0001178913-22-002978 | 6-K | XBRL Viewer

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2022
Entity Registrant Name	TOWER SEMICONDUCTOR LTD
Entity Central Index Key	0000928876
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Type	6-K
Document Period End Date	Jun. 30, 2022
Entity File Number	000-24790
Entity Address, Address Line One	Ramat Gavriel Industrial Park
Entity Address, Address Line Two	P.O. Box 619
Entity Address, City or Town	Migdal Haemek
Entity Address, Postal Zip Code	2310502

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

CURRENT ASSETS

Cash and cash equivalents

$ 211,177

$ 210,930

Short-term deposits

468,298

363,648

Marketable securities

^[1]

176,487

190,068

Trade accounts receivable

170,552

142,228

Inventories

249,038

234,512

Other current assets

43,253

54,817

Total current assets

1,318,805

1,196,203

LONG-TERM INVESTMENTS

26,544

39,597

PROPERTY AND EQUIPMENT, NET

878,991

876,683

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

16,217

18,820

DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET

83,866

99,938

TOTAL ASSETS

2,324,423

2,231,241

CURRENT LIABILITIES

Current maturities of long-term debt

79,535

83,868

Trade accounts payable

127,762

78,712

Deferred revenue and customers' advances

38,632

39,992

Employee related liabilities

61,831

57,747

Other current liabilities

38,415

16,009

Total current liabilities

346,175

276,328

LONG-TERM DEBT

200,726

230,972

LONG-TERM CUSTOMERS' ADVANCES

60,600

69,968

EMPLOYEE RELATED LIABILITIES

13,962

14,622

DEFERRED TAX AND OTHER LONG-TERM LIABILITIES

14,410

23,962

TOTAL LIABILITIES

635,873

615,852

THE COMPANY'S SHAREHOLDERS' EQUITY

1,705,271

1,622,007

Non-controlling interest

(16,721)

(6,618)

TOTAL SHAREHOLDERS' EQUITY

1,688,550

1,615,389

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 2,324,423

$ 2,231,241

[1]	(*) Marketable securities are available-for-sale securities; the amortized cost of such marketable securities of $184,257 and $189,543 as of June 30, 2022 and December 31, 2021, respectively, is presented net of an immaterial allowance for credit losses.

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Amortized cost	$ 184,257	$ 189,543

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
REVENUES	$ 426,168	$ 362,138	$ 847,300	$ 709,352
COST OF REVENUES	313,728	288,383	630,229	565,783
GROSS PROFIT	112,440	73,755	217,071	143,569
OPERATING COSTS AND EXPENSES:
Research and development	20,481	21,081	40,799	41,424
Marketing, general and administrative	21,285	18,671	42,538	35,662
TOTAL OPERATING COSTS AND EXPENSES	41,766	39,752	83,337	77,086
OPERATING PROFIT	70,674	34,003	133,734	66,483
FINANCING AND OTHER EXPENSE, NET	(8,162)	(484)	(10,295)	(8,326)
PROFIT BEFORE INCOME TAX	62,512	33,519	123,439	58,157
INCOME TAX BENEFIT (EXPENSE), NET	(4,339)	(2,202)	(9,492)	3,674
NET PROFIT	58,173	31,317	113,947	61,831
Net income attributable to non-controlling interest	(96)	(451)	(1,837)	(2,643)
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 58,077	$ 30,866	$ 112,110	$ 59,188
BASIC EARNINGS PER SHARE
Earnings per share	$ 0.53	$ 0.29	$ 1.03	$ 0.55
Weighted average number of shares	109,138	108,043	109,037	107,992
DILUTED EARNINGS PER ORDINARY SHARE:
Earnings per share	$ 0.53	$ 0.28	$ 1.01	$ 0.54
Net profit used for diluted earnings per share	$ 58,077	$ 30,866	$ 112,110	$ 59,188
Weighted average number of ordinary shares outstanding used for diluted earnings per share	110,561	109,629	110,561	109,545

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net profit	$ 58,173	$ 31,317	$ 113,947	$ 61,831
Other comprehensive income, net of tax:
Foreign currency translation adjustment	(16,921)	1,209	(25,206)	(9,741)
Change in employees plan assets and benefit obligations, net of taxes	(10)	(50)	(20)	(100)
Unrealized gain (loss) on derivatives	(8,151)	1,134	(14,922)	(523)
Comprehensive income	33,091	33,610	73,799	51,467
Comprehensive loss (income) attributable to non-controlling interest	(96)	(552)	(1,837)	2,021
Comprehensive income attributable to the Company	$ 32,995	$ 33,058	$ 71,962	$ 53,488

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2022 - USD ($) shares in Thousands, $ in Thousands	Ordinary shares [Member]	Additional paid-in capital [Member]	Unearned compensation [Member]	Accumulated other comprehensive loss [Member]	Foreign currency translation adjustments [Member]	Accumulated deficit [Member]	Treasury stock [Member]	Comprehensive income [Member]	Noncontrolling interest [Member]	Total
BALANCE at Dec. 31, 2021	$ 435,453	$ 1,389,051	$ 149,906	$ (412)	$ (27,471)	$ (315,448)	$ (9,072)		$ (6,618)	$ 1,615,389
BALANCE, SHARES at Dec. 31, 2021	108,970
Exercise of options and RSUs	$ 1,812	(1,768)								44
Exercise of options and RSUs, shares	402
Employee stock-based compensation			11,258							11,258
Other comprehensive income:
Profit						112,110		$ 112,110	1,837	113,947
Foreign currency translation adjustments					(25,206)			(25,206)	(11,940)	(37,146)
Change in employees plan assets and benefit obligations				(20)				(20)		(20)
Unrealized loss on derivatives				(14,922)				(14,922)		(14,922)
Comprehensive income								$ 71,962		71,962
BALANCE at Jun. 30, 2022	$ 437,265	$ 1,387,283	$ 161,164	$ (15,354)	$ (52,677)	$ (203,338)	$ (9,072)		$ (16,721)	$ 1,688,550
BALANCE, SHARES at Jun. 30, 2022	109,372
OUTSTANDING SHARES, NET OF TREASURY STOCK AS OF JUNE 30, 2022 at Jun. 30, 2022	109,285

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS - OPERATING ACTIVITIES
Net profit for the period	$ 113,947	$ 61,831
Income and expense items not involving cash flows:
Depreciation and amortization	137,787	127,535
Effect of exchange rate differences	946	(1,994)
Other expense (income), net	1,907	(3,227)
Changes in assets and liabilities:
Trade accounts receivable	(31,603)	12,722
Other current assets	10,519	(8,983)
Inventories	(28,958)	(15,484)
Trade accounts payable	53,010	(14,568)
Deferred revenue and customers' advances	(10,646)	16,207
Employee related liabilities and other current liabilities	26,077	19,696
Long-term employee related liabilities	357	140
Deferred tax, net and other long-term liabilities	1,325	(13,212)
Net cash provided by operating activities	274,668	180,663
CASH FLOWS - INVESTING ACTIVITIES
Investments in property and equipment, net	(130,217)	(105,599)
Investments in marketable securities and other assets, net	(94,745)	(18,666)
Net cash used in investing activities	(224,962)	(124,265)
CASH FLOWS - FINANCING ACTIVITIES
Exercise of options, net	44	364
Loans repayment	0	(11,163)
Principal payments on account of capital lease obligation	(17,778)	(17,903)
Debentures repayment	(20,972)	(20,078)
Net cash used in financing activities	(38,706)	(48,780)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE	(10,753)	(3,546)
INCREASE IN CASH AND CASH EQUIVALENTS	247	4,072
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	210,930	211,683
CASH AND CASH EQUIVALENTS - END OF PERIOD	211,177	215,755
NON-CASH ACTIVITIES:
Investments in property and equipment	82,526	74,142
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash received during the period from interest, net	1,495	769
Cash paid during the period for income taxes, net	$ 8,718	$ 5,016

GENERAL

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GENERAL

NOTE 1 - GENERAL

Basis for Presentation

The unaudited condensed interim consolidated financial statements of Tower Semiconductor Ltd. (“Tower” or “the Company”) as of June 30, 2022 include the financial statements of Tower and (i) its wholly-owned subsidiary Tower US Holdings Inc., the sole owner of: (1) Tower Semiconductor NPB Holdings, Inc. and its wholly-owned subsidiary, Tower Semiconductor Newport Beach, Inc. and (2) Tower Semiconductor San Antonio, Inc. (ii) its 51% owned subsidiary, Tower Partners Semiconductor Co., Ltd. (“TPSCo”) and (iii) its wholly-owned subsidiary, Tower Semiconductor Italy S.r.l. (“TSIT”). Tower and its subsidiaries are collectively referred to as the “Company”.

The Company’s unaudited condensed interim consolidated financial statements are presented after elimination of inter-company transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“US GAAP”).

The unaudited condensed interim consolidated financial statements of the Company should be read in conjunction with the audited consolidated financial statements of the Company as of December 31, 2021 and for the year then ended, including the notes thereto.

In the opinion of the Company's management, the unaudited condensed interim consolidated financial statements include all adjustments necessary for a fair presentation of the Company’s financial position as of the dates presented and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected on a full-year basis.

INITIAL ADOPTION OF NEW STANDARDS	6 Months Ended
INITIAL ADOPTION OF NEW STANDARDS	Jun. 30, 2022
Accounting Policies [Abstract]
INITIAL ADOPTION OF NEW STANDARDS	NOTE 2 - INITIAL ADOPTION OF NEW STANDARDS During the period there was no initial adoption of new accounting standards.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

RECENT DEVELOPMENTS	6 Months Ended
RECENT DEVELOPMENTS	Jun. 30, 2022
Accounting Policies [Abstract]
RECENT DEVELOPMENTS	NOTE 3 - RECENT DEVELOPMENTS On February 15, 2022, Intel Corporation (“Intel”) and Tower announced the signing of a definitive agreement under which Intel will acquire all of Tower’s outstanding Ordinary Shares for cash consideration of $53 per share. The transaction was approved by the boards of directors of both Intel and Tower, by Tower’s shareholders and is subject to certain regulatory approvals and customary closing conditions. As part of the agreement between the Company, Nuvoton Technology Corporation Japan (“NTCJ”) and TPSCo, it has been decided to re-organize and re-structure operations in Japan such that, while operations at the Uozu and Tonami facilities will remain unchanged, the Arai manufacturing factory, which manufactured products solely for NTCJ and was not serving the Company’s customers, ceased operations effective June 30, 2022. The Company evaluated the need for impairment and concluded there was no material impairment to its long-lived assets as of June 30, 2022. All other restructuring related costs will be reported as incurred.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 4 - SUBSEQUENT EVENTS On July 1, 2022, the Company’s affiliates, including TPSCo, have extended their existing capital lease lines with JA Mitsui Leasing, Ltd., described in Note 11D to the Company’s annual financial statements as of December 31, 2021, whereby the ability to utilize such lines was extended by one year to mature in June 2023 with an increased remaining amount available for future utilization, totaling up to approximately JPY 7 billion (approximately $50,000 as of July 1, 2022), as compared to approximately JPY 3.5 billion prior to such extension (approximately $25,000 as of June 30, 2022). The lease agreements’ terms did not change and contain annual interest rates of approximately 2%. On July 14, 2022, TSNB entered into an agreement with Wells Fargo Capital Finance, part of Wells Fargo & Company (“Wells Fargo”), under which it extended its secured asset-based revolving credit line in the total amount of up to $70,000, to mature in September 2023, under substantially similar terms as the terms and conditions of the line described in Note 11F to the Company’s annual financial statements as of December 31, 2021. As of June 30, 2022, no loan amounts were outstanding under the TSNB Credit Line Agreement and the borrowing availability under the TSNB Credit Line Agreement was approximately $54,000, of which approximately $1,000 was utilized through letters of credit.

GENERAL (Narrative) (Details)	Jun. 30, 2022
TPSCo [Member]
Property, Plant and Equipment [Line Items]
Percentage of interests acquired	51.00%

RECENT DEVELOPMENTS (Narrative) (Details) $ in Thousands	1 Months Ended
RECENT DEVELOPMENTS (Narrative) (Details) $ in Thousands	Feb. 15, 2022 USD ($)
Definitive agreement with Intel and Tower [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash consideration	$ 53

SUBSEQUENT EVENTS (Narrative) (Details) ¥ in Billions	Jul. 14, 2022 USD ($)	Jul. 01, 2022 USD ($)	Jul. 01, 2022 JPY (¥)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 JPY (¥)
TPSCo [Member]
Subsequent Event [Line Items]
Outstanding principal				$ 25,000
Annual interest rate				2.00%	2.00%
Subsequent Event [Member] \| TPSCo [Member]
Subsequent Event [Line Items]
Outstanding principal		$ 50,000
JPY [Member] \| TPSCo [Member]
Subsequent Event [Line Items]
Outstanding principal \| ¥					¥ 3.5
JPY [Member] \| Subsequent Event [Member] \| TPSCo [Member]
Subsequent Event [Line Items]
Outstanding principal \| ¥			¥ 7.0
Tsnb Credit Line Agreement [Member]
Subsequent Event [Line Items]
Revolving credit total amount				$ 54,000
Utilized through letters of credit.				$ 1,000
Tsnb Credit Line Agreement [Member] \| Wells Fargo Capital Finance [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Revolving credit total amount	$ 70,000