0000950170-23-039946 | 10-Q | XBRL Viewer

Enterprise Wide Segment Information and Net Sales (Tables)

6 Months Ended

Jun. 30, 2023

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:


For the Three Months Ended June 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	403,434		$	333,178		$	117,393		$	854,005
Intercompany elimination		(188,504	)		(165,537	)		(32,812	)		(386,853	)
Net sales	$	214,930		$	167,641		$	84,581		$	467,152


For the Three Months Ended June 30, 2022	Asia			Americas			Europe			Consolidated
Total sales	$	464,154		$	313,884		$	86,399		$	864,437
Intercompany elimination		(166,656	)		(166,594	)		(30,215	)		(363,465	)
Net sales	$	297,498		$	147,290		$	56,184		$	500,972

As of and for the
Six Months Ended June 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	827,596			664,585		$	217,438		$	1,709,619
Intercompany elimination		(369,969	)		(340,688	)		(64,569	)		(775,226	)
Net sales	$	457,627		$	323,897		$	152,869		$	934,393

Property, plant and equipment, net	$	540,172		$	90,588		$	117,355		$	748,115
Total assets	$	1,553,842		$	505,460		$	281,769		$	2,341,071

As of and for the
Six Months Ended June 30, 2022	Asia			Americas			Europe			Consolidated
Total sales	$	915,039		$	607,654		$	164,456		$	1,687,149
Intercompany elimination		(323,819	)		(324,171	)		(56,064	)		(704,054	)
Net sales	$	591,220		$	283,483		$	108,392		$	983,095

Property, plant and equipment, net	$	472,923		$	100,092		$	98,639		$	671,654
Total assets	$	1,627,631		$	424,489		$	232,924		$	2,285,044

Schedule of Net Sales by Direct Sales or Distributor and Location

The tables below set forth net sales for the Company disaggregated into geographic locations based on shipment and by type (direct sales or Distributor):


	For the Three Months Ended June 30,
Net Sales by Region	2023		2022
Asia	$	313,754	$	372,055
Europe		92,239		68,032
Americas		61,159		60,885
Total net sales	$	467,152	$	500,972

Net Sales by Type
Direct sales	$	144,083	$	147,249
Distributor sales		323,069		353,723
Total net sales	$	467,152	$	500,972

	For the Six Months Ended June 30,
Net Sales by Region	2023		2022
Asia	$	637,922	$	736,871
Europe		169,229		132,803
Americas		127,242		113,421
Total net sales	$	934,393	$	983,095

Net Sales by Type
Direct sales	$	279,028	$	295,667
Distributor sales		655,365		687,428
Total net sales	$	934,393	$	983,095

Income Tax Provision

6 Months Ended

Jun. 30, 2023

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						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Domestic pre-tax income	$	42,005		$	68,753		$	96,729		$	131,872
Foreign pre-tax income	$	58,950		$	32,458		$	92,819		$	60,158
Income tax provision	$	17,224		$	18,461		$	33,840		$	35,107
Effective tax rate		17.1	%		18.2	%		17.9	%		18.3	%
Impact of tax holidays on tax expense	$	(31	)	$	1,334		$	(105	)	$	1,291
Earnings per share impact of tax holidays:
Basic	$	-		$	(0.03	)	$	-		$	(0.03	)
Diluted	$	-		$	(0.03	)	$	-		$	(0.03	)

The decrease in the effective tax rate for the three and six months ended June 30, 2023 when compared to the three and six months ended June 30, 2022, is primarily attributable to the geographical mix of pre-tax income and loss across tax jurisdictions relative to the Company’s consolidated pre-tax income and the impact of changes to the outside basis difference in foreign subsidiaries where the Company does not assert permanent reinvestment.

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 tax years 2015 - 2018. We are no longer subject to China income tax examinations by tax authorities for tax years before 2012. 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 2016. 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 June 30, 2023, the gross amount of unrecognized tax benefits was approximately $49.9 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Acquisitions and Divestitures - Summary of Fair Value of Assets and Liabilities Related to Acquisition Recorded in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 03, 2022
Business Acquisition [Line Items]
Goodwill	$ 146,138	$ 144,757
South Portland Maine
Business Acquisition [Line Items]
Spare parts and Inventories			$ 1,257
Prepaid expenses			257
Property, plant and equipment			77,115
Goodwill			1,779
Total assets purchased			$ 80,408

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 155,708	$ 156,923
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of acquisitions
Depreciation	60,211	52,047
Amortization of intangible assets	7,668	7,842
Share-based compensation expense	17,467	16,513
Deferred income taxes	(298)	(2,415)
Investment (gain) loss	(16,003)	13,197
Gain on disposal of property, plant and equipment	(151)	(3,756)
Other	(414)	(2,145)
Changes in operating assets:
Change in accounts receivable	(24,810)	(50,368)
Change in inventory	32,588	(35,119)
Change in other operating assets	(29,689)	(25,083)
Changes in operating liabilities:
Change in accounts payable	(6,992)	5,404
Change in accrued liabilities	(11,779)	17,790
Change in income tax payable	7,181	11,988
Change in other operating liabilities	1,741	(5,479)
Net cash flows provided by operating activities	192,428	157,339
Cash flows from investing activities
Acquisitions, net of cash received	0	(85,692)
Purchases of property, plant and equipment	(84,989)	(78,105)
Proceeds from sale of property, plant and equipment	362	89
Proceeds from short-term investments	1,933	3,819
Purchases of short-term investments	(4,094)	(6,708)
Purchases of securities	(13,900)	(4,051)
Proceeds from sales of securities	417	2
Other	2,780	6,078
Net cash and cash equivalents used in investing activities	(97,491)	(164,568)
Cash flows from financing activities
Advances on lines of credit and short-term debt	9,796	45,214
Repayments of lines of credit and short-term debt	(11,902)	(35,382)
Proceeds from long-term debt	10,193	184,718
Repayments of long-term debt	(103,251)	(227,078)
Net proceeds from issuance of common stock	0	140
Repayment of and proceeds from finance lease obligation	(23)	(12)
Taxes paid related to net share settlement	(10,647)	(8,864)
Net changes in noncontrolling interest	107	2,701
Other	(932)	(227)
Net cash and cash equivalents used in financing activities	(106,659)	(38,790)
Effect of exchange rate changes on cash and cash equivalents	(4,641)	(13,252)
Change in cash and cash equivalents, including restricted cash	(16,363)	(59,271)
Cash and cash equivalents, beginning of period, including restricted cash	341,099	366,818
Cash and cash equivalents, end of period, including restricted cash	324,736	307,547
Supplemental Cash Flow Information
Interest paid during the period	3,378	2,226
Taxes paid during the period	63,137	29,674
Non-cash investing and financing activities:
Accounts payable balance related to the purchase of property, plant and equipment	23,674	30,286
Dividend payable to noncontrolling interest	$ 3,771	$ 3,657

Derivative Financial Instruments - Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Our Condensed Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cross-currency swaps
Derivative [Line Items]
Derivative Asset	$ 8,125	$ 1,427
Derivative Liability	10,735	6,314
Foreign-currency forward contracts
Derivative [Line Items]
Derivative Asset	0	0
Derivative Liability	$ 3,001	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible assets subject to amortization
Gross carrying amount	$ 250,747	$ 250,747
Accumulated amortization	(180,205)	(172,537)
Foreign currency translation adjustment	(8,223)	(8,141)
Total	62,319	70,069
Intangible assets with indefinite lives
Gross carrying amount	10,303	10,303
Foreign currency translation adjustment	(1,126)	(1,235)
Total	9,177	9,068
Total intangible assets, net	$ 71,496	$ 79,137

Acquisitions and Divestitures - Additional Information (Details) - South Portland Maine $ in Millions	Jun. 03, 2022 USD ($)
Business Acquisition [Line Items]
Total consideration paid	$ 80.4
Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition costs	$ 0.5

Leases - Schedule of Operating and Finance Lease Liability Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Leases, 2023	$ 6,622
Operating Leases, 2024	9,018
Operating Leases, 2025	7,668
Operating Leases, 2026	5,918
Operating Leases, 2027	3,728
Operating Leases, 2028	1,676
Operating Leases, 2029 and thereafter	11,016
Operating Leases, Total lease payments	45,646
Operating Leases, Less: imputed interest	(6,961)
Total operating lease liabilities	38,685	$ 28,155
Operating Leases, Less: current obligations	(8,726)	(7,390)
Noncurrent operating lease liabilities	29,959	20,765
Finance Leases, 2023	20
Finance Leases, 2024	37
Finance Leases, 2025	21
Finance Leases, 2026	2
Finance Leases, 2027	0
Finance Leases, 2028	0
Finance Leases, 2029 and thereafter	0
Finance Leases, Total lease payments	80
Finance Leases, Less: imputed interest	(3)
Total finance lease liabilities	77	76
Finance Leases, Less: current obligations	(37)	(30)
Non-current finance lease liabilities	$ 40	$ 46

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings outstanding as of June 30, 2023 and December 31, 2022, are set forth in the table below:


	June 30,			December 31,				Current Amount
Description	2023			2022			Interest Rate	Maturity
Short-term debt	$	33,730		$	36,280		Various indices plus margin	Various during 2023 & 2024

Long-term debt
Notes payable to Bank of Taiwan		1,946			2,063		2-yr deposit rate floating plus 0.1148%	June-2033
Notes payable to Bank of Taiwan		1,606			1,628		2-yr deposit rate floating plus 0.082%	September-2024
Notes payable to CTBC Bank		3,212			3,256		TAIBOR 3M plus 0.5%	December-2024
Notes payable to CTBC Bank		13,295			13,840		TAIBOR 3M plus 0.5%	May-2028
Notes payable to E Sun Bank		3,212			3,256		1-M deposit rate floating plus 0.08%	December-2024
Notes payable to E Sun Bank		243			276		1-M deposit rate floating plus 0.08%	June-2027
Notes payable to E Sun Bank		1,404			1,516		1-M deposit rate floating plus 0.08%	June-2030
Notes payable to HSBC		32,000			105,000		1M SOFR+Margin	January-2025
Notes payable to HSBC		-			18,558		1M Libor+Margin	January-2025
Notes Payable to E Sun Bank		-			166		2-yr deposit rate plus annual rate floating	September-2023
Notes Payable to Taishin International Bank		-			43		Annual rate plus cost of capital	April-2023
Notes Payable to Taishin International Bank		-			11		Fixed annual rate	April-2023
Notes Payable to Taishin International Bank		-			217		Fixed annual rate	April-2024
Notes payable to Chang Hwa Bank		-			518		2-yr deposit rate floating plus 1.405% - 1.655%	June-July 2026
Total long-term debt		56,918			150,348
Less: Current portion of long-term debt		(1,149	)		(1,693	)
Less: Unamortized debt costs		(1,194	)		(1,185	)
Total long-term debt, net of current portion	$	54,575		$	147,470

Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

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 SPFAB acquisition and the corresponding line item in which the item is recorded in our condensed consolidated balance sheet.


Assets
Spare parts and inventories	$	1,257
Prepaid expenses		257
Property, plant and equipment		77,115
Goodwill		1,779
Total assets purchased	$	80,408

Enterprise Wide Segment Information and Net Sales

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Enterprise Wide Segment Information and Net Sales

NOTE 7 – Enterprise Wide 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 similar customer type. Our primary operations include operations in Asia, the Americas and Europe. Two customers each accounted for 10% or greater of our net sales during the three and six months ended June 30, 2023. No customer accounted for 10% or greater of our net sales during the three and six months ended June 30, 2022. No customer accounted for 10% or more of our outstanding accounts receivable at any point in the periods presented in this Quarterly Report on Form 10-Q. All customers that accounted for 10% or more of our net sales during any period presented in this Quarterly Report on Form 10-Q, are broad-based global distributors that sell to thousands of different end users.

Disaggregation of Net Sales. We disaggregate net sales 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 the industrial, automotive, computing, consumer and communications markets. 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 net sales based on the location of the subsidiary producing the net sale:


For the Three Months Ended June 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	403,434		$	333,178		$	117,393		$	854,005
Intercompany elimination		(188,504	)		(165,537	)		(32,812	)		(386,853	)
Net sales	$	214,930		$	167,641		$	84,581		$	467,152


For the Three Months Ended June 30, 2022	Asia			Americas			Europe			Consolidated
Total sales	$	464,154		$	313,884		$	86,399		$	864,437
Intercompany elimination		(166,656	)		(166,594	)		(30,215	)		(363,465	)
Net sales	$	297,498		$	147,290		$	56,184		$	500,972

As of and for the
Six Months Ended June 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	827,596			664,585		$	217,438		$	1,709,619
Intercompany elimination		(369,969	)		(340,688	)		(64,569	)		(775,226	)
Net sales	$	457,627		$	323,897		$	152,869		$	934,393

Property, plant and equipment, net	$	540,172		$	90,588		$	117,355		$	748,115
Total assets	$	1,553,842		$	505,460		$	281,769		$	2,341,071

As of and for the
Six Months Ended June 30, 2022	Asia			Americas			Europe			Consolidated
Total sales	$	915,039		$	607,654		$	164,456		$	1,687,149
Intercompany elimination		(323,819	)		(324,171	)		(56,064	)		(704,054	)
Net sales	$	591,220		$	283,483		$	108,392		$	983,095

Property, plant and equipment, net	$	472,923		$	100,092		$	98,639		$	671,654
Total assets	$	1,627,631		$	424,489		$	232,924		$	2,285,044

The tables below set forth net sales for the Company disaggregated into geographic locations based on shipment and by type (direct sales or Distributor):


	For the Three Months Ended June 30,
Net Sales by Region	2023		2022
Asia	$	313,754	$	372,055
Europe		92,239		68,032
Americas		61,159		60,885
Total net sales	$	467,152	$	500,972

Net Sales by Type
Direct sales	$	144,083	$	147,249
Distributor sales		323,069		353,723
Total net sales	$	467,152	$	500,972

	For the Six Months Ended June 30,
Net Sales by Region	2023		2022
Asia	$	637,922	$	736,871
Europe		169,229		132,803
Americas		127,242		113,421
Total net sales	$	934,393	$	983,095

Net Sales by Type
Direct sales	$	279,028	$	295,667
Distributor sales		655,365		687,428
Total net sales	$	934,393	$	983,095

Net sales from products shipped to China was $171.9 million and $240.6 million for the three months ended June 30, 2023 and 2022, respectively. Net sales from products shipped to China was $351.6 million and $471.0 million for the six months ended June 30, 2023 and 2022, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating leases:
Operating lease ROU assets	$ 54,137	$ 43,907
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current operating lease liabilities	$ 8,726	$ 7,390
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Noncurrent operating lease liabilities	$ 29,959	$ 20,765
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 38,685	$ 28,155
Finance leases:
Finance lease ROU assets	$ 2,627	$ 2,618
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Accumulated amortization	$ (2,552)	$ (2,542)
Finance lease ROU assets, net	75	76
Current finance lease liabilities	$ 37	$ 30
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Non-current finance lease liabilities	$ 40	$ 46
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 77	$ 76
Weighted average remaining lease term (in years):
Operating leases	7 years 8 months 12 days	8 years 2 months 12 days
Finance leases	2 years 2 months 12 days	2 years 7 months 6 days
Weighted average discount rate:
Operating leases	4.10%	4.20%
Finance leases	3.60%	3.60%

Related Parties

6 Months Ended

Jun. 30, 2023

Related Parties

NOTE 13 – Related Parties

We conduct business with the following related parties: Keylink International (B.V.I.) Inc. and its subsidiaries and affiliates (“Keylink”), Nuvoton Technology Corporation (“Nuvoton”) and Jiyuan Crystal Photoelectric Frequency Technology Ltd. (“JCP”).

Keylink is a 5% joint venture partner in our Shanghai assembly and test facilities. We sell products to, and purchase inventory from, companies owned by 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 a consulting fee to Keylink.

We purchase wafers from Nuvoton for use in our production process and we have an agreement to purchase approximately $23.8 million of wafers from Nuvoton that ends in the fourth quarter of 2025. We consider our relationships Nuvoton to be mutually beneficial and plan to continue our strategic alliance with Nuvoton.

JCP is a frequency control product manufacturing company from which we purchase material and in which we have made an equity investment. We account for this investment using the equity method of accounting.

The table below set forth the net sales, purchases and expenses with our related parties for the three and six months ended June 30:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Keylink:
Net sales	$	3,081	$	4,149	$	6,488	$	9,915
Purchases	$	363	$	506	$	719	$	928
Plating, rental and consulting expense	$	4,225	$	4,418	$	8,680	$	8,965
Nuvoton:
Net sales	$	-	$	8	$	7	$	43
Purchases	$	2,466	$	4,094	$	5,444	$	7,160
JCP:
Purchases	$	35	$	157	$	134	$	370

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


	June 30, 2023		December 31, 2022
Keylink:
Accounts receivable	$	34,900	$	40,510
Accounts payable	$	34,502	$	33,733
Nuvoton:
Accounts receivable	$	8	$	30
Accounts payable	$	1,460	$	2,859
JCP:
Accounts payable	$	45	$	133

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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+ Details

Earnings per Share

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022, 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Earnings (numerator)
Net income attributable to common stockholders	$	82,020	$	80,155	$	153,170	$	152,846

Shares (denominator)
Weighted average common shares outstanding (basic)		45,733		45,265		45,667		45,185
Dilutive effect of stock options and stock awards outstanding		510		576		596		728
Adjusted weighted average common shares outstanding (diluted)		46,243		45,841		46,263		45,913

Earnings per share attributable to common stockholders
Basic	$	1.79	$	1.77	$	3.35	$	3.38
Diluted	$	1.77	$	1.75	$	3.31	$	3.33

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		36		175		19		76

Enterprise Wide Segment Information and Net Sales - Schedule of Net Sales From Based on Location of the Subsidiary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 467,152	$ 500,972	$ 934,393	$ 983,095
Property, plant and equipment, net	748,115	671,654	748,115	671,654	$ 736,730
Total assets	2,341,071	2,285,044	2,341,071	2,285,044	$ 2,288,312
Operating Segments
Segment Reporting Information [Line Items]
Net sales	854,005	864,437	1,709,619	1,687,149
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(386,853)	(363,465)	(775,226)	(704,054)
Asia
Segment Reporting Information [Line Items]
Net sales	214,930	297,498	457,627	591,220
Property, plant and equipment, net	540,172	472,923	540,172	472,923
Total assets	1,553,842	1,627,631	1,553,842	1,627,631
Asia \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	403,434	464,154	827,596	915,039
Asia \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(188,504)	(166,656)	(369,969)	(323,819)
Americas
Segment Reporting Information [Line Items]
Net sales	167,641	147,290	323,897	283,483
Property, plant and equipment, net	90,588	100,092	90,588	100,092
Total assets	505,460	424,489	505,460	424,489
Americas \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	333,178	313,884	664,585	607,654
Americas \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(165,537)	(166,594)	(340,688)	(324,171)
Europe
Segment Reporting Information [Line Items]
Net sales	84,581	56,184	152,869	108,392
Property, plant and equipment, net	117,355	98,639	117,355	98,639
Total assets	281,769	232,924	281,769	232,924
Europe \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	117,393	86,399	217,438	164,456
Europe \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (32,812)	$ (30,215)	$ (64,569)	$ (56,064)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Related Parties - Schedule of Account Receivable and Payable of Related Party Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Keylink
Related Party Transaction [Line Items]
Accounts receivable	$ 34,900	$ 40,510
Accounts payable	34,502	33,733
Nuvoton
Related Party Transaction [Line Items]
Accounts receivable	8	30
Accounts payable	1,460	2,859
JCP
Related Party Transaction [Line Items]
Accounts payable	$ 45	$ 133

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense	$ 7,647	$ 8,611	$ 17,467	$ 16,513
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition			2 years 3 months 18 days
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 61,100		$ 61,100
Share based compensation arrangement by share based payment award options vested number of shares			54,525
Share based compensation arrangement by share based payment award plan modification incremental compensation cost			$ 2,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Summary of Operations and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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)), a Standard and Poor's Smallcap 600 and Russell 3000 Index company, 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. The Company serves the industrial, automotive, computing, consumer and communications markets. The Company's diverse product portfolio covers diodes; rectifiers; transistors; MOSFETs; SiC diodes and MOSFETs; protection devices; logic; voltage translators; amplifiers and comparators; sensors; and power management devices such as AC-DC converters, DC-DC switching, linear voltage regulators, voltage references, LED drivers, power switches, and voltage supervisors. We also have timing and connectivity solutions including clock ICs, crystal oscillators, PCIe packet switches, multi-protocol switches, interface products, and signal integrity solutions for high-speed signals. The Company's corporate headquarters and Americas’ sales offices are located in Plano, Texas, and Milpitas, California, respectively. Design, marketing, and engineering centers are located in Plano; Milpitas; Taipei, Taoyuan City, and Zhubei City, Taiwan; Shanghai and Yangzhou, China; Oldham, England; and Neuhaus, Germany. The Company's wafer fabrication facilities are located in Oldham, England; Greenock, Scotland; Shanghai and Wuxi, China; and Keelung and Hsinchu, Taiwan; and South Portland, Maine, United States. The Company has assembly and test facilities located in Shanghai, Jinan, Chengdu, and Wuxi, China; Neuhaus, Germany; and Jhongli and Keelung, Taiwan. Additional engineering, sales, warehouse, and logistics offices are located in Taipei, Taiwan; Hong Kong; Oldham, England; Shanghai, Shenzhen, Wuhan, and Yangzhou, China; Seongnam-si, South Korea; and Munich and Frankfurt, Germany; with support offices throughout the world. • The Company’s manufacturing facilities have achieved certifications in the internationally recognized standards of ISO 9001:2015, ISO 14001:2015, and, for automotive products, IATF 16949:2016; • The Company is also C-TPAT certified; and • We believe these quality awards reflect the superior quality-control techniques established at the Company and further enhance our credibility as a vendor-of-choice to original equipment manufacturers ("OEMs") increasingly concerned with quality and consistency. Our market focus is on high-growth, end-user applications in the following areas: • Industrial: embedded systems, precision controls, and Industrial IoT; • Automotive: connected driving, comfort/style/safety, and electrification/powertrain; • Computing: cloud computing including server, storage, and data center applications; • Consumer: IoT, wearables, home automation, and smart infrastructure; and • Communications: smartphones, 5G networks, advanced protocols, and charging solutions. Basis of Presentation The condensed consolidated financial data at December 31, 2022 are derived from audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 10, 2023 (“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 and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2023. 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 condensed consolidated financial statement presentation.

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 56,918	$ 150,348
Less: Current portion of long-term debt	(1,149)	(1,693)
Less: Unamortized debt costs	(1,194)	(1,185)
Long-term debt, net of current portion	54,575	147,470
Various During Two Thousand And Twenty Three
Debt Instrument [Line Items]
Short-term debt	$ 33,730	36,280
Short-term debt, Interest Rate	Various indices plus margin
Notes Payable to Bank \| Bank of Taiwan \| June 2033
Debt Instrument [Line Items]
Total long-term debt	$ 1,946	2,063
Long-term debt, Interest Rate	2-yr deposit rate floating plus 0.1148%
Notes Payable to Bank \| Bank of Taiwan \| September 2024
Debt Instrument [Line Items]
Total long-term debt	$ 1,606	1,628
Long-term debt, Interest Rate	2-yr deposit rate floating plus 0.082%
Notes Payable to Bank \| CTBC Bank \| December 2024
Debt Instrument [Line Items]
Total long-term debt	$ 3,212	3,256
Long-term debt, Interest Rate	TAIBOR 3M plus 0.5%
Notes Payable to Bank \| CTBC Bank \| May 2028
Debt Instrument [Line Items]
Total long-term debt	$ 13,295	13,840
Long-term debt, Interest Rate	TAIBOR 3M plus 0.5%
Notes Payable to Bank \| E Sun Bank \| December 2024
Debt Instrument [Line Items]
Total long-term debt	$ 3,212	3,256
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%
Notes Payable to Bank \| E Sun Bank \| June 2027
Debt Instrument [Line Items]
Total long-term debt	$ 243	276
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%
Notes Payable to Bank \| E Sun Bank \| June 2030
Debt Instrument [Line Items]
Total long-term debt	$ 1,404	1,516
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%
Notes Payable to Bank \| E Sun Bank \| September 2023
Debt Instrument [Line Items]
Total long-term debt	$ 0	166
Long-term debt, Interest Rate	2-yr deposit rate plus annual rate floating
Notes Payable to Bank \| HSBC \| January 2025
Debt Instrument [Line Items]
Total long-term debt	$ 32,000	105,000
Long-term debt, Interest Rate	1M SOFR+Margin
Notes Payable to Bank \| Taishin International Bank \| April 2023
Debt Instrument [Line Items]
Total long-term debt	$ 0	11
Long-term debt, Interest Rate	Fixed annual rate
Notes Payable to Bank \| Taishin International Bank \| April 2024
Debt Instrument [Line Items]
Total long-term debt	$ 0	217
Long-term debt, Interest Rate	Fixed annual rate
Notes Payable to Bank \| Chang Hwa Bank \| June-July 2026
Debt Instrument [Line Items]
Total long-term debt	$ 0	518
Long-term debt, Interest Rate	2-yr deposit rate floating plus 1.405% - 1.655%
Annual Rate Plus Cost Of Capital \| Notes Payable to Bank \| Taishin International Bank \| April 2023
Debt Instrument [Line Items]
Total long-term debt	$ 0	43
Long-term debt, Interest Rate	Annual rate plus cost of capital
LIBOR \| Notes Payable to Bank \| HSBC \| January 2025
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 18,558
Long-term debt, Interest Rate	1M Libor+Margin

Income Tax Provision (Tables)

6 Months Ended

Jun. 30, 2023

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						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Domestic pre-tax income	$	42,005		$	68,753		$	96,729		$	131,872
Foreign pre-tax income	$	58,950		$	32,458		$	92,819		$	60,158
Income tax provision	$	17,224		$	18,461		$	33,840		$	35,107
Effective tax rate		17.1	%		18.2	%		17.9	%		18.3	%
Impact of tax holidays on tax expense	$	(31	)	$	1,334		$	(105	)	$	1,291
Earnings per share impact of tax holidays:
Basic	$	-		$	(0.03	)	$	-		$	(0.03	)
Diluted	$	-		$	(0.03	)	$	-		$	(0.03	)

Employee Benefit Plans - Additional Information (Details) - Deferred Compensation Plan - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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 June 30, 2023 and December 31, 2022, these investments totaled approximately $13.6 million and $12.1 million, respectively.
Deferred compensation plan assets	$ 13.6	$ 12.1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 82,020	$ 80,155	$ 153,170	$ 152,846

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ 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, 2021	$ 1,302,724	$ 36,195	$ (336,894)	$ 471,649	$ 1,116,809	$ (50,517)	$ 1,237,242	$ 65,482
Common stock shares beginning at Dec. 31, 2021		54,290	(9,273)
Total comprehensive income (loss)	113,466				152,846	(43,457)	109,389	4,077
Net changes in noncontrolling interest	(6,433)			(1,014)			(1,014)	(5,419)
Common stock issued for share-based plans	140	$ 181		(41)			140
Common stock issued for share-based plans, shares		272
Share-based compensation	16,426			16,426			16,426
Deferred compensation plan			$ (218)	218
Tax related to net share settlement	(8,864)			(8,864)			(8,864)
BALANCE at Jun. 30, 2022	1,417,459	$ 36,376	$ (337,112)	478,374	1,269,655	(93,974)	1,353,319	64,140
Common stock shares ending at Jun. 30, 2022		54,562	(9,273)
BALANCE at Mar. 31, 2022	1,360,019	$ 36,338	$ (336,894)	470,363	1,189,500	(61,804)	1,297,503	62,516
Common stock shares beginning at Mar. 31, 2022		54,504	(9,273)
Total comprehensive income (loss)	50,580				80,155	(32,170)	47,985	2,595
Net changes in noncontrolling interest	(971)							(971)
Common stock issued for share-based plans	56	$ 38		18			56
Common stock issued for share-based plans, shares		58
Share-based compensation	8,607			8,607			8,607
Deferred compensation plan			$ (218)	218
Tax related to net share settlement	(832)			(832)			(832)
BALANCE at Jun. 30, 2022	1,417,459	$ 36,376	$ (337,112)	478,374	1,269,655	(93,974)	1,353,319	64,140
Common stock shares ending at Jun. 30, 2022		54,562	(9,273)
BALANCE at Dec. 31, 2022	$ 1,582,919	$ 36,503	$ (337,490)	494,773	1,448,092	(128,233)	1,513,645	69,274
Common stock shares beginning at Dec. 31, 2022	45,469,722	54,751	(9,282)
Total comprehensive income (loss)	$ 144,837				153,170	(10,871)	142,299	2,538
Net changes in noncontrolling interest	(3,714)							(3,714)
Common stock issued for share-based plans		$ 187		(187)
Common stock issued for share-based plans, shares		281
Share-based compensation	17,183			17,183			17,183
Deferred compensation plan, shares			(1)
Deferred compensation plan			$ (180)	180
Tax related to net share settlement	(10,647)			(10,647)			(10,647)
BALANCE at Jun. 30, 2023	$ 1,730,578	$ 36,690	$ (337,670)	501,302	1,601,262	(139,104)	1,662,480	68,098
Common stock shares ending at Jun. 30, 2023	45,748,940	55,032	(9,283)
BALANCE at Mar. 31, 2023	$ 1,665,673	$ 36,661	$ (33,749)	494,598	1,519,242	(117,546)	1,595,465	70,208
Common stock shares beginning at Mar. 31, 2023		54,988	(9,282)
Total comprehensive income (loss)	62,173				82,020	(21,558)	60,462	1,711
Net changes in noncontrolling interest	(3,821)							(3,821)
Common stock issued for share-based plans		$ 29		(29)
Common stock issued for share-based plans, shares		44
Share-based compensation	7,531			7,531			7,531
Deferred compensation plan, shares			(1)
Deferred compensation plan			$ (180)	180
Tax related to net share settlement	(978)			(978)			(978)
BALANCE at Jun. 30, 2023	$ 1,730,578	$ 36,690	$ (337,670)	$ 501,302	$ 1,601,262	$ (139,104)	$ 1,662,480	$ 68,098
Common stock shares ending at Jun. 30, 2023	45,748,940	55,032	(9,283)

Debt - Additional Information (Details) $ in Millions	6 Months Ended
Debt - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Short Term Debt
Line Of Credit Facility [Line Items]
Lines of credit unused and available	$ 106.6
Line of credit facility advanced under foreign credit line	33.7
Line of Credit Facility Credit Used For Guarantee	0.4
Term Commitment \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	0.0
Revolver \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	225.0
Credit Agreement
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 225.0
Credit Agreement \| Long Term Debt
Line Of Credit Facility [Line Items]
Debt Instrument, Covenant Description	Furthermore, under the Credit Agreement, restricted payments, including dividends and share repurchases, are permitted in certain circumstances, including while the pro forma Consolidated Leverage Ratio is, both before and after giving effect to any such restricted payment, at least 0.25 to 1.00 less than the maximum permitted under the Credit Agreement
Credit agreement amendment date	May 26, 2023
Credit agreement commencement date	May 29, 2020
Credit Agreement \| Long Term Debt \| Minimum [Member]
Line Of Credit Facility [Line Items]
Consolidated leverage ratio	0.25%
Credit Agreement \| Long Term Debt \| Maximum [Member]
Line Of Credit Facility [Line Items]
Consolidated leverage ratio	1.00%
Letter of Credit \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 100.0
Swing Line Facility \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	50.0
Incremental Term Loan Facility \| Long Term Debt
Line Of Credit Facility [Line Items]
Long-term debt, aggregate principal amount	350.0
Alternative Currency Sublimit Facility \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	40.0
Unsecured \| Short Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 139.1

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 9 – Commitments and Contingencies

Purchase commitments – We have entered into non-cancelable purchase contracts for capital expenditures, primarily for manufacturing equipment, for approximately $49.3 million at June 30, 2023. As of June 30, 2023, we also had a commitment to purchase approximately $92.8 million of wafers to be used in our manufacturing process. These wafer purchases are scheduled to occur through 2025.

Defined Benefit Plan - We have a contributory defined benefit plan that covers certain employees in the United Kingdom. As of June 30, 2023, the underfunded liability for this defined benefit plan was approximately $6.8 million. We have agreed to a revised schedule of contributions of GBP 2.0 million (approximately $2.6 million based on a GBP: USD exchange rate of 1:1.3 ) to be paid annually with effect from January 1, 2023 to address the deficit revealed by the valuation (with the annual payments to be made by December 31, 2023 through December 31, 2028. A final payment of GBP 1.5 million (approximately $2.0 million based on a GBP: USD rate of 1:1.3) will be made by December 31, 2029.

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 we consider material.

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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. The Company makes use of cross-currency swaps and foreign-currency forward contracts to decrease the foreign exchange risk inherent in the Company’s investment in some of its foreign subsidiaries.
Foreign Currency Forward Contracts
Derivative [Line Items]
Fair value of foreign currency derivative instruments not designated as hedging	$ 219.2	$ 183.1

- 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

Leases - Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$ 9,242	$ 9,494
Operating cash outflows from finance leases	2	0
Financing cash outflow from finance leases	23	12
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases	$ 13,013	$ 2,186

Inventories - Schedule of Inventory Current (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 86,317	$ 96,659
Work-in-progress	72,152	80,616
Raw materials	167,264	183,006
Total	$ 325,733	$ 360,281

Equity Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Equity Investments

Note 14 - Equity Investments

The Company maintains equity investments in companies which are accounted for under the measurement alternative described in ASC 321-10-35-2 for equity securities that lack readily determinable fair values. As of June 30, 2023, the Company had $58.1 million of investments accounted for under the measurement alternative. During the three months ended June 30, 2023 and six months ended June 30, 2022, the Company recognized upward adjustments in value of $15.3 million and $3.9 million, respectively, for a cumulative total of upward adjustments of $19.2 million on these investments. These adjustments were based on the valuation of additional equity issued by the investee which was deemed to be an observable transaction of a similar investment under ASC 321. The upward adjustments were recorded within other income, in the condensed consolidated statement of operations. The upward fair value adjustment represents a nonrecurring fair value measurement based on observable price changes.

Variable Interest Entities

The Company determines at the inception of each arrangement whether an entity in which it has made an investment or in which the Company has other variable interests is considered a variable interest entity (“VIE”). The Company consolidates VIEs when it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses or benefits. If the Company is not the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP. Each reporting period, the Company assesses whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether the Company is the primary beneficiary.

Unconsolidated Variable Interest Entity

During July 2021, the Company acquired an interest in an early stage privately held fabless wafer design company (“PWDC”), located in the western United States. The Company’s initial investment was $10.0 million of preferred stock and a $5.0 million convertible promissory note. In May 2023, the Company acquired an additional interest in PWDC by purchasing $13.9 million of preferred stock. As part of the agreement, the Company’s previously held convertible note converted to $5.2 million of preferred stock. The Company has determined that PWDC is a VIE and while the Company does no business with PWDC, the Company determined PWDC is a related party. The Company does not have the power to direct the activities that most significantly impact PWDC, and therefore, has determined that the Company is not the primary beneficiary. As the Company is not the primary beneficiary, the Company did not consolidate the assets and liabilities of the VIE in our financial statements and instead accounted for the investment using the measurement alternative described in ASC 321-10-35-2 using the available measurement alternative for equity securities that lack readily determinable fair value. As such, the Company’s investment is measured at cost less impairment, and adjusted to fair value if there are any observable price changes for identical or similar investment of the same issuer.

As a result of entering into an additional interest in PWDC, the Company recorded an upward adjustment of $15.3 million during the three months ended June 30, 2023. The variable interest entity is funded through debt and equity. The Company's maximum exposure to loss is limited to the investment in the VIE and notes receivable and accrued interest owed to the Company from the VIE.

The following is a summary of the Company’s holdings in the VIE, in which we are not the primary beneficiary:


	June 30, 2023		December 31, 2022
Privately Held Wafer Design Company
VIE total assets	$	27,534	$	13,671
VIE total liabilities		1,255		6,625

Diodes' equity in VIE	$	44,420	$	10,000
Diodes' note receivable from VIE		-		5,000
Diodes' interest receivable from VIE		-		222
Diodes' maximum exposure to loss	$	44,420	$	15,222

Inventories

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023		December 31, 2022
Finished goods	$	86,317	$	96,659
Work-in-progress		72,152		80,616
Raw materials		167,264		183,006
Total	$	325,733	$	360,281

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 467,152	$ 500,972	$ 934,393	$ 983,095
Cost of goods sold	271,776	294,446	544,563	579,872
Gross profit	195,376	206,526	389,830	403,223
Operating expenses
Selling, general and administrative	67,500	69,067	138,491	140,510
Research and development	34,611	30,762	67,843	59,439
Amortization of acquisition related intangible assets	3,816	3,980	7,668	7,842
Other operating income	(118)	(3,521)	(166)	(3,864)
Total operating expense	105,809	100,288	213,836	203,927
Income from operations	89,567	106,238	175,994	199,296
Other income (expense)
Interest income	2,224	861	3,996	1,687
Interest expense	(2,189)	(1,590)	(4,321)	(2,704)
Foreign currency (loss) gain, net	(2,217)	1,819	(4,110)	3,540
Unrealized gain (loss) on investments	12,172	(7,764)	16,061	(13,312)
Other income	1,398	1,647	1,928	3,523
Total other income (expense)	11,388	(5,027)	13,554	(7,266)
Income before income taxes and noncontrolling interest	100,955	101,211	189,548	192,030
Income tax provision	17,224	18,461	33,840	35,107
Net income	83,731	82,750	155,708	156,923
Less net income attributable to noncontrolling interest	(1,711)	(2,595)	(2,538)	(4,077)
Net income attributable to common stockholders	$ 82,020	$ 80,155	$ 153,170	$ 152,846
Earnings per share attributable to common stockholders:
Basic	$ 1.79	$ 1.77	$ 3.35	$ 3.38
Diluted	$ 1.77	$ 1.75	$ 3.31	$ 3.33
Number of shares used in earnings per share computation:
Basic	45,733	45,265	45,667	45,185
Diluted	46,243	45,841	46,263	45,913

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill
Goodwill beginning balance	$ 144,757
Foreign currency translation adjustment	1,381
Goodwill ending balance	$ 146,138

- Definition

+ References + Details

Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Acquisitions and Divestitures

Note 15 –Acquisitions and Divestitures

Wafer Fabrication Plant in South Portland, Maine

On June 3, 2022, the Company completed the previously announced acquisition of onsemi's wafer fabrication facility and operations located in South Portland, Maine. The South Portland Facility ("SPFAB") was purchased to provide additional 200mm wafer fabrication capacity for analog products to accelerate the Company's growth initiatives in the automotive and industrial end markets. This US-based facility, together with the Company's existing wafer fabrication facilities in Asia and Europe, will further enhance the Company's global manufacturing operations. The Company recorded the purchase of SPFAB as a business combination. Total consideration paid by the Company was $80.4 million and was funded by existing cash and advances under the revolving portion of our U.S. Credit Agreement. The SPFAB facility and assets were wholly acquired, and there is no remaining minority interest. The goodwill is assigned to the standard semiconductor products segment and will not be tax deductible. The Company also incurred acquisition costs of approximately $0.5 million that were recognized in selling, general and administrative expense. The table below sets forth the fair value of the assets and liabilities recorded in the SPFAB acquisition and the corresponding line item in which the item is recorded in our condensed consolidated balance sheet. Due to a lack of data we are unable to provide historical financial pro forma data.


Assets
Spare parts and inventories	$	1,257
Prepaid expenses		257
Property, plant and equipment		77,115
Goodwill		1,779
Total assets purchased	$	80,408

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 7,647	$ 8,611	$ 17,467	$ 16,513
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	381	336	833	683
Selling, General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	6,250	7,246	14,612	13,780
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 1,016	$ 1,029	$ 2,022	$ 2,050

Earnings per Share - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
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, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings (numerator)
Net income attributable to common stockholders	$ 82,020	$ 80,155	$ 153,170	$ 152,846
Shares (denominator)
Weighted average common shares outstanding (basic)	45,733,000	45,265,000	45,667,000	45,185,000
Dilutive effect of stock options and stock awards outstanding	510,000	576,000	596,000	728,000
Adjusted weighted average common shares outstanding (diluted)	46,243,000	45,841,000	46,263,000	45,913,000
Earnings per share attributable to common stockholders
Basic	$ 1.79	$ 1.77	$ 3.35	$ 3.38
Diluted	$ 1.77	$ 1.75	$ 3.31	$ 3.33
Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive	36	175	19	76

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Share-Based Compensation Expense

The table below sets forth information related to our share-based compensation expense:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Cost of goods sold	$	381	$	336	$	833	$	683
Selling, general and administrative		6,250		7,246		14,612		13,780
Research and development		1,016		1,029		2,022		2,050
Total share-based compensation expense	$	7,647	$	8,611	$	17,467	$	16,513

Related Parties - Schedule of Net Sales and Purchases of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Keylink
Related Party Transaction [Line Items]
Revenues	$ 3,081	$ 4,149	$ 6,488	$ 9,915
Purchases from related parties	363	506	719	928
Plating, rental and consulting expense	4,225	4,418	8,680	8,965
Nuvoton
Related Party Transaction [Line Items]
Revenues	0	8	7	43
Purchases from related parties	2,466	4,094	5,444	7,160
JCP
Related Party Transaction [Line Items]
Purchases from related parties	$ 35	$ 157	$ 134	$ 370

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023		December 31, 2022
Finished goods	$	86,317	$	96,659
Work-in-progress		72,152		80,616
Raw materials		167,264		183,006
Total	$	325,733	$	360,281

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Components of Lease Expense

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Operating lease expense	$	3,331	$	3,349	$	6,604	$	6,859
Finance lease expense:
Amortization of assets		8		3		15		5
Interest on lease liabilities		1		–		2		–
Short-term lease expense		527		256		705		526
Variable lease expense		1,050		862		2,080		1,837
Total lease expense	$	4,917	$	4,470	$	9,406	$	9,227

Supplemental Balance Sheet Information Related to Leases

The table below sets forth supplemental balance sheet information related to leases. In our condensed consolidated balance sheets, right of use (“ROU”) assets are included in other long-term assets while lease liabilities are located in accrued liabilities and other for the current portion and other long-term liabilities for the non-current portion:


	June 30, 2023			December 31, 2022
Operating leases:
Operating lease ROU assets	$	54,137		$	43,907

Current operating lease liabilities		8,726			7,390
Noncurrent operating lease liabilities		29,959			20,765
Total operating lease liabilities	$	38,685		$	28,155

Finance leases:
Finance lease ROU assets	$	2,627		$	2,618
Accumulated amortization		(2,552	)		(2,542	)
Finance lease ROU assets, net	$	75		$	76

Current finance lease liabilities	$	37		$	30
Non-current finance lease liabilities		40			46
Total finance lease liabilities	$	77		$	76

Weighted average remaining lease term (in years):
Operating leases		7.7			8.2
Finance leases		2.2			2.6

Weighted average discount rate:
Operating leases		4.1	%		4.2	%
Finance leases		3.6	%		3.6	%

Supplemental Cash Flow and Other Information Related to Leases

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


	Six Months Ended
	June 30, 2023		June 30, 2022
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	9,242	$	9,494
Operating cash outflows from finance leases		2		–
Financing cash outflow from finance leases		23		12

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		13,013		2,186

Schedule of Operating and Finance Lease Liability Maturities

The table below sets forth information about lease liability maturities:


	June 30, 2023
	Operating Leases			Finance Leases
2023	$	6,622		$	20
2024		9,018			37
2025		7,668			21
2026		5,918			2
2027		3,728			-
2028		1,676			-
2029 and thereafter		11,016			-
Total lease payments		45,646			80
Less: imputed interest		(6,961	)		(3	)
Total lease obligations		38,685			77
Less: current obligations		(8,726	)		(37	)
Long-term lease obligations	$	29,959		$	40

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 321,616	$ 336,732
Restricted cash	3,120	4,367
Short-term investments	9,042	7,059
Accounts receivable, net of allowances of $5,634 and $5,852 at June 30, 2023 and December 31, 2022, respectively	393,132	369,233
Inventories	325,733	360,281
Prepaid expenses and other	107,746	83,999
Total current assets	1,160,389	1,161,671
Property, plant and equipment, net	748,115	736,730
Deferred income tax	35,354	35,308
Goodwill	146,138	144,757
Intangible assets, net	71,496	79,137
Other long-term assets	179,579	130,709
Total assets	2,341,071	2,288,312
Current liabilities:
Lines of credit	33,729	36,280
Accounts payable	152,192	160,442
Accrued liabilities and other	198,882	214,433
Income tax payable	27,004	19,682
Current portion of long-term debt	1,149	1,693
Total current liabilities	412,956	432,530
Long-term debt, net of current portion	54,575	147,470
Deferred tax liabilities	13,550	12,903
Unrecognized tax benefits	31,594	31,594
Other long-term liabilities	97,818	80,896
Total liabilities	610,493	705,393
Commitments and contingencies (See Note 9)
Stockholders' equity
Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - par value $0.66 2/3 per share; 70,000,000 shares authorized; and 45,748,940 shares and 45,469,722 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	36,690	36,503
Additional paid-in capital	501,302	494,773
Retained earnings	1,601,262	1,448,092
Treasury stock at cost 9,283,481 shares and 9,281,581 shares at June 30, 2023 and December 31, 2022, respectively	(337,670)	(337,490)
Accumulated other comprehensive loss	(139,104)	(128,233)
Total stockholders' equity	1,662,480	1,513,645
Noncontrolling interest	68,098	69,274
Total equity	1,730,578	1,582,919
Total liabilities and stockholders' equity	$ 2,341,071	$ 2,288,312

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

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, 2022	$	144,757
Foreign currency translation adjustment		1,381
Balance at June 30, 2023	$	146,138

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


	June 30,			December 31,
	2023			2022
Intangible assets subject to amortization:
Gross carrying amount	$	250,747		$	250,747
Accumulated amortization		(180,205	)		(172,537	)
Foreign currency translation adjustment		(8,223	)		(8,141	)
Total		62,319			70,069
Intangible assets with indefinite lives:
Gross carrying amount		10,303			10,303
Foreign currency translation adjustment		(1,126	)		(1,235	)
Total		9,177			9,068
Total intangible assets, net	$	71,496		$	79,137

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


Amortization expense	2023		2022
Three Months Ended June 30,	$	3,816	$	3,980
Six Months Ended June 30,	$	7,668	$	7,842

Enterprise Wide Segment Information and Net Sales - Schedule of Net Sales by Direct Sales or Distributor and Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 467,152	$ 500,972	$ 934,393	$ 983,095
Direct Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	144,083	147,249	279,028	295,667
Distributor Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	323,069	353,723	655,365	687,428
Asia
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	313,754	372,055	637,922	736,871
Europe
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	92,239	68,032	169,229	132,803
Americas
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 61,159	$ 60,885	$ 127,242	$ 113,421

- Definition

+ References

+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 3,331	$ 3,349	$ 6,604	$ 6,859
Finance lease expense:
Amortization of assets	8	3	15	5
Interest on lease liabilities	1	0	0	0
Short-term lease expense	527	256	705	526
Variable lease expense	1,050	862	2,080	1,837
Total lease expense	$ 4,917	$ 4,470	$ 9,406	$ 9,227

Equity Investments - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Variable Interest Entity [Line Items]
VIE total assets	$ 2,341,071	$ 2,288,312	$ 2,285,044
VIE total liabilities	610,493	705,393
Diodes' note receivable from VIE	393,132	369,233
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE total assets	27,534	13,671
VIE total liabilities	1,255	6,625
Diodes' equity in VIE	44,420	10,000
Diodes' note receivable from VIE		5,000
Diodes' interest receivable from VIE		222
Diodes' maximum exposure to loss	$ 44,420	$ 15,222

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

NOTE 11 – 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Operating lease expense	$	3,331	$	3,349	$	6,604	$	6,859
Finance lease expense:
Amortization of assets		8		3		15		5
Interest on lease liabilities		1		–		2		–
Short-term lease expense		527		256		705		526
Variable lease expense		1,050		862		2,080		1,837
Total lease expense	$	4,917	$	4,470	$	9,406	$	9,227


	June 30, 2023			December 31, 2022
Operating leases:
Operating lease ROU assets	$	54,137		$	43,907

Current operating lease liabilities		8,726			7,390
Noncurrent operating lease liabilities		29,959			20,765
Total operating lease liabilities	$	38,685		$	28,155

Finance leases:
Finance lease ROU assets	$	2,627		$	2,618
Accumulated amortization		(2,552	)		(2,542	)
Finance lease ROU assets, net	$	75		$	76

Current finance lease liabilities	$	37		$	30
Non-current finance lease liabilities		40			46
Total finance lease liabilities	$	77		$	76

Weighted average remaining lease term (in years):
Operating leases		7.7			8.2
Finance leases		2.2			2.6

Weighted average discount rate:
Operating leases		4.1	%		4.2	%
Finance leases		3.6	%		3.6	%

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


	Six Months Ended
	June 30, 2023		June 30, 2022
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	9,242	$	9,494
Operating cash outflows from finance leases		2		–
Financing cash outflow from finance leases		23		12

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		13,013		2,186

The table below sets forth information about lease liability maturities:


	June 30, 2023
	Operating Leases			Finance Leases
2023	$	6,622		$	20
2024		9,018			37
2025		7,668			21
2026		5,918			2
2027		3,728			-
2028		1,676			-
2029 and thereafter		11,016			-
Total lease payments		45,646			80
Less: imputed interest		(6,961	)		(3	)
Total lease obligations		38,685			77
Less: current obligations		(8,726	)		(37	)
Long-term lease obligations	$	29,959		$	40

Related Parties - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Keylink
Related Party Transaction [Line Items]
Related Party ownership of common stock	5.00%
Related Party Transaction, Description of Transaction	Keylink is a 5% joint venture partner in our Shanghai assembly and test facilities.
Nuvoton
Related Party Transaction [Line Items]
Agreement to purchase with related party	$ 23.8

- Definition

A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.

+ References + Details

Income Tax Provision - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 49.9
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.

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The table below sets forth the changes in goodwill:


Balance at December 31, 2022	$	144,757
Foreign currency translation adjustment		1,381
Balance at June 30, 2023	$	146,138

Schedule of Intangible Assets Other Than Goodwill

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


	June 30,			December 31,
	2023			2022
Intangible assets subject to amortization:
Gross carrying amount	$	250,747		$	250,747
Accumulated amortization		(180,205	)		(172,537	)
Foreign currency translation adjustment		(8,223	)		(8,141	)
Total		62,319			70,069
Intangible assets with indefinite lives:
Gross carrying amount		10,303			10,303
Foreign currency translation adjustment		(1,126	)		(1,235	)
Total		9,177			9,068
Total intangible assets, net	$	71,496		$	79,137

Schedule of Amortization Expense Related to Intangible Assets

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


Amortization expense	2023		2022
Three Months Ended June 30,	$	3,816	$	3,980
Six Months Ended June 30,	$	7,668	$	7,842

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Goodwill and Intangible Assets - Schedule of Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3,816	$ 3,980	$ 7,668	$ 7,842

Share-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

NOTE 6 – Share-Based Compensation

The table below sets forth information related to our share-based compensation expense:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Cost of goods sold	$	381	$	336	$	833	$	683
Selling, general and administrative		6,250		7,246		14,612		13,780
Research and development		1,016		1,029		2,022		2,050
Total share-based compensation expense	$	7,647	$	8,611	$	17,467	$	16,513

Share Grants – Share grants consist of restricted stock awards, restricted stock units and performance stock units ("PSUs"). Restricted stock awards and restricted stock units generally vest in equal annual installments over a four-year period and are measured based on the fair market value of the underlying stock on the date of grant. Compensation expense is recognized on a straight-line basis over the requisite four-year service period. All new grants are granted under the Company’s 2022 Equity Incentive Plan.

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.

As of June 30, 2023, total unrecognized share-based compensation expense related to share grants was approximately $61.1 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 2.3 years.

Stock Modification. During the six months ended June 30, 2023 we modified previously granted stock awards for two corporate officers who retired. The result of the modification was the acceleration of the vesting of 54,525 stock awards for the corporate officers. The incremental expense recorded for this modification was approximately $2.1 million, which was expensed in SG&A in the six months ended June 30, 2023.

Income Tax Provision - Schedule of Information Related to Income Tax Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Domestic pre-tax income	$ 42,005	$ 68,753	$ 96,729	$ 131,872
Foreign pre-tax income	58,950	32,458	92,819	60,158
Income tax provision	$ 17,224	$ 18,461	$ 33,840	$ 35,107
Effective tax rate	17.10%	18.20%	17.90%	18.30%
Impact of tax holidays on tax expense	$ (31)	$ 1,334	$ (105)	$ 1,291
Earnings per share impact of tax holidays:
Basic	$ 0	$ (0.03)	$ 0	$ (0.03)
Diluted	$ 0	$ (0.03)	$ 0	$ (0.03)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Equity Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Variable Interest Entities

The following is a summary of the Company’s holdings in the VIE, in which we are not the primary beneficiary:


	June 30, 2023		December 31, 2022
Privately Held Wafer Design Company
VIE total assets	$	27,534	$	13,671
VIE total liabilities		1,255		6,625

Diodes' equity in VIE	$	44,420	$	10,000
Diodes' note receivable from VIE		-		5,000
Diodes' interest receivable from VIE		-		222
Diodes' maximum exposure to loss	$	44,420	$	15,222

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 26, 2023, Andy (Kuo-Ting) Tsong, President of the Company's Asia Pacific Region, entered into a 10b5-1 sales plan (the “Tsong 10b5-1 Sales Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Tsong 10b5-1 Sales Plan will be in effect until the earlier of (1) November 24, 2023 and (2) the date on which an aggregate of 1,670 shares of the Company’s common stock have been sold under the 10b5-1 Sales Plan.
Name	Andy (Kuo-Ting) Tsong
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 26, 2023
Aggregate Available	1,670

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	NOTE 12 – 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 June 30, 2023 and December 31, 2022, these investments totaled approximately $13.6 million and $12.1 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

Related Parties (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Net Sales and Purchases of Related Party Transactions

The table below set forth the net sales, purchases and expenses with our related parties for the three and six months ended June 30:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Keylink:
Net sales	$	3,081	$	4,149	$	6,488	$	9,915
Purchases	$	363	$	506	$	719	$	928
Plating, rental and consulting expense	$	4,225	$	4,418	$	8,680	$	8,965
Nuvoton:
Net sales	$	-	$	8	$	7	$	43
Purchases	$	2,466	$	4,094	$	5,444	$	7,160
JCP:
Purchases	$	35	$	157	$	134	$	370

Schedule of Account Receivable and Payable of Related Party Transactions

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


	June 30, 2023		December 31, 2022
Keylink:
Accounts receivable	$	34,900	$	40,510
Accounts payable	$	34,502	$	33,733
Nuvoton:
Accounts receivable	$	8	$	30
Accounts payable	$	1,460	$	2,859
JCP:
Accounts payable	$	45	$	133

Equity Investments - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Variable Interest Entity [Line Items]
Equity investments, fair value		$ 58.1
Cumulative upward adjustments		19.2
Upward fair value adjustments		15.3	$ 3.9
Fabless Wafer Design Company [Member]
Variable Interest Entity [Line Items]
Upward fair value adjustments		$ 15.3
Fabless Wafer Design Company [Member] \| Preferred Stock
Variable Interest Entity [Line Items]
Business acquisition, shares acquired	13.9
Conversion of convertible note in to preferred stock	$ 5.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 10 – 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. As of June 30, 2023 and December 31, 2022, we had $219.2 million and $183.1 million, respectively, of outstanding foreign currency forward agreements 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 Accounting Standards Codification ("ASC") No. 815.

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 Company makes use of cross-currency swaps and foreign-currency forward contracts to decrease the foreign exchange risk inherent in the Company’s investment in some of its foreign subsidiaries.

The table below sets forth the fair value of the Company’s derivative financial instruments as well as their classification on our condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022:


	Fair Value
		Other Assets				Other Liabilities
		2023		2022		2023		2022
Cross-currency swaps		$	8,125	$	1,427	$	10,735	$	6,314
Foreign-currency forward contracts			-		-		3,001		-

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Earnings (numerator)
Net income attributable to common stockholders	$	82,020	$	80,155	$	153,170	$	152,846

Shares (denominator)
Weighted average common shares outstanding (basic)		45,733		45,265		45,667		45,185
Dilutive effect of stock options and stock awards outstanding		510		576		596		728
Adjusted weighted average common shares outstanding (diluted)		46,243		45,841		46,263		45,913

Earnings per share attributable to common stockholders
Basic	$	1.79	$	1.77	$	3.35	$	3.38
Diluted	$	1.77	$	1.75	$	3.31	$	3.33

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		36		175		19		76

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	$ 83,731	$ 82,750	$ 155,708	$ 156,923
Unrealized (loss) gain on defined benefit plan, net of tax	(627)	7,133	2,079	5,600
Unrealized gain (loss) on derivative instruments, net of tax	1,663	2,063	(1,679)	4,894
Unrealized foreign currency loss, net of tax	(22,594)	(41,366)	(11,271)	(53,951)
Comprehensive income	62,173	50,580	144,837	113,466
Less: Comprehensive income attributable to noncontrolling interest	(1,711)	(2,595)	(2,538)	(4,077)
Total comprehensive income attributable to common stockholders	$ 60,462	$ 47,985	$ 142,299	$ 109,389

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Summary of Operations and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Operations	Summary of Operations Diodes Incorporated, together with its subsidiaries (collectively the “Company,” “we” or “our” (Nasdaq: DIOD)), a Standard and Poor's Smallcap 600 and Russell 3000 Index company, 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. The Company serves the industrial, automotive, computing, consumer and communications markets. The Company's diverse product portfolio covers diodes; rectifiers; transistors; MOSFETs; SiC diodes and MOSFETs; protection devices; logic; voltage translators; amplifiers and comparators; sensors; and power management devices such as AC-DC converters, DC-DC switching, linear voltage regulators, voltage references, LED drivers, power switches, and voltage supervisors. We also have timing and connectivity solutions including clock ICs, crystal oscillators, PCIe packet switches, multi-protocol switches, interface products, and signal integrity solutions for high-speed signals. The Company's corporate headquarters and Americas’ sales offices are located in Plano, Texas, and Milpitas, California, respectively. Design, marketing, and engineering centers are located in Plano; Milpitas; Taipei, Taoyuan City, and Zhubei City, Taiwan; Shanghai and Yangzhou, China; Oldham, England; and Neuhaus, Germany. The Company's wafer fabrication facilities are located in Oldham, England; Greenock, Scotland; Shanghai and Wuxi, China; and Keelung and Hsinchu, Taiwan; and South Portland, Maine, United States. The Company has assembly and test facilities located in Shanghai, Jinan, Chengdu, and Wuxi, China; Neuhaus, Germany; and Jhongli and Keelung, Taiwan. Additional engineering, sales, warehouse, and logistics offices are located in Taipei, Taiwan; Hong Kong; Oldham, England; Shanghai, Shenzhen, Wuhan, and Yangzhou, China; Seongnam-si, South Korea; and Munich and Frankfurt, Germany; with support offices throughout the world. • The Company’s manufacturing facilities have achieved certifications in the internationally recognized standards of ISO 9001:2015, ISO 14001:2015, and, for automotive products, IATF 16949:2016; • The Company is also C-TPAT certified; and • We believe these quality awards reflect the superior quality-control techniques established at the Company and further enhance our credibility as a vendor-of-choice to original equipment manufacturers ("OEMs") increasingly concerned with quality and consistency. Our market focus is on high-growth, end-user applications in the following areas: • Industrial: embedded systems, precision controls, and Industrial IoT; • Automotive: connected driving, comfort/style/safety, and electrification/powertrain; • Computing: cloud computing including server, storage, and data center applications; • Consumer: IoT, wearables, home automation, and smart infrastructure; and • Communications: smartphones, 5G networks, advanced protocols, and charging solutions.
Basis of Presentation	Basis of Presentation The condensed consolidated financial data at December 31, 2022 are derived from audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 10, 2023 (“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 and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2023. 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 condensed consolidated financial statement presentation.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document type	10-Q
Document period end date	Jun. 30, 2023
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		45,938,786
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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 (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 5,634	$ 5,852
Preferred stock par value	$ 1	$ 1
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	$ 0.66	$ 0.66
Common stock shares authorized	70,000,000	70,000,000
Common stock shares issued	45,748,940	45,469,722
Common stock shares outstanding	45,748,940	45,469,722
Treasury stock, shares	9,283,481	9,281,581

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	Fair Value
		Other Assets				Other Liabilities
		2023		2022		2023		2022
Cross-currency swaps		$	8,125	$	1,427	$	10,735	$	6,314
Foreign-currency forward contracts			-		-		3,001		-

Enterprise Wide Segment Information and Net Sales - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2022 USD ($) Customer	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2022 USD ($) Customer
Entity Wide Revenue Major Customer [Line Items]
Number of customer did not account for 10% or greater of outstanding accounts receivable \| Customer	2	0	2	0
Net sales	$ 467,152	$ 500,972	$ 934,393	$ 983,095
China
Entity Wide Revenue Major Customer [Line Items]
Net sales	$ 171,900	$ 240,600	$ 351,600	$ 471,000
Sales Revenue \| Geographic Concentration Risk \| Accounts Receivable
Entity Wide Revenue Major Customer [Line Items]
Concentration Risk, Percentage	10.00%	10.00%	10.00%	10.00%

- Definition

+ References

+ Details

Commitments and Contingencies - Additional Information (Details) £ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 GBP (£) £ / $	Jun. 30, 2023 USD ($) £ / $	Jan. 01, 2023 GBP (£) £ / $	Jan. 01, 2023 USD ($) £ / $
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments			$ 49.3
Long-term purchase commitment, Amount	$ 92.8
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 June 30, 2023, the underfunded liability for this defined benefit plan was approximately $6.8 million. We have agreed to a revised schedule of contributions of GBP 2.0 million (approximately $2.6 million based on a GBP: USD exchange rate of 1:1.3 ) to be paid annually with effect from January 1, 2023 to address the deficit revealed by the valuation (with the annual payments to be made by December 31, 2023 through December 31, 2028. A final payment of GBP 1.5 million (approximately $2.0 million based on a GBP: USD rate of 1:1.3) will be made by December 31, 2029.
Defined benefit plan, annual future benefit payments				£ 2.0	$ 2.6
Defined benefit plan, additional annual future benefit payments		£ 1.5	$ 2.0
GBP:USD exchange rate \| $ / GBP \| £ / $		0.13	0.13	0.13	0.13
Unfunded liability of defined benefit plan			$ 6.8

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

NOTE 8 – Debt

Short-term debt

Our Asia subsidiaries maintain credit facilities with several financial institutions through our foreign entities worldwide totaling $139.1 million. Other than two Taiwanese credit facilities that are collateralized by assets, our foreign credit lines are unsecured, uncommitted and contain no restrictive covenants. These credit facilities bear interest at LIBOR or similar indices plus a specified margin. Interest payments are due monthly on outstanding amounts under the credit lines. The unused and available credit under the various facilities as of June 30, 2023, was approximately $106.6 million, net of $33.7 million advanced under our foreign credit lines and $0.4 million credit used for import and export guarantee.

Long-term debt

On May 26, 2023, the Company, Diodes Holdings UK Limited (the “Foreign Borrower” and, collectively with the Company, the “Borrowers”), and certain subsidiaries of the Company as guarantors, entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) that amends and restates that certain Second Amended and Restated Credit Agreement dated as of May 29, 2020 (as amended, modified and/or supplemented from time to time prior to the date of the Credit Agreement, the “Existing Credit Agreement”). Certain capitalized terms used in this description of the Credit Agreement have the meanings given to them in the Credit Agreement, which is attached as Exhibit 10.1 to our Current Report on Form 8-K that we filed with the SEC on June 2, 2023.

The Existing Credit Agreement consisted of a term loan with no outstanding balance as of the date of the Credit Agreement and a $225.0 million revolving senior credit facility with nothing drawn as of the date of the Credit Agreement.

The Credit Agreement, which represented a complete amendment and restatement of the Existing Credit Agreement, consists of a Revolving Credit Facility in the amount of $225.0 million, including a swing line sublimit equal to the lesser of $50.0 million and the Revolving Credit Facility, a letter of credit sublimit equal to the lesser of $100.0 million and the Revolving Credit Facility, and an alternative currency sublimit equal to the lesser of $40.0 million and the Revolving Credit Facility. The Borrowers have the option to increase the Revolving Facility and/or incur Incremental Term Loans in an aggregate principal amount of up to $350.0 million. The Revolving Credit Facility bears interest at Term SOFR or similar other indices plus a specified margin. The Credit Agreement contains certain financial and non-financial covenants, including, but not limited to, a maximum Consolidated Leverage Ratio, a minimum Consolidated Interest Coverage Ratio, and restrictions on liens, indebtedness, investments, fundamental changes, dispositions, and restricted payments (including dividends and share repurchases). Furthermore, under the Credit Agreement, restricted payments, including dividends and share repurchases, are permitted in certain circumstances, including while the pro forma Consolidated Leverage Ratio is, both before and after giving effect to any such restricted payment, at least 0.25 to 1.00 less than the maximum permitted under the Credit Agreement.

The Revolving Credit Facility matures on May 26, 2028. The Company plans to use a portion of the proceeds available under the Credit Agreement (i) to refinance certain existing indebtedness of the Borrowers and their subsidiaries under the Existing Credit Agreement and (ii) for working capital, capital expenditures, and other general corporate purposes, including, without limitation, financing permitted acquisitions.

Borrowings outstanding as of June 30, 2023 and December 31, 2022, are set forth in the table below:


	June 30,			December 31,				Current Amount
Description	2023			2022			Interest Rate	Maturity
Short-term debt	$	33,730		$	36,280		Various indices plus margin	Various during 2023 & 2024

Long-term debt
Notes payable to Bank of Taiwan		1,946			2,063		2-yr deposit rate floating plus 0.1148%	June-2033
Notes payable to Bank of Taiwan		1,606			1,628		2-yr deposit rate floating plus 0.082%	September-2024
Notes payable to CTBC Bank		3,212			3,256		TAIBOR 3M plus 0.5%	December-2024
Notes payable to CTBC Bank		13,295			13,840		TAIBOR 3M plus 0.5%	May-2028
Notes payable to E Sun Bank		3,212			3,256		1-M deposit rate floating plus 0.08%	December-2024
Notes payable to E Sun Bank		243			276		1-M deposit rate floating plus 0.08%	June-2027
Notes payable to E Sun Bank		1,404			1,516		1-M deposit rate floating plus 0.08%	June-2030
Notes payable to HSBC		32,000			105,000		1M SOFR+Margin	January-2025
Notes payable to HSBC		-			18,558		1M Libor+Margin	January-2025
Notes Payable to E Sun Bank		-			166		2-yr deposit rate plus annual rate floating	September-2023
Notes Payable to Taishin International Bank		-			43		Annual rate plus cost of capital	April-2023
Notes Payable to Taishin International Bank		-			11		Fixed annual rate	April-2023
Notes Payable to Taishin International Bank		-			217		Fixed annual rate	April-2024
Notes payable to Chang Hwa Bank		-			518		2-yr deposit rate floating plus 1.405% - 1.655%	June-July 2026
Total long-term debt		56,918			150,348
Less: Current portion of long-term debt		(1,149	)		(1,693	)
Less: Unamortized debt costs		(1,194	)		(1,185	)
Total long-term debt, net of current portion	$	54,575		$	147,470

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details