View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Document type	10-Q
Document period end date	Mar. 31, 2020
Amendment flag	false
Entity registrant name	DIODES INC /DEL/
Entity central index key	0000029002
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity common stock shares outstanding		51,486,679
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	DIOD
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	002-25577
Entity Tax Identification Number	95-2039518
Entity Address, Address Line One	4949 Hedgcoxe Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	972
Local Phone Number	987-3900
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, Par Value $0.66 2/3
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 269,516	$ 258,390
Short-term investments	2,859	4,825
Accounts receivable, net of allowances of $4,855 and $4,866 at March 31, 2020 and December 31, 2019, respectively	243,746	260,322
Inventories	232,184	236,472
Prepaid expenses and other	48,141	49,950
Total current assets	796,446	809,959
Property, plant and equipment, net	456,122	469,574
Deferred income tax	16,994	17,516
Goodwill	149,666	141,318
Intangible assets, net	121,218	119,523
Other long-term assets	79,820	81,494
Total assets	1,620,266	1,639,384
Current liabilities:
Line of credit	13,397	13,342
Accounts payable	112,075	122,148
Accrued liabilities and other	88,327	100,571
Income tax payable	15,642	16,156
Current portion of long-term debt	34,676	33,105
Total current liabilities	264,117	285,322
Long-term debt, net of current portion	46,011	64,401
Deferred tax liabilities	16,348	16,333
Other long-term liabilities	111,501	120,545
Total liabilities	437,977	486,601
Commitments and contingencies (See Note 8)
Stockholders' equity
Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; no shares issued or outstanding
Common stock - par value $0.66 2/3 per share; 70,000,000 shares authorized; 51,450,808 and 51,206,969, issued and outstanding at March 31, 2020 and December 31, 2019, respectively	35,289	35,111
Additional paid-in capital	427,543	427,262
Retained earnings	810,126	789,958
Treasury stock at cost, 1,480,840 and 1,457,206, issued and outstanding at March 31, 2020 and December 31, 2019, respectively	(38,457)	(37,768)
Accumulated other comprehensive loss	(109,472)	(108,139)
Total stockholders' equity	1,125,029	1,106,424
Noncontrolling interest	57,260	46,359
Total equity	1,182,289	1,152,783
Total liabilities and stockholders' equity	$ 1,620,266	$ 1,639,384

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, allowance	$ 4,855	$ 4,866
Preferred stock par value	$ 1.00	$ 1.00
Preferred stock shares authorized	1,000,000	1,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$ 0.666	$ 0.666
Common stock shares authorized	70,000,000	70,000,000
Common stock shares issued	51,450,808	51,206,969
Common stock shares outstanding	51,450,808	51,206,969
Treasury stock shares issued	1,480,840	1,457,206
Treasury stock shares outstanding	1,480,840	1,457,206

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 280,717	$ 302,293
Cost of goods sold	184,875	189,882
Gross profit	95,842	112,411
Operating expenses
Selling, general and administrative	42,215	43,688
Research and development	23,678	22,170
Amortization of acquisition related intangible assets	4,221	4,484
Other operating (income)	(124)	(54)
Total operating expense	69,990	70,288
Income from operations	25,852	42,123
Other income (expense)
Interest income	273	875
Interest expense	(1,245)	(2,145)
Foreign currency gain (loss), net	75	(64)
Other income	1	1,245
Total other income (expense)	(896)	(89)
Income before income taxes and noncontrolling interest	24,956	42,034
Income tax provision	4,556	10,298
Net income	20,400	31,736
Less net (income) attributable to noncontrolling interest	(232)	(20)
Net income attributable to common stockholders	$ 20,168	$ 31,716
Earnings per share attributable to common stockholders:
Basic	$ 0.39	$ 0.63
Diluted	$ 0.38	$ 0.62
Number of shares used in earnings per share computation:
Basic	51,335	50,398
Diluted	52,422	51,462

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest [Abstract]
Net income	$ 20,400	$ 31,736
Unrealized gain (loss) on defined benefit plan, net of tax	9,719	(6,029)
Unrealized loss on swaps and collars, net of tax	(1,438)	(3,909)
Unrealized foreign currency (loss) gain, net of tax	(9,614)	4,936
Comprehensive income	19,067	26,734
Less: Comprehensive income attributable to noncontrolling interest	(232)	(20)
Total comprehensive income attributable to common stockholders	$ 18,835	$ 26,714

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Diodes Incorporated Stockholders' Equity	Noncontrolling Interest
BALANCE at Dec. 31, 2018	$ 977,432	$ 34,454	$ (37,768)	$ 399,915	$ 636,708	$ (101,846)	$ 931,463	$ 45,969
Common stock shares beginning at Dec. 31, 2018		51,678,000	(1,457,000)
Total comprehensive income	26,734				31,716	(5,002)	26,714	20
Noncontrolling interests	2,755							2,755
Dividends to noncontrolling interest	(121)							(121)
Common stock issued for share-based plans	6,667	$ 250		6,417			6,667
Common stock issued for share-based plans, shares		376,000
Share-based compensation	4,476			4,476			4,476
Tax related to net share settlement	(645)			(645)			(645)
BALANCE at Mar. 31, 2019	1,017,298	$ 34,704	$ (37,768)	410,163	668,424	(106,848)	968,675	48,623
Common stock shares ending at Mar. 31, 2019		52,054,000	(1,457,000)
BALANCE at Dec. 31, 2019	$ 1,152,783	$ 35,111	$ (37,768)	427,262	789,958	(108,139)	1,106,424	46,359
Common stock shares beginning at Dec. 31, 2019	51,206,969	52,664,000	(1,457,000)
Total comprehensive income	$ 19,067				20,168	(1,333)	18,835	232
Contributions from noncontrolling interests	10,777							10,777
Dividends to noncontrolling interest	(108)							(108)
Common stock issued for share-based plans		$ 178		(178)
Common stock issued for share-based plans, shares		268,000
Share-based compensation	4,237			4,237			4,237
Deferred compensation plan			$ (689)	689
Deferred compensation plan, shares			(24,000)
Tax related to net share settlement	(4,467)			(4,467)			(4,467)
BALANCE at Mar. 31, 2020	$ 1,182,289	$ 35,289	$ (38,457)	$ 427,543	$ 810,126	$ (109,472)	$ 1,125,029	$ 57,260
Common stock shares ending at Mar. 31, 2020	51,450,808	52,932,000	(1,481,000)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	$ 20,400	$ 31,736
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of acquisitions
Depreciation	22,809	22,157
Amortization of intangible assets	4,221	4,484
Share-based compensation expense	4,693	4,476
Deferred income taxes	17	31
Other	741	(221)
Changes in operating assets:
Change in accounts receivable	16,139	12,874
Change in inventory	2,550	(200)
Change in other operating assets	(1,022)	2,605
Changes in operating liabilities:
Change in accounts payable	(9,160)	(11,201)
Change in accrued liabilities	(12,105)	(4,874)
Change in income tax payable	3,853	5,678
Change in other operating liabilities	539	2,344
Net cash flows provided by operating activities	53,675	69,889
Cash flows from investing activities
Acquisitions, net of cash received	591
Purchases of property, plant and equipment	(14,208)	(18,639)
Purchases of short-term investments	(1,523)	(3,153)
Purchase of equity securities	(6,129)
Proceeds from maturity of short-term investments	3,467	3,982
Other	244	658
Net cash and cash equivalents used in investing activities	(17,558)	(17,152)
Cash flows from financing activities
Advances on lines of credit and short-term debt	3,647	3,568
Repayments of line of credit and short-term debt	(3,498)	(1,461)
Taxes paid related to net share settlement	(4,467)	(645)
Proceeds from long-term debt	82,331	85,000
Repayments of long-term debt	(98,884)	(83,089)
Net proceeds from issuance of common stock		6,667
Repayment of and proceeds from finance lease obligation	(223)	(293)
Dividend distribution to noncontrolling interests	(108)
Other	(195)	(120)
Net cash and cash equivalents (used in) provided by financing activities	(21,397)	9,627
Effect of exchange rate changes on cash and cash equivalents	(3,315)	(1,890)
Change in cash and cash equivalents, including restricted cash	11,405	60,474
Cash and cash equivalents, beginning of period, including restricted cash	259,507	241,833
Cash and cash equivalents, end of period, including restricted cash	270,912	302,307
Supplemental Cash Flow Information
Interest paid during the period	1,068	2,095
Taxes paid during the period	6,091	4,323
Non-cash investing and financing activities:
Accounts payable balance related to the purchase of property, plant and equipment	$ 8,847	$ 9,886

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 269,516	$ 301,167
Restricted cash (included in other current assets)	1,396	1,140
Total cash, cash equivalents and restricted cash	$ 270,912	$ 302,307

Summary of Operations and Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Operations and Significant Accounting Policies

NOTE 1 – Summary of Operations and Significant Accounting Policies

Summary of Operations

Diodes Incorporated, together with its subsidiaries (collectively, the “Company,” “we” or “our”) (Nasdaq: DIOD), is a leading global manufacturer and supplier of high-quality, application-specific standard products within the broad discrete, logic, analog and mixed-signal semiconductor markets. We serve the consumer electronics, computing, communications, industrial, and automotive markets. Our products include diodes, rectifiers, transistors, MOSFETs, protection devices, function-specific arrays, single gate logic, amplifiers and comparators, Hall-effect and temperature sensors, power management devices, including LED drivers, AC-DC converters and controllers, DC-DC switching and linear voltage regulators, and voltage references along with special function devices, such as USB power switches, load switches, voltage supervisors, and motor controllers. We also have timing, connectivity, switching, and signal integrity solutions for high-speed signals. Our corporate headquarters and Americas’ sales offices are located in Plano, Texas and Milpitas, California. Design, marketing, and engineering centers are located in Plano; Milpitas; Taipei, Taoyuan City and Zhubei City, Taiwan; Oldham, England; and Neuhaus, Germany. Our wafer fabrication facilities are located in Oldham and Shanghai, China and Greenock, Scotland. We have assembly and test facilities located in Shanghai, Jinan and Chengdu, China, as well as in Hong Kong, Neuhaus and Taipei. Additional engineering, research and development, sales, warehouse, and logistics offices are located in Taipei; Hong Kong; Oldham; Shanghai; Shenzhen and Yangzhou, China; Seongnam-si, South Korea; Munich, Germany; and Tokyo, Japan, with support offices throughout the world.

Basis of Presentation

The condensed consolidated financial data at December 31, 2019 is derived from audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on February 12, 2020 (“Form 10-K”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, operating results and cash flows in conformity with GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Form 10-K. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the operating results for the period presented have been included in the interim period. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2020.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. As permitted under GAAP, interim accounting for certain expenses, including income taxes, are based on full year forecasts. For interim financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates taking into consideration discrete items occurring in a quarter.

Dollar amounts and share amounts are presented in thousands, except per share amounts, unless otherwise noted. Certain prior year’s balances may have been reclassified to conform to the current financial statement presentation.

Recently Issued Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, which requires measurement and recognition of expected credit losses for financial assets held. We adopted ASU No. 2016-13 effective January 1, 2020. The adoption of ASU No 2016-13 did not have a material impact on our consolidated financial statements and related disclosures.

In March 2020, the FASB issued optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 2 – Earnings per Share

Earnings per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted EPS is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive. During the three months ended March 31, 2020 and 2019 we paid no dividends on our Common Stock.

The table below sets forth the reconciliation between net income and the weighted average shares outstanding used for calculating basic and diluted EPS:

	Three Months Ended
	March 31,
	2020		2019
Earnings (numerator)
Net income attributable to common stockholders	$	20,168	$	31,716

Shares (denominator)
Weighted average common shares outstanding (basic)		51,335		50,398
Dilutive effect of stock options and stock awards outstanding		1,087		1,064
Adjusted weighted average common shares outstanding (diluted)		52,422		51,462

Earnings per share attributable to common stockholders
Basic	$	0.39	$	0.63
Diluted	$	0.38	$	0.62

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		58		58

Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories

NOTE 3 – Inventories

The table below sets forth inventories which are stated at the lower of cost or net realizable value:

	March 31, 2020		December 31, 2019
Finished goods	$	53,747	$	62,900
Work-in-progress		48,684		55,082
Raw materials		129,753		118,490
Total	$	232,184	$	236,472

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 4 – Goodwill and Intangible Assets

The table below sets forth the changes in goodwill:

Balance at December 31, 2019	$	141,318
Savitech acquisition (see Note 13 for additional information)		10,755
Foreign currency translation adjustment		(2,407	)
Balance at March 31, 2020	$	149,666

The table below sets forth the value of intangible assets, other than goodwill:

	March 31,			December 31,
	2020			2019
Intangible assets subject to amortization:
Gross carrying amount	$	248,897		$	239,975
Accumulated amortization		(128,672	)		(124,452	)
Foreign currency translation adjustment		(8,247	)		(9,842	)
Total		111,978			105,681
Intangible assets with indefinite lives:
Gross carrying amount		10,412			14,883
Foreign currency translation adjustment		(1,172	)		(1,041	)
Total		9,240			13,842
Total intangible assets, net	$	121,218		$	119,523

The table below sets forth amortization expense related to intangible assets subject to amortization:

Amortization expense		2020				2019
Three months ended March 31		$	4,221			$	4,484

Income Tax Provision

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax Provision

NOTE 5 – Income Tax Provision

The table below sets forth information related to our income tax expense:

	Three Months Ended
	March 31,
	2020			2019
Domestic pre-tax income	$	5,268		$	12,486
Foreign pre-tax income	$	19,688		$	29,548
Income tax provision	$	4,556		$	10,298
Effective tax rate		18.3	%		24.5	%
Impact of tax holidays on tax expense	$	(1,074	)	$	277
Earnings per share impact of tax holidays:
Basic	$	0.02		$	(0.01	)
Diluted	$	0.02		$	(0.01	)

The decrease in the effective tax rate for the three months ended March 31, 2020 when compared to the three months ended March 31, 2019, is primarily attributable to a decrease in non-U.S. withholding taxes and a net increase in favorable U.S. permanent differences.

Our undistributed foreign earnings continue to be indefinitely reinvested in foreign operations, with limited exceptions related to earnings of certain European and Asian subsidiaries. Any future distributions of foreign earnings will not be subject to additional U.S. income tax, but may be subject to non-U.S. withholding taxes.

We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2012, or for the 2015 tax year. We are no longer subject to China income tax examinations by tax authorities for tax years before 2009. With respect to state and local jurisdictions and countries outside of the U.S. (other than China), with limited exceptions, the Company is no longer subject to income tax audits for years before 2014. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties, if any, have been provided for in the Company’s reserve for any adjustments that may result from currently pending tax audits. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in interest expense. As of March 31, 2020, the gross amount of unrecognized tax benefits was approximately $38.4 million.

It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions will significantly increase or decrease within the next 12 months. At this time, an estimate of the range of the reasonably possible outcomes cannot be made.

In response to the outbreak of the novel strain of coronavirus (“COVID-19”) pandemic, the United States Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted on March 27, 2020. We do not expect the CARES Act to have a material impact on our financial statements because we do not qualify for most of the relief provisions prescribed in the Cares Act. We will continue to assess the impacts of the CARES Act and any other legislation adopted by the United States government or other applicable governmental agencies in response to COVID-19 as additional guidance is published by the relevant authorities.

Share-Based Compensation

3 Months Ended

Mar. 31, 2020

Share Based Compensation [Abstract]

Share-Based Compensation

NOTE 6 – Share-Based Compensation

All share-based compensation is for share grants. All outstanding stock options are fully vested, and all expense related to stock options has been recognized in previous periods. No cash proceeds were received from stock option exercises during the three months ended March 31, 2020. The table below sets forth the line items where share-based compensation expense was recorded:

	Three Months Ended
	March 31,
	2020		2019
Cost of goods sold	$	273	$	125
Selling, general and administrative		3,711		3,637
Research and development		709		715
Total share-based compensation expense	$	4,693	$	4,477

Share Grants – Restricted stock awards and restricted stock units generally vest in equal annual installments over a four-year period. All new grants are granted under the Company’s 2013 Equity Incentive Plan, and there will be no additional share grants under the 2001 Omnibus Equity Incentive Plan. Restricted stock grants are measured based on the fair market value of the underlying stock on the date of grant, and compensation expense is recognized on a straight-line basis over the requisite four-year service period.

Performance stock units (“PSUs”) are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized over the three-year performance period, with adjustments made to the expense to recognize the probable payout percentage. PSUs will vest upon the Company achieving a cumulative 3-year non-GAAP operating income target for the applicable periods.

As of March 31, 2020, total unrecognized share-based compensation expense related to share grants was approximately $45.4 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 2.2 years.

Segment Information and Net Sales

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information and Net Sales

NOTE 7 – Segment Information and Net Sales

Segment Reporting. For financial reporting purposes, we operate in a single segment, standard semiconductor products, through our various manufacturing and distribution facilities. We aggregate our products because the products are similar and have similar economic characteristics, use similar production processes and share the same customer type. Our primary operations include operations in Asia, North America and Europe. During the three months ended March 31, 2020 and 2019, no customer accounted for 10% or more of our revenue. No customer accounted for 10% or more of our outstanding accounts receivable at any point in the periods presented in this report.

The tables below set forth net sales based on the location of the subsidiary producing the net sale.

As of and for the
Three Months Ended March 31, 2020	Asia			North America			Europe			Consolidated
Total sales	$	301,863		$	168,172		$	59,001		$	529,036
Intercompany elimination		(116,921	)		(104,464	)		(26,934	)		(248,319	)
Net sales	$	184,942		$	63,708		$	32,067		$	280,717

Property, plant and equipment, net	$	364,624		$	24,110		$	67,388		$	456,122
Total assets		1,208,572			197,178			214,516		$	1,620,266

As of and for the
Three Months Ended March 31, 2019	Asia			North America			Europe			Consolidated
Total sales	$	273,900		$	101,280		$	51,052		$	426,232
Intercompany elimination		(73,597	)		(37,916	)		(12,426	)		(123,939	)
Net sales	$	200,303		$	63,364		$	38,626		$	302,293

Property, plant and equipment, net	$	387,264		$	28,402		$	25,549		$	441,215
Total assets	$	1,163,989		$	222,696		$	226,313		$	1,612,998

Disaggregation of Net Sales. We disaggregate net sales from contracts with customers into direct sales and distribution sales (“Distributors”) and by geographic area. Direct sales customers consist of those customers using our product in their manufacturing process, and Distributors are those customers who resell our products to third parties. We deliver our products to customers around the world for use in consumer electronics, computing, communications, industrial and automotive. Further, most of our contracts are fixed-price arrangements, and are short term in nature, ranging from days to several months.

The tables below set forth revenue for the Company disaggregated into geographic locations based on shipment and by type (direct sales or Distributor) for the three months ended March 31, 2020 and 2019:

	Three Months Ended
Net Sales by Region	March 31, 2020		March 31, 2019
Asia	$	210,805	$	224,289
Europe		46,931		38,394
Americas		22,981		39,610
Total net sales	$	280,717	$	302,293

Net Sales by Type
Direct sales	$	99,544	$	86,358
Distributor sales		181,173		215,935
Total net sales	$	280,717	$	302,293

Revenue from products shipped to China was $138.9 million and $151.5 million for the three months ended March 31, 2020 and 2019, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8 – Commitments and Contingencies

Purchase commitments – As of March 31, 2020, we had approximately $38.7 million in non-cancelable purchase contracts related to capital expenditures, primarily related to our manufacturing facilities in Asia. As of March 31, 2020, we also had a commitment to purchase approximately $52.5 million of wafers to be used in our manufacturing process. These wafer purchases will occur during 2020.

Defined Benefit Plan - We have a contributory defined benefit plan that covers certain employees in the United Kingdom. As of March 31, 2020, the unfunded liability for this defined benefit plan was approximately $14.0 million. We are obligated to make annual contributions, each year through December 2029, of approximately GBP 2 million (approximately $2.4 million based on a GBP: USD exchange rate of 1.2:1). The current annual contributions were set with regard to the funding position as of April 2016, and must be reviewed by the Trustees at least every three years. A review as of April 2019 is underway and the outcome of the review could result in a change in the amount of the payment or the period over which payment is required.

Contingencies – From time to time, we are involved in various legal proceedings that arise in the normal course of business. While we intend to defend any lawsuit vigorously, we presently believe that the ultimate outcome of any pending legal proceeding will not have any material adverse effect on our consolidated financial position, cash flows or operating results. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, which could impact our business and operating results for the period in which the ruling occurs or future periods. Based on information available, we evaluate the likelihood of potential outcomes of all pending disputes. We record an appropriate liability when the amount of any liability associated with a pending dispute is deemed probable and reasonably estimable. In addition, we do not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. The Company is not currently a party to any pending litigation that the Company considers material.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 9 – Derivative Financial Instruments

We use derivative instruments to manage risks related to foreign currencies, interest rates and the net investment risk in our foreign subsidiaries. Our objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. Our derivative programs include strategies that both qualify and do not qualify for hedge accounting treatment.

Hedges of Foreign Currency Risk - We are exposed to fluctuations in various foreign currencies against our different functional currencies. We use foreign currency forward agreements to manage this exposure. At March 31, 2020, we had outstanding foreign currency forward contracts that are intended to preserve the economic value of foreign currency denominated monetary assets and liabilities; these instruments are not designated for hedge accounting treatment in accordance with ASC 815. The fair value of these instruments approximates zero.

The table below sets forth outstanding foreign currency forward contracts at March 31, 2020 and December 31, 2019:

Notional Amount

Effective Date

Maturity Date

Index*

Weighted Average Foreign Exchange Rate

Balance Sheet Hedge Designation

2,961

March 2020

May 2020

EUR/GBP

0.8848

Non-designated

4,009

March 2020

May 2020

EUR/USD

1.1009

Non-designated

10,445

March 2020

May 2020

GBP/USD

1.2453

Non-designated

37,850

March 2020

May 2020

USD/CNY

7.1036

Non-designated

1,136

March 2020

May 2020

USD/JPY

107.2520

Non-designated

42,028

March 2020

May 2020

USD/TWD

29.9560

Non-designated

500

January 2020

July 2020

USD/TWD

Non-designated

500

January 2020

January 2021

USD/TWD

29.976

Non-designated

500

March 2020

May 2020

USD/TWD

30.355

Non-designated

99,929

Notional Amount

Effective Date

Maturity Date

Index*

Weighted Average Foreign Exchange Rate

Balance Sheet Hedge Designation

1,844

December 2019

February 2020

EUR/GBP

0.8471

Non-designated

3,375

December 2019

February 2020

EUR/USD

1.123

Non-designated

25,957

December 2019

February 2020

GBP/USD

1.3257

Non-designated

39,340

December 2019

February 2020

USD/CNY

6.9762

Non-designated

763

December 2019

February 2020

USD/JPY

108.732

Non-designated

33,621

December 2019

February 2020

USD/TWD

20.988

Non-designated

500

January 2019

January 2020

USD/TWD

30.635

Non-designated

500

October 2019

February 2020

USD/TWD

30.571

Non-designated

105,900

* EUR = Euro

GBP = British Pound Sterling

USD = United States Dollar

CNY = Chinese Yuan Renminbi

JPY = Japan Yen

TWD = Taiwan dollar

Hedges of Interest Rate and Net Investment Risk -The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps, including interest rate collars, as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The table below sets forth information related to the number and the notional amount of our interest rate related derivative instruments at March 31, 2020 and December 31, 2019:

	Number of Instruments		Notional Amount
	2020	2019	2020		2019
Interest rate swaps and collars	9	9	$	175,000	$	200,000

The table below sets forth the fair value of the Company’s interest rate related derivative financial instruments as well as their classification on our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019:

	Other Current Assets				Other Assets				Other Current Liabilities				Other Liabilities
	2020		2019		2020		2019		2020		2019		2020		2019
Interest rate swaps and collars	$	-	$	194	$	-	$	36	$	1,936	$	51	$	1,154	$	127

The tables below set forth the effect of the Company’s derivative financial instruments on our condensed consolidated statements of income for the three months ended March 31, 2020 and 2019:

	Amount of Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Net Income						Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivative Instruments Designated as Hedging Instruments	Amount of Gain or (Loss) Recognized in OCI on Derivative
	March 31,							March 31,							March 31,
	2020			2019				2020			2019				2020		2019
Three Months Ended
Interest rate swaps and collars	$	(1,390	)	$	(1,090	)	Interest expense	$	(71	)	$	(469	)	Interest expense	$	-	$	-
Cross currency swaps	$	-		$	(2,350	)	N/A	$	-		$	-		Interest income	$	-	$	455

We estimate that $0.6 million of net derivative gains included in accumulated other comprehensive income (“AOCI”) as of March 31, 2020 will be reclassified into expense within the following 12 months. No gains or losses were reclassified from AOCI into earnings as a result of forecasted transactions that failed to occur during three months ended March 31, 2020 or 2019.

	Amount of (Loss) or Gain Recognized in Net Income					Location of Gain or (Loss) Recognized in Net Income
Derivative Instruments Not Designated as Hedging Instruments

	March 31,
	2020			2019
Three Months Ended
Foreign currency forward contracts	$	(2,147	)	$	430	Foreign currency loss, net

As of March 31, 2020 and December 31, 2019, the Company had not posted any collateral related to these agreements.

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

NOTE 10 – Leases

The Company leases certain assets used in its business, including land, buildings and equipment. These leased assets are used for operational and administrative purposes.

The components of lease expense are set forth in the table below:

	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
Operating lease expense	$	3,730	$	3,704
Finance lease expense:
Amortization of assets		209		244
Interest on lease liabilities		7		15
Short-term lease expense		94		36
Variable lease expense		711		618
Total lease expense	$	4,751	$	4,617

The table below sets forth supplemental balance sheet information related to leases:

	March 31, 2020	December 31, 2019
Operating leases:
Operating lease ROU assets	$53,933	$57,427

Current operating lease liabilities	11,633	12,554
Noncurrent operating lease liabilities	24,713	27,545
Total operating lease liabilities	$36,346	$40,099

Finance leases:
Finance lease ROU assets	$2,507	$3,396
Accumulated amortization	(1,671)	(1,924)
Finance lease ROU assets, net	$836	$1,472

Current finance lease liabilities	$818	$903
Non-current finance lease liabilities	–	138
Total finance lease liabilities	$818	$1,041

Weighted average remaining lease term (in years):
Operating leases	4.3	4.4
Finance leases	1.0	1.3

Weighted average discount rate:
Operating leases	3.8%	3.8%
Finance leases	3.0%	3.0%

The table below sets forth supplemental cash flow and other information related to leases:

	Three Months Ended	Three Months Ended
	March 31, 2020	March 31, 2019
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$4,018	$4,277
Operating cash outflows from finance leases	7	15
Financing cash outflow from finance leases	223	293

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases	127	86

The table below sets forth information about lease liability maturities:

	March 31, 2020
	Operating Leases		Finance Leases
Remainder of 2020	$	10,129	$	691
2021		9,674		139
2022		8,000		-
2023		4,452		-
2024		2,379		-
2025		2,286		-
2026 and thereafter		2,579	-
Total lease payments		39,499		830
Less: imputed interest		(3,153)		(12)
Total lease obligations		36,346		818
Less: current obligations		(11,633)		(818)
Long-term lease obligations	$	24,713	$	-

Employee Benefit Plans

3 Months Ended

Mar. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE 11 – Employee Benefit Plans

We maintain a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) for executive officers, key employees and members of the Board of Directors. The Deferred Compensation Plan allows eligible participants to defer the receipt of eligible compensation, including equity awards, until designated future dates. We offset our obligations under the Deferred Compensation Plan primarily by investing in the actual underlying investments. At March 31, 2020 and December 31, 2019, these investments totaled approximately $10.0 million and $12.9 million, respectively.

Related Parties

3 Months Ended

Mar. 31, 2020

Related Parties

NOTE 12 – Related Parties

We conduct business with a related party company, Lite-On Semiconductor Corporation and its subsidiaries and affiliates (collectively, “LSC”), and Nuvoton Technology Corporation and its subsidiaries and affiliates (collectively, “Nuvoton”). LSC is our largest stockholder, owning approximately 15% of our outstanding Common Stock as of March 31, 2020, and is a member of the Lite-On Group of companies. On August 8, 2019, we announced that we entered into an agreement with LSC pursuant to which the Company shall acquire LSC. The aggregate consideration payable by the Company, based on the December 31, 2019 exchange rate, is approximately $437 million. This amount is subject to change, based on the Taiwan dollar to United States dollar exchange rate at closing. The acquisition received LSC stockholder approval on October 25, 2019, and we anticipate completing the acquisition in the second half of 2020, subject to customary closing conditions and regulatory approvals. We expect to fund the purchase price of the transaction primarily with proceeds from an anticipated new bank financing arrangement. Raymond Soong, the Chairman of our Board of Directors, is the Chairman of LSC, and is the Chairman of Lite-On Technology Corporation (“LTC”), a significant shareholder of LSC. C.H. Chen, our former President and Chief Executive Officer and currently the Vice Chairman of our Board of Directors, is also Vice Chairman of LSC and a board member of LTC. Dr. Keh-Shew Lu, our President and Chief Executive Officer and a member of our Board of Directors, is a board member of LTC, and a board member of Nuvoton. We consider our relationships with LSC and Nuvoton to be mutually beneficial, and we plan to continue our strategic alliance with LSC and Nuvoton. We purchase wafers from Nuvoton for use in our production process.

We also conduct business with Keylink International (B.V.I.) Inc. and its subsidiaries and affiliates (collectively, “Keylink”). Keylink is our 5% joint venture partner in our Shanghai assembly and test facilities. We sell products to, and purchase inventory from Keylink. In addition, our subsidiaries in China lease their manufacturing facilities in Shanghai from, and subcontract a portion of our manufacturing process (metal plating and environmental services) to, Keylink. We also pay fees for plating and rental services and consulting to Keylink. The aggregate amounts paid to Keylink for the three months ended March 31, 2020 and 2019 were approximately $3.1 million and $3.9 million, respectively. In addition, Chengdu Ya Guang Electronic Company Limited (“Ya Guang”) is our 2% joint venture partner in one of our Chengdu assembly and test facilities and is our 5% joint venture partner in our other Chengdu assembly and test facility; however, we have no material transactions with Ya Guang. We also purchase materials from Jiyuan Crystal Photoelectric Frequency Technology Ltd (“JCP”), a frequency control product manufacturing company in which we have made an equity investment and account for that investment using the equity method of accounting.

The Audit Committee of the Board reviews all related party transactions for potential conflict of interest situations on an ongoing basis, all in accordance with such procedures as the Audit Committee may adopt from time to time.

The table below sets forth net sales to and purchases from related parties:

	Three Months Ended
	March 31,
	2020		2019
LSC
Net sales	$	128	$	188
Purchases	$	2,748	$	4,412
Nuvoton
Purchases	$	1,644	$	1,267
Keylink
Net sales	$	3,985	$	2,815
Purchases	$	405	$	605
JCP
Purchases	$	156	$	160

The table below sets forth accounts receivable from, and accounts payable to, related parties:

	March 31,		December 31,
	2020		2019
LSC
Accounts receivable	$	128	$	184
Accounts payable	$	2,055	$	2,154
Nuvoton
Accounts payable	$	875	$	1,055
Keylink
Accounts receivable	$	25,536	$	31,598
Accounts payable	$	22,100	$	28,244
JCP
Accounts payable	$	181	$	173

Acquisitions

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisitions

Note 13 –Acquisitions

Savitech Acquisition

On February 5, 2020, the Company entered into an agreement to invest up to approximately $14.2 million to acquire at least 51% of Savitech Corporation (“Savitech”), a fabless semiconductor design company located in Zhubei City, Taiwan. The Company will make the investment in two tranches. The first tranche of $5.6 million, which provided the Company with a 33.6% ownership of Savitech, was made on March 4, 2020. The initial tranche was funded with cash on hand. The second tranche, currently recorded in other long-term liabilities, as shown in the table below, and currently valued at $7.3 million will increase the Company’s ownership to at least 51% of Savitech. The second tranche will be paid on June 30, 2021, provided Savitech achieves previously agreed-to revenue levels. If revenue levels are not achieved the Company will pay less than the maximum $8.6 million, but regardless of the amount paid, will still acquire at least 51% of Savitech.

The Company recorded the purchase of Savitech as a business acquisition and will consolidate Savitech into their operations, based on the voting model, with a non-controlling interest related to the interest Diodes does not own in Savitech. The Company purchased Savitech in order to increase the Company’s integrated circuit business. Total purchase consideration recorded was $12.9 million. The goodwill will not be tax deductible. The Company also incurred acquisition costs of approximately $0.1 million that were recognized in selling, general and administrative expense. The table below sets forth the preliminary fair value of the assets and liabilities recorded in the acquisition and the corresponding line item in which the item is recorded in our condensed consolidated balance sheet at the date of acquisition. The acquisition accounting is not final as deferred taxes, the contingent consideration payment and goodwill are being finalized. We expect the acquisition accounting to be finalized in the second or third quarter of 2020.

Cash and cash equivalents	$	6.2
Prepaid expenses and other		0.7
Goodwill		10.8
Intangible assets, net		6.1
Other long-term assets		0.3
Accrued liabilities and other		0.4
Other long-term liabilities		7.3
Noncontrolling interest		10.8

Wafer Fabrication Facility Acquisition

On April 1, 2019, the Company completed the previously announced acquisition of a wafer fabrication facility located in Greenock, Scotland (“GFAB”). The Company recorded the purchase of GFAB as a business acquisition. The Company purchased GFAB in order to increase the Company’s wafer production capacity. Total consideration paid by the Company was $33.2 million and was funded by advances under the revolving portion of our long-term credit facility. The facility and assets were wholly acquired, and there is no remaining minority interest. The goodwill will not be tax deductible. The Company also incurred acquisition costs of approximately $0.6 million that were recognized in selling, general and administrative expense. Due to a lack of available data we are unable to provide historical financial pro forma data. The table below sets forth the fair value of the assets and liabilities recorded in the GFAB acquisition and the corresponding line item in which the item is recorded in our condensed consolidated balance sheet.

Property, plant and equipment, net	$	24.4
Inventories		3.6
Prepaid expenses and other		5.2
Goodwill		0.9
Deferred tax liabilities			1.0

Summary of Operations and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Operations	Summary of Operations Diodes Incorporated, together with its subsidiaries (collectively, the “Company,” “we” or “our”) (Nasdaq: DIOD), is a leading global manufacturer and supplier of high-quality, application-specific standard products within the broad discrete, logic, analog and mixed-signal semiconductor markets. We serve the consumer electronics, computing, communications, industrial, and automotive markets. Our products include diodes, rectifiers, transistors, MOSFETs, protection devices, function-specific arrays, single gate logic, amplifiers and comparators, Hall-effect and temperature sensors, power management devices, including LED drivers, AC-DC converters and controllers, DC-DC switching and linear voltage regulators, and voltage references along with special function devices, such as USB power switches, load switches, voltage supervisors, and motor controllers. We also have timing, connectivity, switching, and signal integrity solutions for high-speed signals. Our corporate headquarters and Americas’ sales offices are located in Plano, Texas and Milpitas, California. Design, marketing, and engineering centers are located in Plano; Milpitas; Taipei, Taoyuan City and Zhubei City, Taiwan; Oldham, England; and Neuhaus, Germany. Our wafer fabrication facilities are located in Oldham and Shanghai, China and Greenock, Scotland. We have assembly and test facilities located in Shanghai, Jinan and Chengdu, China, as well as in Hong Kong, Neuhaus and Taipei. Additional engineering, research and development, sales, warehouse, and logistics offices are located in Taipei; Hong Kong; Oldham; Shanghai; Shenzhen and Yangzhou, China; Seongnam-si, South Korea; Munich, Germany; and Tokyo, Japan, with support offices throughout the world.
Basis of Presentation	Basis of Presentation The condensed consolidated financial data at December 31, 2019 is derived from audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on February 12, 2020 (“Form 10-K”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, operating results and cash flows in conformity with GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Form 10-K. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the operating results for the period presented have been included in the interim period. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. As permitted under GAAP, interim accounting for certain expenses, including income taxes, are based on full year forecasts. For interim financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates taking into consideration discrete items occurring in a quarter. Dollar amounts and share amounts are presented in thousands, except per share amounts, unless otherwise noted. Certain prior year’s balances may have been reclassified to conform to the current financial statement presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, which requires measurement and recognition of expected credit losses for financial assets held. We adopted ASU No. 2016-13 effective January 1, 2020. The adoption of ASU No 2016-13 did not have a material impact on our consolidated financial statements and related disclosures. In March 2020, the FASB issued optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The table below sets forth the reconciliation between net income and the weighted average shares outstanding used for calculating basic and diluted EPS:

	Three Months Ended
	March 31,
	2020		2019
Earnings (numerator)
Net income attributable to common stockholders	$	20,168	$	31,716

Shares (denominator)
Weighted average common shares outstanding (basic)		51,335		50,398
Dilutive effect of stock options and stock awards outstanding		1,087		1,064
Adjusted weighted average common shares outstanding (diluted)		52,422		51,462

Earnings per share attributable to common stockholders
Basic	$	0.39	$	0.63
Diluted	$	0.38	$	0.62

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		58		58

Inventories (Tables)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory Current

The table below sets forth inventories which are stated at the lower of cost or net realizable value:

	March 31, 2020		December 31, 2019
Finished goods	$	53,747	$	62,900
Work-in-progress		48,684		55,082
Raw materials		129,753		118,490
Total	$	232,184	$	236,472

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The table below sets forth the changes in goodwill:

Balance at December 31, 2019	$	141,318
Savitech acquisition (see Note 13 for additional information)		10,755
Foreign currency translation adjustment		(2,407	)
Balance at March 31, 2020	$	149,666

Schedule of Intangible Assets Other Than Goodwill

The table below sets forth the value of intangible assets, other than goodwill:

	March 31,			December 31,
	2020			2019
Intangible assets subject to amortization:
Gross carrying amount	$	248,897		$	239,975
Accumulated amortization		(128,672	)		(124,452	)
Foreign currency translation adjustment		(8,247	)		(9,842	)
Total		111,978			105,681
Intangible assets with indefinite lives:
Gross carrying amount		10,412			14,883
Foreign currency translation adjustment		(1,172	)		(1,041	)
Total		9,240			13,842
Total intangible assets, net	$	121,218		$	119,523

Schedule of Amortization Expense Related to Intangible Assets

The table below sets forth amortization expense related to intangible assets subject to amortization:

Amortization expense		2020				2019
Three months ended March 31		$	4,221			$	4,484

Income Tax Provision (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Information Related to Income Tax Expense

The table below sets forth information related to our income tax expense:

	Three Months Ended
	March 31,
	2020			2019
Domestic pre-tax income	$	5,268		$	12,486
Foreign pre-tax income	$	19,688		$	29,548
Income tax provision	$	4,556		$	10,298
Effective tax rate		18.3	%		24.5	%
Impact of tax holidays on tax expense	$	(1,074	)	$	277
Earnings per share impact of tax holidays:
Basic	$	0.02		$	(0.01	)
Diluted	$	0.02		$	(0.01	)

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share Based Compensation [Abstract]

Schedule of Share-Based Compensation Expense

The table below sets forth the line items where share-based compensation expense was recorded:

	Three Months Ended
	March 31,
	2020		2019
Cost of goods sold	$	273	$	125
Selling, general and administrative		3,711		3,637
Research and development		709		715
Total share-based compensation expense	$	4,693	$	4,477

Segment Information and Net Sales (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Net Sales from Based on Location of the Subsidiary

The tables below set forth net sales based on the location of the subsidiary producing the net sale.

As of and for the
Three Months Ended March 31, 2020	Asia			North America			Europe			Consolidated
Total sales	$	301,863		$	168,172		$	59,001		$	529,036
Intercompany elimination		(116,921	)		(104,464	)		(26,934	)		(248,319	)
Net sales	$	184,942		$	63,708		$	32,067		$	280,717

Property, plant and equipment, net	$	364,624		$	24,110		$	67,388		$	456,122
Total assets		1,208,572			197,178			214,516		$	1,620,266

As of and for the
Three Months Ended March 31, 2019	Asia			North America			Europe			Consolidated
Total sales	$	273,900		$	101,280		$	51,052		$	426,232
Intercompany elimination		(73,597	)		(37,916	)		(12,426	)		(123,939	)
Net sales	$	200,303		$	63,364		$	38,626		$	302,293

Property, plant and equipment, net	$	387,264		$	28,402		$	25,549		$	441,215
Total assets	$	1,163,989		$	222,696		$	226,313		$	1,612,998

Schedule of Net Sales by Direct Sales or Distributor and Location

	Three Months Ended
Net Sales by Region	March 31, 2020		March 31, 2019
Asia	$	210,805	$	224,289
Europe		46,931		38,394
Americas		22,981		39,610
Total net sales	$	280,717	$	302,293

Net Sales by Type
Direct sales	$	99,544	$	86,358
Distributor sales		181,173		215,935
Total net sales	$	280,717	$	302,293

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Outstanding Foreign Currency Forward Contracts

The table below sets forth outstanding foreign currency forward contracts at March 31, 2020 and December 31, 2019:

Notional Amount

Effective Date

Maturity Date

Index*

Weighted Average Foreign Exchange Rate

Balance Sheet Hedge Designation

2,961

March 2020

May 2020

EUR/GBP

0.8848

Non-designated

4,009

March 2020

May 2020

EUR/USD

1.1009

Non-designated

10,445

March 2020

May 2020

GBP/USD

1.2453

Non-designated

37,850

March 2020

May 2020

USD/CNY

7.1036

Non-designated

1,136

March 2020

May 2020

USD/JPY

107.2520

Non-designated

42,028

March 2020

May 2020

USD/TWD

29.9560

Non-designated

500

January 2020

July 2020

USD/TWD

Non-designated

500

January 2020

January 2021

USD/TWD

29.976

Non-designated

500

March 2020

May 2020

USD/TWD

30.355

Non-designated

99,929

Notional Amount

Effective Date

Maturity Date

Index*

Weighted Average Foreign Exchange Rate

Balance Sheet Hedge Designation

1,844

December 2019

February 2020

EUR/GBP

0.8471

Non-designated

3,375

December 2019

February 2020

EUR/USD

1.123

Non-designated

25,957

December 2019

February 2020

GBP/USD

1.3257

Non-designated

39,340

December 2019

February 2020

USD/CNY

6.9762

Non-designated

763

December 2019

February 2020

USD/JPY

108.732

Non-designated

33,621

December 2019

February 2020

USD/TWD

20.988

Non-designated

500

January 2019

January 2020

USD/TWD

30.635

Non-designated

500

October 2019

February 2020

USD/TWD

30.571

Non-designated

105,900

* EUR = Euro

GBP = British Pound Sterling

USD = United States Dollar

CNY = Chinese Yuan Renminbi

JPY = Japan Yen

TWD = Taiwan dollar

Summary of Information Related to Number of and Notional Amount of Interest Rate Related Derivative Instruments

The table below sets forth information related to the number and the notional amount of our interest rate related derivative instruments at March 31, 2020 and December 31, 2019:

	Number of Instruments		Notional Amount
	2020	2019	2020		2019
Interest rate swaps and collars	9	9	$	175,000	$	200,000

Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Our Condensed Consolidated Balance Sheets

	Other Current Assets				Other Assets				Other Current Liabilities				Other Liabilities
	2020		2019		2020		2019		2020		2019		2020		2019
Interest rate swaps and collars	$	-	$	194	$	-	$	36	$	1,936	$	51	$	1,154	$	127

Summary of Effect of Derivative Financial Instruments on Our Condensed Consolidated Statements of Operations

The tables below set forth the effect of the Company’s derivative financial instruments on our condensed consolidated statements of income for the three months ended March 31, 2020 and 2019:

	Amount of Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Net Income						Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivative Instruments Designated as Hedging Instruments	Amount of Gain or (Loss) Recognized in OCI on Derivative
	March 31,							March 31,							March 31,
	2020			2019				2020			2019				2020		2019
Three Months Ended
Interest rate swaps and collars	$	(1,390	)	$	(1,090	)	Interest expense	$	(71	)	$	(469	)	Interest expense	$	-	$	-
Cross currency swaps	$	-		$	(2,350	)	N/A	$	-		$	-		Interest income	$	-	$	455

	Amount of (Loss) or Gain Recognized in Net Income					Location of Gain or (Loss) Recognized in Net Income
Derivative Instruments Not Designated as Hedging Instruments

	March 31,
	2020			2019
Three Months Ended
Foreign currency forward contracts	$	(2,147	)	$	430	Foreign currency loss, net

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Components of Lease Expense

The components of lease expense are set forth in the table below:

	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
Operating lease expense	$	3,730	$	3,704
Finance lease expense:
Amortization of assets		209		244
Interest on lease liabilities		7		15
Short-term lease expense		94		36
Variable lease expense		711		618
Total lease expense	$	4,751	$	4,617

Supplemental Balance Sheet Information Related to Leases

The table below sets forth supplemental balance sheet information related to leases:

	March 31, 2020	December 31, 2019
Operating leases:
Operating lease ROU assets	$53,933	$57,427

Current operating lease liabilities	11,633	12,554
Noncurrent operating lease liabilities	24,713	27,545
Total operating lease liabilities	$36,346	$40,099

Finance leases:
Finance lease ROU assets	$2,507	$3,396
Accumulated amortization	(1,671)	(1,924)
Finance lease ROU assets, net	$836	$1,472

Current finance lease liabilities	$818	$903
Non-current finance lease liabilities	–	138
Total finance lease liabilities	$818	$1,041

Weighted average remaining lease term (in years):
Operating leases	4.3	4.4
Finance leases	1.0	1.3

Weighted average discount rate:
Operating leases	3.8%	3.8%
Finance leases	3.0%	3.0%

Supplemental Cash Flow and Other Information Related to Leases

The table below sets forth supplemental cash flow and other information related to leases:

	Three Months Ended	Three Months Ended
	March 31, 2020	March 31, 2019
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$4,018	$4,277
Operating cash outflows from finance leases	7	15
Financing cash outflow from finance leases	223	293

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases	127	86

Schedule of Operating and Finance Lease Liability Maturities

The table below sets forth information about lease liability maturities:

	March 31, 2020
	Operating Leases		Finance Leases
Remainder of 2020	$	10,129	$	691
2021		9,674		139
2022		8,000		-
2023		4,452		-
2024		2,379		-
2025		2,286		-
2026 and thereafter		2,579	-
Total lease payments		39,499		830
Less: imputed interest		(3,153)		(12)
Total lease obligations		36,346		818
Less: current obligations		(11,633)		(818)
Long-term lease obligations	$	24,713	$	-

Related Parties (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Net Sales and Purchases of Related Party Transactions

The table below sets forth net sales to and purchases from related parties:

	Three Months Ended
	March 31,
	2020		2019
LSC
Net sales	$	128	$	188
Purchases	$	2,748	$	4,412
Nuvoton
Purchases	$	1,644	$	1,267
Keylink
Net sales	$	3,985	$	2,815
Purchases	$	405	$	605
JCP
Purchases	$	156	$	160

Schedule of Account Receivable and Payable of Related Party Transactions

The table below sets forth accounts receivable from, and accounts payable to, related parties:

	March 31,		December 31,
	2020		2019
LSC
Accounts receivable	$	128	$	184
Accounts payable	$	2,055	$	2,154
Nuvoton
Accounts payable	$	875	$	1,055
Keylink
Accounts receivable	$	25,536	$	31,598
Accounts payable	$	22,100	$	28,244
JCP
Accounts payable	$	181	$	173

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

Savitech Acquisition

Summary of Fair Value of Assets and Liabilities Related to Acquisition Recorded in Condensed Consolidated Balance Sheet

The table below sets forth the preliminary fair value of the assets and liabilities recorded in the acquisition and the corresponding line item in which the item is recorded in our condensed consolidated balance sheet at the date of acquisition. The acquisition accounting is not final as deferred taxes, the contingent consideration payment and goodwill are being finalized. We expect the acquisition accounting to be finalized in the second or third quarter of 2020.

Cash and cash equivalents	$	6.2
Prepaid expenses and other		0.7
Goodwill		10.8
Intangible assets, net		6.1
Other long-term assets		0.3
Accrued liabilities and other		0.4
Other long-term liabilities		7.3
Noncontrolling interest		10.8

Wafer Fabrication Facility ("GFAB")

Summary of Fair Value of Assets and Liabilities Related to Acquisition Recorded in Condensed Consolidated Balance Sheet

The table below sets forth the fair value of the assets and liabilities recorded in the GFAB acquisition and the corresponding line item in which the item is recorded in our condensed consolidated balance sheet.

Property, plant and equipment, net	$	24.4
Inventories		3.6
Prepaid expenses and other		5.2
Goodwill		0.9
Deferred tax liabilities			1.0

Earnings Per Share - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings per share reconciliation disclosure	Earnings per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted EPS is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive.
Common stock dividends paid	$ 0	$ 0

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings (numerator)
Net income attributable to common stockholders	$ 20,168	$ 31,716
Shares (denominator)
Weighted average common shares outstanding (basic)	51,335	50,398
Dilutive effect of stock options and stock awards outstanding	1,087	1,064
Adjusted weighted average common shares outstanding (diluted)	52,422	51,462
Earnings per share attributable to common stockholders
Basic	$ 0.39	$ 0.63
Diluted	$ 0.38	$ 0.62
Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive	58	58

Inventories - Schedule of Inventory Current (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 53,747	$ 62,900
Work-in-progress	48,684	55,082
Raw materials	129,753	118,490
Total	$ 232,184	$ 236,472

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Goodwill
Goodwill beginning balance	$ 141,318
Foreign currency translation adjustment	(2,407)
Goodwill ending balance	149,666
Savitech Acquisition
Goodwill
Acquisitions	$ 10,755

Goodwill and Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible assets subject to amortization
Gross carrying amount	$ 248,897	$ 239,975
Accumulated amortization	(128,672)	(124,452)
Foreign currency translation adjustment	(8,247)	(9,842)
Total	111,978	105,681
Intangible assets with indefinite lives
Gross carrying amount	10,412	14,883
Foreign currency translation adjustment	(1,172)	(1,041)
Total	9,240	13,842
Total intangible assets, net	$ 121,218	$ 119,523

Goodwill and Intangible Assets - Schedule of Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 4,221	$ 4,484

Income Tax Provision - Schedule of Information Related to Income Tax Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Domestic pre-tax income	$ 5,268	$ 12,486
Foreign pre-tax income	19,688	29,548
Income tax provision	$ 4,556	$ 10,298
Effective tax rate	18.30%	24.50%
Impact of tax holidays on tax expense	$ (1,074)	$ 277
Earnings per share impact of tax holidays:
Basic	$ 0.02	$ (0.01)
Diluted	$ 0.02	$ (0.01)

Income Tax Provision - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 38.4
Income tax examination, description	We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2012, or for the 2015 tax year. We are no longer subject to China income tax examinations by tax authorities for tax years before 2009. With respect to state and local jurisdictions and countries outside of the U.S. (other than China), with limited exceptions, the Company is no longer subject to income tax audits for years before 2014. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties, if any, have been provided for in the Company’s reserve for any adjustments that may result from currently pending tax audits. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in interest expense
Significant change in unrecognized tax benefits, nature of event	It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions will significantly increase or decrease within the next 12 months.
Significant change in unrecognized tax benefits is reasonably possible, estimated range not possible	At this time, an estimate of the range of the reasonably possible outcomes cannot be made.

Share-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash proceeds received from stock option exercises	$ 0.0
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 2 months 12 days
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 45.4
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	4 years
Restricted Stock Awards and Restricted Stock Units \| 2001 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award granted in period \| shares	0
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	3 years

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 4,693	$ 4,477
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	273	125
Selling, General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	3,711	3,637
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 709	$ 715

Segment Information and Net Sales - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) Customer	Mar. 31, 2019 USD ($) Customer
Entity Wide Revenue Major Customer [Line Items]
Number of customer accounted for 10% or more of our revenue \| Customer	0	0
Number of customer did not account for 10% or greater of outstanding accounts receivable \| Customer	0	0
Net sales \| $	$ 280,717	$ 302,293
China
Entity Wide Revenue Major Customer [Line Items]
Net sales \| $	$ 138,900	$ 151,500
Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Percentage of net sales	10.00%	10.00%

Segment Information and Net Sales - Schedule of Net Sales From Based on Location of the Subsidiary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 280,717	$ 302,293
Property, plant and equipment, net	456,122	441,215	$ 469,574
Total assets	1,620,266	1,612,998	$ 1,639,384
Operating Segments
Segment Reporting Information [Line Items]
Net sales	529,036	426,232
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(248,319)	(123,939)
Asia
Segment Reporting Information [Line Items]
Net sales	184,942	200,303
Property, plant and equipment, net	364,624	387,264
Total assets	1,208,572	1,163,989
Asia \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	301,863	273,900
Asia \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(116,921)	(73,597)
North America
Segment Reporting Information [Line Items]
Net sales	63,708	63,364
Property, plant and equipment, net	24,110	28,402
Total assets	197,178	222,696
North America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	168,172	101,280
North America \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(104,464)	(37,916)
Europe
Segment Reporting Information [Line Items]
Net sales	32,067	38,626
Property, plant and equipment, net	67,388	25,549
Total assets	214,516	226,313
Europe \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	59,001	51,052
Europe \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (26,934)	$ (12,426)

Segment Information and Net Sales - Schedule of Net Sales by Direct Sales or Distributor and Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 280,717	$ 302,293
Direct Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	99,544	86,358
Distributor Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	181,173	215,935
Asia
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	210,805	224,289
Europe
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	46,931	38,394
Americas
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 22,981	$ 39,610

Commitments and Contingencies - Additional Information (Details) £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) $ / £	Mar. 31, 2020 GBP (£) $ / £
Commitments And Contingencies [Line Items]
Purchase Commitments	$ 38.7
Long-term purchase commitment, Amount	$ 52.5
Pension Plan, Defined Benefit
Commitments And Contingencies [Line Items]
Defined benefit plan, estimated future employer contributions in current fiscal year, description	We have a contributory defined benefit plan that covers certain employees in the United Kingdom. As of March 31, 2020, the unfunded liability for this defined benefit plan was approximately $14.0 million. We are obligated to make annual contributions, each year through December 2029, of approximately GBP 2 million (approximately $2.4 million based on a GBP: USD exchange rate of 1.2:1). The current annual contributions were set with regard to the funding position as of April 2016, and must be reviewed by the Trustees at least every three years. A review as of April 2019 is underway and the outcome of the review could result in a change in the amount of the payment or the period over which payment is required.
Defined benefit plan, expected future benefit payments in year one	$ 2.4	£ 2
Defined benefit plan, expected future benefit payments in year two	2.4	2
Defined benefit plan, expected future benefit payments in year three	2.4	2
Defined benefit plan, expected future benefit payments in year four	2.4	2
Defined benefit plan, expected future benefit payments in year five	2.4	2
Defined benefit plan, expected future benefit payments in eight fiscal years thereafter	$ 2.4	£ 2
GBP:USD exchange rate \| $ / £	1.2	1.2
Unfunded liability of defined benefit plan	$ 14.0

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Objectives for using derivative instruments	The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps, including interest rate collars, as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
Net derivative gain will be reclassified from AOCI into net income	$ 600,000
Posted collateral related to agreements	0	$ 0
Foreign Currency Forward Contracts
Derivative [Line Items]
Fair value of foreign exchange hedges	$ 0

- Definition

Description of the reasons for holding or issuing derivative instruments and nonderivative hedging instruments. Includes discussion of the objectives for holding or issuing derivative instruments, the context needed to understand those objectives, and the strategies for achieving those objectives. The description generally distinguishes between derivative and nonderivative instruments by the types of hedging relationships and between those instruments used for risk management purposes and those used for other purposes. Information about those instruments is disclosed in the context of each instrument's primary underlying risk exposure (for example, interest rate, credit, foreign exchange rate, interest rate and foreign exchange rate, or overall price).

+ References + Details

Derivative Financial Instruments - Summary of Outstanding Foreign Currency Forward Contracts (Details) - Foreign Currency Forward Contracts - Balance Sheet Hedges - Non-designated	3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($) € / £ € / $ £ / $ $ / ¥ $ / ¥ $ / $	Dec. 31, 2019 USD ($) € / £ € / $ £ / $ $ / ¥ $ / ¥ $ / $
Derivative [Line Items]
Notional Amount	$ 99,929,000	$ 105,900,000
Derivative One
Derivative [Line Items]
Notional Amount	$ 2,961,000	$ 1,844,000
Effective Date	Mar. 31, 2020	Dec. 31, 2019
Maturity Date	May 31, 2020	Feb. 29, 2020
Index	EUR/GBP	EUR/GBP
Weighted Average Foreign Exchange Rate \| € / £	0.8848	0.8471
Derivative Two
Derivative [Line Items]
Notional Amount	$ 4,009,000	$ 3,375,000
Effective Date	Mar. 31, 2020	Dec. 31, 2019
Maturity Date	May 31, 2020	Feb. 29, 2020
Index	EUR/USD	EUR/USD
Weighted Average Foreign Exchange Rate \| € / $	1.1009	1.123
Derivative Three
Derivative [Line Items]
Notional Amount	$ 10,445,000	$ 25,957,000
Effective Date	Mar. 31, 2020	Dec. 31, 2019
Maturity Date	May 31, 2020	Feb. 29, 2020
Index	GBP/USD	GBP/USD
Weighted Average Foreign Exchange Rate \| £ / $	1.2453	1.3257
Derivative Four
Derivative [Line Items]
Notional Amount	$ 37,850,000	$ 39,340,000
Effective Date	Mar. 31, 2020	Dec. 31, 2019
Maturity Date	May 31, 2020	Feb. 29, 2020
Index	USD/CNY	USD/CNY
Weighted Average Foreign Exchange Rate \| $ / ¥	7.1036	6.9762
Derivative Five
Derivative [Line Items]
Notional Amount	$ 1,136,000	$ 763,000
Effective Date	Mar. 31, 2020	Dec. 31, 2019
Maturity Date	May 31, 2020	Feb. 29, 2020
Index	USD/JPY	USD/JPY
Weighted Average Foreign Exchange Rate \| $ / ¥	107.2520	108.732
Derivative Six
Derivative [Line Items]
Notional Amount	$ 42,028,000	$ 33,621,000
Effective Date	Mar. 31, 2020	Dec. 31, 2019
Maturity Date	May 31, 2020	Feb. 29, 2020
Index	USD/TWD	USD/TWD
Weighted Average Foreign Exchange Rate \| $ / $	29.9560	20.988
Derivative Seven
Derivative [Line Items]
Notional Amount	$ 500,000	$ 500,000
Effective Date	Jan. 31, 2020	Jan. 31, 2019
Maturity Date	Jul. 31, 2020	Jan. 31, 2020
Index	USD/TWD	USD/TWD
Weighted Average Foreign Exchange Rate \| $ / $	30	30.635
Derivative Eight
Derivative [Line Items]
Notional Amount	$ 500,000	$ 500,000
Effective Date	Jan. 31, 2020	Oct. 31, 2019
Maturity Date	Jan. 31, 2021	Feb. 29, 2020
Index	USD/TWD	USD/TWD
Weighted Average Foreign Exchange Rate \| $ / $	29.976	30.571
Derivative Nine
Derivative [Line Items]
Notional Amount	$ 500,000
Effective Date	Mar. 31, 2020
Maturity Date	May 31, 2020
Index	USD/TWD
Weighted Average Foreign Exchange Rate \| $ / $	30.355

Derivative Financial Instruments - Summary of Information Related to Number of and Notional Amount of Interest Rate Related Derivative Instruments (Details) - Designated as Hedging Instrument - Interest Rate Swaps and Collars	Mar. 31, 2020 USD ($) DerivativeInstrument	Dec. 31, 2019 USD ($) DerivativeInstrument
Derivative [Line Items]
Number of Instruments \| DerivativeInstrument	9	9
Notional Amount \| $	$ 175,000,000	$ 200,000,000

Derivative Financial Instruments - Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Our Condensed Consolidated Balance Sheets (Details) - Interest Rate Swaps and Collars - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Current Assets
Derivative [Line Items]
Fair value of derivative instruments, asset derivatives		$ 194
Other Assets
Derivative [Line Items]
Fair value of derivative instruments, asset derivatives		36
Other Current Liabilities
Derivative [Line Items]
Fair value of derivative instruments, liability derivatives	$ 1,936	51
Other Liabilities
Derivative [Line Items]
Fair value of derivative instruments, liability derivatives	$ 1,154	$ 127

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Our Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Designated as Hedging Instrument \| Interest Rate Swaps and Collars
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative	$ (1,390)	$ (1,090)
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Interest expense
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Net Income	$ (71)	(469)
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from Effectiveness Testing)	Interest expense
Designated as Hedging Instrument \| Cross Currency Swaps
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative		(2,350)
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	N/A
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from Effectiveness Testing)	Interest income
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)		455
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts
Derivative Instruments Gain Loss [Line Items]
Amount of (Loss) or Gain Recognized in Net Income	$ (2,147)	$ 430
Location of Gain or (Loss) Recognized in Net Income	Foreign currency loss, net

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease expense	$ 3,730	$ 3,704
Finance lease expense:
Amortization of assets	209	244
Interest on lease liabilities	7	15
Short-term lease expense	94	36
Variable lease expense	711	618
Total lease expense	$ 4,751	$ 4,617

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating leases:
Operating lease ROU assets	$ 53,933	$ 57,427
Current operating lease liabilities	11,633	12,554
Noncurrent operating lease liabilities	24,713	27,545
Total operating lease liabilities	36,346	40,099
Finance leases:
Finance lease ROU assets	2,507	3,396
Accumulated amortization	(1,671)	(1,924)
Finance lease ROU assets, net	836	1,472
Current finance lease liabilities	818	903
Non-current finance lease liabilities		138
Total finance lease liabilities	$ 818	$ 1,041
Weighted average remaining lease term (in years):
Operating leases	4 years 3 months 18 days	4 years 4 months 24 days
Finance leases	1 year	1 year 3 months 18 days
Weighted average discount rate:
Operating leases	3.80%	3.80%
Finance leases	3.00%	3.00%

Leases - Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$ 4,018	$ 4,277
Operating cash outflows from finance leases	7	15
Financing cash outflow from finance leases	223	293
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases	$ 127	$ 86

Leases - Schedule of Operating and Finance Lease Liability Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Leases, Remainder of 2020	$ 10,129
Operating Leases, 2021	9,674
Operating Leases, 2022	8,000
Operating Leases, 2023	4,452
Operating Leases, 2024	2,379
Operating Leases, 2025	2,286
Operating Leases, 2026 and thereafter	2,579
Operating Leases, Total lease payments	39,499
Operating Leases, Less: imputed interest	(3,153)
Total operating lease liabilities	36,346	$ 40,099
Operating Leases, Less: current obligations	(11,633)	(12,554)
Noncurrent operating lease liabilities	24,713	27,545
Finance Leases, Remainder of 2020	691
Finance Leases, 2021	139
Finance Leases, Total lease payments	830
Finance Leases, Less: imputed interest	(12)
Total finance lease liabilities	818	1,041
Finance Leases, Less: current obligations	$ (818)	(903)
Non-current finance lease liabilities		$ 138

Employee Benefit Plans - Additional Information (Details) - Deferred Compensation Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation arrangements, overall, description	We maintain a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) for executive officers, key employees and members of the Board of Directors. The Deferred Compensation Plan allows eligible participants to defer the receipt of eligible compensation, including equity awards, until designated future dates. We offset our obligations under the Deferred Compensation Plan primarily by investing in the actual underlying investments. At March 31, 2020 and December 31, 2019, these investments totaled approximately $10.0 million and $12.9 million, respectively.
Deferred compensation plan assets	$ 10.0	$ 12.9

Related Parties - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lite On Semiconductor
Related Party Transaction [Line Items]
Related Party ownership of common stock	15.00%
Related Party Transaction, Description of Transaction	LSC is our largest stockholder, owning approximately 15% of our outstanding Common Stock as of March 31, 2020, and is a member of the Lite-On Group of companies.
Cash payments to acquire business			$ 437.0
Keylink
Related Party Transaction [Line Items]
Related Party ownership of common stock	5.00%
Related Party Transaction, Description of Transaction	Keylink is our 5% joint venture partner in our Shanghai assembly and test facilities.
Related Party Transaction Consulting Fees from Transactions with Related Party	$ 3.1	$ 3.9
Chengdu Ya Guang Electronic Company Limited ("Ya Guang")
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	In addition, Chengdu Ya Guang Electronic Company Limited (“Ya Guang”) is our 2% joint venture partner in one of our Chengdu assembly and test facilities and is our 5% joint venture partner in our other Chengdu assembly and test facility
Chengdu Ya Guang Electronic Company Limited ("Ya Guang") \| Chengdu \| Assembly and Test Facility One
Related Party Transaction [Line Items]
Related Party ownership of common stock	2.00%
Chengdu Ya Guang Electronic Company Limited ("Ya Guang") \| Chengdu \| Assembly and Test Facility Two
Related Party Transaction [Line Items]
Related Party ownership of common stock	5.00%

Related Parties - Schedule of Net Sales and Purchases of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lite On Semiconductor
Related Party Transaction [Line Items]
Net sales from related parties	$ 128	$ 188
Purchases from related parties	2,748	4,412
Nuvoton
Related Party Transaction [Line Items]
Purchases from related parties	1,644	1,267
Keylink
Related Party Transaction [Line Items]
Net sales from related parties	3,985	2,815
Purchases from related parties	405	605
JCP
Related Party Transaction [Line Items]
Purchases from related parties	$ 156	$ 160

Related Parties - Schedule of Account Receivable and Payable of Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lite On Semiconductor
Related Party Transaction [Line Items]
Accounts receivable	$ 128	$ 184
Accounts payable	2,055	2,154
Nuvoton
Related Party Transaction [Line Items]
Accounts payable	875	1,055
Keylink
Related Party Transaction [Line Items]
Accounts receivable	25,536	31,598
Accounts payable	22,100	28,244
JCP
Related Party Transaction [Line Items]
Accounts payable	$ 181	$ 173

Acquisitions - Additional Information (Details) $ in Millions	Feb. 05, 2020 USD ($) Tranche	Apr. 01, 2019 USD ($)	Jun. 30, 2021 USD ($)	Mar. 04, 2020 USD ($)
Savitech Corporation (“Savitech”)
Business Acquisition [Line Items]
Business acquisition, date of acquisition agreement	Feb. 05, 2020
Agreement amount to be invested	$ 14.2
Ownership percentage				33.60%
Number of tranche investment \| Tranche	2
Business acquisition aggregate consideration	$ 12.9
Savitech Corporation (“Savitech”) \| Minimum
Business Acquisition [Line Items]
Ownership percentage	51.00%
Savitech Corporation (“Savitech”) \| Forecast \| Minimum
Business Acquisition [Line Items]
Ownership percentage			51.00%
Savitech Corporation (“Savitech”) \| Forecast \| Maximum
Business Acquisition [Line Items]
Investment amount			$ 8.6
Savitech Corporation (“Savitech”) \| Selling, General and Administrative
Business Acquisition [Line Items]
Acquisition costs	$ 0.1
Savitech Corporation (“Savitech”) \| Tranche One
Business Acquisition [Line Items]
Investment amount				$ 5.6
Savitech Corporation (“Savitech”) \| Tranche Two \| Forecast \| Maximum
Business Acquisition [Line Items]
Investment amount			$ 7.3
Wafer Fabrication Facility ("GFAB")
Business Acquisition [Line Items]
Business acquisition aggregate consideration		$ 33.2
Acquisition date		Apr. 01, 2019
Wafer Fabrication Facility ("GFAB") \| Selling, General and Administrative
Business Acquisition [Line Items]
Acquisition costs		$ 0.6

Acquisitions - Summary of Fair Value of Assets and Liabilities Related to Acquisition Recorded in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 04, 2020	Dec. 31, 2019	Apr. 01, 2019
Business Acquisition [Line Items]
Goodwill	$ 149,666		$ 141,318
Savitech Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents		$ 6,200
Prepaid expenses and other		700
Goodwill		10,800
Intangible assets, net		6,100
Other long-term assets		300
Accrued liabilities and other		400
Other long-term liabilities		7,300
Noncontrolling interest		$ 10,800
Wafer Fabrication Facility ("GFAB")
Business Acquisition [Line Items]
Property, plant and equipment, net				$ 24,400
Inventories				3,600
Prepaid expenses and other				5,200
Goodwill				900
Deferred tax liabilities				$ 1,000