in Other comprehensive income (loss)	(20)
Balance at the end of the period	$ 2,510

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Information	19. Segment Information In the second quarter of 2019, management determined, with the approval of the Company’s Board of Directors and Chief Operating Decision Maker (“CODM”), Dr. Vinciarelli, the Company would report as one segment, rather than under the three segment approach employed since 2007. The Company’s strategy has evolved with a transition in organizational focus, emphasizing investment in Advanced Products, targeting high growth market segments with a low-mix, high-volume operational model, while maintaining a profitable business in mature market segments we serve with Brick Products with a high-mix, low-volume operational model. Dr. Vinciarelli and management began to make incremental changes in management practices and organizational structure based on a management plan established in 2018 for the definitive reconfiguration of the three business units into one business focused on the Advanced Products and Brick Products product line categorizations, including three significant changes: the merger of Picor with and into Vicor, which was completed on May 30, 2018; the reconfiguration of the Company’s internal reporting systems, which was completed on December 31, 2018; and the merger of VI Chip with and into Vicor, which, as stated, was completed on June 28, 2019. Our CODM now determines the allocation of resources of the Company based upon the two product groupings, which constitute one segment. Both product lines are built in the Company’s manufacturing facility in Andover, Massachusetts employing similar processing and production techniques, and are supported by the same sales and marketing organizations. As such, the Company has conformed the segment reporting to the new reporting structure utilized by the CODM. Accordingly, three-segment information for prior periods has not been presented, to conform with the new presentation.

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases, Operating [Abstract]

Maturities of Lease Liabilities

The maturities of the Company’s lease liabilities are as follows (in thousands):


2020	$	1,657
2021		995
2022		695
2023		606
2024		587
Thereafter		171

Total lease payments	$	4,711
Less: Imputed interest		336

Present value of lease liabilities	$	4,375

Schedule of future minimum rental commitments under non-cancelable operating leases with remaining terms

As of December 31, 2018, prior to the adoption of Topic 842,

Leases

, future minimum rental commitments under

non-cancelable

operating leases with remaining terms in excess of one year were as follows (in thousands):


Year
2019	$	1,962
2020		1,502
2021		688
2022		447
2023 and thereafter		830

	$5,429

Maturities of Lease Payments

The maturities of the lease payments to be received by the Company under

the lease agreement

for

its

leased facility in California are as follows (in thousands):


2020	$	874
2021		901
2022		928
2023		955
2024		402

Total lease payments to be received	$	4,060

Inventories (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of December 31 were as follows (in thousands):


	2019		2018
Raw materials	$	35,901	$	37,696
Work-in-process		5,184		4,740
Finished goods		8,102		4,934

	$	49,187	$	47,370

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Line Items]
Tax benefit recognized			$ 0
AMT credit carryforwards			736,000
Provisional tax benefit due to new Tax Act			122,000
Untaxed accumulated unremitted foreign earnings			813,000
Valuation allowance, deferred tax assets	$ 30,363,000	$ 30,031,000
Research and development tax credit carryforwards	27,607,000	23,244,000
Accrued interest	2,070,000	1,462,000	1,104,000	$ 946,000
Net interest expense	7,000	7,000	$ 6,000
Potential payment of interest	$ 41,000	$ 35,000
Minimum [Member]
Income Tax Disclosure [Line Items]
Effective income tax rate		21.00%
Maximum [Member]
Income Tax Disclosure [Line Items]
Effective income tax rate			35.00%
Domestic Tax Authority [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year			2025
Research and development tax credit carryforwards			$ 14,451,000
Certain States [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year			2022
Federal net operating loss carryforwards expiry, ending year			2037
Research and development tax credit carryforwards			$ 17,744,000
Net operating loss carryforwards			$ 4,913,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Rate on Loss before Income Taxes and before Gain from Sale of Equity Method Investment Rate to Effective Income Tax Rate

The reconciliation of the federal statutory rate on the income (loss) before income taxes to the effective income tax rate for the years ended December 31 is as follows:


	2019			2018			2017
Statutory federal tax rate		21.0	%		21.0	%		(34.0	)%
State income taxes, net of federal income tax benefit		(8.1	)		3.6			97.2
Increase (decrease) in valuation allowance		2.2			(9.1	)		(936.1	)
Permanent items		(3.9	)		(5.9	)		(861.2	)
Tax credits		(15.6	)		(5.5	)		(1,222.3	)
Provision vs. tax return differences		9.0			(1.7	)		—
Foreign rate differential and deferred items		0.6			0.7			(91.8	)
Change in tax reserves		—			0.1			(5.1	)
Rate change due to tax reform		—			—			3,441.1
Refundable income taxes—AMT credit		—			—			(751.0	)
Other		—			0.1			(0.1	)

		5.2	%		3.3	%		(363.3	)%

Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes and before the Gain from Sale of Equity Method Investment

For financial reporting purposes, income (loss) before income taxes for the years ended December 31 include the following components (in thousands):


	2019		2018		2017
Domestic	$	13,493	$	31,455	$	(1,591	)
Foreign		1,394		1,478		1,493

	$	14,887	$	32,933	$	(98	)

Schedule of Components of Provision (Benefit) for Income Taxes

Significant components of the provision (benefit) for income taxes for the years ended December 31 are as follows (in thousands):


	2019		2018			2017
Current:
Federal	$	—	$	—		$	(736	)
State		268		231			156
Foreign		450		911			396

		718		1,142			(184	)
Deferred:
Foreign		60		(55	)		(172	)

		60		(55	)		(172	)

	$	778	$	1,087		$	(356	)

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands):


	2019			2018
Deferred tax assets:
Research and development tax credit carryforwards	$	27,607		$	23,244
Investment tax credit carryforwards		2,102			1,976
Stock-based compensation		1,587			3,133
Inventory reserves		1,522			2,109
Vacation accrual		1,280			1,218
Deferred revenue, net		796			66
Lease liabilities		679			—
UNICAP		351			275
Net operating loss carryforwards		328			1,091
International deferred tax assets		205			265
Sales allowances		172			128
Unrealized loss on investments		132			132
Contingent consideration liabilities		98			88
Warranty reserves		66			35
Bad debt reserves		14			52
Other		225			233

Total deferred tax assets		37,164			34,045
Less: Valuation allowance for deferred tax assets		(30,363	)		(30,031	)

Net deferred tax assets		6,801			4,014
Deferred tax liabilities:
Depreciation		(5,296	)		(3,144	)
ROU assets		(653	)		—
Prepaid expenses		(552	)		(473	)
Patent amortization		(91	)		(107	)
Other		(4	)		(25	)

Total deferred tax liabilities		(6,596	)		(3,749	)

Net deferred tax assets (liabilities)	$	205		$	265

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2019			2018			2017
Balance on January 1	$	1,462		$	1,104		$	946
Additions based on tax positions related to the current year		571			245			138
Additions for tax positions of prior years		43			120			29
Settlements		—			—			(1	)
Lapse of statute		(6	)		(7	)		(8	)

Balance on December 31	$	2,070		$	1,462		$	1,104

Leases - Maturities of Lease Liabilities (Detail) - USD ($)	Dec. 31, 2019	Jan. 01, 2019
2020	$ 1,657,000
2021	995,000
2022	695,000
2023	606,000
2024	587,000
Thereafter	171,000
Total lease payments	4,711,000
Less: Imputed interest	336,000
Present value of lease liabilities	$ 4,375,000	$ 4,455,000

Product Warranties - Product Warranty Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Guarantees [Abstract]
Balance at the beginning of the period	$ 268	$ 290	$ 214
Accruals for warranties for products sold in the period	250	173	346
Fulfillment of warranty obligations	(140)	(117)	(194)
Revisions of estimated obligations	(6)	(78)	(76)
Balance at the end of the period	$ 372	$ 268	$ 290

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Patents [Member]

Schedule of Patent Cost and Other Asset

Patent costs, which are included in Other assets in the accompanying Consolidated Balance Sheets, as of December 31 were as follows (in thousands):


	2019			2018
Patent costs	$	1,992		$	1,979
Accumulated amortization		(1,483	)		(1,380	)

	$	509		$	599

Long-Term Investments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Minimum period for which failed auction securities been in unrealized loss position	12 months	12 months
Failed Auction Security [Member]
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Amortized cost of securities	$ 3,000,000	$ 3,000,000
Period for which failed auction securities been in unrealized loss position	exceeds 12 months
Estimated Fair Value	$ 2,510,000	2,526,000
Gross Unrealized Losses	490,000	474,000
Aggregate credit loss	37,000	$ 41,000	$ 48,000	$ 59,000
Aggregate temporary impairment loss	$ 453,000

Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 3,600	$ 2,089
Buildings and improvements	45,791	45,170
Machinery and equipment	220,405	208,135
Furniture and fixtures	8,231	7,239
Construction in-progress and deposits	4,362	9,251
Property, plant and equipment, gross, total	282,389	271,884
Accumulated depreciation and amortization	(229,698)	(221,452)
Right of use asset — net	4,261
Net balance	$ 56,952	$ 50,432

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions relate to the useful lives of fixed assets and identified intangible assets, recoverability of long-lived assets, fair value of long-term investments, allowances for doubtful accounts, potential excess, obsolete or unmarketable inventory, potential reserves relating to litigation matters, accrued liabilities, accrued taxes, deferred tax valuation allowances, assumptions pertaining to share-based payments, and other reserves. Actual results could differ from those based on these estimates and assumptions, and such differences may be material to the financial statements.

Recently Adopted Accounting Standard

Lease Accounting

In February 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance for lease accounting, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new guidance establishes a

right-of-use

model (“ROU”) that requires a lessee to recognize a ROU asset and a lease liability on the balance sheet for all leases with a term longer than twelve months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases.

The Company adopted the new standard as of January 1, 2019, using the effective date as the date of initial application. As a result, financial information has not been updated and the disclosures required under the new standard have not been provided for dates and periods before January 1, 2019. The Company elected the “package of practical expedients”, which permits companies to not reassess under the new standard lease identification, lease classification and initial direct costs. The Company did not elect the

use-of-hindsight

or the practical expedient pertaining to land easements, as the latter is not applicable.

The adoption of the standard resulted in the recognition of ROU assets and lease liabilities of approximately $4,329,000 and $4,455,000, respectively, as of January 1, 2019. There was no cumulative effect of adopting this new guidance, and the standard did not have a material impact on the Company’s consolidated statements of operations or cash flows for the year ended December 31, 2019.

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance for revenue recognition (“Topic 606”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance, which includes several amendments, replaces most of the prior revenue recognition guidance under U.S. GAAP. The Company adopted the new guidance as of January 1, 2018 using the modified retrospective method, as applied to all contracts. As a result, the Company has changed its accounting policy for revenue recognition, as detailed below. The most significant impact of the adoption was on the timing of recognition of sales to the Company’s stocking distributors and including the additional required disclosures under the new standard. Through December 31, 2017, the Company deferred revenue and the related cost of sales on shipments to stocking distributors until the distributors resold the products to their customers. Upon adoption, the Company is no longer permitted to defer revenue until sale by the stocking distributor to the end customer, but rather, is required to estimate the effects of returns and allowances provided to stocking distributors and record revenue at the time of sale to the stocking distributor. In addition, the Company modified the accounting for a contractual arrangement due to a reassessment of the number of performance obligations in the arrangement, and adjusted for the timing of certain royalty revenue. The cumulative effect of adopting this guidance, recorded as an increase to the balance of retained earnings as of January 1, 2018, was approximately $3,670,000. The comparative information for the year ended December 31, 2017, including disclosures, has not been restated and continues to be reported under the accounting standards in effect for that period.

The following tables summarize the impacts of adopting the new revenue recognition guidance on certain components of the Company’s consolidated financial statements (in thousands):

a)	Consolidated Balance Sheet Items


	As of December 31, 2018
	As reported		Adjustments			Balances without adoption of Topic 606
Accounts receivable, net	$	43,673	$	(72	)	$	43,601
Inventories, net		47,370		(110	)		47,260
Total assets		221,068		(182	)		220,886
Income taxes payable		710		(59	)		651
Deferred revenue		5,069		5,768			10,837
Sales allowances		548		(483	)		65
Total liabilities		36,978		5,226			42,204
Retained earnings		129,000		(5,408	)		123,592
Total equity		184,090		(5,408	)		178,682
Total liabilities and equity		221,068		(182	)		220,886

b)	Consolidated Statement of Operations Items


	Year Ended December 31, 2018
	As reported		Adjustments			Balances without adoption of Topic 606
Net revenues	$	291,220		$(3,946)		$	287,274
Cost of revenues		152,249		(2,149	)		150,100

Gross margin		138,971		(1,797	)		137,174
Income before income taxes		32,933		(1,797	)		31,136
Provision for income taxes		1,087		(59	)		1,028
Consolidated net income		31,846		(1,738	)		30,108
Net income attributable to Vicor Corporation		31,725		(1,738	)		29,987

The impact of the adoption of the new revenue recognition standard on the consolidated statements of comprehensive income (loss) and cash flows for the year ended December 31, 2018 was not material.

Prior to January 1, 2018

Product revenue was recognized in the period when persuasive evidence of an arrangement with a customer existed, the products were shipped and title was transferred to the customer, the price was fixed or determinable, and collection was considered probable.

The Company deferred revenue and the related cost of sales on shipments to stocking distributors until the distributors resold the products to their customers. The agreements with these stocking distributors allowed them to receive price adjustment credits or to return qualifying products for credit, as determined by the Company, in order to reduce the amounts of slow moving, discontinued, or obsolete product from their inventory. These stocking distributors were also granted price adjustment credits in the event of a price decrease subsequent to the date the product was shipped and invoiced to the stocking distributor. Given the uncertainties associated with the levels of price adjustment credits to be granted to stocking distributors, the sales price to the stocking distributor was not fixed or determinable until the stocking distributor resold the products to its customers. Therefore, the Company deferred revenue and the related cost of sales on shipments to stocking distributors until the stocking distributors resold the products to their customers. Accordingly, the Company’s revenue fully reflected

end-customer

purchases and was not impacted by stocking distributor inventory levels. Agreements with stocking distributors limited returns of qualifying product to the Company to a certain percentage of the value of the Company’s shipments to that stocking distributor during the prior quarter. In addition, stocking distributors were allowed to return unsold products if the Company terminated the relationship with the stocking distributor. Title to the inventory transferred to the stocking distributor at the time of shipment or delivery to the stocking distributor. Payments from the stocking distributors were due in accordance with the Company’s standard payment terms. These payment terms were not contingent upon the stocking distributors’ sale of the products to their

end-customers.

Upon title transfer to stocking distributors, the Company reduced inventory for the cost of goods shipped, the margin (i.e., revenues less cost of revenues) was recorded as deferred revenue, and an account receivable was recorded.

The Company evaluated revenue arrangements with potential multi-element deliverables to determine if there were more than one unit of accounting. A deliverable constituted a separate unit of accounting when it had standalone value and there were no customer-negotiated refund or return rights for the undelivered elements. The Company entered into arrangements containing multiple elements that could include a combination of

non-recurring

engineering services (“NRE”), prototype units, and production units. The Company determined NRE and prototype units represented one unit of accounting and production units represented a separate unit of accounting, based on an assessment of the respective standalone value. The Company deferred revenue recognition for NRE and prototype units until completion of the final milestone under the NRE arrangement, which was generally the delivery of the prototype. Recognition generally took place within six to twelve months of the initiation of the arrangement. Revenue for the production units was recognized upon shipment, consistent with other product revenue summarized above.

License fees were recognized as earned. The Company recognized revenue on such arrangements only when the contract was signed, the license term had begun, all obligations had been delivered to the customer, and collection was probable.

Foreign currency translation

The financial statements of Vicor Japan Company, Ltd. (“VJCL”), a majority-owned subsidiary, for which the functional currency is the Japanese Yen, have been translated into U.S. Dollars using the exchange rate in effect at the balance sheet date for balance sheet amounts and the average exchange rates in effect during the year for income statement amounts. The gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income.

Transaction gains and losses resulting from the remeasurement of foreign currency denominated assets and liabilities of the Company’s foreign subsidiaries where the functional currency is the U.S. Dollar are included in other income (expense), net. Foreign currency gains (losses) included in other income (expense), net, were approximately $(108,000), $(260,000), and $323,000 in 2019, 2018, and 2017, respectively.

Cash and cash equivalents

Cash and cash equivalents include funds held in disbursement (i.e., checking) and money market accounts, certificates of deposit, and debt securities with maturities of less than three months at the time of purchase. Cash and cash equivalents are valued at cost, approximating market value. The Company’s money market securities, which are classified as cash equivalents on the balance sheet, are purchased and redeemed at par value. Their estimated fair value is equal to their cost, and, due to the nature of the securities and their classification as cash equivalents, there are no unrealized gains or losses recorded at the balance sheet dates.

Long-term investment

The Company’s principal sources of liquidity are its existing balances of cash and cash equivalents, as well as cash generated from operations. Consistent with the guidelines of the Company’s investment policy, the Company can invest, and has historically invested, its cash balances in demand deposit accounts, money market funds, and auction rate securities meeting certain quality criteria. The Company’s long-term investment is subject to credit, liquidity, market, and interest rate risk.

The Company’s long-term investment, which is a debt security, is classified as an

available-for-sale

security. The

available-for-sale

security is recorded at fair value, with unrealized gains and losses, net of tax, attributable to credit loss recorded through the Consolidated Statement of Operations and unrealized gains and losses, net of tax, attributable to other

non-credit

factors recorded in “Accumulated other comprehensive income (loss),” a component of Total Equity. In determining the amount of credit loss, the Company compares the present value of cash flows expected to be collected to the amortized cost basis of the security, considering credit default risk probabilities and changes in credit ratings, among other factors.

The amortized cost of the debt security is adjusted for amortization of premiums and accretion of discounts to maturity, the net amount of which, along with interest and realized gains and losses, is included in “Other income (expense), net” in the Consolidated Statements of Operations. The Company periodically evaluates the investment to determine if impairment is required, whether an impairment is other than temporary, and the measurement of an impairment loss. The Company considers a variety of impairment indicators such as, but not limited to, a significant deterioration in the earnings performance, credit rating, or asset quality of the investment.

Fair value measurements

The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements:


Level 1		Inputs used to measure fair value are unadjusted quoted prices available in active markets for the identical assets or liabilities as of the reporting date.

Level 2		Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in inactive markets. Level 2 also includes assets and liabilities valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3		Inputs used to measure fair value are unobservable inputs supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these financial instruments.

Inventories

Inventories are valued at the lower of cost (determined using the

first-in,

first-out

method) or net realizable value. Fixed production overhead is allocated to the inventory cost per unit based on the normal capacity of the production facilities. Abnormal production costs, including fixed cost variances from normal production capacity, if any, are charged to cost of revenues in the period incurred. All shipping and handling costs incurred in connection with the sale of products are included in cost of revenues.

Inventory estimated to be excess, obsolete, or unmarketable is written down to net realizable value. The Company’s estimation process for assessing net realizable value is based upon forecasted future usage which is derived based on backlog, historical consumption and expected market conditions. If the Company’s estimated demand and/or market expectations were to change or if product sales were to decline, the Company’s estimation process may cause larger inventory reserves to be recorded, resulting in larger charges to cost of revenues.

Concentrations of risk

Financial instruments potentially subjecting the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, of which a significant portion is held by one financial institution, its long-term investment, and trade accounts receivable. The Company maintains cash and cash equivalents and certain other financial instruments with various large financial institutions. Generally, amounts invested with these financial institutions are in excess of federal deposit insurance limits. The Company has not experienced any losses in such accounts, and management believes the Company is not exposed to significant credit risk. The Company’s long-term investment as of December 31, 2019 consists of a single auction rate security with a par

value of $

3,000,000

, which is

collateralized

by student loans. It is a highly rated (Aaa/AA+) municipal and corporate debt security. Through December

2019

, auctions held for the Company’s auction rate security have failed. The funds associated with an auction rate security that has failed auction may not be accessible until a successful auction occurs, a buyer is found outside of the auction process, the security is called, or the underlying securities have matured. If the credit rating of the issuer of the auction rate security held deteriorates, the Company may be required to adjust the carrying value of the investment for an other-than-temporary decline in value through an impairment charge.

The Company’s investment policy, approved by the Board of Directors, limits the amount the Company may invest in any issuer, thereby reducing credit risk concentrations.

The Company’s products are sold worldwide to customers ranging from smaller, independent manufacturers of highly specialized electronic devices, to larger OEMs, ODMs and their contract manufacturers. See Note 19,

Segment Information

, for a discussion of a change to segment reporting in the second quarter of 2019. The Company’s Brick Products’ customers are primarily concentrated in the following industries: aerospace and defense electronics, industrial automation, industrial equipment, instrumentation and test equipment, and transportation

(

notably in rail and heavy equipment applications

)

. The Company’s Advanced Products’ customers are concentrated in the data center and hyperscaler segments of enterprise computing, in which

the Company’s

products are used for voltage distribution on server motherboards, in server racks, and across datacenter infrastructure, although we also target applications in aerospace and aviation, defense electronics, industrial automation, instrumentation, test equipment, solid state lighting, telecommunications and networking infrastructure, and vehicles (notably in the autonomous driving, electric vehicle, and hybrid vehicle niches of the vehicle segment). While, overall, the Company has a broad customer base and sells into a variety of industries, a substantial portion of the Company’s revenue from its Advanced Products line has been derived from a limited number of customers. This concentration of revenue is a reflection of the relatively early stage of adoption of the technologies, architectures and products offered in the Advanced Products line, and the Company’s strategy of targeting market leading innovators as initial customers for its Advanced Products. Concentrations of credit risk with respect to trade accounts receivable are limited due to the number of entities comprising the Company’s customer base

As of December

2019

and

2018

one

customer accounted for approximately

14.3

% of trade account receivables.

Components and materials used in the Company’s products are purchased from a variety of vendors. While most of the components are available from multiple sources, some key components for certain Advanced Products, in particular, are supplied by single vendors. In instances of single source items, the Company maintains levels of inventories management considers appropriate to enable meeting the delivery requirements of customers. If suppliers or subcontractors cannot provide their products or services on time or to the required specifications, the Company may not be able to meet the demand for its products and its delivery times may be negatively affected.

Long-lived assets

The Company reviews property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying value of such assets may not be recoverable.

Management determines whether the carrying value of an asset or asset group is recoverable based on comparison to the undiscounted expected future cash flows the assets are expected to generate over their remaining economic lives. If an asset value is not recoverable, the impairment loss is equal to the amount by which the carrying value of the asset exceeds its fair value, which is determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. Evaluation of impairment of long-lived assets requires estimates of future operating results that are used in the preparation of the expected future undiscounted cash flows. Actual future operating results and the remaining economic lives of our long-lived assets could differ from the estimates used in assessing the recoverability of these assets.

These differences could result in impairment charges, which could be material.

Intangible assets

Values assigned to patents are amortized using the straight-line method over periods ranging from three to 20 years. Patents and other intangible assets are included in “Other assets” in the accompanying Consolidated Balance Sheets.

Advertising expense

The cost of advertising is expensed as incurred. The Company incurred approximately $2,749,000, $2,610,000, and $2,150,000 in advertising costs during 2019, 2018, and 2017, respectively.

Product warranties

The Company generally offers a

two-year

warranty for all of its products, though it has extended the warranty period to three years for certain military grade products sold after January 1, 2017. The Company is party to a limited number of supply agreements with certain customers contractually committing the Company to warranty and indemnification requirements exceeding those to which the Company has been exposed in the past. The Company provides for the estimated cost of product warranties at the time product revenue is recognized. Factors influencing the Company’s warranty reserves include the number of units sold, historical and anticipated rates of warranty returns, and the cost per return. The Company periodically assesses the adequacy of warranty reserves and adjusts the amounts as necessary. Warranty obligations are included in “Accrued expenses” in the accompanying Consolidated Balance Sheets.

Revenue recognition

Subsequent to January 1, 2018, revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales, value add, and other taxes collected concurrent with revenue producing activities are excluded from revenue. The expected costs associated with product warranties continue to be recognized at the time product revenue is recognized. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues.

The Company’s primary source of net revenue comes from the sale of products, which are modular power components and power systems for converting, regulating and controlling electric current. The principal customers for the Company’s power converters and systems are large OEMs, ODMs and the original design manufacturers and contract manufacturers serving them, and smaller, lower volume users, which are broadly distributed across several major market areas. The Company recognizes revenue for product sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or

delivery, depending on the terms of the underlying contract. The Company previously deferred revenue and the related cost of revenues on shipments to stocking distributors until the distributors resold the products to their customers. The Company now records revenue for such transactions at the time of sale to the stocking distributor. The Company establishes sales allowances for estimated future product returns including distributor returns and price adjustment credits, primarily based upon historical and anticipated rates of product returns and allowances.

Certain contracts with customers contain multiple performance obligations, which typically may include a combination of NRE, prototype units, and production units. For these contracts, the individual performance obligations are accounted for separately if they are distinct. Generally, the Company has determined the NRE and prototype units represent one distinct performance obligation and the production units represent a separate distinct performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price, based on prices charged to customers or using the expected cost plus a margin approach. The Company defers revenue recognition for NRE and prototype units until the point in time at which the final milestone under the NRE arrangement is completed and control is transferred to the customer, which is generally the shipment or delivery of the prototype. Revenue for production units is recognized upon shipment or delivery, consistent with product revenue summarized above.

The Company licenses its intellectual property under right to use licenses, in which royalties due to the Company are based upon a percentage of the licensee’s sales. The Company utilizes the exception under the revenue recognition guidance for the recognition of sales- or usage-based royalties, in which the royalties are not recognized until the later of when 1) the customer’s subsequent sales or usages occur, or 2) the performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied or partially satisfied.

Accounts receivable includes amounts billed and currently due from customers. The amounts due are stated at their estimated realizable value. The Company’s payment terms vary by the type and location of its customers and the products or services offered, although terms generally include a requirement of payment within 30 to 60 days. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, based on assessments of customers’ credit-risk profiles and payment histories. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company does not require collateral from its customers, although there have been circumstances when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a customer’s established credit limit. To date, such amounts have not been material.

The Company records deferred revenue, which represents a contract liability, when cash payments are received or due in advance of performance under a contract with a customer. During the years ended December 31, 2019 and 2018, the Company recognized revenue of approximately $76,000 and $991,000, respectively, that was included in deferred revenue at the beginning of the respective period.

The Company applies the practical expedient for the incremental costs of obtaining a contract for sales commissions, which are expensed when incurred because the amortization period is generally less than one year. These costs are included in selling, general and administrative expenses.

The Company also applies another practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Legal Costs

Legal costs in connection with litigation are expensed as incurred.

Net income per common share

The Company computes basic net income per share using the weighted average number of common shares outstanding and diluted net income per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, if any. The following table sets forth the computation of basic and diluted net income per share for the years ended December 31 (in thousands, except per share amounts):


	2019		2018		2017
Numerator:
Net income attributable to Vicor Corporation	$	14,098	$	31,725	$	167

Denominator:
Denominator for basic net income per share-weighted average shares (1)		40,330		39,872		39,228
Effect of dilutive securities:
Employee stock options (2)		1,347		857		705

Denominator for diluted net income per share-adjusted weighted-average shares and assumed conversions (3)		41,677		40,729		39,933

Basic net income per share	$	0.35	$	0.80	$	0.00

Diluted net income per share	$	0.34	$	0.78	$	0.00

(1)	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding.

(2)	Options to purchase 164,367, 67,247 and 53,913 shares of Common Stock in 2019, 2018, and 2017, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive.

(3)	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options.

Income taxes

Deferred tax assets and liabilities are determined based on the differences between

the

financial reporting and tax bases of assets and liabilities and are measured using the enacted income tax rates and laws expected to be in effect when the temporary differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. All deferred tax assets and liabilities are classified as noncurrent.

The Company follows a

two-step

process to determine the amount of tax benefit to recognize. The first step is to evaluate the tax position to determine the likelihood it would be sustained upon examination by a tax authority. If the tax position is deemed

“more-likely-than-not”

to be sustained, the second step is to assess the tax position to determine the amount of tax benefit to be recognized in the financial statements. The amount of the benefit that may be recognized is the largest amount that possesses greater than 50 percent likelihood of being

realized upon ultimate settlement. If the tax position does not meet the

“more-likely-than-not”

threshold, then it is not recognized in the financial statements. Additionally, the Company accrues interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. The unrecognized tax benefits, including accrued interest and penalties, if any, are included in “Long-term income taxes payable” in the accompanying Consolidated Balance Sheets.

Stock-based compensation

The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock option awards, whether they possess time-based vesting provisions or performance-based vesting provisions, and awards granted under the Vicor Corporation 2017 Employee Stock Purchase Plan (“ESPP”), as of their grant date. For stock options with time-based vesting provisions, the calculated compensation expense, net of expected forfeitures, is recognized on a straight-line basis over the service period of the award, which is generally five years for stock options. For stock options with performance-based vesting provisions, recognition of compensation expense, net of expected forfeitures, commences if and when the achievement of the performance criteria is deemed probable. For stock options with performance-based vesting provisions, compensation expense, net of expected forfeitures, when recognized, is recognized over the relevant performance period.

Comprehensive income (loss)

The components of comprehensive income (loss) include, in addition to net income (loss), unrealized gains and losses on investments, net of tax and foreign currency translation adjustments related to VJCL, net of tax.

Impact of recently issued accounting

standards

In December 2019, the FASB issued

guidance

designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740,

Income Taxes

, and also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for the Company for its fiscal year beginning after December 15, 2020, with early adoption permitted. The Company has not yet determined the impact this new guidance will have on its consolidated financial statements and disclosures

In August 2018, the FASB issued guidance which modifies the disclosure requirements on fair value measurements under Topic 820, Fair Value Measurements, including the consideration of costs and benefits. The new guidance is effective for all entities for annual and interim periods in fiscal years beginning after December 15, 2019, with early adoption permitted. It is required to be applied on a retrospective approach with certain elements being adopted prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The Company does not expect the adoption of the new guidance will have a material impact on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued new guidance which will require measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for

available-for-sale

debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. It is required to be applied on a modified-retrospective approach with certain elements being adopted prospectively. The Company does not expect the adoption of the new guidance will have a material impact on its consolidated financial statements and related disclosures.

Other

new pronouncements issued but not effective until after December 31, 2019 are not expected to have a material impact on the Company’s consolidated financial statements.

Product Warranties (Tables)

12 Months Ended

Dec. 31, 2019

Guarantees and Product Warranties [Abstract]

Product Warranty Activity

Product warranty activity for the years ended December 31 was as follows (in thousands):


	2019			2018			2017
Balance at the beginning of the period	$	268		$	290		$	214
Accruals for warranties for products sold in the period		250			173			346
Fulfillment of warranty obligations		(140	)		(117	)		(194	)
Revisions of estimated obligations		(6	)		(78	)		(76	)

Balance at the end of the period	$	372		$	268		$	290

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - 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]
Revenue	$ 63,125	$ 70,772	$ 63,355	$ 65,725	$ 73,720	$ 78,035	$ 74,196	$ 65,269	$ 262,977	$ 291,220	$ 227,830
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									187,896	186,704
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									75,081	104,516
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue									222,702	254,785
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									159,135	163,206
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									63,567	91,579
Stocking Distributors, Net of Sales Allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue									37,599	31,732
Stocking Distributors, Net of Sales Allowances [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									27,797	22,362
Stocking Distributors, Net of Sales Allowances [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									9,802	9,370
Non-recurring Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue									2,457	4,422
Non-recurring Engineering [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									843	1,066
Non-recurring Engineering [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									1,614	3,356
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue									145	210
Royalties [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									121	70
Royalties [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									24	140
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue									74	71
Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									$ 74	$ 71

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 108,000	$ 119,000	$ 130,000
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Future amortization expense from patent assets held for 2020	104,000
Future amortization expense from patent assets held for 2021	95,000
Future amortization expense from patent assets held for 2022	63,000
Future amortization expense from patent assets held for 2023	52,000
Future amortization expense from patent assets held for 2024	$ 44,000

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

Use of estimates

Recently Adopted Accounting Standards

Recently Adopted Accounting Standard

Lease Accounting

right-of-use

use-of-hindsight

or the practical expedient pertaining to land easements, as the latter is not applicable.

Revenue Recognition

The following tables summarize the impacts of adopting the new revenue recognition guidance on certain components of the Company’s consolidated financial statements (in thousands):

a)	Consolidated Balance Sheet Items


	As of December 31, 2018
	As reported		Adjustments			Balances without adoption of Topic 606
Accounts receivable, net	$	43,673	$	(72	)	$	43,601
Inventories, net		47,370		(110	)		47,260
Total assets		221,068		(182	)		220,886
Income taxes payable		710		(59	)		651
Deferred revenue		5,069		5,768			10,837
Sales allowances		548		(483	)		65
Total liabilities		36,978		5,226			42,204
Retained earnings		129,000		(5,408	)		123,592
Total equity		184,090		(5,408	)		178,682
Total liabilities and equity		221,068		(182	)		220,886

b)	Consolidated Statement of Operations Items


	Year Ended December 31, 2018
	As reported		Adjustments			Balances without adoption of Topic 606
Net revenues	$	291,220		$(3,946)		$	287,274
Cost of revenues		152,249		(2,149	)		150,100

Gross margin		138,971		(1,797	)		137,174
Income before income taxes		32,933		(1,797	)		31,136
Provision for income taxes		1,087		(59	)		1,028
Consolidated net income		31,846		(1,738	)		30,108
Net income attributable to Vicor Corporation		31,725		(1,738	)		29,987

The impact of the adoption of the new revenue recognition standard on the consolidated statements of comprehensive income (loss) and cash flows for the year ended December 31, 2018 was not material.

Prior to January 1, 2018

end-customer

end-customers.

non-recurring

Foreign currency translation

Cash and cash equivalents

Long-term investments

Long-term investment

The Company’s long-term investment, which is a debt security, is classified as an

available-for-sale

security. The

available-for-sale

non-credit

Fair value measurements

The Company accounts for certain financial assets at fair value, defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-level hierarchy is used to show the extent and level of judgment used to estimate fair value measurements:


Level 1		Inputs used to measure fair value are unadjusted quoted prices available in active markets for the identical assets or liabilities as of the reporting date.

Level 2		Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in inactive markets. Level 2 also includes assets and liabilities valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3		Inputs used to measure fair value are unobservable inputs supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these financial instruments.

Inventories

Inventories are valued at the lower of cost (determined using the

first-in,

first-out

Concentrations of risk

value of $

3,000,000

, which is

collateralized

by student loans. It is a highly rated (Aaa/AA+) municipal and corporate debt security. Through December

2019

The Company’s investment policy, approved by the Board of Directors, limits the amount the Company may invest in any issuer, thereby reducing credit risk concentrations.

Segment Information

(

notably in rail and heavy equipment applications

)

. The Company’s Advanced Products’ customers are concentrated in the data center and hyperscaler segments of enterprise computing, in which

the Company’s

As of December

2019

and

2018

one

customer accounted for approximately

14.3

% of trade account receivables.

Long-lived assets

These differences could result in impairment charges, which could be material.

Intangible assets

Advertising expense

The cost of advertising is expensed as incurred. The Company incurred approximately $2,749,000, $2,610,000, and $2,150,000 in advertising costs during 2019, 2018, and 2017, respectively.

Product warranties

The Company generally offers a

two-year

Revenue recognition

The Company also applies another practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Legal Costs

Legal costs in connection with litigation are expensed as incurred.

Net income (loss) per common share

Net income per common share


	2019		2018		2017
Numerator:
Net income attributable to Vicor Corporation	$	14,098	$	31,725	$	167

Denominator:
Denominator for basic net income per share-weighted average shares (1)		40,330		39,872		39,228
Effect of dilutive securities:
Employee stock options (2)		1,347		857		705

Denominator for diluted net income per share-adjusted weighted-average shares and assumed conversions (3)		41,677		40,729		39,933

Basic net income per share	$	0.35	$	0.80	$	0.00

Diluted net income per share	$	0.34	$	0.78	$	0.00

(1)	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding.

(2)	Options to purchase 164,367, 67,247 and 53,913 shares of Common Stock in 2019, 2018, and 2017, respectively, were not included in the calculation of net income per share as the effect would have been antidilutive.

(3)	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding for the year, adjusted to include the dilutive effect, if any, of outstanding options.

Income taxes

Deferred tax assets and liabilities are determined based on the differences between

the

The Company follows a

two-step

“more-likely-than-not”

Stock-based compensation

Comprehensive income (loss)

Impact of recently issued accounting standards

Impact of recently issued accounting

standards

In December 2019, the FASB issued

guidance

designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740,

Income Taxes

available-for-sale

Long-Term Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Long-Term Investments

4. LONG-TERM INVESTMENT

As of December 31, 2019 and 2018, the Company held one auction rate security with a par value of $3,000,000, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through December 31, 2019, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of December 31, 2019.

The following is a summary of the

available-for-sale

security (in thousands):


December 31, 2019	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security	$	3,000	$	—	$	490	$	2,510


December 31, 2018
Failed Auction Security	$	3,000	$	—	$	474	$	2,526

As of December 31, 2019 and 2018, the Failed Auction Security had been in an unrealized loss position for greater than 12 months.

The amortized cost and estimated fair value of the

available-for-sale

security on December 31, 2019, by contractual maturities, are shown below (in thousands):


	Cost		Estimated Fair Value
Due in twenty to forty years	$	3,000	$	2,510

Based on the fair value measurements described in Note 5, the fair value of the Failed Auction Security on December 31, 2019, with a par value of $3,000,000, was estimated by the Company to be approximately $2,510,000. The gross unrealized loss of $490,000 on the Failed Auction Security consists of two types of estimated loss: an aggregate credit loss of $37,000 and an aggregate temporary impairment of $453,000. In determining the amount of credit loss, the Company compared the present value of cash flows expected to be collected to the amortized cost basis of the security, considering credit default risk probabilities and changes in credit ratings as significant inputs, among other factors (see Note 5).

The following table represents a rollforward of the activity related to the credit loss recognized in earnings on the

available-for-sale

auction rate security held by the Company for the years ended December 31 (in thousands):


	2019			2018			2017
Balance at the beginning of the period	$	41		$	48		$	59
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized		(4	)		(7	)		(11	)

Balance at the end of the period	$	37		$	41		$	48

At this time, the Company has no intent to sell the Failed Auction Security and does not believe it is more likely than not the Company will be required to sell the security. If current market conditions deteriorate further, the Company may be required to record additional unrealized losses. If the credit rating of the security deteriorates, the Company may be required to adjust the carrying value of the investment through impairment charges recorded in the Consolidated Statement of Operations, and any such impairment adjustments may be material.

Based on the Company’s ability to access cash and cash equivalents and its expected operating cash flows, management does not anticipate the current lack of liquidity associated with the Failed Auction Security held will affect the Company’s ability to execute its current operating plan.

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Financial Data

The following table sets forth certain unaudited quarterly financial data for the years ended December 31 (in thousands, except per share amounts):


	First		Second			Third			Fourth		Total
2019:
Net revenues	$	65,725	$	63,355		$	70,772		$	63,125	$	262,977
Gross margin		31,086		29,117			33,002			29,761		122,966
Consolidated net income		4,306		2,556			5,932			1,315		14,109
Net income (loss) attributable to noncontrolling interest		20		(7	)		(5	)		3		11
Net income attributable to Vicor Corporation		4,286		2,563			5,937			1,312		14,098
Net income per share attributable to Vicor Corporation:
Basic		0.11		0.06			0.15			0.03		0.35
Diluted		0.10		0.06			0.14			0.03		0.34


	First		Second		Third		Fourth			Total
2018:
Net revenues	$	65,269	$	74,196	$	78,035	$	73,720		$	291,220
Gross margin		30,211		35,883		39,004		33,873			138,971
Consolidated net income		3,982		7,909		13,048		6,907			31,846
Net income (loss) attributable to noncontrolling interest		39		49		36		(3	)		121
Net income attributable to Vicor Corporation		3,943		7,860		13,012		6,910			31,725
Net income per share attributable to Vicor Corporation:
Basic		0.10		0.20		0.32		0.17			0.80
Diluted		0.10		0.19		0.32		0.17			0.78

Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ 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 Financial Information Disclosure [Abstract]
Net revenues	$ 63,125	$ 70,772	$ 63,355	$ 65,725	$ 73,720	$ 78,035	$ 74,196	$ 65,269	$ 262,977	$ 291,220	$ 227,830
Gross margin	29,761	33,002	29,117	31,086	33,873	39,004	35,883	30,211	122,966	138,971	101,656
Consolidated net income	1,315	5,932	2,556	4,306	6,907	13,048	7,909	3,982	14,109	31,846	258
Net income (loss) attributable to noncontrolling interest	3	(5)	(7)	20	(3)	36	49	39	11	121	91
Net income attributable to Vicor Corporation	$ 1,312	$ 5,937	$ 2,563	$ 4,286	$ 6,910	$ 13,012	$ 7,860	$ 3,943	$ 14,098	$ 31,725	$ 167
Net income per share attributable to Vicor Corporation:
Basic	$ 0.03	$ 0.15	$ 0.06	$ 0.11	$ 0.17	$ 0.32	$ 0.20	$ 0.10	$ 0.35	$ 0.80	$ 0.00
Diluted	$ 0.03	$ 0.14	$ 0.06	$ 0.10	$ 0.17	$ 0.32	$ 0.19	$ 0.10	$ 0.34	$ 0.78	$ 0.00

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Stock-Based Compensation and Employee Benefit Plans - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ 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 stock-based compensation	$ 3,036	$ 3,396	$ 1,735
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,072	2,649	1,546
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 964	$ 747	$ 189

Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal			$ (736)
State	$ 268	$ 231	156
Foreign	450	911	396
Current, Total	718	1,142	(184)
Deferred:
Foreign	60	(55)	(172)
Deferred Income Tax Expense (Benefit)	60	(55)	(172)
Provision (benefit) for income taxes	$ 778	$ 1,087	$ (356)

Revenues - Schedule of Net Revenues from Unaffiliated Customers by Country Based on the Location of the Customer (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue	$ 262,977	$ 291,220	$ 227,830
United States [Member]
Revenue	121,628	110,779	83,871
Europe [Member]
Revenue	27,262	27,689	24,078
Asia Pacific [Member]
Revenue	108,827	147,078	114,365
All Other [Member]
Revenue	$ 5,260	$ 5,674	$ 5,516