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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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 59,528	$ 29,157	$ 56,620
Foreign	716	(470)	185
Income before income taxes	$ 60,244	$ 28,687	$ 56,805

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 1
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+ Details

Intangible Assets - Schedule of Patent Cost and Other Asset (Detail) - Patents [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Patent costs	$ 900	$ 1,030
Accumulated amortization	(708)	(772)
Finite-lived intangible assets, net	$ 192	$ 258

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2023
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.

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Failed Auction Security [Member] \| Other Long-term Investment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,530	$ 2,622
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	209,489	143,274
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	209,489	143,274
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Failed Auction Security [Member] \| Other Long-term Investment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Estimated Fair Value	$ 2,530	$ 2,622

Property, Plant and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 09, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 17,174,000	$ 13,701,000	$ 11,609,000
Capital expenditure commitments	15,014,000
Tax credit for investment amount				25.00%
ITC credit receivable	$ 13,248,000
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

Other Income (Expense), Net - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($)
Interest Income Expense Net [Member]
Amortization of Premiums Investments	$ 834,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

14.

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 before income taxes to the effective income tax rate for the years ended December 31 is as follows:


	2023			2022			2021
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		(0.6	)		(2.4	)		(4.2	)
Increase in valuation allowance		7.4			14.5			9.2
Permanent items		(8.5	)		(13.8	)		(17.9	)
Tax credits		(5.9	)		(9.9	)		(5.7	)
Provision vs. tax return differences		(1.9	)		2.1			(2.0	)
Foreign rate differential and deferred items		0.1			(0.2	)		—
Other		(0.6	)		0.1			(0.1	)
		11.0	%		11.4	%		0.3	%

In 2023 and 2022, the Company utilized net operating loss carryforwards and tax credits to offset federal income expense. In 2021, the Company was in a taxable loss position which generated net operating loss carryforwards, primarily due to tax deductions on exercises of stock-based compensation of approximately $55,300,000.

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


	2023		2022			2021
Domestic	$	59,528	$	29,157		$	56,620
Foreign		716		(470	)		185
	$	60,244	$	28,687		$	56,805

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


	2023			2022			2021
Current:
Federal	$	4,814		$	2,105		$	1
State		1,655			955			(14	)
Foreign		209			298			171
		6,678			3,358			158
Deferred:
Foreign		(34	)		(97	)		18
		(34	)		(97	)		18
	$	6,644		$	3,261		$	176

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


	2023			2022
Deferred tax assets:
Research and development tax credit carryforwards	$	29,619		$	33,764
Stock-based compensation		5,709			3,940
Inventory reserves		3,363			2,303
Investment tax credit carryforwards		2,659			2,461
UNICAP		1,139			1,118
Vacation accrual		1,319			1,248
Lease liabilities		1,388			1,422
Capitalized research and development		22,621			12,142
Other		3,235			2,893
Total deferred tax assets		71,052			61,291
Less: Valuation allowance for deferred tax assets		(52,291	)		(47,413	)
Net deferred tax assets		18,761			13,878
Deferred tax liabilities:
Depreciation		(16,139	)		(11,396	)
ROU assets		(1,201	)		(1,362	)
Prepaid expenses		(1,048	)		(751	)
Other		(77	)		(89	)
Total deferred tax liabilities		(18,465	)		(13,598	)
Net deferred tax assets (liabilities)	$	296		$	280

As of December 31, 2023, the Company had a valuation allowance of approximately $52,291,000 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. Despite recent positive operating results, the Company faces uncertainties in forecasting its operating results due to vendor supply and factory capacity constraints, certain process issues with the production of Advanced Products, and the unpredictability in certain markets, product transitions, new program introductions and adoption times of new technology offerings. 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,

as of December 31, 2023, it 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, 2023. 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 operating results continue and the Company’s concerns about industry uncertainty and world events, supply and factory capacity constraints, program adoption 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.

As of December 31, 2023, the Company had no federal net operating loss carryforwards available, and had state net operating losses of approximately $41,000, which will begin to expire in 2030. The Company has federal and state research and development tax credit carryforwards of $15,546,000 and $21,201,000, which will begin to expire in 2039 and 2024, respectively.

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


	2023			2022			2021
Balance on January 1	$	3,474		$	3,246		$	2,297
Additions based on tax positions related to the current year		650			319			625
Additions (reductions) for tax positions of prior years		86			(54	)		393
Lapse of statute		(26	)		(37	)		(69	)
Balance on December 31	$	4,184		$	3,474		$	3,246

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, 2023, 2022, and 2021 of $4,184,000, $3,474,000, and $3,246,000, 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, 2023 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, 2023, 2022, and 2021, the Company recognized approximately $23,000, $17,000, and $19,000, respectively, in net interest expense. As of December 31, 2023 and 2022, the Company had accrued approximately $67,000 and $52,000, 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 2019 through 2022 and 2015 through 2022, respectively. In addition, the Company generated federal research and development credits in tax years 2005 through 2018. These years may also be subject to examination when the credits are carried forward and utilized in future years.

The Company was informed in September 2021 by the Internal Revenue Service of their intention to examine the Company’s 2019 Federal income tax return. The IRS is in the process of closing the examination of the 2019 tax year with no material adjustments. There are no other audits or examinations in process in any other jurisdiction.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Stock-Based Compensation and Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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 6% of an employee’s compensation.
Employee contributions	20.00%
Company contribution to the plan	$ 2,317,000	$ 2,211,000	$ 1,593,000
Share based compensation arrangement by share based payment award vesting period	5 years
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	5.00%	5.35%	4.85%
Percentage of estimating of option actually vest	86.00%	85.00%	86.00%
Share exercisable	973,894	1,046,092	776,559
Weighted average exercise prices	$ 27.39	$ 18.26	$ 11.63
Total Intrinsic value	$ 14,396,000	$ 7,252,000	$ 56,933,000
Options Exercised	7,798,000	1,634,000	7,616,000
Fair value of stock options that vested	17,957,000	$ 15,087,000	$ 10,506,000
Total unrecognized compensation cost	$ 23,179,000
Compensation cost recognized over a weighted-average period	2 years 1 month 6 days
Expected recognized expenses, Year One	$ 11,028,000
Expected recognized expenses, Year Two	6,730,000
Expected recognized expenses, Year Three	3,638,000
Expected recognized expenses, Year Four	1,473,000
Expected recognized expenses, Year Five	$ 310,000
Weighted-average fair value	$ 19.56	$ 26.53	$ 39.27
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

Other Income (Expense), Net - Components of Other Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Interest income, net	$ 8,217,000	$ 1,313,000	$ 930,000
Rental income, net	792,000	792,000	792,000
Foreign currency losses, net	(161,000)	(653,000)	(336,000)
Other, net	38,000	34,000	(183,000)
Total other income (expense), net	$ 8,886,000	$ 1,486,000	$ 1,203,000

Product Warranties - Product Warranty Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Guarantees [Abstract]
Balance at the beginning of the period	$ 497	$ 292	$ 308
Accruals for warranties for products sold in the period	1,353	376	158
Fulfillment of warranty obligations	(815)	(131)	(151)
Revisions of estimated obligations	(1)	(40)	(23)
Balance at the end of the period	$ 1,034	$ 497	$ 292

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 242,219	$ 190,611
Accounts receivable, less allowance of $130 in 2023 and $87 in 2022	52,631	65,429
Inventories	106,579	101,410
Other current assets	18,937	5,154
Total current assets	420,366	362,604
Deferred tax assets	296	280
Long-term investment, net	2,530	2,622
Property, plant and equipment, net	157,689	166,009
Other assets	14,006	5,386
Total assets	594,887	536,901
Current liabilities:
Accounts payable	12,100	22,207
Accrued compensation and benefits	11,227	10,849
Accrued litigation	6,500	6,500
Accrued expenses	5,093	8,613
Sales allowances	3,482	1,661
Short-term lease liabilities	1,864	1,450
Income taxes payable	746	72
Short-term deferred revenue and customer prepayments	3,157	13,197
Total current liabilities	44,169	64,549
Long-term deferred revenue	1,020	145
Long-term income taxes payable	2,228	862
Long-term lease liabilities	6,364	7,009
Total liabilities	53,781	72,565
Commitments and contingencies (Note 15)
Vicor Corporation stockholders' equity:
Additional paid-in capital	383,832	360,365
Retained earnings	296,674	243,079
Accumulated other comprehensive loss	(1,273)	(988)
Treasury stock at cost: 11,634,806 shares in 2023 and 2022	(138,927)	(138,927)
Total Vicor Corporation stockholders' equity	540,869	464,088
Noncontrolling interest	237	248
Total equity	541,106	464,336
Total liabilities and equity	594,887	536,901
Class B Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	118	118
Common Stock [Member]
Vicor Corporation stockholders' equity:
Common Stock	$ 445	$ 441

Stock-Based Compensation and Employee Benefit Plans - Summary of Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 12,869	$ 10,264	$ 7,035
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	11,585	9,093	6,122
ESPP [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,284	$ 1,171	$ 913

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($)
Revenue, Major Customer [Line Items]
Foreign currency losses, net	$ (161,000)	$ (653,000)	$ (336,000)
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	$ 3,730,000	$ 3,786,000	$ 2,994,000
Stock option, service period of award	5 years
Percentage likelihood of tax benefit settlement	50.00%
Capitalized computer software, gross	$ 11,712,000	3,202,000
Accounting Standards Update 2014-09 [Member]
Revenue, Major Customer [Line Items]
Deferred revenue current	$ 7,568,000	$ 5,328,000
Customer One [Member]
Revenue, Major Customer [Line Items]
Percentage of trade account receivable	12.00%	15.40%
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]
Estimated useful life of intangible assets	3 years
Customer Payments Period	30 days

Revenues - Summary of Net Revenues Disaggregated by Geography (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 405,059	$ 399,079	$ 359,364
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	181,166	155,758	189,144
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	223,893	243,321	170,220
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	149,456	129,422	118,640
United States [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	82,400	76,306	74,280
United States [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	67,056	53,116	44,360
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	59,742	38,378	37,907
Europe [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	31,792	27,856	32,762
Europe [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	27,950	10,522	5,145
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	192,267	228,335	200,803
Asia Pacific [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	63,631	49,076	80,344
Asia Pacific [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	128,636	179,259	120,459
All Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,594	2,944	2,014
All Other [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,343	2,520	1,758
All Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 251	$ 424	$ 256

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Stock-Based Compensation and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation Expense

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


	2023		2022		2021
Cost of revenues	$	2,429	$	1,648	$	1,000
Selling, general and administrative		6,829		5,735		3,873
Research and development		3,611		2,881		2,162
Total stock-based compensation	$	12,869	$	10,264	$	7,035

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):


	2023		2022		2021
Stock options	$	11,585	$	9,093	$	6,122
ESPP		1,284		1,171		913
Total stock-based compensation	$	12,869	$	10,264	$	7,035

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:


	2023			2022			2021
Risk-free interest rate		3.7	%		2.8	%		0.8	%
Expected dividend yield		—			—			—
Expected volatility		54	%		51	%		49	%
Expected term (years)		4.2			4.4			4.9

2000 Plan, Vicor [Member]

Stock-Based Compensation Expense

A summary of the activity under the 2000 Plan as of December 31, 2023 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, 2022		2,024,664		$	41.48
Granted		918,161		$	42.76
Forfeited and expired		(79,500	)	$	53.67
Exercised		(308,083	)	$	25.31
Outstanding on December 31, 2023		2,555,242		$	43.51		3.90	$	27,948
Exercisable on December 31, 2023		973,894		$	27.39		2.10	$	24,781
Vested or expected to vest as of December 31, 2023(1)		2,404,726		$	43.04		3.79	$	27,619

(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.

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, 2023 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 2,622
Loss included in Other comprehensive income	$ (92)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax
Balance at the end of the period	$ 2,530

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Consolidated net income	$ 53,600	$ 25,426	$ 56,629
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	17,240	13,776	11,705
Stock-based compensation expense	12,869	10,264	7,035
Provision for doubtful accounts	43	5	0
Deferred income taxes	(34)	(72)	18
Litigation-contingency expense	0	6,500	0
Amortization of bond premium	0	1,056	0
Credit gain on available-for-sale securities	0	(3)	(4)
Increase (decrease) in long-term deferred revenue	875	(268)	(320)
Increase in other assets	(192)	(692)	(43)
Increase (decrease) in long-term income taxes payable	1,366	293	(74)
Decrease in contingent consideration obligations	0	0	(74)
Change in current assets and liabilities, net	(11,239)	(33,346)	(20,428)
Net cash provided by operating activities	74,528	22,939	54,444
Investing activities:
Purchases of short-term investments	0	0	(70,900)
Additions to property, plant and equipment and internal-use software	(33,452)	(63,966)	(47,761)
Sales and maturities of short-term investments	0	45,000	75,000
Net cash used for investing activities	(33,452)	(18,966)	(43,661)
Financing activities:
Proceeds from employee stock plans	10,602	4,439	10,243
Payment of contingent consideration obligations	0	0	(153)
Net cash provided by financing activities	10,602	4,439	10,090
Effect of foreign exchange rates on cash	(70)	(219)	(197)
Net increase in cash and cash equivalents	51,608	8,193	20,676
Cash and cash equivalents at beginning of year	190,611	182,418	161,742
Cash and cash equivalents at end of year	242,219	190,611	182,418
Change in current assets and liabilities:
Accounts receivable	12,640	(10,586)	(14,301)
Inventories	(5,236)	(34,204)	(10,134)
Other current assets	(539)	1,547	10
Accounts payable and accrued liabilities	(11,151)	4,399	2,503
Accrued severance and other charges	9	(93)	93
Short-term lease liabilities	583	103	4
Income taxes payable	674	6	(73)
Deferred revenue and customer prepayments	(8,219)	5,482	1,470
Change in current assets and liabilities, net	(11,239)	(33,346)	(20,428)
Supplemental disclosures:
Cash paid during the year for income taxes, net of refunds	4,151	1,263	645
Purchases of property, plant and equipment and internal-use software incurred but not yet paid	$ 2,168	$ 4,194	$ 4,803

Long-Term Investment - Summary of Available-for-Sale Securities (Detail) - Failed Auction Security [Member] - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 3,000,000	$ 3,000,000
Gross Unrealized Losses	470,000	378,000
Estimated Fair Value	$ 2,530,000	$ 2,622,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 320
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

VICOR CORPORATION

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2023, 2022 and 2021


			Charge
			(Recovery)
	Balance at		to Costs and		Other Charges,		Balance at
Description	Beginning of Period		Expenses		Deductions (1)		End of Period
Allowance for doubtful accounts:
Year ended:
December 31, 2023	$	87,000	$	43,000	$	—	$	130,000
December 31, 2022		82,000		5,000		—		87,000
December 31, 2021		82,000		—		—		82,000

(1)

Reflects uncollectible accounts written off, net of recoveries.

Consolidated Statements Of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Stock [Member] Common Class B [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]
Beginning Balance at Dec. 31, 2020	$ 351,155	$ 433	$ 118	$ 328,392	$ 161,008	$ (204)	$ (138,927)	$ 350,820	$ 335
Issuance of Common Stock under employee stock plans	10,243	6		10,237				10,243
Stock-based compensation expense	7,035			7,035				7,035
Components of comprehensive income, net of tax:
Net income (loss)	56,629				56,625			56,625	4
Other comprehensive income (loss)	(1,157)					(1,124)		(1,124)	(33)
Total comprehensive income (loss)	55,472							55,501	(29)
Ending Balance at Dec. 31, 2021	423,905	439	118	345,664	217,633	(1,328)	(138,927)	423,599	306
Issuance of Common Stock under employee stock plans	4,439	2		4,437				4,439
Stock-based compensation expense	10,264			10,264				10,264
Components of comprehensive income, net of tax:
Net income (loss)	25,426				25,446			25,446	(20)
Other comprehensive income (loss)	302					340		340	(38)
Total comprehensive income (loss)	25,728							25,786	(58)
Ending Balance at Dec. 31, 2022	464,336	441	118	360,365	243,079	(988)	(138,927)	464,088	248
Issuance of Common Stock under employee stock plans	10,602	4		10,598				10,602
Stock-based compensation expense	12,869			12,869				12,869
Components of comprehensive income, net of tax:
Net income (loss)	53,600				53,595			53,595	5
Other comprehensive income (loss)	(301)					(285)		(285)	(16)
Total comprehensive income (loss)	53,299							53,310	(11)
Ending Balance at Dec. 31, 2023	$ 541,106	$ 445	$ 118	$ 383,832	$ 296,674	$ (1,273)	$ (138,927)	$ 540,869	$ 237

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

Net revenues

$ 405,059

$ 399,079

$ 359,364

Cost of revenues

200,130

218,520

181,164

Gross margin

204,929

180,559

178,200

Operating expenses:

Selling, general and administrative

85,714

86,264

69,484

Research and development

67,857

60,594

53,114

Litigation-contingency expense

6,500

Total operating expenses

153,571

153,358

122,598

Income from operations

51,358

27,201

55,602

Other income (expense), net:

Total unrealized (losses) gains on available-for-sale securities, net

(92)

(17)

122

Portion of losses (gains) recognized in other comprehensive income

(118)

Net credit gains recognized in earnings

Other income (expense), net

8,886

1,483

1,199

Total other income (expense), net

8,886

1,486

1,203

Income before income taxes

60,244

28,687

56,805

Less: Provision for income taxes

6,644

3,261

176

Consolidated net income

53,600

25,426

56,629

Less: Net income (loss) attributable to noncontrolling interest

(20)

Net income attributable to Vicor Corporation

$ 53,595

$ 25,446

$ 56,625

Net income per common share attributable to Vicor Corporation:

Basic

$ 1.21

$ 0.58

$ 1.3

Diluted

$ 1.19

$ 0.57

$ 1.26

Shares used to compute net income per common share attributable to Vicor Corporation:

Basic

^[1]

44,320

44,005

43,651

Diluted

^[2]

45,004

44,894

44,966

[1]	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding
[2]	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.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Revenue, Major Customer [Line Items]

Computation of Basic and Diluted Net Income 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):


	2023		2022		2021
Numerator:
Net income attributable to Vicor Corporation	$	53,595	$	25,446	$	56,625
Denominator:
Denominator for basic net income per share- weighted average shares (1)		44,320		44,005		43,651
Effect of dilutive securities:
Employee stock options (2)		684		889		1,315
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions (3)		45,004		44,894		44,966
Basic net income per share	$	1.21	$	0.58	$	1.30
Diluted net income per share	$	1.19	$	0.57	$	1.26

(1)

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

(2)

Options to purchase 1,557,927, 879,228 and 60,736 shares of Common Stock in 2023, 2022, and 2021, 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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 53,595	$ 25,446	$ 56,625

- 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

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Risk-free interest rate	3.70%	2.80%	0.80%
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	54.00%	51.00%	49.00%
Expected term (years)	4 years 2 months 12 days	4 years 4 months 24 days	4 years 10 months 24 days

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2023 (in thousands):

         
        Using

         
        Significant

         
        Quoted Prices

        Other

        Significant

         
        in Active

        Observable

        Unobservable

        Total Fair

         
        Markets

        Inputs

        Inputs

        Value as of

         
        (Level 1)

        (Level 2)

        (Level 3)

        December 31, 2023

        Cash equivalents:

Money market funds

209,489

—

—

209,489

        Long-term investment:

Failed Auction Security

—

—

2,530

2,530

Assets measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands):

         
        Using

         
        Significant

         
        Quoted Prices

        Other

        Significant

         
        in Active

        Observable

        Unobservable

        Total Fair

         
        Markets

        Inputs

        Inputs

        Value as of

         
        (Level 1)

        (Level 2)

        (Level 3)

        December 31, 2022

        Cash equivalents:

Money market funds

143,274

—

—

143,274

        Long-term investment:

Failed Auction Security

—

—

2,622

2,622

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, 2023 was as follows (in thousands):


Balance at the beginning of the period	$	2,622
Loss included in Other comprehensive income		(92	)
Balance at the end of the period	$	2,530

Management utilized a probability weighted discounted cash flow model to determine the estimated fair value of this investment as of December 31, 2023.

- 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

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

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


	2023		2022
Raw materials	$	88,716	$	82,181
Work-in-process		10,525		10,456
Finished goods		7,338		8,773
	$	106,579	$	101,410

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, Beginning Balance	$ 3,474,000	$ 3,246,000	$ 2,297,000
Additions based on tax positions related to the current year	650,000	319,000	625,000
Additions (reductions) for tax positions of prior years	86,000	(54,000)	393,000
Lapse of statute	(26,000)	(37,000)	(69,000)
Unrecognized tax benefits, Ending Balance	$ 4,184,000	$ 3,474,000	$ 3,246,000

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

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):


	Year Ended December 31, 2023
	Brick Products		Advanced Products		Total
United States	$	82,400	$	67,056	$	149,456
Europe		31,792		27,950		59,742
Asia Pacific		63,631		128,636		192,267
All other		3,343		251		3,594
	$	181,166	$	223,893	$	405,059


	Year Ended December 31, 2022
	Brick Products		Advanced Products		Total
United States	$	76,306	$	53,116	$	129,422
Europe		27,856		10,522		38,378
Asia Pacific		49,076		179,259		228,335
All other		2,520		424		2,944
	$	155,758	$	243,321	$	399,079


	Year Ended December 31, 2021
	Brick Products		Advanced Products		Total
United States	$	74,280	$	44,360	$	118,640
Europe		32,762		5,145		37,907
Asia Pacific		80,344		120,459		200,803
All other		1,758		256		2,014
	$	189,144	$	170,220	$	359,364

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):


	Year Ended December 31, 2023
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	113,448	$	163,549	$	276,997
Stocking distributors, net of sales allowances		66,544		29,893		96,437
Non-recurring engineering		1,174		13,421		14,595
Royalties		—		15,872		15,872
Other		—		1,158		1,158
	$	181,166	$	223,893	$	405,059


	Year Ended December 31, 2022
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	102,905	$	216,685	$	319,590
Stocking distributors, net of sales allowances		51,819		13,831		65,650
Non-recurring engineering		1,034		9,933		10,967
Royalties		—		2,801		2,801
Other		—		71		71
	$	155,758	$	243,321	$	399,079


	Year Ended December 31, 2021
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	139,099	$	144,180	$	283,279
Stocking distributors, net of sales allowances		49,359		14,123		63,482
Non-recurring engineering		686		10,027		10,713
Royalties		—		1,819		1,819
Other		—		71		71
	$	189,144	$	170,220	$	359,364

Summary of Changes in Contract Assets And Liabilities

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


	December 31, 2023			December 31, 2022			Change
Short-term deferred revenue and customer prepayments	$	(3,157	)	$	(13,197	)	$	10,040
Long-term deferred revenue		(1,020	)		(145	)		(875	)
Deferred expenses		—			577			(577	)
Sales allowances		(3,482	)		(1,661	)		(1,821	)

Product Warranties

12 Months Ended

Dec. 31, 2023

Guarantees and Product Warranties [Abstract]

Product Warranties

PRODUCT WARRANTIES

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


	2023			2022			2021
Balance at the beginning of the period	$	497		$	292		$	308
Accruals for warranties for products sold in the period		1,353			376			158
Fulfillment of warranty obligations		(815	)		(131	)		(151	)
Revisions of estimated obligations		(1	)		(40	)		(23	)
Balance at the end of the period	$	1,034		$	497		$	292

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

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

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 losses included in other income (expense), net were approximately $(161,000), $(653,000), and $(336,000) in 2023, 2022, and 2021, respectively.

Investments

The Company’s principal sources of liquidity are its existing balances of cash, cash equivalents, and 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

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 at the time of purchase.

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

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.

Government Grants

The Company accounts for government assistance that is not subject to the scope of Accounting Standards Codification ("ASC") 740, Income Taxes using a grant accounting model, by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance, and recognize such grants when we have reasonable assurance that we will comply with the grant’s conditions and that the grant will be received. Government grants whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based grants and are recognized as a reduction to such asset’s cost basis, which reduces future depreciation. Other government grants not related to long-lived assets are considered income-based grants, which are initially recognized as “Government grants receivable” and are also recognized as a reduction to the related cost of activities that generated the benefit. Proceeds received from asset based grants are presented as cash inflows from investing activities on the consolidated statements of cash flows, whereas proceeds received from income based grants are presented as cash inflows from operating activities.

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, 2023 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, 2023, 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. The Company’s Brick Products’ customers are primarily concentrated in the following industries: aerospace and defense electronics, 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 power delivery on server motherboards, in server racks, and across datacenter infrastructure. The Company also serves applications in aerospace and aviation, defense electronics, satellites, factory automation, instrumentation, test equipment, transportation, 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 31, 2023 and 2022, one customer accounted for approximately 12.0% and 15.4%, 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

Patents

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

Internally Developed Software

We capitalize internal and external costs related to developing, modifying or obtaining software for internal use, incurred during the application development stage in accordance with Accounting Standards Codification 350-40, Internal-Use Software. Costs related to software upgrades and enhancements are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software. The capitalized software is amortized using the straight-line method over the estimated useful life of the software. As of December 31, 2023 and 2022, we had $11,712,000 and $3,202,000, respectively, of capitalized internal-use software costs which have not been amortized as the software has not yet been placed in service.

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 products. 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 recognizes revenue for NRE and prototype units at 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, 2023 and 2022, the Company recognized revenue of approximately $7,568,000 and $5,328,000, respectively, which 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 $3,730,000, $3,786,000, and

$2,994,000 in advertising costs during 2023, 2022, and 2021, 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 (loss) per common share

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):


	2023		2022		2021
Numerator:
Net income attributable to Vicor Corporation	$	53,595	$	25,446	$	56,625
Denominator:
Denominator for basic net income per share- weighted average shares (1)		44,320		44,005		43,651
Effect of dilutive securities:
Employee stock options (2)		684		889		1,315
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions (3)		45,004		44,894		44,966
Basic net income per share	$	1.21	$	0.58	$	1.30
Diluted net income per share	$	1.19	$	0.57	$	1.26

(1)

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

(2)

(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, 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

On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances segment disclosures and requires additional disclosures of segment expenses. This ASU is effective for annual periods in fiscal years beginning after December 15, 2023, and interim periods thereafter. Early adoption is permitted. The Company has not yet determined the impact of this ASU on the Company’s consolidated financial statements and disclosures.

In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to impact disclosures with no impact to the Company’s consolidated financial statements.

Other new pronouncements issued but not effective until after December 31, 2023 are not expected to have a material impact on the Company’s consolidated financial statements.

Leases - Maturities of Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 1,959
2025	1,821
2026	1,208
2027	837
2028 and beyond	3,881
Total lease payments	9,706
Less: Imputed interest	1,478
Present value of lease liabilities	$ 8,228

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Income (Expense), Net

13.

OTHER INCOME (EXPENSE), NET

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


	2023			2022			2021
Interest income, net	$	8,217		$	1,313		$	930
Rental income, net	792			792			792
Foreign currency losses, net		(161	)		(653	)		(336	)
Other, net	38			34				(183	)
	$	8,886		$	1,486		$	1,203

In 2022, “Interest income, net” includes an immaterial error correction of $834,000 related to the amortization of bond premiums on available-for-sale securities.

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Research and development tax credit carryforwards	$ 29,619,000	$ 33,764,000
Stock-based compensation	5,709,000	3,940,000
Inventory reserves	3,363,000	2,303,000
Investment tax credit carryforwards	2,659,000	2,461,000
UNICAP	1,139,000	1,118,000
Vacation accrual	1,319,000	1,248,000
Lease liabilities	1,388,000	1,422,000
Capitalized research and development	22,621,000	12,142,000
Other	3,235,000	2,893,000
Total deferred tax assets	71,052,000	61,291,000
Less: Valuation allowance for deferred tax assets	(52,291,000)	(47,413,000)
Net deferred tax assets	18,761,000	13,878,000
Deferred tax liabilities:
Depreciation	(16,139,000)	(11,396,000)
ROU assets	(1,201,000)	(1,362,000)
Prepaid expenses	(1,048,000)	(751,000)
Other	(77,000)	(89,000)
Total deferred tax liabilities	(18,465,000)	(13,598,000)
Net deferred tax assets (liabilities)	$ 296,000	$ 280,000

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

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

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


	2023			2022
Land	$	3,600		$	3,600
Buildings and improvements		82,861			73,520
Machinery and equipment		282,084			271,021
Furniture and fixtures		14,346			15,297
Construction in-progress and deposits		17,723			52,937
		400,614			416,375
Accumulated depreciation and amortization		(250,315	)		(258,570	)
Right of use asset - net		7,390			8,204
Net balance	$	157,689		$	166,009

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was approximately $17,174,000, $13,701,000, and $11,609,000, respectively. As of December 31, 2023, the Company had approximately $15,014,000 of capital expenditure commitments.

On August 9, 2022, Congress enacted a 25 percent tax credit for investment in semiconductor manufacturing to incentivize domestic semiconductor production. The Advanced Manufacturing Investment Tax Credit ("ITC") was enacted as part of the Creating Helpful Incentives to Produce Semiconductors Act in response to supply chain disruptions.

The Company has undergone a study of its 2023 capital expenditures to determine which additions would qualify under the ITC guidance and which would not. The Company believes that it does comply with the grant conditions supported by the study and that the grant will be received based on meeting these conditions.

The Company recorded in the year ended December 31, 2023 an Other current asset for the associated value of the ITC credit receivable of $13,248,000, with a corresponding offset to the Property, plant and equipment line item on its Consolidated Balance Sheet. The Company expects to receive the ITC credit in the form of a cash refund shortly after filing its 2023 tax return.

Significant Accounting Policies - Computation Of Basic And Diluted Net Income (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Numerator:

Net income attributable to Vicor Corporation

$ 53,595

$ 25,446

$ 56,625

Denominator:

Denominator for basic net income per share- weighted average shares

^[1]

44,320

44,005

43,651

Effect of dilutive securities:

Employee stock options

^[2]

684

889

1,315

Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions

^[3]

45,004

44,894

44,966

Basic net income per share

$ 1.21

$ 0.58

$ 1.3

Diluted net income per share

$ 1.19

$ 0.57

$ 1.26

[1]	Denominator represents weighted average number of Common Shares and Class B Common Shares outstanding
[2]	Options to purchase 1,557,927, 879,228 and 60,736 shares of Common Stock in 2023, 2022, and 2021, 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.

- Definition

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

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+ Details

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Recognized income tax benefit (provision)	$ 0	$ 0	$ 0

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Consolidated net income

$ 53,600

$ 25,426

$ 56,629

Foreign currency translation losses, net of tax benefit

^[1]

(209)

(519)

(425)

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

^[1]

(92)

821

(732)

Other comprehensive (loss) income

(301)

302

(1,157)

Consolidated comprehensive income

53,299

25,728

55,472

Less: Comprehensive loss attributable to noncontrolling interest

(11)

(58)

(29)

Comprehensive income attributable to Vicor Corporation

$ 53,310

$ 25,786

$ 55,501

[1]

The deferred tax assets associated with cumulative foreign currency translation losses and cumulative unrealized (losses) gains on available-for-sale securities are completely offset by a tax valuation allowance as of December 31, 2023, 2022, and 2021. Therefore, there is no income tax benefit (provision) recognized in any of the three years ended December 31, 2023.

- 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

+ 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

+ Details

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 66,000	$ 75,000	$ 96,000
Capitalized computer software, gross	11,712,000	3,202,000
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Capitalized computer software, gross	$ 11,712,000	$ 3,202,000

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 USD ($) Vote $ / shares shares
Accounts receivable, allowance \| $	$ 130	$ 87
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	11,743,218	11,743,218
Common Stock, shares outstanding	11,743,218	11,743,218
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	44,354,394	43,976,336
Common Stock, shares outstanding	32,719,588	32,341,530

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

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


	2023		2022
Raw materials	$	88,716	$	82,181
Work-in-process		10,525		10,456
Finished goods		7,338		8,773
	$	106,579	$	101,410

Stock-Based Compensation and Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Employee Benefit Plans

11.

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 and have a vesting period of five years.

Vicor Corporation 2017 Employee Stock Purchase Plan (the “Plan” or the “ESPP”). Under the ESPP, the Company has reserved 2,000,000 shares of Common Stock for issuance to eligible employees who elect to participate. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. The ESPP operates in successive periods of approximately six months, each referred to as an “offering period.” Generally, offering periods commence on or around September 1 and March 1 and end on or around the following February 28 or August 31, respectively. Under the ESPP, an option is granted to participating employees on the first day of an offering period to purchase shares of the Company’s Common Stock at the end of that offering period at a purchase price equal to 85% of the lesser of the fair market value of a share of Common Stock on either the first day or the last day of that offering period. The purchase of shares is funded by means of periodic payroll deductions, which may not exceed 15.0% of the employee’s eligible compensation, as defined in the Plan. Among other provisions, the Plan limits the number of shares that can be purchased by a participant during any offering period and cumulatively for any calendar year.

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


	2023		2022		2021
Cost of revenues	$	2,429	$	1,648	$	1,000
Selling, general and administrative		6,829		5,735		3,873
Research and development		3,611		2,881		2,162
Total stock-based compensation	$	12,869	$	10,264	$	7,035

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


	2023		2022		2021
Stock options	$	11,585	$	9,093	$	6,122
ESPP		1,284		1,171		913
Total stock-based compensation	$	12,869	$	10,264	$	7,035

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


	2023			2022			2021
Risk-free interest rate		3.7	%		2.8	%		0.8	%
Expected dividend yield		—			—			—
Expected volatility		54	%		51	%		49	%
Expected term (years)		4.2			4.4			4.9

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 5.00% in 2023, estimating approximately 86% of its options would actually vest. For 2022 and 2021, the Company applied an annual forfeiture rate of 5.35% and 4.85%, respectively, estimating approximately 85% and 86%, respectively, of its options would actually vest.

A summary of the activity under the 2000 Plan as of December 31, 2023 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, 2022		2,024,664		$	41.48
Granted		918,161		$	42.76
Forfeited and expired		(79,500	)	$	53.67
Exercised		(308,083	)	$	25.31
Outstanding on December 31, 2023		2,555,242		$	43.51		3.90	$	27,948
Exercisable on December 31, 2023		973,894		$	27.39		2.10	$	24,781
Vested or expected to vest as of December 31, 2023(1)		2,404,726		$	43.04		3.79	$	27,619

(1)

As of December 31, 2022 and 2021, the Company had options exercisable for 1,046,092 and 776,559 shares, respectively, for which the weighted average exercise prices were $18.26 and $11.63, respectively.

During the years ended December 31, 2023, 2022, and 2021, 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 $14,396,000, $7,252,000, and $56,933,000, respectively. The total amount of cash received by the Company from options exercised in 2023, 2022, and 2021 was $7,798,000, $1,634,000, and $7,616,000, respectively. The total grant-date fair value of stock options granted during the years ended December 31, 2023, 2022, and 2021 was approximately $17,957,000, $15,087,000, and $10,506,000, respectively.

As of December 31, 2023, there was approximately $23,179,000 of total unrecognized compensation cost related to unvested awards for Vicor. That cost is expected to be recognized over a weighted-average period of 2.1 years for those awards. The expense will be recognized as follows: $11,028,000 in 2024, $6,730,000 in 2025, $3,638,000 in 2026, $1,473,000 in 2027, and $310,000 in 2028.

The weighted-average fair value of Vicor options granted was $19.56, $26.53, and $39.27, in 2023, 2022, and 2021, 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 6% 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 $2,317,000, $2,211,000, and $1,593,000 in 2023, 2022, and 2021, 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, 2023, 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 - Additional information (Detail) - USD ($)	12 Months Ended
Leases - Additional information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Operating leases right of use assets	$ 7,390,000
Short-term lease liabilities	1,864,000	$ 1,450,000
Long-term lease liabilities	6,364,000	7,009,000
Short-term lease cost	$ 2,138,000	2,130,000
Weighted-average remaining lease term	6 years 9 months 18 days
Weighted-average discount rate	4.22%
Additional interest factor	1.25%
Lease liabilities paid	$ 2,096,000	2,183,000
ROU assets in exchange for new operating lease liabilities	1,180,000	2,941,000
Lease income	792,000	792,000	$ 792,000
Operating lease liability additions	$ 1,165,000	$ 3,040,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	11 years

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	VICOR CORPORATION
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, par value $0.01 per share
Entity Public Float			$ 1,187,792,000
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement (the “Definitive Proxy Statement”) to be filed with the Securities and Exchange Commission pursuant to Regulation 14A and relating to the Company’s 2024 annual meeting of stockholders are incorporated by reference into Part III.
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Boston, MA
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,734,686
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,743,218

Stock-Based Compensation and Employee Benefit Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 12,869	$ 10,264	$ 7,035
Cost of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	2,429	1,648	1,000
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	6,829	5,735	3,873
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,611	$ 2,881	$ 2,162

Leases - Maturities of Lease Payments (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 402
Total lease payments to be received	$ 402

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 88,716	$ 82,181
Work-in-process	10,525	10,456
Finished goods	7,338	8,773
Net balance	$ 106,579	$ 101,410

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Period

$ 87,000

$ 82,000

Charge (Recovery) to Costs and Expenses

43,000

5,000

Other Charges, Deductions

^[1]

Balance at End of Period

$ 130,000

$ 87,000

$ 82,000

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

Long-Term Investment (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investment

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


	December 31, 2023
	Cash and Cash		Long-Term
Measured at fair value:	Equivalents		Investment
Available-for-sale debt securities:
Money Market Funds	$	209,489	$	—
Failed Auction Security		—		2,530
Total		209,489		2,530

Other measurement basis:
Cash on hand		32,730		—
Total	$	242,219	$	2,530


	December 31, 2022
	Cash and Cash		Long-Term
Measured at fair value:	Equivalents		Investment
Available-for-sale debt securities:
Money Market Funds	$	143,274	$	—
Failed Auction Security		—		2,622
Total		143,274		2,622
Other measurement basis:
Cash on hand		47,337		—
Total	$	190,611	$	2,622

Summary of Available-for-Sale Securities

The following is a summary of the available-for-sale securities (in thousands):


			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
December 31, 2023	Cost		Gains		Losses		Value
Failed Auction Security	$	3,000	$	—	$	470	$	2,530

December 31, 2022
Failed Auction Security	$	3,000	$	—	$	378	$	2,622

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, 2023, by type and contractual maturities, are shown below (in thousands):

Failed Auction Security:


			Estimated
	Cost		Fair Value
Due in nineteen years	$	3,000	$	2,530

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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 before income taxes to the effective income tax rate for the years ended December 31 is as follows:


	2023			2022			2021
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		(0.6	)		(2.4	)		(4.2	)
Increase in valuation allowance		7.4			14.5			9.2
Permanent items		(8.5	)		(13.8	)		(17.9	)
Tax credits		(5.9	)		(9.9	)		(5.7	)
Provision vs. tax return differences		(1.9	)		2.1			(2.0	)
Foreign rate differential and deferred items		0.1			(0.2	)		—
Other		(0.6	)		0.1			(0.1	)
		11.0	%		11.4	%		0.3	%

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):


	2023		2022			2021
Domestic	$	59,528	$	29,157		$	56,620
Foreign		716		(470	)		185
	$	60,244	$	28,687		$	56,805

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):


	2023			2022			2021
Current:
Federal	$	4,814		$	2,105		$	1
State		1,655			955			(14	)
Foreign		209			298			171
		6,678			3,358			158
Deferred:
Foreign		(34	)		(97	)		18
		(34	)		(97	)		18
	$	6,644		$	3,261		$	176

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):


	2023			2022
Deferred tax assets:
Research and development tax credit carryforwards	$	29,619		$	33,764
Stock-based compensation		5,709			3,940
Inventory reserves		3,363			2,303
Investment tax credit carryforwards		2,659			2,461
UNICAP		1,139			1,118
Vacation accrual		1,319			1,248
Lease liabilities		1,388			1,422
Capitalized research and development		22,621			12,142
Other		3,235			2,893
Total deferred tax assets		71,052			61,291
Less: Valuation allowance for deferred tax assets		(52,291	)		(47,413	)
Net deferred tax assets		18,761			13,878
Deferred tax liabilities:
Depreciation		(16,139	)		(11,396	)
ROU assets		(1,201	)		(1,362	)
Prepaid expenses		(1,048	)		(751	)
Other		(77	)		(89	)
Total deferred tax liabilities		(18,465	)		(13,598	)
Net deferred tax assets (liabilities)	$	296		$	280

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):


	2023			2022			2021
Balance on January 1	$	3,474		$	3,246		$	2,297
Additions based on tax positions related to the current year		650			319			625
Additions (reductions) for tax positions of prior years		86			(54	)		393
Lapse of statute		(26	)		(37	)		(69	)
Balance on December 31	$	4,184		$	3,474		$	3,246

Long-Term Investment - Summary of Investment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 242,219	$ 190,611
Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,530	2,622
Estimate of Fair Value Measurement [Member] \| Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	209,489	143,274
Estimate of Fair Value Measurement [Member] \| Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,530	2,622
Estimate of Fair Value Measurement [Member] \| Auction Rate Securities [Member] \| Other Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	2,530	2,622
Estimate of Fair Value Measurement [Member] \| Money Market Funds [Member] \| Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	209,489	143,274
Portion at Other than Fair Value Measurement [Member] \| Cash on hand [Member] \| Cash and Cash Equivalents [Member]
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 32,730	$ 47,337

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Product Warranties (Tables)

12 Months Ended

Dec. 31, 2023

Guarantees and Product Warranties [Abstract]

Product Warranty Activity

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


	2023			2022			2021
Balance at the beginning of the period	$	497		$	292		$	308
Accruals for warranties for products sold in the period		1,353			376			158
Fulfillment of warranty obligations		(815	)		(131	)		(151	)
Revisions of estimated obligations		(1	)		(40	)		(23	)
Balance at the end of the period	$	1,034		$	497		$	292

Long-Term Investment - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturities (Detail) - Failed Auction Security [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Due in twenty to forty years, Cost	$ 3,000
Due in twenty to forty years, Estimated Fair Value	$ 2,530

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenues - Summary of Changes in Certain Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	$ (3,157)	$ (13,197)
Long-term deferred revenue	(1,020)	(145)
Deferred expenses	0	577
Sales allowances	(3,482)	$ (1,661)
Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Short-term deferred revenue and customer prepayments	10,040
Long-term deferred revenue	(875)
Deferred expenses	(577)
Sales allowances	$ (1,821)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

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):


	2023			2022
Patent costs	$	900		$	1,030
Accumulated amortization		(708	)		(772	)
	$	192		$	258

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

As of December 31, 2023 and 2022, we had $11,712,000 and $3,202,000, respectively, of capitalized internal-use software costs which have not been amortized as the software has not yet been placed in service.

Amortization expense was approximately $66,000, $75,000 and $96,000 in 2023, 2022, and 2021, respectively.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 (in thousands):

         
        Using

         
        Significant

         
        Quoted Prices

        Other

        Significant

         
        in Active

        Observable

        Unobservable

        Total Fair

         
        Markets

        Inputs

        Inputs

        Value as of

         
        (Level 1)

        (Level 2)

        (Level 3)

        December 31, 2023

        Cash equivalents:

Money market funds

209,489

—

—

209,489

        Long-term investment:

Failed Auction Security

—

—

2,530

2,530

Assets measured at fair value on a recurring basis included the following as of December 31, 2022 (in thousands):

         
        Using

         
        Significant

         
        Quoted Prices

        Other

        Significant

         
        in Active

        Observable

        Unobservable

        Total Fair

         
        Markets

        Inputs

        Inputs

        Value as of

         
        (Level 1)

        (Level 2)

        (Level 3)

        December 31, 2022

        Cash equivalents:

Money market funds

143,274

—

—

143,274

        Long-term investment:

Failed Auction Security

—

—

2,622

2,622

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


Balance at the beginning of the period	$	2,622
Loss included in Other comprehensive income		(92	)
Balance at the end of the period	$	2,530

Stockholders' Equity - Additional information (Detail)	12 Months Ended
Stockholders' Equity - Additional information (Detail)	Dec. 31, 2023 USD ($) Vote shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Nov. 30, 2000 USD ($)
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 \| shares	0	0	0
Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vote to entitles holders \| Vote	10
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vote to entitles holders \| Vote	1
2000 Plan, Vicor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance \| shares	20,703,238	21,080,950	21,268,027

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Long-Term Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Long-Term Investment

LONG-TERM INVESTMENT

As of December 31, 2023 and 2022, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,530,000 and $2,622,000, respectively, 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, 2023, 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. Changes in the estimated fair value of the Failed Auction Security have not been significant in the past three years. 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, 2023.

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.

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


	December 31, 2023
	Cash and Cash		Long-Term
Measured at fair value:	Equivalents		Investment
Available-for-sale debt securities:
Money Market Funds	$	209,489	$	—
Failed Auction Security		—		2,530
Total		209,489		2,530

Other measurement basis:
Cash on hand		32,730		—
Total	$	242,219	$	2,530


	December 31, 2022
	Cash and Cash		Long-Term
Measured at fair value:	Equivalents		Investment
Available-for-sale debt securities:
Money Market Funds	$	143,274	$	—
Failed Auction Security		—		2,622
Total		143,274		2,622
Other measurement basis:
Cash on hand		47,337		—
Total	$	190,611	$	2,622

The following is a summary of the available-for-sale securities (in thousands):


			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
December 31, 2023	Cost		Gains		Losses		Value
Failed Auction Security	$	3,000	$	—	$	470	$	2,530

December 31, 2022
Failed Auction Security	$	3,000	$	—	$	378	$	2,622

As of December 31, 2023 and 2022, 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, 2023, by type and contractual maturities, are shown below (in thousands):

Failed Auction Security:


			Estimated
	Cost		Fair Value
Due in nineteen years	$	3,000	$	2,530

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	(0.60%)	(2.40%)	(4.20%)
Increase in valuation allowance	7.40%	14.50%	9.20%
Permanent items	(8.50%)	(13.80%)	(17.90%)
Tax credits	(5.90%)	(9.90%)	(5.70%)
Provision vs. tax return differences	(1.90%)	2.10%	(2.00%)
Foreign rate differential and deferred items	0.10%	(0.20%)	0.00%
Other	(0.60%)	0.10%	(0.10%)
Effective income tax rate	11.00%	11.40%	0.30%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15.

COMMITMENTS AND contingencies

At December 31, 2023, the Company had approximately $15,014,000 of cancelable and non-cancelable capital expenditure commitments, principally for manufacturing equipment.

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 (the “District Court”) for the Eastern District of Texas. The complaint, as amended, alleged that the Company’s unregulated bus converters used in intermediate bus architecture power supply systems infringed 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, and collectively the “SynQor Patents”). The Company asserted counterclaims against SynQor alleging unfair competition and tortious interference with business relations (the “Counterclaims”). As a result of certain actions by the United States Patent and Trademark Office (“USPTO”) and the District Court, SynQor’s infringement allegations regarding the ‘021 patent and the ‘290 patent were dismissed from the case prior to the beginning of trial. Specifically, the USPTO invalidated all the asserted claims of the ‘021 patent and that decision was upheld on appeal on August 30, 2017. In addition, on October 5, 2022, the District Court issued an order involuntarily dismissing the ‘290 patent infringement allegations on grounds of equitable and judicial estoppel, in view of representations by SynQor to the District Court agreeing to such dismissal as a condition of lifting a prior stay of the lawsuit. On January 18, 2023, the United States Court of Appeals for the Federal Circuit issued a decision upholding a decision of the Patent Trial and Appeal Board of the USPTO invalidating all claims of the ‘290 patent.

A trial in the District Court began on October 17, 2022 on the asserted claims of the ‘190 patent and the ‘702 patent, as well as on the Company’s Counterclaims. The District Court dismissed the Company’s Counterclaims on October 25, 2022. On October 26, 2022, the jury returned a verdict on SynQor’s patent infringement claims, finding that the Company willfully infringed the ‘702 patent, but did not infringe the ‘190 patent. The jury awarded SynQor damages in the amount of $6,500,000 for infringement of the ‘702 patent. All of the SynQor Patents expired in 2018.

On December 23, 2022, SynQor filed in the District Court (a) a motion for judgment as a matter of law that the Company infringed the ‘190 patent, (b) a motion requesting the District Court to award SynQor treble damages, as well as pre- and post-judgment interest, (c) a motion requesting the District Court to award SynQor its attorneys’ fees, and (d) a motion for a new trial. On December 23, 2022, the Company filed in the District Court (a) a motion requesting judgment as a matter of law that it did not infringe the ‘702 patent, and (b) a motion requesting judgment with respect to its defenses of equitable estoppel and waiver. On January 8, 2024, the District Court issued orders denying (a) SynQor’s motion for judgment as a matter of law, (b) the Company’s motion for judgment as a matter of law, (c) the Company’s motion for judgment with respect to its defenses of equitable estoppel and waiver and (d) SynQor’s motion for a new trial. The Court has yet to rule on SynQor’s motions for treble damages, interest, and attorney fees. To the extent that the District Court ultimately rules against the Company with respect to SynQor's motions for treble damages, interest, and attorney fees, the Company anticipates appealing those rulings to the United States Court of Appeals for the Federal Circuit. The Company similarly anticipates appealing the District Court’s order dismissing the Company’s Counterclaims against SynQor.

In accordance with applicable accounting standards, the Company recorded a litigation related accrual of $6,500,000 in the third quarter of 2022 as its estimate based on the jury award, using estimated outcomes ranging from $0 to treble damages plus attorney fees.

In addition, the Company is involved in certain other litigation and claims incidental to the conduct of its business, both as a defendant and a plaintiff. While the outcome of such other lawsuits and claims against the Company cannot be predicted with certainty, management does not expect such litigation or claims will have a material adverse impact on the Company’s financial position or results of operations.

Revenues - Summary of Net Revenues Disaggregated by Category (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 405,059	$ 399,079	$ 359,364
Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	181,166	155,758	189,144
Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	223,893	243,321	170,220
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member]
Disaggregation of Revenue [Line Items]
Revenue	276,997	319,590	283,279
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	113,448	102,905	139,099
Direct Customers, Contract Manufacturers and Non-stocking Distributors [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	163,549	216,685	144,180
Stocking distributors, net of sales allowances [Member]
Disaggregation of Revenue [Line Items]
Revenue	96,437	65,650	63,482
Stocking distributors, net of sales allowances [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	66,544	51,819	49,359
Stocking distributors, net of sales allowances [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	29,893	13,831	14,123
Non-recurring engineering [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,595	10,967	10,713
Non-recurring engineering [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,174	1,034	686
Non-recurring engineering [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,421	9,933	10,027
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	15,872	2,801	1,819
Royalties [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Royalties [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	15,872	2,801	1,819
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,158	71	71
Other [Member] \| Brick Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other [Member] \| Advanced Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,158	$ 71	$ 71

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases, Operating [Abstract]

Maturities of Lease Liabilities

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


2024	$	1,959
2025		1,821
2026		1,208
2027		837
2028 and beyond		3,881
Total lease payments	$	9,706
Less: Imputed interest		1,478
Present value of lease liabilities	$	8,228

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):



2024	$	402
Total lease payments to be received	$	402

Long-Term Investment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Minimum period for which failed auction securities been in unrealized loss position	12 months	12 months
Failed Auction Security [Member]
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Amortized cost of securities	$ 3,000,000	$ 3,000,000
Period for which failed auction securities been in unrealized loss position	exceeds 12 months
Estimated Fair Value	$ 2,530,000	$ 2,622,000

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Components of Other Income

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


	2023			2022			2021
Interest income, net	$	8,217		$	1,313		$	930
Rental income, net	792			792			792
Foreign currency losses, net		(161	)		(653	)		(336	)
Other, net	38			34				(183	)
	$	8,886		$	1,486		$	1,203

Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 4,814	$ 2,105	$ 1
State	1,655	955	(14)
Foreign	209	298	171
Current, Total	6,678	3,358	158
Deferred:
Foreign	(34)	(97)	18
Deferred Income Tax Expense (Benefit)	(34)	(97)	18
Provision (benefit) for income taxes	$ 6,644	$ 3,261	$ 176

- Definition

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

+ References + Details

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, 2023

Dec. 31, 2022

Dec. 31, 2021

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Options Outstanding, Beginning balance

2,024,664

Options Outstanding, Granted

918,161

Options Outstanding, Forfeited and expired

(79,500)

Options Outstanding, Exercised

(308,083)

Options Outstanding, Ending balance

2,555,242

Options Outstanding, Exercisable

973,894

1,046,092

776,559

Options Outstanding, Vested or expected to vest

^[1]

2,404,726

Weighted Average Exercise Price, Beginning balance

$ 41.48

Weighted Average Exercise Price, Granted

42.76

Weighted Average Exercise Price, Forfeited and expired

53.67

Weighted Average Exercise Price, Exercised

25.31

Weighted Average Exercise Price, Ending balance

43.51

Weighted Average Exercise Price, Exercisable

27.39

$ 18.26

$ 11.63

Weighted Average Exercise Price, Vested or expected to vest

^[1]

$ 43.04

Weighted-Average Remaining Contractual Life in Years, Outstanding

3 years 10 months 24 days

Weighted-Average Remaining Contractual Life in Years, Exercisable

2 years 1 month 6 days

Weighted-Average Remaining Contractual Life in Years, Vested or expected to vest

^[1]

3 years 9 months 14 days

Aggregate Intrinsic Value, Outstanding

$ 27,948

Aggregate Intrinsic Value, Exercisable

24,781

Aggregate Intrinsic Value, Vested or expected to vest

^[1]

$ 27,619

[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.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

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

Foreign currency translation

Investments

Cash and Cash Equivalents

Short-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

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.

Inventories

Government Grants

Concentrations of risk

Long-lived assets

Intangible assets

Patents

Internally Developed Software

Product warranties

Revenue recognition

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

Advertising expense

The cost of advertising is expensed as incurred. The Company incurred approximately $3,730,000, $3,786,000, and

$2,994,000 in advertising costs during 2023, 2022, and 2021, respectively.

Legal Costs

Legal costs in connection with litigation are expensed as incurred.

Stock-based compensation

Income taxes

Net income per common share


	2023		2022		2021
Numerator:
Net income attributable to Vicor Corporation	$	53,595	$	25,446	$	56,625
Denominator:
Denominator for basic net income per share- weighted average shares (1)		44,320		44,005		43,651
Effect of dilutive securities:
Employee stock options (2)		684		889		1,315
Denominator for diluted net income per share- adjusted weighted-average shares and assumed conversions (3)		45,004		44,894		44,966
Basic net income per share	$	1.21	$	0.58	$	1.30
Diluted net income per share	$	1.19	$	0.57	$	1.26

(1)

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

(2)

(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

Other new pronouncements issued but not effective until after December 31, 2023 are not expected to have a material impact on the Company’s consolidated financial statements.

Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

10. REVENUES

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


	Year Ended December 31, 2023
	Brick Products		Advanced Products		Total
United States	$	82,400	$	67,056	$	149,456
Europe		31,792		27,950		59,742
Asia Pacific		63,631		128,636		192,267
All other		3,343		251		3,594
	$	181,166	$	223,893	$	405,059


	Year Ended December 31, 2022
	Brick Products		Advanced Products		Total
United States	$	76,306	$	53,116	$	129,422
Europe		27,856		10,522		38,378
Asia Pacific		49,076		179,259		228,335
All other		2,520		424		2,944
	$	155,758	$	243,321	$	399,079


	Year Ended December 31, 2021
	Brick Products		Advanced Products		Total
United States	$	74,280	$	44,360	$	118,640
Europe		32,762		5,145		37,907
Asia Pacific		80,344		120,459		200,803
All other		1,758		256		2,014
	$	189,144	$	170,220	$	359,364

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


	Year Ended December 31, 2023
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	113,448	$	163,549	$	276,997
Stocking distributors, net of sales allowances		66,544		29,893		96,437
Non-recurring engineering		1,174		13,421		14,595
Royalties		—		15,872		15,872
Other		—		1,158		1,158
	$	181,166	$	223,893	$	405,059


	Year Ended December 31, 2022
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	102,905	$	216,685	$	319,590
Stocking distributors, net of sales allowances		51,819		13,831		65,650
Non-recurring engineering		1,034		9,933		10,967
Royalties		—		2,801		2,801
Other		—		71		71
	$	155,758	$	243,321	$	399,079


	Year Ended December 31, 2021
	Brick Products		Advanced Products		Total
Direct customers, contract manufacturers and non-stocking distributors	$	139,099	$	144,180	$	283,279
Stocking distributors, net of sales allowances		49,359		14,123		63,482
Non-recurring engineering		686		10,027		10,713
Royalties		—		1,819		1,819
Other		—		71		71
	$	189,144	$	170,220	$	359,364

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


	December 31, 2023			December 31, 2022			Change
Short-term deferred revenue and customer prepayments	$	(3,157	)	$	(13,197	)	$	10,040
Long-term deferred revenue		(1,020	)		(145	)		(875	)
Deferred expenses		—			577			(577	)
Sales allowances		(3,482	)		(1,661	)		(1,821	)

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

During 2023, 2022, and 2021, one customer accounted for approximately 10.7%, 12.4%, and 14.9% of net revenues, respectively, which included net revenues from both business product lines in each of the three years.

Net revenues from customers in Taiwan accounted for approximately 14.6% of total net revenues in 2023, 26.4% in 2022 and 16.1% in 2021, respectively.

Net revenues from customers in China (including Hong Kong), accounted for approximately 17.7% of total net revenues in 2023, 18.8% in 2022 and 27.5% in 2021, 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
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

12.

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 11 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 provisions 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, 2023, the balance of right of use (“ROU”) assets was approximately $7,390,000, and the balances of short-term and long-term lease liabilities were approximately $1,864,000 and $6,364,000, respectively. For the year ended December 31, 2023, the Company recorded operating lease cost, including short-term lease cost, of approximately $2,138,000 ($2,130,000 in 2022). 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):


2024	$	1,959
2025		1,821
2026		1,208
2027		837
2028 and beyond		3,881
Total lease payments	$	9,706
Less: Imputed interest		1,478
Present value of lease liabilities	$	8,228

As of December 31, 2023, the weighted-average remaining lease term was 6.8 years and the weighted-average discount rate was 4.22% for the Company’s operating leases. The Company developed the discount rates used based on a Secured Overnight Financing Rate (“SOFR”) over a term approximating the term of the related lease, plus an additional interest factor, which was generally 1.25%.

For the years ended December 31, 2023 and December 31, 2022, the Company paid approximately $2,096,000 and $2,183,000, respectively, for amounts included in the measurement of lease liabilities through operating cash flows. The Company obtained approximately $1,180,000 and $2,941,000 in ROU assets in exchange for $1,165,000 and $3,040,000 of new operating lease liabilities for the years ended December 31, 2023 and December 31, 2022, 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):



2024	$	402
Total lease payments to be received	$	402

The Company recorded net lease income under this lease of approximately $792,000 for each of the years ended December 31, 2023, 2022, and 2021.

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Valuation allowance, deferred tax assets	$ 52,291,000	$ 47,413,000
Research and development tax credit carryforwards	29,619,000	33,764,000
Accrued interest	4,184,000	3,474,000	$ 3,246,000	$ 2,297,000
Net interest expense	23,000	17,000	19,000
Potential payment of interest	67,000	52,000
Stock-based compensation	$ 5,709,000	$ 3,940,000
Maximum [Member]
Income Tax Disclosure [Line Items]
Stock-based compensation			$ 55,300,000
Domestic Tax Authority [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year	2039
Research and development tax credit carryforwards	$ 15,546,000
Net operating loss carryforwards	$ 0
Certain States [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year	2024
Research and development tax credit carryforwards	$ 21,201,000
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Federal net operating loss carryforwards expiry, beginning year	2030
Net operating loss carryforwards	$ 41,000

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Capital expenditure commitments	$ 15,014,000
Litigation related accrual amount	6,500,000
Estimated outcomes amount	0
Infringement of 702 Patent [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 6,500,000

Significant Accounting Policies - Computation Of Basic And Diluted Net Income (Loss) Per Share (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Options to purchase shares of Common Stock not included in the computation of diluted income (loss) per share	1,557,927	879,228	60,736

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 3,600	$ 3,600
Buildings and improvements	82,861	73,520
Machinery and equipment	282,084	271,021
Furniture and fixtures	14,346	15,297
Construction in-progress and deposits	17,723	52,937
Property, plant and equipment, gross, total	400,614	416,375
Accumulated depreciation and amortization	(250,315)	(258,570)
Right of use asset - net	7,390	8,204
Net balance	$ 157,689	$ 166,009

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

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):


	2023			2022
Patent costs	$	900		$	1,030
Accumulated amortization		(708	)		(772	)
	$	192		$	258

Revenues - Additional Information (Detail) - Customer	12 Months Ended
Revenues - Additional Information (Detail) - Customer	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of customers	1	1	1
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| Customer One [Member]
Percentage of total net revenues	10.70%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| Customer Two [Member]
Percentage of total net revenues		12.40%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| Customer Three [Member]
Percentage of total net revenues			14.90%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| China [Member]
Percentage of total net revenues	17.70%	18.80%	27.50%
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| TAIWAN
Percentage of total net revenues	14.60%	26.40%	16.10%

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

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 2023, 2022, and 2021. On December 31, 2023, the Company had approximately $8,541,000 available for share repurchases under the November 2000 Plan.

Dividends are declared at the discretion of the Company’s Board of Directors and depend on actual cash from operations, the Company’s financial condition and capital requirements and any other factors the Company’s Board of Directors may consider relevant at the time. Common Stock and Class B Common Stock participate in dividends and earnings equally.

On December 31, 2023, 2022, and 2021, there were 20,703,238, 21,080,950, and 21,268,027, 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.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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+ Details

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	2023			2022
Land	$	3,600		$	3,600
Buildings and improvements		82,861			73,520
Machinery and equipment		282,084			271,021
Furniture and fixtures		14,346			15,297
Construction in-progress and deposits		17,723			52,937
		400,614			416,375
Accumulated depreciation and amortization		(250,315	)		(258,570	)
Right of use asset - net		7,390			8,204
Net balance	$	157,689		$	166,009