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Note 18. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income or Loss before Income Tax, Domestic and Foreign [Table Text Block]

The U.S. and non-U.S. components of our income or loss before income taxes for the years ended December 31, 2024, 2023, and 2022 were as follows (in thousands):

						2024						2023						2022
U.S. income (loss)						$	1,217,274					$	787,598					$	(17,652)
Non-U.S. income						189,064						103,692						26,250
Income before taxes						$	1,406,338					$	891,290					$	8,598

Schedule of Components of Income Tax Expense [Table Text Block]

The components of our income tax expense or benefit for the years ended December 31, 2024, 2023, and 2022 were as follows (in thousands):

						2024						2023						2022
Current expense:
Federal						$	64,108					$	44,693					$	8,434
State						48,255						8,285						399
Foreign						21,834						20,767						49,984
Total current expense						134,197						73,745						58,817
Deferred (benefit) expense:
Federal						(16,840)						(23,390)						(13,928)
State						(17,505)						(1,413)						(700)
Foreign						14,442						11,571						8,575
Total deferred benefit						(19,903)						(13,232)						(6,053)
Total income tax expense						$	114,294					$	60,513					$	52,764

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Our income tax results differed from the amount computed by applying the relevant U.S. statutory federal corporate income tax rate to our income or loss before income taxes for the following reasons for the years ended December 31, 2024, 2023, and 2022 (in thousands):

						2024												2023												2022
						Tax						Percent						Tax						Percent						Tax						Percent
Statutory income tax expense						$	295,331					21.0		%				$	187,171					21.0		%				$	1,806					21.0		%
Changes in valuation allowance						22,680						1.6		%				10,873						1.2		%				22,239						258.6		%
GILTI inclusion						16,174						1.2		%				—						—		%				—						—		%
State tax, net of federal benefit						14,850						1.1		%				5,468						0.6		%				700						8.1		%
Change in tax contingency						12,110						0.9		%				9						—		%				4,326						50.3		%
Non-deductible expenses (1)						8,373						0.6		%				20,283						2.3		%				10,776						125.3		%
OECD Pillar Two global minimum tax						8,319						0.6		%				—						—		%				—						—		%
Foreign dividend income						4,774						0.3		%				9,115						1.0		%				2,857						33.2		%
Foreign tax rate differential						4,141						0.3		%				1,018						0.1		%				(4,227)						(49.1)		%
Share-based compensation						(5,760)						(0.4)		%				(11,955)						(1.4)		%				(1,017)						(11.8)		%
Return to provision adjustments						(6,804)						(0.5)		%				(3,972)						(0.4)		%				(1,767)						(20.5)		%
Tax credits						(21,909)						(1.6)		%				(9,337)						(1.0)		%				(12,654)						(147.2)		%
Effect of tax holiday						(29,180)						(2.1)		%				(11,501)						(1.3)		%				27,424						318.9		%
Section 45X production credit						(209,510)						(14.9)		%				(138,546)						(15.5)		%				—						—		%
Other						705						—		%				1,887						0.2		%				2,301						26.9		%
Reported income tax expense						$	114,294					8.1		%				$	60,513					6.8		%				$	52,764					613.7		%

——————————

(1)Includes, among other things, excess compensation for executive officers that is not deductible for tax purposes pursuant to Section 162(m) of the IRC.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The items that gave rise to our deferred taxes as of December 31, 2024 and 2023 were as follows (in thousands):

						2024						2023
Deferred tax assets:
Long-term contracts						$	351,260					$	211,974
Net operating losses						163,408						119,822
Capitalized research and development						110,262						53,146
Inventory						50,283						30,787
Accrued expenses						38,161						29,503
Tax credits						22,783						14,800
Compensation						12,006						16,451
Equity in earnings						4,052						4,464
Deferred expenses						1,544						1,590
Other						31,650						28,908
Deferred tax assets, gross						785,409						511,445
Valuation allowance						(167,866)						(149,424)
Deferred tax assets, net of valuation allowance						617,543						362,021
Deferred tax liabilities:
Property, plant and equipment						(439,545)						(234,394)
Investment in foreign subsidiaries						(9,799)						(6,034)
Acquisition accounting / basis difference						(4,170)						(3,964)
Restricted marketable securities and derivatives						(1,983)						(2,087)
Capitalized interest						(1,357)						(1,294)
Other						(6,577)						(14,200)
Deferred tax liabilities						$	(463,431)					$	(261,973)
Net deferred tax assets						$	154,112					$	100,048

Summary of Valuation Allowance [Table Text Block]

The following table shows changes in the valuation allowance against our deferred tax assets during the years ended December 31, 2024, 2023, and 2022 (in thousands):

						2024						2023						2022
Valuation allowance, beginning of year						$	149,424					$	135,763					$	123,917
Additions						24,445						15,109						58,922
Reversals						(6,003)						(1,448)						(47,076)
Valuation allowance, end of year						$	167,866					$	149,424					$	135,763

Schedule of Unrecognized Tax Benefits [Table Text Block]

The following table shows a reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions for the years ended December 31, 2024, 2023, and 2022 (in thousands):

						2024						2023						2022
Unrecognized tax benefits, beginning of year						$	16,723					$	14,493					$	7,811
Increases related to prior year tax positions						1,007						2,516						4,569
Decreases related to prior year tax positions						(651)						(437)						—
Decreases from lapse in statute of limitations						—						—						(361)
Decreases relating to settlements with authorities						(4,237)						(2,122)						—
Increases related to current tax positions						11,030						2,273						2,474
Unrecognized tax benefits, end of year						$	23,872					$	16,723					$	14,493

Summary of Tax Years Subject to Examinations in the Most Significant Jurisdictions [Table Text Block]

The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which we operate:

						Tax Years
Vietnam						2014 - 2023
United States						2016 - 2018; 2020 - 2023
India						2018 - 2023
Singapore						2019 - 2023
Malaysia						2020 - 2023

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