Universal Display (OLED) 10-Q30 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001005284
Entity Registrant Name	UNIVERSAL DISPLAY CORPORATION
Entity File Number	1-12031
Entity Incorporation, State or Country Code	PA
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
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	OLED
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,461,408

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 79,559	$ 91,985
Short-term investments	471,993	422,137
Accounts receivable	87,693	139,850
Inventory	175,958	175,795
Other current assets	126,643	87,365
Total current assets	941,846	917,132
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $158,992 and $143,908	191,195	175,150
ACQUIRED TECHNOLOGY, net of accumulated amortization of $199,428 and $186,850	77,747	90,325
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $11,484 and $10,414	5,804	6,874
GOODWILL	15,535	15,535
INVESTMENTS	396,931	299,548
DEFERRED INCOME TAXES	72,138	59,108
OTHER ASSETS	109,686	105,289
TOTAL ASSETS	1,810,882	1,668,961
CURRENT LIABILITIES:
Accounts payable	24,698	10,933
Accrued expenses	52,955	52,080
Deferred revenue	47,393	47,713
Other current liabilities	6,119	8,096
Total current liabilities	131,165	118,822
DEFERRED REVENUE	2,376	12,006
RETIREMENT PLAN BENEFIT LIABILITY	54,288	52,249
OTHER LIABILITIES	36,303	38,658
Total liabilities	224,132	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, 48,826,922 and 48,731,026 shares issued, and 47,461,274 and 47,365,378 shares outstanding, at September 30, 2024 and December 31, 2023, respectively	488	487
Additional paid-in capital	717,190	699,554
Retained earnings	907,776	789,553
Accumulated other comprehensive income (loss)	2,578	(1,086)
Treasury stock, at cost (1,365,648 shares at September 30, 2024 and December 31, 2023)	(41,284)	(41,284)
Total shareholders’ equity	1,586,750	1,447,226
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,810,882	$ 1,668,961

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 158,992	$ 143,908
Finite-Lived Intangible Assets, Accumulated Amortization	199,428	186,850
Other Finite-Lived Intangible Assets, Accumulated Amortization	$ 11,484	$ 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)	48,826,922	48,731,026
Common Stock, shares outstanding (in shares)	47,461,274	47,365,378
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Treasury Stock , Preferred, Shares	1,365,648	1,365,648
Series A Nonconvertible Preferred Stock
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 (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE:
Total revenue	$ 161,627	$ 141,077	$ 485,391	$ 418,109
COST OF SALES	35,812	34,248	111,109	99,357
Gross margin	125,815	106,829	374,282	318,752
OPERATING EXPENSES:
Research and development	36,089	33,099	110,900	96,840
Selling, general and administrative	15,664	18,084	54,757	50,557
Amortization of acquired technology and other intangible assets	4,551	4,557	13,648	11,442
Patent costs	2,352	2,572	6,735	7,056
Royalty and license expense	154	81	1,928	414
Total operating expenses	58,810	58,393	187,968	166,309
OPERATING INCOME	67,005	48,436	186,314	152,443
Interest income, net	10,592	7,136	30,073	20,301
Other income (loss), net	3,819	(1,693)	416	(3,180)
Interest and other income, net	14,411	5,443	30,489	17,121
INCOME BEFORE INCOME TAXES	81,416	53,879	216,803	169,564
INCOME TAX EXPENSE	(14,546)	(2,363)	(40,743)	(28,531)
NET INCOME	$ 66,870	$ 51,516	$ 176,060	$ 141,033
NET INCOME PER COMMON SHARE:
BASIC	$ 1.4	$ 1.08	$ 3.69	$ 2.95
DILUTED	$ 1.4	$ 1.08	$ 3.69	$ 2.95
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC	47,542,114	47,570,099	47,549,976	47,555,734
DILUTED	47,669,439	47,632,431	47,644,026	47,609,692
CASH DIVIDENDS DECLARED PER COMMON SHARE	$ 0.4	$ 0.35	$ 1.2	$ 1.05
Material Sales
REVENUE:
Total revenue	$ 83,428	$ 92,492	$ 272,154	$ 239,789
Royalty And License Fees
REVENUE:
Total revenue	74,590	45,915	202,409	165,524
Contract Research Services
REVENUE:
Total revenue	$ 3,609	$ 2,670	$ 10,828	$ 12,796

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 66,870	$ 51,516	$ 176,060	$ 141,033
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Unrealized gain on available-for-sale securities, net of tax of none, ($318), none, and ($756) respectively	7,093	1,138	4,117	2,706
Actuarial loss on retirement plan, net of tax of none, none, $232 and none, respectively	0	0	(761)	0
Amortization of prior service cost, actuarial loss and curtailment charge for retirement plan included in net periodic pension costs, net of tax of ($3), ($71), ($79), and ($212) respectively	4	253	260	759
Change in cumulative foreign currency translation adjustment	141	(44)	48	22
TOTAL OTHER COMPREHENSIVE INCOME	7,238	1,347	3,664	3,487
COMPREHENSIVE INCOME	$ 74,108	$ 52,863	$ 179,724	$ 144,520

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on available-for-sale securities, tax	$ 0	$ (318)	$ 0	$ (756)
Actuarial loss on retirement plan, net of tax	0	0	232	0
Amortization of prior service cost and actuarial loss for retirement plan included in net periodic pension costs, tax	$ (3)	$ (71)	$ (79)	$ (212)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Preferred Stock Series A Nonconvertible Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
BALANCE at Dec. 31, 2022	$ 1,275,369	$ 2	$ 491	$ 681,335	$ 653,277	$ (18,452)	$ (41,284)
BALANCE (in shares) at Dec. 31, 2022		200,000	49,136,030				1,365,648
Net income	141,033				141,033
Other comprehensive income	3,487					3,487
Cash dividend	(50,083)				(50,083)
Stock-based compensation and ESPP activity, net of taxes withheld	12,560		$ (4)	12,564
Stock-based compensation and ESPP activity, net of taxes withheld (in Shares)			(415,500)
BALANCE at Sep. 30, 2023	1,382,366	$ 2	$ 487	693,899	744,227	(14,965)	$ (41,284)
BALANCE (in shares) at Sep. 30, 2023		200,000	48,720,530				1,365,648
BALANCE at Jun. 30, 2023	1,338,766	$ 2	$ 487	686,501	709,372	(16,312)	$ (41,284)
BALANCE (in shares) at Jun. 30, 2023		200,000	48,706,932				1,365,648
Net income	51,516				51,516
Other comprehensive income	1,347					1,347
Cash dividend	(16,661)				(16,661)
Stock-based compensation and ESPP activity, net of taxes withheld	7,398			7,398
Stock-based compensation and ESPP activity, net of taxes withheld (in Shares)			13,598
BALANCE at Sep. 30, 2023	1,382,366	$ 2	$ 487	693,899	744,227	(14,965)	$ (41,284)
BALANCE (in shares) at Sep. 30, 2023		200,000	48,720,530				1,365,648
BALANCE at Dec. 31, 2023	1,447,226	$ 2	$ 487	699,554	789,553	(1,086)	$ (41,284)
BALANCE (in shares) at Dec. 31, 2023		200,000	48,731,026				1,365,648
Net income	176,060				176,060
Other comprehensive income	3,664					3,664
Cash dividend	(57,837)				(57,837)
Stock-based compensation and ESPP activity, net of taxes withheld	17,637		$ 1	17,636
Stock-based compensation and ESPP activity, net of taxes withheld (in Shares)			95,896
BALANCE at Sep. 30, 2024	1,586,750	$ 2	$ 488	717,190	907,776	2,578	$ (41,284)
BALANCE (in shares) at Sep. 30, 2024		200,000	48,826,922				1,365,648
BALANCE at Jun. 30, 2024	1,526,838	$ 2	$ 488	712,234	860,058	(4,660)	$ (41,284)
BALANCE (in shares) at Jun. 30, 2024		200,000	48,814,273				1,365,648
Net income	66,870				66,870
Other comprehensive income	7,238					7,238
Cash dividend	(19,152)				(19,152)
Stock-based compensation and ESPP activity, net of taxes withheld	4,956			4,956
Stock-based compensation and ESPP activity, net of taxes withheld (in Shares)			12,649
BALANCE at Sep. 30, 2024	$ 1,586,750	$ 2	$ 488	$ 717,190	$ 907,776	$ 2,578	$ (41,284)
BALANCE (in shares) at Sep. 30, 2024		200,000	48,826,922				1,365,648

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 176,060	$ 141,033
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	19,488	20,128
Amortization of intangibles	13,648	11,442
Amortization of premium and discount on investments, net	(5,930)	(9,436)
Stock-based compensation	23,812	18,623
Deferred income tax (benefit) expense	(12,878)	7,556
Retirement plan expense, net of benefit payments	1,385	2,347
Decrease (increase) in assets:
Accounts receivable	52,157	(29,528)
Inventory	(163)	1,814
Other current assets	(39,278)	(37,653)
Other assets	(4,397)	8,292
Increase (decrease) in liabilities:
Accounts payable and accrued expenses	9,405	(32)
Other current liabilities	(1,977)	(24,186)
Deferred revenue	(9,950)	11,809
Other liabilities	(2,355)	(4,502)
Net cash provided by operating activities	219,027	117,707
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(29,960)	(52,208)
Purchases of intangibles	0	(66,563)
Purchases of investments	(337,949)	(303,004)
Proceeds from sale and maturity of investments	200,768	346,407
Net cash used in investing activities	(167,141)	(75,368)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	1,776	1,532
Payment of withholding taxes related to stock-based compensation to employees	(8,251)	(7,895)
Cash dividends paid	(57,837)	(50,083)
Net cash used in financing activities	(64,312)	(56,446)
DECREASE IN CASH AND CASH EQUIVALENTS	(12,426)	(14,107)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	91,985	93,430
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 79,559	$ 79,323

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Non-Cash Activities - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other Significant Noncash Transactions [Line Items]
Unrealized gain on available-for-sale securities	$ 4,117	$ 3,304
Net change in accounts payable and accrued expenses related to purchases of property and equipment	(5,573)	887
Cash paid for income taxes, net of refunds	60,772	81,132
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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 66,870	$ 51,516	$ 176,060	$ 141,033

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

BUSINESS

BUSINESS	9 Months Ended
BUSINESS	Sep. 30, 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 gain wider acceptance. The Company’s primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers of products for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty and general lighting products; and (2) further develop and either license or otherwise commercialize the Company’s proprietary OLED material, device design and manufacturing technologies to those manufacturers. The Company has established a significant portfolio of proprietary OLED technologies and materials, primarily through internal research and development efforts and acquisitions of patents and patent applications, as well as maintaining long-standing, and establishing new relationships with world-class universities, research institutions and strategic manufacturing partnerships. The Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide. The Company manufactures and sells its proprietary OLED materials to customers for evaluation and use in commercial OLED products. The Company also enters into agreements with manufacturers of OLED display and lighting products under which it grants them licenses to practice under the Company’s patents and to use the Company's proprietary know-how. At the same time, the Company works with these and other companies that are evaluating the Company's OLED material, device design and manufacturing technologies for possible use in commercial OLED display and lighting products.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Interim Financial Information In the opinion of management, the accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the requirements of the Securities and Exchange Commission for interim financial reporting and contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company’s financial position as of September 30, 2024 and results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. While management believes that the disclosures presented are adequate to make the information not misleading, these unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the Company’s latest year-end Consolidated Financial Statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . The results of the Company’s operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for the full year. 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) and OLED Material Manufacturing Limited (OMM). All intercompany transactions and accounts have been eliminated. 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. 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. 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. 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 September 30, 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 three and nine months ended September 30, 2024 and 2023 resulted solely from royalty or license fee arrangements as to which there were not associated material sales. The rights and benefits to the Company’s OLED technologies are conveyed to the customer through technology license agreements and material supply agreements. The Company believes that the licenses and materials sold under these combined agreements are not distinct from each other for financial reporting purposes and as such, they are accounted for as a single performance obligation. Accordingly, total contract consideration is estimated and recognized over the contract term based on material units sold at the estimated per unit fee over the life of the contract. Total contract consideration is allocated to material sales and royalty and licensing fees on the Consolidated Statements of Income based on contract pricing. Various estimates are relied upon to recognize revenue. The Company estimates total material units to be purchased by its customers over the contract term based on historical trends, industry estimates and its forecast process. Management uses the expected value method to estimate the material per unit fee. Additionally, management estimates the sales-based portion of royalty revenue based on the estimated net sales revenue of its customers over the contract term. Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and commercialization for non-OLED applications on a contractual basis. These services range from intermediates for structure-activity relationship studies, reference agents and building blocks for combinatorial synthesis, re-synthesis of key intermediates, specialty organic chemistry needs, and selective toll manufacturing. These services are provided to third-party pharmaceutical and life sciences firms and other technology firms at fixed costs or predetermined rates on a contract basis. Revenue is recognized as services are performed with billing schedules and payment terms negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. In other cases, services may be provided and revenue is recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable. Technology development and support revenue is revenue earned from development and technology evaluation agreements and commercialization assistance fees. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income. On December 2, 2022, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, the Company is being paid a license fee, which includes quarterly and annual payments over the agreement term of five years . The agreement conveys to SDC the non-exclusive right to use certain of the Company's intellectual property assets for a limited period of time that is less than the estimated life of the assets. At the same time the Company entered into the current commercial license agreement with SDC, the Company also entered into a new supplemental material purchase agreement with SDC, 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), which were effective as of January 1, 2015. The terms of these agreements were extended by a January 1, 2021 amendment 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. 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 income (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. Accounting Standards Issued But Not Yet Adopted 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 Company does not expect ASU 2023-07, which becomes effective during the annual period ending December 31, 2024, to have an impact on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The standard enhances 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 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 January 1, 2025, to have an impact on its Consolidated Financial Statements and related disclosures.

CASH, CASH EQUIVALENTS AND INVE

CASH, CASH EQUIVALENTS AND INVESTMENTS	9 Months Ended
CASH, CASH EQUIVALENTS AND INVESTMENTS	Sep. 30, 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 September 30, 2024 Cash accounts in banking institutions $ 78,291 $ — $ — $ 78,291 Money market accounts 1,268 — — 1,268 $ 79,559 $ — $ — $ 79,559 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 September 30, 2024 U.S. Government bonds $ 470,797 $ 1,106 $ ( 41 ) $ 471,862 Marketable securities (1) 123 — — 131 $ 470,920 $ 1,106 $ ( 41 ) $ 471,993 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 income (loss), net on the Consolidated Statements of Income. Long-term U.S. Government Bond Investments The following table provides details regarding the Company’s portfolio of long-term investments (in thousands): Cost or Unrealized Aggregate Fair Long-term Investments Classification Amortized Cost Gains (Losses) Market Value September 30, 2024 U.S. Government bonds $ 374,706 $ 4,136 $ ( 31 ) $ 378,811 $ 374,706 $ 4,136 $ ( 31 ) $ 378,811 December 31, 2023 U.S. Government bonds $ 284,053 $ 1,457 $ ( 8 ) $ 285,502 $ 284,053 $ 1,457 $ ( 8 ) $ 285,502 Minority Equity Investments The Company’s portfolio of minority equity investments 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 are included in investments on the Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, the Company had minority equity investments in six and five entities, respectively, with a total carrying value of $ 18.1 million and $ 14.0 million, respectively, accounted for as equity securities without readily determinable fair values.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 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 September 30, 2024 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Short-term U.S. Government bonds $ 471,862 $ 471,862 $ — $ — Long-term U.S. Government bonds 378,811 378,811 — — Cash equivalents 1,268 1,268 — — Short-term Marketable securities 131 131 — — 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 income (loss) on the Consolidated Balance Sheets and any credit losses on debt investments are recorded as an allowance for credit losses with an offset recognized in other loss, net on the Consolidated Statements of Income. There were no credit losses on debt investments as of September 30, 2024 or December 31, 2023 .

INVENTORY

INVENTORY	9 Months Ended
INVENTORY	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	5. INVENTORY: Inventory consisted of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 104,790 $ 113,400 Work-in-process 28,930 9,433 Finished goods 42,238 52,962 Inventory $ 175,958 $ 175,795 The Company recorded an increase in its inventory reserves of $ 2.3 million and $ 2.5 million for the three months ended September 30, 2024 and 2023 , respectively, and $ 2.6 million and $ 6.6 million for the nine months ended September 30, 2024 and 2023 , respectively, due to excess inventory levels in certain products and raw materials.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
PROPERTY AND EQUIPMENT	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	6. PROPERTY AND EQUIPMENT: Property and equipment, net consist of the following (in thousands): September 30, 2024 December 31, 2023 Land $ 12,230 $ 12,230 Building and improvements 140,258 116,903 Office and lab equipment 150,752 148,465 Furniture, fixtures and computer related assets 17,786 18,970 Construction-in-progress 29,161 22,490 350,187 319,058 Less: Accumulated depreciation ( 158,992 ) ( 143,908 ) Property and equipment, net $ 191,195 $ 175,150 Depreciation expense was $ 6.4 million and $ 6.9 million for the three months ended September 30, 2024 and 2023 , respectively, and $ 19.5 million and $ 20.1 million for the nine months ended September 30, 2024 and 2023 , respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Sep. 30, 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): September 30, 2024 December 31, 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 ( 199,428 ) ( 186,850 ) Acquired technology, net $ 77,747 $ 90,325 Amortization expense related to acquired technology was $ 4.2 million for both three months ended September 30, 2024 and 2023 , and $ 12.6 million and $ 10.4 million for the nine months ended September 30, 2024 and 2023 , respectively. Amortization expense is included in the amortization of acquired technology and other intangible assets expense line item on the Consolidated Statements of Income and is expected to be $ 4.2 million for the three months ending December 31, 2024, $ 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, and $ 30.3 million 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 know-how 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 September 30, 2024, these other intangible assets consist of the following (in thousands): September 30, 2024 Gross Carrying Accumulated Net Carrying Customer relationships $ 10,520 $ ( 7,487 ) $ 3,033 Developed IP, processes and recipes 4,820 ( 2,628 ) 2,192 Trade name/Trademarks 1,500 ( 1,231 ) 269 Other 448 ( 138 ) 310 Total identifiable other intangible assets $ 17,288 $ ( 11,484 ) $ 5,804 Amortization expense related to other intangible assets was $ 359,000 for both three months ended September 30, 2024 and 2023 , and $ 1.1 million for both nine months ended September 30, 2024 and 2023. Am ortization expense is included in the amortization of acquired technology and other intangible assets expense line item on the Consolidated Statements of Income and is expected to be $ 359,000 for the three months ending December 31, 2024, $ 1.4 million for each of the years ending December 31, 2025 and 2026, $ 1.3 million for the year ending December 31, 2027, $ 422,000 for the year ending December 31, 2028, and $ 963,000 in total thereafter.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
OTHER ASSETS	Sep. 30, 2024
Prepaid Expense and Other Assets [Abstract]
OTHER ASSETS	8. OTHER ASSETS: Other assets consist of the following (in thousands): September 30, 2024 December 31, 2023 Long-term taxes receivable $ 59,673 $ 60,146 Right-of-use assets 22,214 24,910 Long-term unbilled receivables 19,165 9,074 Long-term contract assets 7,174 9,278 Other long-term assets 1,460 1,881 Other assets $ 109,686 $ 105,289 See Notes 9 and 20 for further explanation on right-of-use assets and non-current taxes receivable, respectively.

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 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 September 30, 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 1,115 $ 1,094 $ 3,307 $ 3,538 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ — $ — $ — $ — The following table presents the Company’s operating lease right-of-use assets and liabilities (in thousands): September 30, 2024 December 31, 2023 Right-of-use assets $ 22,214 $ 24,910 Short-term lease liabilities 3,699 3,533 Long-term lease liabilities 20,112 22,855 The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities: September 30, 2024 Weighted average remaining lease term (in years) 6.1 Weighted average discount rate 3.7 % As of September 30, 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 September 30, 2024, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands): Maturities of 2024 (1) $ 1,074 2025 4,321 2026 4,401 2027 4,322 2028 4,027 Thereafter 8,051 Total lease payments 26,196 Less: Imputed interest ( 2,385 ) Present value of lease payments $ 23,811 (1) Scheduled maturities of lease liabilities represent the period from October 1, 2024 to December 31, 2024 .

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
ACCRUED EXPENSES	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	10. ACCRUED EXPENSES: Accrued expenses consist of the following (in thousands): September 30, 2024 December 31, 2023 Compensation $ 22,301 $ 29,456 PPG Industries, Inc. agreement 12,514 11,962 Consulting 1,791 2,121 Professional fees 1,545 1,124 Royalties 928 647 Research and development agreements 572 822 Other 13,304 5,948 Accrued expenses $ 52,955 $ 52,080

RESEARCH AND LICENSE AGREEMENTS

RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS	9 Months Ended
RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS	Sep. 30, 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 $ 145,000 and $ 60,000 for the three months ended September 30, 2024 and 2023 , respectively, and $ 1.9 million and $ 358,000 for the nine months ended September 30, 2024 and 2023, respectively. The Company also makes payments under the current research agreement with USC on a quarterly basis as actual expenses are incurred. As of September 30, 2024 , the Company was obligated to pay USC up to $ 2.0 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 $ 490,000 and $ 251,000 for the three months ended September 30, 2024 and 2023 , respectively, and $ 1.2 million and $ 666,000 for the nine months ended September 30, 2024 and 2023 , respectively.

OTHER LIABILITIES

OTHER LIABILITIES	9 Months Ended
OTHER LIABILITIES	Sep. 30, 2024
Other Liabilities [Abstract]
OTHER LIABILITIES	12. OTHER LIABILITIES: Other liabilities consist of the following (in thousands): September 30, 2024 December 31, 2023 Long-term lease liabilities $ 20,112 $ 22,855 Long-term taxes payable 15,749 15,749 Other long-term liabilities 442 54 Other liabilities $ 36,303 $ 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 AGREEMENT	9 Months Ended
EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENT	Sep. 30, 2024
Long-Term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENT	13. EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENT: 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, 2024, and thereafter is automatically renewed for additional one-year terms, unless terminated by the Company by providing prior notice of one year or terminated by PPG by providing prior notice of two years. The New OLED Materials Agreement contains provisions that are substantially similar to those of the original OLED Materials Agreement. Under the New OLED Materials Agreement, PPG continues to assist the Company in developing its proprietary OLED materials and supplying the Company with those materials for evaluation purposes and for resale to its customers. Under the New OLED Materials Agreement, the Company compensates PPG on a cost-plus basis for the services provided during each calendar quarter. The Company is required to pay for some of these services in all cash. Up to 50 % of the remaining services are payable, at the Company’s sole discretion, in cash or shares of the Company’s common stock, with the balance payable in cash. The actual number of shares of common stock issuable to PPG is determined based on the average closing price for the Company’s common stock during a specified number of days prior to the end of each calendar half-year period ending on March 31 and September 30. If, however, this average closing price is less than $ 20.00 , the Company is required to compensate PPG in cash. No shares 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 $ 4.6 million and $ 1.5 million for the three months ended September 30, 2024 and 2023 , respectively, and $ 12.5 million and $ 6.1 million for the nine months ended September 30, 2024 and 2023 , respectively, in relation to the cash portion of the reimbursement of expenses and work performed by PPG, excluding amounts paid for commercial chemicals.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
SHAREHOLDERS' EQUITY	Sep. 30, 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 September 30, 2024 , the Company had issued 200,000 shares of preferred stock, all of which were outstanding. Common Stock The Company’s Amended and Restated Articles of Incorporation authorize it to issue up 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 September 30, 2024 , the Company had issued 48,826,922 shares of common stock, of which 47,461,274 were outstanding. During the three and nine months ended September 30, 2024 and 2023 , the Company repurchased no shares of common stock. Dividends During the three months ended September 30, 2024 , the Company declared and paid cash dividends of $ 0.40 per common share, or $ 19.2 million, and during the nine months ended September 30, 2024 , the Company declared and paid cash dividends of $ 1.20 per common share, or $ 57.8 million, on the Company’s outstanding common stock. On October 29, 2024, the Company’s Board of Directors declared a fourth quarter dividend of $ 0.40 per share to be paid on December 31, 2024 to all shareholders of record of the Company’s common stock as of the close of business on December 17, 2024 . All future dividends will be subject to the approval of the Company’s Board of Directors.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): Amounts related to the changes in accumulated other comprehensive income (loss) were as follows (in thousands): Unrealized Gain (Loss) on Net Unrealized Gain (Loss) on (2) Change in Cumulative Total Affected Line Items in the Balance December 31, 2023, net of tax $ 858 $ ( 1,808 ) $ ( 136 ) $ ( 1,086 ) Other comprehensive gain (loss) 4,117 ( 761 ) 48 3,404 Reclassification to net income (1) — 260 — 260 Selling, general and administrative, Change during period 4,117 ( 501 ) 48 3,664 Balance September 30, 2024, net of tax $ 4,975 $ ( 2,309 ) $ ( 88 ) $ 2,578 Unrealized Gain (Loss) on Net Unrealized Gain (Loss) on (2) Change in Cumulative Total Affected Line Items in the Balance December 31, 2022, net of tax $ ( 7,887 ) $ ( 10,011 ) $ ( 554 ) $ ( 18,452 ) Other comprehensive gain 2,706 — 22 2,728 Reclassification to net income (1) — 759 — 759 Selling, general and administrative, Change during period 2,706 759 22 3,487 Balance September 30, 2023, net of tax $ ( 5,181 ) $ ( 9,252 ) $ ( 532 ) $ ( 14,965 ) (1) The Company reclassified amortization of prior service cost, actuarial loss and curtailment charge for its retirement plan from accumulated other comprehensive income (loss) to net income of $ 260,000 and $ 759,000 for the nine months ended September 30, 2024 and 2023 , respectively. (2) Refer to Note 17: Retirement Plan Benefit Liability.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 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 September 30, 2024 , there were 1,359,167 shares that remained available to be granted under the Equity Compensation Plan. The Equity Compensation Plan will terminate on June 15, 2033. Restricted Stock Awards 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. During the nine months ended September 30, 2024 , the Company granted 86,454 shares of restricted stock awards and restricted stock units to employees and non-employees, which had a total fair value of $ 14.3 million on the respective dates of grant, and will vest over three to five years from the date of grant, provided that the grantee is still an employee of the Company or is still providing services to the Company on the applicable vesting date. For the three months ended September 30, 2024 and 2023 , the Company recorded, as compensation charges related to all restricted stock awards and units granted to employees and non-employees, selling, general and administrative expense of $ 1.8 million and $ 2.4 million, respectively, research and development expense of $ 1.3 million and $ 1.4 million, respectively, and cost of sales of $ 411,000 and $ 454,000 , respectively. For the nine months ended September 30, 2024 and 2023 , the Company recorded, as compensation charges related to all restricted stock awards and units granted to employees and non-employees, selling, general and administrative expense of $ 6.1 million and $ 7.8 million, respectively, research and development expense of $ 4.1 million and $ 4.4 million, respectively, and cost of sales of $ 1.3 million and $ 1.4 million, respectively. In connection with the vesting of restricted stock awards and units during the three months ended September 30, 2024 and 2023 , 4,505 and 3,190 shares, respectively, with aggregate fair values of $ 927,000 and $ 465,000 , respectively, were withheld in satisfaction of tax withholding obligations and are reflected as a financing activity within the Consolidated Statements of Cash Flows. In connection with the vesting of restricted stock awards and units during the nine months ended September 30, 2024 and 2023 , 37,927 and 51,154 shares, respectively, with aggregate fair values of $ 6.8 million and $ 7.1 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 recorded as compensation charges related to all restricted stock units granted to non-employee members of the Scientific Advisory Board, whose unvested shares are marked to market each reporting period, research and development expense of $ 60,000 for both three months ended September 30, 2024 and 2023 . Such compensation charges to research and development expense were $ 182,000 and $ 188,000 , respectively, for the nine months ended September 30, 2024 and 2023. 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 three months ended September 30, 2024 and 2023 , the Company recorded compensation charges for services performed, related to all restricted stock units granted to non-employee members of the Board of Directors, selling, general and administrative expense of $ 471,000 and $ 363,000 , respectively. Such compensation charges to selling, general, and administrative expense were $ 1.3 million and $ 1.1 million, respectively, for the nine months ended September 30, 2024 and 2023 . In connection with the vesting of the restricted stock, the Company issued to non-employee members of the Board of Directors 8,044 and 6,588 shares, respectively, during the nine months ended September 30, 2024 and 2023. 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. During the nine months ended September 30, 2024 , the Company granted 69,600 performance units, of which 34,798 units are subject to performance-based vesting requirements based on three-year cumulative adjusted EBITDA, 17,401 units are subject to performance-based vesting requirements based on three-year cumulative gross margin and 17,401 units are subject to market-based, TSR vesting requirements. The grant date fair value of the performance unit awards granted was $ 11.4 million for the nine months ended September 30, 2024, as determined by the Company’s common stock on date of grant for the units with performance-based vesting and a Monte Carlo simulation model used for the units with market-based vesting. For the three months ended September 30, 2024 and 2023 , the Company recorded selling, general and administrative expense of $ 605,000 and $ 1.5 million, respectively, research and development expense of $ 269,000 and $ 607,000 , respectively, and cost of sales expense of $ 167,000 and $ 376,000 , respectively, related to the performance units. For the nine months ended September 30, 2024 and 2023 , the Company recorded selling, general and administrative expense of $ 6.1 million and $ 1.7 million, respectively, research and development expense of $ 2.6 million and $ 982,000 , respectively, and cost of sales expense of $ 1.6 million and $ 609,000 , respectively, related to the performance units. In connection with the vesting of performance units during the nine months ended September 30, 2024 and 2023 , 8,160 and 5,350 shares, respectively, with an aggregate fair value of $ 1.4 million and $ 775,000 , respectively, were withheld in satisfaction of tax withholding obligations and are reflected as a financing activity within the Consolidated Statements of Cash Flows. 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 business 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. During the nine months ended September 30, 2024 and 2023 , the Company issued 11,654 and 13,915 shares, respectively, of its common stock under the ESPP, resulting in proceeds of $ 1.8 million and $ 1.5 million, respectively. For the three months ended September 30, 2024 and 2023 , the Company recorded charges of $ 29,000 and $ 36,000 , respectively, to selling, general and administrative expense, $ 69,000 and $ 61,000 , respectively, to research and development expense, and $ 54,000 and $ 46,000 , respectively, to cost of sales related to the ESPP equal to the amount of the discount and the value of the look-back feature. For the nine months ended September 30, 2024 and 2023 , the Company recorded charges of $ 101,000 and $ 105,000 , respectively, to selling, general and administrative expense, $ 206,000 and $ 186,000 , respectively, to research and development expense, and $ 151,000 and $ 121,000 , respectively, to cost of sales 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 nine months ended September 30, 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 shares issued to members of the Scientific Advisory Board was $ 300,000 for both nine-month periods.

RETIREMENT PLAN BENEFIT LIABILI

RETIREMENT PLAN BENEFIT LIABILITY	9 Months Ended
RETIREMENT PLAN BENEFIT LIABILITY	Sep. 30, 2024
Retirement Benefits [Abstract]
RETIREMENT PLAN BENEFIT LIABILITY	17. RETIREMENT PLAN BENEFIT LIABILITY: 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). The SERP is currently unfunded and includes salary and bonus as part of the plan. The purpose of the SERP 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 September 30, 2024 , there were seven participants in the SERP. In December 2022, one of the participants retired and monthly SERP benefit payments commenced in January 2023. The total SERP benefit payments for the nine months ended September 30, 2024 were $ 1.5 million. 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. The components of net periodic pension cost were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Service cost $ 211 $ 238 $ 626 $ 713 Interest cost 710 725 1,931 2,174 Curtailment charge — — 312 — Amortization of prior service cost 6 203 27 611 Amortization of loss — 120 — 360 Total net periodic benefit cost $ 927 $ 1,286 $ 2,896 $ 3,858

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 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 September 30, 2024 and December 31, 2023 , the Company had purchase commitments for inventory of $ 47.7 million and $ 29.8 million, respectively. Patent Related Challenges and Oppositions Each major jurisdiction in the world that issues patents provides both third parties and applicants an opportunity to seek a further review of an issued patent. The process for requesting and considering such reviews is specific to the jurisdiction that issued the patent in question, and generally does not provide for claims of monetary damages or a review of specific claims of infringement. The conclusions made by the reviewing administrative bodies tend to be appealable and generally are limited in scope and applicability to the specific claims and jurisdiction in question. The Company believes that opposition proceedings are frequently commenced in the ordinary course of business by third parties who may believe that one or more claims in a patent do not comply with the technical or legal requirements of the specific jurisdiction in which the patent was issued. The Company views these proceedings as reflective of its goal of obtaining the broadest legally permissible patent coverage permitted in each jurisdiction. Once a proceeding is initiated, as a general matter, the issued patent continues to be presumed valid until the jurisdiction’s applicable administrative body issues a final non-appealable decision. Depending on the jurisdiction, the outcome of these proceedings could include affirmation, denial or modification of some or all of the originally issued claims. The Company believes that as OLED technology becomes more established and its patent portfolio increases in size, so will the number of these proceedings.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	9 Months Ended
CONCENTRATION OF RISK	Sep. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	19. CONCENTRATION OF RISK: Revenues and accounts receivable from the Company's largest customers were as follows (in thousands): % of Total Revenue for the % of Total Revenue for the Accounts Receivable as of Customer 2024 2023 2024 2023 September 30, 2024 A 41 % 45 % 43 % 37 % $ 13,361 B 24 % 20 % 24 % 23 % $ 38,028 C 17 % 12 % 16 % 15 % $ 4,524 D 6 % 8 % 6 % 10 % $ 8,615 Revenues from outside of North America represented approximately 98 % of consolidated revenue for both three months ended September 30, 2024 and 2023 , and 98 % for both nine months ended September 30, 2024 and 2023. Revenues by geographic area are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Country 2024 2023 2024 2023 South Korea $ 95,105 $ 87,231 $ 305,697 $ 235,320 China 61,366 48,687 164,072 163,634 Japan 503 2,019 3,013 5,175 Other non-U.S. locations 975 541 2,913 3,856 Total non-U.S. locations 157,949 138,478 475,695 407,985 United States 3,678 2,599 9,696 10,124 Total revenue $ 161,627 $ 141,077 $ 485,391 $ 418,109 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): September 30, 2024 December 31, 2023 United States $ 119,335 $ 118,250 Ireland 57,374 42,203 Other 14,486 14,697 Total property and equipment, net $ 191,195 $ 175,150 Substantially all chemical materials were purchased from one supplier. See Note 13 for further explanation.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES:	20. INCOME TAXES: The Company is subject to income taxes in both the United States and foreign jurisdictions. The effective income tax rate was 17.9 % and 4.4 % for the three months ended September 30, 2024 and 2023 , respectively, and 18.8 % and 16.8 % for the nine months ended September 30, 2024 and 2023 , respectively. The Company recorded an income tax expense of $ 14.5 million and $ 2.4 million for the three months ended September 30, 2024 and 2023 , respectively, and $ 40.7 million and $ 28.5 million for the nine months ended September 30, 2024 and 2023, respectively. The discrepancy between the statutory tax rate and the effective tax rate is primarily due to the benefit of income taxed in foreign jurisdictions partially offset by nondeductible employee compensation and U.S. international tax (GILTI and Subpart F). During the third quarter of 2023, a change in the U.S. tax regulations associated with the ability to credit Chinese withholding taxes, as well as a change in the capitalization rules for research and development expenses resulted in a decrease in the effective income tax rate for the three months ended September 30, 2023. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the Company's ability to generate future taxable income to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credits. As part of its assessment, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. At this time there is not sufficient evidence to release the valuation allowance that has been recorded for the New Jersey research and development credits. During the nine months ended September 30, 2024 , the Company recognized an unrealized gain of $ 4.1 million on available-for-sale securities. The valuation allowance of $ 1.7 million that resulted from an unrealized loss on available-for-sale securities during prior periods was reversed through accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. There are no indicators against the realizability of the remaining net deferred tax asset. On December 27, 2018, the Korean Supreme Court, citing prior cases, held that only royalties paid with respect to Korean registered patents are considered Korean source income and subject to Korean withholding tax under the applicable law and interpretation of the Korea-U.S. Tax Treaty. The Company has incurred Korean withholding tax of $ 14.9 million for each of the years ended December 31, 2018, through December 31, 2022. Based on the Korean Supreme Court decision, a tax refund request on behalf of the Company was filed with the Korean National Tax Service (KNTS) for the 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 and is awaiting its decision. 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 $ 59.7 million and $ 60.1 million as of September 30, 2024, and December 31, 2023 , respectively for the receipt of the Korean withholding tax. The Company also recorded foreign exchange gain of $ 3.2 million and foreign exchange loss of $ 1.5 million for the three months ended September 30, 2024 and 2023 , respectively, and foreign exchange loss of $ 545,000 and $ 3.3 million for the nine months ended September 30, 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 September 30, 2024 and December 31, 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 2020. The Company's state and foreign tax returns are open for a period of generally three to four years . The Company is under California tax audit for 2019 and 2020 years, which is in the information-collecting stage. The above estimates may change in the future and upon settlement.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 30, 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 both three months ended September 30, 2024 and 2023 , the Company recorded 98 % of its revenue from OLED related sales and 2 % from the providing of services through Adesis. For the nine months ended September 30, 2024 and 2023 , the Company recorded 98 % and 97 %, respectively, of its revenue from OLED related sales and 2 % and 3 %, respectively, from the providing of services through Adesis. Contract Balances The following table provides information about assets and liabilities associated with our contracts from customers (in thousands): As of September 30, 2024 Accounts receivable $ 87,693 Short-term unbilled receivables 50,213 Long-term unbilled receivables 19,165 Short-term contract assets 2,909 Long-term contract assets 7,174 Short-term deferred revenue 47,393 Long-term deferred revenue 2,376 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 September 30, 2024 will be recognized as materials are shipped to customers over the remaining contract periods. As of September 30, 2024 , the Company had $ 24.4 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 nine months ended September 30, 2024 and 2023 are as follows (in thousands): Nine Months Ended September 30, 2024 Assets Liabilities Balance at December 31, 2023 $ 42,134 $ ( 59,719 ) Revenue recognized that was previously included in deferred revenue, net — 86,825 Increases due to cash received — ( 82,928 ) Cumulative catch-up adjustment arising from changes in estimates of — 6,053 Unbilled receivables recorded, net 109,246 — Contract assets recorded, net ( 1,893 ) — Transferred to receivables from unbilled receivables ( 70,026 ) — Net change 37,327 9,950 Balance at September 30, 2024 $ 79,461 $ ( 49,769 ) Nine Months Ended September 30, 2023 Assets Liabilities Balance at December 31, 2022 $ 38,457 $ ( 63,878 ) Revenue recognized that was previously included in deferred revenue, net — 143,064 Increases due to cash received — ( 159,989 ) Cumulative catch-up adjustment arising from changes in estimates of — 5,116 Unbilled receivables recorded, net 29,094 — Contract assets recorded, net ( 1,860 ) — Transferred to receivables from unbilled receivables ( 24,893 ) — Net change 2,341 ( 11,809 ) Balance at September 30, 2023 $ 40,798 $ ( 75,687 ) The cumulative catch-up adjustment recorded to revenue arising from changes in estimates of transaction price, net was an increase of $ 6.1 million for the nine months ended September 30, 2024 as compared to $ 5.1 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024 and 2023 , the adjustment resulted from an increase in the average price per gram that was primarily due to the decrease in anticipated demand by several of the Company's customers over the remaining lives of their contracts.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	9 Months Ended
NET INCOME PER COMMON SHARE	Sep. 30, 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 three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 66,870 $ 51,516 $ 176,060 $ 141,033 Adjustment for Basic EPS: Earnings allocated to unvested shareholders ( 126 ) ( 243 ) ( 452 ) ( 709 ) Adjusted net income $ 66,744 $ 51,273 $ 175,608 $ 140,324 Denominator: Weighted average common shares outstanding – Basic 47,542,114 47,570,099 47,549,976 47,555,734 Effect of dilutive shares: Common stock equivalents arising from stock options and ESPP 276 499 1,179 1,764 Restricted stock awards and units and performance units 127,049 61,833 92,871 52,194 Weighted average common shares outstanding – Diluted 47,669,439 47,632,431 47,644,026 47,609,692 Net income per common share: Basic $ 1.40 $ 1.08 $ 3.69 $ 2.95 Diluted $ 1.40 $ 1.08 $ 3.69 $ 2.95 For the three months ended September 30, 2024 and 2023, the combined effects of unvested restricted stock awards, restricted stock units and performance unit awards of 17,538 and 39,426 , respectively, were excluded from the calculation of diluted EPS as their impact would have been antidilutive. For the nine months ended September 30, 2024 and 2023, the combined effects of unvested restricted stock awards, restricted stock units and performance unit awards of 13,530 and 34,291 , 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)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information In the opinion of management, the accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the requirements of the Securities and Exchange Commission for interim financial reporting and contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company’s financial position as of September 30, 2024 and results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. While management believes that the disclosures presented are adequate to make the information not misleading, these unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the Company’s latest year-end Consolidated Financial Statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . The results of the Company’s operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for the full year.
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) and OLED Material Manufacturing Limited (OMM). All intercompany transactions and accounts have been eliminated.
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.
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.
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.
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 September 30, 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 three and nine months ended September 30, 2024 and 2023 resulted solely from royalty or license fee arrangements as to which there were not associated material sales. The rights and benefits to the Company’s OLED technologies are conveyed to the customer through technology license agreements and material supply agreements. The Company believes that the licenses and materials sold under these combined agreements are not distinct from each other for financial reporting purposes and as such, they are accounted for as a single performance obligation. Accordingly, total contract consideration is estimated and recognized over the contract term based on material units sold at the estimated per unit fee over the life of the contract. Total contract consideration is allocated to material sales and royalty and licensing fees on the Consolidated Statements of Income based on contract pricing. Various estimates are relied upon to recognize revenue. The Company estimates total material units to be purchased by its customers over the contract term based on historical trends, industry estimates and its forecast process. Management uses the expected value method to estimate the material per unit fee. Additionally, management estimates the sales-based portion of royalty revenue based on the estimated net sales revenue of its customers over the contract term. Contract research services revenue is revenue earned by Adesis by providing chemical materials synthesis research, development and commercialization for non-OLED applications on a contractual basis. These services range from intermediates for structure-activity relationship studies, reference agents and building blocks for combinatorial synthesis, re-synthesis of key intermediates, specialty organic chemistry needs, and selective toll manufacturing. These services are provided to third-party pharmaceutical and life sciences firms and other technology firms at fixed costs or predetermined rates on a contract basis. Revenue is recognized as services are performed with billing schedules and payment terms negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. In other cases, services may be provided and revenue is recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable. Technology development and support revenue is revenue earned from development and technology evaluation agreements and commercialization assistance fees. Technology development and support revenue is included in contract research services on the Consolidated Statements of Income. On December 2, 2022, the Company entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, the Company is being paid a license fee, which includes quarterly and annual payments over the agreement term of five years . The agreement conveys to SDC the non-exclusive right to use certain of the Company's intellectual property assets for a limited period of time that is less than the estimated life of the assets. At the same time the Company entered into the current commercial license agreement with SDC, the Company also entered into a new supplemental material purchase agreement with SDC, 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), which were effective as of January 1, 2015. The terms of these agreements were extended by a January 1, 2021 amendment 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.
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 income (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. Accounting Standards Issued But Not Yet Adopted 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 Company does not expect ASU 2023-07, which becomes effective during the annual period ending December 31, 2024, to have an impact on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The standard enhances 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 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 January 1, 2025, to have an impact on its Consolidated Financial Statements and related disclosures.

CASH, CASH EQUIVALENTS AND IN_2

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)	9 Months Ended
CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)	Sep. 30, 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 September 30, 2024 Cash accounts in banking institutions $ 78,291 $ — $ — $ 78,291 Money market accounts 1,268 — — 1,268 $ 79,559 $ — $ — $ 79,559 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 September 30, 2024 U.S. Government bonds $ 470,797 $ 1,106 $ ( 41 ) $ 471,862 Marketable securities (1) 123 — — 131 $ 470,920 $ 1,106 $ ( 41 ) $ 471,993 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 income (loss), net on the Consolidated Statements of Income. Long-term U.S. Government Bond Investments The following table provides details regarding the Company’s portfolio of long-term investments (in thousands): Cost or Unrealized Aggregate Fair Long-term Investments Classification Amortized Cost Gains (Losses) Market Value September 30, 2024 U.S. Government bonds $ 374,706 $ 4,136 $ ( 31 ) $ 378,811 $ 374,706 $ 4,136 $ ( 31 ) $ 378,811 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)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 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 September 30, 2024 (in thousands): Fair Value Measurements, Using Total Carrying Value Quoted Prices in Significant Other Significant Unobservable Short-term U.S. Government bonds $ 471,862 $ 471,862 $ — $ — Long-term U.S. Government bonds 378,811 378,811 — — Cash equivalents 1,268 1,268 — — Short-term Marketable securities 131 131 — — 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.

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
INVENTORY (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 104,790 $ 113,400 Work-in-process 28,930 9,433 Finished goods 42,238 52,962 Inventory $ 175,958 $ 175,795

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment, net consist of the following (in thousands): September 30, 2024 December 31, 2023 Land $ 12,230 $ 12,230 Building and improvements 140,258 116,903 Office and lab equipment 150,752 148,465 Furniture, fixtures and computer related assets 17,786 18,970 Construction-in-progress 29,161 22,490 350,187 319,058 Less: Accumulated depreciation ( 158,992 ) ( 143,908 ) Property and equipment, net $ 191,195 $ 175,150

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Sep. 30, 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): September 30, 2024 December 31, 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 ( 199,428 ) ( 186,850 ) Acquired technology, net $ 77,747 $ 90,325
Schedule of Other Intangible Assets	At September 30, 2024, these other intangible assets consist of the following (in thousands): September 30, 2024 Gross Carrying Accumulated Net Carrying Customer relationships $ 10,520 $ ( 7,487 ) $ 3,033 Developed IP, processes and recipes 4,820 ( 2,628 ) 2,192 Trade name/Trademarks 1,500 ( 1,231 ) 269 Other 448 ( 138 ) 310 Total identifiable other intangible assets $ 17,288 $ ( 11,484 ) $ 5,804

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
OTHER ASSETS (Tables)	Sep. 30, 2024
Disclosure Text Block [Abstract]
Other Asset	Other assets consist of the following (in thousands): September 30, 2024 December 31, 2023 Long-term taxes receivable $ 59,673 $ 60,146 Right-of-use assets 22,214 24,910 Long-term unbilled receivables 19,165 9,074 Long-term contract assets 7,174 9,278 Other long-term assets 1,460 1,881 Other assets $ 109,686 $ 105,289

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 1,115 $ 1,094 $ 3,307 $ 3,538 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ — $ — $ — $ —
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): September 30, 2024 December 31, 2023 Right-of-use assets $ 22,214 $ 24,910 Short-term lease liabilities 3,699 3,533 Long-term lease liabilities 20,112 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: September 30, 2024 Weighted average remaining lease term (in years) 6.1 Weighted average discount rate 3.7 %
Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms	Undiscounted future minimum lease payments as of September 30, 2024, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands): Maturities of 2024 (1) $ 1,074 2025 4,321 2026 4,401 2027 4,322 2028 4,027 Thereafter 8,051 Total lease payments 26,196 Less: Imputed interest ( 2,385 ) Present value of lease payments $ 23,811 (1) Scheduled maturities of lease liabilities represent the period from October 1, 2024 to December 31, 2024 .

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
ACCRUED EXPENSES (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following (in thousands): September 30, 2024 December 31, 2023 Compensation $ 22,301 $ 29,456 PPG Industries, Inc. agreement 12,514 11,962 Consulting 1,791 2,121 Professional fees 1,545 1,124 Royalties 928 647 Research and development agreements 572 822 Other 13,304 5,948 Accrued expenses $ 52,955 $ 52,080

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	9 Months Ended
OTHER LIABILITIES (Tables)	Sep. 30, 2024
Other Liabilities [Abstract]
Schedule of other liabilities	Other liabilities consist of the following (in thousands): September 30, 2024 December 31, 2023 Long-term lease liabilities $ 20,112 $ 22,855 Long-term taxes payable 15,749 15,749 Other long-term liabilities 442 54 Other liabilities $ 36,303 $ 38,658

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Sep. 30, 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 income (loss) were as follows (in thousands): Unrealized Gain (Loss) on Net Unrealized Gain (Loss) on (2) Change in Cumulative Total Affected Line Items in the Balance December 31, 2023, net of tax $ 858 $ ( 1,808 ) $ ( 136 ) $ ( 1,086 ) Other comprehensive gain (loss) 4,117 ( 761 ) 48 3,404 Reclassification to net income (1) — 260 — 260 Selling, general and administrative, Change during period 4,117 ( 501 ) 48 3,664 Balance September 30, 2024, net of tax $ 4,975 $ ( 2,309 ) $ ( 88 ) $ 2,578 Unrealized Gain (Loss) on Net Unrealized Gain (Loss) on (2) Change in Cumulative Total Affected Line Items in the Balance December 31, 2022, net of tax $ ( 7,887 ) $ ( 10,011 ) $ ( 554 ) $ ( 18,452 ) Other comprehensive gain 2,706 — 22 2,728 Reclassification to net income (1) — 759 — 759 Selling, general and administrative, Change during period 2,706 759 22 3,487 Balance September 30, 2023, net of tax $ ( 5,181 ) $ ( 9,252 ) $ ( 532 ) $ ( 14,965 ) (1) The Company reclassified amortization of prior service cost, actuarial loss and curtailment charge for its retirement plan from accumulated other comprehensive income (loss) to net income of $ 260,000 and $ 759,000 for the nine months ended September 30, 2024 and 2023 , respectively. (2) Refer to Note 17: Retirement Plan Benefit Liability.

RETIREMENT PLAN BENEFIT LIABI_2

RETIREMENT PLAN BENEFIT LIABILITY (Tables)	9 Months Ended
RETIREMENT PLAN BENEFIT LIABILITY (Tables)	Sep. 30, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Pension Cost	The components of net periodic pension cost were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Service cost $ 211 $ 238 $ 626 $ 713 Interest cost 710 725 1,931 2,174 Curtailment charge — — 312 — Amortization of prior service cost 6 203 27 611 Amortization of loss — 120 — 360 Total net periodic benefit cost $ 927 $ 1,286 $ 2,896 $ 3,858

CONCENTRATION OF RISK (Tables)

CONCENTRATION OF RISK (Tables)	9 Months Ended
CONCENTRATION OF RISK (Tables)	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Revenues and Accounts Receivable From Our Largest Customers	Revenues and accounts receivable from the Company's largest customers were as follows (in thousands): % of Total Revenue for the % of Total Revenue for the Accounts Receivable as of Customer 2024 2023 2024 2023 September 30, 2024 A 41 % 45 % 43 % 37 % $ 13,361 B 24 % 20 % 24 % 23 % $ 38,028 C 17 % 12 % 16 % 15 % $ 4,524 D 6 % 8 % 6 % 10 % $ 8,615
Revenues by Geographic Area	Revenues from outside of North America represented approximately 98 % of consolidated revenue for both three months ended September 30, 2024 and 2023 , and 98 % for both nine months ended September 30, 2024 and 2023. Revenues by geographic area are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Country 2024 2023 2024 2023 South Korea $ 95,105 $ 87,231 $ 305,697 $ 235,320 China 61,366 48,687 164,072 163,634 Japan 503 2,019 3,013 5,175 Other non-U.S. locations 975 541 2,913 3,856 Total non-U.S. locations 157,949 138,478 475,695 407,985 United States 3,678 2,599 9,696 10,124 Total revenue $ 161,627 $ 141,077 $ 485,391 $ 418,109
Long-Lived Assets (Net) by Geographic Area	Property and equipment, net by geographic area are as follows (in thousands): September 30, 2024 December 31, 2023 United States $ 119,335 $ 118,250 Ireland 57,374 42,203 Other 14,486 14,697 Total property and equipment, net $ 191,195 $ 175,150

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 30, 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 our contracts from customers (in thousands): As of September 30, 2024 Accounts receivable $ 87,693 Short-term unbilled receivables 50,213 Long-term unbilled receivables 19,165 Short-term contract assets 2,909 Long-term contract assets 7,174 Short-term deferred revenue 47,393 Long-term deferred revenue 2,376
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 nine months ended September 30, 2024 and 2023 are as follows (in thousands): Nine Months Ended September 30, 2024 Assets Liabilities Balance at December 31, 2023 $ 42,134 $ ( 59,719 ) Revenue recognized that was previously included in deferred revenue, net — 86,825 Increases due to cash received — ( 82,928 ) Cumulative catch-up adjustment arising from changes in estimates of — 6,053 Unbilled receivables recorded, net 109,246 — Contract assets recorded, net ( 1,893 ) — Transferred to receivables from unbilled receivables ( 70,026 ) — Net change 37,327 9,950 Balance at September 30, 2024 $ 79,461 $ ( 49,769 ) Nine Months Ended September 30, 2023 Assets Liabilities Balance at December 31, 2022 $ 38,457 $ ( 63,878 ) Revenue recognized that was previously included in deferred revenue, net — 143,064 Increases due to cash received — ( 159,989 ) Cumulative catch-up adjustment arising from changes in estimates of — 5,116 Unbilled receivables recorded, net 29,094 — Contract assets recorded, net ( 1,860 ) — Transferred to receivables from unbilled receivables ( 24,893 ) — Net change 2,341 ( 11,809 ) Balance at September 30, 2023 $ 40,798 $ ( 75,687 )

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	9 Months Ended
NET INCOME PER COMMON SHARE (Tables)	Sep. 30, 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 three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 66,870 $ 51,516 $ 176,060 $ 141,033 Adjustment for Basic EPS: Earnings allocated to unvested shareholders ( 126 ) ( 243 ) ( 452 ) ( 709 ) Adjusted net income $ 66,744 $ 51,273 $ 175,608 $ 140,324 Denominator: Weighted average common shares outstanding – Basic 47,542,114 47,570,099 47,549,976 47,555,734 Effect of dilutive shares: Common stock equivalents arising from stock options and ESPP 276 499 1,179 1,764 Restricted stock awards and units and performance units 127,049 61,833 92,871 52,194 Weighted average common shares outstanding – Diluted 47,669,439 47,632,431 47,644,026 47,609,692 Net income per common share: Basic $ 1.40 $ 1.08 $ 3.69 $ 2.95 Diluted $ 1.40 $ 1.08 $ 3.69 $ 2.95

BUSINESS - Additional Informati

BUSINESS - Additional Information (Details)	Sep. 30, 2024 Patent
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of patents issued and pending application	6,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024	Jun. 28, 2016
Summary Of Significant Accounting Policies [Line Items]
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%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Recognized income tax positions measured at percentage of likelihood of realization	50%
Visionox Hefei Technology Co. Ltd [Member]
Summary Of Significant Accounting Policies [Line Items]
Additional agreement duration	5 years
BASF [Member] \| Patents [Member]
Summary Of Significant Accounting Policies [Line Items]
OLED patents useful life	10 years	10 years
Adesis, Inc. [Member] \| Other Intangible Assets [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Amortization period of acquired intangible assets (in years)	10 years
Adesis, Inc. [Member] \| Other Intangible Assets [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Amortization period of acquired intangible assets (in years)	15 years

CASH, CASH EQUIVALENTS AND IN_3

CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Cash, Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	$ 79,559	$ 91,985
Cash Equivalents, Gross Unrealized Gains	0	0
Cash Equivalents, Gross Unrealized Losses	0	0
Cash and Cash Equivalents, Fair Value Disclosure	79,559	91,985
Cash Accounts in Banking Institutions [Member]
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	78,291	91,717
Cash Equivalents, Gross Unrealized Gains	0	0
Cash Equivalents, Gross Unrealized Losses	0	0
Cash and Cash Equivalents, Fair Value Disclosure	78,291	91,717
Money Market Accounts [Member]
Cash And Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	1,268	268
Cash Equivalents, Gross Unrealized Gains	0	0
Cash Equivalents, Gross Unrealized Losses	0	0
Cash and Cash Equivalents, Fair Value Disclosure	$ 1,268	$ 268

CASH, CASH EQUIVALENTS AND IN_4

CASH, CASH EQUIVALENTS AND INVESTMENTS - Schedule of Investments (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis		$ 470,920	$ 422,532
Available-for-sale Securities, Gross Unrealized Gains		1,106	304
Available-for-sale Securities, Gross Unrealized Losses		(41)	(699)
Debt Securities, Available-for-sale, Total		471,993	422,137
Long-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis		374,706	284,053
Available-for-sale Securities, Gross Unrealized Gains		4,136	1,457
Available-for-sale Securities, Gross Unrealized Losses		(31)	(8)
Debt Securities, Available-for-sale, Total		378,811	285,502
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)
Debt Securities, Available-for-sale, Total			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		470,797	420,769
Available-for-sale Securities, Gross Unrealized Gains		1,106	303
Available-for-sale Securities, Gross Unrealized Losses		(41)	(694)
Debt Securities, Available-for-sale, Total		471,862	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		374,706	284,053
Available-for-sale Securities, Gross Unrealized Gains		4,136	1,457
Available-for-sale Securities, Gross Unrealized Losses		(31)	(8)
Debt Securities, Available-for-sale, Total		378,811	$ 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]	123
Available-for-sale Securities, Gross Unrealized Gains	[1]	0
Available-for-sale Securities, Gross Unrealized Losses	[1]	0
Debt Securities, Available-for-sale, Total	[1]	$ 131

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

CASH, CASH EQUIVALENTS AND IN_5

CASH, CASH EQUIVALENTS AND INVESTMENTS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Minority investment, carrying value	$ 18.1	$ 14

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term U.S. Government bonds	$ 2,909
Long-term U.S. Government bonds	396,931	$ 299,548
Cash equivalents	79,559	91,985
Short-term Corporate bonds	471,993	422,137
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	471,862	420,378
Long-term U.S. Government bonds	378,811	285,502
Cash equivalents	1,268	268
Short-term Corporate bonds		1,759
Short-term Marketable securities	131
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	471,862	420,378
Long-term U.S. Government bonds	378,811	285,502
Cash equivalents	1,268	268
Short-term Corporate bonds		$ 1,759
Short-term Marketable securities	$ 131

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 104,790	$ 113,400
Work-in-process	28,930	9,433
Finished goods	42,238	52,962
Inventory	$ 175,958	$ 175,795

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Change in inventory reserve	$ 2.3	$ 2.5	$ 2.6	$ 6.6

PROPERTY AND EQUIPMENT - Summar

PROPERTY AND EQUIPMENT - Summary of Property and equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 350,187	$ 319,058
Less: Accumulated depreciation	(158,992)	(143,908)
Property and equipment, net	191,195	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	140,258	116,903
Office and lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	150,752	148,465
Furniture, fixtures and computer related assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,786	18,970
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,161	$ 22,490

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 6,400	$ 6,900	$ 19,488	$ 20,128

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Technology (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	$ 277,175	$ 277,175
Less: Accumulated amortization	(199,428)	(186,850)
Acquired technology, net	77,747	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

3 Months Ended

9 Months Ended

Apr. 28, 2023 USD ($) Board_member

Jun. 28, 2016 USD ($) Patent

Jun. 28, 2016 EUR (€) Patent

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Dec. 31, 2029 USD ($)

Dec. 31, 2028 USD ($)

Dec. 31, 2027 USD ($)

Dec. 31, 2026 USD ($)

Dec. 31, 2025 USD ($)

Dec. 31, 2024 USD ($)

Apr. 30, 2023 USD ($)

Finite-Lived Intangible Assets [Line Items]

Amortization of Intangible Assets

$ 13,648

$ 11,442

Future amortization expense, 2024

$ 4,200

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, thereafter

$ 30,300

Patent Technology [Member]

Finite-Lived Intangible Assets [Line Items]

Amortization of Intangible Assets

$ 4,200

$ 12,600

$ 10,400

Patents [Member] | BASF [Member]

Finite-Lived Intangible Assets [Line Items]

Number of patents acquired (more than) | Patent

500

Assigned value of acquired intangible assets

$ 95,800

€ 86.8

Cash paid for OLED patents

$ 217,000

OLED patents useful life

10 years

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

$ 95,800

€ 86.8

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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2029	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 16,800		$ 16,800
Future amortization expense of other intangible assets, remainder of fiscal year 2024									$ 359,000
Future amortization expense of other intangible assets, thereafter					$ 963,000
Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	17,288		17,288
Amortization expense related to other intangible assets	359,000	$ 359,000	1,100	$ 1,100
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
Adesis, Inc. [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	10,520		$ 10,520
Weighted average useful life , intangible assets			11 years 6 months
Adesis, Inc. [Member] \| Internally-developed IP, Processes and Recipes [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	4,820		$ 4,820
Weighted average useful life , intangible assets			15 years
Adesis, Inc. [Member] \| Trade Name/Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 1,500		$ 1,500
Weighted average useful life , intangible assets			10 years

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,800
Accumulated Amortization	(11,484)	$ (10,414)
Net Carrying Amount	5,804	$ 6,874
Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,288
Accumulated Amortization	(11,484)
Net Carrying Amount	5,804
Customer Relationships [Member] \| Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,520
Accumulated Amortization	7,487
Net Carrying Amount	3,033
Developed IP, Processes and Recipes [Member] \| Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,820
Accumulated Amortization	2,628
Net Carrying Amount	2,192
Trade Name/Trademarks [Member] \| Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,500
Accumulated Amortization	1,231
Net Carrying Amount	269
Other [Member] \| Adesis, Inc. [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	448
Accumulated Amortization	138
Net Carrying Amount	$ 310

OTHER ASSETS - Schedule Of Othe

OTHER ASSETS - Schedule Of Other assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Abstract]
Long-term taxes receivable	$ 59,673	$ 60,146
Right-of-use assets	22,214	24,910
Long-term unbilled receivables	$ 19,165	$ 9,074
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Long-term contract assets	$ 7,174	$ 9,278
Other long-term assets	1,460	1,881
Other Assets	$ 109,686	$ 105,289

LEASES- Additional Information

LEASES- Additional Information (Details)	3 Months Ended	9 Months Ended
LEASES- Additional Information (Details)	Mar. 31, 2023	Sep. 30, 2024
Lessee Lease Description [Line Items]
Operating lease description		As of September 30, 2024, the Company did not have any finance leases and no additional operating leases that have not yet commenced.
Minimum [Member]
Lessee Lease Description [Line Items]
Operating leases remaining term		2 years
Operating lease, option to extend	true
Maximum [Member]
Lessee Lease Description [Line Items]
Operating leases remaining term		7 years

LEASES - Summary of Operating L

LEASES - Summary of Operating Lease Cost and Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,115	$ 1,094	$ 3,307	$ 3,538
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$ 0	$ 0	$ 0	$ 0

LEASES - Schedule Of Operating

LEASES - Schedule Of Operating Lease Right of Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee Lease Description [Line Items]
Right-of-use assets	$ 22,214	$ 24,910
Short-term lease liabilities	$ 3,699	$ 3,533
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Long-term lease liabilities	$ 20,112	$ 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)	Sep. 30, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 1 month 6 days
Weighted average discount rate	3.70%

LEASES - Schedule of Undiscount

LEASES - Schedule of Undiscounted Future Minimum Lease Payments Having Non-cancelable Lease Terms (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee Lease Description [Line Items]
2024	$ 1,074	[1]
2025	4,321
2026	4,401
2027	4,322
2028	4,027
Thereafter	8,051
Total lease payments	26,196
Less: Imputed interest	(2,385)
Present value of lease payments	$ 23,811

[1] Scheduled maturities of lease liabilities represent the period from October 1, 2024 to December 31, 2024

ACCRUED EXPENSES - Schedule Of

ACCRUED EXPENSES - Schedule Of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation	$ 22,301	$ 29,456
PPG Industries, Inc. agreement	12,514	11,962
Consulting	1,791	2,121
Professional fees	1,545	1,124
Royalties	928	647
Research and development agreements	572	822
Other	13,304	5,948
Accrued expenses	$ 52,955	$ 52,080

RESEARCH AND LICENSE AGREEMEN_2

RESEARCH AND LICENSE AGREEMENTS WITH ACADEMIC PARTNERS - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty expense	$ 154,000	$ 81,000	$ 1,928,000	$ 414,000
1997 Amended License Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty expense	145,000	60,000	1,900,000	358,000
2006 Research Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Maximum obligation	2,000,000		2,000,000
Research and development expense incurred	$ 490,000	$ 251,000	$ 1,200,000	$ 666,000

OTHER LIABILITIES - Summary of

OTHER LIABILITIES - Summary of Other liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Long-term lease liabilities	$ 20,112	$ 22,855
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Long-term taxes payable	$ 15,749	$ 15,749
Other long-term liabilities	442	54
Other liabilities	$ 36,303	$ 38,658

EQUITY AND CASH COMPENSATION _2

EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENT - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Long-term Purchase Commitment [Line Items]
Percent of services payable in cash or shares	50%		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	$ 4.6	$ 1.5	$ 12.5	$ 6.1
New OLED Materials Agreement and OLED Materials Agreement [Member] \| Weighted Average
Long-term Purchase Commitment [Line Items]
Minimum average closing price of common stock (in dollars per share)			$ 20

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Oct. 29, 2024 $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares shares	Sep. 30, 2024 USD ($) Board_member $ / shares shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2023 $ / shares shares
Class Of Stock [Line Items]
Preferred Stock, shares authorized ( in shares)		5,000,000		5,000,000		5,000,000
Common Stock, shares authorized (in shares)		200,000,000		200,000,000		200,000,000
Common Stock, par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01		$ 0.01
Common Stock, shares issued (in shares)		48,826,922		48,826,922		48,731,026
Common Stock, shares outstanding (in shares)		47,461,274		47,461,274		47,365,378
Treasury stock repurchased shares		0	0	0	0
Common stock dividends declared per share \| $ / shares		$ 0.4	$ 0.35	$ 1.2	$ 1.05
Common stock dividends paid per share \| $ / shares		$ 0.4		$ 1.2
Common stock dividends paid \| $		$ 19.2		$ 57.8
Number of board members elected by class A shareholders \| Board_member				2
Subsequent Event [Member]
Class Of Stock [Line Items]
Common stock dividends declared per share \| $ / shares	$ 0.4
Series A Nonconvertible Preferred Stock
Class Of Stock [Line Items]
Preferred Stock, shares issued (in shares)		200,000		200,000		200,000
Preferred Stock, liquidation value per share (in dollars per share) \| $ / shares		$ 7.5		$ 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
Dividend Payble December 31, 2024 \| Subsequent Event [Member]
Class Of Stock [Line Items]
Dividend payable date	Dec. 31, 2024
Dividend record date	Dec. 17, 2024
1995 \| Series A Nonconvertible Preferred Stock
Class Of Stock [Line Items]
Preferred Stock, shares issued (in shares)		200,000		200,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		$ 1,526,838,000	$ 1,338,766,000	$ 1,447,226,000	$ 1,275,369,000
Reclassification to net income				260,000	759,000
Other comprehensive loss		7,238,000	1,347,000	3,664,000	3,487,000
BALANCE		1,586,750,000	1,382,366,000	1,586,750,000	1,382,366,000
Unrealized gain (loss) on available-for-sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE				858,000	(7,887,000)
Other comprehensive gain (loss) before reclassification				4,117,000	2,706,000
Reclassification to net income	[1]			0	0
Other comprehensive loss				4,117,000	2,706,000
BALANCE		4,975,000	(5,181,000)	4,975,000	(5,181,000)
Net unrealized gain (loss) on retirement plan [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE	[2]			(1,808,000)	(10,011,000)
Other comprehensive gain (loss) before reclassification	[2]			(761,000)	0
Reclassification to net income	[1],[2]			260,000	759,000
Other comprehensive loss	[2]			(501,000)	759,000
BALANCE	[2]	(2,309,000)	(9,252,000)	(2,309,000)	(9,252,000)
Change in cumulative foreign currency translation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE				(136,000)	(554,000)
Other comprehensive gain (loss) before reclassification				48,000	22,000
Reclassification to net income	[1]			0	0
Other comprehensive loss				48,000	22,000
BALANCE		(88,000)	(532,000)	(88,000)	(532,000)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
BALANCE		(4,660,000)	(16,312,000)	(1,086,000)	(18,452,000)
Other comprehensive gain (loss) before reclassification				3,404,000	2,728,000
Reclassification to net income	[1]			260,000	759,000
Other comprehensive loss		7,238,000	1,347,000	3,664,000	3,487,000
BALANCE		$ 2,578,000	$ (14,965,000)	$ 2,578,000	$ (14,965,000)

[1] The Company reclassified amortization of prior service cost, actuarial loss and curtailment charge for its retirement plan from accumulated other comprehensive income (loss) to net income of $ 260,000 and $ 759,000 for the nine months ended September 30, 2024 and 2023 , respectively. Refer to Note 17: Retirement Plan Benefit Liability.

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification to net income	$ 260,000	$ 759,000

STOCK-BASED COMPENSATION - Equi

STOCK-BASED COMPENSATION - Equity Compensation Plan - Additional Information (Details) - Equity Compensation Plan [Member]	9 Months Ended
	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,359,167
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 - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employees And Non Employee Members Of Scientific Advisory Board [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued			$ 300,000	$ 300,000
Shares issued (in shares)			1,616	2,366
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued	$ 471,000	$ 363,000	$ 1,300,000	$ 1,100,000
Shares issued (in shares)			8,044	6,588
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)			86,454
Total fair value of performance unit awards granted			$ 14,300,000
Shares withheld for employee taxes (shares)	4,505	3,190	37,927	51,154
Shares withheld for employee taxes	$ 927,000	$ 465,000	$ 6,800,000	$ 7,100,000
Restricted Stock [Member] \| Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,800,000	2,400,000	6,100,000	7,800,000
Restricted Stock [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,300,000	1,400,000	4,100,000	4,400,000
Restricted Stock [Member] \| Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	411,000	454,000	$ 1,300,000	1,400,000
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and units vesting terms			3 years
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and units vesting terms			5 years
Restricted Stock Units (RSUs) [Member] \| Research and Development Expense [Member] \| Non Employee Members of Scientific Advisory Board [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	60,000	60,000	$ 182,000	$ 188,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)			17,401
Total fair value of performance unit awards granted			$ 11,400,000
Shares withheld for tax withholding obligations (in shares)			8,160	5,350
Fair value of shares withheld for tax withholding obligations			$ 1,400,000	$ 775,000
Performance Shares [Member] \| Performance-Based Vesting Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)			34,798
Performance Shares [Member] \| Incremental Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (shares)			69,600
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
Performance Shares [Member] \| Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	605,000,000	1,500,000	$ 6,100,000	1,700,000
Performance Shares [Member] \| Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	269,000,000	607,000	2,600,000	982,000
Performance Shares [Member] \| Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 167,000,000	$ 376,000	$ 1,600,000	$ 609,000

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan - Additional Information (Details) - Employee Stock Purchase Plan (ESPP) [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 25, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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)			11,654	13,915
Proceeds from common stock issued			$ 1,800,000	$ 1,500,000
Employee Stock Purchase Plan ESPP Purchase Period1			3 months
Selling, General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	$ 29,000	$ 36,000	$ 101,000	105,000
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	69,000	61,000	206,000	186,000
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charges to expense	$ 54,000	$ 46,000	$ 151,000	$ 121,000

RETIREMENT PLAN BENEFIT LIABI_3

RETIREMENT PLAN BENEFIT LIABILITY - Additional Information (Details) - Supplemental Executive Retirement Plan [Member] $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Participant
Defined Benefit Plan Disclosure [Line Items]
Number of participants \| Participant	7
Benefit Payments \| $	$ 1.5

RETIREMENT PLAN BENEFIT LIABI_4

RETIREMENT PLAN BENEFIT LIABILITY - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of net periodic pension cost [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	RETIREMENT PLAN BENEFIT LIABILITY	RETIREMENT PLAN BENEFIT LIABILITY	RETIREMENT PLAN BENEFIT LIABILITY	RETIREMENT PLAN BENEFIT LIABILITY
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	RETIREMENT PLAN BENEFIT LIABILITY	RETIREMENT PLAN BENEFIT LIABILITY	RETIREMENT PLAN BENEFIT LIABILITY	RETIREMENT PLAN BENEFIT LIABILITY
Supplemental Employee Retirement Plan Defined Benefit [Member]
Components of net periodic pension cost [Abstract]
Service cost	$ 211	$ 238	$ 626	$ 713
Interest cost	710	725	1,931	2,174
Curtailment charge	0	0	312	0
Amortization of prior service cost	6	203	27	611
Amortization of loss	0	120	0	360
Total net periodic benefit cost	$ 927	$ 1,286	$ 2,896	$ 3,858

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($) Multiple Employee ExecutiveOfficer	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Purchase commitments for inventory \| $	$ 47.7	$ 29.8
Commitment With Executive Officers [Member]
Loss Contingencies [Line Items]
Number of executive officers under agreement \| ExecutiveOfficer	5
Number of employees under agreement \| Employee	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] \| Minimum [Member]
Loss Contingencies [Line Items]
Multiple of sum of average annual base salary and bonus agreement terms	1
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

CONCENTRATION OF RISK - Revenue

CONCENTRATION OF RISK - Revenues and Accounts Receivable From Our Largest Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Accounts Receivable	$ 87,693		$ 87,693		$ 139,850
Major Customer A [Member] \| Total Revenue [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	41%	45%	43%	37%
Major Customer A [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 13,361		$ 13,361
Major Customer B [Member] \| Total Revenue [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	24%	20%	24%	23%
Major Customer B [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 38,028		$ 38,028
Major Customer C [Member] \| Total Revenue [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	17%	12%	16%	15%
Major Customer C [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 4,524		$ 4,524
Major Customer D [Member] \| Total Revenue [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
% of Total Revenue	6%	8%	6%	10%
Major Customer D [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Accounts Receivable	$ 8,615		$ 8,615

CONCENTRATION OF RISK - Additio

CONCENTRATION OF RISK - Additional Information (Details) - Supplier	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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%	98%	98%

CONCENTRATION OF RISK - Reven_2

CONCENTRATION OF RISK - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Concentration Risk [Line Items]
Total revenue	$ 161,627	$ 141,077	$ 485,391	$ 418,109
South Korea [Member]
Concentration Risk [Line Items]
Total revenue	95,105	87,231	305,697	235,320
China [Member]
Concentration Risk [Line Items]
Total revenue	61,366	48,687	164,072	163,634
Japan [Member]
Concentration Risk [Line Items]
Total revenue	503	2,019	3,013	5,175
Other Non-U.S. Locations [Member]
Concentration Risk [Line Items]
Total revenue	975	541	2,913	3,856
Total Non-U.S. Locations [Member]
Concentration Risk [Line Items]
Total revenue	157,949	138,478	475,695	407,985
United States [Member]
Concentration Risk [Line Items]
Total revenue	$ 3,678	$ 2,599	$ 9,696	$ 10,124

CONCENTRATION OF RISK - Long-Li

CONCENTRATION OF RISK - Long-Lived Assets (Net) by Geographic Area (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total long-lived assets	$ 191,195	$ 175,150
United States [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	119,335	118,250
Ireland [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	57,374	42,203
Other [Member]
Segment Reporting Information [Line Items]
Total long-lived assets	$ 14,486	$ 14,697

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		48 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Income Taxes [Line Items]
Effective income tax rate (benefit) expense, percent	17.90%	4.40%	18.80%	16.80%
Income tax expense (benefit)	$ 14,546	$ 2,363	$ 40,743	$ 28,531
Long-term asset	109,686		$ 109,686			$ 105,289
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
Unrealized gain on available-for-sale securities			$ 4,100
Valuation allowance	1,700		1,700
South Korea [Member]
Income Taxes [Line Items]
Long-term asset	59,700		59,700			60,100
Foreign exchange loss		$ 1,500	545,000	$ 3,300
Current income tax expense					$ 14,900
Foreign exchange income gain	3,200
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			$ 15,700

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Percentage of revenue recorded from sales of materials	98%	98%	98%	97%
Backlog associated with committed purchase orders from customers	$ 24.4		$ 24.4
Contract catch-up adjustment to revenue increased in estimate of transaction price			$ 6.1	$ 5.1
Adesis, Inc. [Member]
Disaggregation Of Revenue [Line Items]
Percentage of revenue recorded from provision of services	2%	2%	2%	3%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Assets and Liabilities Associated with Contracts from Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Accounts receivable	$ 87,693	$ 139,850
Short-term unbilled receivables	50,213
Long-term unbilled receivables	19,165
Short-term contract assets	2,909
Long-term contract assets	7,174
Short-term deferred revenue	47,393	47,713
Long-term deferred revenue	$ 2,376	$ 12,006

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Significant Changes in Unbilled Receivables and Deferred Liabilities Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Deferred Revenue (Increase) Decrease
Balance	$ (59,719)	$ (63,878)
Revenue recognized that was previously included in deferred revenue, net	86,825	143,064
Increases due to cash received	(82,928)	(159,989)
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net	6,053	5,116
Net change	9,950	(11,809)
Balance	(49,769)	(75,687)
Unbilled Receivables Increase (Decrease)
Balance	42,134	38,457
Unbilled receivables recorded, net	109,246	29,094
Contract assets recorded, net	(1,893)	(1,860)
Transferred to receivables from unbilled receivables	(70,026)	(24,893)
Net change	37,327	2,341
Balance	$ 79,461	$ 40,798

NET INCOME PER COMMON SHARE - S

NET INCOME PER COMMON SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 66,870	$ 51,516	$ 176,060	$ 141,033
Adjustment for Basic EPS:
Earnings allocated to unvested shareholders	(126)	(243)	(452)	(709)
Adjusted net income	$ 66,744	$ 51,273	$ 175,608	$ 140,324
Denominator:
Weighted average common shares outstanding – Basic	47,542,114	47,570,099	47,549,976	47,555,734
Effect of dilutive shares:
Common stock equivalents arising from stock options and ESPP	276	499	1,179	1,764
Restricted stock awards and units and performance units	127,049	61,833	92,871	52,194
Weighted average common shares outstanding – Diluted	47,669,439	47,632,431	47,644,026	47,609,692
Basic	$ 1.4	$ 1.08	$ 3.69	$ 2.95
Diluted	$ 1.4	$ 1.08	$ 3.69	$ 2.95

NET INCOME PER COMMON SHARE - A

NET INCOME PER COMMON SHARE - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of diluted EPS	17,538	39,426	13,530	34,291