0001178913-24-002347 | 6-K | XBRL Viewer

GENERAL (details)	Jun. 30, 2024
TPSCo [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of interests acquired	51.00%

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 265,313	$ 260,664
Short-term deposits	903,401	790,823
Marketable securities	65,331	184,960
Trade accounts receivable	165,161	154,067
Inventories	276,082	282,688
Other current assets	35,414	35,956
Total current assets	1,710,702	1,709,158
LONG-TERM INVESTMENTS	8,452	8,452
PROPERTY AND EQUIPMENT, NET	1,199,191	1,155,929
GOODWILL AND OTHER INTANGIBLE ASSETS, NET	11,218	12,115
DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET	32,604	32,863
TOTAL ASSETS	2,962,167	2,918,517
CURRENT LIABILITIES
Current maturities of long-term debt	61,365	58,952
Trade accounts payable	123,782	139,128
Deferred revenue and customers' advances	23,988	18,418
Employee related liabilities	57,121	51,054
Other current liabilities	23,919	9,286
Total current liabilities	290,175	276,838
LONG-TERM DEBT	126,715	172,611
LONG-TERM CUSTOMERS' ADVANCES	16,118	25,710
EMPLOYEE RELATED LIABILITIES	6,123	6,098
DEFERRED TAX AND OTHER LONG-TERM LIABILITIES	10,323	10,221
TOTAL LIABILITIES	449,454	491,478
TOTAL SHAREHOLDERS' EQUITY	2,512,713	2,427,039
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,962,167	$ 2,918,517

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS - OPERATING ACTIVITIES
Net profit for the period	$ 99,797	$ 130,074
Income and expense items not involving cash flows:
Depreciation and amortization	125,111	125,966
Effect of exchange rate differences and fair value adjustment	852	2,176
Other expense, net	5,993	666
Changes in assets and liabilities:
Trade accounts receivable	(13,943)	(13,828)
Other current assets	(10,313)	976
Inventories	(5,959)	(41,105)
Trade accounts payable	12,818	19,830
Deferred revenue and customers' advances	(4,022)	(26,193)
Employee related liabilities and other current liabilities	17,142	(50,533)
Long-term employee related liabilities	25	638
Deferred tax, net and other long-term liabilities	(4,378)	(446)
Net cash provided by operating activities	223,123	148,221
CASH FLOWS - INVESTING ACTIVITIES
Investments in property and equipment, net	(210,633)	(194,678)
Deposits and marketable securities, net	16,330	66,809
Net cash used in investing activities	(194,303)	(127,869)
CASH FLOWS - FINANCING ACTIVITIES
Principal payments on account of capital lease obligation	(18,848)	(20,396)
Debentures repayment	0	(18,493)
Proceeds from an investment in a subsidiary	0	1,932
Net cash used in financing activities	(18,848)	(36,957)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE	(5,323)	(5,959)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,649	(22,564)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	260,664	340,759
CASH AND CASH EQUIVALENTS - END OF PERIOD	265,313	318,195
NON-CASH ACTIVITIES:
Investments in property and equipment	68,901	67,967
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash received during the period from interest, net of interest paid	14,166	10,785
Cash paid for income tax, net during the period	$ 4,801	$ 6,916

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net profit	$ 56,750	$ 48,706	$ 99,797	$ 130,074
Other comprehensive income, net of tax:
Foreign currency translation adjustment	(7,483)	(11,904)	(16,056)	(12,818)
Unrealized loss on derivatives	(2,668)	(1,964)	(3,740)	(2,727)
Change in employees plan assets and benefit obligations	(28)	93	(55)	185
Comprehensive income	46,571	34,931	79,946	114,714
Comprehensive loss (income) attributable to non-controlling interest	(3,305)	2,484	(1,718)	(7,482)
Comprehensive income attributable to the Company	$ 43,266	$ 37,415	$ 78,228	$ 107,232

- 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.

+ References

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+ Details

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2024 - USD ($) shares in Thousands, $ in Thousands	Ordinary shares [Member]	Additional paid-in capital [Member]	Unearned compensation [Member]	Accumulated other comprehensive income (loss) [Member]	Foreign currency translation adjustments [Member]	Accumulated profit [Member]	Treasury stock [Member]	Total comprehensive income [Member]	Noncontrolling interest [Member]	Total
BALANCE at Dec. 31, 2023	$ 443,631	$ 1,380,917	$ 202,343	$ 2,507	$ (55,442)	$ 467,615	$ (9,072)		$ (5,460)	$ 2,427,039
BALANCE, SHARES at Dec. 31, 2023	110,912
Exercise of RSUs	$ 1,007	(1,007)								0
Exercise of RSUs, shares	245
Employee stock-based compensation			14,711							14,711
Other comprehensive income:
Net profit						98,079		$ 98,079	1,718	99,797
Foreign currency translation adjustments					(16,056)			(16,056)	(8,983)	(25,039)
Unrealized loss on derivatives				(3,740)				(3,740)		(3,740)
Change in employees plan assets and benefit obligations				(55)				(55)		(55)
Comprehensive income								$ 78,228		78,228
BALANCE at Jun. 30, 2024	$ 444,638	$ 1,379,910	$ 217,054	$ (1,288)	$ (71,498)	$ 565,694	$ (9,072)		$ (12,725)	$ 2,512,713
BALANCE, SHARES at Jun. 30, 2024	111,157
OUTSTANDING SHARES, NET OF TREASURY STOCK AS OF JUNE 30, 2024 at Jun. 30, 2024	111,070

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
REVENUES	$ 351,181	$ 357,191	$ 678,419	$ 712,802
COST OF REVENUES	264,259	270,674	518,891	530,568
GROSS PROFIT	86,922	86,517	159,528	182,234
OPERATING COSTS AND EXPENSES:
Research and development	18,994	19,452	38,945	38,783
Marketing, general and administrative	19,050	17,387	37,720	36,016
Restructuring gain from sale of machinery and equipment, net	0	(1,952)	0	(50,282)
Restructuring expense (income), net	(6,270)	1,101	(6,270)	17,776
TOTAL OPERATING COSTS AND EXPENSES	31,774	35,988	70,395	42,293
OPERATING PROFIT	55,148	50,529	89,133	139,941
FINANCING AND OTHER INCOME, NET	7,710	3,924	11,694	10,921
PROFIT BEFORE INCOME TAX	62,858	54,453	100,827	150,862
INCOME TAX EXPENSE, NET	(6,108)	(5,747)	(1,030)	(20,788)
NET PROFIT	56,750	48,706	99,797	130,074
Net loss (income) attributable to non-controlling interest	(3,305)	2,484	(1,718)	(7,482)
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 53,445	$ 51,190	$ 98,079	$ 122,592
BASIC EARNINGS PER SHARE
Earnings per share	$ 0.48	$ 0.46	$ 0.88	$ 1.11
Weighted average number of shares	111,037	110,088	110,938	110,025
DILUTED EARNINGS PER SHARE:
Earnings per share	$ 0.48	$ 0.46	$ 0.88	$ 1.1
Net profit used for diluted earnings per share	$ 53,445	$ 51,190	$ 98,079	$ 122,592
Weighted average number of shares used for diluted earnings per share	111,979	111,234	111,964	111,153

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Entity Registrant Name	TOWER SEMICONDUCTOR LTD.
Entity Central Index Key	0000928876
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Type	6-K
Document Period End Date	Jun. 30, 2024
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 Country	IL
Entity Address, Postal Zip Code	2310502

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost	$ 66,934	$ 188,826

GENERAL	6 Months Ended
GENERAL	Jun. 30, 2024
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”) as of June 30, 2024 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. (collectively referred to herein as “TSNB”), (2) Tower Semiconductor San Antonio, Inc. (“TSSA”), (ii) its 51% owned subsidiary, Tower Partners Semiconductor Co., Ltd. (“TPSCo”) and (iii) its wholly-owned subsidiary, Tower Semiconductor Italy S.r.l. (“TSIT”). 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, 2023 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.