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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes |
Schedule of income tax expense (benefit) recognized in profit or loss |
| (a) | Income tax expense (benefit) recognized in profit or loss for the years ended December 31, 2019, 2020 and 2021 consists of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2019 | ​ | 2020 |  | 2021
​ | ​ | (in thousands)
Current tax expense |  | ​ | ​ | ​ |  |  |
Current period | ​ | $ | 1,461 | ​ | 13,599 |  | 102,297
Adjustment for prior periods | ​ | ​ | (126) | ​ | (363) |  | 12
​ | ​ | ​ | 1,335 | ​ | 13,236 |  | 102,309
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax expense | ​ | ​ |  | ​ |  |  |
Origination and reversal of temporary differences | ​ | ​ | 247 | ​ | 370 |  | 310
Investment tax credits and operating loss carryforward | ​ | ​ | (1,166) | ​ | (1,894) |  | 8,038
​ | ​ | ​ | (919) | ​ | (1,524) |  | 8,348
Total income tax expense | ​ | $ | 416 | ​ | 11,712 |  | 110,657
Schedule of income taxes expense (benefit) recognized directly in other comprehensive income |
| (b) | Income taxes expense (benefit) recognized directly in other comprehensive income for the years ended December 31, 2019, 2020 and 2021 consist of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2019 | ​ | 2020 |  | 2021
​ | ​ | (in thousands)
Items that will not be reclassified to profit or loss: | ​ | ​ | ​ | ​ |  | ​ |
Remeasurements of defined benefit pension plans | ​ | $ | 25 |  | (38) |  | 27
Schedule of reconciliation of the expected income tax expense computed based on the ROC statutory income tax rate, compared with the actual income tax expense as reported in the consolidated statements of profit or loss |
| (c) | Reconciliation of the expected income tax expense computed based on the ROC statutory income tax rate of 20% compared with the actual income tax expense as reported in the consolidated statements of profit or loss for the years ended December 31, 2019, 2020 and 2021 are summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ | ​ | 2019 | ​ | 2020 | ​ | 2021
​ |  | Rate | ​ | Amount |  | Rate |  | Amount |  | Rate | ​ | Amount
​ | ​ | ​ | ​ | (in thousands) | ​ | ​ | ​ | (in thousands) | ​ | ​ | ​ | (in thousands)
Profit (loss) before income taxes |  |  | ​ | $ | (15,768) |  |  | ​ | $ | 56,872 |  |  | ​ | $ | 544,592
Income tax expense calculated at the statutory rate |  | 20.0 | % | ​ | (3,154) |  | 20.0 | % | ​ | 11,374 |  | 20.0 | % | ​ | 108,919
Tax on undistributed earnings |  | 8.0 | % | ​ | (1,261) |  | 3.0 | % | ​ | 1,727 |  | 4.2 | % | ​ | 22,648
Tax benefit resulting from setting aside legal reserve from prior year’s income | ​ | 0.3 | % | ​ | (51) | ​ | - | ​ | ​ | - | ​ | - | ​ | ​ | (267)
Tax benefit resulting from offsetting prior year’s undistributed earning tax with current year’s loss |  | 2.8 | % | ​ | (443) |  | - | ​ | ​ | - |  | - | ​ | ​ | -
Tax benefit resulting from actual investment from prior year’s undistributed earnings | ​ | - | ​ | ​ | - | ​ | - | ​ | ​ | - | ​ | - | ​ | ​ | (161)
Increase in tax credits |  | 17.1 | % | ​ | (2,698) |  | (12.1) | % | ​ | (6,895) |  | (3.3) | % | ​ | (17,934)
Effect of change of unrecognized deductible temporary differences, tax losses carryforwards and investment tax credits |  | (40.9) | % | ​ | 6,455 |  | 8.7 | % | ​ | 4,954 |  | 0.7 | % | ​ | 3,668
Net of non-taxable income and non-deductible expense |  | (2.2) | % | ​ | 343 |  | 0.2 | % | ​ | 129 |  | (2.0) | % | ​ | (10,680)
Changes in unrecognized tax benefits related to prior year tax positions, net of its impact to tax-exempted income |  | (1.2) | % | ​ | 194 |  | (1.2) | % | ​ | (709) |  | 0.5 | % | ​ | 2,763
Foreign tax rate differential |  | (3.5) | % | ​ | 548 |  | 1.5 | % | ​ | 881 |  | 0.2 | % | ​ | 837
Variance from audits, amendments and examinations of prior years’ income tax filings |  | (2.3) | % | ​ | 368 |  | (0.6) | % | ​ | (363) |  | - | ​ | ​ | 440
Others |  | (0.7) | % | ​ | 115 |  | 1.1 | % | ​ | 614 |  | - | ​ | ​ | 424
Income tax expense |  | ​ | ​ | $ | 416 |  | ​ | ​ | $ | 11,712 |  | ​ | ​ | $ | 110,657
Effective tax rate |  | (2.6) | % | ​ |  |  | 20.6 | % | ​ |  |  | 20.3 | % | ​ |
Schedule of components of deferred tax assets and deferred tax liabilities |
| (d) | As of December 31, 2020 and 2021, the components of deferred tax assets and deferred tax liabilities were as follows:
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2020 | ​ | 2021
​ | ​ | (in thousands)
Deferred tax assets: |  |  |  |  |
Inventory | ​ | $ | 4,426 |  | 2,955
Tax credit carryforwards | ​ |  | 7,780 |  | -
Operating loss carryforward-statutory tax | ​ |  | 1,013 |  | 755
Accrued compensated absences | ​ |  | 735 |  | 901
Allowance for sales discounts | ​ |  | 411 |  | 720
Depreciation | ​ |  | 561 |  | 601
Unrealized foreign exchange loss | ​ |  | 179 |  | -
Others | ​ |  | 634 |  | 1,259
​ | ​ | $ | 15,739 |  | 7,191
​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ |  | ​
Acquired intangible assets | ​ | $ | (1,014) |  | (756)
Remeasurement of defined benefit plans | ​ |  | (107) |  | (138)
Unrealized foreign exchange gain | ​ | ​ | (17) | ​ | (71)
​ | ​ | $ | (1,138) |  | (965)
Schedule of changes in deferred tax assets and liabilities |
| (e) | Changes in deferred tax assets and liabilities were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | Recognized |  | ​ |  | ​ |  | Recognized |  | ​
​ | ​ | ​ | ​ | ​ | Recognized | ​ | in other | ​ | ​ | ​ | Recognized | ​ | in other | ​ | ​
​ | ​ | January 1, | ​ | in profit or | ​ | comprehensive | ​ | December | ​ | in profit or | ​ | comprehensive | ​ | December
​ | ​ | 2020 | ​ | loss | ​ | income | ​ | 31, 2020 | ​ | loss | ​ | income | ​ | 31, 2021
​ | ​ | (in thousands)
Inventory | ​ | $ | 5,089 |  | (663) |  | - |  | 4,426 |  | (1,471) |  | - |  | 2,955
Tax credit carryforwards | ​ |  | 5,645 |  | 2,135 |  | - |  | 7,780 |  | (7,780) |  | - |  | -
Operating loss carryforward | ​ |  | 1,254 |  | (241) |  | - |  | 1,013 |  | (258) |  | - |  | 755
Accrued compensated absences | ​ |  | 588 |  | 147 |  | - |  | 735 |  | 166 |  | - |  | 901
Allowance for sales discounts | ​ |  | 576 |  | (165) |  | - |  | 411 |  | 309 |  | - |  | 720
Depreciation | ​ |  | 521 |  | 40 |  | - |  | 561 |  | 40 |  | - |  | 601
Unrealized foreign exchange loss | ​ |  | 102 |  | 60 |  | - |  | 162 |  | (233) |  | - |  | (71)
Remeasurement of defined benefit plans | ​ |  | (139) |  | (6) |  | 38 |  | (107) |  | (4) |  | (27) |  | (138)
Acquired intangible assets | ​ |  | (1,255) |  | 241 |  | - |  | (1,014) |  | 258 |  | - |  | (756)
Others | ​ |  | 658 |  | (24) |  | - |  | 634 |  | 625 |  | - |  | 1,259
Total | ​ | $ | 13,039 |  | 1,524 |  | 38 |  | 14,601 |  | (8,348) |  | (27) |  | 6,226
Schedule of unrecognized deferred tax assets |
| (f) | Unrecognized Deferred Tax Assets
Gross amount of deferred tax assets have not been recognized in respect of the following items.
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2020 | ​ | 2021
​ | ​ | (in thousands)
Unused tax credits | ​ | $ | 1,560 |  | 1,560
Unused operating loss carryforwards-statutory tax | ​ |  | 241,371 |  | 246,023
Unused operating loss carryforwards-undistributed earnings tax | ​ |  | 261,659 |  | 283,578
Others | ​ |  | 29,897 |  | 30,364
​ | ​ | $ | 534,487 |  | 561,525
Schedule of unrecognized deferred tax assets of unused operating loss carry forwards | As of December 31, 2021, the expiration period for abovementioned unrecognized deferred tax assets of unused operating loss carryforwards for statutory tax were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Unrecognized |  | ​
​ | ​ | Deductible amount | ​ | deferred tax assets | ​ | Expiration year
​ | ​ | (in thousands) | ​ | ​
Taiwan operations | ​ | $ | 103,870 | ​ | $ | 20,774 |  | 2022~2026
​ | ​ |  | 107,909 | ​ |  | 21,582 |  | 2027~2031
Hong Kong operations | ​ |  | 1,818 | ​ |  | 150 |  | Indefinitely
US operations | ​ |  | 12,451 | ​ |  | 3,510 |  | 2024~2041
Israel operations | ​ |  | 19,975 | ​ |  | 4,594 |  | Indefinitely
​ | ​ | ​ | ​ | ​ | $ | 50,610 | ​ | ​

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