Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-33463 |
Entity Registrant Name | ASML HOLDING NV |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | De Run 6501 |
Entity Address, Postal Zip Code | 5504 DR |
Entity Address, City or Town | Veldhoven |
Entity Address, Country | NL |
Title of 12(b) Security | Ordinary Shares |
Trading Symbol | ASML |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 393,421,721 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0000937966 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Annual Report | true |
Document Registration Statement | false |
Document Transition Report | false |
Document Shell Company Report | false |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | 2650 W Geronimo Place |
Entity Address, Postal Zip Code | 85224 |
Entity Address, City or Town | Chandler |
Entity Address, Country | US |
Contact Personnel Name | Skip Miller |
City Area Code | 480 |
Local Phone Number | 235 0934 |
Contact Personnel Email Address | skip.miller@asml.com |
Entity Address, State or Province | AZ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor name | KPMG Accountants NV |
Auditor location | Amstelveen, The Netherlands |
Auditor firm ID | 1012 |
Consolidated Statements of Oper
Consolidated Statements of Operations - EUR (€) € in Millions, shares in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Total net sales | € 27,558.5 | € 21,173.4 | € 18,611 | |
Total cost of sales | [1] | (13,422.4) | (10,473.3) | (8,802) |
Gross profit | 14,136.1 | 10,700.1 | 9,809 | |
Research and development costs | (3,980.6) | (3,253.5) | (2,547) | |
Selling, general and administrative costs | (1,113.2) | (945.9) | (725.6) | |
Other income | 0 | 0 | 213.7 | |
Income from operations | 9,042.3 | 6,500.7 | 6,750.1 | |
Interest and other, net | 41.2 | (44.6) | (44.6) | |
Income before income taxes | 9,083.5 | 6,456.1 | 6,705.5 | |
Income tax expense | (1,435.8) | (969.9) | (1,021.4) | |
Income after income taxes | 7,647.7 | 5,486.2 | 5,684.1 | |
Profit from equity method investments | 191.3 | 138 | 199.1 | |
Net income | € 7,839 | € 5,624.2 | € 5,883.2 | |
Basic net income per ordinary share (in EUR per share) | € 19.91 | € 14.14 | € 14.36 | |
Diluted net income per ordinary share (in EUR per share) | € 19.89 | € 14.13 | € 14.34 | |
Number of ordinary shares used in computing per share amounts: | ||||
Basic (in shares) | 393.8 | 397.7 | 409.8 | |
Diluted (in shares) | 394.1 | 398 | 410.4 | |
Net system sales | ||||
Total net sales | € 21,938.6 | € 15,430.3 | € 13,652.8 | |
Total cost of sales | (10,151) | (7,582.3) | (6,482.9) | |
Service and field option sales | ||||
Total net sales | 5,619.9 | 5,743.1 | 4,958.2 | |
Total cost of sales | € (3,271.4) | € (2,891) | € (2,319.1) | |
[1] Cost of sales includes amounts with related parties of €2,854.5 million , €2,206.1 million and €1,855.2 million in 2023 , 2022 , and 2021 , respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cost of sales | [1] | € 13,422.4 | € 10,473.3 | € 8,802 |
Related party | ||||
Cost of sales | € 2,854.5 | € 2,206.1 | € 1,855.2 | |
[1] Cost of sales includes amounts with related parties of €2,854.5 million , €2,206.1 million and €1,855.2 million in 2023 , 2022 , and 2021 , respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | € 7,839 | € 5,624.2 | € 5,883.2 |
Other comprehensive income (OCI): | |||
Proportionate share of OCI from equity method investments | 0.2 | 37.7 | 22 |
Foreign currency translation, net of taxes: | |||
Gain (loss) on foreign currency translation | (68.3) | 66 | 93.3 |
Financial instruments, net of taxes: | |||
Gain (loss) on derivative financial instruments | (15.8) | 57.6 | 16.6 |
Transfers to net income | 0.6 | (66.5) | 22.2 |
Other comprehensive income, net of taxes | (83.3) | 94.8 | 154.1 |
Total comprehensive income, net of taxes | 7,755.7 | 5,719 | 6,037.3 |
Total comprehensive income | € 7,755.7 | € 5,719 | € 6,037.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | € 7,004.7 | € 7,268.3 | |
Short-term investments | 5.4 | 107.7 | |
Accounts receivable, net | 4,334.1 | 5,323.8 | |
Finance receivables, net | 1,379.2 | 1,356.7 | |
Current tax assets | 1,001.2 | 33.4 | |
Contract assets | 240.1 | 131.9 | |
Inventories, net | 8,850.7 | 7,199.7 | |
Other assets | [1] | 1,578.5 | 1,643.4 |
Total current assets | 24,393.9 | 23,064.9 | |
Finance receivables, net | 60.6 | 0 | |
Deferred tax assets | 1,872.3 | 1,672.8 | |
Loan receivable | [2] | 929.2 | 364.4 |
Other assets | [3] | 651.8 | 739.8 |
Equity method investments | 919.6 | 923.6 | |
Goodwill | 4,588.6 | 4,555.6 | |
Other intangible assets, net | 741.7 | 842.4 | |
Property, plant and equipment, net | 5,493.2 | 3,944.2 | |
Right-of-use assets | 306.6 | 192.7 | |
Total non-current assets | 15,563.6 | 13,235.5 | |
Total assets | 39,957.5 | 36,300.4 | |
Liabilities and shareholders’ equity | |||
Accounts payable | [4] | 2,347.3 | 2,565.2 |
Accrued and other liabilities | [5] | 2,177.4 | 1,875.9 |
Current tax liabilities | 308.9 | 315.3 | |
Current portion of long-term debt | 0.1 | 746.2 | |
Contract liabilities | 11,441 | 12,481 | |
Total current liabilities | 16,274.7 | 17,983.6 | |
Long-term debt | 4,631.5 | 3,514.2 | |
Deferred and other income tax liabilities | 372.2 | 267 | |
Contract liabilities | 4,825.5 | 5,269.9 | |
Accrued and other liabilities | 401.2 | 454.9 | |
Total non-current liabilities | 10,230.4 | 9,506 | |
Total liabilities | 26,505.1 | 27,489.6 | |
Issued and outstanding shares | 36 | 36.3 | |
Share premium | 3,998.1 | 3,940.8 | |
Treasury shares at cost | (3,306.2) | (4,641.3) | |
Retained earnings | 12,379.5 | 9,046.7 | |
Accumulated other comprehensive income | 345 | 428.3 | |
Total shareholders’ equity | 13,452.4 | 8,810.8 | |
Total liabilities and shareholders’ equity | € 39,957.5 | € 36,300.4 | |
[1] Other assets – current includes amounts with related parties o f €691.9 million and €479.9 million at December 31, 2023 and 2022 , respectively. Loan receivable includes amounts with related parties of €912.4 million and €364.4 million at December 31, 2023 and 2022 , respectively. Other assets – non-current includes amounts with related parties of €490.8 million a nd €620.4 million at December 31, 2023 and 2022 , respectively . Accounts payable includes amounts with related parties of €4.0 million and €269.2 million at December 31, 2023 and 2022 , respectively. Accrued and other liabilities – current includes amounts with related parties of €199.9 million and €111.2 million at December 31, 2023 and 2022 , respectively. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Common stock, shares, outstanding (in shares) | 393,421,721 | 394,589,411 | |
Other assets | [1] | € 1,578.5 | € 1,643.4 |
Loan receivable | [2] | 929.2 | 364.4 |
Other non-current assets | [3] | 651.8 | 739.8 |
Accounts payable | [4] | 2,347.3 | 2,565.2 |
Related party | |||
Other assets | 691.9 | 479.9 | |
Loan receivable | 912.4 | 364.4 | |
Other non-current assets | 490.8 | 620.4 | |
Accounts payable | 4 | 269.2 | |
Accrued and other liabilities | € 199.9 | € 111.2 | |
Common Stock | |||
Ordinary shares, nominal value (in EUR per share) | € 0.09 | € 0.09 | |
Ordinary Shares, authorized (in shares) | 700,000,000 | 700,000,000 | |
Common stock, shares, outstanding (in shares) | 393,421,721 | 394,589,411 | |
Common stock, shares, issued (in shares) | 393,421,721 | 394,589,411 | |
[1] Other assets – current includes amounts with related parties o f €691.9 million and €479.9 million at December 31, 2023 and 2022 , respectively. Loan receivable includes amounts with related parties of €912.4 million and €364.4 million at December 31, 2023 and 2022 , respectively. Other assets – non-current includes amounts with related parties of €490.8 million a nd €620.4 million at December 31, 2023 and 2022 , respectively . Accounts payable includes amounts with related parties of €4.0 million and €269.2 million at December 31, 2023 and 2022 , respectively. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - EUR (€) € in Millions | Total | Issued and Outstanding Shares | Share Premium | Treasury Shares at Cost | Retained Earnings | OCI | [1] |
Beginning Balance (in shares) at Dec. 31, 2020 | 416,500,000 | ||||||
Beginning Balance at Dec. 31, 2020 | € 13,865.4 | € 37.6 | € 3,780.1 | € (863.2) | € 10,731.5 | € 179.4 | |
Components of comprehensive income: | |||||||
Net income | 5,883.2 | 5,883.2 | |||||
Proportionate share of OCI from equity method investments | 22 | 22 | |||||
Gain (loss) on foreign currency translation | 93.3 | 93.3 | |||||
Gain (loss) on financial instruments | 38.8 | 38.8 | |||||
Total comprehensive income | 6,037.3 | 5,883.2 | 154.1 | ||||
Purchase of treasury shares (in shares) | (14,400,000) | ||||||
Purchase of treasury shares | (8,560.3) | € 0 | (8,560.3) | ||||
Cancellation of treasury shares | 0 | € (1.2) | 6,926.6 | (6,925.4) | |||
Share-based payments | 117.5 | 117.5 | |||||
Issuance of shares (in shares) | 500,000 | ||||||
Issuance of shares | 49 | € 0.1 | (21.5) | 74.1 | (3.7) | ||
Dividend paid | € (1,368.3) | (1,368.3) | |||||
Ending Balance (in shares) at Dec. 31, 2021 | 402,601,613 | 402,600,000 | |||||
Ending Balance at Dec. 31, 2021 | € 10,140.6 | € 36.5 | 3,876.1 | (2,422.8) | 8,317.3 | 333.5 | |
Components of comprehensive income: | |||||||
Net income | 5,624.2 | 5,624.2 | |||||
Proportionate share of OCI from equity method investments | 37.7 | 37.7 | |||||
Gain (loss) on foreign currency translation | 66 | 66 | |||||
Gain (loss) on financial instruments | (8.9) | (8.9) | |||||
Total comprehensive income | € 5,719 | 5,624.2 | 94.8 | ||||
Purchase of treasury shares (in shares) | (8,538,787) | (8,500,000) | |||||
Purchase of treasury shares | € (4,639.7) | (4,639.7) | |||||
Cancellation of treasury shares | 0 | € (0.3) | 2,333.7 | (2,333.4) | |||
Share-based payments | 68.9 | 68.9 | |||||
Issuance of shares (in shares) | 500,000 | ||||||
Issuance of shares | 81.8 | € 0.1 | (4.2) | 87.5 | (1.6) | ||
Dividend paid | € (2,559.8) | (2,559.8) | |||||
Ending Balance (in shares) at Dec. 31, 2022 | 394,589,411 | 394,600,000 | |||||
Ending Balance at Dec. 31, 2022 | € 8,810.8 | € 36.3 | 3,940.8 | (4,641.3) | 9,046.7 | 428.3 | |
Components of comprehensive income: | |||||||
Net income | 7,839 | 7,839 | |||||
Proportionate share of OCI from equity method investments | 0.2 | 0.2 | |||||
Gain (loss) on foreign currency translation | (68.3) | (68.3) | |||||
Gain (loss) on financial instruments | (15.2) | (15.2) | |||||
Total comprehensive income | € 7,755.7 | 7,839 | (83.3) | ||||
Purchase of treasury shares (in shares) | (1,620,128) | (1,600,000) | |||||
Purchase of treasury shares | € (1,000) | (1,000) | |||||
Cancellation of treasury shares | 0 | € (0.3) | 2,105.1 | (2,104.8) | |||
Share-based payments | 134.8 | 134.8 | |||||
Issuance of shares (in shares) | 500,000 | ||||||
Issuance of shares | 99.4 | (77.5) | 230 | (53.1) | |||
Dividend paid | € (2,348.3) | (2,348.3) | |||||
Ending Balance (in shares) at Dec. 31, 2023 | 393,421,721 | 393,500,000 | |||||
Ending Balance at Dec. 31, 2023 | € 13,452.4 | € 36 | € 3,998.1 | € (3,306.2) | € 12,379.5 | € 345 | |
[1] As of December 31, 2023 , accumulated OCI consists of €33.0 million gain relating to our proportionate share of other comprehensive income from equity method investments ( 2022 : €32.8 million gain ; 2021 : €4.9 million loss ), €319.6 million relating to foreign currency translation gain ( 2022 : €387.9 million gain ; 2021 : €321.9 million gain ) and €7.6 million relating to unrealized loss on financial instruments ( 2022 : €7.6 million gain ; 2021 : €16.5 million gain ) . |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | |||
Gain/(loss) relating to proportionate share of other comprehensive income from equity method investments | € 33 | € 32.8 | € (4.9) |
Accumulated OCI, net of taxes relating to foreign currency translation gain | 319.6 | 387.9 | 321.9 |
Accumulated other comprehensive income, gain (loss) on financial instruments, net of taxes | € (7.6) | € 7.6 | € 16.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash Flows from Operating Activities | ||||
Net income | € 7,839 | € 5,624.2 | € 5,883.2 | |
Adjustments to reconcile net income to net cash flows from operating activities: | ||||
Depreciation and amortization | [1] | 739.8 | 583.6 | 471 |
Impairment and loss (gain) on disposal | 37.5 | 39.3 | (15.9) | |
Share-based compensation expense | 134.8 | 68.9 | 117.5 | |
Gain on sale of subsidiaries | 0 | 0 | (213.7) | |
Inventory reserves | 485.3 | 278.5 | 180.7 | |
Deferred tax expense (benefit) | (133.6) | (564.2) | (419.6) | |
Equity method investments | [2] | 4.2 | 15.3 | (49.8) |
Changes in assets and liabilities: | ||||
Accounts receivable, net | 959.9 | (2,338) | (1,754.9) | |
Finance receivables, net | (88.6) | 212.2 | 542.3 | |
Inventories | (1,646.9) | (2,080.9) | (483.2) | |
Other assets | (344.3) | (864.3) | (222.2) | |
Accrued and other liabilities | 222 | 439.7 | 347.6 | |
Accounts payable | (261.7) | 406.2 | 718.6 | |
Current tax assets and liabilities | (939.4) | 33.6 | 214.4 | |
Contract assets and liabilities | (1,564.6) | 6,632.7 | 5,529.8 | |
Net cash provided by operating activities | 5,443.4 | 8,486.8 | 10,845.8 | |
Cash Flows from Investing Activities | ||||
Purchase of property, plant and equipment | [3] | (2,155.6) | (1,281.8) | (900.7) |
Purchase of intangible assets | (40.6) | (37.5) | (39.6) | |
Purchase of short-term investments | (23.6) | (334.3) | (1,162.7) | |
Maturity of short-term investments | 125.6 | 864.7 | 1,826.4 | |
Loans issued and other investments | (561.5) | (240) | (124.4) | |
Proceeds from sale of subsidiaries (net of cash disposed of) | 0 | 0 | 329 | |
Acquisition of subsidiaries (net of cash acquired) | (33.6) | 0 | 0 | |
Net cash used in investing activities | (2,689.3) | (1,028.9) | (72) | |
Cash Flows from Financing Activities | ||||
Dividend paid | (2,348.3) | (2,559.8) | (1,368.3) | |
Purchase of treasury shares | (1,000) | (4,639.7) | (8,560.3) | |
Net proceeds from issuance of shares | 99.4 | 81.8 | 49 | |
Net proceeds from issuance of notes, net of issuance costs | 997.8 | 495.6 | 0 | |
Repayment of debt and finance lease obligations | (752.8) | (516.2) | (12.1) | |
Net cash used in financing activities | (3,003.9) | (7,138.3) | (9,891.7) | |
Net cash flows | (249.8) | 319.6 | 882.1 | |
Effect of changes in exchange rates on cash | (13.8) | (3.1) | 20.3 | |
Net increase (decrease) in cash and cash equivalents | (263.6) | 316.5 | 902.4 | |
Cash and cash equivalents at beginning of the year | 7,268.3 | 6,951.8 | 6,049.4 | |
Cash and cash equivalents at end of the year | 7,004.7 | 7,268.3 | 6,951.8 | |
Supplemental Disclosures of Cash Flow Information | ||||
Unpaid portion of property, plant and equipment, excluded in investing activities, included in Accounts payable | 49.3 | 50.3 | 29.3 | |
Interest received | 190.8 | 42.4 | 36.6 | |
Interest paid | (137.8) | (82.2) | (83) | |
Income taxes paid, net of refunds | € (2,568.3) | € (1,734.6) | € (1,235) | |
[1] Depreciation and amortization include depreciation of property, plant and equipment, amortization of intangible assets, amortization of underwriting commissions and discount related to the bonds and credit facility. Equity method investments relates to our 24.9% equity interest in Carl Zeiss SMT Holding GmbH & Co. KG and includes our share of the net result, dividends received and other equity movements , as well as the capitalization of our R&D funding to Carl Zeiss SMT Holding GmbH & Co. KG as disclosed in Note 26 Related parties and variable interest entities . The dividend received is a cash inflow of €218.0 million ( 2022 : €178.7 million , 2021 : €168.0 million ). Purchase of property, plant and equipment includes a cash outflow of €45.1 million ( 2022 : €33.8 million , 2021 : €69.2 million ) to related parties . |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash received equity method investments | € 218 | € 178.7 | [1] | € 168 |
Carl Zeiss SMT Holding GmbH & Co. KG | Carl Zeiss SMT Holding GmbH & Co. KG | ||||
Ownership percentage (in percentage) | 24.90% | |||
Funding provided for tooling equity method investment | ||||
Additions related to non-cash transfers | € 45.1 | € 33.8 | € 69.2 | |
[1] Depreciation and amortization include depreciation of property, plant and equipment, amortization of intangible assets, amortization of underwriting commissions and discount related to the bonds and credit facility. |
General information _ summary o
General information / summary of general accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
General information / summary of general accounting policies | General information / summary of general accounting policies ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful and more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity’s toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. Headquartered in Europe’s top tech hub, the Brainport Eindhoven region in the Netherlands, we are a global team of over 42,000 FTEs . ASML’s principal operations are in EMEA, North America and Asia . Our shares are listed for trading in the form of registered shares on Euronext Amsterdam and on Nasdaq . The principal trading market of our ordinary shares is Euronext Amsterdam. Basis of preparation The accompanying Consolidated Financial Statements are stated in millions of euros unless indicated otherwise. The accompanying Consolidated Financial Statements have been prepared in conformity with US GAAP . Use of estimates The preparation of our Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the balance sheet dates , and the reported amounts of net sales and costs for the reported periods. The inputs into our estimates and assumptions consider economic implications including supply chain constraints, inflation and uncertainty in the macroeconomic environment. We believe that the critical accounting estimates and assumptions are appropriate. ASML will continue to monitor the impacts of economic implications and incorporate them into accounting estimates. Actual results could differ from those estimates. W e evaluate our estimates on a regular basis a nd we base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates if the assumptions prove incorrect. To the extent there are material differences between actual results and these estimates, our future results could be materially and adversely affected. We believe that the accounting policies described below require us to make significant judgments and estimates in the preparation of our Consolidated Financial Statements. Our most critical accounting estimates include: • Revenue recognition (see Note 2 Revenue from contracts with customers ) • Recoverability of deferred tax assets for capitalized R&D expenditures (see Note 21 Income taxes ) Principles of consolid ation The Consolidated Financial Statements include the Financial Statements of ASML Holding NV and all of its subsidiaries. Subsidiaries are all entities over which ASML controls the financial and operating activities, generally accompanying a shareholding of more than 50.0% of the outstanding voting rights. Subsidiaries are fully consolidated from the date on which control is obtained by ASML. All intercompany transactions, balances and unrealized results on transactions with subsidiaries are eliminated. We also assess if we are the primary beneficiary of, and thus sh ould consolidate, any v ariable interest enti ty (VIE). Foreign currency translation The financial information for subsidiaries with a functional currency outside the euro-zone is measured using a mix of local currencies or the euro as the functional currency. T he Financial Statements of those foreign subsidiaries with a functional currency different than the euro are translated into euros in the preparation of ASML’s Consolidated Financial Statements . Assets and liabilities are translated into euros at the exchange rate on the respective balance sheet dates and income and costs are translated into euros based on the average exchange rate for the corresponding period. The resulting translation adjustments are recorded directly in shareholders’ equity. New US GAAP accounting pronouncements adopted During 2023 , there were no new US GAAP accounting pronounce ment s that were adopted which have a material impact on our Consolidated Financial Statements . New US GAAP accounting pronouncements issued but not adopted For 2023 , there are no new US GAAP accounting pronouncements issued which have not yet been adopted and are expected to have a material impact on our Consolidated Financial Statements . |
Revenue from contracts with cus
Revenue from contracts with customer | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | Revenue from contracts with customers Accounting Policy We measure revenue based on the consideration specified in the contracts with our customers, adjusted for any significant financing components, and excluding any taxes collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a good or service to our customer. We bill our customers for, and recognize as revenue, charges for shipping and handling costs . D epending on the contract, we obtain a right to payment for our systems through a combination of either a r eservation of a production slot or upon delivery of our systems, with the remaining portion upon final acceptance of our systems. Right to payment for our service and field options occurs upon shipment or completion of the service unless described otherwise. The payment is typically due 15-45 days after the aforementioned events . Our contracts typically include cancellation penalties that provide economic protection from the risk of customer cancellation. The costs related to our sales are recognized as cost of sales. We generate revenue from the sale of integrated patterning solutions for the semiconductor industry, which mainly consist of systems, system-related options and upgrades, other holistic lithography solutions and customer services. The main portion of our net sales is derived from volume purchase agreements with our customers that have multiple performance obligations, which mainly include the sales of our systems, system-related options, installation, training and extended and enhanced warranties. In our volume purchase agreements we offer customers discounts in the normal course of sales negotiations. As part of these volume purchases agreements, we may also offer free goods or services and credits that can be used towards future purchases. Occasionally, systems, with the related extended and enhanced warranties, installation and training services, are ordered individually. Our sales agreements do not include a right of return for any reason other than not meeting the agreed upon specifications. We account for individual goods and services as separate and distinct performance obligations, including the free or discounted goods or services, if a product or service is separately identifiable from other items and if a customer can benefit from it on its own or with other resources that are readily available to the customer. Options to buy goods or services in addition to the purchase commitment are assessed to determine if they provide a material right to the customer that they would not have received if they had not entered into this contract. Each option to buy additional goods or services provided at a discount from the standalone selling price is considered a material right, for which the likelihood that the option will be exercised is evaluated based on the customer roadmap and their requirements. The consideration paid for our performance obligations is typically fixed . However, m ost of our volume purchase agreements with customers contain some component of variable consideration, typically dependent on the final volume of systems ordered by the customer or the system performance . Variable consideration is estimated at contract inception for each performance obligation based on communication with the customer to understand their requirements and roadmap. This is subsequently updated each quarter, using either the expected value method or most likely amount method, whichever is determined to best predict the consideration to be collected from the customer . Variable consideration is only included in the transaction price if it is considered probable that a significant revenue reversal will not occur. In certain scenarios when entering into a volume purchase agreement, free goods or services are provided directly or through a voucher that can be used on future contracts. Consideration from the contract will be allocated to these performance obligations and revenue recognized when control transfers based on the nature of the goods or services provided. As a practical expedient, we do not record a significant financing component when we expect, at contract inception, that the period between the transfer of the products or services to the customer and customer payment for the products or services will be one year or less. In addition most of our contracts require our customers to pay a down payment on systems to be shipped. We do not record a significant financing component for down payments as t he timing difference between when the consideration is paid and when the system is transferred to the customer arises from reasons other tha n financing . The total consideration of the contract is allocated between all distinct performance obligations in the contract based on their standalone selling prices. The standalone selling prices are determined based on other standalone sales that are directly observable, when possible. However, for the majority of our performance obligations these are not available. If no directly observable evidence is available, the standalone selling price is determined using the adjusted market assessment approach, which requires judgmen t and is based on multiple factors including, but not limited to, historical pricing practices and discounting trends for products and services . For options to buy goods or services that are considered a material right, the discount offered from the standalone selling price will be allocated from the consideration of the other goods and services in the contract if it is determined the customer will exercise the option to buy, adjusted for the likelihood. Revenue will be recognized in line with the nature of the related goods or services. If it is subsequently determined the customer will not exercise the option to buy, or the option expires, revenue will be recognized. Occasionally we enter into bill-and-hold transactions where we invoice a customer for a system that is ready for delivery but not shipped to the customer until a later date, based on customer’s request. Transfer of control is determined to have occurred only when there is a substantive reason for the arrangement, the system is separately identified as belonging to the customer, the good has been accepted by the customer and is ready for delivery, and we do not have the ability to direct the use of the system. We generate revenue from lessor agreements, which we classify as a sales-type lease when the lease meets any of the following criteria at lease commencement: • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset, that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease; • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. For sales-type leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the lessee, revenue is recognized at commencement of the lease . If material, the difference between the gross finance receivable and the present value of the minimum lease payments is initially recognized as unearned interest and presented as a deduction to the gross finance receivable . Interest income is recognized in the Consolidated Statements of Operations over the term of the lease contract using the effective interest method. L eases that are not a sales-type lease are operating lease arrangements . If we have offered the customer an operating lease arrangement, the system is included in Property , plant and equipment upon commencement of the lease. Revenue from operating lease arrangements is recognized in the Consolidated Statements of Operations on a straight-line basis over the term of the lease contract. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms New systems (established technologies) New systems sales include i-line, KrF, ArF, ArFi and NXE-related systems, along with the related factory options ordered with the base system, as well as metrology and inspection systems. Prior to shipment, the majority of our systems undergo a Factory Acceptance Test (FAT) in our cleanroom facilities, effectively replicating the operating conditions that will be present on the customer’s site, in order to verify whether the system meets its standard specifications and any additional technical and performance criteria agreed with the customer. A system undergoing FAT is shipped only after all contractual specifications are met or discrepancies from agreed upon specifications are waived and customer sign-off is received for delivery. Each system’s performance is re-tested through a Site Acceptance Test (SAT) after installation at the customer site. We have never failed to successfully complete installation of a system at a customer’s premises; therefore, acceptance at FAT is considered to be proven for established technologies with a history of successful customer acceptances at SAT (equal or better than FAT). Transfer of control and recognition of revenue of a system undergoing a FAT and for which customer acceptance at FAT is proven, will occur upon delivery of the system. Transfer of control and recognition of revenue of a system not undergoing a FAT or for which customer acceptance at FAT is not proven, will occur after successful installation upon customer acceptance of the system at SAT. New system sales do not meet the requirements for over time revenue recognition because our customers do not simultaneously receive and consume the benefits provided by our performance, or control the asset throughout any stage of our production process, as well as the systems are considered to have alternative use. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms Used systems We have no repurchase commitments in our general sales terms and conditions, however we occasionally repurchase systems that we previously manufactured and sold, in order to refurbish and resell the system to a different customer. This repurchase decision is mainly driven by market demand expressed by other customers. Transfer of control of a used system, and recognition of revenue, follow the same logic as for our “New systems (established technologies)”. Field upgrades and options (system enhancements) Field upgrades and options mainly relate to goods and services that are delivered for systems already installed in the customer factories. Certain upgrades require significant installation efforts, enhancing an asset the customer controls, therefore resulting in transfer of control over the period of installation, measured using the cost incurred method which is estimated using labor hours, as this best depicts the satisfaction of our obligation in transferring control. For the options and other upgrades for which the customer receives and consumes the benefit at the moment of delivery, the transfer of control and recognition of revenue will occur upon delivery. As long as we are not able to make a reliable estimate of the total efforts needed to complete the upgrade, we only recognize revenue to cover costs incurred. Margin will be realized at the earlier of us being able to make a reliable estimate or completion of the upgrade. New product introduction We sell new products and services, which are evolutions of our existing technologies. If installation is determined not to be a separate performance obligation or if there is not a sufficient established history of acceptance on FAT, the product is determined to be a “new product introduction”. New product introductions are typically newly developed options to be used within our systems. Transfer of control and revenue recognition for new product introductions occurs after successful installation and customer acceptance at SAT. Once there is an established history of successful installation and customer acceptance, revenue will be recognized consistent with other systems and goods after transfer of control. Installation Installation is provided within the selling price of a system. Installation is considered to be distinct as it does not significantly modify the system being purchased and the customer or a third party could be capable of performing the installation themselves, if desired. Transfer of control takes place over the period of installation from delivery through SAT, measured on a straight-line basis, as our performance is satisfied evenly over this period of time. Installation is not considered to be distinct when recognition of revenue related to a system occurs upon customer acceptance of the system at SAT after installation is complete. Warranties We provide standard warranty coverage on our systems for 12 months , providing labor and non-consumable parts necessary to repair our systems during these warranty periods. These standard warranties cannot be purchased and do not provide a service in addition to the general assurance the system will perform as promised. As a result, no revenue is allocated to these standard warranties. Both the extended and enhanced warranties on our systems are accounted for as a separate performance obligation, with transfer of control taking place over the warranty period, measured on a straight-line basis, as this is a stand-ready obligation. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms Time-based licenses and related service Time-based licenses relate to software licenses and the related service which are sold for a period of time. The licenses and the related service are not considered to be individually distinct as the support services are integral to the customer’s ability to continue to use the software license in the rapidly changing technological environment. The transfer of control takes place over the license term, measured on a straight-line basis, as our performance is satisfied evenly over this period of time. Payments are generally made in installments throughout the license term. Application projects Application projects are node transition and consulting projects which at times may be provided as free service within a volume purchase agreement. Measuring satisfaction of this performance obligation is performed through an input method based on the labor hours expended relative to the estimated total labor hours as this best depicts the transfer of control of these kind of services. Service contracts Service contracts are entered into with our customers to support our systems used in their ongoing operations during the systems life cycle, typically in the form of full-service agreements, limited manpower agreements, other labor agreements, parts availability or parts usage agreements. These services are for a specified period of time and typically have a fixed price. Control transfers over this period of time, measured on a straight-line basis, as these are stand-ready obligations. For service contracts where the price is not fixed, the transaction price has a variable component that is based on the performance of the system. Billable parts and labor Billable labor represents maintenance services to our systems installed in the customer’s factories while in operation, through purchase orders from our customer. Control over these services is transferred to the customer upon receipt of customer sign-off. Billable parts represent spare parts including optical components relating to our systems installed in the customer’s factories while in operation, through purchase orders from our customer. Billable parts can be: • Sold as direct spare parts, for which control transfers point in time upon delivery; or • Sold as part of maintenance services, where control transfers point in time upon receipt of customer sign-off. Field projects (relocations) Field projects represent mainly relocation services. Measuring satisfaction of this performance obligation is performed through an input method based on the labor hours expended relative to the estimated total labor hours as this best depicts the transfer of control of our service. OnPulse Maintenance OnPulse maintenance services are provided over a specified period of time on our light source systems. Payment is determined by the number of pulses counted from each light source system, which is variable. Invoicing is monthly based on the pulses counted. Revenue is recognized in line with invoicing using the practical expedient in ASC 606-10-55-18. Disaggregation of revenue Our revenue from contracts with customers, on a disaggregated basis, aligns with our reportable segment disclosures with the addition of disaggregation of net system sales per technology and per end-use. Net system sales per technology were as follows: Year ended December 31 Net system sales in units Net system sales in € millions 2023 NXE 53 9,124.0 ArFi 125 9,017.4 ArF dry 32 780.2 KrF 184 2,202.5 I-line 55 278.4 Metrology & Inspection 151 536.1 Total 600 21,938.6 2022 NXE 40 7,045.3 ArFi 81 5,236.5 ArF dry 28 623.7 KrF 151 1,653.7 I-line 45 211.5 Metrology & Inspection 216 659.6 Total 561 15,430.3 2021 NXE 42 6,284.0 ArFi 81 4,959.6 ArF dry 22 431.9 KrF 131 1,321.3 I-line 33 142.3 Metrology & Inspection 196 513.7 Total 505 13,652.8 Net system sales per end-use were as follows: Year ended December 31 Net system sales in units Net system sales in € millions 2023 Logic 439 15,984.7 Memory 161 5,953.9 Total 600 21,938.6 2022 Logic 357 9,977.6 Memory 204 5,452.7 Total 561 15,430.3 2021 Logic 327 9,588.5 Memory 178 4,064.3 Total 505 13,652.8 Contract assets and liabilities The contract assets relate to our right to a consideration in exchange for goods or services delivered, when that right is conditional on something other than the passage of time. The contract asset s are transferred to the receivables when the receivables become unconditional. The contract liabilities primarily relate to remaining performance obligations for which consideration has been received for systems not yet recognized in revenue, as well as deferred revenue from system shipments, based on the allocation of the consideration to the related performance obligations in the contract. Th e majority of our customer contracts result in both asset and liability positions . At the end of each reporting period, these positions are netted on a contract basis and presented as either an asset or a liability in the Consolidated Balance Sheets . Consequently, a contract balance can change between periods from a net contract asset balance to a net contract liability balance in the balance sheet . Significant changes in the contract assets and the contract liabilities balances during the periods are as follows. Year ended December 31 (€, in millions) 2022 2023 Contract Assets Contract Liabilities Contract Assets Contract Liabilities Balance at beginning of the year 164.6 11,160.9 131.9 17,750.9 Transferred from contract assets to accounts receivables (393.4) — (402.0) — Revenue recognized during the year ending in contract assets 116.5 — 135.1 — Revenue recognized that was included in contract liabilities — (6,326.6) — (11,106.1) Changes as a result of cumulative catch-up adjustments arising from changes in estimates — (118.0) — (24.9) Remaining performance obligations for which considerations have been received, or for which we have an unconditional right to consideration — 12,790.4 — 9,416.3 Transfer between contract assets and liabilities 244.2 244.2 375.1 375.1 Other — — — (144.8) Total 131.9 17,750.9 240.1 16,266.5 The decrease in the net contract liabilitie s to €16.0 billion as of December 31, 2023 compared to €17.6 billion as of December 31, 2022 is mainly driven by a lower volume of fast shipment systems shipped for which revenue has not yet been recognized. This is partially offset by an increase of down payments for systems which will be shipped in the future. Cumulative catch-up adjustments recognized in our current year revenue are due to updated estimates for system volume, discounts and credits included in our volume purchase agreements . Remaining performance obligations Our customers generally commit to purchase systems, service, or field options through separate sales orders and service contracts. Typically the terms and conditions of these sales orders come from volume purchase agreements with our customers w hich can cover up to 5 years . The revenues for each committed performance obligation are estimated based on the terms and conditions agreed through the volume purchase agreements. When revenues will be recognized is mainly dependent on when systems are delivered or installed , as well as when service projects and field upgrades are performed and completed . All of which is estimated based on contract terms and communication with our customers, including the customer facility readiness to take delivery of our goods or services. The volume purchase agreements may be subject to modifications, impacting the amount and timing of revenue recognition for the anticipated revenues. As of December 31, 2023 , the remaining performance obligations amount to €45.0 billion ( December 31, 2022 : €45.4 billion ). The remaining performance obligations mainly include orders related to DUV immersion and NXE lithography systems, and our next-generation EUV platform, High NA. We estimate that 57% ( December 31, 2022 : 56% ) of these anticipated revenues will be recognized during the next 12 months . |
Segment disclosure
Segment disclosure | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment disclosure | Segment disclosure ASML has one reportable segment, since we are a holistic lithography solution provider, for the development, production, marketing, sales, upgrading and servicing of advanced semiconductor equipment systems, consisting of lithography, metrology and inspection systems . The Chief Operating Decision Maker regularly sets and monitors goals and boundaries on a consolidated basis to make decisions about resource allocation and assess performance. Management reporting includes net system sales figures of new and used systems, sales per technology and sales per end-use. For sales per technology and end-use, see Note 2 Revenue from contracts with customers . Net system sales for new and used systems were as follows: Year ended December 31 (€, in millions) 2021 2022 2023 New systems 13,446.1 15,152.3 21,622.4 Used systems 206.7 278.0 316.2 Net system sales 13,652.8 15,430.3 21,938.6 For geographical reporting, total net sales are attributed to the geographic location in which the customers’ facilities are located. Long-lived assets are attributed to the geographic location in which these assets are located . Total net sales and long-lived assets by geographic region were as follows: Year ended December 31 (€, in millions) Total net sales Long-lived assets 2023 Japan 613.6 10.4 South Korea 6,949.2 148.1 Singapore 282.1 5.0 Taiwan 8,074.6 354.5 China 7,251.8 48.6 Rest of Asia 3.9 0.2 Netherlands 25.1 3,783.6 EMEA 1,206.8 314.5 United States 3,151.4 1,134.9 Total 27,558.5 5,799.8 Year ended December 31 (€, in millions) Total net sales Long-lived assets 2022 Japan 1,008.6 7.9 South Korea 6,045.6 85.4 Singapore 475.5 5.5 Taiwan 8,095.5 216.3 China 2,916.0 40.8 Rest of Asia 7.2 0.2 Netherlands 9.2 2,748.5 EMEA 624.5 228.5 United States 1,991.3 803.8 Total 21,173.4 4,136.9 2021 Japan 459.3 5.5 South Korea 6,223.0 61.2 Singapore 126.2 7.3 Taiwan 7,327.9 163.6 China 2,740.8 17.0 Rest of Asia 1.8 0.2 Netherlands 14.2 2,048.1 EMEA 134.6 124.0 United States 1,583.2 555.8 Total 18,611.0 2,982.7 In 2023 , 2 customers exceed more than 10% of total net sales , totaling €14.9 billion , or 53.9% , of total net sales . In 2022 and 2021 , 2 customers exceeded more than 10% of total net sales, in 2022 totaling €11.8 billion , or 55.8% ( 2021 : €12.5 billion , or 67.2% ) . Our three largest cust omers ( base d on total net sales ) accounted for €3.7 billion , or 64.4% , of accounts receivable and finance receivables at December 31, 2023 , compared with €5.3 billion , or 78.6% , at December 31, 2022 and €3.9 billion , or 83.7% , at December 31, 2021 . T he increase in total net sale s of €6.4 billion , or 30.2% , to €27.6 billion in 2023 , from €21.2 billion in 2022 i s driven by higher sales volumes for NXE and DUV immersion systems, a catch-up in the backlog of orders from Chinese customers and the timing of revenue recognition for DUV immersion fast shipments. For 2023 DUV immersion fast shipments, customer acceptance after FAT is considered to be proven for established technologies with a history of successful customer acceptances after the SAT. Transfer of control and recognition of revenue related to these systems has occurred upon delivery of the systems. The decrease in net service and field option sales is mainly driven by lower field upgrade sales due to lower lithography tool utilization levels and customers delaying productivity enhancement packages, partially offset by higher service sales, which has benefited from a growing installed base. The Logic sector continued to be strong in 2023 and was the largest consume r of our most advanced E UV systems. Revenue growth in the Memory market was less pronounced in 2023 , stemming from historically low lithography tool utilization levels. China saw the largest geographic sales growth in support of expanding capacity to meet worldwide demand and a catch-up in backlog of orders that were previously unfulfilled due to supply constraints. The increase in non-current assets in the Netherlands during 2023 is primarily related to the construction of ASML's logistics facility, the High NA factory and office space at our headquarters in Veldhoven, in order to support our continued growth. |
Cash and cash equivalents and s
Cash and cash equivalents and short-term investments | 12 Months Ended |
Dec. 31, 2023 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Cash and cash equivalents and short-term investments | Cash and cash equivalents and short-term investments Accounting Policy Cash and cash equivalents consist primarily of highly liquid investments, such as bank deposits, deposits with governments and government-related bodies, money market funds and bank accounts readily convertible to known amounts of cash with insignificant interest rate risk and original maturities to the entity holding the investments 3 months or less at the date of acquisition. Investments with original maturities at the date of acquisition greater than 3 months and 1 year or less are presented as short-term investments. Fair value changes in these investments, which are not temporary, are recognized in the Consolidated Statements of Operations. Short-term investments have insignificant interest rate risk. Cash and cash equivalents and short-term investments consist of the fo llowing : Year ended December 31 (€, in millions) 2022 2023 Deposits with financial institutions, governments and government-related bodies 2,548.1 1,348.7 Investments in money market funds 3,196.7 3,167.4 Bank accounts 1,523.5 2,488.6 Cash and cash equivalents 7,268.3 7,004.7 Deposits with financial institutions, governments and government-related bodies 107.7 5.4 Short-term investments 107.7 5.4 Cash and cash equivalents and short-term investments are mainly impacted by net cash provided by operating activities, driven by net i ncome and down payments , mainly offset by purchase of property, plant and equipment, purchase of treasury shares and dividend paid . D eposits with financial institutions, governments and government-related bodies and investments in money market funds have an investment-grade credit rating as rated by credit rating institutions such as Standard & Poor's, Moody’s or Fitch . Our cash and cash equivalents are predominantly denominated in euros and to some extent in US dollars, Taiwanese dollars, South Korean won and Chinese yuan . The carrying amount of these assets approximates their fair value. As of December 31, 2023 , no restrictions on usage of cash and cash equivalents exist ( 2022 : no |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts receivable, net | Accounts receivable, net Accounting Policy Accounts receivable are measured at fair value and are subsequently measured at amortized cost, less allowance for credit losses, if material . The carrying amount of the accounts receivable approximates the fair value. We perform ongoing credit evaluations on our customers’ financial condition. We periodically review whether an allowance for credit losses is needed by considering factors such as historical payment experience, credit quality, aging of the accounts receivable balances, expected lifetime losses, and current economic conditions that may affect a customer’s ability to pay. When entering into arrangements to sell our receivable, we derecognize the receivable only when meeting the derecognition criteria. The criteria require isolation from the seller , granting the buyer the right to pledge or exchange the receivables , and legal transfer of control over the receivable. A ccounts receivable consist of the following : Year ended December 31 (€, in millions) 2022 2023 Accounts receivable, gross 5,327.9 4,334.1 Allowance for credit losses (4.1) — Accounts receivable, net 5,323.8 4,334.1 The decrease in accounts receivable as of December 31, 2023 , compared to December 31, 2022 , is mainly due to the factoring of receivables during 2023 and the timing of cash receipts from our customers, which is partially offset by an increase in our sale s. I n 2023 , €993.4 million of receivables were sold through factoring arrangements ( 2022 : €0.0 million ). The amounts consist of €245.8 million ( 2022 : €0.0 million ) of regular trade receivables and €747.6 million ( 2022 : €0.0 million ) of absolute, unconditional, irrevocable accounts receivable for down payments on systems to be shipped in 2024. The amounts have been derecognize d since the asset is isolated from the seller, control is transferred to the buyer and there are no restrictions on the buyer related to the factored items. The fair value of the receivables sold was substantially the same as their carrying value. The cash receipt is treated as an operating cash flow within the Consolidated Statements of Cash Flows. |
Finance receivables, net
Finance receivables, net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Finance receivables, net | Finance receivables, net Accounting Policy Finance receivables consist of receivables in relation to sales-type leases. We perform ongoing credit evaluations of our customers’ financial condition. We periodically review whether an allowance for credit losses is needed by considering factors such as historical payment experience, credit quality, the aging of the finance receivables balances, expected lifetime losses, and current economic conditions that may affect a customer’s ability to pay. The following table lists the components of the finance receivables as of December 31, 2023 and 2022 : Year ended December 31 (€, in millions) 2022 2023 Finance receivables, gross 1,356.7 1,439.8 Unearned interest — — Finance receivables, net 1,356.7 1,439.8 Current portion of finance receivables, gross 1,356.7 1,379.2 Current portion of unearned interest — — Non-current portion of finance receivables, net — 60.6 The increase in finance receivables as of December 31, 2023 , compared to December 31, 2022 , is the result of providing additional systems with a free-use or evaluation period, partly offset by the expiration of free-use and evaluation periods of systems shipped . These sales-type leases support the capacity ramp-up of high-end systems which are part of the early-insertion life cycle of the technology or system type. It is expected that these systems will be purchased at the end of the free-use or evaluation period. Gross profit recognized at the commencement date of the lease for our sales-type leases amounted to €460.9 million during 2023 ( 2022 : €429.1 million ; 2021 : €514.2 million ) . At December 31, 2023 , payment of the finance receivables in the next five years and thereafter are : (€, in millions) Amount 2024 1,379.2 2025 60.6 2026 — 2027 — 2028 — Thereafter — Finance receivables, gross 1,439.8 In 2023 , 2022 and 2021 we did no t record any expected credit losses from finance receivables. As of December 31, 2023 , the finance receivables were neither past due nor impaired. |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net Accounting Policy Inventory costs are computed on a first-in, first-out basis. Our inventory values are comprised of purchased materials, freight expenses, customs, duties, production labor and overhead. The valuation of inventory includes determining which fixed production overhead c osts should be capitalized into inventory based on the normal capacity of our manufacturing and assembly facilities. During periods when production is below our established normal capacity level, a portion of our fixed overhead costs are not included in the cost of inventory; instead, it is recognized as cost of sales as incurred. Inventory is valued at the lower of cost or net realizable value, based on assumptions about future demand and market conditions. Valuation of inventory also requires us to establish provisions for inventory that is defective, obsolete or in excess . We use our demand forecast to develop manufacturing plan s and utilize this information to compare against raw materials, work-in-progress and finished product lev els to determine the amount of defective, obsolete or excess inventory. Inventories consist of the following: Year ended December 31 (€, in millions) 2022 2023 Raw materials 3,198.9 4,057.3 Work-in-process 2,163.9 3,388.1 Finished products 2,303.8 2,098.5 Inventories, gross 7,666.6 9,543.9 Inventory reserves (466.9) (693.2) Inventories, net 7,199.7 8,850.7 T he increase in inventory in 2023 , compared to 2022 , is drive n by the continued strong demand from customers. Additionally, inventory increased in 2023 due to higher costs of our latest technologies and growing install base. A summary of movements in the i nventory reserves is as follows: Year ended December 31 (€, in millions) 2022 2023 Balance at beginning of year (418.0) (466.9) Additions for the year (278.5) (485.3) Effect of changes in exchange rates (1.1) 2.4 Utilization of the reserve 230.7 256.6 Balance at end of year (466.9) (693.2) The additions for 2023 , 2022 and 2021 are recorded in Cost of sale s. The additions for the year mainly relate to inventory items which became obsolete due to technolo gical developments and design changes . |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other assets | Other assets Other current and non-current assets consist of the following: Year ended December 31 (€, in millions) 2022 2023 Advance payments to Carl Zeiss SMT GmbH 1 479.9 691.9 Prepaid expenses 678.6 472.1 Derivative financial instruments 2 17.3 19.8 VAT receivable 201.2 302.2 Other assets 266.4 92.5 Other current assets 1,643.4 1,578.5 Advance payments to Carl Zeiss SMT GmbH 1 620.4 490.8 Prepaid expenses 32.4 40.9 Derivative financial instruments 2 — 11.3 Compensation plan assets 71.1 95.2 Other assets 15.9 13.6 Other non-current assets 739.8 651.8 1. For further details on advance payments to Carl Zeiss SMT GmbH see Note 26 Related parties and variable interest entities . 2. For further details on derivative financial instruments see Note 25 Financial risk management . Prepaid expenses mainly include prepaid income taxes of intercompany profit on inventory that has not been realized by ASM L of €324.5 million ( 2022 : €515.3 million |
Equity method investments
Equity method investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investments | Equity method investments Accounting Policy Equity investments over which we are able to exercise significant influence but do not control, are accounted for using the equity method and presented on our Consolidated Balance Sheets within Equity method investments . The difference between the cost of our investment and our proportionate share in the carrying value of the investee’s underlying net assets as of the acquisition date is the basis difference. The basis difference is allocated to the identifiable assets and liabilities based on their fair value as of the acquisition date (i.e. the date on which we obtain significant influence), with the excess costs of the investment over our proportional fair value of the identifiable assets and liabilities being equity method goodwill. We amortize the basis difference related to the other intangible assets over the estimated remaining useful lives of these assets that gave rise to this difference. The remaining weighted-average life of the finite-lived intangible assets acquired is 13.1 years and is amortized using a straight-line method. In-process R&D is initially capitalized at fair value as an intangible asset with an indefinite life. When the R&D project is complete, it is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. If the project is abandoned, we will record the full basis difference charge for the value of the related intangible asset in our Consolidated Statements of Operations in the period of abandonment. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable. Under the equity method, after initial recognition at cost, our Equity method investments are adjusted for our proportionate share in the profit or loss and other comprehensive income of the investee, recognized on a one- quarter time lag to allow for the timely preparation of financial information and presented within Profit from equity method investments . Our proportionate share in the profit or loss of the investee is adjusted for any differences in accounting principles and policies, basis difference adjustments and intra-entity profits. Receipt of dividends reduces our Equity method investments , which is presented as an operating cash flow based on the nature of the distribution s. Equ ity method investments consists of a 24.9% equity interest acquired on June 29, 2017 in Carl Zeiss SMT Holding GmbH & Co. KG, a limited partnership that owns Carl Zeiss SMT GmbH, our single supplier of optical columns. For the year ended December 31, 2023 , we recorded a profit from Equity method investments of €191.3 million ( 2022 : €138.0 million ) in our Consolidated Statements of Operations. This profit includes the following components: • Profit of €212.1 million ( 2022 : €169.1 million ) related to our share of Carl Zeiss SMT Holding GmbH & Co. KG’s net income after accounting policy alignment • Cost due to basis difference amortization related to intangible assets of €26.7 million ( 2022 : €26.7 million ) • Cost/(Gain) due to intercompany profit elimination of €(5.9) million ( 2022 : €4.4 million ) In 2023 , we received a dividend of €218.0 million ( 2022 : €178.7 million ) from Carl Zeiss SMT Holding GmbH & Co. KG. Carl Zeiss SMT Holding GmbH & Co. KG is a privately held company; therefore, quoted market prices for its stock are not available. |
Business combinations and dives
Business combinations and divestures | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business combinations and divestures | Business combinations and divestitures Accounting Policy Acquisitions of subsidiaries are included on the basis of the acquisition method. The cost of acquisition is measured based on the consideration transferred at fair value, the fair value of identifiable assets distributed and the fair value of liabilities incurred or assumed at the acquisition date (i.e. the date which we obtain control). Goodwill is capitalized as the excess of the costs of an acquired subsidiary, net of the amounts assigned to identifiable assets acquired and liabilities incurred or assumed. Acquisition-related costs are expensed when incurred in the period they arise or the service is received. Business combinations During 2023 we concluded the acquisitions of EO Technical Solutions, LLC (PAS 5500 parts repair company) and part of the semiconductor equipment activities from Philips Engineering Solutions. The go odwill ( €33.0 million ) has been allocated to the ASML reporting unit. Divestitures During 2021, we sold the non-semiconductor businesses of the acquired Berliner Glas (ASML Berlin GmbH) group . The proceeds from these disposals totaled €339.4 million , which primarily related to the sale of the Medical Applications and Swiss Optic business on November 30, 2021 . The remaining proceeds are from the sale of the Berliner Glas Technical Glas business on April 30, 2021. A pre-tax gain of €213.7 million was recognized on these transactions which was recorded in the line item Other income (loss) in our Consolidated Statements of Operations in 2021 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Accounting Policy Goodwill represents the excess of the costs of an acquisition over the fair value of the amounts assigned to assets acquired and liabilities incurred or assumed of the acquired subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries is allocated to reporting units for the purpose of impairment testing. The allocation is made to those reporting units that are expected to benefit from the business combination in which the goodwill arose. Goodwill is stated at cost less accumulated impairment losses. Goodwill is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of the goodwill may not be recoverable. To determine whether it is necessary to perform the quantitative goodwill impairment test, we perform a step-zero qualitative assessment, annually. If we determine that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, we do not perform a quantitative goodwill impairment test. Goodwill mainly results from the acquisitions of Cymer and HMI . The balance as of December 31, 2023 , is €4,588.6 million ( 2022 : €4,555.6 million ). We have identified two reporting units: Reporting Unit ASML and Reporting Unit Cymer Light Sources. As of December 31, 2023 , the goodwill allocated to Reporting Unit ASML amounts to €4,126.3 million ( 2022 : €4,093.3 million ) and Reporting Unit Cymer Light Sources amounts to €462.3 million ( 2022 : €462.3 million ) . Based on our assessment during the annual goodwill impairment test, we believe it is more likely than not that the fair values of the reporting units exceed their carrying amounts , and therefore goodwill was not impaired as of December 31, 2023 . The accumulated impairmen t as of December 31, 2023 is nil ( 2022 : nil |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets, net | Intangible assets, net Accounting Policy I ntangible assets include brands, intellectual property, developed technology, customer relationships, and other intangible assets not yet available for use. These finite-lived intangible assets are stated at cost, less accumulated amortization and accumulated impairment losses. Amortization is calculated using the straight-line method based on the estimated useful lives of the assets. Finite-lived intangible assets are assessed for impairment, annually or whenever there is an indication that the balance sheet carrying amount may not be recoverable using cash flow projections for the useful life. The following table shows the respective useful lives for intangible assets: Category Estimated useful life Brands 20 years Intellectual property 3 – 10 years Developed technology 6 – 15 years Customer relationships 8 – 18 years Other 2 – 10 years A s of December 31, 2023 , intangible assets consist mainly of brands, intellectual property, developed technology and customer relationships obtained from the acquisitions of HMI (2016) and Cymer (2013): €, in millions Brands Intellectual property Developed technology Customer relationships Other Total Cost Balance at January 1, 2022 38.9 144.8 1,220.2 228.6 190.0 1,822.5 Additions — 1.5 — — 32.5 34.0 Disposals — — — — (1.6) (1.6) Effect of changes in exchange rates — 0.8 — — 1.6 2.4 Balance at December 31, 2022 38.9 147.1 1,220.2 228.6 222.5 1,857.3 Additions — — — — 39.3 39.3 Disposals — — — — (0.3) (0.3) Effect of changes in exchange rates — — — — (1.4) (1.4) Balance at December 31, 2023 38.9 147.1 1,220.2 228.6 260.1 1,894.9 Accumulated amortization Balance at January 1, 2022 13.0 87.2 594.0 108.6 67.6 870.4 Amortization 1.9 8.6 83.4 12.7 28.5 135.1 Impairment charges — — — — 9.2 9.2 Disposals — — — — (1.4) (1.4) Effect of changes in exchange rates — — — — 1.6 1.6 Balance at December 31, 2022 14.9 95.8 677.4 121.3 105.5 1,014.9 Amortization 1.9 8.3 76.8 12.7 27.9 127.6 Impairment charges — — — — 11.1 11.1 Disposals — — — — (0.3) (0.3) Effect of changes in exchange rates — — — — (0.1) (0.1) Balance at December 31, 2023 16.8 104.1 754.2 134.0 144.1 1,153.2 Carrying amount December 31, 2022 24.0 51.3 542.8 107.3 117.0 842.4 December 31, 2023 22.1 43.0 466.0 94.6 116.0 741.7 The Consolidated Statements of Operations include the following amortization charges: Year ended December 31 (€, in millions) 2021 2022 2023 Cost of Sales 107.8 105.9 102.7 R&D Costs 14.5 18.2 19.5 SG&A 10.7 11.0 5.4 Total Amortization 133.0 135.1 127.6 As of December 31, 2023 , the intangible assets not yet available for use, as included in Other, amount t o €37.3 million ( 2022 : €34.0 million ) and are a llocated to Reporting Unit ASML. D uring 2023 w e recorded €11.1 million impairment charges ( 2022 : €9.2 million ; 2021 : €0.0 million ). As of December 31, 2023 , the estimated amortization expenses for intangible assets for the next five years an d thereafter is as follows: €, in millions Amount 2024 124.9 2025 122.8 2026 117.5 2027 114.3 2028 93.3 Thereafter 168.9 Total 741.7 |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net Accounting Policy Property, plant and equipment is stated at cost, less accumulated depreciation and accumulated impairment losses. Costs of assets manufactured by ASML include direct manufacturing costs, production overhead and interest costs incurred for qualifying assets during the construction period. Property, plant and equipment are depreciated on a straight-line basis in the Consolidated Statements of Operations over their estimated useful lives, except for land which is not depreciated. Evaluation systems leased to our customers under an operating lease are capitalized as Property, plant and equipment at cost and depreciated over the respective lease term. Leased assets that are returned to ASML upon expiration of the lease term are either taken back into Property, plant and equipment as they will be used internally by D&E or transferred back to Inventories to be reworked and sold. The carrying values of p rototypes , tooling and equipment that are intended to be sold, but first internally utilized for more than one year for R&D purposes, are reclassified from Inventories to Property, plant and equipment and depreciated while being internally used. When no longer required for R&D activities, the assets’ carrying value is reclassified back to Inventories and reworked to make them ready for sale to our customers. These transfers are reported as Net non-cash movements to/from Inventories in our Property, plant and equipment movement schedule. Property, plant and equipment is assessed for impairment whenever there is an indication that the carrying amount may not be recoverable using cash flow projections for the useful life. The following table shows the respective useful lives for Property, plant and equipment: Category Estimated useful life Buildings 5 – 45 years Machinery and equipment 1 – 7 years Leasehold improvements 1 – 10 years Furniture, fixtures and other 3 – 5 years Property, plant and equipment consists of the following: €, in millions Land and buildings Machinery and equipment Leasehold improvements Furniture, fixtures and other Total Cost Balance at January 1, 2022 2,803.7 2,028.7 368.6 414.1 5,615.1 Additions 510.9 665.4 34.4 87.6 1,298.3 Disposals (1.3) (42.2) (1.0) (3.0) (47.5) Net non-cash movements to/from Inventories — 129.2 — — 129.2 Effect of changes in exchange rates 0.7 (3.5) (1.2) (1.7) (5.7) Balance at December 31, 2022 3,314.0 2,777.6 400.8 497.0 6,989.4 Additions 1,019.3 1,050.2 79.7 94.4 2,243.6 Disposals (1.6) (45.1) (0.8) (2.1) (49.6) Net non-cash movements to/from Inventories — (75.3) — — (75.3) Effect of changes in exchange rates (8.3) (17.4) (1.2) (1.4) (28.3) Balance at December 31, 2023 4,323.4 3,690.0 478.5 587.9 9,079.8 Accumulated depreciation and impairment Balance at January 1, 2022 947.7 1,115.6 311.0 258.1 2,632.4 Depreciation 134.8 232.6 21.9 55.9 445.2 Impairment charges 10.9 6.4 0.5 — 17.8 Disposals (2.3) (29.5) (0.9) (2.4) (35.1) Net non-cash movements to/from Inventories — (10.9) — — (10.9) Effect of changes in exchange rates (0.5) (1.9) (0.6) (1.2) (4.2) Balance at December 31, 2022 1,090.6 1,312.3 331.9 310.4 3,045.2 Depreciation 154.2 352.0 31.0 68.4 605.6 Impairment charges 2.9 15.0 — — 17.9 Disposals (0.6) (37.7) (0.7) (2.0) (41.0) Net non-cash movements to/from Inventories — (29.3) — — (29.3) Effect of changes in exchange rates (4.0) (6.7) (0.7) (0.4) (11.8) Balance at December 31, 2023 1,243.1 1,605.6 361.5 376.4 3,586.6 €, in millions Land and buildings Machinery and equipment Leasehold improvements Furniture, fixtures and other Total Carrying amount December 31, 2022 2,223.4 1,465.3 68.9 186.6 3,944.2 December 31, 2023 3,080.3 2,084.4 117.0 211.5 5,493.2 As of December 31, 2023 , the carrying amount includes assets under construction of €1,658.0 million ( 2022 : €869.8 million ) primarily consisting of buildings, as well as Machinery and equipment. As of December 31, 2023 , the carrying amount of land amounts to €229.7 million ( 2022 : €178.7 million ). The additions in 2023 in Land and buildings, as well as Furniture, fixtures and other mainly relate to the construction of the EUV 0.55 NA (High NA) factory and office space at our headquarters in Veldhoven, in order to support our continued growth. The additions in 2023 in Machinery and equipment mainly relate to the upgrade and expansion of production tooling to support the growth of our business, as well as investments in prototypes of new technologies . The additions in 2023 in Leasehold impro vements mainly relate to installation of cleanrooms and office space for leased properties in both the US and Taiwan . During 2023 , we entered into 8 contracts that will require further Leasehold improvement investments amounting to €53.5 million . The Consolidated Statements of Operations include the following depreciation charges: Year ended December 31 (€, in millions) 2021 2022 2023 Cost of Sales 188.6 248.2 330.4 R&D Costs 101.4 163.7 236.2 SG&A 31.6 33.3 39.0 Total Depreciation 321.6 445.2 605.6 |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Right-of-use assets and lease liabilities | Right-of-use assets and lease liabilities Accounting Policy We determine whether an arrangement contains a lease at inception. Le ases are included in Right-of-use assets, Accrued & other current liabilities, Accrued & other non-current liabilities, current portion of Long-term debt, and Long-term debt in our Consolidated Balance Sheets . Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate , we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Right-of-use assets include any lease payments made at or before the commencement date and are reduced by lease incentives. Our Right-of-use asset and lease liability valuation may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses are recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. The lease components are accounted for separately from non-lease components. T he allocation of the consideration between lease and non-lease components is based on the relative standalone prices of lease components included in the lease contracts. Right-of-use assets consist of the following leases: Year ended December 31 (€, in millions) 2022 2023 Properties 148.9 270.3 Cars 5.1 5.4 Warehouses 38.0 30.3 Other 0.7 0.6 Right-of-use assets 192.7 306.6 ASML owns the majority of real estate we utilize for manufacturing, supply chain management and general administration at our headquarters in Veldhoven, the Netherlands. At our other locations worldwide, most of the properties we occupy are leased. Lease liabilities are split between current and non-current. The non-current portion mainly consists of properties and warehouses. For the year ended December 31, 2023 , Lease liabilities under an operating lease arrangement increased by €30.5 million , mainly due to new leases of properties that commenced during 2023. Year ended December 31 (€, in millions) 2022 2023 Current 47.6 46.7 Non-current 151.5 181.2 Lease liabilities 199.1 227.9 The Consolidated Statements of Operations include the following lease expenses: Year ended December 31 (€, in millions) 2021 2022 2023 Properties 52.2 52.3 40.4 Cars 4.8 2.7 5.9 Warehouses 3.0 4.0 5.9 Other 2.4 1.4 0.8 Lease expenses 62.4 60.4 53.0 The total cash flows relating to the leases are as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Total cash flows 68.9 57.9 148.2 The total cash flow increased in 2023 compared to 2022 due to a prepayment of a new land leas e €85 million . The weighted average remaining lease term and weighted average discount rate related to the leases are as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Weighted average remaining lease term (months) 62 67 365 Weighted average discount rate (%) 1.9 % 2.2 % 2.5 % The weighted average remaining lease term increased in 2023 compared to 2022 due to a new land lease which has a lease term of 70 ye a rs. |
Accrued and other liabilities
Accrued and other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and other liabilities | Accrued and other liabilities Accrued and other liabilities consist of the following: Year ended December 31 (€, in millions) 2022 2023 Costs to be paid 1 511.6 632.7 Personnel-related items 1,070.9 1,328.5 Derivative financial instruments 2 261.2 156.7 Operating lease liabilities 3 196.7 227.2 Provisions 90.5 76.7 Standard warranty reserve 143.6 142.3 Other 56.3 14.4 Accrued and other liabilities 2,330.8 2,578.5 Less: non-current portion of accrued and other liabilities 454.9 401.2 Current portion of accrued and other liabilities 1,875.9 2,177.4 1. Costs to be paid includes an amount payable to related parties. For further details see Note 26 Related parties and variable interest entities . 2. For further details on derivative financial instruments see Note 25 Financial risk management . 3. For further details on lease liabilities see Note 14 Right-of-use assets and lease liabilities . Costs to be paid represent ASML’s estimate of contractual liability as of the reporting date, to be settled in a future period, based upon the underlying terms and conditions. Costs to be paid as of December 31, 2023 , include Value Added Tax ( VAT) payables and accrued costs for unbilled services provided by suppliers including contracted labor, outsourced services and consultancy. Personnel-related items mainly consist of accrued annual STI bonus plans, accrued vacation days, accrued pension premiums, accrued wage tax and accrued vacation allowance. The increase in the accrued personnel- related items compared to prior year is mainly of an increase in the number of our employees to support the continued growth of our business. The standard warranty reserve is based on historical product performance and total expected costs to fulfill our warranty obligation. Annually, we assess and update the standard warranty reserve based on the latest actual historical warranty costs and expected future warranty costs. Total changes in standard warranty reserve for the years 2023 and 2022 , are as follows : Year ended December 31 (€, in millions) 2022 2023 Balance at beginning of year 145.3 143.6 Additions for the year 191.5 232.2 Utilization of the reserve (193.5) (233.3) Effect of exchange rates 0.3 (0.2) Balance at end of year 143.6 142.3 |
Long-term debt and interest and
Long-term debt and interest and other costs | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt and interest and other costs | Long-term debt and interest and other costs Accounting Policy Long-term debt represents debt issued privately without registration with a government authority and is payable to others under the terms of a signed agreement. Long-term debt is initially recognized at fair value and subsequently measured at amortized cost . Debt is qualified as long-term debt as long as the group has an uncon dition al right to defer settlement of the liability for at least 12 months after the reporting period . Interest accruals and payments relating to long-term debt are accounted for as part of Accrued and other liabilities. Interest and other costs should be accrued and recorded with the passage of time over the agreed term, regardless of when the interest receipt or payment has taken place. Long-term deb t consists of the following (amounts for bonds represent carrying amount, not the principle amount) : Year ended December 31 (€, in millions) 2022 2023 €750 million 3.375% senior notes issued September 2013 and principal due September 19th 2023 interest annually payable on September 19th 744.6 — €1,000 million 1.375% senior notes issued July 2016 and principal due July 7th 2026 interest annually payable on July 7th 893.9 936.8 €750 million 1.625% senior notes issued November 2016 and principal due May 28th 2027 interest annually payable on May 28th 666.8 701.3 €750 million 0.250% senior notes issued February 2020 and principal due February 25th 2030 interest annually payable on February 25th 742.7 743.7 €750 million 0.625% senior notes issued May 2020 and principal due May 7th 2029 interest annually payable on May 7th 747.5 747.9 €500 million 2.250% senior notes issued May 2022 and principal due May 17th 2032 interest annually payable on May 17th 440.3 472.1 €1,000 million 3.500% senior notes issued June 2023 and principal due December 6th 2025 interest annually payable on December 6th — 1,008.6 Debt acquired from Berliner Glas (ASML Berlin GmbH) 22.3 20.5 Other 2.3 0.7 Long-term debt 4,260.4 4,631.6 Less: current portion of long-term debt 746.2 0.1 Non-current portion of long-term debt 3,514.2 4,631.5 All senior notes are redeemable at the option of ASML, in whole or in part, at any time by paying a make whole premium, and unless previously redeemed, will be redeem ed at 100% of their principal amount on the maturity date. Our obligations to make principal repayments under our senior notes and other borrowing arrangements excluding interest expense as of December 31, 2023 are as follows: €, in millions Amount 2024 0.1 2025 1,004.2 2026 1,002.0 2027 752.0 2028 2.0 Thereafter 2,011.0 Total debt maturities 4,771.3 Eurobonds The following table summarizes the carrying amount of our outstanding Eurobonds, including the fair value of interest rate swaps used to hedge the change in the fair value of the Eurobonds: Year ended December 31 (€, in millions) 2022 2023 Amortized cost amount 4,479.0 4,731.7 Fair value interest rate swaps 1 (243.2) (121.3) Carrying amount 4,235.8 4,610.4 1. The fair value of the interest rate swaps excludes accrued interest. We use interest rate swaps to minimize the net interest exposure for the group by aligning the interest terms of the available cash and the interest-bearing debt. The fair value changes of these interest rate swaps are recorded on the Consolidated Balance Sheets under current and non-current accrued and other liabilities, as well as current and non- current other assets, and the carrying amount of the Eurobonds is adjusted for these fair value changes . We did not enter into interest rate swaps in connection with the Eurobonds issued in 2020 . The following table summarizes the estimated fair value of our Eurobonds: Year ended December 31 (€, in millions) 2022 2023 Principal amount 4,500.0 4,750.0 Carrying amount 4,235.8 4,610.4 Fair value 1 4,072.8 4,496.2 1. Source: Bloomberg Finance LP. The fair value of our Eurobonds is estimated based on quoted market prices as of December 31, 2023 . The fair value deviates from the principal amount, due to changes in market interest rates and credit spreads since the issue of our Eurobonds which carry a fixed coupon interest rate. Debt acquired from Berliner Gl as (ASML Berlin GmbH) The loan of Berliner Glas (ASML Berlin GmbH) is a mortgage loan of €20.5 million with an annual interest rate of 0.5% , repayable in 2034. Debt decreased compared to 2022 , due to repayments made in 2023 . Lines of credit We maintain an available committed credit facility maturing in July 2026, with a group of banks, of €700.0 million as of December 31, 2023 and as of December 31, 2022 . No amounts were outstanding under the committed credit facility at the end of 2023 and 2022 . Outstanding amounts under this credit facility will bear an interest of Euribor plus a margin. The margin depends on our credit rating and ESG score . We have a non-committed guarantee facility of €85.0 million under which guarantees in the ordinary course of business, such as customs or rental guarantees, can be provided to third parties. As of December 31, 2023 , an amount of €46.8 million has been provided as guarantee. In addition, ASML has a non-committed credit facility for our Chinese subsidiary of €130.0 million . This non-committed credit facility covers bank guarantees, standby letters of credit, as well as advances up to €130.0 million . No amounts were outstanding under this facility. ASML also has non-committed lines of credit available. These facilities provide ASML with the ability to request short-term unsecured loans from time to time for an aggregate amount not exceeding €1.25 billion . No amounts have been drawn under these lines of credit. Outstanding amounts under the non-committed facility will bear interest based on market conditions at the moment of draw down. Interest and other, net Interes t and other, net consist mainly of interest income and interest expenses. In 2023, the interest income component is €193.9 million ( 2022 : €16.2 million ; 2021 : €10.0 million ). Income mainly relates to interest income on cash and cash equivalents. In 2023, the interest expense component is €152.7 million ( 2022 : €60.8 million ; 2021 : €54.6 million ). The expenses mainly relate to interest expen se on our Eurobonds and interest rate swaps . |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Commitments We have various contractual obligations, some of which are required to be recorded as liabilities in our Consolidated Balance Sheets , including long- and short-term debt and lease commitments. Other contractual obligations, namely unconditional purchase obligations, are generally not required to be recognized as liabilities but are required to be disclosed. O ur contractual obligations as of December 31, 2023 can be summarized as follo ws : Payments due by period (€, in billions) Total 1 year 2 years 3 years 4 years 5 years >5 years Long-term debt obligations, including interest 1 5.1 0.1 1.1 1.0 0.8 — 2.1 Lease obligations 2 0.2 0.1 — — — — 0.1 Purchase obligations 14.1 10.7 1.8 0.8 0.4 0.2 0.2 Total contractual obligations 19.4 10.9 2.9 1.8 1.2 0.2 2.4 1. Long-term debt obligations mainly relate to principal amounts and interest payments of our Eurobonds. For the amounts excluding interest expenses and for further details see Note 16 Long-term debt and interest and other costs . 2. For further details see Note 14 Right-of-use assets and lease liabilities . W e have purchase obligations towards suppliers in the ordinary course of business which mainly relate to goods and services for our operations a nd obligations relating to further expansion and upgrade of our facilities. The general terms and condition s of the agreements relating to the major part of our purchase obligations as of December 31, 2023 , contain clauses that enable us to delay or cancel delivery of ordered goods and services up to the dates specified in the purchase agreements, in line with the timing of future sales. The terms and conditions that we normally agree with our suppliers give us additional flexibility to adapt our purchase obligations to our requirements in light of the cyclicality and technological developments inherent in the industry in which we operate . Contingencies ASML is subject to proceedings, litigation and other actual or potential claims, including those related to a potential violation of laws and regulations. ASML’s customers may be subject to claims of infringement from third parties alleging that the ASML equipment used by those customers in the manufacture of semiconductor products, and/or the methods relating to use of the ASML equipment, infringes one or more patents issued to those third parties. If these claims were successful, ASML could be required to indemnify such customers for some or all of the losses incurred or damages assessed against them as a result of that infringement. As reported in the 2022 Annual Report, ASML was subject to misappropriation of data relating to proprietary technology by a (now) former employee in China. Although we do not believe that the misappropriation is material to our business, certain export control regulations may have been violated. ASML reported the incident to relevant authorities. In connection with any proceedings and claims, our management evaluates, based on the relevant facts and legal principles, the likelihood of an unfavorable (or favorable) outcome, and whether the amount of the loss (or gain) can be reasonably estimated. Judgment is required in these evaluations, including judgments regarding the validity of asserted claims and the likely outcome of legal and administrative proceedings. The outcome of these proceedings, however, is subject to a number of factors beyond our control, most notably the uncertainty associated with predicting decisions by courts and administrative agencies. In addition, estimates of the potential costs (or gains) associated with legal and administrative proceedings frequently cannot be subjected to any sensitivity analysis, as damage estimates or settlement offers by claimants may bear little or no relation to the eventual outcome. Finally, in any particular proceeding, we may agree to settle or to terminate a claim or proceeding in which we believe that it would ultimately prevail where we believe that doing so, when taken together with other relevant commercial considerations, is more effective than engaging in an expensive and protracted litigation, the outcome of which is uncertain. As of December 31, 2023 , management has determined that ASML does not have any material contingencies which are considered probable or reasonably probable for each year presented in our Consolidated Balance Sheets . |
Personnel expenses and employee
Personnel expenses and employee information | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Personnel expenses and employee information | Personnel expenses and employee information Personnel expenses for all payroll employees were as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Wages and salaries 2,842.7 3,502.5 4,447.0 Social security expenses 249.8 300.7 410.5 Pension and retirement expenses 229.2 255.9 348.9 Share-based payments 117.5 68.9 134.8 Personnel expenses 3,439.2 4,128.0 5,341.2 The continued increase in personnel expenses is mainly due to an increase in payroll employees to support the continued growth of our business. The average number of payroll employees in FTEs was: Average number of payroll employees in FTEs 2021 2022 2023 Netherlands 14,222 16,722 19,876 Worldwide (including Netherlands) 28,223 33,071 38,805 The total number of payroll and temporary employees as of December 31 in FTE per sector was: Year ended December 31 (in FTE) 2021 2022 2023 Customer Support 7,485 8,901 9,851 Manufacturing and Supply Chain Management 8,237 9,953 9,954 Strategic Supply Management 707 1,541 2,033 General and Administrative 2,761 3,768 4,035 Sales and Mature Products and Services 766 742 939 Research and Development 12,060 14,181 15,604 Total 32,016 39,086 42,416 Less: Temporary employees 2,155 2,974 2,107 Payroll employees 29,861 36,112 40,309 Short-term incentive bonus plans We have annual performance-related STI bonus plans for our employees. Under these plans, the employee bonus payout depends on the employee’s job grade, the type of bonus plan and the company/individual performance. The employee bonus payout (excluding the Board of Management) ranges between 0% and 126% of their annual base gross salary. The 2023 STI bonus is accrued for as part of Accrued and other liabilities in the Consolidated Balance Sheets and will be paid in the first quarter of 2024 . The STI bonus expenses for the (former) Board of Management and other employees were as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Board of Management 4.4 3.8 6.0 Former Board of Management 0.2 — — Other employees 423.5 629.6 712.6 Total STI bonus expenses 428.1 633.4 718.6 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee benefits | Employee benefits Accounting Policy Contributions to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution plans where our obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. We maintai n one multi-employer union defined benefit pension plan and various other defined contribution pension plans covering a substantial number of our employees. ASML accounts for its multi-employer defined benefit plan as if it were a defined contribution plan for the following reasons: • ASML is affiliated to an industry-wide pension fund and uses the pension scheme in common with other participating companies • Under the regulations of the pension plan, the only obligation these participating companies have towards the pension fund is to pay the annual premium liability. Participating companies are under no obligation whatsoever to pay off any deficits the pension plan may incur. Nor have they any claim to any potential surpluses Our pension and retirement expenses for all employees for the years ended December 31, 2023 , 2022 and 2021 , were: Year ended December 31 (€, in millions) 2021 2022 2023 Pension plan based on multi-employer union plan 161.7 181.2 244.4 Pension plans based on defined contribution and other plans 67.5 74.7 104.5 Pension and retirement expenses 229.2 255.9 348.9 The accrued pension premiums were €39.2 million as at December 31, 2023 and €53.2 million as at December 31, 2022 . Multi-employer union plan In accordance with the collective bargaining agreements effective for the industry in which we operate, which has no expiration date, there are 21,586 eligible payroll employees in the Netherlands ( 53.6% of our total payroll FTEs) that participate in a multi-employer union plan. Our net periodic pension cost for this multi-employer union plan for any period is the amount of the required employer contribution for that period. This multi-employer union plan is managed by PME (Stichting Pensioenfonds van de Metalektro) and this plan covers approximately 1,568 companies and approximately 183,685 contributing members . Every participating company contributes a premium that is based on the same contribution rate. This contribution rate can fluctuate yearly based on the coverage ratio of the multi-employer union plan. For 2023 , the contribution percentage was 28.0% ( 2022 : 28.0% , 2021 : 27.6% ). For 2023 , our contribution to this multi-employer union plan (including the premiums paid by employees), was 18.3% ( 2022 : 15.7% , 2021 : 13.6% ) of the total contribution to the plan. For 2024 , we expect to contribute around €365.0 million to this plan (including the premiums paid by employees). The pension rights of each employee are based upon the employee’s average salary during employment. The PME multi-employer union plan monitors its risks on a global basis and is subject to regulation by Dutch governmental authorities. By Dutch law (the Dutch Pension Act), a multi-employer union plan must be monitored against specific criteria, including the coverage ratio of the plan’s assets to its obligations. The coverage ratio is calculated by dividing the funds capital by the total sum of pension liabilities and is based on actual market interest rates. The legally required minimal coverage ratio is 104.3% ( 2022 : 104.3% ). Compared to the previous year , the coverage ratio of PME slightly decreased to 109.4% as per December 31, 2023 ( December 31, 2022 : 110.4% ). A recovery plan is in place intended to improve this coverage ratio towards 120% . ASML has no obligation to pay any deficits the pension fund may incur, nor does it have any claim to any potential surpluses. Other d efined contribution and pension plans We also participate in several other defined contribution pension plans (inside and outside the Netherlands), with our expenses for these plans equaling the employer contributions made in the relevant period. Deferred compensation plans For more senior US employees we have a non-qualified deferred compensation plan that allows them to defer a portion of their salary, bonus, and commissions. The plan allows us to credit additional amounts to the participants’ account balances. The participants divide their funds among the investments available in the plan. Participants elect to receive their funds in future periods after the earlier of their employment termination or their withdrawal election, at least 3 years after deferral. Expenses were close to nil relating to this plan in 2023 , 2022 and 2021 . As of December 31, 2023 , our liability under deferred compensation plans was €94.7 million ( 2022 : €70.5 million ) . T he related compensation plan assets are €95.2 million ( 2022 : €71.1 million ) . |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share based compensation | Share-based compensation ASML has the following plans in place for its employees: • Long-term incentive bonus plans • Option plans • Employee purchase plan Long-term incentive bonus plans Our LTI plans are covered by an overarching Employee Umbrella Share Plan, which is effective as of January 1, 2014, and covers all employees. The main purpose of the grants of Equity Incentives under this Employee Umbrella Share Plan is to continue to attract, reward and retain qualified and experienced industry professionals in an international labor market. All grants under the Employee Umbrella Share Pla n typically have a 2.5 to 3 year vesting period and are subject to performance and/or service criteria. As part of our LTI bonus, employees can be granted either a service or performance share-based payment plan . For service-type plans, shares are granted at grant date and after having been in service for a set period, the participant is awarded these shares at the vesting date. For performance plans, the same conditions apply as a service-type plan. Additionally, the shares are conditionally granted and awarded based on the company specific performance criteria, which can be split between market and non-market-based elements. These shares vest after completion of the service period and the performance reached at vesting date. The General Meeting approved the adoption of the most recent Remuneration Policy for the Board of Management and the number of shares to be issued. The most recent Remuneration Policy includes the target and maximum levels of the LTI plans , the performance measures and payout zone percentages. The policies for employees are approved by the Board of Management. The General Meeting also approved the restrictions and limits to the Board of Management for issuance/granting of ordinary shares, limits for restricting or excluding the preemption rights accruing to shareholder and the restrictions and limits to the Board of Management for repurchasing ordinary shares on behalf of the company. The table below shows the performanc e criteria and the corresponding weight of the LTI performance plans granted in 2023 . LTI performance plan criteria Market/Non-Market element Weight Relative TSR Market 30 % Strategic value drivers Non-Market 30 % Technology Leadership Index Non-Market 20 % ESG Measures Non-Market 20 % Total 100 % Accounting Policy The fair value of the market-based element is measured at the grant date incorporating the expected vesting and expected value at vesting, using a tailored Monte Carlo simulation model. The fair value of the service plans and the non-market-based elements of the performance plans is the share price at grant date less the present value of expected dividends during the vesting period, as participants are not entitled to dividends payable and voting rights during the vesting period. The likelihood of the conditions being met for service and non-market performance plans is assessed as part of the company’s best estimate of the number of equity instruments that will ultimately vest. Participants are entitled to a conditional grant of company shares upon awarding. Performance plans are subject to cliff vesting and are accounted for on a straight-line basis. Service only plans are subject to graded vesting. Each installment of the plan is therefore accounted as a separate grant with a separate fair value. This means that each installment will be separately measured and attributed to expense over the related vesting period. Expenses for the market-based element are recognized during vesting at a fixed vesting level (as the vesting expectation is incorporated in the fair value) provided that all other performance conditions are met. Expenses for the non-market- based elements and service plans are recognized during vesting at expected vesting levels, which are updated during vesting period as necessary, with a final update/adjustment at vesting date. All share-based remuneration expenses are recognized as personnel expense, with a corresponding entry in equity, during the vesting period of the award. Share-based remuneration expenses are included in the same income statement line or lines in the functional grouped Consolidated Statement of Operations as the compensation paid to the employees receiving the stock- based awards. The most important assumptions for the calculation of the fair value of shares for the LTI performance plans, which include a market-based performance criteria, are set out in the following t able: Year ended December 31 2021 2022 2023 Share price in € at grant date 462.9 548.0 620.1 Expected volatility ASML 38.5 % 41.8 % 46.2 % Expected volatility PHLX index 35.3 % n/a n/a Average volatility of the peer group (market practice) n/a 47.8 % 50.0 % Vesting period 2.9 years 2.7 years 2.9 years Dividend yield 0.6 % 1.0 % 0.9 % Risk free interest rate (Eurozone) (0.8) % 0.5 % 2.4 % Risk free interest rate (US) 0.2 % 2.8 % 3.9 % Expenses for LTI plans, including the Board of Manageme nt, were as foll ows: Year ended December 31 (€, in millions) 2021 2022 2023 Total incurred expenses 117.5 68.9 134.8 Recognized income tax benefit (excluding excess income tax benefits) 8.2 10.2 16.3 Total expected expenses in future periods 125.4 113.0 187.2 Weighted average period in which these expected expenses are to be recognized 1.7 years 1.4 years 1.6 years Details with respect to shares granted and vested during the year are set out in the following table: EUR-denominated USD-denominated Year ended December 31 2021 2022 2023 2021 2022 2023 Total fair value at vesting date of shares vested during the year (in millions) 156.9 120.6 175.5 164.0 149.6 127.0 Weighted average fair value of shares granted 547.79 578.65 587.42 498.64 553.61 624.10 A summary of the status of conditionally outstanding shares as of December 31 , 2023 , and changes during the year ended December 31, 2023 , is presented below: EUR-denominated USD-denominated Number of shares Weighted average fair value at grant date Number of shares Weighted average fair value at grant date Conditional shares outstanding at January 1, 2023 292,765 434.10 238,394 542.22 Granted 244,069 587.42 295,235 624.10 Vested (257,451) 425.34 (167,746) 515.96 Forfeited (3,812) 557.77 (2,764) 622.98 Conditional shares outstanding at December 31, 2023 275,571 576.37 363,119 620.31 Option plans Since 2017, we no longer grant any options, but there are still outstanding options which may be exercised by employees. Accounting Policy The grant-date fair value of stock options was estimated using a Black-Scholes option valuation model. This Black- Scholes model required the use of assumptions, including expected share price volatility, the estimated life of each award and the estimated dividend yield. The risk-free interest rate used in the model is determined, based on an index populated with euro-denominated European government agency bonds with high credit ratings and with a life equal to the expected life of the equity-settled share-based payments . Our option plans typically vest over a 3 -year service period with any unexercised stock options expiring 10 years after the grant date. Options granted have fixed exercise prices equal to the closing price of our shares listed at Euronext Amsterdam on grant date. The purchase of shares against the exercise price is settled with the employees involved through deductions on their salary and the issuance of shares upon exercising the stock options is deducted from our treasury shares. Details with respect to stock options exercised and outstanding are set out in the following table: EUR-denominated USD-denominated Year ended December 31 2021 2022 2023 2021 2022 2023 Weighted average share price at the exercise date of stock options 583.33 494.14 613.03 658.16 565.39 678.41 Aggregate intrinsic value of stock options exercised (in millions) 5.7 4.4 8.1 4.1 1.6 4.8 Weighted average remaining contractual term of currently exercisable options (in years) 2.81 2.08 1.48 2.93 2.09 1.43 Aggregate intrinsic value of exercisable stock options (in millions) 36.7 20.3 19.7 24.9 14.6 15.9 Aggregate intrinsic value of outstanding stock options (in millions) 36.7 20.3 19.7 24.9 14.6 15.9 The number and weighted average exercise prices of stock options as of December 31, 2023 , and changes during the year then ended are presented below: EUR-denominated USD-denominated Number of options Weighted average exercise price per ordinary share (EUR) Number of options Weighted average exercise price per ordinary share (USD) Outstanding, January 1, 2023 47,607 77.95 32,138 92.84 Granted 1 — — — — Exercised (14,768) 67.80 (8,175) 89.40 Forfeited — — — — Expired — — (1) 92.23 Outstanding, December 31, 2023 32,839 82.52 23,962 94.01 Exercisable, December 31, 2023 32,839 82.52 23,962 94.01 1. Since 2017, we no longer grant options to our employees. Details with respect to stock options exercised in the relevant year and outstanding stock options as of December 31, 2023 , are set out in the following table: EUR-denominated USD-denominated Range of exercise prices (€) Number of outstanding options Weighted average remaining contractual life of outstanding (years) Range of exercise prices (USD) Number of outstanding options Weighted average remaining contractual life of outstanding (years) 50 – 60 1,936 0.30 50 – 60 — 0.00 60 – 70 2,457 0.31 60 – 70 — 0.00 70 – 80 8,444 1.34 70 – 80 — 0.00 80 – 90 9,966 1.84 80 – 90 7,569 0.97 90 – 100 10,036 1.75 90 – 100 10,087 1.59 100 – 110 — 0.00 100 – 110 6,306 1.73 Total 32,839 1.48 Total 23,962 1.43 Employee Purchase Plan Additionally, we offer an Employee Purchase Plan to our payroll employees, except the Board of Management who is excluded from participation in this plan. Through this plan, payroll employees are given the opportunity to buy our shares through their monthly paycheck. The maximum amount for which employees can participate in the plan amounts to 10.0% of their annual gross base salary. When employees retain the shares for a minimum of 12 months , ASML will pay out a 20.0% gross cash bonus on the initial participation amount. Accounting Policy Employee purchase plans are accounted on an accrual basis. The shares for employee purchase plans are issued on a quarterly basis and the share purchase price is based on the closing share price of our listed shares on grant date, which is the date after our quarterly filings. The purchased shares by employees are issued from our treasury shares. In 2023 , ASML received €99.4 million ( 2022 : €81.8 million and 2021 : €49.0 million ) from issuance of shares for our |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Accounting Policy The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the tax effect of operating loss and tax credit carry forwards as well as for tax consequences attributable to differences between the balance sheets carrying amounts of existing assets and liabilities and their respective tax bases . If it is more likely than not that the carrying amounts of deferred tax assets will not be realized, a valuation allowance is recorded for the difference . Income t ax expense includes current and deferred taxes on profit, related interest and penalties and non-recoverable withholding taxes that qualify as income tax , as well as actual or potential withholding taxes on current and expected dividend income from group companies. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences , operating loss carry forwards and tax credit carry forwards are expected to be recovered or settled . The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. Deferred income taxes originally recognized through OCI are recycled through earnings in future periods upon release of the connected item from OCI to the statement of income. We assess unrecognized tax benefits based on a two-step process . The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While we believe we have appropriate support for the positions taken on our tax returns, we regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our income tax expense, and adjust the income tax expense, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. Income taxes are affecting our Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income and Consolidated Balance Shee ts. The disclosure of the income taxes is therefore split into: • Income tax expense • Liability for unrecognized tax benefits • Deferred taxes Income tax expense The components of income tax expense are as follo ws , whereby ‘Income tax expense Netherlands’ represents the total tax expense on taxable income generated by our entities in the Netherlands and ‘Income tax expense Foreign’ represents the total tax expense on taxable income generated by our non-Dutch group entities. Hereby ‘Total income tax expense Netherlands’ includes withholding tax expense withheld at source on income paid by non-Dutch entities to the Netherlands . Year ended December 31 (€, in millions) 2021 2022 2023 Netherlands 5,982.8 5,881.0 8,453.5 Foreign 722.7 575.1 630.0 Income before income taxes 6,705.5 6,456.1 9,083.5 Income tax (expense) / benefit current (865.0) (818.4) (1,211.7) Income tax (expense) / benefit deferred (28.6) (44.4) (58.4) Income tax (expense) / benefit Netherlands (893.6) (862.8) (1,270.1) Income tax (expense) / benefit current (523.5) (678.3) (441.3) Income tax (expense) / benefit deferred 395.7 571.2 275.6 Income tax (expense) / benefit Foreign (127.8) (107.1) (165.7) Total income tax (expense) / benefit current (1,388.5) (1,496.7) (1,653.0) Total income tax (expense) / benefit deferred 367.1 526.8 217.2 Total income tax (expense) / benefit (1,021.4) (969.9) (1,435.8) Current and deferred tax (expense) / benefit can be further broken down into : Year ended December 31 (€, in millions) 2021 2022 2023 Current year tax (expense) / benefit (1,367.2) (1,440.9) (1,766.1) Prior year tax (expense) / benefit (21.3) (55.8) 113.1 Total current tax (expense) / benefit (1,388.5) (1,496.7) (1,653.0) Year ended December 31 (€, in millions) 2021 2022 2023 Changes to recognition of operating losses and tax credits (37.2) (41.2) 3.0 Prior year tax (expense) / benefit (2.4) 79.2 (85.2) Tax rate changes 1.5 (1.1) 13.5 Origination and reversal of temporary differences, operating losses and tax credits 405.2 489.9 285.9 Total deferred tax (expense) / benefit 367.1 526.8 217.2 The Dutch statutory tax rate was 25.8% in 2023 ( 25.8% for 2022 and 25.0% for 2021 ). Tax amounts in other jurisdictions are calculated at the rates prevailing in the relevant jurisdictions. The effective tax rate (ETR) increased to 15.8% in 2023 , compared with 15.0% in 2022 . The higher rate is mainly caused by an increase in our liability for unrecognized tax benefits and a reduction in US Foreign Derived Intangible Income (FDII) deduction. The reconciliation of the income tax expense from the Dutch statutory rate to the effective income tax rate is as follows: Year ended December 31 (€, in millions) 2021 % 1 2022 % 1 2023 % 1 Income before income taxes 6,705.5 100.0 % 6,456.1 100.0 % 9,083.5 100.0 % Income tax expense based on ASML’s domestic rate (1,676.4) 25.0 % (1,665.7) 25.8 % (2,343.5) 25.8 % Effects of tax rates in foreign jurisdictions (4.6) 0.1 % 13.0 (0.2) % 14.7 (0.2) % Adjustments in respect of tax-exempt income — — % — — % 1.4 — % Adjustments in respect of tax incentives 727.3 (10.8) % 741.2 (11.5) % 941.9 (10.4) % Adjustments in respect of prior years’ current taxes (21.3) 0.3 % (55.8) 0.9 % 113.1 (1.2) % Adjustments in respect of prior years’ deferred taxes (2.4) — % 79.2 (1.2) % (85.2) 0.9 % Movements in the liability for unrecognized tax benefits (21.6) 0.3 % (9.9) 0.2 % (55.0) 0.6 % Tax effects in respect of acquisition/restructuring related items 35.9 (0.5) % — — % — — % Change in valuation allowance (37.2) 0.6 % (41.2) 0.6 % 3.0 — % Equity method investments (46.7) 0.7 % (38.3) 0.6 % (42.6) 0.5 % Effect of change in tax rates 1.5 — % (1.1) — % 13.5 (0.1) % Other (credits) and non-tax deductible items 24.1 (0.4) % 8.7 (0.1) % 2.9 — % Income tax expense (1,021.4) 15.2 % (969.9) 15.0 % (1,435.8) 15.8 % 1. As a percentage of income before income taxes. The individual line items in the table above are explained in more detail below. Income tax expense based on ASML’s domestic rate The income tax expense based on ASML’s domestic rate is based on the Dutch statutory income tax rate. It reflects the income tax expense that would have been applicable assuming that all of our income is taxable against the Dutch statutory tax rate and there are no differences between taxable base and financial results and no tax incentives are applied. Effects of tax rates in foreign jurisdictions A portion of our results is realized in countries other than the Netherlands where different tax rates are applicable. The effect can differ from year to year depending on the profit before tax in respective foreign jurisdictions. Adjustments in respect of tax-exempt income Some interest income earned is exempt for tax purposes. The increase in 2023 as compared to prior years is driven by an increase in interest rates. Adjustments in respect of tax incentives Adjustments in respect of tax incentives mainly relate to a reduced tax rate as a result of application of the Dutch Innovation Box, which is a facility under Dutch corporate tax law pursuant to which qualified income associated with R&D is subject to an effective tax rate of 9.0% . The innovation box benefit is determined according to Dutch laws and published tax policy, whereby the application has been confirmed in an agreement between ASML and the Dutch tax authorities. This agreement has recently been renewed for the years 2024 through 2028 assuming facts and circumstances do not change. Furthermore, this category includes the benefit of the FDII deduction applicable at the level of our US group companies. The FDII deduction is a facility under US corporate tax law which reduces the effective tax rate on income derived from tangible and intangible products and services in foreign markets. Based on new guidance issued by the US Internal Revenue Service (IRS) in 2023 on funded R&D, FDII deduction for 2023 has significantly reduced . Increase in absolute number of this line item in 2023 as compared to 2021 and 2022 is driven by increase of our innovation box benefit commensurate with the increase in profit before tax at the level of our Dutch group companies. Decrease in relative impact is caused by a reduction in FDII deduction. The increase in relative weight of this item in the effective tax rate reconciliation for 2022 as compared to 2021 is mainly caused by an increase in the general Dutch corporate income tax (CIT) rate to 25.8% as of 2022 (2021: 25.0%). Adjustments in respect of prior years’ current taxes The adjustments in respect of prior years’ current taxes relate to differences between the initially estimated income taxes and final CIT returns filed or arrangements agreed upon with tax authorities. These are mainly caused by modifications in temporary differences on contract liabilities and are offset by similar movements in prior year deferred tax balances. Adjustments in respect of prior years’ deferred taxes The movements in the adjustments in respect of prior years’ deferred taxes mainly relate to differences between the initially estimated income taxes and final CIT returns filed. This is mainly caused by modifications in temporary differences on contract liabilities . Movements in the liability for unrecognized tax benefits In 2023, similar to prior years, the effective tax rate was impacted by movements in the liability for unrecognized tax benefits. T he movement for 2023 is mainly driven by continued dialogues with Dutch and foreign tax authorities in the area of transfer pricing. Additionally, some prior year positions have been released as a result of the lapse of statute. Tax effects in respect to acquisition/restructuring-related items The 2021 effect relates to divestment of part of the Berliner Glas (ASML Berlin GmbH) entities, whereby the commercial transaction result was, to a large extent, exempt for income tax purposes . No such transaction has taken place in 2022 or 2023. Change in valuation allowance Changes in valuation allowance mainly relate to R&D and withholding tax credits for the respective year at the level of our group companies in the Netherlands and the US for which it is considered not more likely than not that these can be realized in future years. Additionally, in 2023 a reduction in valuation allowance is recorded for a refund of withholding taxes in Taiwan. Equity method investments This line includes the income tax expense relating to our investment in Carl Zeiss SMT Holding G mbH & Co. K G, whereby the expense for 2021 as compared to 2022 and 2023 was also negatively influenced by the tax accounting consequences following from an adjustment in the outside basis difference for the equity investment. Effect of change in tax rates In 2023 there was a small tax rate change impact relating to revaluation of deferred tax positions of our Dutch fiscal unity following from the renewed innovation box agreement with the Dutch tax authorities, which slightly changed the effective tax rate of the Dutch fiscal unity against which temporary differences reverse. Additionally in 2023 a rate change effect is included following an internal group restructuring in the US. The 2021 and 2022 tax rate changes related to adjustments enacted in respective years in the general CIT rates applying in South Korea and the Netherlands. Other credits and non-tax deductible items Other credits and non-tax deductible items reflect the impact on our statutory rates of permanent non-tax deductible items such as non-deductible withholding taxes, non-deductible shared-based payment expenses and non- deductible meals and entertainment expenses, as well as the impact of various tax credits (e.g. US R&D credits) on our income tax expense. US Tax Reform The year-end tax positions also reflect the regulations of 2017 US Tax Reform, thereby taking into account the guidance issued by the US government. Hereby the most recent guidance for the final FDII regulations has been applied as of 2021 onward , not r etrospectivel y as permitted by aforementioned regulations. With regard t o the Global Intangible Low Taxed Income (GILTI) and Base Erosion and Anti-Abuse Tax (BEAT) regulations , the decision has been taken to treat these as a period permanent item. In 2022, the US enacted the CHIPS and Science Act which, among other things, implemented a 25% investment tax credit on semiconductor and semiconductor equipment manufacturing assets. Pending the release of further guidance, it is currently uncertain whether the company will claim the investment tax credit to which we may be entitled as of 2023. Additionally, in 2022 the US enacted the Inflation Reduction Act (IRA) , which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on share buybacks, several clean energy provisions, and additional funding for the IRS . Relevant tax aspects of the IRA have been assessed and included in our tax positions reported for 2023 . Based on our current analysis, we do not believe the IRA will have a material impact on our Consolidated Financial Statements for years 2023 and onward . Global minimum tax I n 2023, the Netherlands enacted new legislation to implement the global minimum tax, which will come into effect from January 1, 2024. Since the rules were not yet effective at the reporting date, the group has no related current tax exposure for 2023. In conformity with the FASB staff comments of February 1, 2023, we have treated the global minimum tax as an alternative minimum tax and did not recognize deferred tax impacts or remeasure existing deferred taxes under local regular income tax systems. Any incremental effect of the global minimum tax is recognized as current tax as it is incurred. The group monitors its impact to the global minimum tax rules for when it comes into effect on a regular basis. An assessment of the impact has been performed as if the global minimum tax had been applied in 2023. The assessment shows that the tax might have applied to profits relating to the group's operations in the Netherlands, Ireland, Hong Kong and the US . However, although for 2023 the effective tax rate for global minimum tax purposes for the respective countries is below 15% , we don't expect to be subject to paying global minimum taxes in relation to Ireland and the Netherlands. This is due to the expected increase in Irish effective tax rate to 15% as of 2024. For the Netherlands the main driver is the impact of the renewed innovation box agreement concluded with the Dutch tax authorities applicable as of 2024. With regard to Hong Kong we also expect the potential exposure to be remote given the cease of (the already limited) activities. With regard to the US, the quantitative impact is yet still difficult to estimate as the ETR for global minimum tax purposes is highly impacted by the movement in temporary differences on contract assets/liabilities and corresponding recalculation of deferred tax. As such movements in contract assets/liabilities balances are not yet known for coming years and highly dependent on future business transactions to take place, a reliable estimate can not yet be made. Overall impact on group ETR however, is currently expected to be limited. Liability for unrecognized tax benefits and deferred taxes The liability for unrecognized tax benefits and related accrued interest and penalties and total deferred tax position recorded on the Consolidated Balance Sheets is as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Liability for unrecognized tax benefits (205.9) (215.5) (249.7) Deferred tax assets 1,098.7 1,672.8 1,872.3 Deferred tax liabilities (34.7) (51.5) (122.6) Deferred and other tax assets (liabilities) 858.1 1,405.8 1,500.0 Liability for unrecognized tax benefits We have operations in multiple jurisdictions, where we are subject to the application of complex tax laws. Application of these complex tax laws may lead to uncertainties on tax positions. We aim to resolve these uncertainties in discussions with the tax authorities. We record unrecognized tax benefits in line with the requirements of ASC 740 , which requires us to estimate the potential outcome of any tax position . Our estimate for the potential outcome of any uncertain tax position is highly judgmental. We believe that we have adequately provided for uncertain tax positions. However, settlement of these uncertain tax positions in a manner inconsistent with our expectations could have a material impact on our Consolidated Financial Statements . Consistent with the requirements of ASC 740 , as of December 31, 2023 , the liability for unrecognized tax benefits (excluding interest and penalties) amounts to €193.6 million ( 2022 : €160.0 million ) which is classified as Deferred and other income tax liabilities. If recognized, these unrecognized tax benefits would affect our effective tax rate for approximately €176.7 million benefit ( 2022 : €139.2 million benefit ) . Interest and penalties related to the liability for unrecognized tax benefits amount to €56.1 million ( 2022 : €55.5 million ) and are included in the total liability position as specified below . The impact on the Consolidated Statements of Operations of accrued interest and penalties in 2023 amou nt to an expense of €3.4 million ( 2022 : €5.0 million benefit ; 2021 : €9.7 million benefit ) . A reconciliation of the beginning and ending balance of the liability for unrecognized tax benefits (excluding interest and penalties) is as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Balance as at January 1 (138.0) (144.3) (160.0) Gross increases – tax positions in prior period (21.6) (11.7) (44.1) Gross decreases – tax positions in prior period 8.9 2.0 12.6 Gross increases – tax positions in current period (18.8) (23.1) (27.7) Settlements 2.5 6.8 2.2 Lapse of statute of limitations 32.0 13.2 17.9 Effect of changes in exchange rates (9.3) (2.9) 5.5 Total liability for unrecognized tax benefits (144.3) (160.0) (193.6) Balance of accrued interest and penalties (61.6) (55.5) (56.1) Total liabilities for unrecognized tax benefits including interest and penalties (205.9) (215.5) (249.7) We conclude our liability for unrecognized tax benefits to be appropriate. Based on the information currently available, we estimate that the liability for unrecognized tax benefits w ill decrease by €8.5 million (exclud ing interest and penalties) within the next 12 months , mainly as a result of expiration of statute of limitations. Settlements reported in 2023 mainly relate to adjustment of the 2021 CIT return of our Dutch fiscal unity. Settlements in 2022 mainly relate to final settlement of 2018 and 2019 Dutch CIT returns. We file income tax returns in all countries where we operate, with the Netherlands, US, Taiwan, South Korea and China being the major jurisdictions. The years for which tax returns are still open for examination for respective jurisdictions are as follows : Country Years Netherlands 2020-2023 US 2017-2023 Taiwan 2018-2023 South Korea 2019-2023 China 2013-2023 We are routinely subject to examinations and audits from tax and other authorities in the various jurisdictions in which we operate. We believe that adequate amounts of taxes and related interest and penalties have been provided for, and any adjustments as a result of examinations are not expected to have a material adverse effect. Deferred taxes The composition of total deferred tax assets and liabilities reconciled to the classification in the Consolidated Balance Sheets is: Deferred taxes (€, in millions) January 1, 2023 Credits and other Consolidated Statements of Operations Effect of changes in exchange rates December 31, 2023 Deferred tax assets: Capitalized R&D expenditures 592.1 — (54.5) (23.5) 514.1 Goodwill — — 65.0 — 65.0 R&D & other tax credit carry forwards 213.4 (28.1) 39.5 (7.0) 217.8 Inventories 45.2 — 17.6 (1.4) 61.4 Contract liabilities 820.8 — 174.4 (35.4) 959.8 Accrued and other liabilities 1 113.9 — 30.5 (4.9) 139.5 Operating loss carry forwards 4.5 — 0.2 (0.8) 3.9 Property, plant and equipment 18.9 — 10.7 (0.4) 29.2 Lease liabilities 27.4 — 2.3 (1.0) 28.7 Other intangible assets 124.8 — (5.5) — 119.3 Share-based payments 11.4 — 5.9 (0.5) 16.8 Other temporary differences 23.3 — (6.6) 5.8 22.5 Total deferred tax assets, gross 1,995.7 (28.1) 279.5 (69.1) 2,178.0 Valuation allowance 2 (215.4) — 3.0 5.7 (206.7) Total deferred tax assets, net 1,780.3 (28.1) 282.5 (63.4) 1,971.3 Deferred tax liabilities: Other intangible assets (65.4) — 10.9 2.5 (52.0) Goodwill (28.8) — (9.7) — (38.5) Inventories — — (4.1) 0.3 (3.8) Right-of-use assets (27.4) — (2.3) 1.0 (28.7) Property, plant and equipment (9.8) — (5.1) 1.3 (13.6) Accrued and other liabilities — — (0.5) — (0.5) Contract liabilities (16.3) — (64.2) 0.5 (80.0) Long-term debt (1.5) — (0.1) — (1.6) Other temporary differences (9.8) — 9.8 (2.9) (2.9) Total deferred tax liabilities (159.0) — (65.3) 2.7 (221.6) Net deferred tax assets (liabilities) 1,621.3 (28.1) 217.2 (60.7) 1,749.7 Classified as: Deferred tax assets – non-current 1,672.8 1,872.3 Deferred tax liabilities – non-current (51.5) (122.6) Net deferred tax assets (liabilities) 1,621.3 1,749.7 1. For presentation purposes the 'standard warranty reserve' under the deferred tax assets has been classified as part of the 'Accrued and other liabilities' as of 2023. Comparative figures have been updated accordingly. 2. The valuation allowance disclosed above relates to R&D and other tax credit carry forwards and operating loss carry forwards that may not be realized. Deferred taxes (€, in millions) January 1, 2022 Credits and other Consolidated Statements of Operations Income tax recognized in Other Comprehensive Income Effect of changes in exchange rates December 31, 2022 Deferred tax assets: Capitalized R&D expenditures 420.4 — 151.2 — 20.5 592.1 R&D & other tax credit carry forwards 162.7 23.7 20.6 — 6.4 213.4 Inventories 31.5 — 12.5 — 1.2 45.2 Contract liabilities 423.2 — 400.8 — (3.2) 820.8 Accrued and other liabilities 1 109.4 — 0.3 — 4.2 113.9 Operating loss carry forwards 7.4 — (2.8) — (0.1) 4.5 Property, plant and equipment 18.6 — 1.7 — (1.4) 18.9 Lease liabilities 23.2 — 3.1 — 1.1 27.4 Other intangible assets 143.5 — (18.7) — — 124.8 Share-based payments 9.6 — 1.2 — 0.6 11.4 Other temporary differences 27.5 — 3.7 (6.5) (1.4) 23.3 Total deferred tax assets, gross 1,377.0 23.7 573.6 (6.5) 27.9 1,995.7 Valuation allowance 2 (167.6) — (41.2) — (6.6) (215.4) Total deferred tax assets, net 1,209.4 23.7 532.4 (6.5) 21.3 1,780.3 Deferred tax liabilities: Other intangible assets (79.9) — 19.8 — (5.3) (65.4) Goodwill (20.9) — (7.9) — — (28.8) Right-of-use assets (23.2) — (3.1) — (1.1) (27.4) Property, plant and equipment (10.9) — 1.5 — (0.4) (9.8) Contract liabilities (7.9) — (8.4) — — (16.3) Long-term debt (1.5) — — — — (1.5) Other temporary differences (1.1) — (7.5) (2.1) 0.9 (9.8) Total deferred tax liabilities (145.4) — (5.6) (2.1) (5.9) (159.0) Net deferred tax assets (liabilities) 1,064.0 23.7 526.8 (8.6) 15.4 1,621.3 Classified as: Deferred tax assets – non-current 1,098.7 1,672.8 Deferred tax liabilities – non-current (34.7) (51.5) Net deferred tax assets (liabilities) 1,064.0 1,621.3 1. For presentation purposes the 'standard warranty reserve' under the deferred tax assets has been classified as part of the 'Accrued and other liabilities' as of 2023. Comparative figures have been updated accordingly. 2. The valuation allowance disclosed above relates to R&D and other tax credit carry forwards and operating loss carry forwards that may not be realized. Operating loss carry forwards and Tax credit carry forwards The deferred tax assets from operating loss carry forwards and R&D and other tax credit carry forwards recognized as per December 31, 2023 , are almost fully reserved. R&D and other tax credit carry forwards for the amount of €174.7 million have no expiration date. The remaining R&D and other tax credit carry forwards of €43.1 million have an expiration date between 2024 and 2044 . For an amount of €13.4 million the operating loss carry forwards have an expiration date between 2024 and 2033 . The remaining operating loss carry forwards of €13.8 million have no expiration date. Unrecognized Deferred Tax Liability Related to Investments in Foreign Subsidiaries ASML periodically reviews the capital structure of each group entity and may distribute retained earnings, repay capital or inject fresh capital in case the projected cash flows, freely available funds of the respective entity and the capital adequacy requirements in the respective country allow/require for this . At December 31, 2023 the undistributed retained earnings of our non-Dutch subsidiaries are indefinitely reinvested. As such no deferred tax liability has been recognized in respect of undistributed retained earnings of our non-Dutch subsidiaries. As the tax implications of such distributions are dependent on local tax and accounting regulations applying at the moment of distribution, these can also not practically be determined. As per December 31, 2023 , the aggregate amount of unrecognized temporary differences approximately amounts to €673.9 million ( 2022 : €451.3 million ) . |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' equity | Shareholders’ equity Share capita l ASML’s authorized share capital amounts to €126.0 million and is divided into: Type of shares Number of shares Nominal value Votes per share Cumulative preference shares 700,000,000 €0.09 per share 1 Ordinary shares 700,000,000 €0.09 per share 1 The issued and fully paid-up ordinary shares with a nominal value of €0.09 each were as follows: Year ended December 31 2021 2022 2023 Issued ordinary shares with nominal value of €0.09 402,601,613 394,589,411 393,421,721 Issued ordinary treasury shares with nominal value of €0.09 3,873,663 8,548,631 6,162,857 Total issued ordinary shares with nominal value of €0.09 406,475,276 403,138,042 399,584,578 As of December 31, 2023 , 86,366,821 ordinary shares were held by 268 registered holders with a registered address in the US. Since certain of our ordinary shares were held by brokers and nominees, the number of record holders in the US may not be representative of the number of beneficial holders, or of where the beneficial holders are resident. Each ordinary share consists of 900 fractional shares. Fractional shares entitle the holder thereof to a fractional dividend, but do not give entitlement to voting rights. Only those persons who hold shares directly in the share register in the Netherlands, held by us at our address at 5504 DR Veldhoven, de Run 6501, the Netherlands, or in the New York share register, held by JP Morgan Chase Bank, N.A., P.O. Box 64506, St. Paul, MN 55164-0506, United States, can hold fractional shares. Shareholders who hold ordinary shares through the deposit system under the Dutch Securities Bank Giro Transfer Act maintained by the Dutch central securities depository Euroclear Nederland or through the Depository Trust Company cannot hold fractional shares. No cumulative preference shares have been issued. Each share carries one vote. There are no special voting rights on the issued shares in our share capital. In 2012, we issued shares to three key customers – Intel, TSMC and Samsung – as part of the customer co- investment program (CCIP) to accelerate ASML’s development of EUV. Under this program, the participating customers funded certain development programs and invested in ASML’s ordinary shares. The shares issued in the CCIP were held by foundations which issued depository receipts to participants in the CCIP. In 2023, the remaining participating customer cancelled its depository receipts in accordance with the terms and conditions of the agreement between ASML and the relevant customer. There are currently no limitations, either under Dutch law or in ASML’s Articles of Association, on the transfer of ordinary shares in the share capital of ASML. Pursuant to ASML’s Articles of Association, the Supervisory Board’s approval shall be required for every transfer of cumulative preference shares. Issue and repurchase of (rights to) shares Our Board of Management has the power to issue ordinary shares and cumulative preference shares insofar as it has been authorized to do so by the General Meeting. The Board of Management requires approval of the Supervisory Board for such an issue. The authorization by the General Meeting can only be granted for a certain period not exceeding five years and may be extended for no longer than five years on each occasion. If the General Meeting has not authorized the Board of Management to issue shares, the General Meeting will be authorized to issue shares on the Board of Management’s proposal, provided that the Supervisory Board has approved such a proposal. Holders of ASML’s ordinary shares have a preemptive right, in proportion to the aggregate nominal amount of the ordinary shares held by them. This preemptive right may be restricted or excluded. Holders of ordinary shares do not have preemptive right with respect to any ordinary shares issued for consideration other than cash or ordinary shares issued to employees. If authorized for this purpose by the General Meeting, the Board of Management has the power, subject to approval of the Supervisory Board, to restrict or exclude the preemptive rights of holders of ordinary shares. At our 2023 AGM, the Board of Management was authorized from April 26, 2023 through October 26, 2024, subject to the approval of the Supervisory Board, to issue shares and/or rights thereto representing up to a maximum of 5% of our issued share capital at April 26, 2023, plus an additional 5% of our issued share capital at April 26, 2023, that may be issued in connection with mergers, acquisitions and/or (strategic) alliances. Our shareholders also authorized the Board of Management through October 26, 2024, subject to approval of the Supervisory Board, to restrict or exclude preemptive rights with respect to holders of ordinary shares up to a maximum of 5% of our issued share capital in connection with the general authorization to issue shares and/or rights to shares, plus an additional 5% in connection with the authorization to issue shares and/or rights to shares in connection with mergers, acquisitions and/or (strategic) alliances. We may repurchase our issued ordinary shares at any time, subject to compliance with the requirements of Dutch law and our Articles of Association. Any such repurchases are subject to the approval of the Supervisory Board and the authorization by the General Meeting, which authorization may not be for more than 18 months. At the 2023 AGM, the Board of Management was authorized, subject to Supervisory Board approval, to repurchase through October 26, 2024, up to a maximum of 10% of our issued share capital at April 26, 2023, at a price between the nominal value of the ordinary shares purchased and 110% of the market price of these securities on Euronext Amsterdam or Nasdaq. ASML Preference Shares Foundation The ASML Preference Shares Foundation (Stichting Preferente Aandelen ASML), a foundation organized under Dutch law, has been granted an option right to acquire preference shares in the share capital of ASML. The Foundation may exercise the Preference Share Option in situations where, in the opinion of the Foundation’s Board of Directors, ASML’s interests, ASML’s business or the interests of ASML’s stakeholders are at stake. This may be the case if: • A public bid for ASML’s shares is announced or made, or there is a justified expectation that such a bid will be made without any agreement having been reached with ASML in relation to such a bid; or • In the opinion of the Foundation’s Board of Directors, the (attempted) exercise of the voting rights by one shareholder or more shareholders, acting in concert, is materially in conflict with ASML’s interests, ASML’s business or ASML’s stakeholders. The Foundation’s objectives are to look after the interests of ASML and the enterprises maintained by and/or affiliated in a group with ASML, in such a way that the interests of ASML, of those enterprises and of all parties concerned are safeguarded in the best possible way, and that influences in conflict with these interests, which might affect the independence or the identity of ASML and those companies, are deterred to the best of the Foundation’s ability, and everything related to the above or possibly conducive thereto. The Foundation aims to realize its objects by acquiring and holding cumulative preference shares in the capital of ASML and by exercising the rights attached to these shares, particularly the voting rights. The Preference Share Option gives the Foundation the right to acquire such number of cumulative preference shares as the Foundation will require, provided that the aggregate nominal value of such number of cumulative preference shares shall not exceed the aggregate nominal value of the ordinary shares issued at the time of exercise of the Preference Share Option. The subscription price will be equal to their nominal value. Only one-fourth of the subscription price would be payable at the time of initial issuance of the cumulative preference shares, with the other three-fourths of the nominal value only being payable when ASML calls up this amount. Exercise of the preference Share Option could effectively dilute the voting-power of the outstanding ordinary shares by one-half. Cancellation and repayment of the issued cumulative preference shares by ASML requires authorization by the General Meeting, on a proposal to this effect made by the Board of Management and approved by the Supervisory Board. If the Preference Share Option is exercised and as a result cumulative preference shares are issued, ASML will initiate the repurchase or cancellation of all cumulative preference shares held by the Foundation on the Foundation’s request. In that case, ASML is obliged to effect the repurchase and respective cancellation as soon as possible. A cancellation will result in a repayment of the amount paid and exemption from the obligation to pay up on the cumulative preference shares. A repurchase of the cumulative preference shares can only take place when such shares are fully paid up. If the Foundation does not request ASML to repurchase or cancel all cumulative preference shares held by the Foundation within 20 months of issuance of these shares, we will be required to convene a General Meeting for the purpose of deciding on a repurchase or cancellation of these shares. The Foundation is independent of ASML. The Board of Directors of the Foundation is composed of four independent members from the Netherlands’ business and academic communities. The Foundation’s Board of Directors is composed per December 31, 2023, of the following members: Mr. A.P.M. van der Poel, Mr. S. Perrick, Mr. S.S. Vollebregt and Mr. J. Streppel. Other than the arrangements made with the Foundation as described above, ASML has not established any other anti-takeover devices. Dividend Policy ASML aims to distribute a dividend that will be growing over time , paid quarter ly . On an annual basis, the Board of Management, upon prior approval from the Supervisory Board, submits a proposal to the AGM with respect to the amount of dividend to be declared with respect to the prior year, taking into account any interim dividend distributions. The dividend proposal in any given year will be subject to availability of distributable profits, retained earnings and cash, and may be affected by, among other things, our view of potential future liquidity requirements including for investments in production capacity, working capital requirements, the funding of our R&D programs and acquisition opportunities that may arise from time to time and by future changes in applicable tax and corporate laws (for example plans of Dutch government to tax share buybacks). ASML intends to declare a total dividend in respect of 2023 of €6.10 per ordinary share. Recognizing the interim dividends of €1.45 per ordinary share paid in August 2023 , November 2023 and February 2024 , this leads to a final dividend proposal to the General Meeting of €1.75 per ordinary share. The total 2023 dividend is a 5.2% increase compared to the 2022 total dividend of €5.80 per ordinary share. Dividends on ordinary shares are payable out of net income or retained earnings as shown in our Financial Statements as adopted by our AGM, after payment first of (accumulated) dividends out of net income on any issued cumulative preference shares. Purchase of equity securities In additi on to dividend payments, we intend to return cash to our shareholders on a regular basis through share buybacks or capital repayment, subject to our actual and anticipated level of liquidity requirements and other relevant factors. On November 10, 2022 , we announced a new share buyback program to be executed by December 31, 2025 . As part of this program, ASML intends to repurchase shares up to an amount of €12 billion , of which we expect a total of up to 2 million shares will be used to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. T he new program has replaced the previous €9 billion share buyback program 2021-2023 which was completed on October 18, 2022 . The share buyback program may be suspended, modified or discontinued at any time. In 2023 , we repurchased 1,620,128 shares ( 2022 : 8,538,787 shares) for a total consideration of €1,000.0 million ( 2022 : €4,639.7 million ) , all of which were purchased under the new program. In 2023, we canceled 3,553,815 shares ( 2022 : 3,337,825 shares canceled) , all of which were purchased under the 2021-2023 program. The following table provides a summary of shares repurchased by ASML in 2023 : Period Total number of shares purchased Average price paid per Share (€) Total number of shares purchased under programs Maximum value of shares that may yet be purchased (€ millions) January 1 - 31, 2023 57,478 609.46 57,478 11,765.0 February 1 - 28, 2023 294,059 611.28 351,537 11,585.2 March 1 - 31, 2023 337,136 589.74 688,673 11,386.4 April 1 - 30, 2023 239,865 589.92 928,538 11,244.9 May 1 - 31, 2023 283,210 617.07 1,211,748 11,070.1 June 1 - 30, 2023 263,635 663.39 1,475,383 10,895.2 July 1 - 31, 2023 144,745 657.99 1,620,128 10,800.0 August 1 - 31, 2023 — — 1,620,128 10,800.0 September 1 - 30, 2023 — — 1,620,128 10,800.0 October 1 - 31, 2023 — — 1,620,128 10,800.0 November 1 - 30, 2023 — — 1,620,128 10,800.0 December 1 - 31, 2023 — — 1,620,128 10,800.0 Total 1,620,128 617.23 |
Net Income per ordinary share
Net Income per ordinary share | 12 Months Ended |
Dec. 31, 2023 | |
Net Income per Ordinary Share [Abstract] | |
Net income per ordinary share | Net income per ordinary share Basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding for that period. The dilutive effect is calculated using the treasury stock method by dividing net income by the weighted average number of ordinary shares outstanding for that period plus shares applicable to options and conditional shares (dilutive potential ordinary shares). The calculation of diluted net income per ordinary share does not assume exercise of options when exercise would be anti-dilutive. Excluded from the diluted weighted average number of shares outstanding calculation are cumulative preference shares contingently issuable to the preference share foundation, since they represent a different class of stock than the ordinary shares. The basic and diluted net income per ordinary share has been calculated as follows: Year ended December 31 (€, in millions, except per share data) 2021 2022 2023 Net income 5,883.2 5,624.2 7,839.0 Weighted average number of shares outstanding 409.8 397.7 393.8 Basic net income per ordinary share 14.36 14.14 19.91 Weighted average number of shares outstanding 409.8 397.7 393.8 Plus shares applicable to options and conditional shares 0.6 0.3 0.3 Diluted weighted average number of shares 410.4 398.0 394.1 Diluted net income per ordinary share 14.34 14.13 19.89 |
Vulnerability due to certain co
Vulnerability due to certain concentrations | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Vulnerability due to certain concentrations | Vulnerability due to certain concentrations We rely on outside vendors for components and subassemblies used in our systems including the design thereof, each of which is obtained from a single supplier or a limited number of suppliers. Our reliance on a limited group of suppliers involves several risks, including a potential inability to obtain an adequate supply of required components, reduced control over pricing and the risk of untimely delivery of these components and subassemblies. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial risk management | Financial risk management We are exposed to certain financial risks such as foreign currency risk, interest rate risk, credit risk, liquidity risk and capital risk. Our overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potentially adverse effects on our financial performance. Our risk management program focuses appropriately on the current environment of uncertainty in the financial markets. A key element within our risk management program is our long held pruden t financing policy, which is based on three foundational elements: • Liquidity: Maintain sufficient liquidity to ensure continued business growth and to provide buffer for cash flow volatility • Capital structure: Maintain a capital structure that targets a solid investment-grade credit rating • Cash return: Provide a sustainable dividend per share that will grow over time, paid quarterly, while returning excess cash to shareholders through share buybacks or capital repayment We use derivative financial instruments to hedge certain risk exposures. None of these transactions are entered into for trading or speculative purposes. We use market information to determine the fair value of our derivative financial instruments. Foreign currency risk management Our Consolidated Financial Statements are expressed in euros. Accordingly, our results of operations are exposed to fluctuations in exchange rates between the euro and other currencies. Changes in currency exchange rates can result in losses in our Consolidated Financial Statements. We are particularly exposed to fluctuations in the exchange rates between the US dollar and the euro, and to a lesser extent to the Japanese yen, the South Korean won, the Taiwanese dollar and Chinese yuan, in relation to the euro. We incur costs of sales predominantly in euros with portions also denominated in US and Taiwanese dollars. A small portion of our operating results are driven by movements in currencies other than the euro, US dollar, Japanese yen, South Korean won, Taiwanese dollar or Chinese yuan. Foreign currency sensitivity The following table details our sensitivity to a 10.0% strengthening of foreign currencies against the euro. The sensitivity analysis includes foreign currency denominated monetary items outstanding and adjusts their translation at the period end for a 10.0% strengthening in foreign currency rates. A positive amount indicates an increase in net income or equity. Year ended December 31 (€, in millions) 2022 2023 Impact on net income Impact on equity Impact on net income Impact on equity US dollar (7.2) 65.3 4.2 78.3 Japanese yen (0.1) (16.6) (2.6) (3.8) Taiwanese dollar (12.8) — 0.4 — Other currencies (1.3) — (10.0) — Total (21.4) 48.7 (8.0) 74.5 It is our policy to limit the effects of currency exchange rate fluctuations on our Consolidated Statements of Operations . The impact on net income reflects our net exposure to currencies other than the euro at year-end 2023 . The negative effect on net income as presented in the table above for 2023 is mainly attributable to timing differences between the arising and hedging of exposures. The effects of the fair value movements of cash flow hedges entered into for US dollar and Japanese yen transactions are recognized in equity . The effect on 2023 compared to 2022 for both US dollar and Japanese yen is mainly the result of the change in outstanding cash flow hedges. For a 10.0% weakening of the foreign currencies against the euro, there would be approximately an equal but opposite effect on net income and equity . Foreign currency risk policy It is our policy to hedge material transaction exposures, such as forecasted sales and purchase transactions. We hedge these exposures through the use of forward foreign exchange contracts . Foreign exchange contracts The notional principal amounts of the outstanding forward foreign exchange contracts are mainly denominated in US dollar, Japanese yen, Taiwanese dollar, South Korean won and Chinese yuan at December 31, 2023 are respectively USD 0.8 billion , JPY 8.5 billion , TWD 26.4 billion , KRW 61.8 billion and CNY 1.1 billion ( 2022 : USD 1.0 billion , JPY 43.9 billion , TWD 18.5 billion , KRW 99.0 billion and CNY 1.0 billion ) . The hedged highly probable forecasted transactions denominated in foreign currency are expected to occur at various dates during the coming 12 months . Gains and losses recognized in OCI on forward foreign exchange contracts included in a hedge relationship will be recognized in the Consolidated Statements of Operations in the period during which the hedged forecasted transactions affect the Consolidated Statements of Operations . In 2023 , we recognized a transfer to net income o f €0.6 million loss ( 2022 : €66.5 million gain ; 2021 : €22.2 million loss ) in the Consolidated Statements of Operations resulting from effective cash flow hedges for forecasted sales and purchase transactions that occurred in the year. Furthermore, we recognized a net amount of €52.4 million loss i n the Consolidated Statements of Operations resulting from derivative financial instruments measured at fair value through profit or loss ( 2022 : €3.6 million gain ; 2021 : €7.9 million loss ), which is mainly offset by the revaluation of the hedged monetary items. OCI balance unrealized gains and losses on financial instruments from foreign exchange contracts Outstanding accumulated OCI balances unrealized gains and losses on financial instruments consist of: • Outstanding anticipated gains and losses of foreign currency denominated forecasted purchase transactions. As of December 31, 2023 , outstanding accumulated OCI includes €8.9 million representing the total anticipated loss to be charged to cost of sales ( 2022 : gain €5.5 million and 2021 : gain €20.8 million ), (net of taxes: 2023 : loss €7.6 million ; 2022 : gain €4.7 million ; 2021 : gain €17.7 million ), which will offset the euro equivalent of foreign currency denominated forecasted purchase transactions. All amounts are expected to be released over the next 12 months . • Outstanding anticipated loss to be realized to sales. As of December 31, 2023 , the total anticipated accumulated OCI to be released to sales is nil ( 2022 : gain €3.4 million ; 2021 : loss €1.2 million ), (net of taxes: 2023 : nil , 2022 : gain €2.9 million ; 2021 : loss €1.0 million ) . The effectiveness of all contracts for which we apply hedge accounting is monitored on a quarterly basis throughout the life of the hedges. During 2023 , 2022 and 2021 , no ineffective hedge relationships were recognized. Interest rate risk management We have interest-bearing assets and liabilities that expose us to fluctuations in market interest rates, managed through interest rate swaps . Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative financial and non-derivative financial instruments at the balance sheet date with the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period. The table below shows the effect of a 1.0% increase in interest rates on our net income and equity. A positive amount indicates an increase in net income and equity. Year ended December 31 (€, in millions) 2022 2023 Impact on net income Impact on equity Impact on net income Impact on equity Effect of a 1.0% increase in interest rates 43.8 — 37.6 — The positive effect on net income mainly relates to our total amount of cash and cash equivalents and short-term investments being higher than our total floating debt position, which is excluding the Eurobonds issued in 2020. For a 1.0% decrease in interest rates there would be approximately an equal but opposite effect on net income and equity. Hedging policy interest rates We use interest rate swaps to minimize the net interest exposure for the group by aligning the interest terms of the available cash and the interest-bearing debt. There may be residual interest rate risk to the extent the asset and liability positions do not fully offset. Interest rate swaps The notional principal amount of the outstanding interest rate swap contracts as of December 31, 2023 was €3.3 billion ( 2022 : €3.0 billion ). During 2023 , these outstanding hedges were highly effective in hedging the fair value exposure to interest rate movements. The changes in fair value of the Eurobonds were included in the Consolidated Statements of Operations in the same period as the changes in the fair value of the interest rate swaps. We did not enter into interest rate swaps in connection with the Eurobonds issued in 2020 . Credit risk management Financial instruments that potentially subject us to significant concentration of credit risk consist principally of Cash and cash equivalents, Short-term investments, Derivative financial instruments used for hedging activities, Accounts receivable and Finance receivables and prepayments to suppliers. Cash and cash equivalents, Short-term investments and Derivative financial instruments contain an element of risk of the counterparties being unable to meet their obligations. Our risk management program focuses appropriately on the current environment of uncertainty in the financial markets. We invest our Cash and cash equivalents and Short- term investments in short-term deposits with financial institutions that have investment-grade credit ra ting s and in government and or government-related bodies that have investment grade credit ratings and in money market and other investment funds that invest in high-rated debt securities. To mitigate the risk that our counterparties in hedging transactions are unable to meet their obligations, we enter into transactions with a limited number of major financial institutions that have investment-grade credit ratings and closely monitor their creditworthiness. All credit ratings are rated by credit rating institutions like Standard & Poor's, Moody’s or Fitch. Concentration risk is mitigated by limiting the exposure to each of the individual counterp artie s . Our customers consist of integrated circuit manufacturers located throughout the world . We perform ongoing credit evaluations of our customers’ financial condition. We mitigate credit risk through additional measures, including the use of down payments, letters of credit, and contractual ownership retention provisions. Retention of ownership enables us to recover the systems in the event a customer defaults on payment. Liquidity risk management Our principal sources of liquidity consist of Cash and cash equivalents, Short-term investments and available credit facilities with the objective to maintain sufficient liquidity to ensure continued business growth and to provide buffer for cash flow volatility . In addition, we may from time to time raise additional funding in debt and equity markets. We seek to ensure that our principal sources of liquidity will be sufficient to satisfy our liquidity requirements at all times. Our liquidity needs are affected by many factors, some of which are based on the normal ongoing operations of the business, and others relate to uncertainties of the global economy and the semiconductor industry. Although our cash requirements fluctuate based on the timing and extent of these factors, we believe that cash generated from operations, together with our other sources of liquidity are sufficient to satisfy our requirements, including our expected capital expenditures, R&D expenses and debt servicing . We intend to return cash to our shareholders on a regular basis in the form of dividend payments and, subject to our actual and anticipated liquidity requirements and other relevant factors, share buybacks or capital repayment. Capital risk management Our objectives when managing our capital structure are to safeguard our ability to satisfy our capital providers by maintaining a capital structure that ensures liquidity and supports a solid investment-grade credit rating. The capital structure includes both debt and the components of equity, in accordance with both US GAAP and EU-IFRS. The capital structure is mainly altered by, among other things, our financial results, adjusting the amount of dividends paid to shareholders, the amount of share buybacks or capital repayment, and any changes in the level of debt. Our capital structure is formally reviewed with the Supervisory Board each year in connection with our updated long-term financial plan and relevant scenarios. The outcome of this year’s review confirmed to maintain our existing financing policy in relation to our capital structure. Our current credit rating from Moody’s is A2 (Stable) and from Fitch is A (Stable), which is consistent with the ratings on December 31, 2022 . Supplier finance program We have a supplier finance program in place. We pay the full invoice amount on the original maturity date (for the vast majority 60 days after end of month) to a third party. Suppliers can choose to request early payment from the third party . The program can be terminated by the third party or by us with a 30 business days’ notice period. The amount of the obligations outstanding that we have confirmed as valid to the third party as of December 31, 2023 was €0.4 billion ( 2022 : €0.4 billion ) and are included in Accounts payable . Financial instruments Accounting Policy – Derivative financial instruments and hedging activities We measure all derivative financial instruments based on fair values derived from level 2 input criteria. We adopt hedge accounting for hedges that are highly effective in offsetting the identified hedged risks taking into account required effectiveness criteria. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and subsequently remeasured. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. We designate derivatives as one of the following: • A hedge of an exposure relating to changes in the fair value of a recognized asset or liability, that is attributable to a particular risk (fair value hedge); • A hedge of an exposure relating to the variability in the cash flows of a recognized asset or liability, or of a forecasted transaction, that is attributable to a particular risk (cash flow hedge); • A hedge of the foreign currency exposure relating to a net investment in a foreign operation (net investment hedge). We assess at the inception of the transaction the relationship between hedging instruments and hedged items, as well as our risk management objectives and strategy for undertaking various hedging transactions . We also assess, both at hedge inception and on an ongoing basis, whether derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The cash flows resulting from the derivative financial instruments are classified in the Consolidated Statements of Cash Flows according to the nature of the hedged item. Fair value hedge Changes in the fair value of a derivative financial instrument, that is designated and qualified as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in the Consolidated Statements of Operations. Hedge accounting is discontinued when we revoke the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. The adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized to the Consolidated Statements of Operations from that date. Interest rate swaps that are being used to hedge the fair value of fixed loan coupons payable are designated as fair value hedges. The change in fair value is intended to offset the change in the fair value of the underlying fixed loan coupons, which is recorded accordingly. The gain or loss relating to the ineffective portion of interest rate swaps hedging fixed loan coupons payable is recognized in the Consolidated Statements of Operations as Interest and other, net. Cash flow hedge Changes in the fair value of a derivative that is designated and qualified as a cash flow hedge are recorded in OCI, net of taxes, until the underlying hedged transaction is recognized in the Consolidated Statements of Operations. In the event that the underlying hedge transaction will not occur within the specified time period, the gain or loss on the related cash flow hedge is released from OCI and included in the Consolidated Statements of Operations, unless extenuating circumstances exist that are related to the nature of the forecasted transaction and are outside our control or influence and which cause the forecasted transaction to be probable of occurring on a date that is beyond the specified time period. Foreign currency hedging instruments that are being used to hedge cash flows related to forecasted sales or purchase transactions in non-functional currencies are designated as cash flow hedges. The gain or loss relating to the ineffective portion of the foreign currency hedging instruments is recognized in the Consolidated Statements of Operations in N et sales or Cost of sales. Fair values of the derivatives The following table summarizes the notional amounts and estimated fair values of our derivative financial instrument s: Year ended December 31 (€, in millions) 2022 2023 Notional amount Fair Value Notional amount Fair Value Forward foreign exchange contracts 158.5 (18.8) 281.1 (6.8) Interest rate swaps 3,000.0 (225.1) 3,250.0 (118.8) The following table summarizes our derivative financial instruments per category: Year ended December 31 (€, in millions) 2022 2023 Assets Liabilities Assets Liabilities Interest rate swaps — fair value hedges 1.7 226.8 11.3 130.1 Forward foreign exchange contracts — cash flow hedges 3.0 18.1 2.9 10.4 Forward foreign exchange contracts — no hedge accounting 12.6 16.3 16.9 16.2 Total 17.3 261.2 31.1 156.7 Less non-current portion: Interest rate swaps — fair value hedges — 179.0 11.3 62.7 Total non-current portion — 179.0 11.3 62.7 Total current portion 17.3 82.2 19.8 94.0 The fair value part of a hedging derivative financial instrument that has a remaining term of 12 months or less after balance sheet date is classified as current asset or liability. When the fair value part of a hedging derivative has a term of more than 12 months after balance sheet date, it is classified as non-current asset or liability. Derivative financial instruments are included in Other assets and Accrued and other liabilities in the Consolidated Balance Sheets , split between current and non-current. Fair value measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement hierarchy prioritizes the inputs to valuation techniques used to measure fair value as follows: • Level 1: Valuations based on inputs such as quoted prices for identical assets or liabilities in active markets that the entity has the ability to access. • Level 2: Valuations based on inputs other than level 1 inputs such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. • Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). A financial instrument’s fair value classification is based on the lowest level of any input that is significant in the fair value measurement hierarchy. Financial assets and financial liabilities measured at fair value on a recurring basis Investments in money market funds (included in our Cash and cash equivalents) have fair value measurements which are all based on quoted prices for identical assets or liabilities. Our Short-term investments consist of deposits with original maturities to the entity holding the investments longer than three months and one year or less at the date of acquisition with financial institutions that have investment - grade credit ratings. The fair value of the deposits is determined with reference to quoted market prices in an active market for similar assets or discounted cash flow analysis. The principal market in which we execute our derivative contracts is the institutional market in an over-the-counter environment with a high level of price transparency. The market participants usually are large commercial banks. The valuation inputs for our derivative contracts are based on quoted prices and quoting pricing intervals from public data sources; they do not involve management judgment. The valuation technique used to determine the fair value of forward foreign exchange contracts (used for hedging purposes) approximates the net present value technique which is the estimated amount that a bank would receive or pay to terminate the forward foreign exchange contracts at the reporting date, taking into account current interest rates and current exchange rates. The valuation technique used to determine the fair value of interest rate swaps (used for hedging purposes) is the net present value technique, which is the estimated amount that a bank would receive or pay to terminate the swap agreements at the reporting date, taking into account current interest rates. Four out of six o f our outstanding Eurobonds, with a combined principal amount o f €3.25 billion , serve as hedged items in fair value hedge relationships in which we hedge the variability of changes in the fair value of our Eu robonds due to changes in market interest rates with interest rate swaps. For two out of six of our outstanding Eurobonds, with a combined principal amount of €1.5 billion , n o hedging is applied. The fair value changes of the interest rate swaps are recorded on the Consolidated Balance Sheets under derivative financial instruments and the carrying amounts of the Eurobonds are adjusted for the effective portion of these fair value changes only. For the actual aggregate carrying amount and the fair value of our Eurobonds, see Note 16 Long-term debt and interest and other costs . The following tables present our financial assets and financial liabilities that are measured at fair value on a recurring basis: Year ended December 31, 2023 (€, in millions) Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments 1 — 31.1 — 31.1 Money market funds 2 3,167.4 — — 3,167.4 Short-term investments 3 — 5.4 — 5.4 Total 3,167.4 36.5 — 3,203.9 Liabilities measured at fair value Derivative financial instruments 1 — 156.7 — 156.7 Assets and Liabilities for which fair values are disclosed Loan receivable — — 776.1 776.1 Long-term debt 4 4,496.2 — — 4,496.2 Year ended December 31, 2022 (€, in millions) Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments 1 — 17.3 — 17.3 Money market funds 2 3,196.7 — — 3,196.7 Short-term investments 3 — 107.7 — 107.7 Total 3,196.7 125.0 — 3,321.7 Liabilities measured at fair value Derivative financial instruments 1 — 261.2 — 261.2 Assets and Liabilities for which fair values are disclosed Loan receivable — — 307.9 307.9 Long-term debt 4 4,072.8 — — 4,072.8 1. Derivative financial instruments consist of forward foreign exchange contracts and interest rate swaps. 2. Money market funds are part of our cash and cash equivalents. 3. Short-term investments consist of deposits with original maturities to the entity holding the investments longer than three months, but one year or less at the date of acquisition. These deposits are valued at amortized costs which is close to their fair value. Their fair value is determined with reference to quoted market prices in an active market for similar assets or discounted cash flow analysis. 4. Long-term debt mainly relates to Eurobonds. There were no transfers between levels during the years ended December 31, 2023 and December 31, 2022 . Financial assets and financial liabilities that are not measured at fair value The carrying amount of Cash and cash equivalents, Accounts payable, and Other current financial assets and liabilities approximate their fair value because of the short-term nature of these instruments . Money market and investment funds measurement Money market and investment funds qualify as available for sale securities. Due to the short-term nature and investment-grade credit ratings, the fair value is close to the carrying value. These money market funds can be called on a daily basis. Investments and redemptions in money market funds are managed on a daily basis based triggered through actual cash balances. ASML does not have trading securities as of December 31, 2023 . Deposits measurement The deposits as part of the Cash and cash equivalents and Short-term investments qualify as securities held to maturity. The amortized cost value is close to the fair value and carrying value due to short-term nature and since related to investment with investment-grade credit ratings. Maturities are one year or less. No held to maturity securities were sold before expiration date. Assets and liabilities measured at fair value on a non-recurring basis In 2022 and 2023 , we ha d no significant fair value measurements on a non-recurring basis from regular business activities. We did no t recognize any impairment charges for goodwill and other intangible assets during 2022 and 2023 . |
Related parties and variable in
Related parties and variable interest entities | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related parties and variable interest entities | Related parties and variable interest entities Carl Zeiss SMT GmbH is our single supplier, and we are their single customer, of optical columns for lithography systems. Carl Zeiss SMT GmbH is capable of developing and producing these items only in limited numbers and only through the use of manufacturing and testing facilities in Oberkochen and Wetzlar, Germany. Our relationship with Carl Zeiss SMT GmbH is structured as a strategic alliance that is run under the principle of ‘two companies, one business’ and is focused on continuous innovation and improvement of operational excellence in the lithography business. We have a 24.9% interest in Carl Zeiss SMT Holding GmbH & Co. KG (ultimate parent is Carl Zeiss AG), whi ch owns 100% of the shar es in Carl Zeiss SMT GmbH. Based on the 24.9% investment, Carl Zeiss SMT Holding GmbH & Co. KG and its subsidiaries are considered related parties. Additionally, we have determined that Carl Zeiss SMT Holding GmbH & Co. KG is a variable interest entity because the entity was established without substantive voting rights since there is disparity between our voting rights and our economics, as well as substantially all of Carl Zeiss SMT Holding GmbH & Co. KG’s activities involve us or are conducted on our behalf. However, we are not the primary beneficiary of the variable interest entity, because we lack the power to direct the activities that most significantly impact Carl Zeiss SMT Holding GmbH & Co. KG’s economic performance. We have had several framework agreements in place with Carl Zeiss SMT GmbH since 1997. 2021 Framework Agreement We entered into a new framework agreement in September 2021 with Carl Zeiss SMT GmbH, with effect as of the beginning of 2021 . This agreement, which we refer to as the 2021 framework agreement, replaced our key existing framework agreements and continues our strategic alliance to meet end customer demand. The key components to the framework agreement are : • A behavior and interaction model that fosters mutual respect and understanding • A governance model that ena bles both companies to become more effective and aligned i n their decision-making and the execution of the strategy in the business via mutual approval on (i) certain investment decisions affecting the lithography business, and (ii) the requirements of all products supplied by Carl Zeiss SMT GmbH • New variable pricing model for purchases of products and services determined by the relevant annual financial performance of both ASML and Carl Zeiss SMT GmbH in the lithography business • Cash support via additional prepayments on product deliveries to ensure Carl Zeiss SMT GmbH a minimum adjusted free cash flow floor in an annual period, if certain criteria ar e met • A commitment from ASML to finance the capital expenditures of Carl Zeiss SMT GmbH up to €1 billion if Carl Zeiss SMT GmbH's investments required to execute on the lithography business roadmap exceed certain thresholds, measured annually The financing takes place through loan agreements , with the key terms being: • Ten years term loans wit h linear annual repayment after a three -year grace period • Interest rate subject to a floor of 0.01% and a cap of 1% • Voluntary repayment option without penalty • The loan is secured by a parental guarantee from Zeiss AG As of December 31, 2023 , we have financed a total amount of €912.4 million (December 31, 2022 : €364.4 million ) through this loan agreement. This loan to Carl Zeiss SMT GmbH is valued at amortized cost and presented within the Consolidated Balance Sheets as Loan receivable . Transition from previ ous agreements In 2016 , we agreed with Carl Zeiss SMT GmbH to support their R&D costs, capital expenditures and supply chain investments, in respect of EUV 0.55 NA (High NA). With our new framework agreement, these payments will no longer be made starting in 2021 . We pa id €969.1 million p rior to the effective amendment date of the new framework agreement, of which €305.5 million relating to R&D costs, which was not to be repaid, and €663.6 million relating to capital expenditures and supply chain investments. The method of repayment for the capital expenditure and supply chain investment support has been converted to be repaid annually to ASML between 2021 and 2032. This amount is presented within Other assets as Advanced payments to Carl Zeiss SMT GmbH. The new framework agreement does not change the risk associated with these assets. The cash outflows from ASML in the new variable pricing model for purchases of products and services was determined to currently have two e lements. The first is cash outflows for purchasing products and services reflected in our inventory valuation and cost of sales. The second consists of R&D funding for High NA to Carl Zeiss SMT GmbH, for which these costs are presented within Research and development costs. For 2023 , the related R&D funding amounted to €67.6 million ( 2022 : €76.6 million ; 2021 : €61.2 million ). In addition to the High NA support, we make non-interest bearing advance payments to support Carl Zeiss SMT GmbH’s work-in-process. These payments are made to secure optical column deliveries and these advance payments are settled through future lens or optical column deliveries, and are also presented in Other Assets. The new framework agreement does not change our right to settle the previously paid amounts and does not change the risk associated with these assets . We will continue to support Carl Zeiss SMT GmbH’s work-in-process under the new framework agreement through prepayments on product deliveries. The below table shows t he outstanding balances with Carl Zeiss SMT Holding GmbH & Co. KG and its subsidiaries in our Consolidated Balance Sheets, as well as our maximum exposure to losses: Year ended December 31 (€, in millions) 2022 2023 Maximum exposure to loss Advance payments included in Other assets 1,100.3 1,182.7 1,182.7 Advance payments included in Property, plant and equipment 70.0 — — Loan receivable 364.4 912.4 912.4 Investment agreement for 24.9% equity 923.6 919.6 919.6 Accounts receivable — 7.8 7.8 Accounts payable 269.2 4.0 — Cost to be paid included in Accrued and other liabilities 111.2 199.9 — Our maximum exposure to loss related to our involvement in Carl Zeiss SMT Holding GmbH & Co. KG as a variable interest entity includes the carrying value of each of the assets, as well as the risk of any future operating losses of Carl Zeiss SMT Holding GmbH & Co. KG, which cannot be quantified. The total purchases from Carl Zeiss SMT Holding GmbH & Co. KG and its subsidiaries are as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Total purchases 2,070.3 2,693.6 3,325.9 Other related party considerations Except as described above, t here have been no transactions between ASML or any of its subsidiaries, any other significant shareholder, any director or officer, or any relative or spouse thereof, other than arrangements in the ordinary course of business. During our most recent fiscal year, there has been no , and at present there is no , outstanding indebtedness to ASML owed by or owing to any director or officer of ASML or any associate thereof. Furthermore, ASML has not granted any personal loans, guarantees, or the like to members of the Board of Management or Supervisory Board. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events S ubsequent event s were evaluated up to February 14, 2024 , which is the date the Consolidated Financial Statements included in this Annual Report were approved. On January 24, 2024 a total dividend for the year 2023 of €6.10 per ordinary share was announced. Subsequently, an interim dividend of €1.45 per ordinary share will be ma de payabl e on February 14, 2024 . Recognizing this interim dividend and the two interim dividends of €1.45 per ordinary share paid in 2023 , this leads to a final dividend proposal to the General Meeting of €1.75 per ordinary share. |
General information _ summary_2
General information / summary of general accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The accompanying Consolidated Financial Statements are stated in millions of euros unless indicated otherwise. The accompanying Consolidated Financial Statements have been prepared in conformity with US GAAP . |
Use of estimates | Use of estimates The preparation of our Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the balance sheet dates , and the reported amounts of net sales and costs for the reported periods. The inputs into our estimates and assumptions consider economic implications including supply chain constraints, inflation and uncertainty in the macroeconomic environment. We believe that the critical accounting estimates and assumptions are appropriate. ASML will continue to monitor the impacts of economic implications and incorporate them into accounting estimates. Actual results could differ from those estimates. W e evaluate our estimates on a regular basis a nd we base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates if the assumptions prove incorrect. To the extent there are material differences between actual results and these estimates, our future results could be materially and adversely affected. We believe that the accounting policies described below require us to make significant judgments and estimates in the preparation of our Consolidated Financial Statements. Our most critical accounting estimates include: • Revenue recognition (see Note 2 Revenue from contracts with customers ) • Recoverability of deferred tax assets for capitalized R&D expenditures (see Note 21 Income taxes ) |
Principles of consolidation | Principles of consolid ation The Consolidated Financial Statements include the Financial Statements of ASML Holding NV and all of its subsidiaries. Subsidiaries are all entities over which ASML controls the financial and operating activities, generally accompanying a shareholding of more than 50.0% of the outstanding voting rights. Subsidiaries are fully consolidated from the date on which control is obtained by ASML. All intercompany transactions, balances and unrealized results on transactions with subsidiaries are eliminated. We also assess if we are the primary beneficiary of, and thus sh ould consolidate, any v ariable interest enti ty (VIE). |
Foreign currency translation | Foreign currency translation The financial information for subsidiaries with a functional currency outside the euro-zone is measured using a mix of local currencies or the euro as the functional currency. T he Financial Statements of those foreign subsidiaries with a functional currency different than the euro are translated into euros in the preparation of ASML’s Consolidated Financial Statements . Assets and liabilities are translated into euros at the exchange rate on the respective balance sheet dates and income and costs are translated into euros based on the average exchange rate for the |
New US GAAP accounting pronouncements adopted and issued but not adopted | New US GAAP accounting pronouncements adopted During 2023 , there were no new US GAAP accounting pronounce ment s that were adopted which have a material impact on our Consolidated Financial Statements . New US GAAP accounting pronouncements issued but not adopted For 2023 , there are no new US GAAP accounting pronouncements issued which have not yet been adopted and are expected to have a material impact on our Consolidated Financial Statements . |
Revenue from contracts with customers | Accounting Policy We measure revenue based on the consideration specified in the contracts with our customers, adjusted for any significant financing components, and excluding any taxes collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a good or service to our customer. We bill our customers for, and recognize as revenue, charges for shipping and handling costs . D epending on the contract, we obtain a right to payment for our systems through a combination of either a r eservation of a production slot or upon delivery of our systems, with the remaining portion upon final acceptance of our systems. Right to payment for our service and field options occurs upon shipment or completion of the service unless described otherwise. The payment is typically due 15-45 days after the aforementioned events . Our contracts typically include cancellation penalties that provide economic protection from the risk of customer cancellation. The costs related to our sales are recognized as cost of sales. We generate revenue from the sale of integrated patterning solutions for the semiconductor industry, which mainly consist of systems, system-related options and upgrades, other holistic lithography solutions and customer services. The main portion of our net sales is derived from volume purchase agreements with our customers that have multiple performance obligations, which mainly include the sales of our systems, system-related options, installation, training and extended and enhanced warranties. In our volume purchase agreements we offer customers discounts in the normal course of sales negotiations. As part of these volume purchases agreements, we may also offer free goods or services and credits that can be used towards future purchases. Occasionally, systems, with the related extended and enhanced warranties, installation and training services, are ordered individually. Our sales agreements do not include a right of return for any reason other than not meeting the agreed upon specifications. We account for individual goods and services as separate and distinct performance obligations, including the free or discounted goods or services, if a product or service is separately identifiable from other items and if a customer can benefit from it on its own or with other resources that are readily available to the customer. Options to buy goods or services in addition to the purchase commitment are assessed to determine if they provide a material right to the customer that they would not have received if they had not entered into this contract. Each option to buy additional goods or services provided at a discount from the standalone selling price is considered a material right, for which the likelihood that the option will be exercised is evaluated based on the customer roadmap and their requirements. The consideration paid for our performance obligations is typically fixed . However, m ost of our volume purchase agreements with customers contain some component of variable consideration, typically dependent on the final volume of systems ordered by the customer or the system performance . Variable consideration is estimated at contract inception for each performance obligation based on communication with the customer to understand their requirements and roadmap. This is subsequently updated each quarter, using either the expected value method or most likely amount method, whichever is determined to best predict the consideration to be collected from the customer . Variable consideration is only included in the transaction price if it is considered probable that a significant revenue reversal will not occur. In certain scenarios when entering into a volume purchase agreement, free goods or services are provided directly or through a voucher that can be used on future contracts. Consideration from the contract will be allocated to these performance obligations and revenue recognized when control transfers based on the nature of the goods or services provided. As a practical expedient, we do not record a significant financing component when we expect, at contract inception, that the period between the transfer of the products or services to the customer and customer payment for the products or services will be one year or less. In addition most of our contracts require our customers to pay a down payment on systems to be shipped. We do not record a significant financing component for down payments as t he timing difference between when the consideration is paid and when the system is transferred to the customer arises from reasons other tha n financing . The total consideration of the contract is allocated between all distinct performance obligations in the contract based on their standalone selling prices. The standalone selling prices are determined based on other standalone sales that are directly observable, when possible. However, for the majority of our performance obligations these are not available. If no directly observable evidence is available, the standalone selling price is determined using the adjusted market assessment approach, which requires judgmen t and is based on multiple factors including, but not limited to, historical pricing practices and discounting trends for products and services . For options to buy goods or services that are considered a material right, the discount offered from the standalone selling price will be allocated from the consideration of the other goods and services in the contract if it is determined the customer will exercise the option to buy, adjusted for the likelihood. Revenue will be recognized in line with the nature of the related goods or services. If it is subsequently determined the customer will not exercise the option to buy, or the option expires, revenue will be recognized. Occasionally we enter into bill-and-hold transactions where we invoice a customer for a system that is ready for delivery but not shipped to the customer until a later date, based on customer’s request. Transfer of control is determined to have occurred only when there is a substantive reason for the arrangement, the system is separately identified as belonging to the customer, the good has been accepted by the customer and is ready for delivery, and we do not have the ability to direct the use of the system. We generate revenue from lessor agreements, which we classify as a sales-type lease when the lease meets any of the following criteria at lease commencement: • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset, that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease; • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. For sales-type leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the lessee, revenue is recognized at commencement of the lease . If material, the difference between the gross finance receivable and the present value of the minimum lease payments is initially recognized as unearned interest and presented as a deduction to the gross finance receivable . Interest income is recognized in the Consolidated Statements of Operations over the term of the lease contract using the effective interest method. L eases that are not a sales-type lease are operating lease arrangements . If we have offered the customer an operating lease arrangement, the system is included in Property , plant and equipment upon commencement of the lease. Revenue from operating lease arrangements is recognized in the Consolidated Statements of Operations on a straight-line basis over the term of the lease contract. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms New systems (established technologies) New systems sales include i-line, KrF, ArF, ArFi and NXE-related systems, along with the related factory options ordered with the base system, as well as metrology and inspection systems. Prior to shipment, the majority of our systems undergo a Factory Acceptance Test (FAT) in our cleanroom facilities, effectively replicating the operating conditions that will be present on the customer’s site, in order to verify whether the system meets its standard specifications and any additional technical and performance criteria agreed with the customer. A system undergoing FAT is shipped only after all contractual specifications are met or discrepancies from agreed upon specifications are waived and customer sign-off is received for delivery. Each system’s performance is re-tested through a Site Acceptance Test (SAT) after installation at the customer site. We have never failed to successfully complete installation of a system at a customer’s premises; therefore, acceptance at FAT is considered to be proven for established technologies with a history of successful customer acceptances at SAT (equal or better than FAT). Transfer of control and recognition of revenue of a system undergoing a FAT and for which customer acceptance at FAT is proven, will occur upon delivery of the system. Transfer of control and recognition of revenue of a system not undergoing a FAT or for which customer acceptance at FAT is not proven, will occur after successful installation upon customer acceptance of the system at SAT. New system sales do not meet the requirements for over time revenue recognition because our customers do not simultaneously receive and consume the benefits provided by our performance, or control the asset throughout any stage of our production process, as well as the systems are considered to have alternative use. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms Used systems We have no repurchase commitments in our general sales terms and conditions, however we occasionally repurchase systems that we previously manufactured and sold, in order to refurbish and resell the system to a different customer. This repurchase decision is mainly driven by market demand expressed by other customers. Transfer of control of a used system, and recognition of revenue, follow the same logic as for our “New systems (established technologies)”. Field upgrades and options (system enhancements) Field upgrades and options mainly relate to goods and services that are delivered for systems already installed in the customer factories. Certain upgrades require significant installation efforts, enhancing an asset the customer controls, therefore resulting in transfer of control over the period of installation, measured using the cost incurred method which is estimated using labor hours, as this best depicts the satisfaction of our obligation in transferring control. For the options and other upgrades for which the customer receives and consumes the benefit at the moment of delivery, the transfer of control and recognition of revenue will occur upon delivery. As long as we are not able to make a reliable estimate of the total efforts needed to complete the upgrade, we only recognize revenue to cover costs incurred. Margin will be realized at the earlier of us being able to make a reliable estimate or completion of the upgrade. New product introduction We sell new products and services, which are evolutions of our existing technologies. If installation is determined not to be a separate performance obligation or if there is not a sufficient established history of acceptance on FAT, the product is determined to be a “new product introduction”. New product introductions are typically newly developed options to be used within our systems. Transfer of control and revenue recognition for new product introductions occurs after successful installation and customer acceptance at SAT. Once there is an established history of successful installation and customer acceptance, revenue will be recognized consistent with other systems and goods after transfer of control. Installation Installation is provided within the selling price of a system. Installation is considered to be distinct as it does not significantly modify the system being purchased and the customer or a third party could be capable of performing the installation themselves, if desired. Transfer of control takes place over the period of installation from delivery through SAT, measured on a straight-line basis, as our performance is satisfied evenly over this period of time. Installation is not considered to be distinct when recognition of revenue related to a system occurs upon customer acceptance of the system at SAT after installation is complete. Warranties We provide standard warranty coverage on our systems for 12 months , providing labor and non-consumable parts necessary to repair our systems during these warranty periods. These standard warranties cannot be purchased and do not provide a service in addition to the general assurance the system will perform as promised. As a result, no revenue is allocated to these standard warranties. Both the extended and enhanced warranties on our systems are accounted for as a separate performance obligation, with transfer of control taking place over the warranty period, measured on a straight-line basis, as this is a stand-ready obligation. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms Time-based licenses and related service Time-based licenses relate to software licenses and the related service which are sold for a period of time. The licenses and the related service are not considered to be individually distinct as the support services are integral to the customer’s ability to continue to use the software license in the rapidly changing technological environment. The transfer of control takes place over the license term, measured on a straight-line basis, as our performance is satisfied evenly over this period of time. Payments are generally made in installments throughout the license term. Application projects Application projects are node transition and consulting projects which at times may be provided as free service within a volume purchase agreement. Measuring satisfaction of this performance obligation is performed through an input method based on the labor hours expended relative to the estimated total labor hours as this best depicts the transfer of control of these kind of services. Service contracts Service contracts are entered into with our customers to support our systems used in their ongoing operations during the systems life cycle, typically in the form of full-service agreements, limited manpower agreements, other labor agreements, parts availability or parts usage agreements. These services are for a specified period of time and typically have a fixed price. Control transfers over this period of time, measured on a straight-line basis, as these are stand-ready obligations. For service contracts where the price is not fixed, the transaction price has a variable component that is based on the performance of the system. Billable parts and labor Billable labor represents maintenance services to our systems installed in the customer’s factories while in operation, through purchase orders from our customer. Control over these services is transferred to the customer upon receipt of customer sign-off. Billable parts represent spare parts including optical components relating to our systems installed in the customer’s factories while in operation, through purchase orders from our customer. Billable parts can be: • Sold as direct spare parts, for which control transfers point in time upon delivery; or • Sold as part of maintenance services, where control transfers point in time upon receipt of customer sign-off. Field projects (relocations) Field projects represent mainly relocation services. Measuring satisfaction of this performance obligation is performed through an input method based on the labor hours expended relative to the estimated total labor hours as this best depicts the transfer of control of our service. OnPulse Maintenance OnPulse maintenance services are provided over a specified period of time on our light source systems. Payment is determined by the number of pulses counted from each light source system, which is variable. Invoicing is monthly based on the pulses counted. Revenue is recognized in line with invoicing using the practical expedient in ASC 606-10-55-18. Contract assets and liabilities The contract assets relate to our right to a consideration in exchange for goods or services delivered, when that right is conditional on something other than the passage of time. The contract asset s are transferred to the receivables when the receivables become unconditional. The contract liabilities primarily relate to remaining performance obligations for which consideration has been received for systems not yet recognized in revenue, as well as deferred revenue from system shipments, based on the allocation of the consideration to the related performance obligations in the contract. Th e majority of our customer contracts result in both asset and liability positions . At the end of each reporting period, these positions are netted on a contract basis and presented as either an asset or a liability in the Consolidated Balance Sheets . Consequently, a contract balance can change between periods from a net contract asset balance to a net contract liability balance in the balance sheet . Remaining performance obligations Our customers generally commit to purchase systems, service, or field options through separate sales orders and service contracts. Typically the terms and conditions of these sales orders come from volume purchase agreements with our customers w hich can cover up to 5 years . The revenues for each committed performance obligation are estimated based on the terms and conditions agreed through the volume purchase agreements. When revenues will be recognized is mainly dependent on when systems are delivered or installed , as well as when service projects and field upgrades are performed and completed . All of which is estimated based on contract terms and communication with our customers, including the customer facility readiness to take delivery of our goods or services. The volume purchase agreements may be subject to modifications, impacting the amount and timing of revenue recognition for the anticipated revenues. |
Revenue from lessor agreements | We generate revenue from lessor agreements, which we classify as a sales-type lease when the lease meets any of the following criteria at lease commencement: • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset, that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease; • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset; or • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. For sales-type leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the lessee, revenue is recognized at commencement of the lease . If material, the difference between the gross finance receivable and the present value of the minimum lease payments is initially recognized as unearned interest and presented as a deduction to the gross finance receivable . Interest income is recognized in the Consolidated Statements of Operations over the term of the lease contract using the effective interest method. L eases that are not a sales-type lease are operating lease arrangements . If we have offered the customer an operating lease arrangement, the system is included in Property , plant and equipment upon commencement of the lease. Revenue from operating lease arrangements is recognized in the Consolidated Statements of Operations on a straight-line basis over the term of the lease contract. |
Cash and cash equivalents | Accounting Policy Cash and cash equivalents consist primarily of highly liquid investments, such as bank deposits, deposits with governments and government-related bodies, money market funds and bank accounts readily convertible to known amounts of cash with insignificant interest rate risk and original maturities to the entity holding the investments 3 months or less at the date of acquisition. |
Short-term investments | Investments with original maturities at the date of acquisition greater than 3 months and 1 year or less are presented as short-term investments. Fair value changes in these investments, which are not temporary, are recognized in the Consolidated Statements of Operations. Short-term investments have insignificant interest rate risk. |
Accounts receivable, net | Accounting Policy Accounts receivable are measured at fair value and are subsequently measured at amortized cost, less allowance for credit losses, if material . The carrying amount of the accounts receivable approximates the fair value. We perform ongoing credit evaluations on our customers’ financial condition. We periodically review whether an allowance for credit losses is needed by considering factors such as historical payment experience, credit quality, aging of the accounts receivable balances, expected lifetime losses, and current economic conditions that may affect a customer’s ability to pay. |
Allowance for doubtful accounts | We perform ongoing credit evaluations on our customers’ financial condition. We periodically review whether an allowance for credit losses is needed by considering factors such as historical payment experience, credit quality, aging of the accounts receivable balances, expected lifetime losses, and current economic conditions that may affect a customer’s ability to pay. |
Transfers and servicing of financial assets | When entering into arrangements to sell our receivable, we derecognize the receivable only when meeting the derecognition criteria. The criteria require isolation from the seller , granting the buyer the right to pledge or exchange the receivables , and legal transfer of control over the receivable. |
Finance receivables, net | Accounting Policy Finance receivables consist of receivables in relation to sales-type leases. We perform ongoing credit evaluations of our customers’ financial condition. We periodically review whether an allowance for credit losses is needed by considering factors such as historical payment experience, credit quality, the aging of the finance receivables balances, expected lifetime losses, and current economic conditions that may affect a customer’s ability to pay. |
Allowance for credit loss | We perform ongoing credit evaluations of our customers’ financial condition. We periodically review whether an allowance for credit losses is needed by considering factors such as historical payment experience, credit quality, the aging of the finance receivables balances, expected lifetime losses, and current economic conditions that may affect a customer’s ability to pay. |
Inventories, net | Accounting Policy Inventory costs are computed on a first-in, first-out basis. Our inventory values are comprised of purchased materials, freight expenses, customs, duties, production labor and overhead. The valuation of inventory includes determining which fixed production overhead c osts should be capitalized into inventory based on the normal capacity of our manufacturing and assembly facilities. During periods when production is below our established normal capacity level, a portion of our fixed overhead costs are not included in the cost of inventory; instead, it is recognized as cost of sales as incurred. Inventory is valued at the lower of cost or net realizable value, based on assumptions about future demand and market conditions. Valuation of inventory also requires us to establish provisions for inventory that is defective, obsolete or in excess . We use our demand forecast to develop manufacturing plan s and utilize this information to compare against raw materials, work-in-progress and finished product lev els to determine the amount of defective, obsolete or excess inventory. |
Equity method investments | Accounting Policy Equity investments over which we are able to exercise significant influence but do not control, are accounted for using the equity method and presented on our Consolidated Balance Sheets within Equity method investments . The difference between the cost of our investment and our proportionate share in the carrying value of the investee’s underlying net assets as of the acquisition date is the basis difference. The basis difference is allocated to the identifiable assets and liabilities based on their fair value as of the acquisition date (i.e. the date on which we obtain significant influence), with the excess costs of the investment over our proportional fair value of the identifiable assets and liabilities being equity method goodwill. We amortize the basis difference related to the other intangible assets over the estimated remaining useful lives of these assets that gave rise to this difference. The remaining weighted-average life of the finite-lived intangible assets acquired is 13.1 years and is amortized using a straight-line method. In-process R&D is initially capitalized at fair value as an intangible asset with an indefinite life. When the R&D project is complete, it is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. If the project is abandoned, we will record the full basis difference charge for the value of the related intangible asset in our Consolidated Statements of Operations in the period of abandonment. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable. Under the equity method, after initial recognition at cost, our Equity method investments are adjusted for our proportionate share in the profit or loss and other comprehensive income of the investee, recognized on a one- quarter time lag to allow for the timely preparation of financial information and presented within Profit from equity method investments . Our proportionate share in the profit or loss of the investee is adjusted for any differences in accounting principles and policies, basis difference adjustments and intra-entity profits. Receipt of dividends reduces our Equity method investments , which is presented as an operating cash flow based on the nature of the distribution |
Business combinations and divestitures | Accounting Policy Acquisitions of subsidiaries are included on the basis of the acquisition method. The cost of acquisition is measured based on the consideration transferred at fair value, the fair value of identifiable assets distributed and the fair value of liabilities incurred or assumed at the acquisition date (i.e. the date which we obtain control). Goodwill is capitalized as the excess of the costs of an acquired subsidiary, net of the amounts assigned to identifiable assets acquired and liabilities incurred or assumed. Acquisition-related costs are expensed when incurred in the period they arise or the service is received. |
Goodwill | Accounting Policy Goodwill represents the excess of the costs of an acquisition over the fair value of the amounts assigned to assets acquired and liabilities incurred or assumed of the acquired subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries is allocated to reporting units for the purpose of impairment testing. The allocation is made to those reporting units that are expected to benefit from the business combination in which the goodwill arose. Goodwill is stated at cost less accumulated impairment losses. Goodwill is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of the goodwill may not be recoverable. To determine whether it is necessary to perform the quantitative goodwill impairment test, we perform a step-zero qualitative assessment, annually. If we determine that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, we do not perform a quantitative |
Intangible assets, net | Accounting Policy I ntangible assets include brands, intellectual property, developed technology, customer relationships, and other intangible assets not yet available for use. These finite-lived intangible assets are stated at cost, less accumulated amortization and accumulated impairment losses. Amortization is calculated using the straight-line method based on the estimated useful lives of the assets. Finite-lived intangible assets are assessed for impairment, annually or whenever there is an indication that the balance sheet carrying amount may not be recoverable using cash flow projections for the useful life. The following table shows the respective useful lives for intangible assets: Category Estimated useful life Brands 20 years Intellectual property 3 – 10 years Developed technology 6 – 15 years Customer relationships 8 – 18 years Other 2 – 10 years |
Property, plant and equipment, net | Accounting Policy Property, plant and equipment is stated at cost, less accumulated depreciation and accumulated impairment losses. Costs of assets manufactured by ASML include direct manufacturing costs, production overhead and interest costs incurred for qualifying assets during the construction period. Property, plant and equipment are depreciated on a straight-line basis in the Consolidated Statements of Operations over their estimated useful lives, except for land which is not depreciated. Evaluation systems leased to our customers under an operating lease are capitalized as Property, plant and equipment at cost and depreciated over the respective lease term. Leased assets that are returned to ASML upon expiration of the lease term are either taken back into Property, plant and equipment as they will be used internally by D&E or transferred back to Inventories to be reworked and sold. The carrying values of p rototypes , tooling and equipment that are intended to be sold, but first internally utilized for more than one year for R&D purposes, are reclassified from Inventories to Property, plant and equipment and depreciated while being internally used. When no longer required for R&D activities, the assets’ carrying value is reclassified back to Inventories and reworked to make them ready for sale to our customers. These transfers are reported as Net non-cash movements to/from Inventories in our Property, plant and equipment movement schedule. Property, plant and equipment is assessed for impairment whenever there is an indication that the carrying amount may not be recoverable using cash flow projections for the useful life. The following table shows the respective useful lives for Property, plant and equipment: Category Estimated useful life Buildings 5 – 45 years Machinery and equipment 1 – 7 years Leasehold improvements 1 – 10 years Furniture, fixtures and other 3 – 5 years |
Right-of-use assets and lease liabilities | Accounting Policy We determine whether an arrangement contains a lease at inception. Le ases are included in Right-of-use assets, Accrued & other current liabilities, Accrued & other non-current liabilities, current portion of Long-term debt, and Long-term debt in our Consolidated Balance Sheets . Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate , we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Right-of-use assets include any lease payments made at or before the commencement date and are reduced by lease incentives. Our Right-of-use asset and lease liability valuation may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses are recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. The lease components are accounted for separately from non-lease components. T he allocation of the consideration between lease and non-lease components is based on the relative standalone prices of lease components included in the lease contracts. |
Long-term debt | Accounting Policy Long-term debt represents debt issued privately without registration with a government authority and is payable to others under the terms of a signed agreement. Long-term debt is initially recognized at fair value and subsequently measured at amortized cost . Debt is qualified as long-term debt as long as the group has an uncon dition al right to defer settlement of the liability for at least 12 months after the reporting period |
Interest and other costs | Interest accruals and payments relating to long-term debt are accounted for as part of Accrued and other liabilities. Interest and other costs should be accrued and recorded with the passage of time over the agreed term, regardless of when the interest receipt or payment has taken place. |
Commitments and contingencies | Commitments We have various contractual obligations, some of which are required to be recorded as liabilities in our Consolidated Balance Sheets , including long- and short-term debt and lease commitments. Other contractual obligations, namely unconditional purchase obligations, are generally not required to be recognized as liabilities but are required to be disclosed. Contingencies ASML is subject to proceedings, litigation and other actual or potential claims, including those related to a potential violation of laws and regulations. ASML’s customers may be subject to claims of infringement from third parties alleging that the ASML equipment used by those customers in the manufacture of semiconductor products, and/or the methods relating to use of the ASML equipment, infringes one or more patents issued to those third parties. If these claims were successful, ASML could be required to indemnify such customers for some or all of the losses incurred or damages assessed against them as a result of that infringement. As reported in the 2022 Annual Report, ASML was subject to misappropriation of data relating to proprietary technology by a (now) former employee in China. Although we do not believe that the misappropriation is material to our business, certain export control regulations may have been violated. ASML reported the incident to relevant authorities. In connection with any proceedings and claims, our management evaluates, based on the relevant facts and legal principles, the likelihood of an unfavorable (or favorable) outcome, and whether the amount of the loss (or gain) can be reasonably estimated. Judgment is required in these evaluations, including judgments regarding the validity of asserted claims and the likely outcome of legal and administrative proceedings. The outcome of these proceedings, however, is subject to a number of factors beyond our control, most notably the uncertainty associated with predicting decisions by courts and administrative agencies. In addition, estimates of the potential costs (or gains) associated with legal and administrative proceedings frequently cannot be subjected to any sensitivity analysis, as damage estimates or settlement offers by claimants may bear little or no relation to the eventual outcome. Finally, in any particular proceeding, we may agree to settle or to terminate a claim or proceeding in which we believe that it would ultimately prevail where we believe that doing so, when taken together with other relevant commercial considerations, is more effective than engaging in an expensive and protracted litigation, the outcome of which is uncertain. |
Employee benefits | Contributions to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution plans where our obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. We maintai n one multi-employer union defined benefit pension plan and various other defined contribution pension plans covering a substantial number of our employees. ASML accounts for its multi-employer defined benefit plan as if it were a defined contribution plan for the following reasons: • ASML is affiliated to an industry-wide pension fund and uses the pension scheme in common with other participating companies • Under the regulations of the pension plan, the only obligation these participating companies have towards the pension fund is to pay the annual premium liability. Participating companies are under no obligation whatsoever to pay off any deficits the pension plan may incur. Nor have they any claim to any potential surpluses |
Share-based compensation | Long-term incentive bonus plans Our LTI plans are covered by an overarching Employee Umbrella Share Plan, which is effective as of January 1, 2014, and covers all employees. The main purpose of the grants of Equity Incentives under this Employee Umbrella Share Plan is to continue to attract, reward and retain qualified and experienced industry professionals in an international labor market. All grants under the Employee Umbrella Share Pla n typically have a 2.5 to 3 year vesting period and are subject to performance and/or service criteria. As part of our LTI bonus, employees can be granted either a service or performance share-based payment plan . For service-type plans, shares are granted at grant date and after having been in service for a set period, the participant is awarded these shares at the vesting date. For performance plans, the same conditions apply as a service-type plan. Additionally, the shares are conditionally granted and awarded based on the company specific performance criteria, which can be split between market and non-market-based elements. These shares vest after completion of the service period and the performance reached at vesting date. The General Meeting approved the adoption of the most recent Remuneration Policy for the Board of Management and the number of shares to be issued. The most recent Remuneration Policy includes the target and maximum levels of the LTI plans , the performance measures and payout zone percentages. The policies for employees are approved by the Board of Management. The General Meeting also approved the restrictions and limits to the Board of Management for issuance/granting of ordinary shares, limits for restricting or excluding the preemption rights accruing to shareholder and the restrictions and limits to the Board of Management for repurchasing ordinary shares on behalf of the company. The table below shows the performanc e criteria and the corresponding weight of the LTI performance plans granted in 2023 . LTI performance plan criteria Market/Non-Market element Weight Relative TSR Market 30 % Strategic value drivers Non-Market 30 % Technology Leadership Index Non-Market 20 % ESG Measures Non-Market 20 % Total 100 % The fair value of the market-based element is measured at the grant date incorporating the expected vesting and expected value at vesting, using a tailored Monte Carlo simulation model. The fair value of the service plans and the non-market-based elements of the performance plans is the share price at grant date less the present value of expected dividends during the vesting period, as participants are not entitled to dividends payable and voting rights during the vesting period. The likelihood of the conditions being met for service and non-market performance plans is assessed as part of the company’s best estimate of the number of equity instruments that will ultimately vest. Participants are entitled to a conditional grant of company shares upon awarding. Performance plans are subject to cliff vesting and are accounted for on a straight-line basis. Service only plans are subject to graded vesting. Each installment of the plan is therefore accounted as a separate grant with a separate fair value. This means that each installment will be separately measured and attributed to expense over the related vesting period. Expenses for the market-based element are recognized during vesting at a fixed vesting level (as the vesting expectation is incorporated in the fair value) provided that all other performance conditions are met. Expenses for the non-market- based elements and service plans are recognized during vesting at expected vesting levels, which are updated during vesting period as necessary, with a final update/adjustment at vesting date. All share-based remuneration expenses are recognized as personnel expense, with a corresponding entry in equity, during the vesting period of the award. Share-based remuneration expenses are included in the same income statement line or lines in the functional grouped Consolidated Statement of Operations as the compensation paid to the employees receiving the stock- based awards. The grant-date fair value of stock options was estimated using a Black-Scholes option valuation model. This Black- Scholes model required the use of assumptions, including expected share price volatility, the estimated life of each award and the estimated dividend yield. The risk-free interest rate used in the model is determined, based on an index populated with euro-denominated European government agency bonds with high credit ratings and with a life equal to the expected life of the equity-settled share-based payments . Our option plans typically vest over a 3 -year service period with any unexercised stock options expiring 10 years after the grant date. Options granted have fixed exercise prices equal to the closing price of our shares listed at Euronext Amsterdam on grant date. The purchase of shares against the exercise price is settled with the employees involved through deductions on their salary and the issuance of shares upon exercising the stock options is deducted from our treasury shares. Employee purchase plans are accounted on an accrual basis. The shares for employee purchase plans are issued on a quarterly basis and the share purchase price is based on the closing share price of our listed shares on grant date, |
Income taxes | Accounting Policy The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the tax effect of operating loss and tax credit carry forwards as well as for tax consequences attributable to differences between the balance sheets carrying amounts of existing assets and liabilities and their respective tax bases . If it is more likely than not that the carrying amounts of deferred tax assets will not be realized, a valuation allowance is recorded for the difference . Income t ax expense includes current and deferred taxes on profit, related interest and penalties and non-recoverable withholding taxes that qualify as income tax , as well as actual or potential withholding taxes on current and expected dividend income from group companies. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences , operating loss carry forwards and tax credit carry forwards are expected to be recovered or settled . The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. Deferred income taxes originally recognized through OCI are recycled through earnings in future periods upon release of the connected item from OCI to the statement of income. We assess unrecognized tax benefits based on a two-step process . The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While we believe we have appropriate support for the positions taken on our tax returns, we regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our income tax expense, and adjust the income tax expense, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. Income taxes are affecting our Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income and Consolidated Balance Shee ts. The disclosure of the income taxes is therefore split into: • Income tax expense • Liability for unrecognized tax benefits • Deferred taxes |
Net income per ordinary share | Basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding for that period. The dilutive effect is calculated using the treasury stock method by dividing net income by the weighted average number of ordinary shares outstanding for that period plus shares applicable to options and conditional shares (dilutive potential ordinary shares). The calculation of diluted net income per ordinary share does not assume exercise of options when exercise would be anti-dilutive. Excluded from the diluted weighted average number of shares outstanding calculation are cumulative preference shares contingently issuable to the preference share foundation, |
Foreign currency risk policy | Foreign currency risk policy It is our policy to hedge material transaction exposures, such as forecasted sales and purchase transactions. We hedge these exposures through the use of forward foreign exchange contracts . |
Financial instruments | Accounting Policy – Derivative financial instruments and hedging activities We measure all derivative financial instruments based on fair values derived from level 2 input criteria. We adopt hedge accounting for hedges that are highly effective in offsetting the identified hedged risks taking into account required effectiveness criteria. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and subsequently remeasured. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. We designate derivatives as one of the following: • A hedge of an exposure relating to changes in the fair value of a recognized asset or liability, that is attributable to a particular risk (fair value hedge); • A hedge of an exposure relating to the variability in the cash flows of a recognized asset or liability, or of a forecasted transaction, that is attributable to a particular risk (cash flow hedge); • A hedge of the foreign currency exposure relating to a net investment in a foreign operation (net investment hedge). We assess at the inception of the transaction the relationship between hedging instruments and hedged items, as well as our risk management objectives and strategy for undertaking various hedging transactions . We also assess, both at hedge inception and on an ongoing basis, whether derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The cash flows resulting from the derivative financial instruments are classified in the Consolidated Statements of Cash Flows according to the nature of the hedged item. Fair value hedge Changes in the fair value of a derivative financial instrument, that is designated and qualified as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in the Consolidated Statements of Operations. Hedge accounting is discontinued when we revoke the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. The adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized to the Consolidated Statements of Operations from that date. Interest rate swaps that are being used to hedge the fair value of fixed loan coupons payable are designated as fair value hedges. The change in fair value is intended to offset the change in the fair value of the underlying fixed loan coupons, which is recorded accordingly. The gain or loss relating to the ineffective portion of interest rate swaps hedging fixed loan coupons payable is recognized in the Consolidated Statements of Operations as Interest and other, net. Cash flow hedge Changes in the fair value of a derivative that is designated and qualified as a cash flow hedge are recorded in OCI, net of taxes, until the underlying hedged transaction is recognized in the Consolidated Statements of Operations. In the event that the underlying hedge transaction will not occur within the specified time period, the gain or loss on the related cash flow hedge is released from OCI and included in the Consolidated Statements of Operations, unless extenuating circumstances exist that are related to the nature of the forecasted transaction and are outside our control or influence and which cause the forecasted transaction to be probable of occurring on a date that is beyond the specified time period. Foreign currency hedging instruments that are being used to hedge cash flows related to forecasted sales or purchase transactions in non-functional currencies are designated as cash flow hedges. The gain or loss relating to the ineffective portion of the foreign currency hedging instruments is recognized in the Consolidated Statements of Operations in N et sales or Cost of sales. |
Revenue from contracts with c_2
Revenue from contracts with customer (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of goods or services, nature, timing of satisfying the performance obligations, and significant payment terms | Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms New systems (established technologies) New systems sales include i-line, KrF, ArF, ArFi and NXE-related systems, along with the related factory options ordered with the base system, as well as metrology and inspection systems. Prior to shipment, the majority of our systems undergo a Factory Acceptance Test (FAT) in our cleanroom facilities, effectively replicating the operating conditions that will be present on the customer’s site, in order to verify whether the system meets its standard specifications and any additional technical and performance criteria agreed with the customer. A system undergoing FAT is shipped only after all contractual specifications are met or discrepancies from agreed upon specifications are waived and customer sign-off is received for delivery. Each system’s performance is re-tested through a Site Acceptance Test (SAT) after installation at the customer site. We have never failed to successfully complete installation of a system at a customer’s premises; therefore, acceptance at FAT is considered to be proven for established technologies with a history of successful customer acceptances at SAT (equal or better than FAT). Transfer of control and recognition of revenue of a system undergoing a FAT and for which customer acceptance at FAT is proven, will occur upon delivery of the system. Transfer of control and recognition of revenue of a system not undergoing a FAT or for which customer acceptance at FAT is not proven, will occur after successful installation upon customer acceptance of the system at SAT. New system sales do not meet the requirements for over time revenue recognition because our customers do not simultaneously receive and consume the benefits provided by our performance, or control the asset throughout any stage of our production process, as well as the systems are considered to have alternative use. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms Used systems We have no repurchase commitments in our general sales terms and conditions, however we occasionally repurchase systems that we previously manufactured and sold, in order to refurbish and resell the system to a different customer. This repurchase decision is mainly driven by market demand expressed by other customers. Transfer of control of a used system, and recognition of revenue, follow the same logic as for our “New systems (established technologies)”. Field upgrades and options (system enhancements) Field upgrades and options mainly relate to goods and services that are delivered for systems already installed in the customer factories. Certain upgrades require significant installation efforts, enhancing an asset the customer controls, therefore resulting in transfer of control over the period of installation, measured using the cost incurred method which is estimated using labor hours, as this best depicts the satisfaction of our obligation in transferring control. For the options and other upgrades for which the customer receives and consumes the benefit at the moment of delivery, the transfer of control and recognition of revenue will occur upon delivery. As long as we are not able to make a reliable estimate of the total efforts needed to complete the upgrade, we only recognize revenue to cover costs incurred. Margin will be realized at the earlier of us being able to make a reliable estimate or completion of the upgrade. New product introduction We sell new products and services, which are evolutions of our existing technologies. If installation is determined not to be a separate performance obligation or if there is not a sufficient established history of acceptance on FAT, the product is determined to be a “new product introduction”. New product introductions are typically newly developed options to be used within our systems. Transfer of control and revenue recognition for new product introductions occurs after successful installation and customer acceptance at SAT. Once there is an established history of successful installation and customer acceptance, revenue will be recognized consistent with other systems and goods after transfer of control. Installation Installation is provided within the selling price of a system. Installation is considered to be distinct as it does not significantly modify the system being purchased and the customer or a third party could be capable of performing the installation themselves, if desired. Transfer of control takes place over the period of installation from delivery through SAT, measured on a straight-line basis, as our performance is satisfied evenly over this period of time. Installation is not considered to be distinct when recognition of revenue related to a system occurs upon customer acceptance of the system at SAT after installation is complete. Warranties We provide standard warranty coverage on our systems for 12 months , providing labor and non-consumable parts necessary to repair our systems during these warranty periods. These standard warranties cannot be purchased and do not provide a service in addition to the general assurance the system will perform as promised. As a result, no revenue is allocated to these standard warranties. Both the extended and enhanced warranties on our systems are accounted for as a separate performance obligation, with transfer of control taking place over the warranty period, measured on a straight-line basis, as this is a stand-ready obligation. Goods or services Nature, timing of satisfying the performance obligations, and significant payment terms Time-based licenses and related service Time-based licenses relate to software licenses and the related service which are sold for a period of time. The licenses and the related service are not considered to be individually distinct as the support services are integral to the customer’s ability to continue to use the software license in the rapidly changing technological environment. The transfer of control takes place over the license term, measured on a straight-line basis, as our performance is satisfied evenly over this period of time. Payments are generally made in installments throughout the license term. Application projects Application projects are node transition and consulting projects which at times may be provided as free service within a volume purchase agreement. Measuring satisfaction of this performance obligation is performed through an input method based on the labor hours expended relative to the estimated total labor hours as this best depicts the transfer of control of these kind of services. Service contracts Service contracts are entered into with our customers to support our systems used in their ongoing operations during the systems life cycle, typically in the form of full-service agreements, limited manpower agreements, other labor agreements, parts availability or parts usage agreements. These services are for a specified period of time and typically have a fixed price. Control transfers over this period of time, measured on a straight-line basis, as these are stand-ready obligations. For service contracts where the price is not fixed, the transaction price has a variable component that is based on the performance of the system. Billable parts and labor Billable labor represents maintenance services to our systems installed in the customer’s factories while in operation, through purchase orders from our customer. Control over these services is transferred to the customer upon receipt of customer sign-off. Billable parts represent spare parts including optical components relating to our systems installed in the customer’s factories while in operation, through purchase orders from our customer. Billable parts can be: • Sold as direct spare parts, for which control transfers point in time upon delivery; or • Sold as part of maintenance services, where control transfers point in time upon receipt of customer sign-off. Field projects (relocations) Field projects represent mainly relocation services. Measuring satisfaction of this performance obligation is performed through an input method based on the labor hours expended relative to the estimated total labor hours as this best depicts the transfer of control of our service. OnPulse Maintenance OnPulse maintenance services are provided over a specified period of time on our light source systems. Payment is determined by the number of pulses counted from each light source system, which is variable. Invoicing is monthly based on the pulses counted. Revenue is recognized in line with invoicing using the practical expedient in ASC 606-10-55-18. |
Schedule of net system sales in units | Net system sales per technology were as follows: Year ended December 31 Net system sales in units Net system sales in € millions 2023 NXE 53 9,124.0 ArFi 125 9,017.4 ArF dry 32 780.2 KrF 184 2,202.5 I-line 55 278.4 Metrology & Inspection 151 536.1 Total 600 21,938.6 2022 NXE 40 7,045.3 ArFi 81 5,236.5 ArF dry 28 623.7 KrF 151 1,653.7 I-line 45 211.5 Metrology & Inspection 216 659.6 Total 561 15,430.3 2021 NXE 42 6,284.0 ArFi 81 4,959.6 ArF dry 22 431.9 KrF 131 1,321.3 I-line 33 142.3 Metrology & Inspection 196 513.7 Total 505 13,652.8 Net system sales per end-use were as follows: Year ended December 31 Net system sales in units Net system sales in € millions 2023 Logic 439 15,984.7 Memory 161 5,953.9 Total 600 21,938.6 2022 Logic 357 9,977.6 Memory 204 5,452.7 Total 561 15,430.3 2021 Logic 327 9,588.5 Memory 178 4,064.3 Total 505 13,652.8 |
Schedule of changes in contracts with customer, assets and liabilities | Significant changes in the contract assets and the contract liabilities balances during the periods are as follows. Year ended December 31 (€, in millions) 2022 2023 Contract Assets Contract Liabilities Contract Assets Contract Liabilities Balance at beginning of the year 164.6 11,160.9 131.9 17,750.9 Transferred from contract assets to accounts receivables (393.4) — (402.0) — Revenue recognized during the year ending in contract assets 116.5 — 135.1 — Revenue recognized that was included in contract liabilities — (6,326.6) — (11,106.1) Changes as a result of cumulative catch-up adjustments arising from changes in estimates — (118.0) — (24.9) Remaining performance obligations for which considerations have been received, or for which we have an unconditional right to consideration — 12,790.4 — 9,416.3 Transfer between contract assets and liabilities 244.2 244.2 375.1 375.1 Other — — — (144.8) Total 131.9 17,750.9 240.1 16,266.5 |
Segment disclosure (Tables)
Segment disclosure (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Net Sales for New and Used Systems | Net system sales for new and used systems were as follows: Year ended December 31 (€, in millions) 2021 2022 2023 New systems 13,446.1 15,152.3 21,622.4 Used systems 206.7 278.0 316.2 Net system sales 13,652.8 15,430.3 21,938.6 |
Net Sales and Long-lived Assets by Geographic Region | Total net sales and long-lived assets by geographic region were as follows: Year ended December 31 (€, in millions) Total net sales Long-lived assets 2023 Japan 613.6 10.4 South Korea 6,949.2 148.1 Singapore 282.1 5.0 Taiwan 8,074.6 354.5 China 7,251.8 48.6 Rest of Asia 3.9 0.2 Netherlands 25.1 3,783.6 EMEA 1,206.8 314.5 United States 3,151.4 1,134.9 Total 27,558.5 5,799.8 Year ended December 31 (€, in millions) Total net sales Long-lived assets 2022 Japan 1,008.6 7.9 South Korea 6,045.6 85.4 Singapore 475.5 5.5 Taiwan 8,095.5 216.3 China 2,916.0 40.8 Rest of Asia 7.2 0.2 Netherlands 9.2 2,748.5 EMEA 624.5 228.5 United States 1,991.3 803.8 Total 21,173.4 4,136.9 2021 Japan 459.3 5.5 South Korea 6,223.0 61.2 Singapore 126.2 7.3 Taiwan 7,327.9 163.6 China 2,740.8 17.0 Rest of Asia 1.8 0.2 Netherlands 14.2 2,048.1 EMEA 134.6 124.0 United States 1,583.2 555.8 Total 18,611.0 2,982.7 |
Cash and cash equivalents and_2
Cash and cash equivalents and short-term investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Cash and Cash Equivalents and Short-Term Investments | Cash and cash equivalents and short-term investments consist of the fo llowing : Year ended December 31 (€, in millions) 2022 2023 Deposits with financial institutions, governments and government-related bodies 2,548.1 1,348.7 Investments in money market funds 3,196.7 3,167.4 Bank accounts 1,523.5 2,488.6 Cash and cash equivalents 7,268.3 7,004.7 Deposits with financial institutions, governments and government-related bodies 107.7 5.4 Short-term investments 107.7 5.4 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | A ccounts receivable consist of the following : Year ended December 31 (€, in millions) 2022 2023 Accounts receivable, gross 5,327.9 4,334.1 Allowance for credit losses (4.1) — Accounts receivable, net 5,323.8 4,334.1 |
Finance receivables, net (Table
Finance receivables, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Components of Finance Receivables | The following table lists the components of the finance receivables as of December 31, 2023 and 2022 : Year ended December 31 (€, in millions) 2022 2023 Finance receivables, gross 1,356.7 1,439.8 Unearned interest — — Finance receivables, net 1,356.7 1,439.8 Current portion of finance receivables, gross 1,356.7 1,379.2 Current portion of unearned interest — — Non-current portion of finance receivables, net — 60.6 |
Finance Receivables Due for Payment | At December 31, 2023 , payment of the finance receivables in the next five years and thereafter are : (€, in millions) Amount 2024 1,379.2 2025 60.6 2026 — 2027 — 2028 — Thereafter — Finance receivables, gross 1,439.8 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: Year ended December 31 (€, in millions) 2022 2023 Raw materials 3,198.9 4,057.3 Work-in-process 2,163.9 3,388.1 Finished products 2,303.8 2,098.5 Inventories, gross 7,666.6 9,543.9 Inventory reserves (466.9) (693.2) Inventories, net 7,199.7 8,850.7 |
Allowance for Obsolescence and/or Lower Market Value | A summary of movements in the i nventory reserves is as follows: Year ended December 31 (€, in millions) 2022 2023 Balance at beginning of year (418.0) (466.9) Additions for the year (278.5) (485.3) Effect of changes in exchange rates (1.1) 2.4 Utilization of the reserve 230.7 256.6 Balance at end of year (466.9) (693.2) |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | Other current and non-current assets consist of the following: Year ended December 31 (€, in millions) 2022 2023 Advance payments to Carl Zeiss SMT GmbH 1 479.9 691.9 Prepaid expenses 678.6 472.1 Derivative financial instruments 2 17.3 19.8 VAT receivable 201.2 302.2 Other assets 266.4 92.5 Other current assets 1,643.4 1,578.5 Advance payments to Carl Zeiss SMT GmbH 1 620.4 490.8 Prepaid expenses 32.4 40.9 Derivative financial instruments 2 — 11.3 Compensation plan assets 71.1 95.2 Other assets 15.9 13.6 Other non-current assets 739.8 651.8 1. For further details on advance payments to Carl Zeiss SMT GmbH see Note 26 Related parties and variable interest entities . 2. For further details on derivative financial instruments see Note 25 Financial risk management . |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets Useful Lives | The following table shows the respective useful lives for intangible assets: Category Estimated useful life Brands 20 years Intellectual property 3 – 10 years Developed technology 6 – 15 years Customer relationships 8 – 18 years Other 2 – 10 years |
Finite-Lived Other Intangible Assets | A s of December 31, 2023 , intangible assets consist mainly of brands, intellectual property, developed technology and customer relationships obtained from the acquisitions of HMI (2016) and Cymer (2013): €, in millions Brands Intellectual property Developed technology Customer relationships Other Total Cost Balance at January 1, 2022 38.9 144.8 1,220.2 228.6 190.0 1,822.5 Additions — 1.5 — — 32.5 34.0 Disposals — — — — (1.6) (1.6) Effect of changes in exchange rates — 0.8 — — 1.6 2.4 Balance at December 31, 2022 38.9 147.1 1,220.2 228.6 222.5 1,857.3 Additions — — — — 39.3 39.3 Disposals — — — — (0.3) (0.3) Effect of changes in exchange rates — — — — (1.4) (1.4) Balance at December 31, 2023 38.9 147.1 1,220.2 228.6 260.1 1,894.9 Accumulated amortization Balance at January 1, 2022 13.0 87.2 594.0 108.6 67.6 870.4 Amortization 1.9 8.6 83.4 12.7 28.5 135.1 Impairment charges — — — — 9.2 9.2 Disposals — — — — (1.4) (1.4) Effect of changes in exchange rates — — — — 1.6 1.6 Balance at December 31, 2022 14.9 95.8 677.4 121.3 105.5 1,014.9 Amortization 1.9 8.3 76.8 12.7 27.9 127.6 Impairment charges — — — — 11.1 11.1 Disposals — — — — (0.3) (0.3) Effect of changes in exchange rates — — — — (0.1) (0.1) Balance at December 31, 2023 16.8 104.1 754.2 134.0 144.1 1,153.2 Carrying amount December 31, 2022 24.0 51.3 542.8 107.3 117.0 842.4 December 31, 2023 22.1 43.0 466.0 94.6 116.0 741.7 |
Finite-Lived Intangible Assets Amortization Expense | The Consolidated Statements of Operations include the following amortization charges: Year ended December 31 (€, in millions) 2021 2022 2023 Cost of Sales 107.8 105.9 102.7 R&D Costs 14.5 18.2 19.5 SG&A 10.7 11.0 5.4 Total Amortization 133.0 135.1 127.6 |
Future Amortization Expenses | As of December 31, 2023 , the estimated amortization expenses for intangible assets for the next five years an d thereafter is as follows: €, in millions Amount 2024 124.9 2025 122.8 2026 117.5 2027 114.3 2028 93.3 Thereafter 168.9 Total 741.7 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment by Useful Life | The following table shows the respective useful lives for Property, plant and equipment: Category Estimated useful life Buildings 5 – 45 years Machinery and equipment 1 – 7 years Leasehold improvements 1 – 10 years Furniture, fixtures and other 3 – 5 years |
Property, Plant and Equipment | Property, plant and equipment consists of the following: €, in millions Land and buildings Machinery and equipment Leasehold improvements Furniture, fixtures and other Total Cost Balance at January 1, 2022 2,803.7 2,028.7 368.6 414.1 5,615.1 Additions 510.9 665.4 34.4 87.6 1,298.3 Disposals (1.3) (42.2) (1.0) (3.0) (47.5) Net non-cash movements to/from Inventories — 129.2 — — 129.2 Effect of changes in exchange rates 0.7 (3.5) (1.2) (1.7) (5.7) Balance at December 31, 2022 3,314.0 2,777.6 400.8 497.0 6,989.4 Additions 1,019.3 1,050.2 79.7 94.4 2,243.6 Disposals (1.6) (45.1) (0.8) (2.1) (49.6) Net non-cash movements to/from Inventories — (75.3) — — (75.3) Effect of changes in exchange rates (8.3) (17.4) (1.2) (1.4) (28.3) Balance at December 31, 2023 4,323.4 3,690.0 478.5 587.9 9,079.8 Accumulated depreciation and impairment Balance at January 1, 2022 947.7 1,115.6 311.0 258.1 2,632.4 Depreciation 134.8 232.6 21.9 55.9 445.2 Impairment charges 10.9 6.4 0.5 — 17.8 Disposals (2.3) (29.5) (0.9) (2.4) (35.1) Net non-cash movements to/from Inventories — (10.9) — — (10.9) Effect of changes in exchange rates (0.5) (1.9) (0.6) (1.2) (4.2) Balance at December 31, 2022 1,090.6 1,312.3 331.9 310.4 3,045.2 Depreciation 154.2 352.0 31.0 68.4 605.6 Impairment charges 2.9 15.0 — — 17.9 Disposals (0.6) (37.7) (0.7) (2.0) (41.0) Net non-cash movements to/from Inventories — (29.3) — — (29.3) Effect of changes in exchange rates (4.0) (6.7) (0.7) (0.4) (11.8) Balance at December 31, 2023 1,243.1 1,605.6 361.5 376.4 3,586.6 €, in millions Land and buildings Machinery and equipment Leasehold improvements Furniture, fixtures and other Total Carrying amount December 31, 2022 2,223.4 1,465.3 68.9 186.6 3,944.2 December 31, 2023 3,080.3 2,084.4 117.0 211.5 5,493.2 |
Depreciation Charges by Expense Classification | The Consolidated Statements of Operations include the following depreciation charges: Year ended December 31 (€, in millions) 2021 2022 2023 Cost of Sales 188.6 248.2 330.4 R&D Costs 101.4 163.7 236.2 SG&A 31.6 33.3 39.0 Total Depreciation 321.6 445.2 605.6 |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Right-of-Use Asset Operating/Finance Lease by Category | Right-of-use assets consist of the following leases: Year ended December 31 (€, in millions) 2022 2023 Properties 148.9 270.3 Cars 5.1 5.4 Warehouses 38.0 30.3 Other 0.7 0.6 Right-of-use assets 192.7 306.6 Year ended December 31 (€, in millions) 2022 2023 Current 47.6 46.7 Non-current 151.5 181.2 Lease liabilities 199.1 227.9 |
Schedule of lease cost | The Consolidated Statements of Operations include the following lease expenses: Year ended December 31 (€, in millions) 2021 2022 2023 Properties 52.2 52.3 40.4 Cars 4.8 2.7 5.9 Warehouses 3.0 4.0 5.9 Other 2.4 1.4 0.8 Lease expenses 62.4 60.4 53.0 The total cash flows relating to the leases are as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Total cash flows 68.9 57.9 148.2 The total cash flow increased in 2023 compared to 2022 due to a prepayment of a new land leas e €85 million . The weighted average remaining lease term and weighted average discount rate related to the leases are as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Weighted average remaining lease term (months) 62 67 365 Weighted average discount rate (%) 1.9 % 2.2 % 2.5 % |
Accrued and other liabilities (
Accrued and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | Accrued and other liabilities consist of the following: Year ended December 31 (€, in millions) 2022 2023 Costs to be paid 1 511.6 632.7 Personnel-related items 1,070.9 1,328.5 Derivative financial instruments 2 261.2 156.7 Operating lease liabilities 3 196.7 227.2 Provisions 90.5 76.7 Standard warranty reserve 143.6 142.3 Other 56.3 14.4 Accrued and other liabilities 2,330.8 2,578.5 Less: non-current portion of accrued and other liabilities 454.9 401.2 Current portion of accrued and other liabilities 1,875.9 2,177.4 1. Costs to be paid includes an amount payable to related parties. For further details see Note 26 Related parties and variable interest entities . 2. For further details on derivative financial instruments see Note 25 Financial risk management . 3. For further details on lease liabilities see Note 14 Right-of-use assets and lease liabilities . |
Changes in Standard Warranty Reserve | Total changes in standard warranty reserve for the years 2023 and 2022 , are as follows : Year ended December 31 (€, in millions) 2022 2023 Balance at beginning of year 145.3 143.6 Additions for the year 191.5 232.2 Utilization of the reserve (193.5) (233.3) Effect of exchange rates 0.3 (0.2) Balance at end of year 143.6 142.3 |
Long-term debt and interest a_2
Long-term debt and interest and other costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term deb t consists of the following (amounts for bonds represent carrying amount, not the principle amount) : Year ended December 31 (€, in millions) 2022 2023 €750 million 3.375% senior notes issued September 2013 and principal due September 19th 2023 interest annually payable on September 19th 744.6 — €1,000 million 1.375% senior notes issued July 2016 and principal due July 7th 2026 interest annually payable on July 7th 893.9 936.8 €750 million 1.625% senior notes issued November 2016 and principal due May 28th 2027 interest annually payable on May 28th 666.8 701.3 €750 million 0.250% senior notes issued February 2020 and principal due February 25th 2030 interest annually payable on February 25th 742.7 743.7 €750 million 0.625% senior notes issued May 2020 and principal due May 7th 2029 interest annually payable on May 7th 747.5 747.9 €500 million 2.250% senior notes issued May 2022 and principal due May 17th 2032 interest annually payable on May 17th 440.3 472.1 €1,000 million 3.500% senior notes issued June 2023 and principal due December 6th 2025 interest annually payable on December 6th — 1,008.6 Debt acquired from Berliner Glas (ASML Berlin GmbH) 22.3 20.5 Other 2.3 0.7 Long-term debt 4,260.4 4,631.6 Less: current portion of long-term debt 746.2 0.1 Non-current portion of long-term debt 3,514.2 4,631.5 |
Principal Repayments and Other Borrowing Arrangements | Our obligations to make principal repayments under our senior notes and other borrowing arrangements excluding interest expense as of December 31, 2023 are as follows: €, in millions Amount 2024 0.1 2025 1,004.2 2026 1,002.0 2027 752.0 2028 2.0 Thereafter 2,011.0 Total debt maturities 4,771.3 |
Summary of Carrying Amount of Outstanding Eurobonds and Fair Value of Interest Rate Swaps | The following table summarizes the carrying amount of our outstanding Eurobonds, including the fair value of interest rate swaps used to hedge the change in the fair value of the Eurobonds: Year ended December 31 (€, in millions) 2022 2023 Amortized cost amount 4,479.0 4,731.7 Fair value interest rate swaps 1 (243.2) (121.3) Carrying amount 4,235.8 4,610.4 1. The fair value of the interest rate swaps excludes accrued interest. |
Estimated Fair Value of Eurobonds | The following table summarizes the estimated fair value of our Eurobonds: Year ended December 31 (€, in millions) 2022 2023 Principal amount 4,500.0 4,750.0 Carrying amount 4,235.8 4,610.4 Fair value 1 4,072.8 4,496.2 1. Source: Bloomberg Finance LP. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations | O ur contractual obligations as of December 31, 2023 can be summarized as follo ws : Payments due by period (€, in billions) Total 1 year 2 years 3 years 4 years 5 years >5 years Long-term debt obligations, including interest 1 5.1 0.1 1.1 1.0 0.8 — 2.1 Lease obligations 2 0.2 0.1 — — — — 0.1 Purchase obligations 14.1 10.7 1.8 0.8 0.4 0.2 0.2 Total contractual obligations 19.4 10.9 2.9 1.8 1.2 0.2 2.4 1. Long-term debt obligations mainly relate to principal amounts and interest payments of our Eurobonds. For the amounts excluding interest expenses and for further details see Note 16 Long-term debt and interest and other costs . 2. For further details see Note 14 Right-of-use assets and lease liabilities . |
Personnel expenses and employ_2
Personnel expenses and employee information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Personnel Expenses for All Payroll Employees | Personnel expenses for all payroll employees were as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Wages and salaries 2,842.7 3,502.5 4,447.0 Social security expenses 249.8 300.7 410.5 Pension and retirement expenses 229.2 255.9 348.9 Share-based payments 117.5 68.9 134.8 Personnel expenses 3,439.2 4,128.0 5,341.2 |
Average Number of Payroll Employees in FTEs | The average number of payroll employees in FTEs was: Average number of payroll employees in FTEs 2021 2022 2023 Netherlands 14,222 16,722 19,876 Worldwide (including Netherlands) 28,223 33,071 38,805 |
Total Number of Payroll and Temporary Personnel Employed in FTE's Per Sector | The total number of payroll and temporary employees as of December 31 in FTE per sector was: Year ended December 31 (in FTE) 2021 2022 2023 Customer Support 7,485 8,901 9,851 Manufacturing and Supply Chain Management 8,237 9,953 9,954 Strategic Supply Management 707 1,541 2,033 General and Administrative 2,761 3,768 4,035 Sales and Mature Products and Services 766 742 939 Research and Development 12,060 14,181 15,604 Total 32,016 39,086 42,416 Less: Temporary employees 2,155 2,974 2,107 Payroll employees 29,861 36,112 40,309 |
Schedule of Short-Term Incentives | The STI bonus expenses for the (former) Board of Management and other employees were as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Board of Management 4.4 3.8 6.0 Former Board of Management 0.2 — — Other employees 423.5 629.6 712.6 Total STI bonus expenses 428.1 633.4 718.6 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Pension and Retirement Expenses | Our pension and retirement expenses for all employees for the years ended December 31, 2023 , 2022 and 2021 , were: Year ended December 31 (€, in millions) 2021 2022 2023 Pension plan based on multi-employer union plan 161.7 181.2 244.4 Pension plans based on defined contribution and other plans 67.5 74.7 104.5 Pension and retirement expenses 229.2 255.9 348.9 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Schedule of Share-Based Payment Arrangement By Share-Based Payment Award, Performance Criteria | The table below shows the performanc e criteria and the corresponding weight of the LTI performance plans granted in 2023 . LTI performance plan criteria Market/Non-Market element Weight Relative TSR Market 30 % Strategic value drivers Non-Market 30 % Technology Leadership Index Non-Market 20 % ESG Measures Non-Market 20 % Total 100 % |
Schedule of Assumptions Used for Calculation of the Fair Value of Shares | The most important assumptions for the calculation of the fair value of shares for the LTI performance plans, which include a market-based performance criteria, are set out in the following t able: Year ended December 31 2021 2022 2023 Share price in € at grant date 462.9 548.0 620.1 Expected volatility ASML 38.5 % 41.8 % 46.2 % Expected volatility PHLX index 35.3 % n/a n/a Average volatility of the peer group (market practice) n/a 47.8 % 50.0 % Vesting period 2.9 years 2.7 years 2.9 years Dividend yield 0.6 % 1.0 % 0.9 % Risk free interest rate (Eurozone) (0.8) % 0.5 % 2.4 % Risk free interest rate (US) 0.2 % 2.8 % 3.9 % |
Schedule of Expenses for Share Plans | Expenses for LTI plans, including the Board of Manageme nt, were as foll ows: Year ended December 31 (€, in millions) 2021 2022 2023 Total incurred expenses 117.5 68.9 134.8 Recognized income tax benefit (excluding excess income tax benefits) 8.2 10.2 16.3 Total expected expenses in future periods 125.4 113.0 187.2 Weighted average period in which these expected expenses are to be recognized 1.7 years 1.4 years 1.6 years |
Schedule of Shares Activity During Period | Details with respect to shares granted and vested during the year are set out in the following table: EUR-denominated USD-denominated Year ended December 31 2021 2022 2023 2021 2022 2023 Total fair value at vesting date of shares vested during the year (in millions) 156.9 120.6 175.5 164.0 149.6 127.0 Weighted average fair value of shares granted 547.79 578.65 587.42 498.64 553.61 624.10 A summary of the status of conditionally outstanding shares as of December 31 , 2023 , and changes during the year ended December 31, 2023 , is presented below: EUR-denominated USD-denominated Number of shares Weighted average fair value at grant date Number of shares Weighted average fair value at grant date Conditional shares outstanding at January 1, 2023 292,765 434.10 238,394 542.22 Granted 244,069 587.42 295,235 624.10 Vested (257,451) 425.34 (167,746) 515.96 Forfeited (3,812) 557.77 (2,764) 622.98 Conditional shares outstanding at December 31, 2023 275,571 576.37 363,119 620.31 Details with respect to stock options exercised and outstanding are set out in the following table: EUR-denominated USD-denominated Year ended December 31 2021 2022 2023 2021 2022 2023 Weighted average share price at the exercise date of stock options 583.33 494.14 613.03 658.16 565.39 678.41 Aggregate intrinsic value of stock options exercised (in millions) 5.7 4.4 8.1 4.1 1.6 4.8 Weighted average remaining contractual term of currently exercisable options (in years) 2.81 2.08 1.48 2.93 2.09 1.43 Aggregate intrinsic value of exercisable stock options (in millions) 36.7 20.3 19.7 24.9 14.6 15.9 Aggregate intrinsic value of outstanding stock options (in millions) 36.7 20.3 19.7 24.9 14.6 15.9 |
Schedule of Number and Weighted Average Exercise Prices of Stock Options Activity | The number and weighted average exercise prices of stock options as of December 31, 2023 , and changes during the year then ended are presented below: EUR-denominated USD-denominated Number of options Weighted average exercise price per ordinary share (EUR) Number of options Weighted average exercise price per ordinary share (USD) Outstanding, January 1, 2023 47,607 77.95 32,138 92.84 Granted 1 — — — — Exercised (14,768) 67.80 (8,175) 89.40 Forfeited — — — — Expired — — (1) 92.23 Outstanding, December 31, 2023 32,839 82.52 23,962 94.01 Exercisable, December 31, 2023 32,839 82.52 23,962 94.01 1. Since 2017, we no longer grant options to our employees. |
Schedule of Range of Exercise Prices, Number of Outstanding Options, and Weighted Average Remaining Contractual Life of Oustanding Options | Details with respect to stock options exercised in the relevant year and outstanding stock options as of December 31, 2023 , are set out in the following table: EUR-denominated USD-denominated Range of exercise prices (€) Number of outstanding options Weighted average remaining contractual life of outstanding (years) Range of exercise prices (USD) Number of outstanding options Weighted average remaining contractual life of outstanding (years) 50 – 60 1,936 0.30 50 – 60 — 0.00 60 – 70 2,457 0.31 60 – 70 — 0.00 70 – 80 8,444 1.34 70 – 80 — 0.00 80 – 90 9,966 1.84 80 – 90 7,569 0.97 90 – 100 10,036 1.75 90 – 100 10,087 1.59 100 – 110 — 0.00 100 – 110 6,306 1.73 Total 32,839 1.48 Total 23,962 1.43 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of (Provision for) Benefit from Income Taxes | The components of income tax expense are as follo ws , whereby ‘Income tax expense Netherlands’ represents the total tax expense on taxable income generated by our entities in the Netherlands and ‘Income tax expense Foreign’ represents the total tax expense on taxable income generated by our non-Dutch group entities. Hereby ‘Total income tax expense Netherlands’ includes withholding tax expense withheld at source on income paid by non-Dutch entities to the Netherlands . Year ended December 31 (€, in millions) 2021 2022 2023 Netherlands 5,982.8 5,881.0 8,453.5 Foreign 722.7 575.1 630.0 Income before income taxes 6,705.5 6,456.1 9,083.5 Income tax (expense) / benefit current (865.0) (818.4) (1,211.7) Income tax (expense) / benefit deferred (28.6) (44.4) (58.4) Income tax (expense) / benefit Netherlands (893.6) (862.8) (1,270.1) Income tax (expense) / benefit current (523.5) (678.3) (441.3) Income tax (expense) / benefit deferred 395.7 571.2 275.6 Income tax (expense) / benefit Foreign (127.8) (107.1) (165.7) Total income tax (expense) / benefit current (1,388.5) (1,496.7) (1,653.0) Total income tax (expense) / benefit deferred 367.1 526.8 217.2 Total income tax (expense) / benefit (1,021.4) (969.9) (1,435.8) Current and deferred tax (expense) / benefit can be further broken down into : Year ended December 31 (€, in millions) 2021 2022 2023 Current year tax (expense) / benefit (1,367.2) (1,440.9) (1,766.1) Prior year tax (expense) / benefit (21.3) (55.8) 113.1 Total current tax (expense) / benefit (1,388.5) (1,496.7) (1,653.0) Year ended December 31 (€, in millions) 2021 2022 2023 Changes to recognition of operating losses and tax credits (37.2) (41.2) 3.0 Prior year tax (expense) / benefit (2.4) 79.2 (85.2) Tax rate changes 1.5 (1.1) 13.5 Origination and reversal of temporary differences, operating losses and tax credits 405.2 489.9 285.9 Total deferred tax (expense) / benefit 367.1 526.8 217.2 |
Reconciliation Between (Provision for) Benefit from Income Taxes | The reconciliation of the income tax expense from the Dutch statutory rate to the effective income tax rate is as follows: Year ended December 31 (€, in millions) 2021 % 1 2022 % 1 2023 % 1 Income before income taxes 6,705.5 100.0 % 6,456.1 100.0 % 9,083.5 100.0 % Income tax expense based on ASML’s domestic rate (1,676.4) 25.0 % (1,665.7) 25.8 % (2,343.5) 25.8 % Effects of tax rates in foreign jurisdictions (4.6) 0.1 % 13.0 (0.2) % 14.7 (0.2) % Adjustments in respect of tax-exempt income — — % — — % 1.4 — % Adjustments in respect of tax incentives 727.3 (10.8) % 741.2 (11.5) % 941.9 (10.4) % Adjustments in respect of prior years’ current taxes (21.3) 0.3 % (55.8) 0.9 % 113.1 (1.2) % Adjustments in respect of prior years’ deferred taxes (2.4) — % 79.2 (1.2) % (85.2) 0.9 % Movements in the liability for unrecognized tax benefits (21.6) 0.3 % (9.9) 0.2 % (55.0) 0.6 % Tax effects in respect of acquisition/restructuring related items 35.9 (0.5) % — — % — — % Change in valuation allowance (37.2) 0.6 % (41.2) 0.6 % 3.0 — % Equity method investments (46.7) 0.7 % (38.3) 0.6 % (42.6) 0.5 % Effect of change in tax rates 1.5 — % (1.1) — % 13.5 (0.1) % Other (credits) and non-tax deductible items 24.1 (0.4) % 8.7 (0.1) % 2.9 — % Income tax expense (1,021.4) 15.2 % (969.9) 15.0 % (1,435.8) 15.8 % 1. As a percentage of income before income taxes. |
Liability for Unrecognized Tax Benefits and Deferred Tax Position Recorded on Consolidated Balance Sheets | The liability for unrecognized tax benefits and related accrued interest and penalties and total deferred tax position recorded on the Consolidated Balance Sheets is as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Liability for unrecognized tax benefits (205.9) (215.5) (249.7) Deferred tax assets 1,098.7 1,672.8 1,872.3 Deferred tax liabilities (34.7) (51.5) (122.6) Deferred and other tax assets (liabilities) 858.1 1,405.8 1,500.0 |
Reconciliation of Beginning and Ending Balance of Liability for Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of the liability for unrecognized tax benefits (excluding interest and penalties) is as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Balance as at January 1 (138.0) (144.3) (160.0) Gross increases – tax positions in prior period (21.6) (11.7) (44.1) Gross decreases – tax positions in prior period 8.9 2.0 12.6 Gross increases – tax positions in current period (18.8) (23.1) (27.7) Settlements 2.5 6.8 2.2 Lapse of statute of limitations 32.0 13.2 17.9 Effect of changes in exchange rates (9.3) (2.9) 5.5 Total liability for unrecognized tax benefits (144.3) (160.0) (193.6) Balance of accrued interest and penalties (61.6) (55.5) (56.1) Total liabilities for unrecognized tax benefits including interest and penalties (205.9) (215.5) (249.7) |
Summary of Income Tax Examinations | The years for which tax returns are still open for examination for respective jurisdictions are as follows : Country Years Netherlands 2020-2023 US 2017-2023 Taiwan 2018-2023 South Korea 2019-2023 China 2013-2023 |
Composition of Deferred Tax Assets and Liabilities Reconciled in Consolidated Balance Sheets | The composition of total deferred tax assets and liabilities reconciled to the classification in the Consolidated Balance Sheets is: Deferred taxes (€, in millions) January 1, 2023 Credits and other Consolidated Statements of Operations Effect of changes in exchange rates December 31, 2023 Deferred tax assets: Capitalized R&D expenditures 592.1 — (54.5) (23.5) 514.1 Goodwill — — 65.0 — 65.0 R&D & other tax credit carry forwards 213.4 (28.1) 39.5 (7.0) 217.8 Inventories 45.2 — 17.6 (1.4) 61.4 Contract liabilities 820.8 — 174.4 (35.4) 959.8 Accrued and other liabilities 1 113.9 — 30.5 (4.9) 139.5 Operating loss carry forwards 4.5 — 0.2 (0.8) 3.9 Property, plant and equipment 18.9 — 10.7 (0.4) 29.2 Lease liabilities 27.4 — 2.3 (1.0) 28.7 Other intangible assets 124.8 — (5.5) — 119.3 Share-based payments 11.4 — 5.9 (0.5) 16.8 Other temporary differences 23.3 — (6.6) 5.8 22.5 Total deferred tax assets, gross 1,995.7 (28.1) 279.5 (69.1) 2,178.0 Valuation allowance 2 (215.4) — 3.0 5.7 (206.7) Total deferred tax assets, net 1,780.3 (28.1) 282.5 (63.4) 1,971.3 Deferred tax liabilities: Other intangible assets (65.4) — 10.9 2.5 (52.0) Goodwill (28.8) — (9.7) — (38.5) Inventories — — (4.1) 0.3 (3.8) Right-of-use assets (27.4) — (2.3) 1.0 (28.7) Property, plant and equipment (9.8) — (5.1) 1.3 (13.6) Accrued and other liabilities — — (0.5) — (0.5) Contract liabilities (16.3) — (64.2) 0.5 (80.0) Long-term debt (1.5) — (0.1) — (1.6) Other temporary differences (9.8) — 9.8 (2.9) (2.9) Total deferred tax liabilities (159.0) — (65.3) 2.7 (221.6) Net deferred tax assets (liabilities) 1,621.3 (28.1) 217.2 (60.7) 1,749.7 Classified as: Deferred tax assets – non-current 1,672.8 1,872.3 Deferred tax liabilities – non-current (51.5) (122.6) Net deferred tax assets (liabilities) 1,621.3 1,749.7 1. For presentation purposes the 'standard warranty reserve' under the deferred tax assets has been classified as part of the 'Accrued and other liabilities' as of 2023. Comparative figures have been updated accordingly. 2. The valuation allowance disclosed above relates to R&D and other tax credit carry forwards and operating loss carry forwards that may not be realized. Deferred taxes (€, in millions) January 1, 2022 Credits and other Consolidated Statements of Operations Income tax recognized in Other Comprehensive Income Effect of changes in exchange rates December 31, 2022 Deferred tax assets: Capitalized R&D expenditures 420.4 — 151.2 — 20.5 592.1 R&D & other tax credit carry forwards 162.7 23.7 20.6 — 6.4 213.4 Inventories 31.5 — 12.5 — 1.2 45.2 Contract liabilities 423.2 — 400.8 — (3.2) 820.8 Accrued and other liabilities 1 109.4 — 0.3 — 4.2 113.9 Operating loss carry forwards 7.4 — (2.8) — (0.1) 4.5 Property, plant and equipment 18.6 — 1.7 — (1.4) 18.9 Lease liabilities 23.2 — 3.1 — 1.1 27.4 Other intangible assets 143.5 — (18.7) — — 124.8 Share-based payments 9.6 — 1.2 — 0.6 11.4 Other temporary differences 27.5 — 3.7 (6.5) (1.4) 23.3 Total deferred tax assets, gross 1,377.0 23.7 573.6 (6.5) 27.9 1,995.7 Valuation allowance 2 (167.6) — (41.2) — (6.6) (215.4) Total deferred tax assets, net 1,209.4 23.7 532.4 (6.5) 21.3 1,780.3 Deferred tax liabilities: Other intangible assets (79.9) — 19.8 — (5.3) (65.4) Goodwill (20.9) — (7.9) — — (28.8) Right-of-use assets (23.2) — (3.1) — (1.1) (27.4) Property, plant and equipment (10.9) — 1.5 — (0.4) (9.8) Contract liabilities (7.9) — (8.4) — — (16.3) Long-term debt (1.5) — — — — (1.5) Other temporary differences (1.1) — (7.5) (2.1) 0.9 (9.8) Total deferred tax liabilities (145.4) — (5.6) (2.1) (5.9) (159.0) Net deferred tax assets (liabilities) 1,064.0 23.7 526.8 (8.6) 15.4 1,621.3 Classified as: Deferred tax assets – non-current 1,098.7 1,672.8 Deferred tax liabilities – non-current (34.7) (51.5) Net deferred tax assets (liabilities) 1,064.0 1,621.3 1. For presentation purposes the 'standard warranty reserve' under the deferred tax assets has been classified as part of the 'Accrued and other liabilities' as of 2023. Comparative figures have been updated accordingly. 2. The valuation allowance disclosed above relates to R&D and other tax credit carry forwards and operating loss carry forwards that may not be realized. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class | ASML’s authorized share capital amounts to €126.0 million and is divided into: Type of shares Number of shares Nominal value Votes per share Cumulative preference shares 700,000,000 €0.09 per share 1 Ordinary shares 700,000,000 €0.09 per share 1 The issued and fully paid-up ordinary shares with a nominal value of €0.09 each were as follows: Year ended December 31 2021 2022 2023 Issued ordinary shares with nominal value of €0.09 402,601,613 394,589,411 393,421,721 Issued ordinary treasury shares with nominal value of €0.09 3,873,663 8,548,631 6,162,857 Total issued ordinary shares with nominal value of €0.09 406,475,276 403,138,042 399,584,578 |
Accelerated Share Repurchases | The following table provides a summary of shares repurchased by ASML in 2023 : Period Total number of shares purchased Average price paid per Share (€) Total number of shares purchased under programs Maximum value of shares that may yet be purchased (€ millions) January 1 - 31, 2023 57,478 609.46 57,478 11,765.0 February 1 - 28, 2023 294,059 611.28 351,537 11,585.2 March 1 - 31, 2023 337,136 589.74 688,673 11,386.4 April 1 - 30, 2023 239,865 589.92 928,538 11,244.9 May 1 - 31, 2023 283,210 617.07 1,211,748 11,070.1 June 1 - 30, 2023 263,635 663.39 1,475,383 10,895.2 July 1 - 31, 2023 144,745 657.99 1,620,128 10,800.0 August 1 - 31, 2023 — — 1,620,128 10,800.0 September 1 - 30, 2023 — — 1,620,128 10,800.0 October 1 - 31, 2023 — — 1,620,128 10,800.0 November 1 - 30, 2023 — — 1,620,128 10,800.0 December 1 - 31, 2023 — — 1,620,128 10,800.0 Total 1,620,128 617.23 |
Net Income per ordinary share (
Net Income per ordinary share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Income per Ordinary Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | The basic and diluted net income per ordinary share has been calculated as follows: Year ended December 31 (€, in millions, except per share data) 2021 2022 2023 Net income 5,883.2 5,624.2 7,839.0 Weighted average number of shares outstanding 409.8 397.7 393.8 Basic net income per ordinary share 14.36 14.14 19.91 Weighted average number of shares outstanding 409.8 397.7 393.8 Plus shares applicable to options and conditional shares 0.6 0.3 0.3 Diluted weighted average number of shares 410.4 398.0 394.1 Diluted net income per ordinary share 14.34 14.13 19.89 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Foreign Currency Sensitivity | The following table details our sensitivity to a 10.0% strengthening of foreign currencies against the euro. The sensitivity analysis includes foreign currency denominated monetary items outstanding and adjusts their translation at the period end for a 10.0% strengthening in foreign currency rates. A positive amount indicates an increase in net income or equity. Year ended December 31 (€, in millions) 2022 2023 Impact on net income Impact on equity Impact on net income Impact on equity US dollar (7.2) 65.3 4.2 78.3 Japanese yen (0.1) (16.6) (2.6) (3.8) Taiwanese dollar (12.8) — 0.4 — Other currencies (1.3) — (10.0) — Total (21.4) 48.7 (8.0) 74.5 |
Schedule of Interest Rate Sensitivity | The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative financial and non-derivative financial instruments at the balance sheet date with the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period. The table below shows the effect of a 1.0% increase in interest rates on our net income and equity. A positive amount indicates an increase in net income and equity. Year ended December 31 (€, in millions) 2022 2023 Impact on net income Impact on equity Impact on net income Impact on equity Effect of a 1.0% increase in interest rates 43.8 — 37.6 — |
Summary of Notional Amounts and Estimated Fair Values of Financial Instruments | The following table summarizes the notional amounts and estimated fair values of our derivative financial instrument s: Year ended December 31 (€, in millions) 2022 2023 Notional amount Fair Value Notional amount Fair Value Forward foreign exchange contracts 158.5 (18.8) 281.1 (6.8) Interest rate swaps 3,000.0 (225.1) 3,250.0 (118.8) |
Derivative Financial Instruments Per Category | The following table summarizes our derivative financial instruments per category: Year ended December 31 (€, in millions) 2022 2023 Assets Liabilities Assets Liabilities Interest rate swaps — fair value hedges 1.7 226.8 11.3 130.1 Forward foreign exchange contracts — cash flow hedges 3.0 18.1 2.9 10.4 Forward foreign exchange contracts — no hedge accounting 12.6 16.3 16.9 16.2 Total 17.3 261.2 31.1 156.7 Less non-current portion: Interest rate swaps — fair value hedges — 179.0 11.3 62.7 Total non-current portion — 179.0 11.3 62.7 Total current portion 17.3 82.2 19.8 94.0 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present our financial assets and financial liabilities that are measured at fair value on a recurring basis: Year ended December 31, 2023 (€, in millions) Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments 1 — 31.1 — 31.1 Money market funds 2 3,167.4 — — 3,167.4 Short-term investments 3 — 5.4 — 5.4 Total 3,167.4 36.5 — 3,203.9 Liabilities measured at fair value Derivative financial instruments 1 — 156.7 — 156.7 Assets and Liabilities for which fair values are disclosed Loan receivable — — 776.1 776.1 Long-term debt 4 4,496.2 — — 4,496.2 Year ended December 31, 2022 (€, in millions) Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments 1 — 17.3 — 17.3 Money market funds 2 3,196.7 — — 3,196.7 Short-term investments 3 — 107.7 — 107.7 Total 3,196.7 125.0 — 3,321.7 Liabilities measured at fair value Derivative financial instruments 1 — 261.2 — 261.2 Assets and Liabilities for which fair values are disclosed Loan receivable — — 307.9 307.9 Long-term debt 4 4,072.8 — — 4,072.8 1. Derivative financial instruments consist of forward foreign exchange contracts and interest rate swaps. 2. Money market funds are part of our cash and cash equivalents. 3. Short-term investments consist of deposits with original maturities to the entity holding the investments longer than three months, but one year or less at the date of acquisition. These deposits are valued at amortized costs which is close to their fair value. Their fair value is determined with reference to quoted market prices in an active market for similar assets or discounted cash flow analysis. 4. Long-term debt mainly relates to Eurobonds. |
Related parties and variable _2
Related parties and variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The below table shows t he outstanding balances with Carl Zeiss SMT Holding GmbH & Co. KG and its subsidiaries in our Consolidated Balance Sheets, as well as our maximum exposure to losses: Year ended December 31 (€, in millions) 2022 2023 Maximum exposure to loss Advance payments included in Other assets 1,100.3 1,182.7 1,182.7 Advance payments included in Property, plant and equipment 70.0 — — Loan receivable 364.4 912.4 912.4 Investment agreement for 24.9% equity 923.6 919.6 919.6 Accounts receivable — 7.8 7.8 Accounts payable 269.2 4.0 — Cost to be paid included in Accrued and other liabilities 111.2 199.9 — Our maximum exposure to loss related to our involvement in Carl Zeiss SMT Holding GmbH & Co. KG as a variable interest entity includes the carrying value of each of the assets, as well as the risk of any future operating losses of Carl Zeiss SMT Holding GmbH & Co. KG, which cannot be quantified. The total purchases from Carl Zeiss SMT Holding GmbH & Co. KG and its subsidiaries are as follows: Year ended December 31 (€, in millions) 2021 2022 2023 Total purchases 2,070.3 2,693.6 3,325.9 |
General information _ summary_3
General information / summary of general accounting policies - Additional Information (Detail) - employee | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total employees (in FTEs) | 42,416 | 39,086 | 32,016 |
Voting rights required for consolidation of subsidiaries | 50% | ||
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total employees (in FTEs) | 42,000 |
Revenue from contracts with c_3
Revenue from contracts with customer - Net System Sales per Technology (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) Unit | Dec. 31, 2022 EUR (€) Unit | Dec. 31, 2021 EUR (€) Unit | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | € 27,558.5 | € 21,173.4 | € 18,611 |
Net system sales | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 600 | 561 | 505 |
Total net sales | € 21,938.6 | € 15,430.3 | € 13,652.8 |
NXE | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 53 | 40 | 42 |
Total net sales | € 9,124 | € 7,045.3 | € 6,284 |
ArFi | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 125 | 81 | 81 |
Total net sales | € 9,017.4 | € 5,236.5 | € 4,959.6 |
ArF dry | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 32 | 28 | 22 |
Total net sales | € 780.2 | € 623.7 | € 431.9 |
KrF | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 184 | 151 | 131 |
Total net sales | € 2,202.5 | € 1,653.7 | € 1,321.3 |
I-line | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 55 | 45 | 33 |
Total net sales | € 278.4 | € 211.5 | € 142.3 |
Metrology & Inspection | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 151 | 216 | 196 |
Total net sales | € 536.1 | € 659.6 | € 513.7 |
Revenue from contracts with c_4
Revenue from contracts with customer - Net System Sales per End-Use (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) Unit | Dec. 31, 2022 EUR (€) Unit | Dec. 31, 2021 EUR (€) Unit | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | € 27,558.5 | € 21,173.4 | € 18,611 |
Net system sales | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 600 | 561 | 505 |
Total net sales | € 21,938.6 | € 15,430.3 | € 13,652.8 |
Net system sales | Logic | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 439 | 357 | 327 |
Total net sales | € 15,984.7 | € 9,977.6 | € 9,588.5 |
Net system sales | Memory | |||
Disaggregation of Revenue [Line Items] | |||
Net system sales in units (in units) | Unit | 161 | 204 | 178 |
Total net sales | € 5,953.9 | € 5,452.7 | € 4,064.3 |
Revenue from contracts with c_5
Revenue from contracts with customer - Changes in Contract Assets and Liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract Assets | ||
Contract assets, beginning balance | € 131.9 | € 164.6 |
Transferred from contract assets to accounts receivables | (402) | (393.4) |
Revenue recognized during the year ending in contract assets | 135.1 | 116.5 |
Transfer between contract assets and liabilities | 375.1 | 244.2 |
Contract assets, ending balance | 240.1 | 131.9 |
Change in Contract with Customer, Liability [Abstract] | ||
Contract Liabilities, Balance at beginning of the year | 17,750.9 | 11,160.9 |
Revenue recognized that was included in contract liabilities | (11,106.1) | (6,326.6) |
Changes as a result of cumulative catch-up adjustments arising from changes in estimates | (24.9) | (118) |
Remaining performance obligations for which considerations have been received, or for which we have an unconditional right to consideration | 9,416.3 | 12,790.4 |
Transfer between contract assets and liabilities | 375.1 | 244.2 |
Other | (144.8) | |
Contract Liabilities, Balance at end of the year | € 16,266.5 | € 17,750.9 |
Revenue from contracts with c_6
Revenue from contracts with customer - Additional Information (Details) - EUR (€) € in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Standard warranty coverage on systems | 12 months | |
Net contract liability | € 16 | € 17.6 |
Purchase agreement term (up to) | 5 years | |
Amount of remaining performance obligations | € 45 | € 45.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage expected to be recognized | 56% | |
Period revenue is expected to be recognized | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage expected to be recognized | 57% | |
Period revenue is expected to be recognized | 12 months |
Segment disclosure - Narrative
Segment disclosure - Narrative (Detail) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) customer Segment | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 1 | ||
Total net sales | € 27,558.5 | € 21,173.4 | € 18,611 |
Number of largest customers | customer | 3 | ||
Accounts receivables and finance receivables of three largest customers based on net sales | € 3,700 | € 5,300 | € 3,900 |
Accounts receivables and finance receivables of three largest customers based on net sales, percentage | 64.40% | 78.60% | 83.70% |
Increase in net system sales | € 6,400 | ||
Increase in net system sales in percentage | 30.20% | ||
Revenue benchmark | Customer concentration risk | |||
Segment Reporting Information [Line Items] | |||
Number of largest customers | customer | 2 | 2 | |
Total net sales | € 14,900 | € 11,800 | € 12,500 |
Revenue benchmark | Customer concentration risk | Two customers | |||
Segment Reporting Information [Line Items] | |||
Net sales revenue from largest customer as percentage | 53.90% | 55.80% | 67.20% |
Segment disclosure - Net Sales
Segment disclosure - Net Sales for New and Used Systems (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total net sales | € 27,558.5 | € 21,173.4 | € 18,611 |
Net system sales | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 21,938.6 | 15,430.3 | 13,652.8 |
New systems | Net system sales | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 21,622.4 | 15,152.3 | 13,446.1 |
Used systems | Net system sales | |||
Segment Reporting Information [Line Items] | |||
Total net sales | € 316.2 | € 278 | € 206.7 |
Segment disclosure - Net Sale_2
Segment disclosure - Net Sales and Long-Lived Assets by Geographic Region (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total net sales | € 27,558.5 | € 21,173.4 | € 18,611 |
Long-lived assets | 5,799.8 | 4,136.9 | 2,982.7 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 613.6 | 1,008.6 | 459.3 |
Long-lived assets | 10.4 | 7.9 | 5.5 |
South Korea | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 6,949.2 | 6,045.6 | 6,223 |
Long-lived assets | 148.1 | 85.4 | 61.2 |
Singapore | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 282.1 | 475.5 | 126.2 |
Long-lived assets | 5 | 5.5 | 7.3 |
Taiwan | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 8,074.6 | 8,095.5 | 7,327.9 |
Long-lived assets | 354.5 | 216.3 | 163.6 |
China | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 7,251.8 | 2,916 | 2,740.8 |
Long-lived assets | 48.6 | 40.8 | 17 |
Rest of Asia | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3.9 | 7.2 | 1.8 |
Long-lived assets | 0.2 | 0.2 | 0.2 |
Netherlands | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 25.1 | 9.2 | 14.2 |
Long-lived assets | 3,783.6 | 2,748.5 | 2,048.1 |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 1,206.8 | 624.5 | 134.6 |
Long-lived assets | 314.5 | 228.5 | 124 |
United States | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,151.4 | 1,991.3 | 1,583.2 |
Long-lived assets | € 1,134.9 | € 803.8 | € 555.8 |
Cash and cash equivalents and_3
Cash and cash equivalents and short-term investments - Narrative (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Line Items] | ||
Maturity of of cash and cash equivalents | 3 months | |
Restricted cash and cash equivalents | € 0 | € 0 |
Minimum | ||
Cash and Cash Equivalents [Line Items] | ||
Short term investments maturity period | 3 months | |
Maximum | ||
Cash and Cash Equivalents [Line Items] | ||
Short term investments maturity period | 1 year |
Cash and cash equivalents and_4
Cash and cash equivalents and short-term investments - Short-Term Investments (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Short Term Investments [Line Items] | ||
Cash and cash equivalents | € 7,004.7 | € 7,268.3 |
Short-term investments | 5.4 | 107.7 |
Deposits with financial institutions, governments and government-related bodies | ||
Short Term Investments [Line Items] | ||
Cash and cash equivalents | 1,348.7 | 2,548.1 |
Bank accounts | ||
Short Term Investments [Line Items] | ||
Cash and cash equivalents | 2,488.6 | 1,523.5 |
Fair value, recurring | ||
Short Term Investments [Line Items] | ||
Investments in money market funds | 3,167.4 | 3,196.7 |
Short-term investments | € 5.4 | € 107.7 |
Accounts receivable, net - Sche
Accounts receivable, net - Schedule of Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accounts receivable, gross | € 4,334.1 | € 5,327.9 |
Allowance for credit losses | 0 | (4.1) |
Accounts receivable, net | € 4,334.1 | € 5,323.8 |
Accounts receivable, net - Addi
Accounts receivable, net - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Factoring arrangements for cash | € 993.4 | € 0 |
Trade receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Factoring arrangements for cash | 245.8 | 0 |
Irrevocable accounts receivable for down payments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Factoring arrangements for cash | € 747.6 | € 0 |
Finance receivables, net - Comp
Finance receivables, net - Components of Finance Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Finance receivables, gross | € 1,439.8 | € 1,356.7 |
Unearned interest | 0 | 0 |
Finance receivables, net | 1,439.8 | 1,356.7 |
Current portion of finance receivables, gross | 1,379.2 | 1,356.7 |
Current portion of unearned interest | 0 | 0 |
Non-current portion of finance receivables, net | € 60.6 | € 0 |
Finance receivables, net - Narr
Finance receivables, net - Narrative (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Sales-type lease, selling profit | € 460,900,000 | € 429,100,000 | € 514,200,000 |
Expected credit losses from finance receivables recorded | € 0 | € 0 | € 0 |
Finance receivables, net - Fina
Finance receivables, net - Finance Receivables Due for Payment (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
2024 | € 1,379.2 | |
2025 | 60.6 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Finance receivables, gross | € 1,439.8 | € 1,356.7 |
Inventories, net - Inventories
Inventories, net - Inventories (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | |||
Raw materials | € 4,057.3 | € 3,198.9 | |
Work-in-process | 3,388.1 | 2,163.9 | |
Finished products | 2,098.5 | 2,303.8 | |
Inventories, gross | 9,543.9 | 7,666.6 | |
Inventory reserves | (693.2) | (466.9) | € (418) |
Inventories, net | € 8,850.7 | € 7,199.7 |
Inventories, net - Allowance fo
Inventories, net - Allowance for Obsolescence (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Activity in the allowance for obsolescence | |||
Balance at beginning of year | € (466.9) | € (418) | |
Additions for the year | (485.3) | (278.5) | € (180.7) |
Effect of changes in exchange rates | 2.4 | (1.1) | |
Utilization of the reserve | 256.6 | 230.7 | |
Balance at end of year | € (693.2) | € (466.9) | € (418) |
Other assets - Other Assets (De
Other assets - Other Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Other Assets [Line Items] | |||
Prepaid expenses | € 472.1 | € 678.6 | |
Derivative financial instruments | 19.8 | 17.3 | |
VAT receivable | 302.2 | 201.2 | |
Other assets | 92.5 | 266.4 | |
Other current assets | [1] | 1,578.5 | 1,643.4 |
Prepaid expenses | 40.9 | 32.4 | |
Derivative financial instruments | 11.3 | 0 | |
Compensation plan assets | 95.2 | 71.1 | |
Other assets | 13.6 | 15.9 | |
Other non-current assets | [2] | 651.8 | 739.8 |
Carl Zeiss SMT Holding GmbH & Co. KG | |||
Schedule of Other Assets [Line Items] | |||
Advance payments to Carl Zeiss SMT GmbH | 691.9 | 479.9 | |
Advance payments to Carl Zeiss SMT GmbH | € 490.8 | € 620.4 | |
[1] Other assets – current includes amounts with related parties o f €691.9 million and €479.9 million at December 31, 2023 and 2022 , respectively. Other assets – non-current includes amounts with related parties of €490.8 million a nd €620.4 million at December 31, 2023 and 2022 , respectively . |
Other assets - Narrative (Detai
Other assets - Narrative (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Prepaid income taxes on intercompany profit, not realized, current | € 324.5 | € 515.3 |
Equity method investments - Nar
Equity method investments - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Jun. 29, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Profit from equity method investments | € (191.3) | € (138) | € (199.1) | ||
Cash received equity method investments | € 218 | 178.7 | [1] | € 168 | |
Carl Zeiss SMT Holding GmbH & Co. KG | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Weighted average useful life of finite-lived intangible assets acquired | 13 years 1 month 6 days | ||||
Equity method investment acquisition date | Jun. 29, 2017 | ||||
Carl Zeiss SMT Holding GmbH & Co. KG | Carl Zeiss SMT Holding GmbH & Co. KG | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 24.90% | ||||
Carl Zeiss SMT Holding GmbH & Co. KG | Share of net income (loss) after accounting policy alignment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Profit from equity method investments | € (212.1) | (169.1) | |||
Carl Zeiss SMT Holding GmbH & Co. KG | Basis difference amortization | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Profit from equity method investments | (26.7) | (26.7) | |||
Carl Zeiss SMT Holding GmbH & Co. KG | Intercompany profit elimination | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Profit from equity method investments | € (5.9) | € 4.4 | |||
[1] Depreciation and amortization include depreciation of property, plant and equipment, amortization of intangible assets, amortization of underwriting commissions and discount related to the bonds and credit facility. |
Business combinations and div_2
Business combinations and divestures - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Goodwill | € 4,588.6 | € 4,555.6 | ||
Philips Engineering Solutions | ||||
Business Acquisition [Line Items] | ||||
Goodwill | € 33 | |||
Medical Applications and Swiss Optic Business | ||||
Business Acquisition [Line Items] | ||||
Proceeds from disposals | € 339.4 | |||
Pre-tax gain, disposal group | € 213.7 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2023 EUR (€) Reporting_Unit | Dec. 31, 2022 EUR (€) | |
Goodwill [Line Items] | ||
Goodwill | € 4,588.6 | € 4,555.6 |
Number of reporting units | Reporting_Unit | 2 | |
Goodwill accumulated impairment loss | € 0 | 0 |
RU ASML | ||
Goodwill [Line Items] | ||
Goodwill | 4,126.3 | 4,093.3 |
RU CLS | ||
Goodwill [Line Items] | ||
Goodwill | € 462.3 | € 462.3 |
Intangible assets, net - Schedu
Intangible assets, net - Schedule of finite-lived intangible assets useful lives (Details) | Dec. 31, 2023 |
Brands | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 20 years |
Intellectual property | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 3 years |
Intellectual property | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 10 years |
Developed technology | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 6 months |
Developed technology | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 15 years |
Customer relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 8 years |
Customer relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 18 years |
Other | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 2 years |
Other | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, useful life | 10 years |
Intangible assets, net - Finite
Intangible assets, net - Finite-Lived Other Intangible Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost | |||
Cost, beginning balance | € 1,857.3 | € 1,822.5 | |
Additions | 39.3 | 34 | |
Disposals | (0.3) | (1.6) | |
Effect of changes in exchange rates | (1.4) | 2.4 | |
Cost, ending balance | 1,894.9 | 1,857.3 | € 1,822.5 |
Accumulated amortization | |||
Accumulated amortization, beginning balance | 1,014.9 | 870.4 | |
Amortization | 127.6 | 135.1 | 133 |
Impairment charges | 11.1 | 9.2 | 0 |
Disposals | (0.3) | (1.4) | |
Accumulated amortization, ending balance | 1,153.2 | 1,014.9 | 870.4 |
Carrying amount | |||
Carrying amount | 741.7 | 842.4 | |
Accumulated Amortization | |||
Cost | |||
Effect of changes in exchange rates | (0.1) | 1.6 | |
Brands | |||
Cost | |||
Cost, beginning balance | 38.9 | 38.9 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of changes in exchange rates | 0 | 0 | |
Cost, ending balance | 38.9 | 38.9 | 38.9 |
Accumulated amortization | |||
Accumulated amortization, beginning balance | 14.9 | 13 | |
Amortization | 1.9 | 1.9 | |
Impairment charges | 0 | 0 | |
Disposals | 0 | 0 | |
Accumulated amortization, ending balance | 16.8 | 14.9 | 13 |
Carrying amount | |||
Carrying amount | 22.1 | 24 | |
Brands | Accumulated Amortization | |||
Cost | |||
Effect of changes in exchange rates | 0 | 0 | |
Intellectual property | |||
Cost | |||
Cost, beginning balance | 147.1 | 144.8 | |
Additions | 0 | 1.5 | |
Disposals | 0 | 0 | |
Effect of changes in exchange rates | 0 | 0.8 | |
Cost, ending balance | 147.1 | 147.1 | 144.8 |
Accumulated amortization | |||
Accumulated amortization, beginning balance | 95.8 | 87.2 | |
Amortization | 8.3 | 8.6 | |
Impairment charges | 0 | 0 | |
Disposals | 0 | 0 | |
Accumulated amortization, ending balance | 104.1 | 95.8 | 87.2 |
Carrying amount | |||
Carrying amount | 43 | 51.3 | |
Intellectual property | Accumulated Amortization | |||
Cost | |||
Effect of changes in exchange rates | 0 | 0 | |
Developed technology | |||
Cost | |||
Cost, beginning balance | 1,220.2 | 1,220.2 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of changes in exchange rates | 0 | 0 | |
Cost, ending balance | 1,220.2 | 1,220.2 | 1,220.2 |
Accumulated amortization | |||
Accumulated amortization, beginning balance | 677.4 | 594 | |
Amortization | 76.8 | 83.4 | |
Impairment charges | 0 | 0 | |
Disposals | 0 | 0 | |
Accumulated amortization, ending balance | 754.2 | 677.4 | 594 |
Carrying amount | |||
Carrying amount | 466 | 542.8 | |
Developed technology | Accumulated Amortization | |||
Cost | |||
Effect of changes in exchange rates | 0 | 0 | |
Customer relationships | |||
Cost | |||
Cost, beginning balance | 228.6 | 228.6 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Effect of changes in exchange rates | 0 | 0 | |
Cost, ending balance | 228.6 | 228.6 | 228.6 |
Accumulated amortization | |||
Accumulated amortization, beginning balance | 121.3 | 108.6 | |
Amortization | 12.7 | 12.7 | |
Impairment charges | 0 | 0 | |
Disposals | 0 | 0 | |
Accumulated amortization, ending balance | 134 | 121.3 | 108.6 |
Carrying amount | |||
Carrying amount | 94.6 | 107.3 | |
Customer relationships | Accumulated Amortization | |||
Cost | |||
Effect of changes in exchange rates | 0 | 0 | |
Other | |||
Cost | |||
Cost, beginning balance | 222.5 | 190 | |
Additions | 39.3 | 32.5 | |
Disposals | (0.3) | (1.6) | |
Effect of changes in exchange rates | (1.4) | 1.6 | |
Cost, ending balance | 260.1 | 222.5 | 190 |
Accumulated amortization | |||
Accumulated amortization, beginning balance | 105.5 | 67.6 | |
Amortization | 27.9 | 28.5 | |
Impairment charges | 11.1 | 9.2 | |
Disposals | (0.3) | (1.4) | |
Accumulated amortization, ending balance | 144.1 | 105.5 | € 67.6 |
Carrying amount | |||
Carrying amount | 116 | 117 | |
Other | Accumulated Amortization | |||
Cost | |||
Effect of changes in exchange rates | € (0.1) | € 1.6 |
Intangible assets, net - Fini_2
Intangible assets, net - Finite-Lived Intangible Assets Amortization Expense (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | € 127.6 | € 135.1 | € 133 |
Cost of Sales | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 102.7 | 105.9 | 107.8 |
R&D Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | 19.5 | 18.2 | 14.5 |
SG&A | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | € 5.4 | € 11 | € 10.7 |
Intangible assets, net - Narrat
Intangible assets, net - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Other intangible assets not yet available for use | € 37.3 | € 34 | |
Impairment charges | € 11.1 | € 9.2 | € 0 |
Intangible assets, net - Future
Intangible assets, net - Future Amortization Expenses (Detail) € in Millions | Dec. 31, 2023 EUR (€) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | € 124.9 |
2025 | 122.8 |
2026 | 117.5 |
2027 | 114.3 |
2028 | 93.3 |
Thereafter | 168.9 |
Total | € 741.7 |
Property, plant and equipment_3
Property, plant and equipment, net - Narrative (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | |
Property, Plant and Equipment [Abstract] | ||
Prototypes, tooling and equipment, minimum timing of internal utilization | 1 year | |
Construction in progress | € 1,658 | € 869.8 |
Land | € 229.7 | € 178.7 |
Number of leases requiring leasehold improvement investments | 8 | |
Expected additional investment cost | € 53.5 |
Property, plant and equipment_4
Property, plant and equipment, net - Schedule of Estimated Useful Life (Details) | Dec. 31, 2023 |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 1 year |
Minimum | Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 1 year |
Minimum | Furniture, fixtures and other | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 45 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Maximum | Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Maximum | Furniture, fixtures and other | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Property, plant and equipment_5
Property, plant and equipment, net - Schedule of Property, Plant and Equipment (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost | |||
Beginning Balance | € 6,989.4 | € 5,615.1 | |
Additions | 2,243.6 | 1,298.3 | |
Disposals | (49.6) | (47.5) | |
Net non-cash movements to/from Inventories | (75.3) | 129.2 | |
Effect of changes in exchange rates | (28.3) | (5.7) | |
Ending Balance | 9,079.8 | 6,989.4 | € 5,615.1 |
Accumulated depreciation and impairment | |||
Beginning balance | 3,045.2 | 2,632.4 | |
Depreciation | 605.6 | 445.2 | 321.6 |
Impairment charges | 17.9 | 17.8 | |
Disposals | (41) | (35.1) | |
Net non-cash movements to/from Inventories | (29.3) | (10.9) | |
Effect of changes in exchange rates | (11.8) | (4.2) | |
Ending balance | 3,586.6 | 3,045.2 | 2,632.4 |
Carrying amount | |||
Carrying amount | 5,493.2 | 3,944.2 | |
Land and buildings | |||
Cost | |||
Beginning Balance | 3,314 | 2,803.7 | |
Additions | 1,019.3 | 510.9 | |
Disposals | (1.6) | (1.3) | |
Net non-cash movements to/from Inventories | 0 | 0 | |
Effect of changes in exchange rates | (8.3) | 0.7 | |
Ending Balance | 4,323.4 | 3,314 | 2,803.7 |
Accumulated depreciation and impairment | |||
Beginning balance | 1,090.6 | 947.7 | |
Depreciation | 154.2 | 134.8 | |
Impairment charges | 2.9 | 10.9 | |
Disposals | (0.6) | (2.3) | |
Net non-cash movements to/from Inventories | 0 | 0 | |
Effect of changes in exchange rates | (4) | (0.5) | |
Ending balance | 1,243.1 | 1,090.6 | 947.7 |
Carrying amount | |||
Carrying amount | 3,080.3 | 2,223.4 | |
Machinery and equipment | |||
Cost | |||
Beginning Balance | 2,777.6 | 2,028.7 | |
Additions | 1,050.2 | 665.4 | |
Disposals | (45.1) | (42.2) | |
Net non-cash movements to/from Inventories | (75.3) | 129.2 | |
Effect of changes in exchange rates | (17.4) | (3.5) | |
Ending Balance | 3,690 | 2,777.6 | 2,028.7 |
Accumulated depreciation and impairment | |||
Beginning balance | 1,312.3 | 1,115.6 | |
Depreciation | 352 | 232.6 | |
Impairment charges | 15 | 6.4 | |
Disposals | (37.7) | (29.5) | |
Net non-cash movements to/from Inventories | (29.3) | (10.9) | |
Effect of changes in exchange rates | (6.7) | (1.9) | |
Ending balance | 1,605.6 | 1,312.3 | 1,115.6 |
Carrying amount | |||
Carrying amount | 2,084.4 | 1,465.3 | |
Leasehold improvements | |||
Cost | |||
Beginning Balance | 400.8 | 368.6 | |
Additions | 79.7 | 34.4 | |
Disposals | (0.8) | (1) | |
Net non-cash movements to/from Inventories | 0 | 0 | |
Effect of changes in exchange rates | (1.2) | (1.2) | |
Ending Balance | 478.5 | 400.8 | 368.6 |
Accumulated depreciation and impairment | |||
Beginning balance | 331.9 | 311 | |
Depreciation | 31 | 21.9 | |
Impairment charges | 0 | 0.5 | |
Disposals | (0.7) | (0.9) | |
Net non-cash movements to/from Inventories | 0 | 0 | |
Effect of changes in exchange rates | (0.7) | (0.6) | |
Ending balance | 361.5 | 331.9 | 311 |
Carrying amount | |||
Carrying amount | 117 | 68.9 | |
Furniture, fixtures and other | |||
Cost | |||
Beginning Balance | 497 | 414.1 | |
Additions | 94.4 | 87.6 | |
Disposals | (2.1) | (3) | |
Net non-cash movements to/from Inventories | 0 | 0 | |
Effect of changes in exchange rates | (1.4) | (1.7) | |
Ending Balance | 587.9 | 497 | 414.1 |
Accumulated depreciation and impairment | |||
Beginning balance | 310.4 | 258.1 | |
Depreciation | 68.4 | 55.9 | |
Impairment charges | 0 | 0 | |
Disposals | (2) | (2.4) | |
Net non-cash movements to/from Inventories | 0 | 0 | |
Effect of changes in exchange rates | (0.4) | (1.2) | |
Ending balance | 376.4 | 310.4 | € 258.1 |
Carrying amount | |||
Carrying amount | € 211.5 | € 186.6 |
Property, plant and equipment_6
Property, plant and equipment, net - Schedule of Depreciation Charges (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Total Depreciation | € 605.6 | € 445.2 | € 321.6 |
Cost of Sales | |||
Property, Plant and Equipment [Line Items] | |||
Total Depreciation | 330.4 | 248.2 | 188.6 |
R&D Costs | |||
Property, Plant and Equipment [Line Items] | |||
Total Depreciation | 236.2 | 163.7 | 101.4 |
SG&A | |||
Property, Plant and Equipment [Line Items] | |||
Total Depreciation | € 39 | € 33.3 | € 31.6 |
Right-of-use assets and lease_3
Right-of-use assets and lease liabilities - Right-Of-Use Assets per Category (Details) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Right-of-use assets operating lease category [Line Items] | ||
Right-of-use assets | € 306.6 | € 192.7 |
Properties | ||
Right-of-use assets operating lease category [Line Items] | ||
Right-of-use assets | 270.3 | 148.9 |
Cars | ||
Right-of-use assets operating lease category [Line Items] | ||
Right-of-use assets | 5.4 | 5.1 |
Warehouses | ||
Right-of-use assets operating lease category [Line Items] | ||
Right-of-use assets | 30.3 | 38 |
Other | ||
Right-of-use assets operating lease category [Line Items] | ||
Right-of-use assets | € 0.6 | € 0.7 |
Right-of-use assets and lease_4
Right-of-use assets and lease liabilities - Narrative (Details) € in Millions | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
Leases [Abstract] | |
Operating lease, liability, increase | € 30.5 |
Increase (decrease) in cash flow from lease payments | € 85 |
Operating lease, term of contract | 70 years |
Right-of-use assets and lease_5
Right-of-use assets and lease liabilities - Operating Leases Current and Non-Current (Details) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Current | € 46.7 | € 47.6 |
Non-current | 181.2 | 151.5 |
Lease liabilities | € 227.9 | € 199.1 |
Right-of-use assets and lease_6
Right-of-use assets and lease liabilities - Depreciation Related to Operating Leases (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation operating leased assets [Line Items] | |||
Depreciation related to leases | € 53 | € 60.4 | € 62.4 |
Properties | |||
Depreciation operating leased assets [Line Items] | |||
Depreciation related to leases | 40.4 | 52.3 | 52.2 |
Cars | |||
Depreciation operating leased assets [Line Items] | |||
Depreciation related to leases | 5.9 | 2.7 | 4.8 |
Warehouses | |||
Depreciation operating leased assets [Line Items] | |||
Depreciation related to leases | 5.9 | 4 | 3 |
Other | |||
Depreciation operating leased assets [Line Items] | |||
Depreciation related to leases | € 0.8 | € 1.4 | € 2.4 |
Right-of-use assets and lease_7
Right-of-use assets and lease liabilities - Cash Outflows (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Lease payments, total cash flow | € 148.2 | € 57.9 | € 68.9 |
Lease, weighted average remaining lease term (in months) | 365 months | 67 months | 62 months |
Lease, weighted average discount rate (in %) | 2.50% | 2.20% | 1.90% |
Accrued and other liabilities -
Accrued and other liabilities - Accrued and Other Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | ||||
Costs to be paid | € 632.7 | € 511.6 | ||
Personnel-related items | 1,328.5 | 1,070.9 | ||
Derivative financial instruments | 156.7 | 261.2 | ||
Operating lease liabilities | 227.2 | 196.7 | ||
Provisions | 76.7 | 90.5 | ||
Standard warranty reserve | 142.3 | 143.6 | € 145.3 | |
Other | 14.4 | 56.3 | ||
Accrued and other liabilities | 2,578.5 | 2,330.8 | ||
Less: non-current portion of accrued and other liabilities | 401.2 | 454.9 | ||
Current portion of accrued and other liabilities | [1] | € 2,177.4 | € 1,875.9 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | ||
[1] Accrued and other liabilities – current includes amounts with related parties of €199.9 million and €111.2 million at December 31, 2023 and 2022 , respectively. |
Accrued and other liabilities_2
Accrued and other liabilities - Changes in Standard Warranty Reserve (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Balance at beginning of year | € 143.6 | € 145.3 |
Additions for the year | 232.2 | 191.5 |
Utilization of the reserve | (233.3) | (193.5) |
Effect of exchange rates | (0.2) | 0.3 |
Balance at end of year | € 142.3 | € 143.6 |
Long-term debt and interest a_3
Long-term debt and interest and other costs - Components of Long-Term Debt (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | May 31, 2022 | May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2016 | Jul. 31, 2016 | Sep. 30, 2013 |
Debt Instrument [Line Items] | |||||||||
Other | € 0.7 | € 2.3 | |||||||
Long-term debt | 4,631.6 | 4,260.4 | |||||||
Less: current portion of long-term debt | 0.1 | 746.2 | |||||||
Non-current portion of long-term debt | 4,631.5 | 3,514.2 | |||||||
3.375% Senior Notes Due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 0 | 744.6 | € 750 | ||||||
Interest rate on principal amount (in percentage) | 3.375% | ||||||||
1.375% Senior Notes Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 936.8 | 893.9 | € 1,000 | ||||||
Interest rate on principal amount (in percentage) | 1.375% | ||||||||
1.625% Senior Notes Due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 701.3 | 666.8 | € 750 | ||||||
Interest rate on principal amount (in percentage) | 1.625% | ||||||||
0.250% Senior Notes due 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 743.7 | 742.7 | € 750 | ||||||
Interest rate on principal amount (in percentage) | 0.25% | ||||||||
0.625% Senior Notes Due 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 747.9 | 747.5 | € 750 | ||||||
Interest rate on principal amount (in percentage) | 0.625% | ||||||||
2.250% Senior Notes Due 2032 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 472.1 | 440.3 | € 500 | ||||||
Interest rate on principal amount (in percentage) | 2.25% | ||||||||
Debt Assumed In Berliner Glas Acquisition | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 20.5 | 22.3 | |||||||
3.500% Senior Notes Due 2035 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | € 1,008.6 | € 1,000 | € 0 | ||||||
Interest rate on principal amount (in percentage) | 3.50% |
Long-term debt and interest a_4
Long-term debt and interest and other costs - Narratives (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Redemption price, percentage | 100% | ||
Maximum borrowing capacity | € 700,000,000 | € 700,000,000 | |
Available credit facility | 0 | 0 | |
Non-committed guarantee facility | 85,000,000 | ||
Non committed guarantee provided | 46,800,000 | ||
Non committed credit facility with subsidiary | 130,000,000 | ||
Line of credit facility, maximum cash advances included in credit facility | 130,000,000 | ||
Investment income | 193,900,000 | 16,200,000 | € 10,000,000 |
Interest expense | 152,700,000 | € 60,800,000 | € 54,600,000 |
Non-committed unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 1,250,000,000 | ||
Berliner Glas | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, noncurrent | € 20,500,000 | ||
Interest rate on principal amount (in percentage) | 0.50% |
Long-term debt and interest a_5
Long-term debt and interest and other costs - Principal Repayments and Other Borrowing Arrangements (Detail) € in Millions | Dec. 31, 2023 EUR (€) |
Debt Disclosure [Abstract] | |
2024 | € 0.1 |
2025 | 1,004.2 |
2026 | 1,002 |
2027 | 752 |
2028 | 2 |
Thereafter | 2,011 |
Total debt maturities | € 4,771.3 |
Long-term debt and interest a_6
Long-term debt and interest and other costs - Estimated Fair Value of Eurobonds (Detail) - Eurobonds - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal amount | € 4,750 | € 4,500 |
Carrying amount | 4,610.4 | 4,235.8 |
Long-term debt | 4,496.2 | 4,072.8 |
Amortized Costs Eurobonds | ||
Debt Instrument [Line Items] | ||
Carrying amount | 4,731.7 | 4,479 |
Fair Value Adjustment Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Carrying amount | € (121.3) | € (243.2) |
Commitments and contingencies -
Commitments and contingencies - Contractual Obligations (Detail) € in Millions | Dec. 31, 2023 EUR (€) |
Recorded Unconditional Purchase Obligation [Line Items] | |
Total contractual obligations | € 19,400 |
1 year | 10,900 |
2 years | 2,900 |
3 years | 1,800 |
4 years | 1,200 |
5 years | 200 |
>5 years | 2,400 |
Long-Term Debt Obligations, including interest | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Total contractual obligations | 5,100 |
1 year | 100 |
2 years | 1,100 |
3 years | 1,000 |
4 years | 800 |
5 years | 0 |
>5 years | 2,100 |
Lease Obligations | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Total contractual obligations | 200 |
1 year | 100 |
2 years | 0 |
3 years | 0 |
4 years | 0 |
5 years | 0 |
>5 years | 100 |
Purchase obligations | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Total contractual obligations | 14,100 |
1 year | 10,700 |
2 years | 1,800 |
3 years | 800 |
4 years | 400 |
5 years | 200 |
>5 years | € 200 |
Personnel expenses and employ_3
Personnel expenses and employee information - Personnel Expenses for All Payroll Employees (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |||
Wages and salaries | € 4,447 | € 3,502.5 | € 2,842.7 |
Social security expenses | 410.5 | 300.7 | 249.8 |
Pension and retirement expenses | 348.9 | 255.9 | 229.2 |
Share-based compensation expense | 134.8 | 68.9 | 117.5 |
Personnel expenses | € 5,341.2 | € 4,128 | € 3,439.2 |
Personnel expenses and employ_4
Personnel expenses and employee information - Total Number of Payroll and Temporary Personnel Employed in FTE's Per Sector (Detail) - employee | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Personnel Employed Per Sector [Line Items] | |||
Average number of payroll employees employed (in FTEs) | 38,805 | 33,071 | 28,223 |
Total employees (in FTEs) | 42,416 | 39,086 | 32,016 |
Customer Support | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 9,851 | 8,901 | 7,485 |
Manufacturing and Supply Chain Management | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 9,954 | 9,953 | 8,237 |
Strategic Supply Management | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 2,033 | 1,541 | 707 |
General and Administrative | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 4,035 | 3,768 | 2,761 |
Sales and Mature Products and Services | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 939 | 742 | 766 |
Research and Development | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 15,604 | 14,181 | 12,060 |
Temporary FTEs | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 2,107 | 2,974 | 2,155 |
Payroll FTEs | |||
Personnel Employed Per Sector [Line Items] | |||
Total employees (in FTEs) | 40,309 | 36,112 | 29,861 |
Netherlands | |||
Personnel Employed Per Sector [Line Items] | |||
Average number of payroll employees employed (in FTEs) | 19,876 | 16,722 | 14,222 |
Personnel expenses and employ_5
Personnel expenses and employee information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Personnel Employed Per Sector [Line Items] | |
Short-term incentive (in percentage) | 0% |
Maximum | |
Personnel Employed Per Sector [Line Items] | |
Short-term incentive (in percentage) | 126% |
Personnel expenses and employ_6
Personnel expenses and employee information - Bonus Expenses (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Bonus Expenses [Line Items] | |||
Total STI bonus expenses | € 718.6 | € 633.4 | € 428.1 |
Board of Management | |||
Bonus Expenses [Line Items] | |||
Total STI bonus expenses | 6 | 3.8 | 4.4 |
Former Board of Management | |||
Bonus Expenses [Line Items] | |||
Total STI bonus expenses | 0 | 0 | 0.2 |
Other employees | |||
Bonus Expenses [Line Items] | |||
Total STI bonus expenses | € 712.6 | € 629.6 | € 423.5 |
Employee benefits - Narrative (
Employee benefits - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) Person Plan Company Rate | Dec. 31, 2022 EUR (€) Rate | Dec. 31, 2021 EUR (€) Rate | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | Plan | 1 | ||
Multiemployer plan and defined contribution costs, employer contribution, accrued premium | € 39,200,000 | € 53,200,000 | |
Cymer compensation plan deferral period | 3 years | ||
Cymer compensation plan expenses | € 0 | 0 | € 0 |
Deferred compensation plan liability | 94,700,000 | 70,500,000 | |
Compensation plan assets | € 95,200,000 | € 71,100,000 | |
Netherlands Multiemployer Union Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of full time equivalent employees in multiemployer union plans | Person | 21,586 | ||
Number of full time equivalent employees in multiemployer union plans (in percentage) | 53.60% | ||
Number of companies covered by multiemployer plan | Company | 1,568 | ||
Number of employees covered | Person | 183,685 | ||
Employer contributions percentage | Rate | 28% | 28% | 27.60% |
Employer contribution under CBA, percentage | Rate | 18.30% | 15.70% | 13.60% |
Multi-employer union plan expected contribution | € 365,000,000 | ||
Minimal coverage ratio (in percentage) | 1.043 | 1.043 | |
Multiemployer plan coverage ratio | Rate | 109.40% | 110.40% | |
Netherlands Multiemployer Union Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer plan coverage ratio | Rate | 120% |
Employee benefits - Pension and
Employee benefits - Pension and Retirement Expenses (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |||
Pension plan based on multi-employer union plan | € 244.4 | € 181.2 | € 161.7 |
Pension plans based on defined contribution and other plans | 104.5 | 74.7 | 67.5 |
Pension and retirement expenses | € 348.9 | € 255.9 | € 229.2 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net proceeds from issuance of shares | € 99.4 | € 81.8 | € 49 |
Employee stock option plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 3 years | ||
Stock options expiration period | 10 years | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-term incentive bonus plan vesting period | 2 years 6 months | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-term incentive bonus plan vesting period | 3 years | ||
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum net amount, percentage of annual gross base salary (in percentage) | 10% | ||
Minimum period for retaining shares or stock option to qualify for bonus | 12 months | ||
Percentage of bonus on initial participation amount after minimum period for retaining shares or stock options (in percentage) | 20% |
Share-based compensation - Sche
Share-based compensation - Schedule of Performance Criteria and Weight of Long Term Incentive Plans (Details) | Dec. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance plan criteria, percentage | 1 |
Relative TSR | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance plan criteria, percentage | 0.30 |
Strategic value drivers | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance plan criteria, percentage | 0.30 |
Technology Leadership Index | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance plan criteria, percentage | 0.20 |
ESG Measures | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance plan criteria, percentage | 0.20 |
Share-based compensation - Fair
Share-based compensation - Fair Value Assumptions (Detail) - € / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assumptions Calculation Fair Value of Shares [Line Items] | |||
Share price at grant date (in eur per share) | € 620.1 | € 548 | € 462.9 |
Vesting period | 2 years 10 months 24 days | 2 years 8 months 12 days | 2 years 10 months 24 days |
Dividend yield (in percentage) | 0.90% | 1% | 0.60% |
Eurozone | |||
Assumptions Calculation Fair Value of Shares [Line Items] | |||
Risk free interest rate (Eurozone) | 2.40% | 0.50% | (0.80%) |
US | |||
Assumptions Calculation Fair Value of Shares [Line Items] | |||
Risk free interest rate (in percentage) | 3.90% | 2.80% | 0.20% |
Expected volatility ASML | |||
Assumptions Calculation Fair Value of Shares [Line Items] | |||
Expected volatility (in percentage) | 46.20% | 41.80% | 38.50% |
Expected volatility PHLX index | |||
Assumptions Calculation Fair Value of Shares [Line Items] | |||
Expected volatility (in percentage) | 35.30% | ||
Average volatility of the peer group (market practice) | |||
Assumptions Calculation Fair Value of Shares [Line Items] | |||
Average volatility of the peer group (market practice) (in percentage) | 50% | 47.80% |
Share-based compensation - Expe
Share-based compensation - Expenses (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Total incurred expenses | € 134.8 | € 68.9 | € 117.5 |
Recognized income tax benefit (excluding excess income tax benefits) | 16.3 | 10.2 | 8.2 |
Total expected expenses in future periods | € 187.2 | € 113 | € 125.4 |
Weighted average period in which these expected expenses are to be recognized | 1 year 7 months 6 days | 1 year 4 months 24 days | 1 year 8 months 12 days |
Share-based compensation - Summ
Share-based compensation - Summary of Share Plans (Details) € / shares in Units, € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 EUR (€) € / shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 EUR (€) € / shares | Dec. 31, 2021 $ / shares | |
EUR-denominated | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value at vesting date of shares vested during the year (in millions) | € 175.5 | € 120.6 | € 156.9 | |||
Weighted average fair value of shares granted (in usd/eur per share) | € / shares | € 587.42 | € 578.65 | € 547.79 | |||
USD-denominated | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value at vesting date of shares vested during the year (in millions) | € 127 | € 149.6 | € 164 | |||
Weighted average fair value of shares granted (in usd/eur per share) | $ / shares | $ 624.10 | $ 553.61 | $ 498.64 |
Share-based compensation - Chan
Share-based compensation - Changes Conditional Shares (Details) | 12 Months Ended | |
Dec. 31, 2023 € / shares shares | Dec. 31, 2023 $ / shares shares | |
EUR-denominated | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Conditional shares outstanding, beginning (in shares) | 292,765 | 292,765 |
Granted (in shares) | 244,069 | 244,069 |
Vested (in shares) | (257,451) | (257,451) |
Forfeited (in shares) | (3,812) | (3,812) |
Conditional shares outstanding, ending (in shares) | 275,571 | 275,571 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Conditional shares outstanding, beginning (in usd/eur per share) | € / shares | € 434.10 | |
Granted (in usd/eur per share) | € / shares | 587.42 | |
Vested (in usd/eur per share) | € / shares | 425.34 | |
Forfeited (in usd/eur per share) | € / shares | 557.77 | |
Conditional shares outstanding, ending (in usd/eur per share) | € / shares | € 576.37 | |
USD-denominated | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Conditional shares outstanding, beginning (in shares) | 238,394 | 238,394 |
Granted (in shares) | 295,235 | 295,235 |
Vested (in shares) | (167,746) | (167,746) |
Forfeited (in shares) | (2,764) | (2,764) |
Conditional shares outstanding, ending (in shares) | 363,119 | 363,119 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Conditional shares outstanding, beginning (in usd/eur per share) | $ / shares | $ 542.22 | |
Granted (in usd/eur per share) | $ / shares | 624.10 | |
Vested (in usd/eur per share) | $ / shares | 515.96 | |
Forfeited (in usd/eur per share) | $ / shares | 622.98 | |
Conditional shares outstanding, ending (in usd/eur per share) | $ / shares | $ 620.31 |
Share-based compensation - Stoc
Share-based compensation - Stock Options (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2023 EUR (€) € / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 EUR (€) € / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
EUR-denominated | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average share price at the exercise date of stock options (in usd/eur per share) | € / shares | € 613.03 | € 494.14 | € 583.33 | ||||||
Aggregate intrinsic value of stock options exercised (in millions) | € | € 8.1 | € 4.4 | € 5.7 | ||||||
Weighted average remaining contractual term of currently exercisable options (in years) | 1 year 5 months 23 days | 1 year 5 months 23 days | 2 years 29 days | 2 years 29 days | 2 years 9 months 21 days | 2 years 9 months 21 days | |||
Aggregate intrinsic value of exercisable stock options (in millions) | € | € 19.7 | € 20.3 | € 36.7 | ||||||
Aggregate intrinsic value of outstanding stock options (in millions) | € | € 19.7 | € 20.3 | € 36.7 | ||||||
USD-denominated | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average share price at the exercise date of stock options (in usd/eur per share) | $ / shares | $ 678.41 | $ 565.39 | $ 658.16 | ||||||
Aggregate intrinsic value of stock options exercised (in millions) | $ | $ 4.8 | $ 1.6 | $ 4.1 | ||||||
Weighted average remaining contractual term of currently exercisable options (in years) | 1 year 5 months 4 days | 1 year 5 months 4 days | 2 years 1 month 2 days | 2 years 1 month 2 days | 2 years 11 months 4 days | 2 years 11 months 4 days | |||
Aggregate intrinsic value of exercisable stock options (in millions) | $ | $ 15.9 | $ 14.6 | $ 24.9 | ||||||
Aggregate intrinsic value of outstanding stock options (in millions) | $ | $ 15.9 | $ 14.6 | $ 24.9 |
Share-based compensation - Ch_2
Share-based compensation - Changes Stock Options (Details) - 12 months ended Dec. 31, 2023 | € / shares shares | $ / shares € / shares shares | $ / shares shares |
EUR-denominated | Euro | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options, Outstanding, beginning (in shares) | 47,607 | 47,607 | |
Number of options, Granted (in shares) | 0 | 0 | |
Number of options, Exercised (in shares) | (14,768) | (14,768) | |
Number of options, Forfeited (in shares) | 0 | 0 | |
Number of option, Expired (in shares) | 0 | 0 | |
Number of options, Outstanding, ending (in shares) | 32,839 | 32,839 | |
Number of options, Exercisable (in shares) | 32,839 | 32,839 | 32,839 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price per ordinary share, Outstanding, beginning (in usd/eur per share) | € / shares | € 77.95 | ||
Weighted average exercise price per ordinary share, Granted (in usd/eur per share) | € / shares | 0 | ||
Weighted average exercise price per ordinary share, Exercised (in usd/eur per share) | € / shares | 67.80 | ||
Weighted average exercise price per ordinary share, Forfeited (in usd/eur per share) | € / shares | 0 | ||
Weighted average exercise price per ordinary share, Expired (in usd/eur per share) | € / shares | 0 | ||
Weighted average exercise price per ordinary share, Outstanding, ending (in usd/eur per share) | € / shares | 82.52 | ||
Weighted average exercise price per ordinary share (in usd/eur per share) | € / shares | € 82.52 | € 82.52 | |
USD-denominated | US dollar | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options, Outstanding, beginning (in shares) | 32,138 | 32,138 | |
Number of options, Granted (in shares) | 0 | 0 | |
Number of options, Exercised (in shares) | (8,175) | (8,175) | |
Number of options, Forfeited (in shares) | 0 | 0 | |
Number of option, Expired (in shares) | (1) | (1) | |
Number of options, Outstanding, ending (in shares) | 23,962 | 23,962 | |
Number of options, Exercisable (in shares) | 23,962 | 23,962 | 23,962 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price per ordinary share, Outstanding, beginning (in usd/eur per share) | $ / shares | € 92.84 | ||
Weighted average exercise price per ordinary share, Granted (in usd/eur per share) | $ / shares | 0 | ||
Weighted average exercise price per ordinary share, Exercised (in usd/eur per share) | $ / shares | 89.40 | ||
Weighted average exercise price per ordinary share, Forfeited (in usd/eur per share) | $ / shares | 0 | ||
Weighted average exercise price per ordinary share, Expired (in usd/eur per share) | $ / shares | 92.23 | ||
Weighted average exercise price per ordinary share, Outstanding, ending (in usd/eur per share) | $ / shares | € 94.01 | ||
Weighted average exercise price per ordinary share (in usd/eur per share) | $ / shares | $ 94.01 |
Share-based compensation - Outs
Share-based compensation - Outstanding Stock Options (Details) - 12 months ended Dec. 31, 2023 | € / shares shares | $ / shares shares |
EUR-denominated | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of outstanding options, Range of exercise prices (in shares) | 32,839 | 32,839 |
Weighted average remaining contractual life of outstanding (years) | 1 year 5 months 23 days | 1 year 5 months 23 days |
EUR-denominated | Price range three | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | € / shares | € 50 | |
Range of exercise prices, upper limit (in usd/eur per share) | € / shares | € 60 | |
Number of outstanding options, Range of exercise prices (in shares) | 1,936 | 1,936 |
Weighted average remaining contractual life of outstanding (years) | 3 months 18 days | 3 months 18 days |
EUR-denominated | Price range four | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | € / shares | € 60 | |
Range of exercise prices, upper limit (in usd/eur per share) | € / shares | € 70 | |
Number of outstanding options, Range of exercise prices (in shares) | 2,457 | 2,457 |
Weighted average remaining contractual life of outstanding (years) | 3 months 21 days | 3 months 21 days |
EUR-denominated | Price range five | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | € / shares | € 70 | |
Range of exercise prices, upper limit (in usd/eur per share) | € / shares | € 80 | |
Number of outstanding options, Range of exercise prices (in shares) | 8,444 | 8,444 |
Weighted average remaining contractual life of outstanding (years) | 1 year 4 months 2 days | 1 year 4 months 2 days |
EUR-denominated | Price range six | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | € / shares | € 80 | |
Range of exercise prices, upper limit (in usd/eur per share) | € / shares | € 90 | |
Number of outstanding options, Range of exercise prices (in shares) | 9,966 | 9,966 |
Weighted average remaining contractual life of outstanding (years) | 1 year 10 months 2 days | 1 year 10 months 2 days |
EUR-denominated | Price range seven | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | € / shares | € 90 | |
Range of exercise prices, upper limit (in usd/eur per share) | € / shares | € 100 | |
Number of outstanding options, Range of exercise prices (in shares) | 10,036 | 10,036 |
Weighted average remaining contractual life of outstanding (years) | 1 year 9 months | 1 year 9 months |
EUR-denominated | Price range eight | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | € / shares | € 100 | |
Range of exercise prices, upper limit (in usd/eur per share) | € / shares | € 110 | |
Number of outstanding options, Range of exercise prices (in shares) | 0 | 0 |
Weighted average remaining contractual life of outstanding (years) | 0 years | 0 years |
USD-denominated | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of outstanding options, Range of exercise prices (in shares) | 23,962 | 23,962 |
Weighted average remaining contractual life of outstanding (years) | 1 year 5 months 4 days | 1 year 5 months 4 days |
USD-denominated | Price range three | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | $ / shares | $ 50 | |
Range of exercise prices, upper limit (in usd/eur per share) | $ / shares | $ 60 | |
Number of outstanding options, Range of exercise prices (in shares) | 0 | 0 |
Weighted average remaining contractual life of outstanding (years) | 0 years | 0 years |
USD-denominated | Price range four | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | $ / shares | $ 60 | |
Range of exercise prices, upper limit (in usd/eur per share) | $ / shares | $ 70 | |
Number of outstanding options, Range of exercise prices (in shares) | 0 | 0 |
Weighted average remaining contractual life of outstanding (years) | 0 years | 0 years |
USD-denominated | Price range five | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | $ / shares | $ 70 | |
Range of exercise prices, upper limit (in usd/eur per share) | $ / shares | $ 80 | |
Number of outstanding options, Range of exercise prices (in shares) | 0 | 0 |
Weighted average remaining contractual life of outstanding (years) | 0 years | 0 years |
USD-denominated | Price range six | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | $ / shares | $ 80 | |
Range of exercise prices, upper limit (in usd/eur per share) | $ / shares | $ 90 | |
Number of outstanding options, Range of exercise prices (in shares) | 7,569 | 7,569 |
Weighted average remaining contractual life of outstanding (years) | 11 months 19 days | 11 months 19 days |
USD-denominated | Price range seven | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | $ / shares | $ 90 | |
Range of exercise prices, upper limit (in usd/eur per share) | $ / shares | $ 100 | |
Number of outstanding options, Range of exercise prices (in shares) | 10,087 | 10,087 |
Weighted average remaining contractual life of outstanding (years) | 1 year 7 months 2 days | 1 year 7 months 2 days |
USD-denominated | Price range eight | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise prices, lower limit (in usd/eur per share) | $ / shares | $ 100 | |
Range of exercise prices, upper limit (in usd/eur per share) | $ / shares | $ 110 | |
Number of outstanding options, Range of exercise prices (in shares) | 6,306 | 6,306 |
Weighted average remaining contractual life of outstanding (years) | 1 year 8 months 23 days | 1 year 8 months 23 days |
Income taxes - Components of (P
Income taxes - Components of (Provision for) Benefit from Income Taxes (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Netherlands | € 8,453.5 | € 5,881 | € 5,982.8 |
Foreign | 630 | 575.1 | 722.7 |
Income before income taxes | 9,083.5 | 6,456.1 | 6,705.5 |
Income tax (expense) / benefit current | (1,211.7) | (818.4) | (865) |
Income tax (expense) / benefit deferred | (58.4) | (44.4) | (28.6) |
Income tax (expense) / benefit Netherlands | (1,270.1) | (862.8) | (893.6) |
Income tax (expense) / benefit current | (441.3) | (678.3) | (523.5) |
Income tax (expense) / benefit deferred | 275.6 | 571.2 | 395.7 |
Income tax (expense) / benefit Foreign | (165.7) | (107.1) | (127.8) |
Total income tax (expense) / benefit current | (1,653) | (1,496.7) | (1,388.5) |
Total income tax (expense) / benefit deferred | 217.2 | 526.8 | 367.1 |
Total income tax (expense) / benefit | € (1,435.8) | € (969.9) | € (1,021.4) |
Income taxes - Current and Defe
Income taxes - Current and Deferred Tax Expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current year tax (expense) / benefit | € (1,766.1) | € (1,440.9) | € (1,367.2) |
Prior year tax (expense) / benefit | 113.1 | (55.8) | (21.3) |
Total income tax (expense) / benefit current | (1,653) | (1,496.7) | (1,388.5) |
Changes to recognition of operating losses and tax credits | 3 | (41.2) | (37.2) |
Prior year tax (expense) / benefit | (85.2) | 79.2 | (2.4) |
Tax rate changes | 13.5 | (1.1) | 1.5 |
Origination and reversal of temporary differences, operating losses and tax credits | 285.9 | 489.9 | 405.2 |
Total deferred tax (expense) / benefit | € 217.2 | € 526.8 | € 367.1 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||||
Income tax provision based on ASML's domestic rate (in percentage) | 25.80% | 25.80% | 25% | |
Effective income tax rate reconciliation (in percentage) | 15.80% | 15% | 15.20% | |
Unrecognized tax benefits, amount, excluding interest and penalties | € 193.6 | € 160 | € 144.3 | € 138 |
Unrecognized tax benefits that would impact effective tax rate | 176.7 | 139.2 | ||
Balance of accrued interest and penalties | 56.1 | 55.5 | 61.6 | |
Accrued interest and penalties | 3.4 | (5) | € (9.7) | |
Decrease to liability for unrecognized tax benefits | € 8.5 | |||
Timing on decrease of liability for unrecognized tax benefits | 12 months | |||
Unrecognized temporary difference | € 673.9 | € 451.3 | ||
With expiration date | ||||
Income Tax Disclosure [Line Items] | ||||
Carryforward losses | 13.4 | |||
With no expiration date | ||||
Income Tax Disclosure [Line Items] | ||||
Carryforward losses | 13.8 | |||
No expiration date | ||||
Income Tax Disclosure [Line Items] | ||||
Tax credit carryforward amount | 174.7 | |||
With expiration date | ||||
Income Tax Disclosure [Line Items] | ||||
Tax credit carryforward amount | € 43.1 |
Income taxes - Reconciliation B
Income taxes - Reconciliation Between (Provision for) Benefit from Income Taxes (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income before income taxes | € 9,083.5 | € 6,456.1 | € 6,705.5 |
Income tax expense based on ASML’s domestic rate | (2,343.5) | (1,665.7) | (1,676.4) |
Effects of tax rates in foreign jurisdictions | 14.7 | 13 | (4.6) |
Adjustments in respect of tax-exempt income | 1.4 | 0 | 0 |
Adjustments in respect of tax incentives | 941.9 | 741.2 | 727.3 |
Adjustments in respect of prior years’ current taxes | 113.1 | (55.8) | (21.3) |
Adjustments in respect of prior years’ deferred taxes | (85.2) | 79.2 | (2.4) |
Movements in the liability for unrecognized tax benefits | (55) | (9.9) | (21.6) |
Tax effects in respect of acquisition/restructuring related items | 0 | 0 | 35.9 |
Change in valuation allowance | 3 | (41.2) | (37.2) |
Equity method investments | (42.6) | (38.3) | (46.7) |
Effect of change in tax rates | 13.5 | (1.1) | 1.5 |
Other (credits) and non-tax deductible items | 2.9 | 8.7 | 24.1 |
Total income tax (expense) / benefit | € (1,435.8) | € (969.9) | € (1,021.4) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income before income taxes (in percentage) | 100% | 100% | 100% |
Income tax provision based on ASML's domestic rate (in percentage) | 25.80% | 25.80% | 25% |
Effects of tax rates in foreign jurisdictions (in percentage) | (0.20%) | (0.20%) | 0.10% |
Adjustments in respect of tax exempt income (in percentage) | 0% | 0% | 0% |
Adjustments in respect of tax incentives (in percentage) | (10.40%) | (11.50%) | (10.80%) |
Adjustments in respect of prior years' current taxes (in percentage) | (1.20%) | 0.90% | 0.30% |
Adjustments in respect of prior years' deferred taxes (in percentage) | 0.90% | (1.20%) | 0% |
Movements in the liability for unrecognized tax benefits (in percentage) | 0.60% | 0.20% | 0.30% |
Tax effects in respect of acquisition related items (in percentage) | 0% | 0% | (0.50%) |
Change in valuation allowance (in percentage) | 0% | 0.60% | 0.60% |
Equity method investments (in percentage) | 0.50% | 0.60% | 0.70% |
Effect of change in tax rate (in percentage) | (0.10%) | 0% | 0% |
Other credits and non tax deductible items (in percentage) | 0% | (0.10%) | (0.40%) |
Provision for income taxes (in percentage) | 15.80% | 15% | 15.20% |
Income taxes - Liability for Un
Income taxes - Liability for Unrecognized Tax Benefits and Deferred Tax Position Recorded on Consolidated Balance Sheets (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | |||
Liability for unrecognized tax benefits | € (249.7) | € (215.5) | € (205.9) |
Deferred tax assets | 1,872.3 | 1,672.8 | 1,098.7 |
Deferred tax liabilities | (122.6) | (51.5) | (34.7) |
Deferred and other tax assets (liabilities) | € 1,500 | € 1,405.8 | € 858.1 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Beginning and Ending Balance of Liability for Unrecognized Tax Benefits (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as at January 1 | € (160) | € (144.3) | € (138) |
Gross increases – tax positions in prior period | (44.1) | (11.7) | (21.6) |
Gross decreases – tax positions in prior period | 12.6 | 2 | 8.9 |
Gross increases – tax positions in current period | (27.7) | (23.1) | (18.8) |
Settlements | 2.2 | 6.8 | 2.5 |
Lapse of statute of limitations | 17.9 | 13.2 | 32 |
Effect of changes in exchange rates | (2.9) | (9.3) | |
Effect of changes in exchange rates | 5.5 | ||
Total liability for unrecognized tax benefits | (193.6) | (160) | (144.3) |
Balance of accrued interest and penalties | (56.1) | (55.5) | (61.6) |
Total liability for unrecognized tax benefits | € (249.7) | € (215.5) | € (205.9) |
Income taxes - Composition of D
Income taxes - Composition of Deferred Tax Assets and Liabilities Reconciled in Consolidated Balance Sheets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets: | |||
Capitalized R&D expenditures | € 514.1 | € 592.1 | € 420.4 |
Goodwill | 65 | 0 | |
R&D & other tax credit carry forwards | 217.8 | 213.4 | 162.7 |
Inventories | 61.4 | 45.2 | 31.5 |
Contract liabilities | 959.8 | 820.8 | 423.2 |
Accrued and other liabilities | 139.5 | 113.9 | 109.4 |
Operating loss carry forwards | 3.9 | 4.5 | 7.4 |
Property, plant and equipment | 29.2 | 18.9 | 18.6 |
Lease liabilities | 28.7 | 27.4 | 23.2 |
Other intangible assets | 119.3 | 124.8 | 143.5 |
Share-based payments | 16.8 | 11.4 | 9.6 |
Other temporary differences | 22.5 | 23.3 | 27.5 |
Total deferred tax assets, gross | 2,178 | 1,995.7 | 1,377 |
Valuation allowance | (206.7) | (215.4) | (167.6) |
Total deferred tax assets, net | 1,971.3 | 1,780.3 | 1,209.4 |
R&D & other credit carry forwards, other | (28.1) | 23.7 | |
Total deferred tax assets, gross | (28.1) | 23.7 | |
Total deferred tax assets, net, other | (28.1) | 23.7 | |
Deferred tax assets, capitalized R&D expenditures, Consolidated Statements of Operations | (54.5) | 151.2 | |
Deferred tax assets, tax credit carryforwards, goodwill, impact on Consolidated Statements of Operations | 65 | ||
Deferred tax assets, R&D & other credits, Consolidated Statements of Operations | 39.5 | 20.6 | |
Deferred tax assets, inventories, Consolidated Statements of Operations | 17.6 | 12.5 | |
Deferred tax assets, contract liabilities, Consolidated Statements of Operations | 174.4 | 400.8 | |
Deferred tax assets, accrued and other liabilities, Consolidated Statements of Operations | 30.5 | 0.3 | |
Deferred tax assets, tax effect carry-forward losses, Consolidated Statements of Operations | 0.2 | (2.8) | |
Deferred tax assets, Property, plant and equipment, Consolidated Statements of Operations | 10.7 | 1.7 | |
Deferred tax assets, lease liabilities, Consolidated Statements of Operations | 2.3 | 3.1 | |
Deferred tax assets, intangible fixed assets, Consolidated Statements of Operations | (5.5) | (18.7) | |
Deferred tax assets, share-based payments, Consolidated Statements of Operations | 5.9 | 1.2 | |
Deferred tax assets, other temporary differences, Consolidated Statements of Operations | (6.6) | 3.7 | |
Total deferred tax assets, gross, Consolidated Statements of Operations | 279.5 | 573.6 | |
Deferred tax assets, valuation allowance, Consolidated Statements of Operations | 3 | (41.2) | |
Total deferred tax assets, net, Consolidated Statements of Operations | 282.5 | 532.4 | |
Other temporary differences, income tax recognized in shareholders' equity | (6.5) | ||
Total deferred tax assets, gross, income tax recognized in shareholders' equity | (6.5) | ||
Total deferred tax assets, net, income tax recognized in shareholders' equity | (6.5) | ||
Capitalized R&D expenditures, effect of changes in exchange rates | (23.5) | 20.5 | |
R&D & other credits, effect of changes in exchange rates | (7) | 6.4 | |
Inventories, effect of changes in exchange rates | (1.4) | 1.2 | |
Contract liabilities, effect of changes in exchange rates | (35.4) | (3.2) | |
Accrued and other liabilities, effect of changes in exchange rates | (4.9) | 4.2 | |
Tax effect carry-forward losses, effect of changes in exchange rates | (0.8) | (0.1) | |
Property, plant and equipment, effect of changes in exchange rates | (0.4) | (1.4) | |
Lease liabilities, effect of changes in exchange rates | (1) | ||
Leasing arrangements, effect of changes in exchange rates | 1.1 | ||
Share-based payments, effect of changes in exchange rates | (0.5) | 0.6 | |
Other temporary differences, effect of changes in exchange rates | 5.8 | (1.4) | |
Total deferred tax assets, gross, effect of changes in exchange rates | (69.1) | 27.9 | |
Valuation allowance, effect of changes in exchange rates | 5.7 | (6.6) | |
Total deferred tax assets, net, effect of changes in exchange rates | (63.4) | 21.3 | |
Deferred tax liabilities: | |||
Other intangible assets | (52) | (65.4) | (79.9) |
Goodwill | (38.5) | (28.8) | (20.9) |
Inventories | (3.8) | 0 | |
Right-of-use assets | (28.7) | (27.4) | (23.2) |
Property, plant and equipment | (13.6) | (9.8) | (10.9) |
Accrued and other liabilities | (0.5) | 0 | |
Contract liabilities | (80) | (16.3) | (7.9) |
Long-term debt | (1.6) | (1.5) | (1.5) |
Other temporary differences | (2.9) | (9.8) | (1.1) |
Total deferred tax liabilities | (221.6) | (159) | (145.4) |
Total deferred tax liabilities, Other | 0 | 0 | |
Net deferred tax assets (liabilities), other | (28.1) | 23.7 | |
Deferred tax liabilities, intangible assets, impact on Consolidated Statements of Operations | 10.9 | 19.8 | |
Deferred tax liabilities, goodwill, impact on Consolidated Statements of Operations | (9.7) | (7.9) | |
Deferred tax liabilities, inventories, impact on Consolidated Statements of Operations | (4.1) | ||
Deferred tax liabilities, leasing arrangements, impact on Consolidated Statements of Operations | (2.3) | (3.1) | |
Deferred tax liabilities, property, plant and equipment, impact on Consolidated Statements of Operations | (5.1) | 1.5 | |
Deferred tax liabilities, accrued and other liabilities, impact on Consolidated Statements of Operations | (0.5) | ||
Deferred tax liabilities, tax deferred income, impact on Consolidated Statements of Operations | (64.2) | (8.4) | |
Deferred tax liabilities, deferred expense, capitalized interest, impact on Consolidated Statements of Operations | (0.1) | ||
Deferred tax liabilities, other, impact on Consolidated Statements of Operations | 9.8 | (7.5) | |
Total deferred tax liabilities, Consolidated Statements of Operations | (65.3) | (5.6) | |
Net deferred tax assets (liabilities), Consolidated Statements of Operations | 217.2 | 526.8 | |
Deferred tax liabilities, other, income tax recognized in Shareholders' Equity | (2.1) | ||
Deferred tax liabilities, gross, income tax recognized in Shareholders' Equity | (2.1) | ||
Net deferred tax assets (liabilities), Income tax recognized in shareholders' equity | (8.6) | ||
Deferred tax liabilities, intangible assets, effect of changes in exchange rates | 2.5 | (5.3) | |
Deferred tax liabilities, inventories, effect of changes in exchange rates | 0.3 | ||
Deferred tax liabilities, right of use assets, effect of changes in exchange rates | 1 | ||
Deferred tax liabilities, leasing arrangements, effect of changes in exchange rates | (1.1) | ||
Deferred tax liabilities, property, plant and equipment, effect of changes in exchange rates | 1.3 | (0.4) | |
Deferred tax liabilities, contract liabilities, effect of changes in exchange rates | 0.5 | ||
Deferred tax liabilities, other temporary differences, effect of changes in exchange rates | (2.9) | ||
Deferred tax liabilities, other, effect of changes in exchange rates | 0.9 | ||
Total deferred tax liabilities, effect of changes in exchange rates | 2.7 | (5.9) | |
Net deferred tax assets (liabilities), effect of changes in exchange rates | (60.7) | 15.4 | |
Total deferred tax assets, net | 1,971.3 | 1,780.3 | 1,209.4 |
Deferred tax liabilities | (122.6) | (51.5) | (34.7) |
Net deferred tax assets (liabilities) | 1,749.7 | 1,621.3 | 1,064 |
Deferred tax assets – non-current | |||
Deferred tax assets: | |||
Total deferred tax assets, net | 1,872.3 | 1,672.8 | 1,098.7 |
Deferred tax liabilities: | |||
Total deferred tax assets, net | 1,872.3 | 1,672.8 | 1,098.7 |
Deferred tax liabilities – non-current | |||
Deferred tax liabilities: | |||
Deferred tax liabilities | € (122.6) | € (51.5) | € (34.7) |
Shareholders' equity - Schedule
Shareholders' equity - Schedule of Stock by Class (Details) € / shares in Units, € in Millions | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2022 € / shares shares | Dec. 31, 2021 shares |
Class of Stock [Line Items] | |||
Common stock, authorized amount | € | € 126 | ||
Common and treasury stock, par or stated value per share (in EUR per share) | € / shares | € 0.09 | ||
Common stock, shares, outstanding (in shares) | 393,421,721 | 394,589,411 | 402,601,613 |
Treasury stock, par or stated value per share (in EUR per share) | € / shares | € 0.09 | ||
Number of treasury shares (in shares) | 6,162,857 | 8,548,631 | 3,873,663 |
Number of issued shares (in shares) | 406,475,276 | ||
Cumulative Preferred Stock | |||
Class of Stock [Line Items] | |||
Cumulative preference shares; authorized (number of shares) | 700,000,000 | ||
Cumulative preference shares; nominal value (in EUR per share) | € / shares | € 0.09 | ||
Preferred stock, votes per share (in votes per share) | 1 | ||
Number of issued shares (in shares) | 0 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Ordinary Shares, authorized (in shares) | 700,000,000 | 700,000,000 | |
Ordinary shares, nominal value (in EUR per share) | € / shares | € 0.09 | € 0.09 | |
Common stock, votes per share (in votes per share) | 1 | ||
Common stock, shares, outstanding (in shares) | 393,421,721 | 394,589,411 | |
Number of issued shares (in shares) | 399,584,578 | 403,138,042 |
Shareholders' equity - Narrativ
Shareholders' equity - Narrative (Details) € / shares in Units, € in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 35 Months Ended | 38 Months Ended | ||||||||||||||||
Jan. 24, 2024 € / shares | Apr. 26, 2023 | Feb. 14, 2024 € / shares | Dec. 31, 2023 € / shares shares | Nov. 30, 2023 € / shares shares | Oct. 31, 2023 shares | Sep. 30, 2023 shares | Aug. 31, 2023 € / shares shares | Jul. 31, 2023 shares | Jun. 30, 2023 shares | May 31, 2023 shares | Apr. 30, 2023 shares | Mar. 31, 2023 shares | Feb. 28, 2023 shares | Jan. 31, 2023 shares | Feb. 28, 2023 shares | Mar. 31, 2023 shares | Apr. 30, 2023 shares | May 31, 2023 shares | Jun. 30, 2023 shares | Jul. 31, 2023 shares | Aug. 31, 2023 shares | Sep. 30, 2023 shares | Oct. 31, 2023 shares | Nov. 30, 2023 shares | Dec. 31, 2023 EUR (€) registeredHolder director customer € / shares shares | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2025 EUR (€) | |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||
Common stock, shares, outstanding (in shares) | 393,421,721 | 393,421,721 | 394,589,411 | 402,601,613 | 394,589,411 | |||||||||||||||||||||||||
Number of fractional shares (in shares) | 900 | 900 | ||||||||||||||||||||||||||||
Shares, issued (in shares) | 406,475,276 | |||||||||||||||||||||||||||||
Number of key customers | customer | 3 | |||||||||||||||||||||||||||||
Maximum share and/or rights issuance, percentage over issued share capital (in percentage) | 0.05 | |||||||||||||||||||||||||||||
Additional share issuance, percentage over issued share capital (in percentage) | 0.05 | |||||||||||||||||||||||||||||
Maximum restriction of preemptive rights, percentage over issued share capital (in percentage) | 0.05 | |||||||||||||||||||||||||||||
Maximum ordinary share purchase price, market price (in percentage) | 1.10 | |||||||||||||||||||||||||||||
Cumulative preference shares, portion of subscription price payable at initial issuance | 25% | 25% | ||||||||||||||||||||||||||||
Cumulative preference shares, portion of subscription price payable upon call up | 75% | 75% | ||||||||||||||||||||||||||||
Dilution of ordinary share voting power through exercise of preference share option | 50% | 50% | ||||||||||||||||||||||||||||
Period in which company to repurchase or cancel cumulative preference shares | 20 months | |||||||||||||||||||||||||||||
Number of independent members | director | 4 | |||||||||||||||||||||||||||||
Dividends declared (in EUR per share) | € / shares | € 6.10 | |||||||||||||||||||||||||||||
Dividends paid (in EUR per share) | € / shares | € 1.45 | € 1.45 | ||||||||||||||||||||||||||||
Dividends payable (in EUR per share) | € / shares | € 1.75 | € 1.75 | € 5.80 | € 5.80 | ||||||||||||||||||||||||||
Dividend payable, increase (in percentage) | 5.20% | |||||||||||||||||||||||||||||
Total number of shares purchased (in shares) | 0 | 0 | 0 | 0 | 0 | 144,745 | 263,635 | 283,210 | 239,865 | 337,136 | 294,059 | 57,478 | 351,537 | 688,673 | 928,538 | 1,211,748 | 1,475,383 | 1,620,128 | 1,620,128 | 1,620,128 | 1,620,128 | 1,620,128 | 1,620,128 | 8,538,787 | ||||||
Treasury stock, repurchased | € | € 1,000 | € 4,639.7 | ||||||||||||||||||||||||||||
Purchase of treasury shares | € | € 1,000 | € 4,639.7 | € 8,560.3 | |||||||||||||||||||||||||||
Cancelled shares (in shares) | 3,553,815 | 3,337,825 | ||||||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||
Dividends declared (in EUR per share) | € / shares | € 6.10 | |||||||||||||||||||||||||||||
Dividends paid (in EUR per share) | € / shares | € 1.45 | |||||||||||||||||||||||||||||
Dividends payable (in EUR per share) | € / shares | € 1.45 | |||||||||||||||||||||||||||||
New share buyback program | ||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||
Expected total value of purchased shares | € | € 9,000 | |||||||||||||||||||||||||||||
Forecast [Member] | Share Buyback Program 2022-2025 | ||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||
Expected total value of purchased shares | € | € 12,000 | |||||||||||||||||||||||||||||
Expected shares to be purchased for award (in shares) | € | € 2 | |||||||||||||||||||||||||||||
Cumulative Preferred Stock | ||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||
Shares, issued (in shares) | 0 | 0 | ||||||||||||||||||||||||||||
United States | ||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||
Common stock, shares, outstanding (in shares) | 86,366,821 | 86,366,821 | ||||||||||||||||||||||||||||
Number of registered holders | registeredHolder | 268 |
Shareholders' equity - Purchase
Shareholders' equity - Purchase of Equity Securities (Details) - EUR (€) € / shares in Units, € in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2023 | Nov. 30, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Feb. 28, 2023 | Mar. 31, 2023 | Apr. 30, 2023 | May 31, 2023 | Jun. 30, 2023 | Jul. 31, 2023 | Aug. 31, 2023 | Sep. 30, 2023 | Oct. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||||||||||||||||||||||||
Total number of shares purchased (in shares) | 0 | 0 | 0 | 0 | 0 | 144,745 | 263,635 | 283,210 | 239,865 | 337,136 | 294,059 | 57,478 | 351,537 | 688,673 | 928,538 | 1,211,748 | 1,475,383 | 1,620,128 | 1,620,128 | 1,620,128 | 1,620,128 | 1,620,128 | 1,620,128 | 8,538,787 |
Average price paid per share (Euro per share) | € 0 | € 0 | € 0 | € 0 | € 0 | € 657.99 | € 663.39 | € 617.07 | € 589.92 | € 589.74 | € 611.28 | € 609.46 | € 617.23 | |||||||||||
Maximum value of shares that may yet be purchased (€ millions) | € 10,800 | € 10,800 | € 10,800 | € 10,800 | € 10,800 | € 10,800 | € 10,895.2 | € 11,070.1 | € 11,244.9 | € 11,386.4 | € 11,585.2 | € 11,765 |
Net Income per ordinary share_2
Net Income per ordinary share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income per Ordinary Share [Abstract] | |||
Net income | € 7,839 | € 5,624.2 | € 5,883.2 |
Weighted average number of shares outstanding (in EUR per share) | 393.8 | 397.7 | 409.8 |
Basic net income per ordinary share (in EUR per share) | € 19.91 | € 14.14 | € 14.36 |
Plus shares applicable to options and conditional shares (in shares) | 0.3 | 0.3 | 0.6 |
Diluted weighted average number of shares (in shares) | 394.1 | 398 | 410.4 |
Diluted net income per ordinary share (in EUR per share) | € 19.89 | € 14.13 | € 14.34 |
Financial risk management - For
Financial risk management - Foreign Currency Sensitivity Analysis (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Impact on equity | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | € 74.5 | € 48.7 |
Impact on net income | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | (8) | (21.4) |
US dollar | Impact on equity | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | 78.3 | 65.3 |
US dollar | Impact on net income | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | 4.2 | (7.2) |
Japanese yen | Impact on equity | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | (3.8) | (16.6) |
Japanese yen | Impact on net income | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | (2.6) | (0.1) |
Taiwanese dollar | Impact on equity | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | 0 | 0 |
Taiwanese dollar | Impact on net income | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | 0.4 | (12.8) |
Other currencies | Impact on equity | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | 0 | 0 |
Other currencies | Impact on net income | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 10 percent strengthening of foreign currency against the euro | € (10) | € (1.3) |
Financial risk management - Nar
Financial risk management - Narrative (Detail) ₩ in Billions, ¥ in Billions, ¥ in Billions, $ in Billions, $ in Billions | 12 Months Ended | ||||||||||||
Dec. 31, 2023 EUR (€) eurobond | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2023 TWD ($) | Dec. 31, 2023 KRW (₩) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 TWD ($) | Dec. 31, 2022 KRW (₩) | Dec. 31, 2022 CNY (¥) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Net gain (loss) from effective cash flow hedges | € (600,000) | € 66,500,000 | € (22,200,000) | ||||||||||
Gain (loss) from derivative financial instruments measured at fair value | (52,400,000) | 3,600,000 | (7,900,000) | ||||||||||
Accumulated other comprehensive income, gain (loss) on financial instruments, net of taxes | € (7,600,000) | 7,600,000 | 16,500,000 | ||||||||||
Derivative instruments release period | 12 months | ||||||||||||
Gain (loss) on foreign currency cash flow hedge ineffectiveness | € 0 | 0 | 0 | ||||||||||
Decrease of interest rates (in percentage) | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | 0.010 | |||||||
Supplier finance program, termination notice, period | 30 days | ||||||||||||
Supplier finance program, obligation | € 400,000,000 | 400,000,000 | |||||||||||
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable | Accounts payable | Accounts payable | Accounts payable | Accounts payable | |||||||
Derivative asset, Statement of Financial Position [extensible enumeration] | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | |||||||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets | Other non-current assets | Other non-current assets | Other non-current assets | Other non-current assets | |||||||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | Other assets | Other assets | Other assets | Other assets | |||||||
Derivative liability, current, Statement of Financial Position [extensible enumeration] | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | |||||||
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | |||||||
Number of eurobonds outstanding | eurobond | 6 | ||||||||||||
Fair value assets (liabilities) transfers between levels amount | € 0 | 0 | |||||||||||
Goodwill and intangible asset, impairment | € 0 | 0 | |||||||||||
Designated as Hedging Instrument | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Number of eurobonds outstanding | eurobond | 4 | ||||||||||||
Principal amount | € 3,250,000,000 | ||||||||||||
Not Designated as Hedging Instrument | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Number of eurobonds outstanding | eurobond | 2 | ||||||||||||
Principal amount | € 1,500,000,000 | ||||||||||||
Cost of Sales | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Accumulated other comprehensive income (loss), cumulative changes in net gain (loss) from cash flow hedge effect, before tax | (8,900,000) | 5,500,000 | 20,800,000 | ||||||||||
Accumulated other comprehensive income, gain (loss) on financial instruments, net of taxes | (7,600,000) | 4,700,000 | 17,700,000 | ||||||||||
Sales | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Accumulated other comprehensive income (loss), cumulative changes in net gain (loss) from cash flow hedge effect, before tax | 0 | 3,400,000 | (1,200,000) | ||||||||||
Accumulated other comprehensive income, gain (loss) on financial instruments, net of taxes | 0 | 2,900,000 | € (1,000,000) | ||||||||||
Forward foreign exchange contracts | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Notional principal amounts | € 281,100,000 | 158,500,000 | $ 0.8 | ¥ 8.5 | $ 26.4 | ₩ 61.8 | ¥ 1.1 | $ 1 | ¥ 43.9 | $ 18.5 | ₩ 99 | ¥ 1 | |
Forward foreign exchange contracts | Cash flow hedges | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Derivative asset, Statement of Financial Position [extensible enumeration] | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | |||||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | |||||||
Forward foreign exchange contracts | Other hedges | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Derivative asset, Statement of Financial Position [extensible enumeration] | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | |||||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | |||||||
Interest rate swaps | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Notional principal amounts | € 3,250,000,000 | € 3,000,000,000 | |||||||||||
Interest rate swaps | Fair value hedges | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
Derivative asset, Statement of Financial Position [extensible enumeration] | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | Other assets, Other non-current assets | |||||||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets | Other non-current assets | Other non-current assets | Other non-current assets | Other non-current assets | |||||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | Accrued and other liabilities, Accrued and other liabilities | |||||||
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities | Accrued and other liabilities |
Financial risk management - Int
Financial risk management - Interest rate Sensitivity (Details) € in Millions | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) |
Derivative [Line Items] | ||
Increase of interest rates (in percentage) | 0.010 | |
Impact on equity | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 1 percent point increase in interest rates | € 0 | € 0 |
Impact on net income | ||
Derivative [Line Items] | ||
Sensitivity analysis, impact of 1 percent point increase in interest rates | € 37.6 | € 43.8 |
Financial risk management - Der
Financial risk management - Derivative Financial Instruments Per Category (Detail) € in Millions, ₩ in Billions, ¥ in Billions, ¥ in Billions, $ in Billions, $ in Billions | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2023 TWD ($) | Dec. 31, 2023 KRW (₩) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 TWD ($) | Dec. 31, 2022 KRW (₩) | Dec. 31, 2022 CNY (¥) |
Derivative [Line Items] | ||||||||||||
Derivative assets | € 31.1 | € 17.3 | ||||||||||
Derivative financial instruments | 11.3 | 0 | ||||||||||
Derivative assets, current | 19.8 | 17.3 | ||||||||||
Derivative liabilities | 156.7 | 261.2 | ||||||||||
Derivative liabilities, noncurrent | 62.7 | 179 | ||||||||||
Derivative liabilities, current | 94 | 82.2 | ||||||||||
Forward foreign exchange contracts | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 281.1 | $ 0.8 | ¥ 8.5 | $ 26.4 | ₩ 61.8 | ¥ 1.1 | 158.5 | $ 1 | ¥ 43.9 | $ 18.5 | ₩ 99 | ¥ 1 |
Forward foreign exchange contracts, fair value | (6.8) | (18.8) | ||||||||||
Interest rate swaps | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 3,250 | 3,000 | ||||||||||
Interest rate swaps, fair value | (118.8) | (225.1) | ||||||||||
Fair value hedges | Interest rate swaps | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative assets | 11.3 | 1.7 | ||||||||||
Derivative financial instruments | 11.3 | 0 | ||||||||||
Derivative liabilities | 130.1 | 226.8 | ||||||||||
Derivative liabilities, noncurrent | 62.7 | 179 | ||||||||||
Cash flow hedges | Forward foreign exchange contracts | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative assets | 2.9 | 3 | ||||||||||
Derivative liabilities | 10.4 | 18.1 | ||||||||||
Other hedges | Forward foreign exchange contracts | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative assets | 16.9 | 12.6 | ||||||||||
Derivative liabilities | € 16.2 | € 16.3 |
Financial risk management - Fin
Financial risk management - Financial Assets and Liabilities Fair Value disclosure (Details) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative financial instruments | € 31.1 | € 17.3 |
Short-term investments | 5.4 | 107.7 |
Derivative financial instruments | 156.7 | 261.2 |
Fair value, recurring | ||
Derivative [Line Items] | ||
Derivative financial instruments | 31.1 | 17.3 |
Money market funds | 3,167.4 | 3,196.7 |
Short-term investments | 5.4 | 107.7 |
Total | 3,203.9 | 3,321.7 |
Derivative financial instruments | 156.7 | 261.2 |
Loan receivable | 776.1 | 307.9 |
Long-term debt | 4,496.2 | 4,072.8 |
Level 1 | Fair value, recurring | ||
Derivative [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Money market funds | 3,167.4 | 3,196.7 |
Short-term investments | 0 | 0 |
Total | 3,167.4 | 3,196.7 |
Derivative financial instruments | 0 | 0 |
Loan receivable | 0 | 0 |
Long-term debt | 4,496.2 | 4,072.8 |
Level 2 | Fair value, recurring | ||
Derivative [Line Items] | ||
Derivative financial instruments | 31.1 | 17.3 |
Money market funds | 0 | 0 |
Short-term investments | 5.4 | 107.7 |
Total | 36.5 | 125 |
Derivative financial instruments | 156.7 | 261.2 |
Loan receivable | 0 | 0 |
Long-term debt | 0 | 0 |
Level 3 | Fair value, recurring | ||
Derivative [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Money market funds | 0 | 0 |
Short-term investments | 0 | 0 |
Total | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Loan receivable | 776.1 | 307.9 |
Long-term debt | € 0 | € 0 |
Related parties and variable _3
Related parties and variable interest entities - Narrative (Detail) | 12 Months Ended | 60 Months Ended | |||
Dec. 31, 2023 EUR (€) element | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | ||
Related Party Transaction [Line Items] | |||||
Loan receivable | [1] | € 929,200,000 | € 364,400,000 | ||
Repayment grace period, loan to related parties | 3 years | ||||
Number of elements | element | 2 | ||||
Zeiss High-NA Funding Commitment | |||||
Related Party Transaction [Line Items] | |||||
Amount paid under contractual obligation | € 969,100,000 | ||||
Zeiss High-NA Funding Commitment | Research and development support provided | |||||
Related Party Transaction [Line Items] | |||||
Amount paid under contractual obligation | 305,500,000 | ||||
Commitment consideration paid | € 67,600,000 | € 76,600,000 | € 61,200,000 | ||
Zeiss High-NA Funding Commitment | Capital expenditure support provided | |||||
Related Party Transaction [Line Items] | |||||
Amount paid under contractual obligation | € 663,600,000 | ||||
Carl Zeiss SMT GmbH | |||||
Related Party Transaction [Line Items] | |||||
Term of loan to related parties | 10 years | ||||
Any Director or Officer of ASML or any Associate Thereof | |||||
Related Party Transaction [Line Items] | |||||
Transactions outside the normal course of business | € 0 | ||||
Long-term debt, average amount outstanding | 0 | ||||
Long-term debt | € 0 | ||||
Minimum | Carl Zeiss SMT GmbH | |||||
Related Party Transaction [Line Items] | |||||
Interest rate on principal amount (in percentage) | 0.01% | ||||
Maximum | Carl Zeiss SMT GmbH | |||||
Related Party Transaction [Line Items] | |||||
Loan receivable | € 1,000,000,000 | ||||
Interest rate on principal amount (in percentage) | 1% | ||||
Carl Zeiss SMT GmbH | Carl Zeiss SMT Holding GmbH & Co. KG | |||||
Related Party Transaction [Line Items] | |||||
Ownership interest (in percentage) | 10,000% | ||||
Carl Zeiss SMT Holding GmbH & Co. KG | Carl Zeiss SMT Holding GmbH & Co. KG | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage (in percentage) | 24.90% | ||||
[1] Loan receivable includes amounts with related parties of €912.4 million and €364.4 million at December 31, 2023 and 2022 , respectively. |
Related parties and variable _4
Related parties and variable interest entities - Schedule of Related Party Transactions (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transaction [Line Items] | ||||
Carrying amount | € 5,493.2 | € 3,944.2 | ||
Loan receivable | [1] | 929.2 | 364.4 | |
Investment agreement for 24.9% equity | 919.6 | 923.6 | ||
Accounts receivable, net | 4,334.1 | 5,323.8 | ||
Accounts payable | [2] | 2,347.3 | 2,565.2 | |
Total purchases | € 3,325.9 | 2,693.6 | € 2,070.3 | |
Carl Zeiss SMT Holding GmbH & Co. KG | Carl Zeiss SMT Holding GmbH & Co. KG | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage (in percentage) | 24.90% | |||
Related party | ||||
Related Party Transaction [Line Items] | ||||
Other non-current assets | € 1,182.7 | 1,100.3 | ||
Carrying amount | 0 | 70 | ||
Loan receivable | 912.4 | 364.4 | ||
Investment agreement for 24.9% equity | 919.6 | 923.6 | ||
Accounts receivable, net | 7.8 | 0 | ||
Accounts payable | 4 | 269.2 | ||
Cost to be paid included in Accrued and other liabilities | 199.9 | € 111.2 | ||
Related party | Maximum exposure to loss | ||||
Related Party Transaction [Line Items] | ||||
Other non-current assets | 1,182.7 | |||
Carrying amount | 0 | |||
Loan receivable | 912.4 | |||
Investment agreement for 24.9% equity | 919.6 | |||
Accounts receivable, net | 7.8 | |||
Accounts payable | 0 | |||
Cost to be paid included in Accrued and other liabilities | € 0 | |||
[1] Loan receivable includes amounts with related parties of €912.4 million and €364.4 million at December 31, 2023 and 2022 , respectively. Accounts payable includes amounts with related parties of €4.0 million and €269.2 million at December 31, 2023 and 2022 , respectively. |
Subsequent events - Narrative (
Subsequent events - Narrative (Details) | 12 Months Ended | |||
Jan. 24, 2024 € / shares | Dec. 31, 2023 € / shares | Feb. 14, 2024 dividend € / shares | Dec. 31, 2022 € / shares | |
Subsequent Event [Line Items] | ||||
Dividends declared (in EUR per share) | € 6.10 | |||
Dividends payable (in EUR per share) | € 1.75 | € 5.80 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared (in EUR per share) | € 6.10 | |||
Dividends payable (in EUR per share) | € 1.45 | |||
Number of interim dividends | dividend | 2 | |||
Subsequent Event | Interim dividend | ||||
Subsequent Event [Line Items] | ||||
Dividends payable (in EUR per share) | € 1.45 | |||
Subsequent Event | Final dividend | ||||
Subsequent Event [Line Items] | ||||
Dividends payable (in EUR per share) | € 1.75 |