Diodes (DIOD) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document type	10-Q
Document period end date	Jun. 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		46,331,581
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	DIOD
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	002-25577
Entity Tax Identification Number	95-2039518
Entity Address, Address Line One	4949 Hedgcoxe Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	972
Local Phone Number	987-3900
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, Par Value $0.66 2/3
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 264,709	$ 315,457
Restricted cash	2,948	3,026
Short-term investments	9,188	10,174
Accounts receivable , net of allowances of $12,133 and $5,641 at June 30, 2024 and December 31, 2023, respectively	384,965	371,930
Inventories	461,539	389,774
Prepaid expenses and other	97,115	97,024
Total current assets	1,220,464	1,187,385
Property, plant and equipment, net	707,617	746,169
Deferred tax assets	50,956	51,620
Goodwill	145,595	146,558
Intangible assets, net	57,391	63,937
Other long-term assets	179,034	171,990
Total assets	2,361,057	2,367,659
Current liabilities:
Lines of credit	26,343	40,685
Accounts payable	156,687	158,261
Accrued liabilities and other	167,436	179,674
Income tax payable	9,145	10,459
Current portion of long-term debt	1,344	4,419
Total current liabilities	360,955	393,498
Long-term debt, net of current portion	18,988	16,979
Deferred tax liabilities	9,532	13,662
Unrecognized tax benefits	34,035	34,035
Other long-term liabilities	85,971	99,808
Total liabilities	509,481	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 46,146,009 shares and 45,938,383 shares issued and outstanding at June 30, 2024 and December 31, 2023 , respectively	36,958	36,819
Additional paid-in capital	513,309	509,861
Retained earnings	1,697,312	1,675,274
Treasury stock, at cost 9,287,762 shares and 9,286,862 shares at June 30, 2024 and December 31, 2023 respectively	(338,052)	(337,986)
Accumulated other comprehensive loss	(135,172)	(143,227)
Stockholders' equity	1,774,355	1,740,741
Noncontrolling interest	77,221	68,936
Total equity	1,851,576	1,809,677
Total liabilities and stockholders' equity	$ 2,361,057	$ 2,367,659

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 12,133	$ 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	46,146,009	45,938,383
Common stock shares outstanding	46,146,009	45,938,383
Treasury stock, shares	9,287,762	9,286,862

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 319,771	$ 467,152	$ 621,743	$ 934,393
Cost of goods sold	212,385	271,776	414,773	544,563
Gross profit	107,386	195,376	206,970	389,830
Operating expenses
Selling, general and administrative	58,467	67,500	112,202	138,491
Research and development	33,189	34,611	67,153	67,843
Amortization of acquisition related intangible assets	3,854	3,816	7,664	7,668
(Gain) on disposal of fixed assets	(82)	(105)	(4,954)	(153)
Restructuring charge	8,250	0	8,250	0
Other operating income	0	(13)	(1)	(13)
Total operating expense	103,678	105,809	190,314	213,836
Income from operations	3,708	89,567	16,656	175,994
Other income (expense)
Interest income	4,237	2,224	8,851	3,996
Interest expense	(852)	(2,189)	(1,384)	(4,321)
Foreign currency gain (loss), net	799	(2,217)	1,771	(4,110)
Unrealized gain on investments	4,350	12,172	4,720	16,061
Other income	562	1,398	996	1,928
Total other income (expense)	9,096	11,388	14,954	13,554
Income before income taxes and noncontrolling interest	12,804	100,955	31,610	189,548
Income tax provision	2,643	17,224	6,180	33,840
Net income	10,161	83,731	25,430	155,708
Less net income attributable to noncontrolling interest	(2,161)	(1,711)	(3,392)	(2,538)
Net income attributable to common stockholders	$ 8,000	$ 82,020	$ 22,038	$ 153,170
Earnings per share attributable to common stockholders:
Basic	$ 0.17	$ 1.79	$ 0.48	$ 3.35
Diluted	$ 0.17	$ 1.77	$ 0.48	$ 3.31
Number of shares used in earnings per share computation:
Basic	46,133	45,733	46,083	45,667
Diluted	46,324	46,243	46,320	46,263

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	$ 10,161	$ 83,731	$ 25,430	$ 155,708
Unrealized gain (loss) on defined benefit plan, net of tax	2,290	(627)	3,938	2,079
Unrealized gain on derivative instruments, net of tax	1,981	1,663	10,795	(1,679)
Unrealized foreign currency gain (loss), net of tax	9,630	(22,594)	(6,678)	(11,271)
Comprehensive income	24,062	62,173	33,485	144,837
Less: Comprehensive income attributable to noncontrolling interest	(2,161)	(1,711)	(3,392)	(2,538)
Total comprehensive income attributable to common stockholders	$ 21,901	$ 60,462	$ 30,093	$ 142,299

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Diodes Incorporated Stockholders' Equity	Noncontrolling Interest
BALANCE at Dec. 31, 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)	144,837				153,170	(10,871)	142,299	2,538
Net changes in noncontrolling interest	(3,714)							(3,714)
Common stock issued for share-based plans		$ 187		(187)
Common stock issued for share-based plans, shares		281
Share-based compensation	17,183			17,183			17,183
Deferred compensation plan, shares			(1)
Deferred compensation plan			$ (180)	180
Tax related to net share settlement	(10,647)			(10,647)			(10,647)
BALANCE at Jun. 30, 2023	1,730,578	$ 36,690	$ (337,670)	501,302	1,601,262	(139,104)	1,662,480	68,098
Common stock shares ending at Jun. 30, 2023		55,032	(9,283)
BALANCE at Mar. 31, 2023	1,665,673	$ 36,661	$ (337,490)	494,598	1,519,242	(117,546)	1,595,465	70,208
Common stock shares beginning at Mar. 31, 2023		54,988	(9,282)
Total comprehensive income (loss)	62,173				82,020	(21,558)	60,462	1,711
Net changes in noncontrolling interest	(3,821)							(3,821)
Common stock issued for share-based plans		$ 29		(29)
Common stock issued for share-based plans, shares		44
Share-based compensation	7,531			7,531			7,531
Deferred compensation plan, shares			(1)
Deferred compensation plan			$ (180)	180
Tax related to net share settlement	(978)			(978)			(978)
BALANCE at Jun. 30, 2023	1,730,578	$ 36,690	$ (337,670)	501,302	1,601,262	(139,104)	1,662,480	68,098
Common stock shares ending at Jun. 30, 2023		55,032	(9,283)
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)	$ 33,485				22,038	8,055	30,093	3,392
Net changes in noncontrolling interest	4,893							4,893
Common stock issued for share-based plans		$ 139		(139)
Common stock issued for share-based plans, shares		209
Share-based compensation	9,263			9,263			9,263
Deferred compensation plan, shares			(1)
Deferred compensation plan			$ (66)	66
Tax related to net share settlement	(5,742)			(5,742)			(5,742)
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 ending at Jun. 30, 2024	46,146,009	55,434	(9,288)
BALANCE at Mar. 31, 2024	$ 1,824,811	$ 36,936	$ (337,986)	509,401	1,689,312	(149,073)	1,748,590	76,221
Common stock shares beginning at Mar. 31, 2024		55,401	(9,287)
Total comprehensive income (loss)	24,062				8,000	13,901	21,901	2,161
Net changes in noncontrolling interest	(1,161)							(1,161)
Common stock issued for share-based plans		$ 22		(22)
Common stock issued for share-based plans, shares		33
Share-based compensation	4,214			4,214			4,214
Deferred compensation plan, shares			(1)
Deferred compensation plan			$ (66)	66
Tax related to net share settlement	(350)			(350)			(350)
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 ending at Jun. 30, 2024	46,146,009	55,434	(9,288)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 25,430	$ 155,708
Adjustments to reconcile net income to net cash flows from operating activities, net of effects of acquisitions
Depreciation	60,961	60,211
Amortization of intangible assets	7,664	7,668
Share-based compensation expense	9,318	17,467
Deferred income taxes	48	(298)
Investment gain	(4,733)	(16,003)
Gain on disposal of property, plant, and equipment	(4,954)	(151)
Interest income forwards and collars	(4,602)	(737)
Other	(1,469)	323
Changes in operating assets:
Change in accounts receivable	(12,855)	(24,810)
Change in inventory	(74,355)	32,588
Change in other operating assets	1,037	(29,689)
Changes in operating liabilities:
Change in accounts payable	(907)	(6,992)
Change in accrued liabilities	(15,923)	(11,779)
Change in income tax payable	(1,158)	7,181
Change in other operating liabilities	(246)	1,741
Net cash flows from operating activities	(16,744)	192,428
Cash flows from investing activities
Purchases of property, plant, and equipment	(38,328)	(84,989)
Proceeds from sale of property, plant and equipment	165	362
Proceeds from short-term investments	2,664	1,933
Purchases of short-term investments	(2,114)	(4,094)
Purchases of securities	0	(13,900)
Proceeds from sales of securities	0	417
Insurance recovery	4,725	0
Other	2,048	2,780
Net cash flows from investing activities	(30,840)	(97,491)
Cash flows from financing activities
Advances on lines of credit and short-term debt	53,268	9,796
Repayments of lines of credit and short-term debt	(66,247)	(11,902)
Proceeds from long-term debt	3,155	10,193
Repayments of long-term debt	(3,700)	(103,251)
Repayment of and proceeds from finance lease obligation	(27)	(23)
Taxes paid related to net share settlement	(5,742)	(10,647)
Net changes in noncontrolling interest	2,544	107
Other	(225)	(932)
Net cash flows from financing activities	(16,974)	(106,659)
Effect of exchange rate changes on cash and cash equivalents	13,732	(4,641)
Change in cash and cash equivalents, including restricted cash	(50,826)	(16,363)
Cash and cash equivalents, beginning of period, including restricted cash	318,483	341,099
Cash and cash equivalents, end of period, including restricted cash	267,657	324,736
Supplemental Cash Flow Information
Interest paid during the period	1,246	3,378
Taxes paid during the period	9,096	63,137
Non-cash investing and financing activities:
Accounts payable balance related to the purchase of property, plant and equipment	$ 11,001	$ 23,674

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,000	$ 82,020	$ 22,038	$ 153,170

Summary of Operations and Signi

Summary of Operations and Significant Accounting Policies	6 Months Ended
	Jun. 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 six months ended June 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.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 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 six month periods ended June 30, 2024 and June 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Earnings (numerator) Net income attributable to common stockholders $ 8,000 $ 82,020 $ 22,038 $ 153,170 Shares (denominator) Weighted average common shares outstanding (basic) 46,133 45,733 46,083 45,667 Dilutive effect of stock options and stock awards outstanding 191 510 237 596 Adjusted weighted average common shares outstanding (diluted) 46,324 46,243 46,320 46,263 Earnings per share attributable to common stockholders Basic $ 0.17 $ 1.79 $ 0.48 $ 3.35 Diluted $ 0.17 $ 1.77 $ 0.48 $ 3.31 Stock options and stock awards excluded from EPS 380 36 270 19

Inventories

Inventories	6 Months Ended
	Jun. 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: June 30, 2024 December 31, 2023 Finished goods $ 197,107 $ 129,802 Work-in-progress 76,287 72,876 Raw materials 188,145 187,096 Total $ 461,539 $ 389,774

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 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 978 Foreign currency translation adjustment ( 1,941 ) Balance at June 30, 2024 $ 145,595 The table below sets forth the value of intangible assets, other than goodwill: June 30, December 31, 2024 2023 Intangible assets subject to amortization: Gross carrying amount $ 252,110 $ 250,747 Accumulated amortization ( 195,484 ) ( 187,820 ) Foreign currency translation adjustment ( 8,331 ) ( 8,170 ) Total intangible assets subject amortization 48,295 54,757 Intangible assets with indefinite lives: Gross carrying amount 10,303 10,303 Foreign currency translation adjustment ( 1,207 ) ( 1,123 ) Total intangible assets with indefinite lives 9,096 9,180 Total intangible assets, net $ 57,391 $ 63,937 The table below sets forth amortization expense related to intangible assets subject to amortization: Amortization expense 2024 2023 Three Months Ended June 30, $ 3,854 $ 3,816 Six Months Ended June 30, $ 7,664 $ 7,668

Income Tax Provision

Income Tax Provision	6 Months Ended
	Jun. 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Domestic pre-tax income $ ( 2,251 ) $ 42,005 $ ( 3,825 ) $ 96,729 Foreign pre-tax income $ 15,055 $ 58,950 $ 35,435 $ 92,819 Income tax provision $ 2,643 $ 17,224 $ 6,180 $ 33,840 Effective tax rate 20.6 % 17.1 % 19.6 % 17.9 % Impact of tax holidays on tax expense $ 296 $ ( 31 ) $ 203 $ ( 105 ) Earnings per share impact of tax holidays: Basic $ - $ - $ - $ - Diluted $ - $ - $ - $ - The increase in the effective tax rate for the three and six months ended June 30, 2024 when compared to the three and six months ended June 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 June 30, 2024, the gross amount of unrecognized tax benefits was approximately $ 49.1 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.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	NOTE 6 – Share-Based Compensation The table below sets forth information related to our share-based compensation expense: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Cost of goods sold $ 472 $ 381 $ 922 $ 833 Selling, general, and administrative 2,603 6,250 5,958 14,612 Research and development 1,170 1,016 2,438 2,022 Total share-based compensation expense $ 4,245 $ 7,647 $ 9,318 $ 17,467 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 June 30, 2024, total unrecognized share-based compensation expense related to share grants was approximately $ 49.8 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 2.2 years. Stock Modification . During the six months ended June 30, 2023 we modified previously granted stock awards for two corporate officers who retired. The result of the 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 six months ended June 30, 2023.

Enterprise Wide Segment Informa

Enterprise Wide Segment Information and Net Sales	6 Months Ended
	Jun. 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 June 30, 2024, one customer accounted for approximately $ 33.9 million, or 10.6 %, of our net sales. During the six months ended June 30, 2024, one customer accounted for approximately $ 76.6 million, or 12.3 %, of our net sales. During the three months ended June 30, 2023, two customers accounted for approximately $ 64.9 million, or 13.9 %, and $ 53.2 million, or 11.4 %, of our net sales. During the six months ended June 30, 2023, two customers accounted for approximately $ 116.5 million, or 12.5 % and $ 104.9 million, or 11.2 %, of our net sales. One customer accounted for approximately 20.4 % and one customer accounted for 11.8 % of our outstanding accounts receivable at June 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 June 30, 2024 Asia Americas Europe Consolidated Total sales $ 341,679 $ 216,616 $ 69,710 $ 628,005 Intercompany elimination ( 135,617 ) ( 139,757 ) ( 32,860 ) ( 308,234 ) Net sales $ 206,062 $ 76,859 $ 36,850 $ 319,771 For the Three Months Ended June 30, 2023 Asia Americas Europe Consolidated Total sales $ 403,434 $ 333,178 $ 117,393 $ 854,005 Intercompany elimination ( 188,504 ) ( 165,537 ) ( 32,812 ) ( 386,853 ) Net sales $ 214,930 $ 167,641 $ 84,581 $ 467,152 As of and for the Six Months Ended June 30, 2024 Asia Americas Europe Consolidated Total sales $ 671,105 440,389 $ 136,097 $ 1,247,591 Intercompany elimination ( 284,501 ) ( 276,187 ) ( 65,160 ) ( 625,848 ) Net sales $ 386,604 $ 164,202 $ 70,937 $ 621,743 Property, plant, and equipment, net $ 515,332 $ 81,287 $ 110,998 $ 707,617 Total assets $ 1,663,698 $ 467,291 $ 230,068 $ 2,361,057 As of and for the Six Months Ended June 30, 2023 Asia Americas Europe Consolidated Total sales $ 827,596 $ 664,585 $ 217,438 $ 1,709,619 Intercompany elimination ( 369,969 ) ( 340,688 ) ( 64,569 ) ( 775,226 ) Net sales $ 457,627 $ 323,897 $ 152,869 $ 934,393 Property, plant, and equipment, net $ 540,172 $ 90,588 $ 117,355 $ 748,115 Total assets $ 1,553,842 $ 505,460 $ 281,769 $ 2,341,071 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 June 30, Net Sales by Region 2024 2023 Asia $ 245,643 $ 313,754 Europe 47,364 92,239 Americas 26,764 61,159 Total net sales $ 319,771 $ 467,152 Net Sales by Type Direct sales $ 116,840 $ 144,083 Distributor sales 202,931 323,069 Total net sales $ 319,771 $ 467,152 For the Six Months Ended June 30, Net Sales by Region 2024 2023 Asia $ 474,062 $ 637,922 Europe 94,815 169,229 Americas 52,866 127,242 Total net sales $ 621,743 $ 934,393 Net Sales by Type Direct sales $ 235,004 $ 279,028 Distributor sales 386,739 655,365 Total net sales $ 621,743 $ 934,393 Net sales from products shipped to China was $ 142.5 million and $ 171.9 million for the three months ended June 30, 2024 and 2023, respectively. Net sales from products shipped to China was $ 281.0 million and $ 351.6 million for the six months ended June 30, 2024 and 2023, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	NOTE 8 – Debt Borrowings outstanding as of June 30, 2024 and December 31, 2023 are set forth in the table below: June 30, December 31, Current Amount Description 2024 2023 Interest Rate Maturity Short-term debt $ 26,343 $ 40,685 Various indices plus margin Various during 2024 Long-term debt Notes payable to Bank of Taiwan 1,707 1,880 2-yr deposit rate floating plus 0.1148% June 2033 Notes payable to Bank of Taiwan 1,539 1,626 2-yr deposit rate floating plus 0.082% September 2025 Notes payable to CTBC Bank 3,078 3,252 TAIBOR 3M plus 0.5% March 2026 Notes payable to CTBC Bank 12,050 13,098 TAIBOR 3M plus 0.5% May 2028 Notes payable to E Sun Bank 177 217 1-M deposit rate floating plus 0.08% July 2027 Notes payable to E Sun Bank 1,164 1,325 1-M deposit rate floating plus 0.08% July 2030 Notes payable to E Sun Bank 617 - 1-M deposit rate floating plus 0.08% September 2026 Total long-term debt 20,332 21,398 Less: Current portion of long-term debt ( 1,344 ) ( 4,419 ) Total long-term debt, net of current portion $ 18,988 $ 16,979 Our Asia subsidiaries maintain short-term credit facilities with several financial institutions through our foreign entities worldwide totaling $ 149.6 million as of June 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 June 30, 2024 was approximately $ 122.9 million, net of $ 26.3 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 June 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 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 $ 33.1 million at June 30, 2024. As of June 30, 2024, we also had a commitment to purchase approximately $ 39.9 mi llion 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 June 30, 2024, the underfunded liability for this defined benefit plan was approximately $ 8.6 m illion. W e 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 for estimated legal fees and other directly related costs as they are expensed as incurred. The Company is not currently a party to any pending litigation that we consider material.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 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 June 30, 2024 and December 31, 2023, we had $ 437.8 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. The table below sets forth the fair value of the Company’s derivative financial instruments as well as their classification on our condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023: Fair Value Other Assets Other Liabilities 2024 2023 2024 2023 Cross-currency swaps $ 4,054 $ - $ 4,353 $ 6,936 Foreign-currency forward contracts 2,803 - 5,528 10,202

Leases

Leases	6 Months Ended
	Jun. 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease expense $ 3,630 $ 3,331 $ 7,163 $ 6,604 Finance lease expense: Amortization of assets 7 8 15 15 Interest on lease liabilities 1 1 2 2 Short-term lease expense 570 527 1,121 705 Variable lease expense 1,057 1,050 2,302 2,080 Total lease expense $ 5,265 $ 4,917 $ 10,603 $ 9,406 The table below sets forth supplemental balance sheet information related to leases. In our condensed consolidated balance sheets, right of use (“ROU”) assets are included in other long-term assets while lease liabilities are located in accrued liabilities and other for the current portion and other long-term liabilities for the non-current portion: June 30, 2024 December 31, 2023 Operating leases: Operating lease ROU assets $ 47,754 $ 50,833 Current operating lease liabilities 9,369 8,840 Noncurrent operating lease liabilities 23,896 27,289 Total operating lease liabilities $ 33,265 $ 36,129 Finance leases: Finance lease ROU assets $ 2,715 $ 2,717 Accumulated amortization ( 2,597 ) ( 2,573 ) Finance lease ROU assets, net $ 118 $ 144 Current finance lease liabilities $ 49 $ 52 Non-current finance lease liabilities 69 94 Total finance lease liabilities $ 118 $ 146 Weighted average remaining lease term (in years): Operating leases 7.4 7.8 Finance leases 3.3 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: Six Months Ended June 30, 2024 June 30, 2023 Cash paid for the amounts included in the measurements of lease liabilities: Operating cash outflows from operating leases $ 10,501 $ 9,242 Operating cash outflows from finance leases 2 2 Financing cash outflow from finance leases 27 23 ROU assets obtained in exchange for lease liabilities incurred: Operating leases 3,455 13,013 The table below sets forth information about lease liability maturities: June 30, 2024 Operating Leases Finance Leases 2024 $ 5,545 $ 27 2025 9,742 41 2026 6,690 21 2027 4,018 19 2028 1,954 17 2029 1,419 - 2030 and thereafter 9,799 - Total lease payments 39,167 125 Less: imputed interest ( 5,902 ) ( 7 ) Total lease obligations 33,265 118 Less: current obligations ( 9,369 ) ( 49 ) Long-term lease obligations $ 23,896 $ 69

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 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 June 30, 2024 and December 31, 2023, these investments totaled approximately $ 16.2 million and $ 14.6 million, respectively.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Keylink: Net sales $ 1,243 $ 3,081 $ 3,358 $ 6,488 Purchases $ 348 $ 363 $ 718 $ 719 Plating, rental and consulting expense $ 4,005 $ 4,425 $ 7,943 $ 8,680 Nuvoton: Net sales $ 29 $ - $ 33 $ 7 Purchases $ 2,154 $ 2,466 $ 4,129 $ 5,444 JCP: Purchases $ 55 $ 35 $ 136 $ 134 Atlas: Purchases $ 916 $ - $ 1,305 $ - The table below sets forth accounts receivable from, and accounts payable to, related parties: June 30, 2024 December 31, 2023 Keylink: Accounts receivable $ 32,370 $ 34,774 Accounts payable $ 33,740 $ 33,882 Nuvoton: Accounts receivable $ 30 $ 26 Accounts payable $ 1,216 $ 924 JCP: Accounts payable $ 56 $ 159 Atlas: Accounts payable $ 279 $ 133

Equity Investments

Equity Investments	6 Months Ended
	Jun. 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 June 30, 2024, the Company had $ 55.5 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 June 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: June 30, 2024 December 31, 2023 VIE total assets $ 24,235 $ 26,445 VIE total liabilities 4,725 4,532 Diodes' equity in VIE $ 44,420 $ 44,420 Diodes' note receivable from VIE 4,000 4,000 Diodes' interest receivable from VIE 145 45 Diodes' maximum exposure to loss $ 48,565 $ 48,465

Restructuring Costs

Restructuring Costs	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Note 15 – Restructuring costs During the three months ended June 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 six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Asset impairment $ 2,814 $ - $ 2,814 $ - Employee severance 4,996 - 4,996 - Other 440 - 440 - $ 8,250 $ - $ 8,250 $ - 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 4,996 - 440 8,250 Costs paid ( 2,814 ) ( 4,996 ) - ( 440 ) ( 8,250 ) Ending balance, June 30, 2024 $ - $ - $ 207 $ 110 $ 317

Summary of Operations and Sig_2

Summary of Operations and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 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 six months ended June 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.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Earnings (numerator) Net income attributable to common stockholders $ 8,000 $ 82,020 $ 22,038 $ 153,170 Shares (denominator) Weighted average common shares outstanding (basic) 46,133 45,733 46,083 45,667 Dilutive effect of stock options and stock awards outstanding 191 510 237 596 Adjusted weighted average common shares outstanding (diluted) 46,324 46,243 46,320 46,263 Earnings per share attributable to common stockholders Basic $ 0.17 $ 1.79 $ 0.48 $ 3.35 Diluted $ 0.17 $ 1.77 $ 0.48 $ 3.31 Stock options and stock awards excluded from EPS 380 36 270 19

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 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: June 30, 2024 December 31, 2023 Finished goods $ 197,107 $ 129,802 Work-in-progress 76,287 72,876 Raw materials 188,145 187,096 Total $ 461,539 $ 389,774

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 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 978 Foreign currency translation adjustment ( 1,941 ) Balance at June 30, 2024 $ 145,595
Schedule of Intangible Assets Other Than Goodwill	The table below sets forth the value of intangible assets, other than goodwill: June 30, December 31, 2024 2023 Intangible assets subject to amortization: Gross carrying amount $ 252,110 $ 250,747 Accumulated amortization ( 195,484 ) ( 187,820 ) Foreign currency translation adjustment ( 8,331 ) ( 8,170 ) Total intangible assets subject amortization 48,295 54,757 Intangible assets with indefinite lives: Gross carrying amount 10,303 10,303 Foreign currency translation adjustment ( 1,207 ) ( 1,123 ) Total intangible assets with indefinite lives 9,096 9,180 Total intangible assets, net $ 57,391 $ 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 June 30, $ 3,854 $ 3,816 Six Months Ended June 30, $ 7,664 $ 7,668

Income Tax Provision (Tables)

Income Tax Provision (Tables)	6 Months Ended
	Jun. 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Domestic pre-tax income $ ( 2,251 ) $ 42,005 $ ( 3,825 ) $ 96,729 Foreign pre-tax income $ 15,055 $ 58,950 $ 35,435 $ 92,819 Income tax provision $ 2,643 $ 17,224 $ 6,180 $ 33,840 Effective tax rate 20.6 % 17.1 % 19.6 % 17.9 % Impact of tax holidays on tax expense $ 296 $ ( 31 ) $ 203 $ ( 105 ) Earnings per share impact of tax holidays: Basic $ - $ - $ - $ - Diluted $ - $ - $ - $ -

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Cost of goods sold $ 472 $ 381 $ 922 $ 833 Selling, general, and administrative 2,603 6,250 5,958 14,612 Research and development 1,170 1,016 2,438 2,022 Total share-based compensation expense $ 4,245 $ 7,647 $ 9,318 $ 17,467

Enterprise Wide Segment Infor_2

Enterprise Wide Segment Information and Net Sales (Tables)	6 Months Ended
	Jun. 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 June 30, 2024 Asia Americas Europe Consolidated Total sales $ 341,679 $ 216,616 $ 69,710 $ 628,005 Intercompany elimination ( 135,617 ) ( 139,757 ) ( 32,860 ) ( 308,234 ) Net sales $ 206,062 $ 76,859 $ 36,850 $ 319,771 For the Three Months Ended June 30, 2023 Asia Americas Europe Consolidated Total sales $ 403,434 $ 333,178 $ 117,393 $ 854,005 Intercompany elimination ( 188,504 ) ( 165,537 ) ( 32,812 ) ( 386,853 ) Net sales $ 214,930 $ 167,641 $ 84,581 $ 467,152 As of and for the Six Months Ended June 30, 2024 Asia Americas Europe Consolidated Total sales $ 671,105 440,389 $ 136,097 $ 1,247,591 Intercompany elimination ( 284,501 ) ( 276,187 ) ( 65,160 ) ( 625,848 ) Net sales $ 386,604 $ 164,202 $ 70,937 $ 621,743 Property, plant, and equipment, net $ 515,332 $ 81,287 $ 110,998 $ 707,617 Total assets $ 1,663,698 $ 467,291 $ 230,068 $ 2,361,057 As of and for the Six Months Ended June 30, 2023 Asia Americas Europe Consolidated Total sales $ 827,596 $ 664,585 $ 217,438 $ 1,709,619 Intercompany elimination ( 369,969 ) ( 340,688 ) ( 64,569 ) ( 775,226 ) Net sales $ 457,627 $ 323,897 $ 152,869 $ 934,393 Property, plant, and equipment, net $ 540,172 $ 90,588 $ 117,355 $ 748,115 Total assets $ 1,553,842 $ 505,460 $ 281,769 $ 2,341,071
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 June 30, Net Sales by Region 2024 2023 Asia $ 245,643 $ 313,754 Europe 47,364 92,239 Americas 26,764 61,159 Total net sales $ 319,771 $ 467,152 Net Sales by Type Direct sales $ 116,840 $ 144,083 Distributor sales 202,931 323,069 Total net sales $ 319,771 $ 467,152 For the Six Months Ended June 30, Net Sales by Region 2024 2023 Asia $ 474,062 $ 637,922 Europe 94,815 169,229 Americas 52,866 127,242 Total net sales $ 621,743 $ 934,393 Net Sales by Type Direct sales $ 235,004 $ 279,028 Distributor sales 386,739 655,365 Total net sales $ 621,743 $ 934,393

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Borrowings outstanding as of June 30, 2024 and December 31, 2023 are set forth in the table below: June 30, December 31, Current Amount Description 2024 2023 Interest Rate Maturity Short-term debt $ 26,343 $ 40,685 Various indices plus margin Various during 2024 Long-term debt Notes payable to Bank of Taiwan 1,707 1,880 2-yr deposit rate floating plus 0.1148% June 2033 Notes payable to Bank of Taiwan 1,539 1,626 2-yr deposit rate floating plus 0.082% September 2025 Notes payable to CTBC Bank 3,078 3,252 TAIBOR 3M plus 0.5% March 2026 Notes payable to CTBC Bank 12,050 13,098 TAIBOR 3M plus 0.5% May 2028 Notes payable to E Sun Bank 177 217 1-M deposit rate floating plus 0.08% July 2027 Notes payable to E Sun Bank 1,164 1,325 1-M deposit rate floating plus 0.08% July 2030 Notes payable to E Sun Bank 617 - 1-M deposit rate floating plus 0.08% September 2026 Total long-term debt 20,332 21,398 Less: Current portion of long-term debt ( 1,344 ) ( 4,419 ) Total long-term debt, net of current portion $ 18,988 $ 16,979

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 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 June 30, 2024 and December 31, 2023: Fair Value Other Assets Other Liabilities 2024 2023 2024 2023 Cross-currency swaps $ 4,054 $ - $ 4,353 $ 6,936 Foreign-currency forward contracts 2,803 - 5,528 10,202

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Components of Lease Expense	The components of lease expense are set forth in the table below: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease expense $ 3,630 $ 3,331 $ 7,163 $ 6,604 Finance lease expense: Amortization of assets 7 8 15 15 Interest on lease liabilities 1 1 2 2 Short-term lease expense 570 527 1,121 705 Variable lease expense 1,057 1,050 2,302 2,080 Total lease expense $ 5,265 $ 4,917 $ 10,603 $ 9,406
Supplemental Balance Sheet Information Related to Leases	The table below sets forth supplemental balance sheet information related to leases. In our condensed consolidated balance sheets, right of use (“ROU”) assets are included in other long-term assets while lease liabilities are located in accrued liabilities and other for the current portion and other long-term liabilities for the non-current portion: June 30, 2024 December 31, 2023 Operating leases: Operating lease ROU assets $ 47,754 $ 50,833 Current operating lease liabilities 9,369 8,840 Noncurrent operating lease liabilities 23,896 27,289 Total operating lease liabilities $ 33,265 $ 36,129 Finance leases: Finance lease ROU assets $ 2,715 $ 2,717 Accumulated amortization ( 2,597 ) ( 2,573 ) Finance lease ROU assets, net $ 118 $ 144 Current finance lease liabilities $ 49 $ 52 Non-current finance lease liabilities 69 94 Total finance lease liabilities $ 118 $ 146 Weighted average remaining lease term (in years): Operating leases 7.4 7.8 Finance leases 3.3 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: Six Months Ended June 30, 2024 June 30, 2023 Cash paid for the amounts included in the measurements of lease liabilities: Operating cash outflows from operating leases $ 10,501 $ 9,242 Operating cash outflows from finance leases 2 2 Financing cash outflow from finance leases 27 23 ROU assets obtained in exchange for lease liabilities incurred: Operating leases 3,455 13,013
Schedule of Operating and Finance Lease Liability Maturities	The table below sets forth information about lease liability maturities: June 30, 2024 Operating Leases Finance Leases 2024 $ 5,545 $ 27 2025 9,742 41 2026 6,690 21 2027 4,018 19 2028 1,954 17 2029 1,419 - 2030 and thereafter 9,799 - Total lease payments 39,167 125 Less: imputed interest ( 5,902 ) ( 7 ) Total lease obligations 33,265 118 Less: current obligations ( 9,369 ) ( 49 ) Long-term lease obligations $ 23,896 $ 69

Related Parties (Tables)

Related Parties (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Keylink: Net sales $ 1,243 $ 3,081 $ 3,358 $ 6,488 Purchases $ 348 $ 363 $ 718 $ 719 Plating, rental and consulting expense $ 4,005 $ 4,425 $ 7,943 $ 8,680 Nuvoton: Net sales $ 29 $ - $ 33 $ 7 Purchases $ 2,154 $ 2,466 $ 4,129 $ 5,444 JCP: Purchases $ 55 $ 35 $ 136 $ 134 Atlas: Purchases $ 916 $ - $ 1,305 $ -
Schedule of Account Receivable and Payable of Related Party Transactions	The table below sets forth accounts receivable from, and accounts payable to, related parties: June 30, 2024 December 31, 2023 Keylink: Accounts receivable $ 32,370 $ 34,774 Accounts payable $ 33,740 $ 33,882 Nuvoton: Accounts receivable $ 30 $ 26 Accounts payable $ 1,216 $ 924 JCP: Accounts payable $ 56 $ 159 Atlas: Accounts payable $ 279 $ 133

Equity Investments (Tables)

Equity Investments (Tables)	6 Months Ended
	Jun. 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: June 30, 2024 December 31, 2023 VIE total assets $ 24,235 $ 26,445 VIE total liabilities 4,725 4,532 Diodes' equity in VIE $ 44,420 $ 44,420 Diodes' note receivable from VIE 4,000 4,000 Diodes' interest receivable from VIE 145 45 Diodes' maximum exposure to loss $ 48,565 $ 48,465

Restructuring Costs (Tables)

Restructuring Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs	The table below sets forth the restructuring costs, recorded in restructuring expense in the condensed consolidated statements of operations, incurred during the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Asset impairment $ 2,814 $ - $ 2,814 $ - Employee severance 4,996 - 4,996 - Other 440 - 440 - $ 8,250 $ - $ 8,250 $ -
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 4,996 - 440 8,250 Costs paid ( 2,814 ) ( 4,996 ) - ( 440 ) ( 8,250 ) Ending balance, June 30, 2024 $ - $ - $ 207 $ 110 $ 317

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 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 o

Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings (numerator)
Net income attributable to common stockholders	$ 8,000	$ 82,020	$ 22,038	$ 153,170
Shares (denominator)
Weighted average common shares outstanding (basic)	46,133	45,733	46,083	45,667
Dilutive effect of stock options and stock awards outstanding	191	510	237	596
Adjusted weighted average common shares outstanding (diluted)	46,324	46,243	46,320	46,263
Earnings per share attributable to common stockholders
Basic	$ 0.17	$ 1.79	$ 0.48	$ 3.35
Diluted	$ 0.17	$ 1.77	$ 0.48	$ 3.31
Stock options and stock awards excluded from EPS calculation because the effect would be anti-dilutive	380	36	270	19

Inventories - Schedule of Inven

Inventories - Schedule of Inventory Current (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 197,107	$ 129,802
Work-in-progress	76,287	72,876
Raw materials	188,145	187,096
Total	$ 461,539	$ 389,774

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill
Goodwill beginning balance	$ 146,558
Acquisition	978
Foreign currency translation adjustment	(1,941)
Goodwill ending balance	$ 145,595

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization
Gross carrying amount	$ 252,110	$ 250,747
Accumulated amortization	(195,484)	(187,820)
Foreign currency translation adjustment	(8,331)	(8,170)
Total intangible assets subject amortization	48,295	54,757
Intangible assets with indefinite lives
Gross carrying amount	10,303	10,303
Foreign currency translation adjustment	(1,207)	(1,123)
Total intangible assets with indefinite lives	9,096	9,180
Total intangible assets, net	$ 57,391	$ 63,937

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3,854	$ 3,816	$ 7,664	$ 7,668

Income Tax Provision - Schedule

Income Tax Provision - Schedule of Information Related to Income Tax Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Domestic pre-tax income	$ (2,251)	$ 42,005	$ (3,825)	$ 96,729
Foreign pre-tax income	15,055	58,950	35,435	92,819
Income tax provision	$ 2,643	$ 17,224	$ 6,180	$ 33,840
Effective tax rate	20.60%	17.10%	19.60%	17.90%
Impact of tax holidays on tax expense	$ 296	$ (31)	$ 203	$ (105)
Earnings per share impact of tax holidays:
Basic	$ 0	$ 0	$ 0	$ 0
Diluted	$ 0	$ 0	$ 0	$ 0

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 49.1
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 June 30, 2024, the gross amount of unrecognized tax benefits was approximately $49.1 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.

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 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 2 months 12 days
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 49.8
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

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 4,245	$ 7,647	$ 9,318	$ 17,467
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	472	381	922	833
Selling, General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	2,603	6,250	5,958	14,612
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 1,170	$ 1,016	$ 2,438	$ 2,022

Enterprise Wide Segment Infor_3

Enterprise Wide Segment Information and Net Sales - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Customer	Jun. 30, 2023 USD ($) Customer	Jun. 30, 2024 USD ($) Customer	Jun. 30, 2023 USD ($) Customer
Entity Wide Revenue Major Customer [Line Items]
Number of customer accounted for 10% | Customer	1		1
Net sales	$ 319,771	$ 467,152	$ 621,743	$ 934,393
Customer One
Entity Wide Revenue Major Customer [Line Items]
Net sales	33,900	64,900	76,600	116,500
Customer Two
Entity Wide Revenue Major Customer [Line Items]
Net sales		53,200		104,900
China
Entity Wide Revenue Major Customer [Line Items]
Net sales	$ 142,500	$ 171,900	$ 281,000	$ 351,600
Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Number of customer accounted for 10% | Customer	1	2	1	2
Sales Revenue | Geographic Concentration Risk | Accounts Receivable
Entity Wide Revenue Major Customer [Line Items]
Concentration Risk, Percentage	20.40%		11.80%
Sales Revenue | Geographic Concentration Risk | Accounts Receivable | Customer One
Entity Wide Revenue Major Customer [Line Items]
Concentration Risk, Percentage	10.60%	13.90%	12.30%	12.50%
Sales Revenue | Geographic Concentration Risk | Accounts Receivable | Customer Two
Entity Wide Revenue Major Customer [Line Items]
Concentration Risk, Percentage		11.40%		11.20%

Enterprise Wide Segment Infor_4

Enterprise Wide Segment Information and Net Sales - Schedule of Net Sales From Based on Location of the Subsidiary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 319,771	$ 467,152	$ 621,743	$ 934,393
Property, plant and equipment, net	707,617	748,115	707,617	748,115	$ 746,169
Total assets	2,361,057	2,341,071	2,361,057	2,341,071	$ 2,367,659
Operating Segments
Segment Reporting Information [Line Items]
Net sales	628,005	854,005	1,247,591	1,709,619
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(308,234)	(386,853)	(625,848)	(775,226)
Asia
Segment Reporting Information [Line Items]
Net sales	206,062	214,930	386,604	457,627
Property, plant and equipment, net	515,332	540,172	515,332	540,172
Total assets	1,663,698	1,553,842	1,663,698	1,553,842
Asia | Operating Segments
Segment Reporting Information [Line Items]
Net sales	341,679	403,434	671,105	827,596
Asia | Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(135,617)	(188,504)	(284,501)	(369,969)
Americas
Segment Reporting Information [Line Items]
Net sales	76,859	167,641	164,202	323,897
Property, plant and equipment, net	81,287	90,588	81,287	90,588
Total assets	467,291	505,460	467,291	505,460
Americas | Operating Segments
Segment Reporting Information [Line Items]
Net sales	216,616	333,178	440,389	664,585
Americas | Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(139,757)	(165,537)	(276,187)	(340,688)
Europe
Segment Reporting Information [Line Items]
Net sales	36,850	84,581	70,937	152,869
Property, plant and equipment, net	110,998	117,355	110,998	117,355
Total assets	230,068	281,769	230,068	281,769
Europe | Operating Segments
Segment Reporting Information [Line Items]
Net sales	69,710	117,393	136,097	217,438
Europe | Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (32,860)	$ (32,812)	$ (65,160)	$ (64,569)

Enterprise Wide Segment Infor_5

Enterprise Wide Segment Information and Net Sales - Schedule of Net Sales by Direct Sales or Distributor and Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 319,771	$ 467,152	$ 621,743	$ 934,393
Direct Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	116,840	144,083	235,004	279,028
Distributor Sales
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	202,931	323,069	386,739	655,365
Asia
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	245,643	313,754	474,062	637,922
Europe
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	47,364	92,239	94,815	169,229
Americas
Segment Reporting Revenue Reconciling Item [Line Items]
Total net sales	$ 26,764	$ 61,159	$ 52,866	$ 127,242

Debt - Additional Information (

Debt - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Short Term Debt
Line Of Credit Facility [Line Items]
Lines of credit unused and available	$ 122.9
Line of credit facility advanced under foreign credit line	26.3
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
Debt instrument, maturity date	May 31, 2028
Credit Agreement
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 225
Letter of Credit | Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	100
Swing Line Facility | Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	50
Incremental Term Loan Facility | Long Term Debt
Line Of Credit Facility [Line Items]
Long-term debt, aggregate principal amount	350
Alternative Currency Sublimit Facility | Long Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	40
Unsecured | Short Term Debt
Line Of Credit Facility [Line Items]
Lines of credit maximum borrowing capacity	$ 149.6

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 20,332	$ 21,398
Less: Current portion of long-term debt	(1,344)	(4,419)
Long-term debt, net of current portion	18,988	16,979
Various during 2024
Debt Instrument [Line Items]
Short-term debt	$ 26,343	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	$ 1,707	1,880
Long-term debt, Interest Rate	2-yr deposit rate floating plus 0.1148%
Notes Payable to Bank | Bank of Taiwan | September 2025
Debt Instrument [Line Items]
Total long-term debt	$ 1,539	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	$ 3,078	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	$ 12,050	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	$ 177	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	$ 1,164	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	$ 617	$ 0
Long-term debt, Interest Rate	1-M deposit rate floating plus 0.08%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) £ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) £ / $	Jun. 30, 2024 GBP (£) £ / $	Jan. 01, 2023 USD ($) £ / $	Jan. 01, 2023 GBP (£) £ / $
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments	$ 33.1
Long-term purchase commitment, Amount	$ 39.9
Defined benefit plan, estimated future employer contributions in current fiscal year, description	We have a contributory defined benefit plan that covers certain employees in the United Kingdom. As of June 30, 2024, the underfunded liability for this defined benefit plan was approximately $8.6 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			$ 2.6	£ 2
Defined benefit plan, additional annual future benefit payments	$ 2	£ 1.5
GBP:USD exchange rate | $ / GBP | £ / $	0.13	0.13	0.13	0.13
Unfunded liability of defined benefit plan	$ 8.6

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 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	$ 437.8	$ 230.4

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Our Condensed Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Cross-currency swaps
Derivative [Line Items]
Derivative Asset	$ 4,054	$ 0
Derivative Liability	4,353	6,936
Foreign-currency forward contracts
Derivative [Line Items]
Derivative Asset	2,803
Derivative Liability	$ 5,528	$ 10,202

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 3,630	$ 3,331	$ 7,163	$ 6,604
Finance lease expense:
Amortization of assets	7	8	15	15
Interest on lease liabilities	1	1	2	2
Short-term lease expense	570	527	1,121	705
Variable lease expense	1,057	1,050	2,302	2,080
Total lease expense	$ 5,265	$ 4,917	$ 10,603	$ 9,406

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease ROU assets	$ 47,754	$ 50,833
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current operating lease liabilities	$ 9,369	$ 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	$ 23,896	$ 27,289
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 33,265	$ 36,129
Finance leases:
Finance lease ROU assets	$ 2,715	$ 2,717
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Accumulated amortization	$ (2,597)	$ (2,573)
Finance lease ROU assets, net	118	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	$ 69	$ 94
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 118	$ 146
Weighted average remaining lease term (in years):
Operating leases	7 years 4 months 24 days	7 years 9 months 18 days
Finance leases	3 years 3 months 18 days	3 years 7 months 6 days
Weighted average discount rate:
Operating leases	4.10%	4.10%
Finance leases	3.60%	3.60%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for the amounts included in the measurements of lease liabilities:
Operating cash outflows from operating leases	$ 10,501	$ 9,242
Operating cash outflows from finance leases	2	2
Financing cash outflow from finance leases	27	23
ROU assets obtained in exchange for lease liabilities incurred:
Operating leases	$ 3,455	$ 13,013

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Liability Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Leases, 2024	$ 5,545
Operating Leases, 2025	9,742
Operating Leases, 2026	6,690
Operating Leases, 2027	4,018
Operating Leases, 2028	1,954
Operating Leases, 2029	1,419
Operating Leases, 2030 and thereafter	9,799
Operating Leases, Total lease payments	39,167
Operating Leases, Less: imputed interest	(5,902)
Total operating lease liabilities	33,265	$ 36,129
Operating Leases, Less: current obligations	(9,369)	(8,840)
Noncurrent operating lease liabilities	23,896	27,289
Finance Leases, 2024	27
Finance Leases, 2025	41
Finance Leases, 2026	21
Finance Leases, 2027	19
Finance Leases, 2028	17
Finance Leases, 2029	0
Finance Leases, 2030 and thereafter	0
Finance Leases, Total lease payments	125
Finance Leases, Less: imputed interest	(7)
Total finance lease liabilities	118	146
Finance Leases, Less: current obligations	(49)	(52)
Non-current finance lease liabilities	$ 69	$ 94

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - Deferred Compensation Plan - USD ($) $ in Millions	6 Months Ended
	Jun. 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 June 30, 2024 and December 31, 2023, these investments totaled approximately $16.2 million and $14.6 million, respectively.
Deferred compensation plan assets	$ 16.2	$ 14.6

Related Parties - Additional In

Related Parties - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Keylink
Related Party Transaction [Line Items]
Related Party ownership of common stock	5%
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

Related Parties - Schedule of N

Related Parties - Schedule of Net Sales and Purchases of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Keylink
Related Party Transaction [Line Items]
Net sales	$ 1,243	$ 3,081	$ 3,358	$ 6,488
Purchases from related parties	348	363	718	719
Plating, rental and consulting expense	4,005	4,425	7,943	8,680
Nuvoton
Related Party Transaction [Line Items]
Net sales	29	0	33	7
Purchases from related parties	2,154	2,466	4,129	5,444
JCP
Related Party Transaction [Line Items]
Purchases from related parties	55	35	136	134
Atlas
Related Party Transaction [Line Items]
Purchases from related parties	$ 916	$ 0	$ 1,305	$ 0

Related Parties - Schedule of A

Related Parties - Schedule of Account Receivable and Payable of Related Party Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Keylink
Related Party Transaction [Line Items]
Accounts receivable	$ 32,370	$ 34,774
Accounts payable	33,740	33,882
Nuvoton
Related Party Transaction [Line Items]
Accounts receivable	30	26
Accounts payable	1,216	924
JCP
Related Party Transaction [Line Items]
Accounts payable	56	159
Atlas
Related Party Transaction [Line Items]
Accounts payable	$ 279	$ 133

Equity Investments - Additional

Equity Investments - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended
	May 31, 2023	Jul. 31, 2021	Jun. 30, 2024
Variable Interest Entity [Line Items]
Equity investments, fair value			$ 55.5
Fabless Wafer Design Company [Member]
Variable Interest Entity [Line Items]
Payments for convertible promissory note		$ 5
Subsidiary, Ownership Percentage, Noncontrolling Owner			50%
Fabless Wafer Design Company [Member] | Preferred Stock
Variable Interest Entity [Line Items]
Business acquisition, shares acquired	13.9	10
Conversion of convertible note in to preferred stock	$ 5.2

Equity Investments - Schedule o

Equity Investments - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Variable Interest Entity [Line Items]
VIE total assets	$ 2,361,057	$ 2,367,659	$ 2,341,071
VIE total liabilities	509,481	557,982
Diodes' note receivable from VIE	384,965	371,930
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE total assets	24,235	26,445
VIE total liabilities	4,725	4,532
Diodes' equity in VIE	44,420	44,420
Diodes' note receivable from VIE	4,000	4,000
Diodes' interest receivable from VIE	145	45
Diodes' maximum exposure to loss	$ 48,565	$ 48,465

Restructuring Costs - Schedule

Restructuring Costs - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 8,250	$ 0	$ 8,250	$ 0
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	2,814	0	2,814	0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	4,996	0	4,996	0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 440	$ 0	$ 440	$ 0

Restructuring Costs - Schedul_2

Restructuring Costs - Schedule of Costs Accrued Related to the Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Beginning balance			$ 317
Costs accrued	$ 8,250	$ 0	8,250	$ 0
Costs paid			(8,250)
Ending balance	317		317
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			4,996
Costs paid			(4,996)
Ending balance	0		0
Contract Termination
Restructuring Cost and Reserve [Line Items]
Beginning balance			207
Costs accrued			0
Costs paid			0
Ending balance	207		207
Other
Restructuring Cost and Reserve [Line Items]
Beginning balance			110
Costs accrued			440
Costs paid			(440)
Ending balance	$ 110		$ 110