0000950170-24-013363 | 10-K | XBRL Viewer

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Inventories - Schedule of Inventory Current (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 129,802	$ 96,659
Work-in-progress	72,876	80,616
Raw materials	187,096	183,006
Total	$ 389,774	$ 360,281

Dividends - Additional Information (Details) $ in Millions	12 Months Ended
Dividends - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Equity Class Of Treasury Stock [Line Items]
Other Restrictions on Payment of Dividends	Credit Facility permits us to pay dividends up to $75.0 million per fiscal year to its stockholders so long as we have not defaulted under the Credit Agreement at the time of such dividend and no default would result from declaring or paying such dividend.
Maximum annual dividend payable on credit facility conditions	$ 75.0

Subsequent Event - Additional Information (Details) - Subsequent Event $ in Millions	Jan. 31, 2024 USD ($)
Subsequent Event [Line Items]
Revolving loan facility aggregate amount	$ 90.0
Revolving loan previous facility	$ 105.0

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 13,066	$ 13,275	$ 16,533
Finance lease expense:
Amortization of assets	32	17	221
Interest on lease liabilities	3	1	1
Short-term lease expense	1,899	975	954
Variable lease expense	4,350	3,561	4,853
Total lease expense	$ 19,350	$ 17,829	$ 22,562

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets

Intangible assets at December 31 were as follows:


December 31, 2023
Intangible Assets	Useful life	Gross Carrying Amount		Accumulated Amortization			Currency Exchange			Net
Amortized intangible assets
Patents	5-15 years	$	16,040	$	(15,699	)	$	(245	)	$	96
Developed product technology	2-10 years		169,499		(122,788	)		(6,192	)		40,519
Customer relationships	7-12 years		62,465		(46,656	)		(1,671	)		14,138
Software license and other	3-4 years		2,743		(2,677	)		(62	)		4
Total amortized intangible assets			250,747		(187,820	)		(8,170	)		54,757
Intangible assets with indefinite lives
In process research and development	Indefinite		-		-			-			-
Trademarks and trade names	Indefinite		10,303		-			(1,123	)		9,180
Total Intangible assets with indefinite lives			10,303		-			(1,123	)		9,180
Total intangible assets		$	261,050	$	(187,820	)	$	(9,293	)	$	63,937


December 31, 2022
Intangible Assets	Useful life	Gross Carrying Amount		Accumulated Amortization			Currency Exchange			Net
Amortized intangible assets
Patents	5-15 years	$	16,040	$	(15,437	)	$	(234	)	$	369
Developed product technology	2-10 years		169,499		(111,639	)		(6,176	)		51,684
Customer relationships	7-12 years		62,465		(42,784	)		(1,672	)		18,009
Software license and other	3-4 years		2,743		(2,677	)		(59	)		7
Total amortized intangible assets			250,747		(172,537	)		(8,141	)		70,069
Intangible assets with indefinite lives
In process research and development	Indefinite		-		-			-			-
Trademarks and trade names	Indefinite		10,303		-			(1,235	)		9,068
Total Intangible assets with indefinite lives			10,303		-			(1,235	)		9,068
Total intangible assets		$	261,050	$	(172,537	)	$	(9,376	)	$	79,137

Schedule of Expected Amortization Expense

The schedule below sets future amortization expense of our currently owned intangible assets:


2024	$	14,899
2025		13,904
2026		12,340
2027		11,348
2028		878
2029 and thereafter		1,388
Total	$	54,757

Equity Investments - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2023	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Upward fair value adjustments			$ 15.3	$ 3.9
Cumulative upward adjustments			19.2
Fabless Wafer Design Company
Variable Interest Entity [Line Items]
Upward fair value adjustments			$ 15.3
Payments for convertible promissory note		$ 5.0
Subsidiary, Ownership Percentage, Noncontrolling Owner			50.00%
Fabless Wafer Design Company \| Preferred Stock
Variable Interest Entity [Line Items]
Business acquisition, shares acquired	13.9	10.0
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

Employee Benefit Plans - Plan Assets by major categories (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 98,016
Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	8,961
Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	89,055
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	8,961
Cash and Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	8,961
Equity Securities, U.K.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	534
Equity Securities, U.K. \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	534
Equity Securities, Overseas Equities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,424
Equity Securities, Overseas Equities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,424
Equity Securities, Emerging Markets
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3,296
Equity Securities, Emerging Markets \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3,296
Fixed Income Securities, Government Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	87
Fixed Income Securities, Government Bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	87
Fixed Income Securities, Non-Government Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,860
Fixed Income Securities, Non-Government Bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	12,860
Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	18,898
Hedge Funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	18,898
Liability Driven Investments
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	34,681
Liability Driven Investments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	34,681
Commodities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	676
Commodities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	676
Other
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	5,599
Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 5,599

Accrued Liabilities and Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Accrued Liabilities and Other Long-Term Liabilities

Note 10 – Accrued Liabilities and Other Long-Term Liabilities

Accrued liabilities and other current liabilities at December 31 were:


	2023		2022
Accrued expenses	$	60,102	$	66,192
Compensation and payroll taxes		64,000		82,349
Equipment purchases		14,602		30,486
Operating lease		8,840		7,390
Finance lease		52		30
Accrued pricing adjustments		26,423		18,777
Accrued professional services		2,300		2,825
Tax payable - non-income tax related		3,218		3,034
Other		137		3,350
	$	179,674	$	214,433

Other long-term liabilities at December 31 were:


	2023		2022
Accrued defined benefit plan	$	14,656	$	12,134
Operating lease		27,289		20,765
Finance lease		94		46
Deferred grants and subsidy		9,103		9,967
Deferred compensation		18,392		16,009
Tax contingencies		8,787		8,787
Other		21,487		13,188
	$	99,808	$	80,896

Fair Value Measurements - Schedule of Financial Assets At Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	$ 10,174	$ 7,059
Long-term investments	(25,521)	(22,918)
Foreign-currency forward and collar liability	10,202
Deferred compensation investments	(14,638)	(12,051)
Trading Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term investments, Changes in Fair Value Included in Current Period Earnings	3,007	(20,386)
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)	2,587	(3,048)
Cross-currency Swap Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of derivative instruments, liability derivatives	6,936	6,314
Cross Currency Swap Asset
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of derivative instruments, asset derivatives		1,427
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	10,174	7,059
Long-term investments	(25,521)	(22,918)
Deferred compensation investments	(169)	(26)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Foreign-currency forward and collar liability	10,202
Deferred compensation investments	(14,469)	(12,025)
Significant Other Observable Inputs (Level 2) \| Cross-currency Swap Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of derivative instruments, liability derivatives	$ 6,936	6,314
Significant Other Observable Inputs (Level 2) \| Cross Currency Swap Asset
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of derivative instruments, asset derivatives		$ 1,427

Bank Credit Agreements and Other Short-Term and Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt, by Current and Noncurrent [Abstract]
2024	$ 4,419
2025	2,799
2026	1,178
2027	1,159
2028	10,587
2029 and thereafter	1,256
Total long-term debt	$ 21,398	$ 150,348

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Expense

The table below sets forth the components of lease expense for the twelve months ended December 31:


	2023		2022		2021
Operating lease expense	$	13,066	$	13,275	$	16,533
Finance lease expense:
Amortization of assets		32		17		221
Interest on lease liabilities		3		1		1
Short-term lease expense		1,899		975		954
Variable lease expense		4,350		3,561		4,853
Total lease expense	$	19,350	$	17,829	$	22,562

Supplemental Balance Sheet Information Related to Leases

The table below sets forth supplemental balance sheet information related to leases as of December 31:


	2023			2022
Operating leases:
Operating lease ROU assets	$	50,833		$	43,907

Current operating lease liabilities		8,840			7,390
Noncurrent operating lease liabilities		27,289			20,765
Total operating lease liabilities	$	36,129		$	28,155

Finance leases:
Finance lease ROU assets	$	2,717		$	2,618
Accumulated amortization		(2,573	)		(2,542	)
Finance lease ROU assets, net	$	144		$	76

Current finance lease liabilities	$	52		$	30
Non-current finance lease liabilities		94			46
Total finance lease liabilities	$	146		$	76

Weighted average remaining lease term (in years):
Operating leases		7.8			8.2
Finance leases		3.6			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 for the twelve months ended December 31:


	2023		2022		2021
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	18,609	$	17,788	$	24,040
Operating cash outflows from finance leases		3		1		1
Financing cash outflow from finance leases		115		69		291

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		14,251		8,384		13,038

Schedule of Operating and Finance Lease Liability Maturities

The table below sets forth information about lease liability maturities:


	December 31,
	Operating Leases			Finance Leases
2024	$	10,099		$	57
2025		8,538			41
2026		6,579			21
2027		3,985			19
2028		1,912			18
2029		1,446			-
2030 and thereafter		10,275			-
Total lease payments		42,834			156
Less: imputed interest		(6,705	)		(10	)
Total lease obligations		36,129			146
Less: current obligations		(8,840	)		(52	)
Long-term lease obligations	$	27,289		$	94

Dividends

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Dividends

Note 11 – Dividends

We have never declared or paid cash dividends on our Common Stock. The Credit Facility permits us to pay dividends up to $75.0 million per fiscal year to its stockholders so long as we have not defaulted under the Credit Agreement at the time of such dividend and no default would result from declaring or paying such dividend. The payment of dividends is within the discretion of our Board of Directors. See Note 8 for additional information regarding our credit agreements.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 18 – 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. We use foreign currency forward agreements to manage this exposure. At December 31, 2023 and December 31, 2022, we had $230.4 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 to decrease the foreign exchange risk inherent in the Company’s investment in some of its foreign subsidiaries.

The table below sets forth the number of instruments and the notional amounts of the Company's cross currency swaps at December 31, 2023 and December 31, 2022:


	Number of Instruments				Notional Amount
	2023		2022		2023		2022
Cross currency swaps		2		2		160,000		160,000

The table below sets forth the fair value of the Company’s interest rate related derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022:


	Fair Value
	Other Assets				Other Liabilities
	2023		2022		2023		2022
Cross currency swaps	$	-	$	1,427	$	6,936	$	6,314
Foreign-currency forward contracts		-		-		10,202		-

The tables below sets forth the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the twelve months ended December 31 2023, 2022 and 2021:


Derivative Instruments	Amount of Gain or (Loss) Recognized in OCI on Derivative								Location of Gain or (Loss) Reclassified from OCI into	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Net Income							Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Designated as	December 31,								Accumulated	December 31,							Effectiveness	December 31,
Hedging Instruments	2023			2022		2021			Income	2023		2022		2021			Testing)	2023		2022		2021
Interest rate swaps and collars	$	-		$	-	$	(13	)	Interest expense	$	-	$	-	$	(555	)	N/A	$	-	$	-	$	-
Cross currency swaps		(1,442	)		5,383		989		N/A		-		-		-		Interest income		1,653		2,308		2,469
Foreign-currency forward contracts		(10,202	)		-		-		N/A		-		-		-		Interest income		4,304		-		-


	Amount of Gain or (Loss) Recognized in Net Income
	December 31,
Derivative Instruments Not Designated as Hedging Instruments	2023			2022			2021		Location of Gain or (Loss) Recognized in Net Income
Foreign currency forward contracts	$	(5,364	)	$	(21,188	)	$	3,925	Foreign currency loss, net

We estimate that none of the net derivative losses included in accumulated other comprehensive income (“AOCI”) as of December 31, 2023, will be reclassified into earnings within the following 12 months. No gains or losses were reclassified from AOCI into earnings as a result of forecasted transactions that failed to occur during fiscal year 2023. As of December 31, 2023 and 2022, the Company had not posted any collateral related to these agreements.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Land Right Leases

In addition, we have the following land right leases. None of the leases requires a rental payment.


	Term (years)	Expiration Date
Chengdu, China	50	2061
Shanghai, China*	50	2056
Shanghai, China*	50	2058
Shandong, China	50	2058
Yangzhou, China	50	2065

*Separate leases by separate Diodes’ subsidiaries

Related Party Transactions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 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	$ 18.1

- 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

Employee Benefit Plans - Expected future benefit payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	$ 5,310
2025	5,391
2026	5,516
2027	5,658
2028	5,810
2029-2033	$ 30,288

Acquisitions and Divestitures - Summary of Fair Value of Assets and Liabilities Related to Acquisition Recorded in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 03, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 146,558	$ 144,757		$ 149,890
South Portland Maine
Business Acquisition [Line Items]
Inventories			$ 1,257
Prepaid expenses and other			257
Property, plant and equipment			77,825
Goodwill			1,069
Net assets acquired			$ 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

Accrued Liabilities and Other Current Liabilities, and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued expenses	$ 60,102	$ 66,192
Compensation and payroll taxes	64,000	82,349
Equipment purchases	14,602	30,486
Operating lease	8,840	7,390
Finance lease	52	30
Accrued pricing adjustments	26,423	18,777
Accrued professional services	2,300	2,825
Tax payable - non-income tax related	3,218	3,034
Other	137	3,350
Accrued Liabilities, Current, Total	179,674	214,433
Liabilities, Noncurrent [Abstract]
Accrued defined benefit plan	14,656	12,134
Operating lease	27,289	20,765
Finance lease	94	46
Deferred grants and subsidy	9,103	9,967
Deferred compensation	18,392	16,009
Tax contingencies	8,787	8,787
Other	21,487	13,188
Other long-term liabilities, Total	$ 99,808	$ 80,896

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]			Interest and Dividend Income, Securities, Operating, Other
Designated as Hedging Instrument \| Interest Rate Swaps and Collars
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative			$ (13)
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Interest expense
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Net Income			(555)
Designated as Hedging Instrument \| Cross Currency Swaps
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative	$ (1,442)	$ 5,383	989
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from Effectiveness Testing)	Interest income
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 1,653	2,308	2,469
Designated as Hedging Instrument \| Foreign Currency Forward Contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative	$ (10,202)
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from Effectiveness Testing)	Interest income
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 4,304
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss) Recognized in Net Income	$ (5,364)	$ (21,188)	$ 3,925
Location of Gain or (Loss) Recognized in Net Income	Foreign currency loss, net

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The table below sets forth net periodic benefit costs of the plan for the twelve months ended December 31:


	Defined Benefit Plan
	2023			2022
Components of net periodic benefit cost:
Service cost	$	373		$	245
Interest cost		4,687			2,834
Recognized actuarial gain		3,082			2,211
Expected return on plan assets		(5,686	)		(7,405	)
Prior service cost		65			64
Net periodic benefit cost	$	2,521		$	(2,051	)

Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of our Plan

The table below sets forth the benefit obligation, the fair value of plan assets, and the funded status as of December 31:


	Defined Benefit Plan
	2023			2022
Change in benefit obligation:
Beginning balance	$	98,797		$	166,764
Service cost		373			245
Interest cost		4,687			2,834
Actuarial loss (gain)		3,441			(48,234	)
Benefits paid		(4,918	)		(4,710	)
Settlements		-			(1,052	)
Currency changes		5,728			(17,050	)
Benefit obligation at December 31	$	108,108		$	98,797

Change in plan assets:
Beginning balance - fair value	$	91,307		$	155,029
Employer contribution		2,863			2,697
Actual return on plan assets		3,515			(44,637	)
Benefits paid		(4,918	)		(4,710	)
Settlements		-			(1,230	)
Currency changes		5,249			(15,842	)
Fair value of plan assets at December 31	$	98,016		$	91,307
Underfunded status at December 31	$	(10,092	)	$	(7,490	)

Schedule of Assumptions Used

The following weighted-average assumptions were used to determine net periodic benefit costs for the twelve months ended December 31:


	2023			2022
Discount rate		4.7	%		4.7	%
Expected long-term return on plan assets		6.1	%		6.1	%

The following weighted-average assumption was used to determine the benefit obligations at December 31:


	2023			2022
Discount rate		4.4	%		4.7	%

Schedule of Allocation Of Plan Assets

The table below sets forth the plan asset allocations of the assets in the plan and expected long-term return by asset category:


Asset category	Expected long-term return			Asset allocation
Growth assets		7.5	%		50	%
Hedging assets		4.1	%		35	%
Cash		5.3	%		15	%

Schedule of Expected Benefit Payments

Benefit plan payments are primarily made from funded benefit plan trusts and current assets. The table below sets forth the expected future benefit payments, including future benefit accrual, as of December 31, 2023:


2024	$	5,310
2025		5,391
2026		5,516
2027		5,658
2028		5,810
2029-2033		30,288

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes the major categories of the plan assets:


	December 31, 2023
Asset category	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	8,961	$	-	$	-	$	8,961
Equity securities:
U.K.		-		534		-		534
Overseas equities		-		12,424		-		12,424
Emerging markets		-		3,296		-		3,296
Fixed income securities:
Government bonds		-		87		-		87
Non-government bonds		-		12,860		-		12,860
Other types of investments
Hedge funds		-		18,898		-		18,898
Liability-driven investments		-		34,681		-		34,681
Commodities		-		676		-		676
Other		-		5,599		-		5,599
Total	$	8,961	$	89,055	$	-	$	98,016

Employee Benefit Plans - Additional Information (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 GBP (£) $ / £	Dec. 31, 2023 USD ($) $ / £	Mar. 31, 2022 GBP (£) $ / £	Mar. 31, 2022 USD ($) $ / £
Defined Benefit Plan Disclosure [Line Items]
GBP:USD exchange rate \| $ / £				1	1	1	1
Underfunded pension and postretirement obligation, noncurrent					$ 10,100,000
Accumulated comprehensive loss defined benefit plan		$ 41,296,000	$ 40,600,000		42,762,000
Defined benefit plan recognized gain loss increase(decrease)	$ 2,400,000
Other comprehensive income pension and other postretirement benefit plans, net unamortized gain arising during period, before tax	$ 2,200,000
Defined benefit plan amortization of net gains losses average term	7 years 6 months
Defined benefit plan, estimated future employer contributions in current fiscal year, description	The trustees are required to review the funding position every three years. An actuarial valuation was performed as of March 31, 2022, resulting in a deficit of approximately GBP 20 million (approximately $26 million based on a GBP: USD exchange rate of 1:1.3). As a result of this valuation 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 first payment made by December 31, 2023 through December 31, 2028). A final payment of GBP 1.5 million (approximately $1.95 million based on a GBP: USD rate of 1:1.3) will be made by December 31, 2029. These contributions, together with the assumed asset outperformance, are expected to eliminate the deficit by December 31, 2029.
Defined benefit plan, annual future benefit payments				£ 2.0	2,600,000
Final payment of GBP				£ 1.5	1,950,000
Unfunded liability of defined benefit plan, deficit						£ 20.0	$ 26,000,000
Defined benefit plan, plan assets, expected long-term rate-of-return above liability benchmark	2.60%
Defined benefit plan, plan assets, expected long-term rate-of-return, description	The overall strategy is designed to return a long-term return of 2.6% p.a. above the liability benchmark which is broadly equal to changes in the plan’s liabilities.
Defined contribution plan, cost recognized	$ 22,300,000	21,500,000	$ 21,700,000
Deferred compensation plan assets		12,051,000			14,638,000
Deferred Compensation Plan
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 December 31, 2023 and December 31, 2022, these investments totaled approximately $14.6 million and $12.1 million, respectively.
Deferred compensation plan assets		12,100,000			14,600,000
Defined Benefit Plans Asia
Defined Benefit Plan Disclosure [Line Items]
Net liability		$ 3,200,000			$ 3,200,000
Growth Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets				65.00%	65.00%
Hedging assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets				35.00%	35.00%
TAIWAN, PROVINCE OF CHINA
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution percentage	8.00%
Description of defined contribution pension and other postretirement plans	Pursuant to the Taiwan Labor Standard Law and Factory Law, we maintain a retirement plan for the employees in Taiwan, whereby we make contributions at a rate of 8% of the employee’s eligible payroll.
China
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution percentage	8.00%
Description of defined contribution pension and other postretirement plans	As stipulated by the regulations of China, we maintain a retirement plan pursuant to the local municipal government for the employees in China and are required to make contributions of 8% of the employee’s eligible payroll.
United States
Defined Benefit Plan Disclosure [Line Items]
Employee salary deferral contributions percentage	100.00%
Employer matching contribution amount of match	$ 1
Defined contribution plan employee matching contribution amount	$ 2
Defined contribution plan vesting period	4 years
Description of defined contribution pension and other postretirement plans	We maintain a 401(k) retirement plan (the “Plan”) for the benefit of qualified employees at our U.S. locations. Employees who participate may elect to make salary deferral contributions to the Plan up to 100% of the employees’ eligible payroll subject to annual Internal Revenue Code maximum limitations. We currently make a matching contribution of $1 for every $2 contributed by the participant up to 6% (3% maximum matching) of the participant’s eligible payroll, which vests over an initial four years. In addition, we may make a discretionary contribution to the entire qualified employee pool, in accordance with the Plan.
United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution percentage	6.00%
Employer matching contribution percent of match	3.00%
Pension Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plans, general information	a contributory defined benefit plan that covers certain employees in the U.K. The defined benefit plan is closed to new entrants and frozen with respect to future benefit accruals. The retirement benefit is based on the final average compensation and service of each eligible employee. We determined the fair value of the defined benefit plan assets and utilize an annual measurement date of December 31. At subsequent measurement dates, defined benefit plan assets will be determined based on fair value. Defined benefit plan assets consist of a diverse range of listed and unlisted securities including corporate bonds and mutual funds and are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. The net pension and supplemental retirement benefit obligations and the related periodic costs are based on, among other things, assumptions of the discount rate, estimated return on plan assets and mortality rates. These obligations and related periodic costs are measured using actuarial techniques and assumptions.
Defined benefit plan, pension, method to determine vested benefit obligation	The projected unit credit method is the actuarial cost method used to compute the pension liabilities and related expenses.
Pension Plan, Defined Benefit \| UK
Defined Benefit Plan Disclosure [Line Items]
Accumulated comprehensive loss defined benefit plan					$ 42,800,000

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Operating lease ROU assets	$ 50,833	$ 43,907
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current operating lease liabilities	$ 8,840	$ 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	$ 27,289	$ 20,765
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 36,129	$ 28,155
Finance leases:
Finance lease ROU assets	$ 2,717	$ 2,618
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Accumulated amortization	$ (2,573)	$ (2,542)
Finance lease ROU assets, net	144	76
Current finance lease liabilities	$ 52	$ 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	$ 94	$ 46
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 146	$ 76
Weighted average remaining lease term (in years):
Operating leases	7 years 9 months 18 days	8 years 2 months 12 days
Finance leases	3 years 7 months 6 days	2 years 7 months 6 days
Weighted average discount rate:
Operating leases	4.10%	4.20%
Finance leases	3.60%	3.60%

Equity Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Variable Interest Entities


	December 31,
	2023		2022
Privately Held Wafer Design Company ("PWDC")
VIE total assets	$	26,445	$	13,671
VIE total liabilities		4,532		6,625

Diodes' preferred equity in VIE	$	44,420	$	10,000
Diodes' note receivable from VIE		4,000		5,000
Diodes' interest receivable from VIE		45		222
Diodes' maximum exposure to loss	$	48,465	$	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

Share-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash proceeds received from stock option exercises	$ 0	$ 100,000	$ 4,300,000
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 62,800,000
Share-based compensation arrangement by share-based payment award, award granted in period	645,000	535,000
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 3 months 18 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 0
Stock Options \| Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized				7,000,000
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years

Related Party Transactions - Schedule of Net Sales and Purchases of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Keylink
Related Party Transaction [Line Items]
Net sales	$ 12,595	$ 19,998	$ 19,689
Purchases from related parties	1,535	1,949	2,015
Plating, rental and consulting expense	16,916	18,176	17,922
Nuvoton
Related Party Transaction [Line Items]
Net sales	49	149	65
Purchases from related parties	10,454	15,068	9,764
JCP
Related Party Transaction [Line Items]
Purchases from related parties	364	581	1,240
Atlas
Related Party Transaction [Line Items]
Purchases from related parties	$ 177	$ 0	$ 0

- 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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 230,648	$ 339,255	$ 236,288
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of acquisitions:
Depreciation	122,048	112,149	106,219
Amortization of intangible assets	15,282	15,610	16,216
Amortization of debt issuance costs	1,117	950	754
Share-based compensation expense	30,911	36,287	33,205
Deferred income taxes	(13,349)	(39,225)	21,459
Investment (gain) loss	(19,398)	16,225	(37,896)
(Gain) loss on disposal of property, plant and equipment	(2,045)	(3,626)	243
Other	(6,713)	(4,016)	1,239
Changes in operating assets:
Change in accounts receivable	(2,611)	(20,163)	(52,721)
Change in inventory	(28,947)	(29,675)	(43,038)
Change in other operating assets	(17,971)	1,847	(25,445)
Changes in operating liabilities:
Change in accounts payable	(2,165)	(50,076)	55,628
Change in accrued liabilities	(17,749)	31,760	29,352
Change in income tax payable	(9,307)	(8,333)	(1,455)
Change in other operating liabilities	1,163	(6,468)	(1,505)
Net cash flows provided by operating activities	280,914	392,501	338,543
Cash flows from investing activities
Acquisitions, net of cash received	(3)	(83,979)	(157)
Proceeds from disposal of wafer fabrication facility	6,292	19,270	9,939
Receipt of cash for termination of cross currency swap	374	9,429	0
Receipt of insurance recovery	1,413	6,067	0
Purchases of property, plant and equipment	(150,769)	(211,728)	(141,195)
Proceeds from sales of property, plant and equipment	2,769	418	3,207
Proceeds from short-term investments	6,157	8,002	7,328
Purchases of short-term investments	(9,323)	(9,361)	(7,567)
Purchases of equity securities	(17,901)	(4,051)	(15,106)
Other	2,669	670	(678)
Net cash and cash equivalents used by investing activities	(158,322)	(265,263)	(144,229)
Cash flows from financing activities
Advances on lines of credit and short-term debt	29,036	114,291	21,862
Repayments on lines of credit and short-term debt	(24,509)	(93,498)	(146,372)
Proceeds from long-term debt	25,204	372,751	557,882
Repayments of long-term debt	(154,019)	(505,746)	(586,001)
Debt issuance costs	(948)	(134)	(673)
Net proceeds from the issuance of common stock	0	140	4,337
Repayment of and proceeds from finance lease obligation	(115)	(69)	(291)
Taxes paid related to net share settlement	(15,637)	(12,300)	(14,823)
Net changes in noncontrolling interests	(3,647)	(1,160)	5,631
Other	(88)	12	7
Net cash and cash equivalents used in financing activities	(144,723)	(125,713)	(158,441)
Effect of exchange rate changes on cash and cash equivalents	(485)	(27,244)	10,416
Change in cash and cash equivalents, including restricted cash	(22,616)	(25,719)	46,289
Cash and cash equivalents, beginning of period, including restricted cash	341,099	366,818	320,529
Cash and cash equivalents, end of period, including restricted cash	318,483	341,099	366,818
Supplemental Cash Flow Information
Interest paid during the period	4,607	7,355	6,944
Taxes paid during the period	97,668	88,687	56,077
Non-cash investing and financing activities:
Accounts payable balance related to the purchase of property, plant and equipment	14,602	30,486	24,256
Dividend payable balance to noncontrolling interests	$ 100	$ 0	$ 0

Segment Information, Revenue and Enterprise-Wide Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Net Sales from Based on Location of the Subsidiary

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


2023	Asia			Americas			Europe			Consolidated
Total sales	$	1,560,595		$	1,210,561		$	378,442		$	3,149,598
Inter-company sales		(684,927	)		(670,624	)		(132,308	)		(1,487,859	)
Net sales	$	875,668		$	539,937		$	246,134		$	1,661,739

Property, plant and equipment	$	545,865		$	85,005		$	115,299		$	746,169
Assets	$	1,600,858		$	544,247		$	222,554		$	2,367,659

2022	Asia			Americas			Europe			Consolidated
Total sales	$	1,891,855		$	1,361,223		$	358,930		$	3,612,008
Inter-company sales		(769,630	)		(722,872	)		(118,926	)		(1,611,428	)
Net sales	$	1,122,225		$	638,351		$	240,004		$	2,000,580

Property, plant and equipment	$	529,365		$	95,584		$	111,781		$	736,730
Assets	$	1,599,805		$	440,014		$	248,493		$	2,288,312

2021	Asia			Americas			Europe			Consolidated
Total sales	$	1,939,540		$	1,108,460		$	278,126		$	3,326,126
Inter-company sales		(730,058	)		(678,662	)		(112,244	)		(1,520,964	)
Net sales	$	1,209,482		$	429,798		$	165,882		$	1,805,162

Property, plant and equipment	$	456,109		$	22,943		$	103,026		$	582,079
Assets	$	1,547,518		$	415,133		$	231,844		$	2,194,495

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 twelve months ended December 31, 2023, 2022 and 2021:


Net Sales by Region	2023		2022		2021
Asia	$	1,181,519	$	1,480,191	$	1,439,545
Europe		287,549		283,900		220,772
Americas		192,671		236,489		144,845
Total net sales	$	1,661,739	$	2,000,580	$	1,805,162

Net Sales by Type	2023		2022		2021
Direct sales	$	530,446	$	590,173	$	607,645
Distributor sales		1,131,293		1,410,407		1,197,517
Total net sales	$	1,661,739	$	2,000,580	$	1,805,162

Bank Credit Agreements and Other Short-Term and Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Bank Credit Agreements and Other Short-Term and Long-Term Debt

Note 8 – Bank Credit Agreements and Other Short-term and Long-term Debt

Short-term debt

Our Asia subsidiaries maintain credit facilities with several financial institutions through our foreign entities worldwide totaling $147.9 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 the Taipei Interbank Offered Rate (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 December 31, 2023, was approximately $106.8 million, net of $40.7 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 amended and restated 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). The Company is permitted to pay dividends up to $75.0 million per fiscal year to our stockholders so long as we have not defaulted at the time of such dividend and no default would result from declaring and paying such dividend. 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 used 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 December 31, 2023 and December 31, 2022, are set forth in the table below:


	December 31,
Description	2023			2022			Interest Rate	Current Amount Maturity
Short-term debt	$	40,685		$	36,280		Various indices plus margin	Various during 2024

Long-term debt
Notes payable to Bank of Taiwan		1,880			2,063		2-yr deposit rate floating plus 0.1148%	June 2033
Notes payable to Bank of Taiwan		1,626			1,628		2-yr deposit rate floating plus 0.082%	September 2025
Notes payable to CTBC Bank		3,252			3,256		TAIBOR 3M plus 0.5%	December 2024
Notes payable to CTBC Bank		13,098			13,840		TAIBOR 3M plus 0.5%	May 2028
Notes payable to E Sun Bank		217			275		1-M deposit rate floating plus 0.08%	July 2027
Notes payable to E Sun Bank		1,325			1,516		1-M deposit rate floating plus 0.08%	July 2027
Notes payable to E Sun Bank		-			3,256		1-M deposit rate floating plus 0.08%	December 2024
Notes payable to HSBC		-			105,000		1M SOFR+Margin	January 2025
Notes payable to HSBC		-			18,558		1M SOFR+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		21,398			150,348
Less: Current portion of long-term debt		(4,419	)		(1,693	)
Less: Unamortized debt-issuance costs		-			(1,185	)
Total long-term debt, net of current portion	$	16,979		$	147,470

The table below sets forth the annual contractual maturities of long-term debt at December 31, 2023:


2024	$	4,419
2025		2,799
2026		1,178
2027		1,159
2028		10,587
2029 and thereafter		1,256
Total long-term debt	$	21,398

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Employee Benefit Plans - Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of our Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in Benefit Obligation [Roll Forward]
Service cost	$ 373	$ 245
Interest cost	4,687	2,834
Change in Plan Assets [Roll Forward]
Fair value of plan assets - ending	98,016
Pension Plan, Defined Benefit
Change in Benefit Obligation [Roll Forward]
Benefit obligation - beginning	98,797	166,764
Service cost	373	245
Interest cost	4,687	2,834
Actuarial loss (gain)	3,441	(48,234)
Benefits paid	(4,918)	(4,710)
Settlements	0	(1,052)
Currency changes	5,728	(17,050)
Benefit obligation - ending	108,108	98,797
Change in Plan Assets [Roll Forward]
Fair value of plan assets - beginning	91,307	155,029
Employer contribution	2,863	2,697
Actual return on plan assets	3,515	(44,637)
Benefits paid	(4,918)	(4,710)
Settlements	0	(1,230)
Currency changes	5,249	(15,842)
Fair value of plan assets - ending	98,016	91,307
Underfunded status	$ (10,092)	$ (7,490)

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Share-Based Compensation Expense

The table below sets forth the line items where share-based compensation expense was recorded for the twelve months ended December 31:


	2023		2022		2021
Cost of goods sold	$	1,860	$	1,630	$	1,321
Selling, general and administrative expense		24,470		30,295		28,188
Research and development expense		4,581		4,362		3,696
Total share-based compensation expense	$	30,911	$	36,287	$	33,205

Schedule of Share-Based Compensation Expense by Type

The table below sets forth share-based compensation expense by type for the twelve months ended December 31:


	2023		2022		2021
Share grants		30,894		36,251		33,132
Stock options		17		36		73
Total share-based compensation expense	$	30,911	$	36,287	$	33,205

Summary of Nonvested Share Grants

The table below sets forth a summary of our non-vested share grants in 2023, 2022 and 2021:


Restricted Stock Grants	Shares			Weighted Average Grant Date Fair Value ($)		Aggregate Intrinsic Value
Nonvested at December 31, 2021		1,402			54.94
Granted		535			69.87
Vested		(614	)		45.96	$	46,633
Forfeited and other		(55	)		61.87
Nonvested at December 31, 2022		1,269			65.29	$	96,634
Granted		645			84.87
Vested		(643	)		54.20	$	59,701
Forfeited and other		(48	)		73.33
Nonvested at December 31, 2023		1,223			81.02	$	98,493

Schedule of Share Based Compensation Stock Options Activity

The table below sets forth a summary of activity in our stock option plan:


Stock Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding and exercisable at December 31, 2021		5			27.92		0.4	$	409
Exercised during 2022		(5	)		27.92		0.4	$	409
Outstanding and exercisable at December 31, 2022 and 2023, respectively		-

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
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 our 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	These changes may be the result of settlements of ongoing audits or competent authority proceedings. At this time, an estimate of the range of the reasonably possible outcomes cannot be made.
Unrecognized tax benefits	$ 48,838,000	$ 48,072,000	$ 43,378,000	$ 42,466,000
Unrecognized tax benefits, if recognized, would affect the effective tax rate	$ 46,700,000
Income tax examination, description	We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2012. We are no longer subject to China income tax examinations by tax authorities for tax years before 2013. With respect to state and local jurisdictions and countries outside of the U.S., with limited exceptions, we are no longer subject to income tax audits for years before 2017. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest and penalties, if any, have been provided for in our reserve for any adjustments that may result from future tax audits. We recognize accrued interest and penalties, if any, related to unrecognized tax benefits in interest expense. We had an immaterial amount of accrued interest and penalties at December 31, 2023, 2022 and 2021.
Net deferred tax assets	$ 50,805,000	36,901,000
Tax credit carryforward, valuation allowance	8,600,000	8,600,000
Operating loss carryforward [Abstract]
Operating loss carryforwards, valuation allowance	16,700,000	33,800,000
Income taxes supplemental information [Abstract]
Statutory accounting practices, retained earnings not available for dividends	95,700,000
Additional tax on undistributed foreign earnings	52,000,000
Tax holidays	$ 700,000	$ 200,000	$ 200,000
Tax holidays basic EPS	$ 0.02	$ 0	$ 0
Tax holidays diluted EPS	$ 0.02	$ 0	$ 0
China
Income taxes supplemental information [Abstract]
Deferred tax liabilities, undistributed foreign earnings	$ 511,400,000
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Tax credit carryforward, expiration dates	Jan. 01, 2021
Operating loss carryforward [Abstract]
Operating loss carryforwards	$ 1,200,000
Operating loss carryforwards, expiration dates	Jan. 01, 2021
Foreign Tax Authority
Operating loss carryforward [Abstract]
Operating loss carryforwards	$ 222,700,000
Operating loss carryforwards, expiration dates		Jan. 01, 2021
Income taxes supplemental information [Abstract]
Deferred tax liabilities, undistributed foreign earnings	1,300,000,000
Research \| Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	0
Tax and Research \| State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	$ 9,600,000
ASU No. 2013-11
Tax Credit Carryforward [Line Items]
Net deferred tax assets		$ 38,000,000
Deferred tax assets operating loss carryforwards		$ 12,800,000

Share-Based Compensation - Schedule of Share-Based Compensation Expense by Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 30,911	$ 36,287	$ 33,205
Stock Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	17	36	73
Share Grants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 30,894	$ 36,251	$ 33,132

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 17 – Commitments and Contingencies

Lease commitments – We lease offices, manufacturing plants, equipment, vehicles and warehouses under various lease agreements expiring through 2048. For information related to our lease commitments see Note 9.

In addition, we have the following land right leases. None of the leases requires a rental payment.


	Term (years)	Expiration Date
Chengdu, China	50	2061
Shanghai, China*	50	2056
Shanghai, China*	50	2058
Shandong, China	50	2058
Yangzhou, China	50	2065

*Separate leases by separate Diodes’ subsidiaries

Purchase commitments – We have entered into non-cancelable purchase contracts for capital expenditures, primarily for manufacturing equipment, for approximately $30.5 million at December 31, 2023. As of December 31, 2023, we also had a commitment to purchase approximately $44.1 million of wafers to be used in our manufacturing process. These wafer purchases are scheduled to occur through 2025.

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 current pending legal proceeding will not have any material adverse effect on our 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 on 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. We record the appropriate liability when the amount is deemed probable and reasonably estimable. In addition, we do not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. The Company is not currently a party to any pending litigation that the Company considers material.

Share-based Compensation - Summary of Nonvested Share Grants (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of the status of non vested share grants [Roll Forward]
Beginning balance nonvested	1,269	1,402
Granted	645	535
Vested	(643)	(614)
Forfeited and other	(48)	(55)
Ending balance nonvested	1,223	1,269
Weighted-Average Grant-Date Fair Value [Roll Forward]
Beginning balance nonvested	$ 65.29	$ 54.94
Granted	84.87	69.87
Vested	54.2	45.96
Forfeited and other	73.33	61.87
Ending balance nonvested	$ 81.02	$ 65.29
Aggregate Intrinsic Value
Vested	$ 59,701	$ 46,633
Balance nonvested	$ 98,493	$ 96,634

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Information Related to Number of Instruments and Notional Amounts of Cross Currency Swaps

The table below sets forth the number of instruments and the notional amounts of the Company's cross currency swaps at December 31, 2023 and December 31, 2022:


	Number of Instruments				Notional Amount
	2023		2022		2023		2022
Cross currency swaps		2		2		160,000		160,000

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


	Fair Value
	Other Assets				Other Liabilities
	2023		2022		2023		2022
Cross currency swaps	$	-	$	1,427	$	6,936	$	6,314
Foreign-currency forward contracts		-		-		10,202		-

Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Income

The tables below sets forth the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the twelve months ended December 31 2023, 2022 and 2021:


Derivative Instruments	Amount of Gain or (Loss) Recognized in OCI on Derivative								Location of Gain or (Loss) Reclassified from OCI into	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Net Income							Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Designated as	December 31,								Accumulated	December 31,							Effectiveness	December 31,
Hedging Instruments	2023			2022		2021			Income	2023		2022		2021			Testing)	2023		2022		2021
Interest rate swaps and collars	$	-		$	-	$	(13	)	Interest expense	$	-	$	-	$	(555	)	N/A	$	-	$	-	$	-
Cross currency swaps		(1,442	)		5,383		989		N/A		-		-		-		Interest income		1,653		2,308		2,469
Foreign-currency forward contracts		(10,202	)		-		-		N/A		-		-		-		Interest income		4,304		-		-


	Amount of Gain or (Loss) Recognized in Net Income
	December 31,
Derivative Instruments Not Designated as Hedging Instruments	2023			2022			2021		Location of Gain or (Loss) Recognized in Net Income
Foreign currency forward contracts	$	(5,364	)	$	(21,188	)	$	3,925	Foreign currency loss, net

Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Note 6 – Intangible Assets

Intangible assets at December 31 were as follows:


December 31, 2023
Intangible Assets	Useful life	Gross Carrying Amount		Accumulated Amortization			Currency Exchange			Net
Amortized intangible assets
Patents	5-15 years	$	16,040	$	(15,699	)	$	(245	)	$	96
Developed product technology	2-10 years		169,499		(122,788	)		(6,192	)		40,519
Customer relationships	7-12 years		62,465		(46,656	)		(1,671	)		14,138
Software license and other	3-4 years		2,743		(2,677	)		(62	)		4
Total amortized intangible assets			250,747		(187,820	)		(8,170	)		54,757
Intangible assets with indefinite lives
In process research and development	Indefinite		-		-			-			-
Trademarks and trade names	Indefinite		10,303		-			(1,123	)		9,180
Total Intangible assets with indefinite lives			10,303		-			(1,123	)		9,180
Total intangible assets		$	261,050	$	(187,820	)	$	(9,293	)	$	63,937


December 31, 2022
Intangible Assets	Useful life	Gross Carrying Amount		Accumulated Amortization			Currency Exchange			Net
Amortized intangible assets
Patents	5-15 years	$	16,040	$	(15,437	)	$	(234	)	$	369
Developed product technology	2-10 years		169,499		(111,639	)		(6,176	)		51,684
Customer relationships	7-12 years		62,465		(42,784	)		(1,672	)		18,009
Software license and other	3-4 years		2,743		(2,677	)		(59	)		7
Total amortized intangible assets			250,747		(172,537	)		(8,141	)		70,069
Intangible assets with indefinite lives
In process research and development	Indefinite		-		-			-			-
Trademarks and trade names	Indefinite		10,303		-			(1,235	)		9,068
Total Intangible assets with indefinite lives			10,303		-			(1,235	)		9,068
Total intangible assets		$	261,050	$	(172,537	)	$	(9,376	)	$	79,137

Amortization expense related to intangible assets subject to amortization was $15.3 million, $15.6 million and $16.2 million for the twelve months ended December 31, 2023, 2022 and 2021, respectively. In process research and development is transferred to amortized intangible assets at the time the product becomes viable.

The weighted amortization period for intangible assets subject to amortization is 9.9 years. The schedule below sets future amortization expense of our currently owned intangible assets:


2024	$	14,899
2025		13,904
2026		12,340
2027		11,348
2028		878
2029 and thereafter		1,388
Total	$	54,757

Commitments and Contingencies - Summary of Land Right Leases (Details)

12 Months Ended

Dec. 31, 2023

Commitments And Contingencies [Line Items]

Land right lease term

50 years

Land Right Lease, Expiration Year

2058

Chengdu, China

Commitments And Contingencies [Line Items]

Land right lease term

50 years

Land Right Lease, Expiration Year

2061

Shanghai, China

Commitments And Contingencies [Line Items]

Land right lease term

50 years

^[1]

Land Right Lease, Expiration Year

2056

^[1]

Shanghai 1, China

Commitments And Contingencies [Line Items]

Land right lease term

50 years

^[1]

Land Right Lease, Expiration Year

2058

^[1]

Yangzhou, China

Commitments And Contingencies [Line Items]

Land right lease term

50 years

Land Right Lease, Expiration Year

2065

[1]	Separate leases by separate Diodes’ subsidiaries

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 9 – 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 table below sets forth the components of lease expense for the twelve months ended December 31:


	2023		2022		2021
Operating lease expense	$	13,066	$	13,275	$	16,533
Finance lease expense:
Amortization of assets		32		17		221
Interest on lease liabilities		3		1		1
Short-term lease expense		1,899		975		954
Variable lease expense		4,350		3,561		4,853
Total lease expense	$	19,350	$	17,829	$	22,562

The table below sets forth supplemental balance sheet information related to leases as of December 31:


	2023			2022
Operating leases:
Operating lease ROU assets	$	50,833		$	43,907

Current operating lease liabilities		8,840			7,390
Noncurrent operating lease liabilities		27,289			20,765
Total operating lease liabilities	$	36,129		$	28,155

Finance leases:
Finance lease ROU assets	$	2,717		$	2,618
Accumulated amortization		(2,573	)		(2,542	)
Finance lease ROU assets, net	$	144		$	76

Current finance lease liabilities	$	52		$	30
Non-current finance lease liabilities		94			46
Total finance lease liabilities	$	146		$	76

Weighted average remaining lease term (in years):
Operating leases		7.8			8.2
Finance leases		3.6			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 for the twelve months ended December 31:


	2023		2022		2021
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	18,609	$	17,788	$	24,040
Operating cash outflows from finance leases		3		1		1
Financing cash outflow from finance leases		115		69		291

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		14,251		8,384		13,038

The table below sets forth information about lease liability maturities:


	December 31,
	Operating Leases			Finance Leases
2024	$	10,099		$	57
2025		8,538			41
2026		6,579			21
2027		3,985			19
2028		1,912			18
2029		1,446			-
2030 and thereafter		10,275			-
Total lease payments		42,834			156
Less: imputed interest		(6,705	)		(10	)
Total lease obligations		36,129			146
Less: current obligations		(8,840	)		(52	)
Long-term lease obligations	$	27,289		$	94

Segment Information, Revenue and Enterprise-Wide Disclosures - Schedule of Net Sales by Direct Sales or Distributor and Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 1,661,739	$ 2,000,580	$ 1,805,162
Direct Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	530,446	590,173	607,645
Distributor Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	1,131,293	1,410,407	1,197,517
Asia
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	1,181,519	1,480,191	1,439,545
Europe
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	287,549	283,900	220,772
Americas
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 192,671	$ 236,489	$ 144,845

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
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+ Details

Accrued Liabilities and Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities and other current liabilities at December 31 were:


	2023		2022
Accrued expenses	$	60,102	$	66,192
Compensation and payroll taxes		64,000		82,349
Equipment purchases		14,602		30,486
Operating lease		8,840		7,390
Finance lease		52		30
Accrued pricing adjustments		26,423		18,777
Accrued professional services		2,300		2,825
Tax payable - non-income tax related		3,218		3,034
Other		137		3,350
	$	179,674	$	214,433

Schedule of Other Long-Term Liabilities

Other long-term liabilities at December 31 were:


	2023		2022
Accrued defined benefit plan	$	14,656	$	12,134
Operating lease		27,289		20,765
Finance lease		94		46
Deferred grants and subsidy		9,103		9,967
Deferred compensation		18,392		16,009
Tax contingencies		8,787		8,787
Other		21,487		13,188
	$	99,808	$	80,896

Derivative Financial Instruments - Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Currency Swap
Derivative [Line Items]
Derivative Asset	$ 0	$ 1,427
Derivative Liability	6,936	6,314
Foreign Currency Forward Contracts
Derivative [Line Items]
Derivative Asset	0	0
Derivative Liability	$ 10,202	$ 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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- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or 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 liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Share-Based Compensation - Schedule of Share Based Compensation Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Options, Shares:
Outstanding Beginning Shares	5
Exercised Shares	(5)
Outstanding Ending Shares	0	5
Weighted Average Exercise Price:
Outstanding Beginning Weighted Average Exercise Price	$ 27.92
Exercised Weighted Average Exercise Price	$ 27.92
Outstanding Ending Weighted Average Exercise Price		$ 27.92
Weighted Average Remaining Contractual Term:
Outstanding Weighted Average Remaining Contractual Term		4 months 24 days
Exercisable Weighted Average Remaining Contractual Term	4 months 24 days
Aggregate Intrinsic Value :
Outstanding Aggregate Intrinsic Value, beginning	$ 409
Exercised Aggregate Intrinsic Value	$ 409
Outstanding Aggregate Intrinsic Value, ending		$ 409

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory Current

Inventories, stated at the lower of cost or market value, at December 31 were:


	2023		2022
Finished goods	$	129,802	$	96,659
Work-in-progress		72,876		80,616
Raw materials		187,096		183,006
	$	389,774	$	360,281

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 – Income Taxes

The table below sets forth our income before taxes for the twelve months ended December 31:


Income before income taxes	2023		2022		2021
U.S.	$	172,781	$	221,288	$	122,127
Foreign		105,152		174,652		192,968
Total	$	277,933	$	395,940	$	315,095

The table below sets forth the components of our income tax provision (benefit) for the twelve months ended December 31:


	2023			2022			2021
Current tax provision
Federal	$	27,028		$	46,368		$	15,691
Foreign		34,408			37,598			25,489
State		54			56			(17	)
		61,490			84,022			41,163
Deferred tax provision (benefit)
Federal		(8,273	)		(6,486	)		(1,116	)
Foreign		(10,463	)		(25,537	)		31,222
State		(5	)		(8	)		-
		(18,741	)		(32,031	)		30,106

Liability for unrecognized tax benefits		4,536			4,694			7,538
Total income tax provision	$	47,285		$	56,685		$	78,807

Effective Tax Rate Reconciliation

The table below sets forth a reconciliation between the effective tax rate and the statutory tax rates for the twelve months ended December 31:


	2023						2022						2021
				Percent						Percent						Percent
				of pretax						of pretax						of pretax
	Amount			earnings*			Amount			earnings*			Amount			earnings*
Federal tax	$	58,366			21.0		$	83,147			21.0		$	66,170			21.0
State income taxes, net of federal tax provision		49			-			33			-			(474	)		(0.2	)
Foreign income taxed at different tax rates		834			0.3			(6,527	)		(1.6	)		(2,018	)		(0.6	)
U.S. tax impact of foreign operations		(14,778	)		(5.3	)		(7,369	)		(1.9	)		(17,375	)		(5.5	)
Foreign withholding taxes		5,751			2.1			(12,441	)		(3.1	)		33,175			10.5
Research and development		(5,497	)		(2.0	)		(5,865	)		(1.5	)		(6,310	)		(2.0	)
Liability for unrecognized tax benefits		4,536			1.6			4,694			1.2			7,538			2.4
Valuation allowance		2,109			0.8			(1,986	)		(0.5	)		(1,068	)		(0.3	)
Employee stock-based compensation		627			0.2			1,784			0.4			(812	)		(0.3	)
Other		(4,712	)		(1.7	)		1,215			0.3			(19	)		-
Income tax provision	$	47,285			17.0		$	56,685			14.3		$	78,807			25.0

* The sum of the amounts in the table may not equal to the effective tax rate due to rounding.

Uncertain Tax Positions

In accordance with the provisions related to accounting for uncertainty in income taxes, we recognize the benefit of a tax position if the position is “more likely than not” to prevail upon examination by the relevant tax authority. The table below sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	2023			2022			2021
Balance at January 1,	$	48,072		$	43,378		$	42,466
Additions based on tax positions related to the current year		11,370			10,022			9,244
Additions for prior year tax positions		110			75			138
Reductions for prior year tax positions		(10,714	)		(5,403	)		(8,470	)
Balance at December 31,	$	48,838		$	48,072		$	43,378

If the $48.8 million of unrecognized tax benefits as of December 31, 2023, is recognized, approximately $46.7 million would affect the effective tax rate. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of our unrecognized tax positions will significantly increase or decrease within the next 12 months. These changes may be the result of settlements of ongoing audits or competent authority proceedings. At this time, an estimate of the range of the reasonably possible outcomes cannot be made.

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. We are no longer subject to China income tax examinations by tax authorities for tax years before 2013. With respect to state and local jurisdictions and countries outside of the U.S., with limited exceptions, we are no longer subject to income tax audits for years before 2017. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest and penalties, if any, have been provided for in our reserve for any adjustments that may result from future tax audits. We recognize accrued interest and penalties, if any, related to unrecognized tax benefits in interest expense. We had an immaterial amount of accrued interest and penalties at December 31, 2023, 2022 and 2021.

Deferred Taxes

The table below sets forth our deferred tax assets and liabilities as of December 31:


	2023			2022
Deferred tax assets
Inventory cost	$	32,682		$	30,322
Accrued expenses and accounts receivable		6,120			6,931
Research and development tax credits		9,613			9,613
Net operating loss carryforwards		43,616			52,599
Lease obligations		3,042			3,845
Accrued pension		3,164			2,500
Share based compensation and others		21,754			20,088
		119,991			125,898
Valuation allowances		(25,836	)		(42,405	)
Total deferred tax assets, non-current		94,155			83,493
Deferred tax liabilities
Plant, equipment and intangible assets		(8,003	)		(6,595	)
Right of use assets		(6,358	)		(3,883	)
Outside basis differences and others		(28,989	)		(36,114	)
Total deferred tax liabilities, non-current		(43,350	)		(46,592	)
Net deferred tax assets	$	50,805		$	36,901

ASU No. 2013-11 provides that an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The $38.0 million net deferred tax asset presented in the balance sheet as of December 31, 2023, is net of $12.8 million of unrecognized tax benefits. The $50.8 million and $36.9 million net deferred tax asset presented above for December 31, 2023 and 2022, respectively, is prior to the net balance sheet presentation required by ASU 2013-11.

At December 31, 2023, we had no federal research credit carryforward and approximately $9.6 million of state tax credit and research credit carryforwards, which are available to offset future income tax liabilities. The state tax credit carryforwards will began expiring in 2023. Consistent with prior years, we determined that it is more likely than not that our state research credit carryforwards will expire before they are utilized. The valuation allowances recorded against the related deferred tax assets totaled $8.6 million as of December 31, 2023 and 2022.

At December 31, 2023, we had state net operating loss (“NOL”) carryforwards of approximately $1.2 million, and foreign NOL carryforwards of $222.7 million which are available to offset future taxable income. The state NOL carryforward began to expire in 2022. We determined that it is more likely than not that the state NOL carryforwards will expire before they are fully utilized and recorded a full valuation allowance on the related deferred tax assets. The foreign NOL carryforwards will began expiring in 2022. We determined that it is more likely than not that a portion of the foreign NOL carryforwards will expire before they are fully utilized. The valuation allowances recorded against the related deferred tax assets totaled $16.7 million and $33.8 million as of December 31, 2023 and 2022, respectively.

Supplemental Information

Our undistributed foreign earnings continue to be indefinitely reinvested in foreign operations, with limited exceptions related to earnings of European and Asian subsidiaries. As of December 31, 2023, we had undistributed earnings from non-U.S. operations of approximately $1.3 billion (including approximately $95.7 million of restricted earnings, which are not available for dividends). Undistributed earnings of our China subsidiaries comprise $511.4 million of this total. Additional Chinese withholding taxes of approximately $52.0 million would be required should the $511.4 million of such earnings be distributed out of China as dividends.

The impact of tax holidays decreased our tax expense by approximately $0.7 million, $0.2 million and ($0.2) million for the twelve months ended December 31, 2023, 2022 and 2021, respectively. The benefit of the tax holidays on basic and diluted earnings per share was $0.02, $0.00 and $0.00 for the twelve months ended December 31, 2023, 2022 and 2021, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 – Earnings per Share

Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive. Earnings per share are computed using the “treasury stock method.”


	Twelve Months Ended December 31,
	2023		2022		2021
Earnings (numerator)
Net income attributable to common stockholders	$	227,182	$	331,283	$	228,763

Shares (denominator)
Weighted average common shares outstanding (basic)		45,803		45,330		44,772
Dilutive effect of stock options and stock awards outstanding		508		706		1,009
Adjusted weighted average common shares outstanding (diluted)		46,311		46,036		45,781

Earnings per share attributable to common stockholders
Basic	$	4.96	$	7.31	$	5.11
Diluted	$	4.91	$	7.20	$	5.00

Stock options and stock awards excluded from EPS calculation because their inclusion would be anti-dilutive		138		82		1

Leases - Schedule of Operating and Finance Lease Liability Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Leases, 2024	$ 10,099
Operating Leases, 2025	8,538
Operating Leases, 2026	6,579
Operating Leases, 2027	3,985
Operating Leases, 2028	1,912
Operating Leases, 2029	1,446
Operating Leases, 2030 and thereafter	10,275
Operating Leases, Total lease payments	42,834
Operating Leases, Less: imputed interest	(6,705)
Total operating lease liabilities	36,129	$ 28,155
Operating Leases, Less: current obligations	(8,840)	(7,390)
Noncurrent operating lease liabilities	27,289	20,765
Finance Leases, 2024	57
Finance Leases, 2025	41
Finance Leases, 2026	21
Finance Leases, 2027	19
Finance Leases, 2028	18
Finance Leases, 2029	0
Finance Leases, 2030 and thereafter	0
Finance Leases, Total lease payments	156
Finance Leases, Less: imputed interest	(10)
Total finance lease liabilities	146	76
Finance Leases, Less: current obligations	(52)	(30)
Non-current finance lease liabilities	$ 94	$ 46

Restructuring Costs - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 1,583	$ 0	$ 0
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring cost	200	0	0
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring cost	207	0	0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring cost	1,139	0	0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring cost	$ 37	$ 0	$ 0

- 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

Bank Credit Agreements and Other Short-Term and Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 21,398	$ 150,348
Less: Current portion of long-term debt	(4,419)	(1,693)
Less: Unamortized debt-issuance costs	0	(1,185)
Long-term debt, net of current portion	16,979	147,470
Various during 2024
Debt Instrument [Line Items]
Short-term debt	$ 40,685	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	$ 1,880	2,063
Long-term debt, Interest Rate	2-yr deposit rate floating plus 0.1148%
Notes Payable to Bank \| Bank of Taiwan \| September 2025
Debt Instrument [Line Items]
Total long-term debt	$ 1,626	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	$ 3,252	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	$ 13,098	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]
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%
Notes Payable to Bank \| E Sun Bank \| July 2027
Debt Instrument [Line Items]
Total long-term debt	$ 217	275
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%
Notes Payable to Bank \| E Sun Bank \| July 2027
Debt Instrument [Line Items]
Total long-term debt	$ 1,325	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	$ 0	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
SOFR \| Notes Payable to Bank \| E Sun Bank \| December 2024
Debt Instrument [Line Items]
Total long-term debt	$ 0	3,256
SOFR \| Notes Payable to Bank \| HSBC \| January 2025
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 18,558
Long-term debt, Interest Rate	1M SOFR+Margin

Segment Information, Revenue and Enterprise-Wide Disclosures

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information, Revenue and Enterprise-Wide Disclosures

Note 16 – Segment Information, Revenue and Enterprise-Wide Disclosures

Segment Reporting. For financial reporting purposes, we operate in a single segment, standard semiconductor products, through our various manufacturing and distribution facilities. We aggregate our products because the products are similar and have similar economic characteristics, use similar production processes and share the same customer type. Our primary operations include operations in Asia, North America and Europe. The accounting policies of the operating entities are the same as those described in the summary of significant accounting policies. During the twelve months ended December 31, 2023, two customers, both broad-based distributors serving thousands of customers, accounted for 10% or more of our net sales. During the twelve months ended December 31, 2022 one customer, a broad-based distributor serving thousands of customers, accounted for 10% or more or our net sales. During the twelve

months ended December 31, 2021 no customer accounting for 10% or more of our net sales. At December 31, 2023, one of the customers that accounted for 10% or more of the Company's 2023 net sales also accounted for approximately 13.8% of our outstanding accounts receivable. No customer accounted for 10% or greater of our outstanding accounts receivable at December 31, 2022.

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


2023	Asia			Americas			Europe			Consolidated
Total sales	$	1,560,595		$	1,210,561		$	378,442		$	3,149,598
Inter-company sales		(684,927	)		(670,624	)		(132,308	)		(1,487,859	)
Net sales	$	875,668		$	539,937		$	246,134		$	1,661,739

Property, plant and equipment	$	545,865		$	85,005		$	115,299		$	746,169
Assets	$	1,600,858		$	544,247		$	222,554		$	2,367,659

2022	Asia			Americas			Europe			Consolidated
Total sales	$	1,891,855		$	1,361,223		$	358,930		$	3,612,008
Inter-company sales		(769,630	)		(722,872	)		(118,926	)		(1,611,428	)
Net sales	$	1,122,225		$	638,351		$	240,004		$	2,000,580

Property, plant and equipment	$	529,365		$	95,584		$	111,781		$	736,730
Assets	$	1,599,805		$	440,014		$	248,493		$	2,288,312

2021	Asia			Americas			Europe			Consolidated
Total sales	$	1,939,540		$	1,108,460		$	278,126		$	3,326,126
Inter-company sales		(730,058	)		(678,662	)		(112,244	)		(1,520,964	)
Net sales	$	1,209,482		$	429,798		$	165,882		$	1,805,162

Property, plant and equipment	$	456,109		$	22,943		$	103,026		$	582,079
Assets	$	1,547,518		$	415,133		$	231,844		$	2,194,495

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


Net Sales by Region	2023		2022		2021
Asia	$	1,181,519	$	1,480,191	$	1,439,545
Europe		287,549		283,900		220,772
Americas		192,671		236,489		144,845
Total net sales	$	1,661,739	$	2,000,580	$	1,805,162

Net Sales by Type	2023		2022		2021
Direct sales	$	530,446	$	590,173	$	607,645
Distributor sales		1,131,293		1,410,407		1,197,517
Total net sales	$	1,661,739	$	2,000,580	$	1,805,162

Net sales from products shipped to China for the twelve months ended December 31, 2023, 2022 and 2021, was $704.8 million $941.3 million and $938.1 million, 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
-Section 50
-Paragraph 15
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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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3 – Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

We use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent

sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. These two types of inputs create a three-tier fair value hierarchy that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 Inputs - Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities.

As of December 31, 2023, we had short-term and long-term investments. Long-term investments are included with Other long-term assets on the consolidated balance sheet. Trading securities held at December 31, 2023, were purchased on the open market and unrealized gains and losses are included in Other income (expense). The trading securities are valued under the fair value hierarchy using Level 1 Inputs. Short-term investments consist of investments such as time deposits, which are highly liquid with maturity dates greater than three months at the date of purchase. Generally, we can access these short-term investments in a relatively short amount of time but in doing so we generally forfeit a portion of earned and future interest income. Long-term investments consist of certain equity securities acquired as part of the LSC acquisition. Deferred compensation investments consist primarily of life insurance policies, but may also include investments in the Company’s stock, mutual funds and cash. See Note 13 for additional information related to our deferred compensation program and Note 18 for additional information related to our interest rate swaps and foreign currency hedges. The short-term investments, long-term investments and deferred compensation investments are valued under the fair value hierarchy using Level 1 and Level 2 Inputs.

Financial assets and liabilities carried at fair value as of December 31, 2023, are classified in the following table:


Description	Fair Market Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Changes in Fair Values Included in Current Period Earnings
Short-term investments	$	10,174	$	10,174	$	-	$	-	$	-
Long-term investments		25,521		25,521		-		-		3,007
Cross-currency swap liability		6,936		-		6,936		-		-
Foreign-currency forward and collar liability		10,202		-		10,202		-		-
Deferred compensation investments		14,638		169		14,469		-		2,587

Financial assets and liabilities carried at fair value as of December 31, 2022 are classified in the following table:


Description	Fair Market Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Changes in Fair Values Included in Current Period Earnings
Short-term investments	$	7,059	$	7,059	$	-	$	-	$	-
Long-term investments		22,918		22,918		-		-		(20,386	)
Cross-currency swap asset		1,427		-		1,427		-		-
Cross-currency swap liability		6,314		-		6,314		-		-
Deferred compensation investments		12,051		26		12,025		-		(3,048	)

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). We believe our long-term debt under our revolving credit facility approximates fair value and is valued

under the fair value hierarchy using Level 2 Inputs. Financial assets and financial liabilities measured at fair value on a non-recurring basis were not significant at December 31, 2023 and 2022.

We also are responsible for a pension plan in the U.K. that holds investments carried at fair value. See Note 13 below for additional information related to these pension plan investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 15 – Related Party Transactions

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

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.

Warren Chen, a member of the Company's board of directors serves as a member of the Nuvoton board of directors. We purchase wafers from Nuvoton for use in our production process and consider our relationships Nuvoton to be mutually beneficial, and plan to continue our strategic alliance with Nuvoton. We have an agreement to purchase approximately $18.1 million of wafers from Nuvoton that ends in the fourth quarter of 2025.

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

Atlas is an early stage privately held fabless wafer design company in which the Company holds a majority interest. The Company determined that Atlas is a VIE and the Company does not have the power to direct the activities that most significantly impact Atlas. The Company has therefore determined that the Company is not the primary beneficiary. For additional information related to Atlas see Note 19 - Equity Investments - Variable Interest Entities, below.

The tables below set forth the revenues, expenses, accounts receivable and accounts payable with our related parties. The tables below set forth the net sales, purchases and expenses, for the twelve months ended December 31:


	2023		2022		2021
Keylink
Net sales	$	12,595	$	19,998	$	19,689
Purchases	$	1,535	$	1,949	$	2,015
Plating, rental and consulting expense	$	16,916	$	18,176	$	17,922
Nuvoton
Net sales	$	49	$	149	$	65
Purchases	$	10,454	$	15,068	$	9,764
JCP
Purchases	$	364	$	581	$	1,240
Atlas
Purchases	$	177	$	-	$	-

The table below sets forth accounts receivable from and accounts payable to related parties at December 31:


	2023		2022
Keylink
Accounts receivable	$	34,774	$	40,510
Accounts payable	$	33,882	$	33,733
Nuvoton
Accounts receivable	$	26	$	30
Accounts payable	$	924	$	2,859
JCP
Accounts payable	$	159	$	133
Atlas
Accounts payable	$	133	$	-

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

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Employee Benefit Plans - Schedule of Assumptions Used (Details) - Pension Plan, Defined Benefit	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined benefit plan, Weighted average assumptions used in calculating net periodic benefit cost [Abstract]
Discount rate	4.70%	4.70%
Expected long-term return on plan assets	6.10%	6.10%
Defined benefit plan, Weighted average assumptions used in calculating benefit obligation [Abstract]
Discount rate	4.40%	4.70%

Employee Benefit Plans - Expected long-term return by asset category (Details)	12 Months Ended
	Dec. 31, 2023
Growth assets
Expected Long Term Return [Abstract]
Expected long-term return	7.50%
Asset allocation [Abstract]
Asset allocation	50.00%
Hedging assets
Expected Long Term Return [Abstract]
Expected long-term return	4.10%
Asset allocation [Abstract]
Asset allocation	35.00%
Cash
Expected Long Term Return [Abstract]
Expected long-term return	5.30%
Asset allocation [Abstract]
Asset allocation	15.00%

Summary of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Component of Comprehensive Income

As of December 31, the accumulated balance for each component of comprehensive income is as follows:


	2023			2022			2021
Unrealized foreign currency losses	$	(63,171	)	$	(89,059	)	$	(7,760	)
Unrealized (loss) gain on cross currency and interest rate swaps, net of tax	$	(37,294	)	$	2,122		$	(2,157	)
Unrealized loss on defined benefit plan	$	(42,762	)	$	(41,296	)	$	(40,600	)

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisitions and Divestitures

Note 20 – Acquisitions and Divestitures

Wafer Fabrication Plant in South Portland, Maine

On June 3, 2022, the Company completed the acquisition of onsemi's wafer fabrication facility and operations located in South Portland, Maine ("SPFAB"). 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		77,825
Goodwill		1,069
Total assets purchased	$	80,408

Manufacturing Subsidiary Located in China

In December 2021, the Company closed a transaction to sell a manufacturing subsidiary in China for total consideration of approximately $41.5 million, which included a combination of cash and equity. The cash consideration consists of $15.2 million of agreed upon cash and a $23.3 million working capital adjustment while the equity is valued at $3.1 million, which increases the Company’s investment in the buyer to approximately 10%. The Company and the purchaser of the manufacturing facility have entered into an ongoing agreement in which the purchaser will continue to provide wafer -foundry services, on a preferential basis to the Company.

Management determined that the disposal group met the held-for-sale criteria and reclassified the carrying value of the disposal group to assets held-for-sale, which were previously included in prepaid expenses and other in the consolidated balance sheet. Upon closing of the transaction, Management derecognized the amounts previously classified as held-for-sale and recorded a gain on the sale of $9.5 million. The gain is recorded in other income in the Company's consolidated statement of income. Neither the buyer nor the manufacturing facility will be considered related parties after the transaction. The table below sets forth the major classes of assets and liabilities that were previously classified as held-for-sale on the consolidated balance sheet and the gain recognized in other income on the consolidated statement of income:


Assets
Cash and cash equivalents	$	8,936
Accounts receivable, net		16,347
Inventories, net		5,415
Other current assets		1,387
Property, plant and equipment		5,598
Deferred income tax		3,198
Other long-term assets		4,807
Total assets disposed	$	45,688

Liabilities
Accounts payable		5,025
Accrued liabilities and other		4,913
Other long-term liabilities		2,471
Total liabilities disposed		12,409
Net assets disposed	$	33,279

Other Investment

In August 2021, the Company entered into an agreement to make an investment in Taiwan. The Company's investment is $5.4 million for 60% ownership of a company and is being consolidated into our consolidated financial statements. The purpose of the investment is to engage in the development of power modules for the automotive markets. The investment received Taiwan government approval in October 2021, and the Company made the $5.4 million payment in October 2021.

Acquisitions and Divestitures - Summary of Major Classes of Assets and Liabilities Classified as Held-for-Sale on Condensed Consolidated Balance Sheet and Gain Recognized In Other Income on The Consolidated Statement of Income (Details) - Assets Held-for-Sale $ in Thousands	Dec. 31, 2021 USD ($)
Assets
Cash and cash equivalents	$ 8,936
Accounts receivable, net	16,347
Inventories, net	5,415
Other current assets	1,387
Property, plant and equipment	5,598
Deferred income tax	3,198
Other long-term assets	4,807
Total assets disposed	45,688
Liabilities
Accounts payable	5,025
Accrued liabilities and other	4,913
Other long-term liabilities	2,471
Total liabilities disposed	12,409
Net assets disposed	$ 33,279

Equity Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Equity Investments

Note 19 - 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. During the twelve months ended December 31, 2023 and 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 has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. 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. The Company will reassess whether they are the primary beneficiary at each reporting date.

Unconsolidated Variable Interest Entity

During July 2021, the Company acquired an interest in Atlas, an early stage privately held fabless wafer design company located in the western United States. The Company’s initial investment in July 2021 was $10.0 million of preferred stock and a $5.0 million convertible promissory note. In April 2023, the Company acquired an additional interest in Atlas by purchasing $13.9 million of preferred stock. The primary purpose for providing the additional investment in Atlas was for continued access to developing technology with potential future benefit to the Company. As part of the April 2023 agreement, the Company’s previously held convertible note converted to $5.2 million of preferred stock and at December 31, 2023, the Company owned more than 50% of Atlas. The Company determined that Atlas is a VIE and a related party. While the Company does own more that 50% of Atlas, according to the voting agreement governing the transaction, the Company does not have the power to control the board of directors or direct the activities that most significantly impact Atlas, including:

•

The hiring and firing of officers (i.e., CEO, CFO, etc.) – The hiring and firing of personnel responsible for making the key daily decisions and implementing the strategic operating direction will determine the success the Company has in their initiatives, thereby affecting the economic performance;

•

Determining the business plan and budget, including incurring additional indebtedness or issuing additional equity interests – As Atlas is thinly capitalized, the decisions around when and how to obtain cash will influence whether AM can continue operating; and

•

Determining the strategic operating direction of Atlas – The decisions made around the significant operating direction of Atlas will significantly impact the overall performance of the Company by determining where and how Atlas limited capital is spent without having significant revenues to keep the Company operating.

As the Company is not the primary beneficiary of Atlas, the Company did not consolidate the assets and liabilities of Atlas in our financial statements and instead accounts for the investment under 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 acquiring additional equity interest in Atlas in May 2023, the Company recorded an upward adjustment of $15.3 million during the nine months ended December 31, 2023. Atlas is funded through debt and equity. The Company's maximum exposure to loss is limited to its investment in Atlas and notes receivable and accrued interest owed to the Company from Atlas.

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


	December 31,
	2023		2022
Privately Held Wafer Design Company ("PWDC")
VIE total assets	$	26,445	$	13,671
VIE total liabilities		4,532		6,625

Diodes' preferred equity in VIE	$	44,420	$	10,000
Diodes' note receivable from VIE		4,000		5,000
Diodes' interest receivable from VIE		45		222
Diodes' maximum exposure to loss	$	48,465	$	15,222

Earnings Per Share - Additional Information (Details)	12 Months Ended
Earnings Per Share - Additional Information (Details)	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per share reconciliation disclosure	Basic earnings per share is calculated by dividing net earnings attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive.

Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

The table below sets forth the restructuring costs, recorded in restructuring expense in the condensed consolidated statements of operations, incurred during the twelve months ended December 31, 2023, 2022 and 2021:


	For the Twelve Months Ended December 31,
	2023		2022		2021
Asset impairment	$	200	$	-	$	-
Contract termination		207		-		-
Employee severance		1,139		-		-
Other		37		-		-
	$	1,583	$	-	$	-

Schedule of Costs Accrued Related to the Restructuring

The table below sets forth the costs accrued related to the restructuring:


	Contract Termination		Employee Severance			Other			Total
Beginning balance, December 31, 2022	$	-	$	-		$	-		$	-
Costs accrued		207		1,139			245			1,592
Costs paid		-		(1,139	)		(135	)		(1,274	)
Ending balance, December 31, 2023	$	207	$	-		$	110		$	317

Note 22 - Subsequent Event

During January 2024, Diodes Hong Kong Limited, a company incorporated under the laws of Hong Kong and a subsidiary of the Company, entered into an amendment of its US Dollar revolving loan facility in an aggregate amount equal to $90.0 million (the "Facility"). The Facility was previously $105.0 million, with a maturity date of January 2025. In addition the changing the amount of the Facility, this amendment also changed the maturity date of January 2027. The Facility is governed by the laws of Hong Kong.

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 4 – Inventories

Inventories, stated at the lower of cost or market value, at December 31 were:


	2023		2022
Finished goods	$	129,802	$	96,659
Work-in-progress		72,876		80,616
Raw materials		187,096		183,006
	$	389,774	$	360,281

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 02, 2024	Jun. 30, 2023
Cover [Abstract]
Document type	10-K
Document period end date	Dec. 31, 2023
Amendment flag	false
Entity registrant name	DIODES INC /DEL/
Entity central index key	0000029002
Entity Current Reporting Status	Yes
Entity voluntary filers	No
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity well known seasoned issuer	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity common stock shares outstanding		45,939,804
Entity public float			$ 4.1
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	DIOD
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 Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Auditor Name	Moss Adams LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	659
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed with the United States Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A in connection with the 2024 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report. The proxy statement will be filed with the SEC not later than 120 days after the registrant’s fiscal year ended December 31, 2023.
Document Financial Statement Error Correction [Flag]	false

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	$ 250,747	$ 250,747
Accumulated Amortization	(187,820)	(172,537)
Currency Exchange	(8,170)	(8,141)
Total	54,757	70,069
Gross Carrying Amount	10,303	10,303
Currency Exchange	(1,123)	(1,235)
Net	9,180	9,068
Intangible Assets, Gross (Excluding Goodwill), Total	261,050	261,050
Total Intangible Assets - Accumulated Amortization	(187,820)	(172,537)
Total Intangible Assets - Currency Exchange and Other	(9,293)	(9,376)
Total Intangible Assets - Net	63,937	79,137
In Process Research and Development
Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	0	0
Net	0	0
Trademarks and Trade Names
Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	10,303	10,303
Currency Exchange	(1,123)	(1,235)
Net	9,180	9,068
Patents
Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	16,040	16,040
Accumulated Amortization	(15,699)	(15,437)
Currency Exchange	(245)	(234)
Total	$ 96	$ 369
Patents \| Minimum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	5 years	5 years
Patents \| Maximum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	15 years	15 years
Developed Product Technology
Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	$ 169,499	$ 169,499
Accumulated Amortization	(122,788)	(111,639)
Currency Exchange	(6,192)	(6,176)
Total	$ 40,519	$ 51,684
Developed Product Technology \| Minimum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	2 years	2 years
Developed Product Technology \| Maximum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	10 years	10 years
Customer Relationships
Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	$ 62,465	$ 62,465
Accumulated Amortization	(46,656)	(42,784)
Currency Exchange	(1,671)	(1,672)
Total	$ 14,138	$ 18,009
Customer Relationships \| Minimum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	7 years	7 years
Customer Relationships \| Maximum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	12 years	12 years
Software License And Other
Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	$ 2,743	$ 2,743
Accumulated Amortization	(2,677)	(2,677)
Currency Exchange	(62)	(59)
Total	$ 4	$ 7
Software License And Other \| Minimum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	3 years	3 years
Software License And Other \| Maximum
Intangible Assets Net Excluding Goodwill [Line Items]
Useful life	4 years	4 years

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, 2020	$ 1,016,123	$ 35,692	$ (335,910)	$ 449,598	$ 888,046	$ (73,606)	$ 963,820	$ 52,303
Common stock shares beginning at Dec. 31, 2020		53,536	(9,260)
Total comprehensive income	259,377				228,763	23,089	251,852	7,525
Net changes in noncontrolling interests	5,629			(25)			(25)	5,654
Common stock issued for share-based plans	4,337	$ 503		3,834			4,337
Common stock issued for share-based plans, shares		754
Share-based compensation	32,081			32,081			32,081
Deferred compensation plan			$ (984)	984
Deferred compensation plan, shares			(13)
Tax related to net share settlement	(14,823)			(14,823)			(14,823)
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 ending at Dec. 31, 2021		54,290	(9,273)
Total comprehensive income	261,539				331,283	(77,716)	253,567	7,972
Net changes in noncontrolling interests	(5,194)			(1,014)			(1,014)	(4,180)
Common stock issued for share-based plans	140	$ 308		(168)			140
Common stock issued for share-based plans, shares		461
Share-based compensation	36,010			36,010			36,010
Deferred compensation plan			$ (596)	596
Deferred compensation plan, shares			(9)
Tax related to net share settlement	(12,300)			(12,300)			(12,300)
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 ending at Dec. 31, 2022	45,469,722	54,751	(9,282)
Total comprehensive income	$ 215,654				227,182	(14,994)	212,188	3,466
Net changes in noncontrolling interests	(3,804)							(3,804)
Common stock issued for share-based plans		$ 316		(316)
Common stock issued for share-based plans, shares		474
Share-based compensation	30,545			30,545			30,545
Deferred compensation plan			$ (496)	496
Deferred compensation plan, shares			(5)
Tax related to net share settlement	(15,637)			(15,637)			(15,637)
BALANCE at Dec. 31, 2023	$ 1,809,677	$ 36,819	$ (337,986)	$ 509,861	$ 1,675,274	$ (143,227)	$ 1,740,741	$ 68,936
Common stock shares ending at Dec. 31, 2023	45,938,382	55,225	(9,287)

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments	$ 30.5
Long-term purchase commitment, Amount	$ 44.1

Derivative Financial Instruments - Summary of Information Related to Number of Instruments and Notional Amounts of Cross Currency Swaps (Details) - Cross Currency Swaps - Designated as Hedging Instrument $ in Thousands	Dec. 31, 2023 USD ($) DerivativeInstruments	Dec. 31, 2022 USD ($) DerivativeInstruments
Derivative [Line Items]
Number of Instruments \| DerivativeInstruments	2	2
Notional Amount \| $	$ 160,000	$ 160,000

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Inventory cost	$ 32,682	$ 30,322
Accrued expenses and accounts receivable	6,120	6,931
Research and development tax credits	9,613	9,613
Net operating loss carryforwards	43,616	52,599
Lease obligations	3,042	3,845
Accrued pension	3,164	2,500
Share based compensation and others	21,754	20,088
Total deferred tax assets, include valuation allowance	119,991	125,898
Valuation allowances	(25,836)	(42,405)
Total deferred tax assets, non-current	94,155	83,493
Deferred tax liabilities
Plant, equipment and intangible assets	(8,003)	(6,595)
Right of use assets	(6,358)	(3,883)
Outside basis differences and others	(28,989)	(36,114)
Total deferred tax liabilities, non-current	(43,350)	(46,592)
Net deferred tax assets	$ 50,805	$ 36,901

Employee Benefit Plans - Net periodic benefit costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	$ 373	$ 245
Interest cost	4,687	2,834
Recognized actuarial loss	$ 3,082	$ 2,211
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Expected return on plan assets	$ (5,686)	$ (7,405)
Prior service cost	65	64
Net periodic benefit cost	$ 2,521	$ (2,051)

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 5 – Property, Plant and Equipment

Property, plant and equipment at December 31 were:


	2023			2022
Buildings and leasehold improvements	$	340,488		$	323,941
Machinery and equipment		1,201,400			1,137,737
		1,541,888			1,461,678
Less: Accumulated depreciation and amortization		(1,004,270	)		(913,245	)
		537,618			548,433
Construction in-progress		134,333			120,451
Land		74,218			67,846
	$	746,169		$	736,730

Depreciation and amortization of property, plant and equipment was $122.0 million, $112.1 million and $106.2 million for the twelve months ended December 31, 2023, 2022 and 2021, respectively.

Bank Credit Agreements and Other Short-Term and Long-Term Debt - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Line Of Credit Facility [Line Items]
Dividents payable Permitted	$ 75.0
Maximum
Line Of Credit Facility [Line Items]
Dividents payable Permitted	75.0
Short-Term Debt
Line Of Credit Facility [Line Items]
Lines of credit unused and available	106.8
Line of credit facility advanced under foreign credit line	40.7
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
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]
Credit agreement amendment date	May 26, 2023
Credit agreement commencement date	May 29, 2020
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 \| Long-Term Debt \| Minimum
Line Of Credit Facility [Line Items]
Consolidated leverage ratio	0.25%
Credit Agreement \| Long-Term Debt \| Maximum
Line Of Credit Facility [Line Items]
Consolidated leverage ratio	1.00%
Revolver \| Long-Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 225.0
Swing Line Facility \| Long-Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	50.0
Letter of Credit \| Long-Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	100.0
Alternative Currency Sublimit Facility \| Long-Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	40.0
Incremental Term Loan Facility \| Long-Term Debt
Line Of Credit Facility [Line Items]
Long-term debt, aggregate principal amount	350.0
Unsecured \| Short-Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 147.9

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 30,911	$ 36,287	$ 33,205
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	1,860	1,630	1,321
Selling, General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	24,470	30,295	28,188
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 4,581	$ 4,362	$ 3,696

Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 14,899
2025	13,904
2026	12,340
2027	11,348
2028	878
2029 and thereafter	1,388
Total	$ 54,757	$ 70,069

Goodwill - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill beginning balance	$ 144,757	$ 149,890
Acquisitions		1,818
Foreign currency translation adjustment	1,801	(6,951)
Goodwill ending balance	$ 146,558	$ 144,757

- Definition

+ References + Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,661,739	$ 2,000,580	$ 1,805,162
Cost of goods sold	1,003,557	1,173,343	1,134,802
Gross profit	658,182	827,237	670,360
Operating expenses
Selling, general and administrative	257,939	280,877	257,710
Research and development	134,868	126,316	119,200
Amortization of acquisition related intangible assets	15,282	15,610	16,216
Restructuring cost	1,583	0	0
(Gain) Loss on disposal of fixed assets	(2,045)	(3,651)	246
Other operating (income) expense	(16)	(108)	1,003
Total operating expense	407,611	419,044	394,375
Income from operations	250,571	408,193	275,985
Other (expense) income
Interest income	13,338	3,672	3,139
Interest expense	(5,700)	(8,320)	(7,491)
Foreign currency (loss) gain, net	(5,264)	2,122	(2,107)
Unrealized gain (loss) on investments	18,267	(16,514)	28,018
Other income	6,721	6,787	17,551
Total other income (expense)	27,362	12,253	39,110
Income before income taxes and noncontrolling interest	277,933	395,940	315,095
Income tax provision	47,285	56,685	78,807
Net income	230,648	339,255	236,288
Less: net income attributable to noncontrolling interest	(3,466)	(7,972)	(7,525)
Net income attributable to common stockholders	$ 227,182	$ 331,283	$ 228,763
Earnings per share attributable to common stockholders:
Basic	$ 4.96	$ 7.31	$ 5.11
Diluted	$ 4.91	$ 7.2	$ 5
Number of shares used in earnings per share computation:
Basic	45,803	45,330	44,772
Diluted	46,311	46,036	45,781

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 122,048	$ 112,149	$ 106,219

Share Based Compensation - Schedule of Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares
Stock Options Outstanding [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 27.92

Segment Information, Revenue and Enterprise-Wide Disclosures - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($) Customer
Entity Wide Revenue Major Customer [Line Items]
Number of customer did not account for 10% or more of net sales			0
Net sales \| $	$ 1,661,739	$ 2,000,580	$ 1,805,162
Number of customer accounted for 10% or greater of outstanding accounts receivable	1	0
China
Entity Wide Revenue Major Customer [Line Items]
Net sales \| $	$ 704,800	$ 941,300	$ 938,100
Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Number of customer accounted for 10% or more of revenue	2	1
Accounts receivable [Member] \| Sales revenue net [Member] \| Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

Note 14 – Share-Based Compensation

In May 2022, our stockholders approved our 2022 Equity Incentive Plan (“2022 Plan”). Since the approval of the 2022 Plan, all share-based compensation awards have been granted under and will continue to be granted under the 2022 Plan, no additional share-based awards will be granted under any previous plan. The number of shares authorized to be awarded under the 2022 Plan is 7.0 million shares.

The table below sets forth the line items where share-based compensation expense was recorded for the twelve months ended December 31:


	2023		2022		2021
Cost of goods sold	$	1,860	$	1,630	$	1,321
Selling, general and administrative expense		24,470		30,295		28,188
Research and development expense		4,581		4,362		3,696
Total share-based compensation expense	$	30,911	$	36,287	$	33,205

The table below sets forth share-based compensation expense by type for the twelve months ended December 31:


	2023		2022		2021
Share grants		30,894		36,251		33,132
Stock options		17		36		73
Total share-based compensation expense	$	30,911	$	36,287	$	33,205

Share Grants – Restricted stock awards and restricted stock units generally vest in equal annual installments over a four-year period. Restricted stock grants are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized on a straight-line basis over the requisite four-year service period.

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

The table below sets forth a summary of our non-vested share grants in 2023, 2022 and 2021:


Restricted Stock Grants	Shares			Weighted Average Grant Date Fair Value ($)		Aggregate Intrinsic Value
Nonvested at December 31, 2021		1,402			54.94
Granted		535			69.87
Vested		(614	)		45.96	$	46,633
Forfeited and other		(55	)		61.87
Nonvested at December 31, 2022		1,269			65.29	$	96,634
Granted		645			84.87
Vested		(643	)		54.20	$	59,701
Forfeited and other		(48	)		73.33
Nonvested at December 31, 2023		1,223			81.02	$	98,493

The total unrecognized share-based compensation expense as of December 31, 2023, was approximately $62.8 million, relating to share grants, which was expected to be recognized over a weighted average period of approximately 2.3 years.

Stock Options – All stock option expense is related to stock options granted by Savitech Corporation (“Savitech”) in Savitech stock to their employees. We acquired a controlling interest in Savitech in 2020. Total cash received from option exercises was approximately $0.0 million, $0.1 million and $4.3 million during 2023, 2022 and 2021, respectively.

At December 31, 2023, there was no unrecognized compensation expense related to unvested options.

The table below sets forth a summary of activity in our stock option plan:


Stock Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding and exercisable at December 31, 2021		5			27.92		0.4	$	409
Exercised during 2022		(5	)		27.92		0.4	$	409
Outstanding and exercisable at December 31, 2022 and 2023, respectively		-

Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

Changes in goodwill for the twelve months ended December 31, were as follows:


Balance at December 31, 2021	$	149,890
Acquisitions		1,818
Foreign currency translation adjustment		(6,951	)
Balance at December 31, 2022		144,757
Foreign currency translation adjustment		1,801
Balance at December 31, 2023	$	146,558

- 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
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]

Federal tax

$ 58,366

$ 83,147

$ 66,170

State income taxes, net of federal tax provision

(474)

Foreign income taxed at different tax rates

834

(6,527)

(2,018)

U.S. tax impact of foreign operations

(14,778)

(7,369)

(17,375)

Foreign withholding taxes

5,751

(12,441)

33,175

Research and development

(5,497)

(5,865)

(6,310)

Liability for unrecognized tax benefits

4,536

4,694

7,538

Valuation allowance

2,109

(1,986)

(1,068)

Employee stock-based compensation

627

1,784

(812)

Other

(4,712)

1,215

(19)

Total income tax provision

$ 47,285

$ 56,685

$ 78,807

Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]

Income tax rate, Federal tax

^[1]

21.00%

Income tax rate, State income taxes, net of federal tax provision

^[1]

0.00%

(0.20%)

Income tax rate, Foreign income taxed at different tax rates

^[1]

0.30%

(1.60%)

(0.60%)

Income tax rate, U.S. tax impact of foreign operations

^[1]

(5.30%)

(1.90%)

(5.50%)

Income tax rate, Foreign withholding taxes

^[1]

2.10%

(3.10%)

10.50%

Income tax rate, Research and development

^[1]

(2.00%)

(1.50%)

(2.00%)

Income tax rate, Liability for unrecognized tax benefits

^[1]

1.60%

1.20%

2.40%

Income tax rate, Valuation allowance

^[1]

0.80%

(0.50%)

(0.30%)

Income tax rate, Employee stock-based compensation

^[1]

0.20%

0.40%

(0.30%)

Income tax rate, Other

^[1]

(1.70%)

0.30%

Income tax rate, Total

^[1]

17.00%

14.30%

25.00%

[1]	* The sum of the amounts in the table may not equal to the effective tax rate due to rounding.

Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Event

Note 22 - Subsequent Event

Derivative Financial Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 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 to decrease the foreign exchange risk inherent in the Company’s investment in some of its foreign subsidiaries.
Net derivative losses will be reclassified from AOCI into net income	$ 0
Posted collateral related to agreements	0	$ 0
Foreign Currency Forward Contracts
Derivative [Line Items]
Fair value of foreign currency derivative instruments not designated as hedging	$ 230,400,000	$ 183,100,000

- 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

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

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		77,825
Goodwill		1,069
Total assets purchased	$	80,408

Summary of Major Classes of Assets and Liabilities Classified as Held-for-Sale on Condensed Consolidated Balance Sheet and Gain Recognized In Other Income on The Consolidated Statement of Income

The table below sets forth the major classes of assets and liabilities that were previously classified as held-for-sale on the consolidated balance sheet and the gain recognized in other income on the consolidated statement of income:


Assets
Cash and cash equivalents	$	8,936
Accounts receivable, net		16,347
Inventories, net		5,415
Other current assets		1,387
Property, plant and equipment		5,598
Deferred income tax		3,198
Other long-term assets		4,807
Total assets disposed	$	45,688

Liabilities
Accounts payable		5,025
Accrued liabilities and other		4,913
Other long-term liabilities		2,471
Total liabilities disposed		12,409
Net assets disposed	$	33,279

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 45
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+ Details

Related Party Transactions - Schedule of Account Receivable and Payable of Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Keylink
Related Party Transaction [Line Items]
Accounts receivable	$ 34,774	$ 40,510
Accounts payable	33,882	33,733
Nuvoton
Related Party Transaction [Line Items]
Accounts receivable	26	30
Accounts payable	924	2,859
JCP
Related Party Transaction [Line Items]
Accounts payable	159	133
Atlas
Related Party Transaction [Line Items]
Accounts payable	$ 133	$ 0

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangibles	$ 15,282	$ 15,610	$ 16,216
Weighted amortization period for intangible assets	9 years 10 months 24 days

Acquisitions and Divestitures - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 03, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Aug. 31, 2021
Business Acquisition [Line Items]
Business acquisition percentage of increases in investment		10.00%
Net sales			$ 1,661,739	$ 2,000,580	$ 1,805,162
Net income attributable to common stockholders			227,182	331,283	228,763
Additional interest expense included in unaudited proforma consolidated results			5,700	8,320	7,491
Reduction income tax expense benefit included in unaudited proforma consolidated results			$ 47,285	$ 56,685	78,807
Joint Venture Agreement
Business Acquisition [Line Items]
Investment in joint venture						$ 5,400	$ 5,400
Equity Method Investment, Ownership Percentage							60.00%
South Portland Maine [Member]
Business Acquisition [Line Items]
Total consideration paid	$ 80,400
South Portland Maine [Member] \| Selling, General and Administrative
Business Acquisition [Line Items]
Acquisition costs	$ 500
Assets Held-for-Sale
Business Acquisition [Line Items]
Total consideration paid		$ 41,500			41,500
Cash consideration		15,200			$ 15,200
Working capital adjustments		23,300
Equity value		3,100
Assets Held-for-Sale \| Other Income
Business Acquisition [Line Items]
Gain or loss on reclassification of disposal group to held-for-sale		$ 9,500

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	$ 230,648	$ 339,255	$ 236,288
Unrealized (loss) gain on defined benefit plan, net of tax	(1,466)	(697)	7,818
Unrealized (loss) gain on swaps and collars, net of tax	(13,619)	4,279	1,417
Unrealized foreign currency gain (loss), net of tax	91	(81,298)	13,854
Comprehensive income	215,654	261,539	259,377
Less: Comprehensive income attributable to noncontrolling interest	(3,466)	(7,972)	(7,525)
Total comprehensive income attributable to common stockholders	$ 212,188	$ 253,567	$ 251,852

- 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 - Component of Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized foreign currency losses	$ (63,171)	$ (89,059)	$ (7,760)
Unrealized (loss) gain on cross currency and interest rate swaps, net of tax	(37,294)	2,122	(2,157)
Unrealized loss on defined benefit plan	$ (42,762)	$ (41,296)	$ (40,600)

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings (numerator)
Net income attributable to common stockholders	$ 227,182	$ 331,283	$ 228,763
Shares (denominator)
Weighted average common shares outstanding (basic)	45,803,000	45,330,000	44,772,000
Dilutive effect of stock options and stock awards outstanding	508,000	706,000	1,009,000
Adjusted weighted average common shares outstanding (diluted)	46,311,000	46,036,000	45,781,000
Earnings per share attributable to common stockholders
Basic	$ 4.96	$ 7.31	$ 5.11
Diluted	$ 4.91	$ 7.2	$ 5
Stock options and stock awards excluded from EPS calculation because their inclusion would be anti-dilutive	138	82	1

Restructuring Costs

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Costs

Note 21 – Restructuring costs

During 2023, the Company began the process to consolidate certain activities performed at one of its foreign locations.


	For the Twelve Months Ended December 31,
	2023		2022		2021
Asset impairment	$	200	$	-	$	-
Contract termination		207		-		-
Employee severance		1,139		-		-
Other		37		-		-
	$	1,583	$	-	$	-

The table below sets forth the costs accrued related to the restructuring:


	Contract Termination		Employee Severance			Other			Total
Beginning balance, December 31, 2022	$	-	$	-		$	-		$	-
Costs accrued		207		1,139			245			1,592
Costs paid		-		(1,139	)		(135	)		(1,274	)
Ending balance, December 31, 2023	$	207	$	-		$	110		$	317

Note 22 - Subsequent Event

Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Buildings and leasehold improvements, Gross	$ 340,488	$ 323,941
Machinery and equipment	1,201,400	1,137,737
Property, plant and equipment, at cost	1,541,888	1,461,678
Less: Accumulated depreciation and amortization	(1,004,270)	(913,245)
Net	537,618	548,433
Construction in-progress	134,333	120,451
Land	74,218	67,846
Property, plant and equipment, net	$ 746,169	$ 736,730	$ 582,079

Summary of Operations and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Nature of operations

GENERAL

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, photocoupler, 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. Design, marketing, and engineering centers are located in Plano, Milpitas, U.S.; Taipei, Taoyuan City, Taiwan; Shanghai, Yangzhou, China; Oldham, England; and Neuhaus, Germany. Diodes’ wafer fabrication facilities are located in South Portland, Maine, U.S., Oldham, Greenock, UK; Shanghai and Wuxi, China; and Keelung and Hsinchu, Taiwan. Diodes has assembly and test facilities located in Shanghai, 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; Milan, Italy; Singapore City, Singapore; Oldham, UK; Shanghai, Shenzhen, Wuhan, and Yangzhou, China; Seongnam-si, South Korea; and Munich, 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 AIoT;

•

Automotive: connected driving, comfort/style/safety, and electrification/powertrain;

•

Computing: cloud computing including artificial intelligence servers, storage, and data center applications;

•

Communications: smartphones, 5G networks, advanced protocols, and charging solutions; and

•

Consumer: IoT, wearables, home automation, and smart infrastructure.

Principles of consolidation

Principles of consolidation – The consolidated financial statements include the accounts of Diodes Incorporated, its wholly-owned subsidiaries and its controlled majority-owned subsidiaries. We account for equity investments in companies over which we have the ability to exercise significant influence, but do not hold a controlling interest, under the equity method, and we record our proportionate share of income or losses in Interest and other, net in the consolidated statements of income. All significant intercompany balances and transactions have been eliminated.

Use of estimates

Use of estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires that management make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. Actual results may differ from these estimates in amounts that may be material to the consolidated financial statements and accompanying notes.

Revenue recognition

Revenue recognition – The Company generates revenue from sales of its semiconductor products to direct customers and distributors and recognizes revenue when control is transferred. This transfer generally occurs at a point in time upon shipment or delivery to the customer or distributor, depending upon the terms of the sales order. The payment terms on our sales are based on

negotiations with our customers. For sales to distributors, payment is not contingent upon resale of the products. The vast majority of our revenue from products and services is accounted for at a point in time.

Our customers can order different types of semiconductors in a single contract (purchase order), and each line on a purchase order represents a separate performance obligation. Depending on the terms of an arrangement, we may also be responsible for shipping and handling activities. We have elected to account for shipping and handling as activities to fulfill our promise to transfer the good(s). As such, shipping and handling activities do not represent a separate performance obligation, and are accrued as a fulfillment cost. Further, although we offer warranties on our products, our warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations; therefore, the primary performance obligation in the majority of our contracts is the delivery of a specific good through the purchase order submitted by our customer.

We record allowances/reserves for a number of items. The following items are the largest dollar items for which we record allowances/reserves, with ship and debit making up the vast majority: (i) ship and debit, which arise when we issue credit to certain distributors upon their shipments to their end customers; (ii) stock rotation, which are contractual obligations that permit certain distributors, up to four times a year, to return a portion of their inventory based on historical shipments to them in exchange for an equal and offsetting order; and (iii) price protection, which arise when market conditions cause average selling prices to decrease and we issue credit to certain distributors on their inventory. Ship and debit reserves are recorded as a reduction to net sales with a corresponding reduction to accounts receivable. Stock rotation reserves and price protection reserves are recorded as a reduction to net sales with a corresponding increase in accrued liabilities.

We also assess our customer’s ability and intention to pay, which is based on a variety of factors including our customer’s historical payment experience, their financial condition and the condition of the global economy and financial markets. Payment terms and conditions typically vary depending on negotiations with the customer.

Net sales are reduced in the period of sale for estimates of product returns and other allowances including distributor adjustments, which were approximately $262.8 million, $190.7 million and $220.3 million in 2023, 2022 and 2021, respectively.

Product warranty

Product warranty – We generally warrant our products for a period of one year from the date of sale. Historically, warranty expense has not been material.

Cash, cash equivalents, and short-term investments

Cash, cash equivalents, and short-term investments – We consider all highly liquid investments with maturity of three months or less at the date of purchase to be cash equivalents. We currently maintain substantially all of our day-to-day operating cash balances with major financial institutions. We hold short-term investments consisting of time deposits, which are highly liquid with maturity dates greater than three months at the date of purchase. Generally, we can access these investments in a relatively short amount of time but in doing so we generally forfeit a portion of interest income. See Note 3 below for additional information regarding fair value of financial instruments.

Allowance for doubtful accounts

Allowance for doubtful accounts – We evaluate the collectability of our accounts receivable based upon a combination of factors, including the current business environment and historical experience. If we are aware of a customer’s inability to meet its financial obligations, we record an allowance to reduce the receivable to the amount we reasonably believe will be collected from the customer. For all other customers, we record an allowance based upon the amount of time the receivables are past due. If actual accounts receivable collections differ from these estimates, an adjustment to the allowance may be necessary with a resulting effect on operating expense. Accounts receivable are presented net of valuation allowance, which were approximately $5.6 million at December 31, 2023 and $5.9 million at December 31, 2022.

Inventories

Inventories – Inventories are stated at the lower of cost or net realizable value. Cost is determined principally by the first-in, first-out method. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Any write-down of inventory to the lower of cost or net realizable value at the close of a fiscal period creates a new cost basis that subsequently would not be marked up based on changes in underlying facts and circumstances. On an on-going basis, we evaluate inventory for obsolescence and slow-moving items. This evaluation includes analysis of sales levels, sales projections, and purchases by item, as well as raw material usage related to our manufacturing facilities. If our review indicates a reduction in utility below carrying value, we reduce inventory to a new cost basis. If future demand or market conditions are different from our current estimates, an inventory adjustment to write down inventory may be required, and would be reflected in cost of goods sold in the period the revision is made.

Property, plant and equipment

Property, plant and equipment – Purchased property, plant and equipment is recorded at historical cost, and property, plant and equipment acquired in a business combination is recorded at fair value on the date of acquisition. Property, plant and equipment is depreciated using straight-line methods over the estimated useful lives, which range from 20 to 55 years for buildings and 3 to 10 years for machinery and equipment. The estimated lives of leasehold improvements range from 3 to 5 years, and are amortized over the shorter of the remaining lease term or their estimated useful lives.

Leases

Leases – The Company determines if an arrangement is a lease at its inception. Operating and financing lease arrangements are comprised primarily of real estate and equipment agreements for which the right-of-use ("ROU") assets are included in other assets and

the corresponding lease liabilities, depending on their maturity, are included in Accrued liabilities and other current or Other long-term liabilities in the Consolidated Balance Sheet.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the Consolidated Balance Sheet.

The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date, giving consideration to publicly available data for instruments with similar characteristics. The Company accounts for the lease and non-lease components as a single lease component.

Goodwill and other indefinite lived intangible assets

Goodwill and other indefinite lived intangible assets – Goodwill and indefinite lived assets are tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. Diodes has one operating segment. No goodwill impairment occurred in 2023, 2022, or 2021. Goodwill is reviewed for impairment using either a qualitative assessment or a quantitative goodwill impairment test. If we choose to perform a qualitative assessment and determine the fair value more likely than not exceeds the carrying value, no further evaluation is necessary. When we perform the quantitative goodwill impairment test, we compare fair value to carrying value, which includes goodwill. If fair value exceeds carrying value, the goodwill is not considered impaired. If the carrying value is higher than the fair value, the difference would be recognized as an impairment loss.

Impairment of long-lived assets

Impairment of long-lived assets – Our long-lived assets are reviewed whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We consider assets to be impaired if the carrying value exceeds the undiscounted projected cash flows from operations. If impairment exists, the assets are written down to fair value or to the projected discounted cash flows from related operations. As of December 31, 2023, we expect the remaining carrying value of assets to be recoverable.

Business combinations

Business combinations – We account for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed, including amounts attributed to noncontrolling interests, be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill.

For significant acquisitions we may use independent third-party valuation specialists to assist us in determining the fair value of assets acquired and liabilities assumed.

Significant judgment is often required in estimating the fair value of assets acquired and liabilities assumed. The Company makes estimates and assumptions about conditions of the assets, other costs not captured in the base costs, and consideration for entrepreneurial profit, depreciation, functional obsolescence, and economic obsolescence allocated to the various property, plant and equipment categories considering the perspective of marketplace participants.

While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions, which could result in subsequent impairments.

During the normal course of business the Company pursues acquisitions. See Note 20 for additional information regarding business acquisitions.

Equity investments

Equity investments – We regularly invest in equity securities of public and private companies to promote business and strategic objectives. Equity investments are measured and recorded as follows:

Marketable equity securities are equity securities with readily determinable fair value ("RDFV") that are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement.

Non-marketable equity securities are equity securities without RDFV that are measured and recorded using a measurement alternative that measures the security at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.

Equity-method investments are equity securities in investees we do not control but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus our share of equity method investee income or loss.

Income taxes

Income taxes – Income taxes are accounted for using an asset and liability approach whereby deferred tax assets and liabilities are recorded for differences in the financial reporting bases and tax bases of our assets and liabilities. If it is more likely than not that some portion of deferred tax assets will not be realized, a valuation allowance is recorded.

GAAP prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Tax positions shall initially be recognized in the financial

statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. All deferred income taxes are classified as noncurrent assets or noncurrent liabilities on the consolidated balance sheet as of December 31, 2023 and 2022, respectively.

Research and development costs

Research and development costs – Internally-developed research and development costs are expensed as incurred. Acquired in-process research and development (“IPR&D”) is capitalized as an indefinite-lived intangible asset and evaluated periodically for impairment. When the project is completed, an expected life is determined and the IPR&D is amortized as an expense over the expected life.

Shipping and handling costs

Shipping and handling costs – Shipping and handling costs for products shipped to customers, which are included in selling, general and administrative expenses, were approximately $20.8 million, $28.0 million and $24.1 million for the twelve months ended December 31, 2023, 2022 and 2021, respectively.

Concentration of credit risk

Concentration of credit risk – Financial instruments, which potentially subject us to concentrations of credit risk, include trade accounts receivable. Credit risk is limited by the dispersion of our customers over various geographic areas, operating primarily in electronics manufacturing and distribution. We perform a credit evaluation of new customers and monitor the accounts receivable aging of our existing customers. Generally we require no collateral from our customers and historically credit losses have been insignificant.

We currently maintain substantially all of our day-to-day cash balances and short-term investments with major financial institutions. Cash balances are usually in excess of Federal and/or foreign deposit insurance limits.

Valuation of financial instruments

Valuation of financial instruments – The carrying value of our financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable, credit line, and long-term debt approximate fair value due to their current market conditions, maturity dates and other factors.

Share-based compensation

Share-based compensation – Restricted stock grants are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized on a straight-line basis over the requisite four-year service period. Performance stock units 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.

We use the Black-Scholes-Merton model to determine the fair value of stock options on the date of grant and recognize compensation expense for stock options on a straight-line basis. The amount of compensation expense recognized using the Black-Scholes-Merton model requires us to exercise judgment and make assumptions relating to the factors that determine the fair value of our stock option grants. The fair value calculated by this model is a function of several factors, including the grant price, the expected future volatility, the expected term of the option and the risk-free interest rate of the option. The expected term and expected future volatility of the options require judgment. In addition, we estimate the expected forfeiture rate and only recognize expense for those stock options expected to vest. We estimate the forfeiture rate based on historical experience, and to the extent our actual forfeiture rate is different from our estimate, share-based compensation expense is adjusted accordingly.

Treasury stock

Treasury stock – We currently have no program authorized by our board of directors to purchase shares of our common stock. Shares than have been previously acquired recorded as treasury stock, at cost, the measurement date of cost being date of purchase, as a reduction to stockholders’ equity.

Functional currencies and foreign currency translation

Functional currencies and foreign currency translation – We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates on the balance sheet date. Net sales and expense for these subsidiaries are translated at the weighted-average exchange rate during the period presented. Resulting translation adjustments are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity in the consolidated balance sheets. Included in other income are foreign exchange losses of approximately $5.3 million for the twelve months ended December 31, 2023 and foreign exchange gains of approximately $2.1 million for the twelve months ended December 31, 2022, and foreign exchanges losses of approximately $2.1 million for the twelve months ended December 31, 2021.

Defined benefit plan

Defined benefit plan – We maintain plans covering certain of our employees in the U.K. The overfunded or underfunded status of pension and postretirement benefit plans are recognized on the balance sheet. Actuarial gains and losses, and prior service costs or credits, are recognized in other comprehensive income (loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. For financial reporting purposes, the net pension and supplemental retirement benefit obligations and the related periodic pension costs are calculated based upon, among other things, assumptions of the discount rate for plan obligations, estimated return on pension plan assets and mortality rates. These obligations and related periodic costs are measured using actuarial techniques and assumptions. The projected unit credit method is the actuarial cost method used to compute the pension liabilities and related expenses. The expected long-term return on plan assets was determined based on historical and expected future returns of the various asset classes. The plan’s investment policy includes a mandate to diversify assets and invest in a variety of asset classes to achieve its expected long-term return and is currently invested in a variety of funds representing most standard equity and debt security classes. Trustees of the plan may make changes at any time.

Noncontrolling interest

Noncontrolling interest - Noncontrolling interest primarily relates to the minority investors’ share of the earnings of certain China and Taiwan subsidiaries. Noncontrolling interests are a separate component of equity and not a liability. Increases or decreases in noncontrolling interest, due to changes in our ownership interest of the subsidiaries that leave control intact, are recorded as equity transactions. The noncontrolling interest in our subsidiaries and their equity balances are reported separately in the consolidated financial statements, and activities of these subsidiaries are included therein.

Contingencies

Contingencies – From time to time, we may be involved in a variety of legal matters that arise in the normal course of business. Based on information available, we evaluate the likelihood of potential outcomes. We record and disclose the appropriate liability when the amount 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.

Comprehensive income (loss)

Comprehensive income (loss) – GAAP generally requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as separate components of the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income or loss. The components of accumulated other comprehensive income or loss include foreign currency translation adjustments and unrealized gain or loss on defined benefit plan. Accumulated other comprehensive loss was approximately $143.2 million, $128.2 million and $50.5 million at December 31, 2023, 2022 and 2021, respectively.

As of December 31, the accumulated balance for each component of comprehensive income is as follows:


	2023			2022			2021
Unrealized foreign currency losses	$	(63,171	)	$	(89,059	)	$	(7,760	)
Unrealized (loss) gain on cross currency and interest rate swaps, net of tax	$	(37,294	)	$	2,122		$	(2,157	)
Unrealized loss on defined benefit plan	$	(42,762	)	$	(41,296	)	$	(40,600	)

Government assistance

Government assistance - We recognize government grants in our consolidated statements of income on a systematic basis over the periods which they are intended to benefit. Grants that relate to current expenses are reflected as reductions of the related expenses in the period in which they are reported. Grants that relate to depreciable property and equipment are recorded as a deferred liability account and then reflected in income over the useful lives of the related assets. Grants received as compensation for losses, or expenses already incurred or for the purpose of providing immediate financial support with no future related costs, are recognized as income in the period they become recognizable. During 2023 and 2022 we recognized approximately $5.2 million and $2.1 million, respectively, in government subsidies, primarily in China and the United Kingdom. Of this $5.2 million and $2.1 million, approximately $1.1 million and $1.8 million, respectively, was recognized as reduction in expense or other income and approximately $4.1 million and $0.3 million, respectively, was related to property, plant and equipment. The Company also has approximately $9.2 million at December 31, 2023 and had $13.3 million at December 31, 2022 of deferred grants and subsidies, that were recognized as a reduction to amortization expense of $4.9 million and $5.5 million for the twelve months ended December 31, 2023 and 2022, respectively.

Recently Issued Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued the following Accounting Standards Updates (“ASU”) which could have potential impact to the Company’s financial statements:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. The Company will adopt the new standard and comply with the additional disclosure requirements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The purpose of this ASU is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company will adopt the new standard and comply with the additional disclosure requirements.

In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture or a corporate joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance does not impact accounting by the venturers. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. The Company will apply this guidance in future reporting periods after the guidance is effective to any future arrangements entered into that meet the definition of a joint venture.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 740): Troubled Debt Restructurings and Vintage Disclosures. This ASU among other things, updates accounting and disclosures for public business entities to disclose gross write-offs and gross recoveries by class of financing receivable and major security type in vintage disclosures. This guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods therein. The adoption of this guidance did not have a material impact on our consolidated financial statements.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities. Under the new guidance, the acquirer should determine what contract assets and/or contract liabilities it would have recorded under ASC 606 as of the acquisition date, as if the acquirer had entered into the original contract at the same date and on the same terms as the acquiree. The recognition and measurement of those contract assets and contract liabilities will likely be comparable to what the acquiree has recorded on its books under ASC 606 as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in an interim period, for any period for which financial statements have not yet been issued. However, adoption in an interim period other than the first fiscal quarter requires an entity to apply the new guidance to all prior business combinations that have occurred since the beginning of the annual period in which the new guidance is adopted. The Company does not anticipate this amendment to have a significant impact on the consolidated financial statements.

In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard was effective for the Company on January 1, 2022 and only impacts annual financial statement footnote disclosures. The adoption did not have a material effect on our consolidated financial statements.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

Property, plant and equipment at December 31 were:


	2023			2022
Buildings and leasehold improvements	$	340,488		$	323,941
Machinery and equipment		1,201,400			1,137,737
		1,541,888			1,461,678
Less: Accumulated depreciation and amortization		(1,004,270	)		(913,245	)
		537,618			548,433
Construction in-progress		134,333			120,451
Land		74,218			67,846
	$	746,169		$	736,730

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets At Fair Value

Financial assets and liabilities carried at fair value as of December 31, 2023, are classified in the following table:


Description	Fair Market Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Changes in Fair Values Included in Current Period Earnings
Short-term investments	$	10,174	$	10,174	$	-	$	-	$	-
Long-term investments		25,521		25,521		-		-		3,007
Cross-currency swap liability		6,936		-		6,936		-		-
Foreign-currency forward and collar liability		10,202		-		10,202		-		-
Deferred compensation investments		14,638		169		14,469		-		2,587

Financial assets and liabilities carried at fair value as of December 31, 2022 are classified in the following table:


Description	Fair Market Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Changes in Fair Values Included in Current Period Earnings
Short-term investments	$	7,059	$	7,059	$	-	$	-	$	-
Long-term investments		22,918		22,918		-		-		(20,386	)
Cross-currency swap asset		1,427		-		1,427		-		-
Cross-currency swap liability		6,314		-		6,314		-		-
Deferred compensation investments		12,051		26		12,025		-		(3,048	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The table below sets forth our income before taxes for the twelve months ended December 31:


Income before income taxes	2023		2022		2021
U.S.	$	172,781	$	221,288	$	122,127
Foreign		105,152		174,652		192,968
Total	$	277,933	$	395,940	$	315,095

The table below sets forth the components of our income tax provision (benefit) for the twelve months ended December 31:


	2023			2022			2021
Current tax provision
Federal	$	27,028		$	46,368		$	15,691
Foreign		34,408			37,598			25,489
State		54			56			(17	)
		61,490			84,022			41,163
Deferred tax provision (benefit)
Federal		(8,273	)		(6,486	)		(1,116	)
Foreign		(10,463	)		(25,537	)		31,222
State		(5	)		(8	)		-
		(18,741	)		(32,031	)		30,106

Liability for unrecognized tax benefits		4,536			4,694			7,538
Total income tax provision	$	47,285		$	56,685		$	78,807

Schedule of Effective Income Tax Rate Reconciliation

The table below sets forth a reconciliation between the effective tax rate and the statutory tax rates for the twelve months ended December 31:


	2023						2022						2021
				Percent						Percent						Percent
				of pretax						of pretax						of pretax
	Amount			earnings*			Amount			earnings*			Amount			earnings*
Federal tax	$	58,366			21.0		$	83,147			21.0		$	66,170			21.0
State income taxes, net of federal tax provision		49			-			33			-			(474	)		(0.2	)
Foreign income taxed at different tax rates		834			0.3			(6,527	)		(1.6	)		(2,018	)		(0.6	)
U.S. tax impact of foreign operations		(14,778	)		(5.3	)		(7,369	)		(1.9	)		(17,375	)		(5.5	)
Foreign withholding taxes		5,751			2.1			(12,441	)		(3.1	)		33,175			10.5
Research and development		(5,497	)		(2.0	)		(5,865	)		(1.5	)		(6,310	)		(2.0	)
Liability for unrecognized tax benefits		4,536			1.6			4,694			1.2			7,538			2.4
Valuation allowance		2,109			0.8			(1,986	)		(0.5	)		(1,068	)		(0.3	)
Employee stock-based compensation		627			0.2			1,784			0.4			(812	)		(0.3	)
Other		(4,712	)		(1.7	)		1,215			0.3			(19	)		-
Income tax provision	$	47,285			17.0		$	56,685			14.3		$	78,807			25.0

* The sum of the amounts in the table may not equal to the effective tax rate due to rounding.

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible


	2023			2022			2021
Balance at January 1,	$	48,072		$	43,378		$	42,466
Additions based on tax positions related to the current year		11,370			10,022			9,244
Additions for prior year tax positions		110			75			138
Reductions for prior year tax positions		(10,714	)		(5,403	)		(8,470	)
Balance at December 31,	$	48,838		$	48,072		$	43,378

Schedule of Deferred Tax Assets and Liabilities

The table below sets forth our deferred tax assets and liabilities as of December 31:


	2023			2022
Deferred tax assets
Inventory cost	$	32,682		$	30,322
Accrued expenses and accounts receivable		6,120			6,931
Research and development tax credits		9,613			9,613
Net operating loss carryforwards		43,616			52,599
Lease obligations		3,042			3,845
Accrued pension		3,164			2,500
Share based compensation and others		21,754			20,088
		119,991			125,898
Valuation allowances		(25,836	)		(42,405	)
Total deferred tax assets, non-current		94,155			83,493
Deferred tax liabilities
Plant, equipment and intangible assets		(8,003	)		(6,595	)
Right of use assets		(6,358	)		(3,883	)
Outside basis differences and others		(28,989	)		(36,114	)
Total deferred tax liabilities, non-current		(43,350	)		(46,592	)
Net deferred tax assets	$	50,805		$	36,901

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 13 – Employee Benefit Plans

Defined Benefit Plan

We have a contributory defined benefit plan that covers certain employees in the U.K. The defined benefit plan is closed to new entrants and frozen with respect to future benefit accruals. The retirement benefit is based on the final average compensation and service of each eligible employee. We determined the fair value of the defined benefit plan assets and utilize an annual measurement date of December 31. At subsequent measurement dates, defined benefit plan assets will be determined based on fair value. Defined benefit plan assets consist of a diverse range of listed and unlisted securities including corporate bonds and mutual funds and are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. The net pension and supplemental retirement benefit obligations and the related periodic costs are based on, among other things, assumptions of the discount rate, estimated return on plan assets and mortality rates. These obligations and related periodic costs are measured using actuarial techniques and assumptions. The projected unit credit method is the actuarial cost method used to compute the pension liabilities and related expenses. All unrecognized actuarial gains and losses, prior service costs and accumulated other comprehensive income are eliminated and the balance sheet liability is set equal to the funded status of the defined benefit plan at acquisition date.

The table below sets forth net periodic benefit costs of the plan for the twelve months ended December 31:


	Defined Benefit Plan
	2023			2022
Components of net periodic benefit cost:
Service cost	$	373		$	245
Interest cost		4,687			2,834
Recognized actuarial gain		3,082			2,211
Expected return on plan assets		(5,686	)		(7,405	)
Prior service cost		65			64
Net periodic benefit cost	$	2,521		$	(2,051	)

The table below sets forth the benefit obligation, the fair value of plan assets, and the funded status as of December 31:


	Defined Benefit Plan
	2023			2022
Change in benefit obligation:
Beginning balance	$	98,797		$	166,764
Service cost		373			245
Interest cost		4,687			2,834
Actuarial loss (gain)		3,441			(48,234	)
Benefits paid		(4,918	)		(4,710	)
Settlements		-			(1,052	)
Currency changes		5,728			(17,050	)
Benefit obligation at December 31	$	108,108		$	98,797

Change in plan assets:
Beginning balance - fair value	$	91,307		$	155,029
Employer contribution		2,863			2,697
Actual return on plan assets		3,515			(44,637	)
Benefits paid		(4,918	)		(4,710	)
Settlements		-			(1,230	)
Currency changes		5,249			(15,842	)
Fair value of plan assets at December 31	$	98,016		$	91,307
Underfunded status at December 31	$	(10,092	)	$	(7,490	)

Based on an actuarial study performed as of December 31, 2023, the plan was underfunded by approximately $10.1 million and the liability is reflected in our consolidated balance sheets as a noncurrent liability and the amount recognized in accumulated other comprehensive loss was approximately $42.8 million.

We apply the “10% corridor” approach to amortize unrecognized actuarial gains (losses). Under this approach, only actuarial gains (losses) that exceed 10% of the greater of the projected benefit obligation or the market-related value of the plan assets are amortized. For the twelve months ended December 31, 2023, the plan’s accumulated other comprehensive income increased by

approximately $2.4 million. The variance between the actual and expected return on plan assets during the period increased the accumulated other comprehensive income by $2.2 million. The total unrecognized net loss is more than 10% of the projected benefit obligation and 10% of the plan assets. Therefore, the excess amount will be amortized over the average term to retirement of plan participants, not yet in receipt of pension, which as of December 31, 2023, was approximately 7.5 years. The following weighted-average assumptions were used to determine net periodic benefit costs for the twelve months ended December 31:


	2023			2022
Discount rate		4.7	%		4.7	%
Expected long-term return on plan assets		6.1	%		6.1	%

The following weighted-average assumption was used to determine the benefit obligations at December 31:


	2023			2022
Discount rate		4.4	%		4.7	%

The expected long-term return on plan assets was determined based on historical and expected future returns of the various asset classes. The plan’s investment policy includes a mandate to diversify assets and invest in a variety of asset classes to achieve its expected long-term return and is currently invested in a variety of funds representing most standard equity and debt security classes. Trustees of the plan may make changes at any time.

The table below sets forth the plan asset allocations of the assets in the plan and expected long-term return by asset category:


Asset category	Expected long-term return			Asset allocation
Growth assets		7.5	%		50	%
Hedging assets		4.1	%		35	%
Cash		5.3	%		15	%

The defined benefit plan’s investment strategy is to invest 65% in growth strategy assets and 35% in hedging strategy assets. The growth strategy consists of a highly diversified set of assets, and the hedging component is designed to hedge a significant proportion of the plan’s interest and inflation rate risks. The overall strategy is designed to return a long-term return of 2.6% p.a. above the liability benchmark which is broadly equal to changes in the plan’s liabilities.


2024	$	5,310
2025		5,391
2026		5,516
2027		5,658
2028		5,810
2029-2033		30,288

The trustees are required to review the funding position every three years. An actuarial valuation was performed as of March 31, 2022, resulting in a deficit of approximately GBP 20 million (approximately $26 million based on a GBP: USD exchange rate of 1:1.3). As a result of this valuation 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 first payment made by December 31, 2023 through December 31, 2028). A final payment of GBP 1.5 million (approximately $1.95 million based on a GBP: USD rate of 1:1.3) will be made by December 31, 2029. These contributions, together with the assumed asset outperformance, are expected to eliminate the deficit by December 31, 2029.

The plan’s trustees appoint fund managers to carry out all the day-to-day functions relating to the management of the fund and its administration. The fund managers must invest their portion of the plan’s assets in accordance with their investment manager agreement agreed by the trustees. The trustees are responsible for agreeing these investment manager agreements and for deciding on the portion of the plan’s assets that will be invested with each fund manager. When making decisions, the trustees take advice from experts including the plan’s actuary and also have the option to consult with the Company.

The following table summarizes the major categories of the plan assets:


	December 31, 2023
Asset category	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	8,961	$	-	$	-	$	8,961
Equity securities:
U.K.		-		534		-		534
Overseas equities		-		12,424		-		12,424
Emerging markets		-		3,296		-		3,296
Fixed income securities:
Government bonds		-		87		-		87
Non-government bonds		-		12,860		-		12,860
Other types of investments
Hedge funds		-		18,898		-		18,898
Liability-driven investments		-		34,681		-		34,681
Commodities		-		676		-		676
Other		-		5,599		-		5,599
Total	$	8,961	$	89,055	$	-	$	98,016

Fair value is taken to mean the bid value of securities, as supplied by the fund managers. All the plan’s securities are highly liquid. The plan does not hold any Level 3 securities. See Note 3 for additional information regarding fair value and Levels 1, 2 and 3.

The investment manager agreements require the fund managers to invest in a diverse range of stocks and bonds across each particular asset class. The stocks held by the plan in a particular asset class should therefore match closely the underlying stocks in the relevant index. We believe that this leads to minimal concentration of risk within each asset class; although we recognize that some asset classes are inherently more risky than others.

We also have pension plans in Asia for which the benefit obligation, fair value of the plan assets and the funded status amounts are immaterial and therefore, not included in the amounts or assumptions above. As of December 31, 2023 and 2022, the Company has recorded a net liability of $3.2 million related to these defined benefit plans in Asia.

401(k) Retirement Plan

We maintain a 401(k) retirement plan (the “Plan”) for the benefit of qualified employees at our U.S. locations. Employees who participate may elect to make salary deferral contributions to the Plan up to 100% of the employees’ eligible payroll subject to annual Internal Revenue Code maximum limitations. We currently make a matching contribution of $1 for every $2 contributed by the participant up to 6% (3% maximum matching) of the participant’s eligible payroll, which vests over an initial four years. In addition, we may make a discretionary contribution to the entire qualified employee pool, in accordance with the Plan.

As stipulated by the regulations of China, we maintain a retirement plan pursuant to the local municipal government for the employees in China and are required to make contributions of 8% of the employee’s eligible payroll. Pursuant to the Taiwan Labor Standard Law and Factory Law, we maintain a retirement plan for the employees in Taiwan, whereby we make contributions at a rate of 8% of the employee’s eligible payroll.

For the twelve months ended December 31, 2023, 2022 and 2021, total amounts expensed under these plans were approximately $22.3 million, $21.5 million and $21.7 million, respectively.

Deferred Compensation Plan

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 December 31, 2023 and December 31, 2022, these investments totaled approximately $14.6 million and $12.1 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes - Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 48,072	$ 43,378	$ 42,466
Additions based on tax positions related to the current year	11,370	10,022	9,244
Additions for prior year tax positions	110	75	138
Reductions for prior year tax positions	(10,714)	(5,403)	(8,470)
Ending Balance	$ 48,838	$ 48,072	$ 43,378

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 5,641	$ 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	45,938,382	45,469,722
Common stock shares outstanding	45,938,382	45,469,722
Treasury stock, shares	9,286,862	9,281,581

Equity Investments - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
VIE total assets	$ 2,367,659	$ 2,288,312	$ 2,194,495
VIE total liabilities	557,982	705,393
Diodes' note receivable from VIE	371,930	369,233
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE total assets	26,445	13,671
VIE total liabilities	4,532	6,625
Diodes' preferred equity in VIE	44,420	10,000
Diodes' note receivable from VIE	4,000	5,000
Diodes' interest receivable from VIE	45	222
Diodes' maximum exposure to loss	$ 48,465	$ 15,222

- 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

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.

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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

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 172,781	$ 221,288	$ 122,127
Foreign	105,152	174,652	192,968
Income before income taxes and noncontrolling interest	277,933	395,940	315,095
Current tax provision
Federal	27,028	46,368	15,691
Foreign	34,408	37,598	25,489
State	54	56	(17)
Current tax provision (benefit), Total	61,490	84,022	41,163
Deferred tax provision (benefit)
Federal	(8,273)	(6,486)	(1,116)
Foreign	(10,463)	(25,537)	31,222
State	(5)	(8)	0
Deferred Income Tax Expense (Benefit), Total	(18,741)	(32,031)	30,106
Liability for unrecognized tax benefits	4,536	4,694	7,538
Total income tax provision	$ 47,285	$ 56,685	$ 78,807

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Net Sales and Purchases of Related Party Transactions


	2023		2022		2021
Keylink
Net sales	$	12,595	$	19,998	$	19,689
Purchases	$	1,535	$	1,949	$	2,015
Plating, rental and consulting expense	$	16,916	$	18,176	$	17,922
Nuvoton
Net sales	$	49	$	149	$	65
Purchases	$	10,454	$	15,068	$	9,764
JCP
Purchases	$	364	$	581	$	1,240
Atlas
Purchases	$	177	$	-	$	-

Schedule of Account Receivable and Payable of Related Party Transactions

The table below sets forth accounts receivable from and accounts payable to related parties at December 31:


	2023		2022
Keylink
Accounts receivable	$	34,774	$	40,510
Accounts payable	$	33,882	$	33,733
Nuvoton
Accounts receivable	$	26	$	30
Accounts payable	$	924	$	2,859
JCP
Accounts payable	$	159	$	133
Atlas
Accounts payable	$	133	$	-

Segment Information, Revenue and Enterprise-Wide Disclosures - Schedule of Net Sales From Based on Location of the Subsidiary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,661,739	$ 2,000,580	$ 1,805,162
Property, plant and equipment, net	746,169	736,730	582,079
Total assets	2,367,659	2,288,312	2,194,495
Operating Segments
Segment Reporting Information [Line Items]
Net sales	3,149,598	3,612,008	3,326,126
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(1,487,859)	(1,611,428)	(1,520,964)
Asia
Segment Reporting Information [Line Items]
Net sales	875,668	1,122,225	1,209,482
Property, plant and equipment, net	545,865	529,365	456,109
Total assets	1,600,858	1,599,805	1,547,518
Asia \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,560,595	1,891,855	1,939,540
Asia \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(684,927)	(769,630)	(730,058)
Americas
Segment Reporting Information [Line Items]
Net sales	539,937	638,351	429,798
Property, plant and equipment, net	85,005	95,584	22,943
Total assets	544,247	440,014	415,133
Americas \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,210,561	1,361,223	1,108,460
Americas \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(670,624)	(722,872)	(678,662)
Europe
Segment Reporting Information [Line Items]
Net sales	246,134	240,004	165,882
Property, plant and equipment, net	115,299	111,781	103,026
Total assets	222,554	248,493	231,844
Europe \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	378,442	358,930	278,126
Europe \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (132,308)	$ (118,926)	$ (112,244)

Summary of Operations and Significant Accounting Policies

12 Months Ended

Dec. 31, 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

Nature of operations

GENERAL

•

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

•

Our market focus is on high-growth, end-user applications in the following areas:

•

Industrial: embedded systems, precision controls, and Industrial AIoT;

•

Automotive: connected driving, comfort/style/safety, and electrification/powertrain;

•

Computing: cloud computing including artificial intelligence servers, storage, and data center applications;

•

Communications: smartphones, 5G networks, advanced protocols, and charging solutions; and

•

Consumer: IoT, wearables, home automation, and smart infrastructure.

Significant Accounting Policies

Product warranty – We generally warrant our products for a period of one year from the date of sale. Historically, warranty expense has not been material.

the corresponding lease liabilities, depending on their maturity, are included in Accrued liabilities and other current or Other long-term liabilities in the Consolidated Balance Sheet.

For significant acquisitions we may use independent third-party valuation specialists to assist us in determining the fair value of assets acquired and liabilities assumed.

During the normal course of business the Company pursues acquisitions. See Note 20 for additional information regarding business acquisitions.

Equity investments – We regularly invest in equity securities of public and private companies to promote business and strategic objectives. Equity investments are measured and recorded as follows:

As of December 31, the accumulated balance for each component of comprehensive income is as follows:


	2023			2022			2021
Unrealized foreign currency losses	$	(63,171	)	$	(89,059	)	$	(7,760	)
Unrealized (loss) gain on cross currency and interest rate swaps, net of tax	$	(37,294	)	$	2,122		$	(2,157	)
Unrealized loss on defined benefit plan	$	(42,762	)	$	(41,296	)	$	(40,600	)

Recently Issued Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued the following Accounting Standards Updates (“ASU”) which could have potential impact to the Company’s financial statements:

Restructuring Costs - Schedule of Costs Accrued Related to the Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 0
Costs accrued	1,592
Costs paid	1,274
Ending balance	317
Contract Termination
Restructuring Cost and Reserve [Line Items]
Beginning balance	0
Costs accrued	207
Costs paid	0
Ending balance	207
Employee Severance
Restructuring Cost and Reserve [Line Items]
Beginning balance	0
Costs accrued	1,139
Costs paid	1,139
Ending balance	0
Other
Restructuring Cost and Reserve [Line Items]
Beginning balance	0
Costs accrued	245
Costs paid	135
Ending balance	$ 110

- 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

Bank Credit Agreements and Other Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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


	December 31,
Description	2023			2022			Interest Rate	Current Amount Maturity
Short-term debt	$	40,685		$	36,280		Various indices plus margin	Various during 2024

Long-term debt
Notes payable to Bank of Taiwan		1,880			2,063		2-yr deposit rate floating plus 0.1148%	June 2033
Notes payable to Bank of Taiwan		1,626			1,628		2-yr deposit rate floating plus 0.082%	September 2025
Notes payable to CTBC Bank		3,252			3,256		TAIBOR 3M plus 0.5%	December 2024
Notes payable to CTBC Bank		13,098			13,840		TAIBOR 3M plus 0.5%	May 2028
Notes payable to E Sun Bank		217			275		1-M deposit rate floating plus 0.08%	July 2027
Notes payable to E Sun Bank		1,325			1,516		1-M deposit rate floating plus 0.08%	July 2027
Notes payable to E Sun Bank		-			3,256		1-M deposit rate floating plus 0.08%	December 2024
Notes payable to HSBC		-			105,000		1M SOFR+Margin	January 2025
Notes payable to HSBC		-			18,558		1M SOFR+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		21,398			150,348
Less: Current portion of long-term debt		(4,419	)		(1,693	)
Less: Unamortized debt-issuance costs		-			(1,185	)
Total long-term debt, net of current portion	$	16,979		$	147,470

Schedule of Maturities of Long Term Debt

The table below sets forth the annual contractual maturities of long-term debt at December 31, 2023:


2024	$	4,419
2025		2,799
2026		1,178
2027		1,159
2028		10,587
2029 and thereafter		1,256
Total long-term debt	$	21,398

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 315,457	$ 336,732
Restricted cash	3,026	4,367
Short-term investments	10,174	7,059
Accounts receivable, net of allowances of $5,641 and $5,852 at December 31, 2023 and December 31, 2022, respectively	371,930	369,233
Inventories	389,774	360,281
Prepaid expenses and other	97,024	83,999
Total current assets	1,187,385	1,161,671
Property, plant and equipment, net	746,169	736,730
Deferred income tax	51,620	35,308
Goodwill	146,558	144,757
Intangible assets, net	63,937	79,137
Other long-term assets	171,990	130,709
Total assets	2,367,659	2,288,312
Current liabilities:
Lines of credit	40,685	36,280
Accounts payable	158,261	160,442
Accrued liabilities and other	179,674	214,433
Income tax payable	10,459	19,682
Current portion of long-term debt	4,419	1,693
Total current liabilities	393,498	432,530
Long-term debt, net of current portion	16,979	147,470
Deferred tax liabilities	13,662	12,903
Unrecognized tax liabilities	34,035	31,594
Other long-term liabilities	99,808	80,896
Total liabilities	557,982	705,393
Commitments and contingencies (See Note 17)
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 45,938,382 shares and 45,469,722 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	36,819	36,503
Additional paid-in capital	509,861	494,773
Retained earnings	1,675,274	1,448,092
Treasury stock, at cost, 9,286,862 shares and 9,281,581 shares at December 31, 2023 and December 31, 2022 respectively	(337,986)	(337,490)
Accumulated other comprehensive loss	(143,227)	(128,233)
Total stockholders' equity	1,740,741	1,513,645
Noncontrolling interest	68,936	69,274
Total equity	1,809,677	1,582,919
Total liabilities and stockholders' equity	$ 2,367,659	$ 2,288,312

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Twelve Months Ended December 31,
	2023		2022		2021
Earnings (numerator)
Net income attributable to common stockholders	$	227,182	$	331,283	$	228,763

Shares (denominator)
Weighted average common shares outstanding (basic)		45,803		45,330		44,772
Dilutive effect of stock options and stock awards outstanding		508		706		1,009
Adjusted weighted average common shares outstanding (diluted)		46,311		46,036		45,781

Earnings per share attributable to common stockholders
Basic	$	4.96	$	7.31	$	5.11
Diluted	$	4.91	$	7.20	$	5.00

Stock options and stock awards excluded from EPS calculation because their inclusion would be anti-dilutive		138		82		1

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 7 – Goodwill

Changes in goodwill for the twelve months ended December 31, were as follows:


Balance at December 31, 2021	$	149,890
Acquisitions		1,818
Foreign currency translation adjustment		(6,951	)
Balance at December 31, 2022		144,757
Foreign currency translation adjustment		1,801
Balance at December 31, 2023	$	146,558

Leases - Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$ 18,609	$ 17,788	$ 24,040
Operating cash outflows from finance leases	3	1	1
Financing cash outflow from finance leases	115	69	291
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases	$ 14,251	$ 8,384	$ 13,038

Summary of Operations and Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Product returns and other allowances	$ 262,800,000	$ 190,700,000	$ 220,300,000
Allowance for doubtful accounts	$ 5,600,000	5,900,000
Number of operating segment \| Segment	1
Impairment of goodwill	$ 0	0	0
Cost of goods sold	1,003,557,000	1,173,343,000	1,134,802,000
Foreign currency (loss) gain, net	(5,264,000)	2,122,000	(2,107,000)
Accumulated other comprehensive loss	143,227,000	128,233,000	50,500,000
Government assistance recognized amount	5,200,000	2,100,000
Government assistance deferred grants	9,200,000	13,300,000
Expense or other income
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Government assistance recognized amount	1,100,000	1,800,000
Depreciation expense
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Government assistance recognized amount	4,100,000	300,000
Amortization expense
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Government assistance deferred grants	4,900,000	5,500,000
China \| Government
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Government assistance received amount	5,200,000	2,100,000
United Kingdom \| Government
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Government assistance received amount	5,200,000	2,100,000
Shipping and Handling
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Cost of goods sold	$ 20,800,000	$ 28,000,000	$ 24,100,000
Minimum \| Building
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Estimated useful lives	20 years
Minimum \| Machinery and Equipment
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Estimated useful lives	3 years
Minimum \| Leaseholds and Leasehold Improvements
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Estimated useful lives	3 years
Maximum \| Building
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Estimated useful lives	55 years
Maximum \| Machinery and Equipment
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Estimated useful lives	10 years
Maximum \| Leaseholds and Leasehold Improvements
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Estimated useful lives	5 years
Acquired Businesses
Summary of Operations, Significant Accounting Policies, Recently Issued Accounting Pronouncements and Updates to Accounting Policies and Estimates [Line Items]
Ownership percentage	100.00%