Note 18. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025, 2024, and 2023 were as follows (in thousands):

	2025		2024		2023
U.S. income	$	1,758,802	$	1,217,274	$	787,598
Non-U.S. (loss) income	(177,889)		189,064		103,692
Income before taxes	$	1,580,913	$	1,406,338	$	891,290

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, 2025, 2024, and 2023 were as follows (in thousands):

	2025		2024		2023
Current expense (benefit):
Federal	$	4,871	$	64,108	$	44,693
State	17,543		48,255		8,285
Foreign	(7,738)		21,834		20,767
Total current expense	14,676		134,197		73,745
Deferred expense (benefit):
Federal	24,240		(16,840)		(23,390)
State	6,081		(17,505)		(1,413)
Foreign	7,687		14,442		11,571
Total deferred expense (benefit)	38,008		(19,903)		(13,232)
Total income tax expense	$	52,684	$	114,294	$	60,513

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

The following table presents the differences between the provision for income taxes and the amounts computed at the federal statutory tax rate, by amount and percent, for the year ended December 31, 2025 (in thousands) after the adoption of ASU 2023-09:

	2025
	Tax		Percent
U.S. federal statutory tax rate	$	331,992	21.0	%
State and local income taxes (1)	18,356		1.2	%
Foreign tax effects
Malaysia
Effect of tax holidays	23,595		1.5	%
Other	615		—	%
India
Changes in valuation allowance	19,729		1.2	%
Other	11,673		0.8	%
Other foreign jurisdictions	4,243		0.3	%
Effect of cross-border tax laws	3,035		0.2	%
Tax credits
Section 45X production credit	(335,881)		(21.2)	%
U.S. foreign tax credits	(20,493)		(1.3)	%
Other	(9,795)		(0.6)	%
Changes in valuation allowance	(4,071)		(0.3)	%
Non-taxable or non-deductible items	1,982		0.1	%
Changes in unrecognized tax benefits	5,485		0.3	%
Other adjustments	2,219		0.1	%
Income tax expense	$	52,684	3.3	%

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(1)Primarily includes income taxes for the State of California.

The following table presents the differences between the provision for income taxes and the amounts computed at the federal statutory tax rate, by amount and percent, for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 (in thousands):

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

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(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 Income Taxes Paid

The following table presents income taxes paid, net of refunds received, by jurisdiction for the year ended December 31, 2025 (in thousands):

	2025
U.S. federal	$	23,042
U.S. state and local
California	4,854
Texas	2,739
South Carolina	2,459
Illinois	2,458
Other	(521)
Total U.S. state and local	11,989
Foreign
Vietnam	12,647
Singapore	(6,958)
Other	2,441
Total foreign	8,130
Total income taxes paid, net	$	43,161

During the years ended December 31, 2024 and 2023, we made net tax payments of $94.2 million and $90.9 million, respectively.

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

The following table reflects the effect of temporary differences that gave rise to the components of net deferred tax assets as of December 31, 2025 and 2024 (in thousands):

	2025		2024
Deferred tax assets:
Long-term contracts	$	325,721	$	351,260
Net operating losses	304,853		163,408
Capitalized research and development	65,513		110,262
Tax credits	45,573		22,783
Accrued expenses	39,856		38,161
Inventory	31,388		50,283
Compensation	18,745		12,006
Equity in earnings	4,071		4,052
Deferred expenses	1,726		1,544
Other	40,956		31,650
Deferred tax assets, gross	878,402		785,409
Valuation allowance	(173,460)		(167,866)
Deferred tax assets, net of valuation allowance	704,942		617,543
Deferred tax liabilities:
Property, plant and equipment	(546,196)		(439,545)
Investment in foreign subsidiaries	(12,239)		(9,799)
Acquisition accounting / basis difference	(4,200)		(4,170)
Restricted marketable securities and derivatives	(2,370)		(1,983)
Capitalized interest	(1,363)		(1,357)
Other	(13,593)		(6,577)
Deferred tax liabilities	$	(579,961)	$	(463,431)
Net deferred tax assets	$	124,981	$	154,112

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, 2025, 2024, and 2023 (in thousands):

	2025		2024		2023
Valuation allowance, beginning of year	$	167,866	$	149,424	$	135,763
Additions	18,430		24,445		15,109
Reversals	(12,836)		(6,003)		(1,448)
Valuation allowance, end of year	$	173,460	$	167,866	$	149,424

Schedule of Unrecognized Tax Benefits [Table Text Block]

The following table shows a reconciliation of the beginning and ending amounts of liabilities associated with uncertain tax positions for the years ended December 31, 2025, 2024, and 2023 (in thousands):

	2025		2024		2023
Unrecognized tax benefits, beginning of year	$	23,872	$	16,723	$	14,493
Increases related to prior year tax positions	573		1,007		2,516
Decreases related to prior year tax positions	(7,947)		(651)		(437)
Decreases relating to settlements with authorities	—		(4,237)		(2,122)
Increases related to current tax positions	15,580		11,030		2,273
Unrecognized tax benefits, end of year	$	32,078	$	23,872	$	16,723

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	2015 - 2024
United States	2016 - 2018; 2020, 2022 - 2024
India	2017 - 2024
Singapore	2020 - 2024
Malaysia	2021 - 2024