0001193125-22-050017 | 10-K | XBRL Viewer | Magnachip Semiconductor Corp

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 56,708	$ 344,965	$ (21,826)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	14,239	16,481	32,729
Provision for severance benefits	8,282	16,743	17,139
Amortization of debt issuance costs and original issue discount	261	2,220	2,299
Loss (gain) on foreign currency, net	32,432	(23,233)	24,692
Provision for inventory reserves	2,244	3,695	10,468
Stock-based compensation	7,704	6,699	6,952
Loss on early extinguishment of borrowings, net	0	766	42
Gain on sale of discontinued operations		(287,117)
Deferred income tax assets	918	(44,441)	35
Other, net	(613)	217	301
Changes in operating assets and liabilities
Accounts receivable, net	7,505	(19,268)	(19,824)
Unbilled accounts receivable, net		14,260	19,274
Inventories	(5,939)	(816)	(14,678)
Other receivables	(21,538)	6,954	(6,200)
Other current assets	12,397	13,561	11,984
Accounts payable	(11,437)	4,907	7,375
Other accounts payable	(7,798)	(12,000)	(8,514)
Accrued expenses	4,637	(26,201)	8,819
Accrued income taxes	(1)	10,825	267
Deferred revenue	(131)	2,174	(4,768)
Other current liabilities	1,445	279	(4,727)
Other non-current liabilities	(1,398)	3,521	(306)
Contributions to severance insurance deposit accounts	(5,688)	(11,921)	(2,262)
Payment of severance benefits	(6,679)	(12,076)	(9,288)
Other, net	193	(3,724)	514
Net cash provided by operating activities	87,743	7,470	50,497
Cash flows from investing activities
Proceeds from settlement of hedge collateral	5,214	13,762	13,583
Payment of hedge collateral	(3,349)	(8,839)	(17,833)
Proceeds from disposal of property, plant and equipment	1,446	65	202
Purchase of property, plant and equipment	(32,212)	(36,100)	(22,955)
Payment for intellectual property registration	(614)	(741)	(1,103)
Collection of guarantee deposits	3,192	1,024	549
Payment of guarantee deposits	(5,001)	(1,236)	(1,349)
Proceeds from sale of discontinued operations		350,553
Other, net	(114)	(6)	9
Net cash provided by (used in) investing activities	(31,438)	318,482	(28,897)
Cash flows from financing activities
Repayment of borrowings		(224,250)	(1,175)
Proceeds from exercise of stock options	4,279	3,918	2,860
Acquisition of treasury stock	(1,653)	(1,125)	(2,702)
Acquisition of stock under accelerated stock repurchase agreement	(20,073)
Payment under accelerated stock repurchase agreement	(17,427)
Repayment of financing related to water treatment facility arrangement	(563)	(546)	(552)
Others	(107)	(278)	(233)
Net cash used in financing activities	(35,544)	(222,281)	(1,802)
Effect of exchange rates on cash and cash equivalents	(21,154)	24,612	(579)
Net increase in cash and cash equivalents	(393)	128,283	19,219
Cash and cash equivalents at beginning of period	279,940	151,657	132,438
Cash and cash equivalents at end of period	279,547	279,940	151,657
Supplemental cash flow information
Cash paid for interest	2,094	22,221	19,071
Cash paid for income taxes	12,672	23,056	2,081
Non-cash investing and financing activities
Property, plant and equipment additions in other accounts payable	747		2,542
Acquisition of treasury stock to satisfy the tax withholding obligations in connection with equity-based compensation	(826)	$ (643)	$ (405)
Exchange of exchangeable senior notes into common stock	$ 83,740

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 162,285	$ 162,678
Less: accumulated depreciation	(94,119)	(90,370)
Land	13,898	15,167
Construction in progress	25,818	8,908
Property, plant and equipment, net	107,882	96,383
Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	24,273	24,882
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	105,300	106,244
Finance Lease Right Of Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	316	344
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 32,396	$ 31,208

Derivative Financial Instruments - Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Asset Derivatives:
Other current assets	$ 2,020	$ 2,036
Liability Derivatives:
Other current liabilities		195
Other Current Assets [Member]
Asset Derivatives:
Other current assets	0	$ 2,036
Other Current Liabilities [Member]
Liability Derivatives:
Other current liabilities	$ 2,020

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock Outstanding [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Deficit) [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance beginning at Dec. 31, 2018	$ (17,310)		$ 431	$ 142,600	$ (36,305)	$ (103,926)	$ (20,110)
Balance, Shares beginning at Dec. 31, 2018			34,441,232
Stock-based compensation	6,952			6,952
Exercise of stock options	2,860		$ 4	2,856
Exercise of stock options, Shares		452,819
Settlement of restricted stock units			4	(4)
Settlement of restricted stock units, Shares		344,714
Acquisition of treasury stock	(3,107)					(3,107)
Acquisition of treasury stock, Shares		(438,453)
Other comprehensive income, net	17,450						17,450
Net income (loss)	(21,826)				(21,826)
Balance ending at Dec. 31, 2019	(14,981)		$ 439	152,404	(58,131)	(107,033)	(2,660)
Balance, Shares ending at Dec. 31, 2019			34,800,312
Stock-based compensation	6,699			6,699
Exercise of stock options	3,918		$ 5	3,913
Exercise of stock options, Shares		510,648
Settlement of restricted stock units			6	(6)
Settlement of restricted stock units, Shares		581,215
Acquisition of treasury stock	(1,364)					(1,364)
Acquisition of treasury stock, Shares		(108,828)
Other comprehensive income, net	6,363						6,363
Net income (loss)	344,965				344,965
Balance ending at Dec. 31, 2020	$ 345,600		450	163,010	286,834	(108,397)	3,703
Balance, Shares ending at Dec. 31, 2020	35,783,347	35,783,347
Stock-based compensation	$ 7,704			7,704
Exchange of exchangeable senior note	83,740		101	83,639
Exchange of exchangeable senior note, Shares		10,144,131
Exercise of stock options	$ 4,279		3	4,276
Exercise of stock options, Shares	349,304	336,870
Settlement of restricted stock units			5	(5)
Settlement of restricted stock units, Shares		480,465
Accelerated stock repurchase	$ (37,500)			(17,427)		(20,073)
Accelerated stock repurchase, Shares		(994,695)
Acquisition of treasury stock	(1,836)					(1,836)
Acquisition of treasury stock, Shares		(90,814)
Other comprehensive income, net	(5,933)						(5,933)
Net income (loss)	56,708				56,708
Balance ending at Dec. 31, 2021	$ 452,762		$ 559	$ 241,197	$ 343,542	$ (130,306)	$ (2,230)
Balance, Shares ending at Dec. 31, 2021	45,659,304	45,659,304

Derivative Financial Instruments - Offsetting of Derivative Assets (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Asset Derivatives, Gross amounts of recognized assets	$ 2,020	$ 2,036
Asset Derivatives, Net amounts of assets presented in the balance sheets	2,020	2,036
Asset Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged	(2,060)
Asset Derivatives, Net amount	$ (40)	$ 2,036

Merger Agreement	12 Months Ended
Merger Agreement	Dec. 31, 2021
Business Combinations [Abstract]
Merger Agreement	19. Merger Agreement On March 25, 2021, the Company, South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Parent”), formed by an affiliate of Wise Road Capital LTD, and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”), providing for, among other things and subject to the terms and conditions thereof, the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent. The closing of the Merger was subject to certain conditions, including clearance by the Committee on Foreign Investment in the United States (“CFIUS”) under the Defense Production Act of 1950, as amended. The Company and Parent were advised that CFIUS clearance of the Merger would not be forthcoming and received permission from CFIUS to withdraw their joint filing. In connection therewith, the Company and Parent entered into a Termination and Settlement Agreement, dated December 13, 2021 (the “Termination Agreement”). On December 20, 2021, the Merger Agreement was terminated pursuant to the Termination Agreement after the Company’s receipt of a fee of $51,000 thousand from Parent and a new standby letter of credit, which secures a deferred fee of $19,200 thousand from Parent due on or before March 31, 2022. The Company recorded in its consolidated statement of operations $70,200 thousand income as part of merger-related costs (income), net for the year ended December 31, 2021, and in its consolidated balance sheet $19,200 thousand deferred fee as other receivables at December 31, 2021. For the years ended December 31, 2021 and 2020, the Company incurred $34,673 thousand and $653 thousand, respectively, of professional fees and certain transaction related-expenses incurred in connection with the Merger, which were recognized in merger-related costs (income), net in the consolidated statements of operations.

Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Thousands, ₩ in Billions			12 Months Ended
	Sep. 01, 2020 USD ($)	Sep. 01, 2020 KRW (₩)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Cash equivalents, highly liquid investments original maturity date			three months or less
Percentage of employees eligible for severance benefits			98.00%
Shipping and handling cost			$ 52,440	$ 49,974	$ 47,595
Advertising expenses			$ 71	87	62
Percentage of tax benefit realized upon settlement			50.00%
Payment terms, description			The standard payment terms with customers are generally thirty to sixty days from the time of shipment, product delivery to the customer’s location or customer acceptance, depending on the terms of the related arrangement.
Contract duration, description			Substantially all of the Company’s contracts are one year or less in duration.
Deferred revenue				2,680	559
Deferred revenue recognized			$ 2,680	559
Proceeds from Divestiture of Businesses				350,553
Other Current Assets [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Prepayments to suppliers			$ 1,708	5,500
Maximum [Member] \| Intellectual Property Assets [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of Intangible assets			10 years
Shipping and Handling [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Shipping and handling cost			$ 1,271	$ 993	$ 990
Foundry Services Group [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Proceeds from Sale of Business	$ 350,600
MX Foundry Services Group [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Proceeds from Divestiture of Businesses	46,500	₩ 360.6
Liabilities Incurred	$ 100,000

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	$ 9,312	$ 9,486
Accumulated amortization	(6,935)	(6,759)
Intangible asset, Net amount	2,377	2,727
Intellectual Property Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	9,312	9,486
Accumulated amortization	(6,935)	(6,759)
Intangible asset, Net amount	$ 2,377	$ 2,727

Income taxes - Summary of Valuation Allowance primarily Attributable to its Subsidiary (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
NOL carry-forwards	$ 502,511	$ 604,977	$ 708,885

Foreign Currency Loss, Net - Additional Information (Detail) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Foreign Currency Transaction [Abstract]
Exchange rates using first base rate	1,185.5	1,088.0	1,157.8
Intercompany loan balances	$ 344,411	$ 378,852	$ 686,485

Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - Zero Cost Collars [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)	$ (4,665)	$ 1,769
Other income, net [Member]
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives (Ineffective Portion)	123	148
Net Sales [Member]
Derivative [Line Items]
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion)	$ (819)	$ 1,363

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

22. Earnings (Loss) Per Share

The following table illustrates the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
	2021		2020		2019
	(In thousands of U.S. dollars, except share data)
Basic earnings (loss) per share
Income (loss) from continuing operations	$	56,708	$	57,059	$	(20,413	)
Income (loss) from discontinued operations, net of tax		—		287,906		(1,413	)

Net income (loss)	$	56,708	$	344,965	$	(21,826	)

Basic weighted average common stock outstanding		44,879,412		35,213,525		34,321,888
Basic earnings (loss) per common share
Continuing operations	$	1.26	$	1.62	$	(0.59	)
Discontinued operations		—		8.18		(0.05	)

Total	$	1.26	$	9.80	$	(0.64	)

Diluted earnings (loss) per share
Income (loss) from continuing operations	$	56,708	$	57,059	$	(20,413	)
Add back: Interest expense on Exchangeable Notes		959		5,708		—

Income (loss) from continuing operations allocated to common stockholders	$	57,667	$	62,767	$	(20,413	)
Income (loss) from discontinued operations, net of tax		—		287,906		(1,413	)

Net income (loss) allocated to common stockholders	$	57,667	$	350,673	$	(21,826	)

Basic weighted average common stock outstanding		44,879,412		35,213,525		34,321,888
Net effect of dilutive equity awards		1,403,789		1,145,906		—
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock		1,426,172		10,144,155		—

Diluted weighted average common stock outstanding		47,709,373		46,503,586		34,321,888
Diluted earnings (loss) per common share
Continuing operations	$	1.21	$	1.35	$	(0.59	)
Discontinued operations		—		6.19		(0.05	)

Total	$	1.21	$	7.54	$	(0.64	)

The following outstanding instruments were excluded from the computation of diluted loss per share, as they have an anti-dilutive effect on the calculation:


	Year Ended December 31,
	2021		2020		2019
Options		50,000		651,417		2,177,045
Restricted Stock Units		—		—		1,043,303

For the year ended December 31, 2019, 10,153,620 shares of potential common stock from the assumed conversion of Exchangeable

Notes were excluded from the computation of diluted loss per share as the effect were anti-dilutive for the period.

Rights Plan

The Company entered into a Rights Agreement, dated as of December 13,

2021,

between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights Agreement”), and the Board of Directors of the Company authorized and declared a dividend of one preferred stock purchase right (a “Right” and collectively, the “Rights”) for each share of the Company’s common stock, par value $

0.01

per share, outstanding at the close of business on December

2021

. Each Right, once exercisable, will entitle the registered holder to purchase from the Company one

one-thousandth

of a share of Series

A-1

Junior Participating Preferred Stock, par value $

0.01

per share, at a purchase price of $

, subject to adjustment (the “Purchase Price”). The Rights are not presently exercisable and remain attached to the shares of common stock unless and until the occurrence of the earlier of the following (the “Distribution Date”): (i) the tenth day after the public announcement or disclosure by the Company or any person or group of affiliated or associated persons that any person or group of affiliated or associated persons has become an “Acquiring Person” by obtaining beneficial ownership of

12.5

% (or

% in the case of a “passive institutional investor,” which is defined generally as any person who has reported beneficial ownership of shares of common stock on Schedule

G under the Securities Exchange Act of

1934)

or more of the Company’s outstanding common stock, subject to certain exceptions; or (ii) the tenth business day (or such later date as the Company’s Board of Directors may designate before a person or group of affiliated or associated persons becomes an Acquiring Person) after (and not including) the commencement of, or first public announcement of the intent of any person to commence, a tender or exchange offer by any person or group of affiliated or associated persons, which would, if consummated, result in such person or group becoming an Acquiring Person. The Board of Directors may redeem all of the Rights for $

0.001

per Right at any time before any person or group of affiliated or associated persons becomes an Acquiring Person. In addition, at any time on or after any person or group of affiliated or associated persons becomes an Acquiring Person (but before any person or group of affiliated or associated persons becomes the owner of

% or more of the Company’s outstanding common stock), the Board of Directors may exchange all or part of the Rights (other than the Rights beneficially owned by the Acquiring Person and certain affiliated persons) for shares of common stock at an exchange ratio of one share of common stock per Right. The Rights will expire at the close of business on December

2022

, unless redeemed or exchanged prior to that time.

If any person or group of affiliated or associated persons becomes an Acquiring Person, then, after the Distribution Date, each Right (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons or transferees thereof) will entitle the holder to purchase, for the Purchase Price, a number of shares of common stock having a market value of twice the Purchase Price. Alternatively, if, after any person or group of affiliated or associated persons becomes an Acquiring Person, (1) the Company is involved in a merger or other business combination in which the Company is not the surviving corporation or its common stock is changed into or exchanged for other securities or assets; or (2) the Company or one or more of its subsidiaries sell or otherwise transfer assets or earning power aggregating more than 50% of the

assets or earning power of the Company and its subsidiaries, taken as a whole, then each Right (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons) will entitle the holder to purchase, for the Purchase Price, a number of shares of common stock of the other party to such business combination or sale (or in certain circumstances, an affiliate)

having a market value of twice the Purchase Price.

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses as of December 31, 2021 and 2020 are comprised of the following (in thousands):


	December 31,
	2021		2020
Payroll, benefits and related taxes, excluding severance benefits	$	9,548	$	10,296
Withholding tax attributable to intercompany interest income		1,950		28
Interest on Exchangeable Notes		—		1,396
Outside service fees		1,088		755
Restructuring and others		—		2,658
Merger-related costs		7,035		393
Others		450		715

Accrued expenses	$	20,071	$	16,241

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 13,495	$ 10,448	$ 9,720

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Estimated amount reclassified from accumulated other comprehensive income into income	$ 1,460
Zero Cost Collar and Forward Contracts [Member] \| Nomura Financial Investment (Korea) Co., Ltd. [Member]
Derivative [Line Items]
Threshold amount of cash collateral	500
Cash collateral for credit exposure in derivatives	760
Termination provisions for cash and cash equivalents	$ 30,000
Zero Cost Collar and Forward Contracts [Member] \| Standard Chartered Bank Korea Limited [Member]
Derivative [Line Items]
Cash collateral for credit exposure in derivatives		$ 1,300

Stockholders' Equity and Stock-Based Compensation- Summary of Restricted Stock Unit Activities (Detail) - Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Stock Units, Outstanding Beginning Balance \| shares	999,756
Number of Restricted Stock Units, Granted \| shares	431,308
Number of Restricted Stock Units, Vested \| shares	(480,465)
Number of Restricted Stock Units, Forfeited \| shares	(116,638)
Number of Restricted Stock Units, Outstanding Ending Balance \| shares	833,961
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Beginning Balance \| $ / shares	$ 10.68
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Granted \| $ / shares	19.82
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Vested \| $ / shares	12.05
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Forfeited \| $ / shares	12.77
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Ending Balance \| $ / shares	$ 14.33

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

The Company’s income tax expense (benefit) is composed of domestic and foreign income taxes depending on the relevant tax jurisdictions. Domestic income (loss) from continuing operations before income tax expense and income tax expense (benefit) are generated or incurred in the U.S, where the parent company resides.

The components of income tax expense (benefit) attributable to income (loss) from continuing operations are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Income (loss) from continuing operations before income tax expense
Domestic	$	41,566		$	(12,305	)	$	(24,752	)
Foreign		32,403			23,136			6,539

		73,969			10,831			(18,213	)

Current income tax expense (benefit)
Domestic		6,876			1			20
Foreign		9,415			(2,264	)		3,771
Uncertain tax position liability (domestic)		—			—			(1	)
Uncertain tax position liability (foreign)		(35	)		(20	)		2

		16,256			(2,283	)		3,792

Deferred income tax benefit
Domestic		1,314			(4,461	)		—
Foreign		(309	)		(39,484	)		63

		1,005			(43,945	)		63

Benefits from intra-period allocation		—			—			(1,655	)
Total income tax expense (benefit)	$	17,261		$	(46,228	)	$	2,200

Effective tax rate		23.3	%		—			—

The Company’s effective tax rate for the year ended December 31, 2021 was 23.3% as compared to negative effective tax rates for the years ended December 31, 2020 and 2019. The Company’s effective tax rate in 2021 was higher than the U.S. federal statutory rate of 21.0%, primarily due to the earnings from its operating subsidiary in Korea at a higher statutory tax rate. The increase in the effective tax rate in 2021 was primarily due to the higher taxable income from the Korean subsidiary and the reverse termination fee income recognized by the parent entity in the U.S. in relation to the Merger. The negative effective tax rate in 2020 as compared to the U.S. federal statutory rate of 21.0%, was primarily attributable to the reversal of the valuation allowances established against the deferred tax assets in connection with the Company’s operating subsidiary in Korea and parent entity in the U.S. The difference between the annual effective income tax rate and the U.S. federal statutory rate of 21.0% in 2019 primarily related to the

non-income

based withholding tax attributable to intercompany interest income of the Company’s Dutch subsidiary, application of different tax rates associated with certain earnings from the Company’s operations outside the U.S., the U.S. parent entity’s interest income, which is

non-taxable

for U.S. tax purposes, and the change of deferred tax assets and valuation allowances.

The Company’s Korean subsidiary recorded $1,655 thousand income tax benefits for the year ended December 31, 2019, primarily attributable to the application of the exception rule under ASC 740, in connection with the intra-period allocation, which resulted in the tax benefit in its continuing operations and tax expense in the discontinued operations for an equal and offsetting amount for the presentation purposes only.

The provision for domestic and foreign income taxes incurred is different from the amount calculated by applying the statutory tax rates to the income (loss) from continuing operations before income tax expense. The significant items causing this difference are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Provision computed at statutory rates	$	15,533		$	2,274		$	(3,825	)
State income taxes, net of federal effect		—			730			(1,139	)
Change in statutory tax rates		(259	)		5,735			2,329
Difference in foreign tax rates		2,820			1,077			3,002
Permanent differences
Derivative assets adjustment		(23	)		56			315
TPECs, hybrid and other interest		(3,400	)		(2,722	)		7,812
Thin capitalization		—			339			988
Equity-based compensation		(802	)		(73	)		(14	)
Permanent foreign currency gain (loss)		1,888			(1,813	)		(1,734	)
Penalty		427			176			151
GILTI		6,156			24,224			5,112
Intercompany debt restructuring		971			11,137			(18,435	)
Other permanent differences		(767	)		1,335			408
Withholding tax		2,060			2,291			3,043
State net operating loss write-off		9,844			—			—
Change in valuation allowance		(13,803	)		(75,452	)		7,817
Benefits from intra-period allocation		—			—			(1,655	)
Tax credits claimed		(5,508	)		(12,397	)		(651	)
Tax credits expired		—			—			170
Uncertain tax positions liability		(35	)		(20	)		1
Change in net operating loss carry-forwards		621			(3,314	)		—
Foreign local taxes		723			43			152
Others		815			146			(1,647	)

Income tax expense (benefit)	$	17,261		$	(46,228	)	$	2,200

Of the income tax benefit of $13,803 thousand attributable to the change in valuation allowances during the year ended December 31, 2021, $9,844

thousand is related to the release of the valuation allowance established against the deferred tax assets associated in the U.S. entity due to the dissolution of the Company’s domestic subsidiary in 2021 subsequent to the sale of the Foundry Services Group business and Fab 4. The offsetting expense of

$9,844

thousand was included in the state net operating loss

write-off

in 2021, resulting in no income tax effect in the year. The Company’s parent entity in the U.S. will no longer be subject to state income taxes in 2022 and thereafter. The remaining

$3,959 thousand represented the release of valuation allowances based on the assessment of the realizability of the related deferred tax assets in future tax years.

For the year ended December 31, 2020, a permanent difference of $24,224 thousand was included as Global intangible

low-taxed

income (“GILTI”) in the U.S., and was primarily attributable to the income earned by certain foreign subsidiaries of the Company, including its Korean subsidiary, from the sale of the Foundry Services Group business and

Fab 4.

The income tax benefit of $75,452 thousand was due to the changes in valuation allowances during the year ended December 31, 2020, of which $31,578 thousand related to the release of valuation allowances related to the Company’s current year earnings, which were mainly driven by GILTI inclusion at the U.S. parent company. The remaining $43,874 thousand represented the release of valuation allowances based on the realizability of the related deferred tax assets in future years. The Company’s operating subsidiary in Korea had generated three years of cumulative profits adjusted for permanent differences and is anticipated to generate taxable basis for the subsequent years. As a result, $39,413 thousand of valuation allowances, established against the Korean subsidiary’s deferred tax assets, were released as of December 31, 2020. In addition, management believes it is more likely than not that the Company’s parent in the U.S. would be able to utilize its net operating loss in future tax years, which would provide incremental tax savings of approximately $4,461 thousand. Therefore, the Company released its valuation allowances established against the U.S. parent’s deferred tax assets up to these anticipated tax savings as of December 31, 2020.

Of the permanent tax expense of $11,137 thousand related to intercompany debt restructuring recorded for the year ended December 31, 2020, $11,890 thousand related to the waiver and release of unpaid interests of the intercompany loans granted to the Korean subsidiary by the Dutch subsidiary. This transaction created taxable income for the Korean subsidiary, but did not result in a liability because of the utilization of loss carryforwards, which were used against income from cancellation of intercompany loans.

During 2019, the Company completed a restructuring of its intercompany borrowings between the Company and the other entities within the group of the Company. The main purpose of this restructuring was to simplify the intercompany debt structure of the group in order to align with the anti-hybrid mismatch provision mandated by the Organization for Economic

Co-operation

and Development (OECD). A portion of hybrid instruments issued by the Company’s Luxembourg subsidiary to its parent in the U.S. were subject to this restructuring. The Company recorded a net deferred tax asset of $18,435 thousand related to the unrealized foreign exchange translation loss, which was attributable to the changes in the balances of hybrid instruments that are denominated in Euros. However, there was no impact on the provision for income taxes due to a full valuation allowance against the deferred tax assets of the Company’s Luxembourg subsidiary.

A summary of the composition of net deferred income tax assets (liabilities) as of December 31, 2021 and 2020 are as follows (in thousands):


	Year Ended December 31,
	2021			2020
Deferred tax assets
Inventory reserves	$	1,313		$	1,338
Accrued expenses		3,084			2,493
Property, plant and equipment		3,119			3,391
Accumulated severance benefits		11,842			12,343
Operating lease right-of-use liabilities		899			1,025
Foreign currency translation loss		17,280			9,129
NOL carry-forwards		87,636			121,389
Tax credit carry-forwards		14,164			15,395
Other long-term payable		2,457			944
Interest expense deduction limitation		4,731			—
Derivative liabilities		463			—
Others		1,610			1,629

Total deferred tax assets		148,598			169,076
Less: Valuation allowance		(94,212	)		(115,636	)

		54,386			53,440

Deferred tax liabilities
Derivative assets		—			417
Prepaid expense		2,300			1,071
Severance benefit deposits		4,227			3,156
Operating lease right-of-use assets		899			1,025
Foreign currency translation gain		5,139			2,431
Others		726			799

Total deferred tax liabilities		13,291			8,899

Net deferred tax assets	$	41,095		$	44,541

The Company has not recognized a deferred tax liability related to outside basis differences inherent in its foreign subsidiaries because the investments in those foreign subsidiaries within the group are essentially permanent in duration or earnings in foreign subsidiaries are intended to be indefinitely reinvested. It is not practicable to estimate the amount of deferred income taxes not recorded that are associated with those outside basis differences. If circumstances change and it becomes apparent that the undistributed earnings from foreign subsidiaries will be remitted or the parent entity will dispose of its interest in the subsidiaries in the foreseeable future, and related income taxes have not been recognized by the parent entity, the parent entity will accrue as an expense of the current period income taxes attributable to that remittance or disposition.

Changes in valuation allowance for deferred tax assets of continuing operations and discontinued operations for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Beginning balance	$	115,636		$	246,224		$	248,633
Additions		—			—			7,912
Reductions		(13,803	)		(75,452	)		—
Changes relating to the discontinued operations		—			(67,484	)		—
NOL/tax credit claimed/expired		—			3,686			(3,529	)
Translation adjustments		(7,621	)		8,662			(6,792	)

Ending balance	$	94,212		$	115,636		$	246,224

As of December

31, 2021, 2020 and 2019, respectively, the Company recorded a valuation allowance of $94,212 thousand, $115,636 thousand and $246,224 thousand on its deferred tax assets related to temporary differences, net operating loss carry-forwards and tax credits of domestic and foreign subsidiaries.

The Company has recorded a full valuation allowance against certain foreign subsidiaries’ deferred tax assets pertaining to its related tax loss carry-forwards that are not anticipated to generate a tax benefit. The valuation allowances at December 31, 2021, 2020 and 2019 were primarily attributable to its Luxembourg subsidiary.


	Year Ended December 31,
	2021		2020		2019
NOL carry-forwards	$	502,511	$	604,977	$	708,885

As of December 31, 2021, the Company had $502,511 thousand of net operating loss carry-forwards available to offset future taxable income, of which $288,548 thousand is associated with the Company’s Luxembourg subsidiary, mainly attributable to certain expenses incurred in connection with its shareholding in the Company’s Dutch subsidiary. Of the $288,548 thousand net operating loss carry-forwards, $279,848 thousand is carried forward indefinitely and the remaining $8,700 thousand expires from 2034 through 2037. The net operating loss carry-forwards retained by the Company’s U.S. parent and its domestic subsidiary (which was closed in 2021 subsequent to the sale of the Foundry Services Group business and Fab 4) amounts to $198,813 thousand, which expires at various dates through 2040. The amount associated with the Company’s Korean subsidiary of $11,499 thousand expires in 2026.

The Company utilized net operating loss of $70,672 thousand, $169,600 thousand and $30,945 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. The Company also has Dutch tax credit carry-forwards of approximately $14,164 thousand as of December 31, 2021. The Dutch tax credits are carried forward to be used for an indefinite period of time.

Uncertainty in Income Taxes

The Company and its subsidiaries file income tax returns in Korea, Japan, Taiwan, and the U.S. and in various other jurisdictions. The Company is subject to income- or

non-income

tax examinations by tax authorities of these jurisdictions for all open

tax years.

As of December

31, 2021, 2020 and 2019, the Company recorded $386 thousand, $414 thousand and $445 thousand of unrecognized tax benefits of continuing operations and discontinued operations, respectively.

A tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period is as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Unrecognized tax benefits, balance at the beginning	$	414		$	445		$	426
Additions based on tax positions related to the current year		44			48			13
Reductions for tax positions of prior years		—			(34	)		(1	)
Lapse of statute of limitations		(79	)		(76	)		—
Translation adjustments		7			31			7

Unrecognized tax benefits, balance at the ending	$	386		$	414		$	445

interest and penalties related to unrecognized tax benefits were recognized as of December

2021

2020

and

2019

The Company is currently unaware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviations from this estimate over the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets as of December 31, 2021 and 2020 are comprised of the

following (in thousands):


	December 31, 2021
	Gross amount		Accumulated amortization			Net amount

Intellectual property assets	$	9,312	$	(6,935	)	$	2,377

Intangible assets	$	9,312	$	(6,935	)	$	2,377


	December 31, 2020
	Gross amount		Accumulated amortization			Net amount

Intellectual property assets	$	9,486	$	(6,759	)	$	2,727

Intangible assets	$	9,486	$	(6,759	)	$	2,727

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Accounts Receivable

Accounts receivable as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31,
	2021			2020
Accounts receivable	$	50,363		$	63,145
Notes receivable		1,242			1,606
Less:
Allowance for credit losses		(466	)		(188	)
Sales return reserves		(185	)		(173	)

Accounts receivable, net	$	50,954		$	64,390

Allowance for Doubtful Accounts [Member]

Schedule of Changes in Receivables and Reserves

Changes in allowance for credit losses for the years ended December 31, 2021, 2020 and 2019 are as follows

(in thousands):


	Year Ended December 31,
	2021			2020			2019


Beginning balance	$	(188	)	$	(49	)	$	(51	)
Provision		(302	)		(131	)		—
Translation adjustments		24			(8	)		2

Ending balance	$	(466	)	$	(188	)	$	(49	)

Sales Return Reserve [Member]

Schedule Of Changes in Volume

Changes in sales return reserves for the years ended December

2021

2020

and

2019

are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Beginning balance	$	(173	)	$	(387	)	$	(439	)
Reversal (provision)		(27	)		22			(136	)
Usage		—			196			170
Translation adjustments		15			(4	)		18

Ending balance	$	(185	)	$	(173	)	$	(387	)

Income Taxes - Components of Income Tax Expense (Benefit) Attributable To Income (Loss) From Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) before income tax expenses
Domestic	$ 41,566	$ (12,305)	$ (24,752)
Foreign	32,403	23,136	6,539
Income (loss) from continuing operations before income tax expense	73,969	10,831	(18,213)
Current income tax expense (benefit)
Domestic	6,876	1	20
Foreign	9,415	(2,264)	3,771
Uncertain tax position liability (domestic)	(35)	(20)	1
Uncertain tax position liability (foreign)	16,256	(2,283)	3,792
Deferred income tax benefit
Domestic	1,314	(4,461)
Foreign	(309)	(39,484)	63
Deferred income tax benefit	1,005	(43,945)	63
Benefits from intraperiod allocation			(1,655)
Total income tax expenses (benefit)	$ 17,261	(46,228)	2,200
Effective tax rate	23.30%
Domestic [Member]
Current income tax expense (benefit)
Uncertain tax position liability (domestic)			(1)
Foreign [Member]
Current income tax expense (benefit)
Uncertain tax position liability (domestic)	$ (35)	$ (20)	$ 2

Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Asset Derivatives:
Asset Derivatives, Gross amounts of recognized assets/liabilities	$ 2,020	$ 2,036
Asset Derivatives, Net amounts of assets/liabilities presented in the balance sheets	2,020	2,036
Asset Derivatives, Net amount	$ (40)	2,036
Liability Derivatives:
Liability Derivatives, Gross amounts of recognized liabilities		195
Liability Derivatives, Net amounts of liabilities presented in the balance sheets		195
Liability Derivatives, Net amount after master netting		$ 195

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

ASC 820 defines fair value, establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value measurements. ASC 820 requires, among other things, the Company’s valuation techniques used to measure fair value to maximize the use of observable inputs and minimize the use of unobservable inputs.

Fair Value of Financial Instruments

As of December 31, 2021, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement

(in thousands):


	Carrying Value December 31, 2021		Fair Value Measurement December 31, 2021		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:


Derivative liabilities (other current liabilities)	$	2,020	$	2,020		—	$	2,020		—

As of December 31, 2020, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):


	Carrying Value December 31, 2020		Fair Value Measurement December 31, 2020		Quoted Prices in Active Markets for Identical Asset / Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:

Derivative assets (other current assets)	$	2,036	$	2,036		—	$	2,036		—
Liabilities:
Derivative liabilities (other current liabilities)	$	195	$	195		—	$	195		—

Items not reflected in the table above include cash equivalents, accounts receivable, other receivables, accounts payable, and other accounts payable, fair value of which approximate carrying values due to the short-term nature of these instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs.

Fair Value of Borrowings


	December 31, 2020
	Carrying Value		Fair Value
	(In thousands of U.S. dollars)
Borrowings:

5.0% Exchangeable Senior Notes due March 2021 (Level 2)	$	83,479	$	145,466

On January 17, 2017, the Company’s wholly-owned subsidiary, MagnaChip Semiconductor S.A., closed an offering (the “Exchangeable Notes Offering”) of 5.0% Exchangeable Senior Notes due March 1, 2021 (the “Exchangeable Notes”), of $86,250 thousand, which represents the principal amount, excluding $5,902 thousand of debt issuance costs. In December 2018 and February 2019, MagnaChip Semiconductor S.A. repurchased a principal amount equal to $1,590 thousand and $920 thousand, respectively, of the Exchangeable Notes in the open market. The Company estimates the fair value of the Exchangeable Notes using the market approach, which utilizes quoted market prices that fall under Level 2. For further description of the Exchangeable Notes, see Note 12, “Borrowings.”

Fair Values Measured on a

Non-recurring

Basis

The Company’s

non-financial

assets, such as property, plant and equipment, and intangible assets are recorded at fair value upon acquisition and are remeasured at fair value only if an impairment charge is recognized. As of December 31, 2021 and 2020, the Company

did

t have any assets or liabilities measured at fair value on a

non-recurring

basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Borrowings - Components of Long-term Borrowings (Parenthetical) (Detail) - 5.0% Exchangeable Senior Notes due March 2021 [Member] - Exchangeable Senior Notes [Member]		12 Months Ended
	Jan. 17, 2017	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Interest rate	5.00%	5.00%	5.00%	5.00%
Due date	Mar. 01, 2021	Mar. 01, 2021

Early Termination - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Regulatory Requests Non Recurring Professional Fees And Expenses	$ 3,430
Gain (Loss) on Disposition of Assets	$ 1,419	$ 554
One time Termination Benefit [Member]
Restructuring Cost and Reserve [Line Items]
Early Termination Charges		$ 4,422

Geographic and Other Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Operating Segments

The following sets forth information relating to the single continuing operating segment (in thousands):


	Year Ended December 31,
	2021		2020		2019
Revenues
Standard products business
Display Solutions	$	205,322	$	299,057	$	308,531
Power Solutions		227,777		166,462		176,316

Total standard products business		433,099		465,519		484,847
Transitional Fab 3 foundry services		41,131		41,540		35,824

Total revenues	$	474,230	$	507,059	$	520,671


	Year Ended December 31,
	2021		2020		2019
Gross Profit
Standard products business	$	149,596	$	127,099	$	116,397
Transitional Fab 3 foundry services		3,947		1,218		—

Total gross profit	$	153,543	$	128,317	$	116,397

Net Sales by Region, Based on Location of Products are Billed

The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands):


	Year Ended December 31,
	2021		2020		2019
Korea	$	113,776	$	106,415	$	132,622
Asia Pacific (other than Korea)		306,333		347,597		343,652
United States		6,052		5,147		2,399
Europe		5,698		4,317		4,801
Others		1,240		2,043		1,373

Total	$	433,099	$	465,519	$	484,847

Borrowings - Components of Long-term Borrowings (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Less: unamortized discount and debt issuance costs	$ (261)
current portion of long-term borrowings, net	83,479
Exchangeable Senior Notes [Member] \| 5.0% Exchangeable Senior Notes due March 2021 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 83,740

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 56,708	$ 344,965	$ (21,826)
Other comprehensive income (loss)
Foreign currency translation adjustments	(2,839)	6,274	15,856
Derivative adjustments
Fair valuation of derivatives	(3,913)	1,452	(2,894)
Reclassification adjustment for loss (gain) on derivatives included in net income (loss)	819	(1,363)	4,488
Total other comprehensive income	(5,933)	6,363	17,450
Total comprehensive income (loss)	$ 50,775	$ 351,328	$ (4,376)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 65
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-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

As of December 31, 2021, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement

(in thousands):


	Carrying Value December 31, 2021		Fair Value Measurement December 31, 2021		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:


Derivative liabilities (other current liabilities)	$	2,020	$	2,020		—	$	2,020		—

As of December 31, 2020, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):


	Carrying Value December 31, 2020		Fair Value Measurement December 31, 2020		Quoted Prices in Active Markets for Identical Asset / Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:

Derivative assets (other current assets)	$	2,036	$	2,036		—	$	2,036		—
Liabilities:
Derivative liabilities (other current liabilities)	$	195	$	195		—	$	195		—

Schedule of Fair Value of Borrowings

Fair Value of Borrowings


	December 31, 2020
	Carrying Value		Fair Value
	(In thousands of U.S. dollars)
Borrowings:

5.0% Exchangeable Senior Notes due March 2021 (Level 2)	$	83,479	$	145,466

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jan. 17, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2019	Dec. 31, 2018
5.0% Exchangeable Senior Notes due March 2021 [Member] \| Exchangeable Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.00%	5.00%	5.00%	5.00%
Due date	Mar. 01, 2021		Mar. 01, 2021
Aggregate principal amount	$ 86,250
Debt issuance costs paid	$ 5,902	$ 5,902
Principal Repurchase Amount Of 2021 Notes					$ 920	$ 1,590
Other Asset Class [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value on non-recurring basis		0	$ 0
Liabilities fair value on non-recurring basis		$ 0	$ 0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	20. Commitments and Contingencies COVID-19 Pandemic In December 2019, a strain of coronavirus causing a disease known as COVID-19 surfaced in Wuhan, China, resulting in significant disruptions among Chinese manufacturing and other facilities and travel throughout China. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. Governmental authorities throughout the world have implemented numerous containment measures, including travel bans and restrictions, quarantines, shelter-in-place orders, and business restrictions and shutdowns, resulting in rapidly changing market and economic conditions. Although some of these restrictions and other containment measures have since been lifted or scaled back, ongoing surges of COVID-19 have in some cases resulted in the re-imposition of certain restrictions and containment measures, and may continue to lead to other restrictions being re-implemented in the foreseeable future in response to efforts to reduce the rapid spread of COVID-19. The Company experienced some minor disruption in its Power Solutions business from assembly and test subcontractors located in China in the first quarter of 2020 as a result of the COVID-19 pandemic. To date, its external Display Solutions business contractors and sub-contractors have not been materially impacted by the COVID-19 pandemic. The Company is, however, unable to accurately predict the full impact that the COVID-19 pandemic will have on its future results of operations due to numerous uncertainties. The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations and financial condition will depend on future developments, which, despite progress in vaccination efforts, are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning the severity of the COVID-19 pandemic, such as new strains of the virus, including the Delta and Omicron variants and any future variants that may emerge, which may impact rates of infection and vaccination efforts, developments or perceptions regarding the safety of vaccines and the extent and effectiveness of actions to contain the COVID-19 pandemic or treat its impact, including vaccination campaigns and lockdown measures, among others. In addition, recurrences or additional waves of COVID-19 cases could cause other widespread or more severe impacts depending on where infection rates are highest. The Company cannot presently predict the scope and severity of any potential business shutdowns or disruptions, but if the Company or any of its customers and suppliers were to experience prolonged business shutdowns or other disruptions, its ability to conduct its business could be materially and negatively affected, which could have a material adverse impact on its business, results of operations and financial condition. The Company continues to closely monitor and evaluate the nature and scope of the impact of the COVID-19 pandemic to its business, consolidated results of operations, and financial condition, and may take further actions altering its business operations and managing its costs and liquidity that the Company deems necessary or appropriate to respond to this ongoing and uncertain global health crisis and the resulting global economic consequences. Merger-related Complaints Since April 22, 2021, eleven complaints (each, a “Shareholder Complaint,” and together, the “Shareholder Complaints”) were filed seeking to enjoin the Merger, or, if the Merger is consummated, rescind the Merger or recover damages, as well as an award of each plaintiff’s fees and litigation expenses. The Shareholder Complaints, each filed as an individual action by a purported stockholder of the Company, were captioned as Schulthess v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-03587 (S.D.N.Y.) (the “Schulthess Complaint”), Pittman v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-02306 (E.D.N.Y.) (the “Pittman Complaint”), Flanagan v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-03743 (S.D.N.Y.) (the “Flanagan Complaint”), Castelli v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-03769 (S.D.N.Y.) (the “Castelli Complaint”), Doolittle v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-03801 (S.D.N.Y.) (the “Doolittle Complaint”), Thomas v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-03860 (S.D.N.Y.) (the “Thomas Complaint”), Finger v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-03927 (S.D.N.Y.), Kent v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-00657 (D. Del.) (the “Kent Complaint”), Kennedy v. Magnachip Semiconductor Corporation, et al., Case No. 2:21-cv-02110 (E.D. Pa.) (the “Kennedy Complaint”), Monroy v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-04921 (S.D.N.Y.) (the “Monroy Complaint”), and Jones v. Magnachip Semiconductor Corporation, et al., Case No. 1:21-cv-04966 (S.D.N.Y.). Each Shareholder Complaint alleged either that the preliminary proxy statement filed by the Company with the Securities and Exchange Commission (“SEC”) on April 19, 2021 or the definitive proxy statement filed by the Company with the SEC on May 7, 2021, is false and/or misleading and asserts claims for violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and SEC Rule 14a-9 against the Company and certain current or former members of the Company’s board of directors (the “Board”). The Schulthess Complaint, Castelli Complaint and Monroy Complaint also alleged breaches of fiduciary duties by certain current or former members of the Board. The Schulthess Complaint further alleged that the Company aided and abetted purported breaches of fiduciary duties by certain current or former members of the Board. On June 8, 2021, the Company voluntarily made supplemental disclosures related to the Merger in response to certain allegations raised in the Shareholder Complaints described above in order to avoid the risk that the Shareholder Complaints may delay or otherwise adversely affect the consummation of the Merger and to minimize the expense of defending such actions. Since June 8, 2021, the plaintiffs who filed the Pittman Complaint, the Doolittle Complaint, the Flanagan Complaint, the Kennedy Complaint, the Kent Complaint, and the Thomas Complaint voluntarily dismissed their respective complaints. On August 11, 2021, certain of the complaints filed in the U.S. District Court for the Southern District of New York were consolidated and interim co-lead plaintiffs’ counsel were appointed. By January 5, 2022, all Shareholder Complaints were voluntarily dismissed.

Foreign Currency Loss, Net	12 Months Ended
Foreign Currency Loss, Net	Dec. 31, 2021
Foreign Currency [Abstract]
Foreign Currency Loss, Net	16. Foreign Currency Loss, Net Net foreign currency gain or loss includes non-cash translation gain or loss associated with intercompany balances. A substantial portion of the Company’s net foreign currency gain or loss is non-cash translation gain or loss associated with intercompany long-term loans to the Company’s Korean subsidiary. The loans are denominated in U.S. dollars and are affected by changes in the exchange rate between the Korean won and the U.S. dollar. As of December 31, 2021, 2020 and 2019, the outstanding intercompany loan balances including accrued interest between the Korean subsidiary and the Dutch subsidiary were $344,411 thousand, $378,852 thousand and $686,485 thousand, respectively. The Korean won to U.S. dollar exchange rates were 1,185.5:1 , 1,088.0:1 and 1,157.8:1 using the first base rate as of December 31, 2021, 2020 and 2019, respectively, as quoted by the KEB Hana Bank.

Borrowings - Additional Information (Detail) - USD ($)					1 Months Ended	12 Months Ended
Borrowings - Additional Information (Detail) - USD ($)	Mar. 01, 2021	Oct. 02, 2020	Jan. 17, 2017	Jul. 18, 2013	Feb. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Loss on early extinguishment of borrowings, net						$ 0	$ (766,000)	$ (42,000)
6.625% Senior Notes Due 2021 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount				$ 225,000,000
Interest rate				6.625%
Due date				Jul. 15, 2021
Aggregate principal amount of senior notes pricing				99.50%
Redemption price plus accrued, unpaid interest and special interest to the date of redemption		100.00%
Interest expense related to debt							$ 11,926,000
Debt Instrument, Repurchased Face Amount		$ 224,250,000
Loss on early extinguishment of borrowings, net		766,000
Repayments of Debt		227,428,000
Debt Instrument, Repurchased Face Amount		$ 224,250,000
5.0% Exchangeable Senior Notes due March 2021 [Member] \| Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount			$ 86,250,000
Interest rate			5.00%			5.00%	5.00%	5.00%
Due date			Mar. 01, 2021				Mar. 01, 2021
Aggregate principal amount of senior notes pricing			5.00%
Convertible notes principal amount denomination value						$ 1,000
Conversion of converted notes, shares issued	10,144,131					121.1387
Exchange price						$ 8.26
Debt issuance costs paid			$ 5,902,000			$ 5,902,000
Interest expense related to the Exchangeable Notes						$ 958,000	$ 5,708,000
Debt Instrument, Repurchased Face Amount					$ 920,000				$ 1,590,000
Loss on early extinguishment of borrowings, net					(63,000)				234,000
Debt Instrument, Repurchased Face Amount					$ 920,000				$ 1,590,000

Accrued Severance Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Postemployment Benefits [Abstract]

Changes in Accrued Severance Benefits

Changes in accrued severance benefits are as follows (in thousands):


	Year Ended December 31,
	2021			2020
Beginning balance	$	54,452		$	53,344
Provisions		8,282			8,534
Severance payments		(6,679	)		(10,937	)
Translation adjustments		(4,488	)		3,511

		51,567			54,452
Less: Cumulative contributions to severance insurance deposit accounts		(18,250	)		(13,704	)
The National Pension Fund		(53	)		(66	)
Group severance insurance plan		(200	)		(220	)

Accrued severance benefits, net	$	33,064		$	40,462

Future Benefits Payments to Employees

The Company is liable to pay the following future benefits to its

non-executive

employees upon their normal retirement age (in thousands):


	Severance Benefit
2022	$	264
2023		646
2024		908
2025		1,610
2026		2,290
2027 – 2031		18,565

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment as of December 31, 2021 and 2020 are comprised of the following

(in thousands):


	December 31,
	2021			2020




Buildings and related structures	$	24,273		$	24,882
Machinery and equipment		105,300			106,244
Finance lease right-of-use assets		316			344
Others		32,396			31,208

		162,285			162,678
Less: accumulated depreciation		(94,119	)		(90,370	)
Land		13,898			15,167
Construction in progress		25,818			8,908

Property, plant and equipment, net	$	107,882		$	96,383

Accrued Severance Benefits - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021
Percentage of employees eligible for severance benefits	98.00%
Korea [Member] \| Maximum [Member]
Retirement age of employees	60 years

Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Borrowings

12. Borrowings

Borrowings as of December 31, 2020 is as follows (in thousands):


	December 31,
	2020

5.0% Exchangeable Senior Notes due March 2021	$	83,740
Less: unamortized discount and debt issuance costs		(261	)

Current portion of long-term borrowings, net	$	83,479

5.0% Exchangeable Senior Notes

On January 17, 2017, MagnaChip Semiconductor S.A. closed the Exchangeable Notes Offering of $86,250 thousand aggregate principal amount of 5.0% Exchangeable Notes. Interest on the Exchangeable Notes accrued at a rate of 5.0% per annum, payable semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Exchangeable Notes matured on March 1, 2021, unless they were earlier repurchased or converted. Holders had the right to convert their notes at their option at any time prior to the close of business on the business day immediately preceding the stated maturity date.

The Company incurred debt issuance costs of $5,902 thousand related to the issuance of the Exchangeable Notes. The debt issuance costs are recorded as a direct deduction from the long-term borrowings in the consolidated balance sheets and amortized to interest expense using the effective interest method over the term of the Exchangeable Notes. Interest expense related to the Exchangeable Notes for the years ended December 31, 2021 and 2020 were $958 thousand and 5,708 thousand, respectively.

In February 2019, the Company repurchased a principal amount equal to $920 thousand of the Exchangeable Notes in the open market, resulting in a loss of $63 thousand, which was recorded as loss on early extinguishment of borrowings, net in the consolidated statements of operations for the year ended December 31, 2019. In December 2018, the Company repurchased a principal amount equal to $1,590 thousand of the Exchangeable Notes in the open market, resulting in a loss of $234 thousand, which was recorded as loss on early extinguishment of borrowings, net in the consolidated statements of operations for the year ended December 31, 2018.

Prior to the

March 1, 2021 maturity of the Exchangeable Notes, holders elected to exchange all outstanding Exchangeable Notes for an aggregate of 10,144,131 shares of the Company’s common stock in satisfaction in full of the outstanding obligations under the Exchangeable Notes. Upon exchange, the Company delivered for each $1,000 principal amount of exchanged Exchangeable Notes a number of shares equal to the exchange rate of 121.1387 shares of common stock per $1,000 principal amount of Exchangeable Notes, which was equivalent to an exchange price of approximately $8.26 per share of common stock. In connection with the exchanges, the fractional shares were paid in cash. Following March 1, 2021, the Company does not have any Exchangeable Notes outstanding.

6.625% Senior Notes

On July 18, 2013, the Company issued a $225,000

thousand aggregate

principal amount of the 2021 Notes at a price of 99.5%. Interest on the 2021 Notes accrued at a rate of 6.625% per annum, payable semi-annually on January 15 and

July 15

of each year, beginning on January 15, 2014. Interest expense related to the 2021 Notes for the year ended December 31, 2020 was $11,926 thousand.

The Company completed the full redemption of the remaining outstanding 2021 Notes on October 2, 2020. The Company paid approximately $227,428 thousand to fully redeem all of the outstanding $224,250 thousand aggregate principal amount of the 2021 Notes at a redemption price equal to the sum of 100% of the principal amount of the 2021 Notes, plus accrued and unpaid interest thereon through, but excluding, the Redemption Date. In connection with the redemption of the 2021 Notes, the Company recorded a $766 thousand as loss on early extinguishment of borrowings, net related to the remaining unamortized debt discount and debt issuance costs.

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic earnings (loss) per share
Income (loss) from continuing operations	$ 56,708	$ 57,059	$ (20,413)
Income (Loss) from discontinued operations, net of tax	0	287,906	(1,413)
Net income (loss)	$ 56,708	$ 344,965	$ (21,826)
Basic weighted average common stock outstanding	44,879,412	35,213,525	34,321,888
Basic earnings (loss) per common share
Continuing operations	$ 1.26	$ 1.62	$ (0.59)
Discontinued operations	0	8.18	(0.05)
Total	$ 1.26	$ 9.80	$ (0.64)
Diluted earnings (loss) per common share—
Income (loss) from continuing operations	$ 56,708	$ 57,059	$ (20,413)
Add back: Interest expense on Exchangeable Notes	959	5,708
Income (loss) from continuing operations allocated to common stockholders	57,667	62,767	(20,413)
Income (loss) from discontinued operations, net of tax	0	287,906	(1,413)
Net income (loss) allocated to common stockholders	$ 57,667	$ 350,673	$ (21,826)
Basic weighted average common stock outstanding	44,879,412	35,213,525	34,321,888
Net effect of dilutive equity awards	1,403,789	1,145,906
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock	1,426,172	10,144,155
Diluted weighted average common stock outstanding	47,709,373	46,503,586	34,321,888
Continuing operations	$ 1.21	$ 1.35	$ (0.59)
Discontinued operations	0	6.19	(0.05)
Total	$ 1.21	$ 7.54	$ (0.64)

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Income tax related to accumulated other comprehensive loss	$ 752	$ 316

Accounts Receivable - Additional Information (Detail) - Trade Accounts Receivable [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of accounts receivable	$ 14,474
Selling, General and Administrative Expenses [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Pre-tax losses on accounts receivable	$ 45

Discontinued Operations and Assets Held for Sale

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Assets Held for Sale [Abstract]

Discontinued Operations and Assets Held for Sale

2. Discontinued Operations

On September 1, 2020, the Company completed the sale of its Foundry Services Group business and Fab 4. As a result of the sale of the Foundry Services Group business and Fab 4, the Company

recorded a gain of $

287,117 thousand and all operations from the Foundry Services Group business and Fab 4 were classified as discontinued operations for all periods presented. Following the consummation of the sale, and for up to three years, the Company is expected to provide the Transitional Fab 3 Foundry Services at an agreed upon cost plus mark-up. For the periods prior to the Closing Date, revenue from providing the Transitional Fab 3 Foundry Services to the Foundry Services Group is recorded at cost on both of the continuing and discontinued businesses for comparative purposes. Cash inflows to the Company from the Buyer related to providing the Transitional Fab 3 Foundry Services were $46,611 thousand and $7,643 thousand for the years ended December 31, 2021 and 2020, respectively.

The following table summarizes the results from discontinued operations, net of tax, for the years ended December 31, 2020 and

2019.


	Year Ended December 31,
	2020			2019
	(In thousands of U.S. dollars)
Revenues:

Net sales—Foundry Services Group	$	254,732		$	307,348
Net sales—transitional Fab 3 foundry services		(25,887	)		(35,824	)

Total revenues		228,845			271,524
Cost of sales:
Cost of sales—Foundry Services Group		182,872			243,134
Cost of sales—transitional Fab 3 foundry services		(25,887	)		(35,824	)

Total cost of sales		156,985			207,310

Gross profit		71,860			64,214
Operating expenses:
Selling, general and administrative expenses		14,797			24,042
Research and development expenses		19,484			30,332
Restructuring and other charges		15,873			9,142

Total operating expenses		50,154			63,516
Operating income from discontinued operations		21,706			698

Foreign currency gain, net		1,277			503
Others, net		72			(67	)

Income from discontinued operations before income tax expense		23,055			1,134
Income tax expense		11,452			2,547
Gain on sale of discontinued operations		287,117			—
Transaction costs		(10,814	)		—

Income (loss) from discontinued operations, net of tax		287,906			(1,413	)

For the

years ended December 31, 2020 and 2019, the Company recorded $

15,873

thousand and $

6,991

thousand, respectively, in professional fees and transaction related expenses incurred in connection with the sale of the Foundry Services Group business and Fab 4, and recorded such costs as restructuring and other charges. For the year ended December 31, 2019, the Company also recorded in restructuring and other charges a $

2,151

thousand restructuring-related charge to its fab employees.

The following table provides supplemental cash flows information related to discontinued

operations:


	Year Ended December 31,
	2020			2019
	(In thousands of U.S. dollars)
Significant non-cash operating activities:
Depreciation and amortization	$	5,365		$	22,411
Provision for severance benefits		8,209			10,879
Stock-based compensation		388			899
Investing activities:
Capital expenditures	$	(5,838	)	$	(11,653	)

Geographic and Other Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Geographic and Segment Information

18. Geographic and Other Information

The following sets forth information relating to the single continuing operating segment (in thousands):


	Year Ended December 31,
	2021		2020		2019
Revenues
Standard products business
Display Solutions	$	205,322	$	299,057	$	308,531
Power Solutions		227,777		166,462		176,316

Total standard products business		433,099		465,519		484,847
Transitional Fab 3 foundry services		41,131		41,540		35,824

Total revenues	$	474,230	$	507,059	$	520,671


	Year Ended December 31,
	2021		2020		2019
Gross Profit
Standard products business	$	149,596	$	127,099	$	116,397
Transitional Fab 3 foundry services		3,947		1,218		—

Total gross profit	$	153,543	$	128,317	$	116,397


	Year Ended December 31,
	2021		2020		2019
Korea	$	113,776	$	106,415	$	132,622
Asia Pacific (other than Korea)		306,333		347,597		343,652
United States		6,052		5,147		2,399
Europe		5,698		4,317		4,801
Others		1,240		2,043		1,373

Total	$	433,099	$	465,519	$	484,847

For the years ended December 31, 2021, 2020 and 2019, of the Company’s net sales—standard products business in Asia Pacific (other than Korea), net sales—standard products business in Greater China (China and Hong Kong) represented 65.8%, 82.0% and 95.8%, respectively, and net sales—standard products business in Vietnam represented 26.4%, 14.4% and 0.7%, respectively.

Net sales

from the Company’s top ten largest customers in the standard products business (which does not

inc

lude the Transitional Fab 3 Foundry Services) accounted for 80%, 88% and 90% for the years ended December 31, 2021, 2020 and 2019, respectively.

For the year ended December 31, 2021, the Company had two customers that represented 42.5% and 10.4% of its net s

ale

s—standard products business, and for the year ended December 31, 2020, the Company had one

customer that represented 56.2% of its net sales—standard products business, and for the year ended December 31, 2019, the Company had one customer that represented 53.8% of its net sales—standard products business.

As of December 31, 2021 and 2020, one customer accounted for 25.6% and 45.1% of accounts receivable, respectively.

98% of the Company’s property, plant and equipment are located in Korea as of December 31, 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Discontinued Operations and Assets Held for Sale - Schedule Of Results From Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Income (loss) from discontinued operations, net of tax	$ 287,906	$ (1,413)
Discontinued Operations [Member]
Revenues:
Total revenues	228,845	271,524
Cost of sales:
Total cost of sales	156,985	207,310
Gross profit	71,860	64,214
Operating expenses:
Selling, general and administrative expenses	14,797	24,042
Research and development expenses	19,484	30,332
Restructuring and other charges	15,873	9,142
Total operating expenses	50,154	63,516
Operating income from discontinued operations	21,706	698
Foreign currency gain, net	1,277	503
Others, net	72	(67)
Income from discontinued operations before income tax expense	23,055	1,134
Income tax expense	11,452	2,547
Gain on sale of discontinued operations	287,117
Transaction costs	(10,814)
Income (loss) from discontinued operations, net of tax	287,906	(1,413)
Foundry Services Group [Member] \| Discontinued Operations [Member]
Revenues:
Total revenues	254,732	307,348
Cost of sales:
Total cost of sales	182,872	243,134
Fab Three Foundry Services [Member] \| Discontinued Operations [Member]
Revenues:
Total revenues	(25,887)	(35,824)
Cost of sales:
Total cost of sales	$ (25,887)	$ (35,824)

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Business

Magnachip Semiconductor Corporation (together with its subsidiaries, the “Company”) is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, Internet of Things (“IoT”) applications, consumer, computing, industrial and automotive applications.

On September 1, 2020 (the “Closing Date”), the Company completed the sale of the Company’s Foundry Services Group business and its fabrication facility located in Cheongju, Korea, known as “Fab 4” to Key Foundry Co., Ltd. (the “Buyer”), a Korean corporation, in exchange for a purchase price equal to approximately $350.6 million in cash, pursuant to the terms of a business transfer agreement (the “Business Transfer Agreement”) dated March 31, 2020 by and among the Company and Magnus Semiconductor, LLC, a Korean limited liability company (“Magnus”). The purchase price was paid in a combination of U.S. Dollars in the amount of $46.5 million and Korean Won in the amount of approximately KRW 360.6 billion. In addition to the purchase price, the Buyer assumed all severance liabilities relating to the transferred employees, which had a value of approximately $100 million. The Buyer is a wholly owned subsidiary of Magnus, which was established by Alchemist Capital Partners Korea Co., Ltd. and Credian Partners, Inc. On April 20, 2020, Magnus assigned, and the Buyer assumed, all rights and obligations of Magnus under the Business Transfer Agreement. This divestiture of the Foundry Services Group business and Fab 4 was made in connection with the Company’s strategic shift of its operational focus to its standard products business. The Foundry Services Group was historically a reportable segment. The Foundry Services Group business was classified as discontinued operations in the Company’s consolidated statements of operations and excluded from both continuing operations and segment results for all periods presented. Accordingly, the Company has one reportable segment, its standard products business, together with transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3,” that it expects to perform for the Buyer for a period of up to three years from the Closing Date (the “Transitional Fab 3 Foundry Services”).

The Company’s standard products business includes its Display Solutions and Power Solutions business lines. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and mobile, automotive applications and home appliances. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer, computing, servers, automotive, and industrial applications.

Basis of Presentation

The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.

The consolidated statements of cash flows for the 2020 and 2019 fiscal years have not been adjusted to separately disclose cash flows related to discontinued operations, but the material items in the operating and investing activities of the cash flow relating to discontinued operations for the same period are disclosed in Note 2. Unless otherwise stated, information in these notes to consolidated financial statements relates to the Company’s continuing operations and excludes the discontinued operations. See Note 2 “Discontinued Operations” for additional information.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company including its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, stock-based compensation, property, plant and equipment, leases, other long-lived assets, long-term employee benefits, contingencies liabilities, estimated future cash flows and other assumptions used in long-lived asset impairment tests and calculation of current and deferred income taxes and deferred tax valuation allowances, and assumptions used in the calculation of sales incentives, among others. Although these estimates and assumptions are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be significantly different from the estimates. The Company assessed the impact of

COVID-19

on the estimates and assumptions to the extent applicable, and determined that there was no material impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2021 and 2020. However, the Company is not able to predict with certainty the future impact of

COVID-19

on its estimates and assumptions due to the rapidly changing nature of the

COVID-19

pandemic.

Reclassifications

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation.

Discontinued Operations

The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results when the business is sold and classified as held for sale, in accordance with the criteria of Accounting Standards Codification (“ASC”) 205, “Presentation of Financial Statements” (“ASC 205”) and ASC 360, “Property, Plant and Equipment” (“ASC 360”). The results of discontinued operations are reported in “Income (loss) from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the prior periods commencing in the period in which the business meets the criteria.

Foreign Currency Translation

The Company has assessed in accordance with ASC 830, “Foreign Currency Matters” (“ASC 830”), the functional currency of each of its subsidiaries in Luxembourg and the Netherlands and has designated the U.S. dollar to be their respective functional currencies. The Korean Won is the functional currency for the Company’s Korean subsidiary, which is the primary operating subsidiary of the Company. The Company and its other subsidiaries are utilizing their local currencies as their functional currencies. The financial statements of the subsidiaries in functional currencies other than the U.S. dollar are translated into the U.S. dollar in accordance with ASC 830. All the assets and liabilities are translated to the U.S. dollar at the

end-of-period

exchange rates. Capital accounts are determined to be of a permanent nature and are therefore translated using historical exchange rates. Revenues and expenses are translated using average exchange rates for the respective periods. Foreign currency translation adjustments arising from differences in exchange rates from period to period are

included in the foreign currency translation adjustment account in accumulated other comprehensive income or loss of stockholders’ equity. Foreign currency translation gains or losses on transactions by the Company or its subsidiaries in a currency other than its or its subsidiaries’ functional currency are included in foreign currency loss, net in its statements of operations.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with an original maturity date of three months or less when purchased.

Accounts Receivable Reserves

The Company makes estimates of expected credit losses for the allowance for credit losses based upon its assessment of various factors, including historical collection experience, the age of the accounts receivable balances, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Company also records an estimate for sales returns, included within accounts receivable, net, based on the historical experience of the amount of goods that will be returned and refunded or replaced.

Sales of Accounts Receivable

The Company accounts for transfers of financial assets under ASC 860, “Transfers and Servicing,” as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from the Company’s accounts with any realized gain or loss reflected in earning during the period of sale.

Inventories

Inventories are stated at the lower of cost or net realizable value, using the first in, first out method (“FIFO”). If net realizable value is less than cost at the balance sheet date, the carrying amount is reduced to the realizable value, and the difference is recognized as a loss on valuation of inventories within cost of sales. Inventory reserves are established when conditions indicate that the net realizable value is less than costs due to physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. The Company evaluates the sufficiency of inventory reserves and takes into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product age and other factors. Reserves are also established for excess inventory based on the Company’s current inventory levels and projected demand and its ability to sell those specific products. Situations that could cause these inventory reserves include a decline in business and economic conditions, decline in consumer confidence caused by changes in market conditions, sudden and significant decline in demand for the Company’s products, inventory obsolescence because of rapidly changing technology and consumer requirements, or failure to estimate end customer demand properly. A reduction of these inventory reserves may be recorded if previously reserved items are subsequently sold as a result of unexpected changes to certain aforementioned situations.

In addition, as prescribed in ASC 330, “Inventory,” once a reserve is established for a particular item based on the Company’s assessment as described above, it is maintained until the related item is sold or scrapped as a new cost basis has been established that cannot subsequently be marked up. In addition, the cost of inventories is determined based on the normal capacity of the Company’s fabrication facility. In case the capacity utilization is lower than a certain level that management believes to be normal, the fixed overhead costs per production unit which exceeds those under normal capacity are charged to cost of sales rather than capitalized as inventories.

Advances to Suppliers

The Company, from time to time, may make advances in form of prepayments or deposits to suppliers to procure materials to meet its planned production. The Company recorded advances of $1,708 thousand and $5,500 thousand as other current assets as of December 31, 2021 and 2020, respectively.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as set forth below.


Buildings			30 - 40 years
Building related structures			10 - 20 years
Machinery and equipment			10 - 12 years
Others			3 - 10 years

Routine maintenance and repairs are charged to expense as incurred. Expenditures that enhance the value or significantly extend the useful lives of the related assets are capitalized.

Impairment of Long-Lived Assets

The Company reviews property, plant and equipment and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360, “Property, Plant and Equipment.” Recoverability is measured by comparing its carrying amount with the future net undiscounted cash flows the assets are expected to generate. If such assets are considered to be impaired, the impairment is measured as the difference between the carrying amount of the assets and the fair value of assets using the present value of the future net cash flows generated by the respective long-lived assets.

Leases

The Company determines if an arrangement is a lease at inception of a contract considering whether the arrangement conveys the right to control the use of an identified asset over the period of use. Control of an underlying asset is conveyed if the Company has the right to direct the use of, and to obtain substantially all of the economic benefits from the use of, the identified asset. The Company accounts for lease transactions as either an operating or a finance lease, depending on the terms of the underlying lease arrangement. Assets related to operating leases are recorded on the balance sheet as operating lease

right-of-use

assets; the related liabilities are recorded as operating lease liabilities for the current portion and

non-current

operating lease liabilities for the

non-current

portion. Finance lease

right-of-use

assets are included in property, plant and equipment, net and the related lease liabilities are included in other current liabilities and other

non-current

liabilities on the consolidated balance sheets.

Right-of-use

assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

Right-of-use

assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rates in determining the present value of future payments based on the lease term of each lease and market information available at commencement date. Finance lease

right-of-use

assets are amortized on a straight-line basis over the respective lease term with the interest expense on the lease liability recorded using the interest method. The amortization and interest expense are recorded separately in the consolidated statements of operations. Amortization of operating lease

right-of-use

assets and interest expense on operating lease liabilities are recognized on a straight-line basis over the respective lease term.

An extension or contraction of a lease term is considered if the related option to extend or early terminate the lease is reasonably certain to be exercised by the Company. Operating lease

right-of-use

assets may also include any advance lease payments made and exclude lease incentives and initial direct costs incurred. The Company has lease agreements with lease and

non-lease

components, which are generally accounted for separately. For certain equipment leases, lease and

non-lease

components are accounted for as a single lease component.

Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates are not included in the

right-of-use

assets or liabilities. These variable lease payments are expensed as incurred.

The Company does not recognize operating lease

right-of-use

assets and operating lease liabilities that arise from short-term leases but rather recognizes fixed lease payments in the statements of operations on a straight-line basis and variable payments in the period in which the related obligations incur.

Intangible Assets

Intellectual property assets acquired represent rights under patents, trademarks and property use rights and are amortized over their respective periods of benefit, ranging up to ten years, on a straight-line basis.

Fair Value Disclosures of Financial Instruments

The Company follows ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by ASC 820 are:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s financial assets and liabilities, such as cash equivalents, accounts receivable, other receivables, accounts payable and other accounts payable approximate their fair values because of the short maturity of these instruments.

Accrued Severance Benefits

The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary, Magnachip Semiconductor, Ltd. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of December 31, 2021, 98% of all employees of the Company were eligible for severance benefits.

Beginning in July 2018, the Company began contributing to certain severance insurance deposit accounts a percentage of severance benefits, which may be adjusted from time to time, accrued for eligible employees for their services beginning January 1, 2018. These accounts consist of time deposits and other guaranteed principal and interest accounts, and are maintained at insurance companies, banks or security companies for the benefit of the Company’s employees.

Accrued severance benefits are partly funded through a group severance insurance plan. The amounts funded under this insurance plan are classified as a reduction of the accrued severance benefits. Subsequent accruals are to be funded at the discretion of the Company.

In accordance with the National Pension Act of the Republic of Korea, a certain portion of accrued severance benefits is deposited with the National Pension Fund and deducted from the accrued severance benefits. The contributed amount is paid to employees from the National Pension Fund upon their retirement.

Revenue Recognition

The Company recognizes revenue when it satisfies the performance obligation of transferring control over a product or service to a customer. Revenue is measured based on the consideration specified in a contract with a customer, which consideration is paid in exchange for a product or service.

The Company sells products manufactured based on the Company’s design. The Company’s products are either standardized with an alternative use or the Company does not have an enforceable right to payment for the related manufacturing services completed to date. Therefore, revenue for the products is recognized when a customer obtains control of the product, which is generally upon product shipment, delivery at the customer’s location or upon customer acceptance, depending on the terms of the arrangement.

In accordance with revenue recognition guidance, any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction, and that is collected by the Company from a customer, is excluded from revenue and related revenue is presented in the statements of operations on a net basis.

The Company provides warranties under which customers can return defective products. The Company estimates the costs related to warranty claims and repair or replacements, and records them as components of cost of sales.

In addition, the Company offers sales returns (other than those that relate to defective products under warranty), cash discounts for early payments and sales incentives, and certain allowances to the Company’s customers, including the Company’s distributors. The Company records reserves for those returns, discounts, incentives and allowances as a deduction from sales, based on historical experience and other quantitative and qualitative factors.

Substantially all of the Company’s contracts are one year or less in duration. The standard payment terms with customers are generally thirty to sixty days from the time of shipment, product delivery to the customer’s location or customer acceptance, depending on the terms of the related arrangement.

All amounts billed to a customer related to shipping and handling are classified as sales while all costs incurred by the Company for shipping and handling are classified as selling, general and administrative expenses. The amounts charged to selling, general and administrative expenses were $1,271 thousand, $993 thousand and $990 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

Of the recorded deferred revenue of $2,680 thousand as of December 31, 2020 and $559 thousand as of December 31, 2019, $2,680 thousand and $559 thousand were recognized as revenue during the years ended December 31, 2021 and 2020, respectively.

Advertising

The Company expenses advertising costs as incurred. Advertising expenses were $71 thousand, $87 thousand and $62 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

Product Warranties

The Company records, in other current liabilities, warranty liabilities for the estimated costs that may be incurred under its basic limited warranty. The standard limited warranty period is one to two years for the majority of products. This warranty covers defective products, and related liabilities are accrued when product revenues are recognized. Factors that affect the Company’s warranty liabilities include historical and anticipated rates of warranty claims and repair or replacement costs per claim to satisfy the Company’s warranty obligation. The Company periodically assesses the adequacy of those recorded warranty liabilities and adjusts its estimates when necessary.

Derivative Financial Instruments

The Company applies the provisions of ASC 815, “Derivatives and Hedging” (“ASC 815”). This statement requires the recognition of all derivative instruments as either assets or liabilities measured at fair value.

Under the provisions of ASC 815, the Company may designate a derivative instrument as hedging the exposure to variability in expected future cash flows that are attributable to a particular risk (a “cash flow hedge”) or hedging the exposure to changes in the fair value of an asset or a liability (a “fair value hedge”). Special accounting for qualifying hedges allows the effective portion of a derivative instrument’s gains and losses to offset related results on the hedged item in the consolidated statements of operations and requires that a company formally document, designate and assess the effectiveness of the transactions that receive hedge accounting treatment. Both at the inception of a hedge and on an ongoing basis, a hedge must be expected to be highly effective in achieving offsetting changes in cash flows or fair value attributable to the underlying risk being hedged. If the Company determines that a derivative instrument is no longer highly effective as a hedge, it discontinues hedge accounting prospectively and future changes in the fair value of the derivative are recognized in current earnings. The Company assesses hedge effectiveness at the end of each quarter. The Company does not offset derivative assets and liabilities within the consolidated balance sheets.

In accordance with ASC 815, changes in the fair value of derivative instruments that are cash flow hedges are recognized in accumulated other comprehensive income (loss) and reclassified into earnings in the period in which the hedged item affects earnings. Derivative instruments that do not qualify, or cease to qualify, as hedges must be adjusted to fair value and the adjustments are recorded through net income (loss).

The cash flows from derivative instruments receiving hedge accounting treatment are classified in the same categories as the hedged items in the consolidated statements of cash flows.

Research and Development

Research and development expenses are expensed as incurred and include wafers, masks, employee expenses, contractor fees, building costs, utilities and administrative expenses.

Licensed Patents and Technologies

The Company has entered into a number of royalty agreements to license patents and technology used in the design of its products. The Company carries two types of royalties:

lump-sum

and running basis.

Lump-sum

royalties, which require initial payments, usually paid in installments, represent a

non-refundable

commitment, such that the total present value of these payments is recorded as a prepaid expense and a liability upon execution of the agreements and the costs are amortized over the contract period using the straight-line method and charged to research and development expenses in the consolidated statements of operations.

Running royalties are paid based on the revenue of related products sold by the Company.

Stock-Based Compensation

The Company follows the provisions of ASC 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense, net of the estimated forfeiture rate, over the requisite service period. As permitted under ASC 718, the Company elected to recognize compensation expense for all options with graded vesting based on the graded attribution method.

The Company uses the Black-Scholes option-pricing model to measure the grant-date-fair-value of options. The Black-Scholes model requires certain assumptions to determine an option’s fair value, including expected

term, risk free interest rate and expected volatility. The expected term of each option grant was based on employees’ expected exercises and post-vesting employment termination behavior and the risk free interest rate was based on the U.S. Treasury yield curve for the period corresponding with the expected term at the time of grant. No dividends were assumed for this calculation of option value.

Earnings per Share

Earnings Per Share

In accordance with ASC 260, “Earnings Per Share”, the Company computes basic earnings per share by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution of potential common stock outstanding during the period including stock options and restricted stock units, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options and restricted stock units), and convertibles, using the

if-converted

method. In determining the hypothetical shares repurchased, the Company uses the average share price for the period. In the case that earnings are negative, any potential common stock equivalents would have the effect of being anti-dilutive in the computation of net loss per share.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in a company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. Valuation allowances are established when it is necessary to reduce deferred tax assets to the amount expected to be realized. The evaluation of the recoverability of the deferred tax assets and the need for a valuation allowance requires management to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including historical operating results, expected timing of the reversals of existing temporary differences, the Company’s ability to generate future taxable income, and tax planning strategies.

The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a

two-step

process. In the first step, recognition, the Company determines whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more likely than not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater

than 50 percent of being realized upon ultimate settlement.

Concentration of Credit Risk

The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral for customers on accounts receivable. The Company maintains reserves for potential credit losses, which are periodically reviewed.

Recent Accounting Pronouncements Not Yet Adopted

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2020-06,

“Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40)”

(“ASU

2020-06”),

which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and amends the diluted EPS computation for these instruments. The Company will adopt as of the reporting period beginning January 1, 2022. The Company does not expect the adoption of ASU

2020-06

to have a material effect on the Company’s consolidated financial statements.

In May 2021, the FASB issued ASU

No. 2021-04,

“Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic

470-50)”,

Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic

815-40):

Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” (“ASU

2021-04”),

ASU

2021-04

clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options so that the transaction should be treated as an exchange of the original instrument for a new instrument. ASU

2021-04

is effective for fiscal years beginning after December 15, 2021 on a prospective basis, with early adoption permitted. The Company does not expect the adoption of ASU

2021-04

to have a material effect on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU

No. 2019-12,

“Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU

2019-12”).

ASU

2019-12

removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU

2019-12

as of January 1, 2021, and the adoption of ASU

2019-12

did not have a material impact on the Company’s consolidated financial statements.

Geographic and Other Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Customer Concentration Risk [Member] \| Net Sales [Member] \| Top Ten Customers [Member] \| Standard Products Business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	80.00%	88.00%	90.00%
Customer Concentration Risk [Member] \| Net Sales [Member] \| Top Customer One [Member] \| Standard Products Business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	42.50%	56.20%	53.80%
Customer Concentration Risk [Member] \| Net Sales [Member] \| Top Customer Two [Member] \| Standard Products Business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	10.40%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Top Customer One [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	25.60%	45.10%
Geographic Concentration Risk [Member] \| Net Sales [Member] \| Asia Pacific Other Than Korea [Member] \| Standard Products Business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	65.80%
Geographic Concentration Risk [Member] \| Net Sales [Member] \| CHINA \| Standard Products Business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		82.00%	95.80%
Geographic Concentration Risk [Member] \| Net Sales [Member] \| Vietnam [Member] \| Standard Products Business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	26.40%	14.40%	0.70%
Geographic Concentration Risk [Member] \| Property, Plant and Equipment [Member] \| Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	98.00%

Income Taxes - Summary of Composition of Net Deferred Income Tax Assets (Liabilities) Of Continuing Operations and Discontinued Operations (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Inventory reserves	$ 1,313	$ 1,338
Derivative liabilities	463
Accrued expenses	3,084	2,493
Property, plant and equipment	3,119	3,391
Accumulated severance benefits	11,842	12,343
Operating lease right-of-use liabilities	899	1,025
Foreign currency translation loss	17,280	9,129
NOL carry-forwards	87,636	121,389
Tax credit carry-forwards	14,164	15,395
Other long-term payable	2,457	944
Interest expense deduction limitation	4,731
Others	1,610	1,629
Total deferred tax assets	148,598	169,076
Less: Valuation allowance	(94,212)	(115,636)	$ (246,224)	$ (248,633)
Deferred tax assets, net	54,386	53,440
Deferred tax liabilities
Derivative assets		417
Prepaid expense	2,300	1,071
Severance benefit deposits	4,227	3,156
Operating lease right-of-use assets	899	1,025
Foreign currency translation gain	5,139	2,431
Others	726	799
Total deferred tax liabilities	13,291	8,899
Net deferred tax assets	$ 41,095	$ 44,541

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss Per Common Share

The following table illustrates the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
	2021		2020		2019
	(In thousands of U.S. dollars, except share data)
Basic earnings (loss) per share
Income (loss) from continuing operations	$	56,708	$	57,059	$	(20,413	)
Income (loss) from discontinued operations, net of tax		—		287,906		(1,413	)

Net income (loss)	$	56,708	$	344,965	$	(21,826	)

Basic weighted average common stock outstanding		44,879,412		35,213,525		34,321,888
Basic earnings (loss) per common share
Continuing operations	$	1.26	$	1.62	$	(0.59	)
Discontinued operations		—		8.18		(0.05	)

Total	$	1.26	$	9.80	$	(0.64	)

Diluted earnings (loss) per share
Income (loss) from continuing operations	$	56,708	$	57,059	$	(20,413	)
Add back: Interest expense on Exchangeable Notes		959		5,708		—

Income (loss) from continuing operations allocated to common stockholders	$	57,667	$	62,767	$	(20,413	)
Income (loss) from discontinued operations, net of tax		—		287,906		(1,413	)

Net income (loss) allocated to common stockholders	$	57,667	$	350,673	$	(21,826	)

Basic weighted average common stock outstanding		44,879,412		35,213,525		34,321,888
Net effect of dilutive equity awards		1,403,789		1,145,906		—
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock		1,426,172		10,144,155		—

Diluted weighted average common stock outstanding		47,709,373		46,503,586		34,321,888
Diluted earnings (loss) per common share
Continuing operations	$	1.21	$	1.35	$	(0.59	)
Discontinued operations		—		6.19		(0.05	)

Total	$	1.21	$	7.54	$	(0.64	)

Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share

The following outstanding instruments were excluded from the computation of diluted loss per share, as they have an anti-dilutive effect on the calculation:


	Year Ended December 31,
	2021		2020		2019
Options		50,000		651,417		2,177,045
Restricted Stock Units		—		—		1,043,303

Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Postemployment Benefits [Abstract]
2022	$ 264
2023	646
2024	908
2025	1,610
2026	2,290
2027 – 2031	$ 18,565

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

Intangible assets as of December 31, 2021 and 2020 are comprised of the

following (in thousands):


	December 31, 2021
	Gross amount		Accumulated amortization			Net amount

Intellectual property assets	$	9,312	$	(6,935	)	$	2,377

Intangible assets	$	9,312	$	(6,935	)	$	2,377


	December 31, 2020
	Gross amount		Accumulated amortization			Net amount

Intellectual property assets	$	9,486	$	(6,759	)	$	2,727

Intangible assets	$	9,486	$	(6,759	)	$	2,727

Aggregate amortization expense for intangible assets totaled $744 thousand, $668 thousand and $598 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

The aggregate amortization expense of intangible assets for the next five years are estimated to be $704 thousand, $590 thousand, $438 thousand, $309 thousand and $196 thousand for the years ended December 31, 2022, 2023, 2024, 2025 and 2026, respectively.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

10. Derivative Financial Instruments

The Company’s Korean subsidiary from time to time has entered into zero cost collar contracts to hedge the risk of changes in the functional-currency-equivalent cash flows attributable to currency rate changes on U.S. dollar denominated revenues.

Details of derivative contracts as of December 31, 2021 are as follows (

in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement


May 13, 2021		Zero cost collar	$	39,000	January 2022 to September 2022
August 13, 2021		Zero cost collar	$	48,000	January 2022 to December 2022

Details of derivative contracts as of December 31, 2020 are as follows

(in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement


July 13, 2020		Zero cost collar	$	30,000	January 2021 to June 2021
December 15, 2020		Zero cost collar	$	30,000	July 2021 to December 2021
December 18, 2020		Zero cost collar	$	18,000	March 2021 to June 2021

The zero cost collar contracts qualify as cash flow hedges under ASC 815, “Derivatives and Hedging,” since at both the inception of the contracts and on an ongoing basis, the hedging relationship was and is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the contracts.

The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of December 31, 2021 and 2020 are as follows (in thousands):


Derivatives designated as hedging instruments:		December 31,
Derivatives designated as hedging instruments:		2021		2020
Asset Derivatives:

Zero cost collars	Other current assets	$	—	$	2,036
Liability Derivatives:
Zero cost collars	Other current liabilities	$	2,020	$	195

Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands):


As of December 31, 2021	Gross amounts of recognized liabilities		Gross amounts offset in the balance sheets		Net amounts of liabilities presented in the balance sheets		Gross amounts not offset in the balance sheets					Net amount
As of December 31, 2021	Gross amounts of recognized liabilities		Gross amounts offset in the balance sheets		Net amounts of liabilities presented in the balance sheets		Financial instruments		Cash collateral pledged			Net amount
Liability Derivatives:
Zero cost collars	$	2,020	$	—	$	2,020	$	—	$	(2,060	)	$	(40	)

Offsetting of derivative assets and liabilities as of December 31, 2020 is as follows (in thousands):


As of December 31, 2020	Gross amounts of recognized assets/liabilities		Gross amounts offset in the balance sheets		Net amounts of assets/liabilities presented in the balance sheets		Gross amounts not offset in the balance sheets				Net amount
As of December 31, 2020	Gross amounts of recognized assets/liabilities		Gross amounts offset in the balance sheets				Financial instruments		Cash collateral pledged		Net amount
Asset Derivatives:


Zero cost collars	$	2,036	$	—	$	2,036	$	—	$	—	$	2,036
Liability Derivatives:
Zero cost collars	$	195	$	—	$	195	$	—	$	—	$	195

For derivative instruments that are designated and qualify as cash flow hedges, gains or losses on the derivative aside from components excluded from the assessment of effectiveness are reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative, representing hedge components excluded from the assessment of effectiveness, are recognized in current earnings.

The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the years ended December 31, 2021 and 2020. Net sales of discontinued operations for the year ended December 31, 2020 are included in the below table (in thousands):


Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives					Location/Amount of Gain (Loss) Reclassified from AOCI Into Statement of Operations							Location/Amount of Gain Recognized in Statement of Operations on Derivatives
	2021			2020				2021			2020				2021		2020


Zero cost collars	$	(4,665	)	$	1,769		Net sales	$	(819	)	$	1,363		Other income, net	$	123	$	148

As of December 31, 2021, the amount expected to be reclassified from accumulated other comprehensive loss into loss within the next twelve months is $1,460 thousand.

The Company set aside cash deposits to the counterparties, Nomura Financial Investment (Korea) Co., Ltd. (“NFIK”), Deutsche Bank AG, Seoul Branch (“DB”) and Standard Chartered Bank Korea Limited (“SC”), as required for the zero cost collar contracts. These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of December 31, 2021 and 2020 are as follows (in thousands):


	December 31,
Counterparties	2021		2020
NFIK	$	—	$	3,250
DB		—		1,000
SC		1,000		1,000

Total	$	1,000	$	5,250

The Company is required to deposit additional cash collateral with NFIK and SC for any exposure in excess of $500 thousand. As of December 31, 2021, $760 thousand and $1,300 thousand of additional cash collateral were required

NFIK and SC, respectively, and recorded as hedge collateral on the consolidated balance sheet. There was no such cash collateral required as of December 31, 2020.

These zero cost collar contracts may be terminated by the counterparties in a number of circumstances, including if the Company’s borrowing rating falls below

B-/B3

or if the Company’s total cash and cash equivalents is less than $30,000 thousand at the end of a fiscal quarter, unless a waiver is

obtained.

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Foreign currency translation adjustments	$ (770)	$ 2,069
Derivative adjustments	(1,460)	1,634
Total	$ (2,230)	$ 3,703

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

21. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consists of the following at December 31, 2021 and 2020, respectively (in thousands):


	Year Ended December 31,
	2021			2020
Foreign currency translation adjustments	$	(770	)	$	2,069
Derivative adjustments		(1,460	)		1,634

Total	$	(2,230	)	$	3,703

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


Year Ended December 31, 2021	Foreign currency translation adjustments			Derivative adjustments			Total

Beginning balance	$	2,069		$	1,634		$	3,703

Other comprehensive loss before reclassifications		(2,839	)		(3,913	)		(6,752	)
Amounts reclassified from accumulated other comprehensive loss		—			819			819

Net current-period other comprehensive loss		(2,839	)		(3,094	)		(5,933	)

Ending balance	$	(770	)	$	(1,460	)	$	(2,230	)


Year Ended December 31, 2020	Foreign currency translation adjustments			Derivative adjustments			Total

Beginning balance	$	(4,205	)	$	1,545		$	(2,660	)

Other comprehensive income before reclassifications		6,274			1,452			7,726
Amounts reclassified from accumulated other comprehensive income		—			(1,363	)		(1,363	)

Net current-period other comprehensive income		6,274			89			6,363

Ending balance	$	2,069		$	1,634		$	3,703


Year Ended December 31, 2019	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(20,061	)	$	(49	)	$	(20,110	)

Other comprehensive income (loss) before reclassifications		15,856			(2,894	)		12,962
Amounts reclassified from accumulated other comprehensive loss		—			4,488			4,488

Net current-period other comprehensive income		15,856			1,594			17,450

Ending balance	$	(4,205	)	$	1,545		$	(2,660	)

There

was an income tax

benefit

of $752 thousand related to changes in accumulated other comprehensive loss for the year ended December 31, 2021. There was an income tax

expense

of $316 thousand related to changes in accumulated other comprehensive income for the year ended December 31, 2020.

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories as of December 31, 2021 and 2020 consist of the following (in thousands):


	December 31,
	2021			2020
Finished goods	$	9,594		$	6,425
Semi-finished goods and work-in-process		25,968			30,968
Raw materials		9,443			6,526
Materials in-transit		95			1,021
Less: inventory reserve		(5,730	)		(5,901	)

Inventories, net	$	39,370		$	39,039

Changes in inventory reserve for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019

Beginning balance	$	(5,901	)	$	(5,947	)	$	(4,845	)
Change in reserve
Inventory reserve charged to costs of sales		(7,626	)		(7,268	)		(12,941	)
Sale of previously reserved inventory		5,349			4,349			2,938

		(2,277	)		(2,919	)		(10,003	)
Write off		1,875			2,679			8,451
Translation adjustments		573			(408	)		450
Reclassified to assets held for sale		—			694			—

Ending balance	$	(5,730	)	$	(5,901	)	$	(5,947	)

Inventory reserve represents the Company’s best estimate in value lost due to excessive inventory level, physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. Inventory reserve relates to inventory items including finished goods, semi-finished goods,

work-in-process

and raw materials. Write off of this reserve is recognized only when the related inventory has been disposed or scrapped.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, Plant and Equipment

Property, plant and equipment as of December 31, 2021 and 2020 are comprised of the following

(in thousands):


	December 31,
	2021			2020




Buildings and related structures	$	24,273		$	24,882
Machinery and equipment		105,300			106,244
Finance lease right-of-use assets		316			344
Others		32,396			31,208

		162,285			162,678
Less: accumulated depreciation		(94,119	)		(90,370	)
Land		13,898			15,167
Construction in progress		25,818			8,908

Property, plant and equipment, net	$	107,882		$	96,383

Aggregate depreciation expenses totaled $13,495 thousand

$10,448 thousand and $9,720 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

Leases - Aggregate future lease payment (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
Operating Leases, 2022	$ 2,228
Operating Leases, 2023	1,136
Operating Leases, 2024	687
Operating Leases, 2025	445
Operating Leases, 2026	22
Operating Leases, Total future lease payments	4,518
Less: Present value adjustment	(243)
Present value of future payments	4,275
Finance Leases [Abstract]
Finance Leases, 2022	76
Finance Leases, 2023	76
Finance Leases, 2024	0
Finance Leases, 2025	0
Finance Leases, 2026	0
Finance Leases, Total future lease payments	152
Less: Present value adjustment	(11)
Present value of future payments	$ 141

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 279,547	$ 279,940
Accounts receivable, net	50,954	64,390
Inventories, net	39,370	39,039
Other receivables (Note 19)	25,895	4,338
Prepaid expenses	7,675	7,332
Hedge collateral (Note 10)	3,060	5,250
Other current assets	2,619	9,321
Total current assets	409,120	409,610
Property, plant and equipment, net	107,882	96,383
Operating lease right-of-use assets	4,275	4,632
Intangible assets, net	2,377	2,727
Long-term prepaid expenses	8,243	4,058
Deferred income taxes (Note 17)	41,095	44,541
Other non-current assets	10,662	9,739
Total assets	583,654	571,690
Current liabilities
Accounts payable	37,593	52,164
Other accounts payable	6,289	2,531
Accrued expenses (Note 9)	20,071	16,241
Accrued income taxes	11,823	12,398
Operating lease liabilities	2,323	2,210
Current portion of long-term borrowings, net		83,479
Other current liabilities	7,382	4,595
Total current liabilities	85,481	173,618
Accrued severance benefits, net	33,064	40,462
Non-current operating lease liabilities	1,952	2,422
Other non-current liabilities	10,395	9,588
Total liabilities	130,892	226,090
Commitments and contingencies (Note 20)
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021 and 44,943,854 shares issued and 35,783,347 outstanding at December 31, 2020	559	450
Additional paid-in capital	241,197	163,010
Retained earnings	343,542	286,834
Treasury stock, 10,246,016 shares at December 31, 2021 and 9,160,507 shares at December 31, 2020, respectively	(130,306)	(108,397)
Accumulated other comprehensive income (loss)	(2,230)	3,703
Total stockholders' equity	452,762	345,600
Total liabilities and stockholders' equity	$ 583,654	$ 571,690

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Payroll, benefits and related taxes, excluding severance benefits	$ 9,548	$ 10,296
Withholding tax attributable to intercompany interest income	1,950	28
Interest on Exchangeable Notes		1,396
Outside service fees	1,088	755
Restructuring and others		2,658
Merger-related costs	7,035	393
Others	450	715
Accrued expenses	$ 20,071	$ 16,241

Earnings (Loss) Per Share - Additional Information (Detail)		12 Months Ended
	Dec. 13, 2021 BusinessLines $ / shares	Dec. 31, 2019 shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Conversion Of Exchangeable Notes \| shares		10,153,620
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01	$ 0.01
Redemption of rights per right \| BusinessLines	0.001
Common Stock, Voting Rights	50
Percentage of assets or earning power of the Company	50.00%
Acquiring Person [Member]
Business Acquisition, Percentage of Voting Interests Acquired	12.50%
Passive institutional investor [Member]
Business Acquisition, Percentage of Voting Interests Acquired	20.00%
Series A-1 [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01
Sale of stock issue price per share	$ 80

Discontinued Operations and Assets Held for Sale - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Feb. 04, 2020	Feb. 03, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items]
Gain on sale of foundry services group business			$ 287,117
MX Foundry Services Group [Member]
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items]
Gain on sale of foundry services group business	$ 287,117
Foundry Services Group And Fab Four [Member]
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items]
Restructuring and other charges			$ 15,873	$ 6,991
Restructuring related charge				$ 2,151
Foundry Services Group And Fab Four [Member] \| MX Foundry Services Group [Member]
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items]
Accounts receivable from transaction services agreement		$ 46,611

Discontinued Operations and Assets Held for Sale - Schedule Of Results From Discontinued Operations Alternative Cash Flow Information (Detail) - Foundry Services Group And Fab Three Foundry Services [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Significant non-cash operating activities:
Depreciation and amortization	$ 5,365	$ 22,411
Provision for severance benefits	8,209	10,879
Stock-based compensation	388	899
Investing activities:
Capital expenditures	$ (5,838)	$ (11,653)

Accounts Receivable - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Accounts receivable	$ 50,363	$ 63,145
Notes receivable	1,242	1,606
Allowance for credit losses	(466)	(188)	$ (49)	$ (51)
Sales return reserves	(185)	(173)	$ (387)	$ (439)
Accounts receivable, net	$ 50,954	$ 64,390

Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Beginning balance	$ (5,901)	$ (5,947)	$ (4,845)
Change in reserve
Inventory reserve charged to costs of sales	(7,626)	(7,268)	(12,941)
Sale of previously reserved inventory	5,349	4,349	2,938
Change in reserve	(2,277)	(2,919)	(10,003)
Write off	1,875	2,679	8,451
Translation adjustments	573	(408)	450
Reclassified to assets held for sale		694
Ending balance	$ (5,730)	$ (5,901)	$ (5,947)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	55,905,320	44,943,854
Common stock, shares outstanding	45,659,304	35,783,347
Treasury stock, shares	10,246,016	9,160,507

Leases - Components of lease cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 2,777	$ 1,885	$ 1,990
Finance lease cost [Abstract]
Amortization of right-of-use assets	65	63	64
Interest on lease liabilities	14	18	22
Total lease cost	$ 2,856	$ 1,966	$ 2,076

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 474,230	$ 507,059	$ 520,671
Cost of sales	320,687	378,742	404,274
Gross profit	153,543	128,317	116,397
Operating expenses:
Selling, general and administrative expenses	52,440	49,974	47,595
Research and development expenses	51,212	45,698	45,024
Merger-related costs (income), net	(35,527)	653
Early termination and other charges, net	2,011	4,976	53
Total operating expenses	70,136	101,301	92,672
Operating income:	83,407	27,016	23,725
Interest expense	(1,371)	(18,147)	(22,157)
Foreign currency loss, net	(11,853)	(382)	(22,316)
Loss on early extinguishment of borrowings, net	0	(766)	(42)
Other income, net	3,786	3,110	2,577
Income (loss) from continuing operations before income tax expense	73,969	10,831	(18,213)
Income tax expense (benefit)	17,261	(46,228)	2,200
Income (loss) from continuing operations	56,708	57,059	(20,413)
Income (loss) from discontinued operations, net of tax		287,906	(1,413)
Net income (loss)	$ 56,708	$ 344,965	$ (21,826)
Basic earnings (loss) per common share—
Continuing operations	$ 1.26	$ 1.62	$ (0.59)
Discontinued operations	0	8.18	(0.05)
Total	1.26	9.80	(0.64)
Diluted earnings (loss) per common share—
Continuing operations	1.21	1.35	(0.59)
Discontinued operations	0	6.19	(0.05)
Total	$ 1.21	$ 7.54	$ (0.64)
Weighted average number of shares—
Basic	44,879,412	35,213,525	34,321,888
Diluted	47,709,373	46,503,586	34,321,888
Standard Products Business [Member]
Net sales	$ 433,099	$ 465,519	$ 484,847
Cost of sales	283,503	338,420	368,450
Gross profit	149,596	127,099	116,397
Fab Three Foundry Services [Member]
Net sales	41,131	41,540	35,824
Cost of sales	37,184	40,322	$ 35,824
Gross profit	$ 3,947	$ 1,218

Product Warranties

12 Months Ended

Dec. 31, 2021

Guarantees and Product Warranties [Abstract]

Product Warranties

11. Product Warranties

Changes in accrued warranty liabilities for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019

Beginning balance	$	48		$	735		$	115
Provision (reversal)		(14	)		(606	)		932
Usage		(19	)		(61	)		(314	)
Translation adjustments		(3	)		(20	)		2

Ending balance	$	12		$	48		$	735

Product Warranties (Tables)

12 Months Ended

Dec. 31, 2021

Guarantees and Product Warranties [Abstract]

Schedule of Changes in Accrued Warranty Liabilities

Changes in accrued warranty liabilities for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019

Beginning balance	$	48		$	735		$	115
Provision (reversal)		(14	)		(606	)		932
Usage		(19	)		(61	)		(314	)
Translation adjustments		(3	)		(20	)		2

Ending balance	$	12		$	48		$	735

Accrued Severance Benefits

12 Months Ended

Dec. 31, 2021

Postemployment Benefits [Abstract]

Accrued Severance Benefits

13. Accrued Severance Benefits

The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of December 31, 2021, 98% of all employees of the Company were eligible for severance benefits.

Changes in accrued severance benefits are as follows (in thousands):


	Year Ended December 31,
	2021			2020
Beginning balance	$	54,452		$	53,344
Provisions		8,282			8,534
Severance payments		(6,679	)		(10,937	)
Translation adjustments		(4,488	)		3,511

		51,567			54,452
Less: Cumulative contributions to severance insurance deposit accounts		(18,250	)		(13,704	)
The National Pension Fund		(53	)		(66	)
Group severance insurance plan		(200	)		(220	)

Accrued severance benefits, net	$	33,064		$	40,462

The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan will be used exclusively for payment of severance benefits to eligible employees. These amounts have been deducted from the accrued severance benefit balance.

Beginning in July 2018, the Company contributes to certain severance insurance deposit accounts a certain percentage of severance benefits that are accrued for eligible employees for their services from January 1, 2018. These accounts consist of time deposits and other guaranteed principal and interest, and are maintained at insurance companies, banks or security companies for the benefit of employees. The Company deducts the contributions made to these severance insurance deposit accounts from its accrued severance benefits.

The Company is liable to pay the following future benefits to its

non-executive

employees upon their normal retirement age (in thousands):


	Severance Benefit
2022	$	264
2023		646
2024		908
2025		1,610
2026		2,290
2027 – 2031		18,565

The above amounts were determined based on the

non-executive

employees’ current salary rates and the number of service years that will be accumulated upon their retirement dates. These amounts do not include amounts that might be paid to

non-executive

employees that will cease working with the Company before their normal retirement ages.

Korea’s mandatory retirement age is 60 under the Employment Promotion for the Aged Act.

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	$ 345,600	$ (14,981)	$ (17,310)
Total other comprehensive income	(5,933)	6,363	17,450
Balance ending	452,762	345,600	(14,981)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	2,069	(4,205)	(20,061)
Other comprehensive income before reclassifications	(2,839)	6,274	15,856
Total other comprehensive income	(2,839)	6,274	15,856
Balance ending	(770)	2,069	(4,205)
Derivative Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	1,634	1,545	(49)
Other comprehensive income before reclassifications	(3,913)	1,452	(2,894)
Amounts reclassified from accumulated other comprehensive income	819	(1,363)	4,488
Total other comprehensive income	(3,094)	89	1,594
Balance ending	(1,460)	1,634	1,545
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	3,703	(2,660)	(20,110)
Other comprehensive income before reclassifications	(6,752)	7,726	12,962
Amounts reclassified from accumulated other comprehensive income	819	(1,363)	4,488
Total other comprehensive income	(5,933)	6,363	17,450
Balance ending	$ (2,230)	$ 3,703	$ (2,660)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Discontinued Operations and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Assets Held for Sale [Abstract]

Schedule Of Results From Discontinued Operations

The following table summarizes the results from discontinued operations, net of tax, for the years ended December 31, 2020 and

2019.


	Year Ended December 31,
	2020			2019
	(In thousands of U.S. dollars)
Revenues:

Net sales—Foundry Services Group	$	254,732		$	307,348
Net sales—transitional Fab 3 foundry services		(25,887	)		(35,824	)

Total revenues		228,845			271,524
Cost of sales:
Cost of sales—Foundry Services Group		182,872			243,134
Cost of sales—transitional Fab 3 foundry services		(25,887	)		(35,824	)

Total cost of sales		156,985			207,310

Gross profit		71,860			64,214
Operating expenses:
Selling, general and administrative expenses		14,797			24,042
Research and development expenses		19,484			30,332
Restructuring and other charges		15,873			9,142

Total operating expenses		50,154			63,516
Operating income from discontinued operations		21,706			698

Foreign currency gain, net		1,277			503
Others, net		72			(67	)

Income from discontinued operations before income tax expense		23,055			1,134
Income tax expense		11,452			2,547
Gain on sale of discontinued operations		287,117			—
Transaction costs		(10,814	)		—

Income (loss) from discontinued operations, net of tax		287,906			(1,413	)

Schedule Of Results From Discontinued Operations Alternative Cash Flow Information

The following table provides supplemental cash flows information related to discontinued

operations:


	Year Ended December 31,
	2020			2019
	(In thousands of U.S. dollars)
Significant non-cash operating activities:
Depreciation and amortization	$	5,365		$	22,411
Provision for severance benefits		8,209			10,879
Stock-based compensation		388			899
Investing activities:
Capital expenditures	$	(5,838	)	$	(11,653	)

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Supplemental Balance Sheet Information Related To Leases [Table Text Block]

Supplemental balance sheets information related to leases as of December 31, 2021 and 2020 are as follows

(in thousands):


		December 31,
Leases	Classification	2021		2020
Assets

Operating lease	Operating lease right-of-use assets	$	4,275	$	4,632
Finance lease	Property, plant and equipment, net		126		206

Total lease assets		$	4,401	$	4,838

Liabilities
Current
Operating	Operating lease liabilities	$	2,323	$	2,210
Finance	Other current liabilities		68		68
Non-current
Operating	Non-current operating lease liabilities		1,952		2,422
Finance	Other non-current liabilities		73		153

Total lease liabilities		$	4,416	$	4,853

Lease, Cost [Table Text Block]

The following table presents the weighted average remaining lease term and discount rate:


	December 31,
	2021			2020
Weighted average remaining lease term


Operating leases		2.4 years			3.0 years
Finance leases		2.0 years			3.0 years
Weighted average discount rate
Operating leases		4.20	%		5.55	%
Finance leases		7.75	%		7.75	%

Other Lease Information [Table Text Block]

The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	2,777	$	1,885	$	1,990
Finance lease cost
Amortization of right-of-use assets		65		63		64
Interest on lease liabilities		14		18		22

Total lease cost	$	2,856	$	1,966	$	2,076

Other lease information is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,777	$	1,885	$	1,990
Operating cash flows from finance leases		14		18		22
Financing cash flows from finance leases		65		76		55

Schedule Of Future Lease Payments [Table Text Block]

The aggregate future lease payments for operating and finance leases as of December 31, 2021 are as follows (in thousands):


	Operating Leases			Finance Leases

2022	$	2,228		$	76
2023		1,136			76
2024		687			—
2025		445			—
2026		22			—

Total future lease payments		4,518			152
Less: Imputed interest		(243	)		(11	)

Present value of future payments	$	4,275		$	141

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Parenthetical) (Detail)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 17, 2017
5.0% Exchangeable Senior Notes due March 2021 [Member] \| Exchangeable Senior Notes [Member]
Earnings Per Share [Line Items]
Conversion of exchangeable notes to common stock rate	5.00%	5.00%	5.00%	5.00%

Leases - Supplemental Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Operating lease	$ 4,275	$ 4,632
Total lease assets	4,401	4,838
Current
Operating	2,323	2,210
Non-current
Operating	1,952	2,422
Total lease liabilities	4,416	4,853
Operating Lease Right Of Use Assets [Member]
Assets
Operating lease	4,275	4,632
Property, Plant and Equipment, Net [Member]
Assets
Finance lease	$ 126	$ 206
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Finance lease	Finance lease
Current Operating Lease Liabilities [Member]
Current
Operating	$ 2,323	$ 2,210
Other Current Liabilities [Member]
Current
Finance	$ 68	$ 68
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Finance	Finance
Non Current Operating Lease Liabilities [Member]
Non-current
Operating	$ 1,952	$ 2,422
Other Noncurrent Liabilities [Member]
Non-current
Finance	$ 73	$ 153
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Finance	Finance

Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Zero Cost Collar One [Member]
Derivative [Line Items]
Date of transaction	May 13, 2021	Jul. 13, 2020
Type of derivative	Zero cost collar	Zero cost collar
Total notional amount	$ 39,000	$ 30,000
Month of settlement, start	2022-01	2021-01
Month of settlement, end	2022-09	2021-06
Zero Cost Collar Two [Member]
Derivative [Line Items]
Date of transaction	Aug. 13, 2021	Dec. 15, 2020
Type of derivative	Zero cost collar	Zero cost collar
Total notional amount	$ 48,000	$ 30,000
Month of settlement, start	2022-01	2021-07
Month of settlement, end	2022-12	2021-12
Zero Cost Collar Three [Member]
Derivative [Line Items]
Date of transaction		Dec. 18, 2020
Type of derivative		Zero cost collar
Total notional amount		$ 18,000
Month of settlement, start		2021-03
Month of settlement, end		2021-06

Geographic and Other Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 474,230	$ 507,059	$ 520,671
Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	433,099	465,519	484,847
Standard products business [Member] \| Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	113,776	106,415	132,622
Standard products business [Member] \| Asia Pacific (Other Than Korea) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	306,333	347,597	343,652
Standard products business [Member] \| United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	6,052	5,147	2,399
Standard products business [Member] \| Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	5,698	4,317	4,801
Standard products business [Member] \| Others [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,240	$ 2,043	$ 1,373

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Components of Long-term Borrowings

Borrowings as of December 31, 2020 is as follows (in thousands):


	December 31,
	2020

5.0% Exchangeable Senior Notes due March 2021	$	83,740
Less: unamortized discount and debt issuance costs		(261	)

Current portion of long-term borrowings, net	$	83,479

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases - Other lease information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,777	$ 1,885	$ 1,990
Operating cash flows from finance leases	14	18	22
Financing cash flows from finance leases	$ 65	$ 76	$ 55
Weighted average remaining lease term
Operating leases	2 years 4 months 24 days	3 years
Finance leases	2 years	3 years
Weighted average discount rate
Operating leases	4.20%	5.55%
Finance leases	7.75%	7.75%

Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets of Continuing Operations and Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Beginning balance	$ 115,636	$ 246,224	$ 248,633
Additions			7,912
Reductions	(13,803)	(75,452)
Changes relating to the discontinued operations		(67,484)
NOL/tax credit claimed/expired		3,686	(3,529)
Translation adjustments	(7,621)	8,662	(6,792)
Ending balance	$ 94,212	$ 115,636	$ 246,224

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive income (loss) consists of the following at December 31, 2021 and 2020, respectively (in thousands):


	Year Ended December 31,
	2021			2020
Foreign currency translation adjustments	$	(770	)	$	2,069
Derivative adjustments		(1,460	)		1,634

Total	$	(2,230	)	$	3,703

Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


Year Ended December 31, 2021	Foreign currency translation adjustments			Derivative adjustments			Total

Beginning balance	$	2,069		$	1,634		$	3,703

Other comprehensive loss before reclassifications		(2,839	)		(3,913	)		(6,752	)
Amounts reclassified from accumulated other comprehensive loss		—			819			819

Net current-period other comprehensive loss		(2,839	)		(3,094	)		(5,933	)

Ending balance	$	(770	)	$	(1,460	)	$	(2,230	)


Year Ended December 31, 2020	Foreign currency translation adjustments			Derivative adjustments			Total

Beginning balance	$	(4,205	)	$	1,545		$	(2,660	)

Other comprehensive income before reclassifications		6,274			1,452			7,726
Amounts reclassified from accumulated other comprehensive income		—			(1,363	)		(1,363	)

Net current-period other comprehensive income		6,274			89			6,363

Ending balance	$	2,069		$	1,634		$	3,703


Year Ended December 31, 2019	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(20,061	)	$	(49	)	$	(20,110	)

Other comprehensive income (loss) before reclassifications		15,856			(2,894	)		12,962
Amounts reclassified from accumulated other comprehensive loss		—			4,488			4,488

Net current-period other comprehensive income		15,856			1,594			17,450

Ending balance	$	(4,205	)	$	1,545		$	(2,660	)

Stockholders' Equity and Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity and Stock-Based Compensation

14. Stockholders’ Equity and Stock-Based Compensation

Accelerated Stock Repurchase Program

On December 21, 2021, the Board of Directors

authorized the Company to repurchase up

to $75,000 thousand of the Company’s outstanding common stock and the Company entered into an accelerated stock repurchase agreement (the “ASR Agreement”) with JPMorgan Chase Bank, National Association (“JPM”) to repurchase an aggregate

$37,500 thousand of the Company’s common stock.

Pursuant to the terms of the ASR Agreement dated December 21, 2021, the Company paid to JPM $37,500 thousand in cash and received an initial delivery of 994,695 shares of its common stock in the open market for an aggregate purchase price of $20,073 thousand

and a

price

per share

of $20.18

December 22, 2021.

As of December 31, 2021, the Company accounted for the remaining portion of the ASR Agreement as a forward contract indexed to its own common stock and recorded $17,427 thousand in additional

paid-in

capital in stockholders’ equity in its consolidated balance sheets. The final number of shares to be delivered will be based on the Company’s volume-weighted average stock price under the terms of the ASR Agreement less an agreed upon discount.

The ASR Agreement contains provisions customary for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances under which the ASR Agreement may be accelerated, extended or terminated early by JPM and various acknowledgments, representations and warranties made by the parties to one another. Upon final settlement of the ASR Agreement, which is expected to occur during the fiscal quarter ending March 31, 2022, the Company may be entitled to receive additional shares of common stock from JPM or, under certain circumstances specified in the ASR Agreement, the Company may be required to deliver shares of common stock or make a cash payment, at its option, to JPM.

Equity Incentive Plans

The Company adopted its 2009 Common Unit Plan, or the 2009 Plan, effective December 8, 2009, which is administered by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”). The 2009 Plan terminated in connection with the Company’s initial public offering in March 2011, and no additional options or other equity awards may be granted under the 2009 Plan. The Company adopted its 2011 Equity Incentive Plan, or the 2011 Plan, in March 2010. The Company amended and restated the 2011 Plan in February 2011, and the Company’s stockholders approved the amendment in March 2011 to reflect that it became effective in 2011 in connection with the Company’s initial public offering in March 2011. The 2011 Plan was amended on October 23, 2017, to revise the clawback policy of the 2011 Plan. The 2011 Plan was amended on April 26, 2018 to amend the tax withholding provisions as they relate to directed sales of shares. At the 2020 Annual Meeting of Stockholders, the Company’s stockholders approved its 2020 Equity and Incentive Compensation Plan, or the 2020 Plan, which is administered by the Compensation Committee. Following the adoption of the 2020 Plan, no further awards may be issued under the 2011 Plan.

Awards may be granted under the 2020 Plan to the Company’s employees, officers, directors, or certain consultants or those of any subsidiary of the Company. While the Company may grant incentive stock options only to employees, the Company may grant

non-statutory

stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, dividend equivalents and cash-based awards or other stock-based awards to any eligible participant, subject to terms and conditions determined by the Compensation Committee. The term of any options granted under the 2020 Plan shall not exceed ten years from the date of grant. As of December 31, 2021 an aggregate maximum of 11,352,919 shares were authorized and 2,116,324 shares were reserved for all future grants.

Stock options and stock appreciation rights must have exercise prices at least equal to the fair market value of the stock at the time of their grant pursuant to the 2011 Plan and 2020 Plan. Stock options typically vest over one to three years following grant, subject to the participant’s continued service through the applicable vesting dates. As of December 31, 2020, no stock options or stock appreciation rights had been granted under 2020 Plan.

Restricted stock units granted under the 2011 Plan and 2020 Plan represent a right to receive shares of the Company’s common stock when the restricted stock unit vests. No monetary payment (other than applicable tax withholding) shall be required as a condition of receiving shares pursuant to a restricted stock unit, the consideration for which shall be services actually rendered to a participating company or for its benefit. Stock issued pursuant to any restricted stock unit may (but need not) be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or performance criteria as shall be established by the Compensation Committee and set forth in the award agreement evidencing such award. Restricted stock units typically vest over one to three years following grant, subject to the participant’s continued service through the applicable vesting dates.

Restricted stock constitutes an immediate transfer of the ownership of shares of the Company’s common stock to the participant in consideration of the performance of services, entitling such participant to voting, dividend and other ownership rights, subject to the substantial risk of forfeiture and restrictions on transfer determined by the Compensation Committee for a period of time determined by the Compensation Committee or until certain management objectives specified by the Compensation Committee are achieved. Each grant of restricted stock may be made without additional consideration or in consideration of a payment by the participant that is less than the fair market value per share of common stock on the grant date. Stock issued pursuant to any restricted stock award may (but need not) be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or performance criteria as shall be established by the

Compensation Committee and set forth in the award agreement evidencing such award. A grant of restricted stock may require that any and all dividends and distributions paid on restricted stock that remains subject to a substantial risk of forfeiture be automatically deferred and/or reinvested in additional restricted stock, which will be subject to the same restrictions as the underlying restricted stock, but any such dividends or other distributions on restricted stock must be deferred until, and paid contingent upon, the vesting of such restricted stock.

The following summarizes restricted stock unit activities for the year ended December 31, 2021.


	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value of Restricted Stock Units

Outstanding at December 31, 2020		999,756		$	10.68
Granted		431,308			19.82
Vested		(480,465	)		12.05
Forfeited		(116,638	)		12.77

Outstanding at December 31, 2021		833,961		$	14.33

Total compensation expenses recorded for the restricted stock units were $7,704 thousand, $6,311 thousand and $6,042 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $3,676 thousand of total unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted average future period of 0.5 year. Total fair value of restricted stock units vested were $5,788 thousand, $3,839 thousand and $5,817 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

The following summarizes stock option activities for the year ended December 31, 2021. At the date of grant, all options had an exercise price not less than the fair value of common stock (aggregate intrinsic value in thousands):


	Number of Options			Weighted Average Exercise Price of Stock Options		Aggregate Intrinsic Value of Stock Options		Weighted Average Remaining Contractual Life of Stock Options

Outstanding at January 1, 2021		1,647,181		$	11.24	$	6,112		3.8 years
Exercised		(349,304	)		12.94		2,965		—

Outstanding at December 31, 2021		1,297,877		$	10.78	$	13,262		3.1 years

Vested and Exercisable at December 31, 2021		1,297,877		$	10.78	$	13,262		3.1 years

Total compensation expenses recorded for the stock options were nil, nil and $11 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. There were no unrecognized compensation cost related to stock options expected to vest as of December 31, 2021 and 2020.

Total weighted average grant-date fair value of vested options of continuing operations and discontinued operations were nil, nil and $165 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company utilizes the Black-Scholes option-pricing model to measure the fair value of each option grant. There were no grants of stock options during the years ended December 31, 2021, 2020 and 2019.

The number and weighted average grant-date fair value of the unvested stock options are as follows:


	Year Ended December 31,
	2021				2020				2019
	Number		Weighted Average Grant- Date Fair Value		Number		Weighted Average Grant- Date Fair Value		Number			Weighted Average Grant- Date Fair Value

Unvested options at the beginning of the period		—		—		—		—		130,191		$	1.54
Vested options during the period		—		—		—		—		(107,100	)		1.54
Forfeited options during the period		—		—		—		—		(345	)		1.54
Exercised options during the period		—		—		—		—		(22,746	)		1.54

Unvested options at the end of the period		—		—		—		—		0		$	—

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value [Member] \| Other Current Assets [Member]
Assets:
Derivative assets	$ 2,020	$ 2,036
Carrying Value [Member] \| Other Current Liabilities [Member]
Liabilities:
Derivative liabilities		195
Estimate of Fair Value Measurement [Member] \| Other Current Assets [Member]
Assets:
Derivative assets	2,020	2,036
Estimate of Fair Value Measurement [Member] \| Other Current Liabilities [Member]
Liabilities:
Derivative liabilities		195
Significant Other Observable Inputs (Level 2) [Member] \| Other Current Assets [Member]
Assets:
Derivative assets	$ 2,020	2,036
Significant Other Observable Inputs (Level 2) [Member] \| Other Current Liabilities [Member]
Liabilities:
Derivative liabilities		$ 195

Early termination and other charges	12 Months Ended
Early termination and other charges	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Early Termination Charges	15. Early termination and other charges, net For the year ended December 31, 2021, the Company recorded in its consolidated statement of operations $3,430 thousand of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, and recorded $1,419 thousand gain on sale of certain legacy equipment of the closed back-end line in the Company’s fabrication facility in Gumi (which was closed during the year ended December 31, 2018). For the year ended December 31, 2020, the Company recorded in its consolidated statement of operations $4,422 thousand of early termination and other charges, net in connection with the headcount reduction program offered and paid to the employees during the fourth quarter of 2020. During the same period, the Company also recorded $554 thousand of non-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives.

Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activities


	Number of Options			Weighted Average Exercise Price of Stock Options		Aggregate Intrinsic Value of Stock Options		Weighted Average Remaining Contractual Life of Stock Options

Outstanding at January 1, 2021		1,647,181		$	11.24	$	6,112		3.8 years
Exercised		(349,304	)		12.94		2,965		—

Outstanding at December 31, 2021		1,297,877		$	10.78	$	13,262		3.1 years

Vested and Exercisable at December 31, 2021		1,297,877		$	10.78	$	13,262		3.1 years

Number and Weighted Average Grant-Date Fair Value of Unvested Stock Options

The number and weighted average grant-date fair value of the unvested stock options are as follows:


	Year Ended December 31,
	2021				2020				2019
	Number		Weighted Average Grant- Date Fair Value		Number		Weighted Average Grant- Date Fair Value		Number			Weighted Average Grant- Date Fair Value

Unvested options at the beginning of the period		—		—		—		—		130,191		$	1.54
Vested options during the period		—		—		—		—		(107,100	)		1.54
Forfeited options during the period		—		—		—		—		(345	)		1.54
Exercised options during the period		—		—		—		—		(22,746	)		1.54

Unvested options at the end of the period		—		—		—		—		0		$	—

Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, balance at the beginning	$ 414	$ 445	$ 426
Additions based on tax positions related to the current year	44	48	13
Additions (reductions) for tax positions of prior years		(34)	(1)
Lapse of statute of limitations	(79)	(76)
Translation adjustments	7	31	7
Unrecognized tax benefits, balance at the ending	$ 386	$ 414	$ 445

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

8. Leases

The Company has operating and finance leases for buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from

year to

years.

The tables below present financial information related to the Company’s leases.

Supplemental balance sheets information related to leases as of December 31, 2021 and 2020 are as follows

(in thousands):


		December 31,
Leases	Classification	2021		2020
Assets

Operating lease	Operating lease right-of-use assets	$	4,275	$	4,632
Finance lease	Property, plant and equipment, net		126		206

Total lease assets		$	4,401	$	4,838

Liabilities
Current
Operating	Operating lease liabilities	$	2,323	$	2,210
Finance	Other current liabilities		68		68
Non-current
Operating	Non-current operating lease liabilities		1,952		2,422
Finance	Other non-current liabilities		73		153

Total lease liabilities		$	4,416	$	4,853

The following table presents the weighted average remaining lease term and discount rate:


	December 31,
	2021			2020
Weighted average remaining lease term


Operating leases		2.4 years			3.0 years
Finance leases		2.0 years			3.0 years
Weighted average discount rate
Operating leases		4.20	%		5.55	%
Finance leases		7.75	%		7.75	%

The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	2,777	$	1,885	$	1,990
Finance lease cost
Amortization of right-of-use assets		65		63		64
Interest on lease liabilities		14		18		22

Total lease cost	$	2,856	$	1,966	$	2,076

The above table does not include an immaterial cost of short-term leases for the years ended December 31, 2021, 2020 and 2019.

Other lease information is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,777	$	1,885	$	1,990
Operating cash flows from finance leases		14		18		22
Financing cash flows from finance leases		65		76		55

Non-cash

transaction amounts of lease liabilities arising from obtaining

right-of-use

assets were $2,768 thousand, $4,702 thousand and $169 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2021 are as follows (in thousands):


	Operating Leases			Finance Leases

2022	$	2,228		$	76
2023		1,136			76
2024		687			—
2025		445			—
2026		22			—

Total future lease payments		4,518			152
Less: Imputed interest		(243	)		(11	)

Present value of future payments	$	4,275		$	141

Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 474,230	$ 507,059	$ 520,671
Total gross profit	153,543	128,317	116,397
Standard Products Business [Member]
Segment Reporting Information [Line Items]
Total revenues	433,099	465,519	484,847
Total gross profit	149,596	127,099	116,397
Fab Three Foundry Services [Member]
Segment Reporting Information [Line Items]
Total revenues	41,131	41,540	35,824
Total gross profit	3,947	1,218
Operating Segments [Member] \| Standard Products Business [Member]
Segment Reporting Information [Line Items]
Total revenues	433,099	465,519	484,847
Operating Segments [Member] \| Standard Products Business [Member] \| Display Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	205,322	299,057	308,531
Operating Segments [Member] \| Standard Products Business [Member] \| Power Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 227,777	$ 166,462	$ 176,316

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of derivative contracts as of December 31, 2021 are as follows (

in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement


May 13, 2021		Zero cost collar	$	39,000	January 2022 to September 2022
August 13, 2021		Zero cost collar	$	48,000	January 2022 to December 2022

Details of derivative contracts as of December 31, 2020 are as follows

(in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement


July 13, 2020		Zero cost collar	$	30,000	January 2021 to June 2021
December 15, 2020		Zero cost collar	$	30,000	July 2021 to December 2021
December 18, 2020		Zero cost collar	$	18,000	March 2021 to June 2021

Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities

The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of December 31, 2021 and 2020 are as follows (in thousands):


Derivatives designated as hedging instruments:		December 31,
Derivatives designated as hedging instruments:		2021		2020
Asset Derivatives:

Zero cost collars	Other current assets	$	—	$	2,036
Liability Derivatives:
Zero cost collars	Other current liabilities	$	2,020	$	195

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative assets and liabilities as of December 31, 2020 is as follows (in thousands):


As of December 31, 2020	Gross amounts of recognized assets/liabilities		Gross amounts offset in the balance sheets		Net amounts of assets/liabilities presented in the balance sheets		Gross amounts not offset in the balance sheets				Net amount
As of December 31, 2020	Gross amounts of recognized assets/liabilities		Gross amounts offset in the balance sheets				Financial instruments		Cash collateral pledged		Net amount
Asset Derivatives:


Zero cost collars	$	2,036	$	—	$	2,036	$	—	$	—	$	2,036
Liability Derivatives:
Zero cost collars	$	195	$	—	$	195	$	—	$	—	$	195

Offsetting of Derivative Liabilities

Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands):


As of December 31, 2021	Gross amounts of recognized liabilities		Gross amounts offset in the balance sheets		Net amounts of liabilities presented in the balance sheets		Gross amounts not offset in the balance sheets					Net amount
As of December 31, 2021	Gross amounts of recognized liabilities		Gross amounts offset in the balance sheets		Net amounts of liabilities presented in the balance sheets		Financial instruments		Cash collateral pledged			Net amount
Liability Derivatives:
Zero cost collars	$	2,020	$	—	$	2,020	$	—	$	(2,060	)	$	(40	)

Impact of Derivative Instruments on Consolidated Statement of Operations

Summary Of Cash Deposits

These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of December 31, 2021 and 2020 are as follows (in thousands):


	December 31,
Counterparties	2021		2020
NFIK	$	—	$	3,250
DB		—		1,000
SC		1,000		1,000

Total	$	1,000	$	5,250

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands	Jan. 01, 2022 USD ($)
Nomura Financial Investment Co Ltd [Member]
Derivative, Notional Amount	$ 30,000
Standard Chartered Bank Korea Limited [Member]
Derivative, Notional Amount	$ 9,000

Merger Agreement - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Dec. 20, 2021	Dec. 31, 2021	Dec. 31, 2020
Proceed from termination cost	$ 51,000
Deferred Costs	$ 19,200
Merger Related Costs		$ 70,200
Merger Related Expenses		34,673	$ 653
Other Receivable [Member]
Deferred merger termination fee as other receivable		$ 19,200

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	23. Subsequent Events Derivative contracts In January 2022, the Company and NFIK entered into derivative contracts of zero cost collars for the period from January 2023 to June 2023. The total notional amounts are $30,000 thousand. In January 2022, the Company and SC entered into derivative contracts of zero cost collars for the period from October 2022 to December 2022. The total notional amounts are $9,000 thousand.

Accounts Receivable - Schedule of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Beginning balance	$ (188)	$ (49)	$ (51)
Provision	(302)	(131)
Translation adjustments	24	(8)	2
Ending balance	$ (466)	$ (188)	$ (49)

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of December 31, 2021 and 2020 consist of the following (in thousands):


	December 31,
	2021			2020
Finished goods	$	9,594		$	6,425
Semi-finished goods and work-in-process		25,968			30,968
Raw materials		9,443			6,526
Materials in-transit		95			1,021
Less: inventory reserve		(5,730	)		(5,901	)

Inventories, net	$	39,370		$	39,039

Changes in Inventory Reserve

Changes in inventory reserve for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019

Beginning balance	$	(5,901	)	$	(5,947	)	$	(4,845	)
Change in reserve
Inventory reserve charged to costs of sales		(7,626	)		(7,268	)		(12,941	)
Sale of previously reserved inventory		5,349			4,349			2,938

		(2,277	)		(2,919	)		(10,003	)
Write off		1,875			2,679			8,451
Translation adjustments		573			(408	)		450
Reclassified to assets held for sale		—			694			—

Ending balance	$	(5,730	)	$	(5,901	)	$	(5,947	)

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 9,594	$ 6,425
Semi-finished goods and work-in-process	25,968	30,968
Raw materials	9,443	6,526
Materials in-transit	95	1,021
Less: inventory reserve	(5,730)	(5,901)	$ (5,947)	$ (4,845)
Inventories, net	$ 39,370	$ 39,039

Accounts Receivable

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable

4. Accounts Receivable

Accounts receivable as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31,
	2021			2020
Accounts receivable	$	50,363		$	63,145
Notes receivable		1,242			1,606
Less:
Allowance for credit losses		(466	)		(188	)
Sales return reserves		(185	)		(173	)

Accounts receivable, net	$	50,954		$	64,390

Changes in allowance for credit losses for the years ended December 31, 2021, 2020 and 2019 are as follows

(in thousands):


	Year Ended December 31,
	2021			2020			2019


Beginning balance	$	(188	)	$	(49	)	$	(51	)
Provision		(302	)		(131	)		—
Translation adjustments		24			(8	)		2

Ending balance	$	(466	)	$	(188	)	$	(49	)

Changes in sales return reserves for the years ended December

2021

2020

and

2019

are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Beginning balance	$	(173	)	$	(387	)	$	(439	)
Reversal (provision)		(27	)		22			(136	)
Usage		—			196			170
Translation adjustments		15			(4	)		18

Ending balance	$	(185	)	$	(173	)	$	(387	)

Commencing in March 2012, the Company has been a party to an agreement to sell selected trade accounts receivable to a financial institution from time to time. After a sale, the Company does not retain any interest in the receivables and the applicable financial institution collects these accounts receivable directly from the customer. There were no sale of accounts receivable for the years ended December 31, 2021 and 2020. The proceeds from the sales of these accounts receivable totaled $14,474 thousand for the year ended December 31, 2019, and this sale resulted in

pre-tax

losses of $45 thousand for the year ended December 31, 2019, which is included in selling, general and administrative expenses in the consolidated statements of operations. Net proceeds of this accounts receivable sale program are recognized in the consolidated statements of cash flows as part of operating cash flows.

The Company uses receivable discount programs with certain customers. These discount arrangements allow the Company to accelerate collection of customers’ receivables.

Leases - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non cash transaction amount of lease liabilities arisinf from obtaining right of use assets	$ 2,768	$ 4,702	$ 169
Maximum [Member]
Lease Agreements Remaining Term of Lease	4 years
Minimum [Member]
Lease Agreements Remaining Term of Lease	1 year

Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Estimated Useful Lives of Assets


Buildings			30 - 40 years
Building related structures			10 - 20 years
Machinery and equipment			10 - 12 years
Others			3 - 10 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Components of Income Tax Expense (Benefit) Attributable To Income (Loss) From Continuing Operations

The components of income tax expense (benefit) attributable to income (loss) from continuing operations are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Income (loss) from continuing operations before income tax expense
Domestic	$	41,566		$	(12,305	)	$	(24,752	)
Foreign		32,403			23,136			6,539

		73,969			10,831			(18,213	)

Current income tax expense (benefit)
Domestic		6,876			1			20
Foreign		9,415			(2,264	)		3,771
Uncertain tax position liability (domestic)		—			—			(1	)
Uncertain tax position liability (foreign)		(35	)		(20	)		2

		16,256			(2,283	)		3,792

Deferred income tax benefit
Domestic		1,314			(4,461	)		—
Foreign		(309	)		(39,484	)		63

		1,005			(43,945	)		63

Benefits from intra-period allocation		—			—			(1,655	)
Total income tax expense (benefit)	$	17,261		$	(46,228	)	$	2,200

Effective tax rate		23.3	%		—			—

Difference Between Provision for Domestic and Foreign Income Taxes and Amount Calculated by Statutory Tax Rate to Net Income Before Income Taxes


	Year Ended December 31,
	2021			2020			2019
Provision computed at statutory rates	$	15,533		$	2,274		$	(3,825	)
State income taxes, net of federal effect		—			730			(1,139	)
Change in statutory tax rates		(259	)		5,735			2,329
Difference in foreign tax rates		2,820			1,077			3,002
Permanent differences
Derivative assets adjustment		(23	)		56			315
TPECs, hybrid and other interest		(3,400	)		(2,722	)		7,812
Thin capitalization		—			339			988
Equity-based compensation		(802	)		(73	)		(14	)
Permanent foreign currency gain (loss)		1,888			(1,813	)		(1,734	)
Penalty		427			176			151
GILTI		6,156			24,224			5,112
Intercompany debt restructuring		971			11,137			(18,435	)
Other permanent differences		(767	)		1,335			408
Withholding tax		2,060			2,291			3,043
State net operating loss write-off		9,844			—			—
Change in valuation allowance		(13,803	)		(75,452	)		7,817
Benefits from intra-period allocation		—			—			(1,655	)
Tax credits claimed		(5,508	)		(12,397	)		(651	)
Tax credits expired		—			—			170
Uncertain tax positions liability		(35	)		(20	)		1
Change in net operating loss carry-forwards		621			(3,314	)		—
Foreign local taxes		723			43			152
Others		815			146			(1,647	)

Income tax expense (benefit)	$	17,261		$	(46,228	)	$	2,200

Summary of Composition of Net Deferred Income Tax Assets (Liabilities) of Continuing Operations and Discontinued Operations

A summary of the composition of net deferred income tax assets (liabilities) as of December 31, 2021 and 2020 are as follows (in thousands):


	Year Ended December 31,
	2021			2020
Deferred tax assets
Inventory reserves	$	1,313		$	1,338
Accrued expenses		3,084			2,493
Property, plant and equipment		3,119			3,391
Accumulated severance benefits		11,842			12,343
Operating lease right-of-use liabilities		899			1,025
Foreign currency translation loss		17,280			9,129
NOL carry-forwards		87,636			121,389
Tax credit carry-forwards		14,164			15,395
Other long-term payable		2,457			944
Interest expense deduction limitation		4,731			—
Derivative liabilities		463			—
Others		1,610			1,629

Total deferred tax assets		148,598			169,076
Less: Valuation allowance		(94,212	)		(115,636	)

		54,386			53,440

Deferred tax liabilities
Derivative assets		—			417
Prepaid expense		2,300			1,071
Severance benefit deposits		4,227			3,156
Operating lease right-of-use assets		899			1,025
Foreign currency translation gain		5,139			2,431
Others		726			799

Total deferred tax liabilities		13,291			8,899

Net deferred tax assets	$	41,095		$	44,541

Changes in Valuation Allowance for Deferred Tax Assets of Continuing Operations and Discontinued Operations

Changes in valuation allowance for deferred tax assets of continuing operations and discontinued operations for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Beginning balance	$	115,636		$	246,224		$	248,633
Additions		—			—			7,912
Reductions		(13,803	)		(75,452	)		—
Changes relating to the discontinued operations		—			(67,484	)		—
NOL/tax credit claimed/expired		—			3,686			(3,529	)
Translation adjustments		(7,621	)		8,662			(6,792	)

Ending balance	$	94,212		$	115,636		$	246,224

Reconciliation of Total Amounts of Unrecognized Tax Benefits

A tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period is as follows (in thousands):


	Year Ended December 31,
	2021			2020			2019
Unrecognized tax benefits, balance at the beginning	$	414		$	445		$	426
Additions based on tax positions related to the current year		44			48			13
Reductions for tax positions of prior years		—			(34	)		(1	)
Lapse of statute of limitations		(79	)		(76	)		—
Translation adjustments		7			31			7

Unrecognized tax benefits, balance at the ending	$	386		$	414		$	445

Summary Of Valuation Allowance Primarily Attributable To Its Subsidiary

The valuation allowances at December 31, 2021, 2020 and 2019 were primarily attributable to its Luxembourg subsidiary.


	Year Ended December 31,
	2021		2020		2019
NOL carry-forwards	$	502,511	$	604,977	$	708,885

Income Taxes - Difference Between Provision for Domestic and Foreign Income Taxes and Amount Calculated by Statutory Tax Rate to Net Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision computed at statutory rates	$ 15,533	$ 2,274	$ (3,825)
State income taxes, net of federal effect		730	(1,139)
Change in statutory tax rates	(259)	5,735	2,329
Difference in foreign tax rates	2,820	1,077	3,002
Other permanent differences	(767)	1,335	408
Withholding tax	2,060	2,291	3,043
State net operating loss write-off	9,844
Change in valuation allowance	(13,803)	(75,452)	7,817
Benefits from intra-period allocation			(1,655)
Tax credits claimed	(5,508)	(12,397)	(651)
Tax credits expired			170
Uncertain tax positions liability	(35)	(20)	1
Change in net operating loss carry-forwards	621	(3,314)
Permanent differences
Derivative assets adjustment	(23)	56	315
TPECs, hybrid and other interest	(3,400)	(2,722)	7,812
Thin capitalization		339	988
Equity-based compensation	(802)	(73)	(14)
Permanent foreign currency loss	1,888	(1,813)	(1,734)
Penalty	427	176	151
GILTI	6,156	24,224	5,112
Intercompany debt restructuring	971	11,137	(18,435)
Foreign local taxes	723	43	152
Others	815	146	(1,647)
Total income tax expenses (benefit)	$ 17,261	$ (46,228)	$ 2,200

Accrued Severance Benefits - Changes in Accrued Severance Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Postemployment Benefits [Abstract]
Beginning balance	$ 54,452	$ 53,344
Provisions	8,282	8,534
Severance payments	(6,679)	(10,937)
Translation adjustments	(4,488)	3,511
Ending balance	51,567	54,452
Less: Cumulative contributions to severance insurance deposit accounts	(18,250)	(13,704)
The National Pension Fund	(53)	(66)
Group severance insurance plan	(200)	(220)
Accrued severance benefits, net	$ 33,064	$ 40,462

Business, Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2021
Minimum [Member] \| Buildings [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	30 days
Minimum [Member] \| Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	10 days
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	10 days
Minimum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	3 days
Maximum [Member] \| Buildings [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	40 days
Maximum [Member] \| Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	20 days
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	12 days
Maximum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	10 days

Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Beginning Balance, Number of Options	1,647,181
Exercised, Number of Options	(349,304)
Outstanding Ending Balance, Number of Options	1,297,877	1,647,181
Vested and expected to vest, Number of Options	1,297,877
Outstanding Beginning Balance, Weighted Average Exercise Price of Stock Options	$ 11.24
Exercised, Weighted Average Exercise Price of Stock Options	12.94
Outstanding Ending Balance, Weighted Average Exercise Price of Stock Options	10.78	$ 11.24
Vested and expected to vest, Weighted Average Exercise Price of Stock Options	$ 10.78
Outstanding Beginning Balance, Aggregate Intrinsic Value of Stock Options	$ 6,112
Exercised, Aggregate Intrinsic Value of Stock Options	2,965
Outstanding Ending Balance, Aggregate Intrinsic Value of Stock Options	13,262	$ 6,112
Vested and expected to vest, Aggregate Intrinsic Value of Stock Options	$ 13,262
Outstanding, Weighted Average Remaining Contractual Life of Stock Options	3 years 1 month 6 days	3 years 9 months 18 days
Vested and expected to vest, Weighted Average Remaining Contractual Life of Stock Options	3 years 1 month 6 days

Fair Value Measurements - Schedule of Fair Value of Borrowings (Detail) - 5.0% Exchangeable Senior Notes due March 2021 [Member] - Exchangeable Senior Notes [Member] - Significant Other Observable Inputs (Level 2) [Member] $ in Thousands	Dec. 31, 2020 USD ($)
Borrowings:
Carrying amount of senior notes	$ 83,479
Estimated fair value of senior notes	$ 145,466

Stockholders' Equity and Stock-Based Compensation - Number and Weighted Average Grant-Date Fair Value of Unvested Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unvested options at the beginning of the period, Number of Options	0	0	130,191
Vested options during the period, Number	0	0	(107,100)
Forfeited options during the period, Number	0	0	(345)
Exercised options during the period, Number	0	0	(22,746)
Outstanding Ending Balance, Number of Options	0	0	0
Unvested options at the beginning of the period, Weighted Average Grant-Date Fair Value	$ 0	$ 0	$ 1.54
Vested options during the period, Weighted Average Grant-Date Fair Value	0	0	1.54
Forfeited options during the period, Weighted Average Grant-Date Fair Value	0	0	1.54
Exercised options during the period, Weighted Average Grant-Date Fair Value	0	0	1.54
Unvested options at the end of the period, Weighted Average Grant-Date Fair Value	$ 0	$ 0	$ 0

Product Warranties - Schedule of Changes in Accrued Warranty Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 48	$ 735	$ 115
Provision (reversal)	(14)	(606)	932
Usage	(19)	(61)	(314)
Translation adjustments	(3)	(20)	2
Ending balance	$ 12	$ 48	$ 735

Accounts Receivable - Schedule of Changes in Sales Return Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Beginning balance	$ (173)	$ (387)	$ (439)
Reversal (provision)	(27)	22	(136)
Usage		196	170
Translation adjustments	15	(4)	18
Ending balance	$ (185)	$ (173)	$ (387)

Fair Value Measurements - Schedule of Fair Value of Long-term Borrowings (Parenthetical) (Detail) - 5.0% Exchangeable Senior Notes due March 2021 [Member] - Exchangeable Senior Notes [Member]		12 Months Ended
	Jan. 17, 2017	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.00%	5.00%	5.00%	5.00%
Due date	Mar. 01, 2021	Mar. 01, 2021

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units and warrants excluded from computation of diluted loss per share/unit			10,153,620
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units and warrants excluded from computation of diluted loss per share/unit	50,000	651,417	2,177,045
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units and warrants excluded from computation of diluted loss per share/unit		0	1,043,303

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Effective Income tax rate	23.30%
Deferred tax assets, valuation allowance amount	$ 94,212	$ 115,636	$ 246,224	$ 248,633
Net operating loss carry-forwards	$ 502,511	604,977	708,885
Net operating loss carry-forwards, expiration period	indefinite period of time
Net operating loss utilized	$ 70,672	169,600	30,945
Income tax expenses (benefits)	17,261	$ (46,228)	$ 2,200
Statutory income tax rate		21.00%	21.00%
Accrued Interest and Penalities	0	$ 0
Income tax penalties		0
Change in valuation allowance	13,803	75,452	$ (7,817)
Income tax benefit attributable to change in valuation allowances	13,803
UnrecognizedTaxBenefits	386	414	445	$ 426
Net deferred tax assets			18,435
Release of valuation allowances based on the realizability	3,959	43,874
State net operating loss write off	9,844
Release of valuation allowances related earnings		31,578
Tax Period Two Thousand And Fourty [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards retained by Us parent and its domestic subsidiary	198,813
Dutch [Member]
Income Tax Contingency [Line Items]
Tax credit carry-forwards	14,164
Korean Subsidiary [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	$ 288,548
Net operating loss expiration date	2037
Income tax expenses (benefits)		11,137	$ 1,655
Statutory income tax rate	21.00%
Effective income tax rate reconciliation permanent adjustments amount		24,224
Income Tax Expense Waiver Amount		11,890
Income Tax benefit due to chnages in Valuation Allowance rlated to Deferred Tax Assets		39,413
Incremental tax Savings		$ 4,461
Korean Subsidiary [Member] \| Indefinite Tax Period [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	$ 279,848
Korean Subsidiary [Member] \| Tax Period Two Thousand And Thirty Four Through Two Thousand And Thirty Seven [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	8,700
Korean Subsidiary [Member] \| Tax Period Two Thousand Twenty Six [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	$ 11,499

Business, Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Business, Basis of Presentation and Significant Accounting Policies

1. Business, Basis of Presentation and Significant Accounting Policies

Business

Basis of Presentation

The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company including its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation.

Use of Estimates

COVID-19

on its estimates and assumptions due to the rapidly changing nature of the

COVID-19

pandemic.

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation.

Discontinued Operations

Foreign Currency Translation

end-of-period

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with an original maturity date of three months or less when purchased.

Accounts Receivable Reserves

Sales of Accounts Receivable

Inventories

Advances to Suppliers

Property, Plant and Equipment


Buildings			30 - 40 years
Building related structures			10 - 20 years
Machinery and equipment			10 - 12 years
Others			3 - 10 years

Routine maintenance and repairs are charged to expense as incurred. Expenditures that enhance the value or significantly extend the useful lives of the related assets are capitalized.

Impairment of Long-Lived Assets

Leases

right-of-use

assets; the related liabilities are recorded as operating lease liabilities for the current portion and

non-current

operating lease liabilities for the

non-current

portion. Finance lease

right-of-use

assets are included in property, plant and equipment, net and the related lease liabilities are included in other current liabilities and other

non-current

liabilities on the consolidated balance sheets.

Right-of-use

assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

Right-of-use

right-of-use

assets and interest expense on operating lease liabilities are recognized on a straight-line basis over the respective lease term.

An extension or contraction of a lease term is considered if the related option to extend or early terminate the lease is reasonably certain to be exercised by the Company. Operating lease

right-of-use

assets may also include any advance lease payments made and exclude lease incentives and initial direct costs incurred. The Company has lease agreements with lease and

non-lease

components, which are generally accounted for separately. For certain equipment leases, lease and

non-lease

components are accounted for as a single lease component.

Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates are not included in the

right-of-use

assets or liabilities. These variable lease payments are expensed as incurred.

The Company does not recognize operating lease

right-of-use

Intangible Assets

Fair Value Disclosures of Financial Instruments

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Accrued Severance Benefits

Revenue Recognition

Advertising

The Company expenses advertising costs as incurred. Advertising expenses were $71 thousand, $87 thousand and $62 thousand for the years ended December 31, 2021, 2020 and 2019, respectively.

Product Warranties

Derivative Financial Instruments

The cash flows from derivative instruments receiving hedge accounting treatment are classified in the same categories as the hedged items in the consolidated statements of cash flows.

Research and Development

Research and development expenses are expensed as incurred and include wafers, masks, employee expenses, contractor fees, building costs, utilities and administrative expenses.

Licensed Patents and Technologies

The Company has entered into a number of royalty agreements to license patents and technology used in the design of its products. The Company carries two types of royalties:

lump-sum

and running basis.

Lump-sum

royalties, which require initial payments, usually paid in installments, represent a

non-refundable

Running royalties are paid based on the revenue of related products sold by the Company.

Stock-Based Compensation

Earnings Per Share

if-converted

Income Taxes

The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a

two-step

than 50 percent of being realized upon ultimate settlement.

Concentration of Credit Risk

Recent Accounting Pronouncements Not Yet Adopted

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2020-06,

“Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40)”

(“ASU

2020-06”),

2020-06

to have a material effect on the Company’s consolidated financial statements.

In May 2021, the FASB issued ASU

No. 2021-04,

“Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic

470-50)”,

Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic

815-40):

Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” (“ASU

2021-04”),

ASU

2021-04

is effective for fiscal years beginning after December 15, 2021 on a prospective basis, with early adoption permitted. The Company does not expect the adoption of ASU

2021-04

to have a material effect on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU

No. 2019-12,

“Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU

2019-12”).

ASU

2019-12

as of January 1, 2021, and the adoption of ASU

2019-12

did not have a material impact on the Company’s consolidated financial statements.

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 744	$ 668	$ 598
Estimated aggregate amortization expense of intangible assets in 2022	704
Estimated aggregate amortization expense of intangible assets in 2023	590
Estimated aggregate amortization expense of intangible assets in 2024	438
Estimated aggregate amortization expense of intangible assets in 2025	309
Estimated aggregate amortization expense of intangible assets in 2026	$ 196

Stockholders' Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 21, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		11,352,919
Number of shares reserved for future issuance		2,116,324
Accelerated Share Repurchase Program, Adjustment		$ (37,500)
Accelerated Share Repurchases, Settlement (Payment) or Receipt	$ 37,500
Sale of stock Shares, Issued	994,695
Aggregate purchase price of shares	$ 20,073
Sale of stock issue price per share	$ 20.18
Additional Paid-In Capital [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated Share Repurchase Program, Adjustment		(17,427)
Accelerated Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount	$ 75,000
Accelerated Share Repurchase Program, Adjustment	$ 37,500
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense		7,704	$ 6,311	$ 6,042
Unrecognized compensation cost related to unvested restricted stock units		$ 3,676
Unrecognized compensation cost, period for recognition		6 months
Fair value of restricted stock units vested		$ 5,788	3,839	5,817
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense				11
Unrecognized compensation cost related to stock options		0	0
Weighted average grant-date fair value of vested options		$ 0	$ 0	$ 165

Derivative Financial Instruments - Cash deposits (Details) - Zero Cost Collar and Forward Contracts [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 5,250
DB [Member]
Deposit Assets [Line Items]
Deposit with counterparty	0	1,000
NFIK [Member]
Deposit Assets [Line Items]
Deposit with counterparty	0	3,250
SC [Member]
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 1,000

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

9. Accrued Expenses

Accrued expenses as of December 31, 2021 and 2020 are comprised of the following (in thousands):


	December 31,
	2021		2020
Payroll, benefits and related taxes, excluding severance benefits	$	9,548	$	10,296
Withholding tax attributable to intercompany interest income		1,950		28
Interest on Exchangeable Notes		—		1,396
Outside service fees		1,088		755
Restructuring and others		—		2,658
Merger-related costs		7,035		393
Others		450		715

Accrued expenses	$	20,071	$	16,241