Universal Display (OLED) 10-K 20 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Feb. 13, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Trading Symbol	OLED
Entity Registrant Name	UNIVERSAL DISPLAY CORPORATION
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0001005284
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	PA
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-12031
Entity Tax Identification Number	23-2372688
Entity Address, Address Line One	250 Phillips Boulevard
Entity Address, City or Town	Ewing
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08618
City Area Code	609
Local Phone Number	671-0980
Entity Common Stock, Shares Outstanding		47,469,086
Entity Public Float			$ 9,245,044,038
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Shareholders, which is to be filed with the Securities and Exchange Commission no later than April 30, 2025 (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 Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Universal Display Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 20, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Auditor Firm ID	185
Auditor Name	KPMG, LLP
Auditor Location	Philadelphia, PA, USA

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 98,980	$ 91,985
Short-term investments	393,690	422,137
Accounts receivable	113,648	139,850
Inventory	182,938	175,795
Other current assets	110,575	87,365
Total current assets	899,831	917,132
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $169,877 and $143,908	195,239	175,150
ACQUIRED TECHNOLOGY, net of accumulated amortization of $203,621 and $186,850	73,554	90,325
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $11,842 and $10,414	5,446	6,874
GOODWILL	15,535	15,535
INVESTMENTS	457,593	299,548
DEFERRED INCOME TAXES	78,320	59,108
OTHER ASSETS	106,815	105,289
TOTAL ASSETS	1,832,333	1,668,961
CURRENT LIABILITIES:
Accounts payable	36,590	10,933
Accrued expenses	46,026	52,080
Deferred revenue	33,074	47,713
Other current liabilities	9,720	8,096
Total current liabilities	125,410	118,822
DEFERRED REVENUE	537	12,006
RETIREMENT PLAN BENEFIT LIABILITY	54,450	52,249
OTHER LIABILITIES	35,411	38,658
Total liabilities	215,808	221,735
COMMITMENTS AND CONTINGENCIES (Note 18)
SHAREHOLDERS' EQUITY:
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500)	2	2
Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,834,541and 48,731,026 shares issued, and 47,468,893 and 47,365,378 share outstanding at December 31, 2024 and December 31, 2023, respectively	488	487
Additional paid-in capital	723,719	699,554
Retained earnings	934,655	789,553
Accumulated other comprehensive loss	(1,055)	(1,086)
Treasury stock, at cost (1,365,648 shares at December 31, 2024 and December 31, 2023)	(41,284)	(41,284)
Total shareholders’ equity	1,616,525	1,447,226
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,832,333	$ 1,668,961

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 169,877	$ 143,908
Finite-Lived Intangible Assets, Accumulated Amortization	203,621	186,850
Other Finite-Lived Intangible Assets, Accumulated Amortization	$ 11,842	$ 10,414
SHAREHOLDERS' EQUITY:
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized ( in shares)	5,000,000	5,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	200,000,000	200,000,000
Common Stock, shares issued (in shares)	48,834,541	48,731,026
Common Stock, shares outstanding (in shares)	47,468,893	47,365,378
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Treasury Stock, Common, Shares	1,365,648	1,365,648
Treasury Stock, Preferred, 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)	$ 7.5	$ 7.5
Preferred Stock, liquidation value	$ 1,500	$ 1,500

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE:
Total revenue	$ 647,684	$ 576,429	$ 616,619
COST OF SALES	148,461	135,376	127,896
Gross margin	499,223	441,053	488,723
OPERATING EXPENSES:
Research and development	157,187	130,481	117,062
Selling, general and administrative	74,286	67,387	77,886
Amortization of acquired technology and other intangible assets	18,200	15,993	17,459
Patent costs	8,699	9,356	8,329
Royalty and license expense	2,048	647	877
Total operating expenses	260,420	223,864	221,613
OPERATING INCOME	238,803	217,189	267,110
Interest income, net	40,682	28,166	7,811
Other loss, net	(7,357)	(184)	(6,691)
Interest and other loss, net	33,325	27,982	1,120
INCOME BEFORE INCOME TAXES	272,128	245,171	268,230
INCOME TAX EXPENSE	(50,049)	(42,160)	(58,169)
NET INCOME	$ 222,079	$ 203,011	$ 210,061
NET INCOME PER COMMON SHARE:
BASIC	$ 4.66	$ 4.25	$ 4.41
DILUTED	$ 4.65	$ 4.24	$ 4.4
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC	47,548,931	47,559,669	47,390,352
DILUTED	47,652,662	47,622,763	47,468,507
CASH DIVIDEND DECLARED PER COMMON SHARE	$ 1.6	$ 1.4	$ 1.2
Material sales
REVENUE:
Total revenue	$ 365,419	$ 322,029	$ 331,081
Royalty and license fees
REVENUE:
Total revenue	266,820	238,389	267,115
Contract research services
REVENUE:
Total revenue	$ 15,445	$ 16,011	$ 18,423

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 222,079	$ 203,011	$ 210,061
OTHER COMPREHENSIVEINCOME (LOSS), NET OF TAX:
Unrealized gain (loss) on available-for-sale securities, net of tax of none, none and $65, respectively	411	8,745	(7,745)
Employee benefit plan:
Actuarial gain on retirement plan, net of tax of $178, ($2,168) and ($1,667), respectively	(559)	7,207	5,971
Amortization of prior service cost, actuarial loss and curtailment charge for retirement plan included in net periodic pension costs, net of tax of ($84), ($299) and ($569), respectively	261	996	2,037
Net change in employee benefit plan	(298)	8,203	8,008
Change in cumulative foreign currency translation adjustment	(82)	418	(480)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	31	17,366	(217)
COMPREHENSIVE INCOME	$ 222,110	$ 220,377	$ 209,844

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale securities, tax	$ 0	$ 0	$ 65
Actuarial gain on retirement plan, tax	178	(2,168)	(1,667)
Amortization of prior service cost and actuarial loss for retirement plan included in net periodic pension costs, tax	$ (84)	$ (299)	$ (569)

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, Common [Member]	Series A Nonconvertible Preferred Stock [Member] Preferred Stock [Member]
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
Net income	210,061			210,061
Other comprehensive income (loss)	(217)				(217)
Cash dividends declared	(56,996)			(56,996)
Stock-based compensation and ESPP activity, net of taxes withheld	22,607		22,607
Stock-based compensation and ESPP activity, net of taxes withheld, Shares		70,106
BALANCE at Dec. 31, 2022	1,275,369	$ 491	681,335	653,277	(18,452)	$ (41,284)	$ 2
BALANCE (in shares) at Dec. 31, 2022		49,136,030				1,365,648	200,000
Net income	203,011			203,011
Other comprehensive income (loss)	17,366				17,366
Cash dividends declared	(66,735)			(66,735)
Stock-based compensation and ESPP activity, net of taxes withheld	$ 18,215	$ (4)	18,219
Stock-based compensation and ESPP activity, net of taxes withheld, Shares		(405,004)
Common shares repurchased (in shares)	0
BALANCE at Dec. 31, 2023	$ 1,447,226	$ 487	699,554	789,553	(1,086)	$ (41,284)	$ 2
BALANCE (in shares) at Dec. 31, 2023		48,731,026				1,365,648	200,000
Net income	222,079			222,079
Other comprehensive income (loss)	31				31
Cash dividends declared	(76,977)			(76,977)
Stock-based compensation and ESPP activity, net of taxes withheld	$ 24,166	$ 1	24,165
Stock-based compensation and ESPP activity, net of taxes withheld, Shares		103,515
Common shares repurchased (in shares)	0
BALANCE at Dec. 31, 2024	$ 1,616,525	$ 488	$ 723,719	$ 934,655	$ (1,055)	$ (41,284)	$ 2
BALANCE (in shares) at Dec. 31, 2024		48,834,541				1,365,648	200,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 222,079	$ 203,011	$ 210,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25,940	27,409	24,815
Impairment of property and equipment and right-of-use asset due to OVJP restructuring	7,498	0	0
Amortization of intangibles	18,200	15,993	17,459
Amortization of premium and discount on investments, net	(7,399)	(11,603)	(6,461)
Impairment of minority investments	0	0	6,962
Stock-based compensation	30,032	24,109	29,946
Deferred income tax benefit	(19,117)	(3,766)	(26,946)
Retirement plan expense, net of benefit payments	1,808	3,129	5,276
Decrease (increase) in assets:
Accounts receivable	26,202	(47,186)	14,975
Inventory	(7,143)	7,425	(49,060)
Other current assets	(23,210)	(41,574)	(24,843)
Other assets	(2,968)	4,450	25,971
Increase (decrease) in liabilities:
Accounts payable and accrued expenses	10,357	4,047	3,338
Other current liabilities	1,269	(21,481)	20,917
Deferred revenue	(26,108)	(4,159)	(93,203)
Other liabilities	(3,700)	(5,027)	(32,392)
Net cash provided by operating activities	253,740	154,777	126,815
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(42,637)	(59,792)	(42,497)
Purchase of intangibles	0	(66,563)	(4,709)
Purchases of investments	(594,848)	(531,103)	(701,993)
Proceeds from sale and maturity of investments	473,075	574,165	468,456
Net cash used in investing activities	(164,410)	(83,293)	(280,743)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	2,220	2,012	1,570
Payment of withholding taxes related to stock-based compensation to employees	(8,386)	(8,206)	(9,209)
Cash dividends paid	(76,169)	(66,735)	(56,996)
Net cash used in financing activities	(82,335)	(72,929)	(64,635)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,995	(1,445)	(218,563)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	91,985	93,430	311,993
CASH AND CASH EQUIVALENTS, END OF YEAR	$ 98,980	$ 91,985	$ 93,430

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS Non-Cash Activities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Significant Noncash Transactions [Line Items]
Unrealized gain (loss) on available-for-sale securities	$ 411	$ 8,938	$ (8,100)
Net change in accounts payable and accrued expenses related to purchases of property and equipment	(9,448)	678	3,069
Cash paid for income taxes, net of refunds	71,973	96,176	72,347
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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 222,079	$ 203,011	$ 210,061

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CYBERSECURITY RISK MANAGEMENT,

CYBERSECURITY RISK MANAGEMENT, STRATEGY, AND GOVERNANCE	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. CYBE RSECURITY Recognizing the importance of assessing, identifying, and managing material risks from cybersecurity threats, we maintain a cybersecurity program that is led by our management team and overseen by the Audit Committee of our Board of Directors . Material risks from cybersecurity threats to our company may include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. To identify and manage the risks from cybersecurity threats, our cybersecurity program includes various preventative, detection and responsive measures, including without limitation the following: use of monitoring and detection software applications, ongoing employee education and certification about cybersecurity threats, routine security access reviews, and the implementation of physical security measures. As standard practice, we require third-party service providers that may electronically interact with or handle our sensitive information to maintain an effective security management program and to notify us in the event of any known or suspected cyber incident. Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program. Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures. Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborations. We also retain a third-party Information Security consulting firm to advise on and assess our cybersecurity processes on an ongoing basis. The Audit Committee of our Board of Directors has oversight responsibility for our cybersecurity program. Our Chief Financial Officer and Information Technology leadership provide periodic updates regarding our cybersecurity risk management strategy and related activities to the Audit Committee, and provide other information as needed or requested to facilitate the committee’s oversight of our cybersecurity risk. The chair of our Audit Committee, who previously founded and for 19 years led an information technology consulting company that specialized in providing software and systems integration, business process and technical consulting to multinational companies, holds a certification in Systemic Cyber Risk Governance for Corporate Directors. Other members of our full Board of Directors, which also receives periodic briefings on cybersecurity matters, also have received professional education and training related to cybersecurity . Despite our efforts to manage the risk from cybersecurity threats, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. See Item 1A. “Risk Factors” for a further discussion of our cybersecurity risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program. Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures. Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborations. We also retain a third-party Information Security consulting firm to advise on and assess our cybersecurity processes on an ongoing basis. The Audit Committee of our Board of Directors has oversight responsibility for our cybersecurity program. Our Chief Financial Officer and Information Technology leadership provide periodic updates regarding our cybersecurity risk management strategy and related activities to the Audit Committee, and provide other information as needed or requested to facilitate the committee’s oversight of our cybersecurity risk. The chair of our Audit Committee, who previously founded and for 19 years led an information technology consulting company that specialized in providing software and systems integration, business process and technical consulting to multinational companies, holds a certification in Systemic Cyber Risk Governance for Corporate Directors. Other members of our full Board of Directors, which also receives periodic briefings on cybersecurity matters, also have received professional education and training related to cybersecurity .
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our Board of Directors has oversight responsibility for our cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Financial Officer and Information Technology leadership provide periodic updates regarding our cybersecurity risk management strategy and related activities to the Audit Committee, and provide other information as needed or requested to facilitate the committee’s oversight of our cybersecurity risk.
Cybersecurity Risk Role of Management [Text Block]	Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program. Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures. Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborations. We also retain a third-party Information Security consulting firm to advise on and assess our cybersecurity processes on an ongoing basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Members of our management team, most notably our Chief Financial Officer, who has responsibility for managing our Information Technology and Security functions, are responsible for leading our cybersecurity program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President, Head of Global Information Technology, who has decades of information technology leadership experience, and our Chief Financial Officer maintain their expertise through participating in events such as continuing education and training, and information-sharing collaborations. The chair of our Audit Committee, who previously founded and for 19 years led an information technology consulting company that specialized in providing software and systems integration, business process and technical consulting to multinational companies, holds a certification in Systemic Cyber Risk Governance for Corporate Directors. Other members of our full Board of Directors, which also receives periodic briefings on cybersecurity matters, also have received professional education and training related to cybersecurity
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team meets regularly with our information technology leadership personnel, including our Vice President, Head of Global Information Technology, who reports to our Chief Financial Officer, to receive updates and data on cybersecurity management activities, including assessments on emerging technologies and evaluations of recommended practices related to cybersecurity measures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

BUSINESS

BUSINESS	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	1. BUSINESS: Universal Display Corporation and its subsidiaries (the Company) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light and can be manufactured on both flexible and rigid substrates, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market, especially in the mobile phone, television, monitor, wearable, tablet, notebook and personal computer, augmented reality (AR), virtual reality (VR) and automotive markets. The Company believes this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost. The Company also believes that OLED lighting products have the potential to replace many existing light sources in the future because of their high-power efficiency, excellent color rendering index, low operating temperature and novel form factor. The Company’s technology leadership, intellectual property position, and more than 20 years of experience working closely with leading OLED display manufacturers are some of the competitive advantages that should enable the Company to continue to share in the revenues from OLED displays and lighting products as they continue to gain wider adoption. The Company’s primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers of products for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty lighting products; and (2) further develop and either license or otherwise commercialize the Company’s proprietary OLED material, device design and manufacturing technologies to those manufacturers. The Company has established a significant portfolio of proprietary OLED technologies and materials, primarily through internal research and development efforts and acquisitions of patents and patent applications, as well as maintaining long-standing, and establishing new relationships with world-class universities, research institutions and strategic manufacturing partnerships. The Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,500 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, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation The Consolidated Financial Statements include the accounts of Universal Display Corporation and its wholly owned subsidiaries, UDC, Inc., UDC Ireland Limited (UDC Ireland), Universal Display Corporation Hong Kong, Limited, Universal Display Corporation Korea, Y.H. (UDC Korea), Universal Display Corporation Japan GK, Universal Display Corporation China, Ltd., Adesis, Inc. (Adesis), UDC Ventures LLC, OVJP Corporation (OVJP Corp), OLED Material Manufacturing Limited (OMM) and Universal Vapor Jet Corporation Pte. Ltd. (UVJC). All intercompany transactions and accounts have been eliminated. Segment Information The Company has one reportable business segment, namely OLED technologies and materials. The Company also performs contract development and manufacturing support services through its subsidiary, Adesis, as well as research and development activities in organic vapor jet printing (OVJP) technology. However, these latter two activities do not rise to the level of significance to qualify as reportable segments and as such, are combined into the single OLED Materials reportable segment OLED materials managed on a consolidated basis. Factors that went into this determination included examining the nature and significance of the various business activities the Company engages in, and the availability of discrete data for those business activities. The Company’s Chief Operating Decision Maker (CODM) is its President and Chief Executive Officer. The President and Chief Executive Officer is the highest level of management responsible for the allocation of the Company’s resources and acts as the “assessor of the financial performance” of the Company. In a review of the financial decision making process, it was determined that the CODM primarily utilizes information consistent with that already incorporated in the existing consolidated financial statements. These measures include revenue, operating expense, net income and assets. As such, the Consolidated Financial Statements presentation is consistent with how the Company's CODM evaluates the results of operations and formulates strategic decisions about the business. Reclassification of Prior Year Presentation Certain prior year adjustments to reconcile net income to net cash provided by operating activities have been reclassified on the Consolidated Statements of Cash Flows to conform to the current year presentation. Stock-based compensation activity has been consolidated and includes stock-based compensation to employees, Board of Directors, and Scientific Advisory Board. Certain prior year adjustments have been reclassified on the Consolidated Statements of Shareholders' Equity to conform to the current year presentation. Stock-based compensation and ESPP activity, net of taxes withheld has been consolidated and includes issuance of common stock to employees, shares withheld for employee taxes, issuance of common stock to Board of Directors and Scientific Advisory Board, cancellation of restricted stock units and issuance of common stock to employees under an ESPP. Management’s Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the areas of revenue recognition including estimates of material unit sales and royalties, the useful life of acquired intangibles, lease liabilities, right-of-use assets, the use and recoverability of inventories, intangibles, investments and income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates. Cash, Cash Equivalents and Investments The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining investments as available-for-sale. These securities (excluding minority equity investments) are carried at fair 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 collection risk. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, allowances for credit losses would be required. As of December 31, 2024 and 2023 , the allowance for credit losses was $ 175,000 and $ 166,000 , respectively. Inventories Inventories consist of raw materials, work-in-process and finished goods, and are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventory valuation and firm committed purchase order assessments are performed on a quarterly basis and those items that are identified to be obsolete or in excess of forecasted usage are written down to their estimated realizable value. Estimates of realizable value are based upon management’s analyses and assumptions, including, but not limited to, forecasted sales levels by product, expected product lifecycle, product development plans and future demand requirements. A 12-month rolling forecast based on factors, including, but not limited to, production cycles, anticipated product orders, marketing forecasts, backlog, and shipment activities is used in the inventory analysis. If market conditions are less favorable than forecasts or actual demand from customers is lower than estimates, additional inventory write-downs may be required. If demand is higher than expected, inventories that had previously been written down may be sold. Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of 30 years for buildings, 15 years for building improvements, and three to seven years for office and lab equipment and furniture and fixtures. Repair and maintenance costs are charged to expense as incurred. Additions and betterments are capitalized. Major renewals and improvements are capitalized, and minor replacements, maintenance, and repairs are charged to current operations as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation are removed from the Consolidated Balance Sheets and any gain or loss is reflected in other operating expenses. Certain costs of computer software obtained for internal use are capitalized and amortized on a straight-line basis over three years . Costs for maintenance and training, as well as the cost of software that does not add functionality to an existing system, are expensed as incurred. Impairment of Long-Lived Assets Company management continually evaluates whether events or changes in circumstances might indicate that the remaining estimated useful life of long-lived assets may warrant revision, or that the remaining balance may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of the related undiscounted cash flows in measuring whether the long-lived asset should be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as deemed appropriate. As a result of the planned closure of OVJP Corp's location in California and related restructuring, the Company determined to record a $ 7.5 million impairment of property and equipment and right-of-use asset for the year ended December 31, 2024. As of December 31, 2024, Company management believed that no additional revision to the remaining useful lives or write-down of the Company’s long-lived assets was required, and similarly, no such revisions were required for the years ended December 31, 2023 or 2022 . Goodwill and Purchased Intangible Assets Goodwill is tested for impairment in the fourth fiscal quarter and, when specific circumstances dictate, between annual tests. If after assessing the totality of events or circumstances as those described in the qualitative assessment, it is determined that it is more likely than not the fair value of a reporting unit is less than its carrying amount, then a quantitative goodwill impairment test will be performed. Under the quantitative test, the fair value of the reporting unit is compared to its carrying amount including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit would be considered not impaired. However, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in the amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of December 31, 2024 utilizing a qualitative assessment and concluded that it was more likely than not that the fair value of Adesis is greater than its carrying value. Future impairment tests will continue to be performed annually in the fiscal fourth quarter, or sooner if a triggering event occurs. As of December 31, 2024 , no indications of impairment existed. Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets. Fair Value of Financial Instruments The carrying values of accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value in the accompanying Consolidated Financial Statements due to the short-term nature of those instruments. The Company’s other financial instruments, which include cash equivalents and investments (excluding minority equity investments) are carried at fair value. Fair Value Measurements Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability and are based on market data obtained from sources independent of the Company. Unobservable inputs reflect assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. Minority Equity Investments The Company accounts for minority equity investments in companies that are not accounted for under the equity method as equity securities without readily determinable fair values. The value of these securities is based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in the same issuer. Under this method, the share of income or loss of such companies is not included in the Consolidated Statements of Income. The carrying value of these investments is included in investments on the Consolidated Balance Sheets. The Company’s policy is to recognize an impairment in the value of its minority equity investments when evidence of an impairment exists. Factors considered in the assessment include a significant adverse change in the regulatory, economic, or technological environment, the completion of new equity financing that may indicate a decrease in value, the failure to complete new equity financing arrangements after seeking to raise additional funds, or the commencement of proceedings under which the assets of the business may be placed in receivership or liquidated to satisfy the claims of debt and equity stakeholders. The impairment in the value of minority equity investments is included in the other loss, net line item on the Consolidated Statements of Income. Leases The Company is a lessee in operating leases primarily incurred to facilitate manufacturing, research and development, and selling, general and administrative activities. At contract inception, the Company determines if an arrangement is or contains a lease, and if so recognizes a right-of-use asset and lease liability at the lease commencement date. For operating leases, the lease liability is measured at the present value of the unpaid lease payments at the lease commencement date, whereas for finance leases, the lease liability is initially measured at the present value of the unpaid lease payments and subsequently measured at amortized cost using the interest method. Operating lease right-of-use assets are included in other assets on the Consolidated Balance Sheets. The short-term portion of operating lease liabilities is included in other current liabilities on the Consolidated Balance Sheets and the long-term portion is included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2024, the Company had no leases that qualified as financing arrangements. Key estimates and judgments include how the Company determines the discount rate used to discount the unpaid lease payments to present value and the lease term. The Company monitors for events or changes in circumstances that could potentially require recognizing an impairment loss. Revenue Recognition and Deferred Revenue Material sales relate to the Company’s sale of its OLED materials for incorporation into its customers’ commercial OLED products or for their OLED development and evaluation activities. Revenue associated with material sales is generally recognized at the time title passes, which is typically at the time of shipment or at the time of delivery, depending upon the contractual agreement between the parties. Revenue may be recognized after control of the material passes in the event the transaction price includes variable consideration. For example, a customer may be provided an extended opportunity to stock materials prior to use in mass production and given a general right of return not conditioned on breaches of warranties associated with the specific product. In such circumstances, revenue will be recognized at the earlier of the expiration of the customer’s general right of return or once it becomes unlikely that the customer will exercise its right of return. The vast majority of revenue attributed to material sales is determined through technology license agreements and material supply agreements the terms of which are jointly agreed upon with the Company’s customers. The remaining revenue recognized is in the form of contract research services revenue earned by the Company’s subsidiary, Adesis, Inc., and the Company’s occasional material sales to smaller customers. None of the revenue recognized during the years ended December 31, 2024, 2023 or 2022 resulted solely from royalty or license fee arrangements as to which there were not associated material sales. The rights and benefits to the Company’s OLED technologies are conveyed to the customer through technology license agreements and material supply agreements. The Company believes that the licenses and materials sold under these combined agreements are not distinct from each other for financial reporting purposes and as such, they are accounted for as a single performance obligation. Accordingly, total contract consideration is estimated and recognized over the contract term based on material units sold at the estimated per unit fee over the life of the contract. Total contract consideration is allocated to material sales and royalty and licensing fees on the Consolidated Statements of Income based on contract pricing. Various estimates are relied upon to recognize revenue. The Company estimates total material units to be purchased by its customers over the contract term based on historical trends, industry estimates and its forecast process. Management uses the expected value method to estimate the material per unit fee. Additionally, management estimates the sales-based portion of royalty revenue based on the estimated net sales revenue of its customers over the contract term. Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and commercialization for non-OLED applications on a contractual basis. These services range from intermediates for structure-activity relationship studies, reference agents and building blocks for combinatorial synthesis, re-synthesis of key intermediates, specialty organic chemistry needs, and selective toll manufacturing. These services are provided to third-party pharmaceutical and life sciences firms and other technology firms at fixed costs or predetermined rates on a contract basis. Revenue is recognized as services are performed with billing schedules and payment terms negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. In other cases, services may be provided and revenue is recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable. Technology development and support revenue is revenue earned from development and technology evaluation agreements and commercialization assistance fees. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income. On December 2, 2022, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, the Company is being paid a license fee, which includes quarterly and annual payments over the agreement term. The agreement conveys to SDC the non-exclusive right to use certain of the Company's intellectual property assets for a limited period of time that is less than the estimated life of the assets. At the same time the Company entered into the current commercial license agreement with SDC, the Company also entered into a new supplemental material purchase agreement with SDC, which lasts for the same term as the license agreement and is subject to the same extension option. This new material purchase agreement replaced a previous purchase agreement that had been in place since 2018. Under the supplemental material purchase agreement, SDC agrees to purchase red and green phosphorescent emitter materials from the Company for use in the manufacture of licensed products. This amount purchased is subject to SDC’s requirements for phosphorescent emitter materials and the Company’s ability to meet these requirements over the term of the supplemental agreement. In 2015, the Company entered into an OLED patent license agreement and an OLED commercial supply agreement with LG Display Co., Ltd. (LG Display). The terms of these agreements have been extended through the end of 2025. The patent license agreement provides LG Display a non-exclusive, royalty bearing portfolio license to make and sell OLED displays under the Company's patent portfolio. The patent license calls for license fees, prepaid royalties and running royalties on 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. The agreements provide for certain other minimum obligations relating to the volume of material sales anticipated over the lives of the agreements as well as minimum royalty revenue. In 2023, the Company entered into new long-term, multi-year agreements with BOE Technology Group Co., Ltd. (BOE). Under these agreements, the Company has granted BOE non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company supplies phosphorescent OLED materials to BOE for use in its licensed products. In 2019, the Company entered into an evaluation and commercial supply relationship with Wuhan China Star Optoelectronics Semiconductor Display Technology Co., Ltd. (CSOT). In 2020, the Company entered into long-term, multi-year agreements with CSOT. Under these agreements, the Company has granted CSOT non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company also supplies phosphorescent OLED materials to CSOT for use in its licensed products. In 2024, the Company entered into new long-term, multi-year agreements with Visionox Technology, Inc. (Visionox). Under these agreements, the Company has granted Visionox non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. Additionally, the Company supplies phosphorescent OLED materials to Visionox for use in its licensed products. In 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. 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 facilities of the Company's manufacturing partner, PPG Industries, Inc. (PPG) and at the Company's internal facilities. The Company’s portion of cost of sales also includes depreciation of manufacturing equipment, as well as manufacturing overhead costs and inventory adjustments for excess and obsolete inventory. Research and Development Expenditures for research and development are charged to expense as incurred. Restructuring The Company has current restructuring initiatives taking place, and it is possible that the Company may engage in future restructuring activities. Identifying and calculating the cost to exit these operations requires certain assumptions to be made, the most significant of which are anticipated future liabilities, including leases and other contractual obligations, and the adjustment of property and equipment to net realizable value. The Company believes the estimates are reasonable, considering the Company's knowledge of the industries it operates in. However, significant judgment is required, and these estimates and assumptions may change as additional information becomes available and facts or circumstances change. In June 2020, the Company formed a wholly-owned subsidiary, OVJP Corp in California, as a Delaware corporation, which was founded to advance the commercialization of the Company's proprietary OVJP technology. In December 2024, the Company announced that the OVJP Corp facility in California would be closing and OVJP operations would be relocated to the Company's newly formed subsidiary, UVJC in Singapore, as well as continued operations in the Company's Tech and Innovation Center in New Jersey. As a result of the planned closure of OVJP Corp's location in California, the Company determined to record $ 8.9 million of restructuring costs for the year ended December 31, 2024. The restructuring costs include impairment of property and equipment of $ 6.1 million, impairment of the OVJP right-of-use asset of $ 1.4 million, $ 1.0 million of employee-related costs, and $ 400,000 of ancillary expenses. The OVJP Corp restructuring costs are included in the research and development expense line item on the Consolidated Statements of Income. Patent Costs Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred. Costs to successfully defend a challenge to a patent are capitalized to the extent of an evident increase in the value of the patent. Costs that relate to an unsuccessful outcome are charged to expense. Amortization of Acquired Technology Amortization costs primarily relate to technology acquired from Merck KGaA, Darmstadt, Germany (Merck KGaA) and BASF SE (BASF). The Merck KGaA acquisition was completed on April 28, 2023 and the BASF acquisition was completed during the year ended December 31, 2016. Acquisition costs are being amortized over a period of 10 years for the Merck KGaA and BASF patents. Amortization of Other Intangible Assets Other intangible assets from the Adesis acquisition are being amortized over a period of 10 to 15 years . See Note 7 for further discussion. Translation of Foreign Currency Financial Statements and Foreign Currency Transactions The Company’s reporting currency is the U.S. dollar. The functional currency for the UDC Ireland and UDC Korea subsidiaries are also the U.S. dollar and the functional currency for the OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries is its respective local currency. The Company translates the amounts included in the Consolidated Statements of Income from OMM and its Asia-Pacific foreign subsidiaries into U.S. dollars at weighted-average exchange rates, which the Company believes are representative of the actual exchange rates on the dates of the transactions. The Company's OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries' assets and liabilities are translated into U.S. dollars from the local currency at the actual exchange rates as of the end of each reporting date, and the Company records the resulting foreign exchange translation adjustments in the Consolidated Balance Sheets as a component of accumulated other comprehensive 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 June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. Under this standard, a contractual restriction on the sale of an equity security is not considered in measuring the security's fair value. The standard also requires certain disclosures for equity securities that are subject to contractual restrictions. The adoption of ASU 2022-03, beginning on January 1, 2024, did not have an impact on the Consolidated Financial Statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The standard improves the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The adoption of ASU 2023-07, during the annual period ended December 31, 2024, resulted in the "Segment Information" disclosure included in Note 2. Accounting Standards Issued But Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The standard enhances to the annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity's worldwide operations. ASU 2023-09 becomes effective for annual reporting periods beginning after December 15, 2024, and the Company is evaluating the potential impact of this standard on its income tax disclosures. In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718) . The standard provides guidance to reduce complexity and diversity in practice in determining whether a profits interest award is accounted for as a share-based payment. Early adoption is permitted. This guidance can be applied either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest or similar awards granted or modified on or after the effective date for our application of this guidance. The Company does not expect ASU 2024-01, which becomes effective for annual reporting periods after December 15, 2024 and interim periods within those annual periods, to have an impact on its Consolidated Financial Statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expens

CASH, CASH EQUIVALENTS AND INVE

CASH, CASH EQUIVALENTS AND INVESTMENTS	12 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND INVESTMENTS	3. CASH, CASH EQUIVALENTS AND INVESTMENTS: The Company’s portfolio of marketable fixed income securities consists of U.S. Government bonds 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): Cost or Unrealized Aggregate Fair Cash and Cash Equivalents Classification Amortized Cost Gains (Losses) Market Value December 31, 2024 Cash accounts in banking institutions $ 96,318 $ — $ — $ 96,318 Money market accounts 2,662 — — 2,662 $ 98,980 $ — $ — $ 98,980 December 31, 2023 Cash accounts in banking institutions $ 91,717 $ — $ — $ 91,717 Money market accounts 268 — — 268 $ 91,985 $ — $ — $ 91,985 Short-term Investments The following table provides details regarding the Company’s portfolio of short-term investments (in thousands): Cost or Unrealized Aggregate Fair Short-term Investments Classification Amortized Cost Gains (Losses) Market Value December 31, 2024 U.S. Government bonds $ 392,778 $ 758 $ — $ 393,536 Marketable securities (1) 142 12 — 154 $ 392,920 $ 770 $ — $ 393,690 December 31, 2023 Corporate bonds $ 1,763 $ 1 $ ( 5 ) $ 1,759 U.S. Government bonds 420,769 303 ( 694 ) 420,378 $ 422,532 $ 304 $ ( 699 ) $ 422,137 (1) Changes in aggregate fair market value recorded in other loss, net on the Consolidated Statements of Income. Long-term U.S. Government Bond Investments The following table provides details regarding the Company’s portfolio of long-term investments (in thousands): Cost or Unrealized Aggregate Fair Long-term Investments Classification Amortized Cost Gains (Losses) Market Value December 31, 2024 U.S. Government bonds $ 434,766 $ 1,302 $ ( 595 ) $ 435,473 $ 434,766 $ 1,302 $ ( 595 ) $ 435,473 December 31, 2023 U.S. Government bonds 284,053 1,457 ( 8 ) $ 285,502 $ 284,053 $ 1,457 $ ( 8 ) $ 285,502 Minority Equity Investments and Convertible Notes The Company’s portfolio of minority equity investments and convertible notes consists of investments in privately held early-stage companies primarily motivated for the Company to gain early access to new technology and are passive in nature in that the Company typically does not seek to obtain representation on the boards of directors of the companies in which it invests. Minority equity investments and convertible notes are included in investments on the Consolidated Balance Sheets. As of December 31, 2024 and December 31, 2023 , the Company had minority equity investments in six and five entities, respectively, with a total carrying value of $ 18.6 million and $ 14.0 million, respectively, accounted for as equity securities without readily determinable fair values. As of December 31, 2024 , the Company had two convertible note investments, with a total fair value of $ 3.5 million accounted for as available-for-sale debt securities without readily determinable fair values. As of December 31, 2023 , the Company had no convertible note investments. During the years ended December 31, 2024 and 2023 , the Company did not recognize an impairment in the value of its minority equity investments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2024
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, 2024 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Short-term U.S. Government bonds $ 393,536 $ 393,536 $ — $ — Long-term U.S. Government bonds 435,473 435,473 — — Cash equivalents 2,662 2,662 — — Short-term Marketable Securities 154 154 — — The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2023 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Short-term U.S. Government bonds $ 420,378 420,378 — — Long-term U.S. Government bonds 285,502 285,502 — — Short-term Corporate bonds 1,759 1,759 — — Cash equivalents 268 268 — — 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 loss, net on the Consolidated Statements of Income. There were no credit losses on debt investments as of December 31, 2024 or December 31, 2023 .

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
INVENTORY	5. INVENTORY: Inventory consisted of the following (in thousands): December 31, 2024 2023 Raw materials $ 106,795 $ 113,400 Work-in-process 16,374 9,433 Finished goods 59,769 52,962 Inventory $ 182,938 $ 175,795 The Company recorded an increase in its inventory reserves of $ 3.1 million, $ 8.5 million and $ 3.6 million for the years ended December 31, 2024, 2023 and 2022 , respectively, due to excess inventory levels in certain products.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	6. PROPERTY AND EQUIPMENT: Property and equipment, net consist of the following (in thousands): December 31, 2024 2023 Land $ 12,230 $ 12,230 Building and improvements 131,288 116,903 Office and lab equipment 159,448 148,465 Furniture, fixtures and computer related assets 16,858 18,970 Construction-in-progress 45,292 22,490 365,116 319,058 Less: Accumulated depreciation ( 169,877 ) ( 143,908 ) Property and equipment, net $ 195,239 $ 175,150 Depreciation expense was $ 25.9 million, $ 27.4 million and $ 24.8 million for the years ended December 31, 2024, 2023 and 2022 , respectively. For the year ended December 31, 2024, the Company recorded impairment expense of $ 6.1 million related to the planned closure of OVJP Corp's California location and related restructuring. The increase in construction-in-progress during the year ended December 31, 2024 was primarily due to the expansion of the Company's manufacturing facility in Shannon, Ireland and research and development facility in Ewing, NJ.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
GOODWILL AND INTANGIBLE ASSETS	7. GOODWILL AND INTANGIBLE ASSETS: The Company monitors the recoverability of goodwill annually or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Purchased intangible assets subject to amortization consist of acquired technology and other intangible assets that include trade names, customer relationships and developed intellectual property (IP) processes. Acquired Technology Acquired technology primarily consists of acquired license rights for patents and know-how obtained from Merck KGaA, BASF and Fujifilm. These intangible assets consist of the following (in thousands) : December 31, 2024 2023 Merck KGaA 66,012 66,012 BASF 95,989 95,989 Fujifilm 109,462 109,462 Other 5,712 5,712 277,175 277,175 Less: Accumulated amortization ( 203,621 ) ( 186,850 ) Acquired technology, net $ 73,554 $ 90,325 Amortization expense related to acquired technology was $ 16.8 million, $ 14.6 million and $ 16.0 million for the years ended December 31, 2024, 2023 and 2022 , respectively. Amortization expense is included in amortization of acquired technology and other intangible assets expense line item on the Consolidated Statements of Income and is expected to be $ 16.8 million in the year ending December 31, 2025, $ 12.0 million in the year ending December 31, 2026, $ 7.2 million in each of the years ending December 31, 2027 and 2028, $ 7.1 million in the year ending December 31, 2029, and $ 23.3 million in total thereafter. Merck KGaA Patent Acquisition In April 2023, UDC Ireland entered into a Patent Sale and License Agreement with Merck KGaA. Under this agreement, Merck KGaA sold to UDC Ireland all of its rights, title and interest to over 550 of its owned and licensed OLED-related patents and patent applications in exchange for a cash payment of $ 66.0 million. The Patent Sale and License Agreement contains customary representations, warranties and covenants of the parties. UDC Ireland recorded the payment of $ 66.0 million as acquired technology, which is being amortized over a period of 10 years. BASF Patent Acquisition On June 28, 2016, UDC Ireland entered into and consummated an IP Transfer Agreement with BASF. Under the IP Transfer Agreement, BASF sold to UDC Ireland all of its rights, title and interest to certain of its owned and co-owned intellectual property rights relating to the composition, development, manufacture and use of OLED materials, including OLED lighting and display stack technology, as well as certain tangible assets. The intellectual property includes knowhow and more than 500 issued and pending patents in the area of phosphorescent materials and technologies. These assets were acquired in exchange for a cash payment of € 86.8 million ($ 95.8 million). In addition, UDC Ireland also took on certain rights and obligations under three joint research and development agreements to which BASF was a party. The IP Transfer Agreement also contains customary representations, warranties and covenants of the parties. UDC Ireland recorded the payment of € 86.8 million ($ 95.8 million) and acquisition costs incurred of $ 217,000 as acquired technology, which is being amortized over a period of 10 years. Other Intangible Assets As a result of the Adesis acquisition in June 2016, the Company recorded $ 16.8 million of other intangible assets, including $ 10.5 million assigned to customer relationships with a weighted average life of 11.5 years, $ 4.8 million to internally developed IP, processes and recipes with a weighted average life of 15 years, and $ 1.5 million to trade name and trademarks with a weighted average life of 10 years. At December 31, 2024, these other intangible assets consist of the following (in thousands): December 31, 2024 Gross Carrying Accumulated Net Carrying Customer relationships $ 10,520 $ ( 7,718 ) $ 2,802 Developed IP, processes and recipes 4,820 ( 2,708 ) 2,112 Trade name/Trademarks 1,500 ( 1,268 ) 232 Other 448 ( 148 ) 300 Total identifiable other intangible assets $ 17,288 $ ( 11,842 ) $ 5,446 Amortization expense related to other intangible assets was $ 1.4 million for each of the years ended December 31, 2024, 2023, and 2022 . 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 two fiscal years (2025 - 2026), $ 1.3 million for the year ending December 31, 2027, $ 422,000 for the year ending December 31, 2028, $ 362,000 for the year ending December 31, 2029, and $ 602,000 in total thereafter. Goodwill As a result of the Adesis acquisition, the Company recorded $ 15.5 million of goodwill. The Company performs its annual assessment of goodwill during the fourth quarter of the fiscal year unless events suggest an impairment may have been incurred in an interim period using Adesis’ standalone financial operating performance information. Application of the goodwill impairment test requires the exercise of judgment, including the determination of the fair value of each reporting unit, as Adesis is the reporting unit. As part of the annual assessment of goodwill completed during the fourth quarter ended December 31, 2024 , 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, 2024
Prepaid Expense and Other Assets [Abstract]
Other assets	8. OTHER ASSETS: Other assets consist of the following (in thousands): December 31, 2024 2023 Long-term taxes receivable $ 52,899 $ 60,146 Right-of-use assets 19,867 24,910 Long-term unbilled receivables 24,943 9,074 Long-term contract assets 6,528 9,278 Other long-term assets 2,578 1,881 Other assets $ 106,815 $ 105,289 See Notes 9 and 20 for further explanation on right-of-use assets and long-term taxes receivable, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
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, 2024 , 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, 2024 2023 2022 Operating lease cost $ 4,343 $ 4,639 $ 4,436 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ — $ 1,072 $ 4,750 The following table presents the Company’s operating lease right-of-use assets and liabilities (in thousands): December 31, 2024 2023 Right-of-use assets $ 19,867 $ 24,910 Short-term lease liabilities 3,848 3,533 Long-term lease liabilities 19,135 22,855 For the year ended December 31, 2024, the Company determined to record an impairment due to the planned closure of OVJP Corp's California location and related restructuring, including a $ 1.4 million right-of-use asset impairment. The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities: December 31, 2024 Weighted average remaining lease term (in years) 6.0 Weighted average discount rate 3.8 % As of December 31, 2024 , current operating leases had remaining terms between two and seven years with options to extend the lease terms. Undiscounted future minimum lease payments as of December 31, 2024, 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 2025 $ 4,305 2026 4,384 2027 4,305 2028 4,022 2029 2,585 Thereafter 5,466 Total lease payments 25,067 Less: imputed interest ( 2,123 ) Present value of lease payments $ 22,944

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	10. ACCRUED EXPENSES: Accrued expenses consist of the following (in thousands): December 31, 2024 2023 Compensation $ 28,744 $ 29,456 PPG Industries, Inc. agreement 7,759 11,962 Consulting 1,718 2,121 Professional fees 1,292 1,124 Royalties 1,048 647 Research and development agreements 852 822 Other 4,613 5,948 Accrued expenses $ 46,026 $ 52,080

RESEARCH AND LICENSE AGREEMENTS

RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS	12 Months Ended
	Dec. 31, 2024
Research and Development [Abstract]
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS	11. RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS: The Company has long-standing relationships with a number of academic institutions that undertake funded research projects, including Princeton University (Princeton) and the University of Southern California (USC). Under the current license agreement among the Company, Princeton and USC, the universities have granted the Company worldwide, exclusive license rights, with rights to sublicense, to make, have made, use, lease and/or sell products and to practice processes based on patent applications and issued patents arising out of research performed by the universities for the Company. The Company recorded royalty expense in connection with this agreement of $ 2.0 million, $ 575,000 and $ 853,000 for the years ended December 31, 2024, 2023 and 2022, respectively. The Company also makes payments under the current research agreement with USC on a quarterly basis as actual expenses are incurred. As of December 31, 2024 , the Company was obligated to pay USC up to $ 1.7 million for work to be performed during the remaining term. The Company recorded research and development expense in connection with work performed under the agreement of $ 1.6 million, $ 1.1 million and $ 905,000 for the years ended December 31, 2024, 2023 and 2022 , respectively.

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2024
Other Liabilities [Abstract]
OTHER LIABILITIES	12. OTHER LIABILITIES: Other liabilities consist of the following (in thousands): December 31, 2024 2023 Long-term lease liabilities $ 19,135 $ 22,855 Long-term taxes payable 15,749 15,749 Other long-term liabilities 527 54 Other liabilities $ 35,411 $ 38,658 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, 2024
Long-Term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS	13. EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS: On September 22, 2011, the Company entered into an Amended and Restated OLED Materials Supply and Service Agreement with PPG (the New OLED Materials Agreement), which, effective as of October 1, 2011, replaced the original OLED Materials Agreement with PPG. The term of the New OLED Materials Agreement, by amendment in February 2021, runs through December 31, 2025, and thereafter is automatically renewed for additional one-year terms, unless terminated by the Company by providing prior notice of one year or terminated by PPG by providing prior notice of two years. The New OLED Materials Agreement contains provisions that are substantially similar to those of the original OLED Materials Agreement. Under the New OLED Materials Agreement, PPG continues to assist the Company in developing its proprietary OLED materials and supplying the Company with those materials for evaluation purposes and for resale to its customers. Under the New OLED Materials Agreement, the Company compensates PPG on a cost-plus basis for the services provided during each calendar quarter. The Company is required to pay for some of these services in all cash. Up to 50 % of the remaining services are payable, at the Company’s sole discretion, in cash or shares of the Company’s common stock, with the balance payable in cash. The actual number of shares of common stock issuable to PPG is determined based on the average closing price for the Company’s common stock during a specified number of days prior to the end of each calendar half-year period ending on March 31 and September 30. If, however, this average closing price is less than $ 20.00 , the Company is required to compensate PPG in cash. No shares have been issued for services rendered by PPG since the inception of the contract. The Company is also required to reimburse PPG for raw materials used for research and development. The Company records the purchases of these raw materials as a current asset until such materials are used for research and development efforts. 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 to be provided by PPG affiliate, PPG SCM Ireland Limited (PPG SCM), to UDC Ireland, at the Company’s manufacturing site in Shannon, Ireland that UDC Ireland’s wholly-owned subsidiary, OLED Material Manufacturing Limited (OMM), began leasing at such time for the production of OLED materials. OMM purchased the site in September 2023 and the Company amended and restated the February 2021 amendment to reflect OMM’s ownership and PPG SCM’s updated operation and maintenance services after such purchase. Facility improvements have been completed and operations commenced in June 2022. As with the initial New OLED Materials Agreement, the Company compensates PPG on a cost-plus basis for the services provided at the Shannon manufacturing facility. The Company recorded research and development expense of $ 19.3 million, $ 9.1 million and $ 7.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, in relation to the cash portion of the reimbursement of expenses and work performed by PPG, excluding amounts paid for commercial chemicals. The increase in PPG development activity during the year ended December 31, 2024 was primarily due to new product development and commencement of development activities in Shannon, Ireland.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2024
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, 2024 , the Company had issued 200,000 shares of preferred stock (consisting of the 200,000 shares of Series A), all of which were outstanding. Common Stock The Company’s Amended and Restated Articles of Incorporation authorize it to issue up to 200,000,000 shares of $ 0.01 par value common stock. Each share of the Company’s common stock entitles the holder to one vote on all matters to be voted upon by the shareholders. As of December 31, 2024 , the Company had issued 48,834,541 shares of common stock, of which 47,468,893 were outstanding. During the years ended December 31, 2024 and 2023 , the Company repurchased no shares of common stock. Dividends During the year ended December 31, 2024 , the Company declared cash dividends of $ 1.60 per common share, or $ 77.0 million, on the Company’s outstanding common stock. The Company paid out $ 76.2 million of cash dividends during the year ended December 31, 2024. On February 18, 2025, the Company’s Board of Directors declared a first quarter cash dividend of $ 0.45 per share to be paid on March 31, 2025 to all shareholders of record of the Company's common stock as of the close of business on March 17, 2025 . 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, 2024
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, 2022, net of tax $ ( 142 ) $ ( 18,019 ) $ ( 74 ) $ ( 18,235 ) Other comprehensive (loss) gain ( 7,745 ) 5,971 ( 480 ) ( 2,254 ) (1) — 2,037 — 2,037 Selling, general and administrative, Change during period ( 7,745 ) 8,008 ( 480 ) ( 217 ) Balance December 31, 2022, net of tax ( 7,887 ) ( 10,011 ) ( 554 ) ( 18,452 ) Other comprehensive gain 8,745 7,207 418 16,370 (1) — 996 — 996 Selling, general and administrative, Change during period 8,745 8,203 418 17,366 Balance December 31, 2023, net of tax 858 ( 1,808 ) ( 136 ) ( 1,086 ) Other comprehensive gain (loss) 411 ( 559 ) ( 82 ) ( 230 ) (1) — 261 — 261 Selling, general and administrative, Change during period 411 ( 298 ) ( 82 ) 31 Balance December 31, 2024, net of tax $ 1,269 $ ( 2,106 ) $ ( 218 ) $ ( 1,055 )

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	16. STOCK-BASED COMPENSATION: Equity Compensation Plan On June 15, 2023, the shareholders of the Company voted to approve the Universal Display Corporation 2023 Equity Compensation Plan (the “Equity Compensation Plan”), which replaced the Universal Display Corporation 2014 Equity Compensation Plan. The Equity Compensation Plan provides for the granting of incentive and nonqualified stock options, shares of common stock, stock appreciation rights and performance units to employees, directors and consultants of the Company. Stock options are exercisable over periods determined by the Company’s Human Capital Committee, but for no longer than 10 years from the grant date. The total number of shares that may be subject to awards under the Equity Compensation Plan is equal to the shares that were available for issuance and not subject to an award under the 2014 Equity Compensation Plan at the time it was replaced by the Equity Compensation Plan, subject to adjustment with respect to shares underlying any outstanding award granted under the Equity Compensation Plan or the 2014 Equity Compensation Plan that may expire, or be terminated, surrendered or forfeited for any reason, without issuance of such shares. As of December 31, 2024 , there were 1,362,361 shares that remained available to be granted under the Equity Compensation Plan. The Equity Compensation Plan will terminate on June 15, 2033. Restricted Stock Award and Units The Company has issued restricted stock awards and units to employees and non-employees with vesting terms of one to five years. The fair value is equal to the market price of the Company’s common stock on the date of grant for awards granted to employees. Consistent with the accounting for equity-classified awards issued to employees, our equity-classified nonemployee share-based awards are measured at the grant date fair value. Expense for restricted stock awards and units is amortized ratably over the vesting period for the awards issued to employees and using a graded vesting method for the awards issued to non-employees. The following table summarizes the activity related to restricted stock unit (RSU) share based payment awards: Number of Weighted- Unvested, January 1, 2024 216,486 $ 149.68 Granted 103,344 177.65 Vested ( 108,986 ) 160.69 Forfeited ( 16,473 ) 156.11 Unvested, December 31, 2024 194,371 $ 157.58 The weighted average grant-date fair value per unit of RSU awards granted was $ 177.65 , $ 136.22 and $ 140.37 during the years ended December 31, 2024, 2023 and 2022 , respectively. The grant date fair value of RSUs that vested during the year was $ 17.5 million for the year ended December 31, 2024 , $ 21.6 million for the year ended December 31, 2023 and $ 18.0 million for the year ended December 31, 2022 . The fair value of RSUs as of their respective vesting dates was $ 19.4 million for the year ended December 31, 2024 , $ 18.6 million for the year ended December 31, 2023 and $ 15.3 million for the year ended December 31, 2022. The following table summarizes the activity related to restricted stock award (RSA) share based payment awards: Number of Weighted- Unvested, January 1, 2024 17,547 $ 170.96 Granted 1,616 185.82 Vested ( 7,465 ) 174.18 Forfeited ( 11,698 ) 170.96 Unvested, December 31, 2024 — $ — The weighted average grant-date fair value per award of RSA awards granted was $ 185.82 , $ 126.87 and $ 148.35 during the years ended December 31, 2024, 2023 and 2022 , respectively. The grant date fair value of RSAs that vested during the year was $ 1.3 million for the year ended December 31, 2024 , $ 3.3 million for the year ended December 31, 2023 and $ 8.3 million for the year ended December 31, 2022 . The fair value of RSAs as of their respective vesting dates was $ 1.6 million for the year ended December 31, 2024 , $ 2.6 million for the year ended December 31, 2023 and $ 6.5 million for the year ended December 31, 2022. For the years ended December 31, 2024, 2023 and 2022 , 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 $ 14.8 million, $ 9.5 million and $ 14.3 million, respectively, cost of sales of $ 1.7 million, $ 1.9 million and $ 2.2 million, respectively, and research and development expense of $ 5.3 million, $ 5.8 million and $ 6.1 million, respectively. In connection with the vesting of restricted stock awards and units during the years ended December 31, 2024, 2023 and 2022 , 38,728 , 53,162 and 54,856 shares, respectively, with aggregate fair values of $ 7.0 million, $ 7.4 million and $ 8.4 million, respectively, were withheld in satisfaction of tax withholding obligations and are reflected as a financing activity within the Consolidated Statements of Cash Flows. The Company has granted restricted stock units to non-employee members of the Board of Directors with quarterly vesting over a period of approximately one year . The fair value is equal to the market price of the Company's common stock on the date of grant. The restricted stock units are issued and expense is recognized ratably over the vesting period. For the years ended December 31, 2024, 2023 and 2022 , 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 $ 1.9 million, $ 1.5 million and $ 1.3 million, respectively. In connection with the vesting of the restricted stock, the Company issued to non-employee members of the Board of Directors 10,870 , 13,016 and 8,784 shares during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 , the total unrecognized expense related to all restricted stock awards and units was $ 19.1 million, which the Company expects to recognize over a weighted average period of 1.73 years. Performance Unit Awards Each performance unit award is subject to both a performance-vesting requirement (either performance-based or market-based) and a service-vesting requirement. The performance-based vesting requirement is tied to EBITDA and cash flow achievement, as measured over a specific performance period. The market-based vesting requirement is tied to the Company's total shareholder return (TSR) relative to the TSR of companies comprising the Nasdaq Electronics Components Index, as measured over a three-year performance period. The maximum number of performance units that may vest based on performance is three times the shares granted. Further, if the Company's performance falls below certain thresholds, the performance units will not vest at all. The following table summarizes the activity related to performance unit awards (PSU) share based payment awards: Number of Weighted- Unvested, January 1, 2024 208,553 $ 185.86 Granted 69,600 191.21 Vested ( 18,722 ) 220.11 Forfeited ( 33,198 ) 187.37 Unvested, December 31, 2024 226,233 $ 180.24 During the years ended December 31, 2024, 2023 and 2022 , the Company granted 69,600 , 84,448 and 100,621 performance units, respectively, of which 52,199 , 63,335 and 75,465 units, respectively, are subject to performance-based vesting requirements and 17,401 , 21,113 and 25,156 units, respectively, are subject to market-based vesting requirements, and which will vest over the terms described above. During the years ended December 31, 2024, 2023 and 2022 , there were no ne, no ne, and 1,268 incremental performance-based shares, respectively, that vested resulting from an increased vesting factor based on Company performance. The weighted average grant date fair value per unit of the performance unit awards granted was $ 191.21 , $ 165.72 and $ 186.66 during the years ended December 31, 2024, 2023 and 2022 , respectively, as determined by the Company’s common stock on date of grant for the units with performance-based vesting and a Monte-Carlo simulation for the units with market-based vesting. The grant date fair value of PSUs that vested during the year was $ 4.1 million for the year ended December 31, 2024 , $ 1.9 million for the year ended December 31, 2023 and $ 1.9 million for the year ended December 31, 2022 . The fair value of PSUs as of their respective vesting dates was $ 3.3 million for the year ended December 31, 2024 , $ 1.7 million for the year ended December 31, 2023 and $ 1.8 million for the year ended December 31, 2022. For the years ended December 31, 2024, 2023 and 2022 , the Company recorded, as compensation charges related to all performance stock units, selling, general and administrative expense of $ 7.4 million, $ 2.6 million and $ 2.8 million, respectively, cost of sales of $ 2.0 million, $ 770,000 and $ 940,000 , respectively, and research and development expense of $ 3.2 million, $ 1.2 million and $ 1.5 million, respectively. In connection with the vesting of performance units during the years ended December 31, 2024, 2023 and 2022 , 8,160 , 5,350 and 5,082 shares, respectively, with aggregate fair values of $ 1.4 million, $ 775,000 and $ 826,000 , respectively, were withheld in satisfaction of tax withholding obligations and are reflected as a financing activity within the Consolidated Statements of Cash Flows. As of December 31, 2024 , the total unrecognized compensation expense related to performance unit awards was $ 8.6 million, which the Company expects to recognize over a weighted average period of 1.57 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, 2024, 2023 and 2022 , the Company issued 15,230 , 17,513 and 17,057 shares, respectively, of its common stock under the ESPP, resulting in proceeds of $ 2.2 million, $ 2.0 million and $ 1.6 million, respectively. For the years ended December 31, 2024, 2023 and 2022 , the Company recorded charges of $ 130,000 , $ 136,000 and $ 107,000 , respectively, to selling, general and administrative expense, $ 210,000 , $ 167,000 , $ 141,000 , respectively, to cost of sales and $ 259,000 , $ 240,000 and $ 224,000 , respectively, to research and development expense, related to the ESPP equal to the amount of the discount and the value of the look-back feature. Scientific Advisory Board Awards During the years ended December 31, 2024 and 2023 , the Company granted a total of 1,616 and 2,366 shares, respectively, of fully vested common stock to non-employee members of the Scientific Advisory Board for services performed in 2023 and 2022 , respectively. The fair value of the shares issued to members of the Scientific Advisory Board was $ 300,000 for both years ended December 31, 2024 and 2023. For the years ended December 31, 2024, 2023 and 2022 , the Company recorded as compensation charges related to all restricted stock units awarded to non-employee members of the Scientific Advisory Board, whose unvested shares are marked-to-market each reporting period, research and development expense of $ 242,000 , $ 248,000 and $ 234,000 , respectively.

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022 , the Company contributed $ 1.7 million, $ 1.5 million and $ 1.4 million, respectively, to the Plan. Defined Benefit Plan On March 18, 2010, the Human Capital Committee and the Board of Directors of the Company approved and adopted the Universal Display Corporation Supplemental Executive Retirement Plan (SERP), effective as of April 1, 2010. On March 3, 2015, the Human Capital Committee and the Board of Directors amended the SERP to include salary and bonus as part of the plan. Prior to this amendment, the SERP benefit did not take into account any bonuses. The purpose of the SERP, which is unfunded, is to provide certain of the Company’s key employees with supplemental pension benefits following a cessation of their employment and to encourage their continued employment with the Company. As of December 31, 2024 there were seven participants in the SERP. The SERP benefit is based on a percentage of the participant’s annual base salary and in certain cases, the participant's average annual bonus for the most recent three fiscal years ending prior to the participant's date of termination of employment with the Company for the life of the participant. For this purpose, annual base salary means 12 times the average monthly base salary paid or payable to the participant during the 24 -month period immediately preceding the participant’s date of termination of employment, or, if required, the date of a change in control of the Company. Under the SERP, if a participant resigns or is terminated without cause at or after age 65 and with at least 20 years of service, he or she will be eligible to receive a SERP benefit. The benefit is based on a percentage of the participant’s annual base salary and bonus for the life of the participant. This percentage is 50 %, 25 % or 15 %, depending on the participant’s benefit class. If a participant resigns at or after age 65 and with at least 15 years of service, he or she will be eligible to receive a prorated SERP benefit. If a participant is terminated without cause or on account of a disability after at least 15 years of service, he or she will be eligible to receive a prorated SERP benefit regardless of age. The prorated benefit in either case would be based on the participant’s number of years of service (up to 20), divided by 20 . In the event a participant is terminated for cause, his or her SERP benefit and any future benefit payments are subject to immediate forfeiture. The SERP benefit is payable in installments over 10 years, beginning at the later of age 65 or the date of the participant’s separation from service. Payments are based on a present value calculation of the benefit amount for the actuarial remaining life expectancy of the participant. This calculation is made as of the date benefit payments are to begin (later of age 65 or separation from service). If the participant dies after reaching age 65, any future or remaining benefit payments are made to the participant’s beneficiary or estate. If the participant dies before reaching age 65, the benefit is forfeited. In the event of a change in control of the Company, each participant will become immediately vested in his or her SERP benefit. Unless the participant’s benefit has already fully vested, if the participant has less than 20 years of service at the time of the change in control, he or she will receive a prorated benefit based on his or her number of years of service (up to 20), divided by 20. If the change in control qualifies as a “change in control event” for purposes of Section 409A of the Internal Revenue Code, then each participant (including former employees who are entitled to SERP benefits) will receive a lump sum cash payment equal to the present value of the benefit immediately upon the change in control. Certain of the Company’s executive officers are designated as special participants under the SERP. If these participants resign or are terminated without cause after 20 years of service, or at or after age 65 and with at least 15 years of service, they will be eligible to receive a SERP benefit. If they are terminated without cause or on account of a disability, they will be eligible to receive a prorated SERP benefit regardless of age. The prorated benefit would be based on the participant’s number of years of service (up to 20), divided by 20. The SERP benefit for special participants is based on 50 % of their annual base salary and bonus for their life and the life of their surviving spouse, if any. Payments are based on a present value calculation of the benefit amount for the actuarial remaining life expectancies of the participant and their surviving spouse, if any. If they die before reaching age 65, the benefit is not forfeited if the surviving spouse, if any, lives until the participant would have reached age 65. If their spouse also dies before the participant would have reached age 65, the benefit is forfeited. The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates, and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits. In connection with the initiation and subsequent amendments of the SERP, the Company recorded cost related to prior service of $ 2.3 million as accumulated other comprehensive loss as of December 31, 2024 . 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, 2025 is $ 23,000 . In December 2022, one of the participants retired and monthly SERP benefit payments commenced in January 2023. The total SERP benefit payments for the year ended December 31, 2024 were $ 2.0 million. Information relating to the Company’s plan is as follows (in thousands): Year Ended December 31, 2024 2023 Change in benefit obligation: Benefit obligation, beginning of year $ 54,263 $ 61,804 Service cost 837 951 Interest cost 2,641 2,898 Actuarial loss (gain) 737 ( 9,375 ) Benefit payments ( 2,014 ) ( 2,015 ) Benefit obligation, end of year 56,464 54,263 Fair value of plan assets — — Unfunded status of the plan, end of year $ 56,464 $ 54,263 Current liability $ 2,014 $ 2,014 Non-current liability $ 54,450 $ 52,249 The accumulated benefit obligation for the plan was $ 54.9 million and $ 52.5 million as of December 31, 2024 and 2023 , respectively. The actuarial gain of $ 9.4 million for the year ended December 31, 2023 was primarily due to a decrease in the total average annual bonus for each of the participants during the most recent three fiscal years. The components of net periodic pension cost were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Service cost $ 837 $ 951 $ 1,287 Interest cost 2,641 2,898 1,383 Curtailment Charge 312 - - Amortization of prior service cost 33 815 1,119 Amortization of loss — 480 1,487 Total net periodic benefit cost $ 3,823 $ 5,144 $ 5,276 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, 2024 2023 Discount rate 5.20 % 4.74 % Rate of compensation increases 3.50 % 3.50 % Assumptions used to determine the net periodic pension cost were as follows: Year Ended December 31, 2024 2023 2022 Discount rate 4.74 % 4.94 % 2.16 % 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 2025 are as follows (in thousands): Amortization of prior service cost $ 23 Amortization of loss — Total $ 23 Benefit payments, which reflect estimated future service, are currently expected to be paid as follows (in thousands): Year Projected 2025 $ 2,014 2026 6,506 2027 6,887 2028 6,887 2029 6,887 2030-2034 36,112 Thereafter 14,351

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES: Commitments Under the current research agreement with USC, the Company is obligated to make certain payments to USC based on work performed by it under that agreement, and by the University of Michigan (Michigan) under a subcontractor agreement that Michigan has with USC. Under the terms of the current license agreement among the Company, Princeton and USC, the Company makes royalty payments to Princeton. See Note 11 for further explanation. The Company has agreements with five executive officers and 11 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, 2024, 2023 and 2022 , the Company had purchase commitments for inventory of $ 46.5 million, $ 29.8 million and $ 31.9 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.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022 were as follows (in thousands): 2024 2023 2022 Customer % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable A 43 % $ 37,899 36 % $ 38,105 41 % $ 11,425 B 23 % 25,751 23 % 30,142 25 % 24,440 C 16 % 13,258 17 % 38,529 16 % 22,291 Revenues from outside of North America represented approximately 98 %, 98 %, and 97 % of consolidated revenue for each of the years ended December 31, 2024, 2023 and 2022 , respectively. Revenues by geographic area are as follows (in thousands): Year Ended December 31, Country 2024 2023 2022 South Korea $ 397,822 $ 322,509 $ 360,640 China 229,439 229,727 230,582 Japan 3,609 6,971 5,579 Other non-U.S. locations 2,456 4,411 3,829 Total non-U.S. locations 633,326 563,618 600,630 United States 14,358 12,811 15,989 Total revenue $ 647,684 $ 576,429 $ 616,619 The Company attributes revenue to different geographic areas on the basis of the location of the customer. Property and equipment, net by geographic area are as follows (in thousands): December 31, Country 2024 2023 United States $ 117,496 $ 118,250 Ireland 63,346 42,203 Other 14,397 14,697 Total long-lived assets $ 195,239 $ 175,150 Substantially all chemical materials were purchased from one supplier. See Note 13.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 2022 United States $ 72,823 $ 71,514 $ 77,205 Foreign 199,305 173,657 191,025 Income before income taxes $ 272,128 $ 245,171 $ 268,230 The components of the income tax expense are as follows (in thousands): Year ended December 31, 2024 2023 2022 Current income tax (expense) benefit: Federal $ ( 34,199 ) $ ( 15,848 ) $ ( 51,980 ) State ( 3,452 ) ( 3,048 ) ( 1,833 ) Foreign ( 31,515 ) ( 27,030 ) ( 31,302 ) ( 69,166 ) ( 45,926 ) ( 85,115 ) Deferred income tax (expense) benefit: Federal 16,799 ( 460 ) 25,916 State 2,995 3,936 1,216 Foreign ( 677 ) 290 ( 186 ) 19,117 3,766 26,946 Income tax expense $ ( 50,049 ) $ ( 42,160 ) $ ( 58,169 ) Reconciliation of the statutory U.S. federal tax rate to the Company's effective tax rate is as follows: Year ended December 31, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effect of foreign operations ( 4.0 ) ( 4.0 ) ( 4.9 ) U.S. International Tax (Sub F, GILTI, FDII) 2.3 2.9 4.2 Research tax credits ( 2.8 ) ( 2.4 ) ( 1.9 ) Redetermination of foreign tax credit utilization — ( 2.0 ) — Nondeductible employee compensation 1.6 1.7 1.9 State income taxes, net of federal benefit 0.2 ( 0.2 ) 0.1 Other 0.1 0.2 1.3 Effective tax rate 18.4 % 17.2 % 21.7 % The following table summarizes Company tax credit carry forwards for tax return purposes as of December 31, 2024 (in thousands): Tax Benefit Expiration Date Tax credit carry forwards: State research tax credits $ 9,356 2035 - 2039 Foreign tax credits $ 186 2032 Total credit carry forwards $ 9,542 Significant components of the Company's net deferred tax assets and liabilities are as follows (in thousands): December 31, 2024 2023 Deferred tax asset: Capitalized research expenditures $ 55,277 $ 39,459 Retirement plan 13,633 12,555 Tax credit carry forwards 9,542 8,938 Accruals and reserves 6,988 7,180 Lease liabilities 6,073 6,671 Stock-based compensation 1,475 1,498 Deferred revenue 655 1,741 Other 2,783 1,362 96,426 79,404 Valuation allowance ( 10,167 ) ( 9,551 ) Deferred tax assets 86,259 69,853 Deferred tax liability: Lease Assets ( 5,297 ) ( 6,302 ) Acquisition goodwill ( 1,854 ) ( 1,549 ) Other ( 788 ) ( 2,894 ) Deferred tax liabilities ( 7,939 ) ( 10,745 ) Net deferred tax assets $ 78,320 $ 59,108 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the Company's ability to generate future taxable income to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credits. As part of its assessment, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. During the year ended December 31, 2024, based on our previous earnings history, a current evaluation of expected future taxable income and other evidence, we determined to retain the valuation allowance that relates to New Jersey research and development credits and unrealized loss on investments. In addition, a portion of the investment loss was realized resulting in a capital loss carryforward that is not more likely than not to be used within the carryforward period. As such, the company provided a valuation allowance against the capital loss. There are no indicators against the realizability of the remaining net deferred tax assets. On December 27, 2018, the Korean Supreme Court, citing prior cases, held that only royalties paid with respect to Korean registered patents are considered Korean source income and subject to Korean withholding tax under the applicable law and interpretation of the Korea-U.S. Tax Treaty. The Company has incurred Korean withholding tax of $ 14.9 million for each of the years ended December 31, 2018, through December 31, 2022. Based on the Korean Supreme Court decision, a tax refund request on behalf of the Company was or will be filed with the Korean National Tax Service (KNTS) for the entire period from January 1, 2018, to December 31, 2022. The Company received a formal rejection from the KNTS; and in May 2022 filed an appeal with the Korean Tax Tribunal. On December 18, 2023, the Company received a formal rejection from the Tax Tribunal. Anticipating the rejection of the appeal, in September 2023 the Company filed a petition to the District Court. The District Court is gathering information and has scheduled another hearing for March 2025. The Company has been advised by a prominent Korean law firm that there is a more-likely-than-not chance of success. As a result, the Company has recorded a long-term asset of $ 52.9 million and $ 60.1 million as of December 31, 2024 and 2023 , respectively for the receipt of the Korean withholding tax. The Company also recorded foreign exchange loss of $ 7.2 million and $ 732,000 for the years ended December 31, 2024 and 2023 , respectively, due to the fluctuation of the Korean Won to the U.S. Dollar and resulting remeasurement of this Won-denominated receivable. The Company will amend U.S. federal tax returns for the 2018 to 2022 years when the anticipated refund from KNTS is received to offset the additional tax liability. The Company has recorded a long-term liability of $ 15.7 million as of December 31, 2024 and 2023, for the estimated amounts due to the U.S. federal government based on the amendment of the Company's U.S. tax returns, indicating that lower withholding amounts were required. The Company is not subject to examinations by the federal tax authority for the years prior to 2021. The Company's state and foreign tax returns are open for a period of generally three to four years . The Company closed an audit of the tax years 2019 and 2020 with the state of California, which resulted in no change to the return as filed. The above estimates may change in the future and upon settlement.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022 , the Company recorded 98 %, 97 % and 97 %, respectively, of its revenue from OLED related sales and 2 %, 3 % and 3 %, respectively, from the providing of services through Adesis. Contract Balances The following table provides information about assets and liabilities associated with the Company's contracts from customers (in thousands): As of December 31, 2024 Accounts receivable $ 113,648 Short-term unbilled receivables 30,473 Short-term contract assets 2,932 Long-term unbilled receivables 24,943 Long-term contract assets 6,528 Short-term deferred revenue 33,074 Long-term deferred revenue 537 Short-term and long-term unbilled receivables and contract assets are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. Contract assets represent consideration related to the renewal of customer contracts which is recognized over the contract term based on material units sold. The deferred revenue balance as of December 31, 2024 will be recognized as materials are shipped to customers over the remaining contract periods. As of December 31, 2024 , the Company had $ 19.5 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 assets and liabilities balances associated with the Company's contracts from customers for the years ended December 31, 2024 and 2023, are as follows (in thousands): Year Ended December 31, 2024 Assets Liabilities Balance at December 31, 2023 $ 42,134 $ ( 59,719 ) Revenue recognized that was previously included in deferred revenue, net — 98,223 Increases due to cash received — ( 82,928 ) Cumulative catch-up adjustment arising from changes in estimates of — 10,813 Unbilled receivables recorded, net 165,781 — Contract assets recorded, net ( 2,516 ) — Transferred to receivables from unbilled receivables ( 140,523 ) Net change 22,742 26,108 Balance at December 31, 2024 $ 64,876 $ ( 33,611 ) Year Ended December 31, 2023 Assets Liabilities Balance at December 31, 2022 $ 38,457 $ ( 63,878 ) Revenue recognized that was previously included in deferred revenue, net — 195,703 Increases due to cash received — ( 202,100 ) Cumulative catch-up adjustment arising from changes in estimates of — 10,556 Unbilled receivables recorded, net 41,659 — Contract assets recorded, net ( 2,407 ) — Transferred to receivables from unbilled receivables ( 35,575 ) Net change 3,677 4,159 Balance at December 31, 2023 $ 42,134 $ ( 59,719 ) The cumulative catch-up adjustment arising from changes in estimates of transaction price, net was $ 10.8 million for the year ended December 31, 2024 as compared to $ 10.6 million for the year ended December 31, 2023 . These adjustments resulted from an increase in the average price per gram that was primarily due to the decrease in anticipated demand by several of the Company's customers over the remaining lives of their contracts.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
NET INCOME PER COMMON SHARE	22. NET INCOME PER COMMON SHARE: The Company computes earnings per share in accordance with ASC Topic 260, Earnings per Share , which requires earnings per share (EPS) for each class of stock to be calculated using the two-class method. The two-class method is an allocation of income between the holders of common stock and the Company's participating security holders. Under the two-class method, income for the reporting period is allocated between common shareholders and other security holders based on their respective participation rights in undistributed income. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Basic net income per common share is computed by dividing net income allocated to common shareholders by the weighted-average number of shares of common stock outstanding for the period excluding unvested restricted stock units and performance units. Net income allocated to the holders of the Company's unvested restricted stock awards is calculated based on the shareholders proportionate share of weighted average shares of common stock outstanding on an if-converted basis. For purposes of determining diluted net income per common share, basic net income per share is further adjusted to include the effect of potential dilutive common shares outstanding, including restricted stock units, performance units and the impact of shares to be issued under the Company's Employee Stock Purchase Plan. The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the years ended December 31, 2024, 2023 and 2022 (in thousands, except share and per share data): Year Ended December 31, 2024 2023 2022 Numerator: Net income $ 222,079 $ 203,011 $ 210,061 Adjustment for Basic EPS: Earnings allocated to unvested shareholders ( 526 ) ( 993 ) ( 1,215 ) Adjusted net income $ 221,553 $ 202,018 $ 208,846 Denominator: Weighted average common shares outstanding – Basic 47,548,931 47,559,669 47,390,352 Effect of dilutive shares: Common stock equivalents arising from stock options and ESPP 1,780 2,173 2,340 Restricted stock awards and units and performance units 101,951 60,921 75,815 Weighted average common shares outstanding – Diluted 47,652,662 47,622,763 47,468,507 Net income per common share: Basic $ 4.66 $ 4.25 $ 4.41 Diluted $ 4.65 $ 4.24 $ 4.40 For the years ended December 31, 2024, 2023 and 2022, the combined effects of unvested restricted stock awards, restricted stock units, performance unit awards and stock options of 18,015 , 36,345 and 122,843 , respectively, were 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, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts of Universal Display Corporation and its wholly owned subsidiaries, UDC, Inc., UDC Ireland Limited (UDC Ireland), Universal Display Corporation Hong Kong, Limited, Universal Display Corporation Korea, Y.H. (UDC Korea), Universal Display Corporation Japan GK, Universal Display Corporation China, Ltd., Adesis, Inc. (Adesis), UDC Ventures LLC, OVJP Corporation (OVJP Corp), OLED Material Manufacturing Limited (OMM) and Universal Vapor Jet Corporation Pte. Ltd. (UVJC). All intercompany transactions and accounts have been eliminated.
Segment Information	Segment Information The Company has one reportable business segment, namely OLED technologies and materials. The Company also performs contract development and manufacturing support services through its subsidiary, Adesis, as well as research and development activities in organic vapor jet printing (OVJP) technology. However, these latter two activities do not rise to the level of significance to qualify as reportable segments and as such, are combined into the single OLED Materials reportable segment OLED materials managed on a consolidated basis. Factors that went into this determination included examining the nature and significance of the various business activities the Company engages in, and the availability of discrete data for those business activities. The Company’s Chief Operating Decision Maker (CODM) is its President and Chief Executive Officer. The President and Chief Executive Officer is the highest level of management responsible for the allocation of the Company’s resources and acts as the “assessor of the financial performance” of the Company. In a review of the financial decision making process, it was determined that the CODM primarily utilizes information consistent with that already incorporated in the existing consolidated financial statements. These measures include revenue, operating expense, net income and assets. As such, the Consolidated Financial Statements presentation is consistent with how the Company's CODM evaluates the results of operations and formulates strategic decisions about the business.
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation Certain prior year adjustments to reconcile net income to net cash provided by operating activities have been reclassified on the Consolidated Statements of Cash Flows to conform to the current year presentation. Stock-based compensation activity has been consolidated and includes stock-based compensation to employees, Board of Directors, and Scientific Advisory Board. Certain prior year adjustments have been reclassified on the Consolidated Statements of Shareholders' Equity to conform to the current year presentation. Stock-based compensation and ESPP activity, net of taxes withheld has been consolidated and includes issuance of common stock to employees, shares withheld for employee taxes, issuance of common stock to Board of Directors and Scientific Advisory Board, cancellation of restricted stock units and issuance of common stock to employees under an ESPP.
Management's Use of Estimates	Management’s Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the areas of revenue recognition including estimates of material unit sales and royalties, the useful life of acquired intangibles, lease liabilities, right-of-use assets, the use and recoverability of inventories, intangibles, investments and income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates.
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining investments as available-for-sale. These securities (excluding minority equity investments) are carried at fair 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 collection risk. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, allowances for credit losses would be required. As of December 31, 2024 and 2023 , the allowance for credit losses was $ 175,000 and $ 166,000 , respectively.
Inventories	Inventories Inventories consist of raw materials, work-in-process and finished goods, and are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value. Inventory valuation and firm committed purchase order assessments are performed on a quarterly basis and those items that are identified to be obsolete or in excess of forecasted usage are written down to their estimated realizable value. Estimates of realizable value are based upon management’s analyses and assumptions, including, but not limited to, forecasted sales levels by product, expected product lifecycle, product development plans and future demand requirements. A 12-month rolling forecast based on factors, including, but not limited to, production cycles, anticipated product orders, marketing forecasts, backlog, and shipment activities is used in the inventory analysis. If market conditions are less favorable than forecasts or actual demand from customers is lower than estimates, additional inventory write-downs may be required. If demand is higher than expected, inventories that had previously been written down may be sold.
Property and Equipment	Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of 30 years for buildings, 15 years for building improvements, and three to seven years for office and lab equipment and furniture and fixtures. Repair and maintenance costs are charged to expense as incurred. Additions and betterments are capitalized. Major renewals and improvements are capitalized, and minor replacements, maintenance, and repairs are charged to current operations as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation are removed from the Consolidated Balance Sheets and any gain or loss is reflected in other operating expenses. Certain costs of computer software obtained for internal use are capitalized and amortized on a straight-line basis over three years . Costs for maintenance and training, as well as the cost of software that does not add functionality to an existing system, are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Company management continually evaluates whether events or changes in circumstances might indicate that the remaining estimated useful life of long-lived assets may warrant revision, or that the remaining balance may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of the related undiscounted cash flows in measuring whether the long-lived asset should be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as deemed appropriate. As a result of the planned closure of OVJP Corp's location in California and related restructuring, the Company determined to record a $ 7.5 million impairment of property and equipment and right-of-use asset for the year ended December 31, 2024. As of December 31, 2024, Company management believed that no additional revision to the remaining useful lives or write-down of the Company’s long-lived assets was required, and similarly, no such revisions were required for the years ended December 31, 2023 or 2022 .
Goodwill and Purchased Intangible Assets	Goodwill and Purchased Intangible Assets Goodwill is tested for impairment in the fourth fiscal quarter and, when specific circumstances dictate, between annual tests. If after assessing the totality of events or circumstances as those described in the qualitative assessment, it is determined that it is more likely than not the fair value of a reporting unit is less than its carrying amount, then a quantitative goodwill impairment test will be performed. Under the quantitative test, the fair value of the reporting unit is compared to its carrying amount including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit would be considered not impaired. However, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in the amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of December 31, 2024 utilizing a qualitative assessment and concluded that it was more likely than not that the fair value of Adesis is greater than its carrying value. Future impairment tests will continue to be performed annually in the fiscal fourth quarter, or sooner if a triggering event occurs. As of December 31, 2024 , no indications of impairment existed. Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value in the accompanying Consolidated Financial Statements due to the short-term nature of those instruments. The Company’s other financial instruments, which include cash equivalents and investments (excluding minority equity investments) are carried at fair value.
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability and are based on market data obtained from sources independent of the Company. Unobservable inputs reflect assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.
Minority Equity Investments	Minority Equity Investments The Company accounts for minority equity investments in companies that are not accounted for under the equity method as equity securities without readily determinable fair values. The value of these securities is based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in the same issuer. Under this method, the share of income or loss of such companies is not included in the Consolidated Statements of Income. The carrying value of these investments is included in investments on the Consolidated Balance Sheets. The Company’s policy is to recognize an impairment in the value of its minority equity investments when evidence of an impairment exists. Factors considered in the assessment include a significant adverse change in the regulatory, economic, or technological environment, the completion of new equity financing that may indicate a decrease in value, the failure to complete new equity financing arrangements after seeking to raise additional funds, or the commencement of proceedings under which the assets of the business may be placed in receivership or liquidated to satisfy the claims of debt and equity stakeholders. The impairment in the value of minority equity investments is included in the other loss, net line item on the Consolidated Statements of Income.
Leases	Leases The Company is a lessee in operating leases primarily incurred to facilitate manufacturing, research and development, and selling, general and administrative activities. At contract inception, the Company determines if an arrangement is or contains a lease, and if so recognizes a right-of-use asset and lease liability at the lease commencement date. For operating leases, the lease liability is measured at the present value of the unpaid lease payments at the lease commencement date, whereas for finance leases, the lease liability is initially measured at the present value of the unpaid lease payments and subsequently measured at amortized cost using the interest method. Operating lease right-of-use assets are included in other assets on the Consolidated Balance Sheets. The short-term portion of operating lease liabilities is included in other current liabilities on the Consolidated Balance Sheets and the long-term portion is included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2024, the Company had no leases that qualified as financing arrangements. Key estimates and judgments include how the Company determines the discount rate used to discount the unpaid lease payments to present value and the lease term. The Company monitors for events or changes in circumstances that could potentially require recognizing an impairment loss.
Revenue Recognition and Deferred Revenue	Revenue Recognition and Deferred Revenue Material sales relate to the Company’s sale of its OLED materials for incorporation into its customers’ commercial OLED products or for their OLED development and evaluation activities. Revenue associated with material sales is generally recognized at the time title passes, which is typically at the time of shipment or at the time of delivery, depending upon the contractual agreement between the parties. Revenue may be recognized after control of the material passes in the event the transaction price includes variable consideration. For example, a customer may be provided an extended opportunity to stock materials prior to use in mass production and given a general right of return not conditioned on breaches of warranties associated with the specific product. In such circumstances, revenue will be recognized at the earlier of the expiration of the customer’s general right of return or once it becomes unlikely that the customer will exercise its right of return. The vast majority of revenue attributed to material sales is determined through technology license agreements and material supply agreements the terms of which are jointly agreed upon with the Company’s customers. The remaining revenue recognized is in the form of contract research services revenue earned by the Company’s subsidiary, Adesis, Inc., and the Company’s occasional material sales to smaller customers. None of the revenue recognized during the years ended December 31, 2024, 2023 or 2022 resulted solely from royalty or license fee arrangements as to which there were not associated material sales. The rights and benefits to the Company’s OLED technologies are conveyed to the customer through technology license agreements and material supply agreements. The Company believes that the licenses and materials sold under these combined agreements are not distinct from each other for financial reporting purposes and as such, they are accounted for as a single performance obligation. Accordingly, total contract consideration is estimated and recognized over the contract term based on material units sold at the estimated per unit fee over the life of the contract. Total contract consideration is allocated to material sales and royalty and licensing fees on the Consolidated Statements of Income based on contract pricing. Various estimates are relied upon to recognize revenue. The Company estimates total material units to be purchased by its customers over the contract term based on historical trends, industry estimates and its forecast process. Management uses the expected value method to estimate the material per unit fee. Additionally, management estimates the sales-based portion of royalty revenue based on the estimated net sales revenue of its customers over the contract term. Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and commercialization for non-OLED applications on a contractual basis. These services range from intermediates for structure-activity relationship studies, reference agents and building blocks for combinatorial synthesis, re-synthesis of key intermediates, specialty organic chemistry needs, and selective toll manufacturing. These services are provided to third-party pharmaceutical and life sciences firms and other technology firms at fixed costs or predetermined rates on a contract basis. Revenue is recognized as services are performed with billing schedules and payment terms negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. In other cases, services may be provided and revenue is recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable. Technology development and support revenue is revenue earned from development and technology evaluation agreements and commercialization assistance fees. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income. On December 2, 2022, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, the Company is being paid a license fee, which includes quarterly and annual payments over the agreement term. The agreement conveys to SDC the non-exclusive right to use certain of the Company's intellectual property assets for a limited period of time that is less than the estimated life of the assets. At the same time the Company entered into the current commercial license agreement with SDC, the Company also entered into a new supplemental material purchase agreement with SDC, which lasts for the same term as the license agreement and is subject to the same extension option. This new material purchase agreement replaced a previous purchase agreement that had been in place since 2018. Under the supplemental material purchase agreement, SDC agrees to purchase red and green phosphorescent emitter materials from the Company for use in the manufacture of licensed products. This amount purchased is subject to SDC’s requirements for phosphorescent emitter materials and the Company’s ability to meet these requirements over the term of the supplemental agreement. In 2015, the Company entered into an OLED patent license agreement and an OLED commercial supply agreement with LG Display Co., Ltd. (LG Display). The terms of these agreements have been extended through the end of 2025. The patent license agreement provides LG Display a non-exclusive, royalty bearing portfolio license to make and sell OLED displays under the Company's patent portfolio. The patent license calls for license fees, prepaid royalties and running royalties on 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. The agreements provide for certain other minimum obligations relating to the volume of material sales anticipated over the lives of the agreements as well as minimum royalty revenue. In 2023, the Company entered into new long-term, multi-year agreements with BOE Technology Group Co., Ltd. (BOE). Under these agreements, the Company has granted BOE non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company supplies phosphorescent OLED materials to BOE for use in its licensed products. In 2019, the Company entered into an evaluation and commercial supply relationship with Wuhan China Star Optoelectronics Semiconductor Display Technology Co., Ltd. (CSOT). In 2020, the Company entered into long-term, multi-year agreements with CSOT. Under these agreements, the Company has granted CSOT non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. The Company also supplies phosphorescent OLED materials to CSOT for use in its licensed products. In 2024, the Company entered into new long-term, multi-year agreements with Visionox Technology, Inc. (Visionox). Under these agreements, the Company has granted Visionox non-exclusive license rights under various patents owned or controlled by the Company to manufacture and sell OLED display products. Additionally, the Company supplies phosphorescent OLED materials to Visionox for use in its licensed products. In 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. 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 facilities of the Company's manufacturing partner, PPG Industries, Inc. (PPG) and at the Company's internal facilities. The Company’s portion of cost of sales also includes depreciation of manufacturing equipment, as well as manufacturing overhead costs and inventory adjustments for excess and obsolete inventory.
Research and Development	Research and Development Expenditures for research and development are charged to expense as incurred.
Restructuring	Restructuring The Company has current restructuring initiatives taking place, and it is possible that the Company may engage in future restructuring activities. Identifying and calculating the cost to exit these operations requires certain assumptions to be made, the most significant of which are anticipated future liabilities, including leases and other contractual obligations, and the adjustment of property and equipment to net realizable value. The Company believes the estimates are reasonable, considering the Company's knowledge of the industries it operates in. However, significant judgment is required, and these estimates and assumptions may change as additional information becomes available and facts or circumstances change. In June 2020, the Company formed a wholly-owned subsidiary, OVJP Corp in California, as a Delaware corporation, which was founded to advance the commercialization of the Company's proprietary OVJP technology. In December 2024, the Company announced that the OVJP Corp facility in California would be closing and OVJP operations would be relocated to the Company's newly formed subsidiary, UVJC in Singapore, as well as continued operations in the Company's Tech and Innovation Center in New Jersey. As a result of the planned closure of OVJP Corp's location in California, the Company determined to record $ 8.9 million of restructuring costs for the year ended December 31, 2024. The restructuring costs include impairment of property and equipment of $ 6.1 million, impairment of the OVJP right-of-use asset of $ 1.4 million, $ 1.0 million of employee-related costs, and $ 400,000 of ancillary expenses. The OVJP Corp restructuring costs are included in the research and development expense line item on the Consolidated Statements of Income.
Patent Costs	Patent Costs Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred. Costs to successfully defend a challenge to a patent are capitalized to the extent of an evident increase in the value of the patent. Costs that relate to an unsuccessful outcome are charged to expense.
Amortization of Acquired Technology	Amortization of Acquired Technology Amortization costs primarily relate to technology acquired from Merck KGaA, Darmstadt, Germany (Merck KGaA) and BASF SE (BASF). The Merck KGaA acquisition was completed on April 28, 2023 and the BASF acquisition was completed during the year ended December 31, 2016. Acquisition costs are being amortized over a period of 10 years for the Merck KGaA and BASF patents.
Amortization of Other Intangible Assets	Amortization of Other Intangible Assets Other intangible assets from the Adesis acquisition are being amortized over a period of 10 to 15 years . See Note 7 for further discussion.
Translation of Foreign Currency Financial Statements and Foreign Currency Transactions	Translation of Foreign Currency Financial Statements and Foreign Currency Transactions The Company’s reporting currency is the U.S. dollar. The functional currency for the UDC Ireland and UDC Korea subsidiaries are also the U.S. dollar and the functional currency for the OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries is its respective local currency. The Company translates the amounts included in the Consolidated Statements of Income from OMM and its Asia-Pacific foreign subsidiaries into U.S. dollars at weighted-average exchange rates, which the Company believes are representative of the actual exchange rates on the dates of the transactions. The Company's OMM subsidiary and each of the Company's other Asia-Pacific foreign subsidiaries' assets and liabilities are translated into U.S. dollars from the local currency at the actual exchange rates as of the end of each reporting date, and the Company records the resulting foreign exchange translation adjustments in the Consolidated Balance Sheets as a component of accumulated other comprehensive 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 June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. Under this standard, a contractual restriction on the sale of an equity security is not considered in measuring the security's fair value. The standard also requires certain disclosures for equity securities that are subject to contractual restrictions. The adoption of ASU 2022-03, beginning on January 1, 2024, did not have an impact on the Consolidated Financial Statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The standard improves the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The adoption of ASU 2023-07, during the annual period ended December 31, 2024, resulted in the "Segment Information" disclosure included in Note 2. Accounting Standards Issued But Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The standard enhances to the annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity's worldwide operations. ASU 2023-09 becomes effective for annual reporting periods beginning after December 15, 2024, and the Company is evaluating the potential impact of this standard on its income tax disclosures. In March 2024, the FASB issued ASU No. 2024-01, Compensation - Stock Compensation (Topic 718) . The standard provides guidance to reduce complexity and diversity in practice in determining whether a profits interest award is accounted for as a share-based payment. Early adoption is permitted. This guidance can be applied either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest or similar awards granted or modified on or after the effective date for our application of this guidance. The Company does not expect ASU 2024-01, which becomes effective for annual reporting periods after December 15, 2024 and interim periods within those annual periods, to have an impact on its Consolidated Financial Statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220) . The standard requires new financial statement disclosures disaggregating information about prescribed categories underlying any relevant income statement expense caption. ASU 2024-03 becomes effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is evaluating the potential impact of this standard on the Consolidated Financial Statements and related disclosures.

CASH, CASH EQUIVALENTS AND IN_2

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents	The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands): Cost or Unrealized Aggregate Fair Cash and Cash Equivalents Classification Amortized Cost Gains (Losses) Market Value December 31, 2024 Cash accounts in banking institutions $ 96,318 $ — $ — $ 96,318 Money market accounts 2,662 — — 2,662 $ 98,980 $ — $ — $ 98,980 December 31, 2023 Cash accounts in banking institutions $ 91,717 $ — $ — $ 91,717 Money market accounts 268 — — 268 $ 91,985 $ — $ — $ 91,985
Schedule of Investments	The following table provides details regarding the Company’s portfolio of short-term investments (in thousands): Cost or Unrealized Aggregate Fair Short-term Investments Classification Amortized Cost Gains (Losses) Market Value December 31, 2024 U.S. Government bonds $ 392,778 $ 758 $ — $ 393,536 Marketable securities (1) 142 12 — 154 $ 392,920 $ 770 $ — $ 393,690 December 31, 2023 Corporate bonds $ 1,763 $ 1 $ ( 5 ) $ 1,759 U.S. Government bonds 420,769 303 ( 694 ) 420,378 $ 422,532 $ 304 $ ( 699 ) $ 422,137 (1) Changes in aggregate fair market value recorded in other loss, net on the Consolidated Statements of Income. The following table provides details regarding the Company’s portfolio of long-term investments (in thousands): Cost or Unrealized Aggregate Fair Long-term Investments Classification Amortized Cost Gains (Losses) Market Value December 31, 2024 U.S. Government bonds $ 434,766 $ 1,302 $ ( 595 ) $ 435,473 $ 434,766 $ 1,302 $ ( 595 ) $ 435,473 December 31, 2023 U.S. Government bonds 284,053 1,457 ( 8 ) $ 285,502 $ 284,053 $ 1,457 $ ( 8 ) $ 285,502

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Short-term U.S. Government bonds $ 393,536 $ 393,536 $ — $ — Long-term U.S. Government bonds 435,473 435,473 — — Cash equivalents 2,662 2,662 — — Short-term Marketable Securities 154 154 — — The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2023 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Short-term U.S. Government bonds $ 420,378 420,378 — — Long-term U.S. Government bonds 285,502 285,502 — — Short-term Corporate bonds 1,759 1,759 — — Cash equivalents 268 268 — —

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): December 31, 2024 2023 Raw materials $ 106,795 $ 113,400 Work-in-process 16,374 9,433 Finished goods 59,769 52,962 Inventory $ 182,938 $ 175,795

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment, net consist of the following (in thousands): December 31, 2024 2023 Land $ 12,230 $ 12,230 Building and improvements 131,288 116,903 Office and lab equipment 159,448 148,465 Furniture, fixtures and computer related assets 16,858 18,970 Construction-in-progress 45,292 22,490 365,116 319,058 Less: Accumulated depreciation ( 169,877 ) ( 143,908 ) Property and equipment, net $ 195,239 $ 175,150

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Technology	Acquired technology primarily consists of acquired license rights for patents and know-how obtained from Merck KGaA, BASF and Fujifilm. These intangible assets consist of the following (in thousands) : December 31, 2024 2023 Merck KGaA 66,012 66,012 BASF 95,989 95,989 Fujifilm 109,462 109,462 Other 5,712 5,712 277,175 277,175 Less: Accumulated amortization ( 203,621 ) ( 186,850 ) Acquired technology, net $ 73,554 $ 90,325
Schedule of Other Intangible Assets	At December 31, 2024, these other intangible assets consist of the following (in thousands): December 31, 2024 Gross Carrying Accumulated Net Carrying Customer relationships $ 10,520 $ ( 7,718 ) $ 2,802 Developed IP, processes and recipes 4,820 ( 2,708 ) 2,112 Trade name/Trademarks 1,500 ( 1,268 ) 232 Other 448 ( 148 ) 300 Total identifiable other intangible assets $ 17,288 $ ( 11,842 ) $ 5,446

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure Text Block [Abstract]
Other Asset	Other assets consist of the following (in thousands): December 31, 2024 2023 Long-term taxes receivable $ 52,899 $ 60,146 Right-of-use assets 19,867 24,910 Long-term unbilled receivables 24,943 9,074 Long-term contract assets 6,528 9,278 Other long-term assets 2,578 1,881 Other assets $ 106,815 $ 105,289

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 2022 Operating lease cost $ 4,343 $ 4,639 $ 4,436 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ — $ 1,072 $ 4,750
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, 2024 2023 Right-of-use assets $ 19,867 $ 24,910 Short-term lease liabilities 3,848 3,533 Long-term lease liabilities 19,135 22,855
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, 2024 Weighted average remaining lease term (in years) 6.0 Weighted average discount rate 3.8 %
Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms	Undiscounted future minimum lease payments as of December 31, 2024, 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 2025 $ 4,305 2026 4,384 2027 4,305 2028 4,022 2029 2,585 Thereafter 5,466 Total lease payments 25,067 Less: imputed interest ( 2,123 ) Present value of lease payments $ 22,944

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following (in thousands): December 31, 2024 2023 Compensation $ 28,744 $ 29,456 PPG Industries, Inc. agreement 7,759 11,962 Consulting 1,718 2,121 Professional fees 1,292 1,124 Royalties 1,048 647 Research and development agreements 852 822 Other 4,613 5,948 Accrued expenses $ 46,026 $ 52,080

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities [Abstract]
Schedule of other liabilities	Other liabilities consist of the following (in thousands): December 31, 2024 2023 Long-term lease liabilities $ 19,135 $ 22,855 Long-term taxes payable 15,749 15,749 Other long-term liabilities 527 54 Other liabilities $ 35,411 $ 38,658

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2022, net of tax $ ( 142 ) $ ( 18,019 ) $ ( 74 ) $ ( 18,235 ) Other comprehensive (loss) gain ( 7,745 ) 5,971 ( 480 ) ( 2,254 ) (1) — 2,037 — 2,037 Selling, general and administrative, Change during period ( 7,745 ) 8,008 ( 480 ) ( 217 ) Balance December 31, 2022, net of tax ( 7,887 ) ( 10,011 ) ( 554 ) ( 18,452 ) Other comprehensive gain 8,745 7,207 418 16,370 (1) — 996 — 996 Selling, general and administrative, Change during period 8,745 8,203 418 17,366 Balance December 31, 2023, net of tax 858 ( 1,808 ) ( 136 ) ( 1,086 ) Other comprehensive gain (loss) 411 ( 559 ) ( 82 ) ( 230 ) (1) — 261 — 261 Selling, general and administrative, Change during period 411 ( 298 ) ( 82 ) 31 Balance December 31, 2024, net of tax $ 1,269 $ ( 2,106 ) $ ( 218 ) $ ( 1,055 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 216,486 $ 149.68 Granted 103,344 177.65 Vested ( 108,986 ) 160.69 Forfeited ( 16,473 ) 156.11 Unvested, December 31, 2024 194,371 $ 157.58 The weighted average grant-date fair value per unit of RSU awards granted was $ 177.65 , $ 136.22 and $ 140.37 during the years ended December 31, 2024, 2023 and 2022 , respectively. The grant date fair value of RSUs that vested during the year was $ 17.5 million for the year ended December 31, 2024 , $ 21.6 million for the year ended December 31, 2023 and $ 18.0 million for the year ended December 31, 2022 . The fair value of RSUs as of their respective vesting dates was $ 19.4 million for the year ended December 31, 2024 , $ 18.6 million for the year ended December 31, 2023 and $ 15.3 million for the year ended December 31, 2022. The following table summarizes the activity related to restricted stock award (RSA) share based payment awards: Number of Weighted- Unvested, January 1, 2024 17,547 $ 170.96 Granted 1,616 185.82 Vested ( 7,465 ) 174.18 Forfeited ( 11,698 ) 170.96 Unvested, December 31, 2024 — $ —
Schedule of Nonvested Performance-Based Units Activity	The following table summarizes the activity related to performance unit awards (PSU) share based payment awards: Number of Weighted- Unvested, January 1, 2024 208,553 $ 185.86 Granted 69,600 191.21 Vested ( 18,722 ) 220.11 Forfeited ( 33,198 ) 187.37 Unvested, December 31, 2024 226,233 $ 180.24

EMPLOYEE RETIREMENT PLANS (Tabl

EMPLOYEE RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 Change in benefit obligation: Benefit obligation, beginning of year $ 54,263 $ 61,804 Service cost 837 951 Interest cost 2,641 2,898 Actuarial loss (gain) 737 ( 9,375 ) Benefit payments ( 2,014 ) ( 2,015 ) Benefit obligation, end of year 56,464 54,263 Fair value of plan assets — — Unfunded status of the plan, end of year $ 56,464 $ 54,263 Current liability $ 2,014 $ 2,014 Non-current liability $ 54,450 $ 52,249
Components of Net Periodic Pension Cost	The components of net periodic pension cost were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Service cost $ 837 $ 951 $ 1,287 Interest cost 2,641 2,898 1,383 Curtailment Charge 312 - - Amortization of prior service cost 33 815 1,119 Amortization of loss — 480 1,487 Total net periodic benefit cost $ 3,823 $ 5,144 $ 5,276
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, 2024 2023 Discount rate 5.20 % 4.74 % Rate of compensation increases 3.50 % 3.50 % Assumptions used to determine the net periodic pension cost were as follows: Year Ended December 31, 2024 2023 2022 Discount rate 4.74 % 4.94 % 2.16 % 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 2025 are as follows (in thousands): Amortization of prior service cost $ 23 Amortization of loss — Total $ 23
Benefit Payments Expected to be Paid	Benefit payments, which reflect estimated future service, are currently expected to be paid as follows (in thousands): Year Projected 2025 $ 2,014 2026 6,506 2027 6,887 2028 6,887 2029 6,887 2030-2034 36,112 Thereafter 14,351

CONCENTRATION OF RISK (Tables)

CONCENTRATION OF RISK (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022 were as follows (in thousands): 2024 2023 2022 Customer % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable % of Total Revenue Accounts Receivable A 43 % $ 37,899 36 % $ 38,105 41 % $ 11,425 B 23 % 25,751 23 % 30,142 25 % 24,440 C 16 % 13,258 17 % 38,529 16 % 22,291
Revenues by Geographic Area	Revenues by geographic area are as follows (in thousands): Year Ended December 31, Country 2024 2023 2022 South Korea $ 397,822 $ 322,509 $ 360,640 China 229,439 229,727 230,582 Japan 3,609 6,971 5,579 Other non-U.S. locations 2,456 4,411 3,829 Total non-U.S. locations 633,326 563,618 600,630 United States 14,358 12,811 15,989 Total revenue $ 647,684 $ 576,429 $ 616,619
Long-Lived Assets (Net) by Geographic Area	Property and equipment, net by geographic area are as follows (in thousands): December 31, Country 2024 2023 United States $ 117,496 $ 118,250 Ireland 63,346 42,203 Other 14,397 14,697 Total long-lived assets $ 195,239 $ 175,150

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 2022 United States $ 72,823 $ 71,514 $ 77,205 Foreign 199,305 173,657 191,025 Income before income taxes $ 272,128 $ 245,171 $ 268,230
Components of Income Tax Expense	The components of the income tax expense are as follows (in thousands): Year ended December 31, 2024 2023 2022 Current income tax (expense) benefit: Federal $ ( 34,199 ) $ ( 15,848 ) $ ( 51,980 ) State ( 3,452 ) ( 3,048 ) ( 1,833 ) Foreign ( 31,515 ) ( 27,030 ) ( 31,302 ) ( 69,166 ) ( 45,926 ) ( 85,115 ) Deferred income tax (expense) benefit: Federal 16,799 ( 460 ) 25,916 State 2,995 3,936 1,216 Foreign ( 677 ) 290 ( 186 ) 19,117 3,766 26,946 Income tax expense $ ( 50,049 ) $ ( 42,160 ) $ ( 58,169 )
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, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effect of foreign operations ( 4.0 ) ( 4.0 ) ( 4.9 ) U.S. International Tax (Sub F, GILTI, FDII) 2.3 2.9 4.2 Research tax credits ( 2.8 ) ( 2.4 ) ( 1.9 ) Redetermination of foreign tax credit utilization — ( 2.0 ) — Nondeductible employee compensation 1.6 1.7 1.9 State income taxes, net of federal benefit 0.2 ( 0.2 ) 0.1 Other 0.1 0.2 1.3 Effective tax rate 18.4 % 17.2 % 21.7 %
Tax Loss and Tax Credit Carryforwards	The following table summarizes Company tax credit carry forwards for tax return purposes as of December 31, 2024 (in thousands): Tax Benefit Expiration Date Tax credit carry forwards: State research tax credits $ 9,356 2035 - 2039 Foreign tax credits $ 186 2032 Total credit carry forwards $ 9,542
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, 2024 2023 Deferred tax asset: Capitalized research expenditures $ 55,277 $ 39,459 Retirement plan 13,633 12,555 Tax credit carry forwards 9,542 8,938 Accruals and reserves 6,988 7,180 Lease liabilities 6,073 6,671 Stock-based compensation 1,475 1,498 Deferred revenue 655 1,741 Other 2,783 1,362 96,426 79,404 Valuation allowance ( 10,167 ) ( 9,551 ) Deferred tax assets 86,259 69,853 Deferred tax liability: Lease Assets ( 5,297 ) ( 6,302 ) Acquisition goodwill ( 1,854 ) ( 1,549 ) Other ( 788 ) ( 2,894 ) Deferred tax liabilities ( 7,939 ) ( 10,745 ) Net deferred tax assets $ 78,320 $ 59,108

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Assets and Liabilities Associated with Contracts from Customers	The following table provides information about assets and liabilities associated with the Company's contracts from customers (in thousands): As of December 31, 2024 Accounts receivable $ 113,648 Short-term unbilled receivables 30,473 Short-term contract assets 2,932 Long-term unbilled receivables 24,943 Long-term contract assets 6,528 Short-term deferred revenue 33,074 Long-term deferred revenue 537
Summary of Significant Changes in Unbilled Receivables and Deferred Liabilities Balances	Significant changes in the assets and liabilities balances associated with the Company's contracts from customers for the years ended December 31, 2024 and 2023, are as follows (in thousands): Year Ended December 31, 2024 Assets Liabilities Balance at December 31, 2023 $ 42,134 $ ( 59,719 ) Revenue recognized that was previously included in deferred revenue, net — 98,223 Increases due to cash received — ( 82,928 ) Cumulative catch-up adjustment arising from changes in estimates of — 10,813 Unbilled receivables recorded, net 165,781 — Contract assets recorded, net ( 2,516 ) — Transferred to receivables from unbilled receivables ( 140,523 ) Net change 22,742 26,108 Balance at December 31, 2024 $ 64,876 $ ( 33,611 ) Year Ended December 31, 2023 Assets Liabilities Balance at December 31, 2022 $ 38,457 $ ( 63,878 ) Revenue recognized that was previously included in deferred revenue, net — 195,703 Increases due to cash received — ( 202,100 ) Cumulative catch-up adjustment arising from changes in estimates of — 10,556 Unbilled receivables recorded, net 41,659 — Contract assets recorded, net ( 2,407 ) — Transferred to receivables from unbilled receivables ( 35,575 ) Net change 3,677 4,159 Balance at December 31, 2023 $ 42,134 $ ( 59,719 )

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands, except share and per share data): Year Ended December 31, 2024 2023 2022 Numerator: Net income $ 222,079 $ 203,011 $ 210,061 Adjustment for Basic EPS: Earnings allocated to unvested shareholders ( 526 ) ( 993 ) ( 1,215 ) Adjusted net income $ 221,553 $ 202,018 $ 208,846 Denominator: Weighted average common shares outstanding – Basic 47,548,931 47,559,669 47,390,352 Effect of dilutive shares: Common stock equivalents arising from stock options and ESPP 1,780 2,173 2,340 Restricted stock awards and units and performance units 101,951 60,921 75,815 Weighted average common shares outstanding – Diluted 47,652,662 47,622,763 47,468,507 Net income per common share: Basic $ 4.66 $ 4.25 $ 4.41 Diluted $ 4.65 $ 4.24 $ 4.40

BUSINESS - Additional Informati

BUSINESS - Additional Information (Details)	Dec. 31, 2024 Patent
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of patents issued and pending application	6,500

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Jun. 28, 2016
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents maturity period	three months or less
Allowance for doubtful accounts	$ 175,000	$ 166,000
Goodwill impairment loss	$ 0
Number of Reportable Segments | Segment	1
Impairment of property and equipment	$ 6,100,000
Recognized income tax positions measured at likelihood of realization description	Recognized income tax positions are measured at the largest amount of which the likelihood of realization is greater than 50%.
OVJP Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Restructuring costs	$ 8,900,000
Impairment of property and equipment	6,100,000
Impairment of the OVJP right-of-use asset	1,400,000
Employee-related costs	1,000,000
Ancillary expenses	400,000
Impairment of property and equipment and right-of-use asset	$ 7,500,000
Patents [Member] | BASF [Member]
Summary Of Significant Accounting Policies [Line Items]
OLED patents useful life	10 years		10 years
Minimum [Member] | Other Intangible Assets [Member] | Adesis, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Amortization period of acquired intangible assets (in years)	10 years
Maximum [Member] | Other Intangible Assets [Member] | Adesis, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Amortization period of acquired intangible assets (in years)	15 years
Building [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life (in years)	30 years
Building Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life (in years)	15 years
Office, Lab Equipment and Furniture and Fixtures [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life (in years)	3 years
Office, Lab Equipment and Furniture and Fixtures [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life (in years)	7 years
Computer Software [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life (in years)	3 years

CASH, CASH EQUIVALENTS AND IN_3

CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Cash, Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	$ 98,980	$ 91,985
Cash Equivalents, Gross Unrealized Gains	0	0
Cash Equivalents, Gross Unrealized Losses	0	0
Cash and Cash Equivalents, Fair Value Disclosure	98,980	91,985
Cash Accounts in Banking Institutions [Member]
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	96,318	91,717
Cash Equivalents, Gross Unrealized Gains	0	0
Cash Equivalents, Gross Unrealized Losses	0	0
Cash and Cash Equivalents, Fair Value Disclosure	96,318	91,717
Money Market Accounts [Member]
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	2,662	268
Cash Equivalents, Gross Unrealized Gains	0	0
Cash Equivalents, Gross Unrealized Losses	0	0
Cash and Cash Equivalents, Fair Value Disclosure	$ 2,662	$ 268

CASH, CASH EQUIVALENTS AND IN_4

CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Investments (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Fair Value Disclosure		$ 3,500
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis		392,920	$ 422,532
Available-for-sale Securities, Gross Unrealized Gains		770	304
Available-for-sale Securities, Gross Unrealized Losses		0	(699)
Available-for-sale Securities, Fair Value Disclosure		393,690	422,137
Long-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis		434,766	284,053
Available-for-sale Securities, Gross Unrealized Gains		1,302	1,457
Available-for-sale Securities, Gross Unrealized Losses		(595)	(8)
Available-for-sale Securities, Fair Value Disclosure		435,473	285,502
Marketable Securities [Member] | Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	[1]	142
Available-for-sale Securities, Gross Unrealized Gains	[1]	12
Available-for-sale Securities, Gross Unrealized Losses	[1]	0
Available-for-sale Securities, Fair Value Disclosure	[1]	154
Corporate Bonds [Member] | Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis			1,763
Available-for-sale Securities, Gross Unrealized Gains			1
Available-for-sale Securities, Gross Unrealized Losses			(5)
Available-for-sale Securities, Fair Value Disclosure			1,759
U.S. Government Bonds [Member] | Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis		392,778	420,769
Available-for-sale Securities, Gross Unrealized Gains		758	303
Available-for-sale Securities, Gross Unrealized Losses		0	(694)
Available-for-sale Securities, Fair Value Disclosure		393,536	420,378
U.S. Government Bonds [Member] | Long-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis		434,766	284,053
Available-for-sale Securities, Gross Unrealized Gains		1,302	1,457
Available-for-sale Securities, Gross Unrealized Losses		(595)	(8)
Available-for-sale Securities, Fair Value Disclosure		$ 435,473	$ 285,502
[1] Changes in aggregate fair market value recorded in other loss, net on the Consolidated Statements of Income.

CASH, CASH EQUIVALENTS AND IN_5

CASH, CASH EQUIVALENTS AND INVESTMENTS - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($) Investment	Dec. 31, 2023 USD ($) Investment
Cash and Cash Equivalents [Line Items]
Minority investment, carrying value	$ 18.6	$ 14
Number Of Convertible Note Investments | Investment	2	0
Available-for-sale Securities, Fair Value Disclosure	$ 3.5

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term U.S. Government bonds	$ 2,932
Long-term U.S. Government bonds	457,593	$ 299,548
Short-term Corporate bonds	393,690	422,137
Cash equivalents	98,980	91,985
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term U.S. Government bonds	393,536	420,378
Long-term U.S. Government bonds	435,473	285,502
Short-term Corporate bonds		1,759
Cash equivalents	2,662	268
Short-term Marketable securities	154
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term U.S. Government bonds	393,536	420,378
Long-term U.S. Government bonds	435,473	285,502
Short-term Corporate bonds		1,759
Cash equivalents	2,662	$ 268
Short-term Marketable securities	$ 154

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
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, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 106,795	$ 113,400
Work-in-process	16,374	9,433
Finished goods	59,769	52,962
Inventory	$ 182,938	$ 175,795

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Change in inventory reserve	$ 3.1	$ 8.5	$ 3.6

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 365,116	$ 319,058
Less: Accumulated depreciation	(169,877)	(143,908)
Property and equipment, net	195,239	175,150
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,230	12,230
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	131,288	116,903
Office and lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	159,448	148,465
Furniture, fixtures and computer related assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,858	18,970
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 45,292	$ 22,490

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 25,940	$ 27,409	$ 24,815
Impairment of property and equipment	$ 6,100

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Technology (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	$ 277,175	$ 277,175
Less: Accumulated amortization	(203,621)	(186,850)
Acquired technology, net	73,554	90,325
Merck KGaA [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	66,012	66,012
BASF [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	95,989	95,989
FUJIFILM [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	109,462	109,462
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	$ 5,712	$ 5,712

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Acquired Technology - Additional Information (Details) $ in Thousands, € in Millions

12 Months Ended

Apr. 28, 2023 USD ($) Board_member

Jun. 28, 2016 USD ($) Patent

Jun. 28, 2016 EUR (€) Patent

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2030 USD ($)

Dec. 31, 2029 USD ($)

Dec. 31, 2028 USD ($)

Dec. 31, 2027 USD ($)

Dec. 31, 2026 USD ($)

Dec. 31, 2025 USD ($)

Apr. 30, 2023 USD ($)

Finite-Lived Intangible Assets [Line Items]

Amortization of Intangible Assets

$ 18,200

$ 15,993

$ 17,459

Future amortization expense, 2025

$ 16,800

Future amortization expense, 2026

$ 12,000

Future amortization expense, 2027

$ 7,200

Future amortization expense, 2028

$ 7,200

Future amortization expense, 2029

$ 7,100

Future amortization expense, thereafter

$ 23,300

Patent Technology [Member]

Finite-Lived Intangible Assets [Line Items]

Amortization of Intangible Assets

$ 16,800

$ 14,600

$ 16,000

Patents [Member] | BASF [Member]

Finite-Lived Intangible Assets [Line Items]

Number of patents acquired (more than) | Patent

500

500

Assigned value of acquired intangible assets

$ 95,800

€ 86.8

Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization, Acquisition Cost, Period Cost

95,800

€ 86.8

Cash paid for OLED patents

$ 217,000

OLED patents useful life

10 years

10 years

Patents [Member] | Merck KGaA [Member]

Finite-Lived Intangible Assets [Line Items]

Number of patents acquired (more than) | Board_member

550

Assigned value of acquired intangible assets

$ 66,000

Cash paid for OLED patents

$ 66,000

OLED patents useful life

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, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2030	Dec. 31, 2029	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 16,800
Goodwill	15,535	$ 15,535
Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	17,288
Amortization expense related to other intangible assets	1,400	$ 1,400	$ 1,400
Future amortization expense of other intangible assets, fiscal year 2025									$ 1,400
Future amortization expense of other intangible assets, fiscal year 2026								$ 1,400
Future amortization expense of other intangible assets, fiscal year 2027							$ 1,300
Future amortization expense of other intangible assets, fiscal year 2028						$ 422,000
Future amortization expense of other intangible assets, fiscal year 2029					$ 362,000					$ 1,400
Future amortization expense of other intangible assets, thereafter				$ 602,000
Goodwill	15,500
Adesis, Inc. [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 10,520
Amortization period of acquired intangible assets (in years)	11 years 6 months
Adesis, Inc. [Member] | Internally-developed IP, Processes and Recipes [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 4,820
Amortization period of acquired intangible assets (in years)	15 years
Adesis, Inc. [Member] | Trade Name/Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 1,500
Amortization period of acquired intangible assets (in years)	10 years

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,800
Accumulated Amortization	(11,842)	$ (10,414)
Net Carrying Amount	5,446	$ 6,874
Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,288
Accumulated Amortization	(11,842)
Net Carrying Amount	5,446
Customer Relationships [Member] | Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,520
Accumulated Amortization	(7,718)
Net Carrying Amount	2,802
Developed IP, Processes and Recipes [Member] | Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,820
Accumulated Amortization	(2,708)
Net Carrying Amount	2,112
Trade Name/Trademarks [Member] | Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,500
Accumulated Amortization	(1,268)
Net Carrying Amount	232
Other Intangible Assets [Member] | Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	448
Accumulated Amortization	(148)
Net Carrying Amount	$ 300

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Long-term taxes receivable	$ 52,899	$ 60,146
Right-of-use assets	19,867	24,910
Long-term unbilled receivables	$ 24,943	$ 9,074
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Long-term contract assets	$ 6,528	$ 9,278
Other long-term assets	2,578	1,881
Other assets	$ 106,815	$ 105,289

LEASES- Additional Information

LEASES- Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2021
Lessee Lease Description [Line Items]
Operating lease description	As of December 31, 2024, the Company did not have any finance leases and no additional operating leases that have not yet commenced.
Operating lease, option to extend		true
Minimum [Member]
Lessee Lease Description [Line Items]
Operating leases remaining term	2 years
Maximum [Member]
Lessee Lease Description [Line Items]
Operating leases remaining term	7 years
OVJP Corporation [Member]
Lessee Lease Description [Line Items]
Impairment of the OVJP right-of-use asset	$ 1.4

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 4,343	$ 4,639	$ 4,436
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$ 0	$ 1,072	$ 4,750

LEASES - Schedule Of Operating

LEASES - Schedule Of Operating Lease Right of Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets	$ 19,867	$ 24,910
Short-term lease liabilities	$ 3,848	$ 3,533
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Long-term lease liabilities	$ 19,135	$ 22,855
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, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years
Weighted average discount rate	3.80%

LEASES - Schedule of Undiscount

LEASES - Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
2025	$ 4,305
2026	4,384
2027	4,305
2028	4,022
2029	2,585
Thereafter	5,466
Total lease payments	25,067
Less: imputed interest	(2,123)
Present value of lease payments	$ 22,944

ACCRUED EXPENSES - Schedule of

ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation	$ 28,744	$ 29,456
PPG Industries, Inc. agreement	7,759	11,962
Consulting	1,718	2,121
Professional Fees	1,292	1,124
Royalties	1,048	647
Research and development agreements	852	822
Other	4,613	5,948
Accrued Expenses	$ 46,026	$ 52,080

RESEARCH AND LICENSE AGREEMEN_2

RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS- Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty expense	$ 2,048,000	$ 647,000	$ 877,000
1997 Amended License Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty expense	2,000,000	575,000	853,000
2006 Research Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Maximum obligation	1,700,000
Research and development expense incurred	$ 1,600,000	$ 1,100,000	$ 905,000

OTHER LIABILITIES - Summary of

OTHER LIABILITIES - Summary of Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Long-term lease liabilities	$ 19,135	$ 22,855
Long-term taxes payable	15,749	15,749
Other long-term liabilities	527	54
Other Liabilities	$ 35,411	$ 38,658
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-term Purchase Commitment [Line Items]
Percent of services payable in cash or shares	50%
Issuance of common stock in connection with materials and license agreements (in shares)	0
Charges to expense for cash portion of reimbursement of expenses	$ 19.3	$ 9.1	$ 7.3
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

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 18, 2025 $ / shares	Dec. 31, 2024 USD ($) Board_member $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares
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)		48,834,541	48,731,026
Common Stock, shares outstanding (in shares)		47,468,893	47,365,378
Treasury stock repurchased shares		0	0
Common stock dividends declared per share | $ / shares		$ 1.6	$ 1.4	$ 1.2
Common stock dividends paid per share | $ / shares		$ 1.6
Cash dividends declared | $		$ 77,000
Cash Dividends | $		76,200
Cash dividends | $		76,977	$ 66,735	$ 56,996
Payments of Ordinary Dividends, Common Stock | $		$ 76,200
Subsequent Event [Member]
Class Of Stock [Line Items]
Common stock dividends declared per share | $ / shares	$ 0.45
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred Stock, shares issued (in shares)		200,000	200,000
Preferred Stock, liquidation value per share (in dollars per share) | $ / shares		$ 7.5	$ 7.5
Preferred stock voting rights		Holders of the Series A shares are entitled to one vote per share on matters which shareholders are generally entitled to vote.
Preferred Stock, shares outstanding (in shares)		200,000	200,000
Series A Preferred Stock [Member] | One Nine Nine Five [Member]
Class Of Stock [Line Items]
Preferred Stock, shares issued (in shares)		200,000
O2025 Q1 Dividends [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Dividend payable date	Mar. 31, 2025
Dividend record date	Mar. 17, 2025

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		$ 1,447,226,000	$ 1,275,369,000	$ 1,099,914,000
Reclassification to net income		261,000	1,000,000	2,000,000
Other comprehensive loss		31,000	17,366,000	(217,000)
BALANCE		1,616,525,000	1,447,226,000	1,275,369,000
Unrealized gain (loss) on available-for-sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		858,000	(7,887,000)	(142,000)
Other comprehensive gain (loss) before reclassification		411,000	8,745,000	(7,745,000)
Reclassification to net income
Other comprehensive loss		411,000	8,745,000	(7,745,000)
BALANCE		1,269,000	858,000	(7,887,000)
Net unrealized gain (loss) on retirement plan [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE	[1]	(1,808,000)	(10,011,000)	(18,019,000)
Other comprehensive gain (loss) before reclassification	[1]	(559,000)	7,207,000	5,971,000
Reclassification to net income	[1],[2]	261,000	996,000	2,037,000
Other comprehensive loss	[1]	(298,000)	8,203,000	8,008,000
BALANCE	[1]	(2,106,000)	(1,808,000)	(10,011,000)
Change in cumulative foreign currency translation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		(136,000)	(554,000)	(74,000)
Other comprehensive gain (loss) before reclassification		(82,000)	418,000	(480,000)
Reclassification to net income
Other comprehensive loss		(82,000)	418,000	(480,000)
BALANCE		(218,000)	(136,000)	(554,000)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		(1,086,000)	(18,452,000)	(18,235,000)
Other comprehensive gain (loss) before reclassification		(230,000)	16,370,000	(2,254,000)
Reclassification to net income	[2]	261,000	996,000	2,037,000
Other comprehensive loss		31,000	17,366,000	(217,000)
BALANCE		$ (1,055,000)	$ (1,086,000)	$ (18,452,000)
[1] Refer to Note 17: Employee Retirement Plans The Company reclassified amortization of prior service cost, actuarial loss, curtailment charge and plan amendment cost for its retirement plan from accumulated other comprehensive loss to net income of $ 261,000 , $ 1.0 million and $ 2.0 million for the years ended December 31, 2024, 2023 and 2022 , respectively.

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification to net income	$ 261,000	$ 1,000,000	$ 2,000,000

STOCK-BASED COMPENSATION - Equi

STOCK-BASED COMPENSATION - Equity Compensation Plan - Additional Information (Details) - Equity Compensation Plan [Member]	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,362,361
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, January 1, 2024	216,486
Number of Shares, Granted	103,344
Number of Shares, Vested	(108,986)
Number of Shares, Forfeited	(16,473)
Number of Shares, Unvested, December 31, 2024	194,371	216,486
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2024	$ 149.68
Weighted-Average Grant-Date Fair Value, Granted	177.65	$ 136.22	$ 140.37
Weighted-Average Grant-Date Fair Value, Vested	160.69
Weighted-Average Grant-Date Fair Value, Forfeited	156.11
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2024	$ 157.58	$ 149.68
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, January 1, 2024	17,547
Number of Shares, Granted	1,616
Number of Shares, Vested	(7,465)
Number of Shares, Forfeited	(11,698)
Number of Shares, Unvested, December 31, 2024	0	17,547
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2024	$ 170.96
Weighted-Average Grant-Date Fair Value, Granted	185.82	$ 126.87	148.35
Weighted-Average Grant-Date Fair Value, Vested	174.18
Weighted-Average Grant-Date Fair Value, Forfeited	170.96
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2024	$ 0	$ 170.96
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, January 1, 2024	208,553
Number of Shares, Granted	69,600
Number of Shares, Vested	(18,722)
Number of Shares, Forfeited	(33,198)
Number of Shares, Unvested, December 31, 2024	226,233	208,553
Weighted-Average Grant-Date Fair Value, Unvested, January 1, 2024	$ 185.86
Weighted-Average Grant-Date Fair Value, Granted	191.21	$ 165.72	$ 186.66
Weighted-Average Grant-Date Fair Value, Vested	220.11
Weighted-Average Grant-Date Fair Value, Forfeited	187.37
Weighted-Average Grant-Date Fair Value, Unvested, December 31, 2024	$ 180.24	$ 185.86

STOCK-BASED COMPENSATION - Eq_3

STOCK-BASED COMPENSATION - Equity Instruments Other Than Options - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares withheld for tax withholding obligations	$ 24,166,000	$ 18,215,000	$ 22,607,000
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	$ 1,900,000	$ 1,500,000	$ 1,300,000
Shares issued (in shares)	10,870	13,016	8,784
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)	$ 177.65	$ 136.22	$ 140.37
Fair value granted as of the respective vesting dates	$ 17,500,000	$ 21,600,000	$ 18,000,000
Fair value as of the respective vesting dates	$ 19,400,000	$ 18,600,000	$ 15,300,000
Grants in period (shares)	103,344
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)	$ 185.82	$ 126.87	$ 148.35
Fair value granted as of the respective vesting dates	$ 1,300,000	$ 3,300,000	$ 8,300,000
Fair value as of the respective vesting dates	$ 1,600,000	$ 2,600,000	$ 6,500,000
Shares withheld for employee taxes (shares)	38,728	53,162	54,856
Shares withheld for employee taxes	$ 7,000,000	$ 7,400,000	$ 8,400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 19,100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 8 months 23 days
Grants in period (shares)	1,616
Unrecognized compensation expense related to performance unit awards	$ 19,100,000
Restricted Stock [Member] | Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	14,800,000	9,500,000	14,300,000
Restricted Stock [Member] | Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,700,000	1,900,000	2,200,000
Restricted Stock [Member] | Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 5,300,000	$ 5,800,000	$ 6,100,000
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)	$ 191.21	$ 165.72	$ 186.66
Fair value granted as of the respective vesting dates	$ 4,100,000	$ 1,900,000	$ 1,900,000
Fair value as of the respective vesting dates	3,300,000	$ 1,700,000	$ 1,800,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 8,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 6 months 25 days
Grants in period (shares)	69,600
Shares withheld for tax withholding obligations (in shares)	8,160	5,350	5,082
Fair value of shares withheld for tax withholding obligations	$ 1,400,000	$ 775,000	$ 826,000
Unrecognized compensation expense related to performance unit awards	$ 8,600,000
Performance Shares [Member] | Incremental Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)	69,600	84,448	100,621
Performance Shares [Member] | Performance-Based Vesting Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)	52,199	63,335	75,465
Performance Shares [Member] | Market-Based Vesting Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)	17,401	21,113	25,156
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	0	1,268
Performance Shares [Member] | Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 7,400,000	$ 2,600,000	$ 2,800,000
Performance Shares [Member] | Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	2,000,000	770,000	940,000
Performance Shares [Member] | Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 3,200,000	$ 1,200,000	$ 1,500,000

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan - Additional Information (Details) - Employee Stock Purchase Plan (ESPP) [Member] - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 25, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Stock Purchase Plan ESPP Purchase Period1	3 months
Reserved for issuance (in shares)				1,000,000
Percentage of market value (in hundredths)	85%
Maximum allocation of base compensation (in hundredths)	10%
Maximum shares per purchase date (in shares)	12,500
Maximum value per calendar year, per employee	$ 25,000
Common stock issued (in shares)	15,230	17,513	17,057
Proceeds from common stock issued	$ 2,200,000	$ 2,000,000	$ 1,600,000
Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	130,000	136,000	107,000
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	210,000	167,000	141,000
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	$ 259,000	$ 240,000	$ 224,000

STOCK-BASED COMPENSATION - Defe

STOCK-BASED COMPENSATION - Deferred Compensation Arrangement - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Compensation Arrangement with Employees and Non-Employees, Share-Based Payments [Line Items]
Research and development	$ 157,187,000	$ 130,481,000	$ 117,062,000
Non-Employee Members of Scientific Advisory Board [Member]
Deferred Compensation Arrangement with Employees and Non-Employees, Share-Based Payments [Line Items]
Shares issued (in shares)	1,616	2,366
Research and development	$ 242,000	$ 248,000	$ 234,000
Members of Scientific Advisory Board [Member]
Deferred Compensation Arrangement with Employees and Non-Employees, Share-Based Payments [Line Items]
Fair value of shares issued	$ 300,000	$ 300,000

EMPLOYEE RETIREMENT PLANS - Add

EMPLOYEE RETIREMENT PLANS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Participant Denominator Multiple	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Maximum contribution percentage (in hundredths)	90%
Matching contribution limit (in hundredths)	3%
Contributions to the 401(k) Plan	$ 1,700,000	$ 1,500,000	$ 1,400,000
Benefit Payments	(2,014,000)	(2,015,000)
Prior service cost expected to be amortized in next fiscal year	23,000
Actuarial loss (gain)	$ 737,000	(9,375,000)
Supplemental Executive Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of participants | Participant	7
Factor used to determine annual base salary | Multiple	12
Annual base salary period (in months)			24 months
Minimum period of service (in years)	20 years
Benefit percentage, tier one (in hundredths)	50%
Benefit percentage, tier two (in hundredths)	25%
Benefit percentage, tier three (in hundredths)	15%
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%
Initial prior service cost for retirement plan	$ 2,300,000
Benefit Payments	2,000,000
Prior service cost expected to be amortized in next fiscal year	23,000
Accumulated benefit obligation	$ 54,900,000	52,500,000
Defined benefit plan threshold of benefit obligation at which actuarial losses are amortized (in hundredths)	10%
Actuarial loss (gain)		$ 9,400,000

EMPLOYEE RETIREMENT PLANS - Inf

EMPLOYEE RETIREMENT PLANS - Information Relating to the Company's Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Change in benefit obligation:
Benefit obligation, beginning of year	$ 54,263	$ 61,804
Service cost	837	951
Interest cost	$ 2,641	$ 2,898
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Non-current liability	Non-current liability
Actuarial loss (gain)	$ 737	$ (9,375)
Benefit Payments	(2,014)	(2,015)
Benefit obligation, end of year	56,464	54,263
Fair value of plan assets	0	0
Unfunded status of the plan, end of year	56,464	54,263
Current liability	2,014	2,014
Non-current liability	$ 54,450	$ 52,249

EMPLOYEE RETIREMENT PLANS - Com

EMPLOYEE RETIREMENT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of net periodic pension cost [Abstract]
Service cost	$ 837	$ 951
Interest cost	$ 2,641	$ 2,898
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Liability, Defined Benefit Plan, Noncurrent	Liability, Defined Benefit Plan, Noncurrent	Liability, Defined Benefit Plan, Noncurrent
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Liability, Defined Benefit Plan, Noncurrent	Liability, Defined Benefit Plan, Noncurrent	Liability, Defined Benefit Plan, Noncurrent
Supplemental Executive Retirement Plan [Member]
Components of net periodic pension cost [Abstract]
Service cost	$ 837	$ 951	$ 1,287
Interest cost	2,641	2,898	1,383
Curtailment Charge	312	0	0
Amortization of prior service cost	33	815	1,119
Amortization of loss	0	480	1,487
Total net periodic benefit cost	$ 3,823	$ 5,144	$ 5,276

EMPLOYEE RETIREMENT PLANS - Ass

EMPLOYEE RETIREMENT PLANS - Assumptions Used to Determine Benefit Obligation (Details)	Dec. 31, 2024	Dec. 31, 2023
Assumptions used to determine the year end benefit obligation [Abstract]
Discount rate	5.20%	4.74%
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Assumptions used to determine the net periodic pension cost [Abstract]
Discount rate	4.74%	4.94%	2.16%
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, 2024 USD ($)
Estimated amounts to be amortized from accumulated other comprehensive loss in next fiscal year [Abstract]
Amortization of prior service cost	$ 23
Amortization of loss	0
Total	$ 23

EMPLOYEE RETIREMENT PLANS - Ben

EMPLOYEE RETIREMENT PLANS - Benefit Payments Expected to be Paid (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Benefit payments currently expected to be paid [Abstract]
2025	$ 2,014
2026	6,506
2027	6,887
2028	6,887
2029	6,887
2030-2034	36,112
Thereafter	$ 14,351

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($) Multiple ExecutiveOfficer Employee	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Purchase commitments for inventory | $	$ 46.5	$ 29.8	$ 31.9
Commitment With Executive Officers [Member]
Loss Contingencies [Line Items]
Number of executive officers under agreement | ExecutiveOfficer	5
Number of employees under agreement | Employee	11
Commitment With Senior Level Employees [Member]
Loss Contingencies [Line Items]
Multiple of sum of average annual base salary and bonus agreement terms	2
Commitment With Senior Level Employees [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Multiple of sum of average annual base salary and bonus agreement terms	2
Commitment With Senior Level Employees [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Multiple of sum of average annual base salary and bonus agreement terms	1

CONCENTRATION OF RISK - Revenue

CONCENTRATION OF RISK - Revenues and Accounts Receivable From Our Largest Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Accounts Receivable	$ 113,648	$ 139,850
Major Customer A [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	43%	36%	41%
Major Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 37,899	$ 38,105	$ 11,425
Major Customer B [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	23%	23%	25%
Major Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 25,751	$ 30,142	$ 24,440
Major Customer C [Member] | Total Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	16%	17%	16%
Major Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 13,258	$ 38,529	$ 22,291

CONCENTRATION OF RISK - Additio

CONCENTRATION OF RISK - Additional Information (Details) - Supplier	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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)	98%	98%	97%

CONCENTRATION OF RISK - Reven_2

CONCENTRATION OF RISK - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Revenues	$ 647,684	$ 576,429	$ 616,619
South Korea [Member]
Concentration Risk [Line Items]
Revenues	397,822	322,509	360,640
China [Member]
Concentration Risk [Line Items]
Revenues	229,439	229,727	230,582
Japan [Member]
Concentration Risk [Line Items]
Revenues	3,609	6,971	5,579
Other Non-U.S. Locations [Member]
Concentration Risk [Line Items]
Revenues	2,456	4,411	3,829
Total Non-U.S. Locations [Member]
Concentration Risk [Line Items]
Revenues	633,326	563,618	600,630
United States [Member]
Concentration Risk [Line Items]
Revenues	$ 14,358	$ 12,811	$ 15,989

CONCENTRATION OF RISK - Long-Li

CONCENTRATION OF RISK - Long-Lived Assets (Net) by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total long-lived assets	$ 195,239	$ 175,150
United States [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	117,496	118,250
Ireland [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	63,346	42,203
Other [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	$ 14,397	$ 14,697

INCOME TAXES - Components of In

INCOME TAXES - Components of Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of income before income taxes [Abstract]
United States	$ 72,823	$ 71,514	$ 77,205
Foreign	199,305	173,657	191,025
INCOME BEFORE INCOME TAXES	$ 272,128	$ 245,171	$ 268,230

INCOME TAXES - Components of _2

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax (expense) benefit:
Federal	$ (34,199)	$ (15,848)	$ (51,980)
State	(3,452)	(3,048)	(1,833)
Foreign	(31,515)	(27,030)	(31,302)
Current income tax benefit (expense)	(69,166)	(45,926)	(85,115)
Deferred income tax (expense) benefit:
Federal	16,799	(460)	25,916
State	2,995	3,936	1,216
Foreign	(677)	290	(186)
Deferred income tax expense, gross	19,117	3,766	26,946
Income tax expense	$ (50,049)	$ (42,160)	$ (58,169)

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory U.S. federal income tax rate	21%	21%	21%
Effect of foreign operations	(4.00%)	(4.00%)	(4.90%)
U.S. International Tax (Sub F, GILTI, FDII)	2.30%	2.90%	4.20%
Research tax credits	(2.80%)	(2.40%)	(1.90%)
Redetermination of foreign tax credit utilization	0%	(2.00%)	0%
Nondeductible employee compensation	1.60%	1.70%	1.90%
State income taxes, net of federal benefit	0.20%	(0.20%)	0.10%
Other	0.10%	0.20%	1.30%
Effective tax rate	18.40%	17.20%	21.70%

INCOME TAXES - Tax Loss and Tax

INCOME TAXES - Tax Loss and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Tax Credit And Operating Loss Carryforwards [Line Items]
Total credit carry forwards, Tax Benefit	$ 9,542
Foreign Tax Jurisdiction [Member]
Tax Credit And Operating Loss Carryforwards [Line Items]
Total credit carry forwards, Tax Benefit	$ 186
Tax credit carryforwards, Expiration Date	Dec. 31, 2032
Research Tax Credit [Member] | State [Member]
Tax Credit And Operating Loss Carryforwards [Line Items]
Total credit carry forwards, Tax Benefit	$ 9,356
Research Tax Credit [Member] | State [Member] | Minimum [Member]
Tax Credit And Operating Loss Carryforwards [Line Items]
Tax credit carryforwards, Expiration Date	Dec. 31, 2035
Research Tax Credit [Member] | State [Member] | Maximum [Member]
Tax Credit And Operating Loss Carryforwards [Line Items]
Tax credit carryforwards, Expiration Date	Dec. 31, 2039

INCOME TAXES - Significant Comp

INCOME TAXES - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax asset:
Capitalized research expenditures	$ 55,277	$ 39,459
Retirement plan	13,633	12,555
Tax credit carry forwards	9,542	8,938
Accruals and reserves	6,988	7,180
Lease liabilities	6,073	6,671
Stock-based compensation	1,475	1,498
Deferred revenue	655	1,741
Other	2,783	1,362
Deferred Tax Assets, Gross	96,426	79,404
Valuation allowance	(10,167)	(9,551)
Deferred tax assets	86,259	69,853
Deferred tax liability:
Lease Assets	(5,297)	(6,302)
Acquisition goodwill	(1,854)	(1,549)
Other	(788)	(2,894)
Deferred tax liabilities	(7,939)	(10,745)
Net deferred tax assets	$ 78,320	$ 59,108

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Long-term asset	$ 106,815	$ 105,289
Current income tax expense	$ 31,515	27,030	$ 31,302
State and foreign income tax returns subject to examination period minimum (in years)	3 years
State and foreign income tax returns subject to examination period maximum (in years)	4 years
South Korea [Member]
Income Taxes [Line Items]
Current income tax expense	$ 14,900
Foreign exchange loss	7,200	732,000
Allocation of Withholding to Non-Korean Patents [Member]
Income Taxes [Line Items]
Long-term asset	52,900	60,100
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	$ 15,700	$ 15,700

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Percentage of revenue recorded from sales of materials	98%	97%	97%
Backlog associated with committed purchase orders from customers	$ 19,500
Contract catch-up adjustment to revenue increased in estimate of transaction price	10,800	$ 10,600
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net	$ 10,813	$ 10,556
Adesis, Inc. [Member]
Disaggregation Of Revenue [Line Items]
Percentage of revenue recorded from provision of services	2%	3%	3%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Assets and Liabilities Associated with Contracts from Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 113,648	$ 139,850
Short-term unbilled receivables	30,473
Short-term contract assets	2,932
Long-term unbilled receivables	24,943
Long-term contract assets	6,528
Short-term deferred revenue	33,074	47,713
Long-term deferred revenue	$ 537	$ 12,006

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, 2024	Dec. 31, 2023
Deferred Revenue (Increase) Decrease
Balance	$ (59,719)	$ (63,878)
Revenue recognized that was previously included in deferred revenue, net	98,223	195,703
Increases due to cash received	(82,928)	(202,100)
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net	10,813	10,556
Net change	26,108	4,159
Balance	(33,611)	(59,719)
Unbilled Receivables Increase (Decrease)
Balance	42,134	38,457
Unbilled receivables recorded, net	165,781	41,659
Contract assets recorded, net	(2,516)	(2,407)
Transferred to receivables from unbilled receivables	(140,523)	(35,575)
Net change	22,742	3,677
Balance	$ 64,876	$ 42,134

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ 222,079	$ 203,011	$ 210,061
Adjustment for Basic EPS:
Earnings allocated to unvested shareholders	(526)	(993)	(1,215)
Adjusted net income	$ 221,553	$ 202,018	$ 208,846
Denominator:
Weighted average common shares outstanding – Basic	47,548,931	47,559,669	47,390,352
Effect of dilutive shares:
Common stock equivalents arising from stock options and ESPP	1,780	2,173	2,340
Restricted stock awards and units and performance units	101,951	60,921	75,815
Weighted average common shares outstanding – Diluted	47,652,662	47,622,763	47,468,507
Basic	$ 4.66	$ 4.25	$ 4.41
Diluted	$ 4.65	$ 4.24	$ 4.4

NET INCOME PER COMMON SHARE - A

NET INCOME PER COMMON SHARE - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of diluted EPS	18,015	36,345	122,843

QUARTERLY SUPPLEMENTAL FINANCIA

QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 647,684	$ 576,429	$ 616,619
Net Income (Loss)	$ 222,079	$ 203,011	$ 210,061
Net income per common share:
Basic	$ 4.66	$ 4.25	$ 4.41
Diluted	$ 4.65	$ 4.24	$ 4.4