Universal Display (OLED) 10-K 23 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 21, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	OLED
Entity Registrant Name	UNIVERSAL DISPLAY CORPORATION
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		48,496,383
Entity Public Float			$ 9,594,897,936
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2022 Annual Meeting of Shareholders, which is to be filed with the Securities and Exchange Commission no later than May 2, 2022 (the first business day after the 120 th day following the end of the registrant's fiscal year), are incorporated by reference into Part III of this report.
Auditor Firm ID	185
Auditor Name	KPMG, LLP
Auditor Location	Philadelphia, PA, USA

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 311,993	$ 630,012
Short-term investments	351,194	99,996
Accounts receivable	107,639	82,261
Inventory	134,160	91,591
Other current assets	20,948	20,746
Total current assets	925,934	924,606
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $92,461 and $72,493	128,832	102,113
ACQUIRED TECHNOLOGY, net of accumulated amortization of $173,635 and $153,050	49,668	70,253
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $7,565 and $6,155	9,711	10,685
GOODWILL	15,535	15,535
INVESTMENTS	168,076	5,000
DEFERRED INCOME TAXES	33,453	37,695
OTHER ASSETS	135,710	103,341
TOTAL ASSETS	1,466,919	1,269,228
CURRENT LIABILITIES:
Accounts payable	14,955	13,801
Accrued expenses	45,474	41,404
Deferred revenue	120,864	105,215
Other current liabilities	6,645	4,540
Total current liabilities	187,938	164,960
DEFERRED REVENUE	36,217	57,086
RETIREMENT PLAN BENEFIT LIABILITY	66,773	78,527
OTHER LIABILITIES	76,077	55,941
Total liabilities	367,005	356,514
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, 49,065,924 and 49,013,476 shares issued, and 47,700,276 and 47,647,828 shares outstanding at December 31, 2021 and December 31, 2020, respectively	491	490
Additional paid-in capital	658,728	635,595
Retained earnings	500,212	353,930
Accumulated other comprehensive loss	(18,235)	(36,019)
Treasury stock, at cost (1,365,648 shares at December 31, 2021 and December 31, 2020)	(41,284)	(41,284)
Total shareholders’ equity	1,099,914	912,714
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,466,919	$ 1,269,228

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 92,461,000	$ 72,493,000
Finite-Lived Intangible Assets, Accumulated Amortization	173,635,000	153,050,000
Other Finite-Lived Intangible Assets, Accumulated Amortization	$ 7,565,000	$ 6,155,000
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)	49,065,924	49,013,476
Common Stock, shares outstanding (in shares)	47,700,276	47,647,828
Treasury Stock
Treasury stock, shares	1,365,648	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)	$ 7.50	$ 7.50
Preferred Stock, liquidation value	$ 1,500,000	$ 1,500,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE:
Total revenue	$ 553,525	$ 428,867	$ 405,177
COST OF SALES	114,991	85,478	75,374
Gross margin	438,534	343,389	329,803
OPERATING EXPENSES:
Research and development	99,673	83,894	71,276
Selling, general and administrative	80,372	61,346	59,613
Amortization of acquired technology and other intangible assets	21,994	21,969	21,962
Patent costs	8,160	7,529	6,833
Royalty and license expense	691	11,125	11,776
Total operating expenses	210,890	185,863	171,460
OPERATING INCOME	227,644	157,526	158,343
Interest income, net	505	5,139	10,795
Other income, net	98	864	767
Interest and other income, net	603	6,003	11,562
INCOME BEFORE INCOME TAXES	228,247	163,529	169,905
INCOME TAX EXPENSE	(44,034)	(30,157)	(31,601)
NET INCOME	$ 184,213	$ 133,372	$ 138,304
NET INCOME PER COMMON SHARE:
BASIC	$ 3.87	$ 2.80	$ 2.92
DILUTED	$ 3.87	$ 2.80	$ 2.92
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC	47,296,447	47,198,982	46,959,775
DILUTED	47,365,435	47,236,994	46,995,462
CASH DIVIDEND DECLARED PER COMMON SHARE	$ 0.80	$ 0.60	$ 0.40
Material sales
REVENUE:
Total revenue	$ 318,623	$ 229,749	$ 243,413
Royalty and license fees
REVENUE:
Total revenue	219,032	185,054	150,022
Contract research services
REVENUE:
Total revenue	$ 15,870	$ 14,064	$ 11,742

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 184,213	$ 133,372	$ 138,304
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX:
Unrealized (loss) gain on available-for-sale securities, net of tax of $65, $28 and $51, respectively	(233)	(100)	181
Employee benefit plan:
Actuarial gain (loss) on retirement plan, net of tax of $1,336, $3,569 and $988, respectively	13,620	(21,464)	(3,492)
Plan amendment cost, net of tax of $79, none and none, respectively	(283)
Amortization of prior service cost and actuarial loss for retirement plan included in net periodic pension costs, net of tax of $1,316, $723 and $713, respectively	4,719	2,556	2,523
Net change in employee benefit plan	18,056	(18,908)	(969)
Change in cumulative foreign currency translation adjustment	(39)	(14)	25
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	17,784	(19,022)	(763)
COMPREHENSIVE INCOME	$ 201,997	$ 114,350	$ 137,541

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on available-for-sale securities, tax	$ 65	$ 28	$ 51
Actuarial gain (loss) on retirement plan, tax	1,336	3,569	988
Plan amendment cost	79
Amortization of prior service cost and actuarial loss for retirement plan included in net periodic pension costs, tax	$ 1,316	$ 723	$ 713

CONSOLIDATED STATEMENT OF SHARE

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 [Member]	Series A Nonconvertible Preferred Stock [Member]Preferred Stock [Member]
BALANCE at Dec. 31, 2018	$ 690,506	$ 487	$ 617,334	$ 129,552	$ (16,234)	$ 40,635	$ 2
BALANCE (in shares) at Dec. 31, 2018		48,681,524				1,361,637	200,000
Net income	138,304			138,304
Other comprehensive income (loss)	(763)				(763)
Cash dividend	(18,853)			18,853
Issuance of common stock to employees	15,877	$ 2	15,875
Issuance of common stock to employees (in shares)		247,776
Shares withheld for employee taxes	(15,980)		15,980
Shares withheld for employee taxes (in shares)		99,099
Common shares repurchased	(649)					$ 649
Common shares repurchased (in shares)						4,011
Issuance of common stock to Board of Directors and Scientific Advisory Board	1,848		1,848
Issuance of common stock to Board of Directors and Scientific Advisory Board (in shares)		14,500
Issuance of common stock to employees under an ESPP	1,159		1,159
Issuance of common stock to employees under an ESPP (in shares)		7,492
BALANCE at Dec. 31, 2019	811,449	$ 489	620,236	249,003	(16,997)	$ (41,284)	$ 2
BALANCE (in shares) at Dec. 31, 2019		48,852,193				1,365,648	200,000
Net income	133,372			133,372
Other comprehensive income (loss)	(19,022)				(19,022)
Cash dividend	(28,445)			28,445
Issuance of common stock to employees	26,284	$ 2	26,282
Issuance of common stock to employees (in shares)		240,414
Shares withheld for employee taxes	$ (14,394)	$ 1	14,393
Shares withheld for employee taxes (in shares)		99,319
Common shares repurchased (in shares)	0
Issuance of common stock to Board of Directors and Scientific Advisory Board	$ 1,947		1,947
Issuance of common stock to Board of Directors and Scientific Advisory Board (in shares)		10,520
Issuance of common stock to employees under an ESPP	1,523		1,523
Issuance of common stock to employees under an ESPP (in shares)		9,668
BALANCE at Dec. 31, 2020	912,714	$ 490	635,595	353,930	(36,019)	$ (41,284)	$ 2
BALANCE (in shares) at Dec. 31, 2020		49,013,476				1,365,648	200,000
Net income	184,213			184,213
Other comprehensive income (loss)	17,784				17,784
Cash dividend	(37,931)			(37,931)
Issuance of common stock to employees	34,472	$ 1	34,471
Issuance of common stock to employees (in shares)		63,969
Shares withheld for employee taxes	$ (14,949)		14,949
Shares withheld for employee taxes (in shares)		29,179
Common shares repurchased (in shares)	0
Issuance of common stock to Board of Directors and Scientific Advisory Board	$ 1,704		1,704
Issuance of common stock to Board of Directors and Scientific Advisory Board (in shares)		8,502
Issuance of common stock to employees under an ESPP	1,907		1,907
Issuance of common stock to employees under an ESPP (in shares)		9,156
BALANCE at Dec. 31, 2021	$ 1,099,914	$ 491	$ 658,728	$ 500,212	$ (18,235)	$ (41,284)	$ 2
BALANCE (in shares) at Dec. 31, 2021		49,065,924				1,365,648	200,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 184,213	$ 133,372	$ 138,304
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred revenue and recognition of unbilled receivables, net	(225,549)	(183,997)	(135,368)
Depreciation	19,968	15,217	12,456
Amortization of intangibles	21,994	21,969	21,962
Change in excess inventory reserve	3,554	1,114	5,938
Amortization of premium and discount on investments, net	(373)	(4,960)	(6,643)
Stock-based compensation to employees	34,871	26,631	16,148
Stock-based compensation to Board of Directors and Scientific Advisory Board	1,404	1,647	1,548
Deferred income tax expense (benefit)	1,748	(4,446)	(5,776)
Retirement plan expense	8,875	5,656	5,818
Decrease (increase) in assets:
Accounts receivable	(25,378)	(21,809)	(17,323)
Inventory	(46,123)	(28,752)	109
Other current assets	22,413	6,497	(15,238)
Other assets	(36,139)	(13,481)	(13,291)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses	1,902	(8,305)	15,516
Other current liabilities	2,105	2,683	(5,183)
Deferred revenue	201,484	192,369	157,321
Other liabilities	20,136	7,387	17,614
Net cash provided by operating activities	191,105	148,792	193,912
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(43,161)	(27,991)	(30,059)
Purchase of intangibles	(394)	(60)	(401)
Purchases of investments	(642,180)	(604,153)	(931,854)
Proceeds from sale and maturity of investments	227,984	1,023,460	723,600
Net cash (used in) provided by investing activities	(457,751)	391,256	(238,714)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	1,507	1,176	889
Repurchase of common stock	0	0	(649)
Payment of withholding taxes related to stock-based compensation to employees	(14,949)	(14,394)	(15,980)
Cash dividends paid	(37,931)	(28,445)	(18,853)
Net cash used in financing activities	(51,373)	(41,663)	(34,593)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(318,019)	498,385	(79,395)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	630,012	131,627	211,022
CASH AND CASH EQUIVALENTS, END OF YEAR	$ 311,993	$ 630,012	$ 131,627

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS Non-Cash Activities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Significant Noncash Transactions [Line Items]
Unrealized (loss) gain on available-for-sale securities	$ (295)	$ (118)	$ 241
Net change in accounts payable and accrued expenses related to purchases of property and equipment	(3,526)	(1,468)	(530)
Cash paid for income tax	52,650	36,269	46,602
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]
Other significant noncash transaction, value of consideration received	$ 300	$ 300	$ 300

BUSINESS

BUSINESS	12 Months Ended
	Dec. 31, 2021
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 that 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, 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 the Company’s 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 gain wider acceptance. 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, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty and general 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 5,500 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
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., Universal Display Corporation Japan GK, Universal Display Corporation China, Ltd., Adesis, Inc. (Adesis), UDC Ventures LLC, OVJP Corporation (OVJP Corp) and OLED Material Manufacturing Limited (OMM). All intercompany transactions and accounts have been eliminated. In November 2020, a wholly-owned subsidiary of UDC Ireland, OMM, was formed as an Ireland limited company. Based out of Shannon, Ireland, OMM was formed to lease a manufacturing facility to increase the Company’s production capacity to meet market demand and diversify the Company’s manufacturing base due to evolving industry requirements. Facility improvements and regulatory approvals are expected to be completed and operations are scheduled to commence by mid-year 2022. 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 and Cash Equivalents 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 are carried at fair market 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 risk of collection. 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. The allowance for credit losses was $ 279,000 , $ 139,000 and $ 84,000 at December 31, 2021, 2020 and 2019, respectively. Inventories Inventories consist of raw materials, work-in-process and finished goods, including inventory consigned to customers, 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 of December 31, 2021, Company management believed that no 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 years ended December 31, 2020 or 2019. Goodwill and Purchased Intangible Assets Goodwill is tested for impairment in the fourth fiscal quarter and, when specific circumstances dictate, between annual tests. Company management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether a quantitative goodwill impairment test is necessary. If it is concluded it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then a quantitative impairment assessment is not necessary. If it is determined that goodwill has been impaired, then its carrying value is written down to fair value. The goodwill impairment test involves a two-step process. The first step, identifying a potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. If necessary, the second step to measure the impairment loss would be to compare the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied fair value is recognized as an impairment loss. The Company performed its annual impairment assessment as of December 31, 2021 utilizing a qualitative evaluation and concluded that it was more likely than not that the fair value of Adesis is greater than its carrying value. Company management believes it has made reasonable estimates and assumptions to calculate the fair value of the reporting unit. 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, 2021, 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, investments, retirement plan benefit liability and other liabilities 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 fair 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 of 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 clear 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. Leases The Company is a lessee in operating leases primarily incurred to facilitate the expansion of 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, 2021, 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 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, 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 total sales-based royalties 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 on an annual 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, along with, to a minimal extent, government contracts. Relating to the Company’s government contracts, the Company may receive reimbursements by government entities for all or a portion of the research and development costs the Company incurs. Revenues are recognized as services are performed, proportionally as research and development costs are incurred, or as defined milestones are achieved. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income. In 2018, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC). This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2018 and lasts through the end of 2022 with an additional two-year extension option. Under this agreement, the Company is being paid a license fee, payable in quarterly installments over the agreement term of five years . 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. Under the supplemental material purchase agreement, SDC agrees to purchase from the Company a minimum amount of phosphorescent emitter materials for use in the manufacture of licensed products. This minimum commitment 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) which were effective as of January 1, 2015 and superseded the existing 2007 commercial supply agreement between the parties. The terms of the agreements were set to expire by the end of 2022. The patent license agreement provides LG Display a non-exclusive, royalty bearing portfolio license to make and sell OLED displays under the Company's patent portfolio. The patent license calls for license fees, prepaid royalties and running royalties on licensed products. The agreements include customary provisions relating to warranties, indemnities, confidentiality, assignability and business terms. The agreements provide for certain other minimum obligations relating to the volume of material sales anticipated over the life of the agreements as well as minimum royalty revenue to be generated under the patent license agreement. The Company generates revenue under these agreements that are predominantly tied to LG Display’s sales of OLED licensed products. The OLED commercial supply agreement provides for the sale of materials for use by LG Display, which may include phosphorescent emitters and host materials. In 2021, the Company entered into amendments of the 2015 OLED patent license agreement and the 2015 OLED commercial supply agreement with LG Display, which amendments were effective as of January 1, 2021. The amended agreements included a term extension and are set to expire by the end of 2025. In 2016, the Company entered into long-term, multi-year OLED patent license and material purchase agreements with Tianma Micro-electronics Co., Ltd. (Tianma). Under the license agreement, 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. The license agreement calls for license fees and running royalties on licensed products. Additionally, the Company supplies phosphorescent OLED materials to Tianma for use in its licensed products. In 2021, the parties extended the terms of both the patent license and material purchase agreements for an additional multi-year-term. In 2017, the Company entered into 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 2018, the Company entered into long-term, multi-year OLED patent license and material purchase agreements with Visionox Technology, Inc. (Visionox). Under the license agreement, the Company granted certain of Visionox’s affiliates a non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The license agreement calls for license fees and running royalties on licensed products. Additionally, the Company supplies phosphorescent OLED materials to Visionox for use in its licensed products. On April 22, 2021, the Company announced that it had extended the Visionox agreement by entering into new five-year OLED material supply and license agreements with a new affiliate of Visionox, Visionox Hefei Technology Co. Ltd. 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. All material sales transactions that are not variable consideration transactions are 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 Company's manufacturing partners and at the Company's internal manufacturing processing facility. 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 operations as incurred. 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 BASF and Fujifilm. These acquisitions were completed in the years ended December 31, 2016 and 2012, respectively. Acquisition costs are being amortized over a period of 10 years for both the BASF and Fujifilm 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 subsidiary is also the U.S. dollar and the functional currency for the OMM subsidiary and each of the Company's Asia-Pacific foreign subsidiaries is its local currency. The Company translates the amounts included in the Consolidated Statements of Income from OMM and its 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 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 loss. 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. 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 December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions and improving consistent application in certain areas of Topic 740. The standards update is effective prospectively for annual and interim periods in fiscal years beginning after December 15, 2020. The adoption of ASU 2019-12, beginning on January 1, 2021, did not have a significant impact on the Consolidated Financial Statements and related disclosures. Accounting Standards Issued But Not Yet Adopted The Company considers the applicability and impact of all ASUs. ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.

CASH, CASH EQUIVALENTS AND INVE

CASH, CASH EQUIVALENTS AND INVESTMENTS	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND INVESTMENTS	3. CASH, CASH EQUIVALENTS AND INVESTMENTS: The Company’s portfolio of fixed income securities consists of term bank certificates of deposit, U.S. Government bonds and corporate 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 market value, with unrealized gains and losses reported in shareholders’ equity. 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): Amortized Unrealized Aggregate Fair Cash and Cash Equivalents Classification Cost Gains (Losses) Market Value December 31, 2021 Cash accounts in banking institutions $ 256,878 $ — $ — $ 256,878 Money market accounts 55,115 — — 55,115 $ 311,993 $ — $ — $ 311,993 December 31, 2020 Cash accounts in banking institutions $ 163,779 $ — $ — $ 163,779 Money market accounts 17,261 — — 17,261 U.S. Government bonds 448,970 6 ( 4 ) 448,972 $ 630,010 $ 6 $ ( 4 ) $ 630,012 Short-term Investments The following table provides details regarding the Company’s portfolio of short-term investments (in thousands): Amortized Unrealized Aggregate Fair Short-term Investments Classification Cost Gains (Losses) Market Value December 31, 2021 Certificates of deposit $ 240 $ — $ — $ 240 Corporate bonds 226,448 3 ( 97 ) 226,354 U.S. Government bonds 124,611 — ( 11 ) 124,600 $ 351,299 $ 3 $ ( 108 ) $ 351,194 December 31, 2020 U.S. Government bonds 99,929 67 — 99,996 $ 99,929 $ 67 $ — $ 99,996 Long-term U.S. Government Bonds Investments The following table provides details regarding the Company’s portfolio of long-term investments (in thousands): Amortized Unrealized Aggregate Fair Long-term Investments Classification Cost Gains (Losses) Market Value December 31, 2021 U.S. Government bonds $ 159,692 $ 10 $ ( 134 ) $ 159,568 $ 159,692 $ 10 $ ( 134 ) $ 159,568 The Company did not have any long-term investments classified as U.S. Government bonds as of December 31, 2020. Long-term Minority Investments The Company’s portfolio of minority investments consists of investments in privately held early-stage companies primarily motivated to gain early access to new technology and are passive in nature in that the Company does not obtain representation on the boards of directors of the companies in which it invests. Minority investments are included in investments on the Consolidated Balance Sheets. As of December 31, 2021, the Company had two minority investments with a total carrying value of $ 8.5 million accounted for as equity securities without readily determinable fair values.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
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, 2021 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Cash equivalents $ 55,115 $ 55,115 $ — $ — Short-term investments 351,194 351,194 — — Long-term U.S government bonds investments 159,568 159,568 — — The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2020 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Cash equivalents $ 466,233 $ 466,233 $ — $ — Short-term investments 99,996 99,996 — — 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 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, net on the Consolidated Statements of Income. There were no credit losses on debt investments as of December 31, 2021 or December 31, 2020.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
INVENTORY	Inventory consisted of the following (in thousands): December 31, 2021 2020 Raw materials $ 75,227 $ 46,843 Work-in-process 16,065 9,904 Finished goods 42,868 34,844 Inventory $ 134,160 $ 91,591 The Company recorded an increase in inventory reserve of $ 3.6 million, $ 1.1 million and $ 5.9 million for the years ended December 31, 2021, 2020 and 2019, respectively, due to excess inventory levels in certain products.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	6. PROPERTY AND EQUIPMENT: Property and equipment consist of the following (in thousands): December 31, 2021 2020 Land $ 2,642 $ 2,642 Building and improvements 76,600 53,568 Office and lab equipment 107,168 85,881 Furniture, fixtures and computer related assets 16,221 8,921 Construction-in-progress 18,662 23,594 221,293 174,606 Less: Accumulated depreciation ( 92,461 ) ( 72,493 ) Property and equipment, net $ 128,832 $ 102,113 Depreciation expense was $ 20.0 million, $ 15.2 million and $ 12.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
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 consists of acquired license rights for patents and know-how obtained from PD-LD, Inc., Motorola, BASF SE (BASF) and Fujifilm. These intangible assets consist of the following (in thousands): December 31, 2021 2020 PD-LD, Inc. $ 1,481 $ 1,481 Motorola 15,909 15,909 BASF 95,989 95,989 Fujifilm 109,462 109,462 Other 462 462 223,303 223,303 Less: Accumulated amortization ( 173,635 ) ( 153,050 ) Acquired technology, net $ 49,668 $ 70,253 Amortization expense related to acquired technology was $ 20.6 million for each of the years ended December 31, 2021, 2020 and 2019. 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 $ 15.8 million in the year ending December 31, 2022, $ 9.7 million in the year ending December 31, 2023, $ 9.6 million in each of the years ending December 31, 2024 and 2025, $ 4.8 million in the year ending December 31, 2026 and $ 200,000 in total thereafter. Fujifilm Patent Acquisition On July 23, 2012, the Company entered into a Patent Sale Agreement with Fujifilm. Under the agreement, Fujifilm sold more than 1,200 OLED-related patents and patent applications in exchange for a cash payment of $ 105.0 million, plus costs incurred in connection with the purchase. The agreement contains customary representations and warranties and covenants, including respective covenants not to sue by both parties thereto. The agreement permitted the Company to assign all of its rights and obligations under the agreement to its affiliates, and the Company assigned, prior to the consummation of the transactions contemplated by the agreement, its rights and obligations to UDC Ireland, a wholly-owned subsidiary of the Company formed under the laws of the Republic of Ireland. The transactions contemplated by the agreement were consummated on July 26, 2012. The Company recorded the $ 105.0 million plus $ 4.5 million of purchase costs as acquired technology, which is being 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 of, 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 of internally developed IP, processes and recipes with a weighted average life of 15 years, and $ 1.5 million assigned to trade name and trademarks with a weighted average life of 10 years. At December 31, 2021, these other intangible assets consist of the following (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Customer relationships $ 10,520 $ ( 4,973 ) $ 5,547 Developed IP, processes and recipes 4,820 ( 1,748 ) 3,072 Trade name/Trademarks 1,500 ( 818 ) 682 Other 436 ( 26 ) 410 Total identifiable other intangible assets $ 17,276 $ ( 7,565 ) $ 9,711 Amortization expense related to other intangible assets was $ 1.4 million for each of the years ended December 31, 2021, 2020, and 2019. 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 each of the next five fiscal years (2022 - 2026) and $ 2.7 million 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 considered to be the reporting unit. The Company estimates the fair value of reporting units using an income approach based on the present value of estimated future cash flows. As part of the annual assessment of goodwill completed during the fourth quarter ended December 31, 2021, there were no significant indicators to conclude that an impairment of the goodwill associated with the acquisition of Adesis had occurred.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Other assets	8. OTHER ASSETS: Other assets consist of the following (in thousands): December 31, 2021 2020 Long-term taxes receivable $ 103,260 $ 90,208 Right-of-use assets 30,614 8,750 Other long-term assets 1,836 4,383 Other Assets $ 135,710 $ 103,341 See Notes 9 and 20 for further explanation on right-of-use assets and non-current taxes receivable, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
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, 2021, 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, 2021 2020 2019 Operating lease cost $ 3,637 $ 2,091 $ 1,855 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 26,174 $ 1,948 $ 9,776 The increase in right-of-use assets obtained in exchange for lease obligations for the year ended December 31, 2021 was primarily due to the commencement of the operating lease related to expansion of the Adesis research facilities in Wilmington, Delaware. The following table presents the Company’s operating lease right-of-use assets and liabilities (in thousands): December 31, 2021 2020 Right-of-use assets $ 30,614 $ 8,750 Short-term lease liabilities 3,351 1,871 Long-term lease liabilities 27,263 6,879 The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities: December 31, 2021 Weighted average remaining lease term (in years) 8.6 Weighted average discount rate 2.8 % As of December 31, 2021, current operating leases had remaining terms between eight months and ten years with options to extend the lease terms. Undiscounted future minimum lease payments as of December 31, 2021, 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 2022 $ 4,098 2023 4,018 2024 3,966 2025 4,008 2026 4,021 Thereafter 14,222 Total lease payments 34,333 Less: imputed interest ( 3,719 ) Present value of lease payments $ 30,614

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES	10. ACCRUED EXPENSES: Accrued expenses consist of the following (in thousands): December 31, 2021 2020 Compensation $ 27,686 $ 22,147 PPG agreements 8,853 4,402 Research and development agreements 1,469 627 Consulting 1,314 771 Professional fees 1,000 908 Royalties 691 11,125 Other 4,461 1,424 Accrued expenses $ 45,474 $ 41,404

RESEARCH AND LICENSE AGREEMENTS

RESEARCH AND LICENSE AGREEMENTS WITH PRINCETON UNIVERSITY, UNIVERSITY OF SOUTHERN CALIFORNIA AND THE UNIVERSITY OF MICHIGAN	12 Months Ended
	Dec. 31, 2021
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 Princeton University (Princeton) and the University of Southern California (USC) for the conduct of research relating to the Company’s OLED and other organic thin-film technologies and materials. This research had been performed at Princeton under the direction of Professor Stephen R. Forrest and at USC under the direction of Professor Mark E. Thompson. Under an Amended License Agreement entered into in 1997 by the Company, Princeton and USC (as amended, the 1997 Amended License Agreement), the universities 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. Under the 1997 Amended License Agreement, the Company pays Princeton royalties of 3 % of the net sales price for licensed products it sells or 3 % of the revenues the Company receives from its sublicensees for their sale of licensed products. The Company recorded royalty expense in connection with this agreement of $ 691,000 , $ 11.1 million and $ 11.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The decline in the royalty expense was primarily due to the expiration of patents relating to the licensed products. In 2006, Professor Forrest transferred to the University of Michigan (Michigan) and the Company amended the 1997 Amended License Agreement to include Michigan as a party to that agreement. Also in connection with the transfer, the Company entered into a sponsored research agreement with USC under which the Company continues to fund organic electronics research being conducted by Professors Forrest and Thompson (the 2006 Research Agreement). Work by Professor Forrest is being funded through a subcontract between USC and Michigan. The 2006 Research Agreement extends through April 2023 with an option to further extend for an additional two years . The Company makes payments under the 2006 Research Agreement to USC on a quarterly basis as actual expenses are incurred. As of December 31, 2021, the Company was obligated to pay USC up to $ 4.3 million for work to be performed during the remaining extended term. The Company recorded research and development expense in connection with work performed under the 2006 Research Agreement of $ 1.3 million, $ 1.2 million and $ 997,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2021
Other Liabilities [Abstract]
OTHER LIABILITIES	12. OTHER LIABILITIES: Other liabilities consist of the following (in thousands): December 31, 2021 2020 Long-term taxes payable $ 47,791 $ 48,870 Long-term lease liabilities 27,263 6,879 Other long-term liabilities 1,023 192 Other Liabilities $ 76,077 $ 55,941 See Notes 9 and 20 for further explanation on long-term lease liabilities and long-term taxes payable, respectively.

EQUITY AND CASH COMPENSATION UN

EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS	12 Months Ended
	Dec. 31, 2021
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 replaced the original OLED Materials Agreement with PPG effective as of October 1, 2011. The term of the New OLED Materials Agreement, by amendment in February 2021, runs through December 31, 2024, 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 were issued for services to PPG for the years ended December 31, 2021, 2020 and 2019. 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. As noted above, in February 2021, the Company entered into an amendment to the New OLED Materials Agreement extending the term of the agreement and specifying operation and maintenance services that will be provided by PPG affiliate, PPG SCM Ireland Limited, to UDC Ireland, at the Company’s new manufacturing site in Shannon, Ireland, currently being leased by UDC Ireland’s wholly-owned subsidiary, OMM, for the production of OLED materials. Facility improvements and regulatory approvals are expected to be completed and operations are scheduled to commence by mid-year 2022. As with the initial New OLED Materials Agreement, the Company will compensate PPG on a cost-plus basis for the services provided at the Shannon manufacturing facility. The Company recorded research and development expense of $ 3.6 million, $ 2.8 million and $ 1.4 million for the years ended December 31, 2021, 2020 and 2019, respectively, in relation to the cash portion of the reimbursement of expenses and work performed by PPG, excluding amounts paid for commercial chemicals.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
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, 2021, the Company had issued 200,000 shares of preferred stock, all of which were outstanding. Common Stock The Company’s Amended and Restated Articles of Incorporation authorize it to issue up 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, 2021, the Company had issued 49,065,924 shares of common stock, of which 47,700,276 were outstanding. During the years ended December 31, 2021 and 2020, the Company repurchased no shares of common stock. Scientific Advisory Board Awards During the years ended December 31, 2021 and 2020, the Company granted a total of 1,400 and 1,926 shares, respectively, of fully vested common stock to non-employee members of the Scientific Advisory Board for services performed in 2020 and 2019, respectively. The fair value of the shares issued to members of the Scientific Advisory Board was $ 300,000 for both years ended December 31, 2021 and 2020. Dividends During the year ended December 31, 2021, the Company declared and paid cash dividends of $ 0.80 per common share, or $ 37.9 million, on the Company’s outstanding common stock. On February 22, 2022, the Company’s Board of Directors declared a first quarter dividend of $ 0.30 per share to be paid on March 31, 2022 to all shareholders of record of the Company's common stock as of the close of business on March 17, 2022 . All future dividends will be subject to the approval of the Company’s Board of Directors.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	15. ACCUMULATED OTHER COMPREHENSIVE LOSS: Amounts related to the changes in accumulated other comprehensive loss were as follows (in thousands): Unrealized Net Unrealized (2) Change in Cumulative Total Affected Line items in the Balance January 1, 2019, net of tax $ 10 $ ( 16,198 ) $ ( 46 ) $ ( 16,234 ) Other comprehensive gain (loss) 181 ( 3,492 ) — ( 3,311 ) (1) — 2,523 25 2,548 Selling, general and administrative, Change during period 181 ( 969 ) 25 ( 763 ) Balance December 31, 2019, net of tax 191 ( 17,167 ) ( 21 ) ( 16,997 ) Other comprehensive loss ( 100 ) ( 21,464 ) ( 14 ) ( 21,578 ) (1) — 2,556 — 2,556 Selling, general and administrative, Change during period ( 100 ) ( 18,908 ) ( 14 ) ( 19,022 ) Balance December 31, 2020, net of tax 91 ( 36,075 ) ( 35 ) ( 36,019 ) Other comprehensive (loss) gain ( 233 ) 13,620 ( 39 ) 13,348 Plan amendment cost — ( 283 ) — ( 283 ) (1) — 4,719 — 4,719 Selling, general and administrative, Change during period ( 233 ) 18,056 ( 39 ) 17,784 Balance December 31, 2021, net of tax $ ( 142 ) $ ( 18,019 ) $ ( 74 ) $ ( 18,235 ) (1) The Company reclassified amortization of prior service cost, actuarial loss and plan amendment cost for its retirement plan from accumulated other comprehensive loss to net income of $ 4.7 million, $ 2.6 million and $ 2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Refer to Note 17: Employee Retirement Plans

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	16. STOCK-BASED COMPENSATION: 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. Through December 31, 2021, the Company’s shareholders have approved increases in the number of shares reserved for issuance under the Equity Compensation Plan to 10,500,000 , and have extended the term of the plan through 2024 . As of December 31, 2021, there were 1,781,003 shares that remained available to be granted under the Equity Compensation Plan. 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 six 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 and equal to the market price at the end of the reporting period for unvested non-employee awards or upon the date of vesting for vested non-employee awards. 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 Weighted- Unvested, January 1, 2021 192,624 $ 160.99 Granted 116,024 208.67 Vested ( 78,455 ) 159.05 Forfeited ( 3,209 ) 177.41 Unvested, December 31, 2021 226,984 $ 184.93 The weighted average grant-date fair value of RSU awards granted was $ 208.67 , $ 162.32 and $ 168.95 during the years ended December 31, 2021, 2020 and 2019, respectively. The fair value as of the respective vesting dates of RSUs was $ 15.1 million for the year ended December 31, 2021 and $ 7.7 million for both years ended December 31, 2020 and 2019. The following table summarizes the activity related to restricted stock award (RSA) share based payment awards: Number of Weighted- Unvested, January 1, 2021 141,661 $ 124.81 Granted 30,647 172.95 Vested ( 96,981 ) 95.47 Unvested, December 31, 2021 75,327 $ 185.86 The weighted average grant-date fair value of RSA awards granted was $ 172.95 , $ 155.85 and $ 194.19 during the years ended December 31, 2021, 2020 and 2019, respectively. The fair value as of the respective vesting dates of RSAs was $ 20.0 million, $ 24.5 million and $ 28.4 million for 2021, 2020 and 2019, respectively. For the years ended December 31, 2021, 2020 and 2019, 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 $ 15.4 million, $ 13.9 million and $ 10.0 million, respectively, cost of sales of $ 2.5 million, $ 1.9 million and $ 1.1 million, respectively, and research and development expense of $ 5.2 million, $ 4.3 million and $ 2.5 million, respectively. In connection with the vesting of restricted stock awards and units during the years ended December 31, 2021, 2020 and 2019, 69,798 , 86,442 and 86,075 shares, respectively, with aggregate fair values of $ 14.1 million, $ 12.5 million and $ 14.0 million, respectively, were withheld in satisfaction of tax withholding obligations and are reflected as a financing activity within the Consolidated Statements of Cash Flows. For the years ended December 31, 2021, 2020 and 2019, the Company recorded as compensation charges related to all restricted stock units to non-employee members of the Scientific Advisory Board, whose unvested shares are marked to market each reporting period, research and development expense of $ 220,000 , $ 380,000 and $ 632,000 , respectively. 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, 2021, 2020 and 2019, 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 $ 1.2 million, $ 1.3 million and $ 916,000 , respectively. In connection with the vesting of the restricted stock, the Company issued to non-employee members of the Board of Directors 5,412 , 6,456 and 9,332 shares during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the total unrecognized expense related to all restricted stock awards and units was $ 35.5 million, which the Company expects to recognize over a weighted average period of 2.26 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 the Company's cumulative revenue growth compared to the cumulative revenue growth of companies comprising the Nasdaq Electronics Components Index, as measured over a specific performance period. The market-based vesting requirement is tied to the Company's total shareholder return relative to the total shareholder return of companies comprising the Nasdaq Electronics Components Index, as measured over a specific performance period. The maximum number of performance units that may vest based on performance is two times the shares granted. Further, if the Company's total shareholder return is negative, 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 Weighted- Unvested, January 1, 2021 117,915 $ 165.48 Granted 74,074 214.70 Vested ( 9,035 ) 120.46 Unvested, December 31, 2021 182,954 $ 189.24 During the years ended December 31, 2021, 2020 and 2019, the Company granted 77,086 , 95,772 and 10,096 performance units, respectively, of which 42,291 , 47,885 and 5,050 units, respectively, are subject to performance-based vesting requirements and 34,795 , 47,887 and 5,046 units, respectively, are subject to market-based vesting requirements, and which will vest over the terms described above. During the years ended December 31, 2021, 2020 and 2019, there were no ne, 15,638 and 15,650 incremental performance-based shares, respectively, that vested resulting from an increased vesting factor based on Company performance. The weighted average grant date fair value of the performance unit awards granted was $ 214.70 , $ 167.74 and $ 198.72 during the years ended December 31, 2021, 2020 and 2019, 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. For the years ended December 31, 2021, 2020 and 2019, the Company recorded, as compensation charges related to all performance stock units, selling, general and administrative expense of $ 8.0 million, $ 4.3 million and $ 1.7 million, respectively, cost of sales of $ 1.3 million, $ 670,000 and $ 208,000 , respectively, and research and development expense of $ 2.1 million, $ 1.1 million and $ 419,000 , respectively. In connection with the vesting of performance units during the years ended December 31, 2021, 2020 and 2019, 3,881 , 12,877 and 16,668 shares, respectively, with aggregate fair values of $ 875,000 , $ 1.9 million and $ 2.6 million, 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, 2021, the total unrecognized compensation expense related to performance unit awards was $ 21.4 million, which the Company expects to recognize over a weighted average period of 1.94 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, 2021, 2020 and 2019, the Company issued 9,156 , 9,668 and 7,492 shares, respectively, of its common stock under the ESPP, resulting in proceeds of $ 1.5 million, $ 1.2 million and $ 889,000 , respectively. For the years ended December 31, 2021, 2020 and 2019, the Company recorded charges of $ 93,000 , $ 96,000 and $ 79,000 , respectively, to selling, general and administrative expense, $ 119,000 , $ 111,000 , $ 73,000 , respectively, to cost of sales and $ 188,000 , $ 139,000 and $ 118,000 , 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.

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019, the Company contributed $ 1.3 million, $ 1.1 million and $ 880,000 , 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, 2021 there were eight 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 $ 22.8 million as accumulated other comprehensive loss as of December 31, 2021. 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, 2022 is $ 2.6 million. Information relating to the Company’s plan is as follows (in thousands): Year Ended December 31, 2021 2020 Change in benefit obligation: Benefit obligation, beginning of year $ 78,527 $ 51,117 Service cost 1,675 1,092 Interest cost 1,165 1,285 Actuarial (gain) loss ( 14,956 ) 25,033 Plan amendment 362 — Benefit obligation, end of year 66,773 78,527 Fair value of plan assets — — Unfunded status of the plan, end of year $ 66,773 $ 78,527 Current liability — — Non-current liability $ 66,773 $ 78,527 The accumulated benefit obligation for the plan was $ 63.3 million and $ 74.2 million as of December 31, 2021 and 2020, respectively. The actuarial gain of $ 15.0 million for the year ended December 31, 2021 was due to a reduction in the three-year average cash bonus paid to participants. The actuarial loss of $ 25.0 million for the year ended December 31, 2020 was due to an increase in the three year-average cash bonus paid to participants. The components of net periodic pension cost were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Service cost $ 1,675 $ 1,092 $ 969 Interest cost 1,165 1,285 1,613 Amortization of prior service cost 1,099 1,098 1,595 Amortization of loss 4,936 2,181 1,641 Total net periodic benefit cost $ 8,875 $ 5,656 $ 5,818 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, 2021 2020 Discount rate 2.16 % 1.54 % Rate of compensation increases 3.50 % 3.50 % Assumptions used to determine the net periodic pension cost were as follows: Year Ended December 31, 2021 2020 2019 Discount rate 1.54 % 2.64 % 3.82 % Rate of compensation increases 3.50 % 3.50 % 3.50 % Actuarial gains and losses are amortized from accumulated other comprehensive 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 loss into the net periodic pension cost in 2022 are as follows (in thousands): Amortization of prior service cost $ 1,119 Amortization of loss 1,487 Total $ 2,606 Benefit payments, which reflect estimated future service, are currently expected to be paid as follows (in thousands): Year Projected 2022 $ — 2023 5,462 2024 5,462 2025 5,462 2026 6,709 2027-2031 37,528 Thereafter 22,217

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES: Commitments Under the 2006 Research Agreement with USC, the Company is obligated to make certain payments to USC based on work performed by USC under that agreement, and by Michigan under its subcontractor agreement with USC. See Note 11 for further explanation. Under the terms of the 1997 Amended License Agreement, the Company is required to make minimum royalty payments to Princeton. See Note 11 for further explanation. The Company has agreements with six executive officers and 12 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, 2021, 2020 and 2019, the Company had purchase commitments for inventory of $ 25.7 million, $ 13.7 million and $ 22.0 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. Below is a summary of an active proceeding that has been commenced against an issued patent that is exclusively licensed to the Company. The Company does not believe that the confirmation, loss or modification of the Company’s rights in any individual claim or set of claims that are the subject of the following legal proceeding would have a material impact on the Company’s material sales or licensing business or on the Company’s Consolidated Financial Statements, including its Consolidated Statements of Income, as a whole. In certain circumstances, when permitted, the Company may also utilize a proceeding to request modification of the claims to better distinguish the patented invention from any newly identified prior art and/or improve the claim scope of the patent relative to commercially important categories of the invention. Opposition to European Patent No. 1390962 On November 16, 2011, Osram AG and BASF SE each filed a Notice of Opposition to European Patent No. 1390962 (the EP '962 patent), which relates to the Company’s white phosphorescent OLED technology. The EP '962 patent, which was issued on February 16, 2011, is a European counterpart patent to U.S. patents 7,009,338 and 7,285,907. They are exclusively licensed to the Company by Princeton, and the Company is required to pay all legal costs and fees associated with this proceeding. The European Patent Office (EPO) combined the oppositions into a single opposition proceeding, and a hearing on this matter was held in December 2015, wherein the EPO Opposition Division revoked the patent claims for alleged insufficiencies under European Patent Convention Article 83. The Company believes the EPO's decision is erroneous and appealed the decision. Subsequent to the filing of the appeal, BASF withdrew its opposition to the patent. On appeal, the Appeals Division withdrew the lower Opposition Division’s rejections with respect to a portion of the original subject matter and remanded the matter to the lower Opposition Division for further consideration. The patent, as originally granted, is deemed valid during the pendency of the opposition process. At this time, based on its current knowledge, the Company believes that the patent being challenged should be declared valid and that a significant portion of the Company's claims should be upheld. However, the Company cannot make any assurances of this result. In addition to the above proceeding and now concluded proceedings which have been referenced in prior filings, from time to time, the Company may have other proceedings that are pending which relate to patents the Company acquired as part of the Fujifilm or BASF OLED patent acquisitions or which relate to technologies that are not currently widely used in the marketplace.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 were as follows (in thousands): 2021 2020 2019 Customer % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable A 44 % $ 10,850 41 % $ 20,476 44 % $ 13,830 B 26 % 45,867 30 % 26,776 27 % 19,346 C 14 % 18,557 13 % 2,757 15 % 10,592 Revenues from outside of North America represented approximately 97 % of consolidated revenue for each of the years ended December 31, 2021, 2020 and 2019. Revenues by geographic area are as follows (in thousands): Year Ended December 31, Country 2021 2020 2019 South Korea $ 334,835 $ 263,079 $ 250,562 China 192,079 142,076 135,259 Japan 7,358 7,405 5,276 Other non-U.S. locations 3,137 1,728 2,270 Total non-U.S. locations 537,409 414,288 393,367 United States 16,116 14,579 11,810 Total revenue $ 553,525 $ 428,867 $ 405,177 The Company attributes revenue to different geographic areas on the basis of the location of the customer. Long-lived assets (net), by geographic area are as follows (in thousands): 2021 2020 United States $ 115,004 $ 93,230 Other 13,828 8,883 Total long-lived assets $ 128,832 $ 102,113 Substantially all chemical materials were purchased from one supplier. See Note 13.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	20. INCOME TAXES: The components of income before income taxes are as follows (in thousands): Year ended December 31, 2021 2020 2019 United States $ 60,066 $ 38,839 $ 53,629 Foreign 168,181 124,690 116,276 Income before income taxes $ 228,247 $ 163,529 $ 169,905 The components of the income tax expense are as follows (in thousands): Year ended December 31, 2021 2020 2019 Current income tax (expense) benefit: Federal $ ( 16,433 ) $ ( 14,773 ) $ ( 20,108 ) State ( 641 ) ( 568 ) ( 755 ) Foreign ( 25,212 ) ( 19,262 ) ( 16,514 ) ( 42,286 ) ( 34,603 ) ( 37,377 ) Deferred income tax (expense) benefit: Federal ( 844 ) 4,883 5,208 State ( 734 ) ( 34 ) 1,054 Foreign ( 170 ) ( 403 ) ( 486 ) ( 1,748 ) 4,446 5,776 Income tax expense $ ( 44,034 ) $ ( 30,157 ) $ ( 31,601 ) Reconciliation of the statutory U.S. federal tax rate to the Company's effective tax rate is as follows: Year ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 0.2 0.2 0.1 Effect of foreign operations ( 5.0 ) ( 5.2 ) ( 5.4 ) Accruals and reserves ( 0.8 ) ( 1.0 ) ( 1.1 ) Nondeductible employee compensation 3.0 2.6 2.5 Research tax credits ( 1.4 ) ( 1.8 ) ( 1.4 ) Stock based compensation ( 0.3 ) ( 0.9 ) ( 1.7 ) U.S. International Tax (Sub F, GILTI, FDII) 2.1 3.5 3.8 Other 0.5 — 0.8 Effective tax rate 19.3 % 18.4 % 18.6 % The following table summarizes Company tax credit carry forwards for tax return purposes as of December 31, 2021 (in thousands): Tax Benefit Expiration Date Tax credit carry forwards: State research tax credits $ 6,156 2029 to 2036 Total credit carry forwards $ 6,156 Significant components of the Company's net deferred tax assets and liabilities are as follows (in thousands): December 31, 2021 2020 Deferred tax asset: Capitalized technology license and patents $ 561 $ 580 Capitalized research expenditures 3,150 4,291 Accruals and reserves 4,733 4,178 Retirement plan 14,560 15,444 Deferred revenue 11,361 16,834 Tax credit carry forwards 6,156 4,589 Stock-based compensation 1,110 1,059 Other 5,819 1,914 47,450 48,889 Valuation allowance ( 5,911 ) ( 4,560 ) Deferred tax assets 41,539 44,329 Deferred tax liability: Accruals and reserves ( 8,086 ) ( 6,634 ) Deferred tax liabilities ( 8,086 ) ( 6,634 ) Net deferred tax assets $ 33,453 $ 37,695 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. At this time there is no evidence to release the valuation allowance that has historically been recorded for the New Jersey research and development credit. On December 27, 2018 the Korean Supreme Court, citing prior cases, held that only royalties paid with respect to Korean registered patents are 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 each year since the year ended December 31, 2018. Based on the Korean Supreme Court decision, in October 2021, a tax refund request on behalf of the Company was filed with the Korean National Tax Service (KNTS) for over-withheld taxes from 2018 to the second quarter of 2021. The Company has been advised by a leading Korean law firm that there is a more-likely-than-not chance of success. As a result, as of December 31, 2021 and December 31, 2020, the Company has recorded a long-term asset of $ 53.2 million and $ 40.1 million, respectively, representing the allocation of withholding to non-Korean patents. Also, the Company has recorded a long-term liability of $ 31.6 million and $ 32.7 million, respectively, for estimated amounts due to the U.S. Federal government based on the amendment of U.S. tax returns for lower withholding amounts. With respect to the Korean withholding for the years 2011 through 2017, the Company has decided to continue the U.S.-Korean Mutual Agreement Procedure (MAP) which was accepted by the KNTS on September 15, 2017. The Company believes that it is more-likely-than-not that a favorable settlement will be reached resulting in a reduction of the Korean withholding taxes previously withheld since 2011. The Internal Revenue Service and KNTS are currently exchanging information with respect to the MAP. A long-term asset of $ 36.9 million for estimated refunds due from the Korean government, a long-term payable of $ 16.2 million for estimated amounts due to the U.S. Federal government based on amendment of prior year U.S. tax returns for the lower withholding amounts, and a reduction of deferred tax assets for foreign tax credits and research and development credits of $ 20.7 million has been recorded on the December 31, 2021 and December 31, 2020 Consolidated Balance Sheets for this matter. On October 30, 2018, the KNTS concluded a tax audit with LG Display that included the licensing and royalty payments made to UDC Ireland during the years 2015 through 2017. The KNTS questioned whether UDC Ireland was the beneficial owner of these payments and assessed UDC Ireland a charge of $ 13.2 million for withholding and interest for the three-year period. UDC Ireland has engaged a leading Korean law firm which believes it is more-likely-than-not that UDC Ireland has beneficial ownership of the underlying intellectual property. Based on this authority, UDC Ireland has paid the assessment which is recorded as a long-term asset as of December 31, 2021 and December 31, 2020. In September 2020, the Korean District Court ruled entirely in the favor of UDC Ireland on the beneficial ownership issue and the ruling was affirmed by the Korean High Court in August 2021. The KNTS appealed the ruling to the Korean Supreme Court. On January 13, 2022, the Korean Supreme Court dismissed the appeal from the KNTS. UDC Ireland is expected to recover the charge of $ 13.2 million for withholding plus interest for the three-year period within a year after January 13, 2022. The Company’s federal income tax returns for the years 2018 to 2021 are open and subject to examination. The State of New Jersey has closed the 2014 to 2017 tax return audit of UDC, Inc. with no change to tax expense or tax credit carry forwards. The state and foreign tax returns are open for a period of generally three to four years .

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2021
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 each of the years ended December 31, 2021, 2020 and 2019, the Company recorded 97 % of its revenue from OLED related sales and 3 % from the providing of services through Adesis. Contract Balances The following table provides information about assets and liabilities associated with our contracts from customers (in thousands): As of December 31, 2021 Accounts receivable $ 107,639 Short-term unbilled receivables 8,127 Long-term unbilled receivables — Short-term deferred revenue 120,864 Long-term deferred revenue 36,217 Short-term and long-term unbilled receivables are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. The deferred revenue balance at December 31, 2021 will be recognized as materials are shipped to customers over the remaining contract periods. As of December 31, 2021, the Company had $ 29.1 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 the unbilled receivables and deferred liabilities balances for the years ended December 31, 2021 and 2020, are as follows (in thousands): Year Ended December 31, 2021 Unbilled Receivables Deferred Revenue Balance at December 31, 2020 $ 10,429 $ ( 162,301 ) Revenue recognized that was previously included in deferred revenue, net — 192,778 Increases due to cash received — ( 201,484 ) Cumulative catch-up adjustment arising from changes in estimates of — 13,926 Unbilled receivables recorded, net 32,720 — Transferred to receivables from unbilled receivables ( 35,022 ) — Net change ( 2,302 ) 5,220 Balance at December 31, 2021 $ 8,127 $ ( 157,081 ) Year Ended December 31, 2020 Unbilled Receivables Deferred Revenue Balance at December 31, 2019 $ 1,362 $ ( 144,862 ) Revenue recognized that was previously included in deferred revenue, net — 157,704 Increases due to cash received — ( 192,369 ) Cumulative catch-up adjustment arising from changes in estimates of — 17,226 Unbilled receivables recorded, net 9,067 — Net change 9,067 ( 17,439 ) Balance at December 31, 2020 $ 10,429 $ ( 162,301 ) The c umulative catch-up adjustment arising from changes in estimates of transaction price, net for the year ended December 31, 2021 decreased by $ 3.3 million as compared to the year ended December 31, 2020.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	12 Months Ended
	Dec. 31, 2021
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 stock options, restricted stock units and performance units, and the impact of shares to be issued under the 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, 2021, 2020 and 2019 (in thousands, except share and per share data): Year Ended December 31, 2021 2020 2019 Numerator: Net income $ 184,213 $ 133,372 $ 138,304 Adjustment for Basic EPS: Earnings allocated to unvested shareholders ( 1,137 ) ( 1,001 ) ( 1,106 ) Adjusted net income $ 183,076 $ 132,371 $ 137,198 Denominator: Weighted average common shares outstanding – Basic 47,296,447 47,198,982 46,959,775 Effect of dilutive shares: Common stock equivalents arising from stock options and ESPP 1,010 1,566 1,334 Restricted stock awards and units and performance units 67,978 36,446 34,353 Weighted average common shares outstanding – Diluted 47,365,435 47,236,994 46,995,462 Net income per common share: Basic $ 3.87 $ 2.80 $ 2.92 Diluted $ 3.87 $ 2.80 $ 2.92 For the years ended December 31, 2021, 2020, and 2019, there were no unvested restricted stock awards, restricted stock units, performance unit awards and stock options excluded from the calculation of diluted EPS as their impact would have been antidilutive.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
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., Universal Display Corporation Japan GK, Universal Display Corporation China, Ltd., Adesis, Inc. (Adesis), UDC Ventures LLC, OVJP Corporation (OVJP Corp) and OLED Material Manufacturing Limited (OMM). All intercompany transactions and accounts have been eliminated. In November 2020, a wholly-owned subsidiary of UDC Ireland, OMM, was formed as an Ireland limited company. Based out of Shannon, Ireland, OMM was formed to lease a manufacturing facility to increase the Company’s production capacity to meet market demand and diversify the Company’s manufacturing base due to evolving industry requirements. Facility improvements and regulatory approvals are expected to be completed and operations are scheduled to commence by mid-year 2022.
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 and Cash Equivalents	Cash and Cash Equivalents 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 are carried at fair market 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 risk of collection. 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. The allowance for credit losses was $ 279,000 , $ 139,000 and $ 84,000 at December 31, 2021, 2020 and 2019, respectively.
Inventories	Inventories Inventories consist of raw materials, work-in-process and finished goods, including inventory consigned to customers, 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 of December 31, 2021, Company management believed that no 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 years ended December 31, 2020 or 2019.
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. Company management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether a quantitative goodwill impairment test is necessary. If it is concluded it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then a quantitative impairment assessment is not necessary. If it is determined that goodwill has been impaired, then its carrying value is written down to fair value. The goodwill impairment test involves a two-step process. The first step, identifying a potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. If necessary, the second step to measure the impairment loss would be to compare the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied fair value is recognized as an impairment loss. The Company performed its annual impairment assessment as of December 31, 2021 utilizing a qualitative evaluation and concluded that it was more likely than not that the fair value of Adesis is greater than its carrying value. Company management believes it has made reasonable estimates and assumptions to calculate the fair value of the reporting unit. 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, 2021, 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, investments, retirement plan benefit liability and other liabilities 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 fair 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 of 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 clear 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.
Leases	Leases The Company is a lessee in operating leases primarily incurred to facilitate the expansion of 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, 2021, 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 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, 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 total sales-based royalties 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 on an annual 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, along with, to a minimal extent, government contracts. Relating to the Company’s government contracts, the Company may receive reimbursements by government entities for all or a portion of the research and development costs the Company incurs. Revenues are recognized as services are performed, proportionally as research and development costs are incurred, or as defined milestones are achieved. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income. In 2018, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC). This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2018 and lasts through the end of 2022 with an additional two-year extension option. Under this agreement, the Company is being paid a license fee, payable in quarterly installments over the agreement term of five years . 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. Under the supplemental material purchase agreement, SDC agrees to purchase from the Company a minimum amount of phosphorescent emitter materials for use in the manufacture of licensed products. This minimum commitment 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) which were effective as of January 1, 2015 and superseded the existing 2007 commercial supply agreement between the parties. The terms of the agreements were set to expire by the end of 2022. The patent license agreement provides LG Display a non-exclusive, royalty bearing portfolio license to make and sell OLED displays under the Company's patent portfolio. The patent license calls for license fees, prepaid royalties and running royalties on licensed products. The agreements include customary provisions relating to warranties, indemnities, confidentiality, assignability and business terms. The agreements provide for certain other minimum obligations relating to the volume of material sales anticipated over the life of the agreements as well as minimum royalty revenue to be generated under the patent license agreement. The Company generates revenue under these agreements that are predominantly tied to LG Display’s sales of OLED licensed products. The OLED commercial supply agreement provides for the sale of materials for use by LG Display, which may include phosphorescent emitters and host materials. In 2021, the Company entered into amendments of the 2015 OLED patent license agreement and the 2015 OLED commercial supply agreement with LG Display, which amendments were effective as of January 1, 2021. The amended agreements included a term extension and are set to expire by the end of 2025. In 2016, the Company entered into long-term, multi-year OLED patent license and material purchase agreements with Tianma Micro-electronics Co., Ltd. (Tianma). Under the license agreement, 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. The license agreement calls for license fees and running royalties on licensed products. Additionally, the Company supplies phosphorescent OLED materials to Tianma for use in its licensed products. In 2021, the parties extended the terms of both the patent license and material purchase agreements for an additional multi-year-term. In 2017, the Company entered into 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 2018, the Company entered into long-term, multi-year OLED patent license and material purchase agreements with Visionox Technology, Inc. (Visionox). Under the license agreement, the Company granted certain of Visionox’s affiliates a non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The license agreement calls for license fees and running royalties on licensed products. Additionally, the Company supplies phosphorescent OLED materials to Visionox for use in its licensed products. On April 22, 2021, the Company announced that it had extended the Visionox agreement by entering into new five-year OLED material supply and license agreements with a new affiliate of Visionox, Visionox Hefei Technology Co. Ltd. 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. All material sales transactions that are not variable consideration transactions are 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 Company's manufacturing partners and at the Company's internal manufacturing processing facility. 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 operations as incurred.
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 BASF and Fujifilm. These acquisitions were completed in the years ended December 31, 2016 and 2012, respectively. Acquisition costs are being amortized over a period of 10 years for both the BASF and Fujifilm 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 subsidiary is also the U.S. dollar and the functional currency for the OMM subsidiary and each of the Company's Asia-Pacific foreign subsidiaries is its local currency. The Company translates the amounts included in the Consolidated Statements of Income from OMM and its 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 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 loss. 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.
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 December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions and improving consistent application in certain areas of Topic 740. The standards update is effective prospectively for annual and interim periods in fiscal years beginning after December 15, 2020. The adoption of ASU 2019-12, beginning on January 1, 2021, did not have a significant impact on the Consolidated Financial Statements and related disclosures. Accounting Standards Issued But Not Yet Adopted The Company considers the applicability and impact of all ASUs. ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.

CASH, CASH EQUIVALENTS AND IN_2

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
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): Amortized Unrealized Aggregate Fair Cash and Cash Equivalents Classification Cost Gains (Losses) Market Value December 31, 2021 Cash accounts in banking institutions $ 256,878 $ — $ — $ 256,878 Money market accounts 55,115 — — 55,115 $ 311,993 $ — $ — $ 311,993 December 31, 2020 Cash accounts in banking institutions $ 163,779 $ — $ — $ 163,779 Money market accounts 17,261 — — 17,261 U.S. Government bonds 448,970 6 ( 4 ) 448,972 $ 630,010 $ 6 $ ( 4 ) $ 630,012
Schedule of Investments	The following table provides details regarding the Company’s portfolio of short-term investments (in thousands): Amortized Unrealized Aggregate Fair Short-term Investments Classification Cost Gains (Losses) Market Value December 31, 2021 Certificates of deposit $ 240 $ — $ — $ 240 Corporate bonds 226,448 3 ( 97 ) 226,354 U.S. Government bonds 124,611 — ( 11 ) 124,600 $ 351,299 $ 3 $ ( 108 ) $ 351,194 December 31, 2020 U.S. Government bonds 99,929 67 — 99,996 $ 99,929 $ 67 $ — $ 99,996 The following table provides details regarding the Company’s portfolio of long-term investments (in thousands): Amortized Unrealized Aggregate Fair Long-term Investments Classification Cost Gains (Losses) Market Value December 31, 2021 U.S. Government bonds $ 159,692 $ 10 $ ( 134 ) $ 159,568 $ 159,692 $ 10 $ ( 134 ) $ 159,568

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Cash equivalents $ 55,115 $ 55,115 $ — $ — Short-term investments 351,194 351,194 — — Long-term U.S government bonds investments 159,568 159,568 — — The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2020 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Cash equivalents $ 466,233 $ 466,233 $ — $ — Short-term investments 99,996 99,996 — —

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): December 31, 2021 2020 Raw materials $ 75,227 $ 46,843 Work-in-process 16,065 9,904 Finished goods 42,868 34,844 Inventory $ 134,160 $ 91,591

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following (in thousands): December 31, 2021 2020 Land $ 2,642 $ 2,642 Building and improvements 76,600 53,568 Office and lab equipment 107,168 85,881 Furniture, fixtures and computer related assets 16,221 8,921 Construction-in-progress 18,662 23,594 221,293 174,606 Less: Accumulated depreciation ( 92,461 ) ( 72,493 ) Property and equipment, net $ 128,832 $ 102,113

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Technology	These intangible assets consist of the following (in thousands): December 31, 2021 2020 PD-LD, Inc. $ 1,481 $ 1,481 Motorola 15,909 15,909 BASF 95,989 95,989 Fujifilm 109,462 109,462 Other 462 462 223,303 223,303 Less: Accumulated amortization ( 173,635 ) ( 153,050 ) Acquired technology, net $ 49,668 $ 70,253
Schedule of Other Intangible Assets	At December 31, 2021, these other intangible assets consist of the following (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Customer relationships $ 10,520 $ ( 4,973 ) $ 5,547 Developed IP, processes and recipes 4,820 ( 1,748 ) 3,072 Trade name/Trademarks 1,500 ( 818 ) 682 Other 436 ( 26 ) 410 Total identifiable other intangible assets $ 17,276 $ ( 7,565 ) $ 9,711

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Text Block [Abstract]
Other Asset	Other assets consist of the following (in thousands): December 31, 2021 2020 Long-term taxes receivable $ 103,260 $ 90,208 Right-of-use assets 30,614 8,750 Other long-term assets 1,836 4,383 Other Assets $ 135,710 $ 103,341

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 2019 Operating lease cost $ 3,637 $ 2,091 $ 1,855 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 26,174 $ 1,948 $ 9,776
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, 2021 2020 Right-of-use assets $ 30,614 $ 8,750 Short-term lease liabilities 3,351 1,871 Long-term lease liabilities 27,263 6,879
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, 2021 Weighted average remaining lease term (in years) 8.6 Weighted average discount rate 2.8 %
Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms	Undiscounted future minimum lease payments as of December 31, 2021, 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 2022 $ 4,098 2023 4,018 2024 3,966 2025 4,008 2026 4,021 Thereafter 14,222 Total lease payments 34,333 Less: imputed interest ( 3,719 ) Present value of lease payments $ 30,614

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following (in thousands): December 31, 2021 2020 Compensation $ 27,686 $ 22,147 PPG agreements 8,853 4,402 Research and development agreements 1,469 627 Consulting 1,314 771 Professional fees 1,000 908 Royalties 691 11,125 Other 4,461 1,424 Accrued expenses $ 45,474 $ 41,404

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities [Abstract]
Schedule of other liabilities	Other liabilities consist of the following (in thousands): December 31, 2021 2020 Long-term taxes payable $ 47,791 $ 48,870 Long-term lease liabilities 27,263 6,879 Other long-term liabilities 1,023 192 Other Liabilities $ 76,077 $ 55,941

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Amounts related to the changes in accumulated other comprehensive loss were as follows (in thousands): Unrealized Net Unrealized (2) Change in Cumulative Total Affected Line items in the Balance January 1, 2019, net of tax $ 10 $ ( 16,198 ) $ ( 46 ) $ ( 16,234 ) Other comprehensive gain (loss) 181 ( 3,492 ) — ( 3,311 ) (1) — 2,523 25 2,548 Selling, general and administrative, Change during period 181 ( 969 ) 25 ( 763 ) Balance December 31, 2019, net of tax 191 ( 17,167 ) ( 21 ) ( 16,997 ) Other comprehensive loss ( 100 ) ( 21,464 ) ( 14 ) ( 21,578 ) (1) — 2,556 — 2,556 Selling, general and administrative, Change during period ( 100 ) ( 18,908 ) ( 14 ) ( 19,022 ) Balance December 31, 2020, net of tax 91 ( 36,075 ) ( 35 ) ( 36,019 ) Other comprehensive (loss) gain ( 233 ) 13,620 ( 39 ) 13,348 Plan amendment cost — ( 283 ) — ( 283 ) (1) — 4,719 — 4,719 Selling, general and administrative, Change during period ( 233 ) 18,056 ( 39 ) 17,784 Balance December 31, 2021, net of tax $ ( 142 ) $ ( 18,019 ) $ ( 74 ) $ ( 18,235 ) (1) The Company reclassified amortization of prior service cost, actuarial loss and plan amendment cost for its retirement plan from accumulated other comprehensive loss to net income of $ 4.7 million, $ 2.6 million and $ 2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Refer to Note 17: Employee Retirement Plans

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
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 Weighted- Unvested, January 1, 2021 192,624 $ 160.99 Granted 116,024 208.67 Vested ( 78,455 ) 159.05 Forfeited ( 3,209 ) 177.41 Unvested, December 31, 2021 226,984 $ 184.93 The weighted average grant-date fair value of RSU awards granted was $ 208.67 , $ 162.32 and $ 168.95 during the years ended December 31, 2021, 2020 and 2019, respectively. The fair value as of the respective vesting dates of RSUs was $ 15.1 million for the year ended December 31, 2021 and $ 7.7 million for both years ended December 31, 2020 and 2019. The following table summarizes the activity related to restricted stock award (RSA) share based payment awards: Number of Weighted- Unvested, January 1, 2021 141,661 $ 124.81 Granted 30,647 172.95 Vested ( 96,981 ) 95.47 Unvested, December 31, 2021 75,327 $ 185.86
Schedule of Nonvested Performance-Based Units Activity	The following table summarizes the activity related to performance unit awards (PSU) share based payment awards:

EMPLOYEE RETIREMENT PLANS (Tabl

EMPLOYEE RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Change in benefit obligation: Benefit obligation, beginning of year $ 78,527 $ 51,117 Service cost 1,675 1,092 Interest cost 1,165 1,285 Actuarial (gain) loss ( 14,956 ) 25,033 Plan amendment 362 — Benefit obligation, end of year 66,773 78,527 Fair value of plan assets — — Unfunded status of the plan, end of year $ 66,773 $ 78,527 Current liability — — Non-current liability $ 66,773 $ 78,527
Components of Net Periodic Pension Cost	The components of net periodic pension cost were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Service cost $ 1,675 $ 1,092 $ 969 Interest cost 1,165 1,285 1,613 Amortization of prior service cost 1,099 1,098 1,595 Amortization of loss 4,936 2,181 1,641 Total net periodic benefit cost $ 8,875 $ 5,656 $ 5,818
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, 2021 2020 Discount rate 2.16 % 1.54 % Rate of compensation increases 3.50 % 3.50 % Assumptions used to determine the net periodic pension cost were as follows: Year Ended December 31, 2021 2020 2019 Discount rate 1.54 % 2.64 % 3.82 % 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 loss into the net periodic pension cost in 2022 are as follows (in thousands): Amortization of prior service cost $ 1,119 Amortization of loss 1,487 Total $ 2,606
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 2022 $ — 2023 5,462 2024 5,462 2025 5,462 2026 6,709 2027-2031 37,528 Thereafter 22,217

CONCENTRATION OF RISK (Tables)

CONCENTRATION OF RISK (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 were as follows (in thousands): 2021 2020 2019 Customer % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable A 44 % $ 10,850 41 % $ 20,476 44 % $ 13,830 B 26 % 45,867 30 % 26,776 27 % 19,346 C 14 % 18,557 13 % 2,757 15 % 10,592
Revenues by Geographic Area	Revenues by geographic area are as follows (in thousands): Year Ended December 31, Country 2021 2020 2019 South Korea $ 334,835 $ 263,079 $ 250,562 China 192,079 142,076 135,259 Japan 7,358 7,405 5,276 Other non-U.S. locations 3,137 1,728 2,270 Total non-U.S. locations 537,409 414,288 393,367 United States 16,116 14,579 11,810 Total revenue $ 553,525 $ 428,867 $ 405,177
Long-Lived Assets (Net) by Geographic Area	Long-lived assets (net), by geographic area are as follows (in thousands): 2021 2020 United States $ 115,004 $ 93,230 Other 13,828 8,883 Total long-lived assets $ 128,832 $ 102,113

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Components of Income (Loss) before Income Taxes	The components of income before income taxes are as follows (in thousands): Year ended December 31, 2021 2020 2019 United States $ 60,066 $ 38,839 $ 53,629 Foreign 168,181 124,690 116,276 Income before income taxes $ 228,247 $ 163,529 $ 169,905
Components of Income Tax Expense	The components of the income tax expense are as follows (in thousands): Year ended December 31, 2021 2020 2019 Current income tax (expense) benefit: Federal $ ( 16,433 ) $ ( 14,773 ) $ ( 20,108 ) State ( 641 ) ( 568 ) ( 755 ) Foreign ( 25,212 ) ( 19,262 ) ( 16,514 ) ( 42,286 ) ( 34,603 ) ( 37,377 ) Deferred income tax (expense) benefit: Federal ( 844 ) 4,883 5,208 State ( 734 ) ( 34 ) 1,054 Foreign ( 170 ) ( 403 ) ( 486 ) ( 1,748 ) 4,446 5,776 Income tax expense $ ( 44,034 ) $ ( 30,157 ) $ ( 31,601 )
Reconciliation of the Statutory U.S. Federal Tax Rate to the Effective Tax Rate	Reconciliation of the statutory U.S. federal tax rate to the Company's effective tax rate is as follows: Year ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 0.2 0.2 0.1 Effect of foreign operations ( 5.0 ) ( 5.2 ) ( 5.4 ) Accruals and reserves ( 0.8 ) ( 1.0 ) ( 1.1 ) Nondeductible employee compensation 3.0 2.6 2.5 Research tax credits ( 1.4 ) ( 1.8 ) ( 1.4 ) Stock based compensation ( 0.3 ) ( 0.9 ) ( 1.7 ) U.S. International Tax (Sub F, GILTI, FDII) 2.1 3.5 3.8 Other 0.5 — 0.8 Effective tax rate 19.3 % 18.4 % 18.6 %
Tax Loss and Tax Credit Carryforwards	The following table summarizes Company tax credit carry forwards for tax return purposes as of December 31, 2021 (in thousands): Tax Benefit Expiration Date Tax credit carry forwards: State research tax credits $ 6,156 2029 to 2036 Total credit carry forwards $ 6,156
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, 2021 2020 Deferred tax asset: Capitalized technology license and patents $ 561 $ 580 Capitalized research expenditures 3,150 4,291 Accruals and reserves 4,733 4,178 Retirement plan 14,560 15,444 Deferred revenue 11,361 16,834 Tax credit carry forwards 6,156 4,589 Stock-based compensation 1,110 1,059 Other 5,819 1,914 47,450 48,889 Valuation allowance ( 5,911 ) ( 4,560 ) Deferred tax assets 41,539 44,329 Deferred tax liability: Accruals and reserves ( 8,086 ) ( 6,634 ) Deferred tax liabilities ( 8,086 ) ( 6,634 ) Net deferred tax assets $ 33,453 $ 37,695

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2021
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 our contracts from customers (in thousands): As of December 31, 2021 Accounts receivable $ 107,639 Short-term unbilled receivables 8,127 Long-term unbilled receivables — Short-term deferred revenue 120,864 Long-term deferred revenue 36,217
Summary of Significant Changes in Unbilled Receivables and Deferred Liabilities Balances	Significant changes in the unbilled receivables and deferred liabilities balances for the years ended December 31, 2021 and 2020, are as follows (in thousands): Year Ended December 31, 2021 Unbilled Receivables Deferred Revenue Balance at December 31, 2020 $ 10,429 $ ( 162,301 ) Revenue recognized that was previously included in deferred revenue, net — 192,778 Increases due to cash received — ( 201,484 ) Cumulative catch-up adjustment arising from changes in estimates of — 13,926 Unbilled receivables recorded, net 32,720 — Transferred to receivables from unbilled receivables ( 35,022 ) — Net change ( 2,302 ) 5,220 Balance at December 31, 2021 $ 8,127 $ ( 157,081 ) Year Ended December 31, 2020 Unbilled Receivables Deferred Revenue Balance at December 31, 2019 $ 1,362 $ ( 144,862 ) Revenue recognized that was previously included in deferred revenue, net — 157,704 Increases due to cash received — ( 192,369 ) Cumulative catch-up adjustment arising from changes in estimates of — 17,226 Unbilled receivables recorded, net 9,067 — Net change 9,067 ( 17,439 ) Balance at December 31, 2020 $ 10,429 $ ( 162,301 ) The c

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 (in thousands, except share and per share data): Year Ended December 31, 2021 2020 2019 Numerator: Net income $ 184,213 $ 133,372 $ 138,304 Adjustment for Basic EPS: Earnings allocated to unvested shareholders ( 1,137 ) ( 1,001 ) ( 1,106 ) Adjusted net income $ 183,076 $ 132,371 $ 137,198 Denominator: Weighted average common shares outstanding – Basic 47,296,447 47,198,982 46,959,775 Effect of dilutive shares: Common stock equivalents arising from stock options and ESPP 1,010 1,566 1,334 Restricted stock awards and units and performance units 67,978 36,446 34,353 Weighted average common shares outstanding – Diluted 47,365,435 47,236,994 46,995,462 Net income per common share: Basic $ 3.87 $ 2.80 $ 2.92 Diluted $ 3.87 $ 2.80 $ 2.92

BUSINESS - Additional Informati

BUSINESS - Additional Information (Details)	Dec. 31, 2021Patent
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of patents issued and pending application	5,500

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	Apr. 22, 2021	Jun. 28, 2016	Jul. 23, 2012	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents maturity period					three months or less
Allowance for doubtful accounts				$ 279,000	$ 139,000	$ 84,000
Goodwill impairment loss				$ 0
Visionox Hefei Technology [Member]
Summary Of Significant Accounting Policies [Line Items]
Additional agreement duration	5 years
Patents [Member] | FUJIFILM [Member]
Summary Of Significant Accounting Policies [Line Items]
OLED patents useful life			10 years		10 years
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

CASH, CASH EQUIVALENTS AND IN_3

CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Cash, Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	$ 311,993	$ 630,010
Cash Equivalents, Gross Unrealized Gains	0	6
Cash Equivalents, Gross Unrealized Losses	0	4
Cash and Cash Equivalents, Fair Value Disclosure	311,993	630,012
Cash Accounts in Banking Institutions [Member]
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	256,878	163,779
Cash and Cash Equivalents, Fair Value Disclosure	256,878	163,779
Money Market Accounts [Member]
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	55,115	17,261
Cash and Cash Equivalents, Fair Value Disclosure	$ 55,115	17,261
U.S. Government Bonds [Member]
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value		448,970
Cash Equivalents, Gross Unrealized Gains		6
Cash Equivalents, Gross Unrealized Losses		4
Cash and Cash Equivalents, Fair Value Disclosure		$ 448,972

CASH, CASH EQUIVALENTS AND IN_4

CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	$ 351,299	$ 99,929
Available-for-sale Securities, Gross Unrealized Gains	3	67
Available-for-sale Securities, Gross Unrealized Losses	(108)	0
Available-for-sale Securities, Fair Value Disclosure	351,194	99,996
Short-term Investments [Member] | Certificates of Deposit [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	240
Available-for-sale Securities, Gross Unrealized Gains	0
Available-for-sale Securities, Gross Unrealized Losses	0
Available-for-sale Securities, Fair Value Disclosure	240
Short-term Investments [Member] | Corporate Bond Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	226,448
Available-for-sale Securities, Gross Unrealized Gains	3
Available-for-sale Securities, Gross Unrealized Losses	(97)
Available-for-sale Securities, Fair Value Disclosure	226,354
Short-term Investments [Member] | U.S. Government Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	124,611	99,929
Available-for-sale Securities, Gross Unrealized Gains	0	67
Available-for-sale Securities, Gross Unrealized Losses	(11)	0
Available-for-sale Securities, Fair Value Disclosure	124,600	$ 99,996
Long-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	159,692
Available-for-sale Securities, Gross Unrealized Gains	10
Available-for-sale Securities, Gross Unrealized Losses	(134)
Available-for-sale Securities, Fair Value Disclosure	159,568
Long-term Investments [Member] | U.S. Government Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	159,692
Available-for-sale Securities, Gross Unrealized Gains	10
Available-for-sale Securities, Gross Unrealized Losses	(134)
Available-for-sale Securities, Fair Value Disclosure	$ 159,568

CASH, CASH EQUIVALENTS AND IN_5

CASH, CASH EQUIVALENTS AND INVESTMENTS - Additional Information (Details) $ in Millions	Dec. 31, 2021USD ($)Investment
Cash and Cash Equivalents [Abstract]
Number of minority investments | Investment	2
Minority investment, carrying value | $	$ 8.5

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 311,993	$ 630,012
Short-term investments	351,194	99,996
Long-term Investments	168,076	5,000
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	55,115	466,233
Short-term investments	351,194	99,996
Long-term Investments	159,568
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]
Cash equivalents	55,115	466,233
Short-term investments	351,194	$ 99,996
Long-term Investments	$ 159,568

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Credit losses on debt investments	$ 0	$ 0

INVENTORY - Schedule of Invento

INVENTORY - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 75,227	$ 46,843
Work-in-process	16,065	9,904
Finished goods	42,868	34,844
Inventory	$ 134,160	$ 91,591

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Change in inventory reserve	$ 3,554	$ 1,114	$ 5,938

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 221,293	$ 174,606
Less: Accumulated depreciation	(92,461)	(72,493)
Property and equipment, net	128,832	102,113
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,642	2,642
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	76,600	53,568
Office and lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	107,168	85,881
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,221	8,921
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 18,662	$ 23,594

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 19,968	$ 15,217	$ 12,456

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Technology (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	$ 223,303	$ 223,303
Less: Accumulated amortization	(173,635)	(153,050)
Acquired technology, net	49,668	70,253
PD LD, Inc [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	1,481	1,481
Motorola [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	15,909	15,909
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	$ 462	$ 462

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Acquired Technology - Additional Information (Details) € in Millions	Jun. 28, 2016USD ($)Patent	Jun. 28, 2016EUR (€)Patent	Jul. 23, 2012USD ($)Patent	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets				$ 21,994,000	$ 21,969,000	$ 21,962,000
Future amortization expense, 2022				15,800,000
Future amortization expense, 2023				9,700,000
Future amortization expense, 2024					9,600,000
Future amortization expense, 2025					9,600,000
Future amortization expense, 2026				4,800,000
Future amortization expense, thereafter				200,000
Patent Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets				$ 20,600,000	$ 20,600,000	$ 20,600,000
Patents [Member] | FUJIFILM [Member]
Finite-Lived Intangible Assets [Line Items]
Number of patents acquired (more than) | Patent			1,200
Assigned value of acquired intangible assets			$ 105,000,000
Cash paid for OLED patents			$ 4,500,000
OLED patents useful life			10 years		10 years
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	$ 95,800,000	€ 86.8
Cash paid for OLED patents	$ 217,000
OLED patents useful life	10 years	10 years			10 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 15,535	$ 15,535
Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	17,276	16,800
Amortization expense related to other intangible assets	1,400	1,400	$ 1,400
Future amortization expense of other intangible assets, fiscal year 2022		1,400
Future amortization expense of other intangible assets, fiscal year 2023		1,400
Future amortization expense of other intangible assets, fiscal year 2024		1,400
Future amortization expense of other intangible assets, fiscal year 2025		1,400
Future amortization expense of other intangible assets, fiscal year 2026		1,400
Future amortization expense of other intangible assets, thereafter	2,700
Goodwill	15,500
Adesis, Inc. [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	10,520	$ 10,500
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	$ 4,800
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	$ 1,500
Amortization period of acquired intangible assets (in years)		10 years

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (7,565)	$ (6,155)
Net Carrying Amount	9,711	10,685
Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,276	16,800
Accumulated Amortization	(7,565)
Net Carrying Amount	9,711
Adesis, Inc. [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,520	10,500
Accumulated Amortization	4,973
Net Carrying Amount	5,547
Adesis, Inc. [Member] | Developed IP, Processes and Recipes [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,820	4,800
Accumulated Amortization	1,748
Net Carrying Amount	3,072
Adesis, Inc. [Member] | Trade Name/Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,500	$ 1,500
Accumulated Amortization	818
Net Carrying Amount	682
Adesis, Inc. [Member] | Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	436
Accumulated Amortization	26
Net Carrying Amount	$ 410

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Long-term taxes receivable	$ 103,260	$ 90,208
Right-of-use assets	$ 30,614	$ 8,750
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Other Long-term Investments	$ 1,836	$ 4,383
Other Assets, Total	$ 135,710	$ 103,341

LEASES- Additional Information

LEASES- Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease description	Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of December 31, 2021, the Company did not have any finance leases and no additional operating leases that have not yet commenced.
Operating lease cost	$ 3,637	$ 2,091	$ 1,855
Operating lease, option to extend	true
Minimum [Member]
Lessee Lease Description [Line Items]
Operating leases remaining term	8 months
Maximum [Member]
Lessee Lease Description [Line Items]
Operating leases remaining term	10 years

LEASES - Summary of Operating L

LEASES - Summary of Operating Lease Cost and Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 3,637	$ 2,091	$ 1,855
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$ 26,174	$ 1,948	$ 9,776

LEASES - Schedule Of Operating

LEASES - Schedule Of Operating Lease Right of Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets	$ 30,614	$ 8,750
Short-term lease liabilities	$ 3,351	$ 1,871
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Long-term lease liabilities	$ 27,263	$ 6,879
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

LEASES - Schedule of Weighted A

LEASES - Schedule of Weighted Average Assumptions Used to Compute Right-of-use Assets and Lease Liabilities (Details)	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	8 years 7 months 6 days
Weighted average discount rate	2.80%

LEASES - Schedule of Undiscount

LEASES - Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms (Details) $ in Thousands	Dec. 31, 2021USD ($)
Lessee Lease Description [Line Items]
2022	$ 4,098
2023	4,018
2024	3,966
2025	4,008
2026	4,021
Thereafter	14,222
Total lease payments	34,333
Less: imputed interest	(3,719)
Present value of lease payments	$ 30,614

ACCRUED EXPENSES - Accrued Expe

ACCRUED EXPENSES - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Compensation	$ 27,686	$ 22,147
PPG agreements	8,853	4,402
Research and development agreements	1,469	627
Consulting	1,314	771
Professional Fees	1,000	908
Royalties	691	11,125
Other	4,461	1,424
Accrued Expenses	$ 45,474	$ 41,404

RESEARCH AND LICENSE AGREEMEN_2

RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS- Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty expense	$ 691,000	$ 11,125,000	$ 11,776,000
1997 Amended License Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty expense	$ 691,000	11,100,000	11,800,000
Royalty rate for licensed products sold by the Company (in hundredths)	3.00%
Royalty rate for licensed products sold by the Company's sublicenses (in hundredths)	3.00%
2006 Research Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research agreement, extension term (in years)	2 years
Research agreement, new amendment expiration date	Apr. 30, 2023
Maximum obligation	$ 4,300,000
Research and development expense incurred	$ 1,300,000	$ 1,200,000	$ 997,000

OTHER LIABILITIES - Summary of

OTHER LIABILITIES - Summary of Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Long-term taxes payable	$ 47,791	$ 48,870
Long-term lease liabilities	$ 27,263	$ 6,879
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Other long-term liabilities	$ 1,023	$ 192
Other Liabilities	$ 76,077	$ 55,941

EQUITY AND CASH COMPENSATION _2

EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	0	0
New OLED Materials Agreement and OLED Materials Agreement [Member] | Cash Distribution
Long-term Purchase Commitment [Line Items]
Charges to expense for cash portion of reimbursement of expenses	$ 3.6	$ 2.8	$ 1.4
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	$ 20	$ 20

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details)	Feb. 22, 2022$ / shares	Feb. 22, 2021	Dec. 31, 2021USD ($)Board_member$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 1995shares
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) | $ / shares			$ 0.01	$ 0.01
Number of board members elected by class A shareholders | Board_member			2
Common Stock, shares authorized (in shares)			200,000,000	200,000,000
Common Stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Common Stock, shares issued (in shares)			49,065,924	49,013,476
Common Stock, shares outstanding (in shares)			47,700,276	47,647,828
Treasury stock repurchased shares			0	0
Treasury stock aggregate purchase price value | $					$ 649,000
Common stock dividends declared per share | $ / shares			$ 0.80	$ 0.60	$ 0.40
Common stock dividends paid | $			$ 37,900
Dividend declared date		Feb. 16, 2021
Dividend payable date		Mar. 31, 2021
Dividend record date		Mar. 16, 2021
Subsequent Event [Member]
Class Of Stock [Line Items]
Common stock dividends declared per share | $ / shares	$ 0.30
Dividend payable date	Mar. 31, 2022
Dividend record date	Mar. 17, 2022
Series A Nonconvertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred Stock, shares issued (in shares)			200,000	200,000		200,000
Preferred Stock, liquidation value per share (in dollars per share) | $ / shares			$ 7.50	$ 7.50
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.
Preferred Stock, shares outstanding (in shares)			200,000	200,000

SHAREHOLDERS' EQUITY - Deferred

SHAREHOLDERS' EQUITY - Deferred Compensation Arrangement - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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)	1,400	1,926
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

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		$ 912,714	$ 811,449	$ 690,506
Other comprehensive gain (loss) before reclassification		13,348	(21,578)	(3,311)
Plan amendment cost		(283)
Reclassification to net income	[1]	4,719	2,556	2,548
Other comprehensive loss		17,784	(19,022)	(763)
BALANCE		1,099,914	912,714	811,449
Unrealized gain (loss) on available-for-sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		91	191	10
Other comprehensive gain (loss) before reclassification		(233)	(100)	181
Plan amendment cost		0
Reclassification to net income	[1]	0	0	0
Other comprehensive loss		(233)	(100)	181
BALANCE		(142)	91	191
Net unrealized gain (loss) on retirement plan [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE	[2]	(36,075)	(17,167)	(16,198)
Other comprehensive gain (loss) before reclassification	[2]	13,620	(21,464)	(3,492)
Plan amendment cost	[2]	(283)
Reclassification to net income	[1],[2]	4,719	2,556	2,523
Other comprehensive loss	[2]	18,056	(18,908)	(969)
BALANCE	[2]	(18,019)	(36,075)	(17,167)
Change in cumulative foreign currency translation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		(35)	(21)	(46)
Other comprehensive gain (loss) before reclassification		(39)	(14)	0
Plan amendment cost		0
Reclassification to net income	[1]	0	0	25
Other comprehensive loss		(39)	(14)	25
BALANCE		(74)	(35)	(21)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		(36,019)	(16,997)	(16,234)
Other comprehensive loss		17,784	(19,022)	(763)
BALANCE		$ (18,235)	$ (36,019)	$ (16,997)
[1]	The Company reclassified amortization of prior service cost, actuarial loss and plan amendment cost for its retirement plan from accumulated other comprehensive loss to net income of $ 4.7 million, $ 2.6 million and $ 2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.
[2]	Refer to Note 17: Employee Retirement Plans

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification to net income	[1]	$ 4,719	$ 2,556	$ 2,548
[1]	The Company reclassified amortization of prior service cost, actuarial loss and plan amendment cost for its retirement plan from accumulated other comprehensive loss to net income of $ 4.7 million, $ 2.6 million and $ 2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

STOCK-BASED COMPENSATION - Equi

STOCK-BASED COMPENSATION - Equity Compensation Plan - Additional Information (Details) - Equity Compensation Plan [Member]	12 Months Ended
	Dec. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	10,500,000
Number of shares available for grant (in shares)	1,781,003
Compensation plan extended term description	extended the term of the plan through 2024
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration term (in years)	10 years

STOCK-BASED COMPENSATION - Eq_2

STOCK-BASED COMPENSATION - Equity Instruments Other Than Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, January 1, 2019	192,624
Number of Shares, Granted	116,024
Number of Shares, Vested	(78,455)
Number of Shares, Forfeited	(3,209)
Number of Shares, Unvested, December 31, 2019	226,984	192,624
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2019	$ 160.99
Weighted-Average Grant-Date Fair Value, Granted	208.67	$ 162.32	$ 168.95
Weighted-Average Grant-Date Fair Value, Vested	159.05
Weighted-Average Grant-Date Fair Value, Forfeited	177.41
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2019	$ 184.93	$ 160.99
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, January 1, 2019	141,661
Number of Shares, Granted	30,647
Number of Shares, Vested	(96,981)
Number of Shares, Unvested, December 31, 2019	75,327	141,661
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2019	$ 124.81
Weighted-Average Grant-Date Fair Value, Granted	172.95	$ 155.85	194.19
Weighted-Average Grant-Date Fair Value, Vested	95.47
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2019	$ 185.86	$ 124.81
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, January 1, 2019	117,915
Number of Shares, Granted	74,074
Number of Shares, Vested	(9,035)
Number of Shares, Unvested, December 31, 2019	182,954	117,915
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2019	$ 165.48
Weighted-Average Grant-Date Fair Value, Granted	214.70	$ 167.74	$ 198.72
Weighted-Average Grant-Date Fair Value, Vested	120.46
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2019	$ 189.24	$ 165.48

STOCK-BASED COMPENSATION - Eq_3

STOCK-BASED COMPENSATION - Equity Instruments Other Than Options - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares withheld for tax withholding obligations	$ 14,949,000	$ 14,394,000	$ 15,980,000
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	$ 1,200,000	$ 1,300,000	$ 916,000
Shares issued (in shares)	5,412	6,456	9,332
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)	$ 208.67	$ 162.32	$ 168.95
Fair value as of the respective vesting dates	$ 15,100,000	$ 7,700,000	$ 7,700,000
Grants in period (shares)	116,024
Restricted Stock Units (RSUs) [Member] | Research and Development Expense [Member] | Non Employee Members of Scientific Advisory Board [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 220,000	$ 380,000	$ 632,000
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)	$ 172.95	$ 155.85	$ 194.19
Fair value as of the respective vesting dates	$ 20,000,000	$ 24,500,000	$ 28,400,000
Shares withheld for employee taxes (shares)	69,798	86,442	86,075
Shares withheld for employee taxes	$ 14,100,000	$ 12,500,000	$ 14,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 35,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 3 months 3 days
Grants in period (shares)	30,647
Unrecognized compensation expense related to performance unit awards	$ 35,500,000
Restricted Stock [Member] | Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	15,400,000	13,900,000	10,000,000
Restricted Stock [Member] | Manufacturing Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	2,500,000	1,900,000	1,100,000
Restricted Stock [Member] | Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 5,200,000	$ 4,300,000	$ 2,500,000
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)	$ 214.70	$ 167.74	$ 198.72
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 21,400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 11 months 8 days
Grants in period (shares)	74,074
Shares withheld for tax withholding obligations (in shares)	3,881	12,877	16,668
Fair value of shares withheld for tax withholding obligations	$ 875,000	$ 1,900,000	$ 2,600,000
Unrecognized compensation expense related to performance unit awards	$ 21,400,000
Performance Shares [Member] | Incremental Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)	77,086	95,772	10,096
Performance Shares [Member] | Performance-Based Vesting Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)	42,291	47,885	5,050
Performance Shares [Member] | Market-Based Vesting Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)	34,795	47,887	5,046
Performance Shares [Member] | Company Performance-Based Vesting Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)	0	15,638	15,650
Performance Shares [Member] | Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 8,000,000	$ 4,300,000	$ 1,700,000
Performance Shares [Member] | Manufacturing Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,300,000	670,000	208,000
Performance Shares [Member] | Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2,100,000	$ 1,100,000	$ 419,000

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 25, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from common stock issued	$ 1,907,000	$ 1,523,000	$ 1,159,000
Employee Stock Purchase Plan (ESPP) [Member]
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)	9,156	9,668	7,492
Proceeds from common stock issued	$ 1,500,000	$ 1,200,000	$ 889,000
Employee Stock Purchase Plan (ESPP) [Member] | Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	93,000	96,000	79,000
Employee Stock Purchase Plan (ESPP) [Member] | Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	119,000	111,000	73,000
Employee Stock Purchase Plan (ESPP) [Member] | Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	$ 188,000	$ 139,000	$ 118,000

EMPLOYEE RETIREMENT PLANS - Add

EMPLOYEE RETIREMENT PLANS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)MultipleDenominatorParticipant	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
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	$ 1,300,000	$ 1,100,000	$ 880,000
Prior service cost expected to be amortized in next fiscal year	1,119,000
Actuarial (gain) loss	$ 14,956,000	(25,033,000)
Supplemental Executive Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of participants | Participant	8
Factor used to determine annual base salary | Multiple	12
Annual base salary period (in months)	24 months
Age of participant (in years)	65 years
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	$ 22,800,000
Prior service cost expected to be amortized in next fiscal year	2,600,000
Accumulated benefit obligation	$ 63,300,000	74,200,000
Defined benefit plan threshold of benefit obligation at which actuarial losses are amortized (in hundredths)	10.00%
Actuarial (gain) loss	$ 15,000,000	$ (25,000,000)

EMPLOYEE RETIREMENT PLANS - Inf

EMPLOYEE RETIREMENT PLANS - Information Relating to the Company's Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligation:
Benefit obligation, beginning of year	$ 78,527	$ 51,117
Service cost	1,675	1,092
Interest cost	1,165	1,285
Actuarial (gain) loss	(14,956)	25,033
Plan amendment	362	0
Benefit obligation, end of year	66,773	78,527
Fair value of plan assets	0	0
Unfunded status of the plan, end of year	(66,773)	(78,527)
Current liability	0	0
Non-current liability	$ 66,773	$ 78,527

EMPLOYEE RETIREMENT PLANS - Com

EMPLOYEE RETIREMENT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of net periodic pension cost [Abstract]
Service cost	$ 1,675	$ 1,092
Interest cost	1,165	1,285
Supplemental Executive Retirement Plan [Member]
Components of net periodic pension cost [Abstract]
Service cost	1,675	1,092	$ 969
Interest cost	1,165	1,285	1,613
Amortization of prior service cost	1,099	1,098	1,595
Amortization of loss	4,936	2,181	1,641
Total net periodic benefit cost	$ 8,875	$ 5,656	$ 5,818

EMPLOYEE RETIREMENT PLANS - Ass

EMPLOYEE RETIREMENT PLANS - Assumptions Used to Determine Benefit Obligation (Details)	Dec. 31, 2021	Dec. 31, 2020
Assumptions used to determine the year end benefit obligation [Abstract]
Discount rate	2.16%	1.54%
Rate of compensation increases	3.50%	3.50%

EMPLOYEE RETIREMENT PLANS - A_2

EMPLOYEE RETIREMENT PLANS - Assumptions Used to Determine Net Periodic Pension Cost (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assumptions used to determine the net periodic pension cost [Abstract]
Discount rate	1.54%	2.64%	3.82%
Rate of compensation increases	3.50%	3.50%	3.50%

EMPLOYEE RETIREMENT PLANS - Amo

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, 2021USD ($)
Estimated amounts to be amortized from accumulated other comprehensive loss in next fiscal year [Abstract]
Amortization of prior service cost	$ 1,119
Amortization of loss	1,487
Total	$ 2,606

EMPLOYEE RETIREMENT PLANS - Ben

EMPLOYEE RETIREMENT PLANS - Benefit Payments Expected to be Paid (Details) $ in Thousands	Dec. 31, 2021USD ($)
Benefit payments currently expected to be paid [Abstract]
2022	$ 0
2023	5,462
2024	5,462
2025	5,462
2026	6,709
2027-2031	37,528
Thereafter	$ 22,217

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Dec. 31, 2021USD ($)ExecutiveOfficerEmployeeMultiple	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Purchase commitments for inventory | $	$ 25.7	$ 13.7	$ 22
Commitment With Executive Officers [Member]
Loss Contingencies [Line Items]
Number of executive officers under agreement | ExecutiveOfficer	6
Number of employees under agreement | Employee	12
Multiple of sum of average annual base salary and bonus agreement terms | ExecutiveOfficer	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 | Multiple	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 | Multiple	1

CONCENTRATION OF RISK - Revenue

CONCENTRATION OF RISK - Revenues and Accounts Receivable From Our Largest Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Accounts Receivable	$ 107,639	$ 82,261
Major Customer A [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	44.00%	41.00%	44.00%
Major Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 10,850	$ 20,476	$ 13,830
Major Customer B [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	26.00%	30.00%	27.00%
Major Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 45,867	$ 26,776	$ 19,346
Major Customer C [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	14.00%	13.00%	15.00%
Major Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 18,557	$ 2,757	$ 10,592

CONCENTRATION OF RISK - Additio

CONCENTRATION OF RISK - Additional Information (Details) - Supplier	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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]
Concentration risk, percentage (less than 1% for contracts with U.S. government agencies)	97.00%	97.00%	97.00%

CONCENTRATION OF RISK - Reven_2

CONCENTRATION OF RISK - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Revenues	$ 553,525	$ 428,867	$ 405,177
South Korea [Member]
Concentration Risk [Line Items]
Revenues	334,835	263,079	250,562
China [Member]
Concentration Risk [Line Items]
Revenues	192,079	142,076	135,259
Japan [Member]
Concentration Risk [Line Items]
Revenues	7,358	7,405	5,276
Other Non-U.S. Locations [Member]
Concentration Risk [Line Items]
Revenues	3,137	1,728	2,270
Total Non-U.S. Locations [Member]
Concentration Risk [Line Items]
Revenues	537,409	414,288	393,367
United States [Member]
Concentration Risk [Line Items]
Revenues	$ 16,116	$ 14,579	$ 11,810

CONCENTRATION OF RISK - Long-Li

CONCENTRATION OF RISK - Long-Lived Assets (Net) by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total long-lived assets	$ 128,832	$ 102,113
United States [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	115,004	93,230
Other [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	$ 13,828	$ 8,883

INCOME TAXES - Components of In

INCOME TAXES - Components of Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of income before income taxes [Abstract]
United States	$ 60,066	$ 38,839	$ 53,629
Foreign	168,181	124,690	116,276
INCOME BEFORE INCOME TAXES	$ 228,247	$ 163,529	$ 169,905

INCOME TAXES - Components of _2

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income tax (expense) benefit:
Federal	$ (16,433)	$ (14,773)	$ (20,108)
State	(641)	(568)	(755)
Foreign	(25,212)	(19,262)	(16,514)
Current income tax benefit (expense)	(42,286)	(34,603)	(37,377)
Deferred income tax (expense) benefit:
Federal	(844)	4,883	5,208
State	(734)	(34)	1,054
Foreign	(170)	(403)	(486)
Deferred income tax expense, gross	(1,748)	4,446	5,776
Income tax expense	$ (44,034)	$ (30,157)	$ (31,601)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the Statutory U.S. Federal Tax Rate to the Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	0.20%	0.20%	0.10%
Effect of foreign operations	(5.00%)	(5.20%)	(5.40%)
Accruals and reserves	(0.80%)	(1.00%)	(1.10%)
Nondeductible employee compensation	3.00%	2.60%	2.50%
Research tax credits	(1.40%)	(1.80%)	(1.40%)
Stock based compensation	(0.30%)	(0.90%)	(1.70%)
U.S. International Tax (Sub F, GILTI, FDII)	2.10%	3.50%	3.80%
Other	0.50%	0.00%	0.80%
Effective tax rate	19.30%	18.40%	18.60%

INCOME TAXES - Tax Loss and Tax

INCOME TAXES - Tax Loss and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Tax Credit And Operating Loss Carryforwards [Line Items]
Total credit carry forwards, Tax Benefit	$ 6,156
Research Tax Credit [Member] | State [Member]
Tax Credit And Operating Loss Carryforwards [Line Items]
Total credit carry forwards, Tax Benefit	$ 6,156
Research Tax Credit [Member] | State [Member] | Minimum [Member]
Tax Credit And Operating Loss Carryforwards [Line Items]
Tax credit carryforwards, Expiration Date	Dec. 31, 2029
Research Tax Credit [Member] | State [Member] | Maximum [Member]
Tax Credit And Operating Loss Carryforwards [Line Items]
Tax credit carryforwards, Expiration Date	Dec. 31, 2036

INCOME TAXES - Significant Comp

INCOME TAXES - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax asset:
Capitalized technology license and patents	$ 561	$ 580
Capitalized research expenditures	3,150	4,291
Accruals and reserves	4,733	4,178
Retirement plan	14,560	15,444
Deferred revenue	11,361	16,834
Tax credit carry forwards	6,156	4,589
Stock-based compensation	1,110	1,059
Other	5,819	1,914
Deferred Tax Assets, Gross	47,450	48,889
Valuation allowance	(5,911)	(4,560)
Deferred tax assets	41,539	44,329
Deferred tax liability:
Accruals and reserves	(8,086)	(6,634)
Deferred tax liabilities	(8,086)	(6,634)
Net deferred tax assets	$ 33,453	$ 37,695

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	Oct. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 13, 2022
Income Taxes [Line Items]
Long-term asset		$ 135,710	$ 103,341
Withholding and interest for licencing and royalty payments	$ 13,200
Withholding and interest for licencing and royalty payments period	3 years
Current income tax expense		$ 25,212	$ 19,262	$ 16,514
State and foreign income tax returns subject to examination period minimum (in years)		3 years	3 years
State and foreign income tax returns subject to examination period maximum (in years)		4 years
Subsequent Event [Member]
Income Taxes [Line Items]
Estimated settlement amounts due (refunds) from withholding taxes						$ 13,200
Reduction of Korean Withholding Taxes [Member]
Income Taxes [Line Items]
Reduction of deferred tax asset for foreign tax credits and R&D		$ (20,700)	$ (20,700)
Korean Government [Member]
Income Taxes [Line Items]
Estimated settlement amounts due (refunds) from withholding taxes		36,900	36,900
U.S.Federal Government [Member]
Income Taxes [Line Items]
Estimated settlement amounts due (refunds) from withholding taxes		16,200	16,200
South Korea [Member]
Income Taxes [Line Items]
Current income tax expense		14,900	14,900	$ 14,900	$ 14,900
Allocation of Withholding to Non-Korean Patents [Member]
Income Taxes [Line Items]
Long-term asset		53,200	40,100
Allocation of Withholding to Non-Korean Patents [Member] | U.S.Federal Government [Member]
Income Taxes [Line Items]
Estimated settlement amounts due (refunds) from withholding taxes		$ 31,600	$ 32,700

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Backlog associated with committed purchase orders from customers	$ 29,100
Cumulative catch-up adjustment arising from changes in estimates of transaction price	13,926	$ 17,226
Cumulative catch-up adjustment arising from decrease in estimates of transaction price	$ (3,300)
Revenue from Contracts with Customers - ASU No. 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Percentage of revenue recorded from sales of materials	97.00%	97.00%	97.00%
Revenue from Contracts with Customers - ASU No. 2014-09 [Member] | Adesis, Inc. [Member]
Disaggregation Of Revenue [Line Items]
Percentage of revenue recorded from provision of services	3.00%	3.00%	3.00%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Assets and Liabilities Associated with Contracts from Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 107,639	$ 82,261
Short-term unbilled receivables	8,127
Short-term deferred revenue	120,864	105,215
Long-term deferred revenue	36,217	$ 57,086
Other Assets [Member]
Disaggregation Of Revenue [Line Items]
Long-term unbilled receivables	$ 0

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Significant Changes in Unbilled Receivables and Deferred Liabilities Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Revenue (Increase) Decrease
Balance	$ (162,301)
Revenue recognized that was previously included in deferred revenue	192,778	$ 157,704	$ (144,862)
Increases due to cash received	(201,484)	192,369
Cumulative catch-up adjustment arising from changes in estimates of transaction price	13,926	17,226
Net change	5,220	(17,439)
Balance	(157,081)	(162,301)
Unbilled Receivables Increase (Decrease)
Balance	10,429	1,362
Unbilled receivables recognized	32,720	9,067
Transferred to receivables from unbilled receivables	35,022
Net change	(2,302)	9,067
Balance	$ 8,127	$ 10,429	$ 1,362

NET INCOME PER COMMON SHARE - S

NET INCOME PER COMMON SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net Income (Loss) Attributable to Parent	$ 184,213	$ 133,372	$ 138,304
Adjustment for Basic EPS:
Earnings allocated to unvested shareholders	1,137	(1,001)	(1,106)
Adjusted net income	$ 183,076	$ 132,371	$ 137,198
Denominator:
Weighted average common shares outstanding – Basic	47,296,447	47,198,982	46,959,775
Effect of dilutive shares:
Common stock equivalents arising from stock options and ESPP	1,010	1,566	1,334
Restricted stock awards and units and performance units	67,978	36,446	34,353
Weighted average common shares outstanding – Diluted	47,365,435	47,236,994	46,995,462
Basic	$ 3.87	$ 2.80	$ 2.92
Diluted	$ 3.87	$ 2.80	$ 2.92

NET INCOME PER COMMON SHARE - A

NET INCOME PER COMMON SHARE - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of diluted EPS	0	0	0

QUARTERLY SUPPLEMENTAL FINANCIA

QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 553,525	$ 428,867	$ 405,177
Net Income (Loss) Attributable to Parent	$ 184,213	$ 133,372	$ 138,304
Net income per common share:
Basic	$ 3.87	$ 2.80	$ 2.92
Diluted	$ 3.87	$ 2.80	$ 2.92