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Business Segments, Customer Concentrations and Geographic Information
 12 Months Ended
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,
202420232022
(In thousands)
Net sales$6,317,692 $6,503,065 $7,091,585 
Less:
Materials cost of sales3,478,752 3,584,090 3,646,188 
Labor cost of sales628,201 643,993 712,070 
Depreciation cost of sales534,921 576,120 565,455 
Other cost of sales742,606 755,709 837,885 
Selling, general and administrative331,806 295,393 283,372 
Research and development162,951 177,473 149,429 
Interest expense64,945 59,000 58,563 
Income tax expense75,481 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,
202420232022
(In thousands)
Interest income$65,541 $48,458 $12,762 
Depreciation and amortization expense(594,663)(631,508)(612,702)
Total assets6,944,328 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,
202420232022
(In thousands)
Advanced Products$5,174,459 $5,032,859 $5,367,589 
Mainstream Products1,143,233 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,
202420232022
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 sales100 %100 %100 %

Net sales by region based on customer headquarters location consist of the following:
For the Year Ended December 31,
202420232022
(In thousands)
Europe, Middle East and Africa$817,875 $1,043,880 $1,084,853 
Japan800,713 935,620 1,132,121 
Asia Pacific (excluding Japan)716,344 704,520 1,017,246 
Total foreign countries2,334,932 2,684,020 3,234,220 
United States3,982,760 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,
20242023
(In thousands)
China$308,889 $385,544 
Japan139,126 143,399 
Korea1,923,953 1,781,632 
Malaysia55,166 51,164 
Philippines172,180 183,430 
Portugal130,653 108,982 
Taiwan322,539 272,428 
Vietnam471,581 365,059 
Other foreign countries1,553 272 
Total foreign countries3,525,640 3,291,910 
United States50,508 7,535 
Total property, plant and equipment, net$3,576,148 $3,299,445