UNIVERSAL DISPLAY CORP \PA\, 10-K filed on 2/19/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Feb. 17, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Trading Symbol OLED    
Entity Registrant Name UNIVERSAL DISPLAY CORPORATION    
Document Financial Statement Error Correction [Flag] false    
Entity Central Index Key 0001005284    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Shell Company false    
Title of 12(b) Security Common Stock, $0.01 par value    
Security Exchange Name NASDAQ    
Entity Incorporation, State or Country Code PA    
Entity Interactive Data Current Yes    
Entity Small Business false    
Entity Emerging Growth Company false    
Document Annual Report true    
Document Transition Report false    
Entity File Number 1-12031    
Entity Tax Identification Number 23-2372688    
Entity Address, Address Line One 250 Phillips Boulevard    
Entity Address, City or Town Ewing    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 08618    
City Area Code 609    
Local Phone Number 671-0980    
Entity Common Stock, Shares Outstanding   47,098,284  
Entity Public Float     $ 6,792,425,456
ICFR Auditor Attestation Flag true    
Documents Incorporated by Reference

Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Shareholders, which is to be filed with the Securities and Exchange Commission no later than April 30, 2026, are incorporated by reference into Part III of this report.

    
Auditor Opinion

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Universal Display Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 19, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

   
Auditor Firm ID 185    
Auditor Name KPMG, LLP    
Auditor Location Philadelphia, PA, USA    
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 138,353 $ 98,980
Short-term investments 464,004 393,690
Accounts receivable 119,953 113,648
Inventory 240,912 182,938
Other current assets 123,836 110,575
Total current assets 1,087,058 899,831
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $189,326 and $169,877 214,947 195,239
ACQUIRED TECHNOLOGY, net of accumulated amortization of $220,392 and $203,621 56,783 73,554
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $13,269 and $11,842 4,019 5,446
GOODWILL 15,535 15,535
INVESTMENTS 377,034 457,593
DEFERRED INCOME TAXES 79,454 78,320
OTHER ASSETS 128,932 106,815
TOTAL ASSETS 1,963,762 1,832,333
CURRENT LIABILITIES:    
Accounts payable 23,344 36,590
Accrued expenses 52,564 46,026
Deferred revenue 21,011 33,074
Other current liabilities 11,094 9,720
Total current liabilities 108,013 125,410
DEFERRED REVENUE 1,943 537
RETIREMENT PLAN BENEFIT LIABILITY 56,541 54,450
OTHER LIABILITIES 36,246 35,411
Total liabilities 202,743 215,808
COMMITMENTS AND CONTINGENCIES (Note 18)
SHAREHOLDERS' EQUITY:    
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500) 2 2
Common Stock, par value $ 0.01 per share, 200,000,000 shares authorized, 48,916,606 and 48,834,541 share issued, and 47,259,748 and 47,468,893 shares outstanding at December 31,2025 and December 31, 2024, respectively 489 488
Additional paid-in capital 744,692 723,719
Retained earnings 1,090,479 934,655
Accumulated other comprehensive income (loss) 781 (1,055)
Treasury stock, at cost (1,656,858 and 1,365,648 shares at December 31,2025 and December 31,2024 respectively) (75,424) (41,284)
Total shareholders’ equity 1,761,019 1,616,525
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,963,762 $ 1,832,333
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 189,326 $ 169,877
Finite-Lived Intangible Assets, Accumulated Amortization 220,392 203,621
Other Finite-Lived Intangible Assets, Accumulated Amortization $ 13,269 $ 11,842
SHAREHOLDERS' EQUITY:    
Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred Stock, shares authorized ( in shares) 5,000,000 5,000,000
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, shares authorized (in shares) 200,000,000 200,000,000
Common Stock, shares issued (in shares) 48,916,606 48,834,541
Common Stock, shares outstanding (in shares) 47,259,748 47,468,893
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]    
Treasury Stock, Common, Shares 1,656,858 1,365,648
Treasury Stock, Preferred, Shares 1,656,858 1,365,648
Series A Nonconvertible Preferred Stock [Member]    
Shareholders' Equity A Nonconvertible Preferred Stock    
Preferred Stock, shares issued (in shares) 200,000 200,000
Preferred Stock, shares outstanding (in shares) 200,000 200,000
Preferred Stock, liquidation value per share (in dollars per share) $ 7.5 $ 7.5
Preferred Stock, liquidation value $ 1,500 $ 1,500
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUE:      
Total revenue $ 650,611 $ 647,684 $ 576,429
COST OF SALES 154,126 148,461 135,376
Gross margin 496,485 499,223 441,053
OPERATING EXPENSES:      
Research and development 146,097 157,187 130,481
Selling, general and administrative 74,318 74,286 67,387
Amortization of acquired technology and other intangible assets 18,198 18,200 15,993
Patent costs 8,790 8,699 9,356
Royalty and license expense 504 2,048 647
Total operating expenses 247,907 260,420 223,864
OPERATING INCOME 248,578 238,803 217,189
Interest income, net 39,708 40,682 28,166
Other and other income, net 6,510 (7,357) (184)
Interest and other income, net 46,218 33,325 27,982
Income before income taxes 294,796 272,128 245,171
INCOME TAX EXPENSE (52,721) (50,049) (42,160)
NET INCOME $ 242,075 $ 222,079 $ 203,011
NET INCOME PER COMMON SHARE:      
BASIC $ 5.09 $ 4.66 $ 4.25
DILUTED $ 5.08 $ 4.65 $ 4.24
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:      
BASIC 47,548,046 47,548,931 47,559,669
DILUTED 47,658,295 47,652,662 47,622,763
CASH DIVIDEND DECLARED PER COMMON SHARE $ 1.8 $ 1.6 $ 1.4
Material sales      
REVENUE:      
Total revenue $ 352,974 $ 365,419 $ 322,029
Royalty and license fees      
REVENUE:      
Total revenue 275,134 266,820 238,389
Contract research services      
REVENUE:      
Total revenue $ 22,503 $ 15,445 $ 16,011
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 242,075 $ 222,079 $ 203,011
OTHER COMPREHENSIVEINCOME (LOSS), NET OF TAX:      
Unrealized gain on available-for-sale securities 1,986 411 8,745
Employee benefit plan:      
Actuarial (loss) gain on retirement plan, net of tax of $101, $178 and ($2,168), respectively (320) (559) 7,207
Amortization of prior service cost, actuarial loss and curtailment charge for retirement plan included in net periodic pension costs, net of tax of ($5), ($84) and ($299), respectively 18 261 996
Net change in employee benefit plan (302) (298) 8,203
Change in cumulative foreign currency translation adjustment 152 (82) 418
TOTAL OTHER COMPREHENSIVE INCOME 1,836 31 17,366
COMPREHENSIVE INCOME $ 243,911 $ 222,110 $ 220,377
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Actuarial gain on retirement plan, tax $ 101 $ 178 $ (2,168)
Amortization of prior service cost and actuarial loss for retirement plan included in net periodic pension costs, tax $ (5) $ (84) $ (299)
v3.25.4
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Treasury Stock, Common [Member]
Series A Nonconvertible Preferred Stock [Member]
Preferred Stock [Member]
BALANCE at Dec. 31, 2022 $ 1,275,369 $ 491 $ 681,335 $ 653,277 $ (18,452) $ (41,284) $ 2
BALANCE (in shares) at Dec. 31, 2022   49,136,030         200,000
Treasury Stock Common Shares Beginning at Dec. 31, 2022           1,365,648  
Net Income 203,011     203,011      
Other comprehensive income (loss) 17,366       17,366    
Cash dividends declared (66,735)     (66,735)      
Stock-based compensation and ESPP activity, net of taxes withheld 18,215 $ (4) 18,219        
Stock-based compensation and ESPP activity, net of taxes withheld, Shares   (405,004)          
BALANCE at Dec. 31, 2023 1,447,226 $ 487 699,554 789,553 (1,086) $ (41,284) $ 2
BALANCE (in shares) at Dec. 31, 2023   48,731,026         200,000
Treasury Stock Common Shares Ending at Dec. 31, 2023           1,365,648  
Net Income 222,079     222,079      
Other comprehensive income (loss) 31       31    
Cash dividends declared (76,977)     (76,977)      
Stock-based compensation and ESPP activity, net of taxes withheld $ 24,166 $ 1 24,165        
Stock-based compensation and ESPP activity, net of taxes withheld, Shares   103,515          
Common shares repurchased (in shares) 0            
BALANCE at Dec. 31, 2024 $ 1,616,525 $ 488 723,719 934,655 (1,055) $ (41,284) $ 2
BALANCE (in shares) at Dec. 31, 2024   48,834,541         200,000
Treasury Stock Common Shares Ending at Dec. 31, 2024 1,365,648         1,365,648  
Net Income $ 242,075     242,075      
Other comprehensive income (loss) 1,836       1,836    
Cash dividends declared (86,251)     (86,251)      
Stock-based compensation and ESPP activity, net of taxes withheld 20,974 $ 1 20,973        
Stock-based compensation and ESPP activity, net of taxes withheld, Shares   82,065          
Common shares repurchased $ (34,140) $ (34,100)       $ (34,140)  
Common shares repurchased (in shares) 291,210         291,210  
BALANCE at Dec. 31, 2025 $ 1,761,019 $ 489 $ 744,692 $ 1,090,479 $ 781 $ (75,424) $ 2
BALANCE (in shares) at Dec. 31, 2025   48,916,606         200,000
Treasury Stock Common Shares Ending at Dec. 31, 2025 1,656,858         1,656,858  
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 242,075 $ 222,079 $ 203,011
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 28,389 25,940 27,409
Impairment of property and equipment and right-of-use asset due to OVJP restructuring 1,577 7,498 0
Amortization of intangibles 18,198 18,200 15,993
Investment gains, net (8,765) (7,399) (11,603)
Stock-based compensation 28,227 30,032 24,109
Deferred income tax benefit (1,036) (19,117) (3,766)
Retirement plan expense, net of benefit payments 1,694 1,808 3,129
Decrease (increase) in assets:      
Accounts receivable (6,305) 26,202 (47,186)
Inventory (57,974) (7,143) 7,425
Other current assets (3,261) (23,210) (41,574)
Other assets (23,694) (2,968) 4,450
Increase (decrease) in liabilities:      
Accounts payable and accrued expenses 2,114 10,357 4,047
Other current liabilities (441) 1,269 (21,481)
Deferred revenue (10,657) (26,108) (4,159)
Other liabilities 689 (3,700) (5,027)
Net cash provided by operating activities 210,830 253,740 154,777
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (56,470) (42,637) (59,792)
Purchase of intangibles (10,000) 0 (66,563)
Purchases of investments (375,506) (594,848) (531,103)
Proceeds from sale and maturity of investments 396,500 473,075 574,165
Net cash used in investing activities (45,476) (164,410) (83,293)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 2,020 2,220 2,012
Repurchase of common stock (32,881) 0 0
Payment of withholding taxes related to stock-based compensation to employees (9,571) (8,386) (8,206)
Cash dividends paid (85,549) (76,169) (66,735)
Net cash used in financing activities (125,981) (82,335) (72,929)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 39,373 6,995 (1,445)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 98,980 91,985 93,430
CASH AND CASH EQUIVALENTS, END OF YEAR $ 138,353 $ 98,980 $ 91,985
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS Non-Cash Activities - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Significant Noncash Transactions [Line Items]      
Unrealized gain on available-for-sale securities $ 1,984 $ 411 $ 8,938
Repurchases of common stock included in other current liabilities 1,259 0 0
Net change in accounts payable and accrued expenses related to purchases of property and equipment 8,373 (9,448) 678
Cash paid for income taxes, net of refunds 71,438 71,973 96,176
Common Stock Issued to Board of Directors and Scientific Advisory Board that was Earned and Accrued for in Previous Period [Member]      
Other Significant Noncash Transactions [Line Items]      
Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period $ 300 $ 300 $ 300
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 242,075 $ 222,079 $ 203,011
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
CYBERSECURITY RISK MANAGEMENT, STRATEGY, AND GOVERNANCE
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

Recognizing the importance of assessing, identifying, and managing material risks from cybersecurity threats, we maintain a cybersecurity program that is led by our management team and overseen by the Audit Committee of our Board of Directors. Material risks from cybersecurity threats to our company may include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws.

To identify and manage the risks from cybersecurity threats, our cybersecurity program includes various preventative, detection and responsive measures, including without limitation the following: use of monitoring and detection software applications, ongoing employee education and certification about cybersecurity threats, routine security access reviews, and the implementation of physical security measures. As standard practice, we require third-party service providers that may electronically interact with or handle our sensitive information to maintain an effective security management program and to notify us in the event of any known or suspected cyber incident.

Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program. Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures. Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborations. We have added personnel to our Information Technology team who are dedicated to cybersecurity matters and also retain a third-party Information Security consulting firm to advise on and assess our cybersecurity processes on an ongoing basis.

The Audit Committee of our Board of Directors has oversight responsibility for our cybersecurity program. Our Chief Financial Officer and Information Technology leadership provide periodic updates regarding our cybersecurity risk management strategy and related activities to the Audit Committee, and provide other information as needed or requested to facilitate the committee’s oversight of our cybersecurity risk. The chair of our Audit Committee, who previously founded and for 19 years led an information technology consulting company that specialized in providing software and systems integration, business process and technical consulting to multinational companies, holds a certification in Systemic Cyber Risk Governance for Corporate Directors. Other members of our full Board of Directors, which also receives periodic briefings on cybersecurity matters, also have received professional education and training related to cybersecurity.

Despite our efforts to manage the risk from cybersecurity threats, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. See Item 1A. “Risk Factors” for a further discussion of our cybersecurity risks.

Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

Recognizing the importance of assessing, identifying, and managing material risks from cybersecurity threats, we maintain a cybersecurity program that is led by our management team and overseen by the Audit Committee of our Board of Directors. Material risks from cybersecurity threats to our company may include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program. Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures. Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborations. We have added personnel to our Information Technology team who are dedicated to cybersecurity matters and also retain a third-party Information Security consulting firm to advise on and assess our cybersecurity processes on an ongoing basis.

The Audit Committee of our Board of Directors has oversight responsibility for our cybersecurity program. Our Chief Financial Officer and Information Technology leadership provide periodic updates regarding our cybersecurity risk management strategy and related activities to the Audit Committee, and provide other information as needed or requested to facilitate the committee’s oversight of our cybersecurity risk. The chair of our Audit Committee, who previously founded and for 19 years led an information technology consulting company that specialized in providing software and systems integration, business process and technical consulting to multinational companies, holds a certification in Systemic Cyber Risk Governance for Corporate Directors. Other members of our full Board of Directors, which also receives periodic briefings on cybersecurity matters, also have received professional education and training related to cybersecurity.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of our Board of Directors has oversight responsibility for our cybersecurity program
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Chief Financial Officer and Information Technology leadership provide periodic updates regarding our cybersecurity risk management strategy and related activities to the Audit Committee, and provide other information as needed or requested to facilitate the committee’s oversight of our cybersecurity risk.
Cybersecurity Risk Role of Management [Text Block]

Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program. Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures. Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborations. We have added personnel to our Information Technology team who are dedicated to cybersecurity matters and also retain a third-party Information Security consulting firm to advise on and assess our cybersecurity processes on an ongoing basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborationsThe chair of our Audit Committee, who previously founded and for 19 years led an information technology consulting company that specialized in providing software and systems integration, business process and technical consulting to multinational companies, holds a certification in Systemic Cyber Risk Governance for Corporate Directors. Other members of our full Board of Directors, which also receives periodic briefings on cybersecurity matters, also have received professional education and training related to cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
BUSINESS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS
1.
BUSINESS:

Universal Display Corporation and its subsidiaries (the Company) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light and can be manufactured on both flexible and rigid substrates, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market, especially in the mobile phone, television, monitor, wearable, tablet, notebook and personal computer, augmented reality (AR), virtual reality (VR) and automotive markets. The Company believes this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost. The Company also believes that OLED lighting products have the potential to replace many existing light sources in the future because of their high-power efficiency, excellent color rendering index, low operating temperature and novel form factor. The Company’s technology leadership, intellectual property position, and more than 20 years of experience working closely with leading OLED display manufacturers are some of the competitive advantages that should enable the Company to continue to share in the revenues from OLED displays and lighting products as they continue to gain wider adoption.

The Company’s primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers of products for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers, automotive applications, and specialty lighting products; and (2) further develop and either license or otherwise commercialize the Company’s proprietary OLED material, device design and manufacturing technologies to those manufacturers. The Company has established a significant portfolio of proprietary OLED technologies and materials, primarily through internal research and development efforts and acquisitions of patents and patent applications, as well as maintaining long-standing, and establishing new relationships with world-class universities, research institutions and strategic manufacturing partnerships. The Company currently owns, exclusively licenses or has the sole right to sublicense more than 7,000 patents issued and pending worldwide.

The Company manufactures and sells its proprietary OLED materials to customers for evaluation and use in commercial OLED products. The Company also enters into agreements with manufacturers of OLED display and lighting products under which it grants them licenses to practice under the Company’s patents and to use the Company's proprietary know-how. At the same time, the Company works with these and other companies that are evaluating the Company's OLED material, device design and manufacturing technologies for possible use in commercial OLED display and lighting products.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Universal Display Corporation and its wholly owned subsidiaries, UDC, Inc., UDC Ireland Limited (UDC Ireland), Universal Display Corporation Hong Kong, Limited, Universal Display Corporation Korea, Y.H. (UDC Korea), Universal Display Corporation Japan GK, Universal Display Corporation China, Ltd., Adesis, Inc. (Adesis), UDC Ventures LLC, OVJP Corporation (OVJP Corp), OLED Material Manufacturing Limited (OMM), Universal Vapor Jet Corporation Pte. Ltd. (UVJC) and UDC Chengdu OLED Technology, Ltd. (UDC Chengdu). All intercompany transactions and accounts have been eliminated.

Segment Information

The Company has one reportable business segment, namely OLED technologies and materials. The Company also performs contract development and manufacturing support services through its subsidiary, Adesis. However, the Company’s Chief Operating Decision Maker (CODM) reviews financial operating results for the Company on a combined basis only, with the exception of revenue, for the purposes of resource allocation decisions. Combined entity-level results are deemed sufficient for the assessment of the Company’s operating performance. As a result, Adesis is not considered a reportable business segment and its operations are contained in the OLED technologies and materials segment. Factors that went into this determination included examining the nature and significance of the various business activities the Company engages in, and the availability of discrete data for those business activities.

The Company’s CODM is its President and Chief Executive Officer. The President and Chief Executive Officer is the highest level of management responsible for the allocation of the Company’s resources and acts as the “assessor of the financial performance” of the Company. In a review of the financial decision making process, it was determined that the CODM primarily utilizes information consistent with that already incorporated in the existing consolidated financial statements. These measures include revenue, operating expenses, net income and assets. As such, the Consolidated Financial Statements presentation is consistent with how the Company's CODM evaluates the results of operations and formulates strategic decisions about the business.

Management’s Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the areas of revenue recognition including estimates of material unit sales and royalties, the useful life of acquired intangibles, lease liabilities, right-of-use assets, the use and recoverability of inventories, intangibles, investments and income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates.

Cash, Cash Equivalents and Investments

The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining investments as available-for-sale. These securities (excluding minority equity investments) are carried at fair value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.

Trade Accounts Receivable

Trade accounts receivable are stated at the amount the Company expects to collect and do not bear interest. The Company considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. The Company’s accounts receivable balance is a result of chemical sales, royalties and license fees. These receivables have historically been paid timely. Due to the nature of the accounts receivable balance, the Company believes there is no significant collection risk. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, allowances for credit losses would be required. When evaluating whether a credit loss has occurred, the Company assumes that the financial condition of its customers as of the balance sheet date remains unchanged throughout the remaining life of current accounts receivable and current contract assets. As of December 31, 2025 and 2024, the allowance for credit losses was $179,000 and $175,000, respectively.

Inventories

Inventories consist of raw materials, work-in-process and finished goods, and are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventory valuation and firm committed purchase order assessments are performed on a quarterly basis and those items that are identified to be obsolete or in excess of forecasted usage are written down to their estimated realizable value. Estimates of realizable value are based upon management’s analyses and assumptions, including, but not limited to, forecasted sales levels by product, expected product lifecycle, product development plans and future demand requirements. A 12-month rolling forecast based on factors, including, but not limited to, production cycles, anticipated product orders, marketing forecasts, backlog, and shipment activities is used in the inventory analysis. If market conditions are less favorable than forecasts or actual demand from customers is lower than estimates, additional inventory write-downs may be required. If demand is higher than expected, inventories that had previously been written down may be sold.

Property and Equipment

Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of 30 years for buildings, 15 years for building improvements, and three to seven years for office and lab equipment and furniture and fixtures. Repair and maintenance costs are charged to expense as incurred. Additions and betterments are capitalized.

Major renewals and improvements are capitalized, and minor replacements, maintenance, and repairs are charged to current operations as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation are removed from the Consolidated Balance Sheets and any gain or loss is reflected in other operating expenses.

Certain costs of computer software obtained for internal use are capitalized and amortized on a straight-line basis over three years. Costs for maintenance and training, as well as the cost of software that does not add functionality to an existing system, are expensed as incurred.

Impairment of Long-Lived Assets

Company management continually evaluates whether events or changes in circumstances might indicate that the remaining estimated useful life of long-lived assets may warrant revision, or that the remaining balance may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of the related undiscounted cash flows in measuring whether the long-lived asset should be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as deemed appropriate.

As a result of the closure of OVJP Corp's location in California and related restructuring, the Company recorded a $1.6 million right-of-use asset impairment for the year ended December 31, 2025 and a $7.5 million impairment of property and equipment and right-of-use asset for the year ended December 31, 2024. As of December 31, 2025, Company management believed that no additional revision to the remaining useful lives or write-down of the Company’s long-lived assets was required, and similarly, no such revisions were required for the year ended December 31, 2023.

Goodwill and Purchased Intangible Assets

Goodwill is tested for impairment in the fourth fiscal quarter and, when specific circumstances dictate, between annual tests. If after assessing the totality of events or circumstances as those described in the qualitative assessment, it is determined that it is more likely than not the fair value of a reporting unit is less than its carrying amount, then a quantitative goodwill impairment test will be performed. Under the quantitative test, the fair value of the reporting unit is compared to its carrying amount including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit would be considered not impaired. However, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in the amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of December 31, 2025 utilizing a qualitative assessment and concluded that it was more likely than not that the fair value of Adesis is greater than its carrying value. Future impairment tests will continue to be performed annually in the fiscal fourth quarter, or sooner if a triggering event occurs. As of December 31, 2025, no indications of impairment existed.

Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets.

Fair Value of Financial Instruments

The carrying values of accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value in the accompanying Consolidated Financial Statements due to the short-term nature of those instruments. The Company’s other financial instruments, which include cash equivalents and investments (excluding minority equity investments) are carried at fair value.

Fair Value Measurements

Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability and are based on market data obtained from sources independent of the Company. Unobservable inputs reflect assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

Minority Equity Investments

The Company accounts for minority equity investments in companies that are not accounted for under the equity method as equity securities without readily determinable fair values. The value of these securities is based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in the same issuer. Under this method, the share of income or loss of such companies is not included in the Consolidated Statements of Income. The carrying value of these investments is included in investments on the Consolidated Balance Sheets.

The Company’s policy is to recognize an impairment in the value of its minority equity investments when evidence of an impairment exists. Factors considered in the assessment include a significant adverse change in the regulatory, economic, or technological environment, the completion of new equity financing that may indicate a decrease in value, the failure to complete new equity financing arrangements after seeking to raise additional funds, or the commencement of proceedings under which the assets of the business may be placed in receivership or liquidated to satisfy the claims of debt and equity stakeholders. The impairment in the value of minority equity investments is included in the other income (loss), net line item on the Consolidated Statements of Income.

Leases

The Company is a lessee in operating leases primarily incurred to facilitate manufacturing, research and development, and selling, general and administrative activities. At contract inception, the Company determines if an arrangement is or contains a lease, and if so recognizes a right-of-use asset and lease liability at the lease commencement date. For operating leases, the lease liability is measured at the present value of the unpaid lease payments at the lease commencement date, whereas for finance leases, the lease liability is initially measured at the present value of the unpaid lease payments and subsequently measured at amortized cost using the interest method. Operating lease right-of-use assets are included in other assets on the Consolidated Balance Sheets. The short-term portion of operating lease liabilities is included in other current liabilities on the Consolidated Balance Sheets and the long-term portion is included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2025, the Company had no leases that qualified as financing arrangements.

Key estimates and judgments include how the Company determines the discount rate used to discount the unpaid lease payments to present value and the lease term. The Company monitors for events or changes in circumstances that could potentially require recognizing an impairment loss.

Revenue Recognition and Deferred Revenue

Material sales relate to the Company’s sale of its OLED materials for incorporation into its customers’ commercial OLED products or for their OLED development and evaluation activities. Revenue associated with material sales is generally recognized at the time title passes, which is typically at the time of shipment or at the time of delivery, depending upon the contractual agreement between the parties. Revenue may be recognized after control of the material passes in the event the transaction price includes variable consideration. For example, a customer may be provided an extended opportunity to stock materials prior to use in mass production and given a general right of return not conditioned on breaches of warranties associated with the specific product. In such circumstances, revenue will be recognized at the earlier of the expiration of the customer’s general right of return or once it becomes unlikely that the customer will exercise its right of return.

The vast majority of revenue attributed to material sales is determined through technology license agreements and material supply agreements the terms of which are jointly agreed upon with the Company’s customers. The remaining revenue recognized is in the form of contract research services revenue earned by the Company’s subsidiary, Adesis, and the Company’s occasional material sales to smaller customers. None of the revenue recognized during the years ended December 31, 2025, 2024 or 2023 resulted solely from royalty or license fee arrangements as to which there were not associated material sales.

The rights and benefits to the Company’s OLED technologies are conveyed to the customer through technology license agreements and material supply agreements. The Company believes that the licenses and materials sold under these combined agreements are not distinct from each other for financial reporting purposes and as such, they are accounted for as a single performance obligation. Accordingly, total contract consideration is estimated and recognized over the contract term based on material units sold at the estimated per unit fee over the life of the contract. Total contract consideration is allocated to material sales and royalty and licensing fees on the Consolidated Statements of Income based on contract pricing.

Various estimates are relied upon to recognize revenue. The Company estimates total material units to be purchased by its customers over the contract term based on historical trends, industry estimates and its forecast process. Management uses the expected value method to estimate the material per unit fee. Additionally, management estimates the sales-based portion of royalty revenue based on the estimated net sales revenue of its customers over the contract term.

Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and commercialization for non-OLED applications on a contractual basis. These services range from intermediates for structure-activity relationship studies, reference agents and building blocks for combinatorial synthesis, re-synthesis of key intermediates, specialty organic chemistry needs, and selective toll manufacturing. These services are provided to third-party pharmaceutical and life sciences firms and other technology firms at fixed costs or predetermined rates on a contract basis. Revenue is recognized as services are performed with billing schedules and payment terms negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. In other cases, services may be provided and revenue is recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable.

Technology development and support revenue is revenue earned from development and technology evaluation agreements and commercialization assistance fees. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income.

On December 2, 2022, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, the Company is being paid a license fee, which includes quarterly and annual payments over the agreement term. The agreement conveys to SDC the non-exclusive right to use certain of the Company's intellectual property assets for a limited period of time that is less than the estimated life of the assets.

At the same time the Company entered into the current commercial license agreement with SDC, the Company also entered into a new supplemental material purchase agreement with SDC, which lasts for the same term as the license agreement and is subject to the same extension option. This new material purchase agreement replaced a previous purchase agreement that had been in place since 2018. Under the supplemental material purchase agreement, SDC agrees to purchase red and green phosphorescent emitter materials from the Company for use in the manufacture of licensed products. This amount purchased is subject to SDC’s requirements for phosphorescent emitter materials and the Company’s ability to meet these requirements over the term of the supplemental agreement.

In 2015, the Company entered into an OLED patent license agreement and an OLED commercial supply agreement with LG Display Co., Ltd. (LG Display). In 2021, the Company and LG Display entered into new agreements that extended the terms of these agreements at least through the end of 2025. The patent license agreement provides LG Display a non-exclusive, royalty bearing portfolio license to make and sell OLED displays under their patent portfolio. The patent license calls for minimum annual license fees and additional incremental license fees based on LG Display’s volume of sale of licensed products. The OLED commercial supply agreement provides for the sale of dopant and host materials for use by LG Display.

In 2023, the Company entered into new long-term, multi-year agreements with BOE Technology Group Co., Ltd. (BOE). Under these agreements, the Company has granted BOE non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company supplies phosphorescent OLED materials to BOE for use in its licensed products.

In 2019, the Company entered into an evaluation and commercial supply relationship with Wuhan China Star Optoelectronics Semiconductor Display Technology Co., Ltd. (CSOT). In 2020, the Company entered into long-term, multi-year agreements with CSOT. Under these agreements, the Company has granted CSOT non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company also supplies phosphorescent OLED materials to CSOT for use in its licensed products.

In 2024, the Company entered into new long-term, multi-year agreements with Visionox Technology, Inc. (Visionox). Under these agreements, the Company has granted Visionox non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. Additionally, the Company supplies phosphorescent OLED materials to Visionox for use in its licensed products.

In 2025, the Company entered into long-term, multi-year OLED patent license and material purchase agreements with Tianma Micro-electronics Co., Ltd. (Tianma). Under the agreements, the Company has granted Tianma non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. Additionally, the Company supplies phosphorescent OLED materials to Tianma for use in its licensed products.

All material sales transactions that are not variable consideration transactions are generally billed and due within 90 days and substantially all are transacted in U.S. dollars.

Cost of Sales

Cost of sales consists of labor and material costs associated with the production of materials processed at the facilities of the Company's manufacturing partner, PPG Industries, Inc. (PPG) and at the Company's internal facilities. The Company’s portion of cost of sales also includes depreciation of manufacturing equipment, as well as manufacturing overhead costs and inventory adjustments for excess and obsolete inventory.

Research and Development

Expenditures for research and development are charged to expense as incurred.

Restructuring

The Company has participated in restructuring initiatives in the past and it is possible that the Company may engage in future restructuring activities. Identifying and calculating the cost to exit operations requires certain assumptions to be made, the most significant of which are anticipated future liabilities, including leases and other contractual obligations, and the adjustment of property and equipment to net realizable value. Significant judgment is required, and estimates and assumptions may change as additional information becomes available and facts or circumstances change.

In June 2020, the Company formed a wholly-owned subsidiary, OVJP Corp in California, as a Delaware corporation, which was founded to advance the commercialization of the Company's proprietary OVJP technology, which the Company now refers to as Universal Vapor Jet Printing (UVJP). In December 2024, the Company announced that the OVJP Corp facility in California would be closing and UVJP operations would be relocated to the Company's newly formed subsidiary, UVJC in Singapore, as well as continued operations in the Company's Tech and Innovation Center in New Jersey. As a result of the closure of OVJP Corp's location in California, the Company determined to record $2.2 million and $8.9 million of restructuring costs for the years ended December 31, 2025 and 2024, respectively. The OVJP Corp restructuring costs are included in the research and development expense line item on the Consolidated Statements of Income.

Patent Costs

Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred. Costs to successfully defend a challenge to a patent are capitalized to the extent of an evident increase in the value of the patent. Costs that relate to an unsuccessful outcome are charged to expense.

Amortization of Acquired Technology

Amortization costs primarily relate to technology acquired from Merck KGaA, Darmstadt, Germany (Merck KGaA) and BASF SE (BASF). The Merck KGaA acquisition was completed on April 28, 2023 and the BASF acquisition was completed during the year ended December 31, 2016. Acquisition costs are being amortized over a period of 10 years for the Merck KGaA and BASF patents.

Amortization of Other Intangible Assets

Other intangible assets from the Adesis acquisition are being amortized over a period of 10 to 15 years. See Note 7 for further discussion.

Translation of Foreign Currency Financial Statements and Foreign Currency Transactions

The Company’s reporting currency is the U.S. dollar. The functional currency for the UDC Ireland, UDC Korea and UDC Chengdu subsidiaries are also the U.S. dollar and the functional currency for the OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries is its respective local currency. The Company translates the amounts included in the Consolidated Statements of Income from OMM and its other Asia-Pacific foreign subsidiaries into U.S. dollars at weighted-average exchange rates, which the Company believes are representative of the actual exchange rates on the dates of the transactions. The Company's OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries' assets and liabilities are translated into U.S. dollars from the local currency at the actual exchange rates as of the end of each reporting date, and the Company records the resulting foreign exchange translation adjustments in the Consolidated Balance Sheets as a component of accumulated other comprehensive income (loss). With the exception of the Korean withholding tax receivable denominated in Korean Won (see Note 20), the overall effect of the translation of foreign currency and foreign currency transactions to date has been insignificant.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount of which the likelihood of realization is greater than 50%. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties, if any, related to unrecognized tax benefits as a component of tax expense.

On July 4, 2025, the U.S. enacted H.R. 1 "A bill to provide for reconciliation pursuant to Title II of H. Con. Res. 14." The bill includes several changes to federal tax law that generally allow for more favorable treatment of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development expenditures. H.R.1 also includes certain changes to the international tax framework and permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act. During the year ended December 31, 2025, the Company evaluated H.R 1 and estimated its impact on the Consolidated Financial Statements to be immaterial. The Company will continue to evaluate the full impact of the legislative changes as additional guidance becomes available.

Share-Based Payment Awards

The Company recognizes in the Consolidated Statements of Income the grant-date fair value of equity-based awards such as shares issued under employee stock purchase plans, restricted stock awards, restricted stock units and performance unit awards issued to employees and directors.

The grant-date fair value of stock awards is based on the closing price of the stock on the date of grant. The fair value of share-based awards is recognized as compensation expense on a straight-line basis over the requisite service period, net of forfeitures. The Company issues new shares upon the respective grant, exercise or vesting of the share-based payment awards, as applicable.

Performance unit awards are subject to either a performance-based or market-based vesting requirement. For performance-based vesting, the grant-date fair value of the award, based on fair value of the Company's common stock, is recognized over the service period based on an assessment of the likelihood that the applicable performance goals will be achieved, and compensation expense is periodically adjusted based on actual and expected performance. Compensation expense for performance unit awards with market-based vesting is calculated based on the estimated fair value as of the grant date utilizing a Monte Carlo simulation model and is recognized over the service period on a straight-line basis.

Recent Accounting Pronouncements

Adoption of New Accounting Standards

In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718). The standard provides guidance to reduce complexity and diversity in practice in determining whether a profits interest award is accounted for as a share-based payment. Early adoption is permitted. This guidance can be applied either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest or similar awards granted or modified on or after the effective date for our application of this guidance. The adoption of ASU 2024-01, beginning on January 1, 2025, did not have an impact on the Consolidated Financial Statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The standard enhances the annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity's worldwide operations. The adoption of ASU 2023-09, during the annual period ended December 31, 2025, resulted in enhanced income tax disclosures included in Note 20.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard reduces the cost and complexity of applying Topic 326 (credit losses) to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 (revenue from contracts with customers). The Company chose to early adopt ASU 2025-05 during the annual period ended December 31, 2025, and elected the practical expedient. This practical expedient permits the Company to assume the current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The adoption of ASU 2025-05, during the annual period ended December 31, 2025, did not have an impact on the Consolidated Financial Statements and related disclosures.

Accounting Standards Issued But Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE). The standard requires new financial statement disclosures disaggregating information about prescribed categories underlying any relevant income statement expense caption. ASU 2024-03 becomes effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is evaluating the potential impact of this standard on the Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard updates the accounting for internal-use software by eliminating the concept of development stages. Under this updated guidance, software costs are capitalized once management has authorized and committed funding to the project, and it is probable the project will be completed and the software used as intended. ASU 2025-06 becomes effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. The Company is evaluating the potential impact of this standard on the Consolidated Financial Statements and related disclosures.
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS
3.
CASH, CASH EQUIVALENTS AND INVESTMENTS:

The Company’s portfolio of marketable fixed income securities consists of U.S. Government bonds. The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining debt security investments as available-for-sale. These debt securities are carried at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Gains or losses on securities sold are based on the specific identification method.

Cash and Cash Equivalents

The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate

 

Cash and Cash Equivalents Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Fair Value

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

110,892

 

 

$

—

 

 

$

—

 

 

$

110,892

 

US Government bonds

 

$

26,479

 

 

 

—

 

 

 

—

 

 

$

26,479

 

Money market accounts

 

 

982

 

 

 

—

 

 

 

—

 

 

 

982

 

 

 

$

138,353

 

 

$

—

 

 

$

—

 

 

$

138,353

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

96,318

 

 

$

—

 

 

$

—

 

 

$

96,318

 

Money market accounts

 

 

2,662

 

 

 

—

 

 

 

—

 

 

 

2,662

 

 

 

$

98,980

 

 

$

—

 

 

$

—

 

 

$

98,980

 

Short-term Investments

The following table provides details regarding the Company’s portfolio of short-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate

 

Short-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Fair Value

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

453,812

 

 

$

1,592

 

 

$

(6

)

 

$

455,398

 

Marketable equity securities (1)

 

 

4,677

 

 

 

3,943

 

 

 

(14

)

 

 

8,606

 

 

 

$

458,489

 

 

$

5,535

 

 

$

(20

)

 

$

464,004

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

392,778

 

 

$

758

 

 

$

—

 

 

$

393,536

 

Marketable equity securities (1)

 

 

142

 

 

 

12

 

 

 

—

 

 

 

154

 

 

 

$

392,920

 

 

$

770

 

 

$

—

 

 

$

393,690

 

(1)
Changes in aggregate fair value recorded in other income (loss), net on the Consolidated Statements of Income.

Long-term U.S. Government Bond Investments

The following table provides details regarding the Company’s portfolio of long-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate

 

Long-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Fair Value

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

351,125

 

 

$

1,873

 

 

$

(11

)

 

$

352,987

 

 

 

$

351,125

 

 

$

1,873

 

 

$

(11

)

 

$

352,987

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

 

434,766

 

 

 

1,302

 

 

 

(595

)

 

$

435,473

 

 

 

$

434,766

 

 

$

1,302

 

 

$

(595

)

 

$

435,473

 

 

As of December 31, 2025, 100% of the Company's long-term U.S. Government bonds had maturities between one and three years.

Minority Equity Investments and Convertible Notes

The Company’s portfolio of minority equity investments and convertible notes consists of investments in privately held early-stage companies primarily motivated for the Company to gain early access to new technology and are passive in nature in that the Company typically does not seek to obtain representation on the boards of directors of the companies in which it invests. Minority equity investments and convertible notes are included in investments on the Consolidated Balance Sheets. As of both December 31, 2025 and 2024, the Company had minority equity investments in six entities, with a total carrying value of $22.0 million and $18.6 million, respectively, accounted for as equity securities without readily determinable fair values. As of both December 31, 2025 and 2024, the Company had two convertible note investments, with a total fair value of $2.0 million and $3.5 million, respectively, accounted for as available-for-sale debt securities without readily determinable fair values. During the years ended December 31, 2025 and 2024, the Company did not recognize an impairment in the value of its minority equity investments.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
4.
FAIR VALUE MEASUREMENTS:

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2025 (in thousands):

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of December 31,
 2025

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Short-term U.S. Government bonds

 

$

455,398

 

 

$

455,398

 

 

$

—

 

 

$

—

 

Long-term U.S. Government bonds

 

 

352,987

 

 

 

352,987

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

27,461

 

 

 

27,461

 

 

 

—

 

 

 

—

 

Short-term marketable equity securities

 

 

8,606

 

 

 

8,606

 

 

 

—

 

 

 

—

 

Convertible notes

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

2,000

 

 

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2024 (in thousands):

 

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of December 31,
 2024

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Short-term U.S. Government bonds

 

$

393,536

 

 

 

393,536

 

 

 

—

 

 

 

—

 

Long-term U.S. Government bonds

 

 

435,473

 

 

 

435,473

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

2,662

 

 

 

2,662

 

 

 

—

 

 

 

—

 

Short-term marketable equity securities

 

 

154

 

 

 

154

 

 

 

—

 

 

 

—

 

Convertible notes

 

 

3,500

 

 

 

—

 

 

 

—

 

 

 

3,500

 

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement.

Changes in fair value of the debt investments are recorded as unrealized gains and losses in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets and any credit losses on debt investments are recorded as an allowance for credit losses with an offset recognized in other income (loss), net on the Consolidated Statements of Income. There were no credit losses on debt investments as of December 31, 2025 or 2024.

v3.25.4
INVENTORY
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORY
5.
INVENTORY:

Inventory consisted of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Raw materials

 

$

144,300

 

 

$

106,795

 

Work-in-process

 

 

24,102

 

 

 

16,374

 

Finished goods

 

 

72,510

 

 

 

59,769

 

Inventory

 

$

240,912

 

 

$

182,938

 

 

The increase in inventory during the year ended December 31, 2025 was primarily due to purchases of certain strategic raw materials. The Company recorded an increase in its inventory reserves of $376,000, $3.1 million and $8.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, due to excess inventory levels in certain products.

v3.25.4
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
6.
PROPERTY AND EQUIPMENT:

Property and equipment, net consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Land

 

$

12,230

 

 

$

12,230

 

Building and improvements

 

 

166,250

 

 

 

131,288

 

Office and lab equipment

 

 

180,473

 

 

 

159,448

 

Furniture, fixtures and computer related assets

 

 

16,875

 

 

 

16,858

 

Construction-in-progress

 

 

28,445

 

 

 

45,292

 

 

 

 

404,273

 

 

 

365,116

 

Less: Accumulated depreciation

 

 

(189,326

)

 

 

(169,877

)

Property and equipment, net

 

$

214,947

 

 

$

195,239

 

 

Depreciation expense was $28.4 million, $25.9 million and $27.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. During the year ended December 31, 2025, the Company disposed of $7.0 million in property and equipment with no net book value. These assets were previously impaired as of December 31, 2024, in connection with the closure of the OVJP Corp facility in California.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Finite-Lived Intangible Assets, Net [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
7.
GOODWILL AND INTANGIBLE ASSETS:

The Company monitors the recoverability of goodwill annually or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Purchased intangible assets subject to amortization consist of acquired technology and other intangible assets that include trade names, customer relationships and developed intellectual property (IP) processes.

Acquired Technology

Acquired technology primarily consists of acquired license rights for patents and know-how obtained from Merck KGaA, BASF and Fujifilm. These intangible assets consist of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Merck KGaA

 

 

66,012

 

 

 

66,012

 

BASF

 

 

95,989

 

 

 

95,989

 

Fujifilm

 

 

109,462

 

 

 

109,462

 

Other

 

 

5,712

 

 

 

5,712

 

 

 

 

277,175

 

 

 

277,175

 

Less: Accumulated amortization

 

 

(220,392

)

 

 

(203,621

)

Acquired technology, net

 

$

56,783

 

 

$

73,554

 

Amortization expense related to acquired technology was $16.8 million, $16.8 million and $14.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization expense is included in amortization of acquired technology and other intangible assets expense line item on the Consolidated Statements of Income and is expected to be $12.0 million in the year ending December 31, 2026, $7.2 million in each of the years ending December 31, 2027 and 2028, $7.1 million in each of the years ending December 31, 2029 and 2030, and $16.2 million in total thereafter.

Merck KGaA Patent Acquisitions

In April 2023, UDC Ireland entered into a Patent Sale and License Agreement with Merck KGaA. Under this agreement, Merck KGaA sold to UDC Ireland all of its rights, title and interest to over 550 of its owned and licensed OLED-related patents and patent applications in exchange for a cash payment of $66.0 million. The Patent Sale and License Agreement contains customary representations, warranties and covenants of the parties. UDC Ireland recorded the payment of $66.0 million as acquired technology, which is being amortized over a period of 10 years.

In October 2025, UDC Ireland entered into an Intellectual Property Sales Agreement with Merck KGaA. Under this agreement, UDC Ireland agreed to acquire from Merck KGaA all of its rights, title and interest to more than 300 of its OLED-related patents and patent applications in exchange for cash payments totaling $50.0 million. The Intellectual Property Sale Agreement contains customary representations, warranties and covenants of the parties. In November 2025, an initial payment of $10.0 million was made toward the purchase price and is included in other current assets on the Consolidated Balance Sheets as of December 31, 2025. The transaction closed during January 2026 and the acquired assets will be amortized over a period of 10 years.

BASF Patent Acquisition

On June 28, 2016, UDC Ireland entered into and consummated an IP Transfer Agreement with BASF. Under the IP Transfer Agreement, BASF sold to UDC Ireland all of its rights, title and interest to certain of its owned and co-owned intellectual property rights relating to the composition, development, manufacture and use of OLED materials, including OLED lighting and display stack technology, as well as certain tangible assets. The intellectual property includes knowhow and more than 500 issued and pending patents in the area of phosphorescent materials and technologies. These assets were acquired in exchange for a cash payment of €86.8 million ($95.8 million). In addition, UDC Ireland also took on certain rights and obligations under three joint research and development agreements to which BASF was a party. The IP Transfer Agreement also contains customary representations, warranties and covenants of the parties. UDC Ireland recorded the payment of €86.8 million ($95.8 million) and acquisition costs incurred of $217,000 as acquired technology, which is being amortized over a period of 10 years.

Other Intangible Assets

As a result of the Adesis acquisition in June 2016, the Company recorded $16.8 million of other intangible assets, including $10.5 million assigned to customer relationships with a weighted average life of 11.5 years, $4.8 million to internally developed IP, processes and recipes with a weighted average life of 15 years, and $1.5 million to trade name and trademarks with a weighted average life of 10 years.

At December 31, 2025, these other intangible assets consist of the following (in thousands):

 

 

 

December 31, 2025

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Customer relationships

 

$

10,520

 

 

$

(8,632

)

 

$

1,888

 

Developed IP, processes and recipes

 

 

4,820

 

 

 

(3,028

)

 

 

1,792

 

Trade name/Trademarks

 

 

1,500

 

 

 

(1,418

)

 

 

82

 

Other

 

 

448

 

 

 

(191

)

 

 

257

 

Total identifiable other intangible assets

 

$

17,288

 

 

$

(13,269

)

 

$

4,019

 

 

Amortization expense related to other intangible assets was $1.4 million for each of the years ended December 31, 2025, 2024, and 2023. Amortization expense is included in amortization of acquired technology and other intangible assets expense line item on the Consolidated Statements of Income and is expected to be $1.4 million for the year ending December 31, 2026, $1.3 million for the year ending December 31, 2027, $426,000 for the year ending December 31, 2028, $366,000 for each of the years ending December 31, 2029 and 2030, and $219,000 in total thereafter.

Goodwill

As a result of the Adesis acquisition, the Company recorded $15.5 million of goodwill. The Company performs its annual assessment of goodwill during the fourth quarter of the fiscal year unless events suggest an impairment may have been incurred in an interim period using Adesis’ standalone financial operating performance information. Application of the goodwill impairment test requires the exercise of judgment, including the determination of the fair value of each reporting unit, as Adesis is the reporting unit. As part of the annual assessment of goodwill completed during the fourth quarter ended December 31, 2025, there were no significant indicators to conclude that an impairment of the goodwill associated with the acquisition of Adesis had occurred.
v3.25.4
OTHER ASSETS
 12 Months Ended
Dec. 31, 2025
Prepaid Expense and Other Assets [Abstract]  
Other assets
8.
OTHER ASSETS:

Other assets consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Long-term taxes receivable

 

$

53,842

 

 

$

52,899

 

Long-term unbilled receivables

 

 

45,600

 

 

 

24,943

 

Right-of-use assets

 

 

19,925

 

 

 

19,867

 

Long-term contract assets

 

 

3,338

 

 

 

6,528

 

Other long-term assets

 

 

6,227

 

 

 

2,578

 

Other assets

 

$

128,932

 

 

$

106,815

 

See Notes 9 and 20 for further explanation on right-of-use assets and long-term taxes receivable, respectively.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES
9.
LEASES:

The Company has entered into operating leases to facilitate the expansion of its manufacturing, research and development, and selling, general and administrative activities. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when those events are reasonably certain to occur. The interest rate implicit in lease contracts is typically not readily determinable and as such the Company uses the appropriate incremental borrowing rate based on information available at the lease commencement date in determining the present value of the lease payments. Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of December 31, 2025, the Company did not have any finance leases and no additional operating leases that have not yet commenced.

The following table presents the Company’s operating lease cost and supplemental cash flow information related to the Company’s operating leases (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Operating lease cost

 

$

3,992

 

 

$

4,343

 

 

$

4,639

 

Non-cash activity:

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

$

4,979

 

 

$

—

 

 

$

1,072

 

The following table presents the Company’s operating lease right-of-use assets and liabilities (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Right-of-use assets

 

$

19,925

 

 

$

19,867

 

Short-term lease liabilities

 

 

4,752

 

 

 

3,848

 

Long-term lease liabilities

 

 

19,217

 

 

 

19,135

 

 

For the years ended December 31, 2025 and 2024, the Company determined to record a right-of-use impairment of $1.6 million and $1.4 million, respectively, due to the closure of OVJP Corp's California location and related restructuring.

The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities:

 

 

 

December 31, 2025

 

Weighted average remaining lease term (in years)

 

 

5.2

 

Weighted average discount rate

 

 

3.9

%

As of December 31, 2025, current operating leases had remaining terms between one and six years with options to extend the lease terms.

Undiscounted future minimum lease payments as of December 31, 2025, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands):

 

 

 

Maturities of

 

 

 

Operating Lease Liabilities

 

2026

 

$

5,342

 

2027

 

 

5,310

 

2028

 

 

5,012

 

2029

 

 

3,628

 

2030

 

 

3,396

 

Thereafter

 

 

3,313

 

Total lease payments

 

 

26,001

 

Less: imputed interest

 

 

(1,758

)

Present value of lease payments

 

$

24,243

 
v3.25.4
ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
ACCRUED EXPENSES
10.
ACCRUED EXPENSES:

Accrued expenses consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Compensation

 

$

29,160

 

 

$

28,744

 

PPG Industries, Inc. agreement

 

 

12,104

 

 

 

7,759

 

Consulting

 

 

1,492

 

 

 

1,718

 

Professional fees

 

 

919

 

 

 

1,292

 

Research and development agreements

 

 

836

 

 

 

852

 

Royalties

 

 

504

 

 

 

1,048

 

Other

 

 

7,549

 

 

 

4,613

 

Accrued expenses

 

$

52,564

 

 

$

46,026

 
v3.25.4
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS
11.
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS:

The Company has long-standing relationships with a number of academic institutions that undertake funded research projects, including Princeton University (Princeton) and the University of Southern California (USC).

Under the current license agreement among the Company, Princeton and USC, the universities have granted the Company worldwide, exclusive license rights, with rights to sublicense, to make, have made, use, lease and/or sell products and to practice processes based on patent applications and issued patents arising out of research performed by the universities for the Company. The Company recorded royalty expense in connection with this agreement of $450,000, $2.0 million and $575,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company also makes payments under the current research agreement with USC on a quarterly basis as actual expenses are incurred. As of December 31, 2025, the Company was obligated to pay USC up to $6.3 million for work to be performed during the remaining term. The Company recorded research and development expense in connection with work performed under the agreement of $1.6 million, $1.6 million and $1.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

v3.25.4
OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2025
Other Liabilities [Abstract]  
OTHER LIABILITIES
12.
OTHER LIABILITIES:

Other liabilities consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Long-term lease liabilities

 

$

19,217

 

 

$

19,135

 

Long-term taxes payable

 

 

15,749

 

 

 

15,749

 

Other long-term liabilities

 

 

1,280

 

 

 

527

 

Other liabilities

 

$

36,246

 

 

$

35,411

 

See Notes 9 and 20 for further explanation on long-term lease liabilities and long-term taxes payable, respectively.
v3.25.4
EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS
 12 Months Ended
Dec. 31, 2025
Long-Term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]  
EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS
13.
EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS:

On September 22, 2011, the Company entered into an Amended and Restated OLED Materials Supply and Service Agreement with PPG (the New OLED Materials Agreement), which, effective as of October 1, 2011, replaced the original OLED Materials Agreement with PPG. The term of the New OLED Materials Agreement, as amended in February 2021 (the February 2021 amendment), runs through December 31, 2026, and thereafter is automatically renewed for additional one-year terms, unless terminated by the Company by providing prior notice of one year or terminated by PPG by providing prior notice of two years. The New OLED Materials Agreement contains provisions that are substantially similar to those of the original OLED Materials Agreement. Under the New OLED Materials Agreement, PPG continues to assist the Company in developing its proprietary OLED materials and supplying the Company with those materials for evaluation purposes and for resale to its customers.

Under the New OLED Materials Agreement, the Company compensates PPG on a cost-plus basis for the services provided during each calendar quarter. The Company is required to pay for some of these services in all cash. Up to 50% of the remaining services are payable, at the Company’s sole discretion, in cash or shares of the Company’s common stock, with the balance payable in cash. The actual number of shares of common stock issuable to PPG is determined based on the average closing price for the Company’s common stock during a specified number of days prior to the end of each calendar half-year period ending on March 31 and September 30. If, however, this average closing price is less than $20.00, the Company is required to compensate PPG in cash. No shares have been issued for services rendered by PPG since the inception of the contract.

The Company is also required to reimburse PPG for raw materials used for research and development. The Company records the purchases of these raw materials as a current asset until such materials are used for research and development efforts.

The February 2021 amendment extended the term of the agreement and specified operation and maintenance services to be provided by PPG affiliate, PPG SCM Ireland Limited (PPG SCM), to UDC Ireland, at the Company’s manufacturing site in Shannon, Ireland that UDC Ireland’s wholly-owned subsidiary, OLED Material Manufacturing Limited (OMM), began leasing at such time for the production of OLED materials. OMM purchased the site in September 2023 and the Company amended and restated the February 2021 amendment to reflect OMM’s ownership and PPG SCM’s updated operation and maintenance services after such purchase. Facility improvements have been completed and operations commenced in June 2022. As with the initial New OLED Materials Agreement, the Company compensates PPG on a cost-plus basis for the services provided at the Shannon manufacturing facility.

The Company recorded research and development expense of $17.5 million, $19.3 million and $9.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, in relation to the cash portion of the reimbursement of expenses and work performed by PPG, excluding amounts paid for commercial chemicals.

v3.25.4
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
SHAREHOLDERS' EQUITY
14.
SHAREHOLDERS' EQUITY:

Preferred Stock

The Company’s Amended and Restated Articles of Incorporation authorize it to issue up to 5,000,000 shares of $0.01 par value preferred stock with designations, rights and preferences determined from time-to-time by the Company’s Board of Directors. Accordingly, the Company’s Board of Directors is empowered, without shareholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights superior to those of shareholders of the Company’s common stock.

 

In 1995, the Company issued 200,000 shares of Series A Nonconvertible Preferred Stock (Series A) to American Biomimetics Corporation (ABC) pursuant to a certain Technology Transfer Agreement between the Company and ABC. The Series A shares have a liquidation value of $7.50 per share. Series A shareholders, as a single class, have the right to elect two members of the Company’s Board of Directors. This right has never been exercised. Holders of the Series A shares are entitled to one vote per share on matters which shareholders are generally entitled to vote. The Series A shareholders are not entitled to any dividends. As of December 31, 2025, the Company had issued 200,000 shares of preferred stock (consisting of the 200,000 shares of Series A), all of which were outstanding.

Common Stock

The Company’s Amended and Restated Articles of Incorporation authorize it to issue up to 200,000,000 shares of $0.01 par value common stock. Each share of the Company’s common stock entitles the holder to one vote on all matters to be voted upon by the shareholders. As of December 31, 2025, the Company had issued 48,916,606 shares of common stock, of which 47,259,748 were outstanding.

 

On April 29, 2025, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to purchase up to $100.0 million of its common stock. The repurchase authorization was effective immediately and permits shares of the Company’s common stock to be repurchased from time to time at management's discretion, through a variety of methods, including a 10b5-1 trading plan, open market purchases, privately negotiated transactions, or transactions otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The repurchase program has no time limit, does not obligate the Company to acquire a specified number of shares and may be modified, suspended or discontinued at any time at the Company’s discretion. During the year ended December 31, 2025, the Company repurchased 291,210 shares of its common stock for $34.1 million. During the year ended December 31, 2024, the Company repurchased no shares of its common stock.

Dividends

During the year ended December 31, 2025, the Company declared cash dividends of $1.80 per common share, or $86.3 million, on the Company’s outstanding common stock. The Company paid $85.5 million of cash dividends during the year ended December 31, 2025.

 

On February 17, 2026, the Company’s Board of Directors declared a first quarter cash dividend of $0.50 per share to be paid on March 31, 2026 to all shareholders of record of the Company's common stock as of the close of business on March 17, 2026. All future dividends will be subject to the approval of the Company’s Board of Directors.
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
15.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):

Amounts related to the changes in accumulated other comprehensive income (loss) were as follows (in thousands):

 

 

Unrealized
Gain (Loss) on
Available-for-
Sale-Securities

 

 

Net Unrealized
(Loss) Gain on
Retirement Plan (2)

 

 

Change in Cumulative
Foreign Currency
Translation Adjustment

 

 

Total

 

 

Affected Line items in the
Consolidated Statements of
Income

Balance January 1, 2023, net of tax

 

$

(7,887

)

 

$

(10,011

)

 

$

(554

)

 

$

(18,452

)

 

 

Other comprehensive income
   before reclassification

 

 

8,745

 

 

 

7,207

 

 

 

418

 

 

 

16,370

 

 

 


Reclassification to net income (1)

 

 

—

 

 

 

996

 

 

 

—

 

 

 

996

 

 

Selling, general and administrative,
research and development and
cost of sales

Change during period

 

 

8,745

 

 

 

8,203

 

 

 

418

 

 

 

17,366

 

 

 

Balance December 31, 2023, net of tax

 

 

858

 

 

 

(1,808

)

 

 

(136

)

 

 

(1,086

)

 

 

Other comprehensive income (loss)
   before reclassification

 

 

411

 

 

 

(559

)

 

 

(82

)

 

 

(230

)

 

 



Reclassification to net income (1)

 

 

—

 

 

 

261

 

 

 

—

 

 

 

261

 

 

Selling, general and administrative,
research and development and
cost of sales

Change during period

 

 

411

 

 

 

(298

)

 

 

(82

)

 

 

31

 

 

 

Balance December 31, 2024, net of tax

 

 

1,269

 

 

 

(2,106

)

 

 

(218

)

 

 

(1,055

)

 

 

Other comprehensive income (loss)
   before reclassification

 

 

1,986

 

 

 

(320

)

 

 

152

 

 

 

1,818

 

 

 



Reclassification to net income (1)

 

 

—

 

 

 

18

 

 

 

—

 

 

 

18

 

 

Selling, general and administrative,
research and development and
cost of sales

Change during period

 

 

1,986

 

 

 

(302

)

 

 

152

 

 

 

1,836

 

 

 

Balance December 31, 2025, net of tax

 

$

3,255

 

 

$

(2,408

)

 

$

(66

)

 

$

781

 

 

 

(1)
The Company reclassified amortization of prior service cost, actuarial loss, curtailment charge and plan amendment cost for its retirement plan from accumulated other comprehensive income (loss) to net income of $18,000, $261,000 and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)
Refer to Note 17: Employee Retirement Plans
v3.25.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
16.
STOCK-BASED COMPENSATION:

Equity Compensation Plan

On June 15, 2023, the shareholders of the Company voted to approve the Universal Display Corporation 2023 Equity Compensation Plan (the “Equity Compensation Plan”), which replaced the Universal Display Corporation 2014 Equity Compensation Plan. The Equity Compensation Plan provides for the granting of incentive and nonqualified stock options, shares of common stock, stock appreciation rights and performance units to employees, directors and consultants of the Company. Stock options are exercisable over periods determined by the Company’s Human Capital Committee, but for no longer than 10 years from the grant date. The total number of shares that may be subject to awards under the Equity Compensation Plan is equal to the shares that were available for issuance and not subject to an award under the 2014 Equity Compensation Plan at the time it was replaced by the Equity Compensation Plan, subject to adjustment with respect to shares underlying any outstanding award granted under the Equity Compensation Plan or the 2014 Equity Compensation Plan that may expire, or be terminated, surrendered or forfeited for any reason, without issuance of such shares. As of December 31, 2025, there were 1,094,479 shares available to be granted under the Equity Compensation Plan. The Equity Compensation Plan will terminate on June 15, 2033.

Restricted Stock Award and Units

The Company has issued restricted stock awards and units to employees and non-employees with vesting terms of one to five years. The fair value is equal to the market price of the Company’s common stock on the date of grant for awards granted to employees. Consistent with the accounting for equity-classified awards issued to employees, our equity-classified non-employee share-based awards are measured at the grant date fair value. Expense for restricted stock awards and units is amortized ratably over the vesting period for the awards issued to employees and using a graded vesting method for the awards issued to non-employees.

The following table summarizes the activity related to restricted stock unit (RSU) share based payment awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Unvested, January 1, 2025

 

 

194,371

 

 

$

157.58

 

Granted

 

 

122,388

 

 

 

140.87

 

Vested

 

 

(104,138

)

 

 

153.70

 

Forfeited

 

 

(6,849

)

 

 

157.16

 

Unvested, December 31, 2025

 

 

205,772

 

 

$

149.63

 

The weighted average grant-date fair value per unit of RSU awards granted was $140.87, $177.65 and $136.22 during the years ended December 31, 2025, 2024 and 2023, respectively. The grant date fair value of RSUs that vested during the year was $16.0 million for the year ended December 31, 2025, $17.5 million for the year ended December 31, 2024 and $21.6 million for the year ended December 31, 2023. The fair value of RSUs as of their respective vesting dates was $15.4 million for the year ended December 31, 2025, $19.4 million for the year ended December 31, 2024 and $18.6 million for the year ended December 31, 2023.

The following table summarizes the activity related to restricted stock award (RSA) share based payment awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Unvested, January 1, 2025

 

 

—

 

 

$

—

 

Granted

 

 

2,070

 

 

 

145.02

 

Vested

 

 

(2,070

)

 

 

145.02

 

Forfeited

 

 

—

 

 

 

—

 

Unvested, December 31, 2025

 

 

—

 

 

$

—

 

The weighted average grant-date fair value per award of RSA awards granted was $145.02, $185.82 and $126.87 during the years ended December 31, 2025, 2024 and 2023, respectively. The grant date fair value of RSAs that vested during the year was $300,000 for the year ended December 31, 2025, $1.3 million for the year ended December 31, 2024 and $3.3 million for the year ended December 31, 2023. The fair value of RSAs as of their respective vesting dates was $300,000 for the year ended December 31, 2025, $1.6 million for the year ended December 31, 2024 and $2.6 million for the year ended December 31, 2023.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded, as compensation charges related to restricted stock awards and units issued to employees and non-employees, selling, general and administrative expense of $7.4 million, $14.8 million and $9.5 million, respectively, cost of sales of $1.7 million, $1.7 million and $1.9 million, respectively, and research and development expense of $4.8 million, $5.3 million and $5.8 million, respectively.

In connection with the vesting of restricted stock awards and units during the years ended December 31, 2025, 2024 and 2023, 34,073, 38,728 and 53,162 shares, respectively, with aggregate fair values of $5.1 million, $7.0 million and $7.4 million, respectively, were withheld in satisfaction of tax withholding obligations and are reflected as a financing activity within the Consolidated Statements of Cash Flows.

The Company has granted restricted stock units to non-employee members of the Board of Directors with quarterly vesting over a period of approximately one year. The fair value is equal to the market price of the Company's common stock on the date of grant. The restricted stock units are issued and expense is recognized ratably over the vesting period. For the years ended December 31, 2025, 2024 and 2023, the Company recorded compensation charges for services performed, related to all restricted stock units granted to non-employee members of the Board of Directors, selling, general and administrative expense of $2.2 million, $1.9 million and $1.5 million, respectively. In connection with the vesting of the restricted stock, the Company issued to non-employee members of the Board of Directors 13,660, 10,870 and 13,016 shares during the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the total unrecognized expense related to all restricted stock awards and units was $18.9 million, which the Company expects to recognize over a weighted average period of 1.69 years.

Performance Unit Awards

Each performance unit award is subject to both a performance-vesting requirement (either performance-based or market-based) and a service-vesting requirement. The performance-based vesting requirement is tied to EBITDA and cash flow achievement, as measured over a specific performance period. The market-based vesting requirement is tied to the Company's total shareholder return (TSR) relative to the TSR of companies comprising the Nasdaq US Benchmark Components Index, as measured over a three-year performance period. The maximum number of performance units that may vest based on performance is three times the shares granted. Further, if the Company's performance falls below certain thresholds, the performance units will not vest at all.

The following table summarizes the activity related to performance unit awards (PSU) share based payment awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Unvested, January 1, 2025

 

 

226,233

 

 

$

180.24

 

Granted

 

 

83,073

 

 

 

161.84

 

Vested

 

 

(69,302

)

 

 

258.10

 

Forfeited

 

 

(2,883

)

 

 

161.84

 

Unvested, December 31, 2025

 

 

237,121

 

 

$

171.84

 

During the years ended December 31, 2025, 2024 and 2023, the Company granted 83,073, 69,600 and 84,448 performance units, respectively, of which 62,304, 52,199 and 63,335 units, respectively, are subject to performance-based vesting requirements and 20,769, 17,401 and 21,113 units, respectively, are subject to market-based vesting requirements, and which will vest over the terms described above. During the years ended December 31, 2025, 2024 and 2023, there were no incremental performance-based shares. The weighted average grant date fair value per unit of the performance unit awards granted was $161.84, $191.21 and $165.72 during the years ended December 31, 2025, 2024 and 2023, respectively, as determined by the Company’s common stock on date of grant for the units with performance-based vesting and a Monte-Carlo simulation for the units with market-based vesting. The grant date fair value of PSUs that vested during the year was $17.9 million for the year ended December 31, 2025, $4.1 million for the year ended December 31, 2024 and $1.9 million for the year ended December 31, 2023. The fair value of PSUs as of their respective vesting dates was $10.1 million for the year ended December 31, 2025, $3.3 million for the year ended December 31, 2024 and $1.7 million for the year ended December 31, 2023.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded, as compensation charges related to all performance stock units, selling, general and administrative expense of $7.0 million, $7.4 million and $2.6 million, respectively, cost of sales of $1.7 million, $2.0 million and $770,000, respectively, and research and development expense of $2.7 million, $3.2 million and $1.2 million, respectively.

In connection with the vesting of performance units during the years ended December 31, 2025, 2024 and 2023, 30,875, 8,160 and 5,350 shares, respectively, with aggregate fair values of $4.5 million, $1.4 million and $775,000, respectively, were withheld in satisfaction of tax withholding obligations and are reflected as a financing activity within the Consolidated Statements of Cash Flows.

As of December 31, 2025, the total unrecognized compensation expense related to performance unit awards was $11.5 million, which the Company expects to recognize over a weighted average period of 1.76 years.

Employee Stock Purchase Plan

On April 7, 2009, the Board of Directors of the Company adopted an Employee Stock Purchase Plan (ESPP). The ESPP was approved by the Company’s shareholders and became effective on June 25, 2009. The Company has reserved 1,000,000 shares of common stock for issuance under the ESPP. Unless terminated by the Board of Directors, the ESPP will expire when all reserved shares have been issued.

Eligible employees may elect to contribute to the ESPP through payroll deductions during consecutive three-month purchase periods, the first of which began on July 1, 2009. Each employee who elects to participate will be deemed to have been granted an option to purchase shares of the Company’s common stock on the first day of the purchase period. Unless the employee opts out during the purchase period, the option will automatically be exercised on the last day of the period, which is the purchase date, based on the employee’s accumulated contributions to the ESPP. The purchase price will equal 85% of the lesser of the closing price per share of common stock on the first day of the period or the last business day of the period.

Employees may allocate up to 10% of their base compensation to purchase shares of common stock under the ESPP; however, each employee may purchase no more than 12,500 shares on a given purchase date, and no employee may purchase more than $25,000 of common stock under the ESPP during a given calendar year.

For the years ended December 31, 2025, 2024 and 2023, the Company issued 17,583, 15,230 and 17,513 shares, respectively, of its common stock under the ESPP, resulting in proceeds of $2.0 million, $2.2 million and $2.0 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the Company recorded charges of $136,000, $130,000 and $136,000, respectively, to selling, general and administrative expense, $246,000, $210,000, $167,000, respectively, to cost of sales and $191,000, $259,000 and $240,000, respectively, to research and development expense, related to the ESPP equal to the amount of the discount and the value of the look-back feature.

Scientific Advisory Board Awards

During the years ended December 31, 2025 and 2024, the Company granted a total of 2,070 and 1,616 shares, respectively, of fully vested common stock to non-employee members of the Scientific Advisory Board for services performed in 2024 and 2023, respectively. The fair value of the shares issued to members of the Scientific Advisory Board was $300,000 for both years ended December 31, 2025 and 2024.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded as compensation charges related to all restricted stock units awarded to non-employee members of the Scientific Advisory Board, whose unvested shares are marked-to-market each reporting period, research and development expense of $239,000, $242,000 and $248,000, respectively.
v3.25.4
EMPLOYEE RETIREMENT PLANS
 12 Months Ended
Dec. 31, 2025
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans [Abstract]  
EMPLOYEE RETIREMENT PLANS
17.
EMPLOYEE RETIREMENT PLANS:

Defined Contribution Plan

The Company maintains the Universal Display Corporation 401(k) Plan (the Plan) in accordance with the provisions of Section 401(k) of the Internal Revenue Code (the Code). The Plan covers substantially all full-time employees of the Company. Participants may contribute up to 90% of their total compensation to the Plan, not to exceed the limit as defined in the Code. Once an employee is eligible to participate in the Plan, the Company will make a non-elective contribution equal to 3% of the employee’s total compensation. For the years ended December 31, 2025, 2024 and 2023, the Company contributed $1.5 million, $1.7 million and $1.5 million, respectively, to the Plan.

Defined Benefit Plan

On March 18, 2010, the Human Capital Committee and the Board of Directors of the Company approved and adopted the Universal Display Corporation Supplemental Executive Retirement Plan (SERP), effective as of April 1, 2010. On March 3, 2015, the Human Capital Committee and the Board of Directors amended the SERP to include salary and bonus as part of the plan. Prior to this amendment, the SERP benefit did not take into account any bonuses. The purpose of the SERP, which is unfunded, is to provide certain of the Company’s key employees with supplemental pension benefits following a cessation of their employment and to encourage their continued employment with the Company. As of December 31, 2025 there were seven participants in the SERP.

The SERP benefit is based on a percentage of the participant’s annual base salary and in certain cases, the participant's average annual bonus for the most recent three fiscal years ending prior to the participant's date of termination of employment with the Company for the life of the participant. For this purpose, annual base salary means 12 times the average monthly base salary paid or payable to the participant during the 24-month period immediately preceding the participant’s date of termination of employment, or, if required, the date of a change in control of the Company.

Under the SERP, if a participant resigns or is terminated without cause at or after age 65 and with at least 20 years of service, he or she will be eligible to receive a SERP benefit. The benefit is based on a percentage of the participant’s annual base salary and bonus for the life of the participant. This percentage is 50%, 25% or 15%, depending on the participant’s benefit class.

If a participant resigns at or after age 65 and with at least 15 years of service, he or she will be eligible to receive a prorated SERP benefit. If a participant is terminated without cause or on account of a disability after at least 15 years of service, he or she will be eligible to receive a prorated SERP benefit regardless of age. The prorated benefit in either case would be based on the participant’s number of years of service (up to 20), divided by 20. In the event a participant is terminated for cause, his or her SERP benefit and any future benefit payments are subject to immediate forfeiture.

The SERP benefit is payable in installments over 10 years, beginning at the later of age 65 or the date of the participant’s separation from service. Payments are based on a present value calculation of the benefit amount for the actuarial remaining life expectancy of the participant. This calculation is made as of the date benefit payments are to begin (later of age 65 or separation from service). If the participant dies after reaching age 65, any future or remaining benefit payments are made to the participant’s beneficiary or estate. If the participant dies before reaching age 65, the benefit is forfeited.

In the event of a change in control of the Company, each participant will become immediately vested in his or her SERP benefit. Unless the participant’s benefit has already fully vested, if the participant has less than 20 years of service at the time of the change in control, he or she will receive a prorated benefit based on his or her number of years of service (up to 20), divided by 20. If the change in control qualifies as a “change in control event” for purposes of Section 409A of the Internal Revenue Code, then each participant (including former employees who are entitled to SERP benefits) will receive a lump sum cash payment equal to the present value of the benefit immediately upon the change in control.

Certain of the Company’s executive officers are designated as special participants under the SERP. If these participants resign or are terminated without cause after 20 years of service, or at or after age 65 and with at least 15 years of service, they will be eligible to receive a SERP benefit. If they are terminated without cause or on account of a disability, they will be eligible to receive a prorated SERP benefit regardless of age. The prorated benefit would be based on the participant’s number of years of service (up to 20), divided by 20.

The SERP benefit for special participants is based on 50% of their annual base salary and bonus for their life and the life of their surviving spouse, if any. Payments are based on a present value calculation of the benefit amount for the actuarial remaining life expectancies of the participant and their surviving spouse, if any. If they die before reaching age 65, the benefit is not forfeited if the surviving spouse, if any, lives until the participant would have reached age 65. If their spouse also dies before the participant would have reached age 65, the benefit is forfeited.

The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates, and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits.

In connection with the initiation and subsequent amendments of the SERP, the Company recorded cost related to prior service of $2.7 million as accumulated other comprehensive income (loss) as of December 31, 2025. The prior service cost is being amortized as a component of net periodic pension cost over the average of the remaining service period of the employees expected to receive benefits under the plan. The prior service cost expected to be amortized for the year ending December 31, 2026 is $23,000. In December 2022, one of the participants retired and monthly SERP benefit payments commenced in January 2023. The total SERP benefit payments for the year ended December 31, 2025 were $2.0 million.

Information relating to the Company’s plan is as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

56,464

 

 

$

54,263

 

Service cost

 

 

901

 

 

 

837

 

Interest cost

 

 

2,785

 

 

 

2,641

 

Actuarial loss

 

 

420

 

 

 

737

 

Benefit payments

 

 

(2,014

)

 

 

(2,014

)

Benefit obligation, end of year

 

 

58,556

 

 

 

56,464

 

Fair value of plan assets

 

 

—

 

 

 

—

 

Unfunded status of the plan, end of year

 

$

58,556

 

 

$

56,464

 

Current liability

 

$

2,015

 

 

$

2,014

 

Non-current liability

 

$

56,541

 

 

$

54,450

 

 

The accumulated benefit obligation for the plan was $57.5 million and $54.9 million as of December 31, 2025 and 2024, respectively.

The components of net periodic pension cost were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

901

 

 

$

837

 

 

$

951

 

Interest cost

 

 

2,785

 

 

 

2,641

 

 

 

2,898

 

Curtailment charge

 

 

—

 

 

 

312

 

 

 

—

 

Amortization of prior service cost

 

 

23

 

 

 

33

 

 

 

815

 

Amortization of loss

 

 

—

 

 

 

—

 

 

 

480

 

Total net periodic benefit cost

 

$

3,709

 

 

$

3,823

 

 

$

5,144

 

 

The measurement date is the Company’s fiscal year end. The net periodic pension cost is based on assumptions determined at the prior year end measurement date.

Assumptions used to determine the year end benefit obligation were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Discount rate

 

 

4.58

%

 

 

5.20

%

Rate of compensation increases

 

 

3.50

%

 

 

3.50

%

 

Assumptions used to determine the net periodic pension cost were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Discount rate

 

 

5.20

%

 

 

4.74

%

 

 

4.94

%

Rate of compensation increases

 

 

3.50

%

 

 

3.50

%

 

 

3.50

%

 

Actuarial gains and losses are amortized from accumulated other comprehensive income (loss) into net periodic pension cost over future years based upon the average remaining service period of active plan participants, when the accumulation of such gains or losses exceeds 10% of the year end benefit obligation. The cost or benefit of plan changes that increase or decrease benefits for prior employee service (prior service cost or credit) is included in the Company’s results of income on a straight-line basis over the average remaining service period of active plan participants.

The estimated amounts to be amortized from accumulated other comprehensive income (loss) into the net periodic pension cost in 2026 are as follows (in thousands):

 

Amortization of prior service cost

 

$

23

 

Amortization of loss

 

 

—

 

Total

 

$

23

 

 

Benefit payments, which reflect estimated future service, are currently expected to be paid as follows (in thousands):

 

Year

 

Projected
Benefits

 

2026

 

$

2,015

 

2027

 

 

6,898

 

2028

 

 

6,898

 

2029

 

 

6,898

 

2030

 

 

7,619

 

2031-2035

 

 

34,627

 

Thereafter

 

 

12,225

 
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
18.
COMMITMENTS AND CONTINGENCIES:

Commitments

Under the current research agreement with USC, the Company is obligated to make certain payments to USC based on work performed by it under that agreement, and by the University of Michigan (Michigan) under a subcontractor agreement that Michigan has with USC.

Under the terms of the current license agreement among the Company, Princeton and USC, the Company makes royalty payments to Princeton. See Note 11 for further explanation.

The Company has agreements with five executive officers and nine senior level employees which provide for certain cash and other benefits upon termination of employment of the officer or employee in connection with a change in control of the Company. If a covered person’s employment is terminated in connection with the change in control, the person is entitled to a lump-sum cash payment equal to two times (in the case of the executive officers) or either one or two times (in the case of the senior level employees) the sum of the average annual base salary and bonus of the person and immediate vesting of all stock options and other equity awards that may be outstanding at the date of the change in control, among other items.

In order to manage manufacturing lead times and help ensure adequate material supply, the Company entered into the New OLED Materials Agreement (see Note 13) that allows PPG to procure and produce inventory based upon criteria as defined by the Company. These purchase commitments consist of firm, noncancelable and unconditional commitments. In certain instances, this agreement allows the Company the option to reschedule and adjust the Company’s requirements based on its business needs prior to firm orders being placed. As of December 31, 2025, 2024 and 2023, the Company had purchase commitments for inventory of $40.7 million, $46.5 million and $29.8 million, respectively.

Patent Related Challenges and Oppositions

Each major jurisdiction in the world that issues patents provides both third parties and applicants an opportunity to seek a further review of an issued patent. The process for requesting and considering such reviews is specific to the jurisdiction that issued the patent in question, and generally does not provide for claims of monetary damages or a review of specific claims of infringement. The conclusions made by the reviewing administrative bodies tend to be appealable and generally are limited in scope and applicability to the specific claims and jurisdiction in question.

The Company believes that opposition proceedings are frequently commenced in the ordinary course of business by third parties who may believe that one or more claims in a patent do not comply with the technical or legal requirements of the specific jurisdiction in which the patent was issued. The Company views these proceedings as reflective of its goal of obtaining the broadest legally permissible patent coverage permitted in each jurisdiction. Once a proceeding is initiated, as a general matter, the issued patent continues to be presumed valid until the jurisdiction’s applicable administrative body issues a final non-appealable decision. Depending on the jurisdiction, the outcome of these proceedings could include affirmation, denial or modification of some or all of the originally issued claims. The Company believes that as OLED technology becomes more established and its patent portfolio increases in size, so will the number of these proceedings.
v3.25.4
CONCENTRATION OF RISK
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
CONCENTRATION OF RISK
19.
CONCENTRATION OF RISK:

Revenues and accounts receivable from the Company's largest customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

 

 

2025

 

 

2024

 

 

2023

 

Customer

 

% of Total Revenue

 

Accounts Receivable

 

 

% of Total Revenue

 

Accounts Receivable

 

 

% of Total Revenue

 

Accounts Receivable

 

A

 

43%

 

$

69,564

 

 

43%

 

$

37,899

 

 

36%

 

$

38,105

 

B

 

21%

 

 

30,378

 

 

23%

 

 

25,751

 

 

23%

 

 

30,142

 

C

 

15%

 

 

3,539

 

 

16%

 

 

13,258

 

 

17%

 

 

38,529

 

Revenues from outside of North America represented approximately 96%, 98%, and 98% of consolidated revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Revenues by geographic area are as follows (in thousands):

 

 

 

Year Ended December 31,

 

Country

 

2025

 

 

2024

 

 

2023

 

South Korea

 

$

383,500

 

 

$

397,822

 

 

$

322,509

 

China

 

 

238,208

 

 

 

229,439

 

 

 

229,727

 

Japan

 

 

2,818

 

 

 

3,609

 

 

 

6,971

 

Other non-U.S. locations

 

 

1,657

 

 

 

2,456

 

 

 

4,411

 

Total non-U.S. locations

 

 

626,183

 

 

 

633,326

 

 

 

563,618

 

United States

 

 

24,428

 

 

 

14,358

 

 

 

12,811

 

Total revenue

 

$

650,611

 

 

$

647,684

 

 

$

576,429

 

 

The Company attributes revenue to different geographic areas on the basis of the location of the customer.

Property and equipment, net by geographic area are as follows (in thousands):

 

 

 

December 31,

 

Country

 

2025

 

 

2024

 

United States

 

$

120,835

 

 

$

117,496

 

Ireland

 

 

73,838

 

 

 

63,346

 

Other

 

 

20,274

 

 

 

14,397

 

Total long-lived assets

 

$

214,947

 

 

$

195,239

 

Substantially all finished goods were purchased from one supplier. See Note 13.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
20.
INCOME TAXES:

During the year ended December 31, 2025, the Company adopted ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The standard enhances the annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity's worldwide operations.

The components of income before income taxes are as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

United States

 

$

95,422

 

 

$

72,823

 

 

$

71,514

 

Foreign

 

 

199,374

 

 

 

199,305

 

 

 

173,657

 

Income before income taxes

 

$

294,796

 

 

$

272,128

 

 

$

245,171

 

 

The components of income tax expense are as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

19,230

 

 

$

34,199

 

 

$

15,848

 

U.S. State

 

 

1,965

 

 

 

3,452

 

 

 

3,048

 

Foreign

 

 

32,562

 

 

 

31,515

 

 

 

27,030

 

 

 

 

53,757

 

 

 

69,166

 

 

 

45,926

 

Deferred income tax benefit:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

(388

)

 

 

(16,799

)

 

 

460

 

U.S. State

 

 

179

 

 

 

(2,995

)

 

 

(3,936

)

Foreign

 

 

(827

)

 

 

677

 

 

 

(290

)

 

 

 

(1,036

)

 

 

(19,117

)

 

 

(3,766

)

Total income tax expense:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

18,842

 

 

 

17,400

 

 

 

16,308

 

U.S. State

 

 

2,144

 

 

 

457

 

 

 

(888

)

Foreign

 

 

31,735

 

 

 

32,192

 

 

 

26,740

 

Total income tax expense

 

$

52,721

 

 

$

50,049

 

 

$

42,160

 

 

A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate is as follows (in thousands, except percentages):

 

 

 

Year-ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

U.S. tax effects:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal statutory income tax rate

 

$

61,907

 

 

 

21.0

%

 

$

57,147

 

 

 

21.0

%

 

$

51,486

 

 

 

21.0

%

Domestic federal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D credits

 

 

(4,295

)

 

 

-1.5

%

 

 

(7,842

)

 

 

-2.8

%

 

 

(6,239

)

 

 

-2.5

%

Nontaxable and nondeductible items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executive compensation disallowed under §162(m)

 

 

4,348

 

 

 

1.5

%

 

 

4,193

 

 

 

1.5

%

 

 

4,072

 

 

 

1.7

%

Other

 

 

887

 

 

 

0.3

%

 

 

331

 

 

 

0.1

%

 

 

147

 

 

 

0.1

%

Federal effect of cross-border tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global intangible low-taxed income

 

 

1,894

 

 

 

0.6

%

 

 

5,429

 

 

 

2.0

%

 

 

3,861

 

 

 

1.6

%

Subpart F income

 

 

462

 

 

 

0.2

%

 

 

2,835

 

 

 

1.0

%

 

 

(746

)

 

 

-0.3

%

Other

 

 

(89

)

 

 

0.0

%

 

 

(406

)

 

 

-0.1

%

 

 

(245

)

 

 

-0.1

%

Federal reconciling items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(3,644

)

 

 

-1.2

%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other

 

 

215

 

 

 

0.1

%

 

 

(1,241

)

 

 

-0.5

%

 

 

410

 

 

 

0.2

%

Changes in federal valuation allowances

 

 

(720

)

 

 

-0.2

%

 

 

(67

)

 

 

-0.1

%

 

 

(157

)

 

 

-0.1

%

Domestic state and local income taxes, net of federal effect

 

 

1,786

 

 

 

0.6

%

 

 

322

 

 

 

0.1

%

 

 

(702

)

 

 

-0.3

%

Foreign tax effects:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ireland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory income tax rate differential

 

 

(16,964

)

 

 

-5.8

%

 

 

(16,580

)

 

 

-6.0

%

 

 

(13,525

)

 

 

-5.5

%

Foreign tax credits

 

 

(3,604

)

 

 

-1.2

%

 

 

(2,964

)

 

 

-1.1

%

 

 

(2,104

)

 

 

-0.9

%

Other

 

 

(431

)

 

 

-0.2

%

 

 

167

 

 

 

0.1

%

 

 

(105

)

 

 

0.0

%

China

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Withholding tax on license fees and royalties

 

 

10,587

 

 

 

3.6

%

 

 

9,225

 

 

 

3.4

%

 

 

6,185

 

 

 

2.5

%

Other

 

 

(27

)

 

 

0.0

%

 

 

(24

)

 

 

0.0

%

 

 

(33

)

 

 

0.0

%

Other foreign jurisdictions

 

 

409

 

 

 

0.1

%

 

 

(476

)

 

 

-0.2

%

 

 

(145

)

 

 

-0.1

%

Total

 

$

52,721

 

 

 

17.9

%

 

$

50,049

 

 

 

18.4

%

 

$

42,160

 

 

 

17.2

%

 

As of December 31, 2025 and 2024 the Company had $57.0 million and $40.7 million, respectively, of taxes receivable included in other current assets on the Consolidated Balance Sheets. In January 2026, the Company received $39.0 million of the taxes receivable from the United States Treasury.

 

 

 

 

The following table summarizes the Company's cash paid for income taxes, net of refunds received by jurisdiction (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

United States:

 

 

 

 

 

 

 

 

 

Federal

 

$

33,507

 

 

$

45,527

 

 

$

57,263

 

State

 

 

2,629

 

 

 

2,545

 

 

 

2,523

 

Total United States

 

 

36,136

 

 

 

48,072

 

 

 

59,786

 

Foreign:

 

 

 

 

 

 

 

 

 

Ireland

 

 

24,127

 

 

 

13,174

 

 

 

28,110

 

China

 

 

10,783

 

 

 

9,236

 

 

 

6,161

 

Other foreign jurisdictions

 

 

392

 

 

 

1,491

 

 

 

2,119

 

Total foreign

 

 

35,302

 

 

 

23,901

 

 

 

36,390

 

Total cash taxes paid

 

$

71,438

 

 

$

71,973

 

 

$

96,176

 

 

 

The following table summarizes the Company's tax credit carry forwards for tax return purposes as of December 31, 2025 (in thousands):

 

 

 

Tax Benefit

 

 

Expiration Date

Tax credit carry forwards:

 

 

 

 

 

U.S. State research tax credits

 

$

9,628

 

 

2036-2040

Total credit carry forwards

 

$

9,628

 

 

 

 

Significant components of the Company's net deferred tax assets and liabilities are as follows (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax asset:

 

 

 

 

 

 

Capitalized research expenditures

 

$

54,931

 

 

$

55,277

 

Retirement plan

 

 

14,185

 

 

 

13,633

 

Tax credit carry forwards

 

 

9,628

 

 

 

9,542

 

Accruals and reserves

 

 

7,100

 

 

 

6,988

 

Lease liabilities

 

 

5,874

 

 

 

6,073

 

Stock-based compensation

 

 

1,701

 

 

 

1,475

 

Deferred revenue

 

 

588

 

 

 

655

 

Other

 

 

3,706

 

 

 

2,783

 

 

 

 

97,713

 

 

 

96,426

 

Valuation allowance

 

 

(9,159

)

 

 

(10,167

)

Deferred tax assets

 

 

88,554

 

 

 

86,259

 

Deferred tax liability:

 

 

 

 

 

 

Lease assets

 

 

(4,891

)

 

 

(5,297

)

Acquisition goodwill

 

 

(2,088

)

 

 

(1,854

)

Other

 

 

(2,121

)

 

 

(788

)

Deferred tax liabilities

 

 

(9,100

)

 

 

(7,939

)

Net deferred tax assets

 

$

79,454

 

 

$

78,320

 

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the Company's ability to generate future taxable income to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credits. As part of its assessment, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. During the year ended December 31, 2025, based on our previous earnings history, a current evaluation of expected future taxable income and other evidence, we determined to retain the valuation allowance that relates to New Jersey research and development credits. As of December 31, 2025, there is not sufficient evidence to release the valuation allowance that has been recorded for New Jersey research and development credits. Additionally, the Company recognized a gain on available-for-sale securities during the year that, if sold, would offset the capital loss, and, as a result, the valuation allowance on the capital loss was reversed. There are no indicators against the realizability of the remaining net deferred tax asset.

On December 27, 2018, the Korean Supreme Court, citing prior cases, held that only royalties paid with respect to Korean registered patents are considered Korean source income and subject to Korean withholding tax under the applicable law and interpretation of the Korea-U.S. Tax Treaty. The Company has incurred Korean withholding tax of $14.9 million for each of the years ended December 31, 2018, through December 31, 2022. Based on the Korean Supreme Court decision, a tax refund request on behalf of the Company was filed with the Korean National Tax Service (KNTS) for the period from January 1, 2018, to December 31, 2022. The Company received a formal rejection from the KNTS; and in May 2022 filed an appeal with the Korean Tax Tribunal. On December 18, 2023, the Company received a formal rejection from the Tax Tribunal. Anticipating the rejection of the appeal, in September 2023 the Company filed a petition to the District Court.

On September 18, 2025, the Korean Supreme Court issued a decision, changing its long-standing position on the taxation of royalties for patents not registered in Korea. The court held that royalties paid for licensing of a patent constitute Korean source income if the patented technology is actually used in the territory of the Republic of Korea. Based on discussions with a prominent Korean law firm, the Company has been advised that there is still a more likely-than-not chance of success, as the manufacturing and sales process occurs within and without the Republic of Korea. During the latest court appearance in November 2025, the judge requested additional information from the Korean Tax Authority regarding what amount of royalties would be considered Korean use. The next court date is scheduled for March 2026.

As a result, the Company has recorded a long-term receivable of $53.8 million and $52.9 million as of December 31, 2025 and 2024, respectively, for the receipt of the Korean withholding tax. The Company also recorded foreign exchange gain of $935,000, foreign exchange loss of $7.2 million and foreign exchange loss of $732,000 for the years ended December 31, 2025, 2024 and 2023, respectively, due to the fluctuation of the Korean Won to the U.S. Dollar and resulting remeasurement of this Won-denominated receivable. The Company will amend U.S. federal tax returns for the 2018 to 2022 years when the anticipated refund from KNTS is received to offset the additional tax liability. The Company has recorded a long-term payable of $15.7 million as of December 31, 2025 and 2024, for the estimated amounts due to the U.S. federal government based on the amendment of the Company's U.S. tax returns, indicating that lower withholding amounts were required.

The Company is not subject to examinations by the federal tax authority for the years prior to 2022. The Company is presently undergoing a federal tax audit for the 2023 tax year and a state of California tax audit for the 2021 and 2022 tax years. Both audits are currently in the information-gathering phase.

The above estimates may change in the future and upon settlement.
v3.25.4
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION
21.
REVENUE RECOGNITION:

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). The standard establishes the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows from a contract with a customer.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded 97%, 98% and 97%, respectively, of its revenue from OLED related sales and 3%, 2% and 3%, respectively, from the providing of services through Adesis.

Contract Balances

The following table provides information about assets and liabilities associated with the Company's contracts from customers (in thousands):

 

 

 

As of December 31, 2025

 

Accounts receivable

 

$

119,953

 

Short-term unbilled receivables

 

 

19,338

 

Short-term contract assets

 

 

3,070

 

Long-term unbilled receivables

 

 

45,600

 

Long-term contract assets

 

 

3,338

 

Short-term deferred revenue

 

 

21,011

 

Long-term deferred revenue

 

 

1,943

 

Short-term and long-term unbilled receivables and contract assets are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. Contract assets represent consideration related to the renewal of customer contracts which is recognized over the contract term based on material units sold. The deferred revenue balance as of December 31, 2025 will be recognized as materials are shipped to customers over the remaining contract periods. As of December 31, 2025, the Company had $14.6 million of backlog associated with committed purchase orders from its customers for phosphorescent emitter material. These orders are anticipated to be fulfilled within the next 90 days.

Significant changes in unbilled receivables, contract assets and deferred revenue balances associated with the Company's contracts from customers for the years ended December 31, 2025 and 2024, are as follows (in thousands):

 

 

Year Ended December 31, 2025

 

 

 

Assets

 

 

Liabilities

 

Balance at December 31, 2024

 

$

64,876

 

 

$

(33,611

)

Revenue recognized that was previously included in deferred revenue, net

 

 

—

 

 

 

65,423

 

Increases due to cash received

 

 

—

 

 

 

(68,897

)

Cumulative catch-up adjustment arising from changes in estimates of
   transaction price, net

 

 

—

 

 

 

14,131

 

Unbilled receivables recorded, net

 

 

210,719

 

 

 

—

 

Contract assets recorded, net

 

 

(3,053

)

 

 

—

 

Transferred to receivables from unbilled receivables

 

 

(201,196

)

 

 

—

 

Net change

 

 

6,470

 

 

 

10,657

 

Balance at December 31, 2025

 

$

71,346

 

 

$

(22,954

)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

Assets

 

 

Liabilities

 

Balance at December 31, 2023

 

$

42,134

 

 

$

(59,719

)

Revenue recognized that was previously included in deferred revenue, net

 

 

—

 

 

 

98,223

 

Increases due to cash received

 

 

—

 

 

 

(82,928

)

Cumulative catch-up adjustment arising from changes in estimates of
   transaction price, net

 

 

—

 

 

 

10,813

 

Unbilled receivables recorded, net

 

 

165,781

 

 

 

—

 

Contract assets recorded, net

 

 

(2,516

)

 

 

—

 

Transferred to receivables from unbilled receivables

 

 

(140,523

)

 

 

—

 

Net change

 

 

22,742

 

 

 

26,108

 

Balance at December 31, 2024

 

$

64,876

 

 

$

(33,611

)

The cumulative catch-up adjustment recorded to revenue arising from changes in estimates of transaction price, net was an increase $14.1 million for the year ended December 31, 2025 as compared to an increase of $10.8 million for the year ended December 31, 2024. For each of the years ended December 31, 2025 and 2024, the adjustment resulted from an increase in the average price per gram that was primarily due to the decrease in anticipated demand by several of the Company's customers over the remaining lives of their contracts.
v3.25.4
NET INCOME PER COMMON SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME PER COMMON SHARE
22.
NET INCOME PER COMMON SHARE:

The Company computes earnings per share in accordance with ASC Topic 260, Earnings per Share, which requires earnings per share (EPS) for each class of stock to be calculated using the two-class method. The two-class method is an allocation of income between the holders of common stock and the Company's participating security holders. Under the two-class method, income for the reporting period is allocated between common shareholders and other security holders based on their respective participation rights in undistributed income. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method.

Basic net income per common share is computed by dividing net income allocated to common shareholders by the weighted-average number of shares of common stock outstanding for the period excluding unvested restricted stock units and performance units. Net income allocated to the holders of the Company's unvested restricted stock awards is calculated based on the shareholders proportionate share of weighted average shares of common stock outstanding on an if-converted basis.

For purposes of determining diluted net income per common share, basic net income per share is further adjusted to include the effect of potential dilutive common shares outstanding, including restricted stock units, performance units and the impact of shares to be issued under the Company's Employee Stock Purchase Plan.

The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

242,075

 

 

$

222,079

 

 

$

203,011

 

Adjustment for Basic EPS:

 

 

 

 

 

 

 

 

 

Earnings allocated to unvested shareholders

 

 

(153

)

 

 

(526

)

 

 

(993

)

Adjusted net income

 

$

241,922

 

 

$

221,553

 

 

$

202,018

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

47,548,046

 

 

 

47,548,931

 

 

 

47,559,669

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from ESPP

 

 

1,905

 

 

 

1,780

 

 

 

2,173

 

Restricted stock awards and units and performance units

 

 

108,344

 

 

 

101,951

 

 

 

60,921

 

Weighted average common shares outstanding – Diluted

 

 

47,658,295

 

 

 

47,652,662

 

 

 

47,622,763

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

5.09

 

 

$

4.66

 

 

$

4.25

 

Diluted

 

$

5.08

 

 

$

4.65

 

 

$

4.24

 

For the years ended December 31, 2025, 2024 and 2023, the combined effects of unvested restricted stock awards, restricted stock units and performance unit awards of 63,999, 18,015 and 36,345, respectively, were excluded from the calculation of diluted EPS as their impact would have been antidilutive.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Universal Display Corporation and its wholly owned subsidiaries, UDC, Inc., UDC Ireland Limited (UDC Ireland), Universal Display Corporation Hong Kong, Limited, Universal Display Corporation Korea, Y.H. (UDC Korea), Universal Display Corporation Japan GK, Universal Display Corporation China, Ltd., Adesis, Inc. (Adesis), UDC Ventures LLC, OVJP Corporation (OVJP Corp), OLED Material Manufacturing Limited (OMM), Universal Vapor Jet Corporation Pte. Ltd. (UVJC) and UDC Chengdu OLED Technology, Ltd. (UDC Chengdu). All intercompany transactions and accounts have been eliminated.
Segment Information

Segment Information

The Company has one reportable business segment, namely OLED technologies and materials. The Company also performs contract development and manufacturing support services through its subsidiary, Adesis. However, the Company’s Chief Operating Decision Maker (CODM) reviews financial operating results for the Company on a combined basis only, with the exception of revenue, for the purposes of resource allocation decisions. Combined entity-level results are deemed sufficient for the assessment of the Company’s operating performance. As a result, Adesis is not considered a reportable business segment and its operations are contained in the OLED technologies and materials segment. Factors that went into this determination included examining the nature and significance of the various business activities the Company engages in, and the availability of discrete data for those business activities.

The Company’s CODM is its President and Chief Executive Officer. The President and Chief Executive Officer is the highest level of management responsible for the allocation of the Company’s resources and acts as the “assessor of the financial performance” of the Company. In a review of the financial decision making process, it was determined that the CODM primarily utilizes information consistent with that already incorporated in the existing consolidated financial statements. These measures include revenue, operating expenses, net income and assets. As such, the Consolidated Financial Statements presentation is consistent with how the Company's CODM evaluates the results of operations and formulates strategic decisions about the business.
Management's Use of Estimates

Management’s Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the areas of revenue recognition including estimates of material unit sales and royalties, the useful life of acquired intangibles, lease liabilities, right-of-use assets, the use and recoverability of inventories, intangibles, investments and income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates.
Cash, Cash Equivalents and Investments

Cash, Cash Equivalents and Investments

The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining investments as available-for-sale. These securities (excluding minority equity investments) are carried at fair value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.
Trade Accounts Receivable

Trade Accounts Receivable

Trade accounts receivable are stated at the amount the Company expects to collect and do not bear interest. The Company considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. The Company’s accounts receivable balance is a result of chemical sales, royalties and license fees. These receivables have historically been paid timely. Due to the nature of the accounts receivable balance, the Company believes there is no significant collection risk. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, allowances for credit losses would be required. When evaluating whether a credit loss has occurred, the Company assumes that the financial condition of its customers as of the balance sheet date remains unchanged throughout the remaining life of current accounts receivable and current contract assets. As of December 31, 2025 and 2024, the allowance for credit losses was $179,000 and $175,000, respectively.
Inventories

Inventories

Inventories consist of raw materials, work-in-process and finished goods, and are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventory valuation and firm committed purchase order assessments are performed on a quarterly basis and those items that are identified to be obsolete or in excess of forecasted usage are written down to their estimated realizable value. Estimates of realizable value are based upon management’s analyses and assumptions, including, but not limited to, forecasted sales levels by product, expected product lifecycle, product development plans and future demand requirements. A 12-month rolling forecast based on factors, including, but not limited to, production cycles, anticipated product orders, marketing forecasts, backlog, and shipment activities is used in the inventory analysis. If market conditions are less favorable than forecasts or actual demand from customers is lower than estimates, additional inventory write-downs may be required. If demand is higher than expected, inventories that had previously been written down may be sold.
Property and Equipment

Property and Equipment

Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of 30 years for buildings, 15 years for building improvements, and three to seven years for office and lab equipment and furniture and fixtures. Repair and maintenance costs are charged to expense as incurred. Additions and betterments are capitalized.

Major renewals and improvements are capitalized, and minor replacements, maintenance, and repairs are charged to current operations as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation are removed from the Consolidated Balance Sheets and any gain or loss is reflected in other operating expenses.

Certain costs of computer software obtained for internal use are capitalized and amortized on a straight-line basis over three years. Costs for maintenance and training, as well as the cost of software that does not add functionality to an existing system, are expensed as incurred.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Company management continually evaluates whether events or changes in circumstances might indicate that the remaining estimated useful life of long-lived assets may warrant revision, or that the remaining balance may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of the related undiscounted cash flows in measuring whether the long-lived asset should be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as deemed appropriate.

As a result of the closure of OVJP Corp's location in California and related restructuring, the Company recorded a $1.6 million right-of-use asset impairment for the year ended December 31, 2025 and a $7.5 million impairment of property and equipment and right-of-use asset for the year ended December 31, 2024. As of December 31, 2025, Company management believed that no additional revision to the remaining useful lives or write-down of the Company’s long-lived assets was required, and similarly, no such revisions were required for the year ended December 31, 2023.
Goodwill and Purchased Intangible Assets

Goodwill and Purchased Intangible Assets

Goodwill is tested for impairment in the fourth fiscal quarter and, when specific circumstances dictate, between annual tests. If after assessing the totality of events or circumstances as those described in the qualitative assessment, it is determined that it is more likely than not the fair value of a reporting unit is less than its carrying amount, then a quantitative goodwill impairment test will be performed. Under the quantitative test, the fair value of the reporting unit is compared to its carrying amount including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit would be considered not impaired. However, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in the amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of December 31, 2025 utilizing a qualitative assessment and concluded that it was more likely than not that the fair value of Adesis is greater than its carrying value. Future impairment tests will continue to be performed annually in the fiscal fourth quarter, or sooner if a triggering event occurs. As of December 31, 2025, no indications of impairment existed.

Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

The carrying values of accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value in the accompanying Consolidated Financial Statements due to the short-term nature of those instruments. The Company’s other financial instruments, which include cash equivalents and investments (excluding minority equity investments) are carried at fair value.
Fair Value Measurements

Fair Value Measurements

Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability and are based on market data obtained from sources independent of the Company. Unobservable inputs reflect assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.
Minority Equity Investments

Minority Equity Investments

The Company accounts for minority equity investments in companies that are not accounted for under the equity method as equity securities without readily determinable fair values. The value of these securities is based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in the same issuer. Under this method, the share of income or loss of such companies is not included in the Consolidated Statements of Income. The carrying value of these investments is included in investments on the Consolidated Balance Sheets.

The Company’s policy is to recognize an impairment in the value of its minority equity investments when evidence of an impairment exists. Factors considered in the assessment include a significant adverse change in the regulatory, economic, or technological environment, the completion of new equity financing that may indicate a decrease in value, the failure to complete new equity financing arrangements after seeking to raise additional funds, or the commencement of proceedings under which the assets of the business may be placed in receivership or liquidated to satisfy the claims of debt and equity stakeholders. The impairment in the value of minority equity investments is included in the other income (loss), net line item on the Consolidated Statements of Income.

Leases

Leases

The Company is a lessee in operating leases primarily incurred to facilitate manufacturing, research and development, and selling, general and administrative activities. At contract inception, the Company determines if an arrangement is or contains a lease, and if so recognizes a right-of-use asset and lease liability at the lease commencement date. For operating leases, the lease liability is measured at the present value of the unpaid lease payments at the lease commencement date, whereas for finance leases, the lease liability is initially measured at the present value of the unpaid lease payments and subsequently measured at amortized cost using the interest method. Operating lease right-of-use assets are included in other assets on the Consolidated Balance Sheets. The short-term portion of operating lease liabilities is included in other current liabilities on the Consolidated Balance Sheets and the long-term portion is included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2025, the Company had no leases that qualified as financing arrangements.

Key estimates and judgments include how the Company determines the discount rate used to discount the unpaid lease payments to present value and the lease term. The Company monitors for events or changes in circumstances that could potentially require recognizing an impairment loss.
Revenue Recognition and Deferred Revenue

Revenue Recognition and Deferred Revenue

Material sales relate to the Company’s sale of its OLED materials for incorporation into its customers’ commercial OLED products or for their OLED development and evaluation activities. Revenue associated with material sales is generally recognized at the time title passes, which is typically at the time of shipment or at the time of delivery, depending upon the contractual agreement between the parties. Revenue may be recognized after control of the material passes in the event the transaction price includes variable consideration. For example, a customer may be provided an extended opportunity to stock materials prior to use in mass production and given a general right of return not conditioned on breaches of warranties associated with the specific product. In such circumstances, revenue will be recognized at the earlier of the expiration of the customer’s general right of return or once it becomes unlikely that the customer will exercise its right of return.

The vast majority of revenue attributed to material sales is determined through technology license agreements and material supply agreements the terms of which are jointly agreed upon with the Company’s customers. The remaining revenue recognized is in the form of contract research services revenue earned by the Company’s subsidiary, Adesis, and the Company’s occasional material sales to smaller customers. None of the revenue recognized during the years ended December 31, 2025, 2024 or 2023 resulted solely from royalty or license fee arrangements as to which there were not associated material sales.

The rights and benefits to the Company’s OLED technologies are conveyed to the customer through technology license agreements and material supply agreements. The Company believes that the licenses and materials sold under these combined agreements are not distinct from each other for financial reporting purposes and as such, they are accounted for as a single performance obligation. Accordingly, total contract consideration is estimated and recognized over the contract term based on material units sold at the estimated per unit fee over the life of the contract. Total contract consideration is allocated to material sales and royalty and licensing fees on the Consolidated Statements of Income based on contract pricing.

Various estimates are relied upon to recognize revenue. The Company estimates total material units to be purchased by its customers over the contract term based on historical trends, industry estimates and its forecast process. Management uses the expected value method to estimate the material per unit fee. Additionally, management estimates the sales-based portion of royalty revenue based on the estimated net sales revenue of its customers over the contract term.

Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and commercialization for non-OLED applications on a contractual basis. These services range from intermediates for structure-activity relationship studies, reference agents and building blocks for combinatorial synthesis, re-synthesis of key intermediates, specialty organic chemistry needs, and selective toll manufacturing. These services are provided to third-party pharmaceutical and life sciences firms and other technology firms at fixed costs or predetermined rates on a contract basis. Revenue is recognized as services are performed with billing schedules and payment terms negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. In other cases, services may be provided and revenue is recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable.

Technology development and support revenue is revenue earned from development and technology evaluation agreements and commercialization assistance fees. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income.

On December 2, 2022, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, the Company is being paid a license fee, which includes quarterly and annual payments over the agreement term. The agreement conveys to SDC the non-exclusive right to use certain of the Company's intellectual property assets for a limited period of time that is less than the estimated life of the assets.

At the same time the Company entered into the current commercial license agreement with SDC, the Company also entered into a new supplemental material purchase agreement with SDC, which lasts for the same term as the license agreement and is subject to the same extension option. This new material purchase agreement replaced a previous purchase agreement that had been in place since 2018. Under the supplemental material purchase agreement, SDC agrees to purchase red and green phosphorescent emitter materials from the Company for use in the manufacture of licensed products. This amount purchased is subject to SDC’s requirements for phosphorescent emitter materials and the Company’s ability to meet these requirements over the term of the supplemental agreement.

In 2015, the Company entered into an OLED patent license agreement and an OLED commercial supply agreement with LG Display Co., Ltd. (LG Display). In 2021, the Company and LG Display entered into new agreements that extended the terms of these agreements at least through the end of 2025. The patent license agreement provides LG Display a non-exclusive, royalty bearing portfolio license to make and sell OLED displays under their patent portfolio. The patent license calls for minimum annual license fees and additional incremental license fees based on LG Display’s volume of sale of licensed products. The OLED commercial supply agreement provides for the sale of dopant and host materials for use by LG Display.

In 2023, the Company entered into new long-term, multi-year agreements with BOE Technology Group Co., Ltd. (BOE). Under these agreements, the Company has granted BOE non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company supplies phosphorescent OLED materials to BOE for use in its licensed products.

In 2019, the Company entered into an evaluation and commercial supply relationship with Wuhan China Star Optoelectronics Semiconductor Display Technology Co., Ltd. (CSOT). In 2020, the Company entered into long-term, multi-year agreements with CSOT. Under these agreements, the Company has granted CSOT non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company also supplies phosphorescent OLED materials to CSOT for use in its licensed products.

In 2024, the Company entered into new long-term, multi-year agreements with Visionox Technology, Inc. (Visionox). Under these agreements, the Company has granted Visionox non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. Additionally, the Company supplies phosphorescent OLED materials to Visionox for use in its licensed products.

In 2025, the Company entered into long-term, multi-year OLED patent license and material purchase agreements with Tianma Micro-electronics Co., Ltd. (Tianma). Under the agreements, the Company has granted Tianma non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. Additionally, the Company supplies phosphorescent OLED materials to Tianma for use in its licensed products.

All material sales transactions that are not variable consideration transactions are generally billed and due within 90 days and substantially all are transacted in U.S. dollars.
Cost of Sales

Cost of Sales

Cost of sales consists of labor and material costs associated with the production of materials processed at the facilities of the Company's manufacturing partner, PPG Industries, Inc. (PPG) and at the Company's internal facilities. The Company’s portion of cost of sales also includes depreciation of manufacturing equipment, as well as manufacturing overhead costs and inventory adjustments for excess and obsolete inventory.
Research and Development

Research and Development

Expenditures for research and development are charged to expense as incurred.
Restructuring

Restructuring

The Company has participated in restructuring initiatives in the past and it is possible that the Company may engage in future restructuring activities. Identifying and calculating the cost to exit operations requires certain assumptions to be made, the most significant of which are anticipated future liabilities, including leases and other contractual obligations, and the adjustment of property and equipment to net realizable value. Significant judgment is required, and estimates and assumptions may change as additional information becomes available and facts or circumstances change.

In June 2020, the Company formed a wholly-owned subsidiary, OVJP Corp in California, as a Delaware corporation, which was founded to advance the commercialization of the Company's proprietary OVJP technology, which the Company now refers to as Universal Vapor Jet Printing (UVJP). In December 2024, the Company announced that the OVJP Corp facility in California would be closing and UVJP operations would be relocated to the Company's newly formed subsidiary, UVJC in Singapore, as well as continued operations in the Company's Tech and Innovation Center in New Jersey. As a result of the closure of OVJP Corp's location in California, the Company determined to record $2.2 million and $8.9 million of restructuring costs for the years ended December 31, 2025 and 2024, respectively. The OVJP Corp restructuring costs are included in the research and development expense line item on the Consolidated Statements of Income.

Patent Costs

Patent Costs

Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred. Costs to successfully defend a challenge to a patent are capitalized to the extent of an evident increase in the value of the patent. Costs that relate to an unsuccessful outcome are charged to expense.
Amortization of Acquired Technology

Amortization of Acquired Technology

Amortization costs primarily relate to technology acquired from Merck KGaA, Darmstadt, Germany (Merck KGaA) and BASF SE (BASF). The Merck KGaA acquisition was completed on April 28, 2023 and the BASF acquisition was completed during the year ended December 31, 2016. Acquisition costs are being amortized over a period of 10 years for the Merck KGaA and BASF patents.

Amortization of Other Intangible Assets

Amortization of Other Intangible Assets

Other intangible assets from the Adesis acquisition are being amortized over a period of 10 to 15 years. See Note 7 for further discussion.
Translation of Foreign Currency Financial Statements and Foreign Currency Transactions

Translation of Foreign Currency Financial Statements and Foreign Currency Transactions

The Company’s reporting currency is the U.S. dollar. The functional currency for the UDC Ireland, UDC Korea and UDC Chengdu subsidiaries are also the U.S. dollar and the functional currency for the OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries is its respective local currency. The Company translates the amounts included in the Consolidated Statements of Income from OMM and its other Asia-Pacific foreign subsidiaries into U.S. dollars at weighted-average exchange rates, which the Company believes are representative of the actual exchange rates on the dates of the transactions. The Company's OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries' assets and liabilities are translated into U.S. dollars from the local currency at the actual exchange rates as of the end of each reporting date, and the Company records the resulting foreign exchange translation adjustments in the Consolidated Balance Sheets as a component of accumulated other comprehensive income (loss). With the exception of the Korean withholding tax receivable denominated in Korean Won (see Note 20), the overall effect of the translation of foreign currency and foreign currency transactions to date has been insignificant.
Income Taxes

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount of which the likelihood of realization is greater than 50%. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties, if any, related to unrecognized tax benefits as a component of tax expense.

On July 4, 2025, the U.S. enacted H.R. 1 "A bill to provide for reconciliation pursuant to Title II of H. Con. Res. 14." The bill includes several changes to federal tax law that generally allow for more favorable treatment of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development expenditures. H.R.1 also includes certain changes to the international tax framework and permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act. During the year ended December 31, 2025, the Company evaluated H.R 1 and estimated its impact on the Consolidated Financial Statements to be immaterial. The Company will continue to evaluate the full impact of the legislative changes as additional guidance becomes available.
Share-Based Payment Awards

Share-Based Payment Awards

The Company recognizes in the Consolidated Statements of Income the grant-date fair value of equity-based awards such as shares issued under employee stock purchase plans, restricted stock awards, restricted stock units and performance unit awards issued to employees and directors.

The grant-date fair value of stock awards is based on the closing price of the stock on the date of grant. The fair value of share-based awards is recognized as compensation expense on a straight-line basis over the requisite service period, net of forfeitures. The Company issues new shares upon the respective grant, exercise or vesting of the share-based payment awards, as applicable.

Performance unit awards are subject to either a performance-based or market-based vesting requirement. For performance-based vesting, the grant-date fair value of the award, based on fair value of the Company's common stock, is recognized over the service period based on an assessment of the likelihood that the applicable performance goals will be achieved, and compensation expense is periodically adjusted based on actual and expected performance. Compensation expense for performance unit awards with market-based vesting is calculated based on the estimated fair value as of the grant date utilizing a Monte Carlo simulation model and is recognized over the service period on a straight-line basis.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

Adoption of New Accounting Standards

In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718). The standard provides guidance to reduce complexity and diversity in practice in determining whether a profits interest award is accounted for as a share-based payment. Early adoption is permitted. This guidance can be applied either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest or similar awards granted or modified on or after the effective date for our application of this guidance. The adoption of ASU 2024-01, beginning on January 1, 2025, did not have an impact on the Consolidated Financial Statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The standard enhances the annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity's worldwide operations. The adoption of ASU 2023-09, during the annual period ended December 31, 2025, resulted in enhanced income tax disclosures included in Note 20.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard reduces the cost and complexity of applying Topic 326 (credit losses) to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 (revenue from contracts with customers). The Company chose to early adopt ASU 2025-05 during the annual period ended December 31, 2025, and elected the practical expedient. This practical expedient permits the Company to assume the current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The adoption of ASU 2025-05, during the annual period ended December 31, 2025, did not have an impact on the Consolidated Financial Statements and related disclosures.

Accounting Standards Issued But Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE). The standard requires new financial statement disclosures disaggregating information about prescribed categories underlying any relevant income statement expense caption. ASU 2024-03 becomes effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is evaluating the potential impact of this standard on the Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard updates the accounting for internal-use software by eliminating the concept of development stages. Under this updated guidance, software costs are capitalized once management has authorized and committed funding to the project, and it is probable the project will be completed and the software used as intended. ASU 2025-06 becomes effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. The Company is evaluating the potential impact of this standard on the Consolidated Financial Statements and related disclosures.
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash, Cash Equivalents

The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate

 

Cash and Cash Equivalents Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Fair Value

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

110,892

 

 

$

—

 

 

$

—

 

 

$

110,892

 

US Government bonds

 

$

26,479

 

 

 

—

 

 

 

—

 

 

$

26,479

 

Money market accounts

 

 

982

 

 

 

—

 

 

 

—

 

 

 

982

 

 

 

$

138,353

 

 

$

—

 

 

$

—

 

 

$

138,353

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

96,318

 

 

$

—

 

 

$

—

 

 

$

96,318

 

Money market accounts

 

 

2,662

 

 

 

—

 

 

 

—

 

 

 

2,662

 

 

 

$

98,980

 

 

$

—

 

 

$

—

 

 

$

98,980

 
Schedule of Investments

The following table provides details regarding the Company’s portfolio of short-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate

 

Short-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Fair Value

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

453,812

 

 

$

1,592

 

 

$

(6

)

 

$

455,398

 

Marketable equity securities (1)

 

 

4,677

 

 

 

3,943

 

 

 

(14

)

 

 

8,606

 

 

 

$

458,489

 

 

$

5,535

 

 

$

(20

)

 

$

464,004

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

392,778

 

 

$

758

 

 

$

—

 

 

$

393,536

 

Marketable equity securities (1)

 

 

142

 

 

 

12

 

 

 

—

 

 

 

154

 

 

 

$

392,920

 

 

$

770

 

 

$

—

 

 

$

393,690

 

(1)
Changes in aggregate fair value recorded in other income (loss), net on the Consolidated Statements of Income.

The following table provides details regarding the Company’s portfolio of long-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate

 

Long-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Fair Value

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

351,125

 

 

$

1,873

 

 

$

(11

)

 

$

352,987

 

 

 

$

351,125

 

 

$

1,873

 

 

$

(11

)

 

$

352,987

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

 

434,766

 

 

 

1,302

 

 

 

(595

)

 

$

435,473

 

 

 

$

434,766

 

 

$

1,302

 

 

$

(595

)

 

$

435,473

 

 

As of December 31, 2025, 100% of the Company's long-term U.S. Government bonds had maturities between one and three years.
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2025 (in thousands):

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of December 31,
 2025

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Short-term U.S. Government bonds

 

$

455,398

 

 

$

455,398

 

 

$

—

 

 

$

—

 

Long-term U.S. Government bonds

 

 

352,987

 

 

 

352,987

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

27,461

 

 

 

27,461

 

 

 

—

 

 

 

—

 

Short-term marketable equity securities

 

 

8,606

 

 

 

8,606

 

 

 

—

 

 

 

—

 

Convertible notes

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

2,000

 

 

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2024 (in thousands):

 

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of December 31,
 2024

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Short-term U.S. Government bonds

 

$

393,536

 

 

 

393,536

 

 

 

—

 

 

 

—

 

Long-term U.S. Government bonds

 

 

435,473

 

 

 

435,473

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

2,662

 

 

 

2,662

 

 

 

—

 

 

 

—

 

Short-term marketable equity securities

 

 

154

 

 

 

154

 

 

 

—

 

 

 

—

 

Convertible notes

 

 

3,500

 

 

 

—

 

 

 

—

 

 

 

3,500

 
v3.25.4
INVENTORY (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventory consisted of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Raw materials

 

$

144,300

 

 

$

106,795

 

Work-in-process

 

 

24,102

 

 

 

16,374

 

Finished goods

 

 

72,510

 

 

 

59,769

 

Inventory

 

$

240,912

 

 

$

182,938

 
v3.25.4
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

Property and equipment, net consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Land

 

$

12,230

 

 

$

12,230

 

Building and improvements

 

 

166,250

 

 

 

131,288

 

Office and lab equipment

 

 

180,473

 

 

 

159,448

 

Furniture, fixtures and computer related assets

 

 

16,875

 

 

 

16,858

 

Construction-in-progress

 

 

28,445

 

 

 

45,292

 

 

 

 

404,273

 

 

 

365,116

 

Less: Accumulated depreciation

 

 

(189,326

)

 

 

(169,877

)

Property and equipment, net

 

$

214,947

 

 

$

195,239

 

 
v3.25.4
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Finite-Lived Intangible Assets, Net [Abstract]  
Schedule of Acquired Technology

Acquired technology primarily consists of acquired license rights for patents and know-how obtained from Merck KGaA, BASF and Fujifilm. These intangible assets consist of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Merck KGaA

 

 

66,012

 

 

 

66,012

 

BASF

 

 

95,989

 

 

 

95,989

 

Fujifilm

 

 

109,462

 

 

 

109,462

 

Other

 

 

5,712

 

 

 

5,712

 

 

 

 

277,175

 

 

 

277,175

 

Less: Accumulated amortization

 

 

(220,392

)

 

 

(203,621

)

Acquired technology, net

 

$

56,783

 

 

$

73,554

 
Schedule of Other Intangible Assets

At December 31, 2025, these other intangible assets consist of the following (in thousands):

 

 

 

December 31, 2025

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Customer relationships

 

$

10,520

 

 

$

(8,632

)

 

$

1,888

 

Developed IP, processes and recipes

 

 

4,820

 

 

 

(3,028

)

 

 

1,792

 

Trade name/Trademarks

 

 

1,500

 

 

 

(1,418

)

 

 

82

 

Other

 

 

448

 

 

 

(191

)

 

 

257

 

Total identifiable other intangible assets

 

$

17,288

 

 

$

(13,269

)

 

$

4,019

 
v3.25.4
OTHER ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Text Block [Abstract]  
Other Asset

Other assets consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Long-term taxes receivable

 

$

53,842

 

 

$

52,899

 

Long-term unbilled receivables

 

 

45,600

 

 

 

24,943

 

Right-of-use assets

 

 

19,925

 

 

 

19,867

 

Long-term contract assets

 

 

3,338

 

 

 

6,528

 

Other long-term assets

 

 

6,227

 

 

 

2,578

 

Other assets

 

$

128,932

 

 

$

106,815

 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Summary of Operating Lease Cost and Supplemental Cash Flow Information Related to Operating Leases

The following table presents the Company’s operating lease cost and supplemental cash flow information related to the Company’s operating leases (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Operating lease cost

 

$

3,992

 

 

$

4,343

 

 

$

4,639

 

Non-cash activity:

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

$

4,979

 

 

$

—

 

 

$

1,072

 
Schedule Of Operating Lease Right of Use Assets and Liabilities

The following table presents the Company’s operating lease right-of-use assets and liabilities (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Right-of-use assets

 

$

19,925

 

 

$

19,867

 

Short-term lease liabilities

 

 

4,752

 

 

 

3,848

 

Long-term lease liabilities

 

 

19,217

 

 

 

19,135

 
Schedule of Weighted Average Assumptions Used to Compute Right-of-use Assets and Lease Liabilities

The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities:

 

 

 

December 31, 2025

 

Weighted average remaining lease term (in years)

 

 

5.2

 

Weighted average discount rate

 

 

3.9

%
Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms

Undiscounted future minimum lease payments as of December 31, 2025, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands):

 

 

 

Maturities of

 

 

 

Operating Lease Liabilities

 

2026

 

$

5,342

 

2027

 

 

5,310

 

2028

 

 

5,012

 

2029

 

 

3,628

 

2030

 

 

3,396

 

Thereafter

 

 

3,313

 

Total lease payments

 

 

26,001

 

Less: imputed interest

 

 

(1,758

)

Present value of lease payments

 

$

24,243

 
v3.25.4
ACCRUED EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses

Accrued expenses consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Compensation

 

$

29,160

 

 

$

28,744

 

PPG Industries, Inc. agreement

 

 

12,104

 

 

 

7,759

 

Consulting

 

 

1,492

 

 

 

1,718

 

Professional fees

 

 

919

 

 

 

1,292

 

Research and development agreements

 

 

836

 

 

 

852

 

Royalties

 

 

504

 

 

 

1,048

 

Other

 

 

7,549

 

 

 

4,613

 

Accrued expenses

 

$

52,564

 

 

$

46,026

 
v3.25.4
OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Other Liabilities [Abstract]  
Schedule of other liabilities

Other liabilities consist of the following (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Long-term lease liabilities

 

$

19,217

 

 

$

19,135

 

Long-term taxes payable

 

 

15,749

 

 

 

15,749

 

Other long-term liabilities

 

 

1,280

 

 

 

527

 

Other liabilities

 

$

36,246

 

 

$

35,411

 
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Loss

Amounts related to the changes in accumulated other comprehensive income (loss) were as follows (in thousands):

 

 

Unrealized
Gain (Loss) on
Available-for-
Sale-Securities

 

 

Net Unrealized
(Loss) Gain on
Retirement Plan (2)

 

 

Change in Cumulative
Foreign Currency
Translation Adjustment

 

 

Total

 

 

Affected Line items in the
Consolidated Statements of
Income

Balance January 1, 2023, net of tax

 

$

(7,887

)

 

$

(10,011

)

 

$

(554

)

 

$

(18,452

)

 

 

Other comprehensive income
   before reclassification

 

 

8,745

 

 

 

7,207

 

 

 

418

 

 

 

16,370

 

 

 


Reclassification to net income (1)

 

 

—

 

 

 

996

 

 

 

—

 

 

 

996

 

 

Selling, general and administrative,
research and development and
cost of sales

Change during period

 

 

8,745

 

 

 

8,203

 

 

 

418

 

 

 

17,366

 

 

 

Balance December 31, 2023, net of tax

 

 

858

 

 

 

(1,808

)

 

 

(136

)

 

 

(1,086

)

 

 

Other comprehensive income (loss)
   before reclassification

 

 

411

 

 

 

(559

)

 

 

(82

)

 

 

(230

)

 

 



Reclassification to net income (1)

 

 

—

 

 

 

261

 

 

 

—

 

 

 

261

 

 

Selling, general and administrative,
research and development and
cost of sales

Change during period

 

 

411

 

 

 

(298

)

 

 

(82

)

 

 

31

 

 

 

Balance December 31, 2024, net of tax

 

 

1,269

 

 

 

(2,106

)

 

 

(218

)

 

 

(1,055

)

 

 

Other comprehensive income (loss)
   before reclassification

 

 

1,986

 

 

 

(320

)

 

 

152

 

 

 

1,818

 

 

 



Reclassification to net income (1)

 

 

—

 

 

 

18

 

 

 

—

 

 

 

18

 

 

Selling, general and administrative,
research and development and
cost of sales

Change during period

 

 

1,986

 

 

 

(302

)

 

 

152

 

 

 

1,836

 

 

 

Balance December 31, 2025, net of tax

 

$

3,255

 

 

$

(2,408

)

 

$

(66

)

 

$

781

 

 

 

(1)
The Company reclassified amortization of prior service cost, actuarial loss, curtailment charge and plan amendment cost for its retirement plan from accumulated other comprehensive income (loss) to net income of $18,000, $261,000 and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)
Refer to Note 17: Employee Retirement Plans
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Restricted Stock and Units Activity

The following table summarizes the activity related to restricted stock unit (RSU) share based payment awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Unvested, January 1, 2025

 

 

194,371

 

 

$

157.58

 

Granted

 

 

122,388

 

 

 

140.87

 

Vested

 

 

(104,138

)

 

 

153.70

 

Forfeited

 

 

(6,849

)

 

 

157.16

 

Unvested, December 31, 2025

 

 

205,772

 

 

$

149.63

 

The weighted average grant-date fair value per unit of RSU awards granted was $140.87, $177.65 and $136.22 during the years ended December 31, 2025, 2024 and 2023, respectively. The grant date fair value of RSUs that vested during the year was $16.0 million for the year ended December 31, 2025, $17.5 million for the year ended December 31, 2024 and $21.6 million for the year ended December 31, 2023. The fair value of RSUs as of their respective vesting dates was $15.4 million for the year ended December 31, 2025, $19.4 million for the year ended December 31, 2024 and $18.6 million for the year ended December 31, 2023.

The following table summarizes the activity related to restricted stock award (RSA) share based payment awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Unvested, January 1, 2025

 

 

—

 

 

$

—

 

Granted

 

 

2,070

 

 

 

145.02

 

Vested

 

 

(2,070

)

 

 

145.02

 

Forfeited

 

 

—

 

 

 

—

 

Unvested, December 31, 2025

 

 

—

 

 

$

—

 
Schedule of Nonvested Performance-Based Units Activity

The following table summarizes the activity related to performance unit awards (PSU) share based payment awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant-Date
Fair Value

 

Unvested, January 1, 2025

 

 

226,233

 

 

$

180.24

 

Granted

 

 

83,073

 

 

 

161.84

 

Vested

 

 

(69,302

)

 

 

258.10

 

Forfeited

 

 

(2,883

)

 

 

161.84

 

Unvested, December 31, 2025

 

 

237,121

 

 

$

171.84

 
v3.25.4
EMPLOYEE RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans [Abstract]  
Information Relating to the Company's Plan

Information relating to the Company’s plan is as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

56,464

 

 

$

54,263

 

Service cost

 

 

901

 

 

 

837

 

Interest cost

 

 

2,785

 

 

 

2,641

 

Actuarial loss

 

 

420

 

 

 

737

 

Benefit payments

 

 

(2,014

)

 

 

(2,014

)

Benefit obligation, end of year

 

 

58,556

 

 

 

56,464

 

Fair value of plan assets

 

 

—

 

 

 

—

 

Unfunded status of the plan, end of year

 

$

58,556

 

 

$

56,464

 

Current liability

 

$

2,015

 

 

$

2,014

 

Non-current liability

 

$

56,541

 

 

$

54,450

 
Components of Net Periodic Pension Cost

The components of net periodic pension cost were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

901

 

 

$

837

 

 

$

951

 

Interest cost

 

 

2,785

 

 

 

2,641

 

 

 

2,898

 

Curtailment charge

 

 

—

 

 

 

312

 

 

 

—

 

Amortization of prior service cost

 

 

23

 

 

 

33

 

 

 

815

 

Amortization of loss

 

 

—

 

 

 

—

 

 

 

480

 

Total net periodic benefit cost

 

$

3,709

 

 

$

3,823

 

 

$

5,144

 
Assumptions Used to Determine Benefit Obligation and Net Periodic Pension Cost

Assumptions used to determine the year end benefit obligation were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Discount rate

 

 

4.58

%

 

 

5.20

%

Rate of compensation increases

 

 

3.50

%

 

 

3.50

%

 

Assumptions used to determine the net periodic pension cost were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Discount rate

 

 

5.20

%

 

 

4.74

%

 

 

4.94

%

Rate of compensation increases

 

 

3.50

%

 

 

3.50

%

 

 

3.50

%
Amounts to be Amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in Next Fiscal Year

The estimated amounts to be amortized from accumulated other comprehensive income (loss) into the net periodic pension cost in 2026 are as follows (in thousands):

 

Amortization of prior service cost

 

$

23

 

Amortization of loss

 

 

—

 

Total

 

$

23

 
Benefit Payments Expected to be Paid

Benefit payments, which reflect estimated future service, are currently expected to be paid as follows (in thousands):

 

Year

 

Projected
Benefits

 

2026

 

$

2,015

 

2027

 

 

6,898

 

2028

 

 

6,898

 

2029

 

 

6,898

 

2030

 

 

7,619

 

2031-2035

 

 

34,627

 

Thereafter

 

 

12,225

 
v3.25.4
CONCENTRATION OF RISK (Tables)
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Revenues and Accounts Receivable From Our Largest Customers

Revenues and accounts receivable from the Company's largest customers for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

 

 

2025

 

 

2024

 

 

2023

 

Customer

 

% of Total Revenue

 

Accounts Receivable

 

 

% of Total Revenue

 

Accounts Receivable

 

 

% of Total Revenue

 

Accounts Receivable

 

A

 

43%

 

$

69,564

 

 

43%

 

$

37,899

 

 

36%

 

$

38,105

 

B

 

21%

 

 

30,378

 

 

23%

 

 

25,751

 

 

23%

 

 

30,142

 

C

 

15%

 

 

3,539

 

 

16%

 

 

13,258

 

 

17%

 

 

38,529

 
Revenues by Geographic Area Revenues by geographic area are as follows (in thousands):

 

 

 

Year Ended December 31,

 

Country

 

2025

 

 

2024

 

 

2023

 

South Korea

 

$

383,500

 

 

$

397,822

 

 

$

322,509

 

China

 

 

238,208

 

 

 

229,439

 

 

 

229,727

 

Japan

 

 

2,818

 

 

 

3,609

 

 

 

6,971

 

Other non-U.S. locations

 

 

1,657

 

 

 

2,456

 

 

 

4,411

 

Total non-U.S. locations

 

 

626,183

 

 

 

633,326

 

 

 

563,618

 

United States

 

 

24,428

 

 

 

14,358

 

 

 

12,811

 

Total revenue

 

$

650,611

 

 

$

647,684

 

 

$

576,429

 
Long-Lived Assets (Net) by Geographic Area

Property and equipment, net by geographic area are as follows (in thousands):

 

 

 

December 31,

 

Country

 

2025

 

 

2024

 

United States

 

$

120,835

 

 

$

117,496

 

Ireland

 

 

73,838

 

 

 

63,346

 

Other

 

 

20,274

 

 

 

14,397

 

Total long-lived assets

 

$

214,947

 

 

$

195,239

 

v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Operating Income from Before Income Tax

The components of income before income taxes are as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

United States

 

$

95,422

 

 

$

72,823

 

 

$

71,514

 

Foreign

 

 

199,374

 

 

 

199,305

 

 

 

173,657

 

Income before income taxes

 

$

294,796

 

 

$

272,128

 

 

$

245,171

 
Components of Income Tax Expense

The components of income tax expense are as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

19,230

 

 

$

34,199

 

 

$

15,848

 

U.S. State

 

 

1,965

 

 

 

3,452

 

 

 

3,048

 

Foreign

 

 

32,562

 

 

 

31,515

 

 

 

27,030

 

 

 

 

53,757

 

 

 

69,166

 

 

 

45,926

 

Deferred income tax benefit:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

(388

)

 

 

(16,799

)

 

 

460

 

U.S. State

 

 

179

 

 

 

(2,995

)

 

 

(3,936

)

Foreign

 

 

(827

)

 

 

677

 

 

 

(290

)

 

 

 

(1,036

)

 

 

(19,117

)

 

 

(3,766

)

Total income tax expense:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

18,842

 

 

 

17,400

 

 

 

16,308

 

U.S. State

 

 

2,144

 

 

 

457

 

 

 

(888

)

Foreign

 

 

31,735

 

 

 

32,192

 

 

 

26,740

 

Total income tax expense

 

$

52,721

 

 

$

50,049

 

 

$

42,160

 
Reconciliation of the U.S. Federal Statutory Income Tax Rate Company's Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate is as follows (in thousands, except percentages):

 

 

 

Year-ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

U.S. tax effects:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal statutory income tax rate

 

$

61,907

 

 

 

21.0

%

 

$

57,147

 

 

 

21.0

%

 

$

51,486

 

 

 

21.0

%

Domestic federal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D credits

 

 

(4,295

)

 

 

-1.5

%

 

 

(7,842

)

 

 

-2.8

%

 

 

(6,239

)

 

 

-2.5

%

Nontaxable and nondeductible items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executive compensation disallowed under §162(m)

 

 

4,348

 

 

 

1.5

%

 

 

4,193

 

 

 

1.5

%

 

 

4,072

 

 

 

1.7

%

Other

 

 

887

 

 

 

0.3

%

 

 

331

 

 

 

0.1

%

 

 

147

 

 

 

0.1

%

Federal effect of cross-border tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global intangible low-taxed income

 

 

1,894

 

 

 

0.6

%

 

 

5,429

 

 

 

2.0

%

 

 

3,861

 

 

 

1.6

%

Subpart F income

 

 

462

 

 

 

0.2

%

 

 

2,835

 

 

 

1.0

%

 

 

(746

)

 

 

-0.3

%

Other

 

 

(89

)

 

 

0.0

%

 

 

(406

)

 

 

-0.1

%

 

 

(245

)

 

 

-0.1

%

Federal reconciling items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(3,644

)

 

 

-1.2

%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other

 

 

215

 

 

 

0.1

%

 

 

(1,241

)

 

 

-0.5

%

 

 

410

 

 

 

0.2

%

Changes in federal valuation allowances

 

 

(720

)

 

 

-0.2

%

 

 

(67

)

 

 

-0.1

%

 

 

(157

)

 

 

-0.1

%

Domestic state and local income taxes, net of federal effect

 

 

1,786

 

 

 

0.6

%

 

 

322

 

 

 

0.1

%

 

 

(702

)

 

 

-0.3

%

Foreign tax effects:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ireland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory income tax rate differential

 

 

(16,964

)

 

 

-5.8

%

 

 

(16,580

)

 

 

-6.0

%

 

 

(13,525

)

 

 

-5.5

%

Foreign tax credits

 

 

(3,604

)

 

 

-1.2

%

 

 

(2,964

)

 

 

-1.1

%

 

 

(2,104

)

 

 

-0.9

%

Other

 

 

(431

)

 

 

-0.2

%

 

 

167

 

 

 

0.1

%

 

 

(105

)

 

 

0.0

%

China

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Withholding tax on license fees and royalties

 

 

10,587

 

 

 

3.6

%

 

 

9,225

 

 

 

3.4

%

 

 

6,185

 

 

 

2.5

%

Other

 

 

(27

)

 

 

0.0

%

 

 

(24

)

 

 

0.0

%

 

 

(33

)

 

 

0.0

%

Other foreign jurisdictions

 

 

409

 

 

 

0.1

%

 

 

(476

)

 

 

-0.2

%

 

 

(145

)

 

 

-0.1

%

Total

 

$

52,721

 

 

 

17.9

%

 

$

50,049

 

 

 

18.4

%

 

$

42,160

 

 

 

17.2

%
Summarizes the Company's cash Paid For Income Taxes, Net of Refunds Received by Jurisdiction

The following table summarizes the Company's cash paid for income taxes, net of refunds received by jurisdiction (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

United States:

 

 

 

 

 

 

 

 

 

Federal

 

$

33,507

 

 

$

45,527

 

 

$

57,263

 

State

 

 

2,629

 

 

 

2,545

 

 

 

2,523

 

Total United States

 

 

36,136

 

 

 

48,072

 

 

 

59,786

 

Foreign:

 

 

 

 

 

 

 

 

 

Ireland

 

 

24,127

 

 

 

13,174

 

 

 

28,110

 

China

 

 

10,783

 

 

 

9,236

 

 

 

6,161

 

Other foreign jurisdictions

 

 

392

 

 

 

1,491

 

 

 

2,119

 

Total foreign

 

 

35,302

 

 

 

23,901

 

 

 

36,390

 

Total cash taxes paid

 

$

71,438

 

 

$

71,973

 

 

$

96,176

 

 
Tax Loss and Tax Credit Carryforwards

The following table summarizes the Company's tax credit carry forwards for tax return purposes as of December 31, 2025 (in thousands):

 

 

 

Tax Benefit

 

 

Expiration Date

Tax credit carry forwards:

 

 

 

 

 

U.S. State research tax credits

 

$

9,628

 

 

2036-2040

Total credit carry forwards

 

$

9,628

 

 

 
Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company's net deferred tax assets and liabilities are as follows (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax asset:

 

 

 

 

 

 

Capitalized research expenditures

 

$

54,931

 

 

$

55,277

 

Retirement plan

 

 

14,185

 

 

 

13,633

 

Tax credit carry forwards

 

 

9,628

 

 

 

9,542

 

Accruals and reserves

 

 

7,100

 

 

 

6,988

 

Lease liabilities

 

 

5,874

 

 

 

6,073

 

Stock-based compensation

 

 

1,701

 

 

 

1,475

 

Deferred revenue

 

 

588

 

 

 

655

 

Other

 

 

3,706

 

 

 

2,783

 

 

 

 

97,713

 

 

 

96,426

 

Valuation allowance

 

 

(9,159

)

 

 

(10,167

)

Deferred tax assets

 

 

88,554

 

 

 

86,259

 

Deferred tax liability:

 

 

 

 

 

 

Lease assets

 

 

(4,891

)

 

 

(5,297

)

Acquisition goodwill

 

 

(2,088

)

 

 

(1,854

)

Other

 

 

(2,121

)

 

 

(788

)

Deferred tax liabilities

 

 

(9,100

)

 

 

(7,939

)

Net deferred tax assets

 

$

79,454

 

 

$

78,320

 
v3.25.4
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Assets and Liabilities Associated with Contracts from Customers

The following table provides information about assets and liabilities associated with the Company's contracts from customers (in thousands):

 

 

 

As of December 31, 2025

 

Accounts receivable

 

$

119,953

 

Short-term unbilled receivables

 

 

19,338

 

Short-term contract assets

 

 

3,070

 

Long-term unbilled receivables

 

 

45,600

 

Long-term contract assets

 

 

3,338

 

Short-term deferred revenue

 

 

21,011

 

Long-term deferred revenue

 

 

1,943

 
Summary of Significant Changes in Unbilled Receivables and Deferred Liabilities Balances

Significant changes in unbilled receivables, contract assets and deferred revenue balances associated with the Company's contracts from customers for the years ended December 31, 2025 and 2024, are as follows (in thousands):

 

 

Year Ended December 31, 2025

 

 

 

Assets

 

 

Liabilities

 

Balance at December 31, 2024

 

$

64,876

 

 

$

(33,611

)

Revenue recognized that was previously included in deferred revenue, net

 

 

—

 

 

 

65,423

 

Increases due to cash received

 

 

—

 

 

 

(68,897

)

Cumulative catch-up adjustment arising from changes in estimates of
   transaction price, net

 

 

—

 

 

 

14,131

 

Unbilled receivables recorded, net

 

 

210,719

 

 

 

—

 

Contract assets recorded, net

 

 

(3,053

)

 

 

—

 

Transferred to receivables from unbilled receivables

 

 

(201,196

)

 

 

—

 

Net change

 

 

6,470

 

 

 

10,657

 

Balance at December 31, 2025

 

$

71,346

 

 

$

(22,954

)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

Assets

 

 

Liabilities

 

Balance at December 31, 2023

 

$

42,134

 

 

$

(59,719

)

Revenue recognized that was previously included in deferred revenue, net

 

 

—

 

 

 

98,223

 

Increases due to cash received

 

 

—

 

 

 

(82,928

)

Cumulative catch-up adjustment arising from changes in estimates of
   transaction price, net

 

 

—

 

 

 

10,813

 

Unbilled receivables recorded, net

 

 

165,781

 

 

 

—

 

Contract assets recorded, net

 

 

(2,516

)

 

 

—

 

Transferred to receivables from unbilled receivables

 

 

(140,523

)

 

 

—

 

Net change

 

 

22,742

 

 

 

26,108

 

Balance at December 31, 2024

 

$

64,876

 

 

$

(33,611

)
v3.25.4
NET INCOME PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

242,075

 

 

$

222,079

 

 

$

203,011

 

Adjustment for Basic EPS:

 

 

 

 

 

 

 

 

 

Earnings allocated to unvested shareholders

 

 

(153

)

 

 

(526

)

 

 

(993

)

Adjusted net income

 

$

241,922

 

 

$

221,553

 

 

$

202,018

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

47,548,046

 

 

 

47,548,931

 

 

 

47,559,669

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Common stock equivalents arising from ESPP

 

 

1,905

 

 

 

1,780

 

 

 

2,173

 

Restricted stock awards and units and performance units

 

 

108,344

 

 

 

101,951

 

 

 

60,921

 

Weighted average common shares outstanding – Diluted

 

 

47,658,295

 

 

 

47,652,662

 

 

 

47,622,763

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

5.09

 

 

$

4.66

 

 

$

4.25

 

Diluted

 

$

5.08

 

 

$

4.65

 

 

$

4.24

 
v3.25.4
BUSINESS - Additional Information (Details)
Dec. 31, 2025
Patent
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of patents issued and pending application 7,000
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Jun. 28, 2016
Summary Of Significant Accounting Policies [Line Items]      
Cash and cash equivalents maturity period three months or less    
Allowance for doubtful accounts $ 179,000 $ 175,000  
Goodwill impairment loss $ 0    
Number of Reportable Segments | Segment 1    
OVJP Corporation [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Restructuring costs $ 2,200,000 8,900,000  
Impairment of the OVJP right-of-use asset 1,600,000 1,400,000  
Impairment of property and equipment and right-of-use asset $ 1,600,000 $ 7,500,000  
Patents [Member] | BASF [Member]      
Summary Of Significant Accounting Policies [Line Items]      
OLED patents useful life 10 years   10 years
Minimum [Member] | Other Intangible Assets [Member] | Adesis, Inc. [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Amortization period of acquired intangible assets (in years) 10 years    
Maximum [Member] | Other Intangible Assets [Member] | Adesis, Inc. [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Amortization period of acquired intangible assets (in years) 15 years    
Building [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life (in years) 30 years    
Building Improvements [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life (in years) 15 years    
Office, Lab Equipment and Furniture and Fixtures [Member] | Minimum [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life (in years) 3 years    
Office, Lab Equipment and Furniture and Fixtures [Member] | Maximum [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life (in years) 7 years    
Computer Software [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life (in years) 3 years    
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Cash, Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cash And Cash Equivalents [Line Items]    
Cash Equivalents, at Carrying Value $ 138,353 $ 98,980
Cash Equivalents, Gross Unrealized Gains 0 0
Cash Equivalents, Gross Unrealized Losses 0 0
Cash and Cash Equivalents, Fair Value Disclosure 138,353 98,980
Cash Accounts in Banking Institutions [Member]    
Cash And Cash Equivalents [Line Items]    
Cash Equivalents, at Carrying Value 110,892 96,318
Cash Equivalents, Gross Unrealized Gains 0 0
Cash Equivalents, Gross Unrealized Losses 0 0
Cash and Cash Equivalents, Fair Value Disclosure 110,892 96,318
Money Market Accounts [Member]    
Cash And Cash Equivalents [Line Items]    
Cash Equivalents, at Carrying Value 982 2,662
Cash Equivalents, Gross Unrealized Gains 0 0
Cash Equivalents, Gross Unrealized Losses 0 0
Cash and Cash Equivalents, Fair Value Disclosure 982 $ 2,662
U.S. Government Bonds [Member]    
Cash And Cash Equivalents [Line Items]    
Cash Equivalents, at Carrying Value 26,479  
Cash Equivalents, Gross Unrealized Gains 0  
Cash Equivalents, Gross Unrealized Losses 0  
Cash and Cash Equivalents, Fair Value Disclosure $ 26,479  
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Securities, Fair Value Disclosure $ 2,000 $ 3,500
Short-term Investments [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Debt Securities, Amortized Cost Basis 458,489 392,920
Available-for-sale Securities, Gross Unrealized Gains 5,535 770
Available-for-sale Securities, Gross Unrealized Losses (20) 0
Available-for-sale Securities, Fair Value Disclosure 464,004 393,690
Long-term Investments [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Debt Securities, Amortized Cost Basis 351,125 434,766
Available-for-sale Securities, Gross Unrealized Gains 1,873 1,302
Available-for-sale Securities, Gross Unrealized Losses (11) (595)
Available-for-sale Securities, Fair Value Disclosure 352,987 435,473
Marketable Securities [Member] | Short-term Investments [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Debt Securities, Amortized Cost Basis [1] 4,677 142
Available-for-sale Securities, Gross Unrealized Gains [1] 3,943 12
Available-for-sale Securities, Gross Unrealized Losses [1] (14) 0
Available-for-sale Securities, Fair Value Disclosure [1] 8,606 154
U.S. Government Bonds [Member] | Short-term Investments [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Debt Securities, Amortized Cost Basis 453,812 392,778
Available-for-sale Securities, Gross Unrealized Gains 1,592 758
Available-for-sale Securities, Gross Unrealized Losses (6) 0
Available-for-sale Securities, Fair Value Disclosure 455,398 393,536
U.S. Government Bonds [Member] | Long-term Investments [Member]    
Schedule Of Available For Sale Securities [Line Items]    
Available-for-sale Debt Securities, Amortized Cost Basis 351,125 434,766
Available-for-sale Securities, Gross Unrealized Gains 1,873 1,302
Available-for-sale Securities, Gross Unrealized Losses (11) (595)
Available-for-sale Securities, Fair Value Disclosure $ 352,987 $ 435,473
[1] Changes in aggregate fair value recorded in other income (loss), net on the Consolidated Statements of Income.
v3.25.4
CASH, CASH EQUIVALENTS AND INVESTMENTS - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Investment
Dec. 31, 2024
USD ($)
Investment
Cash and Cash Equivalents [Line Items]    
Minority investment, carrying value $ 22.0 $ 18.6
Number Of Convertible Note Investments | Investment 2 2
Long-term U.S. Government bonds percentage 100.00%  
Available-for-sale Securities, Fair Value Disclosure $ 2.0 $ 3.5
Minimum [Member]    
Cash and Cash Equivalents [Line Items]    
Long-term U.S. government bonds maturities 1 year  
Maximum [Member]    
Cash and Cash Equivalents [Line Items]    
Long-term U.S. government bonds maturities 3 years  
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term U.S. Government bonds $ 3,070  
Long-term U.S. Government bonds 377,034 $ 457,593
Short-term Corporate bonds 464,004 393,690
Cash equivalents 138,353 98,980
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term U.S. Government bonds 455,398 393,536
Long-term U.S. Government bonds 352,987 435,473
Cash equivalents 27,461 2,662
Short-term marketable equity securities 8,606 154
Convertible notes 2,000 3,500
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible notes 2,000 3,500
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term U.S. Government bonds 455,398 393,536
Long-term U.S. Government bonds 352,987 435,473
Cash equivalents 27,461 2,662
Short-term marketable equity securities $ 8,606 $ 154
v3.25.4
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Credit losses on debt investments $ 0 $ 0
v3.25.4
INVENTORY - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 144,300 $ 106,795
Work-in-process 24,102 16,374
Finished goods 72,510 59,769
Inventory $ 240,912 $ 182,938
v3.25.4
INVENTORY - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]      
Change in inventory reserve $ 376,000 $ 3,100,000 $ 8,500,000
v3.25.4
PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 404,273 $ 365,116
Less: Accumulated depreciation (189,326) (169,877)
Property and equipment, net 214,947 195,239
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 12,230 12,230
Building and improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 166,250 131,288
Office and lab equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 180,473 159,448
Furniture, fixtures and computer related assets [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 16,875 16,858
Construction-in-progress [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 28,445 $ 45,292
v3.25.4
PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 28,389 $ 25,940 $ 27,409
Disposed of property plant and equipment $ 7,000    
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Technology (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Acquired technology, gross $ 277,175 $ 277,175
Less: Accumulated amortization (220,392) (203,621)
Acquired technology, net 56,783 73,554
Merck KGaA [Member]    
Finite-Lived Intangible Assets [Line Items]    
Acquired technology, gross 66,012 66,012
BASF [Member]    
Finite-Lived Intangible Assets [Line Items]    
Acquired technology, gross 95,989 95,989
FUJIFILM [Member]    
Finite-Lived Intangible Assets [Line Items]    
Acquired technology, gross 109,462 109,462
Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Acquired technology, gross $ 5,712 $ 5,712
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Acquired Technology - Additional Information (Details)
$ in Thousands, € in Millions
 1 Months Ended 12 Months Ended
Apr. 28, 2023
USD ($)
Board_member
Jun. 28, 2016
USD ($)
Patent
Jun. 28, 2016
EUR (€)
Patent
Oct. 31, 2025
USD ($)
Board_member
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2031
USD ($)
Dec. 31, 2030
USD ($)
Dec. 31, 2029
USD ($)
Dec. 31, 2028
USD ($)
Dec. 31, 2027
USD ($)
Dec. 31, 2026
USD ($)
Nov. 30, 2025
USD ($)
Apr. 30, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]                              
Amortization of Intangible Assets         $ 18,198 $ 18,200 $ 15,993                
Future amortization expense, 2026                         $ 12,000    
Future amortization expense, 2027                       $ 7,200      
Future amortization expense, 2028                     $ 7,200        
Future amortization expense, 2029                   $ 7,100          
Future amortization expense, 2030                 $ 7,100            
Future amortization expense, thereafter               $ 16,200              
Patent Technology [Member]                              
Finite-Lived Intangible Assets [Line Items]                              
Amortization of Intangible Assets         $ 16,800 $ 16,800 $ 14,600                
Patents [Member] | BASF [Member]                              
Finite-Lived Intangible Assets [Line Items]                              
Number of patents acquired (more than) | Patent   500 500                        
Assigned value of acquired intangible assets   $ 95,800 € 86.8                        
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization, Acquisition Cost, Period Cost   95,800 € 86.8                        
Cash paid for OLED patents   $ 217,000                          
OLED patents useful life   10 years     10 years                    
Patents [Member] | Merck KGaA [Member]                              
Finite-Lived Intangible Assets [Line Items]                              
Number of patents acquired (more than) | Board_member 550     300                      
Assigned value of acquired intangible assets $ 66,000     $ 50,000                      
Cash paid for OLED patents                           $ 10,000 $ 66,000
OLED patents useful life         10 years                   10 years
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Other Intangible Assets - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2031
Dec. 31, 2030
Dec. 31, 2029
Dec. 31, 2028
Dec. 31, 2027
Dec. 31, 2026
Finite-Lived Intangible Assets [Line Items]                  
Other intangible assets $ 16,800                
Goodwill 15,535 $ 15,535              
Adesis, Inc. [Member]                  
Finite-Lived Intangible Assets [Line Items]                  
Other intangible assets 17,288                
Amortization expense related to other intangible assets 1,400 $ 1,400 $ 1,400            
Future amortization expense of other intangible assets, fiscal year 2026                 $ 1,400
Future amortization expense of other intangible assets, fiscal year 2027               $ 1,300  
Future amortization expense of other intangible assets, fiscal year 2028             $ 426,000,000    
Future amortization expense of other intangible assets, fiscal year 2029           $ 366,000      
Future amortization expense of other intangible assets, fiscal year 2030         $ 366,000        
Future amortization expense of other intangible assets, thereafter       $ 219,000          
Goodwill 15,500                
Adesis, Inc. [Member] | Customer Relationships [Member]                  
Finite-Lived Intangible Assets [Line Items]                  
Other intangible assets $ 10,520                
Amortization period of acquired intangible assets (in years) 11 years 6 months                
Adesis, Inc. [Member] | Internally-developed IP, Processes and Recipes [Member]                  
Finite-Lived Intangible Assets [Line Items]                  
Other intangible assets $ 4,820                
Amortization period of acquired intangible assets (in years) 15 years                
Adesis, Inc. [Member] | Trade Name/Trademarks [Member]                  
Finite-Lived Intangible Assets [Line Items]                  
Other intangible assets $ 1,500                
Amortization period of acquired intangible assets (in years) 10 years                
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 16,800  
Accumulated Amortization (13,269) $ (11,842)
Net Carrying Amount 4,019 $ 5,446
Adesis, Inc. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 17,288  
Accumulated Amortization (13,269)  
Net Carrying Amount 4,019  
Customer Relationships [Member] | Adesis, Inc. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 10,520  
Accumulated Amortization (8,632)  
Net Carrying Amount 1,888  
Developed IP, Processes and Recipes [Member] | Adesis, Inc. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,820  
Accumulated Amortization (3,028)  
Net Carrying Amount 1,792  
Trade Name/Trademarks [Member] | Adesis, Inc. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,500  
Accumulated Amortization (1,418)  
Net Carrying Amount 82  
Other Intangible Assets [Member] | Adesis, Inc. [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 448  
Accumulated Amortization (191)  
Net Carrying Amount $ 257  
v3.25.4
OTHER ASSETS - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Assets [Abstract]    
Long-term taxes receivable $ 53,842 $ 52,899
Long-term unbilled receivables 45,600 24,943
Right-of-use assets $ 19,925 $ 19,867
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Long-term contract assets $ 3,338 $ 6,528
Other long-term assets 6,227 2,578
Other assets $ 128,932 $ 106,815
v3.25.4
LEASES- Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lessee Lease Description [Line Items]    
Operating lease description As of December 31, 2025, the Company did not have any finance leases and no additional operating leases that have not yet commenced.  
Minimum [Member]    
Lessee Lease Description [Line Items]    
Operating leases remaining term 1 year  
Maximum [Member]    
Lessee Lease Description [Line Items]    
Operating leases remaining term 6 years  
OVJP Corporation [Member]    
Lessee Lease Description [Line Items]    
Impairment of the OVJP right-of-use asset $ 1.6 $ 1.4
v3.25.4
LEASES - Summary of Operating Lease Cost and Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 3,992 $ 4,343 $ 4,639
Non-cash activity:      
Right-of-use assets obtained in exchange for lease obligations $ 4,979 $ 0 $ 1,072
v3.25.4
LEASES - Schedule Of Operating Lease Right of Use Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets $ 19,925 $ 19,867
Short-term lease liabilities $ 4,752 $ 3,848
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Long-term lease liabilities $ 19,217 $ 19,135
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
v3.25.4
LEASES - Schedule of Weighted Average Assumptions Used to Compute Right-of-use Assets and Lease Liabilities (Details)
Dec. 31, 2025
Leases [Abstract]  
Weighted average remaining lease term (in years) 5 years 2 months 12 days
Weighted average discount rate 3.90%
v3.25.4
LEASES - Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Lessee Lease Description [Line Items]  
2026 $ 5,342
2027 5,310
2028 5,012
2029 3,628
2030 3,396
Thereafter 3,313
Total lease payments 26,001
Less: imputed interest (1,758)
Present value of lease payments $ 24,243
v3.25.4
ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Compensation $ 29,160 $ 28,744
PPG Industries, Inc. agreement 12,104 7,759
Consulting 1,492 1,718
Professional Fees 919 1,292
Research and development agreements 836 852
Royalties 504 1,048
Other 7,549 4,613
Accrued Expenses $ 52,564 $ 46,026
v3.25.4
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS- Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Research And Development Arrangement Contract To Perform For Others [Line Items]      
Royalty expense $ 504,000 $ 2,048,000 $ 647,000
Research and development expense incurred 6,300,000    
1997 Amended License Agreement [Member]      
Research And Development Arrangement Contract To Perform For Others [Line Items]      
Royalty expense 450,000 2,000,000 575,000
2006 Research Agreement [Member]      
Research And Development Arrangement Contract To Perform For Others [Line Items]      
Research and development expense incurred $ 1,600,000 $ 1,600,000 $ 1,100,000
v3.25.4
OTHER LIABILITIES - Summary of Other liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Long-term lease liabilities $ 19,217 $ 19,135
Long-term taxes payable 15,749 15,749
Other long-term liabilities 1,280 527
Other Liabilities $ 36,246 $ 35,411
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
v3.25.4
EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Long-term Purchase Commitment [Line Items]      
Percent of services payable in cash or shares 50.00%    
Issuance of common stock in connection with materials and license agreements (in shares) 0    
Charges to expense for cash portion of reimbursement of expenses $ 17.5 $ 19.3 $ 9.1
New OLED Materials Agreement and OLED Materials Agreement [Member] | Weighted Average      
Long-term Purchase Commitment [Line Items]      
Minimum average closing price of common stock (in dollars per share) $ 20    
v3.25.4
SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 17, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 29, 2025
Class Of Stock [Line Items]          
Preferred Stock, shares authorized ( in shares)   5,000,000 5,000,000    
Preferred Stock, par value (in dollars per share)   $ 0.01 $ 0.01    
Common Stock, shares authorized (in shares)   200,000,000 200,000,000    
Common Stock, par value (in dollars per share)   $ 0.01 $ 0.01    
Common Stock, shares issued (in shares)   48,916,606 48,834,541    
Common Stock, shares outstanding (in shares)   47,259,748 47,468,893    
Treasury stock repurchased shares   291,210 0    
Treasury stock aggregate purchase price value   $ 34,140      
Common stock dividends declared per share   $ 1.8 $ 1.6 $ 1.4  
Common stock dividends paid per share   $ 1.8      
Cash dividends declared   $ 86,300      
Cash Dividends   85,500      
Cash dividends   86,251 $ 76,977 $ 66,735  
Payments of Ordinary Dividends, Common Stock   85,500      
Subsequent Event [Member]          
Class Of Stock [Line Items]          
Common stock dividends declared per share $ 0.5        
Common Stock [Member]          
Class Of Stock [Line Items]          
Share Repurchase Program, Authorized, Amount         $ 100,000
Treasury stock aggregate purchase price value   $ 34,100      
Series A Preferred Stock [Member]          
Class Of Stock [Line Items]          
Preferred Stock, shares issued (in shares)   200,000 200,000    
Preferred Stock, liquidation value per share (in dollars per share)   $ 7.5 $ 7.5    
Preferred stock voting rights   Holders of the Series A shares are entitled to one vote per share on matters which shareholders are generally entitled to vote. The Series A shareholders are not entitled to any dividends.      
Preferred Stock, shares outstanding (in shares)   200,000 200,000    
Series A Preferred Stock [Member] | One Nine Nine Five [Member]          
Class Of Stock [Line Items]          
Preferred Stock, shares issued (in shares)   200,000      
O2025 Q1 Dividends [Member] | Subsequent Event [Member]          
Class Of Stock [Line Items]          
Dividend payable date Mar. 31, 2026        
Dividend record date Mar. 17, 2026        
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
BALANCE $ 1,616,525 $ 1,447,226 $ 1,275,369
Reclassification to net income 18,000,000 261,000,000 1,000
Other comprehensive loss 1,836 31 17,366
BALANCE 1,761,019 1,616,525 1,447,226
Unrealized gain (loss) on available-for-sale securities [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
BALANCE 1,269 858 (7,887)
Other comprehensive gain (loss) before reclassification 1,986 411 8,745
Reclassification to net income [1] 0 0 0
Other comprehensive loss 1,986 411 8,745
BALANCE 3,255 1,269 858
Net unrealized gain (loss) on retirement plan [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
BALANCE [2] (2,106) (1,808) (10,011)
Other comprehensive gain (loss) before reclassification [2] (320) (559) 7,207
Reclassification to net income [1],[2] 18 261 996
Other comprehensive loss [2] (302) (298) 8,203
BALANCE [2] (2,408) (2,106) (1,808)
Change in cumulative foreign currency translation adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
BALANCE (218) (136) (554)
Other comprehensive gain (loss) before reclassification 152 (82) 418
Reclassification to net income [1] 0 0 0
Other comprehensive loss 152 (82) 418
BALANCE (66) (218) (136)
Accumulated Other Comprehensive Loss [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
BALANCE (1,055) (1,086) (18,452)
Other comprehensive gain (loss) before reclassification 1,818 (230) 16,370
Reclassification to net income [1] 18 261 996
Other comprehensive loss 1,836 31 17,366
BALANCE $ 781 $ (1,055) $ (1,086)
[1] The Company reclassified amortization of prior service cost, actuarial loss, curtailment charge and plan amendment cost for its retirement plan from accumulated other comprehensive income (loss) to net income of $18,000, $261,000 and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[2] Refer to Note 17: Employee Retirement Plans
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]      
Reclassification to net income $ 18,000.0 $ 261,000.0 $ 1.0
v3.25.4
STOCK-BASED COMPENSATION - Equity Compensation Plan - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expiration term (in years) 10 years
Equity Compensation Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares available for grant (in shares) 1,094,479
v3.25.4
STOCK-BASED COMPENSATION - Equity Instruments Other Than Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares, Unvested, January 1, 2025 194,371    
Number of Shares, Granted 122,388    
Number of Shares, Vested (104,138)    
Number of Shares, Forfeited (6,849)    
Number of Shares, Unvested, December 31, 2025 205,772 194,371  
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2025 $ 157.58    
Weighted-Average Grant-Date Fair Value, Granted 140.87 $ 177.65 $ 136.22
Weighted-Average Grant-Date Fair Value, Vested 153.7    
Weighted-Average Grant-Date Fair Value, Forfeited 157.16    
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2025 $ 149.63 $ 157.58  
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares, Unvested, January 1, 2025 0    
Number of Shares, Granted 2,070    
Number of Shares, Vested (2,070)    
Number of Shares, Forfeited 0    
Number of Shares, Unvested, December 31, 2025 0 0  
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2025 $ 0    
Weighted-Average Grant-Date Fair Value, Granted 145.02 $ 185.82 126.87
Weighted-Average Grant-Date Fair Value, Vested 145.02    
Weighted-Average Grant-Date Fair Value, Forfeited 0    
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2025 $ 0 $ 0  
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares, Unvested, January 1, 2025 226,233    
Number of Shares, Granted 83,073    
Number of Shares, Vested (69,302)    
Number of Shares, Unvested, December 31, 2025 237,121 226,233  
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2025 $ 180.24    
Weighted-Average Grant-Date Fair Value, Granted 161.84 $ 191.21 $ 165.72
Weighted-Average Grant-Date Fair Value, Vested 258.1    
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2025 $ 171.84 $ 180.24  
v3.25.4
STOCK-BASED COMPENSATION - Equity Instruments Other Than Options - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock awards and units vesting terms 10 years    
Fair value of shares withheld for tax withholding obligations $ 20,974 $ 24,166 $ 18,215
Director [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock awards and units vesting terms 1 year    
Fair value of shares issued $ 2,200 $ 1,900 $ 1,500
Shares issued (in shares) 13,660 10,870 13,016
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant-date fair value of RSU awards granted (in dollars per share) $ 140.87 $ 177.65 $ 136.22
Fair value granted as of the respective vesting dates $ 16,000 $ 17,500 $ 21,600
Fair value as of the respective vesting dates $ 15,400 $ 19,400 $ 18,600
Grants in period (shares) 122,388    
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant-date fair value of RSU awards granted (in dollars per share) $ 145.02 $ 185.82 $ 126.87
Fair value granted as of the respective vesting dates $ 300,000,000 $ 1,300 $ 3,300
Fair value as of the respective vesting dates $ 300,000,000 $ 1,600 $ 2,600
Shares withheld for employee taxes (shares) 34,073 38,728 53,162
Shares withheld for employee taxes $ 5,100 $ 7,000 $ 7,400
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized $ 18,900    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 1 year 8 months 8 days    
Grants in period (shares) 2,070    
Unrecognized compensation expense related to performance unit awards $ 18,900    
Restricted Stock [Member] | Selling, General and Administrative Expense [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 7,400 14,800 9,500
Restricted Stock [Member] | Cost of Sales [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 1,700 1,700 1,900
Restricted Stock [Member] | Research and Development Expense [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 4,800 $ 5,300 $ 5,800
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant-date fair value of RSU awards granted (in dollars per share) $ 161.84 $ 191.21 $ 165.72
Fair value granted as of the respective vesting dates $ 17,900 $ 4,100 $ 1,900
Fair value as of the respective vesting dates 10,100 $ 3,300 $ 1,700
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized $ 11,500    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 1 year 9 months 3 days    
Grants in period (shares) 83,073    
Shares withheld for tax withholding obligations (in shares) 30,875 8,160 5,350
Fair value of shares withheld for tax withholding obligations $ 500 $ 1,400 $ 775,000,000
Unrecognized compensation expense related to performance unit awards $ 11,500    
Performance Shares [Member] | Incremental Performance Based [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grants in period (shares) 83,073 69,600 84,448
Performance Shares [Member] | Performance-Based Vesting Requirement [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grants in period (shares) 62,304 52,199 63,335
Performance Shares [Member] | Market-Based Vesting Requirement [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grants in period (shares) 20,769 17,401 21,113
Performance Shares [Member] | Selling, General and Administrative Expense [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 7,000 $ 7,400 $ 2,600
Performance Shares [Member] | Cost of Sales [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 1,700 2,000 770,000,000
Performance Shares [Member] | Research and Development Expense [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 2,700 $ 3,200 $ 1,200
v3.25.4
STOCK-BASED COMPENSATION - Employee Stock Purchase Plan - Additional Information (Details) - Employee Stock Purchase Plan (ESPP) [Member] - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jun. 25, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee Stock Purchase Plan ESPP Purchase Period1 3 months      
Reserved for issuance (in shares)       1,000,000
Percentage of market value (in hundredths) 85.00%      
Maximum allocation of base compensation (in hundredths) 10.00%      
Maximum shares per purchase date (in shares) 12,500      
Maximum value per calendar year, per employee $ 25,000      
Common stock issued (in shares) 17,583 15,230 17,513  
Proceeds from common stock issued $ 2,000,000 $ 2,200,000 $ 2,000,000  
Selling, General and Administrative Expense [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Charges to expense 136,000 130,000 136,000  
Cost of Sales [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Charges to expense 246,000 210,000 167,000  
Research and Development Expense [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Charges to expense $ 191,000 $ 259,000 $ 240,000  
v3.25.4
STOCK-BASED COMPENSATION - Deferred Compensation Arrangement - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Compensation Arrangement with Employees and Non-Employees, Share-Based Payments [Line Items]      
Research and development $ 146,097,000 $ 157,187,000 $ 130,481,000
Non-Employee Members of Scientific Advisory Board [Member]      
Deferred Compensation Arrangement with Employees and Non-Employees, Share-Based Payments [Line Items]      
Shares issued (in shares) 2,070 1,616  
Research and development $ 239,000 $ 242,000 $ 248,000
Members of Scientific Advisory Board [Member]      
Deferred Compensation Arrangement with Employees and Non-Employees, Share-Based Payments [Line Items]      
Fair value of shares issued $ 300,000 $ 300,000  
v3.25.4
EMPLOYEE RETIREMENT PLANS - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Participant
Denominator
Multiple
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Maximum contribution percentage (in hundredths) 90.00%    
Matching contribution limit (in hundredths) 3.00%    
Contributions to the 401(k) Plan $ 1,500,000 $ 1,700,000 $ 1,500,000
Benefit Payments (2,014,000) (2,014,000)  
Prior service cost expected to be amortized in next fiscal year 23,000    
Actuarial loss $ 420,000 737,000  
Supplemental Executive Retirement Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of participants | Participant 7    
Factor used to determine annual base salary | Multiple 12    
Annual base salary period (in months)     24 months
Minimum period of service (in years) 20 years    
Benefit percentage, tier one (in hundredths) 50.00%    
Benefit percentage, tier two (in hundredths) 25.00%    
Benefit percentage, tier three (in hundredths) 15.00%    
Minimum period of service for prorated benefit (in years) 15 years    
Factor used to determine prorated benefit | Denominator 20    
Installment period (in years) 10 years    
Benefit percentage for special participants (in hundredths) 50.00%    
Initial prior service cost for retirement plan $ 2,700,000    
Benefit Payments 2,000,000    
Prior service cost expected to be amortized in next fiscal year 23,000    
Accumulated benefit obligation $ 57,500,000 $ 54,900,000  
Defined benefit plan threshold of benefit obligation at which actuarial losses are amortized (in hundredths) 10.00%    
v3.25.4
EMPLOYEE RETIREMENT PLANS - Information Relating to the Company's Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Change in benefit obligation:    
Benefit obligation, beginning of year $ 56,464 $ 54,263
Service cost 901 837
Interest cost $ 2,785 $ 2,641
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Non-current liability Non-current liability
Actuarial loss $ 420 $ 737
Benefit Payments (2,014) (2,014)
Benefit obligation, end of year 58,556 56,464
Fair value of plan assets 0 0
Unfunded status of the plan, end of year 58,556 56,464
Current liability 2,015 2,014
Non-current liability $ 56,541 $ 54,450
v3.25.4
EMPLOYEE RETIREMENT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of net periodic pension cost [Abstract]      
Service cost $ 901 $ 837  
Interest cost 2,785 2,641  
Supplemental Executive Retirement Plan [Member]      
Components of net periodic pension cost [Abstract]      
Service cost 901 837 $ 951
Interest cost 2,785 2,641 2,898
Curtailment Charge 0 312 0
Amortization of prior service cost $ 23 $ 33 $ 815
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Liability, Defined Benefit Plan, Noncurrent Liability, Defined Benefit Plan, Noncurrent Liability, Defined Benefit Plan, Noncurrent
Amortization of loss $ 0 $ 0 $ 480
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Liability, Defined Benefit Plan, Noncurrent Liability, Defined Benefit Plan, Noncurrent Liability, Defined Benefit Plan, Noncurrent
Total net periodic benefit cost $ 3,709 $ 3,823 $ 5,144
v3.25.4
EMPLOYEE RETIREMENT PLANS - Assumptions Used to Determine Benefit Obligation (Details)
Dec. 31, 2025
Dec. 31, 2024
Assumptions used to determine the year end benefit obligation [Abstract]    
Discount rate 4.58% 5.20%
Rate of compensation increases 3.50% 3.50%
v3.25.4
EMPLOYEE RETIREMENT PLANS - Assumptions Used to Determine Net Periodic Pension Cost (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assumptions used to determine the net periodic pension cost [Abstract]      
Discount rate 5.20% 4.74% 4.94%
Rate of compensation increases 3.50% 3.50% 3.50%
v3.25.4
EMPLOYEE RETIREMENT PLANS - Amounts to be Amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in Next Fiscal Year (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Estimated amounts to be amortized from accumulated other comprehensive loss in next fiscal year [Abstract]  
Amortization of prior service cost $ 23
Amortization of loss 0
Total $ 23
v3.25.4
EMPLOYEE RETIREMENT PLANS - Benefit Payments Expected to be Paid (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Benefit payments currently expected to be paid [Abstract]  
2026 $ 2,015
2027 6,898
2028 6,898
2029 6,898
2030 7,619
2031-2035 34,627
Thereafter $ 12,225
v3.25.4
COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Multiple
Employee
ExecutiveOfficer
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]      
Purchase commitments for inventory | $ $ 40.7 $ 46.5 $ 29.8
Commitment With Executive Officers [Member]      
Loss Contingencies [Line Items]      
Number of executive officers under agreement | ExecutiveOfficer 5    
Number of employees under agreement | Employee 9    
Commitment With Senior Level Employees [Member]      
Loss Contingencies [Line Items]      
Multiple of sum of average annual base salary and bonus agreement terms 2    
Commitment With Senior Level Employees [Member] | Maximum [Member]      
Loss Contingencies [Line Items]      
Multiple of sum of average annual base salary and bonus agreement terms 2    
Commitment With Senior Level Employees [Member] | Minimum [Member]      
Loss Contingencies [Line Items]      
Multiple of sum of average annual base salary and bonus agreement terms 1    
v3.25.4
CONCENTRATION OF RISK - Revenues and Accounts Receivable From Our Largest Customers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Accounts Receivable $ 119,953 $ 113,648  
Major Customer A [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
% of Total Revenue 43.00% 43.00% 36.00%
Major Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Accounts Receivable $ 69,564 $ 37,899 $ 38,105
Major Customer B [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
% of Total Revenue 21.00% 23.00% 23.00%
Major Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Accounts Receivable $ 30,378 $ 25,751 $ 30,142
Major Customer C [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
% of Total Revenue 15.00% 16.00% 17.00%
Major Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
Accounts Receivable $ 3,539 $ 13,258 $ 38,529
v3.25.4
CONCENTRATION OF RISK - Additional Information (Details) - Supplier
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplier Concentration Risk [Member]      
Concentration Risk [Line Items]      
Number of suppliers from which chemical materials were purchased 1    
Excluding North America [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]      
Concentration Risk [Line Items]      
% of Total Revenue 96.00% 98.00% 98.00%
v3.25.4
CONCENTRATION OF RISK - Revenues by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Revenues $ 650,611 $ 647,684 $ 576,429
South Korea [Member]      
Concentration Risk [Line Items]      
Revenues 383,500 397,822 322,509
China [Member]      
Concentration Risk [Line Items]      
Revenues 238,208 229,439 229,727
Japan [Member]      
Concentration Risk [Line Items]      
Revenues 2,818 3,609 6,971
Other Non-U.S. Locations [Member]      
Concentration Risk [Line Items]      
Revenues 1,657 2,456 4,411
Total Non-U.S. Locations [Member]      
Concentration Risk [Line Items]      
Revenues 626,183 633,326 563,618
United States [Member]      
Concentration Risk [Line Items]      
Revenues $ 24,428 $ 14,358 $ 12,811
v3.25.4
CONCENTRATION OF RISK - Long-Lived Assets (Net) by Geographic Area (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total long-lived assets $ 214,947 $ 195,239
United States [Member]    
Segment Reporting Information [Line Items]    
Total long-lived assets 120,835 117,496
Ireland [Member]    
Segment Reporting Information [Line Items]    
Total long-lived assets 73,838 63,346
Other [Member]    
Segment Reporting Information [Line Items]    
Total long-lived assets $ 20,274 $ 14,397
v3.25.4
INCOME TAXES - Components of Operating Income from Before Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of income before income taxes [Abstract]      
United States $ 95,422 $ 72,823 $ 71,514
Foreign 199,374 199,305 173,657
Income before income taxes $ 294,796 $ 272,128 $ 245,171
v3.25.4
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current income tax expense:      
U.S. Federal $ 19,230 $ 34,199 $ 15,848
U.S. State 1,965 3,452 3,048
Foreign 32,562 31,515 27,030
Current income tax expense: 53,757 69,166 45,926
Deferred income tax benefit:      
U.S. Federal (388) (16,799) 460
U.S. State 179 (2,995) (3,936)
Foreign (827) 677 (290)
Deferred Income Tax Expense (Benefit), Total (1,036) (19,117) (3,766)
Total income tax expense:      
U.S. Federal 18,842 17,400 16,308
U.S. State 2,144 457 (888)
Foreign 31,735 32,192 26,740
Income Tax Expense (Benefit), Total $ 52,721 $ 50,049 $ 42,160
v3.25.4
INCOME TAXES - Reconciliation of the U.S. Federal Statutory Income Tax Rate Company's Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. tax effects:      
Federal statutory income tax rate, Percent 21.00% 21.00% 21.00%
Federal statutory income tax rate, Amount $ 61,907 $ 57,147 $ 51,486
Domestic federal      
R&D credits, Percent (1.50%) (2.80%) (2.50%)
R&D credits, Amount $ (4,295) $ (7,842) $ (6,239)
Nontaxable and nondeductible items:      
Executive compensation disallowed under 162(m), Percent 1.50% 1.50% 1.70%
Executive compensation disallowed under 162(m), Amount $ 4,348 $ 4,193 $ 4,072
Other, Percent 0.30% 0.10% 0.10%
Other, Amount $ 887 $ 331 $ 147
Federal effect of cross-border tax      
Global intangible low-taxed income, Percent 0.60% 2.00% 1.60%
Global intangible low-taxed income, Amount $ 1,894 $ 5,429 $ 3,861
Subpart F income, Percent 0.20% 1.00% (0.30%)
Subpart F income, Amount $ 462 $ 2,835 $ (746)
Other, Percent 0.00% (0.10%) (0.10%)
Other, Amount $ (89) $ (406) $ (245)
Federal reconciling items      
Interest income, Percent (1.20%) 0.00% 0.00%
Interest income, Amount $ (3,644) $ 0 $ 0
Other, Percent 0.10% (0.50%) 0.20%
Other, Amount $ 215 $ (1,241) $ 410
Changes in federal valuation allowances, Percent (0.20%) (0.10%) (0.10%)
Changes in federal valuation allowances, Amount $ (720) $ (67) $ (157)
Foreign tax effects:      
Total, Percent 17.90% 18.40% 17.20%
Income Tax Expense (Benefit), Total $ 52,721 $ 50,049 $ 42,160
State and Local Jurisdiction [Member]      
Federal reconciling items      
Domestic state and local income taxes, net of federal effect, Percent 0.60% 0.10% (0.30%)
Domestic state and local income taxes, net of federal effect, Amount $ 1,786 $ 322 $ (702)
Other foreign jurisdictions [Member]      
Foreign tax effects:      
Statutory income tax rate differential, Percentage 0.10% (0.20%) (0.10%)
Statutory income tax rate differential, Amount $ 409 $ (476) $ (145)
Ireland [Member]      
Foreign tax effects:      
Statutory income tax rate differential, Percentage (5.80%) (6.00%) (5.50%)
Statutory income tax rate differential, Amount $ (16,964) $ (16,580) $ (13,525)
Foreign tax credits, Percent (1.20%) (1.10%) (0.90%)
Foreign tax credits, Amount $ (3,604) $ (2,964) $ (2,104)
Other, Foreign, Percent (0.20%) 0.10% 0.00%
Other , Amount $ (431) $ 167 $ (105)
China [Member]      
Foreign tax effects:      
Other, Foreign, Percent 0.00% 0.00% 0.00%
Other , Amount $ (27) $ (24) $ (33)
Withholding tax on license fees and royalties, Percent 3.60% 3.40% 2.50%
Withholding tax on license fees and royalties, Amount $ 10,587 $ 9,225 $ 6,185
v3.25.4
INCOME TAXES - Summarizes the Company's cash Paid For Income Taxes, Net of Refunds Received by Jurisdiction (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
United States:      
United States $ 36,136 $ 48,072 $ 59,786
Foreign:      
Foreign 35,302 23,901 36,390
Total cash taxes paid 71,438 71,973 96,176
Federal [Member]      
United States:      
United States 33,507 45,527 57,263
State [Member]      
United States:      
United States 2,629 2,545 2,523
Other foreign jurisdictions [Member]      
Foreign:      
Foreign 392 1,491 2,119
China [Member]      
Foreign:      
Foreign 10,783 9,236 6,161
Ireland [Member]      
Foreign:      
Foreign $ 24,127 $ 13,174 $ 28,110
v3.25.4
INCOME TAXES - Tax Loss and Tax Credit Carryforwards (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Tax Credit And Operating Loss Carryforwards [Line Items]  
Total credit carry forwards, Tax Benefit $ 9,628
Research Tax Credit [Member] | State [Member]  
Tax Credit And Operating Loss Carryforwards [Line Items]  
Total credit carry forwards, Tax Benefit $ 9,628
Research Tax Credit [Member] | State [Member] | Minimum [Member]  
Tax Credit And Operating Loss Carryforwards [Line Items]  
Tax credit carryforwards, Expiration Date Dec. 31, 2035
Research Tax Credit [Member] | State [Member] | Maximum [Member]  
Tax Credit And Operating Loss Carryforwards [Line Items]  
Tax credit carryforwards, Expiration Date Dec. 31, 2039
v3.25.4
INCOME TAXES - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax asset:    
Capitalized research expenditures $ 54,931 $ 55,277
Retirement plan 14,185 13,633
Tax credit carry forwards 9,628 9,542
Accruals and reserves 7,100 6,988
Lease liabilities 5,874 6,073
Stock-based compensation 1,701 1,475
Deferred revenue 588 655
Other 3,706 2,783
Deferred Tax Assets, Gross 97,713 96,426
Valuation allowance (9,159) (10,167)
Deferred tax assets 88,554 86,259
Deferred tax liability:    
Lease Assets (4,891) (5,297)
Acquisition goodwill (2,088) (1,854)
Other (2,121) (788)
Deferred tax liabilities (9,100) (7,939)
Net deferred tax assets $ 79,454 $ 78,320
v3.25.4
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]        
Taxes Receivable   $ 57,000 $ 40,700  
Proceeds from Income Tax $ 39,000      
Long-term asset   128,932 106,815  
Estimated settlement amounts due (refunds) from withholding taxes   15,700 15,700  
Current income tax expense   (32,562) (31,515) $ (27,030)
Korean Government [Member]        
Income Taxes [Line Items]        
Unrealized Gain on Foreign Currency Derivatives, before Tax   935,000 7,200 $ 732,000
South Korea [Member]        
Income Taxes [Line Items]        
Current income tax expense   14,900    
Allocation of Withholding to Non-Korean Patents [Member]        
Income Taxes [Line Items]        
Long-term asset   $ 53,800 $ 52,900  
v3.25.4
REVENUE RECOGNITION - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]      
Percentage of revenue recorded from sales of materials 97.00% 98.00% 97.00%
Backlog associated with committed purchase orders from customers $ 14,600    
Contract catch-up adjustment to revenue increased in estimate of transaction price 14,100 $ 10,800  
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net $ 14,131 $ 10,813  
Adesis, Inc. [Member]      
Disaggregation Of Revenue [Line Items]      
Percentage of revenue recorded from provision of services 3.00% 2.00% 3.00%
v3.25.4
REVENUE RECOGNITION - Schedule of Assets and Liabilities Associated with Contracts from Customers (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Accounts receivable $ 119,953 $ 113,648
Short-term unbilled receivables 19,338  
Short-term contract assets 3,070  
Long-term unbilled receivables 45,600  
Long-term contract assets 3,338  
Short-term deferred revenue 21,011 33,074
Long-term deferred revenue $ 1,943 $ 537
v3.25.4
REVENUE RECOGNITION - Summary of Significant Changes in Unbilled Receivables and Deferred Liabilities Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Deferred Revenue (Increase) Decrease    
Balance $ (33,611) $ (59,719)
Revenue recognized that was previously included in deferred revenue, net 65,423 98,223
Increases due to cash received (68,897) (82,928)
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net 14,131 10,813
Net change 10,657 26,108
Balance (22,954) (33,611)
Unbilled Receivables Increase (Decrease)    
Balance 64,876 42,134
Unbilled receivables recorded, net 210,719 165,781
Contract assets recorded, net (3,053) (2,516)
Transferred to receivables from unbilled receivables (201,196) (140,523)
Net change 6,470 22,742
Balance $ 71,346 $ 64,876
v3.25.4
NET INCOME PER COMMON SHARE - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net Income $ 242,075 $ 222,079 $ 203,011
Adjustment for Basic EPS:      
Earnings allocated to unvested shareholders (153) (526) (993)
Adjusted net income $ 241,922 $ 221,553 $ 202,018
Denominator:      
Weighted average common shares outstanding – Basic 47,548,046 47,548,931 47,559,669
Effect of dilutive shares:      
Common stock equivalents arising from ESPP 1,905 1,780 2,173
Restricted stock awards and units and performance units 108,344 101,951 60,921
Weighted average common shares outstanding – Diluted 47,658,295 47,652,662 47,622,763
Basic $ 5.09 $ 4.66 $ 4.25
Diluted $ 5.08 $ 4.65 $ 4.24
v3.25.4
NET INCOME PER COMMON SHARE - Additional Information (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Antidilutive securities excluded from calculation of diluted EPS 63,999 18,015 36,345
v3.25.4
QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]      
Revenues $ 650,611 $ 647,684 $ 576,429
Net Income (Loss) $ 242,075 $ 222,079 $ 203,011
Net income per common share:      
Basic $ 5.09 $ 4.66 $ 4.25
Diluted $ 5.08 $ 4.65 $ 4.24