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Business Segments, Customer Concentrations and Geographic Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments, Customer Concentrations and Geographic Information | Business Segments, Customer Concentrations and Geographic Information We operate as a single operating segment as managed by our Chief Executive Officer, who is considered our chief operating decision maker (“CODM”). The CODM bears the ultimate responsibility for, and is actively engaged in, the allocation of resources and the evaluation of our operating and financial results. We have concluded that we have a single operating segment based on the following: •We are managed under a functionally-based organizational structure with the head of each function reporting directly to the CODM; •Our CODM assesses performance, including resource allocation, trend identification and variance analysis, based on consolidated operating performance and financial results based on net income; •Our CODM allocates resources and makes other operating decisions based on specific customer business opportunities; and •We have an integrated process for the design, development and manufacturing services we provide to all of our customers. We also have centralized sales and administrative functions. The following table presents revenue, profit or loss and significant segment expenses for our single operating segment:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Net sales | $ | 6,317,692 |  |  | $ | 6,503,065 |  |  | $ | 7,091,585 |
Less: |  |  |  |  |
Materials cost of sales | 3,478,752 |  |  | 3,584,090 |  |  | 3,646,188 |
Labor cost of sales | 628,201 |  |  | 643,993 |  |  | 712,070 |
Depreciation cost of sales | 534,921 |  |  | 576,120 |  |  | 565,455 |
Other cost of sales | 742,606 |  |  | 755,709 |  |  | 837,885 |
Selling, general and administrative | 331,806 |  |  | 295,393 |  |  | 283,372 |
Research and development | 162,951 |  |  | 177,473 |  |  | 149,429 |
Interest expense | 64,945 |  |  | 59,000 |  |  | 58,563 |
Income tax expense | 75,481 |  |  | 81,710 |  |  | 89,890 |
Other segment items (1) | (57,506) |  |  | (32,554) |  |  | (18,309) |
Segment net income | $ | 355,535 |  |  | $ | 362,131 |  |  | $ | 767,042 |
(1)Other segment items included in segment net income includes interest income, foreign currency (gain) loss, net, loss on debt retirement and other (income) expense. The following table represents other balances included in net income or that are regularly provided to the CODM:
| December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Interest income | $ | 65,541 |  |  | $ | 48,458 |  |  | $ | 12,762 |
Depreciation and amortization expense | (594,663) |  |  | (631,508) |  |  | (612,702) |
Total assets | 6,944,328 |  |  | 6,771,125 |  |  | 6,821,757 |
Capital expenditures | (743,796) |  |  | (749,467) |  |  | (908,294) |
Net sales by product group consist of the following:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Advanced Products | $ | 5,174,459 |  |  | $ | 5,032,859 |  |  | $ | 5,367,589 |
Mainstream Products | 1,143,233 |  |  | 1,470,206 |  |  | 1,723,996 |
Total net sales | $ | 6,317,692 |  |  | $ | 6,503,065 |  |  | $ | 7,091,585 |
(1)Advanced Products include flip chip, memory and wafer-level processing and related test services. (2)Mainstream Products include all other wirebond packaging and related test services. Net sales by end market consist of the following:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Communications (smartphones, tablets) | 48 | % |  | 50 | % |  | 44 | %
Computing (data center, infrastructure, PC/laptop, storage) | 19 | % |  | 16 | % |  | 16 | %
Automotive, industrial and other (ADAS, electrification, infotainment, safety) | 18 | % |  | 21 | % |  | 20 | %
Consumer (AR & gaming, connected home, home electronics, wearables) | 15 | % |  | 13 | % |  | 20 | %
Total net sales | 100 | % |  | 100 | % |  | 100 | %
Net sales by region based on customer headquarters location consist of the following:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Europe, Middle East and Africa | $ | 817,875 |  |  | $ | 1,043,880 |  |  | $ | 1,084,853 |
Japan | 800,713 |  |  | 935,620 |  |  | 1,132,121 |
Asia Pacific (excluding Japan) | 716,344 |  |  | 704,520 |  |  | 1,017,246 |
Total foreign countries | 2,334,932 |  |  | 2,684,020 |  |  | 3,234,220 |
United States | 3,982,760 |  |  | 3,819,045 |  |  | 3,857,365 |
Total net sales | $ | 6,317,692 |  |  | $ | 6,503,065 |  |  | $ | 7,091,585 |
In 2024, 2023 and 2022 one customer accounted for 30.8%, 27.7% and 20.6% of total net sales, respectively. In 2024 and 2022, a second customer accounted for 10.2% and 10.1% of total net sales, respectively. Property, plant and equipment, net, based on physical location, consist of the following:
| December 31,
| 2024 |  | 2023
| (In thousands)
China | $ | 308,889 |  |  | $ | 385,544 |
Japan | 139,126 |  |  | 143,399 |
Korea | 1,923,953 |  |  | 1,781,632 |
Malaysia | 55,166 |  |  | 51,164 |
Philippines | 172,180 |  |  | 183,430 |
Portugal | 130,653 |  |  | 108,982 |
Taiwan | 322,539 |  |  | 272,428 |
Vietnam | 471,581 |  |  | 365,059 |
Other foreign countries | 1,553 |  |  | 272 |
Total foreign countries | 3,525,640 |  |  | 3,291,910 |
United States | 50,508 |  |  | 7,535 |
Total property, plant and equipment, net | $ | 3,576,148 |  |  | $ | 3,299,445 |

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- Definition The entire disclosure for reporting segments including data and tables. 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