0000950170-24-123507 | 10-Q | XBRL Viewer

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

NOTE 6 – Share-Based Compensation

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Cost of goods sold	$	579	$	521	$	1,500	$	1,354
Selling, general, and administrative		4,916		4,216		10,874		18,827
Research and development		1,271		1,233		3,709		3,255
Total share-based compensation expense	$	6,766	$	5,970	$	16,083	$	23,436

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

PSUs are measured based on the fair market value of the underlying stock on the date of grant, and compensation expense is recognized over the three-year performance period, with adjustments made to the expense to recognize the probable payout percentage.

As of September 30, 2024, total unrecognized share-based compensation expense related to share grants was approximately $60.6 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 2.4 years.

Stock Modification. During the nine months ended September 30, 2023 we modified previously granted stock awards for two corporate officers who retired. The result of the modifications resulted in the acceleration of the vesting of 54,525 stock awards for the corporate officers. The incremental expense recorded for this modification was approximately $2.1 million, which was expensed in selling, general, and administrative (“SG&A”) expense in the nine months ended September 30, 2023.

Restructuring Costs

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs

Note 15 – Restructuring costs

During the three months ended September 30, 2024, the Company consolidated certain activities at a number of its locations.

The table below sets forth the restructuring costs, recorded in restructuring expense in the condensed consolidated statements of operations, incurred during the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended					Nine Months Ended
	2024			2023		2024		2023
Asset impairment	$	-		$	582	$	2,814	$	582
Employee severance		(500	)		1,139		4,496		1,139
Other		289			845		729		845
	$	(211	)	$	2,566	$	8,039	$	2,566

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


	Asset Impairment			Employee Severance			Contract Termination			Other			Total
Beginning balance, December 31, 2023	$	-		$	-		$	207		$	110		$	317
Costs accrued		2,814			4,496			(62	)		791			8,039
Costs paid		(2,814	)		(4,496	)		(145	)		(434	)		(7,889	)
Ending balance, September 30, 2024	$	-		$	-		$	-		$	467		$	467

Commitments and Contingencies - Additional Information (Details) £ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£) £ / $	Sep. 30, 2024 USD ($) £ / $	Jan. 01, 2023 GBP (£) £ / $	Jan. 01, 2023 USD ($) £ / $
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments			$ 34.7
Long-term purchase commitment, Amount	$ 36.3
Defined benefit plan, estimated future employer contributions in current fiscal year, description	We have a contributory defined benefit plan that covers certain employees in the United Kingdom. As of September 30, 2024, the underfunded liability for this defined benefit plan was approximately $9.6 million. We have agreed to a revised schedule of contributions of GBP 2.0 million (approximately $2.6 million based on a GBP: USD exchange rate of 1:1.3) to be paid annually with effect from January 1, 2023 to address the deficit revealed by the valuation (with the annual payments to be made by December 31, 2023 through December 31, 2028). A final payment of GBP 1.5 million (approximately $2.0 million based on a GBP: USD rate of 1:1.3) will be made by December 31, 2029.
Defined benefit plan, annual future benefit payments				£ 2.0	$ 2.6
Defined benefit plan, additional annual future benefit payments		£ 1.5	$ 2.0
GBP:USD exchange rate \| $ / GBP \| £ / $		0.13	0.13	0.13	0.13
Unfunded liability of defined benefit plan			$ 9.6

Leases - Schedule of Operating and Finance Lease Liability Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Leases, 2024	$ 2,768
Operating Leases, 2025	9,951
Operating Leases, 2026	6,852
Operating Leases, 2027	4,117
Operating Leases, 2028	2,048
Operating Leases, 2029	1,492
Operating Leases, 2030 and thereafter	10,224
Operating Leases, Total lease payments	37,452
Operating Leases, Less: imputed interest	(5,747)
Total operating lease liabilities	31,705	$ 36,129
Operating Leases, Less: current obligations	(9,249)	(8,840)
Noncurrent operating lease liabilities	22,456	27,289
Finance Leases, 2024	14
Finance Leases, 2025	43
Finance Leases, 2026	22
Finance Leases, 2027	20
Finance Leases, 2028	19
Finance Leases, 2029	0
Finance Leases, 2030 and thereafter	0
Finance Leases, Total lease payments	118
Finance Leases, Less: imputed interest	(6)
Total finance lease liabilities	112	146
Finance Leases, Less: current obligations	(49)	(52)
Non-current finance lease liabilities	$ 63	$ 94

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 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, 2022	$ 1,582,919	$ 36,503	$ (337,490)	$ 494,773	$ 1,448,092	$ (128,233)	$ 1,513,645	$ 69,274
Common stock shares beginning at Dec. 31, 2022		54,751	(9,282)
Total comprehensive income (loss)	172,141				201,890	(33,400)	168,490	3,651
Net changes in noncontrolling interest	(3,704)							(3,704)
Common stock issued for share-based plans		$ 314		(314)
Common stock issued for share-based plans, shares		472
Share-based compensation	23,111			23,111			23,111
Deferred compensation plan, shares			(5)
Deferred compensation plan			$ (496)	496
Tax related to net share settlement	(15,584)			(15,584)			(15,584)
BALANCE at Sep. 30, 2023	1,758,883	$ 36,817	$ (337,986)	502,482	1,649,982	(161,633)	1,689,662	69,221
Common stock shares ending at Sep. 30, 2023		55,223	(9,287)
BALANCE at Jun. 30, 2023	1,730,578	$ 36,690	$ (337,670)	501,302	1,601,262	(139,104)	1,662,480	68,098
Common stock shares beginning at Jun. 30, 2023		55,032	(9,283)
Total comprehensive income (loss)	27,304				48,720	(22,529)	26,191	1,113
Net changes in noncontrolling interest	10							10
Common stock issued for share-based plans		$ 127		(127)
Common stock issued for share-based plans, shares		191
Share-based compensation	5,928			5,928			5,928
Deferred compensation plan, shares			(4)
Deferred compensation plan			$ (316)	316
Tax related to net share settlement	(4,937)			(4,937)			(4,937)
BALANCE at Sep. 30, 2023	1,758,883	$ 36,817	$ (337,986)	502,482	1,649,982	(161,633)	1,689,662	69,221
Common stock shares ending at Sep. 30, 2023		55,223	(9,287)
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 beginning at Dec. 31, 2023	45,938,383	55,225	(9,287)
Total comprehensive income (loss)	$ 68,256				35,783	27,643	63,426	4,830
Net changes in noncontrolling interest	(1,188)			853			853	(2,041)
Common stock issued for share-based plans		$ 263		(263)
Common stock issued for share-based plans, shares		394
Share-based compensation	16,080			16,080			16,080
Deferred compensation plan, shares			(1)
Deferred compensation plan			$ (114)	114
Tax related to net share settlement	(9,516)			(9,516)			(9,516)
BALANCE at Sep. 30, 2024	1,883,309	$ 37,082	$ (338,100)	517,129	1,711,057	(115,584)	1,811,584	71,725
Common stock shares ending at Sep. 30, 2024		55,619	(9,288)
BALANCE at Jun. 30, 2024	$ 1,851,576	$ 36,958	$ (338,052)	513,309	1,697,312	(135,172)	1,774,355	77,221
Common stock shares beginning at Jun. 30, 2024	46,330,932	55,434	(9,288)
Total comprehensive income (loss)	$ 34,771				13,745	19,588	33,333	1,438
Net changes in noncontrolling interest	(6,081)			853			853	(6,934)
Common stock issued for share-based plans		$ 124		(124)
Common stock issued for share-based plans, shares		185
Share-based compensation	6,817			6,817			6,817
Deferred compensation plan			$ (48)	48
Tax related to net share settlement	(3,774)			(3,774)			(3,774)
BALANCE at Sep. 30, 2024	$ 1,883,309	$ 37,082	$ (338,100)	$ 517,129	$ 1,711,057	$ (115,584)	$ 1,811,584	$ 71,725
Common stock shares ending at Sep. 30, 2024		55,619	(9,288)

Employee Benefit Plans	9 Months Ended
Employee Benefit Plans	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	NOTE 12 – Employee Benefit Plans We maintain a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) for executive officers, key employees, and members of the Board of Directors. The Deferred Compensation Plan allows eligible participants to defer the receipt of eligible compensation, including equity awards, until designated future dates. We offset our obligations under the Deferred Compensation Plan primarily by investing in the actual underlying investments. At September 30, 2024 and December 31, 2023, these investments totaled approximately $17.2 million and $14.6 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Objectives for using derivative instruments	The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps, including interest rate collars, as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company makes use of cross-currency swaps and foreign-currency forward contracts to decrease the foreign exchange risk inherent in the Company’s investment in some of its foreign subsidiaries.
Foreign Currency Forward Contracts
Derivative [Line Items]
Fair value of foreign currency derivative instruments not designated as hedging	$ 351.9	$ 230.4

- Definition

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

+ References + Details

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The table below sets forth the fair value of the Company’s derivative financial instruments as well as their classification on our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:


	Fair Value
		Other Liabilities
		2024		2023
Cross-currency swaps		$	-	$	6,936
Foreign-currency forward contracts			10,897		10,202

Restructuring Costs - Schedule of Costs Accrued Related to the Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Beginning balance			$ 317
Costs accrued	$ (211)	$ 2,566	8,039	$ 2,566
Costs paid			(7,889)
Ending balance	467		467
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Beginning balance			0
Costs accrued			2,814
Costs paid			(2,814)
Ending balance	0		0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Beginning balance			0
Costs accrued			4,496
Costs paid			(4,496)
Ending balance	0		0
Contract Termination
Restructuring Cost and Reserve [Line Items]
Beginning balance			207
Costs accrued			(62)
Costs paid			(145)
Ending balance	0		0
Other
Restructuring Cost and Reserve [Line Items]
Beginning balance			110
Costs accrued			791
Costs paid			(434)
Ending balance	$ 467		$ 467

- 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

Related Parties - Schedule of Account Receivable and Payable of Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Keylink
Related Party Transaction [Line Items]
Accounts receivable	$ 25,875	$ 34,774
Accounts payable	28,743	33,882
Nuvoton
Related Party Transaction [Line Items]
Accounts receivable	2	26
Accounts payable	872	924
JCP
Related Party Transaction [Line Items]
Accounts payable	49	159
Atlas
Related Party Transaction [Line Items]
Accounts payable	$ 509	$ 133

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 9 – Commitments and Contingencies

Purchase Commitments. We have entered into non-cancelable purchase contracts for capital expenditures, primarily for manufacturing equipment, for approximately $34.7 million at September 30, 2024. As of September 30, 2024, we also had a commitment to purchase approximately $36.3 million of wafers to be used in our manufacturing process. These wafer purchases are scheduled to occur through 2026.

Defined Benefit Plan. We have a contributory defined benefit plan that covers certain employees in the United Kingdom. As of September 30, 2024, the underfunded liability for this defined benefit plan was approximately $9.6 million. We have agreed to a revised schedule of contributions of GBP 2.0 million (approximately $2.6 million based on a GBP: USD exchange rate of 1:1.3) to be paid annually with effect from January 1, 2023 to address the deficit revealed by the valuation (with the annual payments to be made by December 31, 2023 through December 31, 2028). A final payment of GBP 1.5 million (approximately $2.0 million based on a GBP: USD rate of 1:1.3) will be made by December 31, 2029.

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

Inventories - Schedule of Inventory Current (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 202,194	$ 129,802
Work-in-progress	70,514	72,876
Raw materials	209,330	187,096
Total	$ 482,038	$ 389,774

Equity Investments - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended
	May 31, 2023	Jul. 31, 2021	Sep. 30, 2024
Variable Interest Entity [Line Items]
Equity investments, fair value			$ 55.6
Fabless Wafer Design Company [Member]
Variable Interest Entity [Line Items]
Payments for convertible promissory note		$ 5.0
Subsidiary, Ownership Percentage, Noncontrolling Owner			50.00%
Fabless Wafer Design Company [Member] \| 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

Income Tax Provision

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax Provision

NOTE 5 – Income Tax Provision

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Domestic pre-tax income	$	7,327		$	21,480		$	3,502		$	118,209
Foreign pre-tax income	$	11,475		$	39,026		$	46,910		$	131,845
Income tax provision	$	3,619		$	10,674		$	9,799		$	44,514
Effective tax rate		19.2	%		17.6	%		19.4	%		17.8	%
Impact of tax holidays on tax expense	$	438		$	216		$	641		$	111
Earnings per share impact of tax holidays:
Basic	$	(0.01	)	$	-		$	(0.01	)	$	-
Diluted	$	(0.01	)	$	-		$	(0.01	)	$	-

The increase in the effective tax rate for the three and nine months ended September 30, 2024, when compared to the three and nine months ended September 30, 2023, is primarily due to the impact of the geographical mix of pre-tax income and loss across tax jurisdictions relative to the Company’s consolidated pre-tax income on the estimated annual effective tax rate.

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

We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2012. 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. (other than China), with limited exceptions, the Company is no longer subject to income tax audits for years before 2017. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties, if any, have been provided for in the Company’s reserve for any adjustments that may result from currently pending tax audits. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in interest expense. As of September 30, 2024, the gross amount of unrecognized tax benefits was approximately $49.3 million.

Several jurisdictions in which we operate have either enacted, or announced plans to enact, legislation consistent with the Organization for Economic Co-operation and Development Global Anti-Base Erosion Model Rules ("Pillar Two") which introduced a global minimum effective tax rate of 15% applied on a jurisdiction-by-jurisdiction basis. We have analyzed enacted legislation and do not anticipate that it will have a material impact on our effective tax rate for 2024; however, we continue to monitor future tax legislative changes in the jurisdictions in which we operate in order to evaluate the impacts to the consolidated financial statements.

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 22,163	$ 21,398
Less: Current portion of long-term debt	(1,446)	(4,419)
Long-term debt, net of current portion	20,717	16,979
Various during 2024
Debt Instrument [Line Items]
Short-term debt	$ 35,704	40,685
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	$ 1,694	1,880
Long-term debt, Interest Rate	2-yr deposit rate floating plus 0.1148%
Notes Payable to Bank \| Bank of Taiwan \| September 2026
Debt Instrument [Line Items]
Total long-term debt	$ 3,161	1,626
Long-term debt, Interest Rate	2-yr deposit rate floating plus 0.082%
Notes Payable to Bank \| CTBC Bank \| March 2026
Debt Instrument [Line Items]
Total long-term debt	$ 3,161	3,252
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	$ 12,198	13,098
Long-term debt, Interest Rate	TAIBOR 3M plus 0.5%
Notes Payable to Bank \| E Sun Bank \| July 2027
Debt Instrument [Line Items]
Total long-term debt	$ 168	217
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	$ 1,149	1,325
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%
Notes Payable to Bank \| E Sun Bank \| September 2026
Debt Instrument [Line Items]
Total long-term debt	$ 632	$ 0
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%

Income Tax Provision (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Information Related to Income Tax Expense

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Domestic pre-tax income	$	7,327		$	21,480		$	3,502		$	118,209
Foreign pre-tax income	$	11,475		$	39,026		$	46,910		$	131,845
Income tax provision	$	3,619		$	10,674		$	9,799		$	44,514
Effective tax rate		19.2	%		17.6	%		19.4	%		17.8	%
Impact of tax holidays on tax expense	$	438		$	216		$	641		$	111
Earnings per share impact of tax holidays:
Basic	$	(0.01	)	$	-		$	(0.01	)	$	-
Diluted	$	(0.01	)	$	-		$	(0.01	)	$	-

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Earnings (numerator)
Net income attributable to common stockholders	$	13,745	$	48,720	$	35,783	$	201,890

Shares (denominator)
Weighted average common shares outstanding (basic)		46,331		45,936		46,166		45,758
Dilutive effect of stock options and stock awards outstanding		111		384		212		538
Adjusted weighted average common shares outstanding (diluted)		46,442		46,320		46,378		46,296

Earnings per share attributable to common stockholders
Basic	$	0.30	$	1.06	$	0.78	$	4.41
Diluted	$	0.30	$	1.05	$	0.77	$	4.36

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		125		271		241		94

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets - Schedule of Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3,833	$ 3,808	$ 11,497	$ 11,476

Employee Benefit Plans - Additional Information (Details) - Deferred Compensation Plan - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
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 September 30, 2024 and December 31, 2023, these investments totaled approximately $17.2 million and $14.6 million, respectively.
Deferred compensation plan assets	$ 17.2	$ 14.6

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Components of Lease Expense

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Operating lease expense	$	3,615	$	3,184	$	10,778	$	9,788
Finance lease expense:
Amortization of assets		7		9		22		24
Interest on lease liabilities		1		1		3		2
Short-term lease expense		564		583		1,685		1,288
Variable lease expense		1,374		1,134		3,676		3,215
Total lease expense	$	5,561	$	4,911	$	16,164	$	14,317

Supplemental Balance Sheet Information Related to Leases

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


	September 30, 2024			December 31, 2023
Operating leases:
Operating lease ROU assets	$	45,670		$	50,833

Current operating lease liabilities		9,249			8,840
Noncurrent operating lease liabilities		22,456			27,289
Total operating lease liabilities	$	31,705		$	36,129

Finance leases:
Finance lease ROU assets	$	2,727		$	2,717
Accumulated amortization		(2,616	)		(2,573	)
Finance lease ROU assets, net	$	111		$	144

Current finance lease liabilities	$	49		$	52
Non-current finance lease liabilities		63			94
Total finance lease liabilities	$	112		$	146

Weighted average remaining lease term (in years):
Operating leases		7.5			7.8
Finance leases		3.2			3.6

Weighted average discount rate:
Operating leases		4.1	%		4.1	%
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:


	Nine Months Ended
	September 30, 2024		September 30, 2023
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	15,469	$	14,295
Operating cash outflows from finance leases		3		2
Financing cash outflow from finance leases		36		34

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		3,630		13,360

Schedule of Operating and Finance Lease Liability Maturities

The table below sets forth information about lease liability maturities:


	September 30, 2024
	Operating Leases			Finance Leases
2024	$	2,768		$	14
2025		9,951			43
2026		6,852			22
2027		4,117			20
2028		2,048			19
2029		1,492			-
2030 and thereafter		10,224			-
Total lease payments		37,452			118
Less: imputed interest		(5,747	)		(6	)
Total lease obligations		31,705			112
Less: current obligations		(9,249	)		(49	)
Long-term lease obligations	$	22,456		$	63

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill
Goodwill beginning balance	$ 146,558
Acquisition	1,139
Foreign currency translation adjustment	815
Goodwill ending balance	$ 148,512

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory Current

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


	September 30, 2024		December 31, 2023
Finished goods	$	202,194	$	129,802
Work-in-progress		70,514		72,876
Raw materials		209,330		187,096
Total	$	482,038	$	389,774

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

NOTE 3 – Inventories

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


	September 30, 2024		December 31, 2023
Finished goods	$	202,194	$	129,802
Work-in-progress		70,514		72,876
Raw materials		209,330		187,096
Total	$	482,038	$	389,774

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Share-Based Compensation Expense

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Cost of goods sold	$	579	$	521	$	1,500	$	1,354
Selling, general, and administrative		4,916		4,216		10,874		18,827
Research and development		1,271		1,233		3,709		3,255
Total share-based compensation expense	$	6,766	$	5,970	$	16,083	$	23,436

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 6,766	$ 5,970	$ 16,083	$ 23,436
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	579	521	1,500	1,354
Selling, General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	4,916	4,216	10,874	18,827
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 1,271	$ 1,233	$ 3,709	$ 3,255

Leases - Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$ 15,469	$ 14,295
Operating cash outflows from finance leases	3	2
Financing cash outflow from finance leases	36	34
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases	$ 3,630	$ 13,360

Related Parties

9 Months Ended

Sep. 30, 2024

Related Parties

NOTE 13 – Related Parties

We conduct business with the following related parties: Keylink International (B.V.I.) Inc. and its subsidiaries and affiliates (“Keylink”), Nuvoton Technology Corporation (“Nuvoton”), 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. We have an agreement to purchase approximately $11.9 million of wafers from Nuvoton that ends in the fourth quarter of 2025. We consider our relationship with Nuvoton to be mutually beneficial, and plan to continue our strategic alliance with Nuvoton.

JCP is a frequency control product manufacturing company from which we purchase material and in which we have made an equity investment that 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 variable interest entity (“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. Consequently, we do not consolidate the assets and liabilities of Atlas in the Company’s financial statements. For additional information related to Atlas see Note 14 - Equity Investments - Unconsolidated VIE, below.

The tables below set forth the revenues, expenses, accounts receivable and accounts payable with our related parties:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Keylink:
Net sales	$	15	$	3,630	$	3,373	$	10,118
Purchases	$	270	$	404	$	988	$	1,123
Plating, rental and consulting expense	$	3,625	$	4,117	$	11,568	$	12,797
Nuvoton:
Net sales	$	2	$	9	$	35	$	16
Purchases	$	1,570	$	2,837	$	5,699	$	8,281
JCP:
Purchases	$	44	$	72	$	180	$	206
Atlas:
Purchases	$	1,327	$	-	$	2,632	$	-

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


	September 30, 2024		December 31, 2023
Keylink:
Accounts receivable	$	25,875	$	34,774
Accounts payable	$	28,743	$	33,882
Nuvoton:
Accounts receivable	$	2	$	26
Accounts payable	$	872	$	924
JCP:
Accounts payable	$	49	$	159
Atlas:
Accounts payable	$	509	$	133

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 10,461		$ 5,641
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		46,330,932	45,938,383
Common stock shares outstanding		46,330,932	45,938,383
Treasury stock, shares		9,288,420	9,286,862

Enterprise-Wide Segment Information and Net Sales - Schedule of Net Sales by Direct Sales or Distributor and Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 350,079	$ 404,647	$ 971,822	$ 1,339,040
Direct Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	127,219	137,661	362,223	416,689
Distributor Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	222,860	266,986	609,599	922,351
Asia
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	274,711	292,968	748,774	930,891
Europe
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	52,588	73,555	147,403	242,783
Americas
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 22,780	$ 38,124	$ 75,645	$ 165,366

- 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
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 350,079	$ 404,647	$ 971,822	$ 1,339,040
Cost of goods sold	232,071	248,771	646,844	793,334
Gross profit	118,008	155,876	324,978	545,706
Operating expenses
Selling, general and administrative	59,388	62,964	171,590	201,455
Research and development	33,691	34,068	100,844	101,911
Amortization of acquisition related intangible assets	3,833	3,808	11,497	11,476
Gain on disposal of fixed assets	(571)	0	(5,525)	0
Restructuring charge	(211)	2,566	8,039	2,566
Other operating income	1	(1,404)	0	(1,570)
Total operating expense	96,131	102,002	286,445	315,838
Income from operations	21,877	53,874	38,533	229,868
Other (expense) income
Interest income	4,532	4,507	13,383	8,503
Interest expense	(456)	(898)	(1,840)	(5,219)
Foreign currency (loss) gain, net	(4,423)	1,314	(2,652)	(2,796)
Unrealized (loss) gain on investments	(3,410)	401	1,310	16,462
Other income	682	1,309	1,678	3,237
Total other (expense) income	(3,075)	6,633	11,879	20,187
Income before income taxes and noncontrolling interest	18,802	60,507	50,412	250,055
Income tax provision	3,619	10,674	9,799	44,514
Net income	15,183	49,833	40,613	205,541
Less net income attributable to noncontrolling interest	(1,438)	(1,113)	(4,830)	(3,651)
Net income attributable to common stockholders	$ 13,745	$ 48,720	$ 35,783	$ 201,890
Earnings per share attributable to common stockholders:
Basic	$ 0.3	$ 1.06	$ 0.78	$ 4.41
Diluted	$ 0.3	$ 1.05	$ 0.77	$ 4.36
Number of shares used in earnings per share computation:
Basic	46,331	45,936	46,166	45,758
Diluted	46,442	46,320	46,378	46,296

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 4 months 24 days
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 60.6
Share based compensation arrangement by share based payment award options vested number of shares		54,525
Share based compensation arrangement by share based payment award plan modification incremental compensation cost		$ 2.1

- Definition

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

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+ Details

Enterprise-Wide Segment Information and Net Sales (Tables)

9 Months Ended

Sep. 30, 2024

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:


For the Three Months Ended September 30, 2024	Asia			Americas			Europe			Consolidated
Total sales	$	380,013		$	255,058		$	68,771		$	703,842
Intercompany elimination		(161,213	)		(155,017	)		(37,533	)		(353,763	)
Net sales	$	218,800		$	100,041		$	31,238		$	350,079


For the Three Months Ended September 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	379,181		$	291,359		$	97,625		$	768,165
Intercompany elimination		(169,629	)		(159,114	)		(34,775	)		(363,518	)
Net sales	$	209,552		$	132,245		$	62,850		$	404,647

As of and for the
Nine Months Ended September 30, 2024	Asia			Americas			Europe			Consolidated
Total sales	$	1,051,118			695,447		$	204,868		$	1,951,433
Intercompany elimination		(445,714	)		(431,204	)		(102,693	)		(979,611	)
Net sales	$	605,404		$	264,243		$	102,175		$	971,822

Property, plant, and equipment, net	$	515,347		$	78,915		$	109,463		$	703,725
Total assets	$	1,678,927		$	472,420		$	238,035		$	2,389,382

As of and for the
Nine Months Ended September 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	1,206,777		$	955,944		$	315,063		$	2,477,784
Intercompany elimination		(539,598	)		(499,802	)		(99,344	)		(1,138,744	)
Net sales	$	667,179		$	456,142		$	215,719		$	1,339,040

Property, plant, and equipment, net	$	537,040		$	86,951		$	112,135		$	736,126
Total assets	$	1,562,240		$	520,608		$	257,374		$	2,340,222

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 destination and by type (direct sales or Distributor):


	For the Three Months Ended September 30,
Net Sales by Region	2024		2023
Asia	$	274,711	$	292,968
Europe		52,588		73,555
Americas		22,780		38,124
Total net sales	$	350,079	$	404,647

Net Sales by Type
Direct sales	$	127,219	$	137,661
Distributor sales		222,860		266,986
Total net sales	$	350,079	$	404,647

	For the Nine Months Ended September 30,
Net Sales by Region	2024		2023
Asia	$	748,774	$	930,891
Europe		147,403		242,783
Americas		75,645		165,366
Total net sales	$	971,822	$	1,339,040

Net Sales by Type
Direct sales	$	362,223	$	416,689
Distributor sales		609,599		922,351
Total net sales	$	971,822	$	1,339,040

Related Parties - Schedule of Net Sales and Purchases of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Keylink
Related Party Transaction [Line Items]
Net sales	$ 15	$ 3,630	$ 3,373	$ 10,118
Purchases from related parties	270	404	988	1,123
Plating, rental and consulting expense	3,625	4,117	11,568	12,797
Nuvoton
Related Party Transaction [Line Items]
Net sales	2	9	35	16
Purchases from related parties	1,570	2,837	5,699	8,281
JCP
Related Party Transaction [Line Items]
Purchases from related parties	44	72	180	206
Atlas
Related Party Transaction [Line Items]
Purchases from related parties	$ 1,327	$ 0	$ 2,632	$ 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).

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+ Details

Equity Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Variable Interest Entities

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


	September 30, 2024		December 31, 2023
VIE total assets	$	21,751	$	26,445
VIE total liabilities		4,536		4,532

Diodes' equity in VIE	$	44,420	$	44,420
Diodes' note receivable from VIE		4,000		4,000
Diodes' interest receivable from VIE		195		45
Diodes' maximum exposure to loss	$	48,615	$	48,465

- 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

Enterprise-Wide Segment Information and Net Sales - Schedule of Net Sales From Based on Location of the Subsidiary (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 350,079	$ 404,647	$ 971,822	$ 1,339,040
Property, plant and equipment, net	703,725	736,126	703,725	736,126	$ 746,169
Total assets	2,389,382	2,340,222	2,389,382	2,340,222	$ 2,367,659
Operating Segments
Segment Reporting Information [Line Items]
Net sales	703,842	768,165	1,951,433	2,477,784
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(353,763)	(363,518)	(979,611)	(1,138,744)
Asia
Segment Reporting Information [Line Items]
Net sales	218,800	209,552	605,404	667,179
Property, plant and equipment, net	515,347	537,040	515,347	537,040
Total assets	1,678,927	1,562,240	1,678,927	1,562,240
Asia \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	380,013	379,181	1,051,118	1,206,777
Asia \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(161,213)	(169,629)	(445,714)	(539,598)
Americas
Segment Reporting Information [Line Items]
Net sales	100,041	132,245	264,243	456,142
Property, plant and equipment, net	78,915	86,951	78,915	86,951
Total assets	472,420	520,608	472,420	520,608
Americas \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	255,058	291,359	695,447	955,944
Americas \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(155,017)	(159,114)	(431,204)	(499,802)
Europe
Segment Reporting Information [Line Items]
Net sales	31,238	62,850	102,175	215,719
Property, plant and equipment, net	109,463	112,135	109,463	112,135
Total assets	238,035	257,374	238,035	257,374
Europe \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	68,771	97,625	204,868	315,063
Europe \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (37,533)	$ (34,775)	$ (102,693)	$ (99,344)

- Definition

Amount of asset recognized for present right to economic benefit.

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document type	10-Q
Document period end date	Sep. 30, 2024
Amendment flag	false
Entity registrant name	DIODES INC /DEL/
Entity central index key	0000029002
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity common stock shares outstanding		46,332,882
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	DIOD
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	002-25577
Entity Tax Identification Number	95-2039518
Entity Address, Address Line One	4949 Hedgcoxe Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	972
Local Phone Number	987-3900
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, Par Value $0.66 2/3
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

NOTE 11 – Leases

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Operating lease expense	$	3,615	$	3,184	$	10,778	$	9,788
Finance lease expense:
Amortization of assets		7		9		22		24
Interest on lease liabilities		1		1		3		2
Short-term lease expense		564		583		1,685		1,288
Variable lease expense		1,374		1,134		3,676		3,215
Total lease expense	$	5,561	$	4,911	$	16,164	$	14,317


	September 30, 2024			December 31, 2023
Operating leases:
Operating lease ROU assets	$	45,670		$	50,833

Current operating lease liabilities		9,249			8,840
Noncurrent operating lease liabilities		22,456			27,289
Total operating lease liabilities	$	31,705		$	36,129

Finance leases:
Finance lease ROU assets	$	2,727		$	2,717
Accumulated amortization		(2,616	)		(2,573	)
Finance lease ROU assets, net	$	111		$	144

Current finance lease liabilities	$	49		$	52
Non-current finance lease liabilities		63			94
Total finance lease liabilities	$	112		$	146

Weighted average remaining lease term (in years):
Operating leases		7.5			7.8
Finance leases		3.2			3.6

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

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


	Nine Months Ended
	September 30, 2024		September 30, 2023
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$	15,469	$	14,295
Operating cash outflows from finance leases		3		2
Financing cash outflow from finance leases		36		34

ROU assets obtained in exchange for lease liabilities incurred:
Operating leases		3,630		13,360

The table below sets forth information about lease liability maturities:


	September 30, 2024
	Operating Leases			Finance Leases
2024	$	2,768		$	14
2025		9,951			43
2026		6,852			22
2027		4,117			20
2028		2,048			19
2029		1,492			-
2030 and thereafter		10,224			-
Total lease payments		37,452			118
Less: imputed interest		(5,747	)		(6	)
Total lease obligations		31,705			112
Less: current obligations		(9,249	)		(49	)
Long-term lease obligations	$	22,456		$	63

Enterprise-Wide Segment Information and Net Sales

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Enterprise-Wide Segment Information and Net Sales

NOTE 7 – Enterprise-Wide Segment Information and Net Sales

Segment Reporting. For financial reporting purposes, we operate in a single segment, standard semiconductor products, through our various manufacturing and distribution facilities. We aggregate our products because the products are similar and have similar economic characteristics, use similar production processes and share similar customer type. Our primary operations include operations in Asia, the Americas, and Europe. During the three months ended September 30, 2024, one customer accounted for approximately $44.3 million, or 12.6%, of our net sales. During the nine months ended September 30, 2024, one customer accounted for approximately $120.9 million, or 12.4%, of our net sales. During the three months ended September 30, 2023, one customer accounted for approximately $64.8 million or 16.0% of our net sales. During the nine months ended September 30, 2023, two customers accounted for $169.8 million, or 12.7%, and $153.6 million, or 11.5%, respectively, of our net sales. One customer accounted for approximately 17.7% and one customer accounted for 14.1% of our outstanding accounts receivable at September 30, 2024. All customers that accounted for 10% or more of our net sales during any period presented in this Quarterly Report on Form 10-Q are broad-based global distributors that sell to thousands of different end users.

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


For the Three Months Ended September 30, 2024	Asia			Americas			Europe			Consolidated
Total sales	$	380,013		$	255,058		$	68,771		$	703,842
Intercompany elimination		(161,213	)		(155,017	)		(37,533	)		(353,763	)
Net sales	$	218,800		$	100,041		$	31,238		$	350,079


For the Three Months Ended September 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	379,181		$	291,359		$	97,625		$	768,165
Intercompany elimination		(169,629	)		(159,114	)		(34,775	)		(363,518	)
Net sales	$	209,552		$	132,245		$	62,850		$	404,647

As of and for the
Nine Months Ended September 30, 2024	Asia			Americas			Europe			Consolidated
Total sales	$	1,051,118			695,447		$	204,868		$	1,951,433
Intercompany elimination		(445,714	)		(431,204	)		(102,693	)		(979,611	)
Net sales	$	605,404		$	264,243		$	102,175		$	971,822

Property, plant, and equipment, net	$	515,347		$	78,915		$	109,463		$	703,725
Total assets	$	1,678,927		$	472,420		$	238,035		$	2,389,382

As of and for the
Nine Months Ended September 30, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	1,206,777		$	955,944		$	315,063		$	2,477,784
Intercompany elimination		(539,598	)		(499,802	)		(99,344	)		(1,138,744	)
Net sales	$	667,179		$	456,142		$	215,719		$	1,339,040

Property, plant, and equipment, net	$	537,040		$	86,951		$	112,135		$	736,126
Total assets	$	1,562,240		$	520,608		$	257,374		$	2,340,222

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


	For the Three Months Ended September 30,
Net Sales by Region	2024		2023
Asia	$	274,711	$	292,968
Europe		52,588		73,555
Americas		22,780		38,124
Total net sales	$	350,079	$	404,647

Net Sales by Type
Direct sales	$	127,219	$	137,661
Distributor sales		222,860		266,986
Total net sales	$	350,079	$	404,647

	For the Nine Months Ended September 30,
Net Sales by Region	2024		2023
Asia	$	748,774	$	930,891
Europe		147,403		242,783
Americas		75,645		165,366
Total net sales	$	971,822	$	1,339,040

Net Sales by Type
Direct sales	$	362,223	$	416,689
Distributor sales		609,599		922,351
Total net sales	$	971,822	$	1,339,040

Net sales from products shipped to China was $149.2 million and $189.7 million for the three months ended September 30, 2024 and 2023, respectively. Net sales from products shipped to China was $430.2 million and $541.3 million for the nine months ended September 30, 2024 and 2023, 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.

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+ Details

Equity Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Equity Investments

Note 14 - Equity Investments

The Company maintains equity investments in companies which are accounted for under the measurement alternative described in ASC 321-10-35-2 for equity securities that lack readily determinable fair values. As of September 30, 2024, the Company had $55.6 million of investments accounted for under the measurement alternative.

Unconsolidated VIE

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 September 30, 2024, 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.

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:

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


	September 30, 2024		December 31, 2023
VIE total assets	$	21,751	$	26,445
VIE total liabilities		4,536		4,532

Diodes' equity in VIE	$	44,420	$	44,420
Diodes' note receivable from VIE		4,000		4,000
Diodes' interest receivable from VIE		195		45
Diodes' maximum exposure to loss	$	48,615	$	48,465

Derivative Financial Instruments - Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Our Condensed Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Cross-currency swaps
Derivative [Line Items]
Derivative Liability	$ 0	$ 6,936
Foreign-currency forward contracts
Derivative [Line Items]
Derivative Liability	$ 10,897	$ 10,202

- 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

Equity Investments - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Variable Interest Entity [Line Items]
VIE total assets	$ 2,389,382	$ 2,367,659	$ 2,340,222
VIE total liabilities	506,073	557,982
Diodes' note receivable from VIE	358,938	371,930
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE total assets	21,751	26,445
VIE total liabilities	4,536	4,532
Diodes' equity in VIE	44,420	44,420
Diodes' note receivable from VIE	4,000	4,000
Diodes' interest receivable from VIE	195	45
Diodes' maximum exposure to loss	$ 48,615	$ 48,465

- Definition

Amount of asset recognized for present right to economic benefit.

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Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 40,613	$ 205,541
Adjustments to reconcile net income to net cash flows from operating activities, net of effects of acquisitions
Depreciation	90,762	91,220
Amortization of intangible assets	11,497	11,476
Share-based compensation expense	16,083	23,436
Deferred income taxes	(307)	(2,479)
Investment gain	(1,336)	(17,555)
Gain on disposal of property, plant, and equipment	(5,525)	(1,554)
Interest income forwards and collars	(7,091)	(1,992)
Other	(2,206)	(268)
Changes in operating assets:
Change in accounts receivable	16,482	(49,452)
Change in inventory	(90,155)	10,905
Change in other operating assets	3,669	(42,144)
Changes in operating liabilities:
Change in accounts payable	(9,200)	3,312
Change in accrued liabilities	(19,439)	(1,915)
Change in income tax payable	(6,975)	10,940
Change in other operating liabilities	741	3,051
Net cash flows from operating activities	37,613	242,522
Cash flows from investing activities
Purchases of property, plant, and equipment	(53,328)	(123,472)
Proceeds from sale of property, plant and equipment	1,088	2,077
Proceeds from short-term investments	15,468	2,768
Purchases of short-term investments	(12,958)	(6,065)
Purchases of securities	0	(13,901)
Proceeds from sales of securities	0	3,891
Insurance recovery	4,725	0
Other	(3,870)	5,331
Net cash flows from investing activities	(48,875)	(129,371)
Cash flows from financing activities
Advances on lines of credit and short-term debt	67,920	16,209
Repayments of lines of credit and short-term debt	(72,433)	(21,310)
Proceeds from long-term debt	6,283	25,204
Repayments of long-term debt	(5,554)	(150,527)
Repayment of and proceeds from finance lease obligation	(36)	(34)
Taxes paid related to net share settlement	(9,516)	(15,584)
Net changes in noncontrolling interest	2,544	117
Other	(4,744)	(4,753)
Net cash flows from financing activities	(15,536)	(150,678)
Effect of exchange rate changes on cash and cash equivalents	25,399	(5,935)
Change in cash and cash equivalents, including restricted cash	(1,399)	(43,462)
Cash and cash equivalents, beginning of period, including restricted cash	318,483	341,099
Cash and cash equivalents, end of period, including restricted cash	317,084	297,637
Supplemental Cash Flow Information
Interest paid during the period	1,618	4,226
Taxes paid during the period	18,302	87,725
Non-cash investing and financing activities:
Accounts payable balance related to the purchase of property, plant and equipment	$ 13,186	$ 14,730

Enterprise-Wide Segment Information and Net Sales - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2023 USD ($) Customer	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2023 USD ($) Customer
Entity Wide Revenue Major Customer [Line Items]
Number of customer accounted for 10% \| Customer	1		1
Net sales	$ 350,079	$ 404,647	$ 971,822	$ 1,339,040
Customer One
Entity Wide Revenue Major Customer [Line Items]
Net sales	44,300	64,800	120,900	169,800
Customer Two
Entity Wide Revenue Major Customer [Line Items]
Net sales				153,600
China
Entity Wide Revenue Major Customer [Line Items]
Net sales	$ 149,200	$ 189,700	$ 430,200	$ 541,300
Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Number of customer accounted for 10% \| Customer	1	1	1	2
Sales Revenue \| Geographic Concentration Risk \| Accounts Receivable
Entity Wide Revenue Major Customer [Line Items]
Concentration Risk, Percentage	17.70%		14.10%
Sales Revenue \| Geographic Concentration Risk \| Accounts Receivable \| Customer One
Entity Wide Revenue Major Customer [Line Items]
Concentration Risk, Percentage	12.60%	16.00%	12.40%	12.70%
Sales Revenue \| Geographic Concentration Risk \| Accounts Receivable \| Customer Two
Entity Wide Revenue Major Customer [Line Items]
Concentration Risk, Percentage				11.50%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 3,615	$ 3,184	$ 10,778	$ 9,788
Finance lease expense:
Amortization of assets	7	9	22	24
Interest on lease liabilities	1	1	3	2
Short-term lease expense	564	583	1,685	1,288
Variable lease expense	1,374	1,134	3,676	3,215
Total lease expense	$ 5,561	$ 4,911	$ 16,164	$ 14,317

Income Tax Provision - Schedule of Information Related to Income Tax Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Domestic pre-tax income	$ 7,327	$ 21,480	$ 3,502	$ 118,209
Foreign pre-tax income	11,475	39,026	46,910	131,845
Income tax provision	$ 3,619	$ 10,674	$ 9,799	$ 44,514
Effective tax rate	19.20%	17.60%	19.40%	17.80%
Impact of tax holidays on tax expense	$ 438	$ 216	$ 641	$ 111
Earnings per share impact of tax holidays:
Basic	$ (0.01)	$ 0	$ (0.01)	$ 0
Diluted	$ (0.01)	$ 0	$ (0.01)	$ 0

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Related Parties (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Net Sales and Purchases of Related Party Transactions

The tables below set forth the revenues, expenses, accounts receivable and accounts payable with our related parties:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Keylink:
Net sales	$	15	$	3,630	$	3,373	$	10,118
Purchases	$	270	$	404	$	988	$	1,123
Plating, rental and consulting expense	$	3,625	$	4,117	$	11,568	$	12,797
Nuvoton:
Net sales	$	2	$	9	$	35	$	16
Purchases	$	1,570	$	2,837	$	5,699	$	8,281
JCP:
Purchases	$	44	$	72	$	180	$	206
Atlas:
Purchases	$	1,327	$	-	$	2,632	$	-

Schedule of Account Receivable and Payable of Related Party Transactions

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


	September 30, 2024		December 31, 2023
Keylink:
Accounts receivable	$	25,875	$	34,774
Accounts payable	$	28,743	$	33,882
Nuvoton:
Accounts receivable	$	2	$	26
Accounts payable	$	872	$	924
JCP:
Accounts payable	$	49	$	159
Atlas:
Accounts payable	$	509	$	133

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings outstanding as of September 30, 2024 and December 31, 2023 are set forth in the table below:


	September 30,			December 31,				Current Amount
Description	2024			2023			Interest Rate	Maturity
Short-term debt	$	35,704		$	40,685		Various indices plus margin	Various during 2024

Long-term debt
Notes payable to Bank of Taiwan		1,694			1,880		2-yr deposit rate floating plus 0.1148%	June 2033
Notes payable to Bank of Taiwan		3,161			1,626		2-yr deposit rate floating plus 0.082%	September 2026
Notes payable to CTBC Bank		3,161			3,252		TAIBOR 3M plus 0.5%	March 2026
Notes payable to CTBC Bank		12,198			13,098		TAIBOR 3M plus 0.5%	May 2028
Notes payable to E Sun Bank		168			217		1-M deposit rate floating plus 0.08%	July 2027
Notes payable to E Sun Bank		1,149			1,325		1-M deposit rate floating plus 0.08%	July 2030
Notes payable to E Sun Bank		632			-		1-M deposit rate floating plus 0.08%	September 2026
Total long-term debt		22,163			21,398
Less: Current portion of long-term debt		(1,446	)		(4,419	)
Total long-term debt, net of current portion	$	20,717		$	16,979

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 311,864	$ 315,457
Restricted cash	5,220	3,026
Short-term investments	7,463	10,174
Accounts receivable, net of allowances of $10,461 and $5,641 at September 30, 2024 and December 31, 2023, respectively	358,938	371,930
Inventories	482,038	389,774
Prepaid expenses and other	96,921	97,024
Total current assets	1,262,444	1,187,385
Property, plant and equipment, net	703,725	746,169
Deferred tax assets	52,443	51,620
Goodwill	148,512	146,558
Intangible assets, net	53,698	63,937
Other long-term assets	168,560	171,990
Total assets	2,389,382	2,367,659
Current liabilities:
Lines of credit	35,704	40,685
Accounts payable	150,247	158,261
Accrued liabilities and other	161,880	179,674
Income tax payable	3,506	10,459
Current portion of long-term debt	1,446	4,419
Total current liabilities	352,783	393,498
Long-term debt, net of current portion	20,717	16,979
Deferred tax liabilities	11,600	13,662
Unrecognized tax benefits	34,035	34,035
Other long-term liabilities	86,938	99,808
Total liabilities	506,073	557,982
Commitments and contingencies (See Note 9)
Stockholders' equity
Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - par value $0.66 2/3 per share; 70,000,000 shares authorized; and 46,330,932 shares and 45,938,383 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	37,082	36,819
Additional paid-in capital	517,129	509,861
Retained earnings	1,711,057	1,675,274
Treasury stock, at cost 9,288,420 shares and 9,286,862 shares at September 30, 2024 and December 31, 2023, respectively	(338,100)	(337,986)
Accumulated other comprehensive loss	(115,584)	(143,227)
Stockholders' equity	1,811,584	1,740,741
Noncontrolling interest	71,725	68,936
Total equity	1,883,309	1,809,677
Total liabilities and stockholders' equity	$ 2,389,382	$ 2,367,659

Goodwill and Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization
Gross carrying amount	$ 252,000	$ 250,747
Accumulated amortization	(199,317)	(187,820)
Foreign currency translation adjustment	(8,202)	(8,170)
Total intangible assets subject amortization	44,481	54,757
Intangible assets with indefinite lives
Gross carrying amount	10,303	10,303
Foreign currency translation adjustment	(1,086)	(1,123)
Total intangible assets with indefinite lives	9,217	9,180
Total intangible assets, net	$ 53,698	$ 63,937

Restructuring Costs (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs


	Three Months Ended					Nine Months Ended
	2024			2023		2024		2023
Asset impairment	$	-		$	582	$	2,814	$	582
Employee severance		(500	)		1,139		4,496		1,139
Other		289			845		729		845
	$	(211	)	$	2,566	$	8,039	$	2,566

Schedule of Costs Accrued Related to the Restructuring

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


	Asset Impairment			Employee Severance			Contract Termination			Other			Total
Beginning balance, December 31, 2023	$	-		$	-		$	207		$	110		$	317
Costs accrued		2,814			4,496			(62	)		791			8,039
Costs paid		(2,814	)		(4,496	)		(145	)		(434	)		(7,889	)
Ending balance, September 30, 2024	$	-		$	-		$	-		$	467		$	467

Restructuring Costs - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ (211)	$ 2,566	$ 8,039	$ 2,566
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	0	582	2,814	582
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	(500)	1,139	4,496	1,139
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 289	$ 845	$ 729	$ 845

- 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 Tax Provision - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 49.3
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. (other than China), with limited exceptions, the Company is no longer subject to income tax audits for years before 2017. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties, if any, have been provided for in the Company’s reserve for any adjustments that may result from currently pending tax audits. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in interest expense. As of September 30, 2024, the gross amount of unrecognized tax benefits was approximately $49.3 million.
Significant change in unrecognized tax benefits, nature of event	It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions will significantly increase or decrease within the next 12 months
Significant change in unrecognized tax benefits is reasonably possible, estimated range not possible	At this time, an estimate of the range of the reasonably possible outcomes cannot be made.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 4 – Goodwill and Intangible Assets

The table below sets forth the changes in goodwill:


Balance at December 31, 2023	$	146,558
Acquisition		1,139
Foreign currency translation adjustment		815
Balance at September 30, 2024	$	148,512

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


	September 30,			December 31,
	2024			2023
Intangible assets subject to amortization:
Gross carrying amount	$	252,000		$	250,747
Accumulated amortization		(199,317	)		(187,820	)
Foreign currency translation adjustment		(8,202	)		(8,170	)
Total intangible assets subject amortization		44,481			54,757
Intangible assets with indefinite lives:
Gross carrying amount		10,303			10,303
Foreign currency translation adjustment		(1,086	)		(1,123	)
Total intangible assets with indefinite lives		9,217			9,180
Total intangible assets, net	$	53,698		$	63,937

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


Amortization expense	2024		2023
Three Months Ended September 30,	$	3,833	$	3,808
Nine Months Ended September 30,	$	11,497	$	11,476

Debt - Additional Information (Details) $ in Millions	9 Months Ended
Debt - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Short Term Debt
Line Of Credit Facility [Line Items]
Lines of credit unused and available	$ 112.6
Line of credit facility advanced under foreign credit line	35.7
Line of Credit Facility Credit Used For Guarantee	0.4
Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 0.0
Debt instrument, maturity date	May 31, 2028
Credit Agreement
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 225.0
Letter of Credit \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	100.0
Swing Line Facility \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	50.0
Incremental Term Loan Facility \| Long Term Debt
Line Of Credit Facility [Line Items]
Long-term debt, aggregate principal amount	350.0
Alternative Currency Sublimit Facility \| Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	40.0
Unsecured \| Short Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 148.7

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease ROU assets	$ 45,670	$ 50,833
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current operating lease liabilities	$ 9,249	$ 8,840
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Noncurrent operating lease liabilities	$ 22,456	$ 27,289
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 31,705	$ 36,129
Finance leases:
Finance lease ROU assets	$ 2,727	$ 2,717
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Accumulated amortization	$ (2,616)	$ (2,573)
Finance lease ROU assets, net	111	144
Current finance lease liabilities	$ 49	$ 52
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	$ 63	$ 94
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 112	$ 146
Weighted average remaining lease term (in years):
Operating leases	7 years 6 months	7 years 9 months 18 days
Finance leases	3 years 2 months 12 days	3 years 7 months 6 days
Weighted average discount rate:
Operating leases	4.10%	4.10%
Finance leases	3.60%	3.60%

Summary of Operations and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Operations	Summary of Operations Diodes Incorporated (Nasdaq: DIOD), a Standard and Poor’s SmallCap 600 and Russell 3000 Index company, delivers high-quality semiconductor products to the world’s leading companies in the automotive, industrial, computing, consumer electronics, and communications markets. We leverage our expanded product portfolio of analog and discrete power solutions combined with leading-edge packaging technology to meet customers’ needs. Our broad range of application-specific products and solutions-focused sales, coupled with global operations including engineering, testing, manufacturing, and customer service, enable us to be a premier provider for high-volume, high-growth markets. For more information, visit www.diodes.com.” The Company’s products include diodes; rectifiers; transistors; MOSFETs; Silicon Carbide (“SiC”) diodes and MOSFETs; protection devices; logic; photocoupler; voltage translators; amplifiers and comparators; sensors; and power management devices such as AC-DC converters, DC-DC switching, linear voltage regulators, voltage references, LED drivers, power switches, photocoupler, 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. Diodes’ corporate headquarters and Americas’ sales offices are located in Plano, Texas and Milpitas, California. Design, marketing, and engineering centers are located in Plano and Milpitas, U.S.; Taipei and Taoyuan City, Taiwan; Shanghai and Yangzhou, China; Oldham, England; and Neuhaus, Germany. Diodes’ wafer fabrication facilities are located in South Portland, Maine, U.S., Oldham, England, and Greenock, Scotland; 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, Taiwan. Additional engineering, sales, warehouse, and logistics offices are located in Frankfurt and Munich, Germany; Hong Kong, Shanghai, Beijing, Shenzhen, Wuhan, Yangzhou, and Qingdao, China; Milan, Italy; Oldham, England; Seongnam-si, South Korea; Singapore City, Singapore; Taipei and Kaohsiung, Taiwan; and Tokyo, Japan; 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 and the Company is also C-TPAT certified. 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 Artificial Intelligence of Things; • 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.
Basis of Presentation	Basis of Presentation The condensed consolidated financial data at December 31, 2023 are derived from audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2024 (“Form 10-K”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, operating results, and cash flows in conformity with GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Form 10-K. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the operating results for the period presented have been included in the interim period. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2024. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. As permitted under GAAP, interim accounting for certain expenses, including income taxes, are based on full year forecasts. For interim financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates taking into consideration discrete items occurring in a quarter. Dollar amounts and share amounts are presented in thousands, except per share amounts, unless otherwise noted. Certain prior year’s balances may have been reclassified to conform to the current condensed consolidated financial statement presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require that at each interim and annual reporting period an entity disclose: • The amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed above; • Companies are also required to include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements; • Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and • Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.

Earnings per Share - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per share reconciliation disclosure	Earnings per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted EPS is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive.
Common stock dividends paid	$ 0	$ 0

Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (numerator)
Net income attributable to common stockholders	$ 13,745	$ 48,720	$ 35,783	$ 201,890
Shares (denominator)
Weighted average common shares outstanding (basic)	46,331	45,936	46,166	45,758
Dilutive effect of stock options and stock awards outstanding	111	384	212	538
Adjusted weighted average common shares outstanding (diluted)	46,442	46,320	46,378	46,296
Earnings per share attributable to common stockholders
Basic	$ 0.3	$ 1.06	$ 0.78	$ 4.41
Diluted	$ 0.3	$ 1.05	$ 0.77	$ 4.36
Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive	125	271	241	94

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,745	$ 48,720	$ 35,783	$ 201,890

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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+ Details

Related Parties - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 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	$ 11.9

- 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

Subsequent Event - Additional Information (Details) $ in Millions	1 Months Ended
	Sep. 30, 2024 USD ($)
Fortemedia
Subsequent Event [Line Items]
Cash purchase price	$ 60.8

Subsequent Event

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Event

Note 16 – Subsequent event

In September 2024, the Company entered into an agreement to acquire Fortemedia, Inc. (“Fortemedia”). Fortemedia is a global company that focuses on developing high quality solutions and semiconductor products that provide advanced voice processing technologies to enhance human-to-human and human-to-machine voice communication quality and efficiencies. The cash purchase price was approximately $60.8 million, was funded with cash on hand, and closed in October 2024.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 10 – Derivative Financial Instruments

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

Hedges of Foreign Currency Risk. We are exposed to fluctuations in various foreign currencies against our different functional currencies. We use foreign currency forward agreements to manage this exposure. As of September 30, 2024 and December 31, 2023, we had $351.9 million and $230.4 million, respectively, of outstanding foreign currency forward agreements that are intended to preserve the economic value of foreign currency denominated monetary assets and liabilities; these instruments are not designated for hedge accounting treatment in accordance with Accounting Standards Codification (“ASC”) No. 815.

Hedges of Interest Rate and Net Investment Risk. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps, including interest rate collars, as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company makes use of cross-currency swaps and foreign-currency forward contracts to decrease the foreign exchange risk inherent in the Company’s investment in some of its foreign subsidiaries.


	Fair Value
		Other Liabilities
		2024		2023
Cross-currency swaps		$	-	$	6,936
Foreign-currency forward contracts			10,897		10,202

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The table below sets forth the changes in goodwill:


Balance at December 31, 2023	$	146,558
Acquisition		1,139
Foreign currency translation adjustment		815
Balance at September 30, 2024	$	148,512

Schedule of Intangible Assets Other Than Goodwill

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


	September 30,			December 31,
	2024			2023
Intangible assets subject to amortization:
Gross carrying amount	$	252,000		$	250,747
Accumulated amortization		(199,317	)		(187,820	)
Foreign currency translation adjustment		(8,202	)		(8,170	)
Total intangible assets subject amortization		44,481			54,757
Intangible assets with indefinite lives:
Gross carrying amount		10,303			10,303
Foreign currency translation adjustment		(1,086	)		(1,123	)
Total intangible assets with indefinite lives		9,217			9,180
Total intangible assets, net	$	53,698		$	63,937

Schedule of Amortization Expense Related to Intangible Assets

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


Amortization expense	2024		2023
Three Months Ended September 30,	$	3,833	$	3,808
Nine Months Ended September 30,	$	11,497	$	11,476

- Definition

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

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	$ 15,183	$ 49,833	$ 40,613	$ 205,541
Unrealized gain (loss) on defined benefit plan, net of tax	132	(4,009)	4,070	(1,930)
Unrealized (loss) gain on derivative instruments, net of tax	(9,790)	(2,464)	1,005	(4,143)
Unrealized foreign currency gain (loss), net of tax	29,246	(16,056)	22,568	(27,327)
Comprehensive income	34,771	27,304	68,256	172,141
Less: Comprehensive income attributable to noncontrolling interest	(1,438)	(1,113)	(4,830)	(3,651)
Total comprehensive income attributable to common stockholders	$ 33,333	$ 26,191	$ 63,426	$ 168,490

- Definition

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+ Details

Summary of Operations and Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Operations and Significant Accounting Policies

NOTE 1 – Summary of Operations and Significant Accounting Policies

Summary of Operations

Diodes Incorporated (Nasdaq: DIOD), a Standard and Poor’s SmallCap 600 and Russell 3000 Index company, delivers high-quality semiconductor products to the world’s leading companies in the automotive, industrial, computing, consumer electronics, and communications markets. We leverage our expanded product portfolio of analog and discrete power solutions combined with leading-edge packaging technology to meet customers’ needs. Our broad range of application-specific products and solutions-focused sales, coupled with global operations including engineering, testing, manufacturing, and customer service, enable us to be a premier provider for high-volume, high-growth markets. For more information, visit www.diodes.com.”

The Company’s products include diodes; rectifiers; transistors; MOSFETs; Silicon Carbide (“SiC”) diodes and MOSFETs; protection devices; logic; photocoupler; voltage translators; amplifiers and comparators; sensors; and power management devices such as AC-DC converters, DC-DC switching, linear voltage regulators, voltage references, LED drivers, power switches, photocoupler, 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.

Diodes’ corporate headquarters and Americas’ sales offices are located in Plano, Texas and Milpitas, California. Design, marketing, and engineering centers are located in Plano and Milpitas, U.S.; Taipei and Taoyuan City, Taiwan; Shanghai and Yangzhou, China; Oldham, England; and Neuhaus, Germany. Diodes’ wafer fabrication facilities are located in South Portland, Maine, U.S., Oldham, England, and Greenock, Scotland; 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, Taiwan. Additional engineering, sales, warehouse, and logistics offices are located in Frankfurt and Munich, Germany; Hong Kong, Shanghai, Beijing, Shenzhen, Wuhan, Yangzhou, and Qingdao, China; Milan, Italy; Oldham, England; Seongnam-si, South Korea; Singapore City, Singapore; Taipei and Kaohsiung, Taiwan; and Tokyo, Japan; 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 and the Company is also C-TPAT certified. 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 Artificial Intelligence of Things;

•

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.

Basis of Presentation

The condensed consolidated financial data at December 31, 2023 are derived from audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2024 (“Form 10-K”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, operating results, and cash flows in conformity with GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in our Form 10-K. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the operating results for the period presented have been included in the interim period. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for other interim periods or the year ending December 31, 2024.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. As permitted under GAAP, interim accounting for certain expenses, including income taxes, are based on full year forecasts. For interim

financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates taking into consideration discrete items occurring in a quarter.

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

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require that at each interim and annual reporting period an entity disclose:

•

The amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed above;

•

Companies are also required to include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements;

•

Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and

•

Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

NOTE 8 – Debt

Borrowings outstanding as of September 30, 2024 and December 31, 2023 are set forth in the table below:


	September 30,			December 31,				Current Amount
Description	2024			2023			Interest Rate	Maturity
Short-term debt	$	35,704		$	40,685		Various indices plus margin	Various during 2024

Long-term debt
Notes payable to Bank of Taiwan		1,694			1,880		2-yr deposit rate floating plus 0.1148%	June 2033
Notes payable to Bank of Taiwan		3,161			1,626		2-yr deposit rate floating plus 0.082%	September 2026
Notes payable to CTBC Bank		3,161			3,252		TAIBOR 3M plus 0.5%	March 2026
Notes payable to CTBC Bank		12,198			13,098		TAIBOR 3M plus 0.5%	May 2028
Notes payable to E Sun Bank		168			217		1-M deposit rate floating plus 0.08%	July 2027
Notes payable to E Sun Bank		1,149			1,325		1-M deposit rate floating plus 0.08%	July 2030
Notes payable to E Sun Bank		632			-		1-M deposit rate floating plus 0.08%	September 2026
Total long-term debt		22,163			21,398
Less: Current portion of long-term debt		(1,446	)		(4,419	)
Total long-term debt, net of current portion	$	20,717		$	16,979

Our Asia subsidiaries maintain short-term credit facilities with several financial institutions through our foreign entities worldwide totaling $148.7 million as of September 30, 2024. 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 SOFR 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 short-term credit facilities as of September 30, 2024 was approximately $112.6 million, net of $35.7 million advanced under our foreign credit lines and $0.4 million of credit used for import and export guarantee.

The Company maintains a long-term credit facility (“Credit Agreement”). The 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 Company has the option to increase the Credit Facility and/or incur Incremental Term Loans in an aggregate principal amount of up to $350.0 million. The Credit Agreement bears

interest at Term SOFR or similar other indices plus a specified margin and matures in May 2028. There was no outstanding balance at September 30, 2024.

- 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.

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+ Details

Earnings per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

NOTE 2 – Earnings per Share

Earnings per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted EPS is calculated similarly but includes potential dilution from the exercise of stock options and stock awards, except when the effect would be anti-dilutive. During the nine-month periods ended September 30, 2024 and September 30, 2023, we paid no dividends on our Common Stock.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Earnings (numerator)
Net income attributable to common stockholders	$	13,745	$	48,720	$	35,783	$	201,890

Shares (denominator)
Weighted average common shares outstanding (basic)		46,331		45,936		46,166		45,758
Dilutive effect of stock options and stock awards outstanding		111		384		212		538
Adjusted weighted average common shares outstanding (diluted)		46,442		46,320		46,378		46,296

Earnings per share attributable to common stockholders
Basic	$	0.30	$	1.06	$	0.78	$	4.41
Diluted	$	0.30	$	1.05	$	0.77	$	4.36

Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive		125		271		241		94