0001193125-21-063132 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 18, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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	Yes
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			$ 1,454,187,000
ICFR Auditor Attestation Flag	true
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,658,143
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,758,218

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 161,742	$ 84,668
Short-term Investments	50,166
Accounts receivable, less allowance of $82 in 2020 and $59 in 2019	40,999	38,115
Inventories, net	57,269	49,187
Other current assets	6,756	7,096
Total current assets	316,932	179,066
Long-term deferred tax assets	226	205
Long-term investment, net	2,517	2,510
Property, plant and equipment, net	74,843	56,952
Other assets	1,721	1,994
Total assets	396,239	240,727
Current liabilities:
Accounts payable	14,121	9,005
Accrued compensation and benefits	14,094	10,410
Accrued expenses	2,624	2,690
Sales allowances	597	741
Short-term lease liabilities	1,629	1,520
Income taxes payable	139	57
Short-term deferred revenue and customer prepayments	7,309	5,507
Total current liabilities	40,513	29,930
Long-term deferred revenue	733	1,054
Contingent consideration obligations	227	451
Long-term income taxes payable	643	567
Long-term lease liabilities	2,968	2,855
Total liabilities	45,084	34,857
Commitments and contingencies (Note 17)
Vicor Corporation stockholders' equity:
Additional paid-in capital	328,392	201,251
Retained earnings	161,008	143,098
Accumulated other comprehensive loss	(204)	(383)
Treasury stock at cost: 11,634,806 shares in 2020 and 2019	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	350,820	205,562
Noncontrolling interest	335	308
Total equity	351,155	205,870
Total liabilities and equity	396,239	240,727
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Total equity	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 433	$ 405

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Dec. 31, 2020 USD ($) Vote $ / shares shares	Dec. 31, 2019 USD ($) Vote $ / shares shares
Accounts receivable, allowance \| $	$ 82	$ 59
Treasury stock, shares	11,634,806	11,634,806
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	43,204,671	40,403,058
Common Stock, shares outstanding	31,569,865	28,768,252

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net revenues	$ 296,576	$ 262,977	$ 291,220
Cost of revenues	165,129	140,011	152,249
Gross margin	131,447	122,966	138,971
Operating expenses:
Selling, general and administrative	63,163	62,557	62,224
Research and development	50,916	46,588	44,286
Severance and other charges			402
Total operating expenses	114,079	109,145	106,912
Income from operations	17,368	13,821	32,059
Other income (expense), net:
Total unrealized gains (losses) on available-for-sale securities, net	7	(16)	1
Portion of losses (gains) recognized in other comprehensive income (loss)	(3)	20	6
Net credit gains recognized in earnings	4	4	7
Other income (expense), net	1,089	1,062	867
Total other income (expense), net	1,093	1,066	874
Income before income taxes	18,461	14,887	32,933
Less: Provision for income taxes	539	778	1,087
Consolidated net income	17,922	14,109	31,846
Less: Net income attributable to noncontrolling interest	12	11	121
Net income attributable to Vicor Corporation	$ 17,910	$ 14,098	$ 31,725
Net income per common share attributable to Vicor Corporation:
Basic	$ 0.42	$ 0.35	$ 0.80
Diluted	$ 0.41	$ 0.34	$ 0.78
Shares used to compute net income per common share attributable to Vicor Corporation:
Basic	42,186	40,330	39,872
Diluted	43,869	41,677	40,729

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Statement of Comprehensive Income [Abstract]

Consolidated net income

$ 17,922

$ 14,109

$ 31,846

Foreign currency translation gains, net of tax benefit

^[1]

200

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

^[1]

(6)

(20)

(6)

Other comprehensive income

194

Consolidated comprehensive income

18,116

14,122

31,938

Less: Comprehensive income attributable to noncontrolling interest

129

Comprehensive income attributable to Vicor Corporation

$ 18,089

$ 14,109

$ 31,809

[1]

The deferred tax assets associated with cumulative foreign currency translation gains and cumulative unrealized losses on available for sale securities are completely offset by a tax valuation allowance as of December 31, 2020, 2019, and 2018. Therefore, there is no income tax benefit (provision) recognized in any of the three years ended December 31, 2020.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- 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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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Consolidated net income	$ 17,922	$ 14,109	$ 31,846
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	11,056	10,334	9,254
Stock-based compensation expense	5,883	3,036	3,396
(Decrease) increase in long-term deferred revenue	(321)	822	(71)
Increase in long-term income taxes payable	76	329	43
Deferred income taxes	(21)	60	(55)
Increase in other long-term liabilities			9
Gain on disposal of equipment	(13)	(38)	(57)
Provision (recovery) for doubtful accounts	23	(144)	65
Credit gain on available-for-sale securities	(4)	(4)	(7)
Increase in contingent consideration obligations		280
Change in current assets and liabilities, net	(54)	(6,576)	(8,252)
Net cash provided by operating activities	34,547	22,208	36,171
Investing activities:
Purchases of short-term investments	(50,166)
Additions to property, plant and equipment	(28,653)	(12,485)	(18,211)
Proceeds from sale of equipment	13	38	57
Decrease (increase) in other assets	182	(35)	(85)
Net cash used for investing activities	(78,624)	(12,482)	(18,239)
Financing activities:
Proceeds from public offering of Common Stock	109,681
Proceeds from employee stock plans	11,585	4,742	8,656
Payment of contingent consideration obligations	(224)	(237)	(270)
Noncontrolling interest dividend paid		(139)
Net cash provided by financing activities	121,042	4,366	8,386
Effect of foreign exchange rates on cash	109	19	9
Net increase in cash and cash equivalents	77,074	14,111	26,327
Cash and cash equivalents at beginning of year	84,668	70,557	44,230
Cash and cash equivalents at end of year	161,742	84,668	70,557
Change in current assets and liabilities:
Accounts receivable	(2,816)	5,714	(8,834)
Inventories, net	(8,049)	(1,812)	(10,827)
Other current assets	369	(2,895)	176
Accounts payable and accrued liabilities	8,668	(7,339)	7,450
Accrued severance and other charges		(234)	234
Short-term lease payable	34	12
Income taxes payable	82	(653)	410
Deferred revenue	1,658	631	3,139
Change in current assets and liabilities, net	(54)	(6,576)	(8,252)
Supplemental disclosures:
Cash paid during the year for income taxes, net of refunds	$ 79	$ 2,194	$ 743

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, 2017	$ 136,419	$ 401	$ 181,395	$ 93,605	$ (478)	$ (138,927)	$ 136,114	$ 305	$ 118
Issuance of Common Stock under employee stock plans	8,656	7	8,649				8,656
Stock-based compensation expense	3,396		3,396				3,396
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
Issuance of Common Stock under employee stock plans	4,742	3	4,739				4,742
Stock-based compensation expense	3,036		3,036				3,036
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
Issuance of Common Stock under employee stock plans	11,585	10	11,575				11,585
Issuance of Common Stock in public offering, net (See Note 12)	109,681	18	109,663				109,681
Stock-based compensation expense	5,883		5,883				5,883
Other	20		20				20
Components of comprehensive income, net of tax
Net income	17,922			17,910			17,910	12
Other comprehensive income	194				179		179	15
Total comprehensive income	18,116						18,089	27
Ending Balance at Dec. 31, 2020	$ 351,155	$ 433	$ 328,392	$ 161,008	$ (204)	$ (138,927)	$ 350,820	$ 335	$ 118

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2020
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 .

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

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 short-term and 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.

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 $181,000, $(108,000), and $

(

260,000) in 2020, 2019, and 2018, respectively.

Investments

The Company’s principal sources of liquidity are its existing balances of cash and cash equivalents and short-term investments, 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, government debt securities, and auction rate securities meeting certain quality criteria.

Cash and Cash Equivalents

Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of 90 days or less at the time of acquisition. 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 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.

Short-term Investments

The Company’s short-term investments, consisting of obligations of the U.S. Treasury, are debt securities with original maturities greater than three months but less than one year the time of purchase.

Long-term Investment

The Company’s long-term investment is an auction rate debt security with a maturity of greater than one year and is subject to credit, liquidity, market, and interest rate risk.

Available-For-Sale

Securities

Certain of the cash and cash equivalents, all of the short-term investments and the long-term investment are classified as

available-for-sale

securities (“AFS”). These securities are 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 loss,” a component of Total Equity. Given the nature of the cash and cash equivalents and the short-term investments designated as AFS, credit losses are not considered to be material. In determining the amount of credit loss for the long-term investment, 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 Company periodically evaluates the long-term 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.

The amortized cost of the debt securities are 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.

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, short-term investments, accounts receivable, and accounts payable approximate fair value because of the short maturities 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 management’s estimate of expected future utility 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 and short-term investments, of which a significant portion are held by three financial institutions, its long-term investment, and trade accounts receivable. The Company maintains cash and cash equivalents, short-term investments and certain other financial instruments with high credit

counterparties, and continuously monitors the amount of credit exposure to any one issuer and diversifies its investments in order to minimize its credit risk. 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, 2020 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 31, 2020, 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 The Company also targets 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

2020

and

2019

one

customer accounted for approximately

24.1

% and

14.3

%, respectively, 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

years. Patents and other intangible assets are included in “Other assets” in the accompanying Consolidated Balance Sheets.

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. 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

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, including sales to stocking distributors, which typically occurs upon shipment or delivery, depending on the terms of the underlying contract. The Company establishes sales allowances on shipments to stocking distributors 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

non-recurring

engineering services (“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 delays 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, 2020 and 2019, the Company recognized revenue of approximately $3,550,000 and $76,000, 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.

Advertising expense

The cost of advertising is expensed as incurred. The Company incurred approximately $2,637,000, $2,749,000, and $2,610,000 in advertising costs during 2020, 2019, and 2018, respectively.

Legal Costs

Legal costs in connection with litigation are expensed as incurred.

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.

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.

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):


	2020		2019		2018
Numerator:
Net income attributable to Vicor Corporation	$	17,910	$	14,098	$	31,725

Denominator:
Denominator for basic net income per share-weighted average shares (1)		42,186		40,330		39,872
Effect of dilutive securities:
Employee stock options (2)		1,683		1,347		857

Denominator for diluted net income per share-adjusted weighted-average shares and assumed conversions (3)		43,869		41,677		40,729

Basic net income per share	$	0.42	$	0.35	$	0.80

Diluted net income per share	$	0.41	$	0.34	$	0.78

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

(2)	Options to purchase 181,196, 164,367 and 67,247 shares of Common Stock in 2020, 2019, and 2018, 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.

Comprehensive income (loss)

The components of comprehensive income (loss) include, in addition to consolidated 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 adopted the new guidance as of January 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements and 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 adopted the new guidance as of January 1, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements and disclosures.

Other new pronouncements issued but not effective until after December 31, 2020 are not expected to have a material impact on the Company’s consolidated financial statements.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

3. INVENTORIES

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


	2020		2019
Raw materials	$	42,556	$	35,901
Work-in-process		7,424		5,184
Finished goods		7,289		8,102

	$	57,269	$	49,187

Short-Term and Long-Term Investments

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Short-Term and Long-Term Investments

4. SHORT-TERM AND LONG-TERM INVESTMENTS

As of December 31, 2020 the Company held $50,166,000

of short-term investments, consisting of obligations of the U.S. Treasury, all of which were debt securities with original maturities greater than three months but less than one year the time of purchase.

As of December 31, 2020 and 2019, 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, 2020, 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, 2020.

Details of our investments are as follows (in thousands):


	December 31, 2020
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Measured at fair value:
Available-for-sale debt securities:
Money Market Funds	$	69,493	$	—	$	—
U.S. Treasury Obligations		19,998		50,166		—
Failed Auction Security		—		—		2,517

Total		89,491		50,166		2,517
Other measurement basis:
Cash on hand		72,251		—		—

Total	$	161,742	$	50,166	$	2,517


	December 31, 2019
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Measured at fair value:
Available-for-sale debt securities:
Money Market Funds	$	9,630	$	—	$	—
Failed Auction Security		—		—		2,510

Total		9,630		—		2,510

Other measurement basis:
Cash on hand		75,038		—		—

Total	$	84,668	$	—	$	2,510

The following is a summary of the

available-for-sale

securities (in thousands):


December 31, 2020	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury Obligations	$	70,172	$	—	$	8	$	70,164
Failed Auction Security		3,000		—		483		2,517


December 31, 2019
Failed Auction Security	$	3,000	$	—	$	490	$	2,510

As of December 31, 2020 and 2019, 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

securities on December 31, 2020,

by type and contractual maturities, are shown below (in thousands):

U.S. Treasury Obligations:
	Cost		Estimated Fair Value
Maturities greater than three months but less than one year	$	50,174	$	50,166
Maturities less than three months		19,998		19,998

	$	70,172	$	70,164



Failed Auction Security:
	Cost		Estimated Fair Value
Due in twenty to forty years	$	3,000	$	2,517

Based on the fair value measurements described in Note 5, the fair value of the Failed Auction Security on December 31, 2020, with a par value of $3,000,000, was estimated by the Company to be approximately $2,517,000. The gross unrealized loss of $483,000 on the Failed Auction Security consists of two types of estimated loss: an aggregate credit loss of $33,000 and an aggregate temporary impairment of $450,000. 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 Failed Auction Security held by the Company for the years ended December 31 (in thousands):


	2020			2019			2018
Balance at the beginning of the period	$	37		$	41		$	48
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized		(4	)		(4	)		(7	)

Balance at the end of the period	$	33		$	37		$	41

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, its short-term investments, 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.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. 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, 2020 (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, 2020
Cash equivalents:
Money market funds	$	69,493	$	—	$	—		$	69,493
U.S. Treasury Obligations		19,998		—		—			19,998
Short-term investments:
U.S. Treasury Obligations		50,166		—		—			50,166
Long-term investments:
Failed Auction Security		—		—		2,517			2,517
Liabilities:
Contingent consideration obligations		—		—		(227	)		(227	)

Assets 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	)

As of December 31, 2020, 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, 2020. 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

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, 2020 are as follows (dollars in thousands):


	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Failed Auction Security	$	2,517	Discounted cash flow	Cumulative probability of earning the maximum rate until maturity		0.14	%
				Cumulative probability of principal return prior to maturity		93.62	%
				Cumulative probability of default		6.23	%
				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, 2020 was as follows (in thousands):


Balance at the beginning of the period	$	2,510
Credit gain on available-for-sale security included in Other income (expense), net		4
Gain included in Other comprehensive income		3

Balance at the end of the period	$	2,517

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, 2020 was as follows (in thousands):


Balance at the beginning of the period	$	451
Payments		(224	)

Balance at the end of the period	$	227

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2020.

- 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

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. 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):


	2020			2019
Land	$	3,600		$	3,600
Buildings and improvements		45,905			45,791
Machinery and equipment		233,635			220,405
Furniture and fixtures		8,429			8,231
Construction in-progress and deposits		17,987			4,362

		309,556			282,389
Accumulated depreciation and amortization		(239,162	)		(229,698	)
Right of use asset — net		4,449			4,261

Net balance	$	74,843		$	56,952

Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was approximately $10,950,000, $10,226,000, and $9,135,000

respectively. As of December 31, 2020, the Company had approximately $13,141,000 of capital expenditure commitments.

Intangible Assets

12 Months Ended

Dec. 31, 2020

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):


	2020			2019
Patent costs	$	1,859		$	1,992
Accumulated amortization		(1,434	)		(1,483	)

	$	425		$	509

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

Amortization expense was approximately $106,000, $108,000 and $119,000 in 2020, 2019 and 2018, respectively. The estimated future amortization expense from patent assets held as of December 31, 2020, is projected to be $96,000, $64,000, $54,000, $46,000 and $33,000, in fiscal years 2021, 2022, 2023, 2024, and 2025, respectively.

Product Warranties

12 Months Ended

Dec. 31, 2020

Guarantees and Product Warranties [Abstract]

Product Warranties

8. PRODUCT WARRANTIES

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


	2020			2019			2018
Balance at the beginning of the period	$	372		$	268		$	290
Accruals for warranties for products sold in the period		366			250			173
Fulfillment of warranty obligations		(398	)		(140	)		(117	)
Revisions of estimated obligations		(32	)		(6	)		(78	)

Balance at the end of the period	$	308		$	372		$	268

Contingent Consideration Obligations	12 Months Ended
Contingent Consideration Obligations	Dec. 31, 2020
Contingent Consideration Obligation [Abstract]
Contingent Consideration Obligations	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 was included in selling, general, and administrative expenses.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2020
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 2020, 2019, and 2018. On December 31, 2020, the Company had approximately $8,541,000 available for share repurchases under the November 2000 Plan. In June 2020, the Company completed an underwritten public offering of its Common Stock, resulting in the issuance of a total of 1,769,231 shares of registered Common Stock and net proceeds of approximately $109,714,000, after deduction of underwriting discounts and offering expenses. The Company intends to use the net proceeds from the offering to expand its manufacturing facilities and for other general corporate purposes. 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. On December 31, 2020, 2019, and 2018, there were 21,852,334, 20,895,747, and 21,233,659, 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.

Revenues

12 Months Ended

Dec. 31, 2020

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 previously 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, 2020
	Brick Products		Advanced Products		Total
United States	$	80,065	$	25,493	$	105,558
Europe		23,491		6,641		30,132
Asia Pacific		83,985		73,899		157,884
All other		2,715		287		3,002

	$	190,256	$	106,320	$	296,576


	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, 2020
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	160,004	$	91,405	$	251,409
Stocking distributors, net of sales allowances		29,411		8,510		37,921
Non-recurring engineering		841		6,181		7,022
Royalties		—		152		152
Other		—		72		72

	$	190,256	$	106,320	$	296,576


	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
Other		—		71		71

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

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


	December 31, 2020			December 31, 2019			Change
Accounts receivable	$	40,999		$	38,115		$	2,884
Short-term deferred revenue and customer prepayments		(7,309	)		(5,507	)		(1,802	)
Long-term deferred revenue		(733	)		(1,054	)		321
Deferred expenses		1,650			1,897			(247	)
Sales allowances		(597	)		(741	)		144

The increase in accounts receivable was primarily due to an increase in net revenues of approximately $6,723,000 in December 2020 compared to December 2019.

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

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


	2020		2019		2018
United States	$	105,558	$	121,628	$	110,779
Europe		30,132		27,262		27,689
Asia Pacific		157,884		108,827		147,078
All other		3,002		5,260		5,674

	$	296,576	$	262,977	$	291,220

During 2020, 2019, and 2018, one customer accounted for approximately 18.5%, 12.7%, and 13.4% 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 31.4% of total net revenues in 2020, 22.1% in 2019 and 37.4% in 2018, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Stock-Based Compensation and Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

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 plans that are 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.

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.

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 2007 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”).

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


	2020		2019		2018
Cost of revenues	$	934	$	342	$	237
Selling, general and administrative		3,164		1,979		2,517
Research and development		1,785		715		642

Total stock-based compensation	$	5,883	$	3,036	$	3,396

The increase in stock option compensation expense in 2020 compared to 2019, was primarily due to an increase in the number of stock options granted and to the acceleration of recognition of compensation expense on stock options granted to retirement eligible employees, both associated with stock option awards in June 2020.

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


	2020		2019		2018
Stock options	$	4,982	$	2,072	$	2,649
ESPP		901		964		747

Total stock-based compensation	$	5,883	$	3,036	$	3,396

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:


	2020			2019			2018
Risk-free interest rate		0.5	%		1.8	%		2.9	%
Expected dividend yield		—			—			—
Expected volatility		48	%		42	%		44	%
Expected lives (years)		6.1			6.3			6.4

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.

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

in 2020, 2019, and 2018, 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, 2020 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, 2019		2,687,896		$	10.81
Granted		354,075		$	68.34
Forfeited and expired		(69,987	)	$	23.77
Exercised		(948,507	)	$	9.62

Outstanding on December 31, 2020		2,023,477		$	20.98		4.87	$	144,153

Exercisable on December 31, 2020		924,964		$	9.05		3.41	$	76,932

Vested or expected to vest as of December 31, 2020(1)		1,947,127		$	20.22		4.79	$	140,186

(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, 2019 and 2018 the Company had options exercisable for 1,475,947 and 888,257 shares respectively, for which the weighted average exercise prices were $8.74 and $8.93, respectively.

During the years ended December 31, 2020, 2019, and 2018, 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 $50,410,000, $6,636,000, and $22,938,000, respectively. The total amount of cash received by the Company from options exercised in 2020, 2019, and 2018, was $9,127,000, $2,437,000, and $6,782,000, respectively. The total grant-date fair value of stock options granted during the years ended December 31, 2020, 2019, and 2018 was approximately $10,847,000, $1,657,000, and $2,921,000, respectively.

As of December 31, 2020, there was approximately $9,758,000 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 1.6 years for those awards. The expense will be recognized as follows: $4,656,000 in 2021, $2,741,000 in 2022, $1,396,000 in 2023, $682,000 in 2024, and $283,000 in 2025.

The weighted-average fair value of Vicor options granted was $30.63, $14.30, and $17.46, in 2020, 2019, and 2018, respectively.

401(k) Plan

The Company sponsors a savings plan available to all domestic employees, which qualifies under Section 401(k) of the 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 $1,031,000, $1,001,000, and $976,000 in 2020, 2019, and 2018, 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, 2020, 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.

Leases

12 Months Ended

Dec. 31, 2020

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 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, 2020, the balance of ROU assets was approximately $4,449,000, and the balances of short-term and long-term lease liabilities were approximately $1,629,000 and $2,968,000, respectively. For the year ended December 31, 2020, the Company recorded operating lease cost, including short-term lease cost, of approximately $1,943,000 ($1,870,000 in 2019). 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):


2021	$	1,740
2022		1,316
2023		883
2024		663
2025		317

Total lease payments	$	4,919
Less: Imputed interest		322

Present value of lease liabilities	$	4,597

As of December 31, 2020, the weighted-average remaining lease term was 3.4 years and the weighted-average discount rate was 3.00% 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 years ended December 31, 2020 and December 31, 2019, the Company paid approximately

1,930,000

and $1,857,000, respectively, for amounts included in the measurement of lease liabilities through operating cash flows. The Company obtained approximately

2,029,000

and $1,761,000 in ROU assets in exchange for $1,935,000 and $1,758,000 of new operating lease liabilities for the years ended December 31, 2020 and December 31, 2019, respectively.

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):


2021	$	901
2022		928
2023		955
2024		402

Total lease payments to be received	$	3,186

The Company recorded net lease income under this lease of approximately

792,000

for each of the years ended December

2020

2019

and

2018

Severance and Other Charges	12 Months Ended
Severance and Other Charges	Dec. 31, 2020
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 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. Adjustments to reduce the charge 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 charge, 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.

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2020

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):


	2020		2019			2018
Rental income, net	$	792	$	792		$	792
Foreign currency gains (losses), net		181		(108	)		(260	)
Interest income		95		300			257
Gain on disposal of equipment		13		38			57
Credit gains on available-for-sale securities		4		4			7
Other		8		40			21

	$	1,093	$	1,066		$	874

Income Taxes

12 Months Ended

Dec. 31, 2020

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, generally related to increases or decreases in tax reserves, tax provision vs. tax return differences and accrued interest for potential liabilities.

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:


	2020			2019			2018
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		(0.5	)		(8.1	)		3.6
Increase (decrease) in valuation allowance		41.2			2.2			(9.1	)
Permanent items		(48.7	)		(3.9	)		(5.9	)
Tax credits		(11.2	)		(15.6	)		(5.5	)
Provision vs. tax return differences		0.7			9.0			(1.7	)
Foreign rate differential and deferred items		0.1			0.6			0.7
Change in tax reserves		—			—			0.1
Other		0.3			—			0.1

		2.9%			5.2%			3.3%

In 2020, the Company was in a taxable loss position which generated a net operating loss carryforward, primarily due to tax deductions on 2020 exercises of stock-based compensation of approximately $49,500,000.

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.

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


	2020		2019		2018
Domestic	$	17,688	$	13,493	$	31,455
Foreign		773		1,394		1,478

	$	18,461	$	14,887	$	32,933

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


	2020			2019		2018
Current:
Federal	$	215		$	—	$	—
State		93			268		231
Foreign		252			450		911

		560			718		1,142
Deferred:
Foreign		(21	)		60		(55	)

		(21	)		60		(55	)

	$	539		$	778	$	1,087

The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) eliminated 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, 2020 and 2019, 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.

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


	2020			2019
Deferred tax assets:
Research and development tax credit carryforwards	$	29,046		$	27,607
Net operating loss carryforwards		5,923			328
Inventory reserves		2,282			1,522
Investment tax credit carryforwards		1,927			2,102
Stock-based compensation		1,796			1,587
Vacation accrual		1,349			1,280
UNICAP		1,336			351
Accrued payroll tax deferral		764			—
Lease liabilities		518			679
Other		1,197			1,708

Total deferred tax assets		46,138			37,164
Less: Valuation allowance for deferred tax assets		(37,856	)		(30,363	)

Net deferred tax assets		8,282			6,801
Deferred tax liabilities:
Depreciation		(6,809	)		(5,296	)
Prepaid expenses		(616	)		(552	)
ROU assets		(490	)		(653	)
Other		(141	)		(95	)

Total deferred tax liabilities		(8,056	)		(6,596	)

Net deferred tax assets (liabilities)	$	226		$	205

As of December 31, 2020, the Company has a valuation allowance of ap

proximately $37,856,000

against all net 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, as a result of increases in bookings, caused the Company to be in a cumulative income position as of December 31, 2020, the Company faces uncertainties in forecasting its operating results due to the continued impact of the COVID-19 pandemic on the Company’s supply chain, certain process issues with the production of Advanced Products and the unpredictability in certain markets. This operating uncertainty also makes it difficult to predict the availability and utilization of tax benefits over the next

several years. As a result, management has concluded, at this time, is more likely than not the Company’s net domestic deferred tax assets will not be realized, and a full valuation allowance against all net domestic deferred tax assets is still warranted as of December 31, 2020. 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 and increases in bookings continue, and the Company’s concerns about industry uncertainty and world events, including the impact of the

COVID-19

pandemic on the Company’s supply chain, and process issues with the production of Advanced Products are resolved, and the amount of tax benefits the Company is able to utilize to the point that the Company believes future taxable income can be more reliably forecasted, the Company may release all or a portion of the valuation allowance in the near-term. Certain state tax credits, though, will likely never be released 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 $11,344,000 and $19,423,000, respectively, expire beginning in 2020 for state purposes and in 2025 for federal purposes. The Company has federal net operating loss carryforwards generated after 2017 of approximately $24,990,000, which have an indefinite carryforward period and certain state operating loss carryforwards of approximately $10,241,000, which expire beginning in 2024.

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


	2020			2019			2018
Balance on January 1	$	2,070		$	1,462		$	1,104
Additions based on tax positions related to the current year		244			571			245
(Reductions) additions for tax positions of prior years		(13	)		43			120
Lapse of statute		(4	)		(6	)		(7	)

Balance on December 31	$	2,297		$	2,070		$	1,462

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, 2020, 2019, and 2018 of $2,297,000, $2,070,000, and $1,462,000, 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, 2020, 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, 2020, 2019, and 2018, the Company recognized approximately $17,000, $7,000, and $7,000, respectively, in net interest expense. As of December 31, 2020 and 2019, the Company had accrued approximately $58,000 and $41,000, 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 2017 through 2019 and 2011 through 2019, respectively. In addition, the Company generated

federal research and development credits in tax years 2005 through 2015. These years may also be subject to examination when the credits are carried forward and utilized in future years.

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

- Definition

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

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
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 complaint 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 initiated IPRx proceedings at the USPTO challenging 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 appealed that decision. On February 22, 2021, the Federal Circuit issued a decision in that appeal. In a 2-1 ruling, the Federal Circuit vacated and remanded the PTAB’s decision, finding that the reasoning the PTAB had relied on in reaching its decision was precluded by certain prior PTAB rulings regarding the ‘290 and ‘702 patents. 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. That appeal has been stayed pending resolution of the pending appeal regarding the ‘190 patent IPRx. 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. On September 28, 2020, the examiner issued a decision reaffirming the PTAB’s rejection of all of the claims of the ‘290 patent. The Company expects that SynQor will appeal this decision. 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 August 6, 2018, the Company filed a similar 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 December 18, 2020, the PTAB issued rulings upholding the validity of the asserted claims in the EPRx proceedings for both the ‘702 and ‘190 patents. Accordingly, both of those proceedings are now terminated. 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 that date. 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.

VI Chip And Picor Mergers	12 Months Ended
VI Chip And Picor Mergers	Dec. 31, 2020
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.

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2020
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 previously employed since 2007. The Company’s strategy had 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 the Company serves 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 25, 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 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

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
2020:
Net revenues	$	63,401		$	70,761		$	78,112		$	84,302	$	296,576
Gross margin		27,331			30,318			33,347			40,451		131,447
Consolidated net (loss) income		(1,731	)		2,672			5,786			11,195		17,922
Net income attributable to noncontrolling interest		4			5			1			2		12
Net (loss) income attributable to Vicor Corporation		(1,735	)		2,667			5,785			11,193		17,910
Net (loss) income per share attributable to Vicor Corporation:
Basic		(0.04	)		0.06			0.13			0.26		0.42
Diluted		(0.04	)		0.06			0.13			0.25		0.41

	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

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

VICOR CORPORATION

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2020, 2019 and 2018


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, 2020	$	59,000	$	23,000		$	—		$	82,000
December 31, 2019		224,000		(144,000	)		(21,000	)		59,000
December 31, 2018		159,000		65,000			—			224,000

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

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

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

Foreign currency translation

(

260,000) in 2020, 2019, and 2018, respectively.

Investments

Cash and cash equivalents

Cash and Cash Equivalents

Short-term Investments

Long-term investments

Long-term Investment

The Company’s long-term investment is an auction rate debt security with a maturity of greater than one year and is subject to credit, liquidity, market, and interest rate risk.

Available-For-Sale Securities

Available-For-Sale

Securities

Certain of the cash and cash equivalents, all of the short-term investments and the long-term investment are classified as

available-for-sale

non-credit

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.

Inventories

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

first-in,

first-out

Concentrations of risk

Segment Information

As of December

2020

and

2019

one

customer accounted for approximately

24.1

% and

14.3

%, respectively, of trade account receivables.

Long-lived assets

Intangible assets

Values assigned to patents are amortized using the straight-line method over periods ranging from three to

years. Patents and other intangible assets are included in “Other assets” in the accompanying Consolidated Balance Sheets.

Product warranties

The Company generally offers a

two-year

Revenue recognition

Certain contracts with customers contain multiple performance obligations, which typically may include a combination of

non-recurring

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.

Advertising expense

The cost of advertising is expensed as incurred. The Company incurred approximately $2,637,000, $2,749,000, and $2,610,000 in advertising costs during 2020, 2019, and 2018, respectively.

Legal Costs

Legal costs in connection with litigation are expensed as incurred.

Stock-based compensation

awards granted under the Vicor Corporation 2017

Income taxes

The Company follows a

two-step

“more-likely-than-not”

Net income (loss) per common share

Net income per common share


	2020		2019		2018
Numerator:
Net income attributable to Vicor Corporation	$	17,910	$	14,098	$	31,725

Denominator:
Denominator for basic net income per share-weighted average shares (1)		42,186		40,330		39,872
Effect of dilutive securities:
Employee stock options (2)		1,683		1,347		857

Denominator for diluted net income per share-adjusted weighted-average shares and assumed conversions (3)		43,869		41,677		40,729

Basic net income per share	$	0.42	$	0.35	$	0.80

Diluted net income per share	$	0.41	$	0.34	$	0.78

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

(2)	Options to purchase 181,196, 164,367 and 67,247 shares of Common Stock in 2020, 2019, and 2018, 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.

Comprehensive income (loss)

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

Other new pronouncements issued but not effective until after December 31, 2020 are not expected to have a material impact on the Company’s consolidated financial statements.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Revenue, Major Customer [Line Items]

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):


	2020		2019		2018
Numerator:
Net income attributable to Vicor Corporation	$	17,910	$	14,098	$	31,725

Denominator:
Denominator for basic net income per share-weighted average shares (1)		42,186		40,330		39,872
Effect of dilutive securities:
Employee stock options (2)		1,683		1,347		857

Denominator for diluted net income per share-adjusted weighted-average shares and assumed conversions (3)		43,869		41,677		40,729

Basic net income per share	$	0.42	$	0.35	$	0.80

Diluted net income per share	$	0.41	$	0.34	$	0.78

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

(2)	Options to purchase 181,196, 164,367 and 67,247 shares of Common Stock in 2020, 2019, and 2018, 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.

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

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


	2020		2019
Raw materials	$	42,556	$	35,901
Work-in-process		7,424		5,184
Finished goods		7,289		8,102

	$	57,269	$	49,187

Short-Term and Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investment

Details of our investments are as follows (in thousands):


	December 31, 2020
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Measured at fair value:
Available-for-sale debt securities:
Money Market Funds	$	69,493	$	—	$	—
U.S. Treasury Obligations		19,998		50,166		—
Failed Auction Security		—		—		2,517

Total		89,491		50,166		2,517
Other measurement basis:
Cash on hand		72,251		—		—

Total	$	161,742	$	50,166	$	2,517


	December 31, 2019
	Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Measured at fair value:
Available-for-sale debt securities:
Money Market Funds	$	9,630	$	—	$	—
Failed Auction Security		—		—		2,510

Total		9,630		—		2,510

Other measurement basis:
Cash on hand		75,038		—		—

Total	$	84,668	$	—	$	2,510

Summary of Available-for-Sale Securities

The following is a summary of the

available-for-sale

securities (in thousands):


December 31, 2020	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury Obligations	$	70,172	$	—	$	8	$	70,164
Failed Auction Security		3,000		—		483		2,517


December 31, 2019
Failed Auction Security	$	3,000	$	—	$	490	$	2,510

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

The amortized cost and estimated fair value of the

available-for-sale

securities on December 31, 2020,

by type and contractual maturities, are shown below (in thousands):

U.S. Treasury Obligations:
	Cost		Estimated Fair Value
Maturities greater than three months but less than one year	$	50,174	$	50,166
Maturities less than three months		19,998		19,998

	$	70,172	$	70,164



Failed Auction Security:
	Cost		Estimated Fair Value
Due in twenty to forty years	$	3,000	$	2,517

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


	2020			2019			2018
Balance at the beginning of the period	$	37		$	41		$	48
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized		(4	)		(4	)		(7	)

Balance at the end of the period	$	33		$	37		$	41

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 (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, 2020
Cash equivalents:
Money market funds	$	69,493	$	—	$	—		$	69,493
U.S. Treasury Obligations		19,998		—		—			19,998
Short-term investments:
U.S. Treasury Obligations		50,166		—		—			50,166
Long-term investments:
Failed Auction Security		—		—		2,517			2,517
Liabilities:
Contingent consideration obligations		—		—		(227	)		(227	)

Assets 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	)

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of December 31, 2020 are as follows (dollars in thousands):


	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Failed Auction Security	$	2,517	Discounted cash flow	Cumulative probability of earning the maximum rate until maturity		0.14	%
				Cumulative probability of principal return prior to maturity		93.62	%
				Cumulative probability of default		6.23	%
				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	$	2,510
Credit gain on available-for-sale security included in Other income (expense), net		4
Gain included in Other comprehensive income		3

Balance at the end of the period	$	2,517

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


Balance at the beginning of the period	$	451
Payments		(224	)

Balance at the end of the period	$	227

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	2020			2019
Land	$	3,600		$	3,600
Buildings and improvements		45,905			45,791
Machinery and equipment		233,635			220,405
Furniture and fixtures		8,429			8,231
Construction in-progress and deposits		17,987			4,362

		309,556			282,389
Accumulated depreciation and amortization		(239,162	)		(229,698	)
Right of use asset — net		4,449			4,261

Net balance	$	74,843		$	56,952

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

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):


	2020			2019
Patent costs	$	1,859		$	1,992
Accumulated amortization		(1,434	)		(1,483	)

	$	425		$	509

Product Warranties (Tables)

12 Months Ended

Dec. 31, 2020

Guarantees and Product Warranties [Abstract]

Product Warranty Activity

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


	2020			2019			2018
Balance at the beginning of the period	$	372		$	268		$	290
Accruals for warranties for products sold in the period		366			250			173
Fulfillment of warranty obligations		(398	)		(140	)		(117	)
Revisions of estimated obligations		(32	)		(6	)		(78	)

Balance at the end of the period	$	308		$	372		$	268

Revenues (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020
	Brick Products		Advanced Products		Total
United States	$	80,065	$	25,493	$	105,558
Europe		23,491		6,641		30,132
Asia Pacific		83,985		73,899		157,884
All other		2,715		287		3,002

	$	190,256	$	106,320	$	296,576


	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, 2020
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	160,004	$	91,405	$	251,409
Stocking distributors, net of sales allowances		29,411		8,510		37,921
Non-recurring engineering		841		6,181		7,022
Royalties		—		152		152
Other		—		72		72

	$	190,256	$	106,320	$	296,576


	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
Other		—		71		71

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

Summary of Changes in Contract Assets And Liabilities

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


	December 31, 2020			December 31, 2019			Change
Accounts receivable	$	40,999		$	38,115		$	2,884
Short-term deferred revenue and customer prepayments		(7,309	)		(5,507	)		(1,802	)
Long-term deferred revenue		(733	)		(1,054	)		321
Deferred expenses		1,650			1,897			(247	)
Sales allowances		(597	)		(741	)		144

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

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


	2020		2019		2018
United States	$	105,558	$	121,628	$	110,779
Europe		30,132		27,262		27,689
Asia Pacific		157,884		108,827		147,078
All other		3,002		5,260		5,674

	$	296,576	$	262,977	$	291,220

Stock-Based Compensation and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Stock-Based Compensation Expense

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


	2020		2019		2018
Cost of revenues	$	934	$	342	$	237
Selling, general and administrative		3,164		1,979		2,517
Research and development		1,785		715		642

Total stock-based compensation	$	5,883	$	3,036	$	3,396

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):


	2020		2019		2018
Stock options	$	4,982	$	2,072	$	2,649
ESPP		901		964		747

Total stock-based compensation	$	5,883	$	3,036	$	3,396

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:


	2020			2019			2018
Risk-free interest rate		0.5	%		1.8	%		2.9	%
Expected dividend yield		—			—			—
Expected volatility		48	%		42	%		44	%
Expected lives (years)		6.1			6.3			6.4

2000 Plan, Vicor [Member]

Stock-Based Compensation Expense

A summary of the activity under the 2000 Plan as of December 31, 2020 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, 2019		2,687,896		$	10.81
Granted		354,075		$	68.34
Forfeited and expired		(69,987	)	$	23.77
Exercised		(948,507	)	$	9.62

Outstanding on December 31, 2020		2,023,477		$	20.98		4.87	$	144,153

Exercisable on December 31, 2020		924,964		$	9.05		3.41	$	76,932

Vested or expected to vest as of December 31, 2020(1)		1,947,127		$	20.22		4.79	$	140,186

(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.

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases, Operating [Abstract]

Maturities of Lease Liabilities

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


2021	$	1,740
2022		1,316
2023		883
2024		663
2025		317

Total lease payments	$	4,919
Less: Imputed interest		322

Present value of lease liabilities	$	4,597

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):


2021	$	901
2022		928
2023		955
2024		402

Total lease payments to be received	$	3,186

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Components of Other Income

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


	2020		2019			2018
Rental income, net	$	792	$	792		$	792
Foreign currency gains (losses), net		181		(108	)		(260	)
Interest income		95		300			257
Gain on disposal of equipment		13		38			57
Credit gains on available-for-sale securities		4		4			7
Other		8		40			21

	$	1,093	$	1,066		$	874

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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:


	2020			2019			2018
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		(0.5	)		(8.1	)		3.6
Increase (decrease) in valuation allowance		41.2			2.2			(9.1	)
Permanent items		(48.7	)		(3.9	)		(5.9	)
Tax credits		(11.2	)		(15.6	)		(5.5	)
Provision vs. tax return differences		0.7			9.0			(1.7	)
Foreign rate differential and deferred items		0.1			0.6			0.7
Change in tax reserves		—			—			0.1
Other		0.3			—			0.1

		2.9%			5.2%			3.3%

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 before income taxes for the years ended December 31 include the following components (in thousands):


	2020		2019		2018
Domestic	$	17,688	$	13,493	$	31,455
Foreign		773		1,394		1,478

	$	18,461	$	14,887	$	32,933

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):


	2020			2019		2018
Current:
Federal	$	215		$	—	$	—
State		93			268		231
Foreign		252			450		911

		560			718		1,142
Deferred:
Foreign		(21	)		60		(55	)

		(21	)		60		(55	)

	$	539		$	778	$	1,087

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):


	2020			2019
Deferred tax assets:
Research and development tax credit carryforwards	$	29,046		$	27,607
Net operating loss carryforwards		5,923			328
Inventory reserves		2,282			1,522
Investment tax credit carryforwards		1,927			2,102
Stock-based compensation		1,796			1,587
Vacation accrual		1,349			1,280
UNICAP		1,336			351
Accrued payroll tax deferral		764			—
Lease liabilities		518			679
Other		1,197			1,708

Total deferred tax assets		46,138			37,164
Less: Valuation allowance for deferred tax assets		(37,856	)		(30,363	)

Net deferred tax assets		8,282			6,801
Deferred tax liabilities:
Depreciation		(6,809	)		(5,296	)
Prepaid expenses		(616	)		(552	)
ROU assets		(490	)		(653	)
Other		(141	)		(95	)

Total deferred tax liabilities		(8,056	)		(6,596	)

Net deferred tax assets (liabilities)	$	226		$	205

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):


	2020			2019			2018
Balance on January 1	$	2,070		$	1,462		$	1,104
Additions based on tax positions related to the current year		244			571			245
(Reductions) additions for tax positions of prior years		(13	)		43			120
Lapse of statute		(4	)		(6	)		(7	)

Balance on December 31	$	2,297		$	2,070		$	1,462

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

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
2020:
Net revenues	$	63,401		$	70,761		$	78,112		$	84,302	$	296,576
Gross margin		27,331			30,318			33,347			40,451		131,447
Consolidated net (loss) income		(1,731	)		2,672			5,786			11,195		17,922
Net income attributable to noncontrolling interest		4			5			1			2		12
Net (loss) income attributable to Vicor Corporation		(1,735	)		2,667			5,785			11,193		17,910
Net (loss) income per share attributable to Vicor Corporation:
Basic		(0.04	)		0.06			0.13			0.26		0.42
Diluted		(0.04	)		0.06			0.13			0.25		0.41

	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

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($) Customer	Dec. 31, 2019 USD ($) Customer	Dec. 31, 2018 USD ($)
Revenue, Major Customer [Line Items]
Foreign currency gains (losses)	$ 181,000	$ (108,000)	$ (260,000)
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	$ 2,637,000	$ 2,749,000	$ 2,610,000
Percentage likelihood of tax benefit settlement	50.00%
Accounting Standards Update 2014-09 [Member]
Revenue, Major Customer [Line Items]
Deferred revenue current	$ 3,550,000	$ 76,000
Customer One [Member]
Revenue, Major Customer [Line Items]
Percentage of trade account receivable	24.10%	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

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income attributable to Vicor Corporation	$ 11,193	$ 5,785	$ 2,667	$ (1,735)	$ 1,312	$ 5,937	$ 2,563	$ 4,286	$ 17,910	$ 14,098	$ 31,725
Denominator:
Denominator for basic net income per share- weighted average shares									42,186	40,330	39,872
Effect of dilutive securities:
Employee stock options									1,683	1,347	857
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions									43,869	41,677	40,729
Basic net income (loss) per share	$ 0.26	$ 0.13	$ 0.06	$ (0.04)	$ 0.03	$ 0.15	$ 0.06	$ 0.11	$ 0.42	$ 0.35	$ 0.80
Diluted net income (loss) per share	$ 0.25	$ 0.13	$ 0.06	$ (0.04)	$ 0.03	$ 0.14	$ 0.06	$ 0.10	$ 0.41	$ 0.34	$ 0.78

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

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- 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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- Definition

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

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+ Details

Significant Accounting Policies - Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share	181,196	164,367	67,247

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 42,556	$ 35,901
Work-in-process	7,424	5,184
Finished goods	7,289	8,102
Net balance	$ 57,269	$ 49,187

Short-Term and Long-Term Investments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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
Short Term Investments	$ 50,166,000
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	$ 2,517,000	2,510,000
Gross Unrealized Losses	483,000	490,000
Aggregate credit loss	33,000	$ 37,000	$ 41,000	$ 48,000
Aggregate temporary impairment loss	$ 450,000

Short-Term and Long-Term Investments - Summary of Investment (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	$ 161,742	$ 84,668
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	50,166
Other Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	2,517	2,510
Estimate of Fair Value Measurement [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	89,491	9,630
Estimate of Fair Value Measurement [Member] \| Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	50,166
Estimate of Fair Value Measurement [Member] \| Other Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	2,517	2,510
Estimate of Fair Value Measurement [Member] \| Auction Rate Securities [Member] \| Other Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	2,517	2,510
Estimate of Fair Value Measurement [Member] \| Money Market Funds [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	69,493	9,630
Estimate of Fair Value Measurement [Member] \| US Treasury Obligations [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	19,998
Estimate of Fair Value Measurement [Member] \| US Treasury Obligations [Member] \| Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	50,166
Portion at Other than Fair Value Measurement [Member] \| Cash [Member] \| Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale	$ 72,251	$ 75,038

Short-Term and Long-Term Investments - Summary of Available-for-Sale Securities (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
US Treasury Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	$ 70,172,000
Gross Unrealized Losses	8,000
Estimated Fair Value	70,164,000
Failed Auction Security [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	3,000,000	$ 3,000,000
Gross Unrealized Losses	483,000	490,000
Estimated Fair Value	$ 2,517,000	$ 2,510,000

Short-Term and Long-Term Investments - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 70,172
Available For Sale Debt Securities Estimated Fair Value	70,164
Failed Auction Security [Member]
Schedule of Available-for-sale Securities [Line Items]
Due in twenty to forty years, Cost	3,000
Due in twenty to forty years, Estimated Fair Value	2,517
US Treasury Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturities greater than three months but less than one year, Cost	50,174
Maturities greater than three months but less than one year, Estimated Fair Value	50,166
Maturities less than three months, Cost	19,998
Maturities less than three months, Estimated Fair Value	$ 19,998

Short-Term and 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Balance at the beginning of the period	$ 37,000	$ 41,000	$ 48,000
Reductions in the amount related to credit gain for which other-than-temporary impairment was not previously recognized	(4,000)	(4,000)	(7,000)
Balance at the end of the period	$ 33,000	$ 37,000	$ 41,000

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Contingent Consideration Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, fair value on recurring basis	$ (227,000)	$ (451,000)
Failed Auction Security [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,517,000	2,510,000
Failed Auction Security [Member] \| Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	2,517,000	2,510,000
US Treasury Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	19,998,000
Estimated Fair Value	70,164,000
US Treasury Obligations [Member] \| Short-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	50,166,000
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	69,493,000	9,630,000
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| US Treasury Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	19,998,000
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| US Treasury Obligations [Member] \| Short-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	50,166,000
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	69,493,000	9,630,000
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	(227,000)	(451,000)
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Failed Auction Security [Member] \| Other Long-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,517,000	$ 2,510,000

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, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 2,517
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	0.14%
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	93.62%
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	6.23%
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%

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, 2020 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,510
Credit gain on available-for-sale security included in Other income (expense), net	4
Gain included in Other comprehensive income	3
Balance at the end of the period	$ 2,517

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, 2020 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning of the period	$ 451
Payments	(224)
Balance at the end of the period	$ 227

Fair Value Measurements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020 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

Property, Plant and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 10,950,000	$ 10,226,000	$ 9,135,000
Capital expenditure commitments	$ 13,141,000
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

Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 3,600	$ 3,600
Buildings and improvements	45,905	45,791
Machinery and equipment	233,635	220,405
Furniture and fixtures	8,429	8,231
Construction in-progress and deposits	17,987	4,362
Property, plant and equipment, gross, total	309,556	282,389
Accumulated depreciation and amortization	(239,162)	(229,698)
Right of use asset — net	4,449	4,261
Net balance	$ 74,843	$ 56,952

Intangible Assets - Schedule of Patent Cost and Other Asset (Detail) - Patents [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Patent costs	$ 1,859	$ 1,992
Accumulated amortization	(1,434)	(1,483)
Finite-lived intangible assets, net	$ 425	$ 509

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 106,000	$ 108,000	$ 119,000
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Future amortization expense from patent assets held for 2021	96,000
Future amortization expense from patent assets held for 2022	64,000
Future amortization expense from patent assets held for 2023	54,000
Future amortization expense from patent assets held for 2024	46,000
Future amortization expense from patent assets held for 2025	$ 33,000

Product Warranties - Product Warranty Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Guarantees [Abstract]
Balance at the beginning of the period	$ 372	$ 268	$ 290
Accruals for warranties for products sold in the period	366	250	173
Fulfillment of warranty obligations	(398)	(140)	(117)
Revisions of estimated obligations	(32)	(6)	(78)
Balance at the end of the period	$ 308	$ 372	$ 268

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

Stockholders' Equity - Additional information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	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
Underwritten Public Offer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued during the period	1,769,231
Sale of common stock share net amount of inflows	$ 109,714,000
2000 Plan, Vicor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance		21,852,334	20,895,747	21,233,659

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 84,302	$ 78,112	$ 70,761	$ 63,401	$ 63,125	$ 70,772	$ 63,355	$ 65,725	$ 296,576	$ 262,977	$ 291,220
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									190,256	187,896	186,704
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									106,320	75,081	104,516
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue									105,558	121,628	110,779
United States [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									80,065	98,822	77,995
United States [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									25,493	22,806	32,784
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue									30,132	27,262	27,689
Europe [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									23,491	22,172	23,484
Europe [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									6,641	5,090	4,205
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue									157,884	108,827	147,078
Asia Pacific [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									83,985	62,720	80,097
Asia Pacific [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									73,899	46,107	66,981
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue									3,002	5,260	5,674
All Other [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									2,715	4,182	5,128
All Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									$ 287	$ 1,078	$ 546

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 84,302	$ 78,112	$ 70,761	$ 63,401	$ 63,125	$ 70,772	$ 63,355	$ 65,725	$ 296,576	$ 262,977	$ 291,220
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									190,256	187,896	186,704
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									106,320	75,081	104,516
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue									251,409	222,702	254,785
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									160,004	159,135	163,206
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									91,405	63,567	91,579
Stocking Distributors, Net of Sales Allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue									37,921	37,599	31,732
Stocking Distributors, Net of Sales Allowances [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									29,411	27,797	22,362
Stocking Distributors, Net of Sales Allowances [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									8,510	9,802	9,370
Non-recurring Engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue									7,022	2,457	4,422
Non-recurring Engineering [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									841	843	1,066
Non-recurring Engineering [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									6,181	1,614	3,356
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue									152	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									152	24	140
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue									72	74	71
Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue									$ 72	$ 74	$ 71

- Definition

+ References

+ Details

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 40,999	$ 38,115
Short-term deferred revenue and customer prepayments	(7,309)	(5,507)
Long-term deferred revenue	(733)	(1,054)
Deferred expenses	1,650	1,897
Sales allowances	(597)	$ (741)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable	2,884
Short-term deferred revenue and customer prepayments	(1,802)
Long-term deferred revenue	321
Deferred expenses	(247)
Sales allowances	$ 144

Revenues - Additional Information (Detail)	1 Months Ended	12 Months Ended
Revenues - Additional Information (Detail)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 Customer	Dec. 31, 2019 Customer	Dec. 31, 2018 Customer
Decrease in net revenues \| $	$ 6,723,000
Number of customers \| Customer		1	1	1
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Percentage of total net revenues		18.50%	12.70%	13.40%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| China [Member]
Percentage of total net revenues		31.40%	22.10%	37.40%

Revenues - Schedule of Net Revenues from Unaffiliated Customers by Geographic Region Based on the Location of the Customer (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 296,576	$ 262,977	$ 291,220
United States [Member]
Revenue	105,558	121,628	110,779
Europe [Member]
Revenue	30,132	27,262	27,689
Asia Pacific [Member]
Revenue	157,884	108,827	147,078
All Other [Member]
Revenue	$ 3,002	$ 5,260	$ 5,674

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation and Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	$ 1,031,000	$ 1,001,000	$ 976,000
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	924,964	1,475,947	888,257
Weighted average exercise prices	$ 9.05	$ 8.74	$ 8.93
Total Intrinsic value	$ 50,410,000	$ 6,636,000	$ 22,938,000
Options Exercised	9,127,000	2,437,000	6,782,000
Fair value of stock options that vested	10,847,000	$ 1,657,000	$ 2,921,000
Total unrecognized compensation cost	$ 9,758,000
Compensation cost recognized over a weighted-average period	1 year 7 months 6 days
Expected recognized expenses, Year One	$ 4,656,000
Expected recognized expenses, Year Two	2,741,000
Expected recognized expenses, Year Three	1,396,000
Expected recognized expenses, Year Four	682,000
Expected recognized expenses, Year Five	$ 283,000
Weighted-average fair value	$ 30.63	$ 14.30	$ 17.46
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

Stock-Based Compensation and Employee Benefit Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 5,883	$ 3,036	$ 3,396
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	934	342	237
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	3,164	1,979	2,517
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,785	$ 715	$ 642

Stock-Based Compensation and Employee Benefit Plans - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 5,883	$ 3,036	$ 3,396
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	4,982	2,072	2,649
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 901	$ 964	$ 747

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Risk-free interest rate	0.50%	1.80%	2.90%
Expected volatility	48.00%	42.00%	44.00%
Expected lives (years)	6 years 1 month 6 days	6 years 3 months 18 days	6 years 4 months 24 days

Stock-Based Compensation and Employee Benefit Plans - Summary of the Activity under the 2000 Plan (Detail) - 2000 Plan, Vicor [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options Outstanding, Beginning balance	2,687,896
Options Outstanding, Granted	354,075
Options Outstanding, Forfeited and expired	(69,987)
Options Outstanding, Exercised	(948,507)
Options Outstanding, Ending balance	2,023,477
Options Outstanding, Exercisable	924,964	1,475,947	888,257
Options Outstanding, Vested or expected to vest	1,947,127
Weighted Average Exercise Price, Beginning balance	$ 10.81
Weighted Average Exercise Price, Granted	68.34
Weighted Average Exercise Price, Forfeited and expired	23.77
Weighted Average Exercise Price, Exercised	9.62
Weighted Average Exercise Price, Ending balance	20.98
Weighted Average Exercise Price, Exercisable	9.05	$ 8.74	$ 8.93
Weighted Average Exercise Price, Vested or expected to vest	$ 20.22
Weighted-Average Remaining Contractual Life in Years, Outstanding	4 years 10 months 13 days
Weighted-Average Remaining Contractual Life in Years, Exercisable	3 years 4 months 28 days
Weighted-Average Remaining Contractual Life in Years, Vested or expected to vest	4 years 9 months 14 days
Aggregate Intrinsic Value, Outstanding	$ 144,153
Aggregate Intrinsic Value, Exercisable	76,932
Aggregate Intrinsic Value, Vested or expected to vest	$ 140,186

Leases - Maturities of Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 1,740
2022	1,316
2023	883
2024	663
2025	317
Total lease payments	4,919
Less: Imputed interest	322
Present value of lease liabilities	$ 4,597

Leases - Maturities of Lease Payments (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 901
2022	928
2023	955
2024	402
Total lease payments to be received	$ 3,186

Leases - Additional information (Detail) - USD ($)	12 Months Ended
Leases - Additional information (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating leases right of use assets	$ 4,449,000
Short-term lease liabilities	1,629,000	$ 1,520,000
Long-term lease liabilities	2,968,000	2,855,000
Short-term lease cost	$ 1,943,000	1,870,000
Weighted-average remaining lease term	3 years 4 months 24 days
Weighted-average discount rate	3.00%
Additional interest factor	1.375%
Lease liabilities paid	$ 1,930,000	1,857,000
ROU assets in exchange for new operating lease liabilities	2,029,000	1,761,000
Lease income	792,000	792,000	$ 792,000
Operating lease liability additions	$ 1,935,000	$ 1,758,000

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 - Components of Other Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Rental income, net	$ 792,000	$ 792,000	$ 792,000
Foreign currency gains (losses), net	181,000	(108,000)	(260,000)
Interest income	95,000	300,000	257,000
Gain on disposal of equipment	13,000	38,000	57,000
Credit gains on available-for-sale securities	4,000	4,000	7,000
Other	8,000	40,000	21,000
Total other income (expense), net	$ 1,093,000	$ 1,066,000	$ 874,000

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Provisional tax benefit due to new Tax Act				$ 122,000
Untaxed accumulated unremitted foreign earnings				813,000
Valuation allowance, deferred tax assets	$ 37,856,000	$ 30,363,000
Research and development tax credit carryforwards	29,046,000	27,607,000
Accrued interest	2,297,000	2,070,000	$ 1,462,000	$ 1,104,000
Net interest expense	17,000	7,000	$ 7,000
Potential payment of interest	58,000	41,000
Stock-based compensation	1,796,000	$ 1,587,000
Maximum [Member]
Income Tax Disclosure [Line Items]
Stock-based compensation	49,500,000
Domestic Tax Authority [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year				2025
Research and development tax credit carryforwards				$ 11,344,000
Domestic Tax Authority [Member] \| Tax Year 2017 [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 24,990,000
Certain States [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year				2020
Research and development tax credit carryforwards				$ 19,423,000
VICR Certain States Member [Member] \| Tax Year 2017 [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year	2024
Net operating loss carryforwards	$ 10,241,000

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	(0.50%)	(8.10%)	3.60%
Increase (decrease) in valuation allowance	41.20%	2.20%	(9.10%)
Permanent items	(48.70%)	(3.90%)	(5.90%)
Tax credits	(11.20%)	(15.60%)	(5.50%)
Provision vs. tax return differences	0.70%	9.00%	(1.70%)
Foreign rate differential and deferred items	0.10%	0.60%	0.70%
Change in tax reserves			0.10%
Other	0.30%		0.10%
Effective income tax rate	2.90%	5.20%	3.30%

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ 17,688	$ 13,493	$ 31,455
Foreign	773	1,394	1,478
Income before income taxes	$ 18,461	$ 14,887	$ 32,933

- Definition

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

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+ Details

Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 215
State	93	$ 268	$ 231
Foreign	252	450	911
Current, Total	560	718	1,142
Deferred:
Foreign	(21)	60	(55)
Deferred Income Tax Expense (Benefit)	(21)	60	(55)
Provision (benefit) for income taxes	$ 539	$ 778	$ 1,087

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Research and development tax credit carryforwards	$ 29,046,000	$ 27,607,000
Net operating loss carryforwards	5,923,000	328,000
Inventory reserves	2,282,000	1,522,000
Investment tax credit carryforwards	1,927,000	2,102,000
Stock-based compensation	1,796,000	1,587,000
Vacation accrual	1,349,000	1,280,000
UNICAP	1,336,000	351,000
Accrued payroll tax deferral	764,000
Lease liabilities	518,000	679,000
Other	1,197,000	1,708,000
Total deferred tax assets	46,138,000	37,164,000
Less: Valuation allowance for deferred tax assets	(37,856,000)	(30,363,000)
Net deferred tax assets	8,282,000	6,801,000
Deferred tax liabilities:
Depreciation	(6,809,000)	(5,296,000)
Prepaid expenses	(616,000)	(552,000)
ROU assets	(490,000)	(653,000)
Other	(141,000)	(95,000)
Total deferred tax liabilities	(8,056,000)	(6,596,000)
Net deferred tax assets (liabilities)	$ 226,000	$ 205,000

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, Beginning Balance	$ 2,070,000	$ 1,462,000	$ 1,104,000
Additions based on tax positions related to the current year	244,000	571,000	245,000
(Reductions) additions for tax positions of prior years	(13,000)	43,000	120,000
Lapse of statute	(4,000)	(6,000)	(7,000)
Unrecognized tax benefits, Ending Balance	$ 2,297,000	$ 2,070,000	$ 1,462,000

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 84,302	$ 78,112	$ 70,761	$ 63,401	$ 63,125	$ 70,772	$ 63,355	$ 65,725	$ 296,576	$ 262,977	$ 291,220
Gross margin	40,451	33,347	30,318	27,331	29,761	33,002	29,117	31,086	131,447	122,966	138,971
Consolidated net income	11,195	5,786	2,672	(1,731)	1,315	5,932	2,556	4,306	17,922	14,109	31,846
Net income (loss) attributable to noncontrolling interest	2	1	5	4	3	(5)	(7)	20	12	11	121
Net income attributable to Vicor Corporation	$ 11,193	$ 5,785	$ 2,667	$ (1,735)	$ 1,312	$ 5,937	$ 2,563	$ 4,286	$ 17,910	$ 14,098	$ 31,725
Net income per share attributable to Vicor Corporation:
Basic	$ 0.26	$ 0.13	$ 0.06	$ (0.04)	$ 0.03	$ 0.15	$ 0.06	$ 0.11	$ 0.42	$ 0.35	$ 0.80
Diluted	$ 0.25	$ 0.13	$ 0.06	$ (0.04)	$ 0.03	$ 0.14	$ 0.06	$ 0.10	$ 0.41	$ 0.34	$ 0.78

- Definition

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

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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