v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Taxes
Income before income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023 was derived from the following sources:

(In millions)202520242023
Domestic$(286.0)$(239.8)$(457.9)
Foreign540.6 561.8 630.6 
Income before income tax expense (benefit)$254.6 $322.0 $172.7 
Schedule of Components of Income Tax Expense
Income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023 is summarized as follows:
(In millions)202520242023
Current:
Federal$1.7 $14.8 $10.8 
State1.0 0.9 1.3 
Foreign102.7 91.5 125.1 
$105.4 $107.2 $137.2 
Deferred (net of valuation allowance):
Federal$(79.1)$(74.0)$(135.4)
State(3.6)(3.2)(5.8)
Foreign(4.7)(1.7)(4.4)
$(87.4)$(78.9)$(145.6)
Income tax expense (benefit)$18.0 $28.3 $(8.4)
Schedule of Reconciliation of Income Tax Expense with Expected Amounts Based Upon Statutory Federal Tax Rates
Income tax expense differs from the expected amounts based upon the statutory federal tax rates for the year ended December 31, 2025 as follows:
(In millions)2025
U.S Federal Statutory Tax Rate$53.5 21.0 %
State income taxes before valuation allowance, net of federal tax effect (A)(3.6)(1.4)%
Effect of foreign source income:
Japan
     Statutory tax rate difference between Japan and United States6.2 2.4 %
     Other(2.0)(0.8)%
Taiwan
     Withholding tax4.4 1.7 %
     Foreign tax credit(4.2)(1.6)%
     Other0.1 0.1 %
Singapore
     Statutory tax rate difference between Singapore and United States(42.4)(16.6)%
     Non-deductible expenses17.1 6.7 %
     Withholding tax5.0 2.0 %
     Foreign tax credit(22.4)(8.8)%
     Other(0.4)(0.2)%
Other foreign jurisdictions6.6 2.6 %
Effect of Changes in Tax Laws or Rates Enacted in the Current Period
Effect of Cross-Border Tax Laws
   Global intangible low-taxed income10.9 4.3 %
   Foreign derived intangible income(4.8)(1.9)%
   Subpart F income inclusions2.9 1.1 %
   Other0.8 0.3 %
Tax Credits
   Research & development tax credits(17.3)(6.8)%
Changes in Valuation Allowances— — %
Nontaxable or Nondeductible Items
   Share-based payment awards6.9 2.7 %
   Executive compensation2.5 1.0 %
   Other1.6 0.6 %
Changes in Unrecognized Tax Benefits(3.8)(1.5)%
Other Adjustments
   Legal entity divestiture activity— — %
   Other Items0.4 0.2 %
Effective Tax Rate$18.0 7.1 %
(A) State taxes in California, Illinois and Oregon made up the majority (greater than 50%) of the tax effects in this category
Income tax expense (benefit) differs from the expected amounts based upon the statutory federal tax rates for the years ended December 31, 2024 and 2023 as follows:
(In millions)20242023
Expected federal income tax at statutory rate$66.7 $36.3 
State income taxes before valuation allowance, net of federal tax effect(6.2)(9.4)
Effect of foreign source income(25.7)(18.4)
Tax contingencies(2.3)11.0 
Valuation allowance11.5 9.0 
U.S. federal research credit(14.3)(18.7)
Equity compensation5.4 7.4 
Foreign derived intangible income(7.9)(5.1)
Legal entity divestiture activity1.0 (20.3)
Other items, net0.1 (0.2)
Income tax expense (benefit) $28.3 $(8.4)
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
The significant components of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are as follows:
(In millions)20252024
Deferred tax assets attributable to:
Accounts receivable$0.5 $1.3 
Inventory12.7 11.9 
Accruals not currently deductible for tax purposes14.1 12.0 
Net operating loss and credit carryforwards108.5 69.5 
Capital loss carryforward7.5 7.5 
Equity compensation10.6 10.7 
Interest expense limitations52.2 51.4 
Capitalization of engineering, research and development expenses156.8 134.4 
Other, net8.2 6.3 
Gross deferred tax assets$371.1 $305.0 
Valuation allowance(79.1)(71.8)
Net deferred tax assets$292.0 $233.2 
Deferred tax liabilities attributable to:
Purchased intangible assets$(184.2)$(215.9)
Depreciation and amortization(18.7)(24.9)
Total deferred tax liabilities$(202.9)$(240.8)
Net deferred tax assets (liabilities)$89.1 $(7.6)
Schedule of Unrecognized Tax Benefits Roll Forward
Reconciliations of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2025 and 2024 are as follows:
(In millions)20252024
Gross unrecognized tax benefits at beginning of year$44.3 $67.7 
Increase in tax positions from prior years0.1 0.3 
Decrease in tax positions from prior years(5.6)(4.8)
Increases in tax positions for current year7.2 5.5 
Settlement of tax positions for current year(0.7)(21.6)
Lapse in statute of limitations(11.6)(2.8)
Gross unrecognized tax benefits at end of year$33.7 $44.3 
Schedule of Cash Flow, Supplemental Disclosures
The significant components of the Company’s income taxes paid (net of refunds) at December 31, 2025 are as follows:
(In millions)2025
Federal$0.1 
State(0.1)
Foreign113.0
Total$113.0 
Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net refunds) in the following jurisdictions:

(In millions)2025
Japan$19.7 
Korea6.2
Singapore58.4
Taiwan20.3