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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Summary of Financial Information for Reportable Segments | Summarized financial information for the Company’s reportable segments is shown in the following tables:
(In thousands) | 2023 |  | 2022 |  | 2021
Net sales: |  |  |  |  |
MS | 1,689,467 |  |  | 1,380,208 |  |  | 711,291 |
MC | 1,127,555 |  |  | 1,105,996 |  |  | 919,363 |
AMH | 758,648 |  |  | 846,492 |  |  | 704,946 |
Inter-segment elimination | (51,744) |  |  | (50,663) |  |  | (36,707) |
Total net sales | $ | 3,523,926 |  |  | $ | 3,282,033 |  |  | $ | 2,298,893 |
(In thousands) | 2023 |  | 2022 |  | 2021
Segment profit: |  |  |  |  |
MS | 296,375 |  |  | 219,189 |  |  | 167,807 |
MC | 395,348 |  |  | 411,475 |  |  | 321,300 |
AMH | 136,100 |  |  | 183,738 |  |  | 159,995 |
Total segment profit | $ | 827,823 |  |  | $ | 814,402 |  |  | $ | 649,102 |
(In thousands) | 2023 |  | 2022 |  | 2021
Total assets: |  |  |  |  |
MS | 6,405,693 |  |  | 7,535,706 |  |  | 1,191,465 |
MC | 1,157,414 |  |  | 1,161,636 |  |  | 946,336 |
AMH | 697,243 |  |  | 801,591 |  |  | 598,547 |
Corporate | 552,241 |  |  | 639,924 |  |  | 455,548 |
Total assets | $ | 8,812,591 |  |  | $ | 10,138,857 |  |  | $ | 3,191,896 |
(In thousands) | 2023 |  | 2022 |  | 2021
Depreciation and amortization: |  |  |  |  |
MS | 286,632 |  |  | 203,320 |  |  | 66,983 |
MC | 57,432 |  |  | 42,514 |  |  | 41,536 |
AMH | 43,096 |  |  | 33,490 |  |  | 29,648 |
Total depreciation and amortization | $ | 387,160 |  |  | $ | 279,324 |  |  | $ | 138,167 |
(In thousands) | 2023 |  | 2022 |  | 2021
Capital expenditures: |  |  |  |  |
MS | 141,851 |  |  | 151,331 |  |  | 74,410 |
MC | 227,996 |  |  | 178,800 |  |  | 69,120 |
AMH | 87,000 |  |  | 136,061 |  |  | 67,096 |
Total capital expenditures | $ | 456,847 |  |  | $ | 466,192 |  |  | $ | 210,626 |
Reconciliation of Total Segment Profit to Operating Income | The following table reconciles total segment profit to income before income taxes and equity in net loss of affiliate:
(In thousands) | 2023 |  | 2022 |  | 2021
Total segment profit | $ | 827,823 |  |  | $ | 814,402 |  |  | $ | 649,102 |
Less: |  |  |  |  |
Amortization of intangibles | 214,477 |  |  | 143,953 |  |  | 47,856 |
Unallocated general and administrative expenses | 114,188 |  |  | 190,468 |  |  | 49,478 |
Operating income | $ | 499,158 |  |  | $ | 479,981 |  |  | 551,768 |
Interest expense | 312,378 |  |  | 212,669 |  |  | 41,240 |
Interest income | (11,257) |  |  | (3,694) |  |  | (243) |
Other expense, net | 25,367 |  |  | 23,926 |  |  | 31,695 |
Income before income tax (benefit) expense | $ | 172,670 |  |  | $ | 247,080 |  |  | $ | 479,076 |
Summary of Total Net Sales to External Customers | In the following tables, revenue is disaggregated by country or region based on the ship to location of the customer for the years ended December 31, 2023, 2022 and 2021:
| 2023
(In thousands) | MS |  | MC |  | AMH |  |  | Inter-segment |  | Total
North America | $ | 540,347 |  |  | $ | 170,816 |  |  | $ | 231,833 |  |  |  | $ | (51,744) |  |  | $ | 891,252 |
Taiwan | 231,982 |  |  | 234,078 |  |  | 124,573 |  |  |  | — |  |  | 590,633 |
South Korea | 218,192 |  |  | 120,036 |  |  | 104,957 |  |  |  | — |  |  | 443,185 |
Japan | 104,977 |  |  | 219,340 |  |  | 42,991 |  |  |  | — |  |  | 367,308 |
China | 196,970 |  |  | 229,689 |  |  | 140,245 |  |  |  | — |  |  | 566,904 |
Europe | 229,368 |  |  | 93,059 |  |  | 79,923 |  |  |  | — |  |  | 402,350 |
Southeast Asia | 167,631 |  |  | 60,537 |  |  | 34,126 |  |  |  | — |  |  | 262,294 |
| $ | 1,689,467 |  |  | $ | 1,127,555 |  |  | $ | 758,648 |  |  |  | $ | (51,744) |  |  | $ | 3,523,926 |
| 2022
(In thousands) | MS |  | MC |  | AMH |  |  | Inter-segment |  | Total
North America | $ | 422,185 |  |  | $ | 158,627 |  |  | $ | 265,510 |  |  |  | $ | (50,663) |  |  | $ | 795,659 |
Taiwan | 202,565 |  |  | 305,899 |  |  | 151,663 |  |  |  | — |  |  | 660,127 |
South Korea | 162,601 |  |  | 129,750 |  |  | 121,726 |  |  |  | — |  |  | 414,077 |
Japan | 107,239 |  |  | 183,485 |  |  | 59,278 |  |  |  | — |  |  | 350,002 |
China | 198,022 |  |  | 184,609 |  |  | 119,325 |  |  |  | — |  |  | 501,956 |
Europe | 150,914 |  |  | 85,696 |  |  | 88,405 |  |  |  | — |  |  | 325,015 |
Southeast Asia | 136,682 |  |  | 57,930 |  |  | 40,585 |  |  |  | — |  |  | 235,197 |
| $ | 1,380,208 |  |  | $ | 1,105,996 |  |  | $ | 846,492 |  |  |  | $ | (50,663) |  |  | $ | 3,282,033 |
| 2021
(In thousands) | MS |  | MC |  | AMH |  |  | Inter-segment |  | Total
North America | $ | 208,997 |  |  | $ | 133,653 |  |  | $ | 219,853 |  |  |  | $ | (36,707) |  |  | $ | 525,796 |
Taiwan | 117,056 |  |  | 225,086 |  |  | 111,968 |  |  |  | — |  |  | 454,110 |
South Korea | 97,568 |  |  | 114,211 |  |  | 105,493 |  |  |  | — |  |  | 317,272 |
Japan | 89,767 |  |  | 161,569 |  |  | 51,267 |  |  |  | — |  |  | 302,603 |
China | 102,791 |  |  | 164,471 |  |  | 97,157 |  |  |  | — |  |  | 364,419 |
Europe | 50,136 |  |  | 70,011 |  |  | 89,121 |  |  |  | — |  |  | 209,268 |
Southeast Asia | 44,976 |  |  | 50,362 |  |  | 30,087 |  |  |  | — |  |  | 125,425 |
| $ | 711,291 |  |  | $ | 919,363 |  |  | $ | 704,946 |  |  |  | $ | (36,707) |  |  | $ | 2,298,893 |
Summary of Property, Plant and Equipment Attributed to Significant Countries | The following table summarizes property, plant and equipment, net, attributed to significant countries for the years ended December 31, 2023, 2022 and 2021:
(In thousands) | 2023 |  | 2022 |  | 2021
Property, plant and equipment, net: |  |  |  |  |
North America | $ | 747,823 |  |  | $ | 776,913 |  |  | $ | 417,549 |
South Korea | 101,107 |  |  | 84,253 |  |  | 58,725 |
Japan | 118,872 |  |  | 104,282 |  |  | 56,357 |
Malaysia | 50,183 |  |  | 46,703 |  |  | 29,443 |
China | 32,884 |  |  | 31,592 |  |  | 32,133 |
Taiwan | 412,346 |  |  | 253,285 |  |  | 58,444 |
Other | 4,828 |  |  | 96,309 |  |  | 1,447 |
| $ | 1,468,043 |  |  | $ | 1,393,337 |  |  | $ | 654,098 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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