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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2020, 2021 and 2022 consists of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2020 | ​ | 2021 |  | 2022
​ | ​ | (in thousands)
Current tax expense |  | ​ | ​ | ​ |  |  |
Current period | ​ | $ | 13,599 | ​ | 102,297 |  | 48,808
Adjustment for prior periods | ​ | ​ | (363) | ​ | 12 |  | (2,723)
​ | ​ | ​ | 13,236 | ​ | 102,309 |  | 46,085
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax expense | ​ | ​ |  | ​ |  |  |
Origination and reversal of temporary differences | ​ | ​ | 370 | ​ | 310 |  | (5,742)
Investment tax credits and operating loss carryforward | ​ | ​ | (1,894) | ​ | 8,038 |  | 755
​ | ​ | ​ | (1,524) | ​ | 8,348 |  | (4,987)
Total income tax expense | ​ | $ | 11,712 | ​ | 110,657 |  | 41,098
​
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, 2020, 2021 and 2022 consist of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2020 | ​ | 2021 |  | 2022
​ | ​ | (in thousands)
Items that will not be reclassified to profit or loss: | ​ | ​ | ​ | ​ |  | ​ |
Remeasurements of defined benefit pension plans | ​ | $ | (38) |  | 27 |  | 107
​
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, 2020, 2021 and 2022 are summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ | ​ | 2020 | ​ | 2021 | ​ | 2022
​ |  | Rate | ​ | Amount |  | Rate |  | Amount |  | Rate | ​ | Amount
​ | ​ | ​ | ​ | (in thousands) | ​ | ​ | ​ | (in thousands) | ​ | ​ | ​ | (in thousands)
Profit before income taxes |  |  | ​ | $ | 56,872 |  |  | ​ | $ | 544,592 |  |  | ​ | $ | 276,565
Income tax expense calculated at the statutory rate |  | 20.0 | % | ​ | 11,374 |  | 20.0 | % | ​ | 108,919 |  | 20.0 | % | ​ | 55,313
Tax on undistributed earnings |  | 3.0 | % | ​ | 1,727 |  | 4.2 | % | ​ | 22,648 |  | 3.9 | % | ​ | 10,668
Tax benefit resulting from setting aside legal reserve from prior year’s income | ​ | - | ​ | ​ | - | ​ | - | ​ | ​ | (267) | ​ | (0.8) | % | ​ | (2,215)
Tax benefit resulting from actual investment from prior year’s undistributed earnings | ​ | - | ​ | ​ | - | ​ | - | ​ | ​ | (161) | ​ | (0.1) | % | ​ | (303)
Increase in tax credits |  | (12.1) | % | ​ | (6,895) |  | (3.3) | % | ​ | (17,934) |  | (5.6) | % | ​ | (15,556)
Effect of change of unrecognized deductible temporary differences, tax losses carryforwards and investment tax credits |  | 8.7 | % | ​ | 4,954 |  | 0.7 | % | ​ | 3,668 |  | 1.7 | % | ​ | 4,706
Net of non-taxable income and non-deductible expense |  | 0.2 | % | ​ | 129 |  | (2.0) | % | ​ | (10,680) |  | (5.0) | % | ​ | (13,728)
Changes in unrecognized tax benefits related to prior year tax positions |  | (1.2) | % | ​ | (709) |  | 0.5 | % | ​ | 2,763 |  | 1.1 | % | ​ | 3,003
Foreign tax rate differential |  | 1.5 | % | ​ | 881 |  | 0.2 | % | ​ | 837 |  | 0.5 | % | ​ | 1,370
Variance from audits, amendments and examinations of prior years’ income tax filings |  | (0.6) | % | ​ | (363) |  | - | ​ | ​ | 440 |  | (0.1) | % | ​ | (205)
Others |  | 1.1 | % | ​ | 614 |  | - | ​ | ​ | 424 |  | (0.7) | % | ​ | (1,955)
Income tax expense |  | ​ | ​ | $ | 11,712 |  | ​ | ​ | $ | 110,657 |  | ​ | ​ | $ | 41,098
Effective tax rate |  | 20.6 | % | ​ |  |  | 20.3 | % | ​ |  |  | 14.9 | % | ​ |
​
Schedule of components of deferred tax assets and deferred tax liabilities |
| (d) | As of December 31, 2021 and 2022, the components of deferred tax assets and deferred tax liabilities were as follows:
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2021 | ​ | 2022
​ | ​ | (in thousands)
Deferred tax assets: |  |  |  |  |
Inventory | ​ | $ | 2,955 |  | 5,335
Operating loss carryforward-statutory tax | ​ |  | 755 |  | -
Accrued compensated absences | ​ |  | 901 |  | 926
Allowance for sales discounts | ​ |  | 720 |  | 1,465
Depreciation | ​ |  | 601 |  | 641
Unrealized foreign exchange loss | ​ |  | - |  | -
Others | ​ |  | 1,259 |  | 3,430
​ | ​ | $ | 7,191 |  | 11,797
​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ |  | ​
Acquired intangible assets | ​ | $ | (756) |  | -
Remeasurement of defined benefit plans | ​ |  | (138) |  | (250)
Unrealized foreign exchange gain | ​ |  | (71) |  | (364)
Others | ​ | ​ | - | ​ | (77)
​ | ​ | $ | (965) |  | (691)
​
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
​ | ​ | 2021 | ​ | loss | ​ | income | ​ | 31, 2021 | ​ | loss | ​ | income | ​ | 31, 2022
​ | ​ | (in thousands)
Inventory | ​ | $ | 4,426 |  | (1,471) |  | - |  | 2,955 |  | 2,380 |  | - |  | 5,335
Tax credit carryforwards | ​ |  | 7,780 |  | (7,780) |  | - |  | - |  | - |  | - |  | -
Operating loss carryforward | ​ |  | 1,013 |  | (258) |  | - |  | 755 |  | (755) |  | - |  | -
Accrued compensated absences | ​ |  | 735 |  | 166 |  | - |  | 901 |  | 25 |  | - |  | 926
Allowance for sales discounts | ​ |  | 411 |  | 309 |  | - |  | 720 |  | 745 |  | - |  | 1,465
Depreciation | ​ |  | 561 |  | 40 |  | - |  | 601 |  | 40 |  | - |  | 641
Unrealized foreign exchange loss | ​ |  | 162 |  | (233) |  | - |  | (71) |  | (293) |  | - |  | (364)
Remeasurement of defined benefit plans | ​ |  | (107) |  | (4) |  | (27) |  | (138) |  | (5) |  | (107) |  | (250)
Acquired intangible assets | ​ |  | (1,014) |  | 258 |  | - |  | (756) |  | 756 |  | - |  | -
Others | ​ |  | 634 |  | 625 |  | - |  | 1,259 |  | 2,094 |  | - |  | 3,353
Total | ​ | $ | 14,601 |  | (8,348) |  | (27) |  | 6,226 |  | 4,987 |  | (107) |  | 11,106
​
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,
​ | ​ | 2021 | ​ | 2022
​ | ​ | (in thousands)
Unused tax credits | ​ | $ | 1,560 |  | 1,560
Unused operating loss carryforwards-statutory tax | ​ |  | 246,023 |  | 206,259
Unused operating loss carryforwards-undistributed earnings tax | ​ |  | 283,578 |  | 271,093
Others | ​ |  | 30,364 |  | 29,413
​ | ​ | $ | 561,525 |  | 508,325
​
Schedule of unrecognized deferred tax assets of unused operating loss carry forwards | As of December 31, 2022, 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 | ​ | $ | 101,704 | ​ | $ | 20,341 |  | 2023~2027
​ | ​ |  | 90,417 | ​ |  | 18,083 |  | 2028~2032
Hong Kong operations | ​ |  | 1,815 | ​ |  | 150 |  | Indefinitely
US operations | ​ |  | 12,323 | ​ |  | 3,497 |  | 2024~Indefinitely
​ | ​ | ​ | ​ | ​ | $ | 42,071 | ​ | ​
​

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